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Free 2013 Federal & State Tax Preparation On Line

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Free 2013 Federal & State Tax Preparation On Line

Free 2013 federal & state tax preparation on line 1. Free 2013 federal & state tax preparation on line   Rental Income and Expenses (If No Personal Use of Dwelling) Table of Contents Rental IncomeWhen To Report Types of Income Rental ExpensesWhen To Deduct Types of Expenses This chapter discusses the various types of rental income and expenses for a residential rental activity with no personal use of the dwelling. Free 2013 federal & state tax preparation on line Generally, each year you will report all income and deduct all out-of-pocket expenses in full. Free 2013 federal & state tax preparation on line The deduction to recover the cost of your rental property—depreciation—is taken over a prescribed number of years, and is discussed in chapter 2, Depreciation of Rental Property. Free 2013 federal & state tax preparation on line If your rental income is from property you also use personally or rent to someone at less than a fair rental price, first read the information in chapter 5 , Personal Use of Dwelling Unit (Including Vacation Home). Free 2013 federal & state tax preparation on line Rental Income In most cases, you must include in your gross income all amounts you receive as rent. Free 2013 federal & state tax preparation on line Rental income is any payment you receive for the use or occupation of property. Free 2013 federal & state tax preparation on line In addition to amounts you receive as normal rental payments, there are other amounts that may be rental income. Free 2013 federal & state tax preparation on line When To Report When you report rental income on your tax return generally depends on whether you are a cash basis taxpayer or use an accrual method. Free 2013 federal & state tax preparation on line Most individual taxpayers use the cash method. Free 2013 federal & state tax preparation on line Cash method. Free 2013 federal & state tax preparation on line   You are a cash basis taxpayer if you report income on your return in the year you actually or constructively receive it, regardless of when it was earned. Free 2013 federal & state tax preparation on line You constructively receive income when it is made available to you, for example, by being credited to your bank account. Free 2013 federal & state tax preparation on line Accrual method. Free 2013 federal & state tax preparation on line    If you are an accrual basis taxpayer, you generally report income when you earn it, rather than when you receive it. Free 2013 federal & state tax preparation on line You generally deduct your expenses when you incur them, rather than when you pay them. Free 2013 federal & state tax preparation on line More information. Free 2013 federal & state tax preparation on line   See Publication 538, Accounting Periods and Methods, for more information about when you constructively receive income and accrual methods of accounting. Free 2013 federal & state tax preparation on line Types of Income The following are common types of rental income. Free 2013 federal & state tax preparation on line Advance rent. Free 2013 federal & state tax preparation on line   Advance rent is any amount you receive before the period that it covers. Free 2013 federal & state tax preparation on line Include advance rent in your rental income in the year you receive it regardless of the period covered or the method of accounting you use. Free 2013 federal & state tax preparation on line Example. Free 2013 federal & state tax preparation on line On March 18, 2013, you signed a 10-year lease to rent your property. Free 2013 federal & state tax preparation on line During 2013, you received $9,600 for the first year's rent and $9,600 as rent for the last year of the lease. Free 2013 federal & state tax preparation on line You must include $19,200 in your rental income in the first year. Free 2013 federal & state tax preparation on line Canceling a lease. Free 2013 federal & state tax preparation on line   If your tenant pays you to cancel a lease, the amount you receive is rent. Free 2013 federal & state tax preparation on line Include the payment in your income in the year you receive it regardless of your method of accounting. Free 2013 federal & state tax preparation on line Expenses paid by tenant. Free 2013 federal & state tax preparation on line   If your tenant pays any of your expenses, those payments are rental income. Free 2013 federal & state tax preparation on line Because you must include this amount in income, you can also deduct the expenses if they are deductible rental expenses. Free 2013 federal & state tax preparation on line For more information, see Rental Expenses , later. Free 2013 federal & state tax preparation on line Example 1. Free 2013 federal & state tax preparation on line Your tenant pays the water and sewage bill for your rental property and deducts the amount from the normal rent payment. Free 2013 federal & state tax preparation on line Under the terms of the lease, your tenant does not have to pay this bill. Free 2013 federal & state tax preparation on line Include the utility bill paid by the tenant and any amount received as a rent payment in your rental income. Free 2013 federal & state tax preparation on line You can deduct the utility payment made by your tenant as a rental expense. Free 2013 federal & state tax preparation on line