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Federal Tax Forms 2012 1040

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Federal Tax Forms 2012 1040

Federal tax forms 2012 1040 5. Federal tax forms 2012 1040   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. Federal tax forms 2012 1040 Shared equity financing agreement. Federal tax forms 2012 1040 Donation of use of the property. Federal tax forms 2012 1040 Examples. Federal tax forms 2012 1040 Days used for repairs and maintenance. Federal tax forms 2012 1040 Days used as a main home before or after renting. Federal tax forms 2012 1040 Reporting Income and DeductionsNot used as a home. Federal tax forms 2012 1040 Used as a home but rented less than 15 days. Federal tax forms 2012 1040 Used as a home and rented 15 days or more. Federal tax forms 2012 1040 If you have any personal use of a dwelling unit (including a vacation home) that you rent, you must divide your expenses between rental use and personal use. Federal tax forms 2012 1040 In general, your rental expenses will be no more than your total expenses multiplied by a fraction; the denominator of which is the total number of days the dwelling unit is used and the numerator of which is the total number of days actually rented at a fair rental price. Federal tax forms 2012 1040 Only your rental expenses may deducted on Schedule E (Form 1040). Federal tax forms 2012 1040 Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). Federal tax forms 2012 1040 You must also determine if the dwelling unit is considered a home. Federal tax forms 2012 1040 The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. Federal tax forms 2012 1040 Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. Federal tax forms 2012 1040 There is a special rule if you used the dwelling unit as a home and you rented it for less than 15 days during the year. Federal tax forms 2012 1040 Dwelling unit. Federal tax forms 2012 1040   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. Federal tax forms 2012 1040 It also includes all structures or other property belonging to the dwelling unit. Federal tax forms 2012 1040 A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Federal tax forms 2012 1040   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. Federal tax forms 2012 1040 Property is used solely as a hotel, motel, inn, or similar establishment if it is regularly available for occupancy by paying customers and is not used by an owner as a home during the year. Federal tax forms 2012 1040 Example. Federal tax forms 2012 1040 You rent a room in your home that is always available for short-term occupancy by paying customers. Federal tax forms 2012 1040 You do not use the room yourself and you allow only paying customers to use the room. Federal tax forms 2012 1040 This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. Federal tax forms 2012 1040 Dividing Expenses If you use a dwelling unit for both rental and personal purposes, divide your expenses between the rental use and the personal use based on the number of days used for each purpose. Federal tax forms 2012 1040 When dividing your expenses, follow these rules. Federal tax forms 2012 1040 Any day that the unit is rented at a fair rental price is a day of rental use even if you used the unit for personal purposes that day. Federal tax forms 2012 1040 (This rule does not apply when determining whether you used the unit as a home. Federal tax forms 2012 1040 ) Any day that the unit is available for rent but not actually rented is not a day of rental use. Federal tax forms 2012 1040 Fair rental price. Federal tax forms 2012 1040   A fair rental price for your property generally is the amount of rent that a person who is not related to you would be willing to pay. Federal tax forms 2012 1040 The rent you charge is not a fair rental price if it is substantially less than the rents charged for other properties that are similar to your property in your area. Federal tax forms 2012 1040   Ask yourself the following questions when comparing another property with yours. Federal tax forms 2012 1040 Is it used for the same purpose? Is it approximately the same size? Is it in approximately the same condition? Does it have similar furnishings? Is it in a similar location? If any of the answers are no, the properties probably are not similar. Federal tax forms 2012 1040 Example. Federal tax forms 2012 1040 Your beach cottage was available for rent from June 1 through August 31 (92 days). Federal tax forms 2012 1040 Except for the first week in August (7 days), when you were unable to find a renter, you rented the cottage at a fair rental price during that time. Federal tax forms 2012 1040 The person who rented the cottage for July allowed you to use it over the weekend (2 days) without any reduction in or refund of rent. Federal tax forms 2012 1040 Your family also used the cottage during the last 2 weeks of May (14 days). Federal tax forms 2012 1040 The cottage was not used at all before May 17 or after August 31. Federal tax forms 2012 1040 You figure the part of the cottage expenses to treat as rental expenses as follows. Federal tax forms 2012 1040 The cottage was used for rental a total of 85 days (92 − 7). Federal tax forms 2012 1040 The days it was available for rent but not rented (7 days) are not days of rental use. Federal tax forms 2012 1040 The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. Federal tax forms 2012 1040 You used the cottage for personal purposes for 14 days (the last 2 weeks in May). Federal tax forms 2012 1040 The total use of the cottage was 99 days (14 days personal use + 85 days rental use). Federal tax forms 2012 1040 Your rental expenses are 85/99 (86%) of the cottage expenses. Federal tax forms 2012 1040 Note. Federal tax forms 2012 1040 When determining whether you used the cottage as a home, the July weekend (2 days) you used it is considered personal use even though you received a fair rental price for the weekend. Federal tax forms 2012 1040 Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. Federal tax forms 2012 1040 Because you used the cottage for personal purposes more than 14 days and more than 10% of the days of rental use (8 days), you used it as a home. Federal tax forms 2012 1040 If you have a net loss, you may not be able to deduct all of the rental expenses. Federal tax forms 2012 1040 See Dwelling Unit Used as a Home, next. Federal tax forms 2012 1040 Dwelling Unit Used as a Home If you use a dwelling unit for both rental and personal purposes, the tax treatment of the rental expenses you figured earlier under Dividing Expenses and rental income depends on whether you are considered to be using the dwelling unit as a home. Federal tax forms 2012 1040 You use a dwelling unit as a home during the tax year if you use it for personal purposes more than the greater of: 14 days, or 10% of the total days it is rented to others at a fair rental price. Federal tax forms 2012 1040 See What is a day of personal use , later. Federal tax forms 2012 1040 If a dwelling unit is used for personal purposes on a day it is rented at a fair rental price (discussed earlier), do not count that day as a day of rental use in applying (2) above. Federal tax forms 2012 1040 Instead, count it as a day of personal use in applying both (1) and (2) above. Federal tax forms 2012 1040 What is a day of personal use?   A day of personal use of a dwelling unit is any day that the unit is used by any of the following persons. Federal tax forms 2012 1040 You or any other person who owns an interest in it, unless you rent it to another owner as his or her main home under a shared equity financing agreement (defined later). Federal tax forms 2012 1040 However, see Days used as a main home before or after renting , later. Federal tax forms 2012 1040 A member of your family or a member of the family of any other person who owns an interest in it, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. Federal tax forms 2012 1040 Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. Federal tax forms 2012 1040 ), and lineal descendants (children, grandchildren, etc. Federal tax forms 2012 1040 ). Federal tax forms 2012 1040 Anyone under an arrangement that lets you use some other dwelling unit. Federal tax forms 2012 1040 Anyone at less than a fair rental price. Federal tax forms 2012 1040 Main home. Federal tax forms 2012 1040   If the other person or member of the family in (1) or (2) above has more than one home, his or her main home is ordinarily the one he or she lived in most of the time. Federal tax forms 2012 1040 Shared equity financing agreement. Federal tax forms 2012 1040   This is an agreement under which two or more persons acquire undivided interests for more than 50 years in an entire dwelling unit, including the land, and one or more of the co-owners is entitled to occupy the unit as his or her main home upon payment of rent to the other co-owner or owners. Federal tax forms 2012 1040 Donation of use of the property. Federal tax forms 2012 1040   You use a dwelling unit for personal purposes if: You donate the use of the unit to a charitable organization, The organization sells the use of the unit at a fund-raising event, and The “purchaser” uses the unit. Federal tax forms 2012 1040 Examples. Federal tax forms 2012 1040   The following examples show how to determine if you have days of personal use. Federal tax forms 2012 1040 Example 1. Federal tax forms 2012 1040 You and your neighbor are co-owners of a condominium at the beach. Federal tax forms 2012 1040 Last year, you rented the unit to vacationers whenever possible. Federal tax forms 2012 1040 The unit was not used as a main home by anyone. Federal tax forms 2012 1040 Your neighbor used the unit for 2 weeks last year; you did not use it at all. Federal tax forms 2012 1040 Because your neighbor has an interest in the unit, both of you are considered to have used the unit for personal purposes during those 2 weeks. Federal tax forms 2012 1040 Example 2. Federal tax forms 2012 1040 You and your neighbors are co-owners of a house under a shared equity financing agreement. Federal tax forms 2012 1040 Your neighbors live in the house and pay you a fair rental price. Federal tax forms 2012 1040 Even though your neighbors have an interest in the house, the days your neighbors live there are not counted as days of personal use by you. Federal tax forms 2012 1040 This is