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Didnt File 2012 Taxes

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Didnt File 2012 Taxes

Didnt file 2012 taxes 5. Didnt file 2012 taxes   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. Didnt file 2012 taxes Shared equity financing agreement. Didnt file 2012 taxes Donation of use of the property. Didnt file 2012 taxes Examples. Didnt file 2012 taxes Days used for repairs and maintenance. Didnt file 2012 taxes Days used as a main home before or after renting. Didnt file 2012 taxes Reporting Income and DeductionsNot used as a home. Didnt file 2012 taxes Used as a home but rented less than 15 days. Didnt file 2012 taxes Used as a home and rented 15 days or more. Didnt file 2012 taxes 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. Didnt file 2012 taxes 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. Didnt file 2012 taxes Only your rental expenses may deducted on Schedule E (Form 1040). Didnt file 2012 taxes Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). Didnt file 2012 taxes You must also determine if the dwelling unit is considered a home. Didnt file 2012 taxes The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. Didnt file 2012 taxes Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. Didnt file 2012 taxes 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. Didnt file 2012 taxes Dwelling unit. Didnt file 2012 taxes   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. Didnt file 2012 taxes It also includes all structures or other property belonging to the dwelling unit. Didnt file 2012 taxes A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Didnt file 2012 taxes   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. Didnt file 2012 taxes 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. Didnt file 2012 taxes Example. Didnt file 2012 taxes You rent a room in your home that is always available for short-term occupancy by paying customers. Didnt file 2012 taxes You do not use the room yourself and you allow only paying customers to use the room. Didnt file 2012 taxes This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. Didnt file 2012 taxes 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. Didnt file 2012 taxes When dividing your expenses, follow these rules. Didnt file 2012 taxes 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. Didnt file 2012 taxes (This rule does not apply when determining whether you used the unit as a home. Didnt file 2012 taxes ) Any day that the unit is available for rent but not actually rented is not a day of rental use. Didnt file 2012 taxes Fair rental price. Didnt file 2012 taxes   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. Didnt file 2012 taxes 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. Didnt file 2012 taxes   Ask yourself the following questions when comparing another property with yours. Didnt file 2012 taxes 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. Didnt file 2012 taxes Example. Didnt file 2012 taxes Your beach cottage was available for rent from June 1 through August 31 (92 days). Didnt file 2012 taxes 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. Didnt file 2012 taxes 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. Didnt file 2012 taxes Your family also used the cottage during the last 2 weeks of May (14 days). Didnt file 2012 taxes The cottage was not used at all before May 17 or after August 31. Didnt file 2012 taxes You figure the part of the cottage expenses to treat as rental expenses as follows. Didnt file 2012 taxes The cottage was used for rental a total of 85 days (92 − 7). Didnt file 2012 taxes The days it was available for rent but not rented (7 days) are not days of rental use. Didnt file 2012 taxes The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. Didnt file 2012 taxes You used the cottage for personal purposes for 14 days (the last 2 weeks in May). Didnt file 2012 taxes The total use of the cottage was 99 days (14 days personal use + 85 days rental use). Didnt file 2012 taxes Your rental expenses are 85/99 (86%) of the cottage expenses. Didnt file 2012 taxes Note. Didnt file 2012 taxes 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. Didnt file 2012 taxes Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. Didnt file 2012 taxes 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. Didnt file 2012 taxes If you have a net loss, you may not be able to deduct all of the rental expenses. Didnt file 2012 taxes See Dwelling Unit Used as a Home, next. Didnt file 2012 taxes 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. Didnt file 2012 taxes 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. Didnt file 2012 taxes See What is a day of personal use , later. Didnt file 2012 taxes 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. Didnt file 2012 taxes Instead, count it as a day of personal use in applying both (1) and (2) above. Didnt file 2012 taxes 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. Didnt