Example 2. Free 2013 federal & state tax preparation on line While you are out of town, the furnace in your rental property stops working. Free 2013 federal & state tax preparation on line Your tenant pays for the necessary repairs and deducts the repair bill from the rent payment. Free 2013 federal & state tax preparation on line Include the repair bill paid by the tenant and any amount received as a rent payment in your rental income. Free 2013 federal & state tax preparation on line You can deduct the repair payment made by your tenant as a rental expense. Free 2013 federal & state tax preparation on line Property or services. Free 2013 federal & state tax preparation on line   If you receive property or services as rent, instead of money, include the fair market value of the property or services in your rental income. Free 2013 federal & state tax preparation on line   If the services are provided at an agreed upon or specified price, that price is the fair market value unless there is evidence to the contrary. Free 2013 federal & state tax preparation on line Example. Free 2013 federal & state tax preparation on line Your tenant is a house painter. Free 2013 federal & state tax preparation on line He offers to paint your rental property instead of paying 2 months rent. Free 2013 federal & state tax preparation on line You accept his offer. Free 2013 federal & state tax preparation on line Include in your rental income the amount the tenant would have paid for 2 months rent. Free 2013 federal & state tax preparation on line You can deduct that same amount as a rental expense for painting your property. Free 2013 federal & state tax preparation on line Security deposits. Free 2013 federal & state tax preparation on line   Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. Free 2013 federal & state tax preparation on line But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year. Free 2013 federal & state tax preparation on line    If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. Free 2013 federal & state tax preparation on line Include it in your income when you receive it. Free 2013 federal & state tax preparation on line Other Sources of Rental Income Lease with option to buy. Free 2013 federal & state tax preparation on line   If the rental agreement gives your tenant the right to buy your rental property, the payments you receive under the agreement are generally rental income. Free 2013 federal & state tax preparation on line If your tenant exercises the right to buy the property, the payments you receive for the period after the date of sale are considered part of the selling price. Free 2013 federal & state tax preparation on line Part interest. Free 2013 federal & state tax preparation on line   If you own a part interest in rental property, you must report your part of the rental income from the property. Free 2013 federal & state tax preparation on line Rental of property also used as your home. Free 2013 federal & state tax preparation on line   If you rent property that you also use as your home and you rent it less than 15 days during the tax year, do not include the rent you receive in your income and do not deduct rental expenses. Free 2013 federal & state tax preparation on line However, you can deduct on Schedule A (Form 1040), Itemized Deductions, the interest, taxes, and casualty and theft losses that are allowed for nonrental property. Free 2013 federal & state tax preparation on line See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Free 2013 federal & state tax preparation on line Rental Expenses In most cases, the expenses of renting your property, such as maintenance, insurance, taxes, and interest, can be deducted from your rental income. Free 2013 federal & state tax preparation on line Personal use of rental property. Free 2013 federal & state tax preparation on line   If you sometimes use your rental property for personal purposes, you must divide your expenses between rental and personal use. Free 2013 federal & state tax preparation on line Also, your rental expense deductions may be limited. Free 2013 federal & state tax preparation on line See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Free 2013 federal & state tax preparation on line Part interest. Free 2013 federal & state tax preparation on line   If you own a part interest in rental property, you can deduct expenses you paid according to your percentage of ownership. Free 2013 federal & state tax preparation on line Example. Free 2013 federal & state tax preparation on line Roger owns a one-half undivided interest in a rental house. Free 2013 federal & state tax preparation on line Last year he paid $968 for necessary repairs on the property. Free 2013 federal & state tax preparation on line Roger can deduct $484 (50% × $968) as a rental expense. Free 2013 federal & state tax preparation on line He is entitled to reimbursement for the remaining half from the co-owner. Free 2013 federal & state tax preparation on line When To Deduct You generally deduct your rental expenses in the year you pay them. Free 2013 federal & state tax preparation on line If you use the accrual method, see Publication 538 for more information. Free 2013 federal & state tax preparation on line Types of Expenses Listed below are the most common rental expenses. Free 2013 federal & state tax preparation on line Advertising. Free 2013 federal & state tax preparation on line Auto and travel expenses. Free 2013 federal & state tax preparation on line Cleaning and