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Free Prior Year Tax Software

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Free prior year tax software 15. Free prior year tax software   Venta de su Vivienda Table of Contents Recordatorio Introduction Useful Items - You may want to see: Vivienda Principal Cómo Calcular las Pérdidas o Ganancias Precio de Venta Cantidad Recibida Base Ajustada Cantidad de Pérdidas o Ganancias Enajenaciones que no Sean Ventas Cómo Determinar la Base Cómo Excluir las GananciasExclusión Máxima Requisitos de Propietario y de Uso Exclusión Máxima Reducida Uso Comercial o Alquiler de Vivienda Cómo Declarar la VentaHipoteca financiada por el vendedor. Free prior year tax software Información adicional. Free prior year tax software Situaciones EspecialesExcepción para ventas a personas emparentadas o vinculadas. Free prior year tax software Recuperación (Devolución) de un Subsidio Hipotecario Federal Recordatorio Venta de vivienda con puntos no deducidos. Free prior year tax software  Si no ha deducido todos los puntos que pagó para asegurar una hipoteca sobre su vivienda anterior, tal vez pueda deducir los puntos restantes en el año de la venta. Free prior year tax software Consulte Hipoteca que termina antes del plazo de vigencia convenido bajo Puntos en el capítulo 23. Free prior year tax software Introduction Este capítulo explica las reglas tributarias que son aplicables cuando vende su vivienda principal. Free prior year tax software En la mayoría de los casos, su vivienda principal es aquélla en la que vive la mayor parte del tiempo. Free prior year tax software Si vendió su vivienda principal en el año 2013, es posible que pueda excluir de sus ingresos todas las ganancias hasta un máximo de $250,000 ($500,000 en una declaración conjunta, en la mayoría de los casos). Free prior year tax software Consulte Cómo Excluir las Ganancias , más adelante. Free prior year tax software Generalmente, si puede excluir todas las ganancias, no es necesario que declare dicha venta en su declaración de impuestos. Free prior year tax software Si tiene ganancias que no se pueden excluir, éstas son tributables. Free prior year tax software Declare estas ganancias en el Formulario 8949, Sales and Other Dispositions of Capital Assets (Ventas y otras enajenaciones de bienes de capital), en inglés, y en el Anexo D (Formulario 1040). Free prior year tax software Es posible que también tenga que llenar el Formulario 4797, Sales of Business Property (Ventas de propiedad comercial), en inglés. Free prior year tax software Consulte Cómo Declarar la Venta , más adelante. Free prior year tax software Si tiene pérdidas de la venta, generalmente no puede deducirlas en su declaración. Free prior year tax software Sin embargo, podría verse obligado a declararlas. Free prior year tax software Consulte Cómo Declarar la Venta , más adelante. Free prior year tax software Los temas principales de este capítulo son los siguientes: Cómo calcular las pérdidas o ganancias. Free prior year tax software Cómo determinar la base. Free prior year tax software Cómo excluir las ganancias. Free prior year tax software Requisitos de propiedad y de uso. Free prior year tax software Cómo declarar la venta. Free prior year tax software Otros temas incluyen lo siguiente: Uso comercial o alquiler de vivienda. Free prior year tax software Recuperación de un subsidio hipotecario federal. Free prior year tax software Useful Items - You may want to see: Publicación 523 Selling Your Home (Venta de su vivienda), en inglés 530 Tax Information for Homeowners (Información tributaria para propietarios de vivienda), en inglés 547(SP) Hechos Fortuitos, Desastres y Robos Formulario (e Instrucciones) Anexo D (Formulario 1040) Capital Gains and Losses (Ganancias y pérdidas de capital), en inglés 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (Reducción de atributos tributarios debido a la liquidación de deudas), en inglés 8828 Recapture of Federal Mortgage Subsidy (Recuperación del subsidio hipotecario federal), en inglés 8949 Sales and Other Dispositions of Capital Assets (Ventas y otras enajenaciónes de bienes de capital), en inglés Vivienda Principal Esta sección explica el término “vivienda principal”. Free prior year tax software Generalmente, la vivienda en que usted vive la mayor parte del tiempo es su vivienda principal y puede ser un(a): Casa, Casa flotante, Casa rodante, Apartamento de cooperativa o Condominio. Free prior year tax software Para excluir ganancias según las reglas del presente capítulo, en la mayoría de los casos tiene que haber sido propietario y habitado la propiedad como vivienda principal durante un mínimo de 2 años durante el período de 5 años que termina en la fecha de la venta. Free prior year tax software Terreno. Free prior year tax software   Si vende el terreno en que se encuentra ubicada su vivienda principal, pero no la casa misma, no puede excluir ganancias provenientes de la venta del terreno. Free prior year tax software Sin embargo, si vende terrenos baldíos usados como parte de su vivienda principal y contiguos a la misma, tal vez pueda excluir la ganancia proveniente de la venta de dichos terrenos en ciertos casos. Free prior year tax software Vea Vacant land (Terreno baldío), bajo Main Home (Vivienda principal) en la Publicación 523, en inglés, para más información. Free prior year tax software Ejemplo. Free prior year tax software Compra un terreno y traslada su vivienda principal ahí. Free prior year tax software Luego, vende el terreno en que se encuentra ubicada su vivienda principal. Free prior year tax software Esta venta no se considera venta de su vivienda principal y no puede excluir las ganancias provenientes de la venta del terreno. Free prior year tax software Más de una vivienda. Free prior year tax software   Si es propietario de más de una vivienda, solamente puede excluir las ganancias de la venta de su vivienda principal. Free prior year tax software Tiene que incluir en sus ingresos las ganancias procedentes de la venta de cualquier otra vivienda. Free prior year tax software Si es propietario de dos viviendas y vive en ambas, su vivienda principal generalmente es aquella en que vive la mayor parte del tiempo durante el año. Free prior year tax software Ejemplo 1. Free prior year tax software Usted es propietario de dos casas, una en Nueva York y otra en Florida. Free prior year tax software Entre 2009 y 2013, usted vive en la casa de Nueva York por 7 meses y en la residencia de Florida durante 5 meses de cada año. Free prior year tax software En la ausencia de hechos y circunstancias que indiquen lo contrario, la casa de Nueva York es su vivienda principal. Free prior year tax software Usted califica para la exclusión de la ganancia de la venta de la casa de Nueva York, pero no por la casa en Florida en el 2013. Free prior year tax software Ejemplo 2. Free prior year tax software Usted es propietario de una casa, pero vive en otra casa que alquila. Free prior year tax software La casa alquilada es su vivienda principal. Free prior year tax software Ejemplo 3. Free prior year tax software Usted es propietario de dos casas, una en Virginia y otra en New Hampshire. Free prior year tax software En 2009 y 2010, usted vivió en la casa de Virginia. Free prior year tax software En 2011 y 2012, vivió en la casa de New Hampshire. Free prior year tax software En 2013, vivió otra vez en la casa de Virginia. Free prior year tax software Su residencia principal en 2009, 2010 y 2013 es la residencia de Virginia. Free prior year tax software En 2011 y 2012, su residencia principal es la residencia de New Hampshire. Free prior year tax software Usted reúne los requisitos para la exclusión de la ganancia de la venta de cualesquiera de las casas (pero no ambas) en el 2013. Free prior year tax software Propiedad usada parcialmente como su vivienda principal. Free prior year tax software   Si usa solamente una parte de la propiedad como vivienda principal, las reglas que se abordan en este capítulo son aplicables sólo a las pérdidas o ganancias de la venta de esa parte de la propiedad. Free prior year tax software Para obtener detalles, consulte Uso Comercial o Alquiler de Vivienda , más adelante. Free prior year tax software Cómo Calcular las Pérdidas o Ganancias Para calcular las pérdidas o ganancias procedentes de la venta de su vivienda principal, tiene que saber cuál es el precio de venta, la cantidad recibida y la base ajustada. Free prior year tax software Reste la base ajustada de la cantidad recibida para obtener el total de pérdidas o ganancias. Free prior year tax software     Precio de venta     − Gastos de venta       Cantidad recibida       Cantidad recibida     − Base ajustada       Pérdidas o ganancias   Precio de Venta El precio de venta es la cantidad total que recibe por su vivienda. Free prior year tax software Esto incluye dinero y el valor justo de mercado de cualquier otro bien o servicio que reciba y todos los pagarés, hipotecas u otras deudas que adquiere el comprador como parte de la venta. Free prior year tax software Pago efectuado por su empleador. Free prior year tax software   Es posible que tenga que vender su vivienda debido a un traslado de trabajo. Free prior year tax software Si su empleador le paga las pérdidas originadas por la venta o gastos de venta, no incluya el pago como parte del precio de venta. Free prior year tax software Su empleador incluirá el pago como salario en el recuadro 1 del Formulario W-2 y usted lo incluirá en los ingresos en la línea 7 del Formulario 1040. Free prior year tax software Opción de compra. Free prior year tax software   Si otorga una opción de compra para su vivienda y esa opción se ejecuta, sume al precio de venta de la vivienda la cantidad que reciba por la opción. Free prior year tax software Si la opción no se ejecuta, tiene que declarar la cantidad como ingreso ordinario en el año en que venza la opción. Free prior year tax software Declare esta cantidad en la línea 21 del Formulario 1040. Free prior year tax software Formulario 1099-S. Free prior year tax software   Si recibió el Formulario 1099-S, Proceeds From Real Estate Transactions (Utilidades de transacciones de bienes raíces), en inglés, el recuadro 2 Gross Proceeds (Utilidades brutas) debe mostrar la cantidad total que recibió por su vivienda. Free prior year tax software   Sin embargo, el recuadro 2 no incluirá el valor justo de mercado de servicios o bienes que no sean dinero en efectivo o pagarés que haya recibido o recibirá. Free prior year tax software En lugar de esto, el recuadro 4 estará marcado para indicar que ha recibido (o que se anticipa que va a recibir) estos bienes. Free prior year tax software Cantidad Recibida La cantidad recibida corresponde al precio de venta menos los gastos de venta. Free prior year tax software Gastos de venta. Free prior year tax software   Los gastos de venta incluyen: Comisiones, Cargos por publicidad, Honorarios legales y Cargos de préstamo pagados por el vendedor, como tarifas por colocación de préstamos o “puntos”. Free prior year tax software Base Ajustada Durante el período en el que haya sido propietario de su vivienda, es posible que haya realizado ajustes (aumentos o disminuciones) a la base. Free prior year tax software Esta base ajustada se tiene que determinar antes de poder calcular las pérdidas o ganancias de la venta de su vivienda. Free prior year tax software Para obtener información sobre cómo calcular la base ajustada de su vivienda, consulte Cómo Determinar la Base , más adelante. Free prior year tax software Cantidad de Pérdidas o Ganancias Para calcular la cantidad de pérdidas o ganancias, compare la cantidad recibida con la base ajustada. Free prior year tax software Ganancias de la venta. Free prior year tax software   Si la cantidad recibida es mayor que la base ajustada, la diferencia es una ganancia y, a excepción de cualquier parte que pueda excluir, dicha ganancia suele ser tributable. Free prior year tax software Pérdidas de la venta. Free prior year tax software   Si la cantidad recibida es menor que la base ajustada, la diferencia es una pérdida. Free prior year tax software Las pérdidas provenientes de la venta de su vivienda principal no se pueden deducir. Free prior year tax software Vivienda de propiedad conjunta. Free prior year tax software   Si usted y su cónyuge venden su vivienda de propiedad conjunta y presentan una declaración conjunta, debe calcular sus pérdidas o ganancias como si fueran un solo contribuyente. Free prior year tax software Declaraciones por separado. Free prior year tax software   Si usted y su cónyuge presentan declaraciones por separado, cada uno tiene que calcular sus propias pérdidas o ganancias conforme a su participación en la propiedad de la vivienda. Free prior year tax software Generalmente, dicha participación está determinada por la ley estatal. Free prior year tax software Copropietarios no casados. Free prior year tax software   Si usted y un copropietario que no sea su cónyuge venden su vivienda de propiedad conjunta, cada uno tiene que calcular sus propias pérdidas o ganancias conforme a su participación en la propiedad de la vivienda. Free prior year tax software Cada uno debe aplicar las reglas que se abordan en este capítulo de manera individual. Free prior year tax software Enajenaciones que no Sean Ventas Hay ciertas reglas especiales para otras enajenaciones de su vivienda principal. Free prior year tax software Ejecución hipotecaria o embargo de bienes. Free prior year tax software   Si su vivienda estuvo sujeta a juicio hipotecario o embargo, ésto se considera enajenación de la vivienda principal. Free prior year tax software Consulte la Publicación 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (Deudas canceladas, ejecuciones hipotecarias, embargo y abandonos), en inglés, para calcular si tiene ingreso ordinario, pérdidas o ganancias. Free prior year tax software Abandono. Free prior year tax software   Si abandona su vivienda, vea la Publicación 4681, en inglés, para determinar si usted tiene ingresos ordinarios, ganancia o pérdida. Free prior year tax software Intercambio de viviendas. Free prior year tax software   Si intercambia su antigua vivienda por otra, trate el intercambio como una compraventa. Free prior year tax software Ejemplo. Free prior year tax software Usted habitaba y era propietario de una vivienda que tenía una base ajustada de $41,000. Free prior year tax software Un agente de bienes raíces aceptó su antigua vivienda por un valor de $50,000 como pago parcial para la compra de una nueva vivienda con un valor de $80,000. Free prior year tax software Esta transacción se trata como venta de su antigua vivienda por $50,000 con una ganancia de $9,000 ($50,000 – $41,000). Free prior year tax software Si el agente de bienes raíces le hubiese concedido $27,000 y hubiese asumido su hipoteca por pagar de $23,000 sobre su antigua vivienda, el precio de venta aún sería $50,000 (los $27,000 concedidos para el intercambio más la hipoteca de $23,000 que asumió). Free prior year tax software Traspaso a cónyuge. Free prior year tax software   Si traspasa su vivienda a su cónyuge, o lo traspasa a su ex cónyuge por causa de divorcio, en la mayoría de los casos no hay pérdidas ni ganancias. Free prior year tax software Esto es cierto aun si recibe dinero en efectivo u otra compensación por su vivienda. Free prior year tax software Por lo tanto, no son aplicables las reglas de este capítulo. Free prior year tax software Información adicional. Free prior year tax software   Si necesita más información, consulte Transfer to spouse (Traspaso a cónyuge) en la Publicación 523, y Property Settlements (Liquidaciones de bienes) en la Publicación 504, Divorced or Separated Individuals (Personas divorciadas o separadas), ambas en inglés. Free prior year tax software Conversión involuntaria. Free prior year tax software   Si su vivienda es destruida o expropiada, y usted recibe dinero u otros bienes a cambio, como el pago de un seguro o indemnización por causa de expropiación forzosa, esto es una enajenación. Free prior year tax software Esto se considera una venta y quizás pueda excluir la totalidad o parte de la ganancia proveniente de la destrucción o expropiación de su vivienda, según se explica más adelante, bajo Situaciones Especiales . Free prior year tax software Cómo Determinar la Base Debe saber cuál es la base de su vivienda para poder calcular toda pérdida o ganancia al momento de la venta. Free prior year tax software La base de su vivienda se determina dependiendo de cómo la obtuvo. Free prior year tax software Generalmente, la base es el costo de la vivienda si la compró o construyó. Free prior year tax software Si la obtuvo de alguna otra manera (herencia, regalo, etc. Free prior year tax software ), la base, por lo general, es el valor justo de mercado cuando la recibió o la base ajustada del dueño anterior. Free prior year tax software Mientras fue propietario de su vivienda, es posible que realizara ajustes (aumentos o disminuciones) a la base de su vivienda. Free prior year tax software El resultado de estos ajustes es la base ajustada de la vivienda, la cual se usa para calcular las pérdidas o ganancias de la venta de la misma. Free prior year tax software Consulte Base Ajustada , más adelante. Free prior year tax software Puede obtener más información sobre la base y la base ajustada en el capítulo 13 de esta publicación y en la Publicación 523, en inglés. Free prior year tax software Costo como Base El costo de la propiedad es la cantidad que pagó por ella en efectivo o a través de obligaciones de deuda, otros bienes o servicios. Free prior year tax software Compra. Free prior year tax software   Si compró una vivienda, la base es lo que a usted le cuesta. Free prior year tax software Esto incluye el precio de compra y ciertos costos de cierre. Free prior year tax software En la mayoría de los casos, el precio de compra incluye su pago inicial o enganche y toda deuda que haya entregado al vendedor en pago por la vivienda, como una primera o segunda hipoteca o pagarés. Free prior year tax software Si construye una vivienda o contrata a terceros para construirla, su precio de compra puede incluir los costos de