Tax Aspects of Gifting a Home

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Basis in home: IRC 1012

3 mins
Property acquired from a decedent

12 mins
IRC 121 & 1031

39 mins
Basis calculations

44 mins
Part-Sale Part-Gift transfers

57 mins
Installment sales & Installment notes

65 mins

Course Description

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.

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.

Learning Objectives

To discuss the multitude of considerations surrounding the gifting and the subsequent sale of a home.
To review the gift tax consequences of transfers of homes.
To review part-sale part-gift transactions
To analyze how to determine cost basis
To inspect installment sales and installment notes
To discuss the changes made by Proposition 19 for clients in California.

Recommended For

This IRS-Approved CE/CPE webinar is recommended for CPA, EA, AFSPs, CTECs, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys desiring to understand the Tax aspects of gifting a Home.
This CE/CPE course is insightful for tax managers, CFOs, controllers, compliance managers, risk managers, and business owners.

Who Should Attend?

Accountant
Accounting Firm
Annual Filing Season Program
Bookkeepers & Accountants & Tax Preparers
California Registered Tax Professional
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Enrolled Agent
Entrepreneurial CPA
Maryland Tax Preparers
Oregon Tax Preparers
Staff of Accounting Firm
Tax Accountant (Industry)
Tax Attorney
Tax Director (Industry)
Tax Firm
Tax Practitioners
Tax Preparer
Tax Professionals
Tax Pros

Course Qualification

Webinar Qualifies For

2 CPD Credit for Personal Financial Specialist (PFS)
2 CE Credit for Annual Filing Season Program (AFSP)
2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0800)
2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
2 PL Credit for Chartered Financial Analyst (CFA)
2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00859-21-S)
2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00859-21-S)
2 CPD Credit for Trust and Estate Practitioners (TEP)
2 CE Credit for Certified Senior Advisor (CSA)
2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00859-21-S)
2 CE Credit for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-00960-22-S)
2 CPE Credit for Chartered Advisor in Senior Living (CASL)
2 CPE Credit for Chartered Special Needs Consultant (ChSNC)
2 CPE Credit for Retirement Income Certified Professional (RICP)
2 CPE Credit for Wealth Management Certified Professional (WMCP)
2 CPE Credit for Chartered Financial Consultant (ChFC)
2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
2 CPE Credit for Financial Services Certified Professional (FSCP)
2 CE Credit of Tax Planning for Certified Financial Planner (US) (Approval No. 300803)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
2 CE Credit for Certified Wealth Strategist (CWS)
2 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
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 maintenance 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 through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) 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, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Lawrence Pon, CPA/PFS, CFP, EA, USTCP, AEP

Owner, Pon & Associates

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.

About Company

Pon & Associates

www.larryponcpa.com/

We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

We provide a variety of services including:

Income Tax Preparation for all types of businesses, individuals, trusts, and estates.
IRS and State Audit Representation
Financial Planning
Estate Planning and Preparation
Business startup services including Business Planning
Tax Planning and Consulting
Charitable Planning

Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.

Faq

FAQs content

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