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2010 Income Tax

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2010 Income Tax

2010 income tax Publication 547(SP) - Main Content Table of Contents Hecho FortuitoMascota de la familia. 2010 income tax Deterioro progresivo. 2010 income tax Procedimiento Especial Correspondiente a Daños Ocasionados por Paneles de Yeso (Drywall) Corrosivos Robo Pérdidas de Depósitos Monetarios Comprobación de las Pérdidas Cómo Calcular una PérdidaGanancias por reembolsos. 2010 income tax Propiedad comercial o de generación de ingresos. 2010 income tax Pérdida de inventario. 2010 income tax Propiedad alquilada. 2010 income tax Excepción en el caso de bienes inmuebles de uso personal. 2010 income tax Disminución del Valor Justo de Mercado Base Ajustada Seguro y Otros Reembolsos Límites de la DeducciónRegla del 2% Regla de los $100 Regla del 10% Cómo Calcular la Deducción Cómo Calcular una GananciaAplazamiento de la Declaración de una Ganancia Cuándo Declarar Pérdidas y GananciasPérdidas de depósitos monetarios. 2010 income tax Pérdida del inquilino. 2010 income tax Pérdidas en Zonas de DesastrePérdida de inventario por desastre. 2010 income tax Vivienda principal en una zona de desastre. 2010 income tax Vivienda inhabitable. 2010 income tax Plazo límite para escoger una opción. 2010 income tax Revocación de opción. 2010 income tax Cómo calcular la deducción de pérdidas. 2010 income tax Cómo declarar la pérdida en el Formulario 1040X. 2010 income tax Documentación. 2010 income tax ¿Necesita una copia de la declaración de impuestos del año anterior? Plazos Tributarios Aplazados Cómo Comunicarse con la Agencia Federal para el Manejo de Emergencias (FEMA) Cómo Declarar Pérdidas y GananciasBienes que tiene en su propiedad por un año o menos. 2010 income tax Bienes que tiene en su propiedad más de un año. 2010 income tax Bienes depreciables. 2010 income tax Ajustes a la Base Si las Deducciones son Mayores que el Ingreso Cómo Obtener Ayuda con los ImpuestosTalleres para Contribuyentes de Bajos Ingresos Hecho Fortuito Un hecho fortuito es el daño, destrucción o pérdida de propiedad ocasionado por un acontecimiento identificable y repentino, inesperado o poco común. 2010 income tax Un acontecimiento repentino es aquél que ocurre rápidamente; no es paulatino ni progresivo. 2010 income tax Un acontecimiento inesperado es aquél que comúnmente no se anticipa ni es intencionado. 2010 income tax Un acontecimiento poco común es aquél que no ocurre a diario y no es algo típico dentro de las actividades que usted realiza. 2010 income tax Generalmente, las pérdidas por hechos fortuitos son deducibles durante el año tributario en el cual ocurrió la pérdida. 2010 income tax Vea la Tabla 3, más adelante. 2010 income tax Pérdidas deducibles. 2010 income tax   Las pérdidas deducibles por hechos fortuitos pueden deberse a diversas causas, entre ellas: Accidentes automovilísticos (vea las excepciones en el tema presentado a continuación, Pérdidas no deducibles ). 2010 income tax Terremotos. 2010 income tax Incendios (vea las excepciones en el tema presentado a continuación, Pérdidas no deducibles ). 2010 income tax Inundaciones. 2010 income tax La demolición o reubicación, por orden del gobierno, de una vivienda inhabitable debido a un desastre según se explica en la sección Pérdidas en Zonas de Desastre , más adelante. 2010 income tax Hundimientos de minas. 2010 income tax Naufragios. 2010 income tax Estallido sónico. 2010 income tax Tormentas, incluidos huracanes y tornados. 2010 income tax Ataques terroristas. 2010 income tax Vandalismo. 2010 income tax Erupciones volcánicas. 2010 income tax Pérdidas no deducibles. 2010 income tax   Una pérdida por hecho fortuito no es deducible si el daño o la destrucción ha sido causado por: La rotura accidental de artículos como vasos o vajilla fina en condiciones normales. 2010 income tax Una mascota de familia (como se explica más adelante). 2010 income tax Un incendio, si usted deliberadamente lo inicia o le paga a alguien para que lo inicie. 2010 income tax Un accidente automovilístico si éste es causado por su negligencia o acto deliberado. 2010 income tax Esto también es aplicable si el acto o negligencia de otra persona que actúe en su nombre causan el accidente. 2010 income tax Deterioro progresivo (explicado a continuación). 2010 income tax Sin embargo, vea Procedimiento Especial Correspondiente a Daños Ocasionados por Paneles de Yeso (Drywall) Corrosivos , más adelante. 2010 income tax Mascota de la familia. 2010 income tax   La pérdida de bienes debido a daños causados por una mascota de la familia no es deducible como pérdida por hecho fortuito a menos que se cumplan los requisitos indicados anteriormente bajo Hecho Fortuito . 2010 income tax Ejemplo. 2010 income tax Antes de acostumbrarse a su casa, su nuevo cachorro causó daños a su alfombra oriental antigua. 2010 income tax Debido a que los daños no fueron inesperados ni fuera de lo común, la pérdida resultante no se puede deducir como pérdida por hecho fortuito. 2010 income tax Deterioro progresivo. 2010 income tax   La pérdida de bienes por causa de deterioro progresivo no es deducible como hecho fortuito. 2010 income tax Esto se debe a que el daño ocurre como resultado de un funcionamiento permanente o un proceso normal, en lugar de ser resultado de un acontecimiento repentino. 2010 income tax A continuación se presentan algunos ejemplos de daños producidos por el deterioro progresivo: El debilitamiento continuo de un edificio debido al viento normal y las condiciones del tiempo. 2010 income tax El deterioro y daño causados a un calentador de agua que explota. 2010 income tax Sin embargo, el óxido y el daño por el agua a alfombras y cortinas al explotar el calentador, sí se considera hecho fortuito. 2010 income tax La mayoría de las pérdidas de bienes por motivo de sequía. 2010 income tax Para que una pérdida relacionada con sequía sea deducible, por lo general, tiene que ocurrir durante un oficio o negocio o alguna transacción en la que se participe con fines de lucro. 2010 income tax Daño por termitas o polilla. 2010 income tax El daño o destrucción de árboles, arbustos u otras plantas causado por hongos, enfermedades, insectos, gusanos o pestes similares. 2010 income tax Sin embargo, si ocurre una destrucción repentina debido a una infestación poco común de escarabajos u otros insectos, ésta puede dar lugar a una pérdida por hecho fortuito. 2010 income tax Procedimiento Especial Correspondiente a Daños Ocasionados por Paneles de Yeso (Drywall) Corrosivos Conforme a un procedimiento especial, puede deducir los costos para reparar los daños causados a su vivienda y sus electrodomésticos por paneles de yeso corrosivos. 2010 income tax Conforme a este procedimiento, los costos de reparaciones se consideran pérdida por hecho fortuito en el año en el que usted los pague. 2010 income tax Por ejemplo, los costos de reparaciones que pagó en 2013 son deducibles en su declaración de impuestos de 2013 y los costos de reparaciones que pagó en 2012 son deducibles en su declaración de impuestos de 2012. 2010 income tax Nota. 2010 income tax Si usted pagó los costos de reparaciones antes de 2013 y elige seguir este procedimiento especial, puede enmendar su declaración del año anterior utilizando el Formulario 1040X, Amended U. 2010 income tax S. 2010 income tax Individual Income Tax Return (Declaración Enmendada de Impuestos sobre el Ingreso Personal de los Estados Unidos), en inglés y adjunte el Formulario 4684 para el año apropiado. 2010 income tax Puede obtener el Formulario 4684 para el año apropiado en IRS. 2010 income tax gov. 2010 income tax Generalmente, el Formulario 1040X se tiene que presentar dentro de 3 años después de la fecha en que presentó la declaración de impuestos original o dentro de 2 años después de la fecha en que pagó los impuestos, lo que ocurra por último. 2010 income tax Paneles de Yeso (Drywall) Corrosivos. 2010 income tax   Para los propósitos de este procedimiento especial el término “paneles de yeso (drywall) corrosivos” quiere decir paneles de yeso que han sido identificados como paneles de yeso problemáticos bajo el método de identificación de dos etapas que es publicado por la Comisión de Seguridad de Productos del Consumidor de los Estados Unidos (CPSC, por sus siglas en inglés) y el Departamento de Vivienda y Desarrollo Urbano de los Estados Unidos (HUD, por sus siglas en inglés) en su guía interina con fecha del 28 de enero de 2010, según las revisiones del CPSC y HUD. 2010 income tax La guía revisada de identificación y medidas correctivas está disponible en: www. 2010 income tax cpsc. 2010 income tax gov/Safety-Education/Safety-Education-Centers/Drywall. 2010 income tax Instrucciones especiales para completar el Formulario 4684. 2010 income tax   Si usted elige seguir este procedimiento especial, complete la Sección A del Formulario 4684, de acuerdo con las instrucciones siguientes. 2010 income tax El IRS no disputará su posición de tratar los daños que sufrió por paneles de yeso (drywall) corrosivos como una pérdida por hecho fortuito si usted calcula y declara la pérdida según se explica a continuación: Margen de arriba del Formulario 4684. 2010 income tax   Anote en inglés “Revenue Procedure 2010-36” (Procedimiento Tributario 2010-36). 2010 income tax Línea 1. 2010 income tax   Anote la información requerida por las instrucciones de la línea 1. 2010 income tax Línea 2. 2010 income tax   Ignore esta línea. 2010 income tax Línea 3. 2010 income tax   Anote la cantidad de reembolsos que recibió de su seguro, u otros reembolsos que recibió (incluyendo por algún litigio). 2010 income tax De no haber ninguna, anote -0-. 2010 income tax Líneas 4-7. 2010 income tax   Ignore estas líneas. 2010 income tax Línea 8. 2010 income tax   Anote la cantidad que pagó para reparar los daños causados a su vivienda y sus electrodomésticos por paneles de yeso corrosivos. 2010 income tax Anote solamente la cantidad que pagó para restaurar su vivienda a la condición que existía inmediatamente antes de los daños. 2010 income tax No incorpore ninguna cantidad que pagó para mejoras o ampliaciones que aumentaron el valor de su vivienda hasta un monto mayor al valor de la misma antes de la pérdida. 2010 income tax Si usted repuso un aparato electrodoméstico en vez de repararlo, anote la cantidad que sea menor: El costo actual para reponer el aparato electrodoméstico original o La base del aparato electrodoméstico (generalmente es el costo). 2010 income tax Línea 9. 2010 income tax   Si la línea 8 es mayor que la línea 3, siga una de las instrucciones que aparecen a continuación: Si tiene una reclamación de reembolso pendiente (o piensa solicitar un reembolso), anote el 75% de la diferencia entre las líneas 3 y 8. 2010 income tax Si el punto (1) no le corresponde, anote la cantidad entera de la diferencia entre las líneas 3 y 8. 2010 income tax Si la cantidad en la línea 8 es menor o igual a la cantidad de la línea 3, usted no puede reclamar una deducción por pérdidas fortuitas usando este procedimiento especial. 2010 income tax    Si tiene una reclamación de reembolso pendiente (o piensa solicitar un reembolso), es posible que tenga ingresos o una deducción adicional en un año tributario posterior dependiendo de la cantidad exacta del reembolso que recibió. 2010 income tax Vea el tema Reembolso Recibido Después de la Deducción de una Pérdida , más adelante. 2010 income tax Líneas 10-18. 2010 income tax   Complete estas líneas según las instrucciones del Formulario 4684. 2010 income tax Si elige no seguir este procedimiento especial. 2010 income tax   Si elige no seguir este procedimiento especial, estará sujeto a todas las disposiciones que corresponden a la deducción de las pérdidas fortuitas, y tiene que completar las líneas 1 al 9 según las instrucciones del Formulario 4684. 2010 income tax Esto quiere decir, por ejemplo, que tiene que establecer que el daño, destrucción, o pérdida de propiedad fue ocasionado por un acontecimiento identificable como se explica anteriormente en la sección titulada Hecho Fortuito . 2010 income tax Además, tiene que tener pruebas que indiquen lo siguiente: La pérdida es deducible en el año que usted la reclama y no en ningún otro año. 2010 income tax Vea Cuándo Declarar Pérdidas y Ganancias , más adelante. 2010 income tax La cantidad de la pérdida reclamada. 2010 income tax Vea, Comprobación de las Pérdidas , más adelante. 2010 income tax No existe una reclamación de reembolso por ninguna parte de la pérdida para la cual hay una perspectiva razonable de recuperación. 2010 income tax Vea, Cuándo Declarar Pérdidas y Ganancias , más adelante. 2010 income tax Robo Un robo es el acto de tomar y sacar dinero o bienes con la intención de privar al dueño de éstos. 2010 income tax Tomar los bienes tiene que ser ilegal conforme a las leyes del estado donde el robo tuvo lugar y tiene que haberse realizado con intenciones delictivas. 2010 income tax No es necesario indicar una condena por robo. 2010 income tax Un robo incluye tomar dinero o bienes a través de los siguientes medios: Chantaje. 2010 income tax Robo con allanamiento. 2010 income tax Malversación de fondos. 2010 income tax Extorsión. 2010 income tax Secuestro para exigir rescate. 2010 income tax Hurto. 2010 income tax Robo. 2010 income tax Tomar dinero o bienes mediante fraude o declaraciones falsas constituye robo si es un acto ilegal conforme a las leyes estatales o locales. 2010 income tax Disminución del valor de mercado de acciones. 2010 income tax   No puede deducir como pérdida por robo la disminución del valor de las acciones que haya adquirido en el mercado abierto con fines de inversión si dicha disminución es causada por la revelación de un fraude contable u otro tipo de conducta ilegal por parte de los funcionarios o directores de la entidad que emitió las acciones. 2010 income tax Sin embargo, puede deducir como pérdida de capital la pérdida que haya tenido al vender o intercambiar las acciones o si éstas pierden totalmente su valor. 2010 income tax Se declara una pérdida de capital en el Anexo D (Formulario 1040). 2010 income tax Para obtener más información sobre la venta de acciones, acciones sin valor y pérdidas de capital, vea el capítulo 4 de la Publicación 550 (disponible en inglés). 2010 income tax Bienes extraviados o perdidos. 2010 income tax    La simple desaparición de dinero o bienes no constituye un robo. 2010 income tax Sin embargo, una pérdida o desaparición accidental de bienes puede considerarse hecho fortuito si es el resultado de un acontecimiento identificable que ocurre de manera repentina, inesperada o poco común. 2010 income tax Los acontecimientos repentinos, inesperados y poco comunes se definen en la sección anterior titulada Hecho Fortuito . 2010 income tax Ejemplo. 2010 income tax La puerta de un automóvil se cierra accidentalmente golpeándole la mano, rompiendo el engaste de su anillo de diamante. 2010 income tax El diamante se cae del anillo y nunca lo encuentra. 2010 income tax La pérdida del diamante es un hecho fortuito. 2010 income tax Pérdidas provenientes de esquemas de inversión de tipo Ponzi (Ponzi-type schemes). 2010 income tax   El IRS ha publicado la siguiente información para brindar ayuda a los contribuyentes que hayan sufrido pérdidas por esquemas de inversión de tipo Ponzi: el Reglamento Tributario (Revenue Ruling) 2009-9, 2009-14 I. 2010 income tax R. 2010 income tax B. 2010 income tax 735 (disponible en el sitio www. 2010 income tax irs. 2010 income tax gov/irb/2009-14_IRB/ar07. 2010 income tax html). 2010 income tax el Procedimiento Tributario (Revenue Procedure) 2009-20, 2009-14 I. 2010 income tax R. 2010 income tax B. 2010 income tax 749 (disponible en el sitio www. 2010 income tax irs. 2010 income tax gov/irb/2009-14_IRB/ar11. 2010 income tax html). 2010 income tax el Procedimiento Tributario (Revenue Procedure) 2011-58, 2011-50 I. 2010 income tax R. 2010 income tax B. 2010 income tax 847 (disponible en el sitio www. 2010 income tax irs. 2010 income tax gov/irb/2011-50_IRB/ar11. 2010 income tax html). 2010 income tax Si reúne los requisitos y opta por seguir los procedimientos indicados en el Procedimiento Tributario (Revenue Procedure) 2009-20, según modificado por el Procedimiento Tributario (Revenue Procedure) 2011-58, primero debe completar la Sección C del Formulario 4684, en inglés, para determinar la cantidad a entrar en la línea 28 de la Sección B. 2010 income tax No complete las líneas 19 a la 27, pero debe completar las líneas 29 a la 39 de la Sección B, según corresponda. 2010 income tax La Sección C reemplaza al Anexo A del Procedimiento Tributario (Revenue Procedure) 2009-20. 2010 income tax No necesita completar el Anexo A. 2010 income tax Para información adicional, vea el reglamento tributario,los procedimientos tributarios mencionados anteriormente y las instrucciones para el Formulario 4686, en inglés. 2010 income tax   Si escoge no utilizar el procedimiento del Procedimiento Tributario (Revenue Procedure) 2009-20, según modificado por el Procedimiento Tributario (Revenue Procedure) 2011-58, usted puede declarar su pérdida por robo completando las líneas 19 a la 39 de la Sección B, según corresponda. 2010 income tax Pérdidas de Depósitos Monetarios Una pérdida de depósitos monetarios puede ocurrir cuando un banco, cooperativa de crédito u otra institución financiera se declara insolvente o en quiebra (bancarrota). 2010 income tax Si usted ha sufrido este tipo de pérdida, puede escoger uno de los métodos siguientes para deducir dicha pérdida: Pérdida por hechos fortuitos. 2010 income tax Pérdida ordinaria. 2010 income tax Deuda incobrable no relacionada con los negocios. 2010 income tax Pérdida ordinaria o por hechos fortuitos. 