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The real estate market has bounced back some since the major collapse in the recession, but its future is still unclear. Congress keeps tweaking tax rules surrounding ownership and sales of real property, keeping everyone a bit unsure about future directions and tax implications. In this course, you'll review a medley of complicated real estate related topics, including several of the most potentially troublesome areas. Tax expert Karen Brosi explores personal residence issues, including vacation homes and home offices, foreclosures, passive activities, real estate professional eligibility, and many other challenging and complex real estate issues. This course will give you valuable planning strategies and tips that you can put into place immediately.
Upon successful completion of this course, participants will be able to:
- Identify how to properly apply tax treatment of vacation homes, transfer of homes upon divorce, and conversion of homes to rental use
- Identify how to properly advise on what happens to suspended losses when a taxpayer dies, gifts, or converts rental property
- Cite passive activity rules and real estate professional eligibility
- Identify how to apply techniques for Sec. 1031 exchanges and Sec. 121 exclusions
- Cite home office rules
- Identify how to properly advise on foreclosure and debt cancellation
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