Save Tax on Rental Converted to Main Home Sale

How to Save Tax on RENTAL Converted to MAIN HOME Sale

Learn how to save taxes on the sale of a rental property converted to a primary home. This course guides landlords through the process, optimizing tax savings with practical tips for reporting and understanding tax implications of the conversion.

Buy $69.00

Course curriculum

1. WELCOME
1. Introduction to TurboTax
2. Benefits of Using TurboTax for Home Sale Reporting
3. How to Signup for Turbo Tax
1. What Is the Primary Home Exclusion?
2. Qualifying Criteria for Exclusion
3. Calculating Taxable Gain After Exclusion
1. Definition and Significance of Non-Qualified Days 2
2. Exceptions that Are NOT Non-Qualified Days
3. Calculation of Non-Qualified Days Using IRS Guidelines 2
4. Tips for Calculating Non-Qualified Days and Excludable Gains 2
1. Understanding Depreciation Recapture and Its Implications in Real Estate Home Sale
2. Tax Implications When Transitioning from Rental Property to Personal Residence
3. What If Depreciation Was Not Taken? What Is Depreciation Allowable?
4. How Can I Avoid Depreciation Recapture?
1. What Documents Do I Need to Have to Report Sales of Home?
1. Scenario - An Example of Sale of Main Home to Report in TurboTax
2. TurboTax Entry - Rental Converted to Home (Personal Residence)
3. Review Tax Forms - Rental Converted to Home (Personal Residence)
1. Senario - Rental Converted to Home (Personal Resident) then Back to Rental then Sold
2. TurboTax Entry - Rental Converted to Home (Personal Resident) then Back to Rental then SoldTurboTax Entry - Rental Converted to Home (Personal Resident) then Back to Rental then Sold
3. Review Tax Forms - Rental Converted to Home (Personal Resident) then Back to Rental then Sold
1. Handling Passive Loss Carryovers in the Sale of Rental Converted Homes
2. TurboTax- How to Enter Suspended Passive Losses When Selling a Rental Property
1. Overview of Various Strategies to Minimize Capital Gains Tax in Real Estate
1. Tax Planning with TurboTax - Missed Expenses
2. Tax Planning with TurboTax- Make Estimated Tax Payment
3. Keeping Records for Future Sales
1. Troubleshoot- Most Common Error Is to Have the Same Home Sale Entered at Multiple Places
2. Troubleshoot- I Can-t Find My Last Year Tax Return
1. BONUS Resources

About this course

$69.00
31 lessons
3 hours of video content

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AssetWise Institute

How to Save Tax on RENTAL Converted to MAIN HOME Sale

Course curriculum

Introduction

TurboTax for Home Sale Reporting

Understanding the Section 121 Exclusion

Determining Non-Qualified Use During Rental Period

Depreciation Recapture Calculation

Entering Home Sale Details in TurboTax

TurboTax Sale of Primary Home: Rental Converted to Home

TurboTax Sale of Rental Property: Rental converted to Home and to Rental

Advanced Topics: Suspended Passive Losses in Rental Real Estate

Strategies for Minimizing Capital Gains Tax in Real Estate Sale of Home

Post-Sale Tax Planning Tips

Q&A

Conclusion and Additional Resources

About this course

Discover your potential, starting today