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File A 2010 Tax Return

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File A 2010 Tax Return

File a 2010 tax return 4. File a 2010 tax return   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 a 2010 tax return Example—Property Changed to Rental Use This chapter discusses some rental real estate activities that are subject to additional rules. File a 2010 tax return 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 a 2010 tax return If you own a condominium, you also own a share of the common elements, such as land, lobbies, elevators, and service areas. File a 2010 tax return 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 a 2010 tax return Special rules apply if you rent your condominium to others. File a 2010 tax return You can deduct as rental expenses all the expenses discussed in chapters 1 and 2. File a 2010 tax return In addition, you can deduct any dues or assessments paid for maintenance of the common elements. File a 2010 tax return You cannot deduct special assessments you pay to a condominium management corporation for improvements. File a 2010 tax return However, you may be able to recover your share of the cost of any improvement by taking depreciation. File a 2010 tax return Cooperatives If you live in a cooperative, you do not own your apartment. File a 2010 tax return Instead, a corporation owns the apartments and you are a tenant-stockholder in the cooperative housing corporation. File a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return Depreciation You will be depreciating your stock in the corporation rather than the apartment itself. File a 2010 tax return Figure your depreciation deduction as follows. File a 2010 tax return Figure the depreciation for all the depreciable real property owned by the corporation. File a 2010 tax return (Depreciation methods are discussed in chapter 2 of this publication and Publication 946. File a 2010 tax return ) If you bought your cooperative stock after its first offering, figure the depreciable basis of this property as follows. File a 2010 tax return Multiply your cost per share by the total number of outstanding shares. File a 2010 tax return Add to the amount figured in (a) any mortgage debt on the property on the date you bought the stock. File a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. File a 2010 tax return Multiply the result of (2) by the percentage you figured in (3). File a 2010 tax return This is your depreciation on the stock. File a 2010 tax return 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 a 2010 tax return Payments added to capital account. File a 2010 tax return   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 a 2010 tax return 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 a 2010 tax return   Treat as a capital cost the amount you were assessed for capital items. File a 2010 tax return 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 a 2010 tax return   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 a 2010 tax return Otherwise, figure your share in the following manner. File a 2010 tax return Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. File a 2010 tax return Multiply the corporation's deductible interest by the number you figured in (1). File a 2010 tax return This is your share of the interest. File a 2010 tax return Multiply the corporation's deductible taxes by the number you figured in (1). File a 2010 tax return This is your share of the taxes. File a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. File a 2010 tax return 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 a 2010 tax return Example. File a 2010 tax return Your tax year is the calendar year. File a 2010 tax return You moved from your home in May and started renting it out on June 1. File a 2010 tax return You can deduct as rental expenses seven-twelfths of your yearly expenses, such as taxes and insurance. File a 2010 tax return Starting with June, you can deduct as rental expenses the amounts you pay for items generally billed monthly, such as utilities. File a 2010 tax return When figuring depreciation, treat the property as placed in service on June 1. File a 2010 tax return 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 a 2010 tax return Fair market value. File a 2010 tax return   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 a 2010 tax return Sales of similar property, on or about the same date, may be helpful in figuring the fair market value of the property. File a 2010 tax return Figuring the basis. File a 2010 tax return   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 a 2010 tax return For other increases and decreases to basis, see Adjusted Basis in chapter 2. File a 2010 tax return Example. File a 2010 tax return Several years ago you built your home for $140,000 on a lot that cost you $14,000. File a 2010 tax return 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 a 2010 tax return Part of the improvements qualified for a $500 residential energy credit, which you claimed on your 2010 tax return. File a 2010 tax return Because land is not depreciable, you can only include the cost of the house when figuring the basis for depreciation. File a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return Cooperatives If you change your cooperative apartment to rental use, figure your allowable depreciation as explained earlier. File a 2010 tax return (Depreciation methods are discussed in chapter 2 of this publication and Publication 946. File a 2010 tax return ) The basis of all the depreciable real property owned by the