Tax Aspects of Gifting a Home 2 Credits 2 Credits
This CE/CPE course will explain the caveats and considerations of giving away the family home from the initial transfer to the final sale. We will discuss the methods of transfer, capital gains issues, installment notes, related party rents, and how to devise the best tax outcomes for both the donor and done.
Giving away the family home is a commonly broached topic by all taxpayers, not just those subject to the gift tax. Addressing the situation correctly, and hopefully, upfront can avoid paying excess tax to the IRS and aid taxpayers in transferring an invaluable asset to a family member.
There is a multitude of considerations surrounding gifting and the subsequent sale of a home. These questions covered at the time of transfer include whether to gift the property, sell the property to a family member, or perhaps set up a part-sale part-gift transaction.
If a sale is part of the deal, not only is minimizing capital gains tax a key consideration but also avoiding disallowed losses under gifting rules. Additionally, the parent may choose to remain in the gifted property, or the child may move in before it is transferred, creating new tax conundrums.
Holding the property until death would provide a basic step up, but there are times when gifting a home to a family member is the best alternative. In these situations, the tax adviser needs to structure the transaction in the best interest of both the related parties.
Key topics covered in this CE Tax webinar:
With the help of this CE/CPE webinar on taxation speaker Lawrence Pon, walks you through the numerous considerations of transferring a home to a related party, including tips to minimize capital gains, methods of transfer, installment sales and installment notes, and non-tax considerations when gifting this primary asset.Â
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00859-21-S) (Valid upto : Dec 31, 2024) | 2 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) | 2 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00800) | 2 CE | Approved |
| Tax Planning for Personal Financial Specialist (PFS) | 2 CPD | Eligible |
| Taxes for Chartered Financial Analyst (CFA) | 2 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 2 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 2 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00859-21-S) (Valid upto : Dec 31, 2024) | 2 CE | Approved |
| Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (ERPA) (Approval No. GEHNZ-Q-00960-22-S) | 2 CE | Approved |
| Certified Wealth Strategist (CWS) | 2 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 2 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 2 CE | Eligible |
| Taxes for Retirement Income Certified Professional (RICP) | 2 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-00859-21-S) (Valid upto : Dec 31, 2024) | 2 CE | Approved |
| Taxes for Wealth Management Certified Professional (WMCP) | 2 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 2 CE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00859-21-S) (Valid upto : Dec 31, 2024) | 2 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 2 CPE | Eligible |
| Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA) | 2 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 2 CE | Eligible |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 2 CE | Eligible |
| Taxes for CIPM | 2 PL | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00859-21-O) | 2 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) | 2 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00800) | 2 CE | Approved |
| Tax Planning for Personal Financial Specialist (PFS) | 2 CPD | Eligible |
| Taxes for Chartered Financial Analyst (CFA) | 2 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 2 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 2 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00859-21-O) | 2 CE | Approved |
| Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (ERPA) (Approval No. GEHNZ-Q-00960-22-O) | 2 CE | Approved |
| Certified Wealth Strategist (CWS) | 2 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 2 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 2 CE | Eligible |
| Taxes for Retirement Income Certified Professional (RICP) | 2 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-00859-21-O) | 2 CE | Approved |
| Taxes for Wealth Management Certified Professional (WMCP) | 2 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 2 CE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00859-21-O) | 2 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 2 CPE | Eligible |
| Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA) | 2 CE | Eligible |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 2 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 2 CE | Eligible |
| Taxes for CIPM | 2 PL | Eligible |
Credits
2
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.
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.
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.
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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?
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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.
MG
Mr Pon is one of my favorite instructors! I enjoy and learn something from all of his webinars. Keep it coming!
BL
Great course with in-depth knowledge and good examples. The instructor is very knowledgeable in the area.
May 12, 09:00 AM ET
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