construcción, como se explica en la Publicación 523, en inglés. Free prior year tax software Gastos de transacción o costos de cierre. Free prior year tax software   Al momento de comprar su vivienda, es posible que haya tenido costos de cierre además del precio del contrato de la propiedad. Free prior year tax software Puede incluir en la base algunos de los gastos de transacción y costos de cierre que pagó por la compra de la vivienda, pero no puede incluir en la base los cargos y costos por la obtención de un préstamo hipotecario. Free prior year tax software Un cargo que se paga por la compra de la vivienda es todo cargo que hubiera tenido que pagar aún si hubiera pagado por ella en efectivo (es decir, sin tener que financiarla). Free prior year tax software   El capítulo 13 indica algunos de los gastos de transacción y costos de cierre que puede incluir en la base de su propiedad, incluida su vivienda. Free prior year tax software Asimismo, indica algunos de los costos de cierre que no se pueden incluir en la base. Free prior year tax software   Además, consulte la Publicación 523, en inglés, para información adicional y una definición de la base distinta a la del costo. Free prior year tax software Base Ajustada La base ajustada es su costo u otra base a la que se le restan o suman ciertas cantidades. Free prior year tax software Para calcular su base ajustada, puede utilizar la Hoja de Trabajo 1 de la Publicación 523, en inglés. Free prior year tax software No utilice la Hoja de Trabajo 1 si adquirió participación en su vivienda de un difunto que falleció en 2010 y cuyo albacea ha presentado el Formulario 8939, Allocation of Increase in Basis for Property Acquired From a Decedent (Distribución del aumento en la base de propiedad adquirida de un difunto), en inglés. Free prior year tax software Aumentos a la base. Free prior year tax software   Incluyen lo siguiente: Ampliación y otras mejoras que tengan una vida útil superior a 1 año. Free prior year tax software Tasaciones especiales para mejoras locales. Free prior year tax software Toda cantidad que usted haya gastado después de un hecho fortuito para restaurar la propiedad dañada. Free prior year tax software Mejoras. Free prior year tax software   Éstas agregan valor a su vivienda, prolongan su vida útil o la adaptan para nuevos usos. Free prior year tax software Debe sumar a la base de la propiedad el costo de las ampliaciones y otras mejoras realizadas. Free prior year tax software   Por ejemplo, instalar una sala de recreación u otro baño en su sótano sin mejoras, levantar una cerca nueva, instalar nueva plomería o cablería, colocar un nuevo techo o pavimentar la entrada al garaje son actividades que constituyen mejoras. Free prior year tax software Una ampliación a su vivienda, como una nueva terraza, un solario o un garaje, también constituye una mejora. Free prior year tax software Reparaciones. Free prior year tax software   Éstas mantienen su vivienda en buenas condiciones, pero no le agregan valor ni prolongan su vida útil. Free prior year tax software No sume el costo a la base de su propiedad. Free prior year tax software   Pintar el interior y exterior de su casa, reparar canaletas o pisos, reparar goteras o yeso y reemplazar ventanas rotas son ejemplos de reparaciones. Free prior year tax software Disminuciones a la base. Free prior year tax software   Incluyen lo siguiente: Liquidaciones de la deuda calificada sobre la vivienda principal excluidas de ingreso. Free prior year tax software La cancelación parcial o completa del ingreso por una deuda que se excluyó debido a su quiebra o insolvencia. Free prior year tax software Para obtener más detalles, vea la Publicación 4681, en inglés. Free prior year tax software Ganancias aplazadas provenientes de la venta de una vivienda anterior antes del 7 de mayo de 1997. Free prior year tax software Pérdidas fortuitas deducibles. Free prior year tax software Pagos de seguro que haya recibido o que espera recibir por pérdidas fortuitas. Free prior year tax software Pagos que haya recibido por otorgar una servidumbre o un derecho de paso. Free prior year tax software Depreciación permitida o permisible si usó su vivienda para fines comerciales o de alquiler. Free prior year tax software Créditos relacionados con la eficiencia energética, permitidos por gastos incurridos en el hogar. Free prior year tax software Reste del aumento a la base, que de otra manera se permitiría por gastos en la vivienda, por la cantidad del crédito permitido por dichos gastos. Free prior year tax software Crédito tributario por adopción que haya declarado por mejoras agregadas a la base de su vivienda. Free prior year tax software Pagos no tributables de un programa de asistencia para adopción de su empleador que haya utilizado para mejoras realizadas agregadas a la base de su vivienda. Free prior year tax software Subsidio por ahorro de energía excluido de su ingreso bruto porque lo recibió (directa o indirectamente) de alguno de los servicios públicos después de 1992 para comprar o instalar un medio de ahorro de energía. Free prior year tax software Un medio de ahorro de energía es una instalación o modificación principalmente diseñada para reducir el consumo de electricidad o gas natural, o para mejorar el uso de la demanda de energía de una vivienda. Free prior year tax software Crédito tributario para el comprador de su primera vivienda en el Distrito de Columbia (permisible para la compra de una primera vivienda en el Distrito de Columbia a partir del 5 de agosto de 1997 y antes del 1 de enero del 2012). Free prior year tax software Impuesto general de ventas (permitido a partir del 2004 y antes del 2014) reclamado como una deducción detallada en el Anexo A (Formulario 1040) que fue impuesto por la compra de bienes muebles, tales como una casa flotante usada como su hogar or casa móvil. Free prior year tax software Liquidaciones de la deuda calificada sobre la vivienda principal. Free prior year tax software   Quizás pueda excluir de los ingresos brutos una liquidación de la deuda calificada sobre una vivienda principal. Free prior year tax software Esta exclusión corresponde a liquidaciones efectuadas después de 2006 y antes de 2014. Free prior year tax software Si opta por excluir estos ingresos, tiene que restar de la base de la vivienda principal (pero no por debajo de cero) la cantidad excluida de los ingresos brutos. Free prior year tax software   Presente el Formulario 982, en inglés, junto con la declaración de impuestos. Free prior year tax software Vea las instrucciones del mismo para información detallada. Free prior year tax software Documentación. Free prior year tax software Debe mantener documentación para demostrar la base ajustada de su vivienda. Free prior year tax software Normalmente, tiene que conservar dicha documentación durante 3 años después de la fecha de vencimiento para presentar la declaración del año tributario en el que vendió su vivienda. Free prior year tax software Sin embargo, si vendió su vivienda antes del 7 de mayo de 1997 y aplazó el impuesto sobre las ganancias, la base de esa vivienda afecta la base de la nueva vivienda que compró. Free prior year tax software Conserve la documentación que demuestre la base de ambas viviendas todo el tiempo que sea necesario para efectos de impuestos. Free prior year tax software La documentación que debe conservar incluye: Comprobante del precio de compra y gastos de compra de la vivienda; Comprobantes y otra documentación de todas las mejoras, ampliaciones y otros elementos que afecten la base ajustada de la vivienda; Toda hoja de trabajo y otros cálculos que haya usado para calcular la base ajustada de la vivienda que vendió, las ganancias o pérdidas de la venta, la exclusión y las ganancias tributables; Todo Formulario 982, en inglés, que haya presentado para declarar una liquidación de la deuda calificada sobre la vivienda principal; Todo Formulario 2119, Sale of Your Home (Venta de su vivienda), en inglés, que haya presentado para aplazar la ganancia proveniente de la venta de una vivienda anterior antes del 7 de mayo de 1997 y Toda hoja de trabajo que haya usado para preparar el Formulario 2119, como la Adjusted Basis of Home Sold Worksheet (Hoja de trabajo de base ajustada de vivienda vendida) o Capital Improvements Worksheet (Hoja de trabajo de mejoras de capital) de las Instrucciones del Formulario 2119, en inglés, u otra fuente de cálculos. Free prior year tax software Cómo Excluir las Ganancias Es posible que reúna los requisitos para excluir de su ingreso la totalidad o parte de las ganancias obtenidas de la venta de su vivienda principal. Free prior year tax software Esto significa que, si reúne los requisitos, no tendrá que pagar impuestos sobre las ganancias hasta el límite descrito bajo Exclusión Máxima , presentado a continuación. Free prior year tax software Para tener derecho a esta opción, tiene que satisfacer los requisitos de propietario y de uso que se describen más adelante. Free prior year tax software Puede optar por no declarar la exclusión, incluyendo las ganancias obtenidas de la venta en los ingresos brutos en su declaración de impuestos para el año de la venta. Free prior year tax software Puede utilizar la Hoja de Trabajo 2 de la Publicación 523 para calcular la cantidad de la exclusión y ganancia tributable, si la hubiera. Free prior year tax software Si obtiene alguna ganancia tributable de la venta de su vivienda, podría verse obligado a aumentar la retención del impuesto o pagar impuestos estimados. Free prior year tax software Vea la Publicación 505, Tax Withholding and Estimated Tax (Retención del impuesto e impuesto estimado), en inglés. Free prior year tax software Exclusión Máxima Puede excluir hasta $250,000 de las ganancias (aparte de las ganancias asignadas a períodos de uso no calificadas) de la venta de su vivienda principal si se cumplen todas las siguientes condiciones: Usted reúne los requisitos de propietario. Free prior year tax software Usted reúne los requisitos de uso. Free prior year tax software Durante el período de 2 años inmediatamente anterior a la fecha de la venta no excluyó ganancias obtenidas de la venta de otra vivienda. Free prior year tax software Para detalles sobre ganancias asignadas a períodos de uso no calificados, vea Períodos de uso no calificado, más adelante. Free prior year tax software Tal vez pueda excluir hasta $500,000 de las ganancias (aparte de las ganancias asignadas a períodos de uso no calificadas) obtenidas de la venta de su vivienda principal si está casado, presenta una declaración conjunta y reúne los requisitos enumerados en el tema sobre las reglas especiales correspondientes a declaraciones conjuntas, bajo Personas Casadas , más adelante. Free prior year tax software Requisitos de Propietario y de Uso Para reclamar una exclusión, tiene que satisfacer los requisitos de propietario y de uso. Free prior year tax software Esto significa que durante el período de 5 años inmediatamente anterior a la fecha de la venta, usted tiene que haber: Sido propietario de la vivienda durante un mínimo de 2 años (requisito de propietario) y Vivido en la vivienda como su vivienda principal durante un mínimo de 2 años (requisito de uso). Free prior year tax software Excepción. Free prior year tax software   Si fue propietario y vivió en la propiedad como su vivienda principal por menos de 2 años, en algunos casos aún puede reclamar una exclusión. Free prior year tax software Sin embargo, la cantidad máxima que podría excluir sería menor. Free prior year tax software Consulte Exclusión Máxima Reducida , más adelante. Free prior year tax software Ejemplo 1 —posesión y ocupación de la vivienda durante 2 años. Free prior year tax software Amanda compró su vivienda principal y se mudó a ésta en septiembre del año 2011. Free prior year tax software Vendió la vivienda con ganancias en octubre de 2013. Free prior year tax software Durante el período de 5 años que finalizó en la fecha de la venta en octubre de 2013, ella fue propietaria de la vivienda y vivió en ella más de 2 años. Free prior year tax software Por lo tanto, satisface los requisitos de propietario y de uso. Free prior year tax software Ejemplo 2 —satisfacción del requisito de propiedad, pero no de uso. Free prior year tax software Daniel compró una vivienda, vivió en ella durante 6 meses, se mudó y nunca volvió a vivir en la casa. Free prior year tax software Luego la vendió con ganancias. Free prior year tax software Fue propietario de la vivienda durante el período completo de 5 años inmediatamente anterior a la fecha de la venta. Free prior year tax software Él satisface el requisito de propietario, pero no el de uso. Free prior year tax software No puede excluir ninguna parte de sus ganancias procedentes de la venta, a menos que haya reunido los requisitos para una exclusión máxima reducida (como se explica más adelante). Free prior year tax software Período de Propietario y de Uso Los 2 años de propietario y de uso requeridos durante el período de 5 años inmediatamente anterior a la fecha de la venta no tienen que ser continuos ni ocurrir simultáneamente. Free prior year tax software Satisface los requisitos si puede demostrar que fue propietario y vivió en la propiedad como su vivienda principal durante 24 meses completos o 730 días (365 × 2) durante el período de 5 años inmediatamente anterior a la fecha de la venta. Free prior year tax software Ausencia temporal. Free prior year tax software   Las ausencias temporales breves por vacaciones u otras ausencias estacionales, aun si alquila la propiedad durante estas ausencias, se consideran períodos de uso. Free prior year tax software En los siguientes ejemplos, se supone que la exclusión máxima reducida (explicada más adelante) no es aplicable a las ventas. Free prior year tax software Ejemplo 1. Free prior year tax software David Gallegos, soltero, compró una vivienda y se mudó a ella el 1 de febrero de 2011. Free prior year tax software En 2011 y 2012, David se ausentó de su casa en el verano por dos meses mientras se tomaba unas vacaciones. Free prior year tax software Vendió la casa el 1 de marzo del año 2013. Free prior year tax software Aunque el período total en el que David usó su casa es menos de 2 años (21 meses), puede excluir toda ganancia hasta $250,000 ya que cumple con los requisitos. Free prior year tax software Las vacaciones de 2 meses son ausencias cortas temporales y se cuentan como períodos de uso al determinar si David usó la casa los 2 años exigidos. Free prior year tax software Ejemplo 2. Free prior year tax software El profesor Pablo Barba, soltero, compró una casa y se mudó a ella el 18 de agosto de 2010. Free prior year tax software Vivió en ella como su vivienda principal en forma continua hasta el 5 de enero de 2012, fecha en que viajó al extranjero para disfrutar de un año sabático. Free prior year tax software El 6 de febrero de 2013, un mes después de regresar de la ausencia, vendió la casa con ganancias. Free prior year tax software Dado que su ausencia no fue una ausencia temporal breve, no puede incluir el período de ausencia para satisfacer el requisito de uso de 2 años. Free prior year tax software No puede excluir parte alguna de sus ganancias porque no usó ese domicilio por los 2 años exigidos. Free prior year tax software Satisfacción de los requisitos de propietario y de uso durante períodos diferentes. Free prior year tax software   Puede satisfacer los requisitos de propietario y de uso durante períodos diferentes de 2 años. Free prior year tax software Sin embargo, tiene que satisfacer ambos requisitos durante el período de 5 años inmediatamente anterior a la fecha de la venta. Free prior year tax software Ejemplo. Free prior year tax software A partir del 2002, Elena Jara vivía en un apartamento alquilado. Free prior year tax software Posteriormente, el edificio de apartamentos se transformó en condominios y compró su mismo apartamento el 3 de diciembre de 2010. Free prior year tax software En el año 2011, Elena se enfermó y el 14 de abril de ese año se mudó a la casa de su hija. Free prior year tax software El 12 de julio de 2013, mientras aún vivía en casa de su hija, Elena vendió su condominio. Free prior year tax software Elena puede excluir las ganancias provenientes de la venta de su condominio porque satisfizo los requisitos de propietario y de uso durante el período de 5 años del 13 de julio de 2008 al 12 de julio de 2013, fecha en que vendió su condominio. Free prior year tax software Ella fue propietaria del condominio desde el 3 de diciembre del año 2010 hasta el 12 de julio del año 2013 (más de 2 años). Free prior year tax software Vivió en la propiedad desde el 13 de julio del año 2008 (inicio del período de 5 años) hasta el 14 de abril del año 2011 (más de 2 años). Free prior year tax software El tiempo que Elena vivió en la casa de su hija durante el período de 5 años se puede contar para el período de propietario y el tiempo que vivió en su apartamento alquilado durante esos 5 años se puede contar para el período de uso. Free prior year tax software Apartamento de cooperativa. Free prior year tax software   Si, como inquilino-accionista, vendió acciones en una cooperativa de viviendas, los requisitos de propietario y de uso se satisfacen siempre y cuando durante el período de 5 años inmediatamente anterior a la fecha de la venta usted: Haya sido propietario de las acciones durante un mínimo de 2 años y Haya vivido en la casa o apartamento que sus acciones le dan derecho a ocupar como su vivienda principal durante un mínimo de 2 años. Free prior year tax software Excepciones a los Requisitos de Propietario y de Uso Los siguientes temas abordan excepciones a los requisitos de propietario y de uso para ciertos contribuyentes. Free prior year tax software Excepción para personas incapacitadas. Free prior year tax software   Existe una excepción al requisito de uso si: Queda física o mentalmente incapacitado para cuidarse a sí mismo y Fue propietario y vivió en su casa como su vivienda principal por un total mínimo de un año durante el período de 5 años antes de la venta de su vivienda. Free prior year tax software Conforme a esta excepción, se considera que vive en la vivienda durante todo momento en el período