Description:

This book is for preparing 2025 taxes. 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 energy credits available for homes and new requirements for claiming the energy efficient home improvement credit.

• Outlining the requirements for deducting home mortgage interest and real estate taxes on Schedule A, Itemized Deductions
  
• Determining 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 on Form 5695 Residential Energy Credits
  
• Summarizing the tax implications of converting a primary residence into a rental property
• Computing 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
  

Item Number: 25371

Level: Intermediate

Authors: NATP Staff

Published: 2025

Format: Print - 108 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2025 course.