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File 2010 Taxes For Free

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File 2010 Taxes For Free

File 2010 taxes for free Part One -   La Declaración de Impuestos sobre los Ingresos Los cuatro capítulos de esta sección presentan información básica sobre el sistema tributario. File 2010 taxes for free Le explican los primeros pasos para llenar una declaración de impuestos; por ejemplo, cómo determinar qué estado civil para efectos de la declaración le corresponde, cuántas exenciones puede reclamar y qué formulario presentar. File 2010 taxes for free Asimismo, explican los requisitos de mantenimiento de documentación, el sistema de presentación electrónica del IRS e-file, determinadas multas y los dos métodos que se utilizan para pagar impuestos durante el año: la retención del impuesto y el impuesto estimado. File 2010 taxes for free Table of Contents 1. File 2010 taxes for free   Información para la Presentación de la Declaración de ImpuestosQué Hay de Nuevo Recordatorios Introduction ¿Debo Presentar una Declaración?Individuos/Personas Físicas—En General Dependientes Determinados Hijos Menores de 19 Años de Edad o Estudiantes a Tiempo Completo Trabajadores por Cuenta Propia Extranjeros Quién Debe Presentar una Declaración ¿Qué Formulario Debo Usar?Formulario 1040EZ Formulario 1040A Formulario 1040 ¿Tengo que Presentar la Declaración en Papel? E-file del IRS ¿Cuándo Tengo que Presentar la Declaración?Servicios de entrega privados. File 2010 taxes for free Prórrogas del Plazo para Presentar la Declaración de Impuestos ¿Cómo Preparo la Declaración de Impuestos?¿Cuándo Declaro los Ingresos y Gastos? Número de Seguro Social Fondo para la Campaña Electoral Presidencial Cálculos Documentos Adjuntos Designación de un Tercero Firmas Preparador Remunerado Reembolsos Cantidad que Adeuda Donaciones Para Reducir la Deuda Pública Nombre y Dirección ¿Dónde Presento la Declaración? ¿Qué Ocurre Después de Presentar la Declaración?¿Qué Documentos Debo Mantener? ¿Por Qué Debe Mantener los Documentos? Tipo de Documentos que Debe Mantener Documentos Básicos Cuánto Tiempo Debe Mantener los Documentos Información sobre Reembolsos Intereses Sobre Reembolsos Cambio de Dirección ¿Qué Sucede Si Cometí un Error?Declaraciones Enmendadas y Reclamaciones de Reembolso Multas Robo de Identidad 2. File 2010 taxes for free   Estado Civil para Efectos de la DeclaraciónQué Hay de Nuevo Introduction Useful Items - You may want to see: Estado CivilPersonas divorciadas. File 2010 taxes for free Divorcio y nuevo matrimonio. File 2010 taxes for free Matrimonios anulados. File 2010 taxes for free Cabeza de familia o viudo que reúne los requisitos con hijo dependiente. File 2010 taxes for free Personas consideradas casadas. File 2010 taxes for free Matrimonio del mismo sexo. File 2010 taxes for free Cónyuge fallecido durante el año. File 2010 taxes for free Personas casadas que viven separadas. File 2010 taxes for free Soltero Casados que Presentan una Declaración ConjuntaPresentación de una Declaración Conjunta Casados que Presentan la Declaración por SeparadoReglas Especiales Cabeza de FamiliaPersonas Consideradas no Casadas Personas que Mantienen una Vivienda Persona Calificada Viudo que Reúne los Requisitos con Hijo Dependiente 3. File 2010 taxes for free   Exenciones Personales y por DependientesQué Hay de Nuevo Introduction Useful Items - You may want to see: ExencionesExenciones Personales Exenciones por Dependientes Hijo Calificado Pariente Calificado Eliminación gradual por fases de la exención Números de Seguro Social para DependientesNacimiento y fallecimiento en el año 2013. File 2010 taxes for free Número de identificación personal del contribuyente del Servicio de Impuestos Internos. File 2010 taxes for free Números de identificación del contribuyente en proceso de adopción. File 2010 taxes for free 4. File 2010 taxes for free   Retención de Impuestos e Impuesto EstimadoQué Hay de Nuevo para el Año 2014 Recordatorios Introduction Useful Items - You may want to see: Retención de Impuesto para el Año 2014Sueldos y Salarios Propinas Beneficios Marginales Tributables Compensación por Enfermedad Pensiones y Anualidades Ganancias Provenientes de Juegos de Azar y Apuestas Compensación por Desempleo Pagos del Gobierno Federal Retención Adicional Impuesto Estimado para el Año 2014Quién no Tiene que Pagar el Impuesto Estimado ¿Quién Tiene que Pagar Impuesto Estimado? Cómo Calcular el Impuesto Estimado Cuándo se Debe Pagar el Impuesto Estimado Cómo Determinar Cada Pago Cómo Pagar el Impuesto Estimado Crédito por Impuestos Retenidos e Impuesto Estimado para el Año 2013Retención Impuesto Estimado Multa por Pago Insuficiente de Impuestos para el Año 2013 Prev  Up  Next   Home   More Online Publications
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Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City  Street Address  Days/Hours of Service  Telephone* 
Las Vegas  110 City Parkway
Las Vegas, NV 89106 

