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Find state tax return 9. Find state tax return   Rental Income and Expenses Table of Contents Introduction Useful Items - You may want to see: Rental Income Rental ExpensesVacant while listed for sale. Find state tax return Repairs and Improvements Other Expenses Property Changed to Rental Use Renting Part of Property Not Rented for Profit Personal Use of Dwelling Unit (Including Vacation Home)Example. Find state tax return Dividing Expenses Dwelling Unit Used as a Home Reporting Income and Deductions DepreciationChanging your accounting method to deduct unclaimed depreciation. Find state tax return Limits on Rental LossesAt-Risk Rules Passive Activity Limits How To Report Rental Income and ExpensesSchedule E (Form 1040) Introduction This chapter discusses rental income and expenses. Find state tax return It also covers the following topics. Find state tax return Personal use of dwelling unit (including vacation home). Find state tax return Depreciation. Find state tax return Limits on rental losses. Find state tax return How to report your rental income and expenses. Find state tax return If you sell or otherwise dispose of your rental property, see Publication 544, Sales and Other Dispositions of Assets. Find state tax return If you have a loss from damage to, or theft of, rental property, see Publication 547, Casualties, Disasters, and Thefts. Find state tax return If you rent a condominium or a cooperative apartment, some special rules apply to you even though you receive the same tax treatment as other owners of rental property. Find state tax return See Publication 527, Residential Rental Property, for more information. Find state tax return Useful Items - You may want to see: Publication 527 Residential Rental Property 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 6251 Alternative Minimum Tax—Individuals 8582 Passive Activity Loss Limitations Schedule E (Form 1040) Supplemental Income and Loss Rental Income In most cases, you must include in your gross income all amounts you receive as rent. Find state tax return Rental income is any payment you receive for the use or occupation of property. Find state tax return In addition to amounts you receive as normal rent payments, there are other amounts that may be rental income. Find state tax return When to report. Find state tax return   If you are a cash-basis taxpayer, you report rental income on your return for the year you actually or constructively receive it. Find state tax return You are a cash-basis taxpayer if you report income in the year you receive it, regardless of when it was earned. Find state tax return You constructively receive income when it is made available to you, for example, by being credited to your bank account. Find state tax return   For more information about when you constructively receive income, see Accounting Methods in chapter 1. Find state tax return Advance rent. Find state tax return   Advance rent is any amount you receive before the period that it covers. Find state tax return 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. Find state tax return Example. Find state tax return You sign a 10-year lease to rent your property. Find state tax return In the first year, you receive $5,000 for the first year's rent and $5,000 as rent for the last year of the lease. Find state tax return You must include $10,000 in your income in the first year. Find state tax return Canceling a lease. Find state tax return   If your tenant pays you to cancel a lease, the amount you receive is rent. Find state tax return Include the payment in your income in the year you receive it regardless of your method of accounting. Find state tax return Expenses paid by tenant. Find state tax return   If your tenant pays any of your expenses, the payments are rental income. Find state tax return Because you must include this amount in income, you can deduct the expenses if they are deductible rental expenses. Find state tax return See Rental Expenses , later, for more information. Find state tax return Property or services. Find state tax return   If you receive property or services, instead of money, as rent, include the fair market value of the property or services in your rental income. Find state tax return   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. Find state tax return Security deposits. Find state tax return   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. Find state tax return 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. Find state tax return   If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. Find state tax return Include it in your income when you receive it. Find state tax return Part interest. Find state tax return   If you own a part interest in rental property, you must report your part of the rental income from the property. Find state tax return Rental of property also used as your home. Find state tax return   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. Find state tax return However, you can deduct on Schedule A (Form 1040) the interest, taxes, and casualty and theft losses that are allowed for nonrental property. Find state tax return See Personal Use of Dwelling Unit (Including Vacation Home) , later. Find state tax return Rental Expenses This part discusses expenses of renting property that you ordinarily can deduct from your rental income. Find state tax return It includes information on the expenses you can deduct if you rent part of your property, or if you change your property to rental use. Find state tax return Depreciation , which you can also deduct from your rental income, is discussed later. Find state tax return Personal use of rental property. Find state tax return   If you sometimes use your rental property for personal purposes, you must divide your expenses between rental and personal use. Find state tax return Also, your rental expense deductions may be limited. Find state tax return See Personal Use of Dwelling Unit (Including Vacation Home) , later. Find state tax return Part interest. Find state tax return   If you own a part interest in rental property, you can deduct expenses that you paid according to your percentage of ownership. Find state tax return When to deduct. Find state tax return   If you are a cash-basis taxpayer, you generally deduct your rental expenses in the year you pay them. Find state tax return Depreciation. Find state tax return   You can begin to depreciate rental property when it is ready and available for rent. Find state tax return See Placed-in-Service under When Does Depreciation Begin and End in chapter 2 of Publication 527. Find state tax return Pre-rental expenses. Find state tax return   You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent. Find state tax return Uncollected rent. Find state tax return   If you are a cash-basis taxpayer, do not deduct uncollected rent. Find state tax return Because you have not included it in your income, it is not deductible. Find state tax return Vacant rental property. Find state tax return   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. Find state tax return However, you cannot deduct any loss of rental income for the period the property is vacant. Find state tax return Vacant while listed for sale. Find state tax return   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. Find state tax return If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses. Find state tax return 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. Find state tax return Improvements. Find state tax return   You must capitalize any expense you pay to improve your rental property. Find state tax return 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. Find state tax return Betterments. Find state tax return   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. Find state tax return Restoration. Find state tax return   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. Find state tax return Adaptation. Find state tax return   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. Find state tax return Separate the costs of repairs and improvements, and keep accurate records. Find state tax return You will need to know the cost of improvements when you sell or depreciate your property. Find state tax return The expenses you capitalize for improving your property can generally be depreciated as if the improvement were separate property. Find state tax return Other Expenses Other expenses you can deduct from your rental income include advertising, cleaning and maintenance, utilities, fire and liability insurance, taxes, interest, commissions for the collection of rent, ordinary and necessary travel and transportation, and other expenses, discussed next. Find state tax return Insurance premiums paid in advance. Find state tax return   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. Find state tax return You cannot deduct the total premium in the year you pay it. Find state tax return Legal and other professional fees. Find state tax return   You can deduct, as a rental expense, legal and other professional expenses, such as tax return preparation fees you paid to prepare Schedule E (Form 1040), Part I. Find state tax return For example, on your 2013 Schedule E, you can deduct fees paid in 2013 to prepare your 2012 Schedule E, Part I. Find state tax return 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. Find state tax return Local benefit taxes. Find state tax return   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. Find state tax return These charges are nondepreciable capital expenditures, and must be added to the basis of your property. Find state tax return However, you can deduct local benefit taxes that are for maintaining, repairing, or paying interest charges for the benefits. Find state tax return Local transportation expenses. Find state tax return    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. Find state tax return 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. Find state tax return See Publication 587, Business Use of Your Home, for information on determining if your home office qualifies as a principal place of business. Find state tax return   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. Find state tax return For 2013, the standard mileage rate for business use is 56. Find state tax return 5 cents per mile. Find state tax return For more information, see chapter 26. Find state tax return    To deduct car expenses under either method, you must keep records that follow the rules in chapter 26. Find state tax return In addition, you must complete