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Where Can I File My State Taxes Online

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Where Can I File My State Taxes Online

Where can i file my state taxes online Internal Revenue Bulletin:  2013-12  March 18, 2013  Rev. Where can i file my state taxes online Proc. Where can i file my state taxes online 2013-21 Table of Contents SECTION 1. Where can i file my state taxes online PURPOSE SECTION 2. Where can i file my state taxes online BACKGROUND SECTION 3. Where can i file my state taxes online SCOPE SECTION 4. Where can i file my state taxes online APPLICATION. Where can i file my state taxes online 01 Limitations on Depreciation Deductions for Certain Automobiles. Where can i file my state taxes online . Where can i file my state taxes online 02 Inclusions in Income of Lessees of Passenger Automobiles. Where can i file my state taxes online SECTION 5. Where can i file my state taxes online EFFECTIVE DATE SECTION 6. Where can i file my state taxes online DRAFTING INFORMATION SECTION 1. Where can i file my state taxes online PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2013, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2013, including a separate table of inclusion amounts for lessees of trucks and vans. Where can i file my state taxes online The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Where can i file my state taxes online SECTION 2. Where can i file my state taxes online BACKGROUND . Where can i file my state taxes online 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. Where can i file my state taxes online For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. Where can i file my state taxes online The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Where can i file my state taxes online This change reflects the higher rate of price inflation for trucks and vans since 1988. Where can i file my state taxes online . Where can i file my state taxes online 02 Section 331(a) of the American Taxpayer Relief Act of 2012, Pub. Where can i file my state taxes online L. Where can i file my state taxes online No. Where can i file my state taxes online 112-240, 126 Stat. Where can i file my state taxes online 2313 (Jan. Where can i file my state taxes online 2, 2013) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2014, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2014. Where can i file my state taxes online Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. Where can i file my state taxes online . Where can i file my state taxes online 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Where can i file my state taxes online Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. Where can i file my state taxes online Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2012, that is round 3 extension property (as defined in § 168(k)(4)(J)(iv)). Where can i file my state taxes online Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. Where can i file my state taxes online This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer: (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2013 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. Where can i file my state taxes online . Where can i file my state taxes online 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Where can i file my state taxes online The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Where can i file my state taxes online Under § 1. Where can i file my state taxes online 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. Where can i file my state taxes online One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Where can i file my state taxes online Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Where can i file my state taxes online SECTION 3. Where can i file my state taxes online SCOPE . Where can i file my state taxes online 01 The limitations on depreciation deductions in section 4. Where can i file my state taxes online 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2013, and continue to apply for each taxable year that the passenger automobile remains in service. Where can i file my state taxes online . Where can i file my state taxes online 02 The tables in section 4. Where can i file my state taxes online 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2013. Where can i file my state taxes online Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Where can i file my state taxes online See Rev. Where can i file my state taxes online Proc. Where can i file my state taxes online 2008-22, 2008-1 C. Where can i file my state taxes online B. Where can i file my state taxes online 658, for passenger automobiles first leased during calendar year 2008; Rev. Where can i file my state taxes online Proc. Where can i file my state taxes online 2009-24, 2009-17 I. Where can i file my state taxes online R. Where can i file my state taxes online B. Where can i file my state taxes online 885, for passenger automobiles first leased during calendar year 2009; Rev. Where can i file my state taxes online Proc. Where can i file my state taxes online 2010-18, 2010-09 I. Where can i file my state taxes online R. Where can i file my state taxes online B. Where can i file my state taxes online 427, as amplified and modified by section 4. Where can i file my state taxes online 03 of Rev. Where can i file my state taxes online Proc. Where can i file my state taxes online 2011-21, 2011-12 I. Where can i file my state taxes online R. Where can i file my state taxes online B. Where can i file my state taxes online 560, for passenger automobiles first leased during calendar year 2010; Rev. Where can i file my state taxes online Proc. Where can i file my state taxes online 2011-21, for passenger automobiles first leased during calendar year 2011; and Rev. Where can i file my state taxes online Proc. Where can i file my state taxes online 2012-23, 2012-14 I. Where can i file my state taxes online R. Where can i file my state taxes online B. Where can i file my state taxes online 712, for passenger automobiles first leased during calendar year 2012. Where can i file my state taxes online SECTION 4. Where can i file my state taxes online APPLICATION . Where can i file my state taxes online 01 Limitations on Depreciation Deductions for Certain Automobiles. Where can i file my state taxes online (1) Amount of the inflation adjustment. Where can i file my state taxes online (a) Passenger automobiles (other than trucks or vans). Where can i file my state taxes online Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Where can i file my state taxes online Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Where can i file my state taxes online The new car component of the CPI was 115. Where can i file my state taxes online 2 for October 1987 and 143. Where can i file my state taxes online 787 for October 2012. Where can i file my state taxes online The October 2012 index exceeded the October 1987 index by 28. Where can i file my state taxes online 587. Where can i file my state taxes online Therefore, the automobile price inflation adjustment for 2013 for passenger automobiles (other than trucks and vans) is 24. Where can i file my state taxes online 8 percent (28. Where can i file my state taxes online 587/115. Where can i file my state taxes online 2 x 100%). Where can i file my state taxes online The dollar limitations in § 280F(a) are multiplied by a factor of 0. Where can i file my state taxes online 248, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2013. Where can i file my state taxes online This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2013. Where can i file my state taxes online (b) Trucks and vans. Where can i file my state taxes online To determine the dollar limitations for trucks and vans first placed in service during calendar year 2013, the Service uses the new truck component of the CPI instead of the new car component. Where can i file my state taxes online The new truck component of the CPI was 112. Where can i file my state taxes online 4 for October 1987 and 149. Where can i file my state taxes online 386 for October 2012. Where can i file my state taxes online The October 2012 index exceeded the October 1987 index by 36. Where can i file my state taxes online 986. Where can i file my state taxes online Therefore, the automobile price inflation adjustment for 2013 for trucks and vans is 32. Where can i file my state taxes online 9 percent (36. Where can i file my state taxes online 986/112. Where can i file my state taxes online 4 x 100%). Where can i file my state taxes online The dollar limitations in § 280F(a) are multiplied by a factor of 0. Where can i file my state taxes online 329, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. Where can i file my state taxes online This adjustment applies to all trucks and vans that are first placed in service in calendar year 2013. Where can i file my state taxes online (2) Amount of the limitation. Where can i file my state taxes online Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2013. Where can i file my state taxes online Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction applies. Where can i file my state taxes online Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction does not apply. Where can i file my state taxes online REV. Where can i file my state taxes online PROC. Where can i file my state taxes online 2013-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Where can i file my state taxes online PROC. Where can i file my state taxes online 2013-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 REV. Where can i file my state taxes online PROC. Where can i file my state taxes online 2013-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Where can i file my state taxes online PROC. Where can i file my state taxes online 2013-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 . Where can i file my state taxes online 02 Inclusions in Income of Lessees