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Www Taxact Com 2011

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Www Taxact Com 2011

Www taxact com 2011 Index A Abortion, Abortion Acupuncture, Acupuncture Adopted child's medical expenses, Adopted child. Www taxact com 2011 AGI limitation, Introduction, Community property states. Www taxact com 2011 Alcoholism, Alcoholism Ambulances, Ambulance Archer MSAs Health coverage tax credit, How To Take the Credit Medical expenses paid for decedent from, Decedent Artificial limbs, Artificial Limb Artificial teeth, Artificial Teeth Aspirin, Nonprescription Drugs and Medicines Assistance (see Tax help) Assisted living homes, Nursing Home Athletic club dues, Health Club Dues Automobiles (see Cars) B Baby sitting, Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby Bandages, Bandages Basis Medical equipment or property (Worksheet D), Worksheet D. Www taxact com 2011 Adjusted Basis of Medical Equipment or Property Sold Birth control pills, Birth Control Pills Body scan, Body Scan Braille books and magazines, Braille Books and Magazines Breast pumps and supplies, Breast Pumps and Supplies Breast reconstruction surgery, Breast Reconstruction Surgery C Calculation of deduction, What If You Are Reimbursed for Medical Expenses You Did Not Deduct? Capital expenses, Capital Expenses Improvements to rented property, Improvements to property rented by a person with a disability. Www taxact com 2011 Operation and upkeep, Operation and upkeep. Www taxact com 2011 Worksheet A, Capital expense worksheet. Www taxact com 2011 Cars, Car Out-of-pocket expenses, Car expenses. Www taxact com 2011 Standard medical mileage rates, Car expenses. Www taxact com 2011 Child care, Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby Children's medical expenses Adopted child, Adopted child. Www taxact com 2011 Dependents, Dependent Chiropractor, Chiropractor Christian Scientist practitioner, Christian Science Practitioner Chronically ill persons, Chronically ill individual. Www taxact com 2011 COBRA assistance Recapture of COBRA premium assistance, Worksheet F. Www taxact com 2011 Recapture of COBRA Premium Assistance for Higher Income Taxpayers COBRA premium assistance, COBRA Premium Assistance Community property states, Community property states. Www taxact com 2011 Computer banks to track medical information, Medical Information Plan Contact lenses, Contact Lenses Controlled substances, Controlled Substances Cosmetic surgery, Cosmetic Surgery Credit (see Health coverage tax credit) Crutches, Crutches D Dancing lessons, Dancing Lessons Decedent's medical expenses, Decedent, What if you pay medical expenses of a deceased spouse or dependent? Deductible amount, How Much of the Expenses Can You Deduct? Deductible expenses, Whose Medical Expenses Can You Include?, X-ray Definition of medical expenses Doctor, What Are Medical Expenses? Physician, What Are Medical Expenses? Dental treatment, Dental Treatment Artificial teeth, Artificial Teeth Teeth whitening, Teeth Whitening Dentures, Artificial Teeth Dependent's medical expenses Adopted child, Adopted child. Www taxact com 2011 Multiple support agreement, Support claimed under a multiple support agreement. Www taxact com 2011 Qualifying child, Dependent Qualifying relative, Dependent Dependents Disabled dependent care, Disabled Dependent Care Expenses, Dependents with disabilities. Www taxact com 2011 Diagnostic devices, Diagnostic Devices Diaper services, Diaper Service Disabilities, persons with Dependent care expenses, Disabled Dependent Care Expenses, Dependents with disabilities. Www taxact com 2011 Improvements to rented property, Improvements to property rented by a person with a disability. Www taxact com 2011 Special education, Special Education Divorced taxpayers Medical expenses of child, Child of divorced or separated parents. Www taxact com 2011 Drug addiction, Drug Addiction Drugs (see Medicines) Dues Health club, Health Club Dues E Education, special, Special Education Electrolysis, Cosmetic Surgery Employer-sponsored health insurance plans, Employer-Sponsored Health Insurance Plan Employment taxes, Employment taxes. Www taxact com 2011 Excluded expenses Insurance premiums, Insurance Premiums You Cannot Include Eye surgery, Eye Surgery Eyeglasses, Eyeglasses F Fertility enhancement Eggs, temporary storage of, Fertility Enhancement Fertility, Fertility Enhancement In vitro fertilization, Fertility Enhancement Figuring the deduction, How Do You Figure and Report the Deduction on Your Tax Return? Final return for decedent Medical expenses paid, Decedent Flexible spending account, Flexible Spending Account Food (see Weight-loss programs) Form 1040 Health coverage tax credit, How To Take the Credit Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 1040, Schedule A Impairment-related work expenses, Where to report. Www taxact com 2011 Medical and dental expenses, Introduction, What Tax Form Do You Use? Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 1040, Schedule C Impairment-related work expenses, Where to report. Www taxact com 2011 Form 1040, Schedule C-EZ Impairment-related work expenses, Where to report. Www taxact com 2011 Form 1040, Schedule E Impairment-related work expenses, Where to report. Www taxact com 2011 Form 1040, Schedule F Impairment-related work expenses, Where to report. Www taxact com 2011 Form 1040NR Health coverage tax credit, How To Take the Credit Form 1040X Amended return, What Expenses Can You Include This Year? Deceased taxpayer, What if the decedent's return had been filed and the medical expenses were not included? Form 1099-H Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 2106 Impairment-related work expenses, Where to report. Www taxact com 2011 Form 2106-EZ Impairment-related work expenses, Where to report. Www taxact com 2011 Form 2555 Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 2555-EZ Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Form 8453 Health coverage tax credit, How To Take the Credit Form 8885 Health coverage tax credit, How To Take the Credit Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons Founder's fee (see Lifetime care, advance payments) Free tax services, Free help with your tax return. Www taxact com 2011 Funeral expenses, Funeral Expenses Future medical care, Payments for future medical care. Www taxact com 2011 , Future Medical Care G Glasses, Eyeglasses Guide dog or other animal, Guide Dog or Other Service Animal H Hair Removal, Cosmetic Surgery Transplants, Cosmetic Surgery Wigs, Wig Health club dues, Health Club Dues Health coverage tax credit, Health Coverage Tax Credit Advanced payments, Monthly HCTC Alternative TAA recipient, Health Coverage Tax Credit Archer MSAs, How To Take the Credit Both spouses eligible, Qualifying Family Member Children of divorced parents, Health Coverage Tax Credit, Qualifying Family Member Eligible coverage month, Eligible Coverage Month Insurance that covers other individuals, Insurance that covers other individuals. Www taxact com 2011 Legally separated, Legally separated. Www taxact com 2011 Married persons filing separate returns, Qualifying Family Member Monthly HCTC, Monthly HCTC Nonqualified health insurance, Nonqualified Health Insurance Other specified coverage Benefits from the Veterans Administration, Other Specified Coverage Pension Benefit Guaranty Corporation (PBGC) recipient, Health Coverage Tax Credit Qualified health insurance, Qualified Health Insurance Qualifying family member, Qualifying Family Member Reimbursement credit, Monthly HCTC Reporting, How To Take the Credit State-qualified health insurance, State-qualified health insurance. Www taxact com 2011 TAA recipient, Health Coverage Tax Credit Yearly HCTC, Yearly HCTC Health Coverage Tax Credit Alternative TAA recipient, Who Can Take This Credit? PBGC pension payee, Who Can Take This Credit? TAA recipient, Who Can Take This Credit? Health institutes, Health Institute Health insurance Credit (see Health coverage tax credit) Employer-sponsored plan, Employer-Sponsored Health Insurance Plan Premiums Deductible, Insurance Premiums Nondeductible, Insurance Premiums You Cannot Include Paid by employer, Premiums paid by your employer. Www taxact com 2011 Paid by employer and you, Premiums paid by you and your employer. Www taxact com 2011 Paid by you, Premiums paid by you. Www taxact com 2011 Prepaid, Prepaid Insurance Premiums Unused sick leave used to pay, Unused Sick Leave Used To Pay Premiums Reimbursements (see Reimbursements) Self-employed persons, Health Insurance Costs for Self-Employed Persons Health maintenance organizations (HMOs), Health Maintenance Organization (HMO) Health reimbursement arrangements (HRAs), Health reimbursement arrangement (HRA). Www taxact com 2011 Health savings accounts (HSAs) Payments from, Health Savings Accounts Hearing aids, Hearing Aids Hearing-impaired persons Guide dog or other animal for, Guide Dog or Other Service Animal Help (see Tax help) HMOs (Health maintenance organizations), Health Maintenance Organization (HMO) Home care (see Nursing services) Home improvements (see Capital expenses:) Hospital services, Hospital Services Hotels, Lodging Household help, Household Help HRAs (Health reimbursement arrangements), Health reimbursement arrangement (HRA). Www taxact com 2011 I Illegal operations and treatments, Illegal Operations and Treatments Illegal substances, Controlled Substances Impairment-related work expenses, Workers' compensation. Www taxact com 2011 , Impairment-related expenses defined. Www taxact com 2011 Reporting of, Where to report. Www taxact com 2011 Insulin, Nonprescription Drugs and Medicines Insurance (see Health insurance) Intellectually and developmentally disabled persons Mentally retarded, Intellectually and Developmentally Disabled, Special Home for Special homes for, Intellectually and Developmentally Disabled, Special Home for L Laboratory fees, Laboratory Fees Lactation expenses (see Breast pumps and supplies) Laser eye surgery, Eye Surgery Lead-based paint removal, Lead-Based Paint Removal Learning disabilities, Special Education Legal fees, Legal Fees Lessons, dancing and swimming, Dancing Lessons Lifetime care Advance payments for, Lifetime Care—Advance Payments