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H and r free 30. H and r free   How To Figure Your Tax Table of Contents Introduction Figuring Your Tax Alternative Minimum Tax (AMT) Tax Figured by IRSFiling the Return Introduction After you have figured your income and deductions as explained in Parts One through Five, your next step is to figure your tax. H and r free This chapter discusses: The general steps you take to figure your tax, An additional tax you may have to pay called the alternative minimum tax (AMT), and The conditions you must meet if you want the IRS to figure your tax. H and r free Figuring Your Tax Your income tax is based on your taxable income. H and r free After you figure your income tax and AMT, if any, subtract your tax credits and add any other taxes you may owe. H and r free The result is your total tax. H and r free Compare your total tax with your total payments to determine whether you are entitled to a refund or if you must make a payment. H and r free This section provides a general outline of how to figure your tax. H and r free You can find step-by-step directions in the Instructions for Forms 1040EZ, 1040A, and 1040. H and r free If you are unsure of which tax form you should file, see Which Form Should I Use? in chapter 1. H and r free Tax. H and r free   Most taxpayers use either the Tax Table or the Tax Computation Worksheet to figure their income tax. H and r free However, there are special methods if your income includes any of the following items. H and r free A net capital gain. H and r free (See chapter 16. H and r free ) Qualified dividends taxed at the same rates as a net capital gain. H and r free (See chapters 8 and 16. H and r free ) Lump-sum distributions. H and r free (See chapter 10. H and r free ) Farming or fishing income. H and r free (See Schedule J (Form 1040), Income Averaging for Farmers and Fishermen. H and r free ) Unearned income over $2,000 for certain children. H and r free (See chapter 31. H and r free ) Parents' election to report child's interest and dividends. H and r free (See chapter 31. H and r free ) Foreign earned income exclusion or the housing exclusion. H and r free (See Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion, and the Foreign Earned Income Tax Worksheet in the Form 1040 instructions. H and r free ) Credits. H and r free   After you figure your income tax and any AMT (discussed later), determine if you are eligible for any tax credits. H and r free Eligibility information for these tax credits is discussed in chapters 32 through 37 and your form instructions. H and r free The following table lists the credits you may be able to subtract from your tax and shows where you can find more information on each credit. H and r free CREDITS For information on: See  chapter: Adoption 37 Alternative motor vehicle 37 Alternative fuel vehicle refueling  property 37 Child and dependent care 32 Child tax 34 Credit to holders of tax credit  bonds 37 Education 35 Elderly or disabled 33 Electric vehicle 37 Foreign tax 37 Mortgage interest 37 Prior year minimum tax 37 Residential energy 37 Retirement savings contributions 37   Some credits (such as the earned income credit) are not listed because they are treated as payments. H and r free See Payments , later. H and r free   There are other credits that are not discussed in this publication. H and r free These include the following credits. H and r free General business credit, which is made up of several separate business-related credits. H and r free These generally are reported on Form 3800, General Business Credit, and are discussed in chapter 4 of Publication 334, Tax Guide for Small Business. H and r free Renewable electricity, refined coal, and Indian coal production credit for electricity and refined coal produced at facilities placed in service after October 22, 2004 (after October 2, 2008, for electricity produced from marine and hydrokinetic renewables), and Indian coal produced at facilities placed in service after August 8, 2005. H and r free See Form 8835, Part II. H and r free Work opportunity credit. H and r free See Form 5884. H and r free Credit for employer social security and Medicare taxes paid on certain employee tips. H and r free See Form 8846. H and r free Other taxes. H and r free   After you subtract your tax credits, determine whether there are any other taxes you must pay. H and r free This chapter does not explain these other taxes. H and r free You can find that information in other chapters of this publication and your form instructions. H and r free See the following table for other taxes you may need to add to your income tax. H and r free OTHER TAXES For information on: See  chapter: Additional taxes on qualified retirement plans and IRAs 10, 17 Household employment taxes 32 Recapture of an education credit 35 Social security and Medicare tax on wages 5 Social security and Medicare tax on tips 6 Uncollected social security and Medicare tax on tips 6   You also may have to pay AMT (discussed later in this chapter). H and r free   There are other taxes that are not discussed in this publication. H and r free These include the following items. H and r free Self-employment tax. H and r free You must figure this tax if either of the following applies to you (or your spouse if you file a joint return). H and r free Your net earnings from self-employment from other than church employee income were $400 or more. H and r free The term “net earnings from self-employment” may include certain nonemployee compensation and other amounts reported to you on Form 1099-MISC, Miscellaneous Income. H and r free If you received a Form 1099-MISC, see the Instructions for Recipient on the back. H and r free Also see the Instructions for Schedule SE (Form 1040), Self-Employment Tax; and Publication 334, Tax Guide for Small Business. H and r free You had church employee income of $108. H and r free 28 or more. H and r free Additional Medicare Tax. H and r free