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Free Online State Tax Return

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Free Online State Tax Return

Free online state tax return Part Six -   Cómo Calcular los Impuestos y Créditos Los ocho capítulos de esta sección explican cómo calcular sus impuestos y cómo calcular los impuestos de determinados hijos con ingresos no derivados del trabajo de $2,000 o más. Free online state tax return Explican también créditos tributarios que, a diferencia de las deducciones, se restan directamente de los impuestos y los disminuyen, dólar por dólar. Free online state tax return El capítulo 36 trata sobre el crédito por ingreso del trabajo y el capítulo 37 abarca una amplia gama de otros créditos, como por ejemplo, el crédito por adopción. Free online state tax return Table of Contents 30. Free online state tax return   Cómo Calcular los ImpuestosIntroduction Cómo Calcular los Impuestos Impuesto Mínimo Alternativo (AMT) Impuestos Calculados por el IRS Cómo Presentar la Declaración 31. Free online state tax return   Impuesto sobre Ingresos No Derivados del Trabajo de Determinados Hijos¿Que Hay de Nuevo? Introduction Useful Items - You may want to see: Cómo Saber si se Tiene que Utilizar la Declaración del Padre o de la MadrePadres que no Presentan la Declaración Conjunta Elección de los Padres de Declarar los Intereses y Dividendos del HijoConsecuencias de Incluir los Ingresos del Hijo Cómo Calcular los Ingresos del Hijo Cómo Calcular el Impuesto Adicional Impuesto para Determinados Hijos con Ingresos No Derivados del TrabajoCómo Facilitar Información sobre los Padres (líneas A-C del Formulario 8615) Paso 1. Free online state tax return Cómo Calcular los Ingresos Netos No Derivados del Trabajo del Hijo (Parte I del Formulario 8615) Paso 2. Free online state tax return Cómo Calcular el Impuesto Provisional a la Tasa Impositiva de los Padres (Parte II del Formulario 8615) Paso 3. Free online state tax return Cómo Calcular el Impuesto del Hijo (Parte III del Formulario 8615) 32. Free online state tax return   Crédito por Gastos del Cuidado de Menores y DependientesRecordatorios Introduction Useful Items - You may want to see: Requisitos Para Reclamar el CréditoRequisitos de la Persona Calificada Requisito del Ingreso del Trabajo Requisito de Gastos Relacionados con el Trabajo Requisito de la Declaración Conjunta Requisito de Identificación del Proveedor de Cuidados Cómo Calcular el CréditoCómo Calcular el Total de los Gastos Relacionados con el Trabajo Límite del Ingreso del Trabajo Límite de Dinero Cantidad de Crédito Cómo Reclamar el CréditoCrédito tributario no reembolsable. Free online state tax return Impuestos sobre la Nómina para Empleadores de Empleados Domésticos 33. Free online state tax return   Crédito para Ancianos o Personas IncapacitadasIntroduction Useful Items - You may want to see: ¿Reúne los Requisitos del Crédito?Persona que Reúne los Requisitos Límites sobre los Ingresos Cómo Reclamar el CréditoEl Crédito Calculado por el IRS El Crédito Calculado por Usted Mismo 34. Free online state tax return   Crédito Tributario por HijosIntroduction Useful Items - You may want to see: Hijo Calificado Cantidad de CréditoLímites del Crédito Cómo Reclamar el Crédito Crédito Tributario Adicional por Hijos Cómo Completar el Anexo 8812 (Formulario 1040A o Formulario 1040)Parte I Partes II a IV 35. Free online state tax return   Créditos Tributarios por EstudiosIntroduction Useful Items - You may want to see: ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Gastos de Estudios CalificadosNo se Permite Beneficio Doble Ajustes