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2012 Tax Forms Irs

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2012 Tax Forms Irs

2012 tax forms irs 9. 2012 tax forms irs   Rental Income and Expenses Table of Contents Introduction Useful Items - You may want to see: Rental Income Rental ExpensesVacant while listed for sale. 2012 tax forms irs 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. 2012 tax forms irs Dividing Expenses Dwelling Unit Used as a Home Reporting Income and Deductions DepreciationChanging your accounting method to deduct unclaimed depreciation. 2012 tax forms irs 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. 2012 tax forms irs It also covers the following topics. 2012 tax forms irs Personal use of dwelling unit (including vacation home). 2012 tax forms irs Depreciation. 2012 tax forms irs Limits on rental losses. 2012 tax forms irs How to report your rental income and expenses. 2012 tax forms irs If you sell or otherwise dispose of your rental property, see Publication 544, Sales and Other Dispositions of Assets. 2012 tax forms irs If you have a loss from damage to, or theft of, rental property, see Publication 547, Casualties, Disasters, and Thefts. 2012 tax forms irs 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. 2012 tax forms irs See Publication 527, Residential Rental Property, for more information. 2012 tax forms irs 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. 2012 tax forms irs Rental income is any payment you receive for the use or occupation of property. 2012 tax forms irs In addition to amounts you receive as normal rent payments, there are other amounts that may be rental income. 2012 tax forms irs When to report. 2012 tax forms irs   If you are a cash-basis taxpayer, you report rental income on your return for the year you actually or constructively receive it. 2012 tax forms irs You are a cash-basis taxpayer if you report income in the year you receive it, regardless of when it was earned. 2012 tax forms irs You constructively receive income when it is made available to you, for example, by being credited to your bank account. 2012 tax forms irs   For more information about when you constructively receive income, see Accounting Methods in chapter 1. 2012 tax forms irs Advance rent. 2012 tax forms irs   Advance rent is any amount you receive before the period that it covers. 2012 tax forms irs 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. 2012 tax forms irs Example. 2012 tax forms irs You sign a 10-year lease to rent your property. 2012 tax forms irs 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. 2012 tax forms irs You must include $10,000 in your income in the first year. 2012 tax forms irs Canceling a lease. 2012 tax forms irs   If your tenant pays you to cancel a lease, the amount you receive is rent. 2012 tax forms irs Include the payment in your income in the year you receive it regardless of your method of accounting. 2012 tax forms irs Expenses paid by tenant. 2012 tax forms irs   If your tenant pays any of your expenses, the payments are rental income. 2012 tax forms irs Because you must include this amount in income, you can deduct the expenses if they are deductible rental expenses. 2012 tax forms irs See Rental Expenses , later, for more information. 2012 tax forms irs Property or services. 2012 tax forms irs   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. 2012 tax forms irs   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. 2012 tax forms irs Security deposits. 2012 tax forms irs   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. 2012 tax forms irs 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. 2012 tax forms irs   If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. 2012 tax forms irs Include it in your income when you receive it. 2012 tax forms irs Part interest. 2012 tax forms irs   If you own a part interest in rental property, you must report your part of the rental income from the property. 2012 tax forms irs Rental of property also used as your home. 2012 tax forms irs   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. 2012 tax forms irs However, you can deduct on Schedule A (Form 1040) the interest, taxes, and casualty and theft losses that are allowed for nonrental property. 2012 tax forms irs See Personal Use of Dwelling Unit (Including Vacation Home) , later. 2012 tax forms irs Rental Expenses This part discusses expenses of renting property that you ordinarily can deduct from your rental income. 2012 tax forms irs 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. 2012 tax forms irs Depreciation , which you can also deduct from your rental income, is discussed later. 2012 tax forms irs Personal use of rental property. 2012 tax forms irs   If you sometimes use your rental property for personal purposes, you must divide your expenses between rental and personal use. 2012 tax forms irs Also, your rental expense deductions may be limited. 2012 tax forms irs See Personal Use of Dwelling Unit (Including Vacation Home) , later. 2012 tax forms irs Part interest. 2012 tax forms irs   If you own a part interest in rental property, you can deduct expenses that you paid according to your percentage of ownership. 2012 tax forms irs When to deduct. 2012 tax forms irs   If you are a cash-basis taxpayer, you generally deduct your rental expenses in the year you pay them. 2012 tax forms irs Depreciation. 2012 tax forms irs   You can begin to depreciate rental property when it is ready and available for rent. 2012 tax forms irs See Placed-in-Service under When Does Depreciation Begin and End in chapter 2 of Publication 527. 2012 tax forms irs Pre-rental expenses. 2012 tax forms irs   You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent. 2012 tax forms irs Uncollected rent. 2012 tax forms irs   If you are a cash-basis taxpayer, do not deduct uncollected rent. 2012 tax forms irs Because you have not included it in your income, it is not deductible. 2012 tax forms irs Vacant rental property. 2012 tax forms irs   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. 2012 tax forms irs However, you cannot deduct any loss of rental income for the period the property is vacant. 2012 tax forms irs Vacant while listed for sale. 2012 tax forms irs   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. 2012 tax forms irs If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses. 2012 tax forms irs 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. 2012 tax forms irs Improvements. 2012 tax forms irs   You must capitalize any expense you pay to improve your rental property. 2012 tax forms irs 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. 2012 tax forms irs Betterments. 2012 tax forms irs   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. 2012 tax forms irs Restoration. 2012 tax forms irs   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. 2012 tax forms irs Adaptation. 2012 tax forms irs   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. 2012 tax forms irs Separate the costs of repairs and improvements, and keep accurate records. 2012 tax forms irs You will need to know the cost of improvements when you sell or depreciate your property. 2012 tax forms irs The expenses you capitalize for improving your property can generally be depreciated as if the improvement were separate property. 2012 tax forms irs 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. 2012 tax forms irs Insurance premiums paid in advance. 2012 tax forms irs   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. 2012 tax forms irs You cannot deduct the total premium in the year you pay it. 2012 tax forms irs Legal and other professional fees. 2012 tax forms irs   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. 2012 tax forms irs For example, on your 2013 Schedule E, you can deduct fees paid in 2013 to prepare your 2012 Schedule E, Part I. 2012 tax forms irs 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. 2012 tax forms irs Local benefit taxes. 2012 tax forms irs   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. 2012 tax forms irs These charges are nondepreciable capital expenditures, and must be added to the basis of your property. 2012 tax forms irs However, you can deduct local benefit taxes that are for maintaining, repairing, or paying interest charges for the benefits. 2012 tax forms irs Local transportation expenses. 2012 tax forms irs    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. 2012 tax forms irs 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. 2012 tax forms irs See Publication 587, Business Use of Your Home, for information on determining if your home office qualifies as a principal place of business. 2012 tax forms irs   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. 2012 tax forms irs For 2013, the standard mileage rate for business use is 56. 2012 tax forms irs 5 cents per mile. 2012 tax forms irs For more information, see chapter 26. 2012 tax forms irs    To deduct car expenses under either method, you must keep records that follow the rules in chapter 26. 2012 tax forms irs In addition, you must complete Form 4562, Part V, and attach it to your tax return. 2012 tax forms irs Rental of equipment. 2012 tax forms irs   You can deduct the rent you pay for equipment that you use for rental purposes. 2012 tax forms irs However, in some cases, lease contracts are actually purchase contracts. 2012 tax forms irs If so, you cannot deduct these payments. 2012 tax forms irs You can recover the cost of purchased equipment through depreciation. 2012 tax forms irs Rental of property. 2012 tax forms irs   You can deduct the rent you pay for property that you use for rental purposes. 2012 tax forms irs 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. 2012 tax forms irs Travel expenses. 2012 tax forms irs   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. 2012 tax forms irs You must properly allocate your expenses between rental and nonrental activities. 