Monday - Friday 8:30 a.m. -4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(702) 868-5005 
Reno  200 S. Virginia St.
Reno, NV 89501 

Monday-Friday 8:30 a.m.- 4:30 p.m.

 

Services Provided

(775) 824-2218

* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses). 

For information on where to file your tax return please see Where to File Addresses

The Taxpayer Advocate Service: Call 702-868-5179 in the Las Vegas area or 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see  Tax Topic 104

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
110 City Parkway, Ste. 201
MS 4040LV
Las Vegas, NV 89106

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The File 2010 Taxes For Free

File 2010 taxes for free 4. File 2010 taxes for free   Special Situations Table of Contents Condominiums CooperativesDepreciation Property Changed to Rental UseBasis of Property Changed to Rental Use Figuring the Depreciation Deduction Renting Part of Property Not Rented for ProfitPostponing decision. File 2010 taxes for free Example—Property Changed to Rental Use This chapter discusses some rental real estate activities that are subject to additional rules. File 2010 taxes for free Condominiums A condominium is most often a dwelling unit in a multi-unit building, but can also take other forms, such as a townhouse or garden apartment. File 2010 taxes for free If you own a condominium, you also own a share of the common elements, such as land, lobbies, elevators, and service areas. File 2010 taxes for free You and the other condominium owners may pay dues or assessments to a special corporation that is organized to take care of the common elements. File 2010 taxes for free Special rules apply if you rent your condominium to others. File 2010 taxes for free You can deduct as rental expenses all the expenses discussed in chapters 1 and 2. File 2010 taxes for free In addition, you can deduct any dues or assessments paid for maintenance of the common elements. File 2010 taxes for free You cannot deduct special assessments you pay to a condominium management corporation for improvements. File 2010 taxes for free However, you may be able to recover your share of the cost of any improvement by taking depreciation. File 2010 taxes for free Cooperatives If you live in a cooperative, you do not own your apartment. File 2010 taxes for free Instead, a corporation owns the apartments and you are a tenant-stockholder in the cooperative housing corporation. File 2010 taxes for free If you rent your apartment to others, you usually can deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation. File 2010 taxes for free In addition to the maintenance fees paid to the cooperative housing corporation, you can deduct your direct payments for repairs, upkeep, and other rental expenses, including interest paid on a loan used to buy your stock in the corporation. File 2010 taxes for free Depreciation You will be depreciating your stock in the corporation rather than the apartment itself. File 2010 taxes for free Figure your depreciation deduction as follows. File 2010 taxes for free Figure the depreciation for all the depreciable real property owned by the corporation. File 2010 taxes for free (Depreciation methods are discussed in chapter 2 of this publication and Publication 946. File 2010 taxes for free ) If you bought your cooperative stock after its first offering, figure the depreciable basis of this property as follows. File 2010 taxes for free Multiply your cost per share by the total number of outstanding shares. File 2010 taxes for free Add to the amount figured in (a) any mortgage debt on the property on the date you bought the stock. File 2010 taxes for free Subtract from the amount figured in (b) any mortgage debt that is not for the depreciable real property, such as the part for the land. File 2010 taxes for free Subtract from the amount figured in (1) any depreciation for space owned by the corporation that can be rented but cannot be lived in by tenant-stockholders. File 2010 taxes for free Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. File 2010 taxes for free Multiply the result of (2) by the percentage you figured in (3). File 2010 taxes for free This is your depreciation on the stock. File 2010 taxes for free Your depreciation deduction for the year cannot be more than the part of your adjusted basis (defined in chapter 2) in the stock of the corporation that is allocable to your rental property. File 