a los Gastos de Estudios Calificados 36. Free online state tax return   Crédito por Ingreso del Trabajo (EIC) Qué Hay de Nuevo Recordatorios Introduction Useful Items - You may want to see: ¿Reúne los Requisitos para el Crédito?Si se Hizo una Solicitud Indebida del Crédito en un Año Anterior Parte A. Free online state tax return Requisitos para TodosRequisito 1. Free online state tax return Tiene que Tener Ingresos Brutos Ajustados Inferiores a: Requisito 2. Free online state tax return Tiene que tener un número de Seguro Social válido Requisito 3. Free online state tax return Su Estado Civil para Efectos de la Declaración no Puede Ser Casado que Presenta la Declaración por Separado Requisito 4. Free online state tax return Tiene que Ser Ciudadano o Extranjero Residente de los Estados Unidos Durante Todo el Año Requisito 5. Free online state tax return No Puede Presentar el Formulario 2555 ni el Formulario 2555-EZ Requisito 6. Free online state tax return Tiene que Tener Ingresos de Inversiones de $3,300 o Menos Requisito 7. Free online state tax return Tiene que Haber Recibido Ingresos del Trabajo Parte B. Free online state tax return Requisitos si Tiene un Hijo CalificadoRequisito 8. Free online state tax return Su Hijo Tiene que Cumplir los Requisitos de Parentesco, Edad, Residencia y de la Declaración Conjunta Requisito 9. Free online state tax return Para Reclamar el Crédito por Ingreso del Trabajo, Sólo una Persona Puede Basarse en el Hijo Calificado de Usted Requisito 10. Free online state tax return Otro Contribuyente no Puede Reclamarlo a Usted como Hijo Calificado Parte C. Free online state tax return Requisitos si no Tiene un Hijo CalificadoRequisito 11. Free online state tax return Tiene que Tener por lo Menos 25 Años pero Menos de 65 Años Requisito 12. Free online state tax return No Puede Ser el Dependiente de Otra Persona Requisito 13. Free online state tax return Otro Contribuyente no Puede Reclamarlo a Usted como Hijo Calificado Requisito 14. Free online state tax return Tiene que Haber Vivido en los Estados Unidos durante más de la Mitad del Año Parte D. Free online state tax return Cómo Calcular y Reclamar el Crédito por Ingreso del TrabajoRequisito 15. Free online state tax return Su Ingreso del Trabajo Tiene que Ser Menos de: El IRS Puede Calcularle el Crédito por Ingreso del Trabajo Cómo Calcular Usted Mismo el Crédito por Ingreso del Trabajo EjemplosEjemplo 1. Free online state tax return Juan y Julia Martínez (Formulario 1040A) Ejemplo 2. Free online state tax return Carla Robles (Formulario 1040EZ) 37. Free online state tax return   Otros CréditosQué Hay de Nuevo Introduction Useful Items - You may want to see: Créditos no ReembolsablesCrédito por Adopción Crédito por Vehículo Motorizado Alternativo Crédito por Bienes de Reabastecimiento de Vehículos con Combustible Alternativo Crédito para Titulares de Bonos de Crédito Tributario Crédito por Impuestos Extranjeros Crédito por Intereses Hipotecarios Crédito no Reembolsable del Impuesto Mínimo de Años Anteriores Crédito por Vehículos Enchufables con Motor de Dirección Eléctrica Créditos por Energía de la Propiedad Residencial Crédito por Aportaciones a Cuentas de Ahorro para la Jubilación (Crédito del Ahorrador) Créditos ReembolsablesCrédito por el Impuesto sobre Ganancias de Capital no Distribuidas Crédito Tributario por Cobertura del Seguro Médico Crédito por Retención en Exceso del Impuesto del Seguro Social o del Impuesto de la Jubilación Ferroviaria Prev  Up  Next   Home   More Online Publications
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Tax Exempt Bonds Forms and Publications

