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Income Tax Selling Your Home
Rating: 4.5 out of 5(21 ratings)
10,077 students

Income Tax Selling Your Home

Tax of Home Sale-Exclusion Qualifications, Gain on Sale Calculation, Basis Calculation, & Data Entry to Tax Forms
Created byRobert (Bob) Steele
Last updated 9/2019
English

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

Course content

8 sections • 47 lectures • 3h 17m total length

  • Introduction4:15

    Explore how the income tax treats selling your home, including gain calculation, full and partial exclusions, cost basis, and reporting for gift or inherited property.

  • Documents to Download for Reference0:02
  • 202 Example Problem – Documents, Forms, & Calculations24:04

    Explore the tax implications of selling a home by analyzing closing documents, calculating net proceeds, gain, and basis, and applying the $500,000 exclusion for married couples.

  • 203 Worksheet 2 How to Figure Your Gain or Loss16:55

    Learn to figure your gain or loss on a home sale with publication 523 worksheet 2, simulated in Excel, by calculating amount realized, basis, adjustments, and the $500,000 exemption.

  • 204 Example Problem Tax Forms14:33

    Explore the tax consequences of selling your home, using Form 1099-S and worksheet 2 to compute gain, apply the $500,000 exemption, and report on Schedule D and Form 1040.

  • PDF - 205 Introduction0:08

    Access a downloadable PDA file to supplement the instructional video, enriching the module on income tax and selling your home.

  • 205 Selling Your Home Introduction1:22

    Learn the tax consequences of selling your home, including the $250k/$500k exclusion and qualification rules from publication 523. Use the worksheet to determine gain or loss and report it.

  • Accounting Comic Break0:14

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

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