2010 income tax   Tiene la opción de deducir una pérdida de depósitos como hecho fortuito o como pérdida ordinaria cualquier año en el que pueda calcular de manera razonable la cantidad de depósitos que ha perdido en una institución insolvente o en quiebra. 2010 income tax Generalmente, puede elegir esta opción cuando presente su declaración de impuestos de ese año y es aplicable a todas las pérdidas de depósitos que haya tenido ese año y en esa institución financiera en particular. 2010 income tax Si considera dicha situación una pérdida por hecho fortuito o pérdida ordinaria, no puede considerar la misma cantidad de la pérdida como deuda incobrable no relacionada con los negocios cuando dicha cantidad pierda su valor total. 2010 income tax Sin embargo, sí puede tomar una deducción por deuda incobrable no relacionada con los negocios por todo monto de pérdida cuyo valor sea mayor a la cantidad estimada que dedujo como pérdida por hecho fortuito o pérdida ordinaria. 2010 income tax Una vez que haya elegido su opción, no podrá cambiarla sin previa autorización del Servicio de Impuestos Internos. 2010 income tax   Si declara una pérdida ordinaria, reclámela como una deducción miscelánea detallada en la línea 23 del Anexo A (Formulario 1040). 2010 income tax La cantidad máxima que puede reclamar es $20,000 ($10,000 si es casado y presenta la declaración por separado), menos las ganancias que espere recibir de algún seguro estatal. 2010 income tax El monto de la pérdida está sujeto al límite del 2% del ingreso bruto ajustado. 2010 income tax No puede declarar una pérdida ordinaria si alguna parte de dichos depósitos está asegurada por el gobierno federal. 2010 income tax Deudas incobrables no relacionadas con los negocios. 2010 income tax   Si decide no deducir la pérdida como pérdida por hecho fortuito o pérdida ordinaria, tendrá que esperar hasta el año en que se determine la pérdida real y entonces deducirla en ese año como deuda incobrable no relacionada con los negocios. 2010 income tax Cómo se declaran las pérdidas de depósitos monetarios. 2010 income tax   El tipo de deducción que escoja para su pérdida de depósitos determinará cómo debe declarar su pérdida. 2010 income tax Vea la Tabla 1. 2010 income tax Tabla 1. 2010 income tax Cómo Declarar la Pérdida de Depósitos Monetarios SI decide declarar la pérdida como. 2010 income tax . 2010 income tax . 2010 income tax   ENTONCES declárela en el. 2010 income tax . 2010 income tax . 2010 income tax hecho fortuito   Formulario 4684 y Anexo A  (Formulario 1040). 2010 income tax pérdida ordinaria   Anexo A (Formulario 1040). 2010 income tax deuda incobrable no relacionada con los negocios   Formulario 8949 y Anexo D (Formulario 1040). 2010 income tax Información adicional. 2010 income tax   Para más información, vea la sección de las instrucciones del Formulario 4684 titulada Special Treatment for Losses on Deposits in Insolvent or Bankrupt Financial Institutions (Trato especial para casos de pérdidas de depósitos monetarios en instituciones financieras insolventes o en quiebra), en inglés. 2010 income tax Recuperación de pérdida deducida. 2010 income tax   Si logra recuperar alguna suma que haya deducido como pérdida en un año anterior, es posible que tenga que incluir esa suma como ingresos para el año en que la recuperó. 2010 income tax Si alguna parte de la deducción original no redujo sus impuestos para un año anterior, no tiene que incluir la parte del dinero recuperado en sus ingresos. 2010 income tax Para más información, vea la sección titulada Recoveries (Recuperación de fondos), en la Publicación 525, en inglés. 2010 income tax Comprobación de las Pérdidas Para poder deducir una pérdida por hecho fortuito o robo, tiene que poder demostrar que dicho hecho fortuito o robo ocurrió. 2010 income tax También tiene que poder demostrar la cantidad que declare como deducción según se explica a continuación. 2010 income tax Comprobación de las pérdidas por hecho fortuito. 2010 income tax   Si existe una pérdida por hecho fortuito, debe demostrar todo lo siguiente: El tipo de hecho fortuito (accidente automovilístico, incendio, tormenta, etc. 2010 income tax ) y la fecha en que ocurrió. 2010 income tax Que la pérdida ocurrió como resultado directo de dicho hecho fortuito. 2010 income tax Que usted era dueño de los bienes o, si los alquilaba de otra persona, tenía la responsabilidad contractual ante el dueño por los daños. 2010 income tax Si existe una solicitud de reembolso con expectativas razonables de recibirlo. 2010 income tax Comprobación de las pérdidas por robo. 2010 income tax   Si existe una pérdida por robo, debe poder demostrar los siguientes puntos: La fecha en la que descubrió que sus bienes habían desaparecido. 2010 income tax Que sus bienes fueron robados. 2010 income tax Que usted era el dueño de dichos bienes. 2010 income tax Si existe una solicitud de reembolso con expectativas razonables de recibirlo. 2010 income tax    Es importante que tenga la documentación necesaria que justifique (compruebe) el monto de la deducción. 2010 income tax Si no tiene documentos que corroboren o comprueben dicha deducción, puede usar otro tipo de pruebas satisfactorias para estos efectos. 2010 income tax Cómo Calcular una Pérdida Para determinar la deducción a incluir en caso de pérdida por hecho fortuito o robo, primero tiene que calcular la pérdida misma. 2010 income tax Cantidad de la pérdida. 2010 income tax   Calcule el monto de la pérdida utilizando los pasos siguientes: Determine la base ajustada de los bienes antes de haber ocurrido el hecho fortuito o robo. 2010 income tax Determine la reducción del valor justo de mercado de los bienes a causa del hecho fortuito o robo. 2010 income tax De la cantidad más baja entre las cantidades de los puntos (1) y (2), reste el monto de cualquier otro seguro o reembolso que haya recibido o espere recibir. 2010 income tax En el caso de bienes de uso personal y bienes utilizados durante la prestación de servicios como empleado, aplique los límites de la deducción que se explican más adelante para calcular la cantidad de pérdida que puede deducir. 2010 income tax Ganancias por reembolsos. 2010 income tax   Se tiene una ganancia si el reembolso es mayor que la base ajustada de los bienes. 2010 income tax Esto ocurre aun cuando la disminución del valor justo de mercado de los bienes es menor que la base ajustada. 2010 income tax Si obtiene una ganancia, posiblemente tenga que pagar impuestos sobre esa cantidad o tal vez pueda posponer la declaración de dicha ganancia. 2010 income tax Vea Cómo Calcular una Ganancia , más adelante. 2010 income tax Propiedad comercial o de generación de ingresos. 2010 income tax   Si es dueño de una propiedad comercial o de generación de ingresos, como una propiedad de alquiler, y ésta es robada o destruida totalmente, no se tendrá en cuenta su disminución del valor justo de mercado. 2010 income tax La pérdida se calculará de la siguiente forma:   Base ajustada en la propiedad     MENOS     Todo valor residual     MENOS     Todo seguro o reembolso que  reciba o espere recibir   Pérdida de inventario. 2010 income tax   Existen dos maneras de deducir una pérdida de inventario por hecho fortuito o robo, incluyendo artículos que tenga para la venta al público. 2010 income tax   Una manera es deducir la pérdida a través del aumento del costo de los bienes vendidos, declarando debidamente el inventario inicial y el inventario de cierre. 2010 income tax No vuelva a declarar esta pérdida como pérdida por hecho fortuito o robo. 2010 income tax Si toma la pérdida mediante el aumento del costo de mercancías o artículos vendidos, incluya todo seguro u otros reembolsos que reciba por dicha pérdida en sus ingresos brutos. 2010 income tax   La otra manera es deducir la pérdida aparte. 2010 income tax Si la deduce de esta manera, elimine los artículos de inventario que se vean afectados del costo de mercancías o artículos vendidos, efectuando un ajuste a la disminución del inventario inicial o compras. 2010 income tax Reduzca la pérdida por el reembolso que reciba. 2010 income tax No incluya el reembolso en los ingresos brutos. 2010 income tax Si no recibe el reembolso para fines de año, no podrá declarar una pérdida mientras tenga una perspectiva razonable de recuperación. 2010 income tax Propiedad alquilada. 2010 income tax   Si es responsable de los daños causados por hecho fortuito a una propiedad que alquila, su pérdida es la cantidad que tiene que pagar para reparar la propiedad menos todo seguro u otro reembolso que reciba o espere recibir. 2010 income tax Cálculos separados. 2010 income tax   Por lo general, si un solo hecho fortuito o robo afecta más de un artículo de propiedad, tiene que calcular por separado la pérdida de cada artículo. 2010 income tax Luego, sume las pérdidas para determinar el monto total de pérdida de ese hecho fortuito o robo. 2010 income tax Excepción en el caso de bienes inmuebles de uso personal. 2010 income tax   Al calcular la pérdida de bienes raíces de uso personal por un hecho fortuito, la propiedad completa se trata como un solo artículo (incluyendo toda mejora, como edificios, árboles y arbustos). 2010 income tax Calcule la pérdida utilizando la cifra más pequeña de las siguientes: La disminución del valor justo de mercado de toda la propiedad. 2010 income tax La base ajustada de toda la propiedad. 2010 income tax   Vea más adelante el tema Bienes inmuebles en la sección titulada Cómo Calcular la Deducción, más adelante. 2010 income tax Disminución del Valor Justo de Mercado El valor justo de mercado (FMV, por sus siglas en inglés) es el precio por el cual podría vender sus bienes a un comprador dispuesto a comprar cuando ninguno de los dos tiene que vender o comprar y ambos conocen todos los hechos pertinentes. 2010 income tax La disminución del valor justo de mercado que se utiliza para calcular el monto de la pérdida por hecho fortuito o robo es la diferencia entre el valor justo de mercado de los bienes inmediatamente antes e inmediatamente después de ocurrir el hecho fortuito o robo. 2010 income tax Valor justo de mercado de los bienes robados. 2010 income tax   El valor justo de mercado de bienes inmediatamente después de un robo se considera cero, puesto que usted ya no tiene los bienes. 2010 income tax Ejemplo. 2010 income tax Usted compró dólares de plata por un valor nominal de $150 hace varios años. 2010 income tax Ésta es la base ajustada de esos bienes. 2010 income tax Este año, le robaron los dólares de plata. 2010 income tax El valor justo de mercado de las monedas era $1,000 justo antes de ser robadas y no las cubría el seguro. 2010 income tax Su pérdida por robo es $150. 2010 income tax Bienes robados recuperados. 2010 income tax   Los bienes robados recuperados son bienes suyos que le fueron robados y posteriormente devueltos a usted. 2010 income tax Si recupera bienes después de haber incluido una deducción de pérdida por robo, tiene que volver a calcular la pérdida utilizando la cantidad menor entre la base ajustada de los bienes (la cual se explica más adelante) o la disminución del valor justo de mercado desde el momento inmediatamente antes de que fueran robados hasta el momento en que se recuperaron. 2010 income tax Use esta cantidad para volver a calcular la pérdida total para el año en el que se dedujo dicha pérdida. 2010 income tax   Si el monto de la pérdida recalculada es menor que la pérdida que dedujo, generalmente tiene que declarar la diferencia como ingresos en el año en que la recuperó. 2010 income tax Pero declare la diferencia sólo hasta la cantidad de la pérdida que redujo sus impuestos. 2010 income tax Para obtener más información sobre la cantidad que debe declarar, vea Recoveries (Recuperación de fondos) en la Publicación 525, en inglés. 2010 income tax Cómo Calcular la Disminución del Valor Justo de Mercado —Puntos a Tener en Cuenta Para calcular la disminución del valor justo de mercado debido a un hecho fortuito o robo, por lo general, necesita una tasación competente (fidedigna). 2010 income tax No obstante, también se pueden emplear otras medidas para establecer ciertas disminuciones. 2010 income tax Vea los temas Tasaciones y Costos de limpieza y reparaciones presentados a continuación. 2010 income tax Tasaciones. 2010 income tax   Un tasador competente debe realizar una tasación para determinar la diferencia entre el valor justo de mercado de la propiedad inmediatamente antes de ocurrir el hecho fortuito o robo e inmediatamente después. 2010 income tax El tasador tiene que tener en cuenta los efectos de toda disminución general del mercado que pueda ocurrir paralelamente con el hecho fortuito. 2010 income tax Esta información es necesaria para limitar cualquier deducción de la pérdida real resultante del daño a la propiedad. 2010 income tax   Existen varios factores importantes para evaluar la exactitud de una tasación, entre ellos: El conocimiento del tasador sobre su propiedad antes y después del hecho fortuito o robo. 2010 income tax El conocimiento del tasador sobre la venta de propiedades similares en esa zona. 2010 income tax El conocimiento del tasador sobre las condiciones de la zona donde ocurrió el hecho fortuito. 2010 income tax El método de tasación que utilice el tasador. 2010 income tax Podría usar una tasación utilizada para obtener un préstamo del gobierno federal (o una garantía de préstamo federal) como resultado de un desastre declarado como tal por el gobierno federal para establecer la cantidad de su pérdida por desastre. 2010 income tax Para obtener más información sobre desastres, vea más adelante la sección titulada Pérdidas en Zonas de Desastre . 2010 income tax Costos de limpieza y reparaciones. 2010 income tax   El costo de reparar propiedad dañada no es parte de la pérdida por hechos fortuitos. 2010 income tax Tampoco lo es el costo de la limpieza después de un hecho fortuito. 2010 income tax Pero puede utilizar el costo de la limpieza o de hacer reparaciones después de un hecho fortuito como una medida de la disminución del valor justo de mercado si cumple todas las condiciones siguientes: Las reparaciones de hecho se realizan. 2010 income tax Las reparaciones son necesarias para que la propiedad vuelva a su condición anterior al hecho fortuito. 2010 income tax La cantidad que se gasta en reparaciones no es excesiva. 2010 income tax Las reparaciones se realizan únicamente para reparar los daños. 2010 income tax El valor de la propiedad después de efectuadas las reparaciones no es, debido a dichas reparaciones, mayor que el valor de la propiedad antes de ocurrir el hecho fortuito. 2010 income tax Jardines. 2010 income tax   El costo de restaurar jardines a su condición original después de un hecho fortuito podría indicar la disminución del valor justo de mercado. 2010 income tax Es posible que pueda medir la pérdida según lo que gaste en las siguientes actividades: Sacar árboles y arbustos destruidos o dañados, menos todo artículo salvado que haya recibido. 2010 income tax Podar y tomar otras medidas a fin de conservar árboles y arbustos dañados. 2010 income tax Volver a plantar, si es necesario, para restaurar la propiedad a su valor aproximado antes de ocurrir el hecho fortuito. 2010 income tax Valor de automóviles. 2010 income tax   Los libros de diversas organizaciones automovilísticas que incluyan información sobre su automóvil pueden ser útiles para calcular el valor del mismo. 2010 income tax Puede usar los valores de venta al por menor que aparecen en los libros y modificarlos según factores como el millaje y la condición de su vehículo para calcular el valor del mismo. 2010 income tax Los precios no son oficiales, pero podrían ser útiles para determinar el valor del auto y sugerir precios relativos que sirvan de comparación con las ventas y ofertas actuales en su zona. 2010 income tax Si su automóvil no aparece en esos libros, determine el valor basándose en otras fuentes. 2010 income tax La oferta que reciba de un concesionario por su automóvil como parte del pago por uno nuevo, normalmente no es un cálculo de su valor real. 2010 income tax Cómo Calcular la Disminución del Valor Justo de Mercado —Puntos a No Tener en Cuenta Por lo general, no se deben tener en cuenta los siguientes puntos al calcular la disminución del valor justo de mercado de su propiedad. 2010 income tax Costos de protección. 2010 income tax   El costo de proteger su propiedad contra un hecho fortuito o robo no es parte de las pérdidas por hecho fortuito o robo. 2010 income tax La suma que gaste para proteger su casa de tormentas, ya sea en seguros o colocando tablones sobre las ventanas, no constituye parte de la pérdida. 2010 income tax Si la propiedad es propiedad comercial, estos gastos se pueden deducir como gastos de negocios. 2010 income tax   Si realiza mejoras permanentes en su propiedad para protegerse de un hecho fortuito o robo, agregue el costo de estas mejoras a la base de la propiedad. 2010 income tax Un ejemplo sería el costo de un dique para prevenir inundaciones. 2010 income tax Excepción. 2010 income tax   No puede aumentar la base en la propiedad por los gastos que haya tenido en relación a los pagos calificados por mitigación de desastres (explicados más adelante bajo Pérdidas en Zonas de Desastre ), ni deducir tales gastos como gastos de negocio. 2010 income tax Gastos afines. 2010 income tax   Los gastos imprevistos en los que incurra por causa de un hecho fortuito o robo, como por ejemplo los gastos de tratamiento de lesiones personales, gastos de vivienda temporal o gastos de alquilar un automóvil, no son parte de su pérdida por hecho fortuito o robo. 2010 income tax Sin embargo, pueden ser deducibles como gastos de negocio si la propiedad dañada o robada es propiedad comercial. 2010 income tax Costos de reposición. 