Income Tax Selling Your Home

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

3.86 (7 reviews)
Udemy
platform
English
language
Taxes
category
5,176
students
3.5 hours
content
Mar 2019
last update
$84.99
regular price

What you will 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

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.

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
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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
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Home Received as Gift & Home Inherited

PDF - 250 How Much is Taxable
250 How Much is Taxable
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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
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Screenshots

Income Tax Selling Your Home - Screenshot_01Income Tax Selling Your Home - Screenshot_02Income Tax Selling Your Home - Screenshot_03Income Tax Selling Your Home - Screenshot_04

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Related Topics

2272328
udemy ID
3/15/2019
course created date
11/21/2019
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