2012 tax forms irs You cannot deduct the cost of traveling away from home if the primary purpose of the trip was to improve your property. 2012 tax forms irs You recover the cost of improvements by taking depreciation. 2012 tax forms irs For information on travel expenses, see chapter 26. 2012 tax forms irs    To deduct travel expenses, you must keep records that follow the rules in chapter 26. 2012 tax forms irs   See Rental Expenses in Publication 527 for more information. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. 2012 tax forms irs 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). 2012 tax forms irs Example. 2012 tax forms irs Your tax year is the calendar year. 2012 tax forms irs You moved from your home in May and started renting it out on June 1. 2012 tax forms irs You can deduct as rental expenses seven-twelfths of your yearly expenses, such as taxes and insurance. 2012 tax forms irs Starting with June, you can deduct as rental expenses the amounts you pay for items generally billed monthly, such as utilities. 2012 tax forms irs 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. 2012 tax forms irs 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). 2012 tax forms irs 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. 2012 tax forms irs There is no change in the types of expenses deductible for the personal-use part of your property. 2012 tax forms irs Generally, these expenses may be deducted only if you itemize your deductions on Schedule A (Form 1040). 2012 tax forms irs You cannot deduct any part of the cost of the first phone line even if your tenants have unlimited use of it. 2012 tax forms irs You do not have to divide the expenses that belong only to the rental part of your property. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs How to divide expenses. 2012 tax forms irs   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. 2012 tax forms irs You can use any reasonable method for dividing the expense. 2012 tax forms irs It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs Where to report. 2012 tax forms irs   Report your not-for-profit rental income on Form 1040, line 21. 2012 tax forms irs 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. 2012 tax forms irs   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. 2012 tax forms irs You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs Only your rental expenses may be deducted on Schedule E (Form 1040). 2012 tax forms irs Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). 2012 tax forms irs You must also determine if the dwelling unit is considered a home. 2012 tax forms irs The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. 2012 tax forms irs Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. 2012 tax forms irs 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. 2012 tax forms irs Dwelling unit. 2012 tax forms irs   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. 2012 tax forms irs It also includes all structures or other property belonging to the dwelling unit. 2012 tax forms irs A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. 2012 tax forms irs   A dwelling unit does not include property used solely as a hotel, motel, inn, or similar establishment. 2012 tax forms irs 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. 2012 tax forms irs Example. 2012 tax forms irs   You rent a room in your home that is always available for short-term occupancy by paying customers. 2012 tax forms irs You do not use the room yourself, and you allow only paying customers to use the room. 2012 tax forms irs The room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. 2012 tax forms irs 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. 2012 tax forms irs When dividing your expenses, follow these rules. 2012 tax forms irs 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. 2012 tax forms irs This rule does not apply when determining whether you used the unit as a home. 2012 tax forms irs Any day that the unit is available for rent but not actually rented is not a day of rental use. 2012 tax forms irs Example. 2012 tax forms irs Your beach cottage was available for rent from June 1 through August 31 (92 days). 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs Your family also used the cottage during the last 2 weeks of May (14 days). 2012 tax forms irs The cottage was not used at all before May 17 or after August 31. 2012 tax forms irs You figure the part of the cottage expenses to treat as rental expenses as follows. 2012 tax forms irs The cottage was used for rental a total of 85 days (92 − 7). 2012 tax forms irs The days it was available for rent but not rented (7 days) are not days of rental use. 2012 tax forms irs The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. 2012 tax forms irs You used the cottage for personal purposes for 14 days (the last 2 weeks in May). 2012 tax forms irs The total use of the cottage was 99 days (14 days personal use + 85 days rental use). 2012 tax forms irs Your rental expenses are 85/99 (86%) of the cottage expenses. 2012 tax forms irs Note. 2012 tax forms irs 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. 2012 tax forms irs Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. 2012 tax forms irs 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. 2012 tax forms irs If you have a net loss, you may not be able to deduct all of the rental expenses. 2012 tax forms irs See Dwelling Unit Used as a Home, next. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs See What is a day of personal use , later. 2012 tax forms irs Fair rental price. 2012 tax forms irs   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. 2012 tax forms irs 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. 2012 tax forms irs   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. 2012 tax forms irs Instead, count it as a day of personal use in applying both (1) and (2) above. 2012 tax forms irs 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. 2012 tax forms irs 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). 2012 tax forms irs However, see Days used as a main home before or after renting , later. 2012 tax forms irs 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. 2012 tax forms irs Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. 2012 tax forms irs ), and lineal descendants (children, grandchildren, etc. 2012 tax forms irs ). 2012 tax forms irs Anyone under an arrangement that lets you use some other dwelling unit. 2012 tax forms irs Anyone at less than a fair rental price. 2012 tax forms irs Main home. 2012 tax forms irs   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. 2012 tax forms irs Shared equity financing agreement. 2012 tax forms irs   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. 2012 tax forms irs Donation of use of property. 2012 tax forms irs   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. 2012 tax forms irs Examples. 2012 tax forms irs   The following examples show how to determine days of personal use. 2012 tax forms irs Example 1. 2012 tax forms irs You and your neighbor are co-owners of a condominium at the beach. 2012 tax forms irs Last year, you rented the unit to vacationers whenever possible. 2012 tax forms irs The unit was not used as a main home by anyone. 2012 tax forms irs Your neighbor used the unit for 2 weeks last year; you did not use it at all. 2012 tax forms irs 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. 2012 tax forms irs Example 2. 2012 tax forms irs You and your neighbors are co-owners of a house under a shared equity financing agreement. 2012 tax forms irs Your neighbors live in the house and pay you a fair rental price. 2012 tax forms irs 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. 2012 tax forms irs This is because your neighbors rent the house as their main home under a shared equity financing agreement. 2012 tax forms irs Example 3. 2012 tax forms irs You own a rental property that you rent to your son. 2012 tax forms irs Your son does not own any interest in this property. 2012 tax forms irs He uses it as his main home and pays you a fair rental price. 2012 tax forms irs 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. 2012 tax forms irs Example 4. 2012 tax forms irs You rent your beach house to Joshua. 2012 tax forms irs Joshua rents his cabin in the mountains to you. 2012 tax forms irs You each pay a fair rental price. 2012 tax forms irs 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. 2012 tax forms irs Days used for repairs and maintenance. 2012 tax forms irs   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. 2012 tax forms irs 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. 2012 tax forms irs Days used as a main home before or after renting. 2012 tax forms irs   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. 2012 tax forms irs Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. 2012 tax forms irs 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. 2012 tax forms irs However, this special rule does not apply when dividing expenses between rental and personal use. 2012 tax forms irs Examples. 2012 tax forms irs   The following examples show how to determine whether you used your rental property as a home. 2012 tax forms irs Example 1. 2012 tax forms irs You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. 2012 tax forms irs You rented the basement apartment at a fair rental price to college students during the regular school year. 2012 tax forms irs You rented to them on a 9-month lease (273 days). 2012 tax forms irs You figured 10% of the total days rented to others at a fair rental price is 27 days. 2012 tax forms irs During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. 2012 tax forms irs Your basement apartment was used as a home because you used it for personal purposes for 30 days. 2012 tax forms irs Rent-free use by your brothers is considered personal use. 2012 tax forms irs Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). 2012 tax forms irs Example 2. 2012 tax forms irs 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). 