PRVH
CRITICAL TAX PLANNING STRATEGIES AND ISSUES
IN OWNING A PRINCIPAL RESIDENCE OR VACATION HOME
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 and/or vacation home for upper income taxpayers. This course will provide substantial value to any practitioner in understanding and communicating why residential real estate is one of the best tax advantaged investments available today. At the end of the course, you will be able to help your client really maximize the benefits of home ownership.
Major topics include:
- Understanding how to maximize the tax free appreciation of a principal residence
- Taking title to property and how estate planning issues can come into play
- Strategies for husband and wife to each get a tax free benefit from their own principal residence
- How much land can you own and get a tax free benefit?
- Why claiming a home office can offer new tax advantages under a 2004 law change
- How best to finance or refinance the home for tax advantages
- Strategies and planning for renting your principal residence instead of selling it
- Building or buying new construction - how to maximize your tax benefit
- New regulations on partial gain exchanges for unforeseen circumstances, change of jobs, or health issues - getting your due
- Techniques for wealthy clients - why moving your principal residence between several homes can add up to big savings
- 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
- Using qualified personal residence trusts to save big on estate taxes
- Understanding the tax rules for acquisition indebtedness and home equity indebtedness
- How NOT to finance a second home
- Tax issues for owners of condos and co-ops
- Strategies for buying a home from a parent vs. gifting a home to a child
- Issues for establishing which home is your principal residence of state, federal, and estate tax considerations
- Maximizing your interest expense deduction in light of limitations in the tax codes
- The best tax moves in helping your children buy a home
- Understanding the tax issues of making and keeping track of improvements to your property
- Buying the vacant lot next door can make good tax sense today
- Form 1099S broker information returns - issues for sale of a residence
- IRAs - a good source of capital for first-time home buyers
- Divorce and death: tax issues and planning to consider
- Watch out! The Alternative Minimum Tax can create big headaches for homeowners
Designed for: CPAs who want to help their upper income clients maximize the benefits of investing in residential real estate.
Level of knowledge: Intermediate
Field of study: Taxes
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