Lodging, Lodging, Trips (see also Trips) Long-term care, Long-Term Care Chronically ill individuals, Chronically ill individual. Www taxact com 2011 Maintenance and personal care services, Maintenance and personal care services. Www taxact com 2011 Qualified insurance contracts, Qualified Long-Term Care Insurance Contracts Qualified services, Qualified Long-Term Care Services M Maintenance and personal care services, Maintenance and personal care services. Www taxact com 2011 Maternity clothes, Maternity Clothes Meals, Meals, Weight-Loss Program (see also Weight-loss programs) Medical conferences, Medical Conferences Medical equipment or property Adjusted basis (Worksheet D), Worksheet D. Www taxact com 2011 Adjusted Basis of Medical Equipment or Property Sold Medical expense records, What Tax Form Do You Use? Medical information plans, Medical Information Plan Medical savings accounts (MSAs), Medical Savings Account (MSA) Medicare Medicare A, deductible expense, Medicare A Medicare B, deductible expense, Medicare B Medicare D, deductible expense, Medicare D Medicines, Medicines Imported, Imported medicines and drugs. Www taxact com 2011 , Medicines and Drugs From Other Countries Nonprescription drugs and medicines, Nonprescription Drugs and Medicines Missing children, photographs of in IRS publications, Reminders Multiple support agreement, Support claimed under a multiple support agreement. Www taxact com 2011 N Nondeductible expenses, What Expenses Are Not Includible?, Weight-Loss Program Nonprescription drugs and medicines, Nonprescription Drugs and Medicines Nursing homes, Nursing Home Nursing services, Nursing Services, Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby Chronically ill individuals, Chronically ill individual. Www taxact com 2011 Nutritional supplements Natural medicines, Nutritional Supplements O Operations, Operations Cosmetic surgery, Cosmetic Surgery Eye surgery, Eye Surgery Illegal operations and treatments, Illegal Operations and Treatments Optometrist, Optometrist Optometrist services, Eyeglasses Organ donors, Transplants Osteopath, Osteopath Oxygen, Oxygen P Paint removal, for lead-based, Lead-Based Paint Removal Parking fees and tolls, Car expenses. Www taxact com 2011 Personal injury damages, Damages for Personal Injuries Personal use items, Personal Use Items Photographs of missing children in IRS publications, Reminders Physical examination, Physical Examination Physical therapy, Therapy Plastic surgery, Cosmetic Surgery Pregnancy test kit, Pregnancy Test Kit Premiums (see Health insurance) Prepaid insurance premiums, Prepaid Insurance Premiums Prosthesis, Artificial Limb Psychiatric care, Psychiatric Care Psychoanalysis, Psychoanalysis Psychologists, Psychologist Publications (see Tax help) R Radial keratotomy, Eye Surgery Recordkeeping, What Tax Form Do You Use? Rehabilitation facilities, Nursing Home Reimbursements, How Do You Treat Reimbursements?, What If You Are Reimbursed for Medical Expenses You Did Not Deduct? Excess includible in income More than one policy (Worksheet C), More than one policy. Www taxact com 2011 One policy (Worksheet B), Worksheet B. Www taxact com 2011 Excess Reimbursement Includible in Income When You Have Only One Policy Excess may be taxable (Figure 1), What If Your Insurance Reimbursement Is More Than Your Medical Expenses? Health Reimbursement Arrangement (HRA), Health reimbursement arrangement (HRA). Www taxact com 2011 Insurance, Insurance Reimbursement, What If Your Insurance Reimbursement Is More Than Your Medical Expenses? Medical expenses not deducted, What If You Receive Insurance Reimbursement in a Later Year? More than one policy, More than one policy. Www taxact com 2011 Received in later year, What If You Are Reimbursed for Medical Expenses You Did Not Deduct? Rental property Improvements to, Improvements to property rented by a person with a disability. Www taxact com 2011 Reporting Health coverage tax credit, How To Take the Credit Impairment-related work expenses, Where to report. Www taxact com 2011 Medical and dental expenses, What If You Are Reimbursed for Medical Expenses You Did Not Deduct? Medical deduction (see Form 1040, Schedule A) Self-employed persons, health insurance costs, Health Insurance Costs for Self-Employed Persons S Sale of medical equipment or property, Sale of Medical Equipment or Property Adjusted basis (Worksheet D), Worksheet D. Www taxact com 2011 Adjusted Basis of Medical Equipment or Property Sold Schedules (see Form 1040) Seeing-eye dogs, Guide Dog or Other Service Animal Self-employed persons Health coverage tax credit, How To Take the Credit Health insurance costs, Health Insurance Costs for Self-Employed Persons Senior housing, Nursing Home Separate returns Community property states, Community property states. Www taxact com 2011 Medical and dental expenses, Separate returns. Www taxact com 2011 Separated taxpayers Health coverage tax credit, Legally separated. Www taxact com 2011 Medical expenses of child, Child of divorced or separated parents. Www taxact com 2011 Service animals, Guide Dog or Other Service Animal Sick leave Used to pay health