Tax Advantages of Home Ownership

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" rowspan="3" width=199 style="border-right: 1px solid #FF0000;" BGCOLOR="#FFFFFF" TEXT="#080000" bgproperties="fixed" background="07fc8c00egerdp.jpg"> <bR> <div> <A HREF="id41.htm" TARGET="_top" TITLE="Enrolled Students"><B>Enrolled</B></A></div> <div> <A HREF="id41.htm" TARGET="_top" TITLE="Enrolled Students"><B>Students</B></A></div> <div> <A HREF="id41.htm" TARGET="_top" TITLE="Enrolled Students"><B>(click here)</B></A></div> <bR> <bR> <div> <A HREF="id71.htm" TARGET="_top" TITLE="Student Affidavit Florida"><B>Student</B></A></div> <div> <A HREF="id71.htm" TARGET="_top" TITLE="Student Affidavit Florida"><B>Affidavit</B></A></div> <bR> <bR> <div> <A HREF="id4_technical_support.htm" TARGET="_top" TITLE="CompuTaught"><B>Technical Support</B></A></div> <div> <A HREF="id4_technical_support.htm" TARGET="_top" TITLE="CompuTaught"><B>for all Courses</B></A></div> <bR> <bR> <div> <B><IMG SRC="06f97970.gif" border=0 width="151" height="151" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B></div> <bR> </td> <td valign="top" colspan=2 height=75 style=" border-bottom: 1px solid #FF0000;" BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <FONT SIZE="6" COLOR="#FFFFCC" FACE="Arial" > </FONT>Tax Advantages of Home Ownership</div> <div> </div> </td> </tr><tr> <td valign="top" height=375 width="100%" BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <B>TAX ADVANTAGES OF HOME OWNERSHIP</B></div> <div> (6 hours, General)</div> <bR> <div> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="402" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 84 WIDTH="396"><div> The unique tax benefits available when buying and selling a home and during home ownership are covered in this course.  The provisions of the Taxpayer Fairness Act of 1997 that pertain to home ownership are covered in detail.  A useful record keeping system is also included.</div> <bR> </tD> </tR> </TABLE></div> <div> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="542" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 35 WIDTH="47"><div> <B>TIME</B></div> </tD> <tD VALIGN=TOP WIDTH="187"><div> <B>CONTENT</B></div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="35" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <B>LEARNING OBJECTIVES</B></div> <div> After this segment, the student will be able to:</div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP WIDTH="187"><div> Types of homeowners' tax benefits</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Identify and understand the six different types of homeowners' tax benefits.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP WIDTH="187"><div> Record keeping</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Understand the importance of keeping accurate homeownership tax records.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 WIDTH="47"><div> 30 min</div> </tD> <tD VALIGN=TOP><NOBR><div> Purchaser's closing costs</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Identify the three different types of purchaser's closing costs and calculate the tax advantages of each.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 82 WIDTH="47"><div> 60 min</div> </tD> <tD VALIGN=TOP WIDTH="187"><div> Purchasing a home</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="82" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Calculate the impact of the following items on the adjusted base cost of a home: Closing costs, personal property, discount points paid by the seller, deferred gain, casualty losses, energy tax credits, and home improvements.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP><NOBR><div> Penalty-free IRA distributions</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Explain the conditions under which an individual is permitted to take a penalty-free distribution from an IRA to finance home buying expenses.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP><NOBR><div> Gain from the sale of a home</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Define realized gain, recognized gain, and deferred gain.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP WIDTH="187"><div> Calculating gain</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Calculate the impact of the following items on the amount of realized gain (or loss) from the sale of a home: Personal property and selling expenses.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 WIDTH="47"><div> 45 min</div> </tD> <tD VALIGN=TOP WIDTH="187"><div> Tax consequences for home sales on or before may 6, 1997</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Calculate realized, recognized, and deferred gain for home sales occurring on or before May 6, 1997.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP WIDTH="187"><div> Tax consequences for home sales after May 6, 1997</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Calculate realized, recognized, and deferred gain for home sales occurring after May 6, 1997.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 WIDTH="47"><div> 30 min</div> </tD> <tD VALIGN=TOP WIDTH="187"><div> $250,000/$500,000 exclusion of gain</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Understand the provisions of the Taxpayer Fairness Act of 1997 related to excluding gain from the sale of a home.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 WIDTH="47"><div> 45 min</div> </tD> <tD VALIGN=TOP><NOBR><div> Annual homeowners' tax breaks</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Calculate the impact of the following items on a homeowner's annual income taxes: Interest and real estate taxes.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP><NOBR><div> Home office depreciation</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> List and understand the provisions of the Taxpayer Fairness Act of 1997 related to deducting home office depreciation.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP WIDTH="187"><div> Employment related moving expenses</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> List the rules for deducting moving expenses and identify the allowable expense items.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP><NOBR><div> Reverse equity mortgage loan</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Define and understand the reverse equity mortgage loan.</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 WIDTH="47"><div> 15 min</div> </tD> <tD VALIGN=TOP WIDTH="187"><div> Tax free and tax deductible gift of a home</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="280"><div> Understand the guidelines for tax free and tax deductible gift giving, including the relevant provisions of the Taxpayer Fairness Act of 1997.</div> </tD> </tR> </TABLE></div> <bR> </td> <td valign="top" rowspan="2" width=119 style=" border-left: 1px solid #FF0000;" BGCOLOR="#FFFFFF" TEXT="#080000"> <bR> <bR> <div> <A HREF="id90.htm" TARGET="_top" TITLE="Free Course Demonstration Florida"><B>FREE</B></A></div> <div> <A HREF="id90.htm" TARGET="_top" TITLE="Free Course Demonstration Florida"><B>DEMO</B></A></div> <bR> <bR> <div> <A HREF="id67.htm" TARGET="_top" TITLE="About the School Florida"><B>About the School</B></A></div> <bR> <bR> <div> <A HREF="mailto:CEO@a24hour.com" TARGET="_top" TITLE="mailto:CEO@a24hour.com"><B>Send E-Mail</B></A></div> <div> <A HREF="mailto:CEO@a24hour.com" TARGET="_top" TITLE="mailto:CEO@a24hour.com"><B>to School</B></A></div> <bR> <bR> <bR> <div> <A HREF="http://www.bbbonline.org/cks.asp?id=105042211834 " TARGET="_top" TITLE="http://www.bbbonline.org/cks.asp?id=1050"><B><IMG SRC="0e855820.gif" border=0 width="85" height="130" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B></A></div> <bR> 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