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Converting Residence to Rental and Nonqualified Use Implications

 
Duration: 100 minutes
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
Delivery Method: Self-Study 
 
CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 2 CFP® Income Tax Planning

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

Fees: $52 for Members and $64 for Nonmembers
 
Summary
With today’s economy, some taxpayers who were planning to sell their homes are thinking of renting them out instead. This works for some taxpayers but not all. Converting a personal residence to a rental property has tax implications that must be addressed. Learn how to properly handle these transactions in this informative on-demand webinar.

Objectives
Upon completion of this on-demand webinar, you will be able to:

  • Determine the depreciable basis upon conversion.
  • Determine whether vacation home rules apply.
  • Discuss the application of the concept of nonqualified use.
  • Properly allocate income and expenses between personal and rental use.
  • Compute gain or loss on the sale of a converted residence.

Presenter: Kathryn M Keane, EA

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