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Income Tax Selling Your Home

Last updated on August 30, 2023 11:17 am


What you’ll learn

  • Tax consequences of home sale
  • How to calculate the gain or loss on a home sale
  • Requirements to qualify for an exclusion of gain
  • Requirements to qualify for a partial exclusion of gain
  • How to calculate taxable amount of home sale
  • How to calculate basis or adjusted cost of home sale

Home sale tax consequences including discussion of eligibility of exclusions, calculating the gain or loss on a sale, & entering the data into tax forms.

We will include reference material and PDF files that can be downloaded and used without an internet connection. The course will also include Excel worksheets to help with gain and loss calculations and provide examples

The material will discuss the calculation of gain or loss on the sale of a home. We will give an example of a closing statement and how to pull information from it to calculate the gain or loss on a sale. Excel worksheets and example calculations will be provided. We will use the example problem as a reference point when we move forward in the course, zooming into parts of the calculation when applicable.

We will enter the information for the sale of the home into actual tax forms so we can see the effect on schedule D (Capital Gains and Losses) but also the effect on the rest of the tax return including the Form 1040.

The course will discuss the basis calculation including different scenarios that can complicate the calculation like the home being destroyed, condemned, received in a divorce, received as a gift, or inherited.

Who this course is for:

  • Anybody who wants to save on taxes
  • Tax professionals


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