Form 4562, Part V, and attach it to your tax return. Find state tax return Rental of equipment. Find state tax return   You can deduct the rent you pay for equipment that you use for rental purposes. Find state tax return However, in some cases, lease contracts are actually purchase contracts. Find state tax return If so, you cannot deduct these payments. Find state tax return You can recover the cost of purchased equipment through depreciation. Find state tax return Rental of property. Find state tax return   You can deduct the rent you pay for property that you use for rental purposes. Find state tax return 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. Find state tax return Travel expenses. Find state tax return   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. Find state tax return You must properly allocate your expenses between rental and nonrental activities. Find state tax return You cannot deduct the cost of traveling away from home if the primary purpose of the trip was to improve your property. Find state tax return You recover the cost of improvements by taking depreciation. Find state tax return For information on travel expenses, see chapter 26. Find state tax return    To deduct travel expenses, you must keep records that follow the rules in chapter 26. Find state tax return   See Rental Expenses in Publication 527 for more information. Find state tax return Property Changed to Rental Use If you change your home or other property (or a part of it) to rental use at any time other than the beginning of your tax year, you must divide yearly expenses, such as taxes and insurance, between rental use and personal use. Find state tax return You can deduct as rental expenses only the part of the expense that is for the part of the year the property was used or held for rental purposes. Find state tax return You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. Find state tax return However, you can include the home mortgage interest, qualified mortgage insurance premiums, and real estate tax expenses for the part of the year the property was held for personal use as an itemized deduction on Schedule A (Form 1040). Find state tax return Example. Find state tax return Your tax year is the calendar year. Find state tax return You moved from your home in May and started renting it out on June 1. Find state tax return You can deduct as rental expenses seven-twelfths of your yearly expenses, such as taxes and insurance. Find state tax return Starting with June, you can deduct as rental expenses the amounts you pay for items generally billed monthly, such as utilities. Find state tax return Renting Part of Property If you rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property. Find state tax return You can deduct the expenses related to the part of the property used for rental purposes, such as home mortgage interest, qualified mortgage insurance premiums, and real estate taxes, as rental expenses on Schedule E (Form 1040). Find state tax return You can also deduct as rental expenses a portion of other expenses that normally are nondeductible personal expenses, such as expenses for electricity or painting the outside of your house. Find state tax return There is no change in the types of expenses deductible for the personal-use part of your property. Find state tax return Generally, these expenses may be deducted only if you itemize your deductions on Schedule A (Form 1040). Find state tax return You cannot deduct any part of the cost of the first phone line even if your tenants have unlimited use of it. Find state tax return You do not have to divide the expenses that belong only to the rental part of your property. Find state tax return For example, if you paint a room that you rent, or if you pay premiums for liability insurance in connection with renting a room in your home, your entire cost is a rental expense. Find state tax return If you install a second phone line strictly for your tenants' use, all of the cost of the second line is deductible as a rental expense. Find state tax return You can deduct depreciation, discussed later, on the part of the house used for rental purposes as well as on the furniture and equipment you use for rental purposes. Find state tax return How to divide expenses. Find state tax return   If an expense is for both rental use and personal use, such as mortgage interest or heat for the entire house, you must divide the expense between the rental use and the personal use. Find state tax return You can use any reasonable method for dividing the expense. Find state tax return It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. Find state tax return The two most common methods for dividing an expense are based on (1) the number of rooms in your home, and (2) the square footage of your home. Find state tax return Not Rented for Profit If you do not rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income. Find state tax return You cannot deduct a loss or carry forward to the next year any rental expenses that are more than your rental income for the year. Find state tax return For more information about the rules for an activity not engaged in for profit, see Not-for-Profit Activities in chapter 1 of Publication 535. Find state tax return Where to report. Find state tax return   Report your not-for-profit rental income on Form 1040, line 21. Find state tax return For example, you can include your mortgage interest and any qualified mortgage insurance premiums (if you use the property as your main home or second home), real estate taxes, and casualty losses on the appropriate lines of Schedule A (Form 1040) if you itemize your deductions. Find state tax return   If you itemize your deductions, claim your other rental expenses, subject to the rules explained in chapter 1 of Publication 535, as miscellaneous itemized deductions on Form 1040, Schedule A, line 23. Find state tax return You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income. Find state tax return Personal Use of Dwelling Unit (Including Vacation Home) If you have any personal use of a dwelling unit (including a vacation home) that you rent, you must divide your expenses between rental use and personal use. Find state tax return In general, your rental expenses will be no more than your total expenses multiplied by a fraction; the denominator of which is the total number of days the dwelling unit is used and the numerator of which is the total number of days actually rented at a fair rental price. Find state tax return Only your rental expenses may be deducted on Schedule E (Form 1040). Find state tax return Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). Find state tax return You must also determine if the dwelling unit is considered a home. Find state tax return The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. Find state tax return Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. Find state tax return There is a special rule if you used the dwelling unit as a home and you rented it for less than 15 days during the year. Find state tax return Dwelling unit. Find state tax return   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. Find state tax return It also includes all structures or other property belonging to the dwelling unit. Find state tax return A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Find state tax return   A dwelling unit does not include property used solely as a hotel, motel, inn, or similar establishment. Find state tax return Property is used solely as a hotel, motel, inn, or similar establishment if it is regularly available for occupancy by paying customers and is not used by an owner as a home during the year. Find state tax return Example. Find state tax return   You rent a room in your home that is always available for short-term occupancy by paying customers. Find state tax return You do not use the room yourself, and you allow only paying customers to use the room. Find state tax return The room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. Find state tax return Dividing Expenses If you use a dwelling unit for both rental and personal purposes, divide your expenses between the rental use and the personal use based on the number of days used for each purpose. Find state tax return When dividing your expenses, follow these rules. Find state tax return Any day that the unit is rented at a fair rental price is a day of rental use even if you used the unit for personal purposes that day. Find state tax return This rule does not apply when determining whether you used the unit as a home. Find state tax return Any day that the unit is available for rent but not actually rented is not a day of rental use. Find state tax return Example. Find state tax return Your beach cottage was available for rent from June 1 through August 31 (92 days). Find state tax return During that time, except for the first week in August (7 days) when you were unable to find a renter, you rented the cottage at a fair rental price. Find state tax return The person who rented the cottage for July allowed you to use it over the weekend (2 days) without any reduction in or refund of rent. Find state tax return Your family also used the cottage during the last 2 weeks of May (14 days). Find state tax return The cottage was not used at all before May 17 or after August 31. Find state tax return You figure the part of the cottage expenses to treat as rental expenses as follows. Find state tax return The cottage was used for rental a total of 85 days (92 − 7). Find state tax return The days it was available for rent but not rented (7 days) are not days of rental use. Find state tax return The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. Find state tax return You used the cottage for personal purposes for 14 days (the last 2 weeks in May). Find state tax return The total use of the cottage was 99 days (14 days personal use + 85 days rental use). Find state tax return Your rental expenses are 85/99 (86%) of the cottage expenses. Find state tax return Note. Find state tax return When determining whether you used the cottage as a home, the July weekend (2 days) you used it is considered personal use even though you received a fair rental price for the weekend. Find state tax return Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. Find state tax return Because you used the cottage for personal purposes more than 14 days and more than 10% of the days of rental use (8 days), you used it as a home. Find state tax return If you have a net loss, you may not be able to deduct all of the rental expenses. Find state tax return See Dwelling Unit Used as a Home, next. Find state tax return Dwelling Unit Used as a Home If you use a dwelling unit for both rental and personal purposes, the tax treatment of the rental expenses you figured earlier under Dividing Expenses and rental income depends on whether you are considered to be using the dwelling unit as a home. Find state tax return You use a dwelling unit as a home during the tax year if you use it for personal purposes more than the greater of: 14 days, or 10% of the total days it is rented to others at a fair rental price. Find state tax return See What is a day of personal use , later. Find state tax return Fair rental price. Find state tax return   A fair rental price for your property generally is the amount of rent that a person who is not related to you would be willing to pay. Find state tax return The rent you charge is not a fair rental price if it is substantially less than the rents charged for other properties that are similar to your property in your area. Find state tax return   If a dwelling unit is used for personal purposes on a day it is rented at a fair rental price, do not count that day as a day of rental use in applying (2) above. Find state tax return Instead, count it as a day of personal use in applying both (1) and (2) above. Find state tax return What is a day of personal use?   