Income — Capital Gain or Loss Workout

Ownership and Use Tests

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Skills Warm Up: Ownership and Use Tests

Question 1 of 2

From 2006 to August 2023, Donna lived with her parents in a house her parents owned. On September 1, 2023, she bought this house from her parents. She continued to live there until December 14, 2024, when she sold it. Does Donna meet the requirements of the ownership and use tests?

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Workout Resources
Reporting Capital Gain or Loss
- Skills Warm Up: Reporting a Capital Gain or Loss
Basis of Stock
- Case Study 1: Basis and Adjusted Basis
Holding Period
Proceeds from the Sale
- Case Study 1: Sales Price
- Skills Warm Up: Form 1099-B
Form 8949 and Schedule D
Capital Loss Carryovers
- Case Study 1: Carryover Losses
- Skills Warm Up: Capital Loss Carryovers
Main Home
- Case Study 1: Main Home
- Skills Warm Up: Main Home
Ownership and Use Tests
- Case Study 1: Period of Ownership and Use
- Skills Warm Up: Ownership and Use Tests
Gain on Sale of Main Home
Reporting Gain from the Sale of a Home
- Case Study 1: Reporting Gain from the Sale of a Home
- Case Study 2: Reporting Gain from the Sale of a Home
5-Year Test Period Suspension
- Case Study 1: 5-Year Test Period
Out of Scope
- Out of Scope Situations for VITA/TCE
Skills Workout
- Certification Warm Up: Question 1 of 7
- Certification Warm Up: Drill & Practice
More Resources and Practice
- More Resources and Practice