[WEB] Vacation Homes & Home Office Deduction

Description

LINK AND INSTRUCTIONS TO COME FROM AES TAX ONE DAY PRIOR TO SESSION

The Individual Series of classes is designed for tax return preparers and new tax professionals. Participants will acquire an understanding of the underlying authority for, and possible complexity of, seemingly simple tax questions, and how that authority ties into tax software programs and preparation of the tax return for an individual. This course specifically addressed the deductions available to taxpayers related to home office and vacation home expenses.  

Objectives

After completing this course the participant will be able to:

• Determine when a client qualifies for the home office deduction.
• Calculate the home office deduction using the simplified method of Rev. Proc. 2013-13.
• Describe the tax benefits available to those who qualify for the home office deduction.
• Determine when travel expenses are deductible, including commuting expenses.
• Determine the tax effect of selling the principal residence after taking the home office deduction, including like-kind exchanges.
• Summarize the vacation home rules of §280A and describe the tax benefit of increasing personal use after the Tax Cuts and Jobs Act.
• Define the term “residence” and describe when interest on debt incurred to purchase the vacation home is deductible.
• Define personal use of a vacation home. M Differentiate between the Bolton and regulations methods for allocating expenses.
• Apply the passive activity loss rules to vacation homes.
• Determine the tax effect of selling a vacation home, including the current status of likekind exchanges.
• File Form 8829.
• Describe the problems encountered in leasing home office to a C corporation, S corporation, or tax partnership and how to avoid these problems.