de 5 años en que haya sido propietario de ella y haya vivido en un establecimiento (incluido un hogar de ancianos) con licencia emitida por un estado o subdivisión política para cuidar personas en esa situación. Free prior year tax software Si satisface esta excepción al requisito de uso, aún tiene que satisfacer el requisito de propietario de 2 de los 5 años para reclamar la exclusión. Free prior year tax software Vivienda anterior destruida o expropiada. Free prior year tax software   Para fines de los requisitos de propietario y de uso, debe sumar el tiempo que fue propietario y vivió en una vivienda anterior destruida o expropiada y el tiempo que fue propietario y vivió en la vivienda de reemplazo de cuya venta desea excluir las ganancias. Free prior year tax software Esta regla es aplicable si alguna parte de la base de la vivienda que vendió dependía de la base de aquélla destruida o expropiada. Free prior year tax software De lo contrario, tiene que haber sido propietario y vivido en la misma vivienda durante 2 de los 5 años anteriores a la venta, lo cual le permitirá reunir los requisitos para la exclusión. Free prior year tax software Miembros de los servicios uniformados o del Servicio Diplomático, empleados de los servicios de inteligencia o empleados o voluntarios del Cuerpo de Paz. Free prior year tax software   Puede optar por suspender el período del requisito de 5 años de propietario y uso durante todo período en el que usted o su cónyuge preste “servicio prolongado en forma oficial y calificada” como miembro de los servicios uniformados o del Servicio Diplomático de los Estados Unidos o como empleado de los servicios de inteligencia. Free prior year tax software Puede optar por suspender el período del requisito de 5 años de propietario y uso durante el período que usted o su cónyuge preste “servicio prolongado en forma oficial y calificada” en el extranjero como empleado o voluntario inscrito o voluntario líder del Cuerpo de Paz. Free prior year tax software Esto significa que podría satisfacer el requisito de uso de 2 años aún cuando, debido a su servicio, no haya vivido realmente en su casa por lo menos los 2 años requeridos de los 5 años que terminan en la fecha de la venta. Free prior year tax software   Si esto le ayuda a reunir los requisitos para excluir ganancias, puede optar por suspender el período obligatorio de 5 años, presentando una declaración para el año de venta que no incluya las ganancias. Free prior year tax software   Para más información sobre la suspensión del período de 5 años, vea Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps (Miembros de los servicios uniformados o del Servicio Diplomático, empleados de los servicios de inteligencia o empleados o voluntarios del Cuerpo de Paz), en la Publicación 523, en inglés. Free prior year tax software Personas Casadas Si usted y su cónyuge presentan una declaración conjunta para el año de la venta y uno de ustedes satisface los requisitos de propiedad y de uso, pueden excluir hasta $250,000 de la ganancia procedente de dicha venta. Free prior year tax software (Sin embargo, consulte Reglas especiales para declaraciones conjuntas , que aparece a continuación). Free prior year tax software Reglas especiales para declaraciones conjuntas. Free prior year tax software   Puede excluir hasta $500,000 de la totalidad de la ganancia sobre la venta de su vivienda principal si se cumple lo siguiente: Está casado y presenta una declaración conjunta para el año. Free prior year tax software Usted o su cónyuge cumple el requisito de propietario. Free prior year tax software Usted y su cónyuge cumplen el requisito de uso. Free prior year tax software Durante el período de 2 años que termina en la fecha de la venta, ni usted ni su cónyuge excluyó ganancia alguna proveniente de la venta de otra vivienda. Free prior year tax software Si uno de los dos cónyuges no satisface estos requisitos, la exclusión máxima que el matrimonio puede declarar es el total de las exclusiones máximas a las que tendría derecho cada cónyuge si no estuviese casado y las cantidades se calculasen por separado. Free prior year tax software Para este fin, se considera que cada cónyuge era dueño de la propiedad durante el período en el que uno de los dos fue dueño de la misma. Free prior year tax software Ejemplo 1 —uno de los cónyuges vende una vivienda. Free prior year tax software Emilia vende su vivienda en junio de 2013 con una ganancia de $300,000. Free prior year tax software Posteriormente en ese año, se casa con Jaime. Free prior year tax software Ella satisface los requisitos de propiedad y de uso, pero Jaime no. Free prior year tax software Emilia puede excluir hasta $250,000 de las ganancias en una declaración por separado o conjunta para el año 2013. Free prior year tax software La exclusión máxima de $500,000 para ciertas declaraciones conjuntas no es aplicable en este caso, ya que Jaime no cumple el requisito de uso. Free prior year tax software Ejemplo 2 —cada cónyuge vende una vivienda. Free prior year tax software El caso es igual al del Ejemplo 1 , excepto que Jaime también vende una vivienda en el año 2013 con una ganancia de $200,000 antes de casarse con Emilia. Free prior year tax software Él satisface los requisitos de propietario y de uso en su vivienda pero Emilia no. Free prior year tax software Emilia puede excluir $250,000 de las ganancias y Jaime puede excluir $200,000 de las ganancias de la venta de sus propias viviendas. Free prior year tax software Sin embargo, Emilia no puede utilizar la exclusión no usada de Jaime para excluir más de $250,000 de las ganancias. Free prior year tax software Por lo tanto, Emilia y Jaime tienen que reconocer $50,000 de las ganancias de la venta de la vivienda de Emilia. Free prior year tax software La exclusión máxima de $500,000 para ciertas declaraciones conjuntas no es aplicable en este caso, ya que Emilia y Jaime ambos no cumplen el requisito de uso para el mismo hogar. Free prior year tax software Venta de la vivienda principal por el cónyuge sobreviviente. Free prior year tax software   Si su cónyuge murió y usted no se volvió a casar antes de la fecha de la venta, se considera que ha sido propietario y ha vivido en la propiedad como su vivienda principal durante todo el período en que su cónyuge fue propietario y vivió en ella como vivienda principal. Free prior year tax software   Si reúne todos los siguientes requisitos, puede tener el derecho de excluir hasta $500,000 procedentes de toda ganancia de la venta o del intercambio de su vivienda principal: La venta o el intercambio se realizó después de 2008. Free prior year tax software La venta o el intercambio se realizó dentro de los 2 años después de la fecha del fa- llecimiento de su cónyuge. Free prior year tax software No se ha vuelto a casar. Free prior year tax software Usted y su cónyuge reunían el requisito de uso en la fecha del fallecimiento de su cónyuge. Free prior year tax software Usted o su cónyuge reunían el requisito de propietario en la fecha del fallecimiento de su cónyuge. Free prior year tax software Ni usted ni su cónyuge excluyó ganancia alguna procedente de la venta de otra vivienda durante los últimos 2 años. Free prior year tax software Ejemplo. Free prior year tax software   Geraldo es dueño de una casa y habita en la misma como su vivienda principal desde 2009. Free prior year tax software Geraldo y Wilma se casaron el 1 de julio de 2013, y desde esa fecha habitan en la casa de Geraldo considerándola su vivienda principal. Free prior year tax software Geraldo falleció el 15 de agosto de 2013 y Wilma heredó la propiedad. Free prior year tax software Wilma vendió la propiedad el 3 de septiembre de 2013, fecha en la cual no se había vuelto a casar. Free prior year tax software Aunque Wilma fue dueña de la casa y habitó en la misma menos de 2 años, se considera que ha cumplido los requisitos de propiedad y de uso porque el período correspondiente a su propiedad y uso de la casa abarca el período en el que Geraldo fue dueño de la misma y habitó en ella antes de fallecer. Free prior year tax software Vivienda traspasada por cónyuge. Free prior year tax software   Si su cónyuge le traspasó su vivienda (o ex cónyuge si el traspaso se relaciona con su divorcio), se considera que ha sido propietario durante todo el período en que su cónyuge fue propietario. Free prior year tax software Uso de vivienda después del divorcio. Free prior year tax software   Se considera que ha usado la propiedad como su vivienda principal durante todo el período en que: Usted fue su propietario y Se permita que el cónyuge o ex cónyuge viva en ella conforme a un instrumento de divorcio o separación y éste la usa como vivienda principal. Free prior year tax software Exclusión Máxima Reducida Si no reúne los requisitos para reclamar la exclusión de $250,000 o $500,000, aún puede tener derecho a una exclusión reducida. Free prior year tax software Esto corresponde a aquellas personas que: No satisfagan los requisitos de propietario y de uso o Hayan reclamado la exclusión dentro de 2 años de vender su vivienda actual. Free prior year tax software En los dos casos, para tener derecho a una exclusión reducida, la venta de su vivienda principal tiene que deberse a uno de los siguientes motivos: Un cambio del lugar de empleo. Free prior year tax software Salud. Free prior year tax software Circunstancias imprevistas. Free prior year tax software Circunstancias imprevistas. Free prior year tax software   Se considera que la venta de su vivienda principal es por una circunstancia imprevista si el motivo principal de venta es un hecho que usted no hubiera podido anticipar razonablemente antes de comprar y ocupar su vivienda principal. Free prior year tax software   Vea la Publicación 523, en inglés, para más información y para utilizar la Worksheet 3 (Hoja de trabajo 3) para calcular la exclusión máxima reducida. Free prior year tax software Uso Comercial o Alquiler de Vivienda Tal vez pueda excluir sus ganancias provenientes de la venta de una vivienda que haya utilizado para fines comerciales o para producir ingresos de alquiler. Free prior year tax software Sin embargo, tiene que satisfacer los requisitos de propietario y de uso. Free prior year tax software Períodos de uso no calificado. Free prior year tax software   En la mayoría de los casos, la ganancia de la venta o intercambio de su vivienda principal no calificará para su exclusión en la medida en que las ganancias se asignan a los períodos de uso no calificado. Free prior year tax software Se considera que el uso no calificado es todo período a partir del 2008 en que ni usted ni su cónyuge (o su ex cónyuge) usó la propiedad como vivienda principal con las siguientes excepciones. Free prior year tax software Excepciones. Free prior year tax software   Un período de uso no calificado no incluye: Cualquier parte del período de 5 años que termine en la fecha de la venta o intercambio después de la última fecha que usted o su cónyuge usó la vivienda como vivienda principal. Free prior year tax software Cualquier período (que no exceda de un período de 10 años en su totalidad) durante el cual usted (o su cónyuge) están prestando servicio prolongado en forma oficial y calificada: Como miembro de los servicios uniformados, Como miembro del Servicio Diplomático de los Estados Unidos o Como empleado de los servicios de inteligencia, y Cualquier otro período de ausencia temporal (que no exceda de un período de 2 años en su totalidad) debido a un cambio de empleo, condición de salud o tales circunstancias imprevistas que hayan sido especificados por el IRS. Free prior year tax software La ganancia resultante de la venta de la propiedad se divide entre períodos de uso calificado y no calificado a base de la cantidad de tiempo que la propiedad sirvió para uso calificado y no calificado. Free prior year tax software La ganancia derivada de la venta o intercambio de una vivienda principal asignada a períodos de uso calificado todavía calificará para la exclusión de la venta de su vivienda principal. Free prior year tax software La ganancia derivada de la venta o intercambio de una vivienda principal asignada a períodos de uso no calificado no reunirá los requisitos para la exclusión. Free prior year tax software Cálculos. Free prior year tax software   Para calcular la parte de la ganancia que se le asignará al período de uso no calificado, multiplique la ganancia por la siguiente fracción:   Total de uso no calificado durante el período de propietario a partir del 2008      Total del período de propietario   Este cálculo se puede encontrar en la Hoja de Trabajo 2, línea 10, en la Publicación 523, en inglés. Free prior year tax software Ejemplo 1. Free prior year tax software El 23 de mayo de 2007, Amelia (soltera en cada año de este ejemplo) compró una casa. Free prior year tax software Se mudó a la casa en esa fecha y vivió ahí hasta el 31 de mayo de 2009, fecha en la que se mudó de la casa y la puso en alquiler. Free prior year tax software La casa estuvo alquilada desde el 1 de junio de 2009 al 31 de marzo de 2011. Free prior year tax software Amelia reclamó deducciónes por depreciación del 2009 al 2011 por un total de $10,000. Free prior year tax software Amelia se mudó a su casa nuevamente el 1 de abril de 2011 y vivió en ella hasta que la vendió el 31 de enero de 2013 por una ganancia de $200,000. Free prior year tax software Durante el período de 5 años que termina en la fecha de la venta (31 de enero de 2008 – 31 de enero de 2013), Amelia fue la propietaria y vivió en la casa durante más de 2 años, como se indica en la siguiente tabla. Free prior year tax software Período de  5 años Usada como Vivienda Principal Usada como Vivienda de Alquiler 31/01/08 – 31/05/09 16 meses       01/06/09 – 31/03/11   22 meses 01/04/11 – 31/01/13 22 meses         38 meses 22 meses Durante el período que Amelia fue propietaria de la casa (2,080 días), el período de uso no calificado fue de 668 días. Free prior year tax software Amelia divide 668 entre 2,080 y obtiene un decimal (redondeado al menos tres decimales) de 0. Free prior year tax software 321. Free prior year tax software Para calcular la ganancia atribuible al período de uso no calificado, se multiplica $190,000 (la ganancia no es atribuible a la deducción por depreciación $10,000) por 0. Free prior year tax software 321. Free prior year tax software Debido a que la ganancia atribuible a los períodos no calificados es $60,990, Amelia puede excluir $129,010 de su ganancia. Free prior year tax software Ejemplo 2. Free prior year tax software Guillermo fue propietario de una casa y la usó como su vivienda principal de 2007 a 2010. Free prior year tax software El 1 de enero de 2011, se mudó a otro estado. Free prior year tax software Alquiló su casa desde esa fecha hasta el 30 de abril de 2013, fecha en que la vendió. Free prior year tax software Durante el período de 5 años que termina en la fecha de la venta (1 de mayo de 2008 – 30 de abril de 2013), Guillermo fue el propietario de esa casa y vivió en ella durante más de 2 años. Free prior year tax software Tiene que declarar la venta en el Formulario 4797, en inglés, debido a que la casa era una propiedad de alquiler en la fecha de venta. Free prior year tax software Ya que el período de uso no calificado no incluye cualquier parte del período de 5 años después de la última fecha que Guillermo vivió en su vivienda, él no tiene un período de uso no calificado. Free prior year tax software Puesto que cumplió los requisitos de propietario y de uso, puede excluir ganancias de hasta $250,000. Free prior year tax software No obstante, no puede excluir la parte de las ganancias equivalente a la depreciación que reclamó o que pudo haber reclamado por alquilar la casa, como se explica a continuación. Free prior year tax software Depreciación después del 6 de mayo de 1997. Free prior year tax software   Si tenía derecho a declarar deducciones por depreciación porque usó su vivienda para fines comerciales o como propiedad de alquiler, no puede excluir aquella parte de sus ganancias que sea equivalente a cualquier depreciación permitida o permisible como deducción para los períodos después del 6 de mayo de 1997. Free prior year tax software Si puede demostrar mediante documentación adecuada u otras pruebas que la depreciación permitida era menor que la cantidad permisible, puede limitar la cantidad de ganancias obtenidas de modo que dicha cantidad sea igual a la cantidad de depreciación. Free prior year tax software Vea la Publicación 544, en inglés, para información adicional. Free prior year tax software Propiedad usada parcialmente para fines comerciales o de alquiler. Free prior year tax software   Si usó la propiedad en parte como vivienda principal y en parte para fines comerciales o para producir ingresos de alquiler, consulte la Publicación 523, en inglés. Free prior year tax software Cómo Declarar la Venta No declare la venta de su vivienda principal del año 2013 en su declaración de impuestos, a menos que: Tenga ganancias y no reúna los requisitos para excluir la totalidad de éstas Tenga ganancias y opte por no excluirlas o Haya recibido un Formulario 1099-S. Free prior year tax software Si algunas de estas situaciones aplican, informe la ganancia total o pérdidas. Free prior year tax software Para detalles de cómo informar las pérdidas o ganancias, vea las Instrucciones para el Anexo D del Formulario 1040 y las Instrucciones del Formulario 8949, en inglés. Free prior year tax software Si usted usó la vivienda para propósitos de negocios o para sacar ingresos por el alquiler, usted posiblemente tenga que usar el Formulario 4797 para informar la venta de la parte de la propiedad usada para negocios o alquiler (o la venta de la propiedad entera, si se usó exclusivamente para negocios o alquiler). Free prior year tax software Consulte la sección Business Use or Rental of Home (Uso de vivienda como negocio o para alquiler), en inglés, en la Publicación 523, y las Instrucciones del Formulario 4797. Free prior year tax software Ventas a plazos. Free prior year tax software    Algunas ventas se realizan según acuerdos que estipulan que parte o la totalidad del precio de venta se debe pagar en un año posterior. Free prior year