file 2012 taxes 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). Didnt file 2012 taxes However, see Days used as a main home before or after renting , later. Didnt file 2012 taxes 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. Didnt file 2012 taxes Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. Didnt file 2012 taxes ), and lineal descendants (children, grandchildren, etc. Didnt file 2012 taxes ). Didnt file 2012 taxes Anyone under an arrangement that lets you use some other dwelling unit. Didnt file 2012 taxes Anyone at less than a fair rental price. Didnt file 2012 taxes Main home. Didnt file 2012 taxes   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. Didnt file 2012 taxes Shared equity financing agreement. Didnt file 2012 taxes   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. Didnt file 2012 taxes Donation of use of the property. Didnt file 2012 taxes   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. Didnt file 2012 taxes Examples. Didnt file 2012 taxes   The following examples show how to determine if you have days of personal use. Didnt file 2012 taxes Example 1. Didnt file 2012 taxes You and your neighbor are co-owners of a condominium at the beach. Didnt file 2012 taxes Last year, you rented the unit to vacationers whenever possible. Didnt file 2012 taxes The unit was not used as a main home by anyone. Didnt file 2012 taxes Your neighbor used the unit for 2 weeks last year; you did not use it at all. Didnt file 2012 taxes 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. Didnt file 2012 taxes Example 2. Didnt file 2012 taxes You and your neighbors are co-owners of a house under a shared equity financing agreement. Didnt file 2012 taxes Your neighbors live in the house and pay you a fair rental price. Didnt file 2012 taxes 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. Didnt file 2012 taxes This is because your neighbors rent the house as their main home under a shared equity financing agreement. Didnt file 2012 taxes Example 3. Didnt file 2012 taxes You own a rental property that you rent to your son. Didnt file 2012 taxes Your son does not own any interest in this property. Didnt file 2012 taxes He uses it as his main home and pays you a fair rental price. Didnt file 2012 taxes 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. Didnt file 2012 taxes Example 4. Didnt file 2012 taxes You rent your beach house to Rosa. Didnt file 2012 taxes Rosa rents her cabin in the mountains to you. Didnt file 2012 taxes You each pay a fair rental price. Didnt file 2012 taxes 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. Didnt file 2012 taxes Example 5. Didnt file 2012 taxes You rent an apartment to your mother at less than a fair rental price. Didnt file 2012 taxes 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. Didnt file 2012 taxes Days used for repairs and maintenance. Didnt file 2012 taxes   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. Didnt file 2012 taxes 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. Didnt file 2012 taxes Example. Didnt file 2012 taxes Corey owns a cabin in the mountains that he rents for most of the year. Didnt file 2012 taxes He spends a week at the cabin with family members. Didnt file 2012 taxes 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. Didnt file 2012 taxes Corey's family members, however, work substantially full time on the cabin each day during the week. Didnt file 2012 taxes The main purpose of being at the cabin that week is to do maintenance work. Didnt file 2012 taxes Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. Didnt file 2012 taxes Days used as a main home before or after renting. Didnt file 2012 taxes   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. Didnt file 2012 taxes Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. Didnt file 2012 taxes 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. Didnt file 2012 taxes However, this special rule does not apply when dividing expenses between rental and personal use. Didnt file 2012 taxes See Property Changed to Rental Use in chapter 4. Didnt file 2012 taxes Example 1. Didnt file 2012 taxes 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. Didnt file 2012 taxes You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). Didnt file 2012 taxes On June 1, 2013, you moved back into your old house. Didnt file 2012 taxes 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. Didnt file 2012 taxes Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. Didnt file 2012 taxes Example 2. Didnt file 2012 taxes On January 31, you moved out of the condominium where you had lived for 3 years. Didnt file 2012 taxes You offered it for rent at a fair rental price beginning on February 1. Didnt file 2012 taxes You were unable to rent it until April. Didnt file 2012 taxes On September 15, you sold the condominium. Didnt file 2012 taxes 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. Didnt file 2012 taxes Examples. Didnt file 2012 taxes   