Tax 101: Principle Residence Tax Issues: Section 121 (Part 6 of 7)

2 IRS CE/CTEC/NASBA CPE*

This program will review what a residence is vs. a domicile and these key tax definitions. We will spend much of the time looking at the permanent Section 121 exclusion, which allows a taxpayer to exclude a certain amount of gains from the sale of their home. But Section 121 isn't as straight forward as it sounds and we'll examine options when the two years aren't quite met.

This 2 hour course will cover:
1. What is Section 121 and how to calculate a taxpayer's gain from sale of a house
2. How to calculate 2 years out of 5 years
3. Certain exemptions from the 2 out of 5 years

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*Self-Study recording available for IRS CE Credit only (NO CPE)

NASBA Field of Study: Taxes

IRS Program #: 7Q3WU-T-00975-26
CTEC Course #: 6248-CE-00332