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Tax Aspects of Home Offices and Vacation Homes (HOVH)

  • Format Self-Study Download
  • Credits 2.00
  • Level Basic
  • Field of Study Taxes (2)

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.



Major Topics:

  • 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

Learning 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

Who should take this course:

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

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

None

Yes

No

No

QAS Approval Surgent
IRS Approval Surgent
CFP Approval Surgent
CTEC Approval Surgent
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