CPE Credits: 2
Course Level: Basic to Intermediate
Prerequisite: Basic Knowledge of Income Taxation
Advance Preparation: None
Fees: $49 for Members and $60 for Nonmembers
Please note that no cancellations or refunds are provided for NATP webinars.
Summary
The year 2009 brought sweeping changes to the tax treatment of home ownership. On the one hand, more taxpayers are purchasing homes because of the first-time and existing homebuyer credits. At the same time, more taxpayers than ever are losing their homes due to financial difficulties. This webinar is designed to cut through the confusion of recently enacted legislation regarding new and existing homebuyer credits. Additionally, we will define and clarify the concept of "periods of nonqualified use". We will provide guidance to assist you as professionals to properly explain the tax consequences of having a home office. Attending this webinar will provide the tools necessary to assist your clients through their financial difficulties with a clear explanation of qualified principal residence indebtedness and the proper reporting of foreclosures and short sales.
Objectives
Upon completion of this webinar, you will be able to:
- Identify the tax consequences of short sales, abandonment, repossession, and foreclosure and the options available to minimize the tax burden. We will explain the proper reporting of Forms 1099A, 1099C, and 982.
- Report the sale of a principal residence under a number of scenarios including: periods of nonqualified use and business use of home including deprecation recapture.
- Properly apply and report the first-time and existing homebuyer credits.
Presenter: Steven O'Rourke, EA