maintenance. Free 2013 federal & state tax preparation on line Commissions. Free 2013 federal & state tax preparation on line Depreciation. Free 2013 federal & state tax preparation on line Insurance. Free 2013 federal & state tax preparation on line Interest (other). Free 2013 federal & state tax preparation on line Legal and other professional fees. Free 2013 federal & state tax preparation on line Local transportation expenses. Free 2013 federal & state tax preparation on line Management fees. Free 2013 federal & state tax preparation on line Mortgage interest paid to banks, etc. Free 2013 federal & state tax preparation on line Points. Free 2013 federal & state tax preparation on line Rental payments. Free 2013 federal & state tax preparation on line Repairs. Free 2013 federal & state tax preparation on line Taxes. Free 2013 federal & state tax preparation on line Utilities. Free 2013 federal & state tax preparation on line Some of these expenses, as well as other less common ones, are discussed below. Free 2013 federal & state tax preparation on line Depreciation. Free 2013 federal & state tax preparation on line   Depreciation is a capital expense. Free 2013 federal & state tax preparation on line It is the mechanism for recovering your cost in an income producing property and must be taken over the expected life of the property. Free 2013 federal & state tax preparation on line   You can begin to depreciate rental property when it is ready and available for rent. Free 2013 federal & state tax preparation on line See Placed in Service under When Does Depreciation Begin and End in chapter 2. Free 2013 federal & state tax preparation on line Insurance premiums paid in advance. Free 2013 federal & state tax preparation on line   If you pay an insurance premium for more than one year in advance, for each year of coverage you can deduct the part of the premium payment that will apply to that year. Free 2013 federal & state tax preparation on line You cannot deduct the total premium in the year you pay it. Free 2013 federal & state tax preparation on line See chapter 6 of Publication 535 for information on deductible premiums. Free 2013 federal & state tax preparation on line Interest expense. Free 2013 federal & state tax preparation on line   You can deduct mortgage interest you pay on your rental property. Free 2013 federal & state tax preparation on line When you refinance a rental property for more than the previous outstanding balance, the portion of the interest allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. Free 2013 federal & state tax preparation on line Chapter 4 of Publication 535 explains mortgage interest in detail. Free 2013 federal & state tax preparation on line Expenses paid to obtain a mortgage. Free 2013 federal & state tax preparation on line   Certain expenses you pay to obtain a mortgage on your rental property cannot be deducted as interest. Free 2013 federal & state tax preparation on line These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses that are part of your basis in the property. Free 2013 federal & state tax preparation on line Form 1098, Mortgage Interest Statement. Free 2013 federal & state tax preparation on line   If you paid $600 or more of mortgage interest on your rental property to any one person, you should receive a Form 1098 or similar statement showing the interest you paid for the year. Free 2013 federal & state tax preparation on line If you and at least one other person (other than your spouse if you file a joint return) were liable for, and paid interest on, the mortgage, and the other person received the Form 1098, report your share of the interest on Schedule E (Form 1040), line 13. Free 2013 federal & state tax preparation on line Attach a statement to your return showing the name and address of the other person. Free 2013 federal & state tax preparation on line On the dotted line next to line 13, enter “See attached. Free 2013 federal & state tax preparation on line ” Legal and other professional fees. Free 2013 federal & state tax preparation on line   You can deduct, as a rental expense, legal and other professional expenses such as tax return preparation fees you paid to prepare Schedule E, Part I. Free 2013 federal & state tax preparation on line For example, on your 2013 Schedule E you can deduct fees paid in 2013 to prepare Part I of your 2012 Schedule E. Free 2013 federal & state tax preparation on line You can also deduct, as a rental expense, any expense (other than federal taxes and penalties) you paid to resolve a tax underpayment related to your rental activities. Free 2013 federal & state tax preparation on line Local benefit taxes. Free 2013 federal & state tax preparation on line   In most cases, you cannot deduct charges for local benefits that increase the value of your property, such as charges for putting in streets, sidewalks, or water and sewer systems. Free 2013 federal & state tax preparation on line These charges are nondepreciable capital expenditures and must be added to the basis of your property. Free 2013 federal & state tax preparation on line However, you can deduct local benefit taxes that are for maintaining, repairing, or paying interest charges for the benefits. Free 2013 federal & state tax preparation on line Local transportation expenses. Free 2013 federal & state tax preparation on line   You may be able to deduct your ordinary and necessary local transportation expenses if you incur them to collect rental income or to manage, conserve, or maintain