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Free tax calculator Publication 527 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSale of main home used as rental property. Free tax calculator Tax-free exchange of rental property occasionally used for personal purposes. Free tax calculator Ordering forms and publications. Free tax calculator Tax questions. Free tax calculator Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 527, such as legislation enacted after it was published, go to www. Free tax calculator irs. Free tax calculator gov/pub527. Free tax calculator What's New Net Investment Income Tax (NIIT). Free tax calculator  Beginning in 2013, you may be subject to the Net Investment Income Tax (NIIT). Free tax calculator NIIT is a 3. Free tax calculator 8% tax on the lesser of net investment income or the excess of modified adjusted gross income (MAGI) over the threshold amount. Free tax calculator Net investment income may include rental income and other income from passive activities. Free tax calculator Use Form 8960, Net Investment Income Tax, to figure this tax. Free tax calculator For more information on NIIT, go to IRS. Free tax calculator gov and enter “Net Investment Income Tax” in the search box. Free tax calculator Reminders Photographs of missing children. Free tax calculator  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free tax calculator Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free tax calculator You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free tax calculator Introduction Do you own a second house that you rent out all the time? Do you own a vacation home that you rent out when you or your family isn't using it? These are two common types of residential rental activities discussed in this publication. Free tax calculator In most cases, all rental income must be reported on your tax return, but there are differences in the expenses you are allowed to deduct and in the way the rental activity is reported on your return. Free tax calculator First, this publication will look at the rental-for-profit activity in which there is no personal use of the property. Free tax calculator We will look at types of income and when each is reported, and at types of expenses and which are deductible. Free tax calculator Chapter 2 discusses depreciation as it applies to your rental real estate activity—what property can be depreciated and how to figure it. Free tax calculator Chapter 3 covers the actual reporting of your rental income and deductions, including casualties and thefts, limitations on losses, and claiming the correct amount of depreciation. Free tax calculator Special rental situations are grouped together in chapter 4. Free tax calculator These include condominiums, cooperatives, property changed to rental use, renting only part of your property, and a not-for-profit rental activity. Free tax calculator Finally, in chapter 5, we will look at the rules for rental income and expenses when there is also personal use of the dwelling unit, such as a vacation home. Free tax calculator Sale or exchange of rental property. Free tax calculator   For information on how to figure and report any gain or loss from the sale, exchange or other disposition of your rental property, see Publication 544, Sales and Other Dispositions of Assets. Free tax calculator Sale of main home used as rental property. Free tax calculator   For information on how to figure and report any gain or loss from the sale or other disposition of your main home that you also used as rental property, see Publication 523, Selling Your Home. Free tax calculator Tax-free exchange of rental property occasionally used for personal purposes. Free tax calculator   If you meet certain qualifying use standards, you may qualify for a tax-free exchange (a like-kind or section 1031 exchange) of one piece of rental property you own for a similar piece of rental property, even if you have used the rental property for personal purposes. Free tax calculator   For information on the qualifying use standards, see Rev. Free tax calculator Proc. Free tax calculator 2008–16, 2008 IRB 547, at http://www. Free tax calculator irs. Free tax calculator gov/irb/2008-10_IRB/ar12. Free tax calculator html . Free tax calculator For more information on like-kind exchanges, see chapter 1 of Publication 544. Free tax calculator Comments and suggestions. Free tax calculator   We welcome your comments about this publication and your suggestions for future editions. Free tax calculator   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free tax calculator NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free tax calculator Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free tax calculator   You can send your comments from www. Free tax calculator irs. Free tax calculator gov/formspubs/. Free tax calculator Click on “More Information” and then on “Comment on Tax Forms and Publications”. Free tax calculator   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Free tax calculator Ordering forms and publications. Free tax calculator   Visit www. Free tax calculator irs. Free tax calculator gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Free tax calculator Internal Revenue Service 1201 N. Free tax calculator Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free tax calculator   If you have a tax question, check the information available on IRS. Free tax calculator gov or call 1-800-829-1040. Free tax calculator We cannot answer tax questions sent to either of the above addresses. Free tax calculator Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 5213 Election To Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit 8582 Passive Activity Loss Limitations Schedule E (Form 1040) Supplemental Income and Loss   See chapter 6, How To Get Tax Help for information about getting these publications and forms. Free tax calculator Prev  Up  Next   Home   More Online Publications
