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H&r Block At Home Deluxe

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H&r Block At Home Deluxe

H&r block at home deluxe 5. H&r block at home deluxe   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. H&r block at home deluxe Shared equity financing agreement. H&r block at home deluxe Donation of use of the property. H&r block at home deluxe Examples. H&r block at home deluxe Days used for repairs and maintenance. H&r block at home deluxe Days used as a main home before or after renting. H&r block at home deluxe Reporting Income and DeductionsNot used as a home. H&r block at home deluxe Used as a home but rented less than 15 days. H&r block at home deluxe Used as a home and rented 15 days or more. H&r block at home deluxe If you have any personal use of a dwelling unit (including a vacation home) that you rent, you must divide your expenses between rental use and personal use. H&r block at home deluxe In general, your rental expenses will be no more than your total expenses multiplied by a fraction; the denominator of which is the total number of days the dwelling unit is used and the numerator of which is the total number of days actually rented at a fair rental price. H&r block at home deluxe Only your rental expenses may deducted on Schedule E (Form 1040). H&r block at home deluxe Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). H&r block at home deluxe You must also determine if the dwelling unit is considered a home. H&r block at home deluxe The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. H&r block at home deluxe Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. H&r block at home deluxe There is a special rule if you used the dwelling unit as a home and you rented it for less than 15 days during the year. H&r block at home deluxe Dwelling unit. H&r block at home deluxe   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. H&r block at home deluxe It also includes all structures or other property belonging to the dwelling unit. H&r block at home deluxe A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. H&r block at home deluxe   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. H&r block at home deluxe Property is used solely as a hotel, motel, inn, or similar establishment if it is regularly available for occupancy by paying customers and is not used by an owner as a home during the year. H&r block at home deluxe Example. H&r block at home deluxe You rent a room in your home that is always available for short-term occupancy by paying customers. H&r block at home deluxe You do not use the room yourself and you allow only paying customers to use the room. H&r block at home deluxe This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. H&r block at home deluxe Dividing Expenses If you use a dwelling unit for both rental and personal purposes, divide your expenses between the rental use and the personal use based on the number of days used for each purpose. H&r block at home deluxe When dividing your expenses, follow these rules. H&r block at home deluxe Any day that the unit is rented at a fair rental price is a day of rental use even if you used the unit for personal purposes that day. H&r block at home deluxe (This rule does not apply when determining whether you used the unit as a home. H&r block at home deluxe ) Any day that the unit is available for rent but not actually rented is not a day of rental use. H&r block at home deluxe Fair rental price. H&r block at home deluxe   A fair rental price for your property generally is the amount of rent that a person who is not related to you would be willing to pay. H&r block at home deluxe The rent you charge is not a fair rental price if it is substantially less than the rents charged for other properties that are similar to your property in your area. H&r block at home deluxe   Ask yourself the following questions when comparing another property with yours. H&r block at home deluxe Is it used for the same purpose? Is it approximately the same size? Is it in approximately the same condition? Does it have similar furnishings? Is it in a similar location? If any of the answers are no, the properties probably are not similar. H&r block at home deluxe Example. H&r block at home deluxe Your beach cottage was available for rent from June 1 through August 31 (92 days). H&r block at home deluxe Except for the first week in August (7 days), when you were unable to find a renter, you rented the cottage at a fair rental price during that time. H&r block at home deluxe The person who rented the cottage for July allowed you to use it over the weekend (2 days) without any reduction in or refund of rent. H&r block at home deluxe Your family also used the cottage during the last 2 weeks of May (14 days). H&r block at home deluxe The cottage was not used at all before May 17 or after August 31. H&r block at home deluxe You figure the part of the cottage expenses to treat as rental expenses as follows. H&r block at home deluxe The cottage was used for rental a total of 85 days (92 − 7). H&r block at home deluxe The days it was available for rent but not rented (7 days) are not days of rental use. H&r block at home deluxe The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. H&r block at home deluxe You used the cottage for personal purposes for 14 days (the last 2 weeks in May). H&r block at home deluxe The total use of the cottage was 99 days (14 days personal use + 85 days rental use). H&r block at home deluxe Your rental expenses are 85/99 (86%) of the cottage expenses. H&r block at home deluxe Note. H&r block at home deluxe When determining whether you used the cottage as a home, the July weekend (2 days) you used it is considered personal use even though you received a fair rental price for the weekend. H&r block at home deluxe Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. H&r block at home deluxe Because you used the cottage for