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Irs Gov 1040x

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Irs Gov 1040x

Irs gov 1040x 11. Irs gov 1040x   Patient-Centered Outcomes Research Fee Table of Contents The patient-centered outcomes research fee is imposed on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) for policy and plan years ending on or after October 1, 2012. Irs gov 1040x Generally, references to taxes on Form 720 include this fee. Irs gov 1040x Specified health insurance policies. Irs gov 1040x   For issuers of specified health insurance policies, the fee for a policy year ending before October 1, 2013, is $1. Irs gov 1040x 00, multiplied by the average number of lives covered under the policy for that policy year. Irs gov 1040x Generally, issuers of specified health insurance polices must use one of the following four alternative methods to determine the average number of lives covered under a policy for the policy year. Irs gov 1040x The actual count method. Irs gov 1040x For policy years that end on or after October 1, 2012, issuers using the actual count method may begin counting lives covered under a policy as of May 14, 2012, rather than the first day of the policy year, and divide by the appropriate number of days remaining in the policy year. Irs gov 1040x The snapshot method. Irs gov 1040x For policy years that end on or after October 1, 2012, but that began before May 14, 2012, issuers using the snapshot method may use counts from quarters beginning on or after May 14, 2012, to determine the average number of lives covered under the policy. Irs gov 1040x The member months method. Irs gov 1040x And, 4. Irs gov 1040x The state form method. Irs gov 1040x The member months data and the data reported on state forms are based on the calendar year. Irs gov 1040x To adjust for 2012, issuers will use a pro rata approach for calculating the average number of lives covered using the member months method or the state form method for 2012. Irs gov 1040x For example, issuers using the member months number for 2012 will divide the member months number by 12 and multiply the resulting number by one quarter to arrive at the average number of lives covered for October through December 2012. Irs gov 1040x Applicable self-insured health plans. Irs gov 1040x   For plan sponsors of applicable self-insured health plans, the fee for a plan year ending on or after October 1, 2012, and ending before October 1, 2013 is $1. Irs gov 1040x 00, multiplied by the average number of lives covered under the plan for that plan year. Irs gov 1040x Generally, plan sponsors of applicable self-insured health plans must use one of the following three alternative methods to determine the average number of lives covered under a plan for the plan year. Irs gov 1040x Actual count method. Irs gov 1040x Snapshot method. Irs gov 1040x Form 5500 method. Irs gov 1040x However, for plan years beginning before July 11, 2012, and ending on or after October 1, 2012, plan sponsors may determine the average number of lives covered under the plan for the plan year using any reasonable method. Irs gov 1040x Reporting and paying the fee. Irs gov 1040x   File Form 720 annually to report and pay the fee on the second quarter Form 720, no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies. Irs gov 1040x If you file Form 720 only to report the fee, do not file Form 720 for the 1st, 3rd, or 4th quarters of the year. Irs gov 1040x If you file Form 720 to report quarterly excise tax liability for the 1st, 3rd, or 4th quarter of the year (for example, filers reporting the foreign insurance tax (IRS No. Irs gov 1040x 30)), do not make an entry on the line for IRS No. Irs gov 1040x 133 on those filings. Irs gov 1040x   Deposits are not required for this fee, so issuers and plan sponsors are not required to pay the fee using Electronic Federal Tax Payment System (EFTPS). Irs gov 1040x   However, if the fee is paid using EFTPS, the payment should be applied to the second quarter. Irs gov 1040x See Electronic deposit requirement under How To Make Deposits in chapter 13, later. Irs gov 1040x More information. Irs gov 1040x   For more information, including methods for calculating the average number of lives covered, see sections 4375, 4376, and 4377; also see T. Irs gov 1040x D. Irs gov 1040x 9602, which is on page 746 of I. Irs gov 1040x R. Irs gov 1040x B. Irs gov 1040x 2012-52 at www. Irs gov 1040x irs. Irs gov 1040x gov/pub/irs-irbs/irb12-52. Irs gov 1040x pdf. Irs gov 1040x Prev  Up  Next   Home   More Online Publications