A day of personal use of a dwelling unit is any day that the unit is used by any of the following persons. Find state tax return You or any other person who has an interest in the unit, unless you rent it to another owner as his or her main home under a shared equity financing agreement (defined later). Find state tax return However, see Days used as a main home before or after renting , later. Find state tax return A member of your family or a member of the family of any other person who owns an interest in the unit, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. Find state tax return Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. Find state tax return ), and lineal descendants (children, grandchildren, etc. Find state tax return ). Find state tax return Anyone under an arrangement that lets you use some other dwelling unit. Find state tax return Anyone at less than a fair rental price. Find state tax return Main home. Find state tax return   If the other person or member of the family in (1) or (2) above has more than one home, his or her main home is ordinarily the one he or she lived in most of the time. Find state tax return Shared equity financing agreement. Find state tax return   This is an agreement under which two or more persons acquire undivided interests for more than 50 years in an entire dwelling unit, including the land, and one or more of the co-owners is entitled to occupy the unit as his or her main home upon payment of rent to the other co-owner or owners. Find state tax return Donation of use of property. Find state tax return   You use a dwelling unit for personal purposes if: You donate the use of the unit to a charitable organization, The organization sells the use of the unit at a fund-raising event, and The “purchaser” uses the unit. Find state tax return Examples. Find state tax return   The following examples show how to determine days of personal use. Find state tax return Example 1. Find state tax return You and your neighbor are co-owners of a condominium at the beach. Find state tax return Last year, you rented the unit to vacationers whenever possible. Find state tax return The unit was not used as a main home by anyone. Find state tax return Your neighbor used the unit for 2 weeks last year; you did not use it at all. Find state tax return Because your neighbor has an interest in the unit, both of you are considered to have used the unit for personal purposes during those 2 weeks. Find state tax return Example 2. Find state tax return You and your neighbors are co-owners of a house under a shared equity financing agreement. Find state tax return Your neighbors live in the house and pay you a fair rental price. Find state tax return Even though your neighbors have an interest in the house, the days your neighbors live there are not counted as days of personal use by you. Find state tax return This is because your neighbors rent the house as their main home under a shared equity financing agreement. Find state tax return Example 3. Find state tax return You own a rental property that you rent to your son. Find state tax return Your son does not own any interest in this property. Find state tax return He uses it as his main home and pays you a fair rental price. Find state tax return Your son's use of the property is not personal use by you because your son is using it as his main home, he owns no interest in the property, and he is paying you a fair rental price. Find state tax return Example 4. Find state tax return You rent your beach house to Joshua. Find state tax return Joshua rents his cabin in the mountains to you. Find state tax return You each pay a fair rental price. Find state tax return You are using your house for personal purposes on the days that Joshua uses it because your house is used by Joshua under an arrangement that allows you to use his house. Find state tax return Days used for repairs and maintenance. Find state tax return   Any day that you spend working substantially full time repairing and maintaining (not improving) your property is not counted as a day of personal use. Find state tax return Do not count such a day as a day of personal use even if family members use the property for recreational purposes on the same day. Find state tax return Days used as a main home before or after renting. Find state tax return   For purposes of determining whether a dwelling unit was used as a home, you may not have to count days you used the property as your main home before or after renting it or offering it for rent as days of personal use. Find state tax return Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. Find state tax return You rented or tried to rent the property for a period of less than 12 consecutive months and the period ended because you sold or exchanged the property. Find state tax return However, this special rule does not apply when dividing expenses between rental and personal use. Find state tax return Examples. Find state tax return   The following examples show how to determine whether you used your rental property as a home. Find state tax return Example 1. Find state tax return You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. Find state tax return You rented the basement apartment at a fair rental price to college students during the regular school year. Find state tax return You rented to them on a 9-month lease (273 days). Find state tax return You figured 10% of the total days rented to others at a fair rental price is 27 days. Find state tax return During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. Find state tax return Your basement apartment was used as a home because you used it for personal purposes for 30 days. Find state tax return Rent-free use by your brothers is considered personal use. Find state tax return Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). Find state tax return Example 2. Find state tax return You rented the guest bedroom in your home at a fair rental price during the local college's homecoming, commencement, and football weekends (a total of 27 days). Find state tax return Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. Find state tax return You figured 10% of the total days rented to others at a fair rental price is 3 days. Find state tax return The room was used as a home because you used it for personal purposes for 21 days. Find state tax return That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). Find state tax return Example 3. Find state tax return You own a condominium apartment in a resort area. Find state tax return You rented it at a fair rental price for a total of 170 days during the year. Find state tax return For 12 of those days, the tenant was not able to use the apartment and allowed you to use it even though you did not refund any of the rent. Find state tax return Your family actually used the apartment for 10 of those days. Find state tax return Therefore, the apartment is treated as having been rented for 160 (170 − 10) days. Find state tax return You figured 10% of the total days rented to others at a fair rental price is 16 days. Find state tax return Your family also used the apartment for 7 other days during the year. Find state tax return You used the apartment as a home because you used it for personal purposes for 17 days. Find state tax return That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). Find state tax return Minimal rental use. Find state tax return   If you use the dwelling unit as a home and you rent it less than 15 days during the year, that period is not treated as rental activity. Find state tax return See Used as a home but rented less than 15 days , later, for more information. Find state tax return Limit on deductions. Find state tax return   Renting a dwelling unit that is considered a home is not a passive activity. Find state tax return Instead, if your rental expenses are more than your rental income, some or all of the excess expenses cannot be used to offset income from other sources. Find state tax return The excess expenses that cannot be used to offset income from other sources are carried forward to the next year and treated as rental expenses for the same property. Find state tax return Any expenses carried forward to the next year will be subject to any limits that apply for that year. Find state tax return This limitation will apply to expenses carried forward to another year even if you do not use the property as your home for that subsequent year. Find state tax return   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 9-1. Find state tax return Reporting Income and Deductions Property not used for personal purposes. Find state tax return   If you do not use a dwelling unit for personal purposes, see How To Report Rental Income and Expenses , later, for how to report your rental income and expenses. Find state tax return Property used for personal purposes. Find state tax return   If you do use a dwelling unit for personal purposes, then how you report your rental income and expenses depends on whether you used the dwelling unit as a home. Find state tax return Not used as a home. Find state tax return   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. Find state tax return Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in