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Filing Past Years Taxes

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Filing Past Years Taxes

Filing past years taxes 2. Filing past years taxes   The Tax and Filing Requirements Table of Contents Returns and Filing Requirements Payment of TaxFederal Tax Deposits Must be Made by Electronic Funds Transfer All organizations subject to the tax on unrelated business income, except the exempt trusts described in section 511(b)(2), are taxable at corporate rates on that income. Filing past years taxes All exempt trusts subject to the tax on unrelated business income that, if not exempt, would be taxable as trusts are taxable at trust rates on that income. Filing past years taxes However, an exempt trust may not claim the deduction for a personal exemption that is normally allowed to a trust. Filing past years taxes The tax is imposed on the organization's unrelated business taxable income (described in chapter 4). Filing past years taxes The tax is reduced by any applicable tax credits, including the general business credits (such as the investment credit) and the foreign tax credit. Filing past years taxes Alternative minimum tax. Filing past years taxes   Organizations liable for tax on unrelated business income may be liable for alternative minimum tax on certain adjustments and tax preference items. Filing past years taxes Returns and Filing Requirements An exempt organization subject to the tax on unrelated business income must file Form 990-T and attach any required supporting schedules and forms. Filing past years taxes The obligation to file Form 990-T is in addition to the obligation to file any other required returns. Filing past years taxes Form 990-T is required if the organization's gross income from unrelated businesses is $1,000 or more. Filing past years taxes An exempt organization must report income from all its unrelated businesses on a single Form 990-T. Filing past years taxes Each organization must file a separate Form 990-T, except section 501(c)(2) title holding corporations and organizations receiving their earnings that file a consolidated return under section 1501. Filing past years taxes The various provisions of tax law relating to accounting periods, accounting methods, at-risk limits (described in section 465), assessments, and collection penalties that apply to tax returns generally also apply to Form 990-T. Filing past years taxes When to file. Filing past years taxes   The Form 990-T of an employees' trust described in section 401(a), an IRA (including a traditional, SEP, SIMPLE, Roth, or Coverdell IRA), or an MSA must be filed by the 15th day of the 4th month after the end of its tax year. Filing past years taxes The Form 990-T of any other exempt organization must be filed by the 15th day of the 5th month after the end of its tax year. Filing past years taxes If the due date falls on a Saturday, Sunday, or legal holiday, the return is due by the next business day. Filing past years taxes Extension of time to file. Filing past years taxes   A Form 990-T filer may request an automatic 3-month (6 months for corporation) extension of time to file a return by submitting Form 8868, Application for Extension of Time To File an Exempt Organization Return. Filing past years taxes The Form 990-T filer may also use Form 8868 to apply for an additional (not automatic) 3-month extension to file the return if the original 3-month extension was not enough time. Filing past years taxes Public Inspection Requirements of Section 501(c)(3) Organizations. Filing past years taxes   Under section 6104(d), a section 501(c)(3) organization that has gross income from an unrelated trade or business of $1,000 or more must make its annual exempt organization business income tax return (including amended returns) available for public inspection. Filing past years taxes    A section 501(c)(3) organization filing the Form 990-T only to request a credit for certain federal excise taxes paid does not have to make the Form 990-T available for public inspection. Filing past years taxes Payment of Tax Estimated tax. Filing past years taxes   A tax-exempt organization must make estimated tax payments if it expects its tax (unrelated business income tax after certain adjustments) to be $500 or more. Filing past years taxes Estimated tax payments are generally due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. Filing past years taxes If any due date falls on a Saturday, Sunday, or legal holiday, the payment is due on the next business day. Filing past years taxes   Any organization that fails to pay the proper estimated tax when due may be charged an underpayment penalty for the period of underpayment. Filing past years taxes Generally, to avoid the estimated tax penalty, the organization must make estimated tax payments that total 100% of the organization's current tax year liability. Filing past years taxes However, an organization can base its required estimated tax payments on 100% of the tax shown on its return for the preceding year (unless no tax is shown) if its taxable income for each of the 3 preceding tax years was less than $1 million. Filing past years taxes If an organization's taxable income for any of those years was $1 million or more, it can base only its first required installment payment on its last year's tax. Filing past years taxes   All tax-exempt organizations should use Form 990-W (Worksheet), to figure their estimated tax. Filing past years taxes    Tax due with Form 990-T. Filing past years taxes   Any tax due with Form 990-T must be paid in full when the return is filed, but no later than the date the return is due (determined without extensions). Filing past years taxes Federal Tax Deposits Must be Made by Electronic Funds Transfer You must use electronic funds transfer to make all federal deposits (such as deposits of estimated tax, employment tax, and excise tax). Filing past years taxes Forms 8109 and 8109-B, Federal Tax Deposit Coupon, are no longer in use. Filing past years taxes Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Filing past years taxes If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. Filing past years taxes Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Filing past years taxes EFTPS is a free service provided by the Department of Treasury. Filing past years taxes Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Filing past years taxes To get more information about EFTPS or to enroll in EFTPS, visit www. Filing past years taxes eftps. Filing past years taxes gov or call 1-800-555-4477. Filing past years taxes Additional information about EFTPS is available in Publication 966, The Secure Way to Pay Your Federal Taxes. Filing past years taxes Deposits on business days only. Filing past years taxes   If a deposit is required to be made on a day that is not a business day, the deposit is considered timely if it is made by the close of the next business day. Filing past years taxes A business day is any day other than a Saturday, Sunday, or legal holiday. Filing past years taxes For example, if a deposit is required to be made on a Friday and Friday is a legal holiday, the deposit will be considered timely if it is made by the following Monday (if that Monday is a business day). Filing past years taxes The term "legal holiday" means any legal holiday in the District of Columbia. Filing past years taxes Prev  Up  Next   Home   More Online Publications
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The Filing Past Years Taxes

Filing past years taxes 3. Filing past years taxes   Reporting Rental Income, Expenses, and Losses Table of Contents Which Forms To UseSchedule E (Form 1040) Schedule C (Form 1040), Profit or Loss From Business Qualified Joint Venture Limits on Rental LossesAt-Risk Rules Passive Activity Limits Casualties and Thefts Example Figuring the net income or loss for a residential rental activity may involve more than just listing the income and deductions on Schedule E (Form 1040). Filing past years taxes There are activities which do not qualify to use Schedule E, such as when the activity is not engaged in to make a profit or when you provide substantial services in conjunction with the property. Filing past years taxes There are also the limitations which may need to be applied if you have a net loss on Schedule E. Filing past years taxes There are two: (1) the limitation based on the amount of investment you have at risk in your rental activity, and (2) the special limits imposed on passive activities. Filing past years taxes You may also have a gain or loss related to your rental property from a casualty or theft. Filing past years taxes This is considered separately from the income and expense information you report on Schedule E. Filing past years taxes Which Forms To Use The basic form for reporting residential rental income and expenses is Schedule E (Form 1040). Filing past years taxes However, do not use that schedule to report a not-for-profit activity. Filing past years taxes See Not Rented for Profit , in chapter 4. Filing past years taxes There are also other rental situations in which forms other than Schedule E would be used. Filing past years taxes Schedule E (Form 1040) If you rent buildings, rooms, or apartments, and provide basic services such as heat and light, trash collection, etc. Filing past years taxes , you normally report your rental income and expenses on Schedule E, Part I. Filing past years taxes List your total income, expenses, and depreciation for each rental property. Filing past years taxes Be sure to enter the number of fair rental and personal use days on line 2. Filing past years taxes If you have more than three rental or royalty properties, complete and attach as many Schedules E as are needed to list the properties. Filing past years taxes Complete lines 1 and 2 for each property. Filing past years taxes However, fill in lines 23a through 26 on only one Schedule E. Filing past years taxes On Schedule E, page 1, line 18, enter the depreciation you are claiming for each property. Filing past years taxes To find out if you need to attach Form 4562, see Form 4562 , later. Filing past years taxes If you have a loss from your rental real estate activity, you also may need to complete one or both of the following forms. Filing past years taxes Form 6198, At-Risk Limitations. Filing past years taxes See At-Risk Rules , later. Filing past years taxes Also see Publication 925. Filing past years taxes Form 8582, Passive Activity Loss Limitations. Filing past years taxes See Passive Activity Limits , later. Filing past years taxes Page 2 of Schedule E is used to report income or loss from partnerships, S corporations, estates, trusts, and real estate mortgage investment conduits. Filing past years taxes If you need to use page 2 of Schedule E, be sure to use page 2 of the same Schedule E you used to enter your rental activity on page 1. Filing past years taxes Also, include the amount from line 26 (Part I) in the “Total income or (loss)” on line 41 (Part V). Filing past years taxes Form 4562. Filing past years taxes   You must complete and attach Form 4562 for rental activities only if you are claiming: Depreciation, including the special depreciation allowance, on property placed in service during 2013; Depreciation on listed property (such as a car), regardless of when it was placed in service; or Any other car expenses, including the standard mileage rate or lease expenses. Filing past years taxes Otherwise, figure your depreciation on your own worksheet. Filing past years taxes You do not have to attach these computations to your return, but you should keep them in your records for future reference. Filing past years taxes   See Publication 946 for information on preparing Form 4562. Filing past years taxes Schedule C (Form 1040), Profit or Loss From Business Generally, Schedule C is used when you provide substantial services in conjunction with the property or the rental is part of a trade or business as a real estate dealer. Filing past years taxes Providing substantial services. Filing past years taxes   If you provide substantial services that are primarily for your tenant's convenience, such as regular cleaning, changing linen, or maid service, you report your rental income and expenses on Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business. Filing past years taxes Use Form 1065, U. Filing past years taxes S. Filing past years taxes Return of Partnership Income, if your rental activity is a partnership (including a partnership with your spouse unless it is a qualified joint venture). Filing past years taxes Substantial services do not include the furnishing of heat and light, cleaning of public areas, trash collection, etc. Filing past years taxes For information, see Publication 334, Tax Guide for Small Business. Filing past years taxes Also, you may have to pay self-employment tax on your rental income using Schedule SE (Form 1040), Self-Employment Tax. Filing past years taxes For a discussion of “substantial services,” see Real Estate Rents in Publication 334, chapter 5. Filing past years taxes Qualified Joint Venture If you and your spouse each materially participate (see Material participation under Passive Activity Limits, later) as the only members of a jointly owned and operated real estate business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership. Filing past years taxes This election, in most cases, will not increase the total tax owed on the joint return, but it does give each of you credit for social security earnings on which retirement benefits are based and for Medicare coverage if your rental income is subject to self-employment tax. Filing past years taxes If you make this election, you must report rental real estate income on Schedule E (or Schedule C if you provide substantial services). Filing past years taxes You will not be required to file Form 1065 for any year the election is in effect. Filing past years taxes Rental real estate income generally is not included in net earnings from self-employment subject to self-employment tax and generally is subject to the passive activity limits. Filing past years taxes If you and your spouse filed a Form 1065 for the year prior to the election, the partnership terminates at the end of the tax year immediately preceding the year the election takes effect. Filing past years taxes For more information on qualified joint ventures, go to IRS. Filing past years taxes gov and enter “qualified joint venture” in the search box. Filing past years taxes Limits on Rental Losses If you have a loss from your rental real estate activity, two sets of rules may limit the amount of loss you can deduct. Filing past years taxes You must consider these rules in the order shown below. Filing past years taxes Both are discussed in this section. Filing past years taxes At-risk rules. Filing past years taxes These rules are applied first if there is investment in your rental real estate activity for which you are not at risk. Filing past years taxes This applies only if the real property was placed in service after 1986. Filing past years taxes Passive activity limits. Filing past years taxes Generally, rental real estate activities are considered passive activities and losses are not deductible unless you have income from other passive activities to offset them. Filing past years taxes However, there are exceptions. Filing past years taxes At-Risk Rules You may be subject to the at-risk rules if you have: A loss from an activity carried on as a trade or business or for the production of income, and Amounts invested in the activity for which you are not fully at risk. Filing past years taxes Losses from holding real property (other than mineral property) placed in service before 1987 are not subject to the at-risk rules. Filing past years taxes In most cases, any loss from an activity subject to the at-risk rules is allowed only to the extent of the total amount you have at risk in the activity at the end of the tax year. Filing past years taxes You are considered at risk in an activity to the extent of cash and the adjusted basis of other property you contributed to the activity and certain amounts borrowed for use in the activity. Filing past years taxes Any loss that is disallowed because of the at-risk limits is treated as a deduction from the same activity in the next tax year. Filing past years taxes See Publication 925 for a discussion of the at-risk rules. Filing