2012 tax forms irs Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. 2012 tax forms irs You figured 10% of the total days rented to others at a fair rental price is 3 days. 2012 tax forms irs The room was used as a home because you used it for personal purposes for 21 days. 2012 tax forms irs That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). 2012 tax forms irs Example 3. 2012 tax forms irs You own a condominium apartment in a resort area. 2012 tax forms irs You rented it at a fair rental price for a total of 170 days during the year. 2012 tax forms irs 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. 2012 tax forms irs Your family actually used the apartment for 10 of those days. 2012 tax forms irs Therefore, the apartment is treated as having been rented for 160 (170 − 10) days. 2012 tax forms irs You figured 10% of the total days rented to others at a fair rental price is 16 days. 2012 tax forms irs Your family also used the apartment for 7 other days during the year. 2012 tax forms irs You used the apartment as a home because you used it for personal purposes for 17 days. 2012 tax forms irs That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). 2012 tax forms irs Minimal rental use. 2012 tax forms irs   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. 2012 tax forms irs See Used as a home but rented less than 15 days , later, for more information. 2012 tax forms irs Limit on deductions. 2012 tax forms irs   Renting a dwelling unit that is considered a home is not a passive activity. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs Any expenses carried forward to the next year will be subject to any limits that apply for that year. 2012 tax forms irs 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. 2012 tax forms irs   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 9-1. 2012 tax forms irs Reporting Income and Deductions Property not used for personal purposes. 2012 tax forms irs   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. 2012 tax forms irs Property used for personal purposes. 2012 tax forms irs   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. 2012 tax forms irs Not used as a home. 2012 tax forms irs   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. 2012 tax forms irs 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 . 2012 tax forms irs The expenses for personal use are not deductible as rental expenses. 2012 tax forms irs   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses , later. 2012 tax forms irs Used as a home but rented less than 15 days. 2012 tax forms irs   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). 2012 tax forms irs You are not required to report the rental income and rental expenses from this activity. 2012 tax forms irs The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). 2012 tax forms irs See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. 2012 tax forms irs Used as a home and rented 15 days or more. 2012 tax forms irs   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. 2012 tax forms irs 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 . 2012 tax forms irs The expenses for personal use are not deductible as rental expenses. 2012 tax forms irs   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. 2012 tax forms irs You do not need to use Worksheet 9-1. 2012 tax forms irs   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. 2012 tax forms irs To figure your deductible rental expenses and any carryover to next year, use Worksheet 9-1. 2012 tax forms irs Depreciation You recover the cost of income-producing property through yearly tax deductions. 2012 tax forms irs You do this by depreciating the property; that is, by deducting some of the cost each year on your tax return. 2012 tax forms irs 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. 2012 tax forms irs You cannot simply deduct your mortgage or principal payments, or the cost of furniture, fixtures, and equipment, as an expense. 2012 tax forms irs You can deduct depreciation only on the part of your property used for rental purposes. 2012 tax forms irs Depreciation reduces your basis for figuring gain or loss on a later sale or exchange. 2012 tax forms irs You may have to use Form 4562 to figure and report your depreciation. 2012 tax forms irs See How To Report Rental Income and Expenses , later. 2012 tax forms irs Alternative minimum tax (AMT). 2012 tax forms irs    If you use accelerated depreciation, you may be subject to the AMT. 2012 tax forms irs 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). 2012 tax forms irs Claiming the correct amount of depreciation. 2012 tax forms irs   You should claim the correct amount of depreciation each tax year. 2012 tax forms irs 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. 2012 tax forms irs   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. 2012 tax forms irs S Individual Income Tax Return. 2012 tax forms irs 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. 2012 tax forms irs See Claiming the correct amount of depreciation in chapter 2 of Publication 527 for more information. 2012 tax forms irs Changing your accounting method to deduct unclaimed depreciation. 2012 tax forms irs   To change your accounting method, you generally must file Form 3115, Application for Change in Accounting Method, to get the consent of the IRS. 2012 tax forms irs In some instances, that consent is automatic. 2012 tax forms irs For more information, see chapter 1 of Publication 946. 2012 tax forms irs Land. 2012 tax forms irs   You cannot depreciate the cost of land because land generally does not wear out, become obsolete, or get used up. 2012 tax forms irs The costs of clearing, grading, planting, and landscaping are usually all part of the cost of land and cannot be depreciated. 2012 tax forms irs More information. 2012 tax forms irs   See Publication 527 for more information about depreciating rental property and see Publication 946 for more information about depreciation. 2012 tax forms irs 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. 2012 tax forms irs You must consider these rules in the order shown below. 2012 tax forms irs At-risk rules. 2012 tax forms irs These rules are applied first if there is investment in your rental real estate activity for which you are not at risk. 2012 tax forms irs This applies only if the real property was placed in service after 1986. 2012 tax forms irs Passive activity limits. 2012 tax forms irs 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. 2012 tax forms irs However, there are exceptions. 2012 tax forms irs 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. 2012 tax forms irs Losses from holding real property (other than mineral property) placed in service before 1987 are not subject to the at-risk rules. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs See Publication 925 for more information. 2012 tax forms irs Passive Activity Limits In most cases, all rental real estate activities (except those of certain real estate professionals, discussed later) are passive activities. 2012 tax forms irs 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. 2012 tax forms irs Limits on passive activity deductions and credits. 2012 tax forms irs    Deductions or losses from passive activities are limited. 2012 tax forms irs You generally cannot offset income, other than passive income, with losses from passive activities. 2012 tax forms irs Nor can you offset taxes on income, other than passive income, with credits resulting from passive activities. 2012 tax forms irs Any excess loss or credit is carried forward to the next tax year. 2012 tax forms irs   For a detailed discussion of these rules, see Publication 925. 2012 tax forms irs    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. 2012 tax forms irs Real estate professionals. 2012 tax forms irs   Rental activities in which you materially participated during the year are not passive activities if, for that year, you were a real estate professional. 2012 tax forms irs For a detailed discussion of the requirements, see Publication 527. 2012 tax forms irs For a detailed discussion of material participation, see Publication 925. 2012 tax forms irs 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. 2012 tax forms irs Instead, follow the rules explained in Personal Use of Dwelling Unit (Including Vacation Home), earlier. 2012 tax forms irs 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. 2012 tax forms irs This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities. 2012 tax forms irs 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. 2012 tax forms irs Active participation. 2012 tax forms irs   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. 2012 tax forms irs Management decisions that may count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and similar decisions. 2012 tax forms irs Maximum special allowance. 2012 tax forms irs   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. 2012 tax forms irs   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. 2012 tax forms irs 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. 2012 tax forms irs   Generally, if your MAGI is $150,000 or more ($75,000 or more if you are married filing separately), there is no special allowance. 2012 tax forms irs More information. 2012 tax forms irs   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. 2012 tax forms irs How To Report Rental Income and Expenses The basic form for reporting residential rental income and expenses is Schedule E (Form 1040). 2012 tax forms irs However, do not use that schedule to report a not-for-profit activity. 2012 tax forms irs See Not Rented for Profit, earlier. 2012 tax forms irs Providing substantial services. 2012 tax forms irs   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). 2012 tax forms irs Substantial services do not include the furnishing of heat and light, cleaning of public areas, trash collection, etc. 2012 tax forms irs For information, see Publication 334, Tax Guide for Small Business. 