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Download 2010 Tax Forms

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Download 2010 Tax Forms

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Download 2010 tax forms 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. Download 2010 tax forms S. Download 2010 tax forms Individual Income Tax Return, and itemize your deductions on Schedule A (Form 1040). Download 2010 tax forms If you itemize, you cannot take the standard deduction. Download 2010 tax forms This section explains what expenses you can deduct as a homeowner. Download 2010 tax forms It also points out expenses that you cannot deduct. Download 2010 tax forms There are four primary discussions: real estate taxes, sales taxes, home mortgage interest, and mortgage insurance premiums. Download 2010 tax forms Generally, your real estate taxes, home mortgage interest, and mortgage insurance premiums are included in your house payment. Download 2010 tax forms Your house payment. Download 2010 tax forms   If you took out a mortgage (loan) to finance the purchase of your home, you probably have to make monthly house payments. Download 2010 tax forms Your house payment may include several costs of owning a home. Download 2010 tax forms 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. Download 2010 tax forms These are discussed in more detail later. Download 2010 tax forms   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. Download 2010 tax forms Minister's or military housing allowance. Download 2010 tax forms   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. Download 2010 tax forms You do not have to reduce your deductions by your nontaxable allowance. Download 2010 tax forms 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. Download 2010 tax forms Nondeductible payments. Download 2010 tax forms   You cannot deduct any of the following items. Download 2010 tax forms Insurance (other than mortgage insurance premiums), including fire and comprehensive coverage, and title insurance. Download 2010 tax forms Wages you pay for domestic help. Download 2010 tax forms Depreciation. Download 2010 tax forms The cost of utilities, such as gas, electricity, or water. Download 2010 tax forms Most settlement costs. Download 2010 tax forms See Settlement or closing costs under Cost as Basis, later, for more information. Download 2010 tax forms Forfeited deposits, down payments, or earnest money. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms 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). Download 2010 tax forms 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. Download 2010 tax forms Real Estate Taxes Most state and local governments charge an annual tax on the value of real property. Download 2010 tax forms This is called a real estate tax. Download 2010 tax forms You can deduct the tax if it is assessed uniformly at a like rate on all real property throughout the community. Download 2010 tax forms 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. Download 2010 tax forms Deductible Real Estate Taxes You can deduct real estate taxes imposed on you. Download 2010 tax forms 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. Download 2010 tax forms If you own a cooperative apartment, see Special Rules for Cooperatives , later. Download 2010 tax forms Where to deduct real estate taxes. Download 2010 tax forms   Enter the amount of your deductible real estate taxes on Schedule A (Form 1040), line 6. Download 2010 tax forms Real estate taxes paid at settlement or closing. Download 2010 tax forms   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. Download 2010 tax forms Your share of these taxes is fully deductible if you itemize your deductions. Download 2010 tax forms Division of real estate taxes. Download 2010 tax forms   For federal income tax purposes, the seller is treated as paying the property taxes up to, but not including, the date of sale. Download 2010 tax forms You (the buyer) are treated as paying the taxes beginning with the date of sale. Download 2010 tax forms This applies regardless of the lien dates under local law. Download 2010 tax forms Generally, this information is included on the settlement statement you get at closing. Download 2010 tax forms   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. Download 2010 tax forms You each can deduct your own share, if you itemize deductions, for the year the property is sold. Download 2010 tax forms Example. Download 2010 tax forms You bought your home on September 1. Download 2010 tax forms The property tax year (the period to which the tax relates) in your area is the calendar year. Download 2010 tax forms The tax for the year was $730 and was due and paid by the seller on August 15. Download 2010 tax forms You owned your new home during the property tax year for 122 days (September 1 to December 31, including your date of purchase). Download 2010 tax forms You figure your deduction for real estate taxes on your home as follows. Download 2010 tax forms 1. Download 2010 tax forms Enter the total real estate taxes for the real property tax year $730 2. Download 2010 tax forms Enter the number of days in the property tax year that you owned the property 122 3. Download 2010 tax forms Divide line 2 by 365 . Download 2010 tax forms 3342 4. Download 2010 tax forms Multiply line 1 by line 3. Download 2010 tax forms This is your deduction. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms Delinquent taxes. Download 2010 tax forms   Delinquent taxes are unpaid taxes that were imposed on the seller for an earlier tax year. Download 2010 tax forms If you agree to pay delinquent taxes when you buy your home, you cannot deduct them. Download 2010 tax forms You treat them as part of the cost of your home. Download 2010 tax forms See Real estate taxes , later, under Basis. Download 2010 tax forms Escrow accounts. Download 2010 tax forms   Many monthly house payments include an amount placed in escrow (put in the care of a third party) for real estate taxes. Download 2010 tax forms You may not be able to deduct the total you pay into the escrow account. Download 2010 tax forms You can deduct only the real estate taxes that the lender actually paid from escrow to the taxing authority. Download 2010 tax forms Your real estate tax bill will show this amount. Download 2010 tax forms Refund or rebate of real estate taxes. Download 2010 tax forms   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. Download 2010 tax forms 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. Download 2010 tax forms For more information, see Recoveries in Publication 525, Taxable and Nontaxable Income. Download 2010 tax forms Items You Cannot Deduct as Real Estate Taxes The following items are not deductible as real estate taxes. Download 2010 tax forms Charges for services. Download 2010 tax forms   An itemized charge for services to specific property or people is not a tax, even if the charge is paid to the taxing authority. Download 2010 