Dividing Expenses . Find state tax return The expenses for personal use are not deductible as rental expenses. Find state tax return   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses , later. Find state tax return Used as a home but rented less than 15 days. Find state tax return   If you use a dwelling unit as a home and you rent it less than 15 days during the year, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). Find state tax return You are not required to report the rental income and rental expenses from this activity. Find state tax return The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). Find state tax return See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Find state tax return Used as a home and rented 15 days or more. Find state tax return   If you use a dwelling unit as a home and rent it 15 days or more during the year, include all your rental income in your income. Find state tax return Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in Dividing Expenses . Find state tax return The expenses for personal use are not deductible as rental expenses. Find state tax return   If you had a net profit from renting the dwelling unit for the year (that is, if your rental income is more than the total of your rental expenses, including depreciation), deduct all of your rental expenses. Find state tax return You do not need to use Worksheet 9-1. Find state tax return   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. Find state tax return To figure your deductible rental expenses and any carryover to next year, use Worksheet 9-1. Find state tax return Depreciation You recover the cost of income-producing property through yearly tax deductions. Find state tax return You do this by depreciating the property; that is, by deducting some of the cost each year on your tax return. Find state tax return Three factors determine how much depreciation you can deduct each year: (1) your basis in the property, (2) the recovery period for the property, and (3) the depreciation method used. Find state tax return You cannot simply deduct your mortgage or principal payments, or the cost of furniture, fixtures, and equipment, as an expense. Find state tax return You can deduct depreciation only on the part of your property used for rental purposes. Find state tax return Depreciation reduces your basis for figuring gain or loss on a later sale or exchange. Find state tax return You may have to use Form 4562 to figure and report your depreciation. Find state tax return See How To Report Rental Income and Expenses , later. Find state tax return Alternative minimum tax (AMT). Find state tax return    If you use accelerated depreciation, you may be subject to the AMT. Find state tax return Accelerated depreciation allows you to deduct more depreciation earlier in the recovery period than you could deduct using a straight line method (same deduction each year). Find state tax return Claiming the correct amount of depreciation. Find state tax return   You should claim the correct amount of depreciation each tax year. Find state tax return If you did not claim all the depreciation you were entitled to deduct, you must still reduce your basis in the property by the full amount of depreciation that you could have deducted. Find state tax return   If you deducted an incorrect amount of depreciation for property in any year, you may be able to make a correction by filing Form 1040X, Amended U. Find state tax return S Individual Income Tax Return. Find state tax return If you are not allowed to make the correction on an amended return, you can change your accounting method to claim the correct amount of depreciation. Find state tax return See Claiming the correct amount of depreciation in chapter 2 of Publication 527 for more information. Find state tax return Changing your accounting method to deduct unclaimed depreciation. Find state tax return   To change your accounting method, you generally must file Form 3115, Application for Change in Accounting Method, to get the consent of the IRS. Find state tax return In some instances, that consent is automatic. Find state tax return For more information, see chapter 1 of Publication 946. Find state tax return Land. Find state tax return   You cannot depreciate the cost of land because land generally does not wear out, become obsolete, or get used up. Find state tax return The costs of clearing, grading, planting, and landscaping are usually all part of the cost of land and cannot be depreciated. Find state tax return More information. Find state tax return   See Publication 527 for more information about depreciating rental property and see Publication 946 for more information about depreciation. Find state tax return 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. Find state tax return You must consider these rules in the order shown below. Find state tax return At-risk rules. Find state tax return These rules are applied first if there is investment in your rental real estate activity for which you are not at risk. Find state tax return This applies only if the real property was placed in service after 1986. Find state tax return Passive activity limits. Find state tax return 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. Find state tax return However, there are exceptions. Find state tax return 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. Find state tax return Losses from holding real property (other than mineral property) placed in service before 1987 are not subject to the at-risk rules. Find state tax return 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. Find state tax return 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. Find state tax return See Publication 925 for more information. Find state tax return Passive Activity Limits In most cases, all rental real estate activities (except those of certain real estate professionals, discussed later) are passive activities. Find state tax return 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. Find state tax return Limits on passive activity deductions and credits. Find state tax return    Deductions or losses from passive activities are limited. Find state tax return You generally cannot offset income, other than passive income, with losses from passive activities. Find state tax return Nor can you offset taxes on income, other than passive income, with credits resulting from passive activities. Find state tax return Any excess loss or credit is carried forward to the next tax year. Find state tax return   For a detailed discussion of these rules, see Publication 925. Find state tax return    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. Find state tax return Real estate professionals. Find state tax return   Rental activities in which you materially participated during the year are not passive activities if, for that year, you were a real estate professional. Find state tax return For a detailed discussion of the requirements, see Publication 527. Find state tax return For a detailed discussion of material participation, see Publication 925. Find state tax return 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. Find state tax return Instead, follow the rules explained in Personal Use of Dwelling Unit (Including Vacation Home), earlier. Find state tax return Exception for Rental Real Estate Activities 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. Find state tax return This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities. Find state tax return 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. Find state tax return Active participation. Find state tax return   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. Find state tax return Management decisions that may count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and similar decisions. Find state tax return Maximum special allowance. Find state tax return   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. Find state tax return   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. Find state tax return 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. Find state tax return   Generally, if your MAGI is $150,000 or more ($75,000 or more if you are married filing separately), there is no special allowance. Find state tax return More information. Find state tax return   See Publication 925 for more information on the passive loss limits, including information on the treatment of unused disallowed passive losses and credits and the treatment of gains and losses realized on the disposition of a passive activity. Find state tax return How To Report Rental Income and Expenses The basic form for reporting residential rental income and expenses is Schedule E (Form 1040). Find state tax return However, do not use that schedule to report a not-for-profit activity. Find state tax return See Not Rented for Profit, earlier. Find state tax return Providing substantial services. Find state tax return   If you provide substantial services that are primarily for your tenant's convenience, such as regular cleaning, changing linen, or maid service, 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 (Sole Proprietorship). Find state tax return Substantial services do not include the furnishing of heat and light, cleaning of public areas, trash collection, etc. Find state tax return For information, see Publication 334, Tax Guide for Small Business. Find state tax return You also may have to pay self-employment tax on your rental income using Schedule SE (Form 1040), Self-Employment Tax. Find state tax return   Use Form 1065, U. Find state tax return S. Find state tax return Return of Partnership Income, if your rental activity is a partnership (including a partnership with your spouse unless it is a qualified joint venture). Find state tax return Qualified joint venture. Find state tax return   If you and your spouse each materially participate 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. Find state tax return 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. Find state tax return For more information, see Publication 527. Find state tax return Form 1098, Mortgage Interest Statement. Find state tax return    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. Find state tax return 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. Find state tax return Attach a statement to your return showing the name and address of the other person. Find state tax return In the left margin of Schedule E, next to line 13, enter “See attached. Find state tax return ” Schedule E (Form 1040) If you rent buildings, rooms, or apartments, and