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2011 Irs Forms

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2011 Irs Forms

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

September 2010

A significant number of Offshore Voluntary Disclosure Practice (VDP) cases involve Passive Foreign Investment Company (PFIC) investments.  A lack of historical information on the cost basis and holding period of many PFIC investments makes it difficult for taxpayers to prepare statutory PFIC computations and for the Service to verify them.  As a result, resolution of many VDP cases is being unduly delayed.  Therefore, for purposes of this initiative, the Service is offering taxpayers an alternative to the statutory PFIC computation that will resolve PFIC issues on a basis that is consistent with the Mark to Market (MTM) methodology authorized in Internal Revenue Code section 1296 but will not require complete reconstruction of historical data.

The terms of this alternative resolution are as follows:

  • If elected, the alternative resolution will apply to all PFIC investments in cases that have been accepted into the VDP and that qualify for the special civil penalty framework announced by the IRS on March 23, 2009.  The initial MTM computation of gain or loss under this methodology will be for the first year of the VDP application but could be made after 2003 depending on when the first PFIC investment was made.  Generally, under the terms of the March 23, 2009 framework, the first year of the VDP application will be for the calendar year ending December 31, 2003.   This will require a determination of the basis for every PFIC investment, which should be agreed between the taxpayer and the Service based on the best available evidence. 


  • A tax rate of 20% will be applied to the MTM gain(s), MTM net gain(s) and gains from all PFIC dispositions during the VDP period, in lieu of the rate contained in section 1291(a)(1)(B) for the amount allocable to the current year and section 1291(c)(2) for the deferred tax amount(s) allocable to any other taxable year.

  • A rate of 7% of the tax computed for PFIC investments marked to market in the first year of the VDP application will be added to the tax for that year, in lieu of the interest charge mechanism described in sections 1291(c) and 1296(j).

  • MTM losses will be limited to unreversed inclusions (generally, previously reported MTM gains less allowed MTM losses) on an investment-by-investment basis in the same manner as section 1296. During the VDP period, these MTM losses will be treated as  ordinary losses (IRC 1296[c][1][B]) and the tax benefit is limited to the tax rate applicable to the MTM gains derived during the VDP period (20%).  This limitation is accomplished by multiplying the MTM loss by 20% and applying the result as a credit against the tax liability for the year.
     
  • Regular and Alternative Minimum Tax are both to be computed without the PFIC dispositions or MTM gains and losses.  The tax from the PFIC transactions (20% plus the 7% for 2003, if applicable) is added to (or subtracted from) the applicable total tax (either regular or AMT, whichever is higher).  The tax and interest (i.e., the 7% for the first year of the VDP) computed under the VDP alternative MTM can be added to the applicable total tax (either regular or AMT, whichever is higher) and placed on the amended return in the margin, with a supporting schedule.

  • Underpayment interest and penalties on the deficiency are computed in accordance with the Internal Revenue Code and the terms of the VDP.

  • For any PFIC investment retained beyond 12/31/2008, the taxpayer must continue using the MTM method, but will apply the normal statutory rules of section 1296 as well as the provisions of sections 1291-1298, as applicable.

Taxpayers should direct questions regarding PFICs and how the alternative resolution will affect their cases to the examiners assigned to their cases.  Before electing the alternative PFIC resolution, taxpayers with PFIC investments should consult their tax advisors to ensure that the issue is material in their cases and that the alternative is in fact preferable to the statutory computation in their situation.  If the taxpayer does not elect to use the alternative PFIC computation, then the PFIC provisions of section 1291-1298 apply. 