tax software Estas ventas se denominan “ventas a plazos”. Free prior year tax software Si financia la compra del comprador de su casa, en lugar de que éste solicite un préstamo o hipoteca a un banco, probablemente tenga una venta a plazos. Free prior year tax software Tal vez pueda declarar la parte de las ganancias que no puede excluir sobre la base a plazos. Free prior year tax software    Use el Formulario 6252, Installment Sale Income (Ingresos de venta a plazos), en inglés, para declarar la venta. Free prior year tax software Anote la exclusión en la línea 15 del Formulario 6252. Free prior year tax software Hipoteca financiada por el vendedor. Free prior year tax software   Si vende su vivienda y tiene un pagaré, hipoteca u otro acuerdo financiero, en la mayoría de los casos los pagos que reciba constan de intereses y capital. Free prior year tax software Tiene que declarar por separado como ingreso de intereses los intereses que reciba como parte de cada pago. Free prior year tax software Si el comprador de su vivienda usa la propiedad como vivienda principal o segunda vivienda, también tiene que declarar el nombre, la dirección y el número de Seguro Social (SSN, por sus siglas en inglés) del comprador en la línea 1 del Anexo B (Formulario 1040A o 1040). Free prior year tax software El comprador tiene que darle su SSN y usted tiene que darle el suyo al comprador. Free prior year tax software Si no satisface estos requisitos, es posible que tenga que pagar una multa de $50 por cada incumplimiento. Free prior year tax software Si usted o el comprador no tiene un SSN y no reúne los requisitos para obtener uno, vea Número de Seguro Social , en el capítulo 1. Free prior year tax software Información adicional. Free prior year tax software   Para obtener más información acerca de las ventas a plazos, consulte la Publicación 537, Installment Sales (Ventas a plazos), en inglés. Free prior year tax software Situaciones Especiales Las siguientes situaciones especiales pueden afectar su exclusión. Free prior year tax software Venta de vivienda adquirida a través de un intercambio de bienes del mismo tipo. Free prior year tax software   No puede reclamar la exclusión si: Adquirió su vivienda a través de un intercambio de bienes del mismo tipo (también conocido como intercambio conforme a la sección 1031) o la base de su vivienda se determina según la base de la vivienda de la persona que la adquirió mediante un intercambio de bienes del mismo tipo (por ejemplo, recibió la vivienda de dicha persona como un regalo) y Vendió la vivienda durante el período de 5 años a partir de la fecha en que se adquirió por medio del intercambio de bienes del mismo tipo. Free prior year tax software Las ganancias provenientes de un intercambio de bienes del mismo tipo no están sujetas al impuesto en la fecha de dicho intercambio. Free prior year tax software Esto quiere decir que las ganancias no se tributarán hasta que venda o enajene de otra manera la propiedad que haya recibido. Free prior year tax software Para diferir ganancias provenientes de un intercambio de bienes del mismo tipo, tiene que haber intercambiado bienes comerciales o de inversión por bienes comerciales o de inversión del mismo tipo. Free prior year tax software Para más información sobre los intercambios de bienes del mismo tipo, vea la Publicación 544, Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de bienes), en inglés. Free prior year tax software Vivienda cedida a través de intercambio de bienes del mismo tipo. Free prior year tax software   Si usa su vivienda principal en parte para propósitos comerciales o de alquiler y luego intercambia la misma por otra propiedad, vea la Publicación 523, en inglés. Free prior year tax software Expatriados. Free prior year tax software   No puede reclamar la exclusión si el impuesto de expatriación es aplicable en su caso. Free prior year tax software El impuesto de expatriación corresponde a determinados ciudadanos estadounidenses que han renunciado a su ciudadanía (y a determinados residentes de largo plazo que han terminado su residencia). Free prior year tax software Consulte la sección titulada Expatriation Tax (Impuesto de expatriación) en el capítulo 4 de la Publicación 519, U. Free prior year tax software S. Free prior year tax software Tax Guide for Aliens (Guía tributaria de los Estados Unidos para extranjeros), en inglés, para obtener más información acerca del impuesto de expatriación. Free prior year tax software Vivienda destruida o expropiada. Free prior year tax software   Si su vivienda fue destruida o expropiada, toda ganancia (por ejemplo, debido a pagos del seguro que recibió) procedente de aquel acontecimiento reúne los requisitos para la exclusión. Free prior year tax software   Toda parte de las ganancias que no se pueda excluir (por superar el límite de exclusión máxima), se puede aplazar según las reglas que se explican en las siguientes publicaciones: Publicación 547(SP) en el caso de una vivienda que fue destruida o Capítulo 1 de la Publicación 544, en inglés, en el caso de una vivienda que fue expropiada. Free prior year tax software Venta de participación restante. Free prior year tax software   Sujeto a otras reglas del presente capítulo, puede optar por excluir ganancias procedentes de la venta de una participación restante en su vivienda. Free prior year tax software Si elige esta opción, no puede excluir ganancias de la venta de ninguna otra participación en la vivienda que venda por separado. Free prior year tax software Excepción para ventas a personas emparentadas o vinculadas. Free prior year tax software   No puede excluir ganancias procedentes de la venta de una participación restante en su vivienda a una persona emparentada o vinculada. Free prior year tax software Las personas emparentadas incluyen a sus hermanos y hermanas, medios hermanos y medias hermanas, cónyuges, antecesores (padres, abuelos, etc. Free prior year tax software ) y descendientes directos (hijos, nietos, etc. Free prior year tax software ). Free prior year tax software Las personas vinculadas también incluyen a ciertas sociedades anónimas, sociedades colectivas, fideicomisos y organizaciones exentas de impuestos. Free prior year tax software Recuperación (Devolución) de un Subsidio Hipotecario Federal Si financió su vivienda a través de un programa de subsidio federal (préstamos de bonos hipotecarios calificados exentos de impuestos o préstamos con certificados de crédito hipotecario), es posible que tenga que devolver la totalidad o parte del beneficio que recibió de ese programa cuando venda o enajene su vivienda. Free prior year tax software Puede recuperar el beneficio al aumentar su impuesto federal sobre el ingreso para el año de la venta. Free prior year tax software Es posible que tenga que pagar este impuesto de recuperación aun si puede excluir sus ganancias del ingreso según las reglas explicadas anteriormente; esa exclusión no afecta el impuesto de recuperación. Free prior year tax software Préstamos sujetos a reglas de recuperación. Free prior year tax software   La recuperación es aplicable a préstamos que: Se originaron de las utilidades de bonos hipotecarios calificados o Se basaron en certificados de crédito hipotecario. Free prior year tax software La recuperación también se aplica a las asunciones de estos préstamos. Free prior year tax software Cuándo es aplicable la recuperación. Free prior year tax software   La recuperación del subsidio hipotecario federal es aplicable solamente si satisface las dos condiciones siguientes: Dentro de los primeros 9 años después de la fecha de cierre de su préstamo hipotecario, vende o enajena su vivienda, gene- rando ganancias. Free prior year tax software Su ingreso para el año de la enajenación es mayor que el ingreso calificado ajustado de ese año para el tamaño de su familia (en relación a los requisitos de ingresos que tiene que satisfacer una persona para tener derecho a participar en el programa de subsidio federal). Free prior year tax software Cuándo no es aplicable la recuperación. Free prior year tax software   La recuperación no es aplicable si le corresponde una de las siguientes situaciones: Su préstamo hipotecario fue un préstamo calificado para mejoras de vivienda (QHIL, por sus siglas en inglés) de no más de $15,000 y se usó para hacer modificaciones, reparaciones y mejoras que protejan o mejoren la habitabilidad y la eficiencia energética de su vivienda. Free prior year tax software Su préstamo hipotecario fue un préstamo calificado para mejoras de vivienda de no más de $150,000 para un QHIL que se utiliza con el fin de reparar daños ocasionados a viviendas por el huracán Katrina en la zona de desastre del huracán; para un QHIL financiado por un bono hipotecario calificado, el cual es un Bono de la Zona de Oportunidad del Golfo; o para un QHIL para una vivienda habitada por su dueño en la Zona de Oportunidad del Golfo (Zona GO), Zona GO de Rita o Zona GO de Wilma. Free prior year tax software Vea la Publicación 4492(SP), Información para los Contribuyentes Afectados por los Huracanes Katrina, Rita y Wilma, para información adicional. Free prior year tax software Asimismo, vea la Publicación 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas (Información para contribuyentes afectados de la zona de desastre del Medio Oeste), en inglés, para más información. Free prior year tax software La vivienda se enajena como consecuencia de su muerte. Free prior year tax software Enajena su vivienda más de 9 años después de la fecha de cierre de su préstamo hipotecario. Free prior year tax software Traspasa la vivienda a su cónyuge o a su ex cónyuge por motivos de divorcio, situación en la que no hay ganancias incluidas en sus ingresos. Free prior year tax software Enajena la vivienda con pérdidas. Free prior year tax software Su vivienda resulta destruida por un hecho fortuito y usted la repone en su lugar original dentro de 2 años después del cierre del año tributario en que se produjo la destrucción. Free prior year tax software El período de reemplazo se aumenta para viviendas principales destruidas si su vivienda estaba ubicada en la zona de desastre de Kansas, una de las zonas de desastre del Medio Oeste, la zona del Huracán Katrina u otra zona de desastre declarada como tal por el gobierno federal. Free prior year tax software Para más información, vea Plazo de Reposición, en la Publicación 547(SP). Free prior year tax software Refinancia su préstamo hipotecario (a menos que posteriormente satisfaga todas las condiciones anteriores indicadas bajo Cuándo es aplicable la recuperación ). Free prior year tax software Aviso de cantidades. Free prior year tax software   En la fecha de liquidación de su préstamo hipotecario, o en una fecha cercana, deberá recibir un aviso que esta- blezca la cantidad de subsidio federal y cualquier otra información que necesite para calcular su impuesto de recuperación. Free prior year tax software Cómo calcular y declarar la recuperación. Free prior year tax software    El impuesto de recuperación se calcula en el Formulario 8828, en inglés. Free prior year tax software Si vende su vivienda y su hipoteca está sujeta a las reglas de recuperación, tiene que presentar el Formulario 8828 aún si no adeuda un impuesto de recuperación. Free prior year tax software Adjunte el Formulario 8828 al Formulario 1040. Free prior year tax software Para obtener más información, vea el Formulario 8828 y las instrucciones correspondientes, en inglés. Free prior year tax software Prev  Up  Next   Home   More Online Publications
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The Free Prior Year Tax Software

Free prior year tax software Publication 936 - Main Content Table of Contents Part I. Free prior year tax software Home Mortgage InterestSecured Debt Qualified Home Special Situations Points Mortgage Insurance Premiums Form 1098, Mortgage Interest Statement How To Report Special Rule for Tenant-Stockholders in Cooperative Housing Corporations Part II. Free prior year tax software Limits on Home Mortgage Interest DeductionHome Acquisition Debt Home Equity Debt Grandfathered Debt Table 1 Instructions How To Get Tax HelpLow Income Taxpayer Clinics Part I. Free prior year tax software Home Mortgage Interest This part explains what you can deduct as home mortgage interest. Free prior year tax software It includes discussions on points, mortgage insurance premiums, and how to report deductible interest on your tax return. Free prior year tax software Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). Free prior year tax software The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. Free prior year tax software You can deduct home mortgage interest if all the following conditions are met. Free prior year tax software You file Form 1040 and itemize deductions on Schedule A (Form 1040). Free prior year tax software The mortgage is a secured debt on a qualified home in which you have an ownership interest. Free prior year tax software Secured Debt and Qualified Home are explained later. Free prior year tax software  Both you and the lender must intend that the loan be repaid. Free prior year tax software Fully deductible interest. Free prior year tax software   In most cases, you can deduct all of your home mortgage interest. Free prior year tax software How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. Free prior year tax software   If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. Free prior year tax software (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category. Free prior year tax software ) If one or more of your mortgages does not fit into any of these categories, use Part II of this publication to figure the amount of interest you can deduct. Free prior year tax software   The three categories are as follows. Free prior year tax software Mortgages you took out on or before October 13, 1987 (called grandfathered debt). Free prior year tax software Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2013 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately). Free prior year tax software Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2013 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2). Free prior year tax software The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home. Free prior year tax software   See Part II for more detailed definitions of grandfathered, home acquisition, and home equity debt. Free prior year tax software    You can use Figure A to check whether your home mortgage interest is fully deductible. Free prior year tax software This image is too large to be displayed in the current screen. Free prior year tax software Please click the link to view the image. Free prior year tax software Figure A. Free prior year tax software Is My Home Mortgage Interest Fully Deductible? Secured Debt You can deduct your home mortgage interest only if your mortgage is a secured debt. Free prior year tax software A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that: Makes your ownership in a qualified home security for payment of the debt, Provides, in case of default, that your home could satisfy the debt, and Is recorded or is otherwise perfected under any state or local law that applies. Free prior year tax software In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. Free prior year tax software If you cannot pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. Free prior year tax software In this publication, mortgage will refer to secured debt. Free prior year tax software Debt not secured by home. Free prior year tax software   A debt is not secured by your home if it is secured solely because of a lien on your general assets or if it is a security interest that attaches to the property without your consent (such as a mechanic's lien or judgment lien). Free prior year tax software   A debt is not secured by your home if it once was, but is no longer secured by your home. Free prior year tax software Wraparound mortgage. Free prior year tax software   This is not a secured debt unless it is recorded or otherwise perfected under state law. Free prior year tax software Example. Free prior year tax software Beth owns a home subject to a mortgage of $40,000. Free prior year tax software She sells the home for $100,000 to John, who takes it subject to the $40,000 mortgage. Free prior year tax software Beth continues to make the payments on the $40,000 note. Free prior year tax software John pays $10,000 down and gives Beth a $90,000 note secured by a wraparound mortgage on the home. Free prior year tax software Beth does not record or otherwise perfect the $90,000 mortgage under the state law that applies. Free prior year tax software Therefore, the mortgage is not a secured debt and John cannot deduct any of the interest he pays on it as home mortgage interest. Free prior year tax software Choice to treat the debt as not secured by your home. Free prior year tax software   You can choose to treat any debt secured by your qualified home as not secured by the home. Free prior year tax software This treatment begins with the tax year for which you make the choice and continues for all later tax years. Free prior year tax software You can revoke your choice only with the consent of the Internal Revenue Service (IRS). Free prior year tax software   You may want to treat a debt as not secured by your home if the interest on that debt is fully deductible (for example, as a business expense) whether or not it qualifies as home mortgage interest. Free prior year tax software This may allow you, if the limits in Part II apply, more of a deduction for interest on other debts that are deductible only as home mortgage interest. Free prior year tax software Cooperative apartment owner. Free prior year tax software   If you own stock in a cooperative housing corporation, see the Special Rule for Tenant-Stockholders in Cooperative Housing Corporations , near the end of this Part I. Free prior year tax software Qualified Home For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. Free prior year tax software This means your main home or your second home. Free prior year tax software A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities. Free prior year tax software