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Fill out 1040ez online 5. Fill out 1040ez online   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. Fill out 1040ez online Shared equity financing agreement. Fill out 1040ez online Donation of use of the property. Fill out 1040ez online Examples. Fill out 1040ez online Days used for repairs and maintenance. Fill out 1040ez online Days used as a main home before or after renting. Fill out 1040ez online Reporting Income and DeductionsNot used as a home. Fill out 1040ez online Used as a home but rented less than 15 days. Fill out 1040ez online Used as a home and rented 15 days or more. Fill out 1040ez online 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. Fill out 1040ez online 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. Fill out 1040ez online Only your rental expenses may deducted on Schedule E (Form 1040). Fill out 1040ez online Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). Fill out 1040ez online You must also determine if the dwelling unit is considered a home. Fill out 1040ez online The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. Fill out 1040ez online Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. Fill out 1040ez online 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. Fill out 1040ez online Dwelling unit. Fill out 1040ez online   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. Fill out 1040ez online It also includes all structures or other property belonging to the dwelling unit. Fill out 1040ez online A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Fill out 1040ez online   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. Fill out 1040ez online 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. Fill out 1040ez online Example. Fill out 1040ez online You rent a room in your home that is always available for short-term occupancy by paying customers. Fill out 1040ez online You do not use the room yourself and you allow only paying customers to use the room. Fill out 1040ez online This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. Fill out 1040ez online 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. Fill out 1040ez online When dividing your expenses, follow these rules. Fill out 1040ez online 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. Fill out 1040ez online (This rule does not apply when determining whether you used the unit as a home. Fill out 1040ez online ) Any day that the unit is available for rent but not actually rented is not a day of rental use. Fill out 1040ez online Fair rental price. Fill out 1040ez online   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. Fill out 1040ez online 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. Fill out 1040ez online   Ask yourself the following questions when comparing another property with yours. Fill out 1040ez online 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. Fill out 1040ez online Example. Fill out 1040ez online Your beach cottage was available for rent from June 1 through August 31 (92 days). Fill out 1040ez online 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. Fill out 1040ez online 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. Fill out 1040ez online Your family also used the cottage during the last 2 weeks of May (14 days). Fill out 1040ez online The cottage was not used at all before May 17 or after August 31. Fill out 1040ez online You figure the part of the cottage expenses to treat as rental expenses as follows. Fill out 1040ez online The cottage was used for rental a total of 85 days (92 − 7). Fill out 1040ez online The days it was available for rent but not rented (7 days) are not days of rental use. Fill out 1040ez online The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. Fill out 1040ez online You used the cottage for personal purposes for 14 days (the last 2 weeks in May). Fill out 1040ez online The total use of the cottage was 99 days (14 days personal use + 85 days rental use). Fill out 1040ez online Your rental expenses are 85/99 (86%) of the cottage expenses. Fill out 1040ez online Note. Fill out 1040ez online 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. Fill out 1040ez online Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. Fill out 1040ez online 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. Fill out 1040ez online If you have a net loss, you may not be able to deduct all of the rental expenses. Fill out 1040ez online See Dwelling Unit Used as a Home, next. Fill out 1040ez online 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. Fill out 1040ez online 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. Fill out 1040ez online See What is a day of personal use , later. Fill out 1040ez online 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. Fill out 1040ez online Instead, count it as a day of personal use in applying both (1) and (2) above. Fill out 1040ez online 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. Fill out 1040ez online 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). Fill out 1040ez online However, see Days used as a main home before or after renting , later. Fill out 1040ez online 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. Fill out 1040ez online Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. Fill out 1040ez online ), and lineal descendants (children, grandchildren, etc. Fill out 1040ez online ). Fill out 1040ez online Anyone under an arrangement that lets you use some other dwelling unit. Fill out 1040ez online Anyone at less than a fair rental price. Fill out 1040ez online Main