Is your client selling their home? Is the home a primary or secondary residence, a business or rental? Are there short-term or long-term gains or losses to calculate? Overall, the various rules that apply to the sale of a home are explained in this course, along with details on proposed legislation that may alter the rules for calculating gain or loss for tax years 2023 and beyond.
Lots of examples and instructions!
After completing this course, you will be able to:
- Specify the different treatment of home sales for tax purposes, based on the character of property involved
- Specify the different exclusion rules and exceptions applying to the sale of a primary residence
- Calculate short-term or long-term capital gain or loss from the sale of a home
- Identify special rules applying to the sale of depreciable business or rental property, including rules affecting the basis of property, as well as depreciation recapture rules