Forms used by the tax-exempt bond community and useful publications relating to tax-exempt bonds.

The freely available Adobe Acrobat Reader software is required to view, print, and search the items below.

Forms

Name

Title

Version

Separate Instructions

Form 8038

Information Return for Tax-Exempt Private Activity Bond Issues

04-2011

Yes

Form 8038-G Information Return for Government Purpose Tax-Exempt Bond Issues

09-2011

Yes

Form 8038-GC Consolidated Information Return for Small Tax-Exempt Government Bond Issues

01-2012

No

Form 8038-B Information Return for Build America Bonds and Recovery Zone Economic Development Bonds

01-2010

Yes

Form 8038-TC Information Return for Tax Credit Bonds and Specified Tax Credit Bonds

11-2012

Yes

Form 8038-CP Credit for Qualified Bonds Allowed to Issuer

01-2012

Yes

Form 8038-T

Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate

04-2011

Yes

Form 8038-R Request for Recovery of Overpayment Under Arbitrage Rebate Provisions

04-2011

No

Form 8328 Carryforward Election of Unused Private Activity Bond Volume Cap

09-2011

No

Form 8703 Annual Certification of a Residential Rental Project

09-2013

No

Form 990, Schedule K Supplemental Information on Tax-Exempt Bonds

2013

Yes

Form 14429 Tax Exempt Bonds Voluntary Closing Agreement Program Request 03-2013 No

 

Publications

Name

Title

Version

Publication 1-TEB Understanding the Tax Exempt Bonds Examination Process 07-2011
Publication 3755 Tax Exempt Bonds-Filing Requirements 05-2001
Publication 4077 Tax-Exempt Bonds for 501(c)(3) Charitable Organizations / Compliance Guide

09-2005

Publication 4078 Tax-Exempt Private Activity Bonds / Compliance Guide 

09-2005

Publication 4079

Tax-Exempt Governmental Bonds / Compliance Guide

09-2005

Publication 5005 Your Responsibilities as a Conduit Issuer of Tax-Exempt Bonds

04-2012

Publication 5091 Voluntary Compliance for Tax-Exempt and Tax-Credit Bonds 06-2013
Page Last Reviewed or Updated: 26-Mar-2014