your rental property. Free 2013 federal & state tax preparation on line However, transportation expenses incurred to travel between your home and a rental property generally constitute nondeductible commuting costs unless you use your home as your principal place of business. Free 2013 federal & state tax preparation on line See Publication 587, Business Use of Your Home, for information on determining if your home office qualifies as a principal place of business. Free 2013 federal & state tax preparation on line   Generally, if you use your personal car, pickup truck, or light van for rental activities, you can deduct the expenses using one of two methods: actual expenses or the standard mileage rate. Free 2013 federal & state tax preparation on line For 2013, the standard mileage rate for business use is 56. Free 2013 federal & state tax preparation on line 5 cents per mile. Free 2013 federal & state tax preparation on line For more information, see chapter 4 of Publication 463. Free 2013 federal & state tax preparation on line    To deduct car expenses under either method, you must keep records that follow the rules in chapter 5 of Publication 463. Free 2013 federal & state tax preparation on line In addition, you must complete Form 4562, Part V, and attach it to your tax return. Free 2013 federal & state tax preparation on line Pre-rental expenses. Free 2013 federal & state tax preparation on line   You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent. Free 2013 federal & state tax preparation on line Rental of equipment. Free 2013 federal & state tax preparation on line   You can deduct the rent you pay for equipment that you use for rental purposes. Free 2013 federal & state tax preparation on line However, in some cases, lease contracts are actually purchase contracts. Free 2013 federal & state tax preparation on line If so, you cannot deduct these payments. Free 2013 federal & state tax preparation on line You can recover the cost of purchased equipment through depreciation. Free 2013 federal & state tax preparation on line Rental of property. Free 2013 federal & state tax preparation on line   You can deduct the rent you pay for property that you use for rental purposes. Free 2013 federal & state tax preparation on line If you buy a leasehold for rental purposes, you can deduct an equal part of the cost each year over the term of the lease. Free 2013 federal & state tax preparation on line Travel expenses. Free 2013 federal & state tax preparation on line   You can deduct the ordinary and necessary expenses of traveling away from home if the primary purpose of the trip is to collect rental income or to manage, conserve, or maintain your rental property. Free 2013 federal & state tax preparation on line You must properly allocate your expenses between rental and nonrental activities. Free 2013 federal & state tax preparation on line You cannot deduct the cost of traveling away from home if the primary purpose of the trip is to improve the property. Free 2013 federal & state tax preparation on line The cost of improvements is recovered by taking depreciation. Free 2013 federal & state tax preparation on line For information on travel expenses, see chapter 1 of Publication 463. Free 2013 federal & state tax preparation on line    To deduct travel expenses, you must keep records that follow the rules in chapter 5 of Publication 463. Free 2013 federal & state tax preparation on line Uncollected rent. Free 2013 federal & state tax preparation on line   If you are a cash basis taxpayer, do not deduct uncollected rent. Free 2013 federal & state tax preparation on line Because you have not included it in your income, it is not deductible. Free 2013 federal & state tax preparation on line   If you use an accrual method, report income when you earn it. Free 2013 federal & state tax preparation on line If you are unable to collect the rent, you may be able to deduct it as a business bad debt. Free 2013 federal & state tax preparation on line See chapter 10 of Publication 535 for more information about business bad debts. Free 2013 federal & state tax preparation on line Vacant rental property. Free 2013 federal & state tax preparation on line   If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. Free 2013 federal & state tax preparation on line However, you cannot deduct any loss of rental income for the period the property is vacant. Free 2013 federal & state tax preparation on line Vacant while listed for sale. Free 2013 federal & state tax preparation on line   If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. Free 2013 federal & state tax preparation on line If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses. Free 2013 federal & state tax preparation on line Points The term “points” is often used to describe some of the charges paid, or treated as paid, by a borrower to take out a loan or a mortgage. Free 2013 federal & state tax preparation on line These charges are also called loan origination fees, maximum loan charges, or premium charges. Free 2013 federal & state tax preparation on line Any of these charges (points) that are solely for the use of money are interest. Free 2013 federal & state tax preparation on line Because points are prepaid interest, you generally cannot deduct the full amount in the year paid, but must deduct the interest over the term of the loan. Free 2013 federal & state tax preparation on line The method used to figure the amount of points you can deduct each year follows the original issue discount (OID) rules. Free 2013 federal & state tax preparation on line In this case, points are equivalent to OID, which is the difference between: The amount borrowed (redemption price at maturity, or principal) and The proceeds (issue price). Free 2013 federal & state tax preparation on line The first step is to determine whether your total OID (which you may have on bonds or other investments in addition to the mortgage loan), including the OID resulting from the points, is insignificant or de minimis. Free 2013 federal & state tax preparation on line If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct. Free 2013 federal & state tax preparation on line De minimis OID. Free 2013 federal & state tax preparation on line   The OID is de minimis if it is less than one-fourth of 1% (. Free 2013 federal & state tax preparation on line 0025) of the stated redemption price at maturity (principal amount of the loan) multiplied by the number of full years from the date of original issue to maturity (term of the loan). Free 2013 federal & state tax preparation on line   If the OID is de minimis, you can choose one of the following ways to figure the amount of points you can deduct each year. Free 2013 federal & state tax preparation on line On a constant-yield basis over the term of the loan. Free 2013 federal & state tax preparation on line On a straight line basis over the term of the loan. Free 2013 federal & state tax preparation on line In proportion to stated interest payments. Free 2013 federal & state tax preparation on line In its entirety at maturity of the loan. Free 2013 federal & state tax preparation on line You make this choice by deducting the OID (points) in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. Free 2013 federal & state tax preparation on line Example. Free 2013 federal & state tax preparation on line Carol Madison took out a $100,000 mortgage loan on January 1, 2013, to buy a house she will use as a rental during 2013. Free 2013 federal & state tax preparation on line The loan is to be repaid over 30 years. Free 2013 federal & state tax preparation on line During 2013, Carol paid $10,000 of mortgage interest (stated interest) to the lender. Free 2013 federal & state tax preparation on line When the loan was made, she paid $1,500 in points to the lender. Free 2013 federal & state tax preparation on line The points reduced the principal amount of the loan from $100,000 to $98,500, resulting in $1,500 of OID. Free 2013 federal & state tax preparation on line Carol determines that the points (OID) she paid are de minimis based on the following computation. Free 2013 federal & state tax preparation on line Redemption price at maturity (principal amount of the loan) $100,000 Multiplied by: The term of the  loan in complete years ×30 Multiplied by ×. Free 2013 federal & state tax preparation on line 0025 De minimis amount $7,500 The points (OID) she paid ($1,500) are less than the de minimis amount ($7,500). Free 2013 federal & state tax preparation on line Therefore, Carol has de minimis OID and she can choose one of the four ways discussed earlier to figure the amount she can deduct each year. Free 2013 federal & state tax preparation on line Under the straight line method, she can deduct $50 each year for 30 years. Free 2013 federal & state tax preparation on line Constant-yield method. Free 2013 federal & state tax preparation on line   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. Free 2013 federal & state tax preparation on line   You figure your deduction for the first year in the following manner. Free 2013 federal & state tax preparation on line Determine the issue price of the loan. Free 2013 federal & state tax preparation on line If you paid points on the loan, the issue price generally is the difference between the principal and the points. Free 2013 federal & state tax preparation on line Multiply the result in (1) by the yield to maturity (defined later). Free 2013 federal & state tax preparation on line Subtract any qualified stated interest payments (defined later) from the result in (2). Free 2013 federal & state tax preparation on line This is the OID you can deduct in the first year. Free 2013 federal & state tax preparation on line Yield to maturity (YTM). Free 2013 federal & state tax preparation on line   This rate is generally shown in the literature you receive from your lender. Free 2013 federal & state tax preparation on line If you do not have this information, consult your lender or tax advisor. Free 2013 federal & state tax preparation on line In general, the YTM is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. Free 2013 federal & state tax preparation on line Qualified stated interest (QSI). Free 2013 federal & state tax preparation on line   In general, this is the stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a fixed rate. Free 2013 federal & state tax preparation on line Example—Year 1. Free 2013 federal & state tax preparation on line The facts are the same as in the previous example. Free 2013 federal & state tax preparation on line The yield to maturity on Carol's loan is 10. Free 2013 federal & state tax preparation on line 2467%, compounded annually. Free 2013 federal & state tax preparation on line She figured the amount of points (OID) she could deduct in 2013 as follows. Free 2013 federal & state tax preparation on line Principal amount of the loan $100,000 Minus: Points (OID) –1,500 Issue price of the loan $98,500 Multiplied by: YTM × . Free 2013 federal & state tax