Taxation of the Family Home (Completed)

Date: Tuesday, November 3, 2020
Instructor: Klaralee R. Charlton
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
2 hours Income Tax Planning for CFP

Every practitioner at some point will be asked questions related to the tax consequences of buying and selling a personal residence. This course will provide an overview of the rules related to selling the family home during life and after death. Planning tips will also be discussed to enable clients to save taxes on the sale or transfer of their largest asset.

Who Should Attend
Attorneys, CPAs, and Enrolled Agents.

Topics Covered

  • Overview of the Personal Residence Gain Exclusion under IRC 121
  • Description of the Date of Death Basis Adjustment under IRC 1014
  • Explanation of the Tax Consequences of Interfamily Transfers and How to Avoid Adverse Tax Consequences
  • Planning Ideas to Optimize Income Tax Consequences on Sale of Personal Residence

Learning Objectives

  • Recognize how to explain the rules related to the personal residence gain exclusion under IRC 121
  • Identify the interplay between the personal residence gain exclusion and the date of death basis adjustment
  • Recognize how to analyze the tax consequences related to the sale or transfer of a personal residence in light of varying circumstances
  • Identify how to advise clients on optimal timing for transfers of a personal residence to minimize income tax


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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