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# Income Tax Selling Your Home

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## 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

202 Example Problem – Documents, Forms, & Calculations

203 Worksheet 2 How to Figure Your Gain or Loss

204 Example Problem Tax Forms

PDF - 205 Introduction

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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

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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

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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

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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 - 247 Business or Rental Use of Home

247 Business or Rental Use of Home

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PDF - 250 How Much is Taxable

250 How Much is Taxable

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PDF - 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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Udemy ID

## 3/15/2019

Course created date

## 11/21/2019

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