2010 income tax   Los costos de reposición de bienes robados o destruidos no son parte de la pérdida por hecho fortuito o robo. 2010 income tax Ejemplo. 2010 income tax Usted compró una silla nueva por $300 hace 4 años. 2010 income tax En abril, un incendio destruyó la silla. 2010 income tax Usted calcula que le costaría $500 reponerla. 2010 income tax Si la hubiera vendido antes del incendio, estima que habría recibido por ella sólo $100, porque la silla tenía 4 años. 2010 income tax La silla no estaba asegurada. 2010 income tax Por lo tanto, su pérdida es $100, el valor justo de mercado de la silla antes del incendio, y no los $500 que cuesta reponerla. 2010 income tax Valor sentimental. 2010 income tax   No tenga en cuenta el valor sentimental cuando calcule su pérdida. 2010 income tax Si un retrato familiar, artículos heredados o recuerdos han sido dañados, destruidos o robados, tiene que basar su pérdida sólo en el valor justo de mercado de estos bienes, según limitada por su base ajustada en la propiedad. 2010 income tax Disminución del valor de mercado de la propiedad en la zona del hecho fortuito o en sus alrededores. 2010 income tax   No se puede tener en cuenta la disminución del valor de una propiedad por encontrarse en una zona afectada por un hecho fortuito o en los alrededores de esa zona, o en una zona que podría volver a sufrir un hecho de este tipo. 2010 income tax Su pérdida es sólo por los daños reales a la propiedad. 2010 income tax Sin embargo, si su vivienda se encuentra en un área declarada zona de desastre por el gobierno federal, vea más adelante la sección titulada Pérdidas en Zonas de Desastre . 2010 income tax Costos de fotografías y tasaciones. 2010 income tax   Las fotografías tomadas después de haber ocurrido el hecho fortuito servirán para establecer la condición y el valor de la propiedad después de los daños. 2010 income tax También serán útiles las fotografías que muestren la condición de la propiedad después de haber sido reparada, restaurada o repuesta. 2010 income tax   Se usan tasaciones para calcular la disminución del valor justo de mercado por un hecho fortuito o robo. 2010 income tax Para obtener información sobre las tasaciones, vea Tasaciones en la sección anterior titulada Cómo Calcular la Disminución del Valor Justo de Mercado —Puntos a Tener en Cuenta. 2010 income tax   Los costos de fotografías y tasaciones usadas como prueba del valor y condición de la propiedad dañada por causa de un hecho fortuito no son parte de la pérdida. 2010 income tax Son gastos que le ayudarán a determinar su obligación tributaria. 2010 income tax Puede declarar estos costos como una deducción miscelánea detallada sujeta al límite del 2% del ingreso bruto ajustado del Anexo A (Formulario 1040). 2010 income tax Base Ajustada El grado de inversión que tiene en la propiedad que posee es la base. 2010 income tax En el caso de la propiedad que compre, normalmente la base es lo que le cuesta a usted. 2010 income tax Si adquiere una propiedad de alguna otra forma, por ejemplo como herencia, regalo o intercambio no tributable, tiene que calcular la base de otra manera, como se explica en la Publicación 551, en inglés. 2010 income tax Si usted heredó la propiedad de alguien que falleció en 2010 y el albacea del caudal hereditario eligió completar el Formulario 8939, favor de referirse a la información proporcionada por el albacea o vea la Publicación 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010 (Trato Tributario de la Propiedad Adquirida de un Difunto que Falleció en 2010), en inglés. 2010 income tax Ajustes a la base. 2010 income tax    Durante el tiempo que sea dueño de su propiedad, pueden ocurrir varios sucesos que cambien la base. 2010 income tax Algunos de estos aumentan la base, como es el caso de ampliaciones o mejoras permanentes a la propiedad. 2010 income tax Otros, como por ejemplo pérdidas por hechos fortuitos y deducciones por depreciación anteriores, disminuyen la base. 2010 income tax Al sumar los aumentos a la base y restar las disminuciones a la misma, el resultado es la base ajustada. 2010 income tax Para más información sobre cómo calcular la base de su propiedad, vea la Publicación 551, en inglés. 2010 income tax Seguro y Otros Reembolsos Si recibe algún pago de un seguro u otro tipo de reembolso, tiene que restar el monto del reembolso al calcular la pérdida. 2010 income tax No será pérdida por hecho fortuito o robo la parte que se le reembolse. 2010 income tax Si espera un reembolso parcial o total de la pérdida, tiene que restar el monto del reembolso esperado cuando calcule la pérdida. 2010 income tax Tiene que reducir la pérdida aun si no recibe el pago hasta un año tributario posterior. 2010 income tax Vea más adelante la sección titulada Reembolso Recibido Después de la Deducción de una Pérdida . 2010 income tax Falta de presentación de una solicitud de reembolso. 2010 income tax   Si su propiedad está asegurada, tiene que presentar oportunamente al seguro una solicitud de reembolso de la pérdida. 2010 income tax De lo contrario, no puede deducir esta pérdida como hecho fortuito o robo. 2010 income tax La parte de la pérdida que generalmente no cubre el seguro no está sujeta a esta regla (por ejemplo, un deducible). 2010 income tax Ejemplo. 2010 income tax Usted tiene una póliza de seguro de automóvil con un deducible de $1,000. 2010 income tax Como su seguro no cubre los primeros $1,000 de un accidente automovilístico, los $1,000 constituirían una suma deducible (sujeta a la regla de los $100 y la regla del 10% , que se explican más adelante). 2010 income tax Esto ocurrirá, aun si no presenta una solicitud de reembolso al seguro, ya que su póliza de seguro no le habría reembolsado la suma deducible en ningún caso. 2010 income tax Tipos de Reembolsos El tipo de reembolso más común es el pago del seguro por bienes robados o dañados. 2010 income tax A continuación se explican otros tipos de reembolsos. 2010 income tax Vea también las Instrucciones del Formulario 4684, en inglés. 2010 income tax Fondo de emergencia del empleador en caso de desastre. 2010 income tax   Si recibe dinero proveniente del fondo de emergencia de su empleador en caso de desastre y tiene que utilizar ese dinero para arreglar o cambiar bienes sobre los cuales declara una deducción de pérdida por hecho fortuito, tiene que tener en cuenta esa suma cuando calcule dicha deducción. 2010 income tax Tenga en cuenta sólo la cantidad que utilizó para cambiar los bienes destruidos o dañados. 2010 income tax Ejemplo. 2010 income tax Su vivienda sufrió daños considerables en un tornado. 2010 income tax El monto de su pérdida después del reembolso de la compañía de seguros fue de $10,000. 2010 income tax Su empleador estableció un fondo de ayuda en caso de desastre para los empleados. 2010 income tax Aquellos empleados que recibieron dinero de ese fondo tuvieron que usarlo para reparar o reponer los bienes que resultaron dañados o destruidos. 2010 income tax Usted recibió $4,000 como parte de este fondo y gastó toda esa suma haciendo reparaciones en su casa. 2010 income tax Al calcular su pérdida por hecho fortuito, tiene que restar del total de su pérdida no reembolsada ($10,000) los $4,000 que recibió del fondo de su empleador. 2010 income tax Por lo tanto, su pérdida por hecho fortuito antes de aplicar los límites de la deducción (que se explican más adelante) es de $6,000. 2010 income tax Donaciones en efectivo. 2010 income tax   Si, como víctima de algún desastre, recibe donaciones excluibles en efectivo y no existen límites sobre cómo puede usar el dinero, no puede reducir la pérdida por hecho fortuito con este tipo de donaciones. 2010 income tax Esto es aplicable aun cuando use el dinero para pagar reparaciones de la propiedad dañada en el desastre. 2010 income tax Ejemplo. 2010 income tax Su vivienda fue dañada por un huracán. 2010 income tax Sus familiares y vecinos le dieron donaciones en efectivo excluibles de sus ingresos. 2010 income tax Usted utilizó parte de esas donaciones para realizar reparaciones en su vivienda. 2010 income tax No hubo límites ni restricciones sobre cómo debía usar ese dinero en efectivo. 2010 income tax Como era una donación independiente de sus ingresos, el dinero que recibió y usó para pagar esas reparaciones no reduce el monto de la pérdida por hechos fortuitos en su casa dañada. 2010 income tax Pagos del seguro por gastos de manutención. 2010 income tax   No reduzca la pérdida por hechos fortuitos con pagos que haya recibido del seguro para cubrir gastos de manutención en cualquiera de las dos situaciones siguientes: Si pierde el uso de su vivienda principal debido a un hecho fortuito. 2010 income tax Si las autoridades del gobierno no le permiten acceso a su vivienda principal por causa de un hecho fortuito o por amenaza de que ocurra. 2010 income tax Inclusión en los ingresos. 2010 income tax   Si estos pagos del seguro son mayores al aumento temporal de sus gastos de manutención, tiene que incluir el excedente en sus ingresos. 2010 income tax Declare esta cantidad en la línea 21 del Formulario 1040. 2010 income tax Sin embargo, si el hecho fortuito tuvo lugar en una zona de desastre declarada por el gobierno federal, ninguno de los pagos del seguro será tributable. 2010 income tax Vea Pagos calificados para mitigación de desastres en la sección titulada Pérdidas en Zonas de Desastre, más adelante. 2010 income tax   El aumento temporal de los gastos de manutención es la diferencia entre los gastos de manutención reales en los que su familia y usted han incurrido durante el período en que no pudieron usar su vivienda y los gastos normales de manutención para ese período. 2010 income tax Los gastos de manutención reales son aquellos gastos razonables y necesarios en los que se ha incurrido debido a la pérdida de su vivienda principal. 2010 income tax Por lo general, estos gastos incluyen las cantidades pagadas por: El alquiler de una vivienda adecuada. 2010 income tax Transporte. 2010 income tax Alimentos. 2010 income tax Servicios públicos. 2010 income tax Servicios misceláneos. 2010 income tax Los gastos normales de manutención son los gastos en los cuales normalmente hubiera incurrido, pero no lo hizo por haber ocurrido un hecho fortuito o por la amenaza de que uno ocurriera. 2010 income tax Ejemplo. 2010 income tax Usted tuvo que abandonar su apartamento durante un mes a causa de un incendio y cambiarse a un motel. 2010 income tax Normalmente paga $525 al mes de alquiler, pero no tuvo que pagar durante el mes en que el apartamento estuvo desocupado. 2010 income tax Este mes pagó $1,200 por alojarse en un motel. 2010 income tax Normalmente paga $200 al mes en alimentación. 2010 income tax Sus gastos de alimentación durante este mes fueron de $400. 2010 income tax Usted recibió $1,100 de su compañía de seguros para costear sus gastos de manutención. 2010 income tax Calcule el pago que tiene que incluir en los ingresos de la siguiente manera: 1. 2010 income tax Pagos del seguro por gastos de manutención $1,100 2. 2010 income tax Gastos reales durante el mes en el que no puede habitar en su casa debido al incendio $1,600   3. 2010 income tax Gastos normales de manutención 725   4. 2010 income tax Aumento temporal de los  gastos de manutención: reste la línea 3 de la  línea 2 875 5. 2010 income tax Cantidad del pago que se debe incluir en los ingresos: Reste la línea 4 de la línea 1 $ 225 Año tributario en el cual se incluye la cantidad. 2010 income tax   La parte del pago del seguro sujeta a impuestos se incluye como ingreso durante el año en que vuelva a hacer uso de su vivienda principal o, si ocurre más adelante, el año en el que reciba la parte tributable del pago del seguro. 2010 income tax Ejemplo. 2010 income tax En agosto de 2011, su vivienda principal fue destruida por un tornado. 2010 income tax En el mes de noviembre de 2012, usted volvió a habitar su vivienda. 2010 income tax Los pagos que recibió del seguro en los años 2011 y 2012 fueron $1,500 más que el aumento temporal de sus gastos de manutención durante esos 2 años. 2010 income tax Esta cantidad se incluye como ingreso en el Formulario 1040 de 2012. 2010 income tax Si durante 2013 recibe pagos adicionales para cubrir los gastos de manutención que tuvo en 2011 y 2012, tiene que incluir esos pagos como ingresos en su Formulario 1040 de 2013. 2010 income tax Asistencia en caso de desastre. 2010 income tax   Los alimentos, suministros médicos y otras formas de asistencia que reciba no reducen el monto de pérdida por hechos fortuitos, a menos que sean una reposición de bienes perdidos o destruidos. 2010 income tax Tabla 2. 2010 income tax Reglas del Límite de Deducción para los Bienes de Uso Personal y Bienes del Empleado   Regla de los $100 Regla del 10% Regla del 2% Aplicación General Al calcular la deducción, tiene que restar $100 de cada pérdida por hecho fortuito o robo. 2010 income tax Aplique esta regla a los bienes de uso personal después de haber calculado el monto de la pérdida. 2010 income tax Tiene que restar el 10% de su ingreso bruto ajustado del total de las pérdidas por hecho fortuito o robo. 2010 income tax Aplique esta regla a bienes de uso personal después de haber restado $100 de cada pérdida (regla de los $100). 2010 income tax Tiene que restar el 2% de su ingreso bruto ajustado del total de las pérdidas por hecho fortuito o robo. 2010 income tax Aplique esta regla a bienes que haya utilizado para prestar servicios como empleado después de haber calculado la cantidad de la pérdida y haberla sumado a los gastos laborales y a la mayoría de otras deducciones misceláneas detalladas. 2010 income tax Un Solo Suceso Aplique esta regla sólo una vez, aun cuando se haya visto afectado un gran número de bienes. 2010 income tax Aplique esta regla sólo una vez, aun cuando se haya visto afectado un gran número de bienes. 2010 income tax Aplique esta regla sólo una vez, aun cuando se haya visto afectado un gran número de bienes. 2010 income tax Más de un Suceso Aplique esta regla a la pérdida derivada de cada suceso. 2010 income tax Aplique esta regla al total de pérdidas derivadas de todos los sucesos. 2010 income tax Aplique esta regla al total de pérdidas derivadas de todos los sucesos. 2010 income tax Más de una Persona —  con Pérdidas en el  Mismo Suceso  (que no sea una pareja casada  que presenta una declaración conjunta). 2010 income tax Aplique esta regla independientemente a cada persona. 2010 income tax Aplique esta regla independientemente a cada persona. 2010 income tax Aplique esta regla independientemente a cada persona. 2010 income tax Pareja Casada − con Pérdidas en el  Mismo Suceso Presentación de una Declaración Conjunta Aplique esta regla como si fueran una sola persona. 2010 income tax Aplique esta regla como si fueran una sola persona. 2010 income tax Aplique esta regla como si fueran una sola persona. 2010 income tax Presentación de una Declaración por Separado Aplique esta regla independientemente a cada cónyuge. 2010 income tax Aplique esta regla independientemente a cada cónyuge. 2010 income tax Aplique esta regla independientemente a cada cónyuge. 2010 income tax Más de un Dueño  (que no sea una pareja casada  que presenta una declaración conjunta) Aplique esta regla independientemente a cada propietario de una misma propiedad. 2010 income tax Aplique esta regla independientemente a cada propietario de una misma propiedad. 2010 income tax Aplique esta regla independientemente a cada propietario de una misma propiedad. 2010 income tax    Los pagos calificados de asistencia en caso de desastre que reciba por gastos en los que haya incurrido derivados de un desastre declarado por el gobierno federal, no son ingresos tributables en su caso. 2010 income tax Para más información, vea más adelante Pagos calificados de asistencia en caso de desastre en la sección titulada Pérdidas en Zonas de Desastre. 2010 income tax   Los pagos de ayuda por desempleo en caso de desastre constituyen beneficios tributables por desempleo. 2010 income tax   Por lo general, los subsidios de asistencia en caso de desastre que se reciban conforme a la Ley de Robert T. 2010 income tax Stafford de Asistencia en Caso de Desastre y Emergencia (Robert T. 2010 income tax Stafford Disaster Relief and Emergency Assistance Act) no se incluyen en sus ingresos. 2010 income tax Vea Subsidios federales de asistencia en caso de desastre , en la sección titulada Pérdidas en Zonas de Desastre. 2010 income tax Fondos de préstamos. 2010 income tax   No reduzca su pérdida por los fondos de un préstamo utilizados para rehabilitar o reemplazar la propiedad para la cual está reclamando la deducción por pérdida. 2010 income tax Si usted tiene un préstamo federal que ha sido cancelado (condonado), vea Préstamo Federal cancelado , más adelante, bajo Pérdidas en Zonas de Desastre. 2010 income tax Reembolso Recibido Después de la Deducción de una Pérdida Si calculó su pérdida por hecho fortuito o robo, utilizando la cantidad del reembolso esperado, es posible que tenga que ajustar su declaración de impuestos para el año tributario en el cual realmente reciba su reembolso. 2010 income tax Esta sección explica los ajustes que tal vez tenga que realizar. 2010 income tax Reembolso real menor a la cantidad esperada. 2010 income tax   Si posteriormente recibe un reembolso menor de lo que esperaba, incluya esa diferencia como pérdida junto con las demás (si las hubiera) en la declaración del año en el cual razonablemente no espere recibir reembolso adicional. 2010 income tax Ejemplo. 2010 income tax En el año 2012, su automóvil personal tenía un valor justo de mercado de $2,000 cuando fue destruido en un accidente con otro automóvil. 2010 income tax El accidente se debió a la negligencia del otro conductor. 