Beginning in 2013, you may be subject to a 0. H and r free 9% Additional Medicare Tax that applies to Medicare wages, Railroad Retirement Act compensation, and self-employment income over a threshold based on your filing status. H and r free For more information, see the Instructions for Form 1040, line 60 and Form 8959. H and r free Net Investment Income Tax (NIIT). H and r free Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). H and r free NIIT is a 3. H and r free 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income over a threshold amount. H and r free For more information, see the Instructions for Form 1040, line 60 and Form 8960. H and r free Recapture taxes. H and r free You may have to pay these taxes if you previously claimed an investment credit, a low-income housing credit, a new markets credit, a qualified plug-in electric drive motor vehicle credit, an alternative motor vehicle credit, a credit for employer-provided child care facilities, an Indian employment credit, or other credits listed in the instructions for Form 1040, line 60. H and r free For more information, see the instructions for Form 1040, line 60. H and r free Section 72(m)(5) excess benefits tax. H and r free If you are (or were) a 5% owner of a business and you received a distribution that exceeds the benefits provided for you under the qualified pension or annuity plan formula, you may have to pay this additional tax. H and r free See Tax on Excess Benefits in chapter 4 of Publication 560, Retirement Plans for Small Business. H and r free Uncollected social security and Medicare tax on group-term life insurance. H and r free If your former employer provides you with more than $50,000 of group-term life insurance coverage, you must pay the employee part of social security and Medicare taxes on those premiums. H and r free The amount should be shown in box 12 of your Form W-2 with codes M and N. H and r free Tax on golden parachute payments. H and r free This tax applies if you received an “excess parachute payment” (EPP) due to a change in a corporation's ownership or control. H and r free The amount should be shown in box 12 of your Form W-2 with code K. H and r free See the instructions for Form 1040, line 60. H and r free Tax on accumulation distribution of trusts. H and r free This applies if you are the beneficiary of a trust that accumulated its income instead of distributing it currently. H and r free See Form 4970 and its instructions. H and r free Additional tax on HSAs or MSAs. H and r free If amounts contributed to, or distributed from, your health savings account or medical savings account do not meet the rules for these accounts, you may have to pay additional taxes. H and r free See Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans; Form 8853, Archer MSAs and Long-Term Care Insurance Contracts; Form 8889, Health Savings Accounts (HSAs); and Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. H and r free Additional tax on Coverdell ESAs. H and r free This applies if amounts contributed to, or distributed from, your Coverdell ESA do not meet the rules for these accounts. H and r free See Publication 970, Tax Benefits for Education, and Form 5329. H and r free Additional tax on qualified tuition programs. H and r free This applies to amounts distributed from qualified tuition programs that do not meet the rules for these accounts. H and r free See Publication 970 and Form 5329. H and r free Excise tax on insider stock compensation from an expatriated corporation. H and r free You may owe a 15% excise tax on the value of nonstatutory stock options and certain other stock-based compensation held by you or a member of your family from an expatriated corporation or its expanded affiliated group in which you were an officer, director, or more-than-10% owner. H and r free For more information, see the instructions for Form 1040, line 60. H and r free Additional tax on income you received from a nonqualified deferred compensation plan that fails to meet certain requirements. H and r free This income should be shown in Form W-2, box 12, with code Z, or in Form 1099-MISC, box 15b. H and r free For more information, see the instructions for Form 1040, line 60. H and r free Interest on the tax due on installment income from the sale of certain residential lots and timeshares. H and r free For more information, see the instructions for Form 1040, line 60. H and r free Interest on the deferred tax on gain from certain installment sales with a sales price over $150,000. H and r free For more information, see the instructions for Form 1040, line 60. H and r free Repayment of first-time homebuyer credit. H and r free For more information, see Form 5405, Repayment of the First-Time Homebuyer Credit, and its instructions. H and r free Also see the instructions for Form 1040, line 59b. H and r free Payments. H and r free   After you determine your total tax, figure the total payments you have already made for the year. H and r free Include credits that are treated as payments. H and r free This chapter does not explain these payments and credits. H and r free You can find that information in other chapters of this publication and your form instructions. H and r free See the following table for amounts you can include in your total payments. H and r free PAYMENTS For information on: See  chapter: Child tax credit (additional) 34 Earned income credit 36 Estimated tax paid 4 Excess social security   and RRTA tax withheld 37 Federal income tax withheld 4 Health coverage tax credit 37 Credit for tax on   undistributed capital gain 37 Tax paid with extension 1   Another credit that is treated as a payment is the credit for federal excise tax paid on fuels. H and r free This credit is for persons who have a nontaxable use of certain fuels, such as diesel fuel and kerosene. H and r free It is claimed on Form 1040, line 70. H and r free See Form 4136, Credit for Federal Tax Paid on Fuels. H and r free Refund or balance