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The ownership of a personal residence can have important tax considerations. This course considers possible tax deductions for interest expense and real property taxes and the possibility for residential energy credits. If the home is used for business purposes, business deductions may be available but subject to the "home office" rules. Rental of the personal residence requires consideration of the vacation home rules and if a loss is created, the passive activity loss limitation is considered. Review and evaluate the topics covered to identify possible tax planning opportunities or strategies.
Basic understanding of the federal income tax law as applied to individual taxpayers.
CPAs, lawyers and other advisers who offer tax and personal financial advice to individuals.
John McWilliams, CPA, Esq. is professor of accounting at Golden Gate University. Previously he was a professor of accounting at San Francisco State University. He began his career as a tax adviser with a Big Four CPA firm. For more than 30 years, while teaching, he has been a tax adviser to lawyers and CPAs regarding the tax matters of their clients. His areas of expertise include tax issues related to buying and selling privately-held businesses, financially-troubled businesses, business restructuring and reorganization, and ownership succession to employees or family members.
McWilliams has been active in CalCPA, having served as president of the San Francisco Chapter, chair of the Financial Literacy Initiative, member of the CalCPA Board of Directors serving as Vice Chair, and member of the Accounting Education Committee. He has served as a California representative to the AICPA Council, and as a member of two AICPA Tax Division Technical Resource Panels (Corporations, and Shareholders and Partnerships). McWilliams is the original author of two chapters of the CCH Expert Treatise Library: “Federal Taxation of Corporations,” and “Shareholders.”