2010 taxes for free Payments added to capital account. File 2010 taxes for free   Payments earmarked for a capital asset or improvement, or otherwise charged to the corporation's capital account are added to the basis of your stock in the corporation. File 2010 taxes for free For example, you cannot deduct a payment used to pave a community parking lot, install a new roof, or pay the principal of the corporation's mortgage. File 2010 taxes for free   Treat as a capital cost the amount you were assessed for capital items. File 2010 taxes for free This cannot be more than the amount by which your payments to the corporation exceeded your share of the corporation's mortgage interest and real estate taxes. File 2010 taxes for free   Your share of interest and taxes is the amount the corporation elected to allocate to you, if it reasonably reflects those expenses for your apartment. File 2010 taxes for free Otherwise, figure your share in the following manner. File 2010 taxes for free Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. File 2010 taxes for free Multiply the corporation's deductible interest by the number you figured in (1). File 2010 taxes for free This is your share of the interest. File 2010 taxes for free Multiply the corporation's deductible taxes by the number you figured in (1). File 2010 taxes for free This is your share of the taxes. File 2010 taxes for free Property Changed to Rental Use If you change your home or other property (or a part of it) to rental use at any time other than the beginning of your tax year, you must divide yearly expenses, such as taxes and insurance, between rental use and personal use. File 2010 taxes for free You can deduct as rental expenses only the part of the expense that is for the part of the year the property was used or held for rental purposes. File 2010 taxes for free You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. File 2010 taxes for free However, you can include the home mortgage interest, qualified mortgage insurance premiums, and real estate tax expenses for the part of the year the property was held for personal use as an itemized deduction on Schedule A (Form 1040). File 2010 taxes for free Example. File 2010 taxes for free Your tax year is the calendar year. File 2010 taxes for free You moved from your home in May and started renting it out on June 1. File 2010 taxes for free You can deduct as rental expenses seven-twelfths of your yearly expenses, such as taxes and insurance. File 2010 taxes for free Starting with June, you can deduct as rental expenses the amounts you pay for items generally billed monthly, such as utilities. File 2010 taxes for free When figuring depreciation, treat the property as placed in service on June 1. File 2010 taxes for free Basis of Property Changed to Rental Use When you change property you held for personal use to rental use (for example, you rent your former home), the basis for depreciation will be the lesser of fair market value or adjusted basis on the date of conversion. File 2010 taxes for free Fair market value. File 2010 taxes for free   This is the price at which the property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts. File 2010 taxes for free Sales of similar property, on or about the same date, may be helpful in figuring the fair market value of the property. File 2010 taxes for free Figuring the basis. File 2010 taxes for free   The basis for depreciation is the lesser of: The fair market value of the property on the date you changed it to rental use, or Your adjusted basis on the date of the change—that is, your original cost or other basis of the property, plus the cost of permanent additions or improvements since you acquired it, minus deductions for any casualty or theft losses claimed on earlier years' income tax returns and other decreases to basis. File 2010 taxes for free For other increases and decreases to basis, see Adjusted Basis in chapter 2. File 2010 taxes for free Example. File 2010 taxes for free Several years ago you built your home for $140,000 on a lot that cost you $14,000. File 2010 taxes for free Before changing the property to rental use this year, you added $28,000 of permanent improvements to the house and claimed a $3,500 casualty loss deduction for damage to the house. File 2010 taxes for free Part of the improvements qualified for a $500 residential energy credit, which you claimed on your 2010 tax return. File 2010 taxes for