due. H and r free   To determine whether you are entitled to a refund or whether you must make a payment, compare your total payments with your total tax. H and r free If you are entitled to a refund, see your form instructions for information on having it directly deposited into one or more of your accounts, or to purchase U. H and r free S. H and r free savings bonds instead of receiving a paper check. H and r free Alternative Minimum Tax (AMT) This section briefly discusses an additional tax you may have to pay. H and r free The tax law gives special treatment to some kinds of income and allows special deductions and credits for some kinds of expenses. H and r free Taxpayers who benefit from this special treatment may have to pay at least a minimum amount of tax through an additional tax called AMT. H and r free You may have to pay the AMT if your taxable income for regular tax purposes, combined with certain adjustments and tax preference items, is more than a certain amount. H and r free See Form 6251, Alternative Minimum Tax — Individuals. H and r free Adjustments and tax preference items. H and r free   The more common adjustments and tax preference items include: Addition of personal exemptions, Addition of the standard deduction (if claimed), Addition of itemized deductions claimed for state and local taxes, certain interest, most miscellaneous deductions, and part of medical expenses, Subtraction of any refund of state and local taxes included in gross income, Changes to accelerated depreciation of certain property, Difference between gain or loss on the sale of property reported for regular tax purposes and AMT purposes, Addition of certain income from incentive stock options, Change in certain passive activity loss deductions, Addition of certain depletion that is more than the adjusted basis of the property, Addition of part of the deduction for certain intangible drilling costs, and Addition of tax-exempt interest on certain private activity bonds. H and r free More information. H and r free   For more information about the AMT, see the instructions for Form 6251. H and r free Tax Figured by IRS If you file by April 15, 2014, you can have the IRS figure your tax for you on Form 1040EZ, Form 1040A, or Form 1040. H and r free If the IRS figures your tax and you paid too much, you will receive a refund. H and r free If you did not pay enough, you will receive a bill for the balance. H and r free To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later. H and r free The IRS can also figure the credit for the elderly or the disabled and the earned income credit for you. H and r free When the IRS cannot figure your tax. H and r free   The IRS cannot figure your tax for you if any of the following apply. H and r free You want your refund directly deposited into your accounts. H and r free You want any part of your refund applied to your 2014 estimated tax. H and r free You had income for the year from sources other than wages, salaries, tips, interest, dividends, taxable social security benefits, unemployment compensation, IRA distributions, pensions, and annuities. H and r free Your taxable income is $100,000 or more. H and r free You itemize deductions. H and r free You file any of the following forms. H and r free Form 2555, Foreign Earned Income. H and r free Form 2555-EZ, Foreign Earned Income Exclusion. H and r free Form 4137, Social Security and Medicare Tax on Unreported Tip Income. H and r free Form 4970, Tax on Accumulation Distribution of Trusts. H and r free Form 4972, Tax on Lump-Sum Distributions. H and r free Form 6198, At-Risk Limitations. H and r free Form 6251, Alternative Minimum Tax—Individuals. H and r free Form 8606, Nondeductible IRAs. H and r free Form 8615, Tax for Certain Children Who Have Unearned Income. H and r free Form 8814, Parents' Election To Report Child's Interest and Dividends. H and r free Form 8839, Qualified Adoption Expenses. H and r free Form 8853, Archer MSAs and Long-Term Care Insurance Contracts. H and r free Form 8889, Health Savings Accounts (HSAs). H and r free Form 8919, Uncollected Social Security and Medicare Tax on Wages. H and r free Filing the Return After you complete the line entries for the tax form you are filing, fill in your name and address. H and r free Enter your social security number in the space provided. H and r free If you are married, enter the social security numbers of you and your spouse even if you file separately. H and r free Sign and date your return and enter your occupation(s). H and r free If you are filing a joint return, both you and your spouse must sign it. H and r free Enter your daytime phone number in the space provided. H and r free This may help speed the processing of your return if we have a question that can be answered over the phone. H and r free If you are filing a joint return, you may enter either your or your spouse's daytime phone number. H and r free If you want to allow a friend, family member, or any other person you choose to discuss your 2013 tax return with the IRS, check the “Yes” box in the “Third party designee” area on your return. H and r free Also enter the designee's name, phone number, and any five digits the designee chooses as his or her personal identification number (PIN). H and r free If you check the “Yes” box, you, and your spouse if filing a joint return, are authorizing the IRS to call the designee to answer any questions that may arise during the processing of your return. H and r free Fill in and attach any schedules and forms asked for on the lines you completed to your paper return. H and r free Attach a copy of each of your Forms W-2 to your paper return. H and r free Also attach to your paper return any Form 1099-R you received that has withholding tax in box 4. H and r free Mail your return to the Internal Revenue Service Center for the area where you live. H and r free A list of Service Center addresses is in the instructions for your tax return. H and r free Form 1040EZ Line Entries Read lines 1 through 8b and fill in the lines that apply to you. H and r free Do not complete lines 9 through 12. H and r free If you are filing a joint return, use the space to the left of line 6 to separately show your taxable income and your spouse's taxable income. H and r free Payments. H and r free   Enter any federal income tax withheld on line 7. H and r free Federal income tax withheld is shown on Form W-2, box 2, or Form 1099, box 4. H and r free Earned income credit. H and r free   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. H and r free Enter “EIC” in the space to the left of line 8a. H and r free Enter the nontaxable combat pay you elect to include in earned income on line 8b. H and r free   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862, Information To Claim Earned Income Credit After Disallowance, with your return. H and r free For details, see the Form 1040EZ Instructions. H and r free Form 1040A Line Entries Read lines 1 through 27 and fill in the lines that apply to you. H and r free If you are filing a joint return, use the space to the left of the entry space for line 27 to separately show your taxable income and your spouse's taxable income. H and r free Do not complete line 28. H and r free Complete lines 29 through 33 and 36 through 40 if they apply to you. H and r free However, do not fill in lines 30 and 38a if you want the IRS to figure the credits shown on those lines. H and r free Also, enter any write-in information that applies to you in the space to the left of line 41. H and r free Do not complete lines 34, 35, and 42 through 46. H and r free Payments. H and r free   Enter any federal income tax withheld that is shown on Form W-2, box 2, or Form 1099, box 4, on line 36. H and r free Enter any estimated tax payments you made on line 37. H and r free Credit for child and dependent care expenses. H and r free   If you can take this credit, as discussed in chapter 32, complete Form 2441, Child and Dependent Care Expenses, and attach it to your return. H and r free Enter the amount of the credit on line 29. H and r free The IRS will not figure this credit. H and r free Credit for the elderly or the disabled. H and r free   If you can take this credit, as discussed in chapter 33, the IRS can figure it for you. H and r free Enter “CFE” in the space to the left of line 30 and attach Schedule R (Form 1040A or 1040), Credit for the Elderly or the Disabled, to your paper return. H and r free On Schedule R (Form 1040A or 1040), check the box in Part I for your filing status and age. H and r free Complete Part II and Part III, lines 11 and 13, if they apply. H and r free Earned income credit. H and r free   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. H and r free Enter “EIC” to the left of the entry space for line 38a. H and r free Enter the nontaxable combat pay you elect to include in earned income on line 38b. H and r free    If you have a qualifying child, you must fill in Schedule EIC (Form 1040A or 1040), Earned Income Credit, and attach it to your paper return. H and r free If you do not provide the child's social security number on Schedule EIC, line 2, the credit will be reduced or disallowed unless the child was born and died in 2013. H and r free   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862 with your return. H and r free For details, see the Form 1040A Instructions. H and r free Form 1040 Line Entries Read lines 1 through 43 and fill in the lines that apply to you. H and r free Do not complete line 44. H and r free If you are filing a joint return, use the space under the words “Adjusted Gross Income” on the front of your return to separately show your taxable income and your spouse's taxable income. H and r free Read lines 45 through 71. H and r free Fill in the lines that apply to you, but do not fill in lines 54, 61, and 72. H and r free Also, do not complete line 55 and lines 73 through 77. H and r free Do not fill in line 53, box “c,” if you are completing Schedule R (Form 1040A or 1040), or line 64a if you want the IRS to figure the credits shown on those lines. H and r free Payments. H and r free   Enter any federal income tax withheld that is shown on Form W-2, box 2, or Form 1099, box 4, on line 62. H and r free Enter any estimated tax payments you made on line 63. H and r free Credit for child and dependent care expenses. H and r free   If you can take this credit, as discussed in chapter 32, complete Form 2441 and attach it to your paper return. H and r free Enter the amount of the credit on line 48. H and r free The IRS will not figure this credit. H and r free Credit for the elderly or the disabled. H and r free   If you can take this credit, as discussed in chapter 33, the IRS can figure it for you. H and r free Enter “CFE” on the line next to line 53, check box “c,” and attach Schedule R (Form 1040A or 1040) to your paper return. H and r free On Schedule R (Form 1040A or 1040), check the box in Part I for your filing status and age. H and r free Complete Part II and Part III, lines 11 and 13, if they apply. H and r free Earned income credit. H and r free   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. H and r free Enter “EIC” on the dotted line next to Form 1040, line 64a. H and r free Enter the nontaxable combat pay you elect to include in earned income on line 64b. H and r free   If you have a qualifying child, you must fill in Schedule EIC (Form 1040A or 1040), Earned Income Credit, and attach it to your paper return. H and r free If you do not provide the child's social security number on Schedule EIC, line 2, the credit will be reduced or disallowed unless the child was born and died in 2013. H and r free   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862 with your return. H and r free For details, see the Form 1040 Instructions. H and r free Prev  Up  Next   Home   More Online Publications
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Understanding your CP03C Notice