2010 income tax Al final del año 2012, existía una posibilidad razonable de que el dueño del otro vehículo le reembolsara la totalidad de los daños. 2010 income tax Usted no tuvo una pérdida deducible durante 2012. 2010 income tax En enero de 2013, los tribunales le adjudicaron $2,000. 2010 income tax Sin embargo, en el mes de julio está claro que no podrá cobrar cantidad alguna del otro conductor. 2010 income tax Puesto que ésta es su única pérdida por hecho fortuito o robo, puede deducir la pérdida en 2013, la cual se calcula aplicando los límites de la deducción (los cuales se examinan más adelante). 2010 income tax Reembolso real mayor a la cantidad esperada. 2010 income tax   Si posteriormente recibe un reembolso que resulta ser mayor a la cantidad esperada, tras haber solicitado una deducción por la pérdida, puede que tenga que incluir el reembolso adicional en sus ingresos del año en el que lo recibió. 2010 income tax No obstante, si parte alguna de la deducción original no redujo sus impuestos para el año anterior, no incluya esa parte del reembolso en sus ingresos. 2010 income tax No vuelva a calcular los impuestos para el año en el que solicitó la deducción. 2010 income tax Para averiguar qué cantidad adicional de reembolso debe incluir en sus ingresos, vea la sección titulada Recoveries (Recuperaciones de fondos) en la Publicación 525, en inglés. 2010 income tax Ejemplo. 2010 income tax Un huracán en el año 2012 destruyó su lancha motora. 2010 income tax La pérdida fue de $3,000 y estimó que su seguro podría cubrir $2,500 de ese total. 2010 income tax No incluyó deducciones detalladas en su declaración de 2012, de modo que no pudo deducir la pérdida. 2010 income tax Cuando la compañía de seguros le reembolse dicha pérdida, no debe declarar reembolso alguno como ingresos. 2010 income tax Esto es aplicable aun cuando sea por la totalidad de los $3,000, puesto que no dedujo la pérdida en su declaración del año 2012. 2010 income tax La pérdida no redujo sus impuestos. 2010 income tax    Si el total de todos los reembolsos que reciba es mayor a la base ajustada de los bienes destruidos o robados, obtendrá una ganancia a partir del hecho fortuito o robo. 2010 income tax Si ya ha hecho una deducción por una pérdida y recibe ese reembolso posteriormente en otro año, es posible que tenga que incluir la ganancia en sus ingresos por el año posterior. 2010 income tax Incluya la ganancia como ingreso ordinario hasta el monto de la deducción que redujo sus impuestos el año anterior. 2010 income tax Es posible que pueda posponer su declaración de cualquier ganancia excedente como se explica más adelante en la sección titulada Aplazamiento de la Declaración de una Ganancia . 2010 income tax Reembolso real por la cantidad esperada. 2010 income tax   Si recibe un reembolso por la cantidad exacta que esperaba recibir, no tiene que incluir cantidad alguna en sus ingresos y no puede deducir pérdida adicional alguna. 2010 income tax Ejemplo. 2010 income tax En diciembre de 2013, usted tuvo un accidente cuando conducía su automóvil personal. 2010 income tax Las reparaciones de su automóvil costaron $950. 2010 income tax Usted tenía $100 como deducible de su seguro contra accidentes. 2010 income tax Su compañía de seguros aceptó reembolsarle el resto de los daños. 2010 income tax Como esperaba un reembolso de la compañía de seguros, en el año 2013 no tuvo una deducción de pérdida por hecho fortuito. 2010 income tax Debido a la regla de los $100, no puede deducir los $100 que pagó como deducible. 2010 income tax Cuando reciba los $850 de la compañía de seguros en 2014, no los declare como ingresos. 2010 income tax Límites de la Deducción Después de calcular la pérdida por hecho fortuito o robo, tiene que calcular qué porcentaje de la pérdida puede deducir. 2010 income tax La deducción de pérdidas por hecho fortuito y robo de bienes del empleado y bienes de uso personal está limitada. 2010 income tax Una pérdida de bienes del empleado está sujeta a la regla del 2%, la cual se explica a continuación. 2010 income tax Salvo en determinados casos, una pérdida de bienes de su propiedad y de uso personal está sujeta a las reglas de los $100 y del 10%, explicadas más adelante. 2010 income tax Las reglas de los $100, del 10% y del 2% también están resumidas en la Tabla 2 . 2010 income tax Las pérdidas de los bienes comerciales (que no sean bienes del empleado) y de generación de ingresos no están sujetas a estas reglas. 2010 income tax Sin embargo, si la pérdida por hecho fortuito o robo incluyó una vivienda que usaba con fines comerciales o alquilaba a otra persona, su pérdida deducible puede ser limitada. 2010 income tax Vea la Sección B de las Instrucciones del Formulario 4684, en inglés. 2010 income tax Si la pérdida por hecho fortuito o robo incluyó bienes que se utilizaban en una actividad pasiva, vea el Formulario 8582, Passive Activity Loss Limitations (Limitaciones de pérdida en actividades pasivas), en inglés, y sus respectivas instrucciones. 2010 income tax Regla del 2% Cuando la deducción de pérdida por hecho fortuito y robo para los bienes del empleado se suma a los gastos laborales y a la mayoría de las demás deducciones misceláneas detalladas en el Anexo A (Formulario 1040 o Formulario 1040NR), dicha deducción tiene que reducirse por el 2% del ingreso bruto ajustado. 2010 income tax Los bienes del empleado son aquéllos que se utilizan para desempeñar servicios como empleado. 2010 income tax Regla de los $100 Una vez que haya calculado la pérdida de bienes de uso personal por un hecho fortuito o robo, como se explicó anteriormente, tiene que restar $100 de esa pérdida. 2010 income tax Esta reducción es aplicable a cada pérdida total por hecho fortuito o robo. 2010 income tax No importa el número de bienes afectados en el suceso. 2010 income tax Sólo será aplicable una sola reducción de $100. 2010 income tax Ejemplo. 2010 income tax Usted tiene $750 deducibles en el seguro contra accidentes de su automóvil. 2010 income tax El automóvil resultó dañado en un accidente. 2010 income tax La compañía de seguros le paga los daños menos el deducible de $750. 2010 income tax El monto de la pérdida por hecho fortuito se basa únicamente en el deducible. 2010 income tax La pérdida por hecho fortuito es $650 ($750 – $100), puesto que los primeros $100 de una pérdida por hecho fortuito no son deducibles en el caso de bienes de uso personal. 2010 income tax Un solo suceso. 2010 income tax   Por lo general, los sucesos que están estrechamente relacionados en cuanto a origen causan un solo hecho fortuito. 2010 income tax Se considera un solo hecho fortuito cuando el daño se deriva de dos o más causas directamente relacionadas, como por ejemplo, daños por viento e inundaciones provocados por la misma tormenta. 2010 income tax Un solo hecho fortuito también puede ocasionar daños a dos o más bienes, como es el caso de una tormenta de granizo, que provoca daños a su vivenda y al automóvil estacionado en la entrada de su vivienda. 2010 income tax Ejemplo 1. 2010 income tax Una tormenta eléctrica destruyó su barco. 2010 income tax Durante la tormenta, también perdió equipo de navegación. 2010 income tax Su pérdida fue $5,000 del barco y $1,200 del equipo. 2010 income tax La compañía de seguros le reembolsó $4,500 por el daño al barco. 2010 income tax Usted no tenía cobertura de seguro para el equipo de navegación. 2010 income tax Su pérdida por hecho fortuito equivale a la de un solo suceso y se aplica la regla de $100 sólo una vez. 2010 income tax Calcule su pérdida antes de aplicar la regla del 10% (detallada más adelante) como se explica a continuación:     Barco Equipo 1. 2010 income tax Pérdida $5,000 $1,200 2. 2010 income tax Reste la cantidad del seguro 4,500 -0- 3. 2010 income tax Pérdida después del reembolso $ 500 $1,200 4. 2010 income tax Total de la pérdida $1,700 5. 2010 income tax Reste $100 100 6. 2010 income tax Pérdida antes de la regla del 10% $1,600 Ejemplo 2. 2010 income tax En enero, entraron ladrones a su vivienda y le robaron un anillo y un abrigo de piel. 2010 income tax Usted tuvo una pérdida de $200 por el anillo y de $700 por el abrigo. 2010 income tax Éste es un solo robo, de modo que la regla de los $100 es aplicable para la pérdida total de $900. 2010 income tax Ejemplo 3. 2010 income tax En septiembre, los vientos huracanados volaron el techo de su casa. 2010 income tax Las inundaciones provocadas por el huracán dañaron su vivienda aún más y destruyeron sus muebles y su automóvil personal. 2010 income tax Esto se considera un solo hecho fortuito. 2010 income tax Se aplica la regla de los $100 al total de la pérdida por el daño de las inundaciones y del viento. 2010 income tax Más de una pérdida. 2010 income tax   Si sufre más de una pérdida por hecho fortuito o robo durante el año tributario, usted tiene que descontar $100 de cada pérdida. 2010 income tax Ejemplo. 2010 income tax Su automóvil familiar se dañó en un accidente en el mes de enero. 2010 income tax La pérdida después del reembolso del seguro fue $75. 2010 income tax Su automóvil sufrió daños en febrero en otro accidente. 2010 income tax Esta vez la pérdida que tuvo después del reembolso del seguro fue $90. 2010 income tax Aplique la regla de los $100 a cada pérdida por separado. 2010 income tax Puesto que ninguno de los dos accidentes ocasionó una pérdida de más de $100, no tiene derecho a hacer una deducción por estos accidentes. 2010 income tax Más de una persona. 2010 income tax   Si dos o más personas (que no sean cónyuges que presenten una declaración conjunta) tienen pérdidas por causa del mismo hecho fortuito o robo, la regla de los $100 se aplicará por separado a cada persona. 2010 income tax Ejemplo. 2010 income tax Un incendio dañó su casa y los bienes personales de su huésped. 2010 income tax Usted tiene que restar $100 de su pérdida. 2010 income tax Su huésped tiene que restar $100 de su propia pérdida. 2010 income tax Contribuyentes casados. 2010 income tax   Si usted y su cónyuge presentan una declaración conjunta, su caso se trata como una sola persona cuando se aplica la regla de los $100. 2010 income tax No importa si los bienes son de ambos o de cada uno independientemente. 2010 income tax   Si usted y su cónyuge sufren pérdidas por hecho fortuito o robo y presentan declaraciones de impuesto por separado, cada uno tiene que descontar $100 de su pérdida. 2010 income tax Esto es aplicable aun cuando ambos sean dueños de los bienes. 2010 income tax Si sólo uno de los cónyuges es dueño de los bienes, sólo ese cónyuge puede deducir la pérdida en una declaración separada. 2010 income tax   Si la pérdida por hecho fortuito o robo ocurre sobre bienes que ambos poseen en tenencia conjunta entre cónyuges, cada uno puede calcular su deducción sólo sobre la mitad de la pérdida en declaraciones separadas. 2010 income tax Ninguno puede calcular la deducción sobre la pérdida total en una declaración por separado. 2010 income tax Cada cónyuge tiene que descontar $100 de la pérdida. 2010 income tax Más de un dueño. 2010 income tax   Si dos o más individuos (aparte de cónyuges que presenten una declaración conjunta) sufren una pérdida de bienes en una propiedad conjunta, se aplica la regla de los $100 por separado a cada uno. 2010 income tax Por ejemplo, si dos hermanas viven en una casa que compraron juntas y tienen una pérdida por hecho fortuito en la casa, cada hermana debe aplicar la regla de los $100 por separado. 2010 income tax Regla del 10% Tiene que restar del total de sus pérdidas por hecho fortuito o robo causadas a bienes de uso personal, un 10% de su ingreso bruto ajustado. 2010 income tax Aplique esta regla después de haber descontado $100 de cada pérdida. 2010 income tax Para más información, vea las instrucciones del Formulario 4684, en inglés. 2010 income tax Si tiene pérdidas y ganancias por hecho fortuito o robo, vea más adelante la sección titulada Pérdidas y ganancias . 2010 income tax Ejemplo. 2010 income tax En junio, descubrió que robaron su casa. 2010 income tax Su pérdida después del reeembolso del seguro fue $2,000. 2010 income tax Su ingreso bruto ajustado del año en el que descubrió el robo es $29,500. 2010 income tax Calcule la pérdida por robo como se indica a continuación: 1. 2010 income tax Pérdida después del reembolso del seguro $2,000 2. 2010 income tax Reste $100 100 3. 2010 income tax Pérdida después de aplicar la regla de los $100 $1,900 4. 2010 income tax Reste el 10% de $29,500 de ingreso bruto ajustado (AGI, por sus siglas en inglés) $2,950 5. 2010 income tax Deducción de pérdida por robo $-0- Usted no tiene una deducción de pérdida por robo porque su pérdida ($1,900) es menos del 10% de su ingreso bruto ajustado ($2,950). 2010 income tax Más de una pérdida. 2010 income tax   Si tiene más de una pérdida por hecho fortuito o robo durante el año tributario, reduzca cada pérdida restando su reembolso y descontando $100. 2010 income tax Luego, reste del total de las pérdidas el 10% de su ingreso bruto ajustado. 2010 income tax Ejemplo. 2010 income tax En marzo, usted tuvo un accidente automovilístico que destruyó completamente su vehículo. 2010 income tax No tenía seguro contra accidentes y por lo tanto no recibió reembolso del seguro. 2010 income tax La pérdida que tuvo de su automóvil fue $1,800. 2010 income tax En noviembre, un incendio provocó daños en el sótano de su casa y destruyó completamente los muebles, la lavadora, la secadora y otros artículos que guardaba allí. 2010 income tax Su pérdida de los artículos del sótano después del reembolso fue $2,100. 2010 income tax Su ingreso bruto ajustado para el año en el que ocurrieron el accidente y el incendio es $25,000. 2010 income tax Calcule su deducción de pérdidas por hechos fortuitos de la siguiente forma:     Vehículo Sótano 1. 2010 income tax Pérdida $1,800 $2,100 2. 2010 income tax Reste $100 por incidente 100 100 3. 2010 income tax Pérdida después de aplicar la regla de los $100 $1,700 $2,000 4. 2010 income tax Total de la pérdida $3,700 5. 2010 income tax Reste el 10% de $25,000 de ingreso bruto ajustado 2,500 6. 2010 income tax Deducción de pérdida por hecho fortuito $ 1,200 Contribuyentes casados. 2010 income tax   Si usted y su cónyuge presentan una declaración conjunta, su caso se trata como una sola persona al aplicar la regla del 10%. 2010 income tax No importa si ustedes son dueños conjuntamente o por separado de los bienes. 2010 income tax   Si presentan la declaración por separado, la regla del 10% será aplicable para cada declaración en la que se declara una pérdida. 2010 income tax Más de un dueño. 2010 income tax   Si dos o más personas (que no sean cónyuges que presenten la declaración conjunta) tienen una pérdida de bienes de los cuales ambos son propietarios, se aplicará para cada uno por separado la regla del 10%. 2010 income tax Pérdidas y ganancias. 2010 income tax   Si tiene ganancias por hecho fortuito o robo, al igual que pérdidas de bienes de uso personal, tiene que comparar el total de ganancias con el total de pérdidas. 2010 income tax Realice esto después de descontar los reembolsos de cada pérdida y los $100, pero antes de descontar de las pérdidas el 10% del ingreso bruto ajustado. 2010 income tax Las ganancias por hecho fortuito o robo no incluyen ganancias que haya decidido aplazar. 2010 income tax Vea más adelante la sección titulada Aplazamiento de la Declaración de una Ganancia . 2010 income tax Pérdidas mayores a las ganancias. 2010 income tax   Si las pérdidas resultan ser mayores que las ganancias reconocidas, reste las ganancias de las pérdidas y reste del resultado el 10% del ingreso bruto ajustado. 2010 income tax El resto, si lo hubiera, será la pérdida deducible de los bienes de uso personal. 2010 income tax Ejemplo. 2010 income tax Su pérdida por robo después de restar los reembolsos y los $100 es $2,700. 2010 income tax Su ganancia por hechos fortuitos es $700. 2010 income tax La pérdida es mayor que la ganancia, por lo que tiene que reducir la pérdida total neta de $2,000 ($2,700 − $700) por un 10% de su ingreso bruto ajustado. 2010 income tax Ganancias mayores a las pérdidas. 2010 income tax   Si las ganancias reconocidas son mayores que las pérdidas, reste las pérdidas de las ganancias. 2010 income tax La diferencia se considera una ganancia de capital y tiene que declararse en el Anexo D (Formulario 1040). 2010 income tax La regla del 10% no es aplicable a las ganancias. 2010 income tax Ejemplo. 2010 income tax Su pérdida por robo es $600, después de restar los reembolsos y los $100 de dicha pérdida. 2010 income tax Su ganancia por hecho fortuito es $1,600. 2010 income tax Puesto que su ganancia es mayor que su pérdida, tiene que declarar la ganancia neta de $1,000 ($1,600 − $600) en el Anexo D (Formulario 1040). 2010 income tax Información adicional. 2010 income tax   Para más información sobre cómo calcular las ganancias reconocidas, vea más adelante la sección titulada Cómo Calcular una Ganancia . 2010 income tax Cómo Calcular la Deducción Por lo general, primero tiene que calcular la pérdida por separado para cada artículo robado, dañado o destruido. 2010 income tax No obstante, hay una regla especial para bienes inmuebles que posea para uso personal. 2010 income tax Bienes inmuebles. 2010 income tax   Para calcular una pérdida de bienes inmuebles que posea para uso personal, todas las mejoras (como edificios, árboles ornamentales y el terreno con áreas mejoradas) se consideran en conjunto. 2010 income tax Ejemplo 1. 2010 income tax En junio, un incendio destruyó su casa a la orilla del lago, la cual hace varios años le costó $144,800 (incluidos $14,500 por el terreno). 2010 income tax (El terreno no resultó dañado). 2010 income tax Ésta fue su única p
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Online EIN: Frequently Asked Questions