preparation on line 102467 Total 10,093 Minus: QSI –10,000 Points (OID) deductible in 2013 $93 To figure your deduction in any subsequent year, you start with the adjusted issue price. Free 2013 federal & state tax preparation on line To get the adjusted issue price, add to the issue price figured in Year 1 any OID previously deducted. Free 2013 federal & state tax preparation on line Then follow steps (2) and (3), earlier. Free 2013 federal & state tax preparation on line Example—Year 2. Free 2013 federal & state tax preparation on line Carol figured the deduction for 2014 as follows. Free 2013 federal & state tax preparation on line Issue price $98,500 Plus: Points (OID) deducted  in 2013 +93 Adjusted issue price $98,593 Multiplied by: YTM × . Free 2013 federal & state tax preparation on line 102467 Total 10,103 Minus: QSI –10,000 Points (OID) deductible in 2014 $103 Loan or mortgage ends. Free 2013 federal & state tax preparation on line    If your loan or mortgage ends, you may be able to deduct any remaining points (OID) in the tax year in which the loan or mortgage ends. Free 2013 federal & state tax preparation on line A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. Free 2013 federal & state tax preparation on line However, if the refinancing is with the same lender, the remaining points (OID) generally are not deductible in the year in which the refinancing occurs, but may be deductible over the term of the new mortgage or loan. Free 2013 federal & state tax preparation on line Points when loan refinance is more than the previous outstanding balance. Free 2013 federal & state tax preparation on line   When you refinance a rental property for more than the previous outstanding balance, the portion of the points allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. Free 2013 federal & state tax preparation on line For example, if an individual refinanced a loan with a balance of $100,000, the amount of the new loan was $120,000, and the taxpayer used $20,000 to purchase a car, points allocable to the $20,000 would be treated as nondeductible personal interest. Free 2013 federal & state tax preparation on line Repairs and Improvements Generally, an expense for repairing or maintaining your rental property may be deducted if you are not required to capitalize the expense. Free 2013 federal & state tax preparation on line Improvements. Free 2013 federal & state tax preparation on line   You must capitalize any expense you pay to improve your rental property. Free 2013 federal & state tax preparation on line An expense is for an improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. Free 2013 federal & state tax preparation on line Betterments. Free 2013 federal & state tax preparation on line   Expenses that may result in a betterment to your property include expenses for fixing a pre-existing defect or condition, enlarging or expanding your property, or increasing the capacity, strength, or quality of your property. Free 2013 federal & state tax preparation on line Restoration. Free 2013 federal & state tax preparation on line   Expenses that may be for restoration include expenses for replacing a substantial structural part of your property, repairing damage to your property after you properly adjusted the basis of your property as a result of a casualty loss, or rebuilding your property to a like-new condition. Free 2013 federal & state tax preparation on line Adaptation. Free 2013 federal & state tax preparation on line   Expenses that may be for adaptation include expenses for altering your property to a use that is not consistent with the intended ordinary use of your property when you began renting the property. Free 2013 federal & state tax preparation on line Separate the costs of repairs and improvements, and keep accurate records. Free 2013 federal & state tax preparation on line You will need to know the cost of improvements when you sell or depreciate your property. Free 2013 federal & state tax preparation on line The expenses you capitalize for improving your property can generally be depreciated as if the improvement were separate property. Free 2013 federal & state tax preparation on line Table 1-1. Free 2013 federal & state tax preparation on line Examples of Improvements Additions Bedroom Bathroom Deck Garage Porch Patio  Lawn & Grounds Landscaping Driveway Walkway Fence Retaining wall Sprinkler system Swimming pool Miscellaneous Storm windows, doors New roof Central vacuum Wiring upgrades Satellite dish Security system   Heating & Air Conditioning Heating system Central air conditioning Furnace Duct work Central humidifier Filtration system Plumbing Septic system Water heater Soft water system Filtration system  Interior Improvements Built-in appliances Kitchen modernization Flooring Wall-to-wall carpeting  Insulation Attic Walls, floor Pipes, duct work Prev  Up  Next   Home   More Online Publications
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Tax Information for Contributors

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A searchable database of organizations eligible to receive tax-deductible charitable contributions.

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A short course to help charities and contributors understand what is a deductible charitable contribution and what is not. Also covers amount and types of deductible contributions, what records to keep and how to report contributions.

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YouTube video on Charitable Contributions.