personal purposes more than 14 days and more than 10% of the days of rental use (8 days), you used it as a home. H&r block at home deluxe If you have a net loss, you may not be able to deduct all of the rental expenses. H&r block at home deluxe See Dwelling Unit Used as a Home, next. H&r block at home deluxe Dwelling Unit Used as a Home If you use a dwelling unit for both rental and personal purposes, the tax treatment of the rental expenses you figured earlier under Dividing Expenses and rental income depends on whether you are considered to be using the dwelling unit as a home. H&r block at home deluxe You use a dwelling unit as a home during the tax year if you use it for personal purposes more than the greater of: 14 days, or 10% of the total days it is rented to others at a fair rental price. H&r block at home deluxe See What is a day of personal use , later. H&r block at home deluxe If a dwelling unit is used for personal purposes on a day it is rented at a fair rental price (discussed earlier), do not count that day as a day of rental use in applying (2) above. H&r block at home deluxe Instead, count it as a day of personal use in applying both (1) and (2) above. H&r block at home deluxe What is a day of personal use?   A day of personal use of a dwelling unit is any day that the unit is used by any of the following persons. H&r block at home deluxe You or any other person who owns an interest in it, unless you rent it to another owner as his or her main home under a shared equity financing agreement (defined later). H&r block at home deluxe However, see Days used as a main home before or after renting , later. H&r block at home deluxe A member of your family or a member of the family of any other person who owns an interest in it, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. H&r block at home deluxe Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. H&r block at home deluxe ), and lineal descendants (children, grandchildren, etc. H&r block at home deluxe ). H&r block at home deluxe Anyone under an arrangement that lets you use some other dwelling unit. H&r block at home deluxe Anyone at less than a fair rental price. H&r block at home deluxe Main home. H&r block at home deluxe   If the other person or member of the family in (1) or (2) above has more than one home, his or her main home is ordinarily the one he or she lived in most of the time. H&r block at home deluxe Shared equity financing agreement. H&r block at home deluxe   This is an agreement under which two or more persons acquire undivided interests for more than 50 years in an entire dwelling unit, including the land, and one or more of the co-owners is entitled to occupy the unit as his or her main home upon payment of rent to the other co-owner or owners. H&r block at home deluxe Donation of use of the property. H&r block at home deluxe   You use a dwelling unit for personal purposes if: You donate the use of the unit to a charitable organization, The organization sells the use of the unit at a fund-raising event, and The “purchaser” uses the unit. H&r block at home deluxe Examples. H&r block at home deluxe   The following examples show how to determine if you have days of personal use. H&r block at home deluxe Example 1. H&r block at home deluxe You and your neighbor are co-owners of a condominium at the beach. H&r block at home deluxe Last year, you rented the unit to vacationers whenever possible. H&r block at home deluxe The unit was not used as a main home by anyone. H&r block at home deluxe Your neighbor used the unit for 2 weeks last year; you did not use it at all. H&r block at home deluxe Because your neighbor has an interest in the unit, both of you are considered to have used the unit for personal purposes during those 2 weeks. H&r block at home deluxe Example 2. H&r block at home deluxe You and your neighbors are co-owners of a house under a shared equity financing agreement. H&r block at home deluxe Your neighbors live in the house and pay you a fair rental price. H&r block at home deluxe Even though your neighbors have an interest in the house, the days your neighbors live there are not counted as days of personal use by you. H&r block at home deluxe This is because your neighbors rent the house as their main home under a shared equity financing agreement. H&r block at home deluxe Example 3. H&r block at home deluxe You own a rental property that you rent to your son. H&r block at home deluxe Your son does not own any interest in this property. H&r block at home deluxe He uses it as his main home and pays you a fair rental price. H&r block at home deluxe Your son's use of the property is not personal use by you because your son is using it as his main home, he owns no interest in the property, and he is paying you a fair rental price. H&r block at home deluxe Example 4. H&r block at home deluxe You rent your beach house to Rosa. H&r block at home deluxe Rosa rents her cabin in the mountains to you. H&r block at home deluxe You each pay a fair rental price. H&r block at home deluxe You are using your beach house for personal purposes on the days that Rosa uses it because your house is used by Rosa under an arrangement that allows you to use her cabin. H&r block at home deluxe Example 5. H&r block at home deluxe You rent an apartment to your mother at less than a fair rental price. H&r block at home deluxe You are using the apartment for personal purposes on the days that your mother rents it because you rent it for less than a fair rental price. H&r block at home deluxe Days used for repairs and maintenance. H&r block at home deluxe   Any day that you spend working substantially full time repairing and maintaining (not improving) your property is not counted as a day of personal use. H&r block at home deluxe Do not count such a day as a day of personal use even if family members use the property for recreational purposes on the same day. H&r block at home deluxe Example. H&r block at home