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

Customer Rating
Field of Study
Taxes
Level
Basic
Credits
2
Qualifies For
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

Credits

2

Format

Self-Study Download

Company Code

Self Study

Yellow Book Approved

0

CFP Approved

0

IRS Approved

0

CTEC Approved

0

Field of Study Credits

Taxes (Technical) (2)

Field of Study Department

Taxes (Technical)

Course Version

2019-01

CPE Approved

1

Pre-requistes:

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

Knowledge Level:

Basic

Major Topics:

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

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
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