of Passenger Automobiles. Where can i file my state taxes online A taxpayer must follow the procedures in § 1. Where can i file my state taxes online 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2013. Where can i file my state taxes online In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. Where can i file my state taxes online REV. Where can i file my state taxes online PROC. Where can i file my state taxes online 2013-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 2 4 6 7 8 19,500 20,000 2 5 6 9 9 20,000 20,500 2 5 8 9 11 20,500 21,000 3 6 8 10 12 21,000 21,500 3 6 10 11 13 21,500 22,000 3 7 10 13 14 22,000 23,000 4 8 11 14 16 23,000 24,000 4 9 14 16 18 24,000 25,000 5 10 15 18 21 25,000 26,000 5 12 16 21 23 26,000 27,000 6 12 19 23 25 27,000 28,000 6 14 20 25 28 28,000 29,000 7 15 22 27 30 29,000 30,000 7 16 24 29 33 30,000 31,000 8 17 26 31 35 31,000 32,000 8 19 27 33 38 32,000 33,000 9 20 29 35 40 33,000 34,000 10 21 31 37 43 34,000 35,000 10 22 33 39 45 35,000 36,000 11 23 35 41 48 36,000 37,000 11 25 36 43 50 37,000 38,000 12 26 38 45 53 38,000 39,000 12 27 40 47 55 39,000 40,000 13 28 42 49 58 40,000 41,000 13 29 44 52 59 41,000 42,000 14 30 45 54 63 42,000 43,000 14 32 47 56 64 43,000 44,000 15 33 48 59 67 44,000 45,000 15 34 51 60 69 45,000 46,000 16 35 52 63 72 46,000 47,000 17 36 54 65 74 47,000 48,000 17 38 55 67 77 48,000 49,000 18 39 57 69 79 49,000 50,000 18 40 59 71 82 50,000 51,000 19 41 61 73 84 51,000 52,000 19 42 63 75 87 52,000 53,000 20 43 65 77 89 53,000 54,000 20 45 66 79 92 54,000 55,000 21 46 68 81 94 55,000 56,000 21 47 70 84 96 56,000 57,000 22 48 72 85 99 57,000 58,000 22 50 73 88 101 58,000 59,000 23 51 75 90 103 59,000 60,000 24 52 76 92 106 60,000 62,000 24 54 79 95 110 62,000 64,000 25 56 83 99 115 64,000 66,000 27 58 87 103 120 66,000 68,000 28 60 90 108 125 68,000 70,000 29 63 93 112 130 70,000 72,000 30 65 97 117 134 72,000 74,000 31 68 100 121 139 74,000 76,000 32 70 104 125 144 76,000 78,000 33 73 107 129 149 78,000 80,000 34 75 111 133 154 80,000 85,000 36 79 117 141 162 85,000 90,000 39 85 126 151 174 90,000 95,000 41 91 135 162 186 95,000 100,000 44 97 144 172 199 100,000 110,000 48 106 157 188 217 110,000 120,000 53 118 174 210 241 120,000 130,000 59 129 193 230 266 130,000 140,000 64 141 210 252 290 140,000 150,000 70 153 227 273 315 150,000 160,000 75 165 245 294 339 160,000 170,000 80 177 263 315 363 170,000 180,000 86 189 280 336 388 180,000 190,000 91 201 298 357 412 190,000 200,000 97 212 316 378 436 200,000 210,000 102 224 333 400 461 210,000 220,000 107 236 351 420 486 220,000 230,000 113 248 368 442 509 230,000 240,000 118 260 386 463 534 240,000 And up 124 272 403 484 558 REV. Where can i file my state taxes online PROC. Where can i file my state taxes online 2013-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 1 3 4 5 6 19,500 20,000 2 3 5 6 7 20,000 20,500 2 4 6 7 8 20,500 21,000 2 5 7 8 9 21,000 21,500 2 5 8 9 11 21,500 22,000 3 6 8 10 12 22,000 23,000 3 7 10 11 14 23,000 24,000 4 8 11 14 16 24,000 25,000 4 9 14 16 18 25,000 26,000 5 10 15 18 21 26,000 27,000 5 12 17 20 23 27,000 28,000 6 13 18 23 25 28,000 29,000 6 14 20 25 28 29,000 30,000 7 15 22 27 30 30,000 31,000 7 16 24 29 33 31,000 32,000 8 17 26 31 35 32,000 33,000 8 19 27 33 38 33,000 34,000 9 20 29 35 41 34,000 35,000 10 21 31 37 43 35,000 36,000 10 22 33 39 46 36,000 37,000 11 23 35 41 48 37,000 38,000 11 25 36 43 51 38,000 39,000 12 26 38 45 53 39,000 40,000 12 27 40 48 55 40,000 41,000 13 28 42 49 58 41,000 42,000 13 29 44 52 60 42,000 43,000 14 30 46 54 62 43,000 44,000 14 32 47 56 65 44,000 45,000 15 33 48 59 67 45,000 46,000 15 34 51 60 70 46,000 47,000 16 35 52 63 72 47,000 48,000 17 36 54 65 74 48,000 49,000 17 38 55 67 77 49,000 50,000 18 39 57 69 79 50,000 51,000 18 40 59 71 82 51,000 52,000 19 41 61 73 84 52,000 53,000 19 42 63 75 87 53,000 54,000 20 43 65 77 89 54,000 55,000 20 45 66 80 91 55,000 56,000 21 46 68 81 94 56,000 57,000 21 47 70 84 96 57,000 58,000 22 48 72 86 98 58,000 59,000 22 50 73 88 101 59,000 60,000 23 51 75 90 103 60,000 62,000 24 52 78 93 108 62,000 64,000 25 55 81 97 113 64,000 66,000 26 57 85 101 118 66,000 68,000 27 60 88 106 122 68,000 70,000 28 62 92 110 127 70,000 72,000 29 64 96 114 132 72,000 74,000 30 67 99 118 137 74,000 76,000 31 69 103 122 142 76,000 78,000 32 72 105 127 147 78,000 80,000 34 73 110 131 151 80,000 85,000 35 78 116 138 160 85,000 90,000 38 84 124 149 172 90,000 95,000 41 90 133 160 184 95,000 100,000 44 95 142 171 196 100,000 110,000 48 104 156 186 214 110,000 120,000 53 116 173 207 240 120,000 130,000 58 128 191 228 264 130,000 140,000 64 140 208 249 288 140,000 150,000 69 152 226 270 313 150,000 160,000 75 164 243 292 336 160,000 170,000 80 176 261 312 361 170,000 180,000 85 188 278 334 386 180,000 190,000 91 199 296 355 410 190,000 200,000 96 211 314 376 434 200,000 210,000 101 223 332 397 459 210,000 220,000 107 235 349 418 483 220,000 230,000 112 247 367 439 507 230,000 240,000 118 259 384 460 532 240,000 And up 123 271 401 482 556 SECTION 5. Where can i file my state taxes online EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2013. Where can i file my state taxes online SECTION 6. Where can i file my state taxes online DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Where can i file my state taxes online Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Where can i file my state taxes online For further information regarding this revenue procedure, contact Mr. Where can i file my state taxes online Harvey at (202) 622-4930 (not a toll-free call). Where can i file my state taxes online Prev  Up  Next   Home   More Internal Revenue Bulletins
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Where can i file my state taxes online 9. Where can i file my state taxes online   Rental Income and Expenses Table of Contents Introduction Useful Items - You may want to see: Rental Income Rental ExpensesVacant while listed for sale. Where can i file my state taxes online Repairs and Improvements Other Expenses Property Changed to Rental Use Renting Part of Property Not Rented for Profit Personal Use of Dwelling Unit (Including Vacation Home)Example. Where can i file my state taxes online Dividing Expenses Dwelling Unit Used as a Home Reporting Income and Deductions DepreciationChanging your accounting method to deduct unclaimed depreciation. Where can i file my state taxes online Limits on Rental LossesAt-Risk Rules Passive Activity Limits How To Report Rental Income and ExpensesSchedule E (Form 1040) Introduction This chapter discusses rental income and expenses. Where can i file my state taxes online It also covers the following topics. Where can i file my state taxes online Personal use of dwelling unit (including vacation home). Where can i file my state taxes online Depreciation. Where can i file my state taxes online Limits on rental losses. Where can i file my state taxes online How to report your rental income and expenses. Where can i file my state taxes online If you sell or otherwise dispose of your rental property, see Publication 544, Sales and Other Dispositions of Assets. Where can i file my state taxes online If you have a loss from damage to, or theft of, rental property, see Publication 547, Casualties, Disasters, and Thefts. Where can i file my state taxes online If you rent a condominium or a cooperative apartment, some special rules apply to you even though you receive the same tax treatment as other owners of rental property. Where can i file my state taxes online See Publication 527, Residential Rental Property, for more information. Where can i file my state taxes online Useful Items - You may want to see: Publication 527 Residential Rental Property 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 6251 Alternative Minimum Tax—Individuals 8582 Passive Activity Loss Limitations Schedule E (Form 1040) Supplemental Income and Loss Rental Income In most cases, you must include in your gross income all amounts you receive as rent. Where can i file my state taxes online Rental income is any payment you receive for the use or occupation of property. Where can i file my state taxes online In addition to amounts you receive as normal rent payments, there are other amounts that may be rental income. Where can i file my state taxes online When to report. Where can i file my state taxes online   If you are a cash-basis taxpayer, you report rental income on your return for the year you actually or constructively receive it. Where can i file my state taxes online You are a cash-basis taxpayer if you report income in the year you receive it, regardless of when it was earned. Where can i file my state taxes online You constructively receive income when it is made available to you, for example, by being credited to your bank account. Where can i file my state taxes online   For more information about when you constructively receive income, see Accounting Methods in chapter 1. Where can i file my state taxes online Advance rent. Where can i file my state taxes online   Advance rent is any amount you receive before the period that it covers. Where can i file my state taxes online Include advance rent in your rental income in the year you receive it regardless of the period covered or the method of accounting you use. Where can i file my state taxes online Example. Where can i file my state taxes online You sign a 10-year lease to rent your property. Where can i file my state taxes online In the first year, you receive $5,000 for the first year's rent and $5,000 as rent for the last year of the lease. Where can i file my state taxes online You must include $10,000 in your income in the first year. Where can i file my state taxes online Canceling a lease. Where can i file my state taxes online   If your tenant pays you to cancel a lease, the amount you receive is rent. Where can i file my state taxes online Include the payment in your income in the year you receive it regardless of your method of accounting. Where can i file my state taxes