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IRC Section 121 and the Primary Residence

Earn 2 CE Federal Tax with Allan J. "A.J." Reynolds, EA

Self-Study IRS Program Number: X9QQU-T-00624-20-S

The Internal Revenue Code has fortified homeownership through provisions allowing deductions for mortgage interest, mortgage insurance premium, real estate taxes and our webinar topic of the IRC Section 121 exclusion. This webinar will explore the tax consequences of qualified use, non-qualified use, conversion of primary residence to rental property, home office use, and other scenarios that have tax implications.

Learning Objectives

Upon completion of this course, you will be able to:

  • Understand the provisions of IRC Section 121.
  • Compute gain or loss from primary residence sales, the amount qualifying for the 121 exclusion, and
  • Distinguish between Qualified and Non-Qualified use of the primary residence. l
  • Learn how to calculate depreciation recapture.
  • Understand when a client has an unforeseen circumstances which will qualify them for the 121 exclusion.
  • Assist clients with tax planning on the issues of multiple residences.
  • Discuss office in home use and the importance of the surrounding land associated with the primary residence and how to qualify exclusion.

Note: If you can't attend live, that's okay: go ahead and register and you will automatically receive the recording when it is sent out.