past years taxes Form 6198. Filing past years taxes   If you are subject to the at-risk rules, file Form 6198, At-Risk Limitations, with your tax return. Filing past years taxes Passive Activity Limits In most cases, all rental real estate activities (except those of certain real estate professionals, discussed later) are passive activities. Filing past years taxes For this purpose, a rental activity is an activity from which you receive income mainly for the use of tangible property, rather than for services. Filing past years taxes For a discussion of activities that are not considered rental activities, see Rental Activities in Publication 925. Filing past years taxes Deductions or losses from passive activities are limited. Filing past years taxes You generally cannot offset income, other than passive income, with losses from passive activities. Filing past years taxes Nor can you offset taxes on income, other than passive income, with credits resulting from passive activities. Filing past years taxes Any excess loss or credit is carried forward to the next tax year. Filing past years taxes Exceptions to the rules for figuring passive activity limits for personal use of a dwelling unit and for rental real estate with active participation are discussed later. Filing past years taxes For a detailed discussion of these rules, see Publication 925. Filing past years taxes Real estate professionals. Filing past years taxes   If you are a real estate professional, complete line 43 of Schedule E. Filing past years taxes      You qualify as a real estate professional for the tax year if you meet both of the following requirements. Filing past years taxes More than half of the personal services you perform in all trades or businesses during the tax year are performed in real property trades or businesses in which you materially participate. Filing past years taxes You perform more than 750 hours of services during the tax year in real property trades or businesses in which you materially participate. Filing past years taxes If you qualify as a real estate professional, rental real estate activities in which you materially participated are not passive activities. Filing past years taxes For purposes of determining whether you materially participated in your rental real estate activities, each interest in rental real estate is a separate activity unless you elect to treat all your interests in rental real estate as one activity. Filing past years taxes   Do not count personal services you perform as an employee in real property trades or businesses unless you are a 5% owner of your employer. Filing past years taxes You are a 5% owner if you own (or are considered to own) more than 5% of your employer's outstanding stock, or capital or profits interest. Filing past years taxes   Do not count your spouse's personal services to determine whether you met the requirements listed earlier to qualify as a real estate professional. Filing past years taxes However, you can count your spouse's participation in an activity in determining if you materially participated. Filing past years taxes Real property trades or businesses. Filing past years taxes   A real property trade or business is a trade or business that does any of the following with real property. Filing past years taxes Develops or redevelops it. Filing past years taxes Constructs or reconstructs it. Filing past years taxes Acquires it. Filing past years taxes Converts it. Filing past years taxes Rents or leases it. Filing past years taxes Operates or manages it. Filing past years taxes Brokers it. Filing past years taxes Choice to treat all interests as one activity. Filing past years taxes   If you were a real estate professional and had more than one rental real estate interest during the year, you can choose to treat all the interests as one activity. Filing past years taxes You can make this choice for any year that you qualify as a real estate professional. Filing past years taxes If you forgo making the choice for one year, you can still make it for a later year. Filing past years taxes   If you make the choice, it is binding for the tax year you make it and for any later year that you are a real estate professional. Filing past years taxes This is true even if you are not a real estate professional in any intervening year. Filing past years taxes (For that year, the exception for real estate professionals will not apply in determining whether your activity is subject to the passive activity rules. Filing past years taxes )   See the Instructions for Schedule E for information about making this choice. Filing past years taxes Material participation. Filing past years taxes   Generally, you materially participated in an activity for the tax year if you were involved in its operations on a regular, continuous, and substantial basis during the year. Filing past years taxes For details, see Publication 925 or the Instructions for Schedule C. Filing past years taxes Participating spouse. Filing past years taxes   If you are married, determine whether you materially participated in an activity by also counting any participation in the activity by your spouse during the year. Filing past years taxes Do this even if your spouse owns no interest in the activity or files a separate return for the year. Filing past years taxes Form 8582. Filing past years taxes    You may have to complete Form 8582 to figure the amount of any passive activity loss for the current tax year for all activities