2012 tax forms irs You also may have to pay self-employment tax on your rental income using Schedule SE (Form 1040), Self-Employment Tax. 2012 tax forms irs   Use Form 1065, U. 2012 tax forms irs S. 2012 tax forms irs Return of Partnership Income, if your rental activity is a partnership (including a partnership with your spouse unless it is a qualified joint venture). 2012 tax forms irs Qualified joint venture. 2012 tax forms irs   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. 2012 tax forms irs 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. 2012 tax forms irs For more information, see Publication 527. 2012 tax forms irs Form 1098, Mortgage Interest Statement. 2012 tax forms irs    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. 2012 tax forms irs 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. 2012 tax forms irs Attach a statement to your return showing the name and address of the other person. 2012 tax forms irs In the left margin of Schedule E, next to line 13, enter “See attached. 2012 tax forms irs ” Schedule E (Form 1040) If you rent buildings, rooms, or apartments, and provide basic services such as heat and light, trash collection, etc. 2012 tax forms irs , you normally report your rental income and expenses on Schedule E, Part I. 2012 tax forms irs List your total income, expenses, and depreciation for each rental property. 2012 tax forms irs Be sure to enter the number of fair rental and personal use days on line 2. 2012 tax forms irs If you have more than three rental or royalty properties, complete and attach as many Schedules E as are needed to list the properties. 2012 tax forms irs Complete lines 1 and 2 for each property. 2012 tax forms irs However, fill in lines 23a through 26 on only one Schedule E. 2012 tax forms irs On Schedule E, page 1, line 18, enter the depreciation you are claiming for each property. 2012 tax forms irs To find out if you need to attach Form 4562, see Form 4562, in chapter 3 of Publication 527. 2012 tax forms irs If you have a loss from your rental real estate activity, you also may need to complete one or both of the following forms. 2012 tax forms irs Form 6198, At-Risk Limitations. 2012 tax forms irs See At-Risk Rules , earlier. 2012 tax forms irs Also see Publication 925. 2012 tax forms irs Form 8582, Passive Activity Loss Limitations. 2012 tax forms irs See Passive Activity Limits , earlier. 2012 tax forms irs Page 2 of Schedule E is used to report income or loss from partnerships, S corporations, estates, trusts, and real estate mortgage investment conduits. 2012 tax forms irs 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. 2012 tax forms irs Also, include the amount from line 26 (Part I) in the “Total income or (loss)” on line 41 (Part V). 2012 tax forms irs Worksheet 9-1. 2012 tax forms irs 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. 2012 tax forms irs Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . 2012 tax forms irs ) 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. 2012 tax forms irs Rental Use Percentage A. 2012 tax forms irs Total days available for rent at fair rental price A. 2012 tax forms irs       B. 2012 tax forms irs Total days available for rent (line A) but not rented B. 2012 tax forms irs       C. 2012 tax forms irs Total days of rental use. 2012 tax forms irs Subtract line B from line A C. 2012 tax forms irs       D. 2012 tax forms irs Total days of personal use (including days rented at less than fair rental price) D. 2012 tax forms irs       E. 2012 tax forms irs Total days of rental and personal use. 2012 tax forms irs Add lines C and D E. 2012 tax forms irs       F. 2012 tax forms irs Percentage of expenses allowed for rental. 2012 tax forms irs Divide line C by line E     F. 2012 tax forms irs   PART II. 2012 tax forms irs Allowable Rental Expenses 1. 2012 tax forms irs Enter rents received 1. 2012 tax forms irs   2a. 2012 tax forms irs Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. 2012 tax forms irs       b. 2012 tax forms irs Enter the rental portion of real estate taxes b. 2012 tax forms irs       c. 2012 tax forms irs Enter the rental portion of deductible casualty and theft losses (see instructions) c. 2012 tax forms irs       d. 2012 tax forms irs Enter direct rental expenses (see instructions) d. 2012 tax forms irs       e. 2012 tax forms irs Fully deductible rental expenses. 2012 tax forms irs Add lines 2a–2d. 2012 tax forms irs Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. 2012 tax forms irs   3. 2012 tax forms irs Subtract line 2e from line 1. 2012 tax forms irs If zero or less, enter -0- 3. 2012 tax forms irs   4a. 2012 tax forms irs Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. 2012 tax forms irs       b. 2012 tax forms irs Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. 2012 tax forms irs       c. 2012 tax forms irs Carryover of operating expenses from 2012 worksheet c. 2012 tax forms irs       d. 2012 tax forms irs Add lines 4a–4c d. 2012 tax forms irs       e. 2012 tax forms irs Allowable expenses. 2012 tax forms irs Enter the smaller of line 3 or line 4d (see instructions) 4e. 2012 tax forms irs   5. 2012 tax forms irs Subtract line 4e from line 3. 2012 tax forms irs If zero or less, enter -0- 5. 2012 tax forms irs   6a. 2012 tax forms irs Enter the rental portion of excess casualty and theft losses (see instructions) 6a. 2012 tax forms irs       b. 2012 tax forms irs Enter the rental portion of depreciation of the dwelling unit b. 2012 tax forms irs       c. 2012 tax forms irs Carryover of excess casualty losses and depreciation from 2012 worksheet c. 2012 tax forms irs       d. 2012 tax forms irs Add lines 6a–6c d. 2012 tax forms irs       e. 2012 tax forms irs Allowable excess casualty and theft losses and depreciation. 2012 tax forms irs Enter the smaller of  line 5 or line 6d (see instructions) 6e. 2012 tax forms irs   PART III. 2012 tax forms irs Carryover of Unallowed Expenses to Next Year 7a. 2012 tax forms irs Operating expenses to be carried over to next year. 2012 tax forms irs Subtract line 4e from line 4d 7a. 2012 tax forms irs   b. 2012 tax forms irs Excess casualty and theft losses and depreciation to be carried over to next year. 2012 tax forms irs  Subtract line 6e from line 6d b. 2012 tax forms irs   Worksheet 9-1 Instructions. 2012 tax forms irs Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. 2012 tax forms irs 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. 2012 tax forms irs Line 2a. 2012 tax forms irs Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. 2012 tax forms irs Do not include interest on a loan that did not benefit the dwelling unit. 2012 tax forms irs 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. 2012 tax forms irs Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. 2012 tax forms irs Include the rental portion of this interest in the total you enter on line 2a of the worksheet. 2012 tax forms irs   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. 2012 tax forms irs See the Schedule A instructions. 2012 tax forms irs However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. 2012 tax forms irs See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. 2012 tax forms irs Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. 2012 tax forms irs   Note. 2012 tax forms irs Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. 2012 tax forms irs Instead, figure the personal portion on a separate Schedule A. 2012 tax forms irs 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. 2012 tax forms irs           Line 2c. 2012 tax forms irs 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. 2012 tax forms irs To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. 2012 tax forms irs If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. 2012 tax forms irs On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. 2012 tax forms irs Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. 2012 tax forms irs   Note. 2012 tax forms irs Do not file this Form 4684 or use it to figure your personal losses on Schedule A. 2012 tax forms irs Instead, figure the personal portion on a separate Form 4684. 2012 tax forms irs           Line 2d. 2012 tax forms irs Enter the total of your rental expenses that are directly related only to the rental activity. 2012 tax forms irs These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. 2012 tax forms irs Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. 2012 tax forms irs           Line 2e. 2012 tax forms irs 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. 2012 tax forms irs Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. 2012 tax forms irs           Line 4b. 2012 tax forms irs 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. 2012 tax forms irs 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. 2012 tax forms irs Do not include interest on a loan that did not benefit the dwelling unit (as explained in the line 2a instructions). 2012 tax forms irs           Line 4e. 2012 tax forms irs 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. 2012 tax forms irs *           Line 6a. 2012 tax forms irs To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. 2012 tax forms irs   A. 2012 tax forms irs Enter the amount from Form 4684, line 10       B. 2012 tax forms irs Enter the rental portion of line A       C. 2012 tax forms irs Enter the amount from line 2c of this worksheet       D. 2012 tax forms irs Subtract line C from line B. 2012 tax forms irs Enter the result here and on line 6a of this worksheet               Line 6e. 2012 tax forms irs 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. 2012 tax forms irs * *Allocating the limited deduction. 2012 tax forms irs 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. 2012 tax forms irs Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. 2012 tax forms irs Prev  Up  Next   Home   More Online Publications
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Tax Law Changes Related to Midwestern Disaster Areas