home. Fill out 1040ez online   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. Fill out 1040ez online Shared equity financing agreement. Fill out 1040ez online   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. Fill out 1040ez online Donation of use of the property. Fill out 1040ez online   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. Fill out 1040ez online Examples. Fill out 1040ez online   The following examples show how to determine if you have days of personal use. Fill out 1040ez online Example 1. Fill out 1040ez online You and your neighbor are co-owners of a condominium at the beach. Fill out 1040ez online Last year, you rented the unit to vacationers whenever possible. Fill out 1040ez online The unit was not used as a main home by anyone. Fill out 1040ez online Your neighbor used the unit for 2 weeks last year; you did not use it at all. Fill out 1040ez online 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. Fill out 1040ez online Example 2. Fill out 1040ez online You and your neighbors are co-owners of a house under a shared equity financing agreement. Fill out 1040ez online Your neighbors live in the house and pay you a fair rental price. Fill out 1040ez online 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. Fill out 1040ez online This is because your neighbors rent the house as their main home under a shared equity financing agreement. Fill out 1040ez online Example 3. Fill out 1040ez online You own a rental property that you rent to your son. Fill out 1040ez online Your son does not own any interest in this property. Fill out 1040ez online He uses it as his main home and pays you a fair rental price. Fill out 1040ez online 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. Fill out 1040ez online Example 4. Fill out 1040ez online You rent your beach house to Rosa. Fill out 1040ez online Rosa rents her cabin in the mountains to you. Fill out 1040ez online You each pay a fair rental price. Fill out 1040ez online 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. Fill out 1040ez online Example 5. Fill out 1040ez online You rent an apartment to your mother at less than a fair rental price. Fill out 1040ez online 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. Fill out 1040ez online Days used for repairs and maintenance. Fill out 1040ez online   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. Fill out 1040ez online 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. Fill out 1040ez online Example. Fill out 1040ez online Corey owns a cabin in the mountains that he rents for most of the year. Fill out 1040ez online He spends a week at the cabin with family members. Fill out 1040ez online 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. Fill out 1040ez online Corey's family members, however, work substantially full time on the cabin each day during the week. Fill out 1040ez online The main purpose of being at the cabin that week is to do maintenance work. Fill out 1040ez online Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. Fill out 1040ez online Days used as a main home before or after renting. Fill out 1040ez online   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. Fill out 1040ez online Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. Fill out 1040ez online 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. Fill out 1040ez online However, this special rule does not apply when dividing expenses between rental and personal use. Fill out 1040ez online See Property Changed to Rental Use in chapter 4. Fill out 1040ez online Example 1. Fill out 1040ez online 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. Fill out 1040ez online You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). Fill out 1040ez online On June 1, 2013, you moved back into your old house. Fill out 1040ez online 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. Fill out 1040ez online Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. Fill out 1040ez online Example 2. Fill out 1040ez online On January 31, you moved out of the condominium where you had lived for 3 years. Fill out 1040ez online You offered it for rent at a fair rental price beginning on February 1. Fill out 1040ez online You were unable to rent it until April. Fill out 1040ez online On September 15, you sold the condominium. Fill out 1040ez online 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. Fill out 1040ez online Examples. Fill out 1040ez online   The following examples show how to determine whether you used your rental property as a home. Fill out 1040ez online Example 1. Fill out 1040ez online You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. Fill out 1040ez online You rented the basement apartment at a fair rental price to college students during the regular school year. Fill out 1040ez online You rented to them on a 9-month lease (273 days). Fill out 1040ez online You figured 10% of the total days rented to others at a fair rental price is 27 days. Fill out 1040ez online During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. Fill out 1040ez online Your basement apartment was used as a home because you used it for personal purposes for 30 days. Fill out 1040ez online Rent-free use by your brothers is considered personal use. Fill out 1040ez online Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). Fill out 1040ez online Example 2. Fill out 1040ez online 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). Fill out 1040ez online Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. Fill out 1040ez online You figured 10% of the total days rented to others at a