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Download state tax forms free Publication 584-B - Introductory Material Table of Contents What's New Introduction What's New The IRS has created a page on IRS. Download state tax forms free gov for information about Publication 584-B, at www. Download state tax forms free irs. Download state tax forms free gov/pub584b. Download state tax forms free Information about any future developments affecting Publication 584-B (such as legislation enacted after we released it) will be posted on that page. Download state tax forms free Introduction This workbook is designed to help you figure your loss on business and income-producing property in the event of a disaster, casualty, or theft. Download state tax forms free It contains schedules to help you figure the loss to your office furniture and fixtures, information systems, motor vehicles, office supplies, buildings, and equipment. Download state tax forms free These schedules, however, are for your information only. Download state tax forms free You must complete Form 4684, Casualties and Thefts, to report your loss. Download state tax forms free Prev  Up  Next   Home   More Online Publications
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Letter 1962C Frequently Asked Questions (FAQs)

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The Download State Tax Forms Free

Download state tax forms free 1. Download state tax forms free   Rental Income and Expenses (If No Personal Use of Dwelling) Table of Contents Rental IncomeWhen To Report Types of Income Rental ExpensesWhen To Deduct Types of Expenses This chapter discusses the various types of rental income and expenses for a residential rental activity with no personal use of the dwelling. Download state tax forms free Generally, each year you will report all income and deduct all out-of-pocket expenses in full. Download state tax forms free The deduction to recover the cost of your rental property—depreciation—is taken over a prescribed number of years, and is discussed in chapter 2, Depreciation of Rental Property. Download state tax forms free If your rental income is from property you also use personally or rent to someone at less than a fair rental price, first read the information in chapter 5 , Personal Use of Dwelling Unit (Including Vacation Home). Download state tax forms free Rental Income In most cases, you must include in your gross income all amounts you receive as rent. Download state tax forms free Rental income is any payment you receive for the use or occupation of property. Download state tax forms free In addition to amounts you receive as normal rental payments, there are other amounts that may be rental income. Download state tax forms free When To Report When you report rental income on your tax return generally depends on whether you are a cash basis taxpayer or use an accrual method. Download state tax forms free Most individual taxpayers use the cash method. Download state tax forms free Cash method. Download state tax forms free   You are a cash basis taxpayer if you report income on your return in the year you actually or constructively receive it, regardless of when it was earned. Download state tax forms free You constructively receive income when it is made available to you, for example, by being credited to your bank account. Download state tax forms free Accrual method. Download state tax forms free    If you are an accrual basis taxpayer, you generally report income when you earn it, rather than when you receive it. Download state tax forms free You generally deduct your expenses when you incur them, rather than when you pay them. Download state tax forms free More information. Download state tax forms free   See Publication 538, Accounting Periods and Methods, for more information about when you constructively receive income and accrual methods of accounting. Download state tax forms free Types of Income The following are common types of rental income. Download state tax forms free Advance rent. Download state tax forms free   Advance rent is any amount you receive before the period that it covers. Download state tax forms free Include advance rent in your rental income in the year you receive it regardless of the period covered or the method of accounting you use. Download state tax forms free Example. Download state tax forms free On March 18, 2013, you signed a 10-year lease to rent your property. Download state tax forms free During 2013, you received $9,600 for the first year's rent and $9,600 as rent for the last year of the lease. Download state tax forms free You must include $19,200 in your rental income in the first year. Download state tax forms free Canceling a lease. Download state tax forms free   If your tenant pays you to cancel a lease, the amount you receive is rent. Download state tax forms free Include the payment in your income in the year you receive it regardless of your method of accounting. Download state tax forms free Expenses paid by tenant. Download state tax forms free   If your tenant pays any of your expenses, those payments are rental income. Download state tax forms free Because you must include this amount in income, you can also deduct the expenses if they are deductible rental expenses. Download state tax forms free For more information, see Rental Expenses , later. Download state tax forms free Example 1. Download state tax forms free Your tenant pays the water and sewage bill for your rental property and deducts the amount from the normal rent payment. Download state tax forms free Under the terms of the lease, your tenant does not have to pay this bill. Download state tax forms free Include the utility bill paid by the tenant and any amount received as a rent payment in your