| CPE Hours: 1 (
Federal:1
) |
Publication Date: 08/01/2008 |
Cost: $15.00
|
Level: Basic |
Author:
Lee Reams |
|
Prerequisites: Overview of Federal Income Taxation or comparable knowledge. No advance preparation needed.
Delivery Method: Self-Study
This course covers the individual tax provisions included in the Housing Assistance Act of 2008, including the first-time homebuyer credit, the reduction in home gain exclusion as a result of nonqualified use, the additional property tax deduction for non-itemizers, payment card information reporting, the low-income housing and rehab credit allowance against the AMT, the exclusion of certain housing bonds from AMT preference, and the election for certain taxpayers with hurricane-related casualty losses to amend the loss year to include grant income.
Final Exam Grading Policy: Course material must be completed within 12 months of purchase. A score of 70% or better is needed for passing. The completion certificate will be automatically generated by the system.
This text is divided as follows:
First-Time Homebuyer Credit 2
Effective dates 2
Phase-out 2
Definition of First-Time Homebuyer 2
Disqualification 3
Qualifying Home 3
Election to Accelerate the Credit 3
Credit Recapture 3
Regular 3
Recapture Periods 3
Accelerated 3
Other Details 4
Nonqualified Home Use Gain 4
Nonqualified Use 5
Periods Not Counted as Nonqualified Use 5 Comprehensive Example 5
Property Tax Deduction for Non-itemizers 6
Payment Card and Third Party Network Information Reporting 6
Low-Income Housing Credit and Rehab Credit May Offset AMT 7
Interest on Certain Bonds Isn't an AMT Preference 7
Election to Include Reimbursement for Hurricane-related Casualty in Loss Yr. 7
The student will learn and understand the individual tax provisions included in the Housing Assistance Act of 2008, including the first-time homebuyer credit, reduction in home gain exclusion as a result of nonqualified use, the additional property tax deduction for non-itemizers, payment card information reporting, low-income housing and rehab credit allowance against AMT, the exclusion of certain housing bonds from AMT preference and the election for certain taxpayers with hurricane-related casualty losses to amend loss year to include grant income.
CTEC
NASBA
IRS - Enrolled Agents
