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.
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
Are there any course requirements or prerequisites?
- Some understanding of US income tax law
Who this course is for:
- Anybody who wants to save on taxes
- Tax professionals
- Documents to Download for Reference
- 202 Example Problem – Documents, Forms, & Calculations FREE PREVIEW
- 203 Worksheet 2 How to Figure Your Gain or Loss FREE PREVIEW
- 204 Example Problem Tax Forms FREE PREVIEW
- PDF - 205 Selling Your Home Introduction FREE PREVIEW
- 205 Selling Your Home Introduction FREE PREVIEW
- Accounting Comic Break FREE PREVIEW
- PDF - 208 Does Your Home Sale Qualify for the Exclusion of Gain FREE PREVIEW
- 208 Does Your Home Sale Qualify for the Exclusion of Gain FREE PREVIEW
- PDF - 211 Eligibility Test FREE PREVIEW
- 211 Eligibility Test FREE PREVIEW
- PDF - 214 Vacant Land Next To Home
- 214 Vacant Land Next To Home
- PDF - 217 Like-Kind 1031 Exchange
- 217 Like-Kind 1031 Exchange
- PDF - 220 Final Determination of Eligibility
- 220 Final Determination of Eligibility
- Cartoon 16u
- PDF - 223 Does Your Home Qualify for a Partial Exclusion of Gain
- 223 Does Your Home Qualify for a Partial Exclusion of Gain
- PDF - 226 Worksheet to Find Your Exclusion Limit
- 226 Worksheet to Find Your Exclusion Limit
- Cartoon 17u
- PDF - 229 Figuring Gain or Loss
- 229 Figuring Gain or Loss
- PDF - 232 Improvements
- 232 Improvements
- PDF - 235 Home Acquired Through a Trade
- 235 Home Acquired Through a Trade
- Cartoon 18u
- PDF - 241 Home Destroyed, Condemned, or Received in Divorce
- 241 Home Destroyed, Condemned, or Received in Divorce
- Cartoon 19u
- PDF - 244 Home Received as Gift, Home Inherited
- 244 Home Received as Gift, Home Inherited
- PDF - 247 Business or Rental Use of Home
- 247 Business or Rental Use of Home
- Cartoon 20u
- PDF - 250 How Much is Taxable
- 250 How Much is Taxable
- Cartoon 21u
- PDF - 253 Reporting Your Home Sale
- 253 Reporting Your Home Sale
- PDF - 256 Reporting Deductions Related to Your Home Sale
- 256 Reporting Deductions Related to Your Home Sale
- Cartoon 22u
Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
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