IRC Section 121 and the Primary Residence FLEXCAST

Overview

The Internal Revenue Code has fortified home ownership through provisions allowing deductions for mortgage interest, real estate taxes, and the IRC Section 121 exclusion. This course includes ownership and use test, what IRS defines as a residence, where is your main residence, surrounding land and other vital issues. Furthermore, this course will explore the tax consequences of qualified use, non-qualified use, conversion of primary residence to rental property, home office use, and various other scenarios that have tax implications. Bonus: We will also discuss issues surrounding AirBnB.

Highlights

IRC Section 121 and the primary residence.

Prerequisites

None.

Designed For

CPAs and tax professionals.

Objectives

Inspect provisions of IRC 121. Interpret ownership and use test. Calculate Gain or Loss associated with the primary residence. Review amounts realized and basis. Reporting the Sale. Define what a residence is. Examine multiple residences. Distinguish qualified and non-qualified use. Determine depreciation recapture. Explore unforeseen circumstances and predict planning issues.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.