DESCRIPTION
This module introduces the topic of residential rental properties and defines key terms. The material focuses on identifying qualifying expenses as well as exploring depreciation topics. Later, there is a discussion of the Tax effects of personal use of a residential rental property. The module also includes an optional review of a Closing Disclosure Statement. The learning for this module is primarily delivered through exercises and case studies.
LEARNING OBJECTIVES
- Define residential rental property.
- Identify income and expenses for residential rental properties.
- Identify depreciation rules for residential rental properties.
- Identify the “personal use” rules and their effect on taxation of residential rental properties.