tax forms 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). Download 2010 tax forms    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. Download 2010 tax forms If your taxing authority (or lender) does not furnish you a copy of your real estate tax bill, ask for it. Download 2010 tax forms Contact the taxing authority if you need additional information about a specific charge on your real estate tax bill. Download 2010 tax forms Assessments for local benefits. Download 2010 tax forms   You cannot deduct amounts you pay for local benefits that tend to increase the value of your property. Download 2010 tax forms Local benefits include the construction of streets, sidewalks, or water and sewer systems. Download 2010 tax forms You must add these amounts to the basis of your property. Download 2010 tax forms   You can, however, deduct assessments (or taxes) for local benefits if they are for maintenance, repair, or interest charges related to those benefits. Download 2010 tax forms An example is a charge to repair an existing sidewalk and any interest included in that charge. Download 2010 tax forms   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. Download 2010 tax forms If you cannot show what part of the assessment is for maintenance, repair, or interest charges, you cannot deduct any of it. Download 2010 tax forms   An assessment for a local benefit may be listed as an item in your real estate tax bill. Download 2010 tax forms If so, use the rules in this section to find how much of it, if any, you can deduct. Download 2010 tax forms Transfer taxes (or stamp taxes). Download 2010 tax forms   You cannot deduct transfer taxes and similar taxes and charges on the sale of a personal home. Download 2010 tax forms If you are the buyer and you pay them, include them in the cost basis of the property. Download 2010 tax forms If you are the seller and you pay them, they are expenses of the sale and reduce the amount realized on the sale. Download 2010 tax forms Homeowners association assessments. Download 2010 tax forms   You cannot deduct these assessments because the homeowners association, rather than a state or local government, imposes them. Download 2010 tax forms 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. Download 2010 tax forms As an owner of a cooperative apartment, you own shares of stock in a corporation that owns or leases housing facilities. Download 2010 tax forms 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. Download 2010 tax forms For this purpose, gross income means all income received during the entire tax year, including any received before the corporation changed to cooperative ownership. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms Tenant-stockholders. Download 2010 tax forms   A tenant-stockholder can be any entity (such as a corporation, trust, estate, partnership, or association) as well as an individual. Download 2010 tax forms The tenant-stockholder does not have to live in any of the cooperative's dwelling units. Download 2010 tax forms The units that the tenant-stockholder has the right to occupy can be rented to others. Download 2010 tax forms Deductible taxes. Download 2010 tax forms   You figure your share of real estate taxes in the following way. Download 2010 tax forms Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. Download 2010 tax forms Multiply the corporation's deductible real estate taxes by the number you figured in (1). Download 2010 tax forms This is your share of the real estate taxes. Download 2010 tax forms   Generally, the corporation will tell you your share of its real estate tax. Download 2010 tax forms This is the amount you can deduct if it reasonably reflects the cost of real estate taxes for your dwelling unit. Download 2010 tax forms Refund of real estate taxes. Download 2010 tax forms   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. Download 2010 tax forms Your deduction for real estate taxes the corporation paid this year is reduced by your share of the refund the corporation received. Download 2010 tax forms 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). Download 2010 tax forms 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. Download 2010 tax forms For information on figuring your deduction, see the Instructions for Schedule A (Form 1040). Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms Most home buyers take out a mortgage (loan) to buy their home. Download 2010 tax forms They then make monthly payments to either the mortgage holder or someone collecting the payments for the mortgage holder. Download 2010 tax forms 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). Download 2010 tax forms 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. Download 2010 tax forms If either of these situations applies to you, see Publication 936 for more information. Download 2010 tax forms Also see Publication 936 if you later refinance your mortgage or buy a second home. Download 2010 tax forms Refund of home mortgage interest. Download 2010 tax forms   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. Download 2010 tax forms For more information, see Recoveries in Publication 525. Download 2010 tax forms The amount of the refund will usually be shown on the mortgage interest statement you receive from your mortgage lender. Download 2010 tax forms See Mortgage Interest Statement , later. Download 2010 tax forms Deductible Mortgage Interest To be deductible, the interest you pay must be on a loan secured by your main home or a second home. Download 2010 tax forms The loan can be a first or second mortgage, a home improvement loan, or a home equity loan. Download 2010 tax forms Prepaid interest. Download 2010 tax forms   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. Download 2010 tax forms Generally, you can deduct in each year only the interest that qualifies as home mortgage interest for that year. Download 2010 tax forms An exception (discussed later) applies to points. Download 2010 tax forms Late payment charge on mortgage payment. Download 2010 tax forms   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. Download 2010 tax forms Mortgage prepayment penalty. Download 2010 tax forms   If you pay off your home mortgage early, you may have to pay a penalty. Download 2010 tax forms 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. Download 2010 tax forms Ground rent. Download 2010 tax forms   In some states (such as Maryland), you may buy your home subject to a ground rent. Download 2010 tax forms A ground rent is an obligation you assume to pay a fixed amount per year on the property. Download 2010 tax forms Under this arrangement, you are leasing (rather than buying) the land on which your home is located. Download 2010 tax forms Redeemable ground rents. Download 2010 tax forms   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct the payments as mortgage interest. Download 2010 tax forms The ground rent is a redeemable ground rent only if all of the following are true. Download 