FS-2008-27, December 2008

WASHINGTON — The Heartland Disaster Tax Relief Act of 2008 provides certain tax breaks to help victims of the severe storms, flooding and tornadoes that occurred in Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Missouri, Minnesota, Nebraska and Wisconsin that the federal government declared a disaster during the period beginning May 20, 2008, and ending July 31, 2008.

The recently enacted legislation alters the tax code to help individuals who suffered losses as a result of the Midwestern Disasters and to make it easier for individuals and businesses to engage in charity to benefit those affected by the severe storms, flooding and tornadoes.

The counties in these states that encompass the “Midwestern Disaster Areas” are identified in Tables 1 and 2 at the end of this fact sheet. Taxpayers located in the counties listed in Table 1 are eligible for all portions of the relief made available to the Midwestern Disaster Areas by the recently enacted legislation. Those taxpayers located in the counties listed in Table 2 are eligible only for certain special tax provisions. For a more complete listing of the tax relief provisions that the Heartland Disaster Tax Relief Act of 2008 provides to taxpayers located in the counties listed in Tables 1 and 2, see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas.

Individuals Affected by the Midwestern Disasters

In general, for individuals affected by the Midwestern Disasters, the Heartland Disaster Tax Relief Act of 2008 provides tax-favored early distributions and loans from retirement accounts, eliminates the limitations on claiming losses and permits certain earned income tax credit (EITC) and refundable child tax credit recipients to choose either tax year 2008 or 2007 to determine their earned income and use the more beneficial result.

The recently enacted legislation also allows affected individuals to exclude from income certain cancellations of debt and extends, from two years to five years, the replacement period for converted properties. Portions of the Heartland Disaster Tax Relief Act of 2008 are highlighted below.

Removal of Loss Limitations: For taxpayers who suffered casualty or theft losses to property owned for personal use that are attributable to the Midwestern Disasters, recently enacted legislation removes certain loss limitations. Ordinarily, to figure a deduction for a casualty or theft loss of personal-use property from a particular disaster, taxpayers who itemize must reduce the loss by $100 and also reduce their total casualty and theft losses by 10 percent of their adjusted gross income. Only the excess over these $100 and 10 percent limits is deductible for those taxpayers who itemize their deductions. The recently enacted legislation, however, removes these limits for the Midwestern Disasters on losses of personal-use property, so that the entire amount of unreimbursed losses is deductible if a taxpayer itemizes.

To qualify, a loss must arise in a Midwestern Disaster Area and be attributable to the severe storms, flooding or tornadoes for which the Disaster Declarations identified in Tables 1 and 2 were issued. Note: The new increased standard deduction for net disaster losses does not apply to losses in Midwestern disaster areas.

Cancellation of Debt: Individuals whose main home was located in a Midwestern Disaster Area on the date that a disaster was declared for the county in which they live, will not include in income any non-business debt, such as a mortgage, that is canceled on or after the applicable disaster date and before Jan. 1, 2010, provided that the debt is not secured by property located outside the Midwestern Disaster Areas. If the individual’s main home was located in a Midwestern Disaster Area as shown in Table 2, the individual must also have had an economic loss because of the severe storms, floods or tornadoes. Examples of economic losses include, but are not limited to:

  • Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind or other cause;
  • Loss related to displacement from one’s home; or
  • Loss of livelihood due to temporary or permanent layoffs.

Usually, the cancellation of debt is treated as income by the person for whom the debt is forgiven.