provide basic services such as heat and light, trash collection, etc. Find state tax return , you normally report your rental income and expenses on Schedule E, Part I. Find state tax return List your total income, expenses, and depreciation for each rental property. Find state tax return Be sure to enter the number of fair rental and personal use days on line 2. Find state tax return If you have more than three rental or royalty properties, complete and attach as many Schedules E as are needed to list the properties. Find state tax return Complete lines 1 and 2 for each property. Find state tax return However, fill in lines 23a through 26 on only one Schedule E. Find state tax return On Schedule E, page 1, line 18, enter the depreciation you are claiming for each property. Find state tax return To find out if you need to attach Form 4562, see Form 4562, in chapter 3 of Publication 527. Find state tax return If you have a loss from your rental real estate activity, you also may need to complete one or both of the following forms. Find state tax return Form 6198, At-Risk Limitations. Find state tax return See At-Risk Rules , earlier. Find state tax return Also see Publication 925. Find state tax return Form 8582, Passive Activity Loss Limitations. Find state tax return See Passive Activity Limits , earlier. Find state tax return Page 2 of Schedule E is used to report income or loss from partnerships, S corporations, estates, trusts, and real estate mortgage investment conduits. Find state tax return 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. Find state tax return Also, include the amount from line 26 (Part I) in the “Total income or (loss)” on line 41 (Part V). Find state tax return Worksheet 9-1. Find state tax return Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Use this worksheet only if you answer “yes” to all of the following questions. Find state tax return Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . Find state tax return ) Did you rent the dwelling unit at a fair rental price 15 days or more this year? Is the total of your rental expenses and depreciation more than your rental income? PART I. Find state tax return Rental Use Percentage A. Find state tax return Total days available for rent at fair rental price A. Find state tax return       B. Find state tax return Total days available for rent (line A) but not rented B. Find state tax return       C. Find state tax return Total days of rental use. Find state tax return Subtract line B from line A C. Find state tax return       D. Find state tax return Total days of personal use (including days rented at less than fair rental price) D. Find state tax return       E. Find state tax return Total days of rental and personal use. Find state tax return Add lines C and D E. Find state tax return       F. Find state tax return Percentage of expenses allowed for rental. Find state tax return Divide line C by line E     F. Find state tax return   PART II. Find state tax return Allowable Rental Expenses 1. Find state tax return Enter rents received 1. Find state tax return   2a. Find state tax return Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. Find state tax return       b. Find state tax return Enter the rental portion of real estate taxes b. Find state tax return       c. Find state tax return Enter the rental portion of deductible casualty and theft losses (see instructions) c. Find state tax return       d. Find state tax return Enter direct rental expenses (see instructions) d. Find state tax return       e. Find state tax return Fully deductible rental expenses. Find state tax return Add lines 2a–2d. Find state tax return Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. Find state tax return   3. Find state tax return Subtract line 2e from line 1. Find state tax return If zero or less, enter -0- 3. Find state tax return   4a. Find state tax return Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. Find state tax return       b. Find state tax return Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. Find state tax return       c. Find state tax return Carryover of operating expenses from 2012 worksheet c. Find state tax return       d. Find state tax return Add lines 4a–4c d. Find state tax return       e. Find state tax return Allowable expenses. Find state tax return Enter the smaller of line 3 or line 4d (see instructions) 4e. Find state tax return   5. Find state tax return Subtract line 4e from line 3. Find state tax return If zero or less, enter -0- 5. Find state tax return   6a. Find state tax return Enter the rental portion of excess casualty and theft losses (see instructions) 6a. Find state tax return       b. Find state tax return Enter the rental portion of depreciation of the dwelling unit b. Find state tax return       c. Find state tax return Carryover of excess casualty losses and depreciation from 2012 worksheet c. Find state tax return       d. Find state tax return Add lines 6a–6c d. Find state tax return       e. Find state tax return Allowable excess casualty and theft losses and depreciation. Find state tax return Enter the smaller of  line 5 or line 6d (see instructions) 6e. Find state tax return   PART III. Find state tax return Carryover of Unallowed Expenses to Next Year 7a. Find state tax return Operating expenses to be carried over to next year. Find state tax return Subtract line 4e from line 4d 7a. Find state tax return   b. Find state tax return Excess casualty and theft losses and depreciation to be carried over to next year. Find state tax return  Subtract line 6e from line 6d b. Find state tax return   Worksheet 9-1 Instructions. Find state tax return Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. Find state tax return Use the percentage determined in Part I, line F, to figure the rental portions to enter on lines 2a–2c, 4a–4b, and 6a–6b of  Part II. Find state tax return Line 2a. Find state tax return Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. Find state tax return Do not include interest on a loan that did not benefit the dwelling unit. Find state tax return For example, do not include interest on a home equity loan used to pay off credit cards or other personal loans, buy a car, or pay college tuition. Find state tax return Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. Find state tax return Include the rental portion of this interest in the total you enter on line 2a of the worksheet. Find state tax return   Figure the qualified mortgage insurance premiums on the dwelling unit that you could deduct on line 13 of Schedule A as if you had not rented the unit. Find state tax return See the Schedule A instructions. Find state tax return However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. Find state tax return See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. Find state tax return Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. Find state tax return   Note. Find state tax return Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. Find state tax return Instead, figure the personal portion on a separate Schedule A. Find state tax return If you have deducted mortgage interest or qualified mortgage insurance premiums on the dwelling unit on other forms, such as Schedule C or F, remember to reduce your Schedule A deduction by that amount. Find state tax return           Line 2c. Find state tax return Figure the casualty and theft losses related to the dwelling unit that you could deduct on Schedule A as if you had not rented the dwelling unit. Find state tax return To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. Find state tax return If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. Find state tax return On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. Find state tax return Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. Find state tax return   Note. Find state tax return Do not file this Form 4684 or use it to figure your personal losses on Schedule A. Find state tax return Instead, figure the personal portion on a separate Form 4684. Find state tax return           Line 2d. Find state tax return Enter the total of your rental expenses that are directly related only to the rental activity. Find state tax return These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. Find state tax return Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. Find state tax return           Line 2e. Find state tax return You can deduct the amounts on lines 2a, 2b, 2c, and 2d as rental expenses on Schedule E even if your rental expenses are more than your rental income. Find state tax return Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. Find state tax return           Line 4b. Find state tax return On line 2a, you entered the rental portion of the mortgage interest and qualified mortgage insurance premiums you could deduct on Schedule A if you had not rented the dwelling unit. Find state tax return If you had additional mortgage interest and qualified mortgage insurance premiums that would not be deductible on Schedule A because of limits imposed on them, enter on line 4b of this worksheet the rental portion of those excess amounts. Find state tax return Do not include interest on a loan that did not benefit the dwelling unit (as explained in the line 2a instructions). Find state tax return           Line 4e. Find state tax return You can deduct the amounts on lines 4a, 4b, and 4c as rental expenses on Schedule E only to the extent they are not more than the amount on line 4e. Find state tax return *           Line 6a. Find state tax return To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. Find state tax return   A. Find state tax return Enter the amount from Form 4684, line 10       B. Find state tax return Enter the rental portion of line A       C. Find state tax return Enter the amount from line 2c of this worksheet       D. Find state tax return Subtract line C from line B. Find state tax return Enter the result here and on line 6a of this worksheet               Line 6e. Find state tax return You can deduct the amounts on lines 6a, 6b, and 6c as rental expenses on Schedule E only to the extent they are not more than the amount on line 6e. Find state tax return * *Allocating the limited deduction. Find state tax return If you cannot deduct all of the amount on line 4d or 6d this year, you can allocate the allowable deduction in any way you wish among the expenses included on line 4d or 6d. Find state tax return Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. Find state tax return Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Office of the Attorney General