free Because land is not depreciable, you can only include the cost of the house when figuring the basis for depreciation. File 2010 taxes for free The adjusted basis of the house at the time of the change in its use was $164,000 ($140,000 + $28,000 − $3,500 − $500). File 2010 taxes for free On the date of the change in use, your property had a fair market value of $168,000, of which $21,000 was for the land and $147,000 was for the house. File 2010 taxes for free The basis for depreciation on the house is the fair market value on the date of the change ($147,000), because it is less than your adjusted basis ($164,000). File 2010 taxes for free Cooperatives If you change your cooperative apartment to rental use, figure your allowable depreciation as explained earlier. File 2010 taxes for free (Depreciation methods are discussed in chapter 2 of this publication and Publication 946. File 2010 taxes for free ) The basis of all the depreciable real property owned by the cooperative housing corporation is the smaller of the following amounts. File 2010 taxes for free The fair market value of the property on the date you change your apartment to rental use. File 2010 taxes for free This is considered to be the same as the corporation's adjusted basis minus straight line depreciation, unless this value is unrealistic. File 2010 taxes for free The corporation's adjusted basis in the property on that date. File 2010 taxes for free Do not subtract depreciation when figuring the corporation's adjusted basis. File 2010 taxes for free If you bought the stock after its first offering, the corporation's adjusted basis in the property is the amount figured in (1) under Depreciation (under Cooperatives, near the beginning of this chapter). File 2010 taxes for free The fair market value of the property is considered to be the same as the corporation's adjusted basis figured in this way minus straight line depreciation, unless the value is unrealistic. File 2010 taxes for free Figuring the Depreciation Deduction To figure the deduction, use the depreciation system in effect when you convert your residence to rental use. File 2010 taxes for free Generally, that will be MACRS for any conversion after 1986. File 2010 taxes for free Treat the property as placed in service on the conversion date. File 2010 taxes for free Example. File 2010 taxes for free Your converted residence (see previous example under Figuring the basis) was available for rent on August 1. File 2010 taxes for free Using Table 2-2d (see chapter 2), the percentage for Year 1 beginning in August is 1. File 2010 taxes for free 364% and the depreciation deduction for Year 1 is $2,005 ($147,000 × . File 2010 taxes for free 01364). File 2010 taxes for free Renting Part of Property If you rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property. File 2010 taxes for free You can deduct the expenses related to the part of the property used for rental purposes, such as home mortgage interest, qualified mortgage insurance premiums, and real estate taxes, as rental expenses on Schedule E (Form 1040). File 2010 taxes for free You can also deduct as rental expenses a portion of other expenses that normally are nondeductible personal expenses, such as expenses for electricity, or painting the outside of the house. File 2010 taxes for free There is no change in the types of expenses deductible for the personal-use part of your property. File 2010 taxes for free Generally, these expenses may be deducted only if you itemize your deductions on Schedule A (Form 1040). File 2010 taxes for free You cannot deduct any part of the cost of the first phone line even if your tenants have unlimited use of it. File 2010 taxes for free You do not have to divide the expenses that belong only to the rental part of your property. File 2010 taxes for free For example, if you paint a room that you rent, or if you pay premiums for liability insurance in connection with renting a room in your home, your entire cost is a rental expense. File 2010 taxes for free If you install a second phone line strictly for your tenant's use, all of the cost of the second line is deductible as a rental expense. File 2010 taxes for free You can deduct depreciation on the part of the house used for rental purposes as well as on the furniture and equipment you use for rental purposes. File 2010 taxes for free How to divide expenses. File 2010 taxes for free   If an expense is for both rental use