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Free State File

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Free State File

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The Free State File

Free state file 5. Free state file   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. Free state file Shared equity financing agreement. Free state file Donation of use of the property. Free state file Examples. Free state file Days used for repairs and maintenance. Free state file Days used as a main home before or after renting. Free state file Reporting Income and DeductionsNot used as a home. Free state file Used as a home but rented less than 15 days. Free state file Used as a home and rented 15 days or more. Free state file If you have any personal use of a dwelling unit (including a vacation home) that you rent, you must divide your expenses between rental use and personal use. Free state file In general, your rental expenses will be no more than your total expenses multiplied by a fraction; the denominator of which is the total number of days the dwelling unit is used and the numerator of which is the total number of days actually rented at a fair rental price. Free state file Only your rental expenses may deducted on Schedule E (Form 1040). Free state file Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). Free state file You must also determine if the dwelling unit is considered a home. Free state file The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. Free state file Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. Free state file There is a special rule if you used the dwelling unit as a home and you rented it for less than 15 days during the year. Free state file Dwelling unit. Free state file   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. Free state file It also includes all structures or other property belonging to the dwelling unit. Free state file A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Free state file   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. Free state file Property is used solely as a hotel, motel, inn, or similar establishment if it is regularly available for occupancy by paying customers and is not used by an owner as a home during the year. Free state file Example. Free state file You rent a room in your home that is always available for short-term occupancy by paying customers. Free state file You do not use the room yourself and you allow only paying customers to use the room. Free state file This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. Free state file Dividing Expenses If you use a dwelling unit for both rental and personal purposes, divide your expenses between the rental use and the personal use based on the number of days used for each purpose. Free state file When dividing your expenses, follow these rules. Free state file Any day that the unit is rented at a fair rental price is a day of rental use even if you used the unit for personal purposes that day. Free state file (This rule does not apply when determining whether you used the unit as a home. Free state file ) Any day that the unit is available for rent but not actually rented is not a day of rental use. Free state file Fair rental price. Free state file   A fair rental price for your property generally is the amount of rent that a person who is not related to you would be willing to pay. Free state file The rent you charge is not a fair rental price if it is substantially less than the rents charged for other properties that are similar to your property in your area. Free state file   Ask yourself the following questions when comparing another property with yours. Free state file Is it used for the same purpose? Is it approximately the same size? Is it in approximately the same condition? Does it have similar furnishings? Is it in a similar location? If any of the answers are no, the properties probably are not similar. Free state file Example. Free state file Your beach cottage was available for rent from June 1 through August 31 (92 days). Free state file Except for the first week in August (7 days), when you were unable to find a renter, you rented the cottage at a fair rental price during that time. Free state file The person who rented the cottage for July allowed you to use it over the weekend (2 days) without any reduction in or refund of rent. Free state file Your family also used the cottage during the last 2 weeks of May (14 days). Free state file The cottage was not used at all before May 17 or after August 31. Free state file You figure the part of the cottage expenses to treat as rental expenses as follows. Free state file The cottage was used for rental a total of 85 days (92 − 7). Free state file The days it was available for rent but not rented (7 days) are not days of rental use. Free state file The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. Free state file You used the cottage for personal purposes for 14 days (the last 2 weeks in May). Free state file The total use of the cottage was 99 days (14 days personal use + 85 days rental use). Free state file Your rental expenses are 85/99 (86%) of the cottage expenses. Free state file Note. Free state file When determining whether you used the cottage as a home, the July weekend (2 days) you used it is considered personal use even though you received a fair rental price for the weekend. Free state file Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. Free state file Because you used the cottage for personal purposes more than 14 days and more than 10% of the days of rental use (8 days), you used it as a home. Free state file If you have a net loss, you may not be able to deduct all of the rental expenses. Free state file See Dwelling Unit Used as a Home, next. Free state file Dwelling Unit Used as a Home If you use a dwelling unit for both rental and personal purposes, the tax treatment of the rental expenses you figured earlier under Dividing Expenses and rental income depends on whether you are considered to be using the dwelling unit as a home. Free state file You use a dwelling unit as a home during the tax year if you use it for personal purposes more than the greater of: 14 days, or 10% of the total days it is rented to others at a fair rental price. Free state file See What is a day of personal use , later. Free state file If a dwelling unit is used for personal purposes on a day it is rented at a fair rental price (discussed earlier), do not count that day as a day of rental use in applying (2) above. Free state file Instead, count it as a day of personal use in applying both (1) and (2) above. Free state file What is a day of personal use?   