If you are unfamiliar with the Online EIN application, you may find this section helpful in answering your questions.

Q. When can I use my Internet EIN to make tax payments or file returns?
A
. This EIN is your permanent number and can be used immediately for most of your business needs, including:

  • Opening a bank account
  • Applying for business licenses
  • Filing a tax return by mail

However, it will take up to two weeks before your EIN becomes part of the IRS's permanent records. You must wait until this occurs before you can:

  • File an electronic return
  • Make an electronic payment
  • Pass an IRS Taxpayer Identification Number (TIN) matching program

Q. Sometimes I don't know all the information required on the application. Why do I have to complete the application online when I can send in paper or fax with missing information?
A. When paper or faxed Forms SS-4 are received by the IRS with information missing, additional time is needed to process that application, delaying the issuance of your Employer Identification Number. Applicants can get their EIN much quicker if all the required information is completed.

Q. The legal name of my business includes the symbol for a dollar sign ($). Does the IRS accept symbols as part of a business name?
A.
No. The only characters IRS systems can accept in a business name are: 1) alpha (A-Z), 2) numeric (0-9), 3) hyphen (-), and 4) ampersand (&). If the legal name of your business includes anything other than those listed above, you will need to decide how best to enter your business name into the online EIN application. Following are some suggestions:

If your legal name contains: Then:
A symbol or character, such as a “plus” symbol (+), “at” symbol (@), or a period (.) 1) Spell out the symbol or 2) drop the symbol and leave a space. Example: If the legal name of your business is Jones.Com, then input it as Jones Dot Com or Jones Com
Backward (\) or forward (/) slash Substitute a hyphen (-)
Apostrophe (') Drop the apostrophe and do not leave a space.

Q. What do I do if my entire address won't fit on your address line on the Internet application?
A
. IRS systems only allow 35 characters on the street address line. If your address does not fit in 35 characters, please make sure you provide the most essential address information (i.e., apartment numbers, suite numbers, etc). We’ll then validate the address you’ve provided with the United States Postal Service’s database and offer you an opportunity to make any changes to the address, if necessary.

Q. Are any entity types excluded from applying for an EIN over the Internet?
A
.  No. All customers whose principal business, office or agency, or legal residence (in the case of an individual) is located in the United States or in one of the U.S. Territories can apply for an EIN online. The principal officer, general partner, grantor, owner, trustor etc. must have a valid Taxpayer Identification Number (Social Security Number, Employer Identification Number, or Individual Taxpayer Identification Number) in order to use the online application.

If you were incorporated outside of the United States or the U.S. territories, you cannot apply for an EIN online. Please call us at (267) 941-1099 (this is not a toll free number) between the hours of 6:00 a.m. to 11:00 p.m. Eastern Time.

Q. What if I forget the number I obtained over the Internet?
A.
IRS records will be updated immediately with your EIN. Simply call (800) 829-4933 and select EIN from the list of options. Once connected with an IRS employee, tell the assistor you received an EIN from the Internet but can't remember it. The IRS employee will ask the necessary disclosure and security questions prior to providing the number.

Q. Do all the EINs obtained on the Internet start with 20, 26, 27, 45 or 46?
A.
Yes. The unique prefixes (20, 26, 27, 45 or 46) identify the EIN as a number issued via the Internet. Note: We cannot process your application online if the responsible party is an entity with an EIN previously obtained through the Internet. Please use one of our other methods to apply. See How to Apply for an EIN. We apologize for any inconvenience this may cause you.

Q. Do I need a certain computer or software to obtain an EIN over the Internet?
A
. No. You can go to IRS.gov through any computer that has Internet access. You should have a current Internet browser, which will allow you to view and complete the application process. However, you will need Adobe Reader installed if you would like to receive a confirmation letter online.

Q. Now that I have my EIN, when can I use it to make tax deposits?
A.
Based on the information you submit on your application or if you indicate you will have employees, you will automatically be enrolled in the Electronic Federal Tax Payment System—EFTPS—so you can make all your deposits online or by phone. Within a few days you will receive by mail your EFTPS enrollment confirmation, as well as a Personal Identification Number (PIN) and complete instructions for using EFTPS. You will need to wait until you receive your EFTPS information in the mail before you can make a payment electronically. Once you receive your EFTPS Confirmation Package, you can begin making EFTPS payments.

EFTPS is a service provided free by the U.S. Department of the Treasury that allows individual and business taxpayers to initiate all Federal tax payments using the Internet or phone. You can input your tax payments 24 hours a day, 7 days a week using a secure government website or an automated voice response phone system. Refer to Publication 4275, EFTPS Express Enrollment for New Businesses for additional information about EFTPS.