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Free tax calculator 6. Free tax calculator   Tip Income Table of Contents Introduction Useful Items - You may want to see: Keeping a Daily Tip RecordElectronic tip record. Free tax calculator Reporting Tips to Your EmployerElectronic tip statement. Free tax calculator Final report. Free tax calculator Reporting Tips on Your Tax Return Allocated Tips Introduction This chapter is for employees who receive tips. Free tax calculator All tips you receive are income and are subject to federal income tax. Free tax calculator You must include in gross income all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or tip-pooling arrangement. Free tax calculator The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to tax. Free tax calculator Reporting your tip income correctly is not difficult. Free tax calculator You must do three things. Free tax calculator Keep a daily tip record. Free tax calculator Report tips to your employer. Free tax calculator Report all your tips on your income tax return. Free tax calculator  This chapter will explain these three things and show you what to do on your tax return if you have not done the first two. Free tax calculator This chapter will also show you how to treat allocated tips. Free tax calculator For information on special tip programs and agreements, see Publication 531. Free tax calculator Useful Items - You may want to see: Publication 531 Reporting Tip Income 1244 Employee's Daily Record of Tips and Report to Employer Form (and Instructions) 4137 Social Security and Medicare Tax on Unreported Tip Income 4070 Employee's Report of Tips to Employer Keeping a Daily Tip Record Why keep a daily tip record. Free tax calculator   You must keep a daily tip record so you can: Report your tips accurately to your employer, Report your tips accurately on your tax return, and Prove your tip income if your return is ever questioned. Free tax calculator How to keep a daily tip record. Free tax calculator   There are two ways to keep a daily tip record. Free tax calculator You can either: Write information about your tips in a tip diary, or Keep copies of documents that show your tips, such as restaurant bills and credit or debit card charge slips. Free tax calculator You should keep your daily tip record with your tax or other personal records. Free tax calculator You must keep your records for as long as they are important for administration of the federal tax law. Free tax calculator For information on how long to keep records, see How long to keep records in chapter 1. Free tax calculator    If you keep a tip diary, you can use Form 4070A, Employee's Daily Record of Tips. Free tax calculator To get Form 4070A, ask the Internal Revenue Service (IRS) or your employer for Publication 1244. Free tax calculator Also, Publication 1244 is available online at www. Free tax calculator irs. Free tax calculator gov/pub/irs-pdf/p1244. Free tax calculator pdf. Free tax calculator Publication 1244 includes a 1-year supply of Form 4070A. Free tax calculator Each day, write in the information asked for on the form. Free tax calculator   In addition to the information asked for on Form 4070A, you also need to keep a record of the date and value of any noncash tips you get, such as tickets, passes, or other items of value. Free tax calculator Although you do not report these tips to your employer, you must report them on your tax return. Free tax calculator   If you do not use Form 4070A, start your records by writing your name, your employer's name, and the name of the business (if it is different from your employer's name). Free tax calculator Then, each workday, write the date and the following information. Free tax calculator Cash tips you get directly from customers or from other employees. Free tax calculator Tips from credit and debit card charge customers that your employer pays you. Free tax calculator The value of any noncash tips you get, such as tickets, passes, or other items of value. Free tax calculator The amount of tips you paid out to other employees through tip pools or tip splitting, or other arrangements, and the names of the employees to whom you paid the tips. Free tax calculator Electronic tip record. Free tax calculator   You can use an electronic system provided by your employer to record your daily tips. Free tax calculator If you do, you must receive and keep a paper copy of this record. Free tax calculator Service charges. Free tax calculator    Do not write in your tip diary the amount of any service charge that your employer adds to a customer's bill and then pays to you and treats as wages. Free tax calculator This is part of your wages, not a tip. Free tax calculator See examples below. Free tax calculator Example 1. Free tax calculator Good Food Restaurant adds an 18% charge to the bill for parties of 6 or more customers. Free tax calculator Jane’s bill for food and beverages for her party of 8 includes an amount on the tip line equal to 18% of the charges for food and beverages, and the total includes this amount. Free tax calculator Because Jane did not have an unrestricted right to determine the amount on the “tip line,” the 18% charge is considered a service charge. Free tax calculator Do not include the 18% charge in your tip diary. Free tax calculator Service charges that are paid to you are considered wages, not tips. Free tax calculator Example 2. Free tax calculator Good Food Restaurant also includes sample calculations of tip amounts at the bottom of its bills for food and beverages provided to customers. Free tax calculator David’s bill includes a blank “tip line,” with sample tip calculations of 15%, 18%, and 20% of his charges for food and beverages at the bottom of the bill beneath the signature line. Free tax calculator Because David is free to enter any amount on the “tip line” or leave it blank, any amount he includes is considered a tip. Free tax calculator Be sure to include this amount in your tip diary. Free tax calculator Reporting Tips to Your Employer Why report tips to your employer. Free tax calculator   You must report tips to your employer so that: Your employer can withhold federal income tax and social security, Medicare, Additional Medicare, or railroad retirement taxes, Your employer can report the correct amount of your earnings to the Social Security Administration or Railroad Retirement Board (which affects your benefits when you retire or if you