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Tax Aspects of Selling a Home 2 Credits

Tax Aspects of Selling a Home 2 Credits

  • Lawrence Pon

    CPA/PFS, CFP, EA, USTCP, AEP
  • Rating

    4.7
  • Reviewed on

    February, 2024
  • Subject Area

    Taxes

Select your learning mode

  • Access the course at your convenience
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Nov 08, 2024 | 03:00 PM ET

Learning Objective

  • To discuss the rules and limitations of the Section 121 exclusion and how to apply them in residential real estate sales.
  • To recognize the tax implications of selling vacant land adjacent to principal residences and the conditions that must be met for tax benefits.
  • To analyze and evaluate the tax treatment of second homes and vacation homes, including capital gains, capital losses, and depreciation recapture.
  • To explain the benefits and rules of Section 1031 exchanges and how to effectively utilize them to defer capital gains.
  • To explore the advantages of Qualified Opportunity Zones for deferring and excluding capital gains and identify the timeline for reinvestment.

Course Overview

Are you ready to enhance your knowledge and expertise in real estate taxation? Join our Continuing Professional Education course led by the highly regarded expert, Lawrence Pon, and unlock the secrets to navigating the complex world of real estate transactions and taxation. This course will provide you with the essential insights and strategies to excel in the ever-evolving real estate market.

In this enlightening webinar, you'll explore the intricate details of the Section 121 exclusion for residential real estate sales. It will provide you with a deep understanding of how to maximize tax savings when selling vacant land adjacent to principal residences. You'll also uncover the hidden tax implications associated with second homes and vacation properties, including capital gains, capital losses, and depreciation recapture.

Join us and learn how to strategically leverage Section 1031 exchanges to effectively defer and exclude capital gains in real estate transactions. Dive into the world of Qualified Opportunity Zones and understand how they can be harnessed to defer and exclude capital gains while complying with specific timelines for reinvestment. Explore the various charitable giving strategies in the context of real estate, such as charitable remainder trusts and property donations to charitable organizations.

Key topics covered in this CE Tax webinar:

  • Section 121 Exclusion for Residential Real Estate Sales
  • Gain from the Sale of Land Adjacent to Principal Residences
  • Taxation of Second Homes and Vacation Homes
  • Leveraging Section 1031 Exchange for Tax Benefits
  • Exploring the Benefits of Qualified Opportunity Zones
  • Charitable Giving Strategies in Real Estate

Don't miss out on this opportunity to advance your career and gain a competitive edge in the field of real estate taxation. Whether you're a seasoned professional or just beginning your journey, this course will equip you with the knowledge and skills to succeed in this dynamic and complex industry.

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01772-23-S)
  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01772-23-S)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1415)
  • 2 CPD Credit of General income tax planning for Personal Financial Specialist (PFS)
  • 2 CE Credit of Tax Planning for Chartered Financial Consultant (ChFC)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01772-23-S)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01772-23-S)
  • 2 CE Credit of Tax Planning for Retirement Income Certified Professional (RICP)
  • 2 CE Credit of Taxes for Certified Investment Management Analyst (CIMA) (Approval No. 23MYCPE053)

    Valid upto : Dec 31, 2024

  • 2 CE Credit of Federal tax-related matters for LTC (Approval No. GEHNZ-T-01772-23-S)
  • 2 CE Credit of Tax Planning for Financial Services Certified Professional (FSCP)
  • 2 CE Credit of Tax Planning for Wealth Management Certified Professional (WMCP)
  • 2 CE Credit of Taxes for Certified Private Wealth Advisor (CPWA) (Approval No. 23MYCPE053)

    Valid upto : Dec 31, 2024

  • 2 CE Credit of Tax Planning for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CE Credit of Taxes for Retirement Management Advisor (RMA) (Approval No. 23MYCPE053)

    Valid upto : Dec 31, 2024

  • 2 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)
  • 2 CE Credit of Tax Planning for Chartered Special Needs Consultant (ChSNC)

  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01772-23-O)
  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01772-23-O)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1415)
  • 2 CPD Credit of Taxes for Personal Financial Specialist (PFS)
  • 2 CE Credit of Taxes for Chartered Financial Consultant (ChFC)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01772-23-O)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01772-23-O)
  • 2 CE Credit of Taxes for Retirement Income Certified Professional (RICP)
  • 2 CE Credit of Federal tax-related matters for LTC (Approval No. GEHNZ-T-01772-23-O)
  • 2 CE Credit of Taxes for Financial Services Certified Professional (FSCP)
  • 2 CE Credit of Taxes for Wealth Management Certified Professional (WMCP)
  • 2 CE Credit of Taxes for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CE Credit of Taxes for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)

Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

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.

NASBA APPROVED

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.

About Instructor

Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA 

Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.  

Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning. 

Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco. 


On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

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.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course 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.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

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.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

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.

Ratings and Review

4.7

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WD

Wendy Darcy, CPA (US)

I really enjoyed this webinar. The two hours went by quickly and were jammed back with lots of useful information. The speaker was very knowledgable about this topic and I enjoyed the real-life examples he included. Video quality was good and speaker was clear to understand.

CM

Connie Mccarty, CPA (US)

Speaker always does great, Mr Pon is easy to understand and has good tone in voice. Seems to really know the subject and interested in it. I have taken several classes with Mr Pon as speaker.

Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    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 - fastest in the industry.

  • Credit Tracker
    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault
    Certificate Vault

    Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.

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    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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