121 Exclusion- Sale of a Primary

2 CE Topic
Written By Natalie Kolodij

Summary

Section 121 Exclusion is arguably one of the best pieces of the tax code. Allowing a taxpayer to defer $250,000 of taxable gain per property owner who meets a series of defined ownership and occupancy tests. In this class we will review the basic requirements of the 121 exclusion, learn how to property calculate the exclusion, and discuss how rental use impacts the exclusion.

Objectives


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

  • Outline the basics of the §121 exclusion  

  • Recall the most common mistakes that lead to taxpayers paying unnecessary gain  

  • Calculate the qualifying exclusion

  • Recognize when rental use of the primary does or does not generate taxable gain

CPE information
Duration: 100 minutes

Course level: Beginner

Natalie Kolodij
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