You received a tax credit (called the First-Time Homebuyer Credit) for a house you purchased. You may need to file a form to report a change in ownership to the house you purchased.

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Form 2848, Power of Attorney and Declaration of Representative.

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do


You may want to...


Answers to Common Questions

How much is the repayment amount?
The repayment amount is equal to the full amount of the credit you received minus any credit repayments you may have already made.

Do I have to repay the credit if my home was is destroyed, condemned, or disposed of under threat of condemnation and I acquired a new home within two years?
You do not have to repay the credit if you purchased a new main home within two years of the event.

How and when do I repay the credit?
You must file a Form 5405, First-Time Homebuyer Credit and Repayment of the Credit with your tax return for the year in which the change occurred. You can report your change in ownership status by checking the appropriate box in Part III (Disposition or Change in Use of Main Home for Which the Credit Was Claimed) of the form.

You have to repay the credit by including it as additional tax on the federal income tax return for the year in which the home stopped being your main home. For example, a taxpayer who reports a change of ownership occurring in 2010 must repay the first-time homebuyer credit, minus any payments they might have made to repay the credit, in their 2010 tax return.

I heard that taxpayers didn't have to repay the First Time Homebuyers Credit any longer. Didn't the law change?
The law changed for home purchases in 2009 and 2010, which now have no 15-year repayment requirement. The law did not change the repayment requirement for purchases for home that cease being a main home.

What if my spouse has died, do I have to repay the entire amount of the credit?
If, unfortunately, a spouse is deceased, the remaining spouse only has to repay half of the remaining credit balance: we won't seek repayment for the deceased spouse's half. For example, the surviving spouse will owe only $3,750 for a $7,500 first-time homebuyer credit taken on an earlier joint income tax return.

What if I don't have to pay any additional tax, do I still have to report the change in my ownership status?
Yes, even if you don't have to pay any additional tax, you still need to complete a Form 5405 to report the disposition of your property.

