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



Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

Additional Course Details

  • Filed of Study: Taxation
  • Publisher: Wolters Kluwer
  • Course Level: Basic
  • Pre-Requisites: None
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