A day of personal use of a dwelling unit is any day that the unit is used by any of the following persons. Free state file You or any other person who owns an interest in it, unless you rent it to another owner as his or her main home under a shared equity financing agreement (defined later). Free state file However, see Days used as a main home before or after renting , later. Free state file A member of your family or a member of the family of any other person who owns an interest in it, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. Free state file Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. Free state file ), and lineal descendants (children, grandchildren, etc. Free state file ). Free state file Anyone under an arrangement that lets you use some other dwelling unit. Free state file Anyone at less than a fair rental price. Free state file Main home. Free state file   If the other person or member of the family in (1) or (2) above has more than one home, his or her main home is ordinarily the one he or she lived in most of the time. Free state file Shared equity financing agreement. Free state file   This is an agreement under which two or more persons acquire undivided interests for more than 50 years in an entire dwelling unit, including the land, and one or more of the co-owners is entitled to occupy the unit as his or her main home upon payment of rent to the other co-owner or owners. Free state file Donation of use of the property. Free state file   You use a dwelling unit for personal purposes if: You donate the use of the unit to a charitable organization, The organization sells the use of the unit at a fund-raising event, and The “purchaser” uses the unit. Free state file Examples. Free state file   The following examples show how to determine if you have days of personal use. Free state file Example 1. Free state file You and your neighbor are co-owners of a condominium at the beach. Free state file Last year, you rented the unit to vacationers whenever possible. Free state file The unit was not used as a main home by anyone. Free state file Your neighbor used the unit for 2 weeks last year; you did not use it at all. Free state file Because your neighbor has an interest in the unit, both of you are considered to have used the unit for personal purposes during those 2 weeks. Free state file Example 2. Free state file You and your neighbors are co-owners of a house under a shared equity financing agreement. Free state file Your neighbors live in the house and pay you a fair rental price. Free state file Even though your neighbors have an interest in the house, the days your neighbors live there are not counted as days of personal use by you. Free state file This is because your neighbors rent the house as their main home under a shared equity financing agreement. Free state file Example 3. Free state file You own a rental property that you rent to your son. Free state file Your son does not own any interest in this property. Free state file He uses it as his main home and pays you a fair rental price. Free state file Your son's use of the property is not personal use by you because your son is using it as his main home, he owns no interest in the property, and he is paying you a fair rental price. Free state file Example 4. Free state file You rent your beach house to Rosa. Free state file Rosa rents her cabin in the mountains to you. Free state file You each pay a fair rental price. Free state file You are using your beach house for personal purposes on the days that Rosa uses it because your house is used by Rosa under an arrangement that allows you to use her cabin. Free state file Example 5. Free state file You rent an apartment to your mother at less than a fair rental price. Free state file You are using the apartment for personal purposes on the days that your mother rents it because you rent it for less than a fair rental price. Free state file Days used for repairs and maintenance. Free state file   Any day that you spend working substantially full time repairing and maintaining (not improving) your property is not counted as a day of personal use. Free state file Do not count such a day as a day of personal use even if family members use the property for recreational purposes on the same day. Free state file Example. Free state file Corey owns a cabin in the mountains that he rents for most of the year. Free state file He spends a week at the cabin with family members. Free state file Corey works on maintenance of the cabin 3 or 4 hours each day during the week and spends the rest of the time fishing, hiking, and relaxing. Free state file Corey's family members, however, work substantially full time on the cabin each day during the week. Free state file The main purpose of being at the cabin that week is to do maintenance work. Free state file Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. Free state file Days used as a main home before or after renting. Free state file   For purposes of determining whether a dwelling unit was used as a home, you may not have to count days you used the property as your main home before or after renting it or offering it for rent as days of personal use. Free state file Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. Free state file You rented or tried to rent the property for a period of less than 12 consecutive months and the period ended because you sold or exchanged the property. Free state file However, this special rule does not apply when dividing expenses between rental and personal use. Free state file See Property Changed to Rental Use in chapter 4. Free state file Example 1. Free state file On February 29, 2012, you moved out of the house you had lived in for 6 years because you accepted a job in another town. Free state file You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). Free state file On June 1, 2013, you moved back into your old house. Free state file The days you used the house as your main home from January 1 to February 29, 2012, and from June 1 to December 31, 2013, are not counted as days of personal use. Free state file Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. Free state file Example 2. Free state file On January 31, you moved out of the condominium where you had lived for 3 years. Free state file You offered it for rent at a fair rental price beginning on February 1. Free state file You were unable to rent it until April. Free state file On September 15, you sold the condominium. Free state file The days you used the condominium as your main home from January 1 to January 31 are not counted as days of personal use when determining whether you used it as a home. Free state file Examples. Free state file   The following