December 10, 2021 9:30am – 10:30am Map & Directions 602-252-4144

Webcast: Owning and Renting a Principal Residence

Description

The ownership of a personal residence can have important tax considerations. Examine possible tax deductions for interest expense and real property taxes and the possibility for residential energy credits. If the home is used for business purposes, business deductions may be available but subject to the "home office" rules. Rental of the personal residence requires consideration of the vacation home rules; if a loss occurs, the passive activity loss limitation is considered. Review and evaluate issues to identify possible tax planning opportunities or strategies.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

9:00am

Fees

Member:
$37
Non-CPA Staff:
$50
Non-CPA Staff (100% club):
$37
Non-CPA Staff (sole proprietor):
$37
Non-Member:
$50
Webcast
Taxation
1

Objectives

  • Determine the tax-deductibility of interest expense related to debt secured by the residence.
  • Evaluate deduction available for real property taxes.
  • Consider possible tax savings from residential energy credit.
  • Recognize and apply the 'home office' deduction limitation for business use of the principal residence.
  • Evaluate the tax consequences of renting a principal residence for all or part of the taxable year.
  • Consider how the casualty loss rules apply to principal residences.

Course Level

Overview

Vendor

CalCPA Education Foundation More With This Vendor

Designed For

CPAs, lawyers, tax practitioners and financial advisers.

Prerequisites

Basic understanding of the federal income tax law as applied to individual taxpayers.

Highlights

  • Deduction of "home mortgage interest"
  • Deduction of real property taxes taxes
  • Residential energy credits
  • Use of the home for business purposes, 'home office' complication
  • Rental of a principal residence, the vacation home complication
  • Rental of principal residence with a resulting loss, the passive activity limitation
  • Casualty losses

Notes

Sole Practitioner

Related Courses