The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Free prior year tax software Otherwise, it is considered personal interest and is not deductible. Free prior year tax software Main home. Free prior year tax software   You can have only one main home at any one time. Free prior year tax software This is the home where you ordinarily live most of the time. Free prior year tax software Second home. Free prior year tax software   A second home is a home that you choose to treat as your second home. Free prior year tax software Second home not rented out. Free prior year tax software   If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. Free prior year tax software You do not have to use the home during the year. Free prior year tax software Second home rented out. Free prior year tax software   If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. Free prior year tax software You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. Free prior year tax software If you do not use the home long enough, it is considered rental property and not a second home. Free prior year tax software For information on residential rental property, see Publication 527. Free prior year tax software More than one second home. Free prior year tax software   If you have more than one second home, you can treat only one as the qualified second home during any year. Free prior year tax software However, you can change the home you treat as a second home during the year in the following situations. Free prior year tax software If you get a new home during the year, you can choose to treat the new home as your second home as of the day you buy it. Free prior year tax software If your main home no longer qualifies as your main home, you can choose to treat it as your second home as of the day you stop using it as your main home. Free prior year tax software If your second home is sold during the year or becomes your main home, you can choose a new second home as of the day you sell the old one or begin using it as your main home. Free prior year tax software Divided use of your home. Free prior year tax software   The only part of your home that is considered a qualified home is the part you use for residential living. Free prior year tax software If you use part of your home for other than residential living, such as a home office, you must allocate the use of your home. Free prior year tax software You must then divide both the cost and fair market value of your home between the part that is a qualified home and the part that is not. Free prior year tax software Dividing the cost may affect the amount of your home acquisition debt, which is limited to the cost of your home plus the cost of any improvements. Free prior year tax software (See Home Acquisition Debt in Part II. Free prior year tax software ) Dividing the fair market value may affect your home equity debt limit, also explained in Part II . Free prior year tax software Renting out part of home. Free prior year tax software   If you rent out part of a qualified home to another person (tenant), you can treat the rented part as being used by you for residential living only if all of the following conditions apply. Free prior year tax software The rented part of your home is used by the tenant primarily for residential living. Free prior year tax software The rented part of your home is not a self-contained residential unit having separate sleeping, cooking, and toilet facilities. Free prior year tax software You do not rent (directly or by sublease) the same or different parts of your home to more than two tenants at any time during the tax year. Free prior year tax software If two persons (and dependents of either) share the same sleeping quarters, they are treated as one tenant. Free prior year tax software Office in home. Free prior year tax software   If you have an office in your home that you use in your business, see Publication 587, Business Use of Your Home. Free prior year tax software It explains how to figure your deduction for the business use of your home, which includes the business part of your home mortgage interest. Free prior year tax software Home under construction. Free prior year tax software   You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy. Free prior year tax software   The 24-month period can start any time on or after the day construction begins. Free prior year tax software Home destroyed. Free prior year tax software   You may be able to continue treating your home as a qualified home even after it is destroyed in a fire, storm, tornado, earthquake, or other casualty. Free prior year tax software This means you can continue to deduct the interest you pay on your home mortgage, subject to the limits described in this publication. Free prior year tax software   You can continue treating a destroyed home as a qualified home if, within a reasonable period of time after the home is destroyed, you: Rebuild the destroyed home and move into it, or Sell the land on which the home was located. Free prior year tax software   This rule applies to your main home and to a second home that you treat as a qualified home. Free prior year tax software Time-sharing arrangements. Free prior year tax software   You can treat a home you own under a time-sharing plan as a qualified home if it meets all the requirements. Free prior year tax software A time-sharing plan is an arrangement between two or more people that limits each person's interest in the home or right to use it to a certain part of the year. Free prior year tax software Rental of time-share. Free prior year tax software   If you rent out your time-share, it qualifies as a second home only if you also use it as a home during the year. Free prior year tax software See Second home rented out , earlier, for the use requirement. Free prior year tax software To know whether you meet that requirement, count your days of use and rental of the home only during the time you have a right to use it or to receive any benefits from the rental of it. Free prior year tax software Married taxpayers. Free prior year tax software   If you are married and file a joint return, your qualified home(s) can be owned either jointly or by only one spouse. Free prior year tax software Separate returns. Free prior year tax software   If you are married filing separately and you and your spouse own more than one home, you can each take into account only one home as a qualified home. Free prior year tax software However, if you both consent in writing, then one spouse can take both the main home and a second home into account. Free prior year tax software Special Situations This section describes certain items that can be included as home mortgage interest and others that cannot. Free prior year tax software It also describes certain special situations that may affect your deduction. Free prior year tax software Late payment charge on mortgage payment. Free prior year tax software   You can deduct as home mortgage interest a late payment charge if it was not for a specific service performed in connection with your mortgage loan. Free prior year tax software Mortgage prepayment penalty. Free prior year tax software   If you pay off your home mortgage early, you may have to pay a penalty. Free prior year tax software You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan. Free prior year tax software Sale of home. Free prior year tax software   If you sell your home, you can deduct your home mortgage interest (subject to any limits that apply) paid up to, but not including, the date of the sale. Free prior year tax software Example. Free prior year tax software John and Peggy Harris sold their home on May 7. Free prior year tax software Through April 30, they made home mortgage interest payments of $1,220. Free prior year tax software The settlement sheet for the sale of the home showed $50 interest for the 6-day period in May up to, but not including, the date of sale. Free prior year tax software Their mortgage interest deduction is $1,270 ($1,220 + $50). Free prior year tax software Prepaid interest. Free prior year tax software   If you pay interest in advance for a period that goes beyond the end of the tax year, you must spread this interest over the tax years to which it applies. Free prior year tax software You can deduct in each year only the interest that qualifies as home mortgage interest for that year. Free prior year tax software However, there is an exception that applies to points, discussed later. Free prior year tax software Mortgage interest credit. Free prior year tax software    You may be able to claim a mortgage interest credit if you were issued a mortgage credit certificate (MCC) by a state or local government. Free prior year tax software Figure the credit on Form 8396, Mortgage Interest Credit. Free prior year tax software If you take this credit, you must reduce your mortgage interest deduction by the amount of the credit. Free prior year tax software   See Form 8396 and Publication 530 for more information on the mortgage interest credit. Free prior year tax software Ministers' and military housing allowance. Free prior year tax software   If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you can still deduct your home mortgage interest. Free prior year tax software Hardest Hit Fund and Emergency Homeowners' Loan Programs. Free prior year tax software   You can use a special method to compute your deduction for mortgage interest and real estate taxes on your main home if you meet the following two conditions. Free prior year tax software You received assistance under: A State Housing Finance Agency (State HFA) Hardest Hit Fund program in which program payments could be used to pay mortgage interest, or An Emergency Homeowners' Loan Program administered by the Department of Housing and Urban Development (HUD) or a state. Free prior year tax software You meet the rules to deduct all of the mortgage interest on your loan and all of the real estate taxes on your main home. Free prior year tax software If you meet these tests, then you can deduct all of the payments you actually made during the year to your mortgage servicer, the State HFA, or HUD on the home mortgage (including the amount shown on box 3 of Form 1098–MA, Mortgage Assistance Payments), but not more than the sum of the amounts shown on Form 1098, Mortgage Interest Statement, in box 1 (mortgage interest received from payer(s) / borrower(s)), box 4 (mortgage insurance premiums), and box 5 (other information including real property taxes paid). Free prior year tax software However, you are not required to use this special method to compute your deduction for mortgage interest and real estate taxes on your main home. Free prior year tax software Mortgage assistance payments under section 235 of the National Housing Act. Free prior year tax software   If you qualify for mortgage assistance payments for lower-income families under section 235 of the National Housing Act, part or all of the interest on your mortgage may be paid for you. Free prior year tax software You cannot deduct the interest that is paid for you. Free prior year tax software No other effect on taxes. Free prior year tax software   Do not include these mortgage assistance payments in your income. Free prior year tax software Also, do not use these payments to reduce other deductions, such as real estate taxes. Free prior year tax software Divorced or separated individuals. Free prior year tax software   If a divorce or separation agreement requires you or your spouse or former spouse to pay home mortgage interest on a home owned by both of you, the payment of interest may be alimony. Free prior year tax software See the discussion of Payments for jointly-owned home under Alimony in Publication 504, Divorced or Separated Individuals. Free prior year tax software Redeemable ground rents. Free prior year tax software   In some states (such as Maryland), you can buy your home subject to a ground rent. Free prior year tax software A ground rent is an obligation you assume to pay a fixed amount per year on the property. Free prior year tax software Under this arrangement, you are leasing (rather than buying) the land on which your home is located. Free prior year tax software   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct them as mortgage interest. Free prior year tax software   A ground rent is a redeemable ground rent if all of the following are true. Free prior year tax software Your lease, including renewal periods, is for more than 15 years. Free prior year tax software You can freely assign the lease. Free prior year tax software You have a present or future right (under state or local law) to end the lease and buy the lessor's entire interest in the land by paying a specific amount. Free prior year tax software The lessor's interest in the land is primarily a security interest to protect the rental payments to which he or she is entitled. Free prior year tax software   Payments made to end the lease and to buy the lessor's entire interest in the land are not deductible as mortgage interest. Free prior year tax software Nonredeemable ground rents. Free prior year tax software   Payments on a nonredeemable ground rent are not mortgage interest. Free prior year tax software You can deduct them as rent if they are a business expense or if they are for rental property. Free prior year tax software Reverse mortgages. Free prior year tax software   A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. Free prior year tax software With a reverse mortgage, you retain title to your home. Free prior year tax software Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selected loan period, or die. Free prior year tax software Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable. Free prior year tax software Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full. Free prior year tax software Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt discussed in Part II. Free prior year tax software Rental payments. Free prior year tax software   If you live in a house before final settlement on the purchase, any payments you make for that period are rent and not interest. Free prior year tax software This is true even if the settlement papers call them interest. Free prior year tax software You cannot deduct these payments as home mortgage interest. Free prior year tax software Mortgage proceeds invested in tax-exempt securities. Free prior year tax software   You cannot deduct the home mortgage interest on grandfathered debt or home equity debt if you used the proceeds of the mortgage to buy securities or certificates that produce tax-free income. Free prior year tax software “Grandfathered debt” and “home equity debt” are defined in Part II of this publication. Free prior year tax software Refunds of interest. Free prior year tax software   If you receive a refund of interest in the same tax year you paid it, you must reduce your interest expense by the amount refunded to you. Free prior year tax software If you receive a refund of interest you deducted in an earlier year, you generally must include the refund in income in the year you receive it. Free prior year tax software However, you need to include it only up to the amount of the deduction that reduced your tax in the earlier year. Free prior year tax software This is true whether the interest overcharge was refunded to you or was used to reduce the outstanding principal on your mortgage. Free prior year tax software If you need to include the refund in income, report it on Form 1040, line 21. Free prior year tax software   If you received a refund of interest you overpaid in an earlier year, you generally will receive a Form 1098, Mortgage Interest Statement, showing the refund in box 3. Free prior year tax software For information about Form 1098, see Form 1098, Mortgage Interest Statement , later. Free prior year tax software   For more information on how to treat refunds of interest deducted in earlier years, see Recoveries in Publication 525, Taxable and Nontaxable Income. Free prior year tax software Cooperative apartment owner. Free prior year tax software   If you own a cooperative apartment, you must reduce your home mortgage interest deduction by your share of any cash portion of a patronage dividend that the cooperative receives. Free prior year tax software The patronage dividend is a partial refund to the cooperative housing corporation of mortgage interest it paid in a prior year. Free prior year tax software   If you receive a Form 1098 from the cooperative housing corporation, the form should show only the amount you can deduct. Free prior year tax software Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Free prior year tax software Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. Free prior year tax software This image is too large to be displayed in the current screen. Free prior year tax software Please click the link to view the image. Free prior year tax software Figure B. Free prior year tax software Are My Points Fully Deductible This Year? A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. Free prior year tax software See Points paid by the seller , later. Free prior year tax software General Rule You generally cannot deduct the full amount of points in the year paid. Free prior year tax software Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. Free prior year tax software See Deduction Allowed Ratably , next. Free prior year tax software For exceptions to the general rule, see Deduction Allowed in Year Paid , later. Free prior year tax software Deduction Allowed Ratably If you do not meet the tests listed under Deduction Allowed in Year Paid , later, the loan is not a home improvement loan, or you choose not to deduct your points in full in the year paid, you can deduct the points ratably (equally) over the life of the loan if you meet all the following tests. Free prior year tax software You use the cash method of accounting. Free prior year tax software This means you report income in the year you receive it and deduct expenses in the year you pay them. Free prior year tax software Most individuals use this method. Free prior year tax software Your loan is