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The Irs Gov 1040x

Irs gov 1040x 4. Irs gov 1040x   Special Situations Table of Contents Condominiums CooperativesDepreciation Property Changed to Rental UseBasis of Property Changed to Rental Use Figuring the Depreciation Deduction Renting Part of Property Not Rented for ProfitPostponing decision. Irs gov 1040x Example—Property Changed to Rental Use This chapter discusses some rental real estate activities that are subject to additional rules. Irs gov 1040x Condominiums A condominium is most often a dwelling unit in a multi-unit building, but can also take other forms, such as a townhouse or garden apartment. Irs gov 1040x If you own a condominium, you also own a share of the common elements, such as land, lobbies, elevators, and service areas. Irs gov 1040x You and the other condominium owners may pay dues or assessments to a special corporation that is organized to take care of the common elements. Irs gov 1040x Special rules apply if you rent your condominium to others. Irs gov 1040x You can deduct as rental expenses all the expenses discussed in chapters 1 and 2. Irs gov 1040x In addition, you can deduct any dues or assessments paid for maintenance of the common elements. Irs gov 1040x You cannot deduct special assessments you pay to a condominium management corporation for improvements. Irs gov 1040x However, you may be able to recover your share of the cost of any improvement by taking depreciation. Irs gov 1040x Cooperatives If you live in a cooperative, you do not own your apartment. Irs gov 1040x Instead, a corporation owns the apartments and you are a tenant-stockholder in the cooperative housing corporation. Irs gov 1040x If you rent your apartment to others, you usually can deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation. Irs gov 1040x In addition to the maintenance fees paid to the cooperative housing corporation, you can deduct your direct payments for repairs, upkeep, and other rental expenses, including interest paid on a loan used to buy your stock in the corporation. Irs gov 1040x Depreciation You will be depreciating your stock in the corporation rather than the apartment itself. Irs gov 1040x Figure your depreciation deduction as follows. Irs gov 1040x Figure the depreciation for all the depreciable real property owned by the corporation. Irs gov 1040x (Depreciation methods are discussed in chapter 2 of this publication and Publication 946. Irs gov 1040x ) If you bought your cooperative stock after its first offering, figure the depreciable basis of this property as follows. Irs gov 1040x Multiply your cost per share by the total number of outstanding shares. Irs gov 1040x Add to the amount figured in (a) any mortgage debt on the property on the date you bought the stock. Irs gov 1040x Subtract from the amount figured in (b) any mortgage debt that is not for the depreciable real property, such as the part for the land. Irs gov 1040x Subtract from the amount figured in (1) any depreciation for space owned by the corporation that can be rented but cannot be lived in by tenant-stockholders. Irs gov 1040x Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. Irs gov 1040x Multiply the result of (2) by the percentage you figured in (3). Irs gov 1040x This is your depreciation on the stock. Irs gov 1040x Your depreciation deduction for the year cannot be more than the part of your adjusted basis (defined in chapter 2) in the stock of the corporation that is allocable to your rental property. Irs gov 1040x Payments added to capital account. Irs gov 1040x   Payments earmarked for a capital asset or improvement, or otherwise charged to the corporation's capital account are added to the basis of your stock in the corporation. Irs gov 1040x For example, you cannot deduct a payment used to pave a community parking lot, install a new roof, or pay the principal of the corporation's mortgage. Irs gov 1040x   Treat as a capital cost the amount you were assessed for capital items. Irs gov 1040x This cannot be more than the amount by which your payments to the corporation exceeded your share of the corporation's mortgage interest and real estate taxes. Irs gov 1040x   Your share of interest and taxes is the amount the corporation elected to allocate to you, if it reasonably reflects those expenses for your apartment. Irs gov 1040x Otherwise, figure your share in the following manner. Irs gov 1040x Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. Irs gov 1040x Multiply the corporation's deductible interest by the number you