Living in tiny homes and alternative properties is increasingly common in the U.S. People choose these homes to simplify life, reduce carbon footprints, or for financial reasons. Understanding these choices helps CPAs and financial advisors assist clients interested in nontraditional housing or renting out alternative properties.

• describe the "tiny house movement" and the factors that attract some to tiny house living
• list the advantages and disadvantages of tiny house living
• explain the characteristics of, and differences between, tiny house villages, and micro-villages
• describe the characteristics of other types of small alternative houses including manufactured, modular, panel, log, and jewel box homes as well as converted school buses, RVs, and cob houses
• recall property tax, sales tax, and other tax implications of owning an alternative property
• remember the basic rules associated with rental income and expenses for income-generating property
• recognize some of the zoning and other types of state and local regulations that can affect an owner's overall tax burden