because your neighbors rent the house as their main home under a shared equity financing agreement. Federal tax forms 2012 1040 Example 3. Federal tax forms 2012 1040 You own a rental property that you rent to your son. Federal tax forms 2012 1040 Your son does not own any interest in this property. Federal tax forms 2012 1040 He uses it as his main home and pays you a fair rental price. Federal tax forms 2012 1040 Your son's use of the property is not personal use by you because your son is using it as his main home, he owns no interest in the property, and he is paying you a fair rental price. Federal tax forms 2012 1040 Example 4. Federal tax forms 2012 1040 You rent your beach house to Rosa. Federal tax forms 2012 1040 Rosa rents her cabin in the mountains to you. Federal tax forms 2012 1040 You each pay a fair rental price. Federal tax forms 2012 1040 You are using your beach house for personal purposes on the days that Rosa uses it because your house is used by Rosa under an arrangement that allows you to use her cabin. Federal tax forms 2012 1040 Example 5. Federal tax forms 2012 1040 You rent an apartment to your mother at less than a fair rental price. Federal tax forms 2012 1040 You are using the apartment for personal purposes on the days that your mother rents it because you rent it for less than a fair rental price. Federal tax forms 2012 1040 Days used for repairs and maintenance. Federal tax forms 2012 1040   Any day that you spend working substantially full time repairing and maintaining (not improving) your property is not counted as a day of personal use. Federal tax forms 2012 1040 Do not count such a day as a day of personal use even if family members use the property for recreational purposes on the same day. Federal tax forms 2012 1040 Example. Federal tax forms 2012 1040 Corey owns a cabin in the mountains that he rents for most of the year. Federal tax forms 2012 1040 He spends a week at the cabin with family members. Federal tax forms 2012 1040 Corey works on maintenance of the cabin 3 or 4 hours each day during the week and spends the rest of the time fishing, hiking, and relaxing. Federal tax forms 2012 1040 Corey's family members, however, work substantially full time on the cabin each day during the week. Federal tax forms 2012 1040 The main purpose of being at the cabin that week is to do maintenance work. Federal tax forms 2012 1040 Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. Federal tax forms 2012 1040 Days used as a main home before or after renting. Federal tax forms 2012 1040   For purposes of determining whether a dwelling unit was used as a home, you may not have to count days you used the property as your main home before or after renting it or offering it for rent as days of personal use. Federal tax forms 2012 1040 Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. Federal tax forms 2012 1040 You rented or tried to rent the property for a period of less than 12 consecutive months and the period ended because you sold or exchanged the property. Federal tax forms 2012 1040 However, this special rule does not apply when dividing expenses between rental and personal use. Federal tax forms 2012 1040 See Property Changed to Rental Use in chapter 4. Federal tax forms 2012 1040 Example 1. Federal tax forms 2012 1040 On February 29, 2012, you moved out of the house you had lived in for 6 years because you accepted a job in another town. Federal tax forms 2012 1040 You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). Federal tax forms 2012 1040 On June 1, 2013, you moved back into your old house. Federal tax forms 2012 1040 The days you used the house as your main home from January 1 to February 29, 2012, and from June 1 to December 31, 2013, are not counted as days of personal use. Federal tax forms 2012 1040 Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. Federal tax forms 2012 1040 Example 2. Federal tax forms 2012 1040 On January 31, you moved out of the condominium where you had lived for 3 years. Federal tax forms 2012 1040 You offered it for rent at a fair rental price beginning on February 1. Federal tax forms 2012 1040 You were unable to rent it until April. Federal tax forms 2012 1040 On September 15, you sold the condominium. Federal tax forms 2012 1040 The days you used the condominium as your main home from January 1 to January 31 are not counted as days of personal use when determining whether you used it as a home. Federal tax forms 2012 1040 Examples. Federal tax forms 2012 1040   The following examples show how to determine whether you used your rental property as a home. Federal tax forms 2012 1040 Example 1. Federal tax forms 2012 1040 You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. Federal tax forms 2012 1040 You rented the basement apartment at a fair rental price to college students during the regular school year. Federal tax forms 2012 1040 You rented to them on a 9-month lease (273 days). Federal tax forms 2012 1040 You figured 10% of the total days rented to others at a fair rental price is 27 days. Federal tax forms 2012 1040 During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. Federal tax forms 2012 1040 Your basement apartment was used as a home because