2010 tax forms Your lease, including renewal periods, is for more than 15 years. Download 2010 tax forms You can freely assign the lease. Download 2010 tax forms 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. Download 2010 tax forms The lessor's interest in the land is primarily a security interest to protect the rental payments to which he or she is entitled. Download 2010 tax forms   Payments made to end the lease and buy the lessor's entire interest in the land are not redeemable ground rents. Download 2010 tax forms You cannot deduct them. Download 2010 tax forms Nonredeemable ground rents. Download 2010 tax forms   Payments on a nonredeemable ground rent are not mortgage interest. Download 2010 tax forms You can deduct them as rent only if they are a business expense or if they are for rental property. Download 2010 tax forms Cooperative apartment. Download 2010 tax forms   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 . Download 2010 tax forms In addition, you can treat as home mortgage interest your share of the corporation's deductible mortgage interest. Download 2010 tax forms 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. Download 2010 tax forms For more information on cooperatives, see Special Rule for Tenant-Stockholders in Cooperative Housing Corporations in Publication 936. Download 2010 tax forms Refund of cooperative's mortgage interest. Download 2010 tax forms   You must reduce your mortgage interest deduction by your share of any cash portion of a patronage dividend that the cooperative receives. Download 2010 tax forms The patronage dividend is a partial refund to the cooperative housing corporation of mortgage interest it paid in a prior year. Download 2010 tax forms   If you receive a Form 1098 from the cooperative housing corporation, the form should show only the amount you can deduct. Download 2010 tax forms Mortgage Interest Paid at Settlement One item that normally appears on a settlement or closing statement is home mortgage interest. Download 2010 tax forms You can deduct the interest that you pay at settlement if you itemize your deductions on Schedule A (Form 1040). Download 2010 tax forms This amount should be included in the mortgage interest statement provided by your lender. Download 2010 tax forms See the discussion under Mortgage Interest Statement , later. Download 2010 tax forms Also, if you pay interest in advance, see Prepaid interest , earlier, and Points , next. Download 2010 tax forms Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Download 2010 tax forms Points also may be called loan origination fees, maximum loan charges, loan discount, or discount points. Download 2010 tax forms A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. Download 2010 tax forms See Points paid by the seller , later. Download 2010 tax forms General rule. Download 2010 tax forms   You cannot deduct the full amount of points in the year paid. Download 2010 tax forms They are prepaid interest, so you generally must deduct them over the life (term) of the mortgage. Download 2010 tax forms Exception. Download 2010 tax forms   You can deduct the full amount of points in the year paid if you meet all the following tests. Download 2010 tax forms Your loan is secured by your main home. Download 2010 tax forms (Generally, your main home is the one you live in most of the time. Download 2010 tax forms ) Paying points is an established business practice in the area where the loan was made. Download 2010 tax forms The points paid were not more than the points generally charged in that area. Download 2010 tax forms You use the cash method of accounting. Download 2010 tax forms This means you report income in the year you receive it and deduct expenses in the year you pay them. Download 2010 tax forms Most individuals use this method. Download 2010 tax forms 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. Download 2010 tax forms The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. Download 2010 tax forms The funds you provided are not required to have been applied to the points. Download 2010 tax forms They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. Download 2010 tax forms You cannot have borrowed these funds. Download 2010 tax forms You use your loan to buy or build your main home. Download 2010 tax forms The points were computed as a percentage of the principal amount of the mortgage. Download 2010 tax forms The amount is clearly shown on the settlement statement (such as the Uniform Settlement Statement, Form HUD-1) as points charged for the mortgage. Download 2010 tax forms The points may be shown as paid from either your funds or the seller's. Download 2010 tax forms Note. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms Home improvement loan. Download 2010 tax forms   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. Download 2010 tax forms Refinanced loan. Download 2010 tax forms   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. Download 2010 tax forms You can deduct the rest of the points over the life of the loan. Download 2010 tax forms Points not fully deductible in year paid. Download 2010 tax forms    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. Download 2010 tax forms Figure A. Download 2010 tax forms   You can use Figure A, next, as a quick guide to see whether your points are fully deductible in the year paid. Download 2010 tax forms    Please click here for the text description of the image. Download 2010 tax forms Figure A. Download 2010 tax forms Are my points fully deductible this year? Amounts charged for services. Download 2010 tax forms   Amounts charged by the lender for specific services connected to the loan are not interest. Download 2010 tax forms Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. Download 2010 tax forms You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. Download 2010 tax forms For information about the tax treatment of these amounts and other settlement fees and closing costs, see Basis , later. Download 2010 tax forms Points paid by the seller. Download 2010 tax forms   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. Download 2010 tax forms Treatment by seller. Download 2010 tax forms   The seller cannot deduct these fees as interest. Download 2010 tax forms However, they are a selling expense that reduces the seller's amount realized. Download 2010 tax forms See Publication 523 for more information. Download 2010 tax forms Treatment by buyer. Download 2010 tax forms   The buyer treats seller-paid points as if he or she had paid them. Download 2010 tax forms If all the tests listed earlier under Exception are met, the buyer can deduct the points in the year paid. Download 2010 tax forms If any of those tests are not met, the buyer must deduct the points over the life of the loan. Download 2010 tax forms   The buyer must also reduce the basis of the home by the amount of the seller-paid points. Download 2010 tax forms For more information about the basis of your home, see Basis , later. Download 