online Expenses paid by tenant. Where can i file my state taxes online   If your tenant pays any of your expenses, the payments are rental income. Where can i file my state taxes online Because you must include this amount in income, you can deduct the expenses if they are deductible rental expenses. Where can i file my state taxes online See Rental Expenses , later, for more information. Where can i file my state taxes online Property or services. Where can i file my state taxes online   If you receive property or services, instead of money, as rent, include the fair market value of the property or services in your rental income. Where can i file my state taxes online   If the services are provided at an agreed upon or specified price, that price is the fair market value unless there is evidence to the contrary. Where can i file my state taxes online Security deposits. Where can i file my state taxes online   Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. Where can i file my state taxes online But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year. Where can i file my state taxes online   If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. Where can i file my state taxes online Include it in your income when you receive it. Where can i file my state taxes online Part interest. Where can i file my state taxes online   If you own a part interest in rental property, you must report your part of the rental income from the property. Where can i file my state taxes online Rental of property also used as your home. Where can i file my state taxes online   If you rent property that you also use as your home and you rent it less than 15 days during the tax year, do not include the rent you receive in your income and do not deduct rental expenses. Where can i file my state taxes online However, you can deduct on Schedule A (Form 1040) the interest, taxes, and casualty and theft losses that are allowed for nonrental property. Where can i file my state taxes online See Personal Use of Dwelling Unit (Including Vacation Home) , later. Where can i file my state taxes online Rental Expenses This part discusses expenses of renting property that you ordinarily can deduct from your rental income. Where can i file my state taxes online It includes information on the expenses you can deduct if you rent part of your property, or if you change your property to rental use. Where can i file my state taxes online Depreciation , which you can also deduct from your rental income, is discussed later. Where can i file my state taxes online Personal use of rental property. Where can i file my state taxes online   If you sometimes use your rental property for personal purposes, you must divide your expenses between rental and personal use. Where can i file my state taxes online Also, your rental expense deductions may be limited. Where can i file my state taxes online See Personal Use of Dwelling Unit (Including Vacation Home) , later. Where can i file my state taxes online Part interest. Where can i file my state taxes online   If you own a part interest in rental property, you can deduct expenses that you paid according to your percentage of ownership. Where can i file my state taxes online When to deduct. Where can i file my state taxes online   If you are a cash-basis taxpayer, you generally deduct your rental expenses in the year you pay them. Where can i file my state taxes online Depreciation. Where can i file my state taxes online   You can begin to depreciate rental property when it is ready and available for rent. Where can i file my state taxes online See Placed-in-Service under When Does Depreciation Begin and End in chapter 2 of Publication 527. Where can i file my state taxes online Pre-rental expenses. Where can i file my state taxes online   You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent. Where can i file my state taxes online Uncollected rent. Where can i file my state taxes online   If you are a cash-basis taxpayer, do not deduct uncollected rent. Where can i file my state taxes online Because you have not included it in your income, it is not deductible. Where can i file my state taxes online Vacant rental property. Where can i file my state taxes online   If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. Where can i file my state taxes online However, you cannot deduct any loss of rental income for the period the property is vacant. Where can i file my state taxes online Vacant while listed for sale. Where can i file my state taxes online   If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. Where can i file my state taxes online If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses. Where can i file my state taxes online Repairs and Improvements Generally, an expense for repairing or maintaining your rental property may be deducted if you are not required to capitalize the expense. Where can i file my state taxes online Improvements. Where can i file my state taxes online   You must capitalize any expense you pay to improve your rental property. Where can i file my state taxes online An expense is for an improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. Where can i file my state taxes online Betterments. Where can i file my state taxes online   Expenses that may result in a betterment to your property include expenses for fixing a pre-existing defect or condition, enlarging or expanding your property, or increasing the capacity, strength, or quality of your property. Where can i file my state taxes online Restoration. Where can i file my state taxes online   Expenses that may be for restoration include expenses for replacing a substantial structural part of your property, repairing damage to your property after you properly adjusted the basis of your property as a result of a casualty loss, or rebuilding your property to a like-new condition. Where can i file my state taxes online Adaptation. Where can i file my state taxes online   Expenses that may be for adaptation include expenses for altering your property to a use that is not consistent with the intended ordinary use of your property when you began renting the property. Where can i file my state taxes online Separate the costs of repairs and improvements, and keep accurate records. Where can i file my state taxes online You will need to know the cost of improvements when you sell or depreciate your property. Where can i file my state taxes online The expenses you capitalize for improving your property can generally be depreciated as if the improvement were separate property. Where can i file my state taxes online Other Expenses Other expenses you can deduct from your rental income include advertising, cleaning and maintenance, utilities, fire and liability insurance, taxes, interest, commissions for the collection of rent, ordinary and necessary travel and transportation, and other expenses, discussed next. Where can i file my state taxes online Insurance premiums paid in advance. Where can i file my state taxes online   If you pay an insurance premium for more than one year in advance, for each year of coverage you can deduct the part of the premium payment that will apply to that year. Where can i file my state taxes online You cannot deduct the total premium in the year you pay it. Where can i file my state taxes online Legal and other professional fees. Where can i file my state taxes online   You can deduct, as a rental expense, legal and other professional expenses, such as tax return preparation fees you paid to prepare Schedule E (Form 1040), Part I. Where can i file my state taxes online For example, on your 2013 Schedule E, you can deduct fees paid in 2013 to prepare your 2012 Schedule E, Part I. Where can i file my state taxes online You can also deduct, as a rental expense, any expense (other than federal taxes and penalties) you paid to resolve a tax underpayment related to your rental activities. Where can i file my state taxes online Local benefit taxes. Where can i file my state taxes online   In most cases, you cannot deduct charges for local benefits that increase the value of your property, such as charges for putting in streets, sidewalks, or water and sewer systems. Where can i file my state taxes online These charges are nondepreciable capital expenditures, and must be added to the basis of your property. Where can i file my state taxes online However, you can deduct local benefit taxes that are for maintaining, repairing, or paying interest charges for the benefits. Where can i file my state taxes online Local transportation expenses. Where can i file my state taxes online    You may be able to deduct your ordinary and necessary local transportation expenses if you incur them to collect rental income or to manage, conserve, or maintain your rental property. Where can i file my state taxes online However, transportation expenses incurred to travel between your home and a rental property generally constitute nondeductible commuting costs unless you use your home as your principal place of business. Where can i file my state taxes online See Publication 587, Business Use of Your Home, for information on determining if your home office qualifies as a principal place of business. Where can i file my state taxes online   Generally, if you use your personal car, pickup truck, or light van for rental activities, you can deduct the expenses using one of two methods: actual expenses or the standard mileage rate. Where can i file my state taxes online For 2013, the standard mileage rate for business use is 56. Where can i file my state taxes online 5 cents per mile. Where can i file my state taxes online For more information, see chapter 26. Where can i file my state taxes online    To deduct car expenses under either method, you must keep records that follow the rules in chapter 26. Where can i file my state taxes online In addition, you must complete Form 4562, Part V, and attach it to your tax return. Where can i file my state taxes online