and the amount of the passive activity loss allowed on your tax return. Filing past years taxes See Form 8582 not required , later in this chapter, to determine if you must complete Form 8582. Filing past years taxes   If you are required to complete Form 8582 and are also subject to the at-risk rules, include the amount from Form 6198, line 21 (deductible loss) in column (b) of Form 8582, Worksheet 1 or 3, as required. Filing past years taxes Exception for Personal Use of Dwelling Unit If you used the rental property as a home during the year, any income, deductions, gain, or loss allocable to such use shall not be taken into account for purposes of the passive activity loss limitation. Filing past years taxes Instead, follow the rules explained in chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Filing past years taxes Exception for Rental Real Estate With Active Participation If you or your spouse actively participated in a passive rental real estate activity, you may be able to deduct up to $25,000 of loss from the activity from your nonpassive income. Filing past years taxes This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities. Filing past years taxes Similarly, you may be able to offset credits from the activity against the tax on up to $25,000 of nonpassive income after taking into account any losses allowed under this exception. Filing past years taxes Example. Filing past years taxes Jane is single and has $40,000 in wages, $2,000 of passive income from a limited partnership, and $3,500 of passive loss from a rental real estate activity in which she actively participated. Filing past years taxes $2,000 of Jane's $3,500 loss offsets her passive income. Filing past years taxes The remaining $1,500 loss can be deducted from her $40,000 wages. Filing past years taxes The special allowance is not available if you were married, lived with your spouse at any time during the year, and are filing a separate return. Filing past years taxes Active participation. Filing past years taxes   You actively participated in a rental real estate activity if you (and your spouse) owned at least 10% of the rental property and you made management decisions or arranged for others to provide services (such as repairs) in a significant and bona fide sense. Filing past years taxes Management decisions that may count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and other similar decisions. Filing past years taxes Example. Filing past years taxes Mike is single and had the following income and losses during the tax year:   Salary $42,300     Dividends 300     Interest 1,400     Rental loss (4,000)   The rental loss was from the rental of a house Mike owned. Filing past years taxes Mike had advertised and rented the house to the current tenant himself. Filing past years taxes He also collected the rents, which usually came by mail. Filing past years taxes All repairs were either made or contracted out by Mike. Filing past years taxes Although the rental loss is from a passive activity, because Mike actively participated in the rental property management he can use the entire $4,000 loss to offset his other income. Filing past years taxes Maximum special allowance. Filing past years taxes   The maximum special allowance is: $25,000 for single individuals and married individuals filing a joint return for the tax year, $12,500 for married individuals who file separate returns for the tax year and lived apart from their spouses at all times during the tax year, and $25,000 for a qualifying estate reduced by the special allowance for which the surviving spouse qualified. Filing past years taxes   If your modified adjusted gross income (MAGI) is $100,000 or less ($50,000 or less if married filing separately), you can deduct your loss up to the amount specified above. Filing past years taxes If your MAGI is more than $100,000 (more than $50,000 if married filing separately), your special allowance is limited to 50% of the difference between $150,000 ($75,000 if married filing separately) and your MAGI. Filing past years taxes   Generally, if your MAGI is $150,000 or more ($75,000 or more if you are married filing separately), there is no special allowance. Filing past years taxes Modified adjusted gross income (MAGI). Filing past years taxes   This is your adjusted gross income from Form 1040, U. Filing past years taxes S. Filing past years taxes Individual Income Tax Return, line 38, or Form 1040NR, U. Filing past years taxes S. Filing past years taxes Nonresident Alien Income Tax Return, line 37, figured without taking into account: The taxable amount of social security or equivalent tier 1 railroad retirement benefits, The deductible contributions to traditional individual retirement accounts (IRAs) and section 501(c)(18) pension plans, The exclusion from income of interest from Series EE and I U. Filing past years taxes S. Filing past years taxes savings bonds used to pay higher educational expenses, The exclusion of amounts received under an employer's adoption assistance program, Any passive activity income or loss included on Form 8582, Any rental real estate loss allowed to real estate professionals, Any overall loss from a publicly traded partnership (see Publicly Traded Partnerships (PTPs) in the Instructions for Form 8582), The deduction allowed for one-half of self-employment tax, The deduction allowed for interest paid on student loans, The deduction for qualified tuition and related fees, and The domestic production activities