you used it for personal purposes for 30 days. Federal tax forms 2012 1040 Rent-free use by your brothers is considered personal use. Federal tax forms 2012 1040 Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). Federal tax forms 2012 1040 Example 2. Federal tax forms 2012 1040 You rented the guest bedroom in your home at a fair rental price during the local college's homecoming, commencement, and football weekends (a total of 27 days). Federal tax forms 2012 1040 Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. Federal tax forms 2012 1040 You figured 10% of the total days rented to others at a fair rental price is 3 days. Federal tax forms 2012 1040 The room was used as a home because you used it for personal purposes for 21 days. Federal tax forms 2012 1040 That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). Federal tax forms 2012 1040 Example 3. Federal tax forms 2012 1040 You own a condominium apartment in a resort area. Federal tax forms 2012 1040 You rented it at a fair rental price for a total of 170 days during the year. Federal tax forms 2012 1040 For 12 of these days, the tenant was not able to use the apartment and allowed you to use it even though you did not refund any of the rent. Federal tax forms 2012 1040 Your family actually used the apartment for 10 of those days. Federal tax forms 2012 1040 Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. Federal tax forms 2012 1040 You figured 10% of the total days rented to others at a fair rental price is 16 days. Federal tax forms 2012 1040 Your family also used the apartment for 7 other days during the year. Federal tax forms 2012 1040 You used the apartment as a home because you used it for personal purposes for 17 days. Federal tax forms 2012 1040 That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). Federal tax forms 2012 1040 Minimal rental use. Federal tax forms 2012 1040   If you use the dwelling unit as a home and you rent it less than 15 days during the year, that period is not treated as rental activity. Federal tax forms 2012 1040 See Used as a home but rented less than 15 days, later, for more information. Federal tax forms 2012 1040 Limit on deductions. Federal tax forms 2012 1040   Renting a dwelling unit that is considered a home is not a passive activity. Federal tax forms 2012 1040 Instead, if your rental expenses are more than your rental income, some or all of the excess expenses cannot be used to offset income from other sources. Federal tax forms 2012 1040 The excess expenses that cannot be used to offset income from other sources are carried forward to the next year and treated as rental expenses for the same property. Federal tax forms 2012 1040 Any expenses carried forward to the next year will be subject to any limits that apply for that year. Federal tax forms 2012 1040 This limitation will apply to expenses carried forward to another year even if you do not use the property as your home for that subsequent year. Federal tax forms 2012 1040   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. Federal tax forms 2012 1040 Reporting Income and Deductions Property not used for personal purposes. Federal tax forms 2012 1040   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. Federal tax forms 2012 1040 Property used for personal purposes. Federal tax forms 2012 1040   If you do use a dwelling unit for personal purposes, then how you report your rental income and expenses depends on whether you used the dwelling unit as a home. Federal tax forms 2012 1040 Not used as a home. Federal tax forms 2012 1040   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. Federal tax forms 2012 1040 Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . Federal tax forms 2012 1040 The expenses for personal use are not deductible as rental expenses. Federal tax forms 2012 1040   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. Federal tax forms 2012 1040 Used as a home but rented less than 15 days. Federal tax forms 2012 1040   If you use a dwelling unit as a home and you rent it less than 15 days during the year, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). Federal tax forms 2012 1040 You are not required to report the rental income and rental expenses from this activity. Federal tax forms 2012 1040 The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). Federal tax forms 2012 1040 See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Federal tax forms 2012 1040 Used as a home and rented 15 days or more. Federal tax forms 2012 1040   If you use a dwelling unit as a home and rent it 15 days or more during the year, include all your rental income in your income. Federal tax forms 2012 1040 Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . Federal tax forms 2012 1040 The expenses for personal use are not deductible as rental expenses. Federal tax forms 2012 1040   If you had a net profit from renting the dwelling unit for the year (that is, if your rental income is more than the total of your rental expenses, including depreciation), deduct all of your rental expenses. Federal tax forms 2012 1040 You do not need to use Worksheet 5-1. Federal tax forms 2012 1040   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. Federal