The following examples show how to determine whether you used your rental property as a home. Didnt file 2012 taxes Example 1. Didnt file 2012 taxes You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. Didnt file 2012 taxes You rented the basement apartment at a fair rental price to college students during the regular school year. Didnt file 2012 taxes You rented to them on a 9-month lease (273 days). Didnt file 2012 taxes You figured 10% of the total days rented to others at a fair rental price is 27 days. Didnt file 2012 taxes During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. Didnt file 2012 taxes Your basement apartment was used as a home because you used it for personal purposes for 30 days. Didnt file 2012 taxes Rent-free use by your brothers is considered personal use. Didnt file 2012 taxes Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). Didnt file 2012 taxes Example 2. Didnt file 2012 taxes 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). Didnt file 2012 taxes Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. Didnt file 2012 taxes You figured 10% of the total days rented to others at a fair rental price is 3 days. Didnt file 2012 taxes The room was used as a home because you used it for personal purposes for 21 days. Didnt file 2012 taxes That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). Didnt file 2012 taxes Example 3. Didnt file 2012 taxes You own a condominium apartment in a resort area. Didnt file 2012 taxes You rented it at a fair rental price for a total of 170 days during the year. Didnt file 2012 taxes 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. Didnt file 2012 taxes Your family actually used the apartment for 10 of those days. Didnt file 2012 taxes Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. Didnt file 2012 taxes You figured 10% of the total days rented to others at a fair rental price is 16 days. Didnt file 2012 taxes Your family also used the apartment for 7 other days during the year. Didnt file 2012 taxes You used the apartment as a home because you used it for personal purposes for 17 days. Didnt file 2012 taxes That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). Didnt file 2012 taxes Minimal rental use. Didnt file 2012 taxes   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. Didnt file 2012 taxes See Used as a home but rented less than 15 days, later, for more information. Didnt file 2012 taxes Limit on deductions. Didnt file 2012 taxes   Renting a dwelling unit that is considered a home is not a passive activity. Didnt file 2012 taxes 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. Didnt file 2012 taxes 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. Didnt file 2012 taxes Any expenses carried forward to the next year will be subject to any limits that apply for that year. Didnt file 2012 taxes 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. Didnt file 2012 taxes   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. Didnt file 2012 taxes Reporting Income and Deductions Property not used for personal purposes. Didnt file 2012 taxes   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. Didnt file 2012 taxes Property used for personal purposes. Didnt file 2012 taxes   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. Didnt file 2012 taxes Not used as a home. Didnt file 2012 taxes   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. Didnt file 2012 taxes 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 . Didnt file 2012 taxes The expenses for personal use are not deductible as rental expenses. Didnt file 2012 taxes   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. Didnt file 2012 taxes Used as a home but rented less than 15 days. Didnt file 2012 taxes   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). Didnt file 2012 taxes You are not required to report the rental income and rental expenses from this activity. Didnt file 2012 taxes The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). Didnt file 2012 taxes See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Didnt file 2012 taxes Used as a home and rented 15 days or more. Didnt file 2012 taxes   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. Didnt file 2012 taxes 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 . Didnt file 2012 taxes The expenses for personal use are not deductible as rental expenses. Didnt file 2012 taxes   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. Didnt file 2012 taxes You do not need to use Worksheet 5-1. Didnt file 2012 taxes   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. Didnt file 2012 taxes To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. Didnt file 2012 taxes Worksheet 5-1. Didnt file 2012 taxes 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. Didnt file 2012 taxes Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . Didnt file 2012 taxes ) 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. Didnt file 2012 taxes Rental Use Percentage A. Didnt file 2012 taxes