2010 tax forms Funds provided are less than points. Download 2010 tax forms   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. Download 2010 tax forms In addition, you can deduct any points paid by the seller. Download 2010 tax forms Example 1. Download 2010 tax forms When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). Download 2010 tax forms 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. Download 2010 tax forms Of the $1,000 you were charged for points, you can deduct $750 in the year paid. Download 2010 tax forms You spread the remaining $250 over the life of the mortgage. Download 2010 tax forms Example 2. Download 2010 tax forms 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. Download 2010 tax forms In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). Download 2010 tax forms You spread the remaining $250 over the life of the mortgage. Download 2010 tax forms You must reduce the basis of your home by the $1,000 paid by the seller. Download 2010 tax forms Excess points. Download 2010 tax forms   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. Download 2010 tax forms You must spread any additional points over the life of the mortgage. Download 2010 tax forms Mortgage ending early. Download 2010 tax forms   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. Download 2010 tax forms A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. Download 2010 tax forms Example. Download 2010 tax forms Dan paid $3,000 in points in 2006 that he had to spread out over the 15-year life of the mortgage. Download 2010 tax forms He had deducted $1,400 of these points through 2012. Download 2010 tax forms Dan prepaid his mortgage in full in 2013. Download 2010 tax forms He can deduct the remaining $1,600 of points in 2013. Download 2010 tax forms Exception. Download 2010 tax forms   If you refinance the mortgage with the same lender, you cannot deduct any remaining points for the year. Download 2010 tax forms Instead, deduct them over the term of the new loan. Download 2010 tax forms Form 1098. Download 2010 tax forms   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. Download 2010 tax forms See Mortgage Interest Statement , later. Download 2010 tax forms 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). Download 2010 tax forms If you did not receive a Form 1098, enter your deductible interest on line 11, and any deductible points on line 12. Download 2010 tax forms See Table 1 below for a summary of where to deduct home mortgage interest and real estate taxes. Download 2010 tax forms 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. Download 2010 tax forms The seller must give you this number and you must give the seller your SSN. Download 2010 tax forms Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. Download 2010 tax forms Failure to meet either of these requirements may result in a $50 penalty for each failure. Download 2010 tax forms Table 1. Download 2010 tax forms Where To Deduct Interest and Taxes Paid on Your Home See the text for information on what expenses are eligible. Download 2010 tax forms IF you are eligible to deduct . Download 2010 tax forms . Download 2010 tax forms . Download 2010 tax forms THEN report the amount  on Schedule A (Form 1040) . Download 2010 tax forms . Download 2010 tax forms . Download 2010 tax forms real estate taxes line 6. Download 2010 tax forms home mortgage interest and points reported on Form 1098 line 10. Download 2010 tax forms home mortgage interest not reported on  Form 1098 line 11. Download 2010 tax forms points not reported on Form 1098 line 12. Download 2010 tax forms qualified mortgage insurance premiums line 13. Download 2010 tax forms 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. Download 2010 tax forms The statement will show the total interest paid on your mortgage during the year. Download 2010 tax forms 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. Download 2010 tax forms See Points , earlier. Download 2010 tax forms The interest you paid at settlement should be included on the statement. Download 2010 tax forms 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. Download 2010 tax forms Put the total on Schedule A (Form 1040), line 10, and attach a statement to your return explaining the difference. Download 2010 tax forms Write “See attached” to the right of line 10. Download 2010 tax forms A mortgage holder can be a financial institution, a governmental unit, or a cooperative housing corporation. Download 2010 tax forms If a statement comes from a cooperative housing corporation, it generally will show your share of interest. Download 2010 tax forms Your mortgage interest statement for 2013 should be provided or sent to you by January 31, 2014. Download 2010 tax forms If it is mailed, you should allow adequate time to receive it before contacting the mortgage holder. Download 2010 tax forms A copy of this form will be sent to the IRS also. Download 2010 tax forms Example. Download 2010 tax forms You bought a new home on May 3. Download 2010 tax forms You paid no points on the purchase. Download 2010 tax forms During the year, you made mortgage payments which included $4,480 deductible interest on your new home. Download 2010 tax forms The settlement sheet for the purchase of the home included interest of $620 for 29 days in May. Download 2010 tax forms The mortgage statement you receive from the lender includes total interest of $5,100 ($4,480 + $620). Download 2010 tax forms You can deduct the $5,100 if you itemize your deductions. Download 2010 tax forms Refund of overpaid interest. Download 2010 tax forms   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. Download 2010 tax forms Generally, you must include the refund in income in the year you receive it. Download 2010 tax forms See Refund of home mortgage interest , earlier, under Home Mortgage Interest. Download 2010 tax forms More than one borrower. Download 2010 tax forms   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. Download 2010 tax forms Show how much of the interest each of you paid, and give the name and address of the person who received the form. Download 2010 tax forms Deduct your share of the interest on Schedule A (Form 1040), line 11, and write “See attached” to the right of that line. Download 2010 tax forms 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. Download 2010 tax forms Mortgage insurance premiums you paid or accrued on any mortgage insurance contract issued before January 1, 2007, are not deductible as an itemized deduction. Download 2010 tax forms 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). Download 2010 tax forms Prepaid mortgage insurance premiums. Download 2010 tax forms   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. Download 2010 tax forms The premiums are treated as paid in the year to which they were allocated. Download 2010 tax forms If the mortgage is satisfied before its term, no deduction is allowed for the unamortized balance. Download 2010 tax forms See Publication 