tax forms 2012 1040 To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. Federal tax forms 2012 1040 Worksheet 5-1. Federal tax forms 2012 1040 Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Use this worksheet only if you answer “yes” to all of the following questions. Federal tax forms 2012 1040 Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . Federal tax forms 2012 1040 ) Did you rent the dwelling unit at a fair rental price 15 days or more this year? Is the total of your rental expenses and depreciation more than your rental income? PART I. Federal tax forms 2012 1040 Rental Use Percentage A. Federal tax forms 2012 1040 Total days available for rent at fair rental price A. Federal tax forms 2012 1040       B. Federal tax forms 2012 1040 Total days available for rent (line A) but not rented B. Federal tax forms 2012 1040       C. Federal tax forms 2012 1040 Total days of rental use. Federal tax forms 2012 1040 Subtract line B from line A C. Federal tax forms 2012 1040       D. Federal tax forms 2012 1040 Total days of personal use (including days rented at less than fair rental price) D. Federal tax forms 2012 1040       E. Federal tax forms 2012 1040 Total days of rental and personal use. Federal tax forms 2012 1040 Add lines C and D E. Federal tax forms 2012 1040       F. Federal tax forms 2012 1040 Percentage of expenses allowed for rental. Federal tax forms 2012 1040 Divide line C by line E     F. Federal tax forms 2012 1040 . Federal tax forms 2012 1040 PART II. Federal tax forms 2012 1040 Allowable Rental Expenses 1. Federal tax forms 2012 1040 Enter rents received 1. Federal tax forms 2012 1040   2a. Federal tax forms 2012 1040 Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. Federal tax forms 2012 1040       b. Federal tax forms 2012 1040 Enter the rental portion of real estate taxes b. Federal tax forms 2012 1040       c. Federal tax forms 2012 1040 Enter the rental portion of deductible casualty and theft losses (see instructions) c. Federal tax forms 2012 1040       d. Federal tax forms 2012 1040 Enter direct rental expenses (see instructions) d. Federal tax forms 2012 1040       e. Federal tax forms 2012 1040 Fully deductible rental expenses. Federal tax forms 2012 1040 Add lines 2a–2d. Federal tax forms 2012 1040 Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. Federal tax forms 2012 1040   3. Federal tax forms 2012 1040 Subtract line 2e from line 1. Federal tax forms 2012 1040 If zero or less, enter -0- 3. Federal tax forms 2012 1040   4a. Federal tax forms 2012 1040 Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. Federal tax forms 2012 1040       b. Federal tax forms 2012 1040 Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. Federal tax forms 2012 1040       c. Federal tax forms 2012 1040 Carryover of operating expenses from 2012 worksheet c. Federal tax forms 2012 1040       d. Federal tax forms 2012 1040 Add lines 4a–4c d. Federal tax forms 2012 1040       e. Federal tax forms 2012 1040 Allowable expenses. Federal tax forms 2012 1040 Enter the smaller of line 3 or line 4d (see instructions) 4e. Federal tax forms 2012 1040   5. Federal tax forms 2012 1040 Subtract line 4e from line 3. Federal tax forms 2012 1040 If zero or less, enter -0- 5. Federal tax forms 2012 1040   6a. Federal tax forms 2012 1040 Enter the rental portion of excess casualty and theft losses (see instructions) 6a. Federal tax forms 2012 1040       b. Federal tax forms 2012 1040 Enter the rental portion of depreciation of the dwelling unit b. Federal tax forms 2012 1040       c. Federal tax forms 2012 1040 Carryover of excess casualty losses and depreciation from 2012 worksheet c. Federal tax forms 2012 1040       d. Federal tax forms 2012 1040 Add lines 6a–6c d. Federal tax forms 2012 1040       e. Federal tax forms 2012 1040 Allowable excess casualty and theft losses and depreciation. Federal tax forms 2012 1040 Enter the smaller of  line 5 or line 6d (see instructions) 6e. Federal tax forms 2012 1040   PART III. Federal tax forms 2012 1040 Carryover of Unallowed Expenses to Next Year 7a. Federal tax forms 2012 1040 Operating expenses to be carried over to next year. Federal tax forms 2012 1040 Subtract line 4e from line 4d 7a. Federal tax forms 2012 1040   b. Federal tax forms 2012 1040 Excess casualty and theft losses and depreciation to be carried over to next year. Federal tax forms 2012 1040  Subtract line 6e from line 6d b. Federal tax forms 2012 1040   Worksheet 5-1 Instructions. Federal tax forms 2012 1040 Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. Federal tax forms 2012 1040 Use the percentage determined in Part I, line F, to figure the rental portions to enter on lines 2a–2c, 4a–4b, and 6a–6b of  Part II. Federal tax forms 2012 1040 Line 2a. Federal tax forms 2012 1040 Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. Federal tax forms 2012 1040 Do not include interest on a loan that did not benefit the dwelling unit. Federal tax forms 2012 1040 For example, do not include interest on a home equity loan used to pay off credit cards or other personal loans, buy a car, or pay college tuition. Federal tax forms 2012 1040 Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. Federal tax forms 2012 1040 