Page Last Reviewed or Updated: 14-Mar-2014

The H And R Free

H and r free Index A Accelerated Cost Recovery System (ACRS), MACRS Depreciation (see also Modified Accelerated Cost Recovery System (MACRS)) Effective date, Depreciation Methods Accounting methods Accrual method, Accrual method. H and r free Cash method, Cash method. H and r free Change of method, Changing your accounting method. H and r free Constructive receipt of income, Cash method. H and r free , More information. H and r free Accrual method taxpayers, Accrual method. H and r free ACRS (Accelerated Cost Recovery System) Effective date, Depreciation Methods Active participation, Active participation. H and r free Activities not for profit, Duplex. H and r free Additions to property, Additions or improvements to property. H and r free (see also Improvements) Basis, Increases to basis. H and r free , Additions or improvements. H and r free MACRS recovery period, Additions or improvements to property. H and r free Adjusted basis MACRS depreciation, Adjusted Basis Adjusted gross income (AGI) Modified (see Modified adjusted gross income (MAGI)) Advance rent, Advance rent. H and r free Security deposits, Security deposits. H and r free Advertising, Types of Expenses Allocation of expenses Change of property to rental use, Payments added to capital account. H and r free How to divide expenses, Dividing Expenses Part of property rented, Renting Part of Property, How to divide expenses. H and r free Personal use of rental property, Personal use of rental property. H and r free , Personal Use of Dwelling Unit (Including Vacation Home) Alternative Depreciation System (ADS) Election of, Electing ADS MACRS, MACRS Depreciation, Table 2-2d. H and r free Alternative minimum tax (AMT) Accelerated depreciation methods, Alternative minimum tax (AMT). H and r free Amended returns, Filing an amended return. H and r free Apartments Basement apartments, Examples. H and r free Dwelling units, Dwelling unit. H and r free Appraisal fees, Settlement fees and other costs. H and r free Assessments for maintenance, Assessments for local improvements. H and r free Assessments, local (see Local assessments) Assistance (see Tax help) Assumption of mortgage, Assumption of a mortgage. H and r free Attorneys' fees, Settlement fees and other costs. H and r free , Increases to basis. H and r free Automobiles MACRS recovery periods, Property Classes Under GDS B Basis Adjusted basis, Adjusted Basis Assessments for local improvements, Assessments for local improvements. H and r free Basis other than cost, Basis Other Than Cost Cost basis, Cost Basis Decreases to, Decreases to basis. H and r free Deductions Capitalization of costs vs. H and r free , Deducting vs. H and r free capitalizing costs. H and r free Not greater than basis, Cost or Other Basis Fully Recovered Fair market value, Fair market value. H and r free Increases to, Increases to basis. H and r free MACRS depreciable basis, Basis of Depreciable Property Property changed to rental use, Basis of Property Changed to Rental Use C Capital expenditures Deductions vs. H and r free effect on basis, Deducting vs. H and r free capitalizing costs. H and r free Local benefit taxes, Local benefit taxes. H and r free Mortgages, payments to obtain, Expenses paid to obtain a mortgage. H and r free Cars MACRS recovery periods, Property Classes Under GDS Cash method taxpayers, Cash method. H and r free Casualty losses, Exception for Rental Real Estate With Active Participation Change of accounting method, Changing your accounting method. H and r free Charitable contributions Use of property, Donation of use of the property. H and r free Cleaning and maintenance, Types of Expenses Closing costs, Settlement fees and other costs. H and r free Commissions, Types of Expenses Computers MACRS recovery periods, Property Classes Under GDS Condominiums, Condominiums, Dwelling unit. H and r free Constructive receipt of income, Cash method. H and r free , More information. H and r free Cooperative housing, Cooperative apartments. H and r free , Cooperatives, Dwelling unit. H and r free Cost basis, Cost Basis Credit reports, Settlement fees and other costs. H and r free Credits Residential energy credits, Decreases to basis. H and r free D Days of personal use, What is a day of personal use? Days used for repairs and maintenance, Days used for repairs and maintenance. H and r free Deductions Capitalizing costs vs. H and r free effect on basis, Deducting vs. H and r free capitalizing costs. H and r free Depreciation (see Depreciation) Limitations on, Form 4562. H and r free Passive activity losses (see Passive activity) Depreciation, Depreciation of Rental Property, Changing your accounting method. H and r free Alternative Depreciation System (ADS) (see Modified Accelerated Cost Recovery System (MACRS)) Basis (see Basis) Change of accounting method, Changing your accounting method. H and r free Change of property to rental use, Property Changed to Rental Use Claiming correct amount of, Claiming the Correct Amount of Depreciation Declining balance method, Depreciation Methods Duration of property expected to last more than one year, What Rental Property Can Be Depreciated? Eligible property, What Rental Property Can Be Depreciated? First-year expensing, Section 179 deduction. H and r free MACRS (see Modified Accelerated Cost Recovery System (MACRS)) Methods, Depreciation Methods, Figuring Your Depreciation Deduction Ownership of property, What Rental Property Can Be Depreciated?, Property you own. H and r free Rental expense, Depreciation. H and r free Rented property, Rented property. H and r free Section 179 deduction, Section 179 deduction. H and r free Special depreciation allowances, Claiming the Special Depreciation Allowance Straight line method, Depreciation Methods Useful life, What Rental Property Can Be Depreciated?, Property having a determinable useful life. H and r free Vacant rental property, Vacant rental property. H and r free Discount, bonds and notes issued at (see Original issue discount (OID)) Dividing of expenses (see Allocation of expenses) Dwelling