Total days available for rent at fair rental price A. Didnt file 2012 taxes       B. Didnt file 2012 taxes Total days available for rent (line A) but not rented B. Didnt file 2012 taxes       C. Didnt file 2012 taxes Total days of rental use. Didnt file 2012 taxes Subtract line B from line A C. Didnt file 2012 taxes       D. Didnt file 2012 taxes Total days of personal use (including days rented at less than fair rental price) D. Didnt file 2012 taxes       E. Didnt file 2012 taxes Total days of rental and personal use. Didnt file 2012 taxes Add lines C and D E. Didnt file 2012 taxes       F. Didnt file 2012 taxes Percentage of expenses allowed for rental. Didnt file 2012 taxes Divide line C by line E     F. Didnt file 2012 taxes . Didnt file 2012 taxes PART II. Didnt file 2012 taxes Allowable Rental Expenses 1. Didnt file 2012 taxes Enter rents received 1. Didnt file 2012 taxes   2a. Didnt file 2012 taxes Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. Didnt file 2012 taxes       b. Didnt file 2012 taxes Enter the rental portion of real estate taxes b. Didnt file 2012 taxes       c. Didnt file 2012 taxes Enter the rental portion of deductible casualty and theft losses (see instructions) c. Didnt file 2012 taxes       d. Didnt file 2012 taxes Enter direct rental expenses (see instructions) d. Didnt file 2012 taxes       e. Didnt file 2012 taxes Fully deductible rental expenses. Didnt file 2012 taxes Add lines 2a–2d. Didnt file 2012 taxes Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. Didnt file 2012 taxes   3. Didnt file 2012 taxes Subtract line 2e from line 1. Didnt file 2012 taxes If zero or less, enter -0- 3. Didnt file 2012 taxes   4a. Didnt file 2012 taxes Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. Didnt file 2012 taxes       b. Didnt file 2012 taxes Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. Didnt file 2012 taxes       c. Didnt file 2012 taxes Carryover of operating expenses from 2012 worksheet c. Didnt file 2012 taxes       d. Didnt file 2012 taxes Add lines 4a–4c d. Didnt file 2012 taxes       e. Didnt file 2012 taxes Allowable expenses. Didnt file 2012 taxes Enter the smaller of line 3 or line 4d (see instructions) 4e. Didnt file 2012 taxes   5. Didnt file 2012 taxes Subtract line 4e from line 3. Didnt file 2012 taxes If zero or less, enter -0- 5. Didnt file 2012 taxes   6a. Didnt file 2012 taxes Enter the rental portion of excess casualty and theft losses (see instructions) 6a. Didnt file 2012 taxes       b. Didnt file 2012 taxes Enter the rental portion of depreciation of the dwelling unit b. Didnt file 2012 taxes       c. Didnt file 2012 taxes Carryover of excess casualty losses and depreciation from 2012 worksheet c. Didnt file 2012 taxes       d. Didnt file 2012 taxes Add lines 6a–6c d. Didnt file 2012 taxes       e. Didnt file 2012 taxes Allowable excess casualty and theft losses and depreciation. Didnt file 2012 taxes Enter the smaller of  line 5 or line 6d (see instructions) 6e. Didnt file 2012 taxes   PART III. Didnt file 2012 taxes Carryover of Unallowed Expenses to Next Year 7a. Didnt file 2012 taxes Operating expenses to be carried over to next year. Didnt file 2012 taxes Subtract line 4e from line 4d 7a. Didnt file 2012 taxes   b. Didnt file 2012 taxes Excess casualty and theft losses and depreciation to be carried over to next year. Didnt file 2012 taxes  Subtract line 6e from line 6d b. Didnt file 2012 taxes   Worksheet 5-1 Instructions. Didnt file 2012 taxes Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. Didnt file 2012 taxes 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. Didnt file 2012 taxes Line 2a. Didnt file 2012 taxes Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. Didnt file 2012 taxes Do not include interest on a loan that did not benefit the dwelling unit. Didnt file 2012 taxes 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. Didnt file 2012 taxes Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. Didnt file 2012 taxes Include the rental portion of this interest in the total you enter on line 2a of the worksheet. Didnt file 2012 taxes   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. Didnt file 2012 taxes See the Schedule A instructions. Didnt file 2012 taxes However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. Didnt file 2012 taxes See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. Didnt file 2012 taxes Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. Didnt file 2012 taxes   Note. Didnt file 2012 taxes Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. Didnt file 2012 taxes Instead, figure the personal portion on a separate Schedule A. Didnt file 2012 taxes 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. Didnt file 2012 taxes           Line 2c. Didnt file 2012 taxes 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. Didnt file 2012 taxes To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. Didnt file 2012 taxes If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. Didnt file 2012 taxes