Vacation Home

Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 2 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: January 2010
Accreditation: QAS, NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - What Qualifies as a Vacation Home Rules
Learning Objectives 1
What is a Vacation Home
What Qualifies as a Vacation Home
Member of the Family
Shared Equity Financing
Fair Rental Price
Rental Pool


Lesson 2 - What Constitutes Personal Use
Learning Objectives 2
What Constitutes Personal Use
Days That are NOT Counted as Personal Use


Lesson 3 - Applying Vacation Home Rules
Learning Objectives 3
Rented Less Than 15 Days
Rented 15 Days or More
Case Study 1. Part of residence used as rental
Case Study 2. Rented to unrelated person, used by relative
Case Study 3. Taxpayers rent out a room in their home
Case Study 4. Co-ownership
Case Study 5. Arrangement to use another dwelling (swap)
Case Study 6. Rental, personal, and vacancy


Lesson 4 - Allocating Deductions for a Vacation Home
Learning Objectives 4
Rental use percentage
Allocating Deductions
TIER 1 Expenses
TIER 2 Expenses
TIER 3 Expenses


Lesson 5 - IRS vs Tax Court
Learning Objectives 5
Case Study 7


Lesson 6 - Reporting Vacation Home Income and Deductions
Learning Objectives 6
Reporting Vacation Home Income and Deductions

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:
  • Identify the questions to ask for determining fair rental price
  • Define what shared equity financing means

    • Pay particular attention to paragraphs marked by the Wiseguy.

    He'll guide you to key issues.



Lesson - 2
After completing Lesson 2, you will be able to:
  • Identify which days are used for personal purposes with regard to a dwelling unit
Lesson - 3
After completing Lesson 3, you will be able to:
  • Apply the rules for how to treat income and expenses of a dwelling rented less than 15 days
  • Apply the rules for how to treat the income and expenses of a dwelling rented more than 15 days
Lesson - 4
After completing Lesson 4, you will be able to:
  • Figure rental use percentage
  • Identify the expenses that are allocated under each tier
Lesson - 5
After completing lesson 5, you will be able to:
  • Determine the differences between the IRS and the Tax Court methods of calculating rental expenses

Lesson - 6
After completing Lesson 6, you will be able to:
  • Report vacation home income and deductions