insurance premiums, Unused Sick Leave Used To Pay Premiums Special education, Special Education Spouse's medical expenses, Spouse Deceased spouse, What if you pay medical expenses of a deceased spouse or dependent? Sterilization, Sterilization Stop-smoking programs, Stop-Smoking Programs Surgery (see Operations) Swimming lessons, Dancing Lessons T Tables and figures Medical equipment or property Adjusted basis (Worksheet D), Worksheet D. Www taxact com 2011 Adjusted Basis of Medical Equipment or Property Sold Reimbursements, excess includible in income More than one policy (Worksheet C), More than one policy. Www taxact com 2011 One policy (Worksheet B), Worksheet B. Www taxact com 2011 Excess Reimbursement Includible in Income When You Have Only One Policy Reimbursements, excess may be taxable (Figure 1), What If Your Insurance Reimbursement Is More Than Your Medical Expenses? Tax help, How To Get Tax Help Teeth Artificial, Artificial Teeth Dental treatment, Dental Treatment Whitening, Teeth Whitening Telephone, Telephone Television, Television Therapy, Therapy Transplants, Transplants Travel and transportation expenses, Transportation Car expenses, Car expenses. Www taxact com 2011 Includible expenses, You can include:, Transportation expenses you cannot include. Www taxact com 2011 Parking fees and tolls, Car expenses. Www taxact com 2011 Trips, Trips TTY/TDD information, How To Get Tax Help Tuition, Tuition V Vasectomy, Vasectomy Veterinary fees, Veterinary Fees Vision correction surgery, Eye Surgery Visually impaired persons Guide dog or other animal for, Guide Dog or Other Service Animal Vitamins or minerals, Nutritional Supplements Voluntary Employee's Beneficiary Association (VEBA) Qualified health insurance, Voluntary Employee's Beneficiary Association (VEBA) W Weight-loss programs, Weight-Loss Program, Weight-Loss Program What's new COBRA continuous coverage, What's New Health coverage tax credit, What's New Standard medical mileage rate, What's New Wheelchairs, Wheelchair Wigs, Wig Work expenses Disabled dependent care, Disabled Dependent Care Expenses Impairment-related, Impairment-Related Work Expenses Workers' compensation, Workers' compensation. Www taxact com 2011 Worksheets Capital expenses (Worksheet A), Capital expense worksheet. Www taxact com 2011 Medical equipment or property Adjusted basis (Worksheet D), Worksheet D. Www taxact com 2011 Adjusted Basis of Medical Equipment or Property Sold Reimbursements, excess includible in income More than one policy (Worksheet C), More than one policy. Www taxact com 2011 One policy (Worksheet B), Worksheet B. Www taxact com 2011 Excess Reimbursement Includible in Income When You Have Only One Policy X X-rays, X-ray Prev  Up     Home   More Online Publications
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The Www Taxact Com 2011

Www taxact com 2011 5. Www taxact com 2011   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. Www taxact com 2011 Shared equity financing agreement. Www taxact com 2011 Donation of use of the property. Www taxact com 2011 Examples. Www taxact com 2011 Days used for repairs and maintenance. Www taxact com 2011 Days used as a main home before or after renting. Www taxact com 2011 Reporting Income and DeductionsNot used as a home. Www taxact com 2011 Used as a home but rented less than 15 days. Www taxact com 2011 Used as a home and rented 15 days or more. Www taxact com 2011 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. Www taxact com 2011 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. Www taxact com 2011 Only your rental expenses may deducted on Schedule E (Form 1040). Www taxact com 2011 Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). Www taxact com 2011 You must also determine if the dwelling unit is considered a home. Www taxact com 2011 The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. Www taxact com 2011 Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. Www taxact com 2011 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. Www taxact com 2011 Dwelling unit. Www taxact com 2011   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. Www taxact com 2011 It also includes all structures or other property belonging to the dwelling unit. Www taxact com 2011 A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Www taxact com 2011   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. Www taxact com 2011 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. Www taxact com 2011 Example. Www taxact com 2011 You rent a room in your home that is always available for short-term occupancy by paying customers. Www taxact com 2011 You do not use the room yourself and you allow only paying customers to use the room. Www taxact com 2011 This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. Www taxact com 2011 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. Www taxact com 2011 When dividing your expenses, follow these rules. Www taxact com 2011 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. Www taxact com 2011 (This rule does not apply when determining whether you used the unit as a home. Www taxact com 2011 ) Any