secured by a home. Free prior year tax software (The home does not need to be your main home. Free prior year tax software ) Your loan period is not more than 30 years. Free prior year tax software If your loan period is more than 10 years, the terms of your loan are the same as other loans offered in your area for the same or longer period. Free prior year tax software Either your loan amount is $250,000 or less, or the number of points is not more than: 4, if your loan period is 15 years or less, or 6, if your loan period is more than 15 years. Free prior year tax software Example. Free prior year tax software You use the cash method of accounting. Free prior year tax software In 2013, you took out a $100,000 loan payable over 20 years. Free prior year tax software The terms of the loan are the same as for other 20-year loans offered in your area. Free prior year tax software You paid $4,800 in points. Free prior year tax software You made 3 monthly payments on the loan in 2013. Free prior year tax software You can deduct $60 [($4,800 ÷ 240 months) x 3 payments] in 2013. Free prior year tax software In 2014, if you make all twelve payments, you will be able to deduct $240 ($20 x 12). Free prior year tax software Deduction Allowed in Year Paid You can fully deduct points in the year paid if you meet all the following tests. Free prior year tax software (You can use Figure B as a quick guide to see whether your points are fully deductible in the year paid. Free prior year tax software ) Your loan is secured by your main home. Free prior year tax software (Your main home is the one you ordinarily live in most of the time. Free prior year tax software ) Paying points is an established business practice in the area where the loan was made. Free prior year tax software The points paid were not more than the points generally charged in that area. Free prior year tax software You use the cash method of accounting. Free prior year tax software This means you report income in the year you receive it and deduct expenses in the year you pay them. Free prior year tax software Most individuals use this method. Free prior year tax software The points were not paid in place of amounts that ordinarily are stated separately on the settlement statement, such as appraisal fees, inspection fees, title fees, attorney fees, and property taxes. Free prior year tax software The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. Free prior year tax software The funds you provided are not required to have been applied to the points. Free prior year tax software They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. Free prior year tax software You cannot have borrowed these funds from your lender or mortgage broker. Free prior year tax software You use your loan to buy or build your main home. Free prior year tax software The points were computed as a percentage of the principal amount of the mortgage. Free prior year tax software The amount is clearly shown on the settlement statement (such as the Settlement Statement, Form HUD-1) as points charged for the mortgage. Free prior year tax software The points may be shown as paid from either your funds or the seller's. Free prior year tax software Note. Free prior year tax software If you meet all of these tests, you can choose to either fully deduct the points in the year paid, or deduct them over the life of the loan. Free prior year tax software Home improvement loan. Free prior year tax software   You can also fully deduct in the year paid points paid on a loan to improve your main home, if tests (1) through (6) are met. Free prior year tax software Second home. Free prior year tax software You cannot fully deduct in the year paid points you pay on loans secured by your second home. Free prior year tax software You can deduct these points only over the life of the loan. Free prior year tax software Refinancing. Free prior year tax software   Generally, points you pay to refinance a mortgage are not deductible in full in the year you pay them. Free prior year tax software This is true even if the new mortgage is secured by your main home. Free prior year tax software   However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first 6 tests listed under Deduction Allowed in Year Paid , you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. Free prior year tax software You can deduct the rest of the points over the life of the loan. Free prior year tax software Example 1. Free prior year tax software In 1998, Bill Fields got a mortgage to buy a home. Free prior year tax software In 2013, Bill refinanced that mortgage with a 15-year $100,000 mortgage loan. Free prior year tax software The mortgage is secured by his home. Free prior year tax software To get the new loan, he had to pay three points ($3,000). Free prior year tax software Two points ($2,000) were for prepaid interest, and one point ($1,000) was charged for services, in place of amounts that ordinarily are stated separately on the settlement statement. Free prior year tax software Bill paid the points out of his private funds, rather than out of the proceeds of the new loan. Free prior year tax software The payment of points is an established practice in the area, and the points charged are not more than the amount generally charged there. Free prior year tax software Bill's first payment on the new loan was due July 1. Free prior year tax software He made six payments on the loan in 2013 and is a cash basis taxpayer. Free prior year tax software Bill used the funds from the new mortgage to repay his existing mortgage. Free prior year tax software Although the new mortgage loan was for Bill's continued ownership of his main home, it was not for the purchase or improvement of that home. Free prior year tax software He cannot deduct all of the points in 2013. Free prior year tax software He can deduct two points ($2,000) ratably over the life of the loan. Free prior year tax software He deducts $67 [($2,000 ÷ 180 months) × 6 payments] of the points in 2013. Free prior year tax software The other point ($1,000) was a fee for services and is not deductible. Free prior year tax software Example 2. Free prior year tax software The facts are the same as in Example 1, except that Bill used $25,000 of the loan proceeds to improve his home and $75,000 to repay his existing mortgage. Free prior year tax software Bill deducts 25% ($25,000 ÷ $100,000) of the points ($2,000) in 2013. Free prior year tax software His deduction is $500 ($2,000 × 25%). Free prior year tax software Bill also deducts the ratable part of the remaining $1,500 ($2,000 − $500) that must be spread over the life of the loan. Free prior year tax software This is $50 [($1,500 ÷ 180 months) × 6 payments] in 2013. Free prior year tax software The total amount Bill deducts in 2013 is $550 ($500 + $50). Free prior year tax software Special Situations This section describes certain special situations that may affect your deduction of points. Free prior year tax software Original issue discount. Free prior year tax software   If you do not qualify to either deduct the points in the year paid or deduct them ratably over the life of the loan, or if you choose not to use either of these methods, the points reduce the issue price of the loan. Free prior year tax software This reduction results in original issue discount, which is discussed in chapter 4 of Publication 535. Free prior year tax software Amounts charged for services. Free prior year tax software    Amounts charged by the lender for specific services connected to the loan are not interest. Free prior year tax software Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. Free prior year tax software  You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. Free prior year tax software Points paid by the seller. Free prior year tax software   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. Free prior year tax software Treatment by seller. Free prior year tax software   The seller cannot deduct these fees as interest. Free prior year tax software But they are a selling expense that reduces the amount realized by the seller. Free prior year tax software See Publication 523 for information on selling your home. Free prior year tax software Treatment by buyer. Free prior year tax software   The buyer reduces the basis of the home by the amount of the seller-paid points and treats the points as if he or she had paid them. Free prior year tax software If all the tests under Deduction Allowed in Year Paid , earlier, are met, the buyer can deduct the points in the year paid. Free prior year tax software If any of those tests are not met, the buyer deducts the points over the life of the loan. Free prior year tax software   If you need information about the basis of your home, see Publication 523 or Publication 530. Free prior year tax software Funds provided are less than points. Free prior year tax software   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the funds you provided were less than the points charged to you (test (6)), you can deduct the points in the year paid, up to the amount of funds you provided. Free prior year tax software In addition, you can deduct any points paid by the seller. Free prior year tax software Example 1. Free prior year tax software When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). Free prior year tax software You meet all the tests for deducting points in the year paid, except the only funds you provided were a $750 down payment. Free prior year tax software Of the $1,000 charged for points, you can deduct $750 in the year paid. Free prior year tax software You spread the remaining $250 over the life of the mortgage. Free prior year tax software Example 2. Free prior year tax software The facts are the same as in Example 1, except that the person who sold you your home also paid one point ($1,000) to help you get your mortgage. Free prior year tax software In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). Free prior year tax software You spread the remaining $250 over the life of the mortgage. Free prior year tax software You must reduce the basis of your home by the $1,000 paid by the seller. Free prior year tax software Excess points. Free prior year tax software   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the points paid were more than generally paid in your area (test (3)), you deduct in the year paid only the points that are generally charged. Free prior year tax software You must spread any additional points over the life of the mortgage. Free prior year tax software Mortgage ending early. Free prior year tax software   If you spread your deduction for points over the life of the mortgage, you can deduct any remaining balance in the year the mortgage ends. Free prior year tax software However, if you refinance the mortgage with the same lender, you cannot deduct any remaining balance of spread points. Free prior year tax software Instead, deduct the remaining balance over the term of the new loan. Free prior year tax software   A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. Free prior year tax software Example. Free prior year tax software Dan paid $3,000 in points in 2002 that he had to spread out over the 15-year life of the mortgage. Free prior year tax software He deducts $200 points per year. Free prior year tax software Through 2012, Dan has deducted $2,200 of the points. Free prior year tax software Dan prepaid his mortgage in full in 2013. Free prior year tax software He can deduct the remaining $800 of points in 2013. Free prior year tax software Limits on deduction. Free prior year tax software   You cannot fully deduct points paid on a mortgage that exceeds the limits discussed in Part II . Free prior year tax software See the Table 1 Instructions for line 10. Free prior year tax software Form 1098. Free prior year tax software    The mortgage interest statement you receive should show not only the total interest paid during the year, but also your deductible points paid during the year. Free prior year tax software See Form 1098, Mortgage Interest Statement , later. Free prior year tax software Mortgage Insurance Premiums You can treat amounts you paid during 2013 for qualified mortgage insurance as home mortgage interest. Free prior year tax software The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006. Free prior year tax software Qualified mortgage insurance. Free prior year tax software   Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006). Free prior year tax software   Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. Free prior year tax software If provided by the Rural Housing Service, it is commonly known as a guarantee fee. Free prior year tax software The funding fee and guarantee fee can either be included in the amount of the loan or paid in full at the time of closing. Free prior year tax software These fees can be deducted fully in 2013 if the mortgage insurance contract was issued in 2013. Free prior year tax software Contact the mortgage insurance issuer to determine the deductible amount if it is not reported in box 4 of Form 1098. Free prior year tax software Special rules for prepaid mortgage insurance. Free prior year tax software   Generally, if you paid premiums for qualified mortgage insurance that are properly allocable to periods after the close of the tax year, such premiums are treated as paid in the period to which they are allocated. Free prior year tax software You must allocate the premiums over the shorter of the stated term of the mortgage or 84 months, beginning with the month the insurance was obtained. Free prior year tax software No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. Free prior year tax software This paragraph does not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. Free prior year tax software Example. Free prior year tax software Ryan purchased a home in May of 2012 and financed the home with a 15-year mortgage. Free prior year tax software Ryan also prepaid all of the $9,240 in private mortgage insurance required at the time of closing in May. Free prior year tax software Since the $9,240 in private mortgage insurance is allocable to periods after 2012, Ryan must allocate the $9,240 over the shorter of the life of the mortgage or 84 months. Free prior year tax software Ryan's adjusted gross income (AGI) for 2012 is $76,000. Free prior year tax software Ryan can deduct $880 ($9,240 ÷ 84 x 8 months) for qualified mortgage insurance premiums in 2012. Free prior year tax software For 2013, Ryan can deduct $1,320 ($9,240 ÷ 84 x 12 months) if his AGI is $100,000 or less. Free prior year tax software In this example, the mortgage insurance premiums are allocated over 84 months, which is shorter than the life of the mortgage of 15 years (180 months). Free prior year tax software Limit on deduction. Free prior year tax software   If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated. Free prior year tax software See Line 13 in the instructions for Schedule A (Form 1040) and complete the Mortgage Insurance Premiums Deduction Worksheet to figure the amount you can deduct. Free prior year tax software If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. Free prior year tax software Form 1098. Free prior year tax software   The mortgage interest statement you receive should show not only the total interest paid during the year, but also your mortgage insurance premiums paid during the year, which may qualify to be treated as deductible mortgage interest. Free prior year tax software See Form 1098, Mortgage Interest Statement, next. Free prior year tax software Form 1098, Mortgage Interest Statement If you paid $600 or more of mortgage interest (including certain points and mortgage insurance premiums) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement from the mortgage holder. Free prior year tax software You will receive the statement if you pay interest to a person (including a financial institution or cooperative housing corporation) in the course of that person's trade or business. Free prior year tax software A governmental unit is a person for purposes of furnishing the statement. Free prior year tax software The statement for each year should be sent to you by January 31 of the following year. Free prior year tax software A copy of this form will also be sent to the IRS. Free prior year tax software The statement will show the total interest you paid during the year, any mortgage insurance premiums you paid, and if you purchased a main home during the year, it also will show the deductible points paid during the year, including seller-paid points. Free prior year tax software However, it should not show any interest that was paid for you by a government agency. Free prior year tax software As a general rule, Form 1098 will include only points that you can fully deduct in the year paid. Free prior year tax software However, certain points not included on Form 1098 also may be deductible, either in the year paid or over the life of the loan. Free prior year tax software See the earlier discussion of Points to determine whether you can deduct points not shown on Form 1098. Free prior year tax software Prepaid interest on Form 1098. Free prior year tax software   If you prepaid interest in 2013 that accrued in full by January 15, 2014, this prepaid interest may be included in box 1 of Form 1098. Free prior year tax software However, you cannot deduct the prepaid amount for January 2014 in 2013. Free prior year tax software (See Prepaid interest , earlier. Free prior year tax software ) You will have to figure the interest that accrued for 2014 and subtract it from the amount in box 1. Free prior year tax software You will include the interest for January 2014 with other interest you pay for 2014. Free prior year tax software Refunded interest. Free prior year tax software   If you received a refund of mortgage interest you overpaid in an earlier year, you generally will receive a Form 1098 showing the refund in box 3. Free prior year tax software See Refunds of interest , earlier. Free prior year tax software Mortgage insurance premiums. Free prior year tax software   The amount of mortgage insurance premiums you paid during 