figured in (1). Irs gov 1040x This is your share of the interest. Irs gov 1040x Multiply the corporation's deductible taxes by the number you figured in (1). Irs gov 1040x This is your share of the taxes. Irs gov 1040x 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. Irs gov 1040x 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. Irs gov 1040x You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. Irs gov 1040x 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). Irs gov 1040x Example. Irs gov 1040x Your tax year is the calendar year. Irs gov 1040x You moved from your home in May and started renting it out on June 1. Irs gov 1040x You can deduct as rental expenses seven-twelfths of your yearly expenses, such as taxes and insurance. Irs gov 1040x Starting with June, you can deduct as rental expenses the amounts you pay for items generally billed monthly, such as utilities. Irs gov 1040x When figuring depreciation, treat the property as placed in service on June 1. Irs gov 1040x Basis of Property Changed to Rental Use When you change property you held for personal use to rental use (for example, you rent your former home), the basis for depreciation will be the lesser of fair market value or adjusted basis on the date of conversion. Irs gov 1040x Fair market value. Irs gov 1040x   This is the price at which the property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts. Irs gov 1040x Sales of similar property, on or about the same date, may be helpful in figuring the fair market value of the property. Irs gov 1040x Figuring the basis. Irs gov 1040x   The basis for depreciation is the lesser of: The fair market value of the property on the date you changed it to rental use, or Your adjusted basis on the date of the change—that is, your original cost or other basis of the property, plus the cost of permanent additions or improvements since you acquired it, minus deductions for any casualty or theft losses claimed on earlier years' income tax returns and other decreases to basis. Irs gov 1040x For other increases and decreases to basis, see Adjusted Basis in chapter 2. Irs gov 1040x Example. Irs gov 1040x Several years ago you built your home for $140,000 on a lot that cost you $14,000. Irs gov 1040x Before changing the property to rental use this year, you added $28,000 of permanent improvements to the house and claimed a $3,500 casualty loss deduction for damage to the house. Irs gov 1040x Part of the improvements qualified for a $500 residential energy credit, which you claimed on your 2010 tax return. Irs gov 1040x Because land is not depreciable, you can only include the cost of the house when figuring the basis for depreciation. Irs gov 1040x The adjusted basis of the house at the time of the change in its use was $164,000 ($140,000 + $28,000 − $3,500 − $500). Irs gov 1040x On the date of the change in use, your property had a fair market value of $168,000, of which $21,000 was for the land and $147,000 was for the house. Irs gov 1040x The basis for depreciation on the house is the fair market value on the date of the change ($147,000), because it is less than your adjusted basis ($164,000). Irs gov 1040x Cooperatives If you change your cooperative apartment to rental use, figure your allowable depreciation as explained earlier. Irs gov 1040x (Depreciation methods are discussed in chapter 2 of this publication and Publication 946. Irs gov 1040x ) The basis of all the depreciable real property owned by the cooperative housing corporation is the smaller of the following amounts. Irs gov 1040x The fair market value of the property on the date you change your apartment to rental use. Irs gov 1040x This is considered to be the same as the corporation's adjusted basis minus straight line depreciation, unless this value is unrealistic. Irs gov 1040x The corporation's adjusted basis in the property on that date. Irs gov 1040x Do not subtract depreciation when figuring the corporation's adjusted basis. Irs gov 1040x If you bought the stock after its first offering, the corporation's adjusted basis in the property is the amount figured in (1) under Depreciation (under Cooperatives, near the beginning of this chapter). Irs gov 1040x The fair market value of the property is considered to be the same as the corporation's adjusted basis figured in this way minus straight line depreciation, unless the value is unrealistic. Irs gov 1040x Figuring the Depreciation Deduction To figure the deduction, use the depreciation system in effect when you convert your residence to rental use. Irs gov 1040x