units Definition, Dwelling unit. H and r free Fair rental price, Fair rental price. H and r free Personal use of, Personal Use of Dwelling Unit (Including Vacation Home), What is a day of personal use? E Easements, Decreases to basis. H and r free Equipment rental expense, Rental of equipment. H and r free F Fair market value (FMV), Fair market value. H and r free Fair rental price, Dividing Expenses, Fair rental price. H and r free Fees Loan origination fees, Points, Settlement fees and other costs. H and r free Points (see Points) Settlement fees and other costs, Settlement fees and other costs. H and r free Tax return preparation fees, Legal and other professional fees. H and r free First-year expensing, Section 179 deduction. H and r free Form 1040 Not rented for profit income, Where to report. H and r free Part of property rented, Renting Part of Property Rental income and expenses, Reporting Rental Income, Expenses, and Losses Schedule E, Schedule E (Form 1040) Form 1098 Mortgage interest, Form 1098, Mortgage Interest Statement. H and r free Form 4684 Casualties and thefts, How to report. H and r free Form 4797 Sales of business property, How to report. H and r free Form 8582 Passive activity losses, Form 8582. H and r free , Form 8582 not required. H and r free Free tax services, Free help with your tax return. H and r free G Gains and losses At-risk rules, At-Risk Rules Casualty and theft losses, Exception for Rental Real Estate With Active Participation Limits on rental losses, Form 4562. H and r free Passive activity losses, Passive Activity Limits Rental real estate activities, Exception for Rental Real Estate With Active Participation Sale of rental property, Sale or exchange of rental property. H and r free , How to report. H and r free General depreciation system (GDS) (see Modified Accelerated Cost Recovery System (MACRS)) H Help (see Tax help) Home Main home, Main home. H and r free Use as rental property (see Use of home) I Improvements, Table 1-1. H and r free Examples of Improvements (see also Repairs) Assessments for local improvements, Assessments for local improvements. H and r free Basis, Increases to basis. H and r free , Additions or improvements. H and r free Depreciation of rented property, Rented property. H and r free MACRS recovery period, Additions or improvements to property. H and r free Insurance, Types of Expenses Casualty or theft loss payments, Decreases to basis. H and r free Change of property to rental use, Property Changed to Rental Use Fire insurance premiums, cost basis, Settlement fees and other costs. H and r free Part of property rented, Renting Part of Property Premiums paid in advance, Insurance premiums paid in advance. H and r free Title insurance, cost basis, Settlement fees and other costs. H and r free Interest payments, Interest expense. H and r free (see also Mortgages) Loan origination fees, Points Rental expenses, Types of Expenses L Land Cost basis, Separating cost of land and buildings. H and r free Depreciation, Land. H and r free Leases Cancellation payments, Canceling a lease. H and r free Equipment leasing, Rental of equipment. H and r free Limits Passive activity losses and credits, Passive Activity Limits Rental losses, Limits on Rental Losses Loans Assumption fees, Settlement fees and other costs. H and r free Charges connected with getting or refinancing, cost basis, Settlement fees and other costs. H and r free Low or no interest, Loans with low or no interest. H and r free Origination fees, Points Local assessments, Assessments for local improvements. H and r free Losses (see Gains and losses) M Missing children, photographs of, Reminders Modified Accelerated Cost Recovery System (MACRS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Additions or improvements to property, Additions or improvements to property. H and r free Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Basis other than cost, Basis Other Than Cost Conventions, Conventions Cost basis, Cost Basis Depreciable basis, Basis of Depreciable Property Effective date, Depreciation Methods Excluded property, Excluded Property General Depreciation System (GDS), MACRS Depreciation, Property Classes Under GDS, Figuring Your Depreciation Deduction Nonresidential rental property, Property Classes Under GDS Property used in rental activities (Table 2-1), Table 2-1. H and r free MACRS Recovery Periods for Property Used in Rental Activities Recovery periods, Table 2-1. H and r free MACRS Recovery Periods for Property Used in Rental Activities, 5-, 7-, or 15-year property. H and r free Residential rental property, Property Classes Under GDS, Residential rental property. H and r free Special depreciation allowances, Claiming the Special Depreciation Allowance Modified adjusted gross income (MAGI), Modified adjusted gross income (MAGI). H and r free Mortgages, Expenses paid to obtain a mortgage. H and r free Assumption of, cost basis, Assumption of a mortgage. H and r free Change of property to rental use, Property Changed to Rental Use End of, OID, Loan or mortgage ends. H and r free Interest, Interest expense. H and r free , Property Changed to Rental Use, Renting Part of Property Mortgage insurance premiums, Settlement fees and other costs. H and r free Part of property rented, Renting Part of Property N Nonresidential real property, Property Classes Under GDS Not-for-profit activities, Duplex. H and r free O Original issue discount (OID), Points, Loan or mortgage ends. H and r free P Part interest Expenses, Part interest. H and r free Income, Part interest. H and r free Passive activity Maximum special allowance, Maximum special allowance. H and r free Personal property Rental income from, Property or services. H and r free Personal use of rental property, Payments added to capital account. H and r free , Personal Use of Dwelling Unit (Including Vacation Home) (see also Property changed to rental use) Placed-in-service date, Placed in Service Points, Types of Expenses, Points, Settlement fees and other costs. H and r free Pre-rental expenses, Pre-rental expenses. H and r free Principal residence (see