Income Tax Selling Your Home
3.5 (1 rating)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,859 students enrolled

Income Tax Selling Your Home

Tax of Home Sale-Exclusion Qualifications, Gain on Sale Calculation, Basis Calculation, & Data Entry to Tax Forms
3.5 (1 rating)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,859 students enrolled
Last updated 3/2019
English
Current price: $139.99 Original price: $199.99 Discount: 30% off
5 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 3.5 hours on-demand video
  • 1 article
  • 20 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
Training 5 or more people?

Get your team access to 4,000+ top Udemy courses anytime, anywhere.

Try Udemy for Business
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
Expand all 47 lectures 03:17:42
+ Introduction
8 lectures 01:01:33
Documents to Download for Reference
00:02
PDF - 205 Introduction
00:08
205 Selling Your Home Introduction
01:22
Accounting Comic Break
00:14
+ Does Your Home Qualify for the Exclusion of Gain?
11 lectures 33:36
PDF - 208 Does Your Home Sale Qualify for the Exclusion of Gain
00:08
PDF - 211 Eligibility Test
00:08
211 Eligibility Test
13:23
PDF - 214 Vacant Land Next To Home
00:08
214 Vacant Land Next To Home
03:26
PDF - 217 Like-Kind / 1031 Exchange
00:08
217 Like-Kind / 1031 Exchange
03:36
PDF - 220 Final Determination of Eligibility
00:08
220 Final Determination of Eligibility
00:46
Accounting Comic Break
00:14
+ Does Your Home Qualify for a Partial Exclusion of Gain?
5 lectures 14:57
PDF - 223 Does Your Home Qualify for a Partial Exclusion of Gain
00:08
223 Does Your Home Qualify for a Partial Exclusion of Gain
05:34
PDF - 226 Worksheet to Find Your Exclusion Limit
00:08
226 Worksheet to Find Your Exclusion Limit
08:53
Accounting Comic Break
00:14
+ Figuring Gain or Loss
7 lectures 20:19
PDF - 229 Figuring Gain or Loss
00:08
229 Figuring Gain or Loss
07:08
PDF - 232 Improvements
00:08
232 Improvements
10:28
PDF - 235 Home Acquired Through a Trade
00:08
235 Home Acquired Through a Trade
01:53
Accounting Comic Break
00:26
+ Home Destroyed, Condemned, Received in Divorce
3 lectures 04:29
PDF - 241 Home Destroyed, Condemned, or Received in Divorce
00:08
241 Home Destroyed, Condemned, or Received in Divorce
04:07
Accounting Comic Break
00:14
+ How Much Is Taxable?
5 lectures 32:54
PDF - 244 Home Received as Gift, Home Inherited
00:08
244 Home Received as Gift, Home Inherited
15:43
PDF - 247 Business or Rental Use of Home
00:08
247 Business or Rental Use of Home
16:40
Accounting Comic Break
00:15
+ Home Received as Gift & Home Inherited
3 lectures 09:09
PDF - 250 How Much is Taxable
00:08
250 How Much is Taxable
08:47
Accounting Comic Break
00:14
+ Reporting Your Home Sale
5 lectures 20:45
PDF - 253 Reporting Your Home Sale
00:08
253 Reporting Your Home Sale
13:35
PDF - 256 Reporting Deductions Related to Your Home Sale
00:08
256 Reporting Deductions Related to Your Home Sale
06:40
Accounting Comic Break
00:14