fair rental price is 3 days. Fill out 1040ez online The room was used as a home because you used it for personal purposes for 21 days. Fill out 1040ez online That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). Fill out 1040ez online Example 3. Fill out 1040ez online You own a condominium apartment in a resort area. Fill out 1040ez online You rented it at a fair rental price for a total of 170 days during the year. Fill out 1040ez online 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. Fill out 1040ez online Your family actually used the apartment for 10 of those days. Fill out 1040ez online Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. Fill out 1040ez online You figured 10% of the total days rented to others at a fair rental price is 16 days. Fill out 1040ez online Your family also used the apartment for 7 other days during the year. Fill out 1040ez online You used the apartment as a home because you used it for personal purposes for 17 days. Fill out 1040ez online That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). Fill out 1040ez online Minimal rental use. Fill out 1040ez online   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. Fill out 1040ez online See Used as a home but rented less than 15 days, later, for more information. Fill out 1040ez online Limit on deductions. Fill out 1040ez online   Renting a dwelling unit that is considered a home is not a passive activity. Fill out 1040ez online 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. Fill out 1040ez online 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. Fill out 1040ez online Any expenses carried forward to the next year will be subject to any limits that apply for that year. Fill out 1040ez online 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. Fill out 1040ez online   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. Fill out 1040ez online Reporting Income and Deductions Property not used for personal purposes. Fill out 1040ez online   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. Fill out 1040ez online Property used for personal purposes. Fill out 1040ez online   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. Fill out 1040ez online Not used as a home. Fill out 1040ez online   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. Fill out 1040ez online 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 . Fill out 1040ez online The expenses for personal use are not deductible as rental expenses. Fill out 1040ez online   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. Fill out 1040ez online Used as a home but rented less than 15 days. Fill out 1040ez online   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). Fill out 1040ez online You are not required to report the rental income and rental expenses from this activity. Fill out 1040ez online The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). Fill out 1040ez online See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Fill out 1040ez online Used as a home and rented 15 days or more. Fill out 1040ez online   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. Fill out 1040ez online 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 . Fill out 1040ez online The expenses for personal use are not deductible as rental expenses. Fill out 1040ez online   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. Fill out 1040ez online You do not need to use Worksheet 5-1. Fill out 1040ez online   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. Fill out 1040ez online To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. Fill out 1040ez online Worksheet 5-1. Fill out 1040ez online 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. Fill out 1040ez online Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . Fill out 1040ez online ) 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. Fill out 1040ez online Rental Use Percentage A. Fill out 1040ez online Total days available for rent at fair rental price A. Fill out 1040ez online       B. Fill out 1040ez online Total days available for rent (line A) but not rented B. Fill out 1040ez online       C. Fill out 1040ez online Total days of rental use. Fill out 1040ez online Subtract line B from line A C. Fill out 1040ez online       D. Fill out 1040ez online Total days of personal use (including days rented at less than fair rental price) D. Fill out 1040ez online       E. Fill out 1040ez online Total days of rental and personal use. Fill out 1040ez online Add lines C and D E. Fill out 1040ez online       F. Fill out 1040ez online Percentage of expenses allowed for rental. Fill out 1040ez online Divide line C by line E     F. Fill out 1040ez online . Fill out 1040ez online PART II. Fill out 1040ez online Allowable Rental Expenses 1. Fill out 1040ez online Enter rents received 1. Fill out 1040ez online   2a. Fill out 1040ez online Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. Fill out 1040ez online       b. Fill out 1040ez online Enter the rental portion of real estate taxes b. Fill out 1040ez online       c. Fill out 1040ez online Enter the rental portion of deductible casualty and theft losses (see instructions) c. Fill out 1040ez online       d. Fill out 1040ez online Enter direct rental expenses (see instructions) d. Fill out 1040ez online       e. Fill out 1040ez online Fully deductible rental expenses. Fill out 1040ez online Add lines 2a–2d. Fill out 1040ez online Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. Fill out 1040ez online   3. Fill out 1040ez online Subtract line 2e from line 1. Fill out 1040ez online If zero or less, enter -0- 3. Fill