and personal use, such as mortgage interest or heat for the entire house, you must divide the expense between rental use and personal use. File 2010 taxes for free You can use any reasonable method for dividing the expense. File 2010 taxes for free It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. File 2010 taxes for free The two most common methods for dividing an expense are (1) the number of rooms in your home, and (2) the square footage of your home. File 2010 taxes for free Example. File 2010 taxes for free You rent a room in your house. File 2010 taxes for free The room is 12 × 15 feet, or 180 square feet. File 2010 taxes for free Your entire house has 1,800 square feet of floor space. File 2010 taxes for free You can deduct as a rental expense 10% of any expense that must be divided between rental use and personal use. File 2010 taxes for free If your heating bill for the year for the entire house was $600, $60 ($600 × . File 2010 taxes for free 10) is a rental expense. File 2010 taxes for free The balance, $540, is a personal expense that you cannot deduct. File 2010 taxes for free Duplex. File 2010 taxes for free   A common situation is the duplex where you live in one unit and rent out the other. File 2010 taxes for free Certain expenses apply to the entire property, such as mortgage interest and real estate taxes, and must be split to determine rental and personal expenses. File 2010 taxes for free Example. File 2010 taxes for free You own a duplex and live in one half, renting the other half. File 2010 taxes for free Both units are approximately the same size. File 2010 taxes for free Last year, you paid a total of $10,000 mortgage interest and $2,000 real estate taxes for the entire property. File 2010 taxes for free You can deduct $5,000 mortgage interest and $1,000 real estate taxes on Schedule E (Form 1040), and if you itemize your deductions, you can deduct the other $5,000 mortgage interest and $1,000 real estate taxes on Schedule A (Form 1040). File 2010 taxes for free Not Rented for Profit If you do not rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income. File 2010 taxes for free You cannot deduct a loss or carry forward to the next year any rental expenses that are more than your rental income for the year. File 2010 taxes for free Where to report. File 2010 taxes for free   Report your not-for-profit rental income on Form 1040 or 1040NR, line 21. File 2010 taxes for free For example, if you are filing Form 1040, you can include your mortgage interest and any qualified mortgage insurance premiums (if you use the property as your main home or second home), real estate taxes, and casualty losses on the appropriate lines of Schedule A (Form 1040) if you itemize your deductions. File 2010 taxes for free   If you itemize your deductions, claim your other rental expenses, subject to the rules explained in chapter 1 of Publication 535, as miscellaneous itemized deductions on Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 9. File 2010 taxes for free You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income. File 2010 taxes for free Presumption of profit. File 2010 taxes for free   If your rental income is more than your rental expenses for at least 3 years out of a period of 5 consecutive years, you are presumed to be renting your property to make a profit. File 2010 taxes for free Postponing decision. File 2010 taxes for free   If you are starting your rental activity and do not have 3 years showing a profit, you can elect to have the presumption made after you have the 5 years of experience required by the test. File 2010 taxes for free You may choose to postpone the decision of whether the rental is for profit by filing Form 5213. File 2010 taxes for free You must file Form 5213 within 3 years after the due date of your return (determined without extensions) for the year in which you first carried on the activity or, if earlier, within 60 days after receiving written notice from the Internal Revenue Service proposing to disallow deductions attributable to the activity. File 2010 taxes for free More information. File 2010 taxes for free   For more information about the rules for an activity not engaged in for profit, see Not-for-Profit Activities in chapter 1 of Publication 535. File 2010 taxes for free Example—Property Changed to Rental Use In January, Eileen Johnson bought a condominium apartment to live in. File 2010 taxes for free Instead of