Earned Income Tax Credit and Refundable Child Tax Credit: The recently enacted legislation allows eligible individuals to choose to calculate their earned income tax credit (EITC) or refundable child tax credit using their prior year’s earned income. An eligible individual is one whose earned income in 2008 is less than their earned income in 2007 and their main home on the applicable disaster date was in a Midwestern Disaster Area as shown in Table 1 or their main home on the applicable disaster date was in a Midwestern Disaster Area as shown in Table 2 and they were displaced from that home because of the severe storms, tornadoes or flooding. Taxpayers eligible to make the choice should figure their EITC and refundable child tax credit using their earned income for each year before making the choice to see which gives them the higher credits.

Education Credits: The recently enacted legislation provides educational assistance to students enrolled and paying tuition at eligible educational institutions located in Midwestern Disaster Areas counties identified in Table 1 for any tax year beginning in 2008 or 2009. Basically, the new legislation expands the Hope and Lifetime Learning educational credits in the following way:

  • The Hope Credit is expanded to 100 percent of the first $2,400 in eligible expenses plus 50 percent of the next $2,400 – doubling the maximum Hope Credit from $1,800 to $3,600 for each eligible student.
  • The Lifetime Learning Credit is expanded from 20 percent to 40 percent of the first $10,000 in eligible expenses.

Exemption for Taxpayers Housing Individuals Displaced by the Disasters: Taxpayers who provided housing in their main homes to individuals displaced by the severe storms, tornadoes or flooding that occurred in the Midwestern Disaster Areas may be able to claim an additional exemption amount of $500 for each such displaced individual. The additional exemption amount is allowable once per taxpayer for a specific Midwestern Disaster displaced individual in 2008 or 2009, but not in both years. The maximum additional exemption amount that can be claimed for all displaced individuals is $2,000, or $1,000 if married filing separately. Any exemption amount claimed in 2008 will reduce the $2,000 maximum for 2009.

To qualify as a displaced individual, the individual must have had his or her main home in a Midwestern Disaster Area on the applicable disaster date, and he or she must have been displaced from that home. If the displaced individual’s main home was located in a Midwestern Disaster Area as shown in Table 2, that home must have been damaged by the severe storms, tornadoes or flooding or the individual must have been evacuated from the home because of the severe storms, tornadoes or flooding. In addition, the displaced individual must have been provided housing in the taxpayer’s main home for a period of at least 60 consecutive days ending in the tax year in which the exemption is claimed. The displaced individual cannot be the taxpayer’s spouse or dependent. 

This benefit applies to the counties listed in Tables 1 and 2. More detailed information on claiming the additional exemption can be found in Publication 4492-B.

Recapture of Federal Mortgage Subsidy: Generally, taxpayers who financed their homes under a federally-subsidized program may have to repay all or part of the benefit they received from that program when they sell or otherwise dispose of their home. This repayment is known, technically, as recapture.  Taxpayers do not, however, have to recapture any benefit if their mortgage loan was a qualified home improvement loan of not more than $15,000. The recently enacted legislation provides for this amount to be increased to $150,000, if the loan was provided prior to 2011 and was used to alter, repair, or improve an existing owner-occupied residence in a Midwestern Disaster Area as shown in Table 1. 

Retirement Funds

To help victims of the severe storms, flooding and tornadoes in the Midwestern Disaster Areas, the recently enacted legislation provides certain tax-favored treatment for early distributions, plan loans and re-contributions. These benefits apply to the counties listed in Tables 1 and 2.

Qualified Disaster Recovery Assistance Distributions: A qualified disaster recovery distribution is any distribution from an eligible retirement plan that meets the following requirements:  (1) the distribution was made on or after an applicable disaster date listed in Tables 1 or 2 and before Jan. 1, 2010; (2) the distribution was made to a taxpayer whose main home was located in a Midwestern Disaster Area on the applicable disaster date; and (3) the taxpayer sustained an economic loss because of the severe storms, tornadoes or flooding that affected the Midwestern Disaster Areas. If these requirements are met, the taxpayer can generally designate any distribution from an eligible retirement plan as a qualified disaster recovery assistance distribution, regardless of whether the distribution was made on account of the severe storms, tornadoes or flooding.  The total amount of tax-favored distributions an individual can receive from all plans, annuities or IRAs is $100,000.

Taxation of Qualified Disaster Recovery Assistance Distributions: Qualified disaster recovery assistance distributions are included in income in equal amounts over three years. The taxpayer can, however, elect to include the entire distribution income in the year it was received. An eligible individual who receives qualified disaster recovery assistance distributions does not have to pay the 10% additional tax on early distributions (or the additional 25% tax for certain distributions from SIMPLE IRAs). Under the new law, qualified disaster recovery assistance distributions are not subject to the mandatory 20% withholding. Any distributions received in excess of the $100,000 qualified disaster recovery assistance distribution limit may be subject to the additional tax on early distributions. 

Repayment of Qualified Disaster Recovery Assistance Distributions: Taxpayers may choose to repay any portion of a qualified disaster recovery distribution that is eligible for tax-free rollover treatment into an eligible retirement plan within three years from the date of the distribution. The distribution will be treated as though it were paid in a direct rollover (note that for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover). To report a re-contribution, the eligible individual must also file a Form 8930, Qualified Disaster Recovery Assistance Retirement Plan Distributions and Repayments. Refer to Publication 4492-B for additional information on repaying qualified disaster recovery assistance distributions and for a list of the qualified disaster recovery assistance distributions that cannot be repaid.

Repayment of Qualified Distributions for the Purchase or Construction of a Main Home: An individual who received a qualified distribution to purchase or construct a main home in a Midwestern disaster area can repay part or all of that distribution to an eligible retirement plan on or after the applicable disaster date, but no later than March 3, 2009. To be a qualified distribution, the distribution must meet all of the following requirements:  (1) the distribution is a hardship distribution from a 401(k) plan or a tax-sheltered annuity contract, or a qualified first-time homebuyer distribution from an IRA; (2) the distribution was received within six months prior to the day after the applicable disaster date; and (3) the distribution was used to purchase or construct a main home in a Midwestern Disaster Area that was not purchased or constructed because of the severe storms, tornadoes or flooding. 
Amounts that are repaid before March 4, 2009, are treated as a qualified rollover and are not included in income (note that for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover). If the qualified distribution is not repaid by March 4, 2009, the distribution may be taxable for 2007 or 2008, as well as subject to the additional 10% tax on early distributions (or the additional 25% tax for certain SIMPLE IRAs). Any repayments must be reported on Form 8930, Qualified Disaster Recovery Assistance Retirement Plan Distributions and Repayments.  

Retirement Plan Loans: Under the new law, the allowable retirement plan loan amount for eligible individuals is increased from $50,000 to $100,000. To figure the dollar limit, an eligible individual would start with (a) $100,000 and subtract the highest outstanding balance of loans from these plans during the prior year and compare that figure to (b) the eligible individual’s vested benefit under the plan. Whichever figure is less is the limit that the eligible individual can borrow from the employer’s plans without a tax consequence.

For an eligible individual, payments on retirement plan loans outstanding on or after the applicable disaster date may be suspended for one year by the plan administrator. To qualify for suspension, the due date for any loan payment must occur during the period beginning on the applicable disaster date and ending on Dec. 31, 2009. 