The Free Online State Tax Return

Free online state tax return 3. Free online state tax return   Reporting Rental Income, Expenses, and Losses Table of Contents Which Forms To UseSchedule E (Form 1040) Schedule C (Form 1040), Profit or Loss From Business Qualified Joint Venture Limits on Rental LossesAt-Risk Rules Passive Activity Limits Casualties and Thefts Example Figuring the net income or loss for a residential rental activity may involve more than just listing the income and deductions on Schedule E (Form 1040). Free online state tax return There are activities which do not qualify to use Schedule E, such as when the activity is not engaged in to make a profit or when you provide substantial services in conjunction with the property. Free online state tax return There are also the limitations which may need to be applied if you have a net loss on Schedule E. Free online state tax return There are two: (1) the limitation based on the amount of investment you have at risk in your rental activity, and (2) the special limits imposed on passive activities. Free online state tax return You may also have a gain or loss related to your rental property from a casualty or theft. Free online state tax return This is considered separately from the income and expense information you report on Schedule E. Free online state tax return Which Forms To Use The basic form for reporting residential rental income and expenses is Schedule E (Form 1040). Free online state tax return However, do not use that schedule to report a not-for-profit activity. Free online state tax return See Not Rented for Profit , in chapter 4. Free online state tax return There are also other rental situations in which forms other than Schedule E would be used. Free online state tax return Schedule E (Form 1040) If you rent buildings, rooms, or apartments, and provide basic services such as heat and light, trash collection, etc. Free online state tax return , you normally report your rental income and expenses on Schedule E, Part I. Free online state tax return List your total income, expenses, and depreciation for each rental property. Free online state tax return Be sure to enter the number of fair rental and personal use days on line 2. Free online state tax return If you have more than three rental or royalty properties, complete and attach as many Schedules E as are needed to list the properties. Free online state tax return Complete lines 1 and 2 for each property. Free online state tax return However, fill in lines 23a through 26 on only one Schedule E. Free online state tax return On Schedule E, page 1, line 18, enter the depreciation you are claiming for each property. Free online state tax return To find out if you need to attach Form 4562, see Form 4562 , later. Free online state tax return If you have a loss from your rental real estate activity, you also may need to complete one or both of the following forms. Free online state tax return Form 6198, At-Risk Limitations. Free online state tax return See At-Risk Rules , later. Free online state tax return Also see Publication 925. Free online state tax return Form 8582, Passive Activity Loss Limitations. Free online state tax return See Passive Activity Limits , later. Free online state tax return Page 2 of Schedule E is used to report income or loss from partnerships, S corporations, estates, trusts, and real estate mortgage investment conduits. Free online state tax return If you need to use page 2 of Schedule E, be sure to use page 2 of the same Schedule E you used to enter your rental activity on page 1. Free online state tax return Also, include the amount from line 26 (Part I) in the “Total income or (loss)” on line 41 (Part V). Free online state tax return Form 4562. Free online state tax return   You must complete and attach Form 4562 for rental activities only if you are claiming: Depreciation, including the special depreciation allowance, on property placed in service during 2013; Depreciation on listed property (such as a car), regardless of when it was placed in service; or Any other car expenses, including the standard mileage rate or lease expenses. Free online state tax return Otherwise, figure your depreciation on your own worksheet. Free online state tax return You do not have to attach these computations to your return, but you should keep them in your records for future reference. Free online state tax return   See Publication 946 for information on preparing Form 4562. Free online state tax return Schedule C (Form 1040), Profit or Loss From Business Generally, Schedule C is used when you provide substantial services in conjunction with the property or the rental is part of a trade or business as a real estate dealer. Free online state tax return Providing substantial services. Free online state tax return   If you provide substantial services that are primarily for your tenant's convenience, such as regular cleaning, changing linen, or maid service, you report your rental income and expenses on Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business. Free online state tax return Use Form 1065, U. Free online state tax return S. Free online state tax return Return of Partnership Income, if your rental activity is a partnership (including a partnership with your spouse unless it is a qualified joint venture). Free online state tax return Substantial services do not include the furnishing of heat and light, cleaning of public areas, trash collection, etc. Free online state tax return For information, see Publication 334, Tax Guide for Small Business. Free online state tax return Also, you may have to pay self-employment tax on your rental income using Schedule SE (Form 1040), Self-Employment Tax. Free online state tax return For a discussion of “substantial services,” see Real Estate Rents in Publication 334, chapter 5. Free online state tax return Qualified Joint Venture If you and your spouse each materially participate (see Material participation under Passive Activity Limits, later) as the only members of a jointly owned and operated real estate business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership. Free online state tax return This election, in most cases, will not increase the total tax owed on the joint return, but it does give each of you credit for social security earnings on which retirement benefits are based and for Medicare coverage if your rental income is subject to self-employment tax. Free online state tax return If you make this election, you must report rental real estate income on Schedule E (or Schedule C if you provide substantial services). Free online state