Income — Capital Gain or Loss Workout

Skills Workout

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Certification Warm Up: Question 5 of 7

Fred is single and sold his home in June of the tax year. The amount realized in the sale of Fred's home was $410,000. The adjusted basis in the home is $100,000. What is Fred's exclusion amount on the gain from the sale of his home?

	$410,000
	$310,000
	$250,000
	$100,000

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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