Charity Encouraged by New Law

To encourage charity, the recently enacted legislation suspends the limits on certain charitable contributions, creates an exemption for those housing Midwestern Disaster displaced individuals, increases the standard mileage rate for charitable use of vehicles and excludes from gross income mileage reimbursements to charitable volunteers.

Suspension of Charitable Limits for Certain Charitable Contributions: In the case of an individual, the recently enacted legislation allows a deduction for qualified contributions up to the amount by which the taxpayer’s contribution base – adjusted gross income – exceeds the deduction for other charitable contributions. Contributions in excess of this amount are generally carried over to succeeding taxable years. The recently enacted legislation allows corporations to elect to deduct qualified cash contributions without regard to the 10% of taxable income limit.

Qualified contributions are defined as cash contributions to a charitable organization described in section 170(b)(1)(A) (other than a supporting organization described in section 509(a)(3)), for relief efforts in one or more Midwestern Disaster Areas made after May 1, 2008, and before Jan. 1, 2009. Contributions of non-cash property, such as securities, are not qualified contributions.

The charitable contribution deduction up to the amount of qualified contributions (as defined above) paid during the year is not treated as an itemized deduction for purposes of the overall limitation on itemized deductions. This benefit applies only to the counties listed in Table 1.

Increase in the Standard Mileage Rate for Charitable Use of Vehicles: The recently enacted legislation provides special standard mileage rates for taxpayers who used their vehicles to provide charitable services related solely to the severe storms, tornadoes and flooding that occurred in the Midwestern Disaster Areas during the period May 2, 2008, through Dec. 31, 2008.  The special rate is 36 cents per mile for the period May 2, 2008, through June 30, 2008. For the period July 1, 2008, through Dec. 31, 2008, the special rate is 41 cents per mile.

Taxpayers may also exclude from income any amounts received as mileage reimbursement for the use of a private passenger automobile for the benefit of a qualified charitable organization in responding to the severe storms, tornadoes and flooding that occurred in the Midwestern Disaster Areas during the period May 2, 2008, through Dec. 31, 2008. Taxpayers cannot claim a deduction or credit for any amounts excluded and must keep records of miles driven, time, place (or use) and purpose of the mileage. The amount that can be excluded from income cannot exceed 50.5 cents per mile for the period May 2, 2008, through June 30, 2008; and 58.5 cents per mile for the period July 1, 2008, through Dec. 31, 2008. This benefit applies only to the counties listed in Table 1.

Table 1
Taxpayers located in these counties are eligible for all portions of relief identified in this document.

Applicable Disaster Date*

State 

Affected Counties - Midwestern Disaster Areas 

 5/2/2008  Arkansas Arkansas, Benton, Cleburne, Conway, Crittenden, Grant, Lonoke, Mississippi, Phillips, Pulaski, Saline and Van Buren.
 6/1/2008  Illinois Adams, Calhoun, Clark, Coles, Crawford, Cumberland, Douglas, Edgar, Hancock, Henderson, Jasper, Jersey, Lake, Lawrence, Mercer, Rock Island, Whiteside, and Winnebago.
 6/6/2008  Indiana Adams, Bartholomew, Brown, Clay, Daviess, Dearborn, Decatur, Gibson, Grant, Greene, Hamilton, Hancock, Hendricks, Henry, Huntington, Jackson, Jefferson, Jennings, Johnson, Knox, Lawrence, Madison, Marion, Monroe, Morgan, Owen, Parke, Pike, Posey, Putnam, Randolph, Ripley, Rush, Shelby, Sullivan, Tippecanoe, Vermillion, Vigo, Washington and Wayne.
 5/25/2008  Iowa Adair, Adams, Allamakee, Appanoose, Audubon, Benton, Black Hawk, Boone, Bremer, Buchanan, Butler, Cass, Cedar, Cerro Gordo, Chickasaw, Clarke, Clayton, Clinton, Crawford, Dallas, Davis, Decatur, Delaware, Des Moines, Dubuque, Fayette, Floyd, Franklin, Fremont, Greene, Grundy, Guthrie, Hamilton, Hancock, Hardin, Harrison, Henry, Howard, Humboldt, Iowa, Jackson, Jasper, Johnson, Jones, Keokuk, Kossuth, Lee, Linn, Louisa, Lucas, Madison, Mahaska, Marion, Marshall, Mills, Mitchell, Monona, Monroe, Montgomery, Muscatine, Page, Polk, Pottawattamie, Poweshiek, Ringgold, Scott, Story, Tama, Union, Van Buren, Wapello, Warren, Washington, Webster, Winnebago, Winneshiek, Worth and Wright.
 5/10/2008  Missouri Barry, Jasper and Newton.
 6/1/2008  Missouri Adair, Andrew, Callaway, Cass, Chariton, Clark, Gentry, Greene, Harrison, Holt, Johnson, Lewis, Lincoln, Linn, Livingston, Macon, Marion, Monroe, Nodaway, Pike, Putnam, Ralls, St. Charles, Stone, Taney, Vernon and Webster.
 5/22/2008  Nebraska Buffalo, Butler, Colfax, Custer, Dawson, Douglas, Gage, Hamilton, Holt, Jefferson, Kearney, Lancaster, Platte, Richardson, Sarpy and Saunders.
 6/5/2008  Wisconsin Adams, Calumet, Crawford, Columbia, Dane, Dodge, Fond du Lac, Grant, Green, Green Lake, Iowa, Jefferson, Juneau, Kenosha, La Crosse, Manitowoc, Marquette, Milwaukee, Monroe, Ozaukee, Racine, Richland, Rock, Sauk, Sheboygan, Vernon, Walworth, Washington, Waukesha and Winnebago.

 

Table 2
Taxpayers located in the counties listed below are eligible for all of the special tax provisions identified in this fact sheet except the education credits, charitable giving incentives (suspension of charitable limits and increase in standard mileage rates) and the recapture of federal mortgage subsidy.**

