Report Sales Of Primary/Main Home Using Turbotax (1099-S)
Published 5/2024
MP4 | Video: h264, 1920x1080 | Audio: AAC, 44.1 KHz
Language: English | Size: 1.56 GB | Duration: 1h 49m
Simplify Home Sale Tax Planning/Reporting of Primary Home Exclusion for Homeowners/Investors toSave on Capital Gains Tax

What you'll learn

Maximize Tax Savings: Learn expert strategies to legally reduce CAPITAL GAINS TAX using primary home exclusions, saving you money, maximizing your financials.

Streamlined TURBOTAX Setup: Master TurboTax setup for primary home sales reporting, ensuring a smooth and efficient process from start to finish using 1099-S.

Accurate Reporting Confidence: Gain the confidence to accurately report PRIMARY HOME SALES in TurboTax, guided by real-world examples and expert insights.

Practical Application Skills: Apply theoretical knowledge to real-life scenarios, developing practical skills for effective home sales reporting.

Future-focused TAX PLANNING: Explore advanced tax planning strategies to minimize future gains and achieve long-term financial success.

Enroll RISK-FREE with our results guarantee. If you don't see transformative results within 30 days, get 100% of your investment back.

Requirements

Basic Understanding of Real Estate Transactions: Familiarity with the basics of buying, selling, or investing in real estate will be helpful but not mandatory.

Access to TurboTax: Ensure you have access to TurboTax Online to follow along with the course tutorials.

Description

Are you ready to take control of your home sales reporting with confidence and clarity? Look no further! In this comprehensive Udemy course, you'll embark on a journey towards mastering TurboTax for reporting the sales of your primary residence. Led by seasoned tax expert and real estate investor, Mia Le, this course is meticulously designed to empower homeowners, investors, and professionals with the knowledge and skills needed to navigate the complexities of home sales reporting with ease.Please note that this course is based on US Tax Laws.Also note that this is for TURBOTAX ONLINE. If you use TurboTax Desktop, the process is similar but it is not exactly the same, follow a long but note that we do not provide step-by-step instruction for the desktop version.Meet Your Instructor:Mia Le, an Enrolled Agent with over 15 years of tax expertise, is your guide on this transformative journey. With a passion for real estate investing and a wealth of experience as a Business Counselor and Coach, Mia brings unparalleled insight and practical wisdom to the table. Get ready to learn from the best and elevate your financial prowess!Course Objectives:Gain a deep understanding of home sales in property transactions and its application to your primary residence, empowering you to make informed decisions beyond TurboTax.Seamlessly navigate through TurboTax, from setup to reporting sales of primary homes, ensuring accuracy and efficiency every step of the way.Confidently enter and accurately report the sale of your primary home in TurboTax, armed with real-world examples and expert guidance.Troubleshoot common issues and questions related to home sales reporting in TurboTax through dedicated Q&A sessions, ensuring no stone is left unturned.Course Features:Dive into the essentials of home sale reporting with insightful modules covering tax forms, qualifying criteria, adjusted basis, and more.Unlock the full potential of TurboTax for home sale reporting with practical tips and step-by-step guidance tailored to your needs.Discover the art of utilizing primary residence exclusions to save on capital gain taxes and optimize your financial strategy.Benefit from post-sale tax planning tips and strategies to minimize future gains and ensure long-term financial success.Engage in interactive Q&A sessions to troubleshoot common issues and gain clarity on complex topics.Course Benefits:Save capital gain taxes on home sales using primary home exclusions, putting more money back in your pocket.Gain peace of mind and confidence in executing tax strategies with a thorough understanding of the numbers that impact your finances.Navigate TurboTax with ease and save valuable time, making tax reporting a breeze.Enjoy significant cost savings compared to other reporting options, making TurboTax the smart choice for your financial needs.Differentiation:Comprehensive: Unlike fragmented courses or YouTube videos, this course offers a deep dive into complex concepts in an easy-to-understand manner, ensuring you master every aspect of home sales reporting.Easy to understand: Complex concepts are broken down into logical modules, making learning effortless and enjoyable.Expert Guidance: Learn from an Enrolled Agent with the IRS and over 15 years of experience, ensuring you receive the highest quality education and guidance available.Don't miss this opportunity to unlock your home sales potential and take control of your financial future. Enroll now and embark on a journey towards financial mastery with TurboTax!DISCLAIMER: The information and guidance offered on this website are intended solely for educational and general informational purposes. Mia Le and Strategy Street Smart expressly disclaim any responsibility for any direct, incidental, consequential, indirect, or punitive damages that may result from accessing or using any of the content accessible through this platform. Prior to making any investment decisions, it is strongly advised that you seek guidance from a qualified financial advisor or another professional specializing in wealth management.While Mia Le and her associated entities exercise due diligence to maintain the accuracy and currency of the content on this platform, all information provided herein is presented "as is" without any warranties or representations of any nature regarding its accuracy or appropriateness for your specific needs.Any hyperlinks leading to external websites are included solely for convenience, and Strategy Street Smart urges you to review the privacy policies of such third-party websites.

Overview

Section 1: Introduction

Lecture 1 Welcome!

Section 2: Introduction to Home Sale Reporting

Lecture 2 Importance of Reporting Home Sales

Lecture 3 Overview of Reporting Requirements

Lecture 4 Tax Forms Involved: Schedule D and Form 8949

Section 3: TurboTax for Home Sale Reporting

Lecture 5 Introduction to TurboTax

Lecture 6 Benefits of Using TurboTax for Home Sale Reporting

Lecture 7 Sign-Up for a TurboTax Account

Section 4: Utilizing Primary Residence Exclusion

Lecture 8 What Is the Primary Home Exclusion?

Lecture 9 Qualifying Criteria for Exclusion

Lecture 10 Calculating Taxable Gain After Exclusion

Section 5: Adjusting Basis and Cost Details

Lecture 11 What is Adjusted Basis?

Lecture 12 Determining Adjusted Basis

Section 6: Entering Home Sale Details in TurboTax

Lecture 13 What Documents Do I Need to Have to Report Sales of Home?

Lecture 14 Illustration - An Example of Sale of Main Home to Report in TurboTax

Lecture 15 Enter 1099-S

Lecture 16 Review PDF

Section 7: Post-Sale Tax Planning Tips

Lecture 17 Understanding Future Tax Implications

Lecture 18 Keeping Records for Future Sales

Lecture 19 Tax Strategies for Minimizing Future Gains

Lecture 20 Tax Planning with TurboTax: Missed Expenses

Lecture 21 Tax Planning with TurboTax: Make Estimated Tax Payment

Section 8: Q&A

Lecture 22 Troubleshoot: Most Common ErroSame Home Sale Entered at Multiple Places

Lecture 23 Troubleshoot: I Can't Find My Last Year Tax Return

Section 9: Conclusion and Additional Resources

Lecture 24 Summary of Key Reporting Steps

Lecture 25 BONUS Resources

Empowered Homeowners and Savvy Investors: Take charge of your financial destiny with TurboTax mastery. Whether you're reporting the installment sale of your main home or planning for future transactions, this course equips you with the knowledge and tools you need to navigate tax complexities with ease.,Forward-Thinking Real Estate Professionals: Elevate your expertise and amplify your success in the competitive real estate market. Discover insider strategies to advocate for your clients effectively, optimize investment portfolios, and unlock new opportunities for growth and prosperity.,Savvy Accountants and Tax Experts: Stay ahead of the curve and become a trusted advisor to your clients. Dive deep into property sales and tax planning intricacies, gaining invaluable insights and strategies to deliver exceptional service and maximize financial outcomes.