deluxe Corey owns a cabin in the mountains that he rents for most of the year. H&r block at home deluxe He spends a week at the cabin with family members. H&r block at home deluxe Corey works on maintenance of the cabin 3 or 4 hours each day during the week and spends the rest of the time fishing, hiking, and relaxing. H&r block at home deluxe Corey's family members, however, work substantially full time on the cabin each day during the week. H&r block at home deluxe The main purpose of being at the cabin that week is to do maintenance work. H&r block at home deluxe Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. H&r block at home deluxe Days used as a main home before or after renting. H&r block at home deluxe   For purposes of determining whether a dwelling unit was used as a home, you may not have to count days you used the property as your main home before or after renting it or offering it for rent as days of personal use. H&r block at home deluxe Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. H&r block at home deluxe You rented or tried to rent the property for a period of less than 12 consecutive months and the period ended because you sold or exchanged the property. H&r block at home deluxe However, this special rule does not apply when dividing expenses between rental and personal use. H&r block at home deluxe See Property Changed to Rental Use in chapter 4. H&r block at home deluxe Example 1. H&r block at home deluxe On February 29, 2012, you moved out of the house you had lived in for 6 years because you accepted a job in another town. H&r block at home deluxe You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). H&r block at home deluxe On June 1, 2013, you moved back into your old house. H&r block at home deluxe The days you used the house as your main home from January 1 to February 29, 2012, and from June 1 to December 31, 2013, are not counted as days of personal use. H&r block at home deluxe Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. H&r block at home deluxe Example 2. H&r block at home deluxe On January 31, you moved out of the condominium where you had lived for 3 years. H&r block at home deluxe You offered it for rent at a fair rental price beginning on February 1. H&r block at home deluxe You were unable to rent it until April. H&r block at home deluxe On September 15, you sold the condominium. H&r block at home deluxe The days you used the condominium as your main home from January 1 to January 31 are not counted as days of personal use when determining whether you used it as a home. H&r block at home deluxe Examples. H&r block at home deluxe   The following examples show how to determine whether you used your rental property as a home. H&r block at home deluxe Example 1. H&r block at home deluxe You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. H&r block at home deluxe You rented the basement apartment at a fair rental price to college students during the regular school year. H&r block at home deluxe You rented to them on a 9-month lease (273 days). H&r block at home deluxe You figured 10% of the total days rented to others at a fair rental price is 27 days. H&r block at home deluxe During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. H&r block at home deluxe Your basement apartment was used as a home because you used it for personal purposes for 30 days. H&r block at home deluxe Rent-free use by your brothers is considered personal use. H&r block at home deluxe Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). H&r block at home deluxe Example 2. H&r block at home deluxe You rented the guest bedroom in your home at a fair rental price during the local college's homecoming, commencement, and football weekends (a total of 27 days). H&r block at home deluxe Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. H&r block at home deluxe You figured 10% of the total days rented to others at a fair rental price is 3 days. H&r block at home deluxe The room was used as a home because you used it for personal purposes for 21 days. H&r block at home deluxe That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). H&r block at home deluxe Example 3. H&r block at home deluxe You own a condominium apartment in a resort area. H&r block at home deluxe You rented it at a fair rental price for a total of 170 days during the year. H&r block at home deluxe For 12 of these days, the tenant was not able to use the apartment and allowed you to use it even though you did not refund any of the rent. H&r block at home deluxe Your family actually used the apartment for 10 of those days. H&r block at home deluxe Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. H&r block at home deluxe You figured 10% of the total days rented to others at a fair rental price is 16 days. H&r block at home deluxe Your family also used the apartment for 7 other days during the year. H&r block at home deluxe You used the apartment as a home because you used it for personal purposes for 17 days. H&r block at home deluxe That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). H&r block at home deluxe Minimal rental use. H&r block at home deluxe   If you use the dwelling unit as a home and you rent it less than 15 days during the year, that period is not treated as rental activity. H&r block at home deluxe See Used as a home but rented less than 15 days, later, for more information. H&r block at home deluxe Limit on deductions. H&r block at home deluxe   Renting a dwelling unit that is considered a home is not a passive activity. H&r block at home deluxe Instead, if your rental expenses are more than your rental income, some or all of the excess expenses cannot be used to offset income from other sources. H&r block at home deluxe The excess expenses that cannot be used to offset income from other sources are carried forward to the next year and treated as rental expenses for the same property. H&r block at home deluxe Any expenses carried forward to