day that the unit is available for rent but not actually rented is not a day of rental use. Www taxact com 2011 Fair rental price. Www taxact com 2011   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. Www taxact com 2011 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. Www taxact com 2011   Ask yourself the following questions when comparing another property with yours. Www taxact com 2011 Is it used for the same purpose? Is it approximately the same size? Is it in approximately the same condition? Does it have similar furnishings? Is it in a similar location? If any of the answers are no, the properties probably are not similar. Www taxact com 2011 Example. Www taxact com 2011 Your beach cottage was available for rent from June 1 through August 31 (92 days). Www taxact com 2011 Except for the first week in August (7 days), when you were unable to find a renter, you rented the cottage at a fair rental price during that time. Www taxact com 2011 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. Www taxact com 2011 Your family also used the cottage during the last 2 weeks of May (14 days). Www taxact com 2011 The cottage was not used at all before May 17 or after August 31. Www taxact com 2011 You figure the part of the cottage expenses to treat as rental expenses as follows. Www taxact com 2011 The cottage was used for rental a total of 85 days (92 − 7). Www taxact com 2011 The days it was available for rent but not rented (7 days) are not days of rental use. Www taxact com 2011 The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. Www taxact com 2011 You used the cottage for personal purposes for 14 days (the last 2 weeks in May). Www taxact com 2011 The total use of the cottage was 99 days (14 days personal use + 85 days rental use). Www taxact com 2011 Your rental expenses are 85/99 (86%) of the cottage expenses. Www taxact com 2011 Note. Www taxact com 2011 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. Www taxact com 2011 Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. Www taxact com 2011 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. Www taxact com 2011 If you have a net loss, you may not be able to deduct all of the rental expenses. Www taxact com 2011 See Dwelling Unit Used as a Home, next. Www taxact com 2011 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. Www taxact com 2011 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. Www taxact com 2011 See What is a day of personal use , later. Www taxact com 2011 If a dwelling unit is used for personal purposes on a day it is rented at a fair rental price (discussed earlier), do not count that day as a day of rental use in applying (2) above. Www taxact com 2011 Instead, count it as a day of personal use in applying both (1) and (2) above. Www taxact com 2011 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. Www taxact com 2011 You or any other person who owns an interest in it, unless you rent it to another owner as his or her main home under a shared equity financing agreement (defined later). Www taxact com 2011 However, see Days used as a main home before or after renting , later. Www taxact com 2011 A member of your family or a member of the family of any other person who owns an interest in it, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. Www taxact com 2011 Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. Www taxact com 2011 ), and lineal descendants (children, grandchildren, etc. Www taxact com 2011 ). Www taxact com 2011 Anyone under an arrangement that lets you use some other dwelling unit. Www taxact com 2011 Anyone at less than a fair rental price. Www taxact com 2011 Main home. Www taxact com 2011   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. Www taxact com 2011 Shared equity financing agreement. Www taxact com 2011   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. Www taxact com 2011 Donation of use of the property. Www taxact com 2011   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. Www taxact com 2011 Examples. Www taxact com 2011   The following examples show how to determine if you have days of personal use. Www taxact com 2011 Example 1. Www taxact com 2011 You and your neighbor are co-owners of a condominium at the beach. Www taxact com 2011 Last year, you rented the unit to vacationers whenever possible. Www taxact com 2011 The unit was not used as a main home by anyone. Www taxact com 2011 Your neighbor used the unit for 2 weeks last year; you did not use it at all. Www taxact com 2011 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. Www taxact com 2011 Example 2. Www taxact com 2011 You and your neighbors are co-owners of a house under a shared equity financing agreement. Www taxact com 2011 Your neighbors live in the house and pay you a fair rental price. Www taxact com 2011 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. Www taxact com 2011 This is because your neighbors rent the house as their main home under a shared equity financing agreement. Www taxact com 2011 Example 3. Www taxact com 2011 You own a rental property that you rent to your son. Www taxact com 2011 