Surgent's Tax Aspects of Home Offices and Vacation Homes

Overview

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.

Highlights

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

Prerequisites

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

Designed For

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

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

Preparation

None