Page Last Reviewed or Updated: 09-Jan-2014

The 2011 Irs Forms

2011 irs forms Part Six -   Cómo Calcular los Impuestos y Créditos Los ocho capítulos de esta sección explican cómo calcular sus impuestos y cómo calcular los impuestos de determinados hijos con ingresos no derivados del trabajo de $2,000 o más. 2011 irs forms Explican también créditos tributarios que, a diferencia de las deducciones, se restan directamente de los impuestos y los disminuyen, dólar por dólar. 2011 irs forms El capítulo 36 trata sobre el crédito por ingreso del trabajo y el capítulo 37 abarca una amplia gama de otros créditos, como por ejemplo, el crédito por adopción. 2011 irs forms Table of Contents 30. 2011 irs forms   Cómo Calcular los ImpuestosIntroduction Cómo Calcular los Impuestos Impuesto Mínimo Alternativo (AMT) Impuestos Calculados por el IRS Cómo Presentar la Declaración 31. 2011 irs forms   Impuesto sobre Ingresos No Derivados del Trabajo de Determinados Hijos¿Que Hay de Nuevo? Introduction Useful Items - You may want to see: Cómo Saber si se Tiene que Utilizar la Declaración del Padre o de la MadrePadres que no Presentan la Declaración Conjunta Elección de los Padres de Declarar los Intereses y Dividendos del HijoConsecuencias de Incluir los Ingresos del Hijo Cómo Calcular los Ingresos del Hijo Cómo Calcular el Impuesto Adicional Impuesto para Determinados Hijos con Ingresos No Derivados del TrabajoCómo Facilitar Información sobre los Padres (líneas A-C del Formulario 8615) Paso 1. 2011 irs forms Cómo Calcular los Ingresos Netos No Derivados del Trabajo del Hijo (Parte I del Formulario 8615) Paso 2. 2011 irs forms Cómo Calcular el Impuesto Provisional a la Tasa Impositiva de los Padres (Parte II del Formulario 8615) Paso 3. 2011 irs forms Cómo Calcular el Impuesto del Hijo (Parte III del Formulario 8615) 32. 2011 irs forms   Crédito por Gastos del Cuidado de Menores y DependientesRecordatorios Introduction Useful Items - You may want to see: Requisitos Para Reclamar el CréditoRequisitos de la Persona Calificada Requisito del Ingreso del Trabajo Requisito de Gastos Relacionados con el Trabajo Requisito de la Declaración Conjunta Requisito de Identificación del Proveedor de Cuidados Cómo Calcular el CréditoCómo Calcular el Total de los Gastos Relacionados con el Trabajo Límite del Ingreso del Trabajo Límite de Dinero Cantidad de Crédito Cómo Reclamar el CréditoCrédito tributario no reembolsable. 2011 irs forms Impuestos sobre la Nómina para Empleadores de Empleados Domésticos 33. 2011 irs forms   Crédito para Ancianos o Personas IncapacitadasIntroduction Useful Items - You may want to see: ¿Reúne los Requisitos del Crédito?Persona que Reúne los Requisitos Límites sobre los Ingresos Cómo Reclamar el CréditoEl Crédito Calculado por el IRS El Crédito Calculado por Usted Mismo 34. 2011 irs forms   Crédito Tributario por HijosIntroduction Useful Items - You may want to see: Hijo Calificado Cantidad de CréditoLímites del Crédito Cómo Reclamar el Crédito Crédito Tributario Adicional por Hijos Cómo Completar el Anexo 8812 (Formulario 1040A o Formulario 1040)Parte I Partes II a IV 35. 2011 irs forms   Créditos Tributarios por EstudiosIntroduction Useful Items - You may want to see: ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Gastos de Estudios CalificadosNo se Permite Beneficio Doble Ajustes a los Gastos de Estudios Calificados 36. 2011 irs forms   Crédito por Ingreso del Trabajo (EIC) Qué Hay de Nuevo Recordatorios Introduction Useful Items - You may want to see: ¿Reúne los Requisitos para el Crédito?Si se Hizo una Solicitud Indebida del Crédito en un Año Anterior Parte A. 2011 irs forms Requisitos para TodosRequisito 1. 2011 irs forms Tiene que Tener Ingresos Brutos Ajustados Inferiores a: Requisito 2. 2011 irs forms Tiene que tener un número de Seguro Social válido Requisito 3. 2011 irs forms Su Estado Civil para Efectos de la Declaración no Puede Ser Casado que Presenta la Declaración por Separado Requisito 4. 2011 irs forms Tiene que Ser Ciudadano o Extranjero Residente de los Estados Unidos Durante Todo el Año Requisito 5. 2011 irs forms No Puede Presentar el Formulario 2555 ni el Formulario 2555-EZ Requisito 6. 2011 irs forms Tiene que Tener Ingresos de Inversiones de $3,300 o Menos Requisito 7. 2011 irs forms Tiene que Haber Recibido Ingresos del Trabajo Parte B. 2011 irs forms Requisitos si Tiene un Hijo CalificadoRequisito 8. 2011 irs forms Su Hijo Tiene que Cumplir los Requisitos de Parentesco, Edad, Residencia y de la Declaración Conjunta Requisito 9. 2011 irs forms Para Reclamar el Crédito por Ingreso del Trabajo, Sólo una Persona Puede Basarse en el Hijo Calificado de Usted Requisito 10. 2011 irs forms Otro Contribuyente no Puede Reclamarlo a Usted como Hijo Calificado Parte C. 2011 irs forms Requisitos si no Tiene un Hijo CalificadoRequisito 11. 2011 irs forms Tiene que Tener por lo Menos 25 Años pero Menos de 65 Años Requisito 12. 2011 irs forms No Puede Ser el Dependiente de Otra Persona Requisito 13. 2011 irs forms Otro Contribuyente no Puede Reclamarlo a Usted como Hijo Calificado Requisito 14. 2011 irs forms Tiene que Haber Vivido en los Estados Unidos durante más de la Mitad del Año Parte D. 2011 irs forms Cómo Calcular y Reclamar el Crédito por Ingreso del TrabajoRequisito 15. 2011 irs forms Su Ingreso del Trabajo Tiene que Ser Menos de: El IRS Puede Calcularle el Crédito por Ingreso del Trabajo Cómo Calcular Usted Mismo el Crédito por Ingreso del Trabajo EjemplosEjemplo 1. 2011 irs forms Juan y Julia Martínez (Formulario 1040A) Ejemplo 2. 2011 irs forms Carla Robles (Formulario 1040EZ) 37. 2011 irs forms   Otros CréditosQué Hay de Nuevo Introduction Useful Items - You may want to see: Créditos no ReembolsablesCrédito por Adopción Crédito por Vehículo Motorizado Alternativo Crédito por Bienes de Reabastecimiento de Vehículos con Combustible Alternativo Crédito para Titulares de Bonos de Crédito Tributario Crédito por Impuestos Extranjeros Crédito por Intereses Hipotecarios Crédito no Reembolsable del Impuesto Mínimo de Años Anteriores Crédito por Vehículos Enchufables con Motor de Dirección Eléctrica Créditos por Energía de la Propiedad Residencial Crédito por Aportaciones a Cuentas de Ahorro para la Jubilación (Crédito del Ahorrador) Créditos ReembolsablesCrédito por el Impuesto sobre Ganancias de Capital no Distribuidas Crédito Tributario por Cobertura del Seguro Médico Crédito por Retención en Exceso del Impuesto del Seguro Social o del Impuesto de la Jubilación Ferroviaria Prev  Up  Next   Home   More Online Publications