examples show how to determine whether you used your rental property as a home. Free state file Example 1. Free state file You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. Free state file You rented the basement apartment at a fair rental price to college students during the regular school year. Free state file You rented to them on a 9-month lease (273 days). Free state file You figured 10% of the total days rented to others at a fair rental price is 27 days. Free state file During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. Free state file Your basement apartment was used as a home because you used it for personal purposes for 30 days. Free state file Rent-free use by your brothers is considered personal use. Free state file Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). Free state file Example 2. Free state file You rented the guest bedroom in your home at a fair rental price during the local college's homecoming, commencement, and football weekends (a total of 27 days). Free state file Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. Free state file You figured 10% of the total days rented to others at a fair rental price is 3 days. Free state file The room was used as a home because you used it for personal purposes for 21 days. Free state file That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). Free state file Example 3. Free state file You own a condominium apartment in a resort area. Free state file You rented it at a fair rental price for a total of 170 days during the year. Free state file For 12 of these days, the tenant was not able to use the apartment and allowed you to use it even though you did not refund any of the rent. Free state file Your family actually used the apartment for 10 of those days. Free state file Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. Free state file You figured 10% of the total days rented to others at a fair rental price is 16 days. Free state file Your family also used the apartment for 7 other days during the year. Free state file You used the apartment as a home because you used it for personal purposes for 17 days. Free state file That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). Free state file Minimal rental use. Free state file   If you use the dwelling unit as a home and you rent it less than 15 days during the year, that period is not treated as rental activity. Free state file See Used as a home but rented less than 15 days, later, for more information. Free state file Limit on deductions. Free state file   Renting a dwelling unit that is considered a home is not a passive activity. Free state file Instead, if your rental expenses are more than your rental income, some or all of the excess expenses cannot be used to offset income from other sources. Free state file The excess expenses that cannot be used to offset income from other sources are carried forward to the next year and treated as rental expenses for the same property. Free state file Any expenses carried forward to the next year will be subject to any limits that apply for that year. Free state file This limitation will apply to expenses carried forward to another year even if you do not use the property as your home for that subsequent year. Free state file   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. Free state file Reporting Income and Deductions Property not used for personal purposes. Free state file   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. Free state file Property used for personal purposes. Free state file   If you do use a dwelling unit for personal purposes, then how you report your rental income and expenses depends on whether you used the dwelling unit as a home. Free state file Not used as a home. Free state file   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. Free state file Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . Free state file The expenses for personal use are not deductible as rental expenses. Free state file   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. Free state file Used as a home but rented less than 15 days. Free state file   If you use a dwelling unit as a home and you rent it less than 15 days during the year, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). Free state file You are not required to report the rental income and rental expenses from this activity. Free state file The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). Free state file See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Free state file Used as a home and rented 15 days or more. Free state file   If you use a dwelling unit as a home and rent it 15 days or more during the year, include all your rental income in your income. Free state file Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . Free state file The expenses for personal use are not deductible as rental expenses. Free state file   If you had a net profit from renting the dwelling unit for the year (that is, if your rental income is more than the total of your rental expenses, including depreciation), deduct all of your rental expenses. Free state file You do not need to use Worksheet 5-1. Free state file   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. Free state file To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. Free state file Worksheet 5-1. Free state file Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Use this worksheet only if you answer “yes” to all of the following questions. Free state file Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . Free state file ) Did you rent the dwelling unit at a fair rental price 15 days or more this year? Is the total of your rental expenses and depreciation more than your rental income? PART I. Free state file Rental Use Percentage A. Free state file Total days available for rent at fair rental price A. Free state file       B. Free state file Total days available for rent (line A) but not rented B. Free state file       C. Free state file Total days of rental use. Free state file Subtract line B from line A C. Free state file       D. Free state file Total days of personal use (including days rented at less than fair rental price) D. Free state file       E. Free state file Total days of rental and personal use. Free state file Add lines C and D E. Free state file       F. Free state file Percentage of expenses allowed for rental. Free state file Divide line C by line E     F. Free state file . Free state file PART II. Free state file Allowable Rental Expenses 1. Free state file Enter rents received 1. Free state file   2a. Free state file Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. Free state file       b. Free state file Enter the rental