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H&r Block 2011 Tax Software

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H&r Block 2011 Tax Software

H&r block 2011 tax software 1. H&r block 2011 tax software   Rental Income and Expenses (If No Personal Use of Dwelling) Table of Contents Rental IncomeWhen To Report Types of Income Rental ExpensesWhen To Deduct Types of Expenses This chapter discusses the various types of rental income and expenses for a residential rental activity with no personal use of the dwelling. H&r block 2011 tax software Generally, each year you will report all income and deduct all out-of-pocket expenses in full. H&r block 2011 tax software The deduction to recover the cost of your rental property—depreciation—is taken over a prescribed number of years, and is discussed in chapter 2, Depreciation of Rental Property. H&r block 2011 tax software If your rental income is from property you also use personally or rent to someone at less than a fair rental price, first read the information in chapter 5 , Personal Use of Dwelling Unit (Including Vacation Home). H&r block 2011 tax software Rental Income In most cases, you must include in your gross income all amounts you receive as rent. H&r block 2011 tax software Rental income is any payment you receive for the use or occupation of property. H&r block 2011 tax software In addition to amounts you receive as normal rental payments, there are other amounts that may be rental income. H&r block 2011 tax software When To Report When you report rental income on your tax return generally depends on whether you are a cash basis taxpayer or use an accrual method. H&r block 2011 tax software Most individual taxpayers use the cash method. H&r block 2011 tax software Cash method. H&r block 2011 tax software   You are a cash basis taxpayer if you report income on your return in the year you actually or constructively receive it, regardless of when it was earned. H&r block 2011 tax software You constructively receive income when it is made available to you, for example, by being credited to your bank account. H&r block 2011 tax software Accrual method. H&r block 2011 tax software    If you are an accrual basis taxpayer, you generally report income when you earn it, rather than when you receive it. H&r block 2011 tax software You generally deduct your expenses when you incur them, rather than when you pay them. H&r block 2011 tax software More information. H&r block 2011 tax software   See Publication 538, Accounting Periods and Methods, for more information about when you constructively receive income and accrual methods of accounting. H&r block 2011 tax software Types of Income The following are common types of rental income. H&r block 2011 tax software Advance rent. H&r block 2011 tax software   Advance rent is any amount you receive before the period that it covers. H&r block 2011 tax software Include advance rent in your rental income in the year you receive it regardless of the period covered or the method of accounting you use. H&r block 2011 tax software Example. H&r block 2011 tax software On March 18, 2013, you signed a 10-year lease to rent your property. H&r block 2011 tax software During 2013, you received $9,600 for the first year's rent and $9,600 as rent for the last year of the lease. H&r block 2011 tax software You must include $19,200 in your rental income in the first year. H&r block 2011 tax software Canceling a lease. H&r block 2011 tax software   If your tenant pays you to cancel a lease, the amount you receive is rent. H&r block 2011 tax software Include the payment in your income in the year you receive it regardless of your method of accounting. H&r block 2011 tax software Expenses paid by tenant. H&r block 2011 tax software   If your tenant pays any of your expenses, those payments are rental income. H&r block 2011 tax software Because you must include this amount in income, you can also deduct the expenses if they are deductible rental expenses. H&r block 2011 tax software For more information, see Rental Expenses , later. H&r block 2011 tax software Example 1. H&r block 2011 tax software Your tenant pays the water and sewage bill for your rental property and deducts the amount from the normal rent payment. H&r block 2011 tax software Under the terms of the lease, your tenant does not have to pay this bill. H&r block 2011 tax software Include the utility bill paid by the tenant and any amount received as a rent payment in your rental income. H&r block 2011 tax software You can deduct the utility payment made by your tenant as a rental expense. H&r block 2011 tax software Example 2. H&r block 2011 tax software While you are out of town, the furnace in your rental property stops working. H&r block 2011 tax software Your tenant pays for the necessary repairs and deducts the repair bill from the rent payment. H&r block 2011 tax software Include the repair bill paid by the tenant and any amount received as a rent payment in your rental income. H&r block 2011 tax software You can deduct the repair payment made by your tenant as a rental