tax return You will not be required to file Form 1065 for any year the election is in effect. Free online state tax return Rental real estate income generally is not included in net earnings from self-employment subject to self-employment tax and generally is subject to the passive activity limits. Free online state tax return If you and your spouse filed a Form 1065 for the year prior to the election, the partnership terminates at the end of the tax year immediately preceding the year the election takes effect. Free online state tax return For more information on qualified joint ventures, go to IRS. Free online state tax return gov and enter “qualified joint venture” in the search box. Free online state tax return Limits on Rental Losses If you have a loss from your rental real estate activity, two sets of rules may limit the amount of loss you can deduct. Free online state tax return You must consider these rules in the order shown below. Free online state tax return Both are discussed in this section. Free online state tax return At-risk rules. Free online state tax return These rules are applied first if there is investment in your rental real estate activity for which you are not at risk. Free online state tax return This applies only if the real property was placed in service after 1986. Free online state tax return Passive activity limits. Free online state tax return Generally, rental real estate activities are considered passive activities and losses are not deductible unless you have income from other passive activities to offset them. Free online state tax return However, there are exceptions. Free online state tax return At-Risk Rules You may be subject to the at-risk rules if you have: A loss from an activity carried on as a trade or business or for the production of income, and Amounts invested in the activity for which you are not fully at risk. Free online state tax return Losses from holding real property (other than mineral property) placed in service before 1987 are not subject to the at-risk rules. Free online state tax return In most cases, any loss from an activity subject to the at-risk rules is allowed only to the extent of the total amount you have at risk in the activity at the end of the tax year. Free online state tax return You are considered at risk in an activity to the extent of cash and the adjusted basis of other property you contributed to the activity and certain amounts borrowed for use in the activity. Free online state tax return Any loss that is disallowed because of the at-risk limits is treated as a deduction from the same activity in the next tax year. Free online state tax return See Publication 925 for a discussion of the at-risk rules. Free online state tax return Form 6198. Free online state tax return   If you are subject to the at-risk rules, file Form 6198, At-Risk Limitations, with your tax return. Free online state tax return Passive Activity Limits In most cases, all rental real estate activities (except those of certain real estate professionals, discussed later) are passive activities. Free online state tax return For this purpose, a rental activity is an activity from which you receive income mainly for the use of tangible property, rather than for services. Free online state tax return For a discussion of activities that are not considered rental activities, see Rental Activities in Publication 925. Free online state tax return Deductions or losses from passive activities are limited. Free online state tax return You generally cannot offset income, other than passive income, with losses from passive activities. Free online state tax return Nor can you offset taxes on income, other than passive income, with credits resulting from passive activities. Free online state tax return Any excess loss or credit is carried forward to the next tax year. Free online state tax return Exceptions to the rules for figuring passive activity limits for personal use of a dwelling unit and for rental real estate with active participation are discussed later. Free online state tax return For a detailed discussion of these rules, see Publication 925. Free online state tax return Real estate professionals. Free online state tax return   If you are a real estate professional, complete line 43 of Schedule E. Free online state tax return      You qualify as a real estate professional for the tax year if you meet both of the following requirements. Free online state tax return More than half of the personal services you perform in all trades or businesses during the tax year are performed in real property trades or businesses in which you materially participate. Free online state tax return You perform more than 750 hours of services during the tax year in real property trades or businesses in which you materially participate. Free online state tax return If you qualify as a real estate professional, rental real estate activities in which you materially participated are not passive activities. Free online state tax return For purposes of determining whether you materially participated in your rental real estate activities, each interest in rental real estate is a separate activity unless you elect to treat all your interests in rental real estate as one activity. Free online state tax return   Do not count personal services you perform as an employee in real property trades or businesses unless you are a 5% owner of your employer. Free online state tax return You are a 5% owner if you own (or are considered to own) more than 5% of your employer's outstanding stock, or capital or profits interest. Free online state tax return   Do not count your spouse's personal services to determine whether you met the requirements listed earlier to qualify as a real estate professional. Free online state tax return However, you can count your spouse's participation in an activity in determining if you materially participated. Free online state tax return Real property trades or businesses. Free online state tax return   A real property trade or business is a trade or business that does any of the following with real property. Free online state tax return Develops or redevelops it. Free online state tax return Constructs or reconstructs it. Free online state tax return Acquires it. Free online state tax return Converts it. Free online state tax return Rents or leases it. Free online state tax return Operates or manages it. Free online state tax return Brokers it. Free online state tax return Choice to treat all interests as one activity. Free online state tax return   If you were a real estate professional and had more than one