Description:

This book is for preparing 2024 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 the energy-efficient home improvement credits included in the Inflation Reduction Act of 2022.

Topics include:

• 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
  
• 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
  

Product Details:

Item Number: E24371

Level: Intermediate

Authors: NATP Staff

Published: 2024

Format: Electronic PDF - 108 pages

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Corresponding CPE Courses:

Get this e-book FREE when you purchase the corresponding 2024 course.

Purchase Info:

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