rental income. Download state tax forms free You can deduct the utility payment made by your tenant as a rental expense. Download state tax forms free Example 2. Download state tax forms free While you are out of town, the furnace in your rental property stops working. Download state tax forms free Your tenant pays for the necessary repairs and deducts the repair bill from the rent payment. Download state tax forms free Include the repair bill paid by the tenant and any amount received as a rent payment in your rental income. Download state tax forms free You can deduct the repair payment made by your tenant as a rental expense. Download state tax forms free Property or services. Download state tax forms free   If you receive property or services as rent, instead of money, include the fair market value of the property or services in your rental income. Download state tax forms free   If the services are provided at an agreed upon or specified price, that price is the fair market value unless there is evidence to the contrary. Download state tax forms free Example. Download state tax forms free Your tenant is a house painter. Download state tax forms free He offers to paint your rental property instead of paying 2 months rent. Download state tax forms free You accept his offer. Download state tax forms free Include in your rental income the amount the tenant would have paid for 2 months rent. Download state tax forms free You can deduct that same amount as a rental expense for painting your property. Download state tax forms free Security deposits. Download state tax forms free   Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. Download state tax forms free But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year. Download state tax forms free    If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. Download state tax forms free Include it in your income when you receive it. Download state tax forms free Other Sources of Rental Income Lease with option to buy. Download state tax forms free   If the rental agreement gives your tenant the right to buy your rental property, the payments you receive under the agreement are generally rental income. Download state tax forms free If your tenant exercises the right to buy the property, the payments you receive for the period after the date of sale are considered part of the selling price. Download state tax forms free Part interest. Download state tax forms free   If you own a part interest in rental property, you must report your part of the rental income from the property. Download state tax forms free Rental of property also used as your home. Download state tax forms free   If you rent property that you also use as your home and you rent it less than 15 days during the tax year, do not include the rent you receive in your income and do not deduct rental expenses. Download state tax forms free However, you can deduct on Schedule A (Form 1040), Itemized Deductions, the interest, taxes, and casualty and theft losses that are allowed for nonrental property. Download state tax forms free See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Download state tax forms free Rental Expenses In most cases, the expenses of renting your property, such as maintenance, insurance, taxes, and interest, can be deducted from your rental income. Download state tax forms free Personal use of rental property. Download state tax forms free   If you sometimes use your rental property for personal purposes, you must divide your expenses between rental and personal use. Download state tax forms free Also, your rental expense deductions may be limited. Download state tax forms free See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Download state tax forms free Part interest. Download state tax forms free   If you own a part interest in rental property, you can deduct expenses you paid according to your percentage of ownership. Download state tax forms free Example. Download state tax forms free Roger owns a one-half undivided interest in a rental house. Download state tax forms free Last year he paid $968 for necessary repairs on the property. Download state tax forms free Roger can deduct $484 (50% × $968) as a rental expense. Download state tax forms free He is entitled to reimbursement for the remaining half from the co-owner. Download state tax forms free When To Deduct You generally deduct your rental expenses in the year you pay them. Download state tax forms free If you use the accrual method, see Publication 538 for more information. Download state tax forms free Types of Expenses Listed below are the most common rental expenses. Download state tax forms free Advertising. Download state tax forms free Auto and travel expenses. Download state tax forms free Cleaning and maintenance. Download state tax forms free Commissions. Download state tax forms free Depreciation. Download state tax forms free Insurance. Download state tax forms free Interest (other). Download state tax forms free Legal and other professional fees. Download state tax forms free Local transportation expenses. Download state tax forms free Management fees. Download state tax forms free Mortgage interest paid to banks, etc. Download state tax forms free Points. Download state tax forms free Rental payments. Download state tax forms free Repairs. Download state tax forms free Taxes. Download state tax forms free Utilities. Download state tax forms free Some of these expenses, as well as other less common ones, are discussed below. Download state tax forms free Depreciation. Download state tax forms free   Depreciation is a capital expense. Download state tax forms free It is the mechanism for recovering your cost in an income producing property and must be taken over the expected life of the