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IRC Section 121 & Personal Residence – (WEA)

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IRC Section 121 & Personal Residence
IRS Program #: X9QQU-T-00805-21-S
CE: 2
Speaker: Allan (AJ) Reynolds, EA

The Internal Revenue Code has fortified home ownership 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:

  • Comprehend the provisions of the IRC Section 121
  • Computer gain or loss from primary residence sales
  • The amount qualifying for the 121 exclusion
  • Distinguish between Qualified and Non-Qualified use of the primary residence.
  • Learn how to calculate depreciation recapture, grasp when a client has unforeseen circumstances which will qualify them for the 121 exclusion
  • Assist clients with tax planning on the issues of multiple residences.
  • Office in-home use will be discussed and the importance of the surrounding land associated with the primary residence and it also can qualify for this exclusion.
 
Continuing Education
This course qualifies for IRS Continuing Education Hours. NAEA reports IRS CE on a monthly basis. If you have not received your CE Hours in your IRS PTIN Account by the end of the month after receiving the certificate, please contact NAEA at education@naea.org.

Webinar Refund Policy
To request a refund, contact the NAEA education team via email at education@naea.org. An NAEA education team member will review the request for refund. If the refund request has been approved, the refund will be refunded on the same method of purchase. Live Webinars, also offered On-Demand Webinars will not be refunded.