Home) Profit, property not rented for, Duplex. H and r free Property changed to rental use, Payments added to capital account. H and r free Basis, Basis of Property Changed to Rental Use Publications (see Tax help) R Real estate professionals, Real estate professionals. H and r free Real estate taxes, Real estate taxes. H and r free Real property trades or businesses, Real property trades or businesses. H and r free Recordkeeping requirements Travel and transportation expenses, Local transportation expenses. H and r free , Travel expenses. H and r free Recovery periods, Property Classes Under GDS Rent, Settlement fees and other costs. H and r free Advance rent, Advance rent. H and r free Fair price, Fair rental price. H and r free Rental expenses, Rental Expenses Advertising, Types of Expenses Allocation between rental and personal uses, Dividing Expenses Change of property to rental use, Property Changed to Rental Use Cleaning and maintenance, Types of Expenses Commissions, Types of Expenses Depreciation, Depreciation. H and r free Dwelling unit used as home, Dwelling Unit Used as a Home Equipment rental, Rental of equipment. H and r free Home, property also used as, Rental of property also used as your home. H and r free Improvements, Table 1-1. H and r free Examples of Improvements Insurance, Types of Expenses, Insurance premiums paid in advance. H and r free Interest payments, Types of Expenses, Interest expense. H and r free Local transportation expenses, Types of Expenses, Local transportation expenses. H and r free Part of property rented, Renting Part of Property Points, Types of Expenses, Points Pre-rental expenses, Pre-rental expenses. H and r free Rental payments, Types of Expenses Repairs, Types of Expenses, Repairs and Improvements Sale of property, Vacant while listed for sale. H and r free Tax return preparation fees, Legal and other professional fees. H and r free Taxes, Types of Expenses Tenant, paid by, Expenses paid by tenant. H and r free Travel expenses, Types of Expenses Utilities, Types of Expenses Vacant rental property, Vacant rental property. H and r free Rental income Advance rent, Advance rent. H and r free Cancellation of lease payments, Canceling a lease. H and r free Dwelling unit used as home, Dwelling Unit Used as a Home Lease with option to buy, Lease with option to buy. H and r free Not rented for profit, Not Rented for Profit Part interest, Part interest. H and r free Property received from tenant, Property or services. H and r free Reporting, Accrual method. H and r free , Which Forms To Use Security deposit, Security deposits. H and r free Services received from tenant, Property or services. H and r free Uncollected rent, Uncollected rent. H and r free Used as home, Rental of property also used as your home. H and r free Rental losses, Exception for Rental Real Estate With Active Participation (see also Gains and losses) (see also Passive activity) Repairs, Types of Expenses, Repairs and Improvements (see also Improvements) Assessments for maintenance, Assessments for local improvements. H and r free Personal use of rental property exception for days used for repairs and maintenance, Days used for repairs and maintenance. H and r free S Sale of property Expenses, Vacant while listed for sale. H and r free Gain or loss, Sale or exchange of rental property. H and r free , How to report. H and r free Main home, Sale of main home used as rental property. H and r free Section 179 deductions, Section 179 deduction. H and r free Security deposits, Security deposits. H and r free Settlement fees, Settlement fees and other costs. H and r free Shared equity financing agreements, Shared equity financing agreement. H and r free Special depreciation allowances, Claiming the Special Depreciation Allowance Spouse Material participation, Participating spouse. H and r free Standard mileage rates, Local transportation expenses. H and r free Surveys, Settlement fees and other costs. H and r free T Tables and figures Improvements, examples of (Table 1-1), Table 1-1. H and r free Examples of Improvements MACRS optional tables (Table 2-2d), Table 2-2d. H and r free MACRS optional tables (Tables 2-2a, 2-2b, and 2-2c), Tables 2-2a, 2-2b, and 2-2c. H and r free MACRS recovery periods for property used in rental activities (Table 2-1), Table 2-1. H and r free MACRS Recovery Periods for Property Used in Rental Activities Tax credits Residential energy credits, effect on basis, Decreases to basis. H and r free Tax help, How To Get Tax Help Tax return preparation fees, Legal and other professional fees. H and r free Taxes Deduction of, Types of Expenses Local benefit taxes, Local benefit taxes. H and r free Real estate taxes, Real estate taxes. H and r free Transfer taxes, Settlement fees and other costs. H and r free Theft losses, Theft. H and r free Title insurance, Settlement fees and other costs. H and r free Transfer taxes, Settlement fees and other costs. H and r free Travel and transportation expenses Local transportation expenses, Types of Expenses, Local transportation expenses. H and r free Recordkeeping, Travel expenses. H and r free Rental expenses, Types of Expenses Standard mileage rate, Local transportation expenses. H and r free U Uncollected rent Income, Uncollected rent. H and r free Use of home Before or after renting, Days used as a main home before or after renting. H and r free Change to rental use, Property Changed to Rental Use Days of personal use, What is a day of personal use? Fair rental price, Fair rental price. H and r free Passive activity rules exception, Exception for Personal Use of Dwelling Unit Personal use as dwelling unit, Personal Use of Dwelling Unit (Including Vacation Home) Utilities, Types of Expenses, Increases to basis. H and r free V Vacant rental property, Vacant rental property. H and r free Vacation homes Dwelling unit, Dwelling unit. H and r free Fair rental price, Fair rental price. H and r free Personal use of, Personal Use of Dwelling Unit (Including Vacation Home) Valuation Fair market value, Fair market value. H and r free Prev  Up     Home   More Online Publications