Page Last Reviewed or Updated: 03-Jan-2014

The 2010 Income Tax

2010 income tax Publication 530 - Main Content Table of Contents What You Can and Cannot DeductHardest Hit Fund and Emergency Homeowners' Loan Programs Real Estate Taxes Sales Taxes Home Mortgage Interest Mortgage Insurance Premiums Mortgage Interest CreditFiguring the Credit BasisFiguring Your Basis Adjusted Basis Keeping Records How To Get Tax HelpLow Income Taxpayer Clinics What You Can and Cannot Deduct To deduct expenses of owning a home, you must file Form 1040, U. 2010 income tax S. 2010 income tax Individual Income Tax Return, and itemize your deductions on Schedule A (Form 1040). 2010 income tax If you itemize, you cannot take the standard deduction. 2010 income tax This section explains what expenses you can deduct as a homeowner. 2010 income tax It also points out expenses that you cannot deduct. 2010 income tax There are four primary discussions: real estate taxes, sales taxes, home mortgage interest, and mortgage insurance premiums. 2010 income tax Generally, your real estate taxes, home mortgage interest, and mortgage insurance premiums are included in your house payment. 2010 income tax Your house payment. 2010 income tax   If you took out a mortgage (loan) to finance the purchase of your home, you probably have to make monthly house payments. 2010 income tax Your house payment may include several costs of owning a home. 2010 income tax The only costs you can deduct are real estate taxes actually paid to the taxing authority, interest that qualifies as home mortgage interest, and mortgage insurance premiums. 2010 income tax These are discussed in more detail later. 2010 income tax   Some nondeductible expenses that may be included in your house payment include: Fire or homeowner's insurance premiums, and The amount applied to reduce the principal of the mortgage. 2010 income tax Minister's or military housing allowance. 2010 income tax   If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you still can deduct your real estate taxes and your home mortgage interest. 2010 income tax You do not have to reduce your deductions by your nontaxable allowance. 2010 income tax For more information see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers, and Publication 3, Armed Forces' Tax Guide. 2010 income tax Nondeductible payments. 2010 income tax   You cannot deduct any of the following items. 2010 income tax Insurance (other than mortgage insurance premiums), including fire and comprehensive coverage, and title insurance. 2010 income tax Wages you pay for domestic help. 2010 income tax Depreciation. 2010 income tax The cost of utilities, such as gas, electricity, or water. 2010 income tax Most settlement costs. 2010 income tax See Settlement or closing costs under Cost as Basis, later, for more information. 2010 income tax Forfeited deposits, down payments, or earnest money. 2010 income tax Hardest Hit Fund and Emergency Homeowners' Loan Programs You can use a special method to compute your deduction for mortgage interest and real estate taxes on your main home if you meet the following two conditions. 2010 income tax You received assistance under: A State Housing Finance Agency (State HFA) Hardest Hit Fund program in which program payments could be used to pay mortgage interest, or An Emergency Homeowners' Loan Program administered by the Department of Housing and Urban Development (HUD) or a state. 2010 income tax You meet the rules to deduct all of the mortgage interest on your loan and all of the real estate taxes on your main home. 2010 income tax If you meet these tests, then you can deduct all of the payments you actually made during the year to your mortgage servicer, the State HFA, or HUD on the home mortgage (including the amount shown on box 3 of Form 1098-MA, Mortgage Assistance Payments), but not more than the sum of the amounts shown on Form 1098, Mortgage Interest Statement, in box 1 (mortgage interest received), box 4 (mortgage insurance premiums) and box 5 (real property taxes). 2010 income tax However, you are not required to use this special method to compute your deduction for mortgage interest and real estate taxes on your main home. 2010 income tax Real Estate Taxes Most state and local governments charge an annual tax on the value of real property. 2010 income tax This is called a real estate tax. 2010 income tax You can deduct the tax if it is assessed uniformly at a like rate on all real property throughout the community. 2010 income tax The proceeds must be for general community or governmental purposes and not be a payment for a special privilege granted or service rendered to you. 2010 income tax Deductible Real Estate Taxes You can deduct real estate taxes imposed on you. 2010 income tax You must have paid them either at settlement or closing, or to a taxing authority (either directly or through an escrow account) during the year. 2010 income tax If you own a cooperative apartment, see Special Rules for Cooperatives , later. 2010 income tax Where to deduct real estate taxes. 2010 income tax   Enter the amount of your deductible real estate taxes on Schedule A (Form 1040), line 6. 2010 income tax Real estate taxes paid at settlement or closing. 2010 income tax   Real estate taxes are generally divided so that you and the seller each pay taxes for the part of the property tax year you owned the home. 2010 income tax Your share of these taxes is fully deductible if you itemize your deductions. 2010 income tax Division of real estate taxes. 2010 income tax   For federal income tax purposes, the seller is treated as paying the property taxes up to, but not including, the date of sale. 2010 income tax You (the buyer) are treated as paying the taxes beginning with the date of sale. 2010 income tax This applies regardless of the lien dates under local law. 2010 income tax Generally, this information is included on the settlement statement you get at closing. 2010 income tax   You and the seller each are considered to have paid your own share of the taxes, even if one or the other paid the entire amount. 2010 income tax You each can deduct your own share, if you itemize deductions, for the year the property is sold. 2010 income tax Example. 2010 income tax You bought your home on September 1. 2010 income tax The property tax year (the period to which the tax relates) in your area is the calendar year. 2010 income tax The tax for the year was $730 and was due and paid by the seller on August 15. 2010 income tax You owned your new home during the property tax year for 122 days (September 1 to December 31, including your date of purchase). 2010 income tax You figure your deduction for real estate taxes on your home as follows. 2010 income tax 1. 2010 income tax Enter the total real estate taxes for the real property tax year $730 2. 2010 income tax Enter the number of days in the property tax year that you owned the property 122 3. 2010 income tax Divide line 2 by 365 . 2010 income tax 3342 4. 2010 income tax Multiply line 1 by line 3. 2010 income tax This is your deduction. 2010 income tax Enter it on Schedule A (Form 1040), line 6 $244   You can deduct $244 on your return for the year if you itemize your deductions. 2010 income tax You are considered to have paid this amount and can deduct it on your return even if, under the contract, you did not have to reimburse the seller. 2010 income tax Delinquent taxes. 2010 income tax   Delinquent taxes are unpaid taxes that were imposed on the seller for an earlier tax year. 2010 income tax If you agree to pay delinquent taxes when you buy your home, you cannot deduct them. 2010 income tax You treat them as part of the cost of your home. 2010 income tax See Real estate taxes , later, under Basis. 2010 income tax Escrow accounts. 2010 income tax   Many monthly house payments include an amount placed in escrow (put in the care of a third party) for real estate taxes. 2010 income tax You may not be able to deduct the total you pay into the escrow account. 2010 income tax You can deduct only the real estate taxes that the lender actually paid from escrow to the taxing authority. 2010 income tax Your real estate tax bill will show this amount. 2010 income tax Refund or rebate of real estate taxes. 2010 income tax   If you receive a refund or rebate of real estate taxes this year for amounts you paid this year, you must reduce your real estate tax deduction by the amount refunded to you. 2010 income tax If the refund or rebate was for real estate taxes paid for a prior year, you may have to include some or all of the refund in your income. 2010 income tax For more information, see Recoveries in Publication 525, Taxable and Nontaxable Income. 2010 income tax Items You Cannot Deduct as Real Estate Taxes The following items are not deductible as real estate taxes. 2010 income tax Charges for services. 2010 income tax   An itemized charge for services to specific property or people is not a tax, even if the charge is paid to the taxing authority. 2010 income tax You cannot deduct the charge as a real estate tax if it is: A unit fee for the delivery of a service (such as a $5 fee charged for every 1,000 gallons of water you use), A periodic charge for a residential service (such as a $20 per month or $240 annual fee charged for trash collection), or A flat fee charged for a single service provided by your local government (such as a $30 charge for mowing your lawn because it had grown higher than permitted under a local ordinance). 2010 income tax    You must look at your real estate tax bill to decide if any nondeductible itemized charges, such as those listed above, are included in the bill. 2010 income tax If your taxing authority (or lender) does not furnish you a copy of your real estate tax bill, ask for it. 2010 income tax Contact the taxing authority if you need additional information about a specific charge on your real estate tax bill. 2010 income tax Assessments for local benefits. 2010 income tax   You cannot deduct amounts you pay for local benefits that tend to increase the value of your property. 2010 income tax Local benefits include the construction of streets, sidewalks, or water and sewer systems. 2010 income tax You must add these amounts to the basis of your property. 2010 income tax   You can, however, deduct assessments (or taxes) for local benefits if they are for maintenance, repair, or interest charges related to those benefits. 2010 income tax An example is a charge to repair an existing sidewalk and any interest included in that charge. 2010 income tax   If only a part of the assessment is for maintenance, repair, or interest charges, you must be able to show the amount of that part to claim the deduction. 2010 income tax If you cannot show what part of the assessment is for maintenance, repair, or interest charges, you cannot deduct any of it. 2010 income tax   An assessment for a local benefit may be listed as an item in your real estate tax bill. 2010 income tax If so, use the rules in this section to find how much of it, if any, you can deduct. 2010 income tax Transfer taxes (or stamp taxes). 2010 income tax   You cannot deduct transfer taxes and similar taxes and charges on the sale of a personal home. 2010 income tax If you are the buyer and you pay them, include them in the cost basis of the property. 2010 income tax If you are the seller and you pay them, they are expenses of the sale and reduce the amount realized on the sale. 2010 income tax Homeowners association assessments. 2010 income tax   You cannot deduct these assessments because the homeowners association, rather than a state or local government, imposes them. 2010 income tax Special Rules for Cooperatives If you own a cooperative apartment, some special rules apply to you, though you generally receive the same tax treatment as other homeowners. 2010 income tax As an owner of a cooperative apartment, you own shares of stock in a corporation that owns or leases housing facilities. 2010 income tax You can deduct your share of the corporation's deductible real estate taxes if the cooperative housing corporation meets the following conditions: The corporation has only one class of stock outstanding, Each stockholder, solely because of ownership of the stock, can live in a house, apartment, or house trailer owned or leased by the corporation, No stockholder can receive any distribution out of capital, except on a partial or complete liquidation of the corporation, and At least one of the following: At least 80% of the corporation's gross income for the tax year was paid by the tenant-stockholders. 2010 income tax For this purpose, gross income means all income received during the entire tax year, including any received before the corporation changed to cooperative ownership. 2010 income tax At least 80% of the total square footage of the corporation's property must be available for use by the tenant-stockholders during the entire tax year. 2010 income tax At least 90% of the expenditures paid or incurred by the corporation were used for the acquisition, construction, management, maintenance, or care of the property for the benefit of the tenant-shareholders during the entire tax year. 2010 income tax Tenant-stockholders. 2010 income tax   A tenant-stockholder can be any entity (such as a corporation, trust, estate, partnership, or association) as well as an individual. 2010 income tax The tenant-stockholder does not have to live in any of the cooperative's dwelling units. 2010 income tax The units that the tenant-stockholder has the right to occupy can be rented to others. 2010 income tax Deductible taxes. 2010 income tax   You figure your share of real estate taxes in the following way. 2010 income tax Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. 2010 income tax Multiply the corporation's deductible real estate taxes by the number you figured in (1). 2010 income tax This is your share of the real estate taxes. 2010 income tax   Generally, the corporation will tell you your share of its real estate tax. 2010 income tax This is the amount you can deduct if it reasonably reflects the cost of real estate taxes for your dwelling unit. 2010 income tax Refund of real estate taxes. 2010 income tax   If the corporation receives a refund of real estate taxes it paid in an earlier year, it must reduce the amount of real estate taxes paid this year when it allocates the tax expense to you. 2010 income tax Your deduction for real estate taxes the corporation paid this year is reduced by your share of the refund the corporation received. 2010 income tax Sales Taxes Generally, you can elect to deduct state and local general sales taxes instead of state and local income taxes as an itemized deduction on Schedule A (Form 1040). 2010 income tax Deductible sales taxes may include sales taxes paid on your home (including mobile and prefabricated), or home building materials if the tax rate was the same as the general sales tax rate. 2010 income tax For information on figuring your deduction, see the Instructions for Schedule A (Form 1040). 2010 income tax If you elect to deduct the sales taxes paid on your home, or home building materials, you cannot include them as part of your cost basis in the home. 2010 income tax Home Mortgage Interest This section of the publication gives you basic information about home mortgage interest, including information on interest paid at settlement, points, and Form 1098, Mortgage Interest Statement. 2010 income tax Most home buyers take out a mortgage (loan) to buy their home. 2010 income tax They then make monthly payments to either the mortgage holder or someone collecting the payments for the mortgage holder. 2010 income tax Usually, you can deduct the entire part of your payment that is for mortgage interest, if you itemize your deductions on Schedule A (Form 1040). 2010 income tax However, your deduction may be limited if: Your total mortgage balance is more than $1 million ($500,000 if married filing separately), or You took out a mortgage for reasons other than to buy, build, or improve your home. 2010 income tax If either of these situations applies to you, see Publication 936 for more information. 2010 income tax Also see Publication 936 if you later refinance your mortgage or buy a second home. 2010 income tax Refund of home mortgage interest. 2010 income tax   If you receive a refund of home mortgage interest that you deducted in an earlier year and that reduced your tax, you generally must include the refund in income in the year you receive it. 2010 income tax For more information, see Recoveries in Publication 525. 2010 income tax The amount of the refund will usually be shown on the mortgage interest statement you receive from your mortgage lender. 2010 income tax See Mortgage Interest Statement , later. 2010 income tax Deductible Mortgage Interest To be deductible, the interest you pay must be on a loan secured by your main home or a second home. 2010 income tax The loan can be a first or second mortgage, a home improvement loan, or a home equity loan. 2010 income tax Prepaid interest. 2010 income tax   If you pay interest in advance for a period that goes beyond the end of the tax year, you must spread this interest over the tax years to which it applies. 2010 income tax Generally, you can deduct in each year only the interest that qualifies as home mortgage interest for that year. 2010 income tax An exception (discussed later) applies to points. 2010 income tax Late payment charge on mortgage payment. 2010 income tax   You can deduct as home mortgage interest a late payment charge if it was not for a specific service in connection with your mortgage loan. 2010 income tax Mortgage prepayment penalty. 2010 income tax   If you pay off your home mortgage early, you may have to pay a penalty. 2010 income tax You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan. 2010 income tax Ground rent. 2010 income tax   In some states (such as Maryland), you may buy your home subject to a ground rent. 2010 income tax A ground rent is an obligation you assume to pay a fixed amount per year on the property. 2010 income tax Under this arrangement, you are leasing (rather than buying) the land on which your home is located. 2010 income tax Redeemable ground rents. 2010 income tax   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct the payments as mortgage interest. 2010 income tax The ground rent is a redeemable ground rent only if all of the following are true. 2010 income tax Your lease, including renewal periods, is for more than 15 years. 2010 income tax You can freely assign the lease. 2010 income tax You have a present or future right (under state or local law) to end the lease and buy the lessor's entire interest in the land by paying a specified amount. 2010 income tax The lessor's interest in the land is primarily a security interest to protect the rental payments to which he or she is entitled. 2010 income tax   Payments made to end the lease and buy the lessor's entire interest in the land are not redeemable ground rents. 2010 income tax You cannot deduct them. 2010 income tax Nonredeemable ground rents. 2010 income tax   Payments on a nonredeemable ground rent are not mortgage interest. 2010 income tax You can deduct them as rent only if they are a business expense or if they are for rental property. 2010 income tax Cooperative apartment. 2010 income tax   You can usually treat the interest on a loan you took out to buy stock in a cooperative housing corporation as home mortgage interest if you own a cooperative apartment, and the cooperative housing corporation meets the conditions described earlier under Special Rules for Cooperatives . 2010 income tax In addition, you can treat as home mortgage interest your share of the corporation's deductible mortgage interest. 2010 income tax Figure your share of mortgage interest the same way that is shown for figuring your share of real estate taxes in the Example under Division of real estate taxes, earlier. 2010 income tax For more information on cooperatives, see Special Rule for Tenant-Stockholders in Cooperative Housing Corporations in Publication 936. 2010 income tax Refund of cooperative's mortgage interest. 2010 income tax   You must reduce your mortgage interest deduction by your share of any cash portion of a patronage dividend that the cooperative receives. 2010 income tax The patronage dividend is a partial refund to the cooperative housing corporation of mortgage interest it paid in a prior year. 2010 income tax   If you receive a Form 1098 from the cooperative housing corporation, the form should show only the amount you can deduct. 2010 income tax Mortgage Interest Paid at Settlement One item that normally appears on a settlement or closing statement is home mortgage interest. 2010 income tax You can deduct the interest that you pay at settlement if you itemize your deductions on Schedule A (Form 1040). 2010 income tax This amount should be included in the mortgage interest statement provided by your lender. 2010 income tax See the discussion under Mortgage Interest Statement , later. 2010 income tax Also, if you pay interest in advance, see Prepaid interest , earlier, and Points , next. 2010 income tax Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. 2010 income tax Points also may be called loan origination fees, maximum loan charges, loan discount, or discount points. 2010 income tax A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. 2010 income tax See Points paid by the seller , later. 2010 income tax General rule. 2010 income tax   You cannot deduct the full amount of points in the year paid. 2010 income tax They are prepaid interest, so you generally must deduct them over the life (term) of the mortgage. 2010 income tax Exception. 2010 income tax   You can deduct the full amount of points in the year paid if you meet all the following tests. 2010 income tax Your loan is secured by your main home. 2010 income tax (Generally, your main home is the one you live in most of the time. 2010 income tax ) Paying points is an established business practice in the area where the loan was made. 2010 income tax The points paid were not more than the points generally charged in that area. 2010 income tax You use the cash method of accounting. 2010 income tax This means you report income in the year you receive it and deduct expenses in the year you pay them. 2010 income tax Most individuals use this method. 2010 income tax The points were not paid in place of amounts that ordinarily are stated separately on the settlement statement, such as appraisal fees, inspection fees, title fees, attorney fees, and property taxes. 2010 income tax The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. 2010 income tax The funds you provided are not required to have been applied to the points. 2010 income tax They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. 2010 income tax You cannot have borrowed these funds. 2010 income tax You use your loan to buy or build your main home. 2010 income tax The points were computed as a percentage of the principal amount of the mortgage. 2010 income tax The amount is clearly shown on the settlement statement (such as the Uniform Settlement Statement, Form HUD-1) as points charged for the mortgage. 2010 income tax The points may be shown as paid from either your funds or the seller's. 2010 income tax Note. 2010 income tax If you meet all of the tests listed above and you itemize your deductions in the year you get the loan, you can either deduct the full amount of points in the year paid or deduct them over the life of the loan, beginning in the year you get the loan. 2010 income tax If you do not itemize your deductions in the year you get the loan, you can spread the points over the life of the loan and deduct the appropriate amount in each future year, if any, when you do itemize your deductions. 