the next year will be subject to any limits that apply for that year. H&r block at home deluxe This limitation will apply to expenses carried forward to another year even if you do not use the property as your home for that subsequent year. H&r block at home deluxe   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. H&r block at home deluxe Reporting Income and Deductions Property not used for personal purposes. H&r block at home deluxe   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. H&r block at home deluxe Property used for personal purposes. H&r block at home deluxe   If you do use a dwelling unit for personal purposes, then how you report your rental income and expenses depends on whether you used the dwelling unit as a home. H&r block at home deluxe Not used as a home. H&r block at home deluxe   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. H&r block at home deluxe Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . H&r block at home deluxe The expenses for personal use are not deductible as rental expenses. H&r block at home deluxe   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. H&r block at home deluxe Used as a home but rented less than 15 days. H&r block at home deluxe   If you use a dwelling unit as a home and you rent it less than 15 days during the year, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). H&r block at home deluxe You are not required to report the rental income and rental expenses from this activity. H&r block at home deluxe The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). H&r block at home deluxe See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. H&r block at home deluxe Used as a home and rented 15 days or more. H&r block at home deluxe   If you use a dwelling unit as a home and rent it 15 days or more during the year, include all your rental income in your income. H&r block at home deluxe Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . H&r block at home deluxe The expenses for personal use are not deductible as rental expenses. H&r block at home deluxe   If you had a net profit from renting the dwelling unit for the year (that is, if your rental income is more than the total of your rental expenses, including depreciation), deduct all of your rental expenses. H&r block at home deluxe You do not need to use Worksheet 5-1. H&r block at home deluxe   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. H&r block at home deluxe To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. H&r block at home deluxe Worksheet 5-1. H&r block at home deluxe Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Use this worksheet only if you answer “yes” to all of the following questions. H&r block at home deluxe Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . H&r block at home deluxe ) Did you rent the dwelling unit at a fair rental price 15 days or more this year? Is the total of your rental expenses and depreciation more than your rental income? PART I. H&r block at home deluxe Rental Use Percentage A. H&r block at home deluxe Total days available for rent at fair rental price A. H&r block at home deluxe       B. H&r block at home deluxe Total days available for rent (line A) but not rented B. H&r block at home deluxe       C. H&r block at home deluxe Total days of rental use. H&r block at home deluxe Subtract line B from line A C. H&r block at home deluxe       D. H&r block at home deluxe Total days of personal use (including days rented at less than fair rental price) D. H&r block at home deluxe       E. H&r block at home deluxe Total days of rental and personal use. H&r block at home deluxe Add lines C and D E. H&r block at home deluxe       F. H&r block at home deluxe Percentage of expenses allowed for rental. H&r block at home deluxe Divide line C by line E     F. H&r block at home deluxe . H&r block at home deluxe PART II. H&r block at home deluxe Allowable Rental Expenses 1. H&r block at home deluxe Enter rents received 1. H&r block at home deluxe   2a. H&r block at home deluxe Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. H&r block at home deluxe       b. H&r block at home deluxe Enter the rental portion of real estate taxes b. H&r block at home deluxe       c. H&r block at home deluxe Enter the rental portion of deductible casualty and theft losses (see instructions) c. H&r block at home deluxe       d. H&r block at home deluxe Enter direct rental expenses (see instructions) d. H&r block at home deluxe       e. H&r block at home deluxe Fully deductible rental expenses. H&r block at home deluxe Add lines 2a–2d. H&r block at home deluxe Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. H&r block at home deluxe   3. H&r block at home deluxe Subtract line 2e from line 1. H&r block at home deluxe If zero or less, enter -0- 3. H&r block at home deluxe   4a. H&r block at home deluxe Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. H&r block at home deluxe       b. H&r block at home deluxe Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. H&r block at home deluxe       c. H&r block at home deluxe Carryover of operating expenses from 2012 worksheet c. H&r block at home deluxe       d. H&r block at home deluxe Add lines 4a–4c d. H&r block at home deluxe       e. H&r block at home deluxe Allowable expenses. H&r block at home deluxe Enter the smaller of line 3 or line 4d (see instructions) 4e. H&r block at home deluxe   5. H&r block at home deluxe Subtract line 4e from line 3. H&r block at home deluxe If zero or less, enter -0- 5. H&r block at home deluxe   6a. H&r block at home deluxe Enter the rental portion of excess casualty and theft losses (see instructions) 6a. H&r block at home deluxe       b. H&r block at home deluxe Enter the rental portion of depreciation of the dwelling unit b. H&r block at home deluxe       c. H&r block at home deluxe Carryover of excess casualty losses and depreciation from 2012 worksheet c. H&r block at home deluxe       d. H&r block at home deluxe