Include the rental portion of this interest in the total you enter on line 2a of the worksheet. Federal tax forms 2012 1040   Figure the qualified mortgage insurance premiums on the dwelling unit that you could deduct on line 13 of Schedule A as if you had not rented the unit. Federal tax forms 2012 1040 See the Schedule A instructions. Federal tax forms 2012 1040 However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. Federal tax forms 2012 1040 See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. Federal tax forms 2012 1040 Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. Federal tax forms 2012 1040   Note. Federal tax forms 2012 1040 Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. Federal tax forms 2012 1040 Instead, figure the personal portion on a separate Schedule A. Federal tax forms 2012 1040 If you have deducted mortgage interest or qualified mortgage insurance premiums on the dwelling unit on other forms, such as Schedule C or F, remember to reduce your Schedule A deduction by that amount. Federal tax forms 2012 1040           Line 2c. Federal tax forms 2012 1040 Figure the casualty and theft losses related to the dwelling unit that you could deduct on Schedule A as if you had not rented the dwelling unit. Federal tax forms 2012 1040 To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. Federal tax forms 2012 1040 If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. Federal tax forms 2012 1040 On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. Federal tax forms 2012 1040 Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. Federal tax forms 2012 1040   Note. Federal tax forms 2012 1040 Do not file this Form 4684 or use it to figure your personal losses on Schedule A. Federal tax forms 2012 1040 Instead, figure the personal portion on a separate Form 4684. Federal tax forms 2012 1040           Line 2d. Federal tax forms 2012 1040 Enter the total of your rental expenses that are directly related only to the rental activity. Federal tax forms 2012 1040 These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. Federal tax forms 2012 1040 Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. Federal tax forms 2012 1040           Line 2e. Federal tax forms 2012 1040 You can deduct the amounts on lines 2a, 2b, 2c, and 2d as rental expenses on Schedule E even if your rental expenses are more than your rental income. Federal tax forms 2012 1040 Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. Federal tax forms 2012 1040           Line 4b. Federal tax forms 2012 1040 On line 2a, you entered the rental portion of the mortgage interest or qualified mortgage insurance premiums you could deduct on Schedule A if you had not rented the dwelling unit. Federal tax forms 2012 1040 If you had additional mortgage interest and qualified mortgage insurance premiums that would not be deductible on Schedule A because of limits imposed on them, enter on line 4b of this worksheet the rental portion of those excess amounts. Federal tax forms 2012 1040 Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). Federal tax forms 2012 1040           Line 4e. Federal tax forms 2012 1040 You can deduct the amounts on lines 4a, 4b, and 4c as rental expenses on Schedule E only to the extent they are not more than the amount on line 4e. Federal tax forms 2012 1040 *           Line 6a. Federal tax forms 2012 1040 To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. Federal tax forms 2012 1040   A. Federal tax forms 2012 1040 Enter the amount from Form 4684, line 10       B. Federal tax forms 2012 1040 Enter the rental portion of line A       C. Federal tax forms 2012 1040 Enter the amount from line 2c of this worksheet       D. Federal tax forms 2012 1040 Subtract line C from line B. Federal tax forms 2012 1040 Enter the result here and on line 6a of this worksheet               Line 6e. Federal tax forms 2012 1040 You can deduct the amounts on lines 6a, 6b, and 6c as rental expenses on Schedule E only to the extent they are not more than the amount on line 6e. Federal tax forms 2012 1040 * *Allocating the limited deduction. Federal tax forms 2012 1040 If you cannot deduct all of the amount on line 4d or 6d this year, you can allocate the allowable deduction in any way you wish among the expenses included on line 4d or 6d. Federal tax forms 2012 1040 Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. Federal tax forms 2012 1040 Prev  Up  Next   Home   More Online Publications
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National Cemetery Administration (NCA)

Contact the NCA for information about burials, headstones or markers, the State Cemetery Grants Program, and presidential memorial certificates for veterans.

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Website: National Cemetery Administration (NCA)

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Address: 810 Vermont Ave., NW
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Phone Number: (202) 461-6240(800) 273-8255 (Veterans Crisis Line-Press 1)

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The Federal Tax Forms 2012 1040

Federal tax forms 2012 1040 Publication 225 - Additional Material Prev  Up  Next   Home   More Online Publications