Applicable Disaster Date*

State

Affected Counties - Midwestern Disaster Areas

 6/1/2008  Illinois Greene, Madison, Monroe, Pike, Randolph, St. Clair and Scott.
 6/6/2008  Indiana Benton, Boone, Fountain, Franklin, Jay, Montgomery, Ohio, Switzerland, Union and Wabash.
 5/25/2008  Iowa Carroll, Cherokee, Lyon, Palo Alto, Pocahontas, Taylor and Wayne.
 5/22/2008  Kansas Barber, Barton, Bourbon, Brown, Butler, Chautauqua, Cherokee, Clark, Clay, Comanche, Cowley, Crawford, Decatur, Dickinson, Edwards, Elk, Ellis, Ellsworth, Franklin, Gove, Graham, Harper, Haskell, Hodgeman, Jackson, Jewell, Kingman, Kiowa, Lane, Linn, Logan, Mitchell, Montgomery, Ness, Norton, Osborne, Pawnee, Phillips, Pratt, Reno, Republic, Riley, Rooks, Rush, Saline, Seward, Sheridan, Smith, Stafford, Sumner, Thomas, Trego, Wallace and Wilson.
 6/6/2008  Michigan Allegan, Barry, Eaton, Ingham, Lake, Manistee, Mason, Missaukee, Osceola, Ottawa, Saginaw and Wexford.
 6/7/2008  Minnesota Cook, Fillmore, Freeborn, Houston, Mower and Nobles.
 6/1/2008  Missouri Atchison, Audrain, Bates, Buchanan, Cape Girardeau, Carroll, Christian, Daviess, Grundy, Howard, Jefferson, Knox, Mercer, Miller, Mississippi, Morgan, New Madrid, Pemiscot, Perry, Pettis, Platte, Polk, Randolph, Ray, Saline, Schuyler, Scotland, Scott, Shelby, St. Genevieve, St. Louis, Sullivan, the Independent City of St. Louis and Worth.
 4/23/2008  Nebraska Gage, Johnson, Morrill, Nemaha and Pawnee.
 5/22/2008  Nebraska Adams, Blaine, Boone, Boyd, Brown, Burt, Cass, Chase, Cherry, Cuming, Dundy, Fillmore, Frontier, Furnas, Garfield, Gosper, Greeley, Hall, Hayes, Howard, Johnson, Keya Paha, Lincoln, Logan, Loup, Merrick, McPherson, Morrill, Nance, Nemaha, Otoe, Phelps, Polk, Red Willow, Rock, Saline, Seward, Sherman, Stanton, Thayer, Thomas, Thurston, Valley, Webster, Wheeler and York.
 6/27/2008  Nebraska Dodge, Douglas, Sarpy and Saunders.
 6/5/2008  Wisconsin Lafayette.


* In some cases the date will be later due to the continuation of the severe storms, tornadoes or flooding that began on the above date. The Federal Emergency Management Agency has more details.

** See Pub. 4492-B for a more complete listing of the tax provisions that are available to taxpayers located in the affected counties in the Midwestern Disaster Areas listed in Tables 1 and 2.

Page Last Reviewed or Updated: 18-Aug-2012

The 2012 Tax Forms Irs

2012 tax forms irs Index A Affected taxpayer, Affected taxpayer. 2012 tax forms irs B Book inventories, charitable deduction for, Charitable Deduction for Contributions of Book Inventories to Public Schools C Cancellation of indebtedness, Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Casualty and theft losses, Casualty and Theft Losses Charitable contributions, Temporary Suspension of Limits on Charitable Contributions Charitable deduction: Book inventory, Charitable Deduction for Contributions of Book Inventories to Public Schools Food inventory, Charitable Deduction for Contributions of Food Inventory Child tax credit, Earned Income Credit and Child Tax Credit Clean-up costs, Demolition and Clean-up Costs Copy of tax return, request for, Request for copy of tax return. 2012 tax forms irs Core disaster area, Gulf Opportunity (GO) Zone (Core Disaster Area) Covered disaster area: Katrina, Katrina Covered Disaster Area Rita, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Wilma, Wilma Covered Disaster Area Credits: Child tax, Earned Income Credit and Child Tax Credit Earned income, Earned Income Credit and Child Tax Credit Education, Education Credits Employee retention, Employee Retention Credit Hurricane Katrina housing, Hurricane Katrina Housing Credit Rehabilitation tax, Increase in Rehabilitation Tax Credit Work opportunity, Work Opportunity Credit D Deadlines, extended, Extended Tax Deadlines Demolition costs, Demolition and Clean-up Costs Depreciation: Qualified GO Zone property, Qualified GO Zone property. 2012 tax forms irs Special allowance, Special Depreciation Allowance Disaster area: Hurricane Katrina, Hurricane Katrina Disaster Area Hurricane Rita, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Hurricane Wilma, Hurricane Wilma Disaster Area Distributions: Home purchase or construction, Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Qualified hurricane, Qualified hurricane distribution. 2012 tax forms irs Repayment of, Repayment of Qualified Hurricane Distributions Taxation of, Taxation of Qualified Hurricane Distributions E Earned income credit, Earned Income Credit and Child Tax Credit Education credits, Education Credits Eligible retirement plan, Eligible retirement plan. 2012 tax forms irs Employee retention credit, Employee Retention Credit Exemption, additional for housing, Additional Exemption for Housing Individuals Displaced by Hurricane Katrina F Federal mortgage subsidy, recapture of, Recapture of Federal Mortgage Subsidy Food inventory, charitable deduction for, Charitable Deduction for Contributions of Food Inventory G Gulf Opportunity (GO) Zone, Gulf Opportunity (GO) Zone (Core Disaster Area) H Help: How to get, How To Get Tax Help Phone number, How To Get Tax Help Special IRS assistance, How To Get Tax Help Website, How To Get Tax Help Hope credit (see Education credits) Hurricane Katrina disaster area, Hurricane Katrina Disaster Area Hurricane Katrina housing credit, Hurricane Katrina Housing Credit Hurricane Rita disaster area, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Hurricane Wilma disaster area, Hurricane Wilma Disaster Area I Involuntary conversion (see Replacement period for nonrecognition of gain) IRAs and other retirement plans, IRAs and Other Retirement Plans L Lifetime learning credit (see Education credits) M Mileage reimbursements, charitable volunteers, Mileage Reimbursements to Charitable Volunteers N Net operating losses, Net Operating Losses Q Qualified GO Zone loss, Qualified GO Zone loss. 2012 tax forms irs Qualified hurricane distribution, Qualified hurricane distribution. 2012 tax forms irs R Reforestation costs, Reforestation Costs Rehabilitation tax credit, Increase in Rehabilitation Tax Credit Relocation, temporary, Tax Relief for Temporary Relocation Replacement period for nonrecognition of gain, Replacement Period for Nonrecognition of Gain Retirement plan, eligible, Eligible retirement plan. 2012 tax forms irs Retirement plans, IRAs and Other Retirement Plans Rita GO Zone, Rita GO Zone S Section 179 deduction, Increased Section 179 Deduction Standard mileage rate, charitable use, Standard Mileage Rate for Charitable Use of Vehicles T Tax return: Request for copy, Request for copy of tax return. 2012 tax forms irs Request for transcript, Request for transcript of tax return. 2012 tax forms irs Taxpayer Advocate, Contacting your Taxpayer Advocate. 2012 tax forms irs Temporary relocation, Tax Relief for Temporary Relocation Theft losses, Casualty and Theft Losses Timber: 5-year NOL carryback, 5-year NOL carryback of certain timber losses. 2012 tax forms irs Reforestation costs, Reforestation Costs Transcript of tax return, request for, Request for transcript of tax return. 2012 tax forms irs W Wilma GO Zone, Wilma GO Zone Work opportunity credit, Work Opportunity Credit Prev  Up     Home   More Online Publications