Principal Residence Tax Strategies Self-Study

Summary

This course examines a variety of tax issues relating to a taxpayer’s principal residence from the date of purchase to the date of disposition. The course explains the mortgage interest deduction, how the §121 exclusion applies to the gain on the sale of a home, and the tax implications of converting a residence into a rental property. It will also provide an overview of the energy-efficient home improvement credits included in the Inflation Reduction Act of 2022.

Objectives

Upon completion of this course, you will be able to:

• Outline the requirements for deducting home mortgage interest and real estate taxes on Schedule A, Itemized Deductions
• Determine when a clean energy improvement to a primary residence qualifies for the residential clean energy credit or energy efficient home improvement credit and how to claim it
• Summarize the tax implications of converting a primary residence into a rental property
• Compute the §121 exclusion and report the sale on Form 8949, Sales and Other Dispositions of Capital Assets, or Form 4797, Sale of Business Property, when there has been business use of the residence

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.