936 for details. Download 2010 tax forms Exception for certain mortgage insurance. Download 2010 tax forms   The allocation rules, explained above, do not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or Rural Housing Service. Download 2010 tax forms 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. Download 2010 tax forms It also must be secured by that home. Download 2010 tax forms 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. Download 2010 tax forms Home acquisition debt limit. Download 2010 tax forms   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). Download 2010 tax forms Discharges of qualified principal residence indebtedness. Download 2010 tax forms   You can exclude from gross income any discharges of qualified principal residence indebtedness made after 2006 and before 2014. Download 2010 tax forms You must reduce the basis of your principal residence (but not below zero) by the amount you exclude. Download 2010 tax forms Principal residence. Download 2010 tax forms   Your principal residence is the home where you ordinarily live most of the time. Download 2010 tax forms You can have only one principal residence at any one time. Download 2010 tax forms Qualified principal residence indebtedness. Download 2010 tax forms   This is a mortgage that you took out to buy, build, or substantially improve your principal residence and that is secured by that residence. Download 2010 tax forms 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. Download 2010 tax forms   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. Download 2010 tax forms Additional debt incurred to substantially improve your principal residence is also qualified principal residence indebtedness. Download 2010 tax forms Amount you can exclude. Download 2010 tax forms   You can only exclude debt discharged after 2006 and before 2014. Download 2010 tax forms The most you can exclude is $2 million ($1 million if married filing separately). Download 2010 tax forms 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. Download 2010 tax forms Ordering rule. Download 2010 tax forms   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. Download 2010 tax forms Qualified Home This means your main home or your second home. Download 2010 tax forms A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities. Download 2010 tax forms Main home. Download 2010 tax forms   You can have only one main home at any one time. Download 2010 tax forms This is the home where you ordinarily live most of the time. Download 2010 tax forms Second home and other special situations. Download 2010 tax forms   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. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms If your AGI is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. Download 2010 tax forms Form 1098. Download 2010 tax forms   The amount of mortgage insurance premiums you paid during 2013 should be reported in box 4. Download 2010 tax forms See Form 1098, Mortgage Interest Statement in Publication 936. Download 2010 tax forms Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals afford home ownership. Download 2010 tax forms If you qualify, you can claim the credit on Form 8396 each year for part of the home mortgage interest you pay. Download 2010 tax forms Who qualifies. Download 2010 tax forms   You may be eligible for the credit if you were issued a qualified Mortgage Credit Certificate (MCC) from your state or local government. Download 2010 tax forms Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. Download 2010 tax forms The MCC will show the certificate credit rate you will use to figure your credit. Download 2010 tax forms It also will show the certified indebtedness amount. Download 2010 tax forms Only the interest on that amount qualifies for the credit. Download 2010 tax forms See Figuring the Credit , later. Download 2010 tax forms You must contact the appropriate government agency about getting an MCC before you get a mortgage and buy your home. Download 2010 tax forms Contact your state or local housing finance agency for information about the availability of MCCs in your area. Download 2010 tax forms How to claim the credit. Download 2010 tax forms   To claim the credit, complete Form 8396 and attach it to your Form 1040 or Form 1040NR, U. Download 2010 tax forms S. Download 2010 tax forms Nonresident Alien Income Tax Return. Download 2010 tax forms 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. Download 2010 tax forms Reducing your home mortgage interest deduction. Download 2010 tax forms   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. Download 2010 tax forms You must do this even if part of that amount is to be carried forward to 2014. Download 2010 tax forms Selling your home. Download 2010 tax forms   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. Download 2010 tax forms For additional information, see Recapturing (Paying Back) a Federal Mortgage Subsidy, in Publication 523. Download 2010 tax forms Figuring the Credit Figure your credit on Form 8396. Download 2010 tax forms Mortgage not more than certified indebtedness. Download 2010 tax forms   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. Download 2010 tax forms Mortgage more than certified indebtedness. Download 2010 tax forms   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. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms Example. Download 2010 tax forms Emily bought a home this year. Download 2010 tax forms Her mortgage loan is $125,000. Download 2010 tax forms The certified indebtedness amount on her MCC is $100,000. Download 2010 tax forms She paid $7,500 interest this year. Download 2010 tax forms Emily figures the interest to enter on Form 8396, line 1, as follows:   $100,000 = 80% (. Download 2010 tax forms 80)       $125,000       $7,500 x . Download 2010 tax forms 80 = $6,000   Emily enters $6,000 on Form 8396, line 1. Download 2010 tax forms In each later year, she will figure her credit using only 80% of the interest she pays for that year. Download 2010 tax forms Limits Two limits may apply to your credit. Download 2010 tax forms A limit based on the credit rate, and A limit based on your tax. Download 2010 tax forms Limit based on credit rate. Download 2010 tax forms   If the certificate credit rate is higher than 20%, the credit you are allowed cannot be more than $2,000. Download 2010 tax forms Limit based on tax. Download 2010 tax forms   After applying the limit based on the credit rate, your credit generally cannot be more than your tax liability. Download 2010 tax forms See the Credit Limit Worksheet in the Form 8396 instructions to calculate the limit based on tax. Download 2010 tax forms 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. Download 2010 tax forms Example. Download 2010 tax forms John and his brother, George, were issued an MCC. Download 2010 tax forms They used it to get a mortgage on their main home. Download 2010 tax forms John has a 60% ownership interest in the home, and