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Webcast

IRC Section 121 and the Primary Residence

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$98.00

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CPE Credits

2 Credits: Taxes
Course Level
Basic
Format
Webcast

Course Description

The Internal Revenue Code has fortified home ownership through provisions allowing deductions for mortgage interest, real estate taxes and our session topic of the IRC Section 121 exclusion. Topics will include ownership and use test, what IRS defines as a residence,  where is your main residence, surrounding land and other vital issues. Furthermore, this session will explore the tax consequences of qualified use, non-qualified use, conversion of primary residence to rental property, home office use, and various other scenarios that have tax implications. Bonus: We will also discuss issues surrounding AirBnB.

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Learning Objectives

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

  • Inspect provisions of IRC 121.
  • Interpret ownership and use test.
  • Calculate Gain or Loss associated with the primary residence.
  • Review amounts realized and basis.
  • Reporting the Sale.
  • Define what a residence is.
  • Examine multiple residences.
  • Distinguish qualified and non-qualified use.
  • Determine depreciation recapture.
  • Explore unforeseen circumstances and predict planning issues.
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Course Specifics

Course ID
WC1825423028
Revision Date
February 21, 2025
Prerequisites

None

Advanced Preparation

None

Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02701-25-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-2142
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.

Meet The Experts

A.J. Reynolds, EA
A.J. Reynolds, EA

A.J. Reynolds, EA has over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. focuses a portion of his practice to IRS Representation. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives. Additionally, A.J volunteers his time with the Iowa Legal Aid’s Managing Attorney assisting in Tax Court cases and assorted income tax issues. A.J. brings his everyday “in the trenches” experience to seminars and webinars for multiple organizations to assist attendees with real issues affecting tax professionals. A.J. started his …

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