Website: Office of the Attorney General

Address: Office of the Attorney General
Consumer Protection Division
PO Box 1789
Charleston, WV 25326-1789

Phone Number: 304-558-8986

Toll-free: 1-800-368-8808 (WV)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Division of Banking

Website: Division of Banking

Address: Division of Banking
900 Pennsylvania Ave.
Suite 306
Charleston, WV 25302

Phone Number: 304-558-2294

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Offices of the Insurance Commissioner

Website: Offices of the Insurance Commissioner

Address: Offices of the Insurance Commissioner
PO Box 50540
Charleston, WV 25305-0540

Phone Number: 304-558-3386

Toll-free: 1-888-879-9842 (WV)

TTY: 1-800-435-7381

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

State Auditors Office

Website: State Auditors Office

Address: State Auditors Office
Securities Commission
1900 Kanawha Blvd., E
Building 1, Room W-100
Charleston, WV 25305

Phone Number: 304-558-2251

Toll-free: 1-888-509-6567

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Consumer Advocate Division

Website: Consumer Advocate Division

Address: Consumer Advocate Division
723 Kanawha Blvd., E
Union Building, Suite 700
Charleston, WV 25301

Phone Number: 304-558-0526

Public Service Commission

Website: Public Service Commission

Address: Public Service Commission
Customer Assistance
PO Box 812
201 Brooks St.
Charleston, WV 25323