Rental of equipment. Where can i file my state taxes online   You can deduct the rent you pay for equipment that you use for rental purposes. Where can i file my state taxes online However, in some cases, lease contracts are actually purchase contracts. Where can i file my state taxes online If so, you cannot deduct these payments. Where can i file my state taxes online You can recover the cost of purchased equipment through depreciation. Where can i file my state taxes online Rental of property. Where can i file my state taxes online   You can deduct the rent you pay for property that you use for rental purposes. Where can i file my state taxes online If you buy a leasehold for rental purposes, you can deduct an equal part of the cost each year over the term of the lease. Where can i file my state taxes online Travel expenses. Where can i file my state taxes online   You can deduct the ordinary and necessary expenses of traveling away from home if the primary purpose of the trip is to collect rental income or to manage, conserve, or maintain your rental property. Where can i file my state taxes online You must properly allocate your expenses between rental and nonrental activities. Where can i file my state taxes online You cannot deduct the cost of traveling away from home if the primary purpose of the trip was to improve your property. Where can i file my state taxes online You recover the cost of improvements by taking depreciation. Where can i file my state taxes online For information on travel expenses, see chapter 26. Where can i file my state taxes online    To deduct travel expenses, you must keep records that follow the rules in chapter 26. Where can i file my state taxes online   See Rental Expenses in Publication 527 for more information. Where can i file my state taxes online Property Changed to Rental Use If you change your home or other property (or a part of it) to rental use at any time other than the beginning of your tax year, you must divide yearly expenses, such as taxes and insurance, between rental use and personal use. Where can i file my state taxes online You can deduct as rental expenses only the part of the expense that is for the part of the year the property was used or held for rental purposes. Where can i file my state taxes online You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. Where can i file my state taxes online However, you can include the home mortgage interest, qualified mortgage insurance premiums, and real estate tax expenses for the part of the year the property was held for personal use as an itemized deduction on Schedule A (Form 1040). Where can i file my state taxes online Example. Where can i file my state taxes online Your tax year is the calendar year. Where can i file my state taxes online You moved from your home in May and started renting it out on June 1. Where can i file my state taxes online You can deduct as rental expenses seven-twelfths of your yearly expenses, such as taxes and insurance. Where can i file my state taxes online Starting with June, you can deduct as rental expenses the amounts you pay for items generally billed monthly, such as utilities. Where can i file my state taxes online Renting Part of Property If you rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property. Where can i file my state taxes online You can deduct the expenses related to the part of the property used for rental purposes, such as home mortgage interest, qualified mortgage insurance premiums, and real estate taxes, as rental expenses on Schedule E (Form 1040). Where can i file my state taxes online You can also deduct as rental expenses a portion of other expenses that normally are nondeductible personal expenses, such as expenses for electricity or painting the outside of your house. Where can i file my state taxes online There is no change in the types of expenses deductible for the personal-use part of your property. Where can i file my state taxes online Generally, these expenses may be deducted only if you itemize your deductions on Schedule A (Form 1040). Where can i file my state taxes online You cannot deduct any part of the cost of the first phone line even if your tenants have unlimited use of it. Where can i file my state taxes online You do not have to divide the expenses that belong only to the rental part of your property. Where can i file my state taxes online For example, if you paint a room that you rent, or if you pay premiums for liability insurance in connection with renting a room in your home, your entire cost is a rental expense. Where can i file my state taxes online If you install a second phone line strictly for your tenants' use, all of the cost of the second line is deductible as a rental expense. Where can i file my state taxes online You can deduct depreciation, discussed later, on the part of the house used for rental purposes as well as on the furniture and equipment you use for rental purposes. Where can i file my state taxes online How to divide expenses. Where can i file my state taxes online   If an expense is for both rental use and personal use, such as mortgage interest or heat for the entire house, you must divide the expense between the rental use and the personal use. Where can i file my state taxes online You can use any reasonable method for dividing the expense. Where can i file my state taxes online It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. Where can i file my state taxes online The two most common methods for dividing an expense are based on (1) the number of rooms in your home, and (2) the square footage of your home. Where can i file my state taxes online Not Rented for Profit If you do not rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income. Where can i file my state taxes online You cannot deduct a loss or carry forward to the next year any rental expenses that are more than your rental income for the year. Where can i file my state taxes online For more information about the rules for an activity not engaged in for profit, see Not-for-Profit Activities in chapter 1 of Publication 535. Where can i file my state taxes online Where to report. Where can i file my state taxes online   Report your not-for-profit rental income on Form 1040, line 21. Where can i file my state taxes online For example, you can include your mortgage interest and any qualified mortgage insurance premiums (if you use the property as your main home or second home), real estate taxes, and casualty losses on the appropriate lines of Schedule A (Form 1040) if you itemize your deductions. Where can i file my state taxes online   If you itemize your deductions, claim your other rental expenses, subject to the rules explained in chapter 1 of Publication 535, as miscellaneous itemized deductions on Form 1040, Schedule A, line 23. Where can i file my state taxes online You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income. Where can i file my state taxes online Personal Use of Dwelling Unit (Including Vacation Home) 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. Where can i file my state taxes online In general, your rental expenses will be no more than your total expenses multiplied by a fraction; the denominator of which is the total number of days the dwelling unit is used and the numerator of which is the total number of days actually rented at a fair rental price. Where can i file my state taxes online Only your rental expenses may be deducted on Schedule E (Form 1040). Where can i file my state taxes online Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). Where can i file my state taxes online You must also determine if the dwelling unit is considered a home. Where can i file my state taxes online The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. Where can i file my state taxes online Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. Where can i file my state taxes online There is a special rule if you used the dwelling unit as a home and you rented it for less than 15 days during the year. Where can i file my state taxes online Dwelling unit. Where can i file my state taxes online   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. Where can i file my state taxes online It also includes all structures or other property belonging to the dwelling unit. Where can i file my state taxes online A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Where can i file my state taxes online   A dwelling unit does not include property used solely as a hotel, motel, inn, or similar establishment. Where can i file my state taxes online Property is used solely as a hotel, motel, inn, or similar establishment if it is regularly available for occupancy by paying customers and is not used by an owner as a home during the year. Where can i file my state taxes online Example. Where can i file my state taxes online   You rent a room in your home that is always available for short-term occupancy by paying customers. Where can i file my state taxes online You do not use the room yourself, and you allow only paying customers to use the room. Where can i file my state taxes online The room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. Where can i file my state taxes online Dividing Expenses If you use a dwelling unit for both rental and personal purposes, divide your expenses between the rental use and the personal use based on the number of days used for each purpose. Where can i file my state taxes online When dividing your expenses, follow these rules. Where can i file my state taxes online Any day that the unit is rented at a fair rental price is a day of rental use even if you used the unit for personal purposes that day. Where can i file my state taxes online This rule does not apply when determining whether you used the unit as a home. Where can i file my state taxes online Any day that the unit is available for rent but not actually rented is not a day of rental use. Where can i file my state taxes online Example. Where can i