The ownership of a personal residence can have important tax considerations. This course studies 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 and if a loss occurs, the passive activity loss limitation is considered. Review and evaluate the topics covered to identify possible tax planning opportunities or strategies.
PICPA Member: $49
Nonmember: $79
Course No. 4193328A Level: Overview
Prerequisites: Basic understanding of the federal income tax law as applied to individual taxpayers.