Toll-free: 1-800-642-8544

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The Find State Tax Return

Find state tax return Index A Addition to property, Additions and Improvements Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS) Recovery periods, Recovery Periods Under ADS Required use, Required use of ADS. Find state tax return Amended return, Filing an Amended Return Apartment Cooperative, Cooperative apartments. Find state tax return Rental, Which Property Class Applies Under GDS? Automobile (see Passenger automobile) B Basis Adjustments, Basis adjustment for depreciation allowed or allowable. Find state tax return , Adjustment of partner's basis in partnership. Find state tax return , Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Find state tax return , Basis adjustment due to casualty loss. Find state tax return Basis for depreciation, What Is the Basis for Depreciation? Casualty loss, Basis adjustment due to casualty loss. Find state tax return Change in use, Property changed from personal use. Find state tax return Cost, Cost as Basis Depreciable basis, Depreciable basis. Find state tax return Other than cost, Other Basis Recapture of clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Find state tax return Term interest, Basis adjustments. Find state tax return Unadjusted, Figuring the Unadjusted Basis of Your Property Business use of property, partial, Partial business or investment use. Find state tax return Business-use limit, recapture of Section 179 deduction, When Must You Recapture the Deduction? Business-use requirement, listed property, What Is the Business-Use Requirement? C Car (see Passenger automobile) Carryover of section 179 deduction, Carryover of disallowed deduction. Find state tax return Casualty loss, effect of, Basis adjustment due to casualty loss. Find state tax return Changing accounting method, Changing Your Accounting Method Communication equipment (see Listed property) Commuting, Commuting use. Find state tax return Computer (see Listed property) Computer software, Computer software. Find state tax return , Off-the-shelf computer software. Find state tax return Containers, Containers. Find state tax return Conventions, Which Convention Applies? Cooperative apartment, Cooperative apartments. Find state tax return Copyright, Patents and copyrights. Find state tax return (see also Section 197 intangibles) Correcting depreciation deductions, How Do You Correct Depreciation Deductions? Cost basis, Cost as Basis D Declining balance Method, Declining Balance Method Rates, Declining balance rate. Find state tax return Deduction limit Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Depreciation Deduction Employee, Can Employees Claim a Deduction? Listed property, Can Employees Claim a Deduction? Determinable useful life, Property Having a Determinable Useful Life Excepted property, Excepted Property Incorrect amount deducted, How Do You Correct Depreciation Deductions? Methods, Which Depreciation Method Applies? Property lasting more than one year, Property Lasting More Than One Year Property owned, Property You Own Property used in business, Property Used in Your Business or Income-Producing Activity Recapture, Revoking an election. Find state tax return , Recapture of Excess Depreciation Depreciation allowable, Basis adjustment for depreciation allowed or allowable. Find state tax return Depreciation allowed, Basis adjustment for depreciation allowed or allowable. Find state tax return Depreciation deduction Listed property, What Is the Business-Use Requirement? Determinable useful life, Property Having a Determinable Useful Life Disposition Before recovery period ends, Sale or Other Disposition Before the Recovery Period Ends General asset account property, Disposing of GAA Property Section 179 deduction, When Must You Recapture the Deduction? E Election ADS, Electing ADS. Find state tax return , Election of ADS. Find state tax return Declining balance (150% DB) method, 150% election. Find state tax return Exclusion from MACRS, Election To Exclude Property From MACRS General asset account, Electing To Use a GAA Not to claim special depreciation allowance, How Can You Elect Not To Claim an Allowance? Section 179 deduction, How Do You Elect the Deduction? Straight line method, Straight line election. Find state tax return Electric vehicle, Electric Vehicles Employee Depreciation deduction, Can Employees Claim a Deduction? How to claim depreciation, Employee. Find state tax return Employee deduction, listed property, Can Employees Claim a Deduction? Energy property, Energy property. Find state tax return Exchange of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion F Farm Property, Depreciation Methods for Farm Property Figuring MACRS Using percentage tables, How Is the Depreciation Deduction Figured? Without using percentage tables, Figuring the Deduction Without Using the Tables Films, Films, video tapes, and recordings. Find state tax return Free tax services, Free help with your tax return. Find state tax return G General asset account Abusive transaction, Abusive transactions. Find state tax return Disposing of property, Disposing of GAA Property Grouping property in, Grouping Property Nonrecognition transaction, Nonrecognition transactions. Find state tax return General Depreciation System (GDS), recovery periods, Recovery Periods Under GDS Gift (see Basis, other than cost) H Help (see Tax help) I Idle property, Idle Property Improvements, How Do You Treat Repairs and Improvements?, Additions and Improvements Income forecast method, Income Forecast Method Incorrect depreciation deductions, How Do You Correct Depreciation Deductions? Indian reservation Defined, Indian reservation. Find state tax return Qualified infrastructure property, Qualified infrastructure property. Find state tax return Qualified property, Qualified property. Find state tax return Recovery periods for qualified property, Indian Reservation Property Related person, Related person. Find state tax return Inheritance (see Basis, other than cost) Intangible property Depreciation method, Intangible Property, Income Forecast Method Income forecast method, Income Forecast Method Straight line method, Intangible Property Inventory, Inventory. Find state tax return Investment use of property, partial, Partial business or investment use. Find state tax return Involuntary conversion of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion L Land Not depreciable, Land Preparation costs, Land Leased property, Leased property. Find state tax return Leasehold improvement property, defined, Qualified leasehold improvement property. Find state tax return , Qualified leasehold improvement property. Find state tax return Life tenant, Life tenant. Find state tax return (see also Term interests) Limit on deduction Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Listed property 5% owner, 5% owner. Find state tax return Computer, Computers and Related Peripheral Equipment Condition of employment, Condition of employment. Find state tax return Defined, What Is Listed Property? Employee deduction, Can Employees Claim a Deduction? Employer convenience, Employer's convenience. Find state tax return Improvements