file my state taxes online Your beach cottage was available for rent from June 1 through August 31 (92 days). Where can i file my state taxes online During that time, 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. Where can i file my state taxes online The person who rented the cottage for July allowed you to use it over the weekend (2 days) without any reduction in or refund of rent. Where can i file my state taxes online Your family also used the cottage during the last 2 weeks of May (14 days). Where can i file my state taxes online The cottage was not used at all before May 17 or after August 31. Where can i file my state taxes online You figure the part of the cottage expenses to treat as rental expenses as follows. Where can i file my state taxes online The cottage was used for rental a total of 85 days (92 − 7). Where can i file my state taxes online The days it was available for rent but not rented (7 days) are not days of rental use. Where can i file my state taxes online The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. Where can i file my state taxes online You used the cottage for personal purposes for 14 days (the last 2 weeks in May). Where can i file my state taxes online The total use of the cottage was 99 days (14 days personal use + 85 days rental use). Where can i file my state taxes online Your rental expenses are 85/99 (86%) of the cottage expenses. Where can i file my state taxes online Note. Where can i file my state taxes online When determining whether you used the cottage as a home, the July weekend (2 days) you used it is considered personal use even though you received a fair rental price for the weekend. Where can i file my state taxes online Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. Where can i file my state taxes online Because you used the cottage for personal purposes more than 14 days and more than 10% of the days of rental use (8 days), you used it as a home. Where can i file my state taxes online If you have a net loss, you may not be able to deduct all of the rental expenses. Where can i file my state taxes online See Dwelling Unit Used as a Home, next. Where can i file my state taxes online Dwelling Unit Used as a Home If you use a dwelling unit for both rental and personal purposes, the tax treatment of the rental expenses you figured earlier under Dividing Expenses and rental income depends on whether you are considered to be using the dwelling unit as a home. Where can i file my state taxes online You use a dwelling unit as a home during the tax year if you use it for personal purposes more than the greater of: 14 days, or 10% of the total days it is rented to others at a fair rental price. Where can i file my state taxes online See What is a day of personal use , later. Where can i file my state taxes online Fair rental price. Where can i file my state taxes online   A fair rental price for your property generally is the amount of rent that a person who is not related to you would be willing to pay. Where can i file my state taxes online The rent you charge is not a fair rental price if it is substantially less than the rents charged for other properties that are similar to your property in your area. Where can i file my state taxes online   If a dwelling unit is used for personal purposes on a day it is rented at a fair rental price, do not count that day as a day of rental use in applying (2) above. Where can i file my state taxes online Instead, count it as a day of personal use in applying both (1) and (2) above. Where can i file my state taxes online What is a day of personal use?   A day of personal use of a dwelling unit is any day that the unit is used by any of the following persons. Where can i file my state taxes online You or any other person who has an interest in the unit, unless you rent it to another owner as his or her main home under a shared equity financing agreement (defined later). Where can i file my state taxes online However, see Days used as a main home before or after renting , later. Where can i file my state taxes online A member of your family or a member of the family of any other person who owns an interest in the unit, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. Where can i file my state taxes online Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. Where can i file my state taxes online ), and lineal descendants (children, grandchildren, etc. Where can i file my state taxes online ). Where can i file my state taxes online Anyone under an arrangement that lets you use some other dwelling unit. Where can i file my state taxes online Anyone at less than a fair rental price. Where can i file my state taxes online Main home. Where can i file my state taxes online   If the other person or member of the family in (1) or (2) above has more than one home, his or her main home is ordinarily the one he or she lived in most of the time. Where can i file my state taxes online Shared equity financing agreement. Where can i file my state taxes online   This is an agreement under which two or more persons acquire undivided interests for more than 50 years in an entire dwelling unit, including the land, and one or more of the co-owners is entitled to occupy the unit as his or her main home upon payment of rent to the other co-owner or owners. Where can i file my state taxes online Donation of use of property. Where can i file my state taxes online   You use a dwelling unit for personal purposes if: You donate the use of the unit to a charitable organization, The organization sells the use of the unit at a fund-raising event, and The “purchaser” uses the unit. Where can i file my state taxes online Examples. Where can i file my state taxes online   The following examples show how to determine days of personal use. Where can i file my state taxes online Example 1. Where can i file my state taxes online You and your neighbor are co-owners of a condominium at the beach. Where can i file my state taxes online Last year, you rented the unit to vacationers whenever possible. Where can i file my state taxes online The unit was not used as a main home by anyone. Where can i file my state taxes online Your neighbor used the unit for 2 weeks last year; you did not use it at all. Where can i file my state taxes online Because your neighbor has an interest in the unit, both of you are considered to have used the unit for personal purposes during those 2 weeks. Where can i file my state taxes online Example 2. Where can i file my state taxes online You and your neighbors are co-owners of a house under a shared equity financing agreement. Where can i file my state taxes online Your neighbors live in the house and pay you a fair rental price. Where can i file my state taxes online Even though your neighbors have an interest in the house, the days your neighbors live there are not counted as days of personal use by you. Where can i file my state taxes online This is because your neighbors rent the house as their main home under a shared equity financing agreement. Where can i file my state taxes online Example 3. Where can i file my state taxes online You own a rental property that you rent to your son. Where can i file my state taxes online Your son does not own any interest in this property. Where can i file my state taxes online He uses it as his main home and pays you a fair rental price. Where can i file my state taxes online Your son's use of the property is not personal use by you because your son is using it as his main home, he owns no interest in the property, and he is paying you a fair rental price. Where can i file my state taxes online Example 4. Where can i file my state taxes online You rent your beach house to Joshua. Where can i file my state taxes online Joshua rents his cabin in the mountains to you. Where can i file my state taxes online You each pay a fair rental price. Where can i file my state taxes online You are using your house for personal purposes on the days that Joshua uses it because your house is used by Joshua under an arrangement that allows you to use his house. Where can i file my state taxes online Days used for repairs and maintenance. Where can i file my state taxes online   Any day that you spend working substantially full time repairing and maintaining (not improving) your property is not counted as a day of personal use. Where can i file my state taxes online Do not count such a day as a day of personal use even if family members use the property for recreational purposes on the same day. Where can i file my state taxes online Days used as a main home before or after renting. Where can i file my state taxes online   For purposes of determining whether a dwelling unit was used as a home, you may not have to count days you used the property as your main home before or after renting it or offering it for rent as days of personal use. Where can i file my state taxes online Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. Where can i file my state taxes online You rented or tried to rent the property for a period of less than 12 consecutive months and the period ended because you sold or exchanged the property. Where can i file my state taxes online However, this special rule does not apply when dividing expenses between rental and personal use. Where can i file my state taxes online Examples. Where can i file my state taxes online   The following examples show how to determine whether you used your rental property as a home. Where can i file my state taxes online Example 1. Where can i file my state taxes online You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. Where can i file my state taxes online You rented the basement apartment at a fair rental price to college students during the regular school year. Where can i file my state taxes online You rented to them on a 9-month lease (273 days). Where can i file my state taxes online You figured 10% of the total days rented to others at a fair rental price is 27 days. Where can i