Sale of Principal Residence - Avoid U.S. Capital Gains Taxes

If you Sold Your Personal Home for a Gain, You Might Be Able to Avoid Capital Gains Taxes!!

5.00 (1 reviews)
Udemy
platform
English
language
Taxes
category
3
students
40 mins
content
Aug 2021
last update
$19.99
regular price

What you will learn

How do U.S. taxes work on the sale of your home?

How can you exclude the capital gains taxes on the sale of your home?

If I don't qualify for the general rules, are there any exceptions?

How do I report this on my Form 1040 tax return?

Description

In the United States, a U.S. tax resident is required to report all income from whatever source derived and pay taxes on those gross earnings. Taxable income includes the amount of capital gain you realize on the sale of the real estate or other property.

If you sell your home for more than you bought it, the sale of the property creates a taxable capital gain (either long-term or short-term), which must be reported on your Form 1040 federal tax return. Many homeowners find themselves in a position where they sold their main home for a large capital gain.

So the big question is, do you have to pay capital gains taxes on the sale of the real estate?

Enter the principal residence exclusion...

If you own and live in a property for at least 2 of the last 5 years, you can qualify for the principal residence exclusion, which exempts up to $250,000 or $500,000 of gain on the sale of the home, depending upon your filing status. 

In this course, we examine the rules surrounding the principal residence exclusion, how to calculate your exclusion, and how to report the exclusion on your Form 1040 and related schedules (Form 8949, Schedule D, Form 1099-S).

The following topics will be covered:

1. What is the principal residence exclusion?

2. How does a single person or a married couple qualify for the exclusion?

3. What are the maximum dollar amounts that can be excluded?

4. If you sell the property too early and don't meet the holding period requirements, what are your options?

5. How to calculate a prorated amount of the exclusion?

6. How is the gain exclusion reported on the tax return?

The materials are designed to help virtually any U.S. taxpayer assess their principal residence tax exclusion.  Enjoy!

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Content

Introduction

Introduction

Course Materials

Video 2 - What is the Principal Residence Exclusion
How to Qualify for the Exclusion
Form 1099-S Reporting by the Closing Agent
Seller Adjusted Cost Basis in the Property
Reporting on Form 1040 Tax Return
How to Qualify for a Partial Exclusion

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4234058
udemy ID
8/10/2021
course created date
9/2/2021
course indexed date
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