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Special Charitable Contributions for Certain IRA Owners
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Form 990 Resources and Tools for the General Public
Form 990 Resources and Tools for the General Public

Page Last Reviewed or Updated: 30-Mar-2014

The Free 2013 Federal & State Tax Preparation On Line

Free 2013 federal & state tax preparation on line 5. Free 2013 federal & state tax preparation on line   How To Get Tax Help Table of Contents Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Free 2013 federal & state tax preparation on line Free help with your tax return. Free 2013 federal & state tax preparation on line   You can get free help preparing your return nationwide from IRS-certified volunteers. Free 2013 federal & state tax preparation on line The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Free 2013 federal & state tax preparation on line The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free 2013 federal & state tax preparation on line Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Free 2013 federal & state tax preparation on line In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Free 2013 federal & state tax preparation on line To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Free 2013 federal & state tax preparation on line gov, download the IRS2Go app, or call 1-800-906-9887. Free 2013 federal & state tax preparation on line   As part of the TCE program, AARP offers the Tax-Aide counseling program. Free 2013 federal & state tax preparation on line To find the nearest AARP Tax-Aide site, visit AARP's website at www. Free 2013 federal & state tax preparation on line aarp. Free 2013 federal & state tax preparation on line org/money/taxaide or call 1-888-227-7669. Free 2013 federal & state tax preparation on line For more information on these programs, go to IRS. Free 2013 federal & state tax preparation on line gov and enter “VITA” in the search box. Free 2013 federal & state tax preparation on line Internet. Free 2013 federal & state tax preparation on line    IRS. Free 2013 federal & state tax preparation on line gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Free 2013 federal & state tax preparation on line Download the free IRS2Go app from the iTunes app store or from Google Play. Free 2013 federal & state tax preparation on line Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Free 2013 federal & state tax preparation on line Check the status of your 2013 refund with the Where's My Refund? application on IRS. Free 2013 federal & state tax preparation on line gov or download the IRS2Go app and select the Refund Status option. Free 2013 federal & state tax preparation on line The IRS issues more than 9 out of 10 refunds in less than 21 days. Free 2013 federal & state tax preparation on line Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Free 2013 federal & state tax preparation on line You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free 2013 federal & state tax preparation on line The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free 2013 federal & state tax preparation on line Use the Interactive Tax Assistant (ITA) to research your tax questions. Free 2013 federal & state tax preparation on line No need to wait on the phone or stand in line. Free 2013 federal & state tax preparation on line The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Free 2013 federal & state tax preparation on line When you reach the response screen, you can print the entire interview and the final response for your records. Free 2013 federal & state tax preparation on line New subject areas are added on a regular basis. Free 2013 federal & state tax preparation on line  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Free 2013 federal & state tax preparation on line gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Free 2013 federal & state tax preparation on line You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Free 2013 federal & state tax preparation on line The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Free 2013 federal & state tax preparation on line When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Free 2013 federal & state tax preparation on line Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Free 2013 federal & state tax preparation on line You can also ask the IRS to mail a return or an account transcript to you. Free 2013 federal & state tax preparation on line Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Free 2013 federal & state tax preparation on line gov or by calling 1-800-908-9946. Free 2013 federal & state tax preparation on line Tax return and tax account transcripts are generally available for the current year and the past three years. Free 2013 federal & state tax preparation on line Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Free 2013 federal & state tax preparation on line Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Free 2013 federal & state tax preparation on line If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Free 2013 federal & state tax preparation on line Check the status of your amended return using Where's My Amended Return? Go to IRS. Free 2013 federal & state tax preparation on line gov and enter Where's My Amended Return? in the search box. Free 2013 federal & state tax preparation on line You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free 2013 federal & state tax preparation on line It can take up to 3 weeks from the date you mailed it to show up in our system. Free 2013 federal & state tax preparation on line Make a payment using one of several safe and convenient electronic payment options available on IRS. Free 2013 federal & state tax preparation on line gov. Free 2013 federal & state tax preparation on line Select the Payment tab on the front page of IRS. Free 2013 federal & state tax preparation on line gov for more information. Free 2013 federal & state tax preparation on line Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Free 2013 federal & state tax preparation on line Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free 2013 federal & state tax preparation on line gov. Free 2013 federal & state tax preparation on line Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Free 2013 federal & state tax preparation on line Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free 2013 federal & state tax preparation on line gov. Free 2013 federal & state tax preparation on line Request an Electronic Filing PIN by going to IRS. Free 2013 federal & state tax preparation on line gov and entering Electronic Filing PIN in the search box. Free 2013 federal & state tax preparation on line Download forms, instructions and publications, including accessible versions for people with disabilities. Free 2013 federal & state tax preparation on line Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Free 2013 federal & state tax preparation on line gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Free 2013 federal & state tax preparation on line An employee can answer questions about your tax account or help you set up a payment plan. Free 2013 federal & state tax preparation on line Before