to, Improvements to listed property. Find state tax return Leased, Lessee's Inclusion Amount Passenger automobile, Passenger Automobiles Qualified business use, Qualified Business Use Recordkeeping, Adequate Records Related person, Related persons. Find state tax return Reporting on Form 4562, How Is Listed Property Information Reported? Lodging, Property used for lodging. Find state tax return M Maximum deduction Electric vehicles, Electric Vehicles Passenger automobiles, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Mobile home (see Residential rental property) Modified ACRS (MACRS) Addition or improvement, Additions and Improvements Alternative Depreciation System (ADS), Which Depreciation System (GDS or ADS) Applies? Conventions, Which Convention Applies? Declining balance method, Declining Balance Method Depreciation methods, Which Depreciation Method Applies? Farm property, Depreciation Methods for Farm Property Figuring, short tax year, Property Placed in Service in a Short Tax Year General Depreciation System (GDS), Which Depreciation System (GDS or ADS) Applies? Percentage tables, Using the MACRS Percentage Tables Property classes, Which Property Class Applies Under GDS? Recovery periods, Which Recovery Period Applies? Short tax year, Figuring the Deduction for a Short Tax Year Straight line method, Straight Line Method N Nonresidential real property, Which Property Class Applies Under GDS? Nontaxable transfer of MACRS property, Property Acquired in a Nontaxable Transfer O Office in the home, Office in the home. Find state tax return , Office in the home. Find state tax return Ownership, incidents of, Incidents of ownership. Find state tax return P Partial business use, Partial business use. Find state tax return Passenger automobile Defined, Passenger Automobiles Electric vehicles, Electric Vehicles Limit on, Do the Passenger Automobile Limits Apply? Maximum depreciation deduction, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Patent, Patents and copyrights. Find state tax return (see also Section 197 intangibles) Personal property, Personal property. Find state tax return Phonographic equipment (see Listed property) Photographic equipment (see Listed property) Placed in service Before 1987, Property You Placed in Service Before 1987 Date, What Is the Placed in Service Date? Rule, Placed in Service Property Classes, Which Property Class Applies Under GDS? Depreciable, What Property Can Be Depreciated? Idle, Idle Property Improvements, How Do You Treat Repairs and Improvements? Leased, Leased property. Find state tax return , Leased property. Find state tax return Listed, What Is Listed Property? Personal, Personal property. Find state tax return Real, Real property. Find state tax return Retired from service, Retired From Service Tangible personal, Tangible personal property. Find state tax return Term interest, Certain term interests in property. Find state tax return Q Qualified leasehold improvement property, defined, Qualified leasehold improvement property. Find state tax return , Qualified leasehold improvement property. Find state tax return Qualified property, special depreciation allowance, What Is Qualified Property? R Real property, Real property. Find state tax return Recapture Clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Find state tax return General asset account, abusive transaction, Abusive transactions. Find state tax return Listed property, Recapture of Excess Depreciation MACRS depreciation, Revoking an election. Find state tax return Section 179 deduction, When Must You Recapture the Deduction? Special depreciation allowance, When Must You Recapture an Allowance? Recordkeeping Listed property, Adequate Records Section 179, How Do You Elect the Deduction? Recovery periods ADS, Recovery Periods Under ADS GDS, Recovery Periods Under GDS Related persons, Related persons. Find state tax return , Related persons. Find state tax return , Related persons. Find state tax return , Related persons. Find state tax return , Related person. Find state tax return , Related persons. Find state tax return Rent-to-own property, defined, Qualified rent-to-own property. Find state tax return Rental home (see Residential rental property) Rented property, improvements, Improvements to rented property. Find state tax return Repairs, How Do You Treat Repairs and Improvements? Residential rental property, Which Property Class Applies Under GDS? Retail motor fuels outlet, Retail motor fuels outlet. Find state tax return Revoking ADS election, Electing ADS. Find state tax return General asset account election, Revoking an election. Find state tax return Section 179 election, Revoking an election. Find state tax return S Sale of property, Sale or Other Disposition Before the Recovery Period Ends Section 179 deduction Business use required, Partial business use. Find state tax return Carryover, Carryover of disallowed deduction. Find state tax return Dispositions, When Must You Recapture the Deduction? Electing, How Do You Elect the Deduction? Limits Business (taxable) income, Business Income Limit Business-use, recapture, When Must You Recapture the Deduction? Dollar, Dollar Limits Enterprise zone business, Enterprise Zone Businesses Partial business use, Partial business use. Find state tax return Married filing separate returns, Married Individuals Partnership rules, Partnerships and Partners Property Eligible, Eligible Property Excepted, Excepted Property Purchase required, Property Acquired by Purchase Recapture, When Must You Recapture the Deduction? Recordkeeping, How Do You Elect the Deduction? S corporation rules, S Corporations Settlement fees, Settlement costs. Find state tax return Short tax year Figuring depreciation, Property Placed in Service in a Short Tax Year Figuring placed-in-service date, Using the Applicable Convention in a Short Tax Year Software, computer, Computer software. Find state tax return , Off-the-shelf computer software. Find state tax return Sound recording, Films, video tapes, and recordings. Find state tax return Special depreciation allowance Election not to claim, How Can You Elect Not To Claim an Allowance? Qualified property, What Is Qualified Property? Recapture, When Must You Recapture an Allowance? Stock, constructive ownership of, Constructive ownership of stock or partnership interest. Find state tax return Straight line method, Intangible Property, Straight Line Method Created intangibles, Certain created intangibles. Find state tax return T Tangible personal property, Tangible personal property. Find state tax return Term interest, Certain term interests in property. Find state tax return Trade-in of property, Trade-in of other property. Find state tax return Trucks, Trucks and Vans U Unadjusted basis, Figuring the Unadjusted Basis of Your Property Useful life, Property Having a Determinable Useful Life V Vans, Trucks and Vans Video tape, Films, video tapes, and recordings. Find state tax return Video-recording equipment (see Listed property) W When to use ADS, Which Depreciation System (GDS or ADS) Applies? Worksheet Leased listed property, Inclusion amount worksheet. Find state tax return MACRS, MACRS Worksheet Prev  Up     Home   More Online Publications