Compass Tax Educators

One of the most common financial transactions is the sale of a primary residence. This course covers the transaction from start to finish, from calculating initial basis, amount realized, total gain or loss, and any available §121 exclusion. Possible tax planning strategies available are also reviewed.

Learning Objectives:

• Calculate the amount realized, adjusted basis, and gain or loss from the sale of a primary residence.

• Calculate the §121 exclusion available for gain from the primary residence.

• Explain the tax consequences upon sale from business or rental use of a primary residence.

• Demonstrate how the sale of a primary residence is reported on the federal tax return.
  
  

Education Information

IRS Program Number: NMVBP-T-00241-23-S

Length: 100 minutes plus optional question-and-answer session (no CE)

Prerequisite: None

Advanced Preparation: None

Program Level: Basic

Delivery Method: QAS Self-Study (NASBA) / On-Demand (IRS)

Field of Study: Taxes (NASBA) / Federal Tax Law Topics/Federal Tax Related Matter (IRS)

Credit hours: 2 NASBA CPE / 2 IRS CE

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Course expires one year after purchase.

Instructor: Thomas Gorczynski, EA, CTP, USTCP Click here to learn more about the instructor.

All continuing education credit is provided through Gregory & Associates, Inc. which is doing business as Compass Tax Educators. Click here for more information regarding our refund and education policies.