Expand your understanding of principal residence taxation with Canopy’s latest tax course: Principal Residence Taxation Issue.
1 min read
Amy M. Wall, EA, MBA, is a Canopy CPE/CE course instructor.
The principal residence is probably the one thing that nearly all our clients have in common! So dealing with the tax situations arising from the principal residence is something that crosses our desks almost every day during tax season.
The US government has been extremely generous in giving significant tax advantages for taxpayers lucky enough to own a home, and it’s important for tax preparers to be up to speed on these tax breaks. Canopy's latest CPE course discusses what differentiates the principal residence from secondary residences, and then reviews the itemized deductions and various credits most commonly associated with the principal residence.
From there we move into the ins and outs of the §121 exclusion, discussing the Ownership Test, the Use Test, and the Look-back Test as they apply to various situations. We also cover the exceptions to the exclusion, the automatic disqualifications for the exclusion, and what situations allow the taxpayer to take at least a partial exclusion. We’ll also examine some examples of a home becoming a rental and vice versa, exploring the tax ramifications of those situations.
Home office depreciation has become increasingly common, as more and more taxpayers work from their homes; understanding how that depreciation works and how it affects the sale of the home is crucial.
This free CPE course will close with a discussion of home foreclosure. We’ll cover how to calculate the sales proceeds in a foreclosure situation and how the §121 exclusion applies to these cases.
Expand your understanding of principal residence taxation with Canopy’s latest tax course: Principal Residence Taxation Issues! Register for the course today.
Explore more of our recent Articles, User Stories, and Ebooks.
2 min read
2 min read
Amy M. Wall, EA, MBA, is a Canopy CPE/CE course instructor.
Canopy takes the headaches out of client management by offering a way to keep client info organized.
I love how easy it is to setup a new client in this software. Once set up, it's one click to get IRS transcripts downloaded for my review. This saves me at least an hour each week in comparison to the software I used to use.
This makes workflow for tax resolution manageable. This business is a bunch of hurry up and wait. This system helps to refresh my memory while transitioning to different clients.
The ability to securely share documents with clients as well as complete POAs from client contact data already in Canopy. The ability to route workflow between team members with color coded statuses allows us to work efficiently.
Cool features, outstanding customer service, constantly updating to make it better. I love that I can upload files easily to a secure client portal and we don't have to email files anymore. Absolutely can't imagine not having this software.
It's safe and secure. Clients are able to upload documents and the documents are saved their portal which as a result, keeps us better organized. The task feature keeps us organized and we know exactly the status of each client.
Submit this form, and we will be in touch soon to give you a custom demo.
Set a time for one of our product specialists to give you a guided tour practice.
Leave a comment!