Sale of a Principal Residence (Currently Unavailable)

Author: Annette Nellen

While the basic concept for the gain exclusion for sale of a residence is fairly straightforward, there are numerous definitions, effective dates and special rules that can make any transaction complex.

This program covers the basics of Code Section 121 on the gain exclusion rule, along with the definitions.

Publication Date: November 2019

Designed For
Practitioners looking to gain knowledge regarding the exclusion rule of Code Section 121.

Topics Covered

• Introduction — importance, history
• Basic mechanics of §121
• What is a principal residence?
• Owned and used / time periods
• Marital status special rules
• Limitations and special rules
• Realized and recognized gain
• Mandatory ~ Election Out
• Reporting the sale
• Planning and review
• Forgiveness of debt [in appendix to slides]

Learning Objectives

• Recognize how to apply the gain exclusion rule of Code Section 121
• Develop a checklist to aid in application of the gain exclusion rule
• Describe recent developments and how they apply to your client
• Recognize policy considerations/legislative proposals
• Identify the best advice and planning opportunities for the taxpayer

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None