Surgent's Tax Aspects of Home Offices and Vacation Homes

 

   

 

 
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Overview

2.0 Credits

The purpose of this course is to provide a practical and in-depth analysis of the significant tax planning advantages and strategies related to owning a principal residence for use as a home office and/or vacation home for upper income taxpayers.

Objectives

  • Distinguish a pure residence from a mixed-use residence and how 280A applies
  • Discuss the application of 280A to a vacation home that is also rented out during part of the year
  • Identify the issues related to the use of the residence as a home office

Major Topics

  • Mixed use of a residence: how deductions are limited in rental situations
  • Home office: qualification and calculation
  • Strategies and planning for renting your principal residence instead of selling it
  • Why buying a vacation home can be a very smart investment
  • Should you rent or just use your vacation home? Opportunities and pitfalls
  • New rules for using like-kind exchanges on principal residences and vacation homes
  • Understanding the tax rules for acquisition indebtedness and home equity indebtedness
  • How NOT to finance a second home
  • Maximizing your interest expense deduction in light of limitations in the tax codes

Designed For

CPAs who want to assist clients with the home office deduction and/or vacation home issues

Prerequisite

A basic course in individual income tax and in tax return preparation
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