On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. Didnt file 2012 taxes Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. Didnt file 2012 taxes   Note. Didnt file 2012 taxes Do not file this Form 4684 or use it to figure your personal losses on Schedule A. Didnt file 2012 taxes Instead, figure the personal portion on a separate Form 4684. Didnt file 2012 taxes           Line 2d. Didnt file 2012 taxes Enter the total of your rental expenses that are directly related only to the rental activity. Didnt file 2012 taxes These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. Didnt file 2012 taxes Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. Didnt file 2012 taxes           Line 2e. Didnt file 2012 taxes 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. Didnt file 2012 taxes Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. Didnt file 2012 taxes           Line 4b. Didnt file 2012 taxes 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. Didnt file 2012 taxes 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. Didnt file 2012 taxes Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). Didnt file 2012 taxes           Line 4e. Didnt file 2012 taxes 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. Didnt file 2012 taxes *           Line 6a. Didnt file 2012 taxes To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. Didnt file 2012 taxes   A. Didnt file 2012 taxes Enter the amount from Form 4684, line 10       B. Didnt file 2012 taxes Enter the rental portion of line A       C. Didnt file 2012 taxes Enter the amount from line 2c of this worksheet       D. Didnt file 2012 taxes Subtract line C from line B. Didnt file 2012 taxes Enter the result here and on line 6a of this worksheet               Line 6e. Didnt file 2012 taxes 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. Didnt file 2012 taxes * *Allocating the limited deduction. Didnt file 2012 taxes 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. Didnt file 2012 taxes Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. Didnt file 2012 taxes Prev  Up  Next   Home   More Online Publications
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Didnt file 2012 taxes 3. Didnt file 2012 taxes   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. Didnt file 2012 taxes How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. Didnt file 2012 taxes However, in some cases you may have a gain that is not taxable or a loss that is not deductible. Didnt file 2012 taxes This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. Didnt file 2012 taxes Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. Didnt file 2012 taxes What Is a Disposition of Property? A disposition of property includes the following transactions. Didnt file 2012 taxes You sell property for cash or other property. Didnt file 2012 taxes You exchange property for other property. Didnt file 2012 taxes You receive money as a tenant for the cancellation of a lease. Didnt file 2012 taxes You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. Didnt file 2012 taxes You transfer property to satisfy a debt. Didnt file 2012 taxes You abandon property. Didnt file 2012 taxes Your bank or other financial institution forecloses on your mortgage or repossesses your property. Didnt file 2012 taxes Your property is damaged, destroyed, or stolen, and you receive property or money in payment. Didnt file 2012 taxes Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. Didnt file 2012 taxes For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. Didnt file 2012 taxes For details about other dispositions, see chapter 1 in Publication 544. Didnt file 2012 taxes Nontaxable exchanges. Didnt file 2012 taxes   Certain exchanges of property are not taxable. Didnt file 2012 taxes This means any gain from the exchange is not recognized and you cannot deduct any loss. Didnt file 2012 taxes Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Didnt file 2012 taxes Like-kind exchanges. Didnt file 2012 taxes   A like-kind exchange is the exchange of property for the same kind of property. Didnt file 2012 taxes It is the most common type of nontaxable exchange. Didnt file 2012 taxes To be a like-kind exchange, the property traded and the property received must be both of the following. Didnt file 2012 taxes Business or investment property. Didnt file 2012 taxes Like property. Didnt file 2012 taxes   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. Didnt file 2012 taxes For more information about like-kind exchanges, see chapter 1 in Publication 544. Didnt file 2012 taxes Installment sales. Didnt file 2012 taxes   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Didnt file 2012 taxes If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. Didnt file 2012 taxes   For more information about installment sales, see Publication 537, Installment Sales. Didnt file 2012 taxes Sale of a business. Didnt file 2012 taxes   The sale of a business usually is not a sale of one asset. Didnt file 2012 taxes Instead, all the assets