cooperative housing corporation is the smaller of the following amounts. File a 2010 tax return The fair market value of the property on the date you change your apartment to rental use. File a 2010 tax return This is considered to be the same as the corporation's adjusted basis minus straight line depreciation, unless this value is unrealistic. File a 2010 tax return The corporation's adjusted basis in the property on that date. File a 2010 tax return Do not subtract depreciation when figuring the corporation's adjusted basis. File a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return Figuring the Depreciation Deduction To figure the deduction, use the depreciation system in effect when you convert your residence to rental use. File a 2010 tax return Generally, that will be MACRS for any conversion after 1986. File a 2010 tax return Treat the property as placed in service on the conversion date. File a 2010 tax return Example. File a 2010 tax return Your converted residence (see previous example under Figuring the basis) was available for rent on August 1. File a 2010 tax return Using Table 2-2d (see chapter 2), the percentage for Year 1 beginning in August is 1. File a 2010 tax return 364% and the depreciation deduction for Year 1 is $2,005 ($147,000 × . File a 2010 tax return 01364). File a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return There is no change in the types of expenses deductible for the personal-use part of your property. File a 2010 tax return Generally, these expenses may be deducted only if you itemize your deductions on Schedule A (Form 1040). File a 2010 tax return You cannot deduct any part of the cost of the first phone line even if your tenants have unlimited use of it. File a 2010 tax return You do not have to divide the expenses that belong only to the rental part of your property. File a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return How to divide expenses. File a 2010 tax return   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 a 2010 tax return You can use any reasonable method for dividing the expense. File a 2010 tax return It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. File a 2010 tax return 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 a 2010 tax return Example. File a 2010 tax return You rent a room in your house. File a 2010 tax return The room is 12 × 15 feet, or 180 square feet. File a 2010 tax return Your entire house has 1,800 square feet of floor space. File a 2010 tax return You can deduct as a rental expense 10% of any expense that must be divided between rental use and personal use. File a 2010 tax return If your heating bill for the year for the entire house was $600, $60 ($600 × . File a 2010 tax return 10) is a rental expense. File a 2010 tax return The balance, $540, is a personal expense that you cannot deduct. File a 2010 tax return Duplex. File a 2010 tax return   A common situation is the duplex where you live in one unit and rent out the other. File a 2010 tax return 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 a 2010 tax return Example. File a 2010 tax return You own a duplex and live in one half, renting the other half. File a 2010 tax return Both units are approximately the same size. File a 2010 tax return Last year, you paid a total of $10,000 mortgage interest and $2,000 real estate taxes for the entire property. File a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return 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 a 2010 tax return Where to report. File a 2010 tax return   Report your not-for-profit rental income on Form 1040 or 1040NR, line 21. File a 2010 tax return 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 a 2010 tax return   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 a 2010 tax return 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 a 2010 tax return Presumption of profit. File a 2010 tax return   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 a 2010 tax return Postponing decision. File a 2010 tax return   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 a 2010 tax return You may choose to postpone the decision of whether the rental is for profit by filing Form 5213. File a 2010 tax return 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 a 2010 tax return More information. File a 2010 tax return   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 a 2010 tax return Example—Property Changed to Rental Use In January, Eileen Johnson bought a condominium apartment to live in. File a 2010 tax return Instead of selling the house she had been living in, she decided to change it to rental property. File a 2010 tax return Eileen selected a tenant and started renting the house on February 1. File a 2010 tax return Eileen charges $750 a month for rent and collects it herself. File a 2010 tax return Eileen also received a $750 security deposit from her tenant. File a 2010 tax return Because she plans to return it to her tenant at the end of the lease, she does not include it in her income. File a 2010 tax return Her rental expenses for the year are as follows. File a 2010 tax return   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 a 2010 tax return She can deduct eleven-twelfths of these expenses as rental expenses. File a 2010 tax return She can include the balance of the allowable taxes and mortgage interest on Schedule A (Form 1040) if she itemizes. File a 2010 tax return She cannot deduct the balance of the fire insurance because it is a personal expense. File a 2010 tax return Eileen bought this house in 1984 for $35,000. File a 2010 tax return Her property tax was based on