expense. H&r block 2011 tax software Property or services. H&r block 2011 tax software   If you receive property or services as rent, instead of money, include the fair market value of the property or services in your rental income. H&r block 2011 tax software   If the services are provided at an agreed upon or specified price, that price is the fair market value unless there is evidence to the contrary. H&r block 2011 tax software Example. H&r block 2011 tax software Your tenant is a house painter. H&r block 2011 tax software He offers to paint your rental property instead of paying 2 months rent. H&r block 2011 tax software You accept his offer. H&r block 2011 tax software Include in your rental income the amount the tenant would have paid for 2 months rent. H&r block 2011 tax software You can deduct that same amount as a rental expense for painting your property. H&r block 2011 tax software Security deposits. H&r block 2011 tax software   Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. H&r block 2011 tax software But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year. H&r block 2011 tax software    If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. H&r block 2011 tax software Include it in your income when you receive it. H&r block 2011 tax software Other Sources of Rental Income Lease with option to buy. H&r block 2011 tax software   If the rental agreement gives your tenant the right to buy your rental property, the payments you receive under the agreement are generally rental income. H&r block 2011 tax software If your tenant exercises the right to buy the property, the payments you receive for the period after the date of sale are considered part of the selling price. H&r block 2011 tax software Part interest. H&r block 2011 tax software   If you own a part interest in rental property, you must report your part of the rental income from the property. H&r block 2011 tax software Rental of property also used as your home. H&r block 2011 tax software   If you rent property that you also use as your home and you rent it less than 15 days during the tax year, do not include the rent you receive in your income and do not deduct rental expenses. H&r block 2011 tax software However, you can deduct on Schedule A (Form 1040), Itemized Deductions, the interest, taxes, and casualty and theft losses that are allowed for nonrental property. H&r block 2011 tax software See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). H&r block 2011 tax software Rental Expenses In most cases, the expenses of renting your property, such as maintenance, insurance, taxes, and interest, can be deducted from your rental income. H&r block 2011 tax software Personal use of rental property. H&r block 2011 tax software   If you sometimes use your rental property for personal purposes, you must divide your expenses between rental and personal use. H&r block 2011 tax software Also, your rental expense deductions may be limited. H&r block 2011 tax software See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). H&r block 2011 tax software Part interest. H&r block 2011 tax software   If you own a part interest in rental property, you can deduct expenses you paid according to your percentage of ownership. H&r block 2011 tax software Example. H&r block 2011 tax software Roger owns a one-half undivided interest in a rental house. H&r block 2011 tax software Last year he paid $968 for necessary repairs on the property. H&r block 2011 tax software Roger can deduct $484 (50% × $968) as a rental expense. H&r block 2011 tax software He is entitled to reimbursement for the remaining half from the co-owner. H&r block 2011 tax software When To Deduct You generally deduct your rental expenses in the year you pay them. H&r block 2011 tax software If you use the accrual method, see Publication 538 for more information. H&r block 2011 tax software Types of Expenses Listed below are the most common rental expenses. H&r block 2011 tax software Advertising. H&r block 2011 tax software Auto and travel expenses. H&r block 2011 tax software Cleaning and maintenance. H&r block 2011 tax software Commissions. H&r block 2011 tax software Depreciation. H&r block 2011 tax software Insurance. H&r block 2011 tax software Interest (other). H&r block 2011 tax software Legal and other professional fees. H&r block 2011 tax software Local transportation expenses. H&r block 2011 tax software Management fees. H&r block 2011 tax software Mortgage interest paid to banks, etc. H&r block 2011 tax software Points. H&r block 2011 tax software Rental payments. H&r block 2011 tax software Repairs. H&r block 2011 tax software Taxes. H&r block 2011 tax software Utilities. H&r block 2011 tax software Some of these expenses, as well as other less common ones, are discussed below. H&r block 2011 tax software Depreciation. H&r block 2011 tax software   Depreciation is a capital expense. H&r block 2011 tax software It is the mechanism for recovering your cost in an income producing property and must be taken over the expected life of the property. H&r block 2011 tax software   You can begin to