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1、spi6235x_ch14_000-053.inddPageii2/6/137:05PMf-494/201-1/MH01795/spi6235x_disk1of1/007786235x/spi6235x_pagefileschapterTaxConsequencesof14HomeOwnershipLearningObjectivesUponcompletingthischapter,youshouldbeableto:LO14-1Determinewhetherahomeisconsideredaprincipalresidence,aresidence(
2、notprincipal),oranonresidencefortaxpurposes.LO14-2Computethetaxablegainonthesaleofaresidenceandexplaintherequirementsforexcludinggainonthesale.LO14-3Determinetheamountofallowableinterestexpensedeductionsonloanssecuredbyaresidence.LO14-4Discussthedeductibilityofrealpropertytaxesandd
3、escribethefirst-timehomebuyercredit.LO14-5Explainthetaxissuesandconsequencesassociatedwithrentaluseofthehome,includingdeterminingthedeductibilityofresidentialrentalrealestatelosses.LO14-6Describetherequirementsnecessarytoqualifyforhomeofficedeductionsandcomputethedeductionlimitatio
4、nsonhomeofficedeductions.spi6235x_ch14_000-053.inddPage12/6/137:05PMf-494/201-1/MH01795/spi6235x_disk1of1/007786235x/spi6235x_pagefilesStorylineSummaryTaxpayers:TylerandJasmineJeffersonLocation:Chicago,IllinoisEmploymentTyler—NewlyhiredVPofstatus:SalesforGLOCorporationearninganannu
5、alsalaryof$200,000peryear.Jasmine—graphicdesigner,earninganannualsalaryof$40,000peryear.Filingstatus:MarriedfilingjointlyDependents:TwochildrenMarginal28percenttaxrate:iththeextraincomeTylerJeffersonisWearninginhisnewVPofSalespositionforGLOCorporation,hisfamilynowhasgreaterfinancia
6、lflexibility,butwiththemoneycomesnewpossibilities.Forone,TylerandJasmineJeffersonwouldliketoselltheircurrenthomeandpurchasealargeroneclosertoTyler’swork.Fortunately,thevalueoftheirhomehasincreasedconsiderablysincetheypurchasedit,whichshouldallowthemtomakeasubstantialdownpaymentonan
7、ewhome.Still,theywouldneedtoacquirefinancingtomakethepurchase.JasminelikestheideaofbuyingavacationhomeinScottsdale,Arizona.Besidesthegreatweather(sheandTylerbothlovegolf),ScottsdalehastheaddedbenefitofbeingnearJasmine’sfamily.Sheistryingtosellthesecond-homeideatoTylerbysuggestingth
8、attheycouldrentthehousewhe