Your son does not own any interest in this property. Www taxact com 2011 He uses it as his main home and pays you a fair rental price. Www taxact com 2011 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. Www taxact com 2011 Example 4. Www taxact com 2011 You rent your beach house to Rosa. Www taxact com 2011 Rosa rents her cabin in the mountains to you. Www taxact com 2011 You each pay a fair rental price. Www taxact com 2011 You are using your beach house for personal purposes on the days that Rosa uses it because your house is used by Rosa under an arrangement that allows you to use her cabin. Www taxact com 2011 Example 5. Www taxact com 2011 You rent an apartment to your mother at less than a fair rental price. Www taxact com 2011 You are using the apartment for personal purposes on the days that your mother rents it because you rent it for less than a fair rental price. Www taxact com 2011 Days used for repairs and maintenance. Www taxact com 2011   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. Www taxact com 2011 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. Www taxact com 2011 Example. Www taxact com 2011 Corey owns a cabin in the mountains that he rents for most of the year. Www taxact com 2011 He spends a week at the cabin with family members. Www taxact com 2011 Corey works on maintenance of the cabin 3 or 4 hours each day during the week and spends the rest of the time fishing, hiking, and relaxing. Www taxact com 2011 Corey's family members, however, work substantially full time on the cabin each day during the week. Www taxact com 2011 The main purpose of being at the cabin that week is to do maintenance work. Www taxact com 2011 Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. Www taxact com 2011 Days used as a main home before or after renting. Www taxact com 2011   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. Www taxact com 2011 Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. Www taxact com 2011 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. Www taxact com 2011 However, this special rule does not apply when dividing expenses between rental and personal use. Www taxact com 2011 See Property Changed to Rental Use in chapter 4. Www taxact com 2011 Example 1. Www taxact com 2011 On February 29, 2012, you moved out of the house you had lived in for 6 years because you accepted a job in another town. Www taxact com 2011 You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). Www taxact com 2011 On June 1, 2013, you moved back into your old house. Www taxact com 2011 The days you used the house as your main home from January 1 to February 29, 2012, and from June 1 to December 31, 2013, are not counted as days of personal use. Www taxact com 2011 Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. Www taxact com 2011 Example 2. Www taxact com 2011 On January 31, you moved out of the condominium where you had lived for 3 years. Www taxact com 2011 You offered it for rent at a fair rental price beginning on February 1. Www taxact com 2011 You were unable to rent it until April. Www taxact com 2011 On September 15, you sold the condominium. Www taxact com 2011 The days you used the condominium as your main home from January 1 to January 31 are not counted as days of personal use when determining whether you used it as a home. Www taxact com 2011 Examples. Www taxact com 2011   The following examples show how to determine whether you used your rental property as a home. Www taxact com 2011 Example 1. Www taxact com 2011 You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. Www taxact com 2011 You rented the basement apartment at a fair rental price to college students during the regular school year. Www taxact com 2011 You rented to them on a 9-month lease (273 days). Www taxact com 2011 You figured 10% of the total days rented to others at a fair rental price is 27 days. Www taxact com 2011 During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. Www taxact com 2011 Your basement apartment was used as a home because you used it for personal purposes for 30 days. Www taxact com 2011 Rent-free use by your brothers is considered personal use. Www taxact com 2011 Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). Www taxact com 2011 Example 2. Www taxact com 2011 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). Www taxact com 2011 Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. Www taxact com 2011 You figured 10% of the total days rented to others at a fair rental price is 3 days. Www taxact com 2011 The room was used as a home because you used it for personal purposes for 21 days. Www taxact com 2011 That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). Www taxact com 2011 Example 3. Www taxact com 2011 You own a condominium apartment in a resort area. Www taxact com 2011 You rented it at a fair rental price for a total of 170 days during the year. Www taxact com 2011 For 12 of these days, the tenant was not able to use the apartment and allowed you to use it even though you did not refund any of the rent. Www taxact com 2011 Your family actually used the apartment