Tax Issues Associated with the Purchase and Sale of a Residence (TPSR)

The Internal Revenue Code allows taxpayers to exclude gain when they sell their main home. To qualify for the maximum $250,000 exclusion of gain ($500,000 if married filing jointly), taxpayers must meet the eligibility test. They can also qualify for a partial exclusion if they meet certain requirements. This program is a comprehensive survey of the various tax issues associated with the sale of a residence.

Panelists are subject to change.

• Does a home qualify for the exclusion of gain under the eligibility test of §121?
• Exceptions to the eligibility test
• Qualifying for a partial exclusion of gain
• What is a main home?
• How a taxpayer meets the residence requirement
• Meeting the look-back requirement
• Separated, divorced, and widowed taxpayers
• Unforeseeable events
• Inherited homes and homes received in a divorce
• Business or rental use of home

• Fully understand the issues associated with the disposition of a personal residence