Generally, that will be MACRS for any conversion after 1986. Irs gov 1040x Treat the property as placed in service on the conversion date. Irs gov 1040x Example. Irs gov 1040x Your converted residence (see previous example under Figuring the basis) was available for rent on August 1. Irs gov 1040x Using Table 2-2d (see chapter 2), the percentage for Year 1 beginning in August is 1. Irs gov 1040x 364% and the depreciation deduction for Year 1 is $2,005 ($147,000 × . Irs gov 1040x 01364). Irs gov 1040x 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. Irs gov 1040x 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). Irs gov 1040x 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 the house. Irs gov 1040x There is no change in the types of expenses deductible for the personal-use part of your property. Irs gov 1040x Generally, these expenses may be deducted only if you itemize your deductions on Schedule A (Form 1040). Irs gov 1040x You cannot deduct any part of the cost of the first phone line even if your tenants have unlimited use of it. Irs gov 1040x You do not have to divide the expenses that belong only to the rental part of your property. Irs gov 1040x 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. Irs gov 1040x If you install a second phone line strictly for your tenant's use, all of the cost of the second line is deductible as a rental expense. Irs gov 1040x You can deduct depreciation on the part of the house used for rental purposes as well as on the furniture and equipment you use for rental purposes. Irs gov 1040x How to divide expenses. Irs gov 1040x   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 rental use and personal use. Irs gov 1040x You can use any reasonable method for dividing the expense. Irs gov 1040x It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. Irs gov 1040x The two most common methods for dividing an expense are (1) the number of rooms in your home, and (2) the square footage of your home. Irs gov 1040x Example. Irs gov 1040x You rent a room in your house. Irs gov 1040x The room is 12 × 15 feet, or 180 square feet. Irs gov 1040x Your entire house has 1,800 square feet of floor space. Irs gov 1040x You can deduct as a rental expense 10% of any expense that must be divided between rental use and personal use. Irs gov 1040x If your heating bill for the year for the entire house was $600, $60 ($600 × . Irs gov 1040x 10) is a rental expense. Irs gov 1040x The balance, $540, is a personal expense that you cannot deduct. Irs gov 1040x Duplex. Irs gov 1040x   A common situation is the duplex where you live in one unit and rent out the other. Irs gov 1040x Certain expenses apply to the entire property, such as mortgage interest and real estate taxes, and must be split to determine rental and personal expenses. Irs gov 1040x Example. Irs gov 1040x You own a duplex and live in one half, renting the other half. Irs gov 1040x Both units are approximately the same size. Irs gov 1040x Last year, you paid a total of $10,000 mortgage interest and $2,000 real estate taxes for the entire property. Irs gov 1040x You can deduct $5,000 mortgage interest and $1,000 real estate taxes on Schedule E (Form 1040), and if you itemize your deductions, you can deduct the other $5,000 mortgage interest and $1,000 real estate taxes on Schedule A (Form 1040). Irs gov 1040x 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. Irs gov 1040x 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. Irs gov 1040x Where to report. Irs gov 1040x   Report your not-for-profit rental income on Form 1040 or 1040NR, line 21. Irs gov 1040x For example, if you are filing Form 1040, 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. Irs gov 1040x   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 Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 9. Irs gov 1040x You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income. Irs gov 1040x Presumption of profit. Irs gov 1040x   If your rental income is more than your rental expenses for at least 3 years out of a period of 5 consecutive years, you are presumed to be renting your property to make a profit. Irs gov 1040x Postponing decision. Irs gov 1040x   If you are starting your rental activity and do not have 3 years showing a profit, you can elect to have the presumption made after you have the 5 years of experience required by the test. Irs gov 1040x You may choose to postpone the decision of whether the rental is for profit by filing Form 5213. Irs gov 1040x You must file Form 5213 within 3 years after the due date of your