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Taxation of the Family Home
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92522
2.00
Author: Klaralee R. Charlton
CPE Credit: | 2 hours for CPAs 2 hours Federal Tax Related for EAs and OTRPs 2 hours Federal Tax Law for CTEC |
Every practitioner at some point will be asked questions related to the tax consequences of buying and selling a personal residence. This course will provide an overview of the rules related to selling the family home during life, in the event of a divorce, and after death. Planning tips will also be discussed to enable clients to save taxes on the sale or transfer of their largest asset.
Publication Date: November 2021
Designed For
Attorneys, CPAs,
Topics Covered
- Overview of the Personal Residence Gain Exclusion under IRC 121
- Analysis of Converting a Personal Residence to and from a Rental Property
- Description of the Date of Death Basis Adjustment under IRC 1014
- Explanation of the Tax Consequences of Interfamily Transfers and How to Avoid Adverse Tax Consequences
- Planning Ideas to Optimize Income Tax Consequences on Sale of Personal Residence
Learning Objectives
- Recognize how to explain the rules related to the personal residence gain exclusion under IRC 121
- Identify the interplay between the personal residence gain exclusion and the date of death basis adjustment
- Describe the differences in calculating taxable gain when a personal residence has been converted to or from a rental property
- Recognize how to analyze the tax consequences related to the sale or transfer of a personal residence in light of varying circumstances
- Identify how to advise clients on optimal timing for transfers of a personal residence to minimize income tax
- Recognize correct statements regarding determining the principal residence for purposes of Code section 121
- Recognize which Internal Revenue Code sections addresses gift loans
- Identify what amount should be reported as gain on the estate tax return in various scenarios
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Additional Course Details
- Filed of Study: Taxation
- Publisher: Wolters Kluwer
- Course Level: Basic
- Pre-Requisites: None
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