George has a 40% ownership interest in the home. Download 2010 tax forms John paid $5,400 mortgage interest this year and George paid $3,600. Download 2010 tax forms The MCC shows a credit rate of 25% and a certified indebtedness amount of $130,000. Download 2010 tax forms The loan amount (mortgage) on their home is $120,000. Download 2010 tax forms The credit is limited to $2,000 because the credit rate is more than 20%. Download 2010 tax forms 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. Download 2010 tax forms His credit is limited to $1,200 ($2,000 × 60%). Download 2010 tax forms 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. Download 2010 tax forms His credit is limited to $800 ($2,000 × 40%). Download 2010 tax forms 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. Download 2010 tax forms Example. Download 2010 tax forms You receive a mortgage credit certificate from State X. Download 2010 tax forms This year, your regular tax liability is $1,100, you owe no alternative minimum tax, and your mortgage interest credit is $1,700. Download 2010 tax forms You claim no other credits. Download 2010 tax forms Your unused mortgage interest credit for this year is $600 ($1,700 − $1,100). Download 2010 tax forms You can carry forward this amount to the next 3 years or until used, whichever comes first. Download 2010 tax forms Credit rate more than 20%. Download 2010 tax forms   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). Download 2010 tax forms Example. Download 2010 tax forms In the earlier example under Dividing the Credit , John and George used the entire $2,000 credit. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms The amount of credit you can claim on the new loan may change. Download 2010 tax forms Table 2 below summarizes how to figure your credit if you refinance your original mortgage loan. Download 2010 tax forms Table 2. Download 2010 tax forms Effect of Refinancing on Your Credit IF you get a new (reissued) MCC and the amount of your new mortgage is . Download 2010 tax forms . Download 2010 tax forms . Download 2010 tax forms THEN the interest you claim on Form 8396, line 1, is* . Download 2010 tax forms . Download 2010 tax forms . Download 2010 tax forms smaller than or equal to the certified indebtedness amount on the new MCC all the interest paid during the year on your new mortgage. Download 2010 tax forms larger than the certified indebtedness amount on the new MCC interest paid during the year on your new mortgage multiplied by the following fraction. Download 2010 tax forms         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. Download 2010 tax forms  See New MCC cannot increase your credit above. Download 2010 tax forms An issuer may reissue an MCC after you refinance your mortgage. Download 2010 tax forms 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. Download 2010 tax forms Year of refinancing. Download 2010 tax forms   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. Download 2010 tax forms   If your new MCC has a credit rate different from the rate on the old MCC, you must attach a statement to Form 8396. Download 2010 tax forms 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. Download 2010 tax forms It must show a separate calculation for the part of the year when the new MCC was in effect. Download 2010 tax forms 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. Download 2010 tax forms New MCC cannot increase your credit. Download 2010 tax forms   The credit that you claim with your new MCC cannot be more than the credit that you could have claimed with your old MCC. Download 2010 tax forms   In most cases, the agency that issues your new MCC will make sure that it does not increase your credit. Download 2010 tax forms However, if either your old loan or your new loan has a variable (adjustable) interest rate, you will need to check this yourself. Download 2010 tax forms In that case, you will need to know the amount of the credit you could have claimed using the old MCC. Download 2010 tax forms   There are two methods for figuring the credit you could have claimed. Download 2010 tax forms Under one method, you figure the actual credit that would have been allowed. Download 2010 tax forms This means you use the credit rate on the old MCC and the interest you would have paid on the old loan. Download 2010 tax forms   If your old loan was a variable rate mortgage, you can use another method to determine the credit that you could have claimed. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms The principal of the hypothetical mortgage is the remaining outstanding balance of the certified mortgage indebtedness shown on the old MCC. Download 2010 tax forms    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. Download 2010 tax forms    As part of your tax records, you should keep your old MCC and the schedule of payments for your old mortgage. Download 2010 tax forms 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. Download 2010 tax forms While you own your home, you may add certain items to your basis. Download 2010 tax forms You may subtract certain other items from your basis. Download 2010 tax forms These items are called adjustments to basis and are explained later under Adjusted Basis . Download 2010 tax forms 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. Download 2010 tax forms You also must keep records of the events that affect basis or adjusted basis. Download 2010 tax forms See Keeping Records , below. Download 2010 tax forms Figuring Your Basis How you figure your basis depends on how you acquire your home. Download 2010 tax forms If you buy or build your home, your cost is your basis. Download 2010 tax forms 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. Download 2010 tax forms If you inherit your home from a decedent, different rules apply depending on the date of the decedent's death. Download 2010 tax forms Each of these topics is discussed later. Download 2010 tax forms Property transferred from a spouse. Download 2010 tax forms   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. Download 2010 tax forms Publication 504, Divorced or Separated Individuals, fully discusses transfers between spouses. Download 2010 tax forms 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. Download 2010 tax forms The cost of your home includes most settlement or closing costs you paid when you bought the home. Download 2010 tax forms If you built your home, your cost includes most closing costs paid when you bought the land or settled on your mortgage. Download 2010 tax forms See Settlement or closing costs , later. Download 2010 tax forms 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. Download 2010 tax forms Purchase. Download 2010 tax forms   The basis of a home you bought is the amount you paid for it. Download 2010 tax forms This usually includes your down payment and any debt you assumed. Download 2010 tax forms The basis of a cooperative apartment is the amount you paid for your shares in the