depreciate rental property when it is ready and available for rent. H&r block 2011 tax software See Placed in Service under When Does Depreciation Begin and End in chapter 2. H&r block 2011 tax software Insurance premiums paid in advance. H&r block 2011 tax software   If you pay an insurance premium for more than one year in advance, for each year of coverage you can deduct the part of the premium payment that will apply to that year. H&r block 2011 tax software You cannot deduct the total premium in the year you pay it. H&r block 2011 tax software See chapter 6 of Publication 535 for information on deductible premiums. H&r block 2011 tax software Interest expense. H&r block 2011 tax software   You can deduct mortgage interest you pay on your rental property. H&r block 2011 tax software When you refinance a rental property for more than the previous outstanding balance, the portion of the interest allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. H&r block 2011 tax software Chapter 4 of Publication 535 explains mortgage interest in detail. H&r block 2011 tax software Expenses paid to obtain a mortgage. H&r block 2011 tax software   Certain expenses you pay to obtain a mortgage on your rental property cannot be deducted as interest. H&r block 2011 tax software These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses that are part of your basis in the property. H&r block 2011 tax software Form 1098, Mortgage Interest Statement. H&r block 2011 tax software   If you paid $600 or more of mortgage interest on your rental property to any one person, you should receive a Form 1098 or similar statement showing the interest you paid for the year. H&r block 2011 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, the mortgage, and the other person received the Form 1098, report your share of the interest on Schedule E (Form 1040), line 13. H&r block 2011 tax software Attach a statement to your return showing the name and address of the other person. H&r block 2011 tax software On the dotted line next to line 13, enter “See attached. H&r block 2011 tax software ” Legal and other professional fees. H&r block 2011 tax software   You can deduct, as a rental expense, legal and other professional expenses such as tax return preparation fees you paid to prepare Schedule E, Part I. H&r block 2011 tax software For example, on your 2013 Schedule E you can deduct fees paid in 2013 to prepare Part I of your 2012 Schedule E. H&r block 2011 tax software You can also deduct, as a rental expense, any expense (other than federal taxes and penalties) you paid to resolve a tax underpayment related to your rental activities. H&r block 2011 tax software Local benefit taxes. H&r block 2011 tax software   In most cases, you cannot deduct charges for local benefits that increase the value of your property, such as charges for putting in streets, sidewalks, or water and sewer systems. H&r block 2011 tax software These charges are nondepreciable capital expenditures and must be added to the basis of your property. H&r block 2011 tax software However, you can deduct local benefit taxes that are for maintaining, repairing, or paying interest charges for the benefits. H&r block 2011 tax software Local transportation expenses. H&r block 2011 tax software   You may be able to deduct your ordinary and necessary local transportation expenses if you incur them to collect rental income or to manage, conserve, or maintain your rental property. H&r block 2011 tax software However, transportation expenses incurred to travel between your home and a rental property generally constitute nondeductible commuting costs unless you use your home as your principal place of business. H&r block 2011 tax software See Publication 587, Business Use of Your Home, for information on determining if your home office qualifies as a principal place of business. H&r block 2011 tax software   Generally, if you use your personal car, pickup truck, or light van for rental activities, you can deduct the expenses using one of two methods: actual expenses or the standard mileage rate. H&r block 2011 tax software For 2013, the standard mileage rate for business use is 56. H&r block 2011 tax software 5 cents per mile. H&r block 2011 tax software For more information, see chapter 4 of Publication 463. H&r block 2011 tax software    To deduct car expenses under either method, you must keep records that follow the rules in chapter 5 of Publication 463. H&r block 2011 tax software In addition, you must complete Form 4562, Part V, and attach it to your tax return. H&r block 2011 tax software Pre-rental expenses. H&r block 2011 tax software   You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent. H&r block 2011 tax software Rental of equipment. H&r block 2011 tax software   You can deduct the rent you pay for equipment that you use for rental purposes. H&r block 2011 tax software However, in some cases, lease contracts are actually purchase contracts. H&r block 2011 tax software If so, you cannot deduct these payments. H&r block 2011 tax software You can recover the cost of purchased equipment