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 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. Highlights
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.
Registration
PICPA Member: $37 Nonmember: $50
More Information
Course No.
4203328A
Level:
Overview
Prerequisites:
Basic understanding of the federal income tax law as applied to individual taxpayers.
Notes
None
Speaker(s)
John McWilliams
California Society of CPAs
John McWilliams, CPA, JD is
Professor of Accounting at Golden Gate University. Previously he was a
Professor of Accounting at San Francisco State University. He began his
career as a tax adviser with a Big Four CPA firm. For more than 30 years,
while teaching, he has been a tax adviser to lawyers and CPAs regarding
the tax matters of their clients. Areas of expertise include tax issues
related to buying and selling privately held businesses, financially
troubled businesses, business restructuring and reorganization and
ownership succession to employees or family members. Mr. McWilliams is
active in CalCPA, having served as president of the San Francisco Chapter,
chair of the Financial Literacy Initiative, a member of the CalCPA Board
of Directors serving as Vice Chair. He is currently a member of the
Taxation Committee, the Financial Literacy Committe, and the Accounting
Education Committee. He has served as a California representative to the
AICPA Council and is currently a member of the AICPA Financial Literacy
Commission. Mr McWilliams is author of two chapters of the CCH Expert
Treatise Library : Federal Taxation of Corporations &
Shareholders.