Owning and Renting a Principal Residence Webcast | 4173328B

Date :
October 30, 2017 8:30 AM - 9:30 AM
Location :
Facility :
Webcast Rebroadcast
Level of Difficulty :
Member Price :
Nonmember Price :
CPE Credits :
CPE 1.00, IRS-TX 1.00, CTEC-TX 1.00
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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.

Materials are provided as an ebook for this course.


  • Determine the tax deductibility of interest expense related to debt secured by the residence.
  • Evaluate deduction available for real property taxes.
  • Consider possible tax savings from residential energy credit.
  • Recognize and apply the "home office" deduction limitation for business use of principal residence.
  • Evaluate the tax consequences of renting a principal residence for all or part of the taxable year.
  • Consider how the casualty loss rules apply to principal residences.

Major Subjects:

  • Deduction of "home mortgage interest"
  • Deduction of real property taxes taxes
  • Residential energy credits
  • Use of the home for business purposes, "home office" complication
  • Rental of a principal residence, the vacation home complication
  • Rental of principal residence with a resulting loss, the passive activity limitation
  • Casualty losses

Advanced Prep:


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Level of Difficulty:
Field of Interest:

Basic understanding of the federal income tax law as applied to individual taxpayers.

Designed For:

CPAs, lawyers and other advisers who offer tax and personal financial advice to individuals.


John G McWilliams, CPA, Esq, Esq.

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.”

No Agenda or Materials posted.