through depreciation. H&r block 2011 tax software Rental of property. H&r block 2011 tax software   You can deduct the rent you pay for property that you use for rental purposes. H&r block 2011 tax software If you buy a leasehold for rental purposes, you can deduct an equal part of the cost each year over the term of the lease. H&r block 2011 tax software Travel expenses. H&r block 2011 tax software   You can deduct the ordinary and necessary expenses of traveling away from home if the primary purpose of the trip is to collect rental income or to manage, conserve, or maintain your rental property. H&r block 2011 tax software You must properly allocate your expenses between rental and nonrental activities. H&r block 2011 tax software You cannot deduct the cost of traveling away from home if the primary purpose of the trip is to improve the property. H&r block 2011 tax software The cost of improvements is recovered by taking depreciation. H&r block 2011 tax software For information on travel expenses, see chapter 1 of Publication 463. H&r block 2011 tax software    To deduct travel expenses, you must keep records that follow the rules in chapter 5 of Publication 463. H&r block 2011 tax software Uncollected rent. H&r block 2011 tax software   If you are a cash basis taxpayer, do not deduct uncollected rent. H&r block 2011 tax software Because you have not included it in your income, it is not deductible. H&r block 2011 tax software   If you use an accrual method, report income when you earn it. H&r block 2011 tax software If you are unable to collect the rent, you may be able to deduct it as a business bad debt. H&r block 2011 tax software See chapter 10 of Publication 535 for more information about business bad debts. H&r block 2011 tax software Vacant rental property. H&r block 2011 tax software   If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. H&r block 2011 tax software However, you cannot deduct any loss of rental income for the period the property is vacant. H&r block 2011 tax software Vacant while listed for sale. H&r block 2011 tax software   If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. H&r block 2011 tax software If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses. H&r block 2011 tax software Points The term “points” is often used to describe some of the charges paid, or treated as paid, by a borrower to take out a loan or a mortgage. H&r block 2011 tax software These charges are also called loan origination fees, maximum loan charges, or premium charges. H&r block 2011 tax software Any of these charges (points) that are solely for the use of money are interest. H&r block 2011 tax software Because points are prepaid interest, you generally cannot deduct the full amount in the year paid, but must deduct the interest over the term of the loan. H&r block 2011 tax software The method used to figure the amount of points you can deduct each year follows the original issue discount (OID) rules. H&r block 2011 tax software In this case, points are equivalent to OID, which is the difference between: The amount borrowed (redemption price at maturity, or principal) and The proceeds (issue price). H&r block 2011 tax software The first step is to determine whether your total OID (which you may have on bonds or other investments in addition to the mortgage loan), including the OID resulting from the points, is insignificant or de minimis. H&r block 2011 tax software If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct. H&r block 2011 tax software De minimis OID. H&r block 2011 tax software   The OID is de minimis if it is less than one-fourth of 1% (. H&r block 2011 tax software 0025) of the stated redemption price at maturity (principal amount of the loan) multiplied by the number of full years from the date of original issue to maturity (term of the loan). H&r block 2011 tax software   If the OID is de minimis, you can choose one of the following ways to figure the amount of points you can deduct each year. H&r block 2011 tax software On a constant-yield basis over the term of the loan. H&r block 2011 tax software On a straight line basis over the term of the loan. H&r block 2011 tax software In proportion to stated interest payments. H&r block 2011 tax software In its entirety at maturity of the loan. H&r block 2011 tax software You make this choice by deducting the OID (points) in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. H&r block 2011 tax software Example. H&r block 2011 tax software Carol Madison took out a $100,000 mortgage loan on January 1, 2013, to buy a house she will use as a rental during 2013. H&r block 2011 tax software The loan is to be repaid over 30 years. H&r block 2011 tax software During 2013, Carol paid $10,000 of mortgage interest (stated interest) to the lender. H&r block 2011 tax software When the loan was made, she paid $1,500 in points to the lender. H&r block 2011 tax software The points reduced the principal amount of the loan from $100,000 to $98,500, resulting in $1,500 of OID. H&r block 2011 tax software Carol determines that the points (OID) she paid are de minimis