2013 may be shown in Box 4 of Form 1098. Free prior year tax software See Mortgage Insurance Premiums , earlier. Free prior year tax software How To Report Deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 10. Free prior year tax software If you paid more deductible interest to the financial institution than the amount shown on Form 1098, show the larger deductible amount on line 10. Free prior year tax software Attach a statement explaining the difference and print “See attached” next to line 10. Free prior year tax software Deduct home mortgage interest that was not reported to you on Form 1098 on Schedule A (Form 1040), line 11. Free prior year tax software If you paid home mortgage interest to the person from whom you bought your home, show that person's name, address, and taxpayer identification number (TIN) on the dotted lines next to line 11. Free prior year tax software The seller must give you this number and you must give the seller your TIN. Free prior year tax software A Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. Free prior year tax software Failure to meet any of these requirements may result in a $50 penalty for each failure. Free prior year tax software The TIN can be either a social security number, an individual taxpayer identification number (issued by the Internal Revenue Service), or an employer identification number. Free prior year tax software If you can take a deduction for points that were not reported to you on Form 1098, deduct those points on Schedule A (Form 1040), line 12. Free prior year tax software Deduct mortgage insurance premiums on Schedule A (Form 1040), line 13. Free prior year tax software More than one borrower. Free prior year tax software   If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Free prior year tax software Show how much of the interest each of you paid, and give the name and address of the person who received the form. Free prior year tax software Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. Free prior year tax software Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. Free prior year tax software   Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. Free prior year tax software Let each of the other borrowers know what his or her share is. Free prior year tax software Mortgage proceeds used for business or investment. Free prior year tax software   If your home mortgage interest deduction is limited under the rules explained in Part II , but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 2 near the end of this publication. Free prior year tax software It shows where to deduct the part of your excess interest that is for those activities. Free prior year tax software The Table 1 Instructions for line 13 in Part II explain how to divide the excess interest among the activities for which the mortgage proceeds were used. Free prior year tax software Special Rule for Tenant-Stockholders in Cooperative Housing Corporations A qualified home includes stock in a cooperative housing corporation owned by a tenant-stockholder. Free prior year tax software This applies only if the tenant-stockholder is entitled to live in the house or apartment because of owning stock in the cooperative. Free prior year tax software Cooperative housing corporation. Free prior year tax software   This is a corporation that meets all of the following conditions. Free prior year tax software Has only one class of stock outstanding, Has no stockholders other than those who own the stock that can live in a house, apartment, or house trailer owned or leased by the corporation, Has no stockholders who can receive any distribution out of capital other than on a liquidation of the corporation, and Meets at least one of the following requirements. Free prior year tax software Receives at least 80% of its gross income for the year in which the mortgage interest is paid or incurred from tenant-stockholders. Free prior year tax software For this purpose, gross income is all income received during the entire year, including amounts received before the corporation changed to cooperative ownership. Free prior year tax software At all times during the year, at least 80% of the total square footage of the corporation's property is used or available for use by the tenant-stockholders for residential or residential-related use. Free prior year tax software At least 90% of the corporation's expenditures paid or incurred during the year are for the acquisition, construction, management, maintenance, or care of corporate property for the benefit of the tenant-stockholders. Free prior year tax software Stock used to secure debt. Free prior year tax software   In some cases, you cannot use your cooperative housing stock to secure a debt because of either: Restrictions under local or state law, or Restrictions in the cooperative agreement (other than restrictions in which the main purpose is to permit the tenant- stockholder to treat unsecured debt as secured debt). Free prior year tax software However, you can treat a debt as secured by the stock to the extent that the proceeds are used to buy the stock under the allocation of interest rules. Free prior year tax software See chapter 4 of Publication 535 for details on these rules. Free prior year tax software Figuring deductible home mortgage interest. Free prior year tax software   Generally, if you are a tenant-stockholder, you can deduct payments you make for your share of the interest paid or incurred by the cooperative. Free prior year tax software The interest must be on a debt to buy, build, change, improve, or maintain the cooperative's housing, or on a debt to buy the land. Free prior year tax software   Figure your share of this interest by multiplying the total by the following fraction. Free prior year tax software      Your shares of stock in the cooperative   The total shares of stock in the cooperative Limits on deduction. Free prior year tax software   To figure how the limits discussed in Part II apply to you, treat your share of the cooperative's debt as debt incurred by you. Free prior year tax software The cooperative should determine your share of its grandfathered debt, its home acquisition debt, and its home equity debt. Free prior year tax software (Your share of each of these types of debt is equal to the average balance of each debt multiplied by the fraction just given. Free prior year tax software ) After your share of the average balance of each type of debt is determined, you include it with the average balance of that type of debt secured by your stock. Free prior year tax software Form 1098. Free prior year tax software    The cooperative should give you a Form 1098 showing your share of the interest. Free prior year tax software Use the rules in this publication to determine your deductible mortgage interest. Free prior year tax software Part II. Free prior year tax software Limits on Home Mortgage Interest Deduction This part of the publication discusses the limits on deductible home mortgage interest. Free prior year tax software These limits apply to your home mortgage interest expense if you have a home mortgage that does not fit into any of the three categories listed at the beginning of Part I under Fully deductible interest . Free prior year tax software Your home mortgage interest deduction is limited to the interest on the part of your home mortgage debt that is not more than your qualified loan limit. Free prior year tax software This is the part of your home mortgage debt that is grandfathered debt or that is not more than the limits for home acquisition debt and home equity debt. Free prior year tax software Table 1 can help you figure your qualified loan limit and your deductible home mortgage interest. Free prior year tax software Home Acquisition Debt Home acquisition debt is a mortgage you took out after October 13, 1987, to buy, build, or substantially improve a qualified home (your main or second home). Free prior year tax software It also must be secured by that home. Free prior year tax software If the amount of your mortgage is more than the cost of the home plus the cost of any substantial improvements, only the debt that is not more than the cost of the home plus improvements qualifies as home acquisition debt. Free prior year tax software The additional debt may qualify as home equity debt (discussed later). Free prior year tax software Home acquisition debt limit. Free prior year tax software   The total amount you can treat as home acquisition debt at any time on your main home and second home cannot be more than $1 million ($500,000 if married filing separately). Free prior year tax software This limit is reduced (but not below zero) by the amount of your grandfathered debt (discussed later). Free prior year tax software Debt over this limit may qualify as home equity debt (also discussed later). Free prior year tax software Refinanced home acquisition debt. Free prior year tax software   Any secured debt you use to refinance home acquisition debt is treated as home acquisition debt. Free prior year tax software However, the new debt will qualify as home acquisition debt only up to the amount of the balance of the old mortgage principal just before the refinancing. Free prior year tax software Any additional debt not used to buy, build, or substantially improve a qualified home is not home acquisition debt, but may qualify as home equity debt (discussed later). Free prior year tax software Mortgage that qualifies later. Free prior year tax software   A mortgage that does not qualify as home acquisition debt because it does not meet all the requirements may qualify at a later time. Free prior year tax software For example, a debt that you use to buy your home may not qualify as home acquisition debt because it is not secured by the home. Free prior year tax software However, if the debt is later secured by the home, it may qualify as home acquisition debt after that time. Free prior year tax software Similarly, a debt that you use to buy property may not qualify because the property is not a qualified home. Free prior year tax software However, if the property later becomes a qualified home, the debt may qualify after that time. Free prior year tax software Mortgage treated as used to buy, build, or improve home. Free prior year tax software   A mortgage secured by a qualified home may be treated as home acquisition debt, even if you do not actually use the proceeds to buy, build, or substantially improve the home. Free prior year tax software This applies in the following situations. Free prior year tax software You buy your home within 90 days before or after the date you take out the mortgage. Free prior year tax software The home acquisition debt is limited to the home's cost, plus the cost of any substantial improvements within the limit described below in (2) or (3). Free prior year tax software (See Example 1 later. Free prior year tax software ) You build or improve your home and take out the mortgage before the work is completed. Free prior year tax software The home acquisition debt is limited to the amount of the expenses incurred within 24 months before the date of the mortgage. Free prior year tax software You build or improve your home and take out the mortgage within 90 days after the work is completed. Free prior year tax software The home acquisition debt is limited to the amount of the expenses incurred within the period beginning 24 months before the work is completed and ending on the date of the mortgage. Free prior year tax software (See Example 2 later. Free prior year tax software ) Example 1. Free prior year tax software You bought your main home on June 3 for $175,000. Free prior year tax software You paid for the home with cash you got from the sale of your old home. Free prior year tax software On July 15, you took out a mortgage of $150,000 secured by your main home. Free prior year tax software You used the $150,000 to invest in stocks. Free prior year tax software You can treat the mortgage as taken out to buy your home because you bought the home within 90 days before you took out the mortgage. Free prior year tax software The entire mortgage qualifies as home acquisition debt because it was not more than the home's cost. Free prior year tax software Example 2. Free prior year tax software On January 31, John began building a home on the lot that he owned. Free prior year tax software He used $45,000 of his personal funds to build the home. Free prior year tax software The home was completed on October 31. Free prior year tax software On November 21, John took out a $36,000 mortgage that was secured by the home. Free prior year tax software The mortgage can be treated as used to build the home because it was taken out within 90 days after the home was completed. Free prior year tax software The entire mortgage qualifies as home acquisition debt because it was not more than the expenses incurred within the period beginning 24 months before the home was completed. Free prior year tax software This is illustrated by Figure C. Free prior year tax software   Please click here for the text description of the image. Free prior year tax software Figure C. Free prior year tax software John's example Date of the mortgage. Free prior year tax software   The date you take out your mortgage is the day the loan proceeds are disbursed. Free prior year tax software This is generally the closing date. Free prior year tax software You can treat the day you apply in writing for your mortgage as the date you take it out. Free prior year tax software However, this applies only if you receive the loan proceeds within a reasonable time (such as within 30 days) after your application is approved. Free prior year tax software If a timely application you make is rejected, a reasonable additional time will be allowed to make a new application. Free prior year tax software Cost of home or improvements. Free prior year tax software   To determine your cost, include amounts paid to acquire any interest in a qualified home or to substantially improve the home. Free prior year tax software   The cost of building or substantially improving a qualified home includes the costs to acquire real property and building materials, fees for architects and design plans, and required building permits. Free prior year tax software Substantial improvement. Free prior year tax software   An improvement is substantial if it: Adds to the value of your home, Prolongs your home's useful life, or Adapts your home to new uses. Free prior year tax software    Repairs that maintain your home in good condition, such as repainting your home, are not substantial improvements. Free prior year tax software However, if you paint your home as part of a renovation that substantially improves your qualified home, you can include the painting costs in the cost of the improvements. Free prior year tax software Acquiring an interest in a home because of a divorce. Free prior year tax software   If you incur debt to acquire the interest of a spouse or former spouse in a home, because of a divorce or legal separation, you can treat that debt as home acquisition debt. Free prior year tax software Part of home not a qualified home. Free prior year tax software    To figure your home acquisition debt, you must divide the cost of your home and improvements between the part of your home that is a qualified home and any part that is not a qualified home. Free prior year tax software See Divided use of your home under Qualified Home in Part I. Free prior year tax software Home Equity Debt If you took out a loan for reasons other than to buy, build, or substantially improve your home, it may qualify as home equity debt. Free prior year tax software In addition, debt you incurred to buy, build, or substantially improve your home, to the extent it is more than the home acquisition debt limit (discussed earlier), may qualify as home equity debt. Free prior year tax software Home equity debt is a mortgage you took out after October 13, 1987, that: Does not qualify as home acquisition debt or as grandfathered debt, and Is secured by your qualified home. Free prior year tax software Example. Free prior year tax software You bought your home for cash 10 years ago. Free prior year tax software You did not have a mortgage on your home until last year, when you took out a $50,000 loan, secured by your home, to pay for your daughter's college tuition and your father's medical bills. Free prior year tax software This loan is home equity debt. Free prior year tax software Home equity debt limit. Free prior year tax software   There is a limit on the amount of debt that can be treated as home equity debt. Free prior year tax software The total home equity debt on your main home and second home is limited to the smaller of: $100,000 ($50,000 if married filing separately), or The total of each home's fair market value (FMV) reduced (but not below zero) by the amount of its home acquisition debt and grandfathered debt. Free prior year tax software Determine the FMV and the outstanding home acquisition and grandfathered debt for each home on the date that the last debt was secured by the home. Free prior year tax software Example. Free prior year tax software You own one home that you bought in 2000. Free prior year tax software Its FMV now is $110,000, and the current balance on your original mortgage (home acquisition debt) is $95,000. Free prior year tax software Bank M offers you a home mortgage loan of 125% of the FMV of the home less any outstanding mortgages or other liens. Free prior year tax software To consolidate some of your other debts, you take out a $42,500 home mortgage loan [(125% × $110,000) − $95,000] with Bank M. Free prior year tax software Your home equity debt is limited to $15,000. Free prior year tax software This is the smaller of: $100,000, the maximum limit, or $15,000, the amount that the FMV of $110,000 exceeds the amount of home acquisition debt of $95,000. Free prior year tax software Debt higher than limit. Free prior year tax software   Interest on amounts over the home equity debt limit (such as the interest on $27,500 [$42,500 − $15,000] in the preceding example) generally is treated as