for 10 of those days. Www taxact com 2011 Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. Www taxact com 2011 You figured 10% of the total days rented to others at a fair rental price is 16 days. Www taxact com 2011 Your family also used the apartment for 7 other days during the year. Www taxact com 2011 You used the apartment as a home because you used it for personal purposes for 17 days. Www taxact com 2011 That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). Www taxact com 2011 Minimal rental use. Www taxact com 2011   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. Www taxact com 2011 See Used as a home but rented less than 15 days, later, for more information. Www taxact com 2011 Limit on deductions. Www taxact com 2011   Renting a dwelling unit that is considered a home is not a passive activity. Www taxact com 2011 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. Www taxact com 2011 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. Www taxact com 2011 Any expenses carried forward to the next year will be subject to any limits that apply for that year. Www taxact com 2011 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. Www taxact com 2011   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. Www taxact com 2011 Reporting Income and Deductions Property not used for personal purposes. Www taxact com 2011   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. Www taxact com 2011 Property used for personal purposes. Www taxact com 2011   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. Www taxact com 2011 Not used as a home. Www taxact com 2011   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. Www taxact com 2011 Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . Www taxact com 2011 The expenses for personal use are not deductible as rental expenses. Www taxact com 2011   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. Www taxact com 2011 Used as a home but rented less than 15 days. Www taxact com 2011   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). Www taxact com 2011 You are not required to report the rental income and rental expenses from this activity. Www taxact com 2011 The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). Www taxact com 2011 See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Www taxact com 2011 Used as a home and rented 15 days or more. Www taxact com 2011   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. Www taxact com 2011 Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . Www taxact com 2011 The expenses for personal use are not deductible as rental expenses. Www taxact com 2011   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. Www taxact com 2011 You do not need to use Worksheet 5-1. Www taxact com 2011   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. Www taxact com 2011 To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. Www taxact com 2011 Worksheet 5-1. Www taxact com 2011 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. Www taxact com 2011 Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . Www taxact com 2011 ) 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. Www taxact com 2011 Rental Use Percentage A. Www taxact com 2011 Total days available for rent at fair rental price A. Www taxact com 2011       B. Www taxact com 2011 Total days available for rent (line A) but not rented B. Www taxact com 2011       C. Www taxact com 2011 Total days of rental use. Www taxact com 2011 Subtract line B from line A C. Www taxact com 2011       D. Www taxact com 2011 Total days of personal use (including days rented at less than fair rental price) D. Www taxact com 2011       E. Www taxact com 2011 Total days of rental and personal use. Www taxact com 2011 Add lines C and D E. Www taxact com 2011       F. Www taxact com 2011 Percentage of expenses allowed for rental. Www taxact com 2011 Divide line C by line E     F. Www taxact com 2011 . Www taxact com 2011 PART II. Www taxact com 2011 Allowable Rental Expenses 1. Www taxact com 2011 Enter rents received 1. Www taxact com 2011   2a. Www taxact com 2011 Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. Www taxact com 2011       b. Www taxact com 2011 Enter the rental portion of real estate taxes b. Www taxact com 2011       c. Www taxact com 2011 Enter the rental portion of deductible casualty and theft losses (see instructions) c. Www taxact com 2011       d. Www taxact com 2011 Enter direct rental expenses (see instructions) d. Www taxact com 2011       e. Www taxact com 2011 Fully deductible rental expenses. Www taxact com 2011 Add lines 2a–2d. Www taxact com 2011 Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. Www taxact com 2011   3. Www taxact com 2011 Subtract line 2e from line 1. Www taxact com 2011 If zero or less, enter -0- 3. Www taxact com 2011   4a. Www taxact com 2011 Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. Www taxact com 2011       b. Www taxact com 2011 Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. Www taxact com 2011       c. Www taxact com 2011 Carryover of operating expenses from 2012 worksheet c. Www