become disabled, or your family's benefits if you die), and You can avoid the penalty for not reporting tips to your employer (explained later). Free tax calculator What tips to report. Free tax calculator   Report to your employer only cash, check, and debit and credit card tips you receive. Free tax calculator   If your total tips for any 1 month from any one job are less than $20, do not report the tips for that month to that employer. Free tax calculator   If you participate in a tip-splitting or tip-pooling arrangement, report only the tips you receive and retain. Free tax calculator Do not report to your employer any portion of the tips you receive that you pass on to other employees. Free tax calculator However, you must report tips you receive from other employees. Free tax calculator    Do not report the value of any noncash tips, such as tickets or passes, to your employer. Free tax calculator You do not pay social security, Medicare, Additional Medicare or railroad retirement taxes on these tips. Free tax calculator How to report. Free tax calculator    If your employer does not give you any other way to report tips, you can use Form 4070. Free tax calculator Fill in the information asked for on the form, sign and date the form, and give it to your employer. Free tax calculator To get a 1-year supply of the form, ask the IRS or your employer for Publication 1244. Free tax calculator   If you do not use Form 4070, give your employer a statement with the following information. Free tax calculator Your name, address, and social security number. Free tax calculator Your employer's name, address, and business name (if it is different from your employer's name). Free tax calculator The month (or the dates of any shorter period) in which you received tips. Free tax calculator The total tips required to be reported for that period. Free tax calculator You must sign and date the statement. Free tax calculator Be sure to keep a copy with your tax or other personal records. Free tax calculator   Your employer may require you to report your tips more than once a month. Free tax calculator However, the statement cannot cover a period of more than 1 calendar month. Free tax calculator Electronic tip statement. Free tax calculator   Your employer can have you furnish your tip statements electronically. Free tax calculator When to report. Free tax calculator   Give your report for each month to your employer by the 10th of the next month. Free tax calculator If the 10th falls on a Saturday, Sunday, or legal holiday, give your employer the report by the next day that is not a Saturday, Sunday, or legal holiday. Free tax calculator Example. Free tax calculator You must report your tips received in September 2014 by October 10, 2014. Free tax calculator Final report. Free tax calculator   If your employment ends during the month, you can report your tips when your employment ends. Free tax calculator Penalty for not reporting tips. Free tax calculator   If you do not report tips to your employer as required, you may be subject to a penalty equal to 50% of the social security, Medicare, and Additional Medicare taxes or railroad retirement tax you owe on the unreported tips. Free tax calculator (For information about these taxes, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, later. Free tax calculator ) The penalty amount is in addition to the taxes you owe. Free tax calculator   You can avoid this penalty if you can show reasonable cause for not reporting the tips to your employer. Free tax calculator To do so, attach a statement to your return explaining why you did not report them. Free tax calculator Giving your employer money for taxes. Free tax calculator   Your regular pay may not be enough for your employer to withhold all the taxes you owe on your regular pay plus your reported tips. Free tax calculator If this happens, you can give your employer money until the close of the calendar year to pay the rest of the taxes. Free tax calculator   If you do not give your employer enough money, your employer will apply your regular pay and any money you give in the following order. Free tax calculator All taxes on your regular pay. Free tax calculator Social security, Medicare, and Additional Medicare taxes or railroad retirement taxes on your reported tips. Free tax calculator Federal, state, and local income taxes on your reported tips. Free tax calculator    Any taxes that remain unpaid can be collected by your employer from your next paycheck. Free tax calculator If withholding taxes remain uncollected at the end of the year, you may be subject to a penalty for underpayment of estimated taxes. Free tax calculator See Publication 505, Tax Withholding and Estimated Tax, for more information. Free tax calculator    Uncollected taxes. Free tax calculator You must report on your tax return any social security and Medicare taxes or railroad retirement tax that remained uncollected at the end of 2013. Free tax calculator These uncollected taxes will be shown on your 2013 Form W-2. Free tax calculator See Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer under Reporting Tips on Your Tax Return, later. Free tax calculator Reporting Tips on Your Tax Return How to report tips. Free tax calculator    Report your tips with your wages on Form 1040, line 7; Form 1040A, line 7; or Form 1040EZ, line 1. Free tax calculator What tips to report. Free tax calculator   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Free tax calculator Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Free tax calculator Add to the amount in box 1 only the tips you did not report to your employer. Free tax calculator    If you received $20 or more in cash and charge tips in a month and did not report all of those tips to your employer, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer, later. Free tax calculator    If you did not keep a daily tip record as required and an amount is shown in box 8 of your Form W-2, see Allocated Tips, later. Free tax calculator   If you kept a daily tip record and reported tips to your employer as required under the rules explained earlier, add the following tips to the amount in box 1 of your Form W-2. Free tax