selling the house she had been living in, she decided to change it to rental property. File 2010 taxes for free Eileen selected a tenant and started renting the house on February 1. File 2010 taxes for free Eileen charges $750 a month for rent and collects it herself. File 2010 taxes for free Eileen also received a $750 security deposit from her tenant. File 2010 taxes for free Because she plans to return it to her tenant at the end of the lease, she does not include it in her income. File 2010 taxes for free Her rental expenses for the year are as follows. File 2010 taxes for free   Mortgage interest $1,800     Fire insurance (1-year policy) 100     Miscellaneous repairs (after renting) 297     Real estate taxes imposed and paid 1,200   Eileen must divide the real estate taxes, mortgage interest, and fire insurance between the personal use of the property and the rental use of the property. File 2010 taxes for free She can deduct eleven-twelfths of these expenses as rental expenses. File 2010 taxes for free She can include the balance of the allowable taxes and mortgage interest on Schedule A (Form 1040) if she itemizes. File 2010 taxes for free She cannot deduct the balance of the fire insurance because it is a personal expense. File 2010 taxes for free Eileen bought this house in 1984 for $35,000. File 2010 taxes for free Her property tax was based on assessed values of $10,000 for the land and $25,000 for the house. File 2010 taxes for free Before changing it to rental property, Eileen added several improvements to the house. File 2010 taxes for free She figures her adjusted basis as follows:   Improvements Cost     House $25,000     Remodeled kitchen 4,200     Recreation room 5,800     New roof 1,600     Patio and deck 2,400     Adjusted basis $39,000   On February 1, when Eileen changed her house to rental property, the property had a fair market value of $152,000. File 2010 taxes for free Of this amount, $35,000 was for the land and $117,000 was for the house. File 2010 taxes for free Because Eileen's adjusted basis is less than the fair market value on the date of the change, Eileen uses $39,000 as her basis for depreciation. File 2010 taxes for free As specified for residential rental property, Eileen must use the straight line method of depreciation over the GDS or ADS recovery period. File 2010 taxes for free She chooses the GDS recovery period of 27. File 2010 taxes for free 5 years. File 2010 taxes for free She uses Table 2-2d to find her depreciation percentage. File 2010 taxes for free Since she placed the property in service in February, the percentage is 3. File 2010 taxes for free 182%. File 2010 taxes for free On April 1, Eileen bought a new dishwasher for the rental property at a cost of $425. File 2010 taxes for free The dishwasher is personal property used in a rental real estate activity, which has a 5-year recovery period. File 2010 taxes for free She uses Table 2-2a to find the percentage for Year 1 under “Half-year convention” (20%) to figure her depreciation deduction. File 2010 taxes for free On May 1, Eileen paid $4,000 to have a furnace installed in the house. File 2010 taxes for free The furnace is residential rental property. File 2010 taxes for free Because she placed the property in service in May, the percentage from Table 2-2d is 2. File 2010 taxes for free 273%. File 2010 taxes for free Eileen figures her net rental income or loss for the house as follows: Total rental income received  ($750 × 11) $8,250 Minus: Expenses     Mortgage interest ($1,800 × 11/12) $1,650   Fire insurance ($100 × 11/12) 92   Miscellaneous repairs 297   Real estate taxes ($1,200 × 11/12) 1,100   Total expenses 3,139 Balance $5,111 Minus: Depreciation     House ($39,000 × . File 2010 taxes for free 03182) $1,241   Dishwasher ($425 × . File 2010 taxes for free 20) 85   Furnace ($4,000 × . File 2010 taxes for free 02273) 91   Total depreciation 1,417 Net rental income for house   $3,694       Eileen uses Schedule E, Part I, to report her rental income and expenses. File 2010 taxes for free She enters her income, expenses, and depreciation for the house in the column for Property A. File 2010 taxes for free Since all property was placed in service this year, Eileen must use Form 4562 to figure the depreciation. File 2010 taxes for free See the Instructions for Form 4562 for more information on preparing the form. File 2010 taxes for free Prev  Up  Next   Home   More Online Publications