taxact com 2011       d. Www taxact com 2011 Add lines 4a–4c d. Www taxact com 2011       e. Www taxact com 2011 Allowable expenses. Www taxact com 2011 Enter the smaller of line 3 or line 4d (see instructions) 4e. Www taxact com 2011   5. Www taxact com 2011 Subtract line 4e from line 3. Www taxact com 2011 If zero or less, enter -0- 5. Www taxact com 2011   6a. Www taxact com 2011 Enter the rental portion of excess casualty and theft losses (see instructions) 6a. Www taxact com 2011       b. Www taxact com 2011 Enter the rental portion of depreciation of the dwelling unit b. Www taxact com 2011       c. Www taxact com 2011 Carryover of excess casualty losses and depreciation from 2012 worksheet c. Www taxact com 2011       d. Www taxact com 2011 Add lines 6a–6c d. Www taxact com 2011       e. Www taxact com 2011 Allowable excess casualty and theft losses and depreciation. Www taxact com 2011 Enter the smaller of  line 5 or line 6d (see instructions) 6e. Www taxact com 2011   PART III. Www taxact com 2011 Carryover of Unallowed Expenses to Next Year 7a. Www taxact com 2011 Operating expenses to be carried over to next year. Www taxact com 2011 Subtract line 4e from line 4d 7a. Www taxact com 2011   b. Www taxact com 2011 Excess casualty and theft losses and depreciation to be carried over to next year. Www taxact com 2011  Subtract line 6e from line 6d b. Www taxact com 2011   Worksheet 5-1 Instructions. Www taxact com 2011 Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. Www taxact com 2011 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. Www taxact com 2011 Line 2a. Www taxact com 2011 Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. Www taxact com 2011 Do not include interest on a loan that did not benefit the dwelling unit. Www taxact com 2011 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. Www taxact com 2011 Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. Www taxact com 2011 Include the rental portion of this interest in the total you enter on line 2a of the worksheet. Www taxact com 2011   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. Www taxact com 2011 See the Schedule A instructions. Www taxact com 2011 However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. Www taxact com 2011 See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. Www taxact com 2011 Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. Www taxact com 2011   Note. Www taxact com 2011 Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. Www taxact com 2011 Instead, figure the personal portion on a separate Schedule A. Www taxact com 2011 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. Www taxact com 2011           Line 2c. Www taxact com 2011 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. Www taxact com 2011 To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. Www taxact com 2011 If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. Www taxact com 2011 On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. Www taxact com 2011 Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. Www taxact com 2011   Note. Www taxact com 2011 Do not file this Form 4684 or use it to figure your personal losses on Schedule A. Www taxact com 2011 Instead, figure the personal portion on a separate Form 4684. Www taxact com 2011           Line 2d. Www taxact com 2011 Enter the total of your rental expenses that are directly related only to the rental activity. Www taxact com 2011 These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. Www taxact com 2011 Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. Www taxact com 2011           Line 2e. Www taxact com 2011 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. Www taxact com 2011 Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. Www taxact com 2011           Line 4b. Www taxact com 2011 On line 2a, you entered the rental portion of the mortgage interest or qualified mortgage insurance premiums you could deduct on Schedule A if you had not rented the dwelling unit. Www taxact com 2011 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. Www taxact com 2011 Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). Www taxact com 2011           Line 4e. Www taxact com 2011 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. Www taxact com 2011 *           Line 6a. Www taxact com 2011 To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. Www taxact com 2011   A. Www taxact com 2011 Enter the amount from Form 4684, line 10       B. Www taxact com 2011 Enter the rental portion of line A       C. Www taxact com 2011 Enter the amount from line 2c of this worksheet       D. Www taxact com 2011 Subtract line C from line B. Www taxact com 2011 Enter the result here and on line 6a of this worksheet               Line 6e. Www taxact com 2011 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. Www taxact com 2011 * *Allocating the limited deduction. Www taxact com 2011 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. Www taxact com 2011 Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. Www taxact com 2011 Prev  Up  Next   Home   More Online Publications