file my state taxes online During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. Where can i file my state taxes online Your basement apartment was used as a home because you used it for personal purposes for 30 days. Where can i file my state taxes online Rent-free use by your brothers is considered personal use. Where can i file my state taxes online Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). Where can i file my state taxes online Example 2. Where can i file my state taxes online You rented the guest bedroom in your home at a fair rental price during the local college's homecoming, commencement, and football weekends (a total of 27 days). Where can i file my state taxes online Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. Where can i file my state taxes online You figured 10% of the total days rented to others at a fair rental price is 3 days. Where can i file my state taxes online The room was used as a home because you used it for personal purposes for 21 days. Where can i file my state taxes online That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). Where can i file my state taxes online Example 3. Where can i file my state taxes online You own a condominium apartment in a resort area. Where can i file my state taxes online You rented it at a fair rental price for a total of 170 days during the year. Where can i file my state taxes online For 12 of those 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. Where can i file my state taxes online Your family actually used the apartment for 10 of those days. Where can i file my state taxes online Therefore, the apartment is treated as having been rented for 160 (170 − 10) days. Where can i file my state taxes online You figured 10% of the total days rented to others at a fair rental price is 16 days. Where can i file my state taxes online Your family also used the apartment for 7 other days during the year. Where can i file my state taxes online You used the apartment as a home because you used it for personal purposes for 17 days. Where can i file my state taxes online That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). Where can i file my state taxes online Minimal rental use. Where can i file my state taxes online   If you use the dwelling unit as a home and you rent it less than 15 days during the year, that period is not treated as rental activity. Where can i file my state taxes online See Used as a home but rented less than 15 days , later, for more information. Where can i file my state taxes online Limit on deductions. Where can i file my state taxes online   Renting a dwelling unit that is considered a home is not a passive activity. Where can i file my state taxes online Instead, if your rental expenses are more than your rental income, some or all of the excess expenses cannot be used to offset income from other sources. Where can i file my state taxes online The excess expenses that cannot be used to offset income from other sources are carried forward to the next year and treated as rental expenses for the same property. Where can i file my state taxes online Any expenses carried forward to the next year will be subject to any limits that apply for that year. Where can i file my state taxes online This limitation will apply to expenses carried forward to another year even if you do not use the property as your home for that subsequent year. Where can i file my state taxes online   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 9-1. Where can i file my state taxes online Reporting Income and Deductions Property not used for personal purposes. Where can i file my state taxes online   If you do not use a dwelling unit for personal purposes, see How To Report Rental Income and Expenses , later, for how to report your rental income and expenses. Where can i file my state taxes online Property used for personal purposes. Where can i file my state taxes online   If you do use a dwelling unit for personal purposes, then how you report your rental income and expenses depends on whether you used the dwelling unit as a home. Where can i file my state taxes online Not used as a home. Where can i file my state taxes online   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. Where can i file my state taxes online Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in Dividing Expenses . Where can i file my state taxes online The expenses for personal use are not deductible as rental expenses. Where can i file my state taxes online   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses , later. Where can i file my state taxes online Used as a home but rented less than 15 days. Where can i file my state taxes online   If you use a dwelling unit as a home and you rent it less than 15 days during the year, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). Where can i file my state taxes online You are not required to report the rental income and rental expenses from this activity. Where can i file my state taxes online The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). Where can i file my state taxes online See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Where can i file my state taxes online Used as a home and rented 15 days or more. Where can i file my state taxes online   If you use a dwelling unit as a home and rent it 15 days or more during the year, include all your rental income in your income. Where can i file my state taxes online Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in Dividing Expenses . Where can i file my state taxes online The expenses for personal use are not deductible as rental expenses. Where can i file my state taxes online   If you had a net profit from renting the dwelling unit for the year (that is, if your rental income is more than the total of your rental expenses, including depreciation), deduct all of your rental expenses. Where can i file my state taxes online You do not need to use Worksheet 9-1. Where can i file my state taxes online   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. Where can i file my state taxes online To figure your deductible rental expenses and any carryover to next year, use Worksheet 9-1. Where can i file my state taxes online Depreciation You recover the cost of income-producing property through yearly tax deductions. Where can i file my state taxes online You do this by depreciating the property; that is, by deducting some of the cost each year on your tax return. Where can i file my state taxes online Three factors determine how much depreciation you can deduct each year: (1) your basis in the property, (2) the recovery period for the property, and (3) the depreciation method used. Where can i file my state taxes online You cannot simply deduct your mortgage or principal payments, or the cost of furniture, fixtures, and equipment, as an expense. Where can i file my state taxes online You can deduct depreciation only on the part of your property used for rental purposes. Where can i file my state taxes online Depreciation reduces your basis for figuring gain or loss on a later sale or exchange. Where can i file my state taxes online You may have to use Form 4562 to figure and report your depreciation. Where can i file my state taxes online See How To Report Rental Income and Expenses , later. Where can i file my state taxes online Alternative minimum tax (AMT). Where can i file my state taxes online    If you use accelerated depreciation, you may be subject to the AMT. Where can i file my state taxes online Accelerated depreciation allows you to deduct more depreciation earlier in the recovery period than you could deduct using a straight line method (same deduction each year). Where can i file my state taxes online Claiming the correct amount of depreciation. Where can i file my state taxes online   You should claim the correct amount of depreciation each tax year. Where can i file my state taxes online If you did not claim all the depreciation you were entitled to deduct, you must still reduce your basis in the property by the full amount of depreciation that you could have deducted. Where can i file my state taxes online   If you deducted an incorrect amount of depreciation for property in any year, you may be able to make a correction by filing Form 1040X, Amended U. Where can i file my state taxes online S Individual Income Tax Return. Where can i file my state taxes online If you are not allowed to make the correction on an amended return, you can change your accounting method to claim the correct amount of depreciation. Where can i file my state taxes online See Claiming the correct amount of depreciation in chapter 2 of Publication 527 for more information. Where can i file my state taxes online Changing your accounting method to deduct unclaimed depreciation. Where can i file my state taxes online   To change your accounting method, you generally must file Form 3115, Application for Change in Accounting Method, to get the consent of the IRS. Where can i file my state taxes online In some instances, that consent is automatic. Where can i file my state taxes online For more information, see chapter 1 of Publication 946. Where can i file my state taxes online Land. Where can i file my state taxes online   You cannot depreciate the cost of land because land generally does not wear out, become obsolete, or get used up. Where can i file my state taxes online The costs of clearing, grading, planting, and landscaping are usually all part of the cost of land and cannot be depreciated. Where can i file my state taxes online More information. Where can i file my state taxes online   See Publication 527 for more information about depreciating rental property and see Publication 946 for more information about depreciation. Where can i file my state taxes online 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. Where can i file my state taxes online You must consider these rules in the order shown below. Where can i file my state taxes online At-risk