corporation that owns or controls the property. Download 2010 tax forms This amount includes any purchase commissions or other costs of acquiring the shares. Download 2010 tax forms Construction. Download 2010 tax forms   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. Download 2010 tax forms 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. Download 2010 tax forms If you built all or part of your home yourself, your basis is the total amount it cost you to build it. Download 2010 tax forms You cannot include in basis the value of your own labor or any other labor for which you did not pay. Download 2010 tax forms Real estate taxes. Download 2010 tax forms   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. Download 2010 tax forms 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. Download 2010 tax forms   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. Download 2010 tax forms You cannot deduct them as taxes paid. Download 2010 tax forms   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. Download 2010 tax forms Do not include those taxes in your basis. Download 2010 tax forms If you did not reimburse the seller, you must reduce your basis by the amount of those taxes. Download 2010 tax forms Example 1. Download 2010 tax forms You bought your home on September 1. Download 2010 tax forms The property tax year in your area is the calendar year, and the tax is due on August 15. Download 2010 tax forms 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. Download 2010 tax forms You did not reimburse the seller for your share of the real estate taxes from September 1 through December 31. Download 2010 tax forms You must reduce the basis of your home by the $426 [(122 ÷ 365) × $1,275] the seller paid for you. Download 2010 tax forms You can deduct your $426 share of real estate taxes on your return for the year you purchased your home. Download 2010 tax forms Example 2. Download 2010 tax forms You bought your home on May 3, 2013. Download 2010 tax forms The property tax year in your area is the calendar year. Download 2010 tax forms The taxes for the previous year are assessed on January 2 and are due on May 31 and November 30. Download 2010 tax forms Under state law, the taxes become a lien on May 31. Download 2010 tax forms You agreed to pay all taxes due after the date of sale. Download 2010 tax forms The taxes due in 2013 for 2012 were $1,375. Download 2010 tax forms The taxes due in 2014 for 2013 will be $1,425. Download 2010 tax forms 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. Download 2010 tax forms Instead, you add the $1,375 to the cost (basis) of your home. Download 2010 tax forms 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. Download 2010 tax forms You add the remaining $476 ($1,425 − $949) of taxes paid in 2014 to the cost (basis) of your home. Download 2010 tax forms Settlement or closing costs. Download 2010 tax forms   If you bought your home, you probably paid settlement or closing costs in addition to the contract price. Download 2010 tax forms These costs are divided between you and the seller according to the sales contract, local custom, or understanding of the parties. Download 2010 tax forms If you built your home, you probably paid these costs when you bought the land or settled on your mortgage. Download 2010 tax forms   The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. Download 2010 tax forms You deduct them in the year you buy your home if you itemize your deductions. Download 2010 tax forms You can add certain other settlement or closing costs to the basis of your home. Download 2010 tax forms Items added to basis. Download 2010 tax forms   You can include in your basis the settlement fees and closing costs you paid for buying your home. Download 2010 tax forms A fee is for buying the home if you would have had to pay it even if you paid cash for the home. Download 2010 tax forms   The following are some of the settlement fees and closing costs that you can include in the original basis of your home. Download 2010 tax forms Abstract fees (abstract of title fees). Download 2010 tax forms Charges for installing utility services. Download 2010 tax forms Legal fees (including fees for the title search and preparation of the sales contract and deed). Download 2010 tax forms Recording fees. Download 2010 tax forms Surveys. Download 2010 tax forms Transfer or stamp taxes. Download 2010 tax forms Owner's title insurance. Download 2010 tax forms 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. Download 2010 tax forms   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. Download 2010 tax forms Items not added to basis and not deductible. Download 2010 tax forms   Here are some settlement and closing costs that you cannot deduct or add to your basis. Download 2010 tax forms Fire insurance premiums. Download 2010 tax forms Charges for using utilities or other services related to occupancy of the home before closing. Download 2010 tax forms Rent for occupying the home before closing. Download 2010 tax forms 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. Download 2010 tax forms Points paid by seller. Download 2010 tax forms   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. Download 2010 tax forms   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. Download 2010 tax forms See Points , earlier, for the rules on deducting points. Download 2010 tax forms 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. Download 2010 tax forms Fair market value. Download 2010 tax forms   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. Download 2010 tax forms Donor's adjusted basis is more than FMV. Download 2010 tax forms   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. Download 2010 tax forms Disposition basis. Download 2010 tax forms   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. Download 2010 tax forms Your basis for figuring a gain is the same as the donor's adjusted basis. Download 2010 tax forms Your basis for figuring a loss is the FMV when you received the gift. Download 2010 tax forms 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. Download 2010 tax forms However, if using the FMV results in a gain, then you neither have a gain nor a loss. Download 2010 tax forms Example 1. Download 2010 tax forms Andrew received a house as a gift from Ishmael (the donor). Download 2010 tax forms At the time of the gift, the home had an FMV of $80,000. Download 2010 tax forms Ishmael's adjusted basis was $100,000. Download 2010 tax forms After he received the house, no events occurred to increase or decrease the basis. Download 2010 tax forms 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. Download 2010 tax forms Example 2. Download 2010 tax forms Same facts as Example 1 , except this time Andrew sells the house for $70,000. Download 2010 tax forms 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. Download 2010 tax forms Example 3. Download 2010 tax forms Same facts as Example 1 , except this time Andrew sells the house