Preparing Tax Plans and Returns for Clients with Vacation Homes or Home Offices (VHHO)

Customer Rating

Rated 5 out of 5

Field of Study
Taxes

Level
Basic

Credits
2

Qualifies For
IRS CPE

Price: $ 19.99

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.

Additional information

year	2021, 2022
version	01
Credits	2
Company Code	Self Study
Format	On Demand
Yellow Book Approved	0
CFP Approved	0
IRS Approved	1
CTEC Approved	0
Field of Study Credits	Taxes (2)
Field of Study Department	Taxes
Course Version	2022-01
CPE Approved	1

Pre-requistes:

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

Knowledge Level:

Basic

Major Topics:

Understanding the tax rules for acquisition indebtedness and home equity indebtedness
Should you rent or use your vacation home? Opportunities and pitfalls
Maximizing your interest expense deduction in light of limitations in the tax code
Mixed use of a residence: how deductions are limited in rental situations
Home office: qualification and calculation
Why buying a vacation home can be a very smart investment
Rules for using like-kind exchanges on principal residences and vacation homes
Strategies and planning for renting a principal residence instead of selling it

Learning Objectives:

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
Distinguish a pure residence from a mixed-use residence and how §280A applies

Designed For:

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