IRC Section 121 and the Primary Residence 1 Credit
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The Internal Revenue Code plays a pivotal role in fostering home ownership by providing individuals with valuable deductions for mortgage interest and real estate taxes.Â
Section 121 Exclusion, often referred to as the principal residence tax exclusion, grants individuals the ability to reinvest proceeds from the sale of their primary homes into another property without incurring taxes on the gain. In this online CPE Course, we will embark on a comprehensive exploration of the intricacies surrounding the IRC Section 121 exclusion. Our focus will extend to understanding the tax ramifications of qualified use, non-qualified use, the conversion of a primary residence to rental property, the incorporation of home office use, and a myriad of other scenarios with significant tax implications.Â
Major topics covered:
Join this CE Tax webinar, where we'll shed light on pertinent issues related to Airbnb, providing a comprehensive understanding of tax considerations in the realm of home ownership.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01861-24-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01861-24-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1489) | 1 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01861-24-S) | 1 CE | Approved |
| Taxes for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01861-24-S) | 1 CE | Eligible |
| Taxes for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01861-24-S) | 1 CE | Approved |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01861-24-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01861-24-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1489) | 1 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01861-24-O) | 1 CE | Approved |
| Taxes for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01861-24-O) | 1 CE | Eligible |
| Taxes for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01861-24-O) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
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 Representations. 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 tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan. While onboard the destroyer, the ship executed many missions in the Straits of Hormuz off the coast of Iran.
Outside of his tax practice, A.J. is a member of the Diocese of Sioux City Priests’ Pension & Welfare Board and the Investment Advisory Board for the Diocese. When not working, his time is spent in various activities, including traveling with his wife and their two children.
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To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.
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To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
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After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
LL
I liked it. I was looking for little details that could trip a person (me) up and was pleased to have them presented in a very organized manner. I intend to find courses that Reynolds is the instructor for to see if he is good in all other ones also.
MM
Instructor was one of the best presenters I have had in a webinar ever. You are lucky to have him as part of your team. I will go out my way to take in class that he is the instructor.
.webp "Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)")
Feb 24, 09:00 AM ET
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