for $90,000. Download 2010 tax forms Initially, he figures the gain using Ishmael's adjusted basis ($100,000), which results in a loss of $10,000. Download 2010 tax forms Since it is a loss, Andrew must now recalculate the loss using the FMV ($80,000), which results in a gain of $10,000. Download 2010 tax forms So in this situation, Andrew will neither have a gain nor a loss. Download 2010 tax forms Donor's adjusted basis equal to or less than the FMV. Download 2010 tax forms   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. Download 2010 tax forms Part of federal gift tax due to net increase in value. Download 2010 tax forms   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. Download 2010 tax forms 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. Download 2010 tax forms The net increase in the value of the home is its FMV minus the adjusted basis of the donor. Download 2010 tax forms Publication 551 gives more information, including examples, on figuring your basis when you receive property as a gift. Download 2010 tax forms 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. Download 2010 tax forms If an estate tax return was filed, your basis is generally the value of the home listed on the estate tax return. Download 2010 tax forms 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. Download 2010 tax forms Publication 551 and Publication 559, Survivors, Executors, and Administrators, have more information on the basis of inherited property. Download 2010 tax forms 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. Download 2010 tax forms Adjusted Basis While you own your home, various events may take place that can change the original basis of your home. Download 2010 tax forms These events can increase or decrease your original basis. Download 2010 tax forms The result is called adjusted basis. Download 2010 tax forms See Table 3, on this page, for a list of some of the items that can adjust your basis. Download 2010 tax forms Table 3. Download 2010 tax forms Adjusted Basis This table lists examples of some items that generally will increase or decrease your basis in your home. Download 2010 tax forms It is not intended to be all-inclusive. Download 2010 tax forms 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. Download 2010 tax forms   An improvement materially adds to the value of your home, considerably prolongs its useful life, or adapts it to new uses. Download 2010 tax forms You must add the cost of any improvements to the basis of your home. Download 2010 tax forms You cannot deduct these costs. Download 2010 tax forms   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. Download 2010 tax forms Amount added to basis. Download 2010 tax forms   The amount you add to your basis for improvements is your actual cost. Download 2010 tax forms This includes all costs for material and labor, except your own labor, and all expenses related to the improvement. Download 2010 tax forms 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. Download 2010 tax forms   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. Download 2010 tax forms These assessments are discussed earlier under Real Estate Taxes . Download 2010 tax forms Improvements no longer part of home. Download 2010 tax forms    Your home's adjusted basis does not include the cost of any improvements that are replaced and are no longer part of the home. Download 2010 tax forms Example. Download 2010 tax forms You put wall-to-wall carpeting in your home 15 years ago. Download 2010 tax forms Later, you replaced that carpeting with new wall-to-wall carpeting. Download 2010 tax forms The cost of the old carpeting you replaced is no longer part of your home's adjusted basis. Download 2010 tax forms Repairs versus improvements. Download 2010 tax forms   A repair keeps your home in an ordinary, efficient operating condition. Download 2010 tax forms It does not add to the value of your home or prolong its life. Download 2010 tax forms Repairs include repainting your home inside or outside, fixing your gutters or floors, fixing leaks or plastering, and replacing broken window panes. Download 2010 tax forms You cannot deduct repair costs and generally cannot add them to the basis of your home. Download 2010 tax forms   However, repairs that are done as part of an extensive remodeling or restoration of your home are considered improvements. Download 2010 tax forms You add them to the basis of your home. Download 2010 tax forms Records to keep. Download 2010 tax forms   You can use Table 4 (at the end of the publication) as a guide to help you keep track of improvements to your home. Download 2010 tax forms Also see Keeping Records , below. Download 2010 tax forms Energy conservation subsidy. Download 2010 tax forms   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. Download 2010 tax forms You must reduce the basis of your home by that value. Download 2010 tax forms   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. Download 2010 tax forms 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. Download 2010 tax forms 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. Download 2010 tax forms You should keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis. Download 2010 tax forms In addition, you should keep track of any decreases to the basis such as those listed in Table 3, earlier. Download 2010 tax forms How to keep records. Download 2010 tax forms   How you keep records is up to you, but they must be clear and accurate and must be available to the IRS. Download 2010 tax forms How long to keep records. Download 2010 tax forms   You must keep your records for as long as they are important for meeting any provision of the federal tax law. Download 2010 tax forms   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. Download 2010 tax forms (A period of limitations is the period of time after which no legal action can be brought. Download 2010 tax forms ) For assessment of tax you owe, this is generally 3 years from the date you filed the return. Download 2010 tax forms 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. Download 2010 tax forms Returns filed before the due date are treated as filed on the due date. Download 2010 tax forms   You may need to keep records relating to the basis of property (discussed earlier) for longer than the period of limitations. Download 2010 tax forms Keep those records as long as they are important in figuring the basis of the original or replacement property. Download 2010 tax forms 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. Download 2010 tax forms Table 4. Download 2010 tax forms Record of Home Improvements Keep this for your records. Download 2010 tax forms Also, keep receipts or other proof of improvements. Download 2010 tax forms Remove from this record any improvements that are no longer part of your main home. Download 2010 tax forms 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. Download 2010 tax forms (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