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Back to Course Descriptions
Prerequisite - None
Program Level - Basic
Advance Preparation - None
Instructional Delivery Method - This course includes a minimum of 5 review questions with correct and incorrect responses and 5 exam questions for each cpe hour (CPA version). For the best results we recommend the following steps to complete this course:
(1) Complete the reading assignments. We recommend you read and study all of the required materials prior to beginning the review or final exam.
(2) Complete the related review questions. Each review question offers interactive feedback for all questions. We recommend that you view all feedback, correct and incorrect, to each question. These responses focus on key areas related to the questions and will assist in preparing for the exam.
(3) Complete the exam. Review any incorrect answers.
Recommended CPE Credit - 2 hours (5 hours for Enrolled Agents). These hours are based on pilot testing results and a 100 minute study hour (50 minute study hour for Enrolled Agents) .
Course Registration Requirements - CPAs should check the Sponsor Information page to determine if this course is available in their state of registration.
Lesson and Objectives |
Reading
Assignment |
| Selling Your Home |
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1. Introduction, Main Home, & Figuring Gain or Loss |
Section 1 |
The learning objectives for this lesson are to gain an understanding of:
- Land
- More than one home
- Selling price
- Amount realized
- Adjusted basis
- Amount of gain or loss
- Other dispositions
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| 2. Determining Basis |
Section 2 |
The learning objectives for this lesson are to gain an understanding of:
- Cost as basis
- Basis other than cost
- Adjusted basis
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| 3. Excluding the gain |
Section 3 |
The learning objectives for this lesson are to gain an understanding of:
- Maximum exclusion
- Ownership and use tests
- Period of ownership and use
- Married persons
- Reduced maximum exclusion
- More than one home sold during 2-year period
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| 4. Business Use or Rental of Home & Excluding the Sale |
Section 4 |
The learning objectives for this lesson are to gain an understanding of:
- Property used partly for business or rental
- Installment sale
- Seller-financed mortgage
- Individual taxpayer identification number
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| 5. Special Situations & Deducting Taxes |
Section 5 |
The learning objectives for this lesson are to gain an understanding of:
- Sale of a home acquired in like-kind-exchange
- Like-kind exchange of property used partly for business
- Expatriates
- Home destroyed or condemned
- Sale of remainder interest
- Exception for sales to related persons
- Real estate taxes
- Transfer taxes
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| 6. Recapturing a Federal Mortgage Subsidy |
Section 6 |
The learning objectives for this lesson are to gain an understanding of:
- Loans subject to recapture rules
- Federal subsidy benefit
- Sale or other disposition
- When the recapture applies
- When the recapture does not apply
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