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.

TIME	CONTENT		LEARNING OBJECTIVES After this segment, the student will be able to:
15 min	Types of homeowners' tax benefits		Identify and understand the six different types of homeowners' tax benefits.
15 min	Record keeping		Understand the importance of keeping accurate home ownership tax records.
30 min	Purchaser's closing costs		Identify the three different types of purchaser's closing costs and calculate the tax advantages of each.
60 min	Purchasing a home		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.
15 min	Penalty-free IRA distributions		Explain the conditions under which an individual is permitted to take a penalty-free distribution from an IRA to finance home buying expenses.
15 min	Gain from the sale of a home		Define realized gain, recognized gain, and deferred gain.
15 min	Calculating gain		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.
45 min	Tax consequences for home sales on or before may 6, 1997		Calculate realized, recognized, and deferred gain for home sales occurring on or before May 6, 1997.
15 min	Tax consequences for home sales after May 6, 1997		Calculate realized, recognized, and deferred gain for home sales occurring after May 6, 1997.
30 min	$250,000/$500,000 exclusion of gain		Understand the provisions of the Taxpayer Fairness Act of 1997 related to excluding gain from the sale of a home.
45 min	Annual homeowners' tax breaks		Calculate the impact of the following items on a homeowner's annual income taxes: Interest and real estate taxes.
15 min	Home office depreciation		List and understand the provisions of the Taxpayer Fairness Act of 1997 related to deducting home office depreciation.
15 min	Employment related moving expenses		List the rules for deducting moving expenses and identify the allowable expense items.
15 min	Reverse equity mortgage loan		Define and understand the reverse equity mortgage loan.
15 min	Tax free and tax deductible gift of a home		Understand the guidelines for tax free and tax deductible gift giving, including the relevant provisions of the Taxpayer Fairness Act of 1997.