rental real estate interest during the year, you can choose to treat all the interests as one activity. Free online state tax return You can make this choice for any year that you qualify as a real estate professional. Free online state tax return If you forgo making the choice for one year, you can still make it for a later year. Free online state tax return   If you make the choice, it is binding for the tax year you make it and for any later year that you are a real estate professional. Free online state tax return This is true even if you are not a real estate professional in any intervening year. Free online state tax return (For that year, the exception for real estate professionals will not apply in determining whether your activity is subject to the passive activity rules. Free online state tax return )   See the Instructions for Schedule E for information about making this choice. Free online state tax return Material participation. Free online state tax return   Generally, you materially participated in an activity for the tax year if you were involved in its operations on a regular, continuous, and substantial basis during the year. Free online state tax return For details, see Publication 925 or the Instructions for Schedule C. Free online state tax return Participating spouse. Free online state tax return   If you are married, determine whether you materially participated in an activity by also counting any participation in the activity by your spouse during the year. Free online state tax return Do this even if your spouse owns no interest in the activity or files a separate return for the year. Free online state tax return Form 8582. Free online state tax return    You may have to complete Form 8582 to figure the amount of any passive activity loss for the current tax year for all activities and the amount of the passive activity loss allowed on your tax return. Free online state tax return See Form 8582 not required , later in this chapter, to determine if you must complete Form 8582. Free online state tax return   If you are required to complete Form 8582 and are also subject to the at-risk rules, include the amount from Form 6198, line 21 (deductible loss) in column (b) of Form 8582, Worksheet 1 or 3, as required. Free online state tax return Exception for Personal Use of Dwelling Unit If you used the rental property as a home during the year, any income, deductions, gain, or loss allocable to such use shall not be taken into account for purposes of the passive activity loss limitation. Free online state tax return Instead, follow the rules explained in chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Free online state tax return Exception for Rental Real Estate With Active Participation If you or your spouse actively participated in a passive rental real estate activity, you may be able to deduct up to $25,000 of loss from the activity from your nonpassive income. Free online state tax return This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities. Free online state tax return Similarly, you may be able to offset credits from the activity against the tax on up to $25,000 of nonpassive income after taking into account any losses allowed under this exception. Free online state tax return Example. Free online state tax return Jane is single and has $40,000 in wages, $2,000 of passive income from a limited partnership, and $3,500 of passive loss from a rental real estate activity in which she actively participated. Free online state tax return $2,000 of Jane's $3,500 loss offsets her passive income. Free online state tax return The remaining $1,500 loss can be deducted from her $40,000 wages. Free online state tax return The special allowance is not available if you were married, lived with your spouse at any time during the year, and are filing a separate return. Free online state tax return Active participation. Free online state tax return   You actively participated in a rental real estate activity if you (and your spouse) owned at least 10% of the rental property and you made management decisions or arranged for others to provide services (such as repairs) in a significant and bona fide sense. Free online state tax return Management decisions that may count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and other similar decisions. Free online state tax return Example. Free online state tax return Mike is single and had the following income and losses during the tax year:   Salary $42,300     Dividends 300     Interest 1,400     Rental loss (4,000)   The rental loss was from the rental of a house Mike owned. Free online state tax return Mike had advertised and rented the house to the current tenant himself. Free online state tax return He also collected the rents, which usually came by mail. Free online state tax return All repairs were either made or contracted out by Mike. Free online state tax return Although the rental loss is from a passive activity, because Mike actively participated in the rental property management he can use the entire $4,000 loss to offset his other income. Free online state tax return Maximum special allowance. Free online state tax return   The maximum special allowance is: $25,000 for single individuals and married individuals filing a joint return for the tax year, $12,500 for married individuals who file separate returns for the tax year and lived apart from their spouses at all times during the tax year, and $25,000 for a qualifying estate reduced by the special allowance for which the surviving spouse qualified. Free online state tax return   If your modified adjusted gross income (MAGI) is $100,000 or less ($50,000 or less if married filing separately), you can deduct your loss up to the amount specified above. Free online state tax return If your MAGI is more than $100,000 (more than $50,000 if married filing separately), your special allowance is limited to 50% of the difference between $150,000 ($75,000 if married filing separately) and your MAGI. Free online state tax return   Generally, if your MAGI is $150,000 or more ($75,000 or more if you are married filing separately), there is no special allowance. Free online state tax return Modified adjusted gross income (MAGI). Free online state tax return   This is your adjusted gross income from Form 1040, U. Free online state tax return S. Free online state tax return Individual Income Tax Return, line 38, or Form 1040NR, U. Free online state tax return S. Free online state tax return Nonresident Alien Income Tax Return, line 37, figured without taking into account: The taxable amount of social security or equivalent