rules. Where can i file my state taxes online These rules are applied first if there is investment in your rental real estate activity for which you are not at risk. Where can i file my state taxes online This applies only if the real property was placed in service after 1986. Where can i file my state taxes online Passive activity limits. Where can i file my state taxes online 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. Where can i file my state taxes online However, there are exceptions. Where can i file my state taxes online 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. Where can i file my state taxes online Losses from holding real property (other than mineral property) placed in service before 1987 are not subject to the at-risk rules. Where can i file my state taxes online 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. Where can i file my state taxes online 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. Where can i file my state taxes online See Publication 925 for more information. Where can i file my state taxes online Passive Activity Limits In most cases, all rental real estate activities (except those of certain real estate professionals, discussed later) are passive activities. Where can i file my state taxes online 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. Where can i file my state taxes online Limits on passive activity deductions and credits. Where can i file my state taxes online    Deductions or losses from passive activities are limited. Where can i file my state taxes online You generally cannot offset income, other than passive income, with losses from passive activities. Where can i file my state taxes online Nor can you offset taxes on income, other than passive income, with credits resulting from passive activities. Where can i file my state taxes online Any excess loss or credit is carried forward to the next tax year. Where can i file my state taxes online   For a detailed discussion of these rules, see Publication 925. Where can i file my state taxes online    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. Where can i file my state taxes online Real estate professionals. Where can i file my state taxes online   Rental activities in which you materially participated during the year are not passive activities if, for that year, you were a real estate professional. Where can i file my state taxes online For a detailed discussion of the requirements, see Publication 527. Where can i file my state taxes online For a detailed discussion of material participation, see Publication 925. Where can i file my state taxes online 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. Where can i file my state taxes online Instead, follow the rules explained in Personal Use of Dwelling Unit (Including Vacation Home), earlier. Where can i file my state taxes online Exception for Rental Real Estate Activities 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. Where can i file my state taxes online This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities. Where can i file my state taxes online 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. Where can i file my state taxes online Active participation. Where can i file my state taxes online   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. Where can i file my state taxes online Management decisions that may count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and similar decisions. Where can i file my state taxes online Maximum special allowance. Where can i file my state taxes online   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. Where can i file my state taxes online   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. Where can i file my state taxes online 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. Where can i file my state taxes online   Generally, if your MAGI is $150,000 or more ($75,000 or more if you are married filing separately), there is no special allowance. Where can i file my state taxes online More information. Where can i file my state taxes online   See Publication 925 for more information on the passive loss limits, including information on the treatment of unused disallowed passive losses and credits and the treatment of gains and losses realized on the disposition of a passive activity. Where can i file my state taxes online How To Report Rental Income and Expenses The basic form for reporting residential rental income and expenses is Schedule E (Form 1040). Where can i file my state taxes online However, do not use that schedule to report a not-for-profit activity. Where can i file my state taxes online See Not Rented for Profit, earlier. Where can i file my state taxes online Providing substantial services. Where can i file my state taxes online   If you provide substantial services that are primarily for your tenant's convenience, such as regular cleaning, changing linen, or maid service, 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 (Sole Proprietorship). Where can i file my state taxes online Substantial services do not include the furnishing of heat and light, cleaning of public areas, trash collection, etc. Where can i file my state taxes online For information, see Publication 334, Tax Guide for Small Business. Where can i file my state taxes online You also may have to pay self-employment tax on your rental income using Schedule SE (Form 1040), Self-Employment Tax. Where can i file my state taxes online   Use Form 1065, U. Where can i file my state taxes online S. Where can i file my state taxes online Return of Partnership Income, if your rental activity is a partnership (including a partnership with your spouse unless it is a qualified joint venture). Where can i file my state taxes online Qualified joint venture. Where can i file my state taxes online   If you and your spouse each materially participate 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. Where can i file my state taxes online 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. Where can i file my state taxes online For more information, see Publication 527. Where can i file my state taxes online Form 1098, Mortgage Interest Statement. Where can i file my state taxes online    If you paid $600 or more of mortgage interest on your rental property to any one person, you should receive a Form 1098, or similar statement showing the interest you paid for the year. Where can i file my state taxes online If you and at least one other person (other than your spouse if you file a joint return) were liable for, and paid interest on the mortgage, and the other person received the Form 1098, report your share of the interest on Schedule E (Form 1040), line 13. Where can i file my state taxes online Attach a statement to your return showing the name and address of the other person. Where can i file my state taxes online In the left margin of Schedule E, next to line 13, enter “See attached. Where can i file my state taxes online ” Schedule E (Form 1040) If you rent buildings, rooms, or apartments, and provide basic services such as heat and light, trash collection, etc. Where can i file my state taxes online , you normally report your rental income and expenses on Schedule E, Part I. Where can i file my state taxes online List your total income, expenses, and depreciation for each rental property. Where can i file my state taxes online Be sure to enter the number of fair rental and personal use days on line 2. Where can i file my state taxes online If you have more than three rental or royalty properties, complete and attach as many Schedules E as are needed to list the properties. Where can i file my state taxes online Complete lines 1 and 2 for each property. Where can i file my state taxes online However, fill in lines 23a through 26 on only one Schedule E. Where can i file my state taxes online On Schedule E, page 1, line 18, enter the depreciation you are claiming for each property. Where can i file my state taxes online To find out if you need to attach Form 4562, see Form 4562, in chapter 3 of Publication 527. Where can i file my state taxes online If you have a loss from your rental real estate activity, you also may need to complete one or both of the following forms. Where can i file my state taxes online Form 6198, At-Risk Limitations. Where can i file my state taxes online See At-Risk Rules , earlier. Where can i file my state taxes online Also see Publication 925. Where can i file my state taxes online Form 8582, Passive Activity Loss Limitations. Where can i file my state taxes online See Passive Activity Limits , earlier. Where can i file my state taxes online Page 2 of Schedule E is used to report income or loss from partnerships, S corporations, estates, trusts, and real estate mortgage investment conduits. Where can i file my state taxes online 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. Where can i file my state taxes online Also, include the amount from line 26 (Part I) in the “Total income or (loss)” on line 41 (Part V). Where can i file my state taxes online Worksheet 9-1. Where can i file my state taxes online Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Use this worksheet only if you answer “yes” to all of the following questions. Where can i file my state taxes online Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . Where can i file my state taxes online ) Did you rent the dwelling unit at a fair rental price 15 days or more this year? Is the total of your rental expenses and depreciation more than your rental income? PART I. Where can i file my state taxes online Rental Use Percentage A. Where can i file my state taxes online Total days available for rent at fair rental price A. Where can i file my state taxes online       B. Where can i file my state taxes online Total days available for rent (line A) but not rented B. Where can i file my state taxes online       C. Where can i file my state taxes online Total days of rental use. Where can i file my state