property. Download state tax forms free   You can begin to depreciate rental property when it is ready and available for rent. Download state tax forms free See Placed in Service under When Does Depreciation Begin and End in chapter 2. Download state tax forms free Insurance premiums paid in advance. Download state tax forms free   If you pay an insurance premium for more than one year in advance, for each year of coverage you can deduct the part of the premium payment that will apply to that year. Download state tax forms free You cannot deduct the total premium in the year you pay it. Download state tax forms free See chapter 6 of Publication 535 for information on deductible premiums. Download state tax forms free Interest expense. Download state tax forms free   You can deduct mortgage interest you pay on your rental property. Download state tax forms free When you refinance a rental property for more than the previous outstanding balance, the portion of the interest allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. Download state tax forms free Chapter 4 of Publication 535 explains mortgage interest in detail. Download state tax forms free Expenses paid to obtain a mortgage. Download state tax forms free   Certain expenses you pay to obtain a mortgage on your rental property cannot be deducted as interest. Download state tax forms free These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses that are part of your basis in the property. Download state tax forms free Form 1098, Mortgage Interest Statement. Download state tax forms free   If you paid $600 or more of mortgage interest on your rental property to any one person, you should receive a Form 1098 or similar statement showing the interest you paid for the year. Download state tax forms free If you and at least one other person (other than your spouse if you file a joint return) were liable for, and paid interest on, the mortgage, and the other person received the Form 1098, report your share of the interest on Schedule E (Form 1040), line 13. Download state tax forms free Attach a statement to your return showing the name and address of the other person. Download state tax forms free On the dotted line next to line 13, enter “See attached. Download state tax forms free ” Legal and other professional fees. Download state tax forms free   You can deduct, as a rental expense, legal and other professional expenses such as tax return preparation fees you paid to prepare Schedule E, Part I. Download state tax forms free For example, on your 2013 Schedule E you can deduct fees paid in 2013 to prepare Part I of your 2012 Schedule E. Download state tax forms free You can also deduct, as a rental expense, any expense (other than federal taxes and penalties) you paid to resolve a tax underpayment related to your rental activities. Download state tax forms free Local benefit taxes. Download state tax forms free   In most cases, you cannot deduct charges for local benefits that increase the value of your property, such as charges for putting in streets, sidewalks, or water and sewer systems. Download state tax forms free These charges are nondepreciable capital expenditures and must be added to the basis of your property. Download state tax forms free However, you can deduct local benefit taxes that are for maintaining, repairing, or paying interest charges for the benefits. Download state tax forms free Local transportation expenses. Download state tax forms free   You may be able to deduct your ordinary and necessary local transportation expenses if you incur them to collect rental income or to manage, conserve, or maintain your rental property. Download state tax forms free However, transportation expenses incurred to travel between your home and a rental property generally constitute nondeductible commuting costs unless you use your home as your principal place of business. Download state tax forms free See Publication 587, Business Use of Your Home, for information on determining if your home office qualifies as a principal place of business. Download state tax forms free   Generally, if you use your personal car, pickup truck, or light van for rental activities, you can deduct the expenses using one of two methods: actual expenses or the standard mileage rate. Download state tax forms free For 2013, the standard mileage rate for business use is 56. Download state tax forms free 5 cents per mile. Download state tax forms free For more information, see chapter 4 of Publication 463. Download state tax forms free    To deduct car expenses under either method, you must keep records that follow the rules in chapter 5 of Publication 463. Download state tax forms free In addition, you must complete Form 4562, Part V, and attach it to your tax return. Download state tax forms free Pre-rental expenses. Download state tax forms free   You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent. Download state tax forms free Rental of equipment. Download state tax forms free   You can deduct the rent you pay for equipment that you use for rental purposes. Download state tax forms free However, in some cases, lease contracts are actually purchase contracts. Download state tax forms free If so, you cannot deduct these payments. Download state tax forms free You can recover the cost of purchased equipment through depreciation. Download state tax forms free Rental of property. Download state tax forms free   You can deduct the rent you pay for property that you use for rental purposes. Download state tax forms free If you buy a leasehold for rental purposes, you can deduct an equal part of the cost each year over the term of the lease. Download state tax forms free Travel expenses. Download state tax forms free   You can deduct the ordinary and necessary