2010 income tax Home improvement loan. 2010 income tax   You can also fully deduct in the year paid points paid on a loan to improve your main home, if you meet the first six tests listed earlier. 2010 income tax Refinanced loan. 2010 income tax   If you use part of the refinanced mortgage proceeds to improve your main home and you meet the first six tests listed earlier, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. 2010 income tax You can deduct the rest of the points over the life of the loan. 2010 income tax Points not fully deductible in year paid. 2010 income tax    If you do not qualify under the exception to deduct the full amount of points in the year paid (or choose not to do so), see Points in Publication 936 for the rules on when and how much you can deduct. 2010 income tax Figure A. 2010 income tax   You can use Figure A, next, as a quick guide to see whether your points are fully deductible in the year paid. 2010 income tax    Please click here for the text description of the image. 2010 income tax Figure A. 2010 income tax Are my points fully deductible this year? Amounts charged for services. 2010 income tax   Amounts charged by the lender for specific services connected to the loan are not interest. 2010 income tax Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. 2010 income tax You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. 2010 income tax For information about the tax treatment of these amounts and other settlement fees and closing costs, see Basis , later. 2010 income tax Points paid by the seller. 2010 income tax   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. 2010 income tax Treatment by seller. 2010 income tax   The seller cannot deduct these fees as interest. 2010 income tax However, they are a selling expense that reduces the seller's amount realized. 2010 income tax See Publication 523 for more information. 2010 income tax Treatment by buyer. 2010 income tax   The buyer treats seller-paid points as if he or she had paid them. 2010 income tax If all the tests listed earlier under Exception are met, the buyer can deduct the points in the year paid. 2010 income tax If any of those tests are not met, the buyer must deduct the points over the life of the loan. 2010 income tax   The buyer must also reduce the basis of the home by the amount of the seller-paid points. 2010 income tax For more information about the basis of your home, see Basis , later. 2010 income tax Funds provided are less than points. 2010 income tax   If you meet all the tests listed earlier under Exception except that the funds you provided were less than the points charged to you (test 6), you can deduct the points in the year paid up to the amount of funds you provided. 2010 income tax In addition, you can deduct any points paid by the seller. 2010 income tax Example 1. 2010 income tax When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). 2010 income tax You meet all the tests for deducting points in the year paid (see Exception , earlier), except the only funds you provided were a $750 down payment. 2010 income tax Of the $1,000 you were charged for points, you can deduct $750 in the year paid. 2010 income tax You spread the remaining $250 over the life of the mortgage. 2010 income tax Example 2. 2010 income tax The facts are the same as in Example 1 , except that the person who sold you your home also paid one point ($1,000) to help you get your mortgage. 2010 income tax In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). 2010 income tax You spread the remaining $250 over the life of the mortgage. 2010 income tax You must reduce the basis of your home by the $1,000 paid by the seller. 2010 income tax Excess points. 2010 income tax   If you meet all the tests under Exception , earlier, except that the points paid were more than are generally charged in your area (test 3), you can deduct in the year paid only the points that are generally charged. 2010 income tax You must spread any additional points over the life of the mortgage. 2010 income tax Mortgage ending early. 2010 income tax   If you spread your deduction for points over the life of the mortgage, you can deduct any remaining balance in the year the mortgage ends. 2010 income tax A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. 2010 income tax Example. 2010 income tax Dan paid $3,000 in points in 2006 that he had to spread out over the 15-year life of the mortgage. 2010 income tax He had deducted $1,400 of these points through 2012. 2010 income tax Dan prepaid his mortgage in full in 2013. 2010 income tax He can deduct the remaining $1,600 of points in 2013. 2010 income tax Exception. 2010 income tax   If you refinance the mortgage with the same lender, you cannot deduct any remaining points for the year. 2010 income tax Instead, deduct them over the term of the new loan. 2010 income tax Form 1098. 2010 income tax   The mortgage interest statement you receive should show not only the total interest paid during the year, but also your deductible points paid during the year. 2010 income tax See Mortgage Interest Statement , later. 2010 income tax Where To Deduct Home Mortgage Interest Enter on Schedule A (Form 1040), line 10, the home mortgage interest and points reported to you on Form 1098 (discussed next). 2010 income tax If you did not receive a Form 1098, enter your deductible interest on line 11, and any deductible points on line 12. 2010 income tax See Table 1 below for a summary of where to deduct home mortgage interest and real estate taxes. 2010 income tax If you paid home mortgage interest to the person from whom you bought your home, show that person's name, address, and social security number (SSN) or employer identification number (EIN) on the dotted lines next to line 11. 2010 income tax The seller must give you this number and you must give the seller your SSN. 2010 income tax Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. 2010 income tax Failure to meet either of these requirements may result in a $50 penalty for each failure. 2010 income tax Table 1. 2010 income tax Where To Deduct Interest and Taxes Paid on Your Home See the text for information on what expenses are eligible. 2010 income tax IF you are eligible to deduct . 2010 income tax . 2010 income tax . 2010 income tax THEN report the amount  on Schedule A (Form 1040) . 2010 income tax . 2010 income tax . 2010 income tax real estate taxes line 6. 2010 income tax home mortgage interest and points reported on Form 1098 line 10. 2010 income tax home mortgage interest not reported on  Form 1098 line 11. 2010 income tax points not reported on Form 1098 line 12. 2010 income tax qualified mortgage insurance premiums line 13. 2010 income tax Mortgage Interest Statement If you paid $600 or more of mortgage interest (including certain points and mortgage insurance premiums) during the year on any one mortgage to a mortgage holder in the course of that holder's trade or business, you should receive a Form 1098 or similar statement from the mortgage holder. 2010 income tax The statement will show the total interest paid on your mortgage during the year. 2010 income tax If you bought a main home during the year, it also will show the deductible points you paid and any points you can deduct that were paid by the person who sold you your home. 2010 income tax See Points , earlier. 2010 income tax The interest you paid at settlement should be included on the statement. 2010 income tax If it is not, add the interest from the settlement sheet that qualifies as home mortgage interest to the total shown on Form 1098 or similar statement. 2010 income tax Put the total on Schedule A (Form 1040), line 10, and attach a statement to your return explaining the difference. 2010 income tax Write “See attached” to the right of line 10. 2010 income tax A mortgage holder can be a financial institution, a governmental unit, or a cooperative housing corporation. 2010 income tax If a statement comes from a cooperative housing corporation, it generally will show your share of interest. 2010 income tax Your mortgage interest statement for 2013 should be provided or sent to you by January 31, 2014. 2010 income tax If it is mailed, you should allow adequate time to receive it before contacting the mortgage holder. 2010 income tax A copy of this form will be sent to the IRS also. 2010 income tax Example. 2010 income tax You bought a new home on May 3. 2010 income tax You paid no points on the purchase. 2010 income tax During the year, you made mortgage payments which included $4,480 deductible interest on your new home. 2010 income tax The settlement sheet for the purchase of the home included interest of $620 for 29 days in May. 2010 income tax The mortgage statement you receive from the lender includes total interest of $5,100 ($4,480 + $620). 2010 income tax You can deduct the $5,100 if you itemize your deductions. 2010 income tax Refund of overpaid interest. 2010 income tax   If you receive a refund of mortgage interest you overpaid in a prior year, you generally will receive a Form 1098 showing the refund in box 3. 2010 income tax Generally, you must include the refund in income in the year you receive it. 2010 income tax See Refund of home mortgage interest , earlier, under Home Mortgage Interest. 2010 income tax More than one borrower. 2010 income tax   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 a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. 2010 income tax Show how much of the interest each of you paid, and give the name and address of the person who received the form. 2010 income tax Deduct your share of the interest on Schedule A (Form 1040), line 11, and write “See attached” to the right of that line. 2010 income tax Mortgage Insurance Premiums You may be able to take an itemized deduction on Schedule A (Form 1040), line 13, for premiums you pay or accrue during 2013 for qualified mortgage insurance in connection with home acquisition debt on your qualified home. 2010 income tax Mortgage insurance premiums you paid or accrued on any mortgage insurance contract issued before January 1, 2007, are not deductible as an itemized deduction. 2010 income tax Qualified Mortgage Insurance Qualified mortgage insurance is mortgage insurance provided by the Veterans Administration, the Federal Housing Administration, or the Rural Housing Administration, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006). 2010 income tax Prepaid mortgage insurance premiums. 2010 income tax   If you paid premiums that are allocable to periods after 2013, you must allocate them over the shorter of: The stated term of the mortgage, or 84 months, beginning with the month the insurance was obtained. 2010 income tax The premiums are treated as paid in the year to which they were allocated. 2010 income tax If the mortgage is satisfied before its term, no deduction is allowed for the unamortized balance. 2010 income tax See Publication 936 for details. 2010 income tax Exception for certain mortgage insurance. 2010 income tax   The allocation rules, explained above, do not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or Rural Housing Service. 2010 income tax Home Acquisition Debt Home acquisition debt is a mortgage you took out after October 13, 1987, to buy, build, or substantially improve a qualified home. 2010 income tax It also must be secured by that home. 2010 income tax If the amount of your mortgage is more than the cost of the home plus the cost of any substantial improvements, only the debt that is not more than the cost of the home plus improvements qualifies as home acquisition debt. 2010 income tax Home acquisition debt limit. 2010 income tax   The total amount you can treat as home acquisition debt at any time on your home cannot be more than $1 million ($500,000 if married filing separately). 2010 income tax Discharges of qualified principal residence indebtedness. 2010 income tax   You can exclude from gross income any discharges of qualified principal residence indebtedness made after 2006 and before 2014. 2010 income tax You must reduce the basis of your principal residence (but not below zero) by the amount you exclude. 2010 income tax Principal residence. 2010 income tax   Your principal residence is the home where you ordinarily live most of the time. 2010 income tax You can have only one principal residence at any one time. 2010 income tax Qualified principal residence indebtedness. 2010 income tax   This is a mortgage that you took out to buy, build, or substantially improve your principal residence and that is secured by that residence. 2010 income tax If the amount of your original mortgage is more than the cost of your principal residence plus the cost of substantial improvements, qualified principal residence indebtedness cannot be more than the cost of your principal residence plus improvements. 2010 income tax   Any debt secured by your principal residence that you use to refinance qualified principal residence indebtedness is qualified principal residence indebtedness up to the amount of your old mortgage principal just before the refinancing. 2010 income tax Additional debt incurred to substantially improve your principal residence is also qualified principal residence indebtedness. 2010 income tax Amount you can exclude. 2010 income tax   You can only exclude debt discharged after 2006 and before 2014. 2010 income tax The most you can exclude is $2 million ($1 million if married filing separately). 2010 income tax You cannot exclude any amount that was discharged because of services performed for the lender or on account of any other factor not directly related either to a decline in the value of your residence or to your financial condition. 2010 income tax Ordering rule. 2010 income tax   If only a part of a loan is qualified principal residence indebtedness, you can exclude only the amount of the discharge that is more than the amount of the loan (immediately before the discharge) that is not qualified principal residence indebtedness. 2010 income tax Qualified Home This means your main home or your second home. 2010 income tax A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities. 2010 income tax Main home. 2010 income tax   You can have only one main home at any one time. 2010 income tax This is the home where you ordinarily live most of the time. 2010 income tax Second home and other special situations. 2010 income tax   If you have a second home, use part of your home for other than residential living (such as a home office), rent out part of your home, or are having your home constructed, see Qualified Home in Publication 936. 2010 income tax Limit on Deduction If your adjusted gross income (AGI) on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are deductible is reduced and may be eliminated. 2010 income tax See Line 13 in the instructions for Schedule A (Form 1040) and complete the Mortgage Insurance Premiums Deduction Worksheet to figure the amount you can deduct. 2010 income tax If your AGI is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. 2010 income tax Form 1098. 2010 income tax   The amount of mortgage insurance premiums you paid during 2013 should be reported in box 4. 2010 income tax See Form 1098, Mortgage Interest Statement in Publication 936. 2010 income tax Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals afford home ownership. 2010 income tax If you qualify, you can claim the credit on Form 8396 each year for part of the home mortgage interest you pay. 2010 income tax Who qualifies. 2010 income tax   You may be eligible for the credit if you were issued a qualified Mortgage Credit Certificate (MCC) from your state or local government. 2010 income tax Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. 2010 income tax The MCC will show the certificate credit rate you will use to figure your credit. 2010 income tax It also will show the certified indebtedness amount. 2010 income tax Only the interest on that amount qualifies for the credit. 2010 income tax See Figuring the Credit , later. 2010 income tax You must contact the appropriate government agency about getting an MCC before you get a mortgage and buy your home. 2010 income tax Contact your state or local housing finance agency for information about the availability of MCCs in your area. 2010 income tax How to claim the credit. 2010 income tax   To claim the credit, complete Form 8396 and attach it to your Form 1040 or Form 1040NR, U. 2010 income tax S. 2010 income tax Nonresident Alien Income Tax Return. 2010 income tax Include the credit in your total for Form 1040, line 53, or Form 1040NR, line 50; be sure to check box c and write “Form 8396” on that line. 2010 income tax Reducing your home mortgage interest deduction. 2010 income tax   If you itemize your deductions on Schedule A (Form 1040), you must reduce your home mortgage interest deduction by the amount of the mortgage interest credit shown on Form 8396, line 3. 2010 income tax You must do this even if part of that amount is to be carried forward to 2014. 2010 income tax Selling your home. 2010 income tax   If you purchase a home after 1990 using an MCC, and you sell that home within 9 years, you may have to recapture (repay) all or part of the benefit you received from the MCC program. 2010 income tax For additional information, see Recapturing (Paying Back) a Federal Mortgage Subsidy, in Publication 523. 2010 income tax Figuring the Credit Figure your credit on Form 8396. 2010 income tax Mortgage not more than certified indebtedness. 2010 income tax   If your mortgage loan amount is equal to (or smaller than) the certified indebtedness amount shown on your MCC, enter on Form 8396, line 1, all the interest you paid on your mortgage during the year. 2010 income tax Mortgage more than certified indebtedness. 2010 income tax   If your mortgage loan amount is larger than the certified indebtedness amount shown on your MCC, you can figure the credit on only part of the interest you paid. 2010 income tax To find the amount to enter on line 1, multiply the total interest you paid during the year on your mortgage by the following fraction. 2010 income tax Certified indebtedness amount on your MCC Original amount of your mortgage   The fraction will not change as long as you are entitled to take the mortgage interest credit. 2010 income tax Example. 2010 income tax Emily bought a home this year. 2010 income tax Her mortgage loan is $125,000. 2010 income tax The certified indebtedness amount on her MCC is $100,000. 2010 income tax She paid $7,500 interest this year. 2010 income tax Emily figures the interest to enter on Form 8396, line 1, as follows:   $100,000 = 80% (. 2010 income tax 80)       $125,000       $7,500 x . 2010 income tax 80 = $6,000   Emily enters $6,000 on Form 8396, line 1. 2010 income tax In each later year, she will figure her credit using only 80% of the interest she pays for that year. 2010 income tax Limits Two limits may apply to your credit. 2010 income tax A limit based on the credit rate, and A limit based on your tax. 2010 income tax Limit based on credit rate. 2010 income tax   If the certificate credit rate is higher than 20%, the credit you are allowed cannot be more than $2,000. 2010 income tax Limit based on tax. 2010 income tax   After applying the limit based on the credit rate, your credit generally cannot be more than your tax liability. 2010 income tax See the Credit Limit Worksheet in the Form 8396 instructions to calculate the limit based on tax. 2010 income tax Dividing the Credit If two or more persons (other than a married couple filing a joint return) hold an interest in the home to which the MCC relates, the credit must be divided based on the interest held by each person. 2010 income tax Example. 2010 income tax John and his brother, George, were issued an MCC. 2010 income tax They used it to get a mortgage on their main home. 2010 income tax John has a 60% ownership interest in the home, and George has a 40% ownership interest in the home. 2010 income tax John paid $5,400 mortgage interest this year and George paid $3,600. 2010 income tax The MCC shows a credit rate of 25% and a certified indebtedness amount of $130,000. 2010 income tax The loan amount (mortgage) on their home is $120,000. 2010 income tax The credit is limited to $2,000 because the credit rate is more than 20%. 2010 income tax John figures the credit by multiplying the mortgage interest he paid this year ($5,400) by the certificate credit rate (25%) for a total of $1,350. 2010 income tax His credit is limited to $1,200 ($2,000 × 60%). 2010 income tax George figures the credit by multiplying the mortgage interest he paid this year ($3,600) by the certificate credit rate (25%) for a total of $900. 2010 income tax His credit is limited to $800 ($2,000 × 40%). 2010 income tax Carryforward If your allowable credit is reduced because of the limit based on your tax, you can carry forward the unused portion of the credit to the next 3 years or until used, whichever comes first. 2010 income tax Example. 2010 income tax You receive a mortgage credit certificate from State X. 2010 income tax This year, your regular tax liability is $1,100, you owe no alternative minimum tax, and your mortgage interest credit is $1,700. 2010 income tax You claim no other credits. 2010 income tax Your unused mortgage interest credit for this year is $600 ($1,700 − $1,100). 2010 income tax You can carry forward this amount to the next 3 years or until used, whichever comes first. 2010 income tax Credit rate more than 20%. 2010 income tax   If you are subject to the $2,000 limit because your certificate credit rate is more than 20%, you cannot carry forward any amount more than $2,000 (or your share of the $2,000 if you must divide the credit). 2010 income tax Example. 2010 income tax In the earlier example under Dividing the Credit , John and George used the entire $2,000 credit. 2010 income tax The excess   John $1,350 − $1,200 = $150     George $900 − $800 = $100   $150 for John ($1,350 − $1,200) and $100 for George ($900 − $800) cannot be carried forward to future years, despite the respective tax liabilities for John and George. 2010 income tax Refinancing If you refinance your original mortgage loan on which you had been given an MCC, you must get a new MCC to be able to claim the credit on the new loan. 2010 income tax The amount of credit you can claim on the new loan may change. 2010 income tax Table 2 below summarizes how to figure your credit if you refinance your original mortgage loan. 2010 income tax Table 2. 2010 income tax Effect of Refinancing on Your Credit IF you get a new (reissued) MCC and the amount of your new mortgage is . 2010 income tax . 2010 income tax . 2010 income tax THEN the interest you claim on Form 8396, line 1, is* . 2010 income tax . 2010 income tax . 2010 income tax smaller than or equal to the certified indebtedness amount on the new MCC all the interest paid during the year on your new mortgage. 2010 income tax larger than the certified indebtedness amount on the new MCC interest paid during the year on your new mortgage multiplied by the following fraction. 2010 income tax         certified indebtedness  amount on your new MCC       original amount of your  mortgage   *The credit using the new MCC cannot be more than the credit using the old MCC. 2010 income tax  See New MCC cannot increase your credit above. 2010 income tax An issuer may reissue an MCC after you refinance your mortgage. 2010 income tax If you did not get a new MCC, you may want to contact the state or local housing finance agency that issued your original MCC for information about whether you can get a reissued MCC. 2010 income tax Year of refinancing. 2010 income tax   In the year of refinancing, add the applicable amount of interest paid on the old mortgage and the applicable amount of interest paid on the new mortgage, and enter the total on Form 8396, line 1. 2010 income tax   If your new MCC has a credit rate different from the rate on the old MCC, you must attach a statement to Form 8396. 