Delve into the complexities of principal residence taxation with "Mastering Principal Residences." This course navigates the intricate landscape of capital property, examining the doctrine of secondary intention and its implications for house flippers. Explore nuanced topics such as the definition of a housing unit, conditions meeting the ordinarily inhabited rule, and the designation mechanics of a principal residence. From partial dispositions to change-in-use rules, participants will gain expertise in managing properties used for income, multiple housing units, and residences held through trusts. With a focus on real-world scenarios like separation and divorce, this course equips learners with the knowledge to optimize principal residence exemptions within the legal and tax frameworks.
Key Topic Discussed:
• Doctrine of Secondary Intention for House Flippers
• Definition of Housing Units, Including Trailers and Houseboats
• Property Ownership, Including Bare Trustees
• Ordinarily Inhabited Rule and Care Facilities
• Principal Residence Designation and Formula Mechanics
• Properties Used to Earn Income and Incidental Income Concept
• Housing Units on Multiple Properties and Excess of One Half Hectare
• Partial Dispositions and Prior Subdivisions
• Change-in-Use Rules and Elections to Avoid
• Residences Held Through Trusts and Legislative Amendments Impact
• Separation and Divorce Effects on Principal Residence Exemption