expenses of traveling away from home if the primary purpose of the trip is to collect rental income or to manage, conserve, or maintain your rental property. Download state tax forms free You must properly allocate your expenses between rental and nonrental activities. Download state tax forms free You cannot deduct the cost of traveling away from home if the primary purpose of the trip is to improve the property. Download state tax forms free The cost of improvements is recovered by taking depreciation. Download state tax forms free For information on travel expenses, see chapter 1 of Publication 463. Download state tax forms free    To deduct travel expenses, you must keep records that follow the rules in chapter 5 of Publication 463. Download state tax forms free Uncollected rent. Download state tax forms free   If you are a cash basis taxpayer, do not deduct uncollected rent. Download state tax forms free Because you have not included it in your income, it is not deductible. Download state tax forms free   If you use an accrual method, report income when you earn it. Download state tax forms free If you are unable to collect the rent, you may be able to deduct it as a business bad debt. Download state tax forms free See chapter 10 of Publication 535 for more information about business bad debts. Download state tax forms free Vacant rental property. Download state tax forms free   If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. Download state tax forms free However, you cannot deduct any loss of rental income for the period the property is vacant. Download state tax forms free Vacant while listed for sale. Download state tax forms free   If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. Download state tax forms free If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses. Download state tax forms free Points The term “points” is often used to describe some of the charges paid, or treated as paid, by a borrower to take out a loan or a mortgage. Download state tax forms free These charges are also called loan origination fees, maximum loan charges, or premium charges. Download state tax forms free Any of these charges (points) that are solely for the use of money are interest. Download state tax forms free Because points are prepaid interest, you generally cannot deduct the full amount in the year paid, but must deduct the interest over the term of the loan. Download state tax forms free The method used to figure the amount of points you can deduct each year follows the original issue discount (OID) rules. Download state tax forms free In this case, points are equivalent to OID, which is the difference between: The amount borrowed (redemption price at maturity, or principal) and The proceeds (issue price). Download state tax forms free The first step is to determine whether your total OID (which you may have on bonds or other investments in addition to the mortgage loan), including the OID resulting from the points, is insignificant or de minimis. Download state tax forms free If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct. Download state tax forms free De minimis OID. Download state tax forms free   The OID is de minimis if it is less than one-fourth of 1% (. Download state tax forms free 0025) of the stated redemption price at maturity (principal amount of the loan) multiplied by the number of full years from the date of original issue to maturity (term of the loan). Download state tax forms free   If the OID is de minimis, you can choose one of the following ways to figure the amount of points you can deduct each year. Download state tax forms free On a constant-yield basis over the term of the loan. Download state tax forms free On a straight line basis over the term of the loan. Download state tax forms free In proportion to stated interest payments. Download state tax forms free In its entirety at maturity of the loan. Download state tax forms free You make this choice by deducting the OID (points) in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. Download state tax forms free Example. Download state tax forms free Carol Madison took out a $100,000 mortgage loan on January 1, 2013, to buy a house she will use as a rental during 2013. Download state tax forms free The loan is to be repaid over 30 years. Download state tax forms free During 2013, Carol paid $10,000 of mortgage interest (stated interest) to the lender. Download state tax forms free When the loan was made, she paid $1,500 in points to the lender. Download state tax forms free The points reduced the principal amount of the loan from $100,000 to $98,500, resulting in $1,500 of OID. Download state tax forms free Carol determines that the points (OID) she paid are de minimis based on the following computation. Download state tax forms free Redemption price at maturity (principal amount of the loan) $100,000 Multiplied by: The term of the  loan in complete years ×30 Multiplied by ×. Download state tax forms free 0025 De minimis amount $7,500 The points (OID) she paid ($1,500) are less than the de minimis amount ($7,500). Download state tax forms free Therefore, Carol has de minimis OID and she can choose one of the four ways discussed earlier to figure the amount she can deduct each year. Download state tax forms free Under the straight line method, she can deduct $50 each year for 30 years. Download state tax forms free Constant-yield method. Download state tax forms free   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. Download state tax forms free   You figure your deduction for the first year in the following manner. Download state tax forms free Determine the issue price of the loan. Download state tax forms free If you paid points on the loan, the issue price generally is the difference