personal interest and is not deductible. Free prior year tax software But if the proceeds of the loan were used for investment, business, or other deductible purposes, the interest may be deductible. Free prior year tax software If it is, see the Table 1 Instructions for line 13 for an explanation of how to allocate the excess interest. Free prior year tax software Part of home not a qualified home. Free prior year tax software   To figure the limit on your home equity debt, you must divide the FMV of your home between the part that is a qualified home and any part that is not a qualified home. Free prior year tax software See Divided use of your home under Qualified Home in Part I. Free prior year tax software Fair market value (FMV). Free prior year tax software    This is the price at which the home would change hands between you and a buyer, neither having to sell or buy, and both having reasonable knowledge of all relevant facts. Free prior year tax software Sales of similar homes in your area, on about the same date your last debt was secured by the home, may be helpful in figuring the FMV. Free prior year tax software Grandfathered Debt If you took out a mortgage on your home before October 14, 1987, or you refinanced such a mortgage, it may qualify as grandfathered debt. Free prior year tax software To qualify, it must have been secured by your qualified home on October 13, 1987, and at all times after that date. Free prior year tax software How you used the proceeds does not matter. Free prior year tax software Grandfathered debt is not limited. Free prior year tax software All of the interest you paid on grandfathered debt is fully deductible home mortgage interest. Free prior year tax software However, the amount of your grandfathered debt reduces the $1 million limit for home acquisition debt and the limit based on your home's fair market value for home equity debt. Free prior year tax software Refinanced grandfathered debt. Free prior year tax software   If you refinanced grandfathered debt after October 13, 1987, for an amount that was not more than the mortgage principal left on the debt, then you still treat it as grandfathered debt. Free prior year tax software To the extent the new debt is more than that mortgage principal, it is treated as home acquisition or home equity debt, and the mortgage is a mixed-use mortgage (discussed later under Average Mortgage Balance in the Table 1 instructions). Free prior year tax software The debt must be secured by the qualified home. Free prior year tax software   You treat grandfathered debt that was refinanced after October 13, 1987, as grandfathered debt only for the term left on the debt that was refinanced. Free prior year tax software After that, you treat it as home acquisition debt or home equity debt, depending on how you used the proceeds. Free prior year tax software Exception. Free prior year tax software   If the debt before refinancing was like a balloon note (the principal on the debt was not amortized over the term of the debt), then you treat the refinanced debt as grandfathered debt for the term of the first refinancing. Free prior year tax software This term cannot be more than 30 years. Free prior year tax software Example. Free prior year tax software Chester took out a $200,000 first mortgage on his home in 1986. Free prior year tax software The mortgage was a five-year balloon note and the entire balance on the note was due in 1991. Free prior year tax software Chester refinanced the debt in 1991 with a new 20-year mortgage. Free prior year tax software The refinanced debt is treated as grandfathered debt for its entire term (20 years). Free prior year tax software Line-of-credit mortgage. Free prior year tax software    If you had a line-of-credit mortgage on October 13, 1987, and borrowed additional amounts against it after that date, then the additional amounts are either home acquisition debt or home equity debt depending on how you used the proceeds. Free prior year tax software The balance on the mortgage before you borrowed the additional amounts is grandfathered debt. Free prior year tax software The newly borrowed amounts are not grandfathered debt because the funds were borrowed after October 13, 1987. Free prior year tax software See Average Mortgage Balance in the Table 1 Instructions that follow. Free prior year tax software Table 1 Instructions Unless you are subject to the overall limit on itemized deductions, you can deduct all of the interest you paid during the year on mortgages secured by your main home or second home in either of the following two situations. Free prior year tax software All the mortgages are grandfathered debt. Free prior year tax software The total of the mortgage balances for the entire year is within the limits discussed earlier under Home Acquisition Debt and Home Equity Debt . Free prior year tax software In either of those cases, you do not need Table 1. Free prior year tax software Otherwise, you can use Table 1 to determine your qualified loan limit and deductible home mortgage interest. Free prior year tax software Fill out only one Table 1 for both your main and second home regardless of how many mortgages you have. Free prior year tax software Table 1. Free prior year tax software Worksheet To Figure Your Qualified Loan Limit and Deductible Home Mortgage Interest For the Current Year See the Table 1 Instructions. Free prior year tax software Part I Qualified Loan Limit 1. Free prior year tax software Enter the average balance of all your grandfathered debt. Free prior year tax software See line 1 instructions 1. Free prior year tax software   2. Free prior year tax software Enter the average balance of all your home acquisition debt. Free prior year tax software See line 2 instructions 2. Free prior year tax software   3. Free prior year tax software Enter $1,000,000 ($500,000 if married filing separately) 3. Free prior year tax software   4. Free prior year tax software Enter the larger of the amount on line 1 or the amount on line 3 4. Free prior year tax software   5. Free prior year tax software Add the amounts on lines 1 and 2. Free prior year tax software Enter the total here 5. Free prior year tax software   6. Free prior year tax software Enter the smaller of the amount on line 4 or the amount on line 5 6. Free prior year tax software   7. Free prior year tax software If you have home equity debt, enter the smaller of $100,000 ($50,000 if married filing separately) or your limited amount. Free prior year tax software See the line 7 instructions for the limit which may apply to you. Free prior year tax software 7. Free prior year tax software   8. Free prior year tax software Add the amounts on lines 6 and 7. Free prior year tax software Enter the total. Free prior year tax software This is your qualified loan limit. Free prior year tax software 8. Free prior year tax software   Part II Deductible Home Mortgage Interest 9. Free prior year tax software Enter the total of the average balances of all mortgages on all qualified homes. Free prior year tax software  See line 9 instructions 9. Free prior year tax software     If line 8 is less than line 9, go on to line 10. Free prior year tax software If line 8 is equal to or more than line 9, stop here. Free prior year tax software All of your interest on all the mortgages included on line 9 is deductible as home mortgage interest on Schedule A (Form 1040). Free prior year tax software     10. Free prior year tax software Enter the total amount of interest that you paid. Free prior year tax software See line 10 instructions 10. Free prior year tax software   11. Free prior year tax software Divide the amount on line 8 by the amount on line 9. Free prior year tax software Enter the result as a decimal amount (rounded to three places) 11. Free prior year tax software × . Free prior year tax software 12. Free prior year tax software Multiply the amount on line 10 by the decimal amount on line 11. Free prior year tax software Enter the result. Free prior year tax software This is your deductible home mortgage interest. Free prior year tax software Enter this amount on Schedule A (Form 1040) 12. Free prior year tax software   13. Free prior year tax software Subtract the amount on line 12 from the amount on line 10. Free prior year tax software Enter the result. Free prior year tax software This is not home mortgage interest. Free prior year tax software See line 13 instructions 13. Free prior year tax software   Home equity debt only. Free prior year tax software   If all of your mortgages are home equity debt, do not fill in lines 1 through 5. Free prior year tax software Enter zero on line 6 and complete the rest of Table 1. Free prior year tax software Average Mortgage Balance You have to figure the average balance of each mortgage to determine your qualified loan limit. Free prior year tax software You need these amounts to complete lines 1, 2, and 9 of Table 1. Free prior year tax software You can use the highest mortgage balances during the year, but you may benefit most by using the average balances. Free prior year tax software The following are methods you can use to figure your average mortgage balances. Free prior year tax software However, if a mortgage has more than one category of debt, see Mixed-use mortgages , later, in this section. Free prior year tax software Average of first and last balance method. Free prior year tax software   You can use this method if all the following apply. Free prior year tax software You did not borrow any new amounts on the mortgage during the year. Free prior year tax software (This does not include borrowing the original mortgage amount. Free prior year tax software ) You did not prepay more than one month's principal during the year. Free prior year tax software (This includes prepayment by refinancing your home or by applying proceeds from its sale. Free prior year tax software ) You had to make level payments at fixed equal intervals on at least a semi-annual basis. Free prior year tax software You treat your payments as level even if they were adjusted from time to time because of changes in the interest rate. Free prior year tax software    To figure your average balance, complete the following worksheet. Free prior year tax software    1. Free prior year tax software Enter the balance as of the first day of the year that the mortgage was secured by your qualified home during the year (generally January 1)   2. Free prior year tax software Enter the balance as of the last day of the year that the mortgage was secured by your qualified home during the year (generally December 31)   3. Free prior year tax software Add amounts on lines 1 and 2   4. Free prior year tax software Divide the amount on line 3 by 2. Free prior year tax software Enter the result   Interest paid divided by interest rate method. Free prior year tax software   You can use this method if at all times in 2013 the mortgage was secured by your qualified home and the interest was paid at least monthly. Free prior year tax software    Complete the following worksheet to figure your average balance. Free prior year tax software    1. Free prior year tax software Enter the interest paid in 2013. Free prior year tax software Do not include points, mortgage insurance premiums, or any interest paid in 2013 that is for a year after 2013. Free prior year tax software However, do include interest that is for 2013 but was paid in an earlier year   2. Free prior year tax software Enter the annual interest rate on the mortgage. Free prior year tax software If the interest rate varied in 2013, use the lowest rate for the year   3. Free prior year tax software Divide the amount on line 1 by the amount on line 2. Free prior year tax software Enter the result   Example. Free prior year tax software Mr. Free prior year tax software Blue had a line of credit secured by his main home all year. Free prior year tax software He paid interest of $2,500 on this loan. Free prior year tax software The interest rate on the loan was 9% (. Free prior year tax software 09) all year. Free prior year tax software His average balance using this method is $27,778, figured as follows. Free prior year tax software 1. Free prior year tax software Enter the interest paid in 2013. Free prior year tax software Do not include points, mortgage insurance premiums, or any interest paid in 2013 that is for a year after 2013. Free prior year tax software However, do include interest that is for 2013 but was paid in an earlier year $2,500 2. Free prior year tax software Enter the annual interest rate on the mortgage. Free prior year tax software If the interest rate varied in 2013, use the lowest rate for the year . Free prior year tax software 09 3. Free prior year tax software Divide the amount on line 1 by the amount on line 2. Free prior year tax software Enter the result $27,778 Statements provided by your lender. Free prior year tax software   If you receive monthly statements showing the closing balance or the average balance for the month, you can use either to figure your average balance for the year. Free prior year tax software You can treat the balance as zero for any month the mortgage was not secured by your qualified home. Free prior year tax software   For each mortgage, figure your average balance by adding your monthly closing or average balances and dividing that total by the number of months the home secured by that mortgage was a qualified home during the year. Free prior year tax software   If your lender can give you your average balance for the year, you can use that amount. Free prior year tax software Example. Free prior year tax software Ms. Free prior year tax software Brown had a home equity loan secured by her main home all year. Free prior year tax software She received monthly statements showing her average balance for each month. Free prior year tax software She can figure her average balance for the year by adding her monthly average balances and dividing the total by 12. Free prior year tax software Mixed-use mortgages. Free prior year tax software   A mixed-use mortgage is a loan that consists of more than one of the three categories of debt (grandfathered debt, home acquisition debt, and home equity debt). Free prior year tax software For example, a mortgage you took out during the year is a mixed-use mortgage if you used its proceeds partly to refinance a mortgage that you took out in an earlier year to buy your home (home acquisition debt) and partly to buy a car (home equity debt). Free prior year tax software   Complete lines 1 and 2 of Table 1 by including the separate average balances of any grandfathered debt and home acquisition debt in your mixed-use mortgage. Free prior year tax software Do not use the methods described earlier in this section to figure the average balance of either category. Free prior year tax software Instead, for each category, use the following method. Free prior year tax software Figure the balance of that category of debt for each month. Free prior year tax software This is the amount of the loan proceeds allocated to that category, reduced by your principal payments on the mortgage previously applied to that category. Free prior year tax software Principal payments on a mixed-use mortgage are applied in full to each category of debt, until its balance is zero, in the following order: First, any home equity debt, Next, any grandfathered debt, and Finally, any home acquisition debt. Free prior year tax software Add together the monthly balances figured in (1). Free prior year tax software Divide the result in (2) by 12. Free prior year tax software   Complete line 9 of Table 1 by including the average balance of the entire mixed-use mortgage, figured under one of the methods described earlier in this section. Free prior year tax software Example 1. Free prior year tax software In 1986, Sharon took out a $1,400,000 mortgage to buy her main home (grandfathered debt). Free prior year tax software On March 2, 2013, when the home had a fair market value of $1,700,000 and she owed $1,100,000 on the mortgage, Sharon took out a second mortgage for $200,000. Free prior year tax software She used $180,000 of the proceeds to make substantial improvements to her home (home acquisition debt) and the remaining $20,000 to buy a car (home equity debt). Free prior year tax software Under the loan agreement, Sharon must make principal payments of $1,000 at the end of each month. Free prior year tax software During 2013, her principal payments on the second mortgage totaled $10,000. Free prior year tax software To complete Table 1, line 2, Sharon must figure a separate average balance for the part of her second mortgage that is home acquisition debt. Free prior year tax software The January and February balances were zero. Free prior year tax software The March through December balances were all $180,000, because none of her principal payments are applied to the home acquisition debt. Free prior year tax software (They are all applied to the home equity debt, reducing it to $10,000 [$20,000 − $10,000]. Free prior year tax software ) The monthly balances of the home acquisition debt total $1,800,000 ($180,000 × 10). Free prior year tax software Therefore, the average balance of the home acquisition debt for 2013 was $150,000 ($1,800,000 ÷ 12). Free prior year tax software Example 2. Free prior year tax software The facts are the same as in Example 1. Free prior year tax software In 2014, Sharon's January through October principal payments on her second mortgage are applied to the home equity debt, reducing it to zero. Free prior year tax software The balance of the home acquisition debt remains $180,000 for each of those months. Free prior year tax software Because her November and December principal payments are applied to the home acquisition debt, the November balance is $179,000 ($180,000 − $1,000) and the December balance is $178,000 ($180,000 − $2,000). Free prior year tax software The monthly balances total $2,157,000 [($180,000 × 10) + $179,000 + $178,000]. Free prior year tax software Therefore, the average balance of the home acquisition debt for 2014 is $179,750 ($2,157,000 ÷ 12). Free prior year tax software L