Income Tax Selling Your Home

Income Tax Selling Your Home

Income Tax Selling Your Home

Tax of Home Sale-Exclusion Qualifications, Gain on Sale Calculation, Basis Calculation, & Data Entry to Tax Forms

Language: english

Note: 4.0/5 (8 notes) 5,938 students

Instructor(s): Robert (Bob) Steele

Last update: 2019-03-15

What you’ll learn

  • Tax consequences of home sale
  • How to calculate the gain or loss on a home sale
  • Requirements to qualify for an exclusion of gain
  • Requirements to qualify for a partial exclusion of gain
  • How to calculate taxable amount of home sale
  • How to calculate basis or adjusted cost of home sale

 

Requirements

  • Some understanding of US income tax law

 

Description

Home sale tax consequences including discussion of eligibility of exclusions, calculating the gain or loss on a sale, & entering the data into tax forms.

We will include reference material and PDF files that can be downloaded and used without an internet connection. The course will also include Excel worksheets to help with gain and loss calculations and provide examples

The material will discuss the calculation of gain or loss on the sale of a home. We will give an example of a closing statement and how to pull information from it to calculate the gain or loss on a sale. Excel worksheets and example calculations will be provided. We will use the example problem as a reference point when we move forward in the course, zooming into parts of the calculation when applicable.

We will enter the information for the sale of the home into actual tax forms so we can see the effect on schedule D (Capital Gains and Losses) but also the effect on the rest of the tax return including the Form 1040.

The course will discuss the basis calculation including different scenarios that can complicate the calculation like the home being destroyed, condemned, received in a divorce, received as a gift, or inherited.

 

Who this course is for

  • Anybody who wants to save on taxes
  • Tax professionals

 

Course content

  • Introduction
    • Introduction
    • Documents to Download for Reference
    • 202 Example Problem – Documents, Forms, & Calculations
    • 203 Worksheet 2 How to Figure Your Gain or Loss
    • 204 Example Problem Tax Forms
    • PDF – 205 Introduction
    • 205 Selling Your Home Introduction
    • Accounting Comic Break
  • Does Your Home Qualify for the Exclusion of Gain?
    • PDF – 208 Does Your Home Sale Qualify for the Exclusion of Gain
    • 208 Does Your Home Sale Qualify for the Exclusion of Gain
    • PDF – 211 Eligibility Test
    • 211 Eligibility Test
    • PDF – 214 Vacant Land Next To Home
    • 214 Vacant Land Next To Home
    • PDF – 217 Like-Kind / 1031 Exchange
    • 217 Like-Kind / 1031 Exchange
    • PDF – 220 Final Determination of Eligibility
    • 220 Final Determination of Eligibility
    • Accounting Comic Break
  • Does Your Home Qualify for a Partial Exclusion of Gain?
    • PDF – 223 Does Your Home Qualify for a Partial Exclusion of Gain
    • 223 Does Your Home Qualify for a Partial Exclusion of Gain
    • PDF – 226 Worksheet to Find Your Exclusion Limit
    • 226 Worksheet to Find Your Exclusion Limit
    • Accounting Comic Break
  • Figuring Gain or Loss
    • PDF – 229 Figuring Gain or Loss
    • 229 Figuring Gain or Loss
    • PDF – 232 Improvements
    • 232 Improvements
    • PDF – 235 Home Acquired Through a Trade
    • 235 Home Acquired Through a Trade
    • Accounting Comic Break
  • Home Destroyed, Condemned, Received in Divorce
    • PDF – 241 Home Destroyed, Condemned, or Received in Divorce
    • 241 Home Destroyed, Condemned, or Received in Divorce
    • Accounting Comic Break
  • How Much Is Taxable?
    • PDF – 244 Home Received as Gift, Home Inherited
    • 244 Home Received as Gift, Home Inherited
    • PDF – 247 Business or Rental Use of Home
    • 247 Business or Rental Use of Home
    • Accounting Comic Break
  • Home Received as Gift & Home Inherited
    • PDF – 250 How Much is Taxable
    • 250 How Much is Taxable
    • Accounting Comic Break
  • Reporting Your Home Sale
    • PDF – 253 Reporting Your Home Sale
    • 253 Reporting Your Home Sale
    • PDF – 256 Reporting Deductions Related to Your Home Sale
    • 256 Reporting Deductions Related to Your Home Sale
    • Accounting Comic Break

 

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