deduction (see the Instructions for Form 8903). Filing past years taxes Form 8582 not required. Filing past years taxes   Do not complete Form 8582 if you meet all of the following conditions. Filing past years taxes Your only passive activities were rental real estate activities in which you actively participated. Filing past years taxes Your overall net loss from these activities is $25,000 or less ($12,500 or less if married filing separately and you lived apart from your spouse all year). Filing past years taxes If married filing separately, you lived apart from your spouse all year. Filing past years taxes You have no prior year unallowed losses from these (or any other passive) activities. Filing past years taxes You have no current or prior year unallowed credits from passive activities. Filing past years taxes Your MAGI is $100,000 or less ($50,000 or less if married filing separately and you lived apart from your spouse all year). Filing past years taxes You do not hold any interest in a rental real estate activity as a limited partner or as a beneficiary of an estate or a trust. Filing past years taxes   If you meet all of the conditions listed above, your rental real estate activities are not limited by the passive activity rules and you do not have to complete Form 8582. Filing past years taxes On lines 23a through 23e of your Schedule E, enter the applicable amounts. Filing past years taxes Casualties and Thefts As a result of a casualty or theft, you may have a loss related to your rental property. Filing past years taxes You may be able to deduct the loss on your income tax return. Filing past years taxes Casualty. Filing past years taxes   This is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. Filing past years taxes Such events include a storm, fire, or earthquake. Filing past years taxes Theft. Filing past years taxes   This is defined as the unlawful taking and removing of your money or property with the intent to deprive you of it. Filing past years taxes Gain from casualty or theft. Filing past years taxes   It is also possible to have a gain from a casualty or theft if you receive money, including insurance, that is more than your adjusted basis in the property. Filing past years taxes Generally, you must report this gain. Filing past years taxes However, under certain circumstances, you may defer paying tax by choosing to postpone reporting the gain. Filing past years taxes To do this, you generally must buy replacement property within 2 years after the close of the first tax year in which any part of your gain is realized. Filing past years taxes In certain circumstances, the replacement period can be greater than 2 years; see Replacement Period in Publication 547 for more information. Filing past years taxes The cost of the replacement property must be equal to or more than the net insurance or other payment you received. Filing past years taxes More information. Filing past years taxes   For information on business and nonbusiness casualty and theft losses, see Publication 547. Filing past years taxes How to report. Filing past years taxes    If you had a casualty or theft that involved property used in your rental activity, figure the net gain or loss in Section B of Form 4684, Casualties and Thefts. Filing past years taxes Follow the Instructions for Form 4684 for where to carry your net gain or loss. Filing past years taxes Example In February 2008, Marie Pfister bought a rental house for $135,000 (house $120,000 and land $15,000) and immediately began renting it out. Filing past years taxes In 2013, she rented it all 12 months for a monthly rental fee of $1,125. Filing past years taxes In addition to her rental income of $13,500 (12 x $1,125), Marie had the following expenses. Filing past years taxes Mortgage interest $8,000 Fire insurance (1-year policy) 250 Miscellaneous repairs 400 Real estate taxes imposed and paid 500 Maintenance 200 Marie depreciates the residential rental property under MACRS GDS. Filing past years taxes This means using the straight line method over a recovery period of 27. Filing past years taxes 5 years. Filing past years taxes She uses Table 2-2d to find her depreciation percentage. Filing past years taxes Because she placed the property in service in February 2008, she continues to use that row of Table 2-2d. Filing past years taxes For year 6, the rate is 3. Filing past years taxes 636%. Filing past years taxes Marie figures her net rental income or loss for the house as follows: Total rental income received  ($1,125 × 12) $13,500 Minus: Expenses     Mortgage interest $8,000   Fire insurance 250   Miscellaneous repairs 400   Real estate taxes 500   Maintenance 200   Total expenses 9,350 Balance $4,150 Minus: Depreciation ($120,000 x 3. Filing past years taxes 636%) 4,363 Net rental (loss) for house ($213)       Marie had a net loss for the year. Filing past years taxes Because she actively participated in her passive rental real estate activity and her loss was less than $25,000, she can deduct the loss on her return. Filing past years taxes Marie also meets all of the requirements for not having to file Form 8582. Filing past years taxes She uses Schedule E, Part I, to report her rental income and expenses. Filing past years taxes She enters her income, expenses, and depreciation for the house in the column for Property A and enters her loss on line 22. Filing past years taxes Form 4562 is not required. Filing past years taxes Prev  Up  Next   Home   More Online Publications