out 1040ez online   4a. Fill out 1040ez online Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. Fill out 1040ez online       b. Fill out 1040ez online Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. Fill out 1040ez online       c. Fill out 1040ez online Carryover of operating expenses from 2012 worksheet c. Fill out 1040ez online       d. Fill out 1040ez online Add lines 4a–4c d. Fill out 1040ez online       e. Fill out 1040ez online Allowable expenses. Fill out 1040ez online Enter the smaller of line 3 or line 4d (see instructions) 4e. Fill out 1040ez online   5. Fill out 1040ez online Subtract line 4e from line 3. Fill out 1040ez online If zero or less, enter -0- 5. Fill out 1040ez online   6a. Fill out 1040ez online Enter the rental portion of excess casualty and theft losses (see instructions) 6a. Fill out 1040ez online       b. Fill out 1040ez online Enter the rental portion of depreciation of the dwelling unit b. Fill out 1040ez online       c. Fill out 1040ez online Carryover of excess casualty losses and depreciation from 2012 worksheet c. Fill out 1040ez online       d. Fill out 1040ez online Add lines 6a–6c d. Fill out 1040ez online       e. Fill out 1040ez online Allowable excess casualty and theft losses and depreciation. Fill out 1040ez online Enter the smaller of  line 5 or line 6d (see instructions) 6e. Fill out 1040ez online   PART III. Fill out 1040ez online Carryover of Unallowed Expenses to Next Year 7a. Fill out 1040ez online Operating expenses to be carried over to next year. Fill out 1040ez online Subtract line 4e from line 4d 7a. Fill out 1040ez online   b. Fill out 1040ez online Excess casualty and theft losses and depreciation to be carried over to next year. Fill out 1040ez online  Subtract line 6e from line 6d b. Fill out 1040ez online   Worksheet 5-1 Instructions. Fill out 1040ez online Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. Fill out 1040ez online 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. Fill out 1040ez online Line 2a. Fill out 1040ez online Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. Fill out 1040ez online Do not include interest on a loan that did not benefit the dwelling unit. Fill out 1040ez online 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. Fill out 1040ez online Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. Fill out 1040ez online Include the rental portion of this interest in the total you enter on line 2a of the worksheet. Fill out 1040ez online   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. Fill out 1040ez online See the Schedule A instructions. Fill out 1040ez online However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. Fill out 1040ez online See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. Fill out 1040ez online Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. Fill out 1040ez online   Note. Fill out 1040ez online Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. Fill out 1040ez online Instead, figure the personal portion on a separate Schedule A. Fill out 1040ez online 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. Fill out 1040ez online           Line 2c. Fill out 1040ez online 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. Fill out 1040ez online To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. Fill out 1040ez online If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. Fill out 1040ez online On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. Fill out 1040ez online Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. Fill out 1040ez online   Note. Fill out 1040ez online Do not file this Form 4684 or use it to figure your personal losses on Schedule A. Fill out 1040ez online Instead, figure the personal portion on a separate Form 4684. Fill out 1040ez online           Line 2d. Fill out 1040ez online Enter the total of your rental expenses that are directly related only to the rental activity. Fill out 1040ez online These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. Fill out 1040ez online Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. Fill out 1040ez online           Line 2e. Fill out 1040ez online 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. Fill out 1040ez online Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. Fill out 1040ez online           Line 4b. Fill out 1040ez online 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. Fill out 1040ez online 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. Fill out 1040ez online Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). Fill out 1040ez online           Line 4e. Fill out 1040ez online 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. Fill out 1040ez online *           Line 6a. Fill out 1040ez online To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. Fill out 1040ez online   A. Fill out 1040ez online Enter the amount from Form 4684, line 10       B. Fill out 1040ez online Enter the rental portion of line A       C. Fill out 1040ez online Enter the amount from line 2c of this worksheet       D. Fill out 1040ez online Subtract line C from line B. Fill out 1040ez online Enter the result here and on line 6a of this worksheet               Line 6e. Fill out 1040ez online 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. Fill out 1040ez online * *Allocating the limited deduction. Fill out 1040ez online 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. Fill out 1040ez online Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. Fill out 1040ez online Prev  Up  Next   Home   More Online Publications
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