taxes online Subtract line B from line A C. Where can i file my state taxes online       D. Where can i file my state taxes online Total days of personal use (including days rented at less than fair rental price) D. Where can i file my state taxes online       E. Where can i file my state taxes online Total days of rental and personal use. Where can i file my state taxes online Add lines C and D E. Where can i file my state taxes online       F. Where can i file my state taxes online Percentage of expenses allowed for rental. Where can i file my state taxes online Divide line C by line E     F. Where can i file my state taxes online   PART II. Where can i file my state taxes online Allowable Rental Expenses 1. Where can i file my state taxes online Enter rents received 1. Where can i file my state taxes online   2a. Where can i file my state taxes online Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. Where can i file my state taxes online       b. Where can i file my state taxes online Enter the rental portion of real estate taxes b. Where can i file my state taxes online       c. Where can i file my state taxes online Enter the rental portion of deductible casualty and theft losses (see instructions) c. Where can i file my state taxes online       d. Where can i file my state taxes online Enter direct rental expenses (see instructions) d. Where can i file my state taxes online       e. Where can i file my state taxes online Fully deductible rental expenses. Where can i file my state taxes online Add lines 2a–2d. Where can i file my state taxes online Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. Where can i file my state taxes online   3. Where can i file my state taxes online Subtract line 2e from line 1. Where can i file my state taxes online If zero or less, enter -0- 3. Where can i file my state taxes online   4a. Where can i file my state taxes online Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. Where can i file my state taxes online       b. Where can i file my state taxes online Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. Where can i file my state taxes online       c. Where can i file my state taxes online Carryover of operating expenses from 2012 worksheet c. Where can i file my state taxes online       d. Where can i file my state taxes online Add lines 4a–4c d. Where can i file my state taxes online       e. Where can i file my state taxes online Allowable expenses. Where can i file my state taxes online Enter the smaller of line 3 or line 4d (see instructions) 4e. Where can i file my state taxes online   5. Where can i file my state taxes online Subtract line 4e from line 3. Where can i file my state taxes online If zero or less, enter -0- 5. Where can i file my state taxes online   6a. Where can i file my state taxes online Enter the rental portion of excess casualty and theft losses (see instructions) 6a. Where can i file my state taxes online       b. Where can i file my state taxes online Enter the rental portion of depreciation of the dwelling unit b. Where can i file my state taxes online       c. Where can i file my state taxes online Carryover of excess casualty losses and depreciation from 2012 worksheet c. Where can i file my state taxes online       d. Where can i file my state taxes online Add lines 6a–6c d. Where can i file my state taxes online       e. Where can i file my state taxes online Allowable excess casualty and theft losses and depreciation. Where can i file my state taxes online Enter the smaller of  line 5 or line 6d (see instructions) 6e. Where can i file my state taxes online   PART III. Where can i file my state taxes online Carryover of Unallowed Expenses to Next Year 7a. Where can i file my state taxes online Operating expenses to be carried over to next year. Where can i file my state taxes online Subtract line 4e from line 4d 7a. Where can i file my state taxes online   b. Where can i file my state taxes online Excess casualty and theft losses and depreciation to be carried over to next year. Where can i file my state taxes online  Subtract line 6e from line 6d b. Where can i file my state taxes online   Worksheet 9-1 Instructions. Where can i file my state taxes online Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. Where can i file my state taxes online Use the percentage determined in Part I, line F, to figure the rental portions to enter on lines 2a–2c, 4a–4b, and 6a–6b of  Part II. Where can i file my state taxes online Line 2a. Where can i file my state taxes online Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. Where can i file my state taxes online Do not include interest on a loan that did not benefit the dwelling unit. Where can i file my state taxes online For example, do not include interest on a home equity loan used to pay off credit cards or other personal loans, buy a car, or pay college tuition. Where can i file my state taxes online Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. Where can i file my state taxes online Include the rental portion of this interest in the total you enter on line 2a of the worksheet. Where can i file my state taxes online   Figure the qualified mortgage insurance premiums on the dwelling unit that you could deduct on line 13 of Schedule A as if you had not rented the unit. Where can i file my state taxes online See the Schedule A instructions. Where can i file my state taxes online However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. Where can i file my state taxes online See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. Where can i file my state taxes online Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. Where can i file my state taxes online   Note. Where can i file my state taxes online Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. Where can i file my state taxes online Instead, figure the personal portion on a separate Schedule A. Where can i file my state taxes online If you have deducted mortgage interest or qualified mortgage insurance premiums on the dwelling unit on other forms, such as Schedule C or F, remember to reduce your Schedule A deduction by that amount. Where can i file my state taxes online           Line 2c. Where can i file my state taxes online Figure the casualty and theft losses related to the dwelling unit that you could deduct on Schedule A as if you had not rented the dwelling unit. Where can i file my state taxes online To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. Where can i file my state taxes online If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. Where can i file my state taxes online On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. Where can i file my state taxes online Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. Where can i file my state taxes online   Note. Where can i file my state taxes online Do not file this Form 4684 or use it to figure your personal losses on Schedule A. Where can i file my state taxes online Instead, figure the personal portion on a separate Form 4684. Where can i file my state taxes online           Line 2d. Where can i file my state taxes online Enter the total of your rental expenses that are directly related only to the rental activity. Where can i file my state taxes online These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. Where can i file my state taxes online Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. Where can i file my state taxes online           Line 2e. Where can i file my state taxes online You can deduct the amounts on lines 2a, 2b, 2c, and 2d as rental expenses on Schedule E even if your rental expenses are more than your rental income. Where can i file my state taxes online Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. Where can i file my state taxes online           Line 4b. Where can i file my state taxes online On line 2a, you entered the rental portion of the mortgage interest and qualified mortgage insurance premiums you could deduct on Schedule A if you had not rented the dwelling unit. Where can i file my state taxes online If you had additional mortgage interest and qualified mortgage insurance premiums that would not be deductible on Schedule A because of limits imposed on them, enter on line 4b of this worksheet the rental portion of those excess amounts. Where can i file my state taxes online Do not include interest on a loan that did not benefit the dwelling unit (as explained in the line 2a instructions). Where can i file my state taxes online           Line 4e. Where can i file my state taxes online You can deduct the amounts on lines 4a, 4b, and 4c as rental expenses on Schedule E only to the extent they are not more than the amount on line 4e. Where can i file my state taxes online *           Line 6a. Where can i file my state taxes online To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. Where can i file my state taxes online   A. Where can i file my state taxes online Enter the amount from Form 4684, line 10       B. Where can i file my state taxes online Enter the rental portion of line A       C. Where can i file my state taxes online Enter the amount from line 2c of this worksheet       D. Where can i file my state taxes online Subtract line C from line B. Where can i file my state taxes online Enter the result here and on line 6a of this worksheet               Line 6e. Where can i file my state taxes online You can deduct the amounts on lines 6a, 6b, and 6c as rental expenses on Schedule E only to the extent they are not more than the amount on line 6e. Where can i file my state taxes online * *Allocating the limited deduction. Where can i file my state taxes online If you cannot deduct all of the amount on line 4d or 6d this year, you can allocate the allowable deduction in any way you wish among the expenses included on line 4d or 6d. Where can i file my state taxes online Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. Where can i file my state taxes online Prev  Up  Next   Home   More Online Publications