tier 1 railroad retirement benefits, The deductible contributions to traditional individual retirement accounts (IRAs) and section 501(c)(18) pension plans, The exclusion from income of interest from Series EE and I U. Free online state tax return S. Free online state tax return savings bonds used to pay higher educational expenses, The exclusion of amounts received under an employer's adoption assistance program, Any passive activity income or loss included on Form 8582, Any rental real estate loss allowed to real estate professionals, Any overall loss from a publicly traded partnership (see Publicly Traded Partnerships (PTPs) in the Instructions for Form 8582), The deduction allowed for one-half of self-employment tax, The deduction allowed for interest paid on student loans, The deduction for qualified tuition and related fees, and The domestic production activities deduction (see the Instructions for Form 8903). Free online state tax return Form 8582 not required. Free online state tax return   Do not complete Form 8582 if you meet all of the following conditions. Free online state tax return Your only passive activities were rental real estate activities in which you actively participated. Free online state tax return Your overall net loss from these activities is $25,000 or less ($12,500 or less if married filing separately and you lived apart from your spouse all year). Free online state tax return If married filing separately, you lived apart from your spouse all year. Free online state tax return You have no prior year unallowed losses from these (or any other passive) activities. Free online state tax return You have no current or prior year unallowed credits from passive activities. Free online state tax return Your MAGI is $100,000 or less ($50,000 or less if married filing separately and you lived apart from your spouse all year). Free online state tax return You do not hold any interest in a rental real estate activity as a limited partner or as a beneficiary of an estate or a trust. Free online state tax return   If you meet all of the conditions listed above, your rental real estate activities are not limited by the passive activity rules and you do not have to complete Form 8582. Free online state tax return On lines 23a through 23e of your Schedule E, enter the applicable amounts. Free online state tax return Casualties and Thefts As a result of a casualty or theft, you may have a loss related to your rental property. Free online state tax return You may be able to deduct the loss on your income tax return. Free online state tax return Casualty. Free online state tax return   This is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. Free online state tax return Such events include a storm, fire, or earthquake. Free online state tax return Theft. Free online state tax return   This is defined as the unlawful taking and removing of your money or property with the intent to deprive you of it. Free online state tax return Gain from casualty or theft. Free online state tax return   It is also possible to have a gain from a casualty or theft if you receive money, including insurance, that is more than your adjusted basis in the property. Free online state tax return Generally, you must report this gain. Free online state tax return However, under certain circumstances, you may defer paying tax by choosing to postpone reporting the gain. Free online state tax return To do this, you generally must buy replacement property within 2 years after the close of the first tax year in which any part of your gain is realized. Free online state tax return In certain circumstances, the replacement period can be greater than 2 years; see Replacement Period in Publication 547 for more information. Free online state tax return The cost of the replacement property must be equal to or more than the net insurance or other payment you received. Free online state tax return More information. Free online state tax return   For information on business and nonbusiness casualty and theft losses, see Publication 547. Free online state tax return How to report. Free online state tax return    If you had a casualty or theft that involved property used in your rental activity, figure the net gain or loss in Section B of Form 4684, Casualties and Thefts. Free online state tax return Follow the Instructions for Form 4684 for where to carry your net gain or loss. Free online state tax return Example In February 2008, Marie Pfister bought a rental house for $135,000 (house $120,000 and land $15,000) and immediately began renting it out. Free online state tax return In 2013, she rented it all 12 months for a monthly rental fee of $1,125. Free online state tax return In addition to her rental income of $13,500 (12 x $1,125), Marie had the following expenses. Free online state tax return Mortgage interest $8,000 Fire insurance (1-year policy) 250 Miscellaneous repairs 400 Real estate taxes imposed and paid 500 Maintenance 200 Marie depreciates the residential rental property under MACRS GDS. Free online state tax return This means using the straight line method over a recovery period of 27. Free online state tax return 5 years. Free online state tax return She uses Table 2-2d to find her depreciation percentage. Free online state tax return Because she placed the property in service in February 2008, she continues to use that row of Table 2-2d. Free online state tax return For year 6, the rate is 3. Free online state tax return 636%. Free online state tax return Marie figures her net rental income or loss for the house as follows: Total rental income received  ($1,125 × 12) $13,500 Minus: Expenses     Mortgage interest $8,000   Fire insurance 250   Miscellaneous repairs 400   Real estate taxes 500   Maintenance 200   Total expenses 9,350 Balance $4,150 Minus: Depreciation ($120,000 x 3. Free online state tax return 636%) 4,363 Net rental (loss) for house ($213)       Marie had a net loss for the year. Free online state tax return Because she actively participated in her passive rental real estate activity and her loss was less than $25,000, she can deduct the loss on her return. Free online state tax return Marie also meets all of the requirements for not having to file Form 8582. Free online state tax return She uses Schedule E, Part I, to report her rental income and expenses. Free online state tax return She enters her income, expenses, and depreciation for the house in the column for Property A and enters her loss on line 22. Free online state tax return Form 4562 is not required. Free online state tax return Prev  Up  Next   Home   More Online Publications