2010 income tax The statement must show the calculation for lines 1, 2, and 3 for the part of the year when the old MCC was in effect. 2010 income tax It must show a separate calculation for the part of the year when the new MCC was in effect. 2010 income tax Combine the amounts from both calculations for line 3, enter the total on line 3 of the form, and write “See attached” on the dotted line next to line 2. 2010 income tax New MCC cannot increase your credit. 2010 income tax   The credit that you claim with your new MCC cannot be more than the credit that you could have claimed with your old MCC. 2010 income tax   In most cases, the agency that issues your new MCC will make sure that it does not increase your credit. 2010 income tax However, if either your old loan or your new loan has a variable (adjustable) interest rate, you will need to check this yourself. 2010 income tax In that case, you will need to know the amount of the credit you could have claimed using the old MCC. 2010 income tax   There are two methods for figuring the credit you could have claimed. 2010 income tax Under one method, you figure the actual credit that would have been allowed. 2010 income tax This means you use the credit rate on the old MCC and the interest you would have paid on the old loan. 2010 income tax   If your old loan was a variable rate mortgage, you can use another method to determine the credit that you could have claimed. 2010 income tax Under this method, you figure the credit using a payment schedule of a hypothetical self-amortizing mortgage with level payments projected to the final maturity date of the old mortgage. 2010 income tax The interest rate of the hypothetical mortgage is the annual percentage rate (APR) of the new mortgage for purposes of the Federal Truth in Lending Act. 2010 income tax The principal of the hypothetical mortgage is the remaining outstanding balance of the certified mortgage indebtedness shown on the old MCC. 2010 income tax    You must choose one method and use it consistently beginning with the first tax year for which you claim the credit based on the new MCC. 2010 income tax    As part of your tax records, you should keep your old MCC and the schedule of payments for your old mortgage. 2010 income tax Basis Basis is your starting point for figuring a gain or loss if you later sell your home, or for figuring depreciation if you later use part of your home for business purposes or for rent. 2010 income tax While you own your home, you may add certain items to your basis. 2010 income tax You may subtract certain other items from your basis. 2010 income tax These items are called adjustments to basis and are explained later under Adjusted Basis . 2010 income tax It is important that you understand these terms when you first acquire your home because you must keep track of your basis and adjusted basis during the period you own your home. 2010 income tax You also must keep records of the events that affect basis or adjusted basis. 2010 income tax See Keeping Records , below. 2010 income tax Figuring Your Basis How you figure your basis depends on how you acquire your home. 2010 income tax If you buy or build your home, your cost is your basis. 2010 income tax If you receive your home as a gift, your basis is usually the same as the adjusted basis of the person who gave you the property. 2010 income tax If you inherit your home from a decedent, different rules apply depending on the date of the decedent's death. 2010 income tax Each of these topics is discussed later. 2010 income tax Property transferred from a spouse. 2010 income tax   If your home is transferred to you from your spouse, or from your former spouse as a result of a divorce, your basis is the same as your spouse's (or former spouse's) adjusted basis just before the transfer. 2010 income tax Publication 504, Divorced or Separated Individuals, fully discusses transfers between spouses. 2010 income tax Cost as Basis The cost of your home, whether you purchased it or constructed it, is the amount you paid for it, including any debt you assumed. 2010 income tax The cost of your home includes most settlement or closing costs you paid when you bought the home. 2010 income tax If you built your home, your cost includes most closing costs paid when you bought the land or settled on your mortgage. 2010 income tax See Settlement or closing costs , later. 2010 income tax If you elect to deduct the sales taxes on the purchase or construction of your home as an itemized deduction on Schedule A (Form 1040), you cannot include the sales taxes as part of your cost basis in the home. 2010 income tax Purchase. 2010 income tax   The basis of a home you bought is the amount you paid for it. 2010 income tax This usually includes your down payment and any debt you assumed. 2010 income tax The basis of a cooperative apartment is the amount you paid for your shares in the corporation that owns or controls the property. 2010 income tax This amount includes any purchase commissions or other costs of acquiring the shares. 2010 income tax Construction. 2010 income tax   If you contracted to have your home built on land that you own, your basis in the home is your basis in the land plus the amount you paid to have the home built. 2010 income tax This includes the cost of labor and materials, the amount you paid the contractor, any architect's fees, building permit charges, utility meter and connection charges, and legal fees that are directly connected with building your home. 2010 income tax If you built all or part of your home yourself, your basis is the total amount it cost you to build it. 2010 income tax You cannot include in basis the value of your own labor or any other labor for which you did not pay. 2010 income tax Real estate taxes. 2010 income tax   Real estate taxes are usually divided so that you and the seller each pay taxes for the part of the property tax year that each owned the home. 2010 income tax See the earlier discussion of Real estate taxes paid at settlement or closing , under Real Estate Taxes, earlier, to figure the real estate taxes you paid or are considered to have paid. 2010 income tax   If you pay any part of the seller's share of the real estate taxes (the taxes up to the date of sale), and the seller did not reimburse you, add those taxes to your basis in the home. 2010 income tax You cannot deduct them as taxes paid. 2010 income tax   If the seller paid any of your share of the real estate taxes (the taxes beginning with the date of sale), you can still deduct those taxes. 2010 income tax Do not include those taxes in your basis. 2010 income tax If you did not reimburse the seller, you must reduce your basis by the amount of those taxes. 2010 income tax Example 1. 2010 income tax You bought your home on September 1. 2010 income tax The property tax year in your area is the calendar year, and the tax is due on August 15. 2010 income tax The real estate taxes on the home you bought were $1,275 for the year and had been paid by the seller on August 15. 2010 income tax You did not reimburse the seller for your share of the real estate taxes from September 1 through December 31. 2010 income tax You must reduce the basis of your home by the $426 [(122 ÷ 365) × $1,275] the seller paid for you. 2010 income tax You can deduct your $426 share of real estate taxes on your return for the year you purchased your home. 2010 income tax Example 2. 2010 income tax You bought your home on May 3, 2013. 2010 income tax The property tax year in your area is the calendar year. 2010 income tax The taxes for the previous year are assessed on January 2 and are due on May 31 and November 30. 2010 income tax Under state law, the taxes become a lien on May 31. 2010 income tax You agreed to pay all taxes due after the date of sale. 2010 income tax The taxes due in 2013 for 2012 were $1,375. 2010 income tax The taxes due in 2014 for 2013 will be $1,425. 2010 income tax You cannot deduct any of the taxes paid in 2013 because they relate to the 2012 property tax year and you did not own the home until 2013. 2010 income tax Instead, you add the $1,375 to the cost (basis) of your home. 2010 income tax You owned the home in 2013 for 243 days (May 3 to December 31), so you can take a tax deduction on your 2014 return of $949 [(243 ÷ 365) × $1,425] paid in 2014 for 2013. 2010 income tax You add the remaining $476 ($1,425 − $949) of taxes paid in 2014 to the cost (basis) of your home. 2010 income tax Settlement or closing costs. 2010 income tax   If you bought your home, you probably paid settlement or closing costs in addition to the contract price. 2010 income tax These costs are divided between you and the seller according to the sales contract, local custom, or understanding of the parties. 2010 income tax If you built your home, you probably paid these costs when you bought the land or settled on your mortgage. 2010 income tax   The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. 2010 income tax You deduct them in the year you buy your home if you itemize your deductions. 2010 income tax You can add certain other settlement or closing costs to the basis of your home. 2010 income tax Items added to basis. 2010 income tax   You can include in your basis the settlement fees and closing costs you paid for buying your home. 2010 income tax A fee is for buying the home if you would have had to pay it even if you paid cash for the home. 2010 income tax   The following are some of the settlement fees and closing costs that you can include in the original basis of your home. 2010 income tax Abstract fees (abstract of title fees). 2010 income tax Charges for installing utility services. 2010 income tax Legal fees (including fees for the title search and preparation of the sales contract and deed). 2010 income tax Recording fees. 2010 income tax Surveys. 2010 income tax Transfer or stamp taxes. 2010 income tax Owner's title insurance. 2010 income tax Any amount the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, cost for improvements or repairs, and sales commissions. 2010 income tax   If the seller actually paid for any item for which you are liable and for which you can take a deduction (such as your share of the real estate taxes for the year of sale), you must reduce your basis by that amount unless you are charged for it in the settlement. 2010 income tax Items not added to basis and not deductible. 2010 income tax   Here are some settlement and closing costs that you cannot deduct or add to your basis. 2010 income tax Fire insurance premiums. 2010 income tax Charges for using utilities or other services related to occupancy of the home before closing. 2010 income tax Rent for occupying the home before closing. 2010 income tax Charges connected with getting or refinancing a mortgage loan, such as: Loan assumption fees, Cost of a credit report, and Fee for an appraisal required by a lender. 2010 income tax Points paid by seller. 2010 income tax   If you bought your home after April 3, 1994, you must reduce your basis by any points paid for your mortgage by the person who sold you your home. 2010 income tax   If you bought your home after 1990 but before April 4, 1994, you must reduce your basis by seller-paid points only if you deducted them. 2010 income tax See Points , earlier, for the rules on deducting points. 2010 income tax Gift To figure the basis of property you receive as a gift, you must know its adjusted basis (defined later) to the donor just before it was given to you, its fair market value (FMV) at the time it was given to you, and any gift tax paid on it. 2010 income tax Fair market value. 2010 income tax   Fair market value (FMV) is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and who both have a reasonable knowledge of all the necessary facts. 2010 income tax Donor's adjusted basis is more than FMV. 2010 income tax   If someone gave you your home and the donor's adjusted basis, when it was given to you, was more than the FMV, your basis at the time of receipt is the same as the donor's adjusted basis. 2010 income tax Disposition basis. 2010 income tax   If the donor's adjusted basis at the time of the gift is more than the FMV, your basis (plus or minus any required adjustments, see Adjusted Basis , later) when you dispose of the property will depend on whether you have a gain or a loss. 2010 income tax Your basis for figuring a gain is the same as the donor's adjusted basis. 2010 income tax Your basis for figuring a loss is the FMV when you received the gift. 2010 income tax If you use the donor's adjusted basis to figure a gain and it results in a loss, then you must use the FMV (at the time of the gift) to refigure the loss. 2010 income tax However, if using the FMV results in a gain, then you neither have a gain nor a loss. 2010 income tax Example 1. 2010 income tax Andrew received a house as a gift from Ishmael (the donor). 2010 income tax At the time of the gift, the home had an FMV of $80,000. 2010 income tax Ishmael's adjusted basis was $100,000. 2010 income tax After he received the house, no events occurred to increase or decrease the basis. 2010 income tax If Andrew sells the house for $120,000, he will have a $20,000 gain because he must use the donor's adjusted basis ($100,000) at the time of the gift as his basis to figure the gain. 2010 income tax Example 2. 2010 income tax Same facts as Example 1 , except this time Andrew sells the house for $70,000. 2010 income tax He will have a loss of $10,000 because he must use the FMV ($80,000) at the time of the gift as his basis to figure the loss. 2010 income tax Example 3. 2010 income tax Same facts as Example 1 , except this time Andrew sells the house for $90,000. 2010 income tax Initially, he figures the gain using Ishmael's adjusted basis ($100,000), which results in a loss of $10,000. 2010 income tax Since it is a loss, Andrew must now recalculate the loss using the FMV ($80,000), which results in a gain of $10,000. 2010 income tax So in this situation, Andrew will neither have a gain nor a loss. 2010 income tax Donor's adjusted basis equal to or less than the FMV. 2010 income tax   If someone gave you your home after 1976 and the donor's adjusted basis, when it was given to you, was equal to or less than the FMV, your basis at the time of receipt is the same as the donor's adjusted basis, plus the part of any federal gift tax paid that is due to the net increase in value of the home. 2010 income tax Part of federal gift tax due to net increase in value. 2010 income tax   Figure the part of the federal gift tax paid that is due to the net increase in value of the home by multiplying the total federal gift tax paid by a fraction. 2010 income tax The numerator (top part) of the fraction is the net increase in the value of the home, and the denominator (bottom part) is the value of the home for gift tax purposes after reduction for any annual exclusion and marital or charitable deduction that applies to the gift. 2010 income tax The net increase in the value of the home is its FMV minus the adjusted basis of the donor. 2010 income tax Publication 551 gives more information, including examples, on figuring your basis when you receive property as a gift. 2010 income tax Inheritance Your basis in a home you inherited is generally the fair market value of the home on the date of the decedent's death or on the alternative valuation date if the personal representative for the estate chooses to use alternative valuation. 2010 income tax If an estate tax return was filed, your basis is generally the value of the home listed on the estate tax return. 2010 income tax If an estate tax return was not filed, your basis is the appraised value of the home at the decedent's date of death for state inheritance or transmission taxes. 2010 income tax Publication 551 and Publication 559, Survivors, Executors, and Administrators, have more information on the basis of inherited property. 2010 income tax If you inherited your home from someone who died in 2010, and the executor of the decedent's estate made the election to file Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. 2010 income tax Adjusted Basis While you own your home, various events may take place that can change the original basis of your home. 2010 income tax These events can increase or decrease your original basis. 2010 income tax The result is called adjusted basis. 2010 income tax See Table 3, on this page, for a list of some of the items that can adjust your basis. 2010 income tax Table 3. 2010 income tax Adjusted Basis This table lists examples of some items that generally will increase or decrease your basis in your home. 2010 income tax It is not intended to be all-inclusive. 2010 income tax Increases to Basis Decreases to Basis Improvements: Putting an addition on your home Replacing an entire roof Paving your driveway Installing central air conditioning Rewiring your home Assessments for local improvements (see Assessments for local benefits , under What You Can and Cannot Deduct, earlier) Amounts spent to restore damaged property Insurance or other reimbursement for casualty losses Deductible casualty loss not covered by insurance Payments received for easement or right-of-way granted Depreciation allowed or allowable if home is used for business or rental purposes Value of subsidy for energy conservation measure excluded from income Improvements. 2010 income tax   An improvement materially adds to the value of your home, considerably prolongs its useful life, or adapts it to new uses. 2010 income tax You must add the cost of any improvements to the basis of your home. 2010 income tax You cannot deduct these costs. 2010 income tax   Improvements include putting a recreation room in your unfinished basement, adding another bathroom or bedroom, putting up a fence, putting in new plumbing or wiring, installing a new roof, and paving your driveway. 2010 income tax Amount added to basis. 2010 income tax   The amount you add to your basis for improvements is your actual cost. 2010 income tax This includes all costs for material and labor, except your own labor, and all expenses related to the improvement. 2010 income tax For example, if you had your lot surveyed to put up a fence, the cost of the survey is a part of the cost of the fence. 2010 income tax   You also must add to your basis state and local assessments for improvements such as streets and sidewalks if they increase the value of the property. 2010 income tax These assessments are discussed earlier under Real Estate Taxes . 2010 income tax Improvements no longer part of home. 2010 income tax    Your home's adjusted basis does not include the cost of any improvements that are replaced and are no longer part of the home. 2010 income tax Example. 2010 income tax You put wall-to-wall carpeting in your home 15 years ago. 2010 income tax Later, you replaced that carpeting with new wall-to-wall carpeting. 2010 income tax The cost of the old carpeting you replaced is no longer part of your home's adjusted basis. 2010 income tax Repairs versus improvements. 2010 income tax   A repair keeps your home in an ordinary, efficient operating condition. 2010 income tax It does not add to the value of your home or prolong its life. 2010 income tax Repairs include repainting your home inside or outside, fixing your gutters or floors, fixing leaks or plastering, and replacing broken window panes. 2010 income tax You cannot deduct repair costs and generally cannot add them to the basis of your home. 2010 income tax   However, repairs that are done as part of an extensive remodeling or restoration of your home are considered improvements. 2010 income tax You add them to the basis of your home. 2010 income tax Records to keep. 2010 income tax   You can use Table 4 (at the end of the publication) as a guide to help you keep track of improvements to your home. 2010 income tax Also see Keeping Records , below. 2010 income tax Energy conservation subsidy. 2010 income tax   If a public utility gives you (directly or indirectly) a subsidy for the purchase or installation of an energy conservation measure for your home, do not include the value of that subsidy in your income. 2010 income tax You must reduce the basis of your home by that value. 2010 income tax   An energy conservation measure is an installation or modification primarily designed to reduce consumption of electricity or natural gas or to improve the management of energy demand. 2010 income tax Keeping Records Keeping full and accurate records is vital to properly report your income and expenses, to support your deductions and credits, and to know the basis or adjusted basis of your home. 2010 income tax These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. 2010 income tax You should keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis. 2010 income tax In addition, you should keep track of any decreases to the basis such as those listed in Table 3, earlier. 2010 income tax How to keep records. 2010 income tax   How you keep records is up to you, but they must be clear and accurate and must be available to the IRS. 2010 income tax How long to keep records. 2010 income tax   You must keep your records for as long as they are important for meeting any provision of the federal tax law. 2010 income tax   Keep records that support an item of income, a deduction, or a credit appearing on a return until the period of limitations for the return runs out. 2010 income tax (A period of limitations is the period of time after which no legal action can be brought. 2010 income tax ) For assessment of tax you owe, this is generally 3 years from the date you filed the return. 2010 income tax For filing a claim for credit or refund, this is generally 3 years from the date you filed the original return, or 2 years from the date you paid the tax, whichever is later. 2010 income tax Returns filed before the due date are treated as filed on the due date. 2010 income tax   You may need to keep records relating to the basis of property (discussed earlier) for longer than the period of limitations. 2010 income tax Keep those records as long as they are important in figuring the basis of the original or replacement property. 2010 income tax Generally, this means for as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. 2010 income tax Table 4. 2010 income tax Record of Home Improvements Keep this for your records. 2010 income tax Also, keep receipts or other proof of improvements. 2010 income tax Remove from this record any improvements that are no longer part of your main home. 2010 income tax For example, if you put wall-to-wall carpeting in your home and later replace it with new wall-to-wall carpeting, remove the cost of the first carpeting. 2010 income tax (a) Type of Improvement (b) Date (c) Amount   (a) Type of Improvement (b) Date (c) Amount Additions:       Heating & Air  Conditioning:     Bedroom       Heating system     Bathroom       Central air conditioning     Deck       Furnace     Garage       Duct work     Porch       Central humidifier     Patio       Filtration system     Storage shed       Other     Fireplace       Electrical:     Other           Lawn & Grounds:       Lighting fixtures           Wiring upgrades     Landscaping       Other     Driveway       Plumbing:     Walkway           Fences       Water heater     Retaining wall       Soft water system     Sprinkler system       Filtration system     Swimming pool       Other     Exterior lighting       Insulation:     Other           Communications:       Attic           Walls     Satellite dish       Floors     Intercom       Pipes and duct work     Security system       Other     Other             Miscellaneous:       Interior  Improvements:     Storm windows and doors       Built-in appliances     Roof       Kitchen modernization     Central vacuum       Bathroom modernization     Other       Flooring             Wall-to-wall carpeting             Other     How To