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URL:https://www.learndesk.us/class/4960291886465024/lesson/c9823699fe03aaa5c371c515b5276494?ref=outlook-calendar
SUMMARY:Federal Income Taxes
DTSTART;TZID=America/Los_Angeles:20260515T190000
DTEND;TZID=America/Los_Angeles:20260515T200000
LOCATION:https://www.learndesk.us/class/4960291886465024/lesson/c9823699fe03aaa5c371c515b5276494?ref=outlook-calendar
DESCRIPTION: Principal residence taxation
• Taxpayers can deduct mortgage interest, ad valorem taxes, and fees relating to mortgage loan acquisitions including points • May also deduct portions of the living area used for an in-home business, with qualifications
Investment property income taxation
• Tax is payable on net income after mortgage interest, depreciation, and operating expenses • Owners may not deduct reserves from income, nor loan principal • Taxable income is payable at ordinary income tax rates • Annual depreciation allowed is equal to the improvement value divided by the number of years in the depreciation term (established by IRS); cannot depreciate the land portion of the total value
Capital gain taxation of income property
• Taxes are charged on the capital gain realized from the sale of income properties • Capital gain is equal to the amount realized at closing (price – selling costs) minus the adjusted basis of the property...

https://www.learndesk.us/class/4960291886465024/lesson/c9823699fe03aaa5c371c515b5276494?ref=outlook-calendar
STATUS:CONFIRMED
SEQUENCE:3
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