Add lines 6a–6c d. H&r block at home deluxe       e. H&r block at home deluxe Allowable excess casualty and theft losses and depreciation. H&r block at home deluxe Enter the smaller of  line 5 or line 6d (see instructions) 6e. H&r block at home deluxe   PART III. H&r block at home deluxe Carryover of Unallowed Expenses to Next Year 7a. H&r block at home deluxe Operating expenses to be carried over to next year. H&r block at home deluxe Subtract line 4e from line 4d 7a. H&r block at home deluxe   b. H&r block at home deluxe Excess casualty and theft losses and depreciation to be carried over to next year. H&r block at home deluxe  Subtract line 6e from line 6d b. H&r block at home deluxe   Worksheet 5-1 Instructions. H&r block at home deluxe Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. H&r block at home deluxe Use the percentage determined in Part I, line F, to figure the rental portions to enter on lines 2a–2c, 4a–4b, and 6a–6b of  Part II. H&r block at home deluxe Line 2a. H&r block at home deluxe Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. H&r block at home deluxe Do not include interest on a loan that did not benefit the dwelling unit. H&r block at home deluxe For example, do not include interest on a home equity loan used to pay off credit cards or other personal loans, buy a car, or pay college tuition. H&r block at home deluxe Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. H&r block at home deluxe Include the rental portion of this interest in the total you enter on line 2a of the worksheet. H&r block at home deluxe   Figure the qualified mortgage insurance premiums on the dwelling unit that you could deduct on line 13 of Schedule A as if you had not rented the unit. H&r block at home deluxe See the Schedule A instructions. H&r block at home deluxe However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. H&r block at home deluxe See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. H&r block at home deluxe Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. H&r block at home deluxe   Note. H&r block at home deluxe Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. H&r block at home deluxe Instead, figure the personal portion on a separate Schedule A. H&r block at home deluxe If you have deducted mortgage interest or qualified mortgage insurance premiums on the dwelling unit on other forms, such as Schedule C or F, remember to reduce your Schedule A deduction by that amount. H&r block at home deluxe           Line 2c. H&r block at home deluxe Figure the casualty and theft losses related to the dwelling unit that you could deduct on Schedule A as if you had not rented the dwelling unit. H&r block at home deluxe To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. H&r block at home deluxe If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. H&r block at home deluxe On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. H&r block at home deluxe Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. H&r block at home deluxe   Note. H&r block at home deluxe Do not file this Form 4684 or use it to figure your personal losses on Schedule A. H&r block at home deluxe Instead, figure the personal portion on a separate Form 4684. H&r block at home deluxe           Line 2d. H&r block at home deluxe Enter the total of your rental expenses that are directly related only to the rental activity. H&r block at home deluxe These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. H&r block at home deluxe Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. H&r block at home deluxe           Line 2e. H&r block at home deluxe You can deduct the amounts on lines 2a, 2b, 2c, and 2d as rental expenses on Schedule E even if your rental expenses are more than your rental income. H&r block at home deluxe Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. H&r block at home deluxe           Line 4b. H&r block at home deluxe On line 2a, you entered the rental portion of the mortgage interest or qualified mortgage insurance premiums you could deduct on Schedule A if you had not rented the dwelling unit. H&r block at home deluxe If you had additional mortgage interest and qualified mortgage insurance premiums that would not be deductible on Schedule A because of limits imposed on them, enter on line 4b of this worksheet the rental portion of those excess amounts. H&r block at home deluxe Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). H&r block at home deluxe           Line 4e. H&r block at home deluxe You can deduct the amounts on lines 4a, 4b, and 4c as rental expenses on Schedule E only to the extent they are not more than the amount on line 4e. H&r block at home deluxe *           Line 6a. H&r block at home deluxe To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. H&r block at home deluxe   A. H&r block at home deluxe Enter the amount from Form 4684, line 10       B. H&r block at home deluxe Enter the rental portion of line A       C. H&r block at home deluxe Enter the amount from line 2c of this worksheet       D. H&r block at home deluxe Subtract line C from line B. H&r block at home deluxe Enter the result here and on line 6a of this worksheet               Line 6e. H&r block at home deluxe You can deduct the amounts on lines 6a, 6b, and 6c as rental expenses on Schedule E only to the extent they are not more than the amount on line 6e. H&r block at home deluxe * *Allocating the limited deduction. H&r block at home deluxe If you cannot deduct all of the amount on line 4d or 6d this year, you can allocate the allowable deduction in any way you wish among the expenses included on line 4d or 6d. H&r block at home deluxe Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. H&r block at home deluxe Prev  Up  Next   Home   More Online Publications
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The H&r Block At Home Deluxe

H&r block at home deluxe Publication 1212 - Additional Material Prev  Up  Next   Home   More Online Publications