assessed values of $10,000 for the land and $25,000 for the house. File a 2010 tax return Before changing it to rental property, Eileen added several improvements to the house. File a 2010 tax return 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 a 2010 tax return Of this amount, $35,000 was for the land and $117,000 was for the house. File a 2010 tax return 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 a 2010 tax return As specified for residential rental property, Eileen must use the straight line method of depreciation over the GDS or ADS recovery period. File a 2010 tax return She chooses the GDS recovery period of 27. File a 2010 tax return 5 years. File a 2010 tax return She uses Table 2-2d to find her depreciation percentage. File a 2010 tax return Since she placed the property in service in February, the percentage is 3. File a 2010 tax return 182%. File a 2010 tax return On April 1, Eileen bought a new dishwasher for the rental property at a cost of $425. File a 2010 tax return The dishwasher is personal property used in a rental real estate activity, which has a 5-year recovery period. File a 2010 tax return She uses Table 2-2a to find the percentage for Year 1 under “Half-year convention” (20%) to figure her depreciation deduction. File a 2010 tax return On May 1, Eileen paid $4,000 to have a furnace installed in the house. File a 2010 tax return The furnace is residential rental property. File a 2010 tax return Because she placed the property in service in May, the percentage from Table 2-2d is 2. File a 2010 tax return 273%. File a 2010 tax return 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 a 2010 tax return 03182) $1,241   Dishwasher ($425 × . File a 2010 tax return 20) 85   Furnace ($4,000 × . File a 2010 tax return 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 a 2010 tax return She enters her income, expenses, and depreciation for the house in the column for Property A. File a 2010 tax return Since all property was placed in service this year, Eileen must use Form 4562 to figure the depreciation. File a 2010 tax return See the Instructions for Form 4562 for more information on preparing the form. File a 2010 tax return Prev  Up  Next   Home   More Online Publications
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The File A 2010 Tax Return

File a 2010 tax return Index A Actual knowledge Innocent spouse relief, Actual Knowledge or Reason To Know Separation of liability relief, Actual Knowledge Assistance (see Tax help) B Burden of proof, separation of liability, Burden of proof. File a 2010 tax return C Comments on publication, Comments and suggestions. File a 2010 tax return Community property law, relief from liability arising from, Community Property Laws Community property laws, Community Property Laws D Decedent, Form 8857 filed by or on behalf of a decedent. File a 2010 tax return Domestic violence (separation of liability), Exception for spousal abuse or domestic violence. File a 2010 tax return E Equitable relief Conditions for getting, Conditions for Getting Equitable Relief Factors for determining whether to grant, Factors for Determining Whether To Grant Equitable Relief Refunds, Refunds Under Equitable Relief Erroneous items, Erroneous Items Executors (see Decedent) F Flowcharts, Flowcharts Form 8857 Filled-in example, Filled-in Form 8857 For decedent, Form 8857 filed by or on behalf of a decedent. File a 2010 tax return Tax Court review, Tax Court Review of Request When to file, When to file Form 8857. File a 2010 tax return Free tax services, How To Get Tax Help H Help (see Tax help) How to request relief, How To Request Relief I Indications of unfairness Innocent spouse relief, Indications of Unfairness for Innocent Spouse Relief Injured spouse relief, Publication 971 - Additional Material Innocent spouse relief, Innocent Spouse Relief J Joint and several liability, Publication 971 - Additional Material L Limitations on Relief, Limitations on Relief M More information (see Tax help) N No joint return filed, Relief for Married Persons Who Did Not File Joint Returns P Partial relief, innocent spouse relief, Partial relief when a portion of erroneous item is unknown. File a 2010 tax return Publications (see Tax help) Q Questions & Answers, Publication 971 - Additional Material R Reason to know, Actual Knowledge or Reason To Know Refunds, Refunds Limit on amount of refund, Limit on Amount of Refund Proof required, Proof Required Under equitable relief, Refunds Under Equitable Relief S Separation of liability relief, Separation of Liability Relief Spousal abuse, The IRS Must Contact Your Spouse or Former Spouse, Exception for spousal abuse or domestic violence. File a 2010 tax return Spousal notification, The IRS Must Contact Your Spouse or Former Spouse, Publication 971 - Additional Material Suggestions for publication, Comments and suggestions. File a 2010 tax return T Tax Court review, Tax Court Review of Request Tax help, How To Get Tax Help Taxpayer Advocate, Taxpayer Advocate Service. File a 2010 tax return TEFRA partnership proceedings, Exception for agreements relating to TEFRA partnership proceedings. File a 2010 tax return Transferee liability, Transferee liability not affected by innocent spouse relief provisions. File a 2010 tax return Transfers of property to avoid tax, Transfers of Property To Avoid Tax TTY/TDD information, How To Get Tax Help U Underpaid tax, Equitable Relief Understated tax, Understated Tax United States Tax Court, Tax Court Review of Request W When to file Form 8857, When to file Form 8857. File a 2010 tax return Prev  Up     Home   More Online Publications