you visit, check the Office Locator on IRS. Free 2013 federal & state tax preparation on line gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Free 2013 federal & state tax preparation on line If you have a special need, such as a disability, you can request an appointment. Free 2013 federal & state tax preparation on line Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free 2013 federal & state tax preparation on line Apply for an Employer Identification Number (EIN). Free 2013 federal & state tax preparation on line Go to IRS. Free 2013 federal & state tax preparation on line gov and enter Apply for an EIN in the search box. Free 2013 federal & state tax preparation on line Read the Internal Revenue Code, regulations, or other official guidance. Free 2013 federal & state tax preparation on line Read Internal Revenue Bulletins. Free 2013 federal & state tax preparation on line Sign up to receive local and national tax news and more by email. Free 2013 federal & state tax preparation on line Just click on “subscriptions” above the search box on IRS. Free 2013 federal & state tax preparation on line gov and choose from a variety of options. Free 2013 federal & state tax preparation on line Phone. Free 2013 federal & state tax preparation on line   You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free 2013 federal & state tax preparation on line Download the free IRS2Go app from the iTunes app store or from Google Play. Free 2013 federal & state tax preparation on line Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Free 2013 federal & state tax preparation on line gov, or download the IRS2Go app. Free 2013 federal & state tax preparation on line Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Free 2013 federal & state tax preparation on line The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free 2013 federal & state tax preparation on line Most VITA and TCE sites offer free electronic filing. Free 2013 federal & state tax preparation on line Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free 2013 federal & state tax preparation on line Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free 2013 federal & state tax preparation on line Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Free 2013 federal & state tax preparation on line If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free 2013 federal & state tax preparation on line The IRS issues more than 9 out of 10 refunds in less than 21 days. Free 2013 federal & state tax preparation on line Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free 2013 federal & state tax preparation on line Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Free 2013 federal & state tax preparation on line The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free 2013 federal & state tax preparation on line Note, the above information is for our automated hotline. Free 2013 federal & state tax preparation on line Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Free 2013 federal & state tax preparation on line Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free 2013 federal & state tax preparation on line You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free 2013 federal & state tax preparation on line It can take up to 3 weeks from the date you mailed it to show up in our system. Free 2013 federal & state tax preparation on line Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Free 2013 federal & state tax preparation on line You should receive your order within 10 business days. Free 2013 federal & state tax preparation on line Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Free 2013 federal & state tax preparation on line If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Free 2013 federal & state tax preparation on line Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free 2013 federal & state tax preparation on line The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free 2013 federal & state tax preparation on line These individuals can also contact the IRS through relay services such as the Federal Relay Service. Free 2013 federal & state tax preparation on line Walk-in. Free 2013 federal & state tax preparation on line   You can find a selection of forms, publications and services — in-person. Free 2013 federal & state tax preparation on line Products. Free 2013 federal & state tax preparation on line You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Free 2013 federal & state tax preparation on line Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Free 2013 federal & state tax preparation on line Services. Free 2013 federal & state tax preparation on line You can walk in to your local TAC for face-to-face tax help. Free 2013 federal & state tax preparation on line An employee can answer questions about your tax account or help you set up a payment plan. Free 2013 federal & state tax preparation on line Before visiting, use the Office Locator tool on IRS. Free 2013 federal & state tax preparation on line gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Free 2013 federal & state tax preparation on line Mail. Free 2013 federal & state tax preparation on line   You can send your order for forms, instructions, and publications to the address below. Free 2013 federal & state tax preparation on line You should receive a response within 10 business days after your request is received. Free 2013 federal & state tax preparation on line Internal Revenue Service 1201 N. Free 2013 federal & state tax preparation on line Mitsubishi Motorway Bloomington, IL 61705-6613   The Taxpayer Advocate Service Is Here to Help You. Free 2013 federal & state tax preparation on line The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free 2013 federal & state tax preparation on line Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free 2013 federal & state tax preparation on line   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Free 2013 federal & state tax preparation on line We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Free 2013 federal & state tax preparation on line You face (or your business is facing) an immediate threat of adverse action. Free 2013 federal & state tax preparation on line You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free 2013 federal & state tax preparation on line   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Free 2013 federal & state tax preparation on line Here's why we can help: TAS is an independent organization within the IRS. Free 2013 federal & state tax preparation on line Our advocates know how to work with the IRS. Free 2013 federal & state tax preparation on line Our services are free and tailored to meet your needs. Free 2013 federal & state tax preparation on line We have offices in every state, the District of Columbia, and Puerto Rico. Free 2013 federal & state tax preparation on line   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Free 2013 federal & state tax preparation on line   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free 2013 federal & state tax preparation on line If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Free 2013 federal & state tax preparation on line Prev  Up  Next   Home   More Online Publications