The National Association of Tax Professionals

The National Association of Tax Professionals

All About Personal Residences

  • Topic(s): Individual
  • Presenter(s): C. Dale Boushley CFP®, EA
  • Session#: 932-15
  • Session Length: 100 min
  • Program: 2012 National Conference
  • Date: Nov 7, 2012
Product Name Price
2012 WORKS Package - (Stream, Download, CDs and DVDs)
AudioPoint for Mobile (download)
Audio MP3 (download)

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All About Personal Residences - Details:

Owning a home is the American dream, but it's more than just a roof over your head. A personal residence can also provide some great tax benefits, but be careful there have been many changes in the tax code over the years that modify some of these benefits. Will I still qualify for the gain exclusion if I move into my rental property? Do I have to stay the full two years if my job changes? What about property transferred in a divorce? If your client has an office in the home, can they use the §121 exclusion on the whole gain? What about the depreciation allowed in the past? Is the interest on home equity debt still deductible if the client turns his home into a rental property? How do we calculate the interest deduction if the client has excess debt on his residence? If I acquire a rental property in a like kind exchange and later decide to move into that house, will it qualify for the §121 exclusion. And now we have recapture of the homebuyer credits. Get updated on this complex series of topics.