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19 Lessons (2h 56m)
    • 1. Income Tax Selling Your Home Skillshare

      2:14
    • 2. 202 Example Problem – Documents, Forms, & Calculations

      24:04
    • 3. 203 Worksheet 2 How to Figure Your Gain or Loss

      16:55
    • 4. 204 Example Problem Tax Forms

      14:33
    • 5. 205 Selling Your Home Introduction

      1:22
    • 6. 211 Eligibility Test

      13:23
    • 7. 217 Like Kind1031 Exchange

      3:36
    • 8. 220 Final Determination of Eligibility

      0:46
    • 9. 223 Does Your Home Qualify for a Partial Exclusion of Gain

      5:34
    • 10. 226 Worksheet to Find Your Exclusion Limit

      8:53
    • 11. 229 Figuring Gain or Loss

      7:08
    • 12. 232 Improvements

      10:28
    • 13. 235 Home Acquired Through a Trade

      1:53
    • 14. 241 Home Destroyed, Condemned, or Received in Divorce

      4:07
    • 15. 244 Home Received as Gift, Home Inherited

      15:43
    • 16. 247 Business or Rental Use of Home

      16:40
    • 17. 250 How Much is Taxable

      8:47
    • 18. 253 Reporting Your Home Sale

      13:35
    • 19. 256 Reporting Deductions Related to Your Home Sale

      6:40

About This Class

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.