between the principal and the points. Download state tax forms free Multiply the result in (1) by the yield to maturity (defined later). Download state tax forms free Subtract any qualified stated interest payments (defined later) from the result in (2). Download state tax forms free This is the OID you can deduct in the first year. Download state tax forms free Yield to maturity (YTM). Download state tax forms free   This rate is generally shown in the literature you receive from your lender. Download state tax forms free If you do not have this information, consult your lender or tax advisor. Download state tax forms free In general, the YTM is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. Download state tax forms free Qualified stated interest (QSI). Download state tax forms free   In general, this is the stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a fixed rate. Download state tax forms free Example—Year 1. Download state tax forms free The facts are the same as in the previous example. Download state tax forms free The yield to maturity on Carol's loan is 10. Download state tax forms free 2467%, compounded annually. Download state tax forms free She figured the amount of points (OID) she could deduct in 2013 as follows. Download state tax forms free Principal amount of the loan $100,000 Minus: Points (OID) –1,500 Issue price of the loan $98,500 Multiplied by: YTM × . Download state tax forms free 102467 Total 10,093 Minus: QSI –10,000 Points (OID) deductible in 2013 $93 To figure your deduction in any subsequent year, you start with the adjusted issue price. Download state tax forms free To get the adjusted issue price, add to the issue price figured in Year 1 any OID previously deducted. Download state tax forms free Then follow steps (2) and (3), earlier. Download state tax forms free Example—Year 2. Download state tax forms free Carol figured the deduction for 2014 as follows. Download state tax forms free Issue price $98,500 Plus: Points (OID) deducted  in 2013 +93 Adjusted issue price $98,593 Multiplied by: YTM × . Download state tax forms free 102467 Total 10,103 Minus: QSI –10,000 Points (OID) deductible in 2014 $103 Loan or mortgage ends. Download state tax forms free    If your loan or mortgage ends, you may be able to deduct any remaining points (OID) in the tax year in which the loan or mortgage ends. Download state tax forms free A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. Download state tax forms free However, if the refinancing is with the same lender, the remaining points (OID) generally are not deductible in the year in which the refinancing occurs, but may be deductible over the term of the new mortgage or loan. Download state tax forms free Points when loan refinance is more than the previous outstanding balance. Download state tax forms free   When you refinance a rental property for more than the previous outstanding balance, the portion of the points allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. Download state tax forms free For example, if an individual refinanced a loan with a balance of $100,000, the amount of the new loan was $120,000, and the taxpayer used $20,000 to purchase a car, points allocable to the $20,000 would be treated as nondeductible personal interest. Download state tax forms free Repairs and Improvements Generally, an expense for repairing or maintaining your rental property may be deducted if you are not required to capitalize the expense. Download state tax forms free Improvements. Download state tax forms free   You must capitalize any expense you pay to improve your rental property. Download state tax forms free An expense is for an improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. Download state tax forms free Betterments. Download state tax forms free   Expenses that may result in a betterment to your property include expenses for fixing a pre-existing defect or condition, enlarging or expanding your property, or increasing the capacity, strength, or quality of your property. Download state tax forms free Restoration. Download state tax forms free   Expenses that may be for restoration include expenses for replacing a substantial structural part of your property, repairing damage to your property after you properly adjusted the basis of your property as a result of a casualty loss, or rebuilding your property to a like-new condition. Download state tax forms free Adaptation. Download state tax forms free   Expenses that may be for adaptation include expenses for altering your property to a use that is not consistent with the intended ordinary use of your property when you began renting the property. Download state tax forms free Separate the costs of repairs and improvements, and keep accurate records. Download state tax forms free You will need to know the cost of improvements when you sell or depreciate your property. Download state tax forms free The expenses you capitalize for improving your property can generally be depreciated as if the improvement were separate property. Download state tax forms free Table 1-1. Download state tax forms free Examples of Improvements Additions Bedroom Bathroom Deck Garage Porch Patio  Lawn & Grounds Landscaping Driveway Walkway Fence Retaining wall Sprinkler system Swimming pool Miscellaneous Storm windows, doors New roof Central vacuum Wiring upgrades Satellite dish Security system   Heating & Air Conditioning Heating system Central air conditioning Furnace Duct work Central humidifier Filtration system Plumbing Septic system Water heater Soft water system Filtration system  Interior Improvements Built-in appliances Kitchen modernization Flooring Wall-to-wall carpeting  Insulation Attic Walls, floor Pipes, duct work Prev  Up  Next   Home   More Online Publications