of the business are sold. Didnt file 2012 taxes Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Didnt file 2012 taxes   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. Didnt file 2012 taxes Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Didnt file 2012 taxes The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Didnt file 2012 taxes   For more information about the sale of a business, see chapter 2 of Publication 544. Didnt file 2012 taxes How Do I Figure a Gain or Loss? Table 3-1. Didnt file 2012 taxes How To Figure a Gain or Loss IF your. Didnt file 2012 taxes . Didnt file 2012 taxes . Didnt file 2012 taxes THEN you have a. Didnt file 2012 taxes . Didnt file 2012 taxes . Didnt file 2012 taxes Adjusted basis is more than the amount realized Loss. Didnt file 2012 taxes Amount realized is more than the adjusted basis Gain. Didnt file 2012 taxes Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. Didnt file 2012 taxes You need to know these definitions to figure your gain or loss. Didnt file 2012 taxes Basis. Didnt file 2012 taxes   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. Didnt file 2012 taxes However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. Didnt file 2012 taxes For more information about basis, see Publication 551, Basis of Assets. Didnt file 2012 taxes Adjusted basis. Didnt file 2012 taxes   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. Didnt file 2012 taxes In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. Didnt file 2012 taxes Amount realized. Didnt file 2012 taxes   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. Didnt file 2012 taxes The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Didnt file 2012 taxes Fair market value. Didnt file 2012 taxes   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Didnt file 2012 taxes Amount recognized. Didnt file 2012 taxes   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. Didnt file 2012 taxes Recognized gains must be included in gross income. Didnt file 2012 taxes Recognized losses are deductible from gross income. Didnt file 2012 taxes However, a gain or loss realized from certain exchanges of property is not recognized. Didnt file 2012 taxes See  Nontaxable exchanges, earlier. Didnt file 2012 taxes Also, you cannot deduct a loss from the disposition of property held for personal use. Didnt file 2012 taxes Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. Didnt file 2012 taxes You must do this to figure your net capital gain or loss. Didnt file 2012 taxes Generally, you will have a capital gain or loss if you dispose of a capital asset. Didnt file 2012 taxes For the most part, everything you own and use for personal purposes or investment is a capital asset. Didnt file 2012 taxes Certain property you use in your business is not a capital asset. Didnt file 2012 taxes A gain or loss from a disposition of this property is an ordinary gain or loss. Didnt file 2012 taxes However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. Didnt file 2012 taxes These gains and losses are called section 1231 gains and losses. Didnt file 2012 taxes For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. Didnt file 2012 taxes Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. Didnt file 2012 taxes Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. Didnt file 2012 taxes The time you own property before disposing of it is called the holding period. Didnt file 2012 taxes Table 3-2. Didnt file 2012 taxes Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Didnt file 2012 taxes . Didnt file 2012 taxes . Didnt file 2012 taxes THEN you have a. Didnt file 2012 taxes . Didnt file 2012 taxes . Didnt file 2012 taxes 1 year or less Short-term capital gain or loss. Didnt file 2012 taxes More than 1 year Long-term capital gain or loss. Didnt file 2012 taxes For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. Didnt file 2012 taxes Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. Didnt file 2012 taxes The instructions for the forms explain how to fill them out. Didnt file 2012 taxes Dispositions of business property and depreciable property. Didnt file 2012 taxes   Use Form 4797. Didnt file 2012 taxes If you have taxable gain, you may also have to use Schedule D (Form 1040). Didnt file 2012 taxes Like-kind exchanges. Didnt file 2012 taxes   Use Form 8824, Like-Kind Exchanges. Didnt file 2012 taxes You may also have to use Form 4797 and Schedule D (Form 1040). Didnt file 2012 taxes Installment sales. Didnt file 2012 taxes   Use Form 6252, Installment Sale Income. Didnt file 2012 taxes You may also have to use Form 4797 and Schedule D (Form 1040). Didnt file 2012 taxes Casualties and thefts. Didnt file 2012 taxes   Use Form 4684, Casualties and Thefts. Didnt file 2012 taxes You may also have to use Form 4797. Didnt file 2012 taxes Condemned property. Didnt file 2012 taxes   Use Form 4797. Didnt file 2012 taxes You may also have to use Schedule D (Form 1040). Didnt file 2012 taxes Prev  Up  Next   Home   More Online Publications