return (determined without extensions) for the year in which you first carried on the activity or, if earlier, within 60 days after receiving written notice from the Internal Revenue Service proposing to disallow deductions attributable to the activity. Irs gov 1040x More information. Irs gov 1040x   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. Irs gov 1040x Example—Property Changed to Rental Use In January, Eileen Johnson bought a condominium apartment to live in. Irs gov 1040x Instead of selling the house she had been living in, she decided to change it to rental property. Irs gov 1040x Eileen selected a tenant and started renting the house on February 1. Irs gov 1040x Eileen charges $750 a month for rent and collects it herself. Irs gov 1040x Eileen also received a $750 security deposit from her tenant. Irs gov 1040x Because she plans to return it to her tenant at the end of the lease, she does not include it in her income. Irs gov 1040x Her rental expenses for the year are as follows. Irs gov 1040x   Mortgage interest $1,800     Fire insurance (1-year policy) 100     Miscellaneous repairs (after renting) 297     Real estate taxes imposed and paid 1,200   Eileen must divide the real estate taxes, mortgage interest, and fire insurance between the personal use of the property and the rental use of the property. Irs gov 1040x She can deduct eleven-twelfths of these expenses as rental expenses. Irs gov 1040x She can include the balance of the allowable taxes and mortgage interest on Schedule A (Form 1040) if she itemizes. Irs gov 1040x She cannot deduct the balance of the fire insurance because it is a personal expense. Irs gov 1040x Eileen bought this house in 1984 for $35,000. Irs gov 1040x Her property tax was based on assessed values of $10,000 for the land and $25,000 for the house. Irs gov 1040x Before changing it to rental property, Eileen added several improvements to the house. Irs gov 1040x She figures her adjusted basis as follows:   Improvements Cost     House $25,000     Remodeled kitchen 4,200     Recreation room 5,800     New roof 1,600     Patio and deck 2,400     Adjusted basis $39,000   On February 1, when Eileen changed her house to rental property, the property had a fair market value of $152,000. Irs gov 1040x Of this amount, $35,000 was for the land and $117,000 was for the house. Irs gov 1040x Because Eileen's adjusted basis is less than the fair market value on the date of the change, Eileen uses $39,000 as her basis for depreciation. Irs gov 1040x As specified for residential rental property, Eileen must use the straight line method of depreciation over the GDS or ADS recovery period. Irs gov 1040x She chooses the GDS recovery period of 27. Irs gov 1040x 5 years. Irs gov 1040x She uses Table 2-2d to find her depreciation percentage. Irs gov 1040x Since she placed the property in service in February, the percentage is 3. Irs gov 1040x 182%. Irs gov 1040x On April 1, Eileen bought a new dishwasher for the rental property at a cost of $425. Irs gov 1040x The dishwasher is personal property used in a rental real estate activity, which has a 5-year recovery period. Irs gov 1040x She uses Table 2-2a to find the percentage for Year 1 under “Half-year convention” (20%) to figure her depreciation deduction. Irs gov 1040x On May 1, Eileen paid $4,000 to have a furnace installed in the house. Irs gov 1040x The furnace is residential rental property. Irs gov 1040x Because she placed the property in service in May, the percentage from Table 2-2d is 2. Irs gov 1040x 273%. Irs gov 1040x Eileen figures her net rental income or loss for the house as follows: Total rental income received  ($750 × 11) $8,250 Minus: Expenses     Mortgage interest ($1,800 × 11/12) $1,650   Fire insurance ($100 × 11/12) 92   Miscellaneous repairs 297   Real estate taxes ($1,200 × 11/12) 1,100   Total expenses 3,139 Balance $5,111 Minus: Depreciation     House ($39,000 × . Irs gov 1040x 03182) $1,241   Dishwasher ($425 × . Irs gov 1040x 20) 85   Furnace ($4,000 × . Irs gov 1040x 02273) 91   Total depreciation 1,417 Net rental income for house   $3,694       Eileen uses Schedule E, Part I, to report her rental income and expenses. Irs gov 1040x She enters her income, expenses, and depreciation for the house in the column for Property A. Irs gov 1040x Since all property was placed in service this year, Eileen must use Form 4562 to figure the depreciation. Irs gov 1040x See the Instructions for Form 4562 for more information on preparing the form. Irs gov 1040x Prev  Up  Next   Home   More Online Publications