calculator Cash and charge tips you received that totaled less than $20 for any month. Free tax calculator The value of noncash tips, such as tickets, passes, or other items of value. Free tax calculator Example. Free tax calculator Ben Smith began working at the Blue Ocean Restaurant (his only employer in 2013) on June 30 and received $10,000 in wages during the year. Free tax calculator Ben kept a daily tip record showing that his tips for June were $18 and his tips for the rest of the year totaled $7,000. Free tax calculator He was not required to report his June tips to his employer, but he reported all of the rest of his tips to his employer as required. Free tax calculator Ben's Form W-2 from Blue Ocean Restaurant shows $17,000 ($10,000 wages plus $7,000 reported tips) in box 1. Free tax calculator He adds the $18 unreported tips to that amount and reports $17,018 as wages on his tax return. Free tax calculator Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer. Free tax calculator    If you received $20 or more in cash and charge tips in a month from any one job and did not report all of those tips to your employer, you must report the social security, Medicare, and Additional Medicare taxes on the unreported tips as additional tax on your return. Free tax calculator To report these taxes, you must file a return even if you would not otherwise have to file. Free tax calculator You must use Form 1040. Free tax calculator (You cannot file Form 1040EZ or Form 1040A. Free tax calculator )    Use Form 4137 to figure social security and Medicare taxes. Free tax calculator Enter the tax on your return as instructed, and attach the completed Form 4137 to your return. Free tax calculator Use Form 8959 to figure Additional Medicare Tax. Free tax calculator    If you are subject to the Railroad Retirement Tax Act, you cannot use Form 4137 to pay railroad retirement tax on unreported tips. Free tax calculator To get railroad retirement credit, you must report tips to your employer. Free tax calculator Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer. Free tax calculator   You may have uncollected taxes if your regular pay was not enough for your employer to withhold all the taxes you owe and you did not give your employer enough money to pay the rest of the taxes. Free tax calculator For more information, see Giving your employer money for taxes , under Reporting Tips to Your Employer, earlier. Free tax calculator   If your employer could not collect all the social security and Medicare taxes or railroad retirement tax you owe on tips reported for 2013, the uncollected taxes will be shown in box 12 of your Form W-2 (codes A and B). Free tax calculator You must report these amounts as additional tax on your return. Free tax calculator Unlike the uncollected portion of the regular (1. Free tax calculator 45%) Medicare tax, the uncollected Additional Medicare Tax is not reported in box 12 of Form W-2 with code B. Free tax calculator    To report these uncollected taxes, you must file a return even if you would not otherwise have to file. Free tax calculator You must report these taxes on Form 1040, line 60. Free tax calculator See the instructions for Form 1040, line 60. Free tax calculator (You cannot file Form 1040EZ or Form 1040A. Free tax calculator ) Allocated Tips If your employer allocated tips to you, they are shown separately in box 8 of your Form W-2. Free tax calculator They are not included in box 1 with your wages and reported tips. Free tax calculator If box 8 is blank, this discussion does not apply to you. Free tax calculator What are allocated tips. Free tax calculator   These are tips that your employer assigned to you in addition to the tips you reported to your employer for the year. Free tax calculator Your employer will have done this only if: You worked in an establishment (restaurant, cocktail lounge, or similar business) that must allocate tips to employees, and The tips you reported to your employer were less than your share of 8% of food and drink sales. Free tax calculator No income, social security, Medicare, Additional Medicare or railroad retirement taxes are withheld on allocated tips. Free tax calculator How were your allocated tips figured. Free tax calculator   The tips allocated to you are your share of an amount figured by subtracting the reported tips of all employees from 8% (or an approved lower rate) of food and drink sales (other than carryout sales and sales with a service charge of 10% or more). Free tax calculator Your share of that amount was figured using either a method provided by an employer-employee agreement or a method provided by IRS regulations based on employees' sales or hours worked. Free tax calculator For information about the exact allocation method used, ask your employer. Free tax calculator Must you report your allocated tips on your tax return. Free tax calculator   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Free tax calculator Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Free tax calculator Add to the amount in box 1 only the tips you did not report to your employer. Free tax calculator This should include any allocated tips shown in box 8 on your Form(s) W-2, unless you have adequate records to show that you received less tips in the year than the allocated figures. Free tax calculator   See What tips to report under Reporting Tips on Your Tax Return, and Keeping a Daily Tip Record , earlier. Free tax calculator How to report allocated tips. Free tax calculator   Report the amount in box 1 and the allocated tips in box 8 of your Form(s) W-2 as wages on Form 1040, line 7; Form 1040NR, line 8; or Form 1040NR-EZ, line 3. Free tax calculator (You cannot file Form 1040A or Form 1040EZ when you have allocated tips. Free tax calculator )    Because social security, Medicare, and Additional Medicare taxes were not withheld from the allocated tips, you must report those taxes as additional tax on your return. Free tax calculator Complete Form 4137, and include the allocated tips on line 1 of the form. Free tax calculator See Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, earlier. Free tax calculator Prev  Up  Next   Home   More Online Publications