portion of real estate taxes b. Free state file       c. Free state file Enter the rental portion of deductible casualty and theft losses (see instructions) c. Free state file       d. Free state file Enter direct rental expenses (see instructions) d. Free state file       e. Free state file Fully deductible rental expenses. Free state file Add lines 2a–2d. Free state file Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. Free state file   3. Free state file Subtract line 2e from line 1. Free state file If zero or less, enter -0- 3. Free state file   4a. Free state file Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. Free state file       b. Free state file Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. Free state file       c. Free state file Carryover of operating expenses from 2012 worksheet c. Free state file       d. Free state file Add lines 4a–4c d. Free state file       e. Free state file Allowable expenses. Free state file Enter the smaller of line 3 or line 4d (see instructions) 4e. Free state file   5. Free state file Subtract line 4e from line 3. Free state file If zero or less, enter -0- 5. Free state file   6a. Free state file Enter the rental portion of excess casualty and theft losses (see instructions) 6a. Free state file       b. Free state file Enter the rental portion of depreciation of the dwelling unit b. Free state file       c. Free state file Carryover of excess casualty losses and depreciation from 2012 worksheet c. Free state file       d. Free state file Add lines 6a–6c d. Free state file       e. Free state file Allowable excess casualty and theft losses and depreciation. Free state file Enter the smaller of  line 5 or line 6d (see instructions) 6e. Free state file   PART III. Free state file Carryover of Unallowed Expenses to Next Year 7a. Free state file Operating expenses to be carried over to next year. Free state file Subtract line 4e from line 4d 7a. Free state file   b. Free state file Excess casualty and theft losses and depreciation to be carried over to next year. Free state file  Subtract line 6e from line 6d b. Free state file   Worksheet 5-1 Instructions. Free state file Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. Free state file Use the percentage determined in Part I, line F, to figure the rental portions to enter on lines 2a–2c, 4a–4b, and 6a–6b of  Part II. Free state file Line 2a. Free state file Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. Free state file Do not include interest on a loan that did not benefit the dwelling unit. Free state file For example, do not include interest on a home equity loan used to pay off credit cards or other personal loans, buy a car, or pay college tuition. Free state file Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. Free state file Include the rental portion of this interest in the total you enter on line 2a of the worksheet. Free state file   Figure the qualified mortgage insurance premiums on the dwelling unit that you could deduct on line 13 of Schedule A as if you had not rented the unit. Free state file See the Schedule A instructions. Free state file However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. Free state file See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. Free state file Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. Free state file   Note. Free state file Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. Free state file Instead, figure the personal portion on a separate Schedule A. Free state file If you have deducted mortgage interest or qualified mortgage insurance premiums on the dwelling unit on other forms, such as Schedule C or F, remember to reduce your Schedule A deduction by that amount. Free state file           Line 2c. Free state file Figure the casualty and theft losses related to the dwelling unit that you could deduct on Schedule A as if you had not rented the dwelling unit. Free state file To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. Free state file If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. Free state file On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. Free state file Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. Free state file   Note. Free state file Do not file this Form 4684 or use it to figure your personal losses on Schedule A. Free state file Instead, figure the personal portion on a separate Form 4684. Free state file           Line 2d. Free state file Enter the total of your rental expenses that are directly related only to the rental activity. Free state file These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. Free state file Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. Free state file           Line 2e. Free state file You can deduct the amounts on lines 2a, 2b, 2c, and 2d as rental expenses on Schedule E even if your rental expenses are more than your rental income. Free state file Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. Free state file           Line 4b. Free state file On line 2a, you entered the rental portion of the mortgage interest or qualified mortgage insurance premiums you could deduct on Schedule A if you had not rented the dwelling unit. Free state file If you had additional mortgage interest and qualified mortgage insurance premiums that would not be deductible on Schedule A because of limits imposed on them, enter on line 4b of this worksheet the rental portion of those excess amounts. Free state file Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). Free state file           Line 4e. Free state file You can deduct the amounts on lines 4a, 4b, and 4c as rental expenses on Schedule E only to the extent they are not more than the amount on line 4e. Free state file *           Line 6a. Free state file To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. Free state file   A. Free state file Enter the amount from Form 4684, line 10       B. Free state file Enter the rental portion of line A       C. Free state file Enter the amount from line 2c of this worksheet       D. Free state file Subtract line C from line B. Free state file Enter the result here and on line 6a of this worksheet               Line 6e. Free state file You can deduct the amounts on lines 6a, 6b, and 6c as rental expenses on Schedule E only to the extent they are not more than the amount on line 6e. Free state file * *Allocating the limited deduction. Free state file If you cannot deduct all of the amount on line 4d or 6d this year, you can allocate the allowable deduction in any way you wish among the expenses included on line 4d or 6d. Free state file Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. Free state file Prev  Up  Next   Home   More Online Publications