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QQ. §121 Principal Home Sale Exclusion Issues
October 24@10:00 AM - 11:15 AM PDT
Member Price » $49.00 | Non-Member Price » $79.00
Course Description: This course reviews the federal income tax issues related to ownership of a dwelling unit which qualifies as the taxpayer’s principal residence and allows for the exclusion of gain from gross income. The session discusses the required occupancy and use time periods needed to qualify for the exclusion as well as the allowance being available every two years. This course discusses the maximum allowances for non-married taxpayers and married couples filing separate or joint returns. The course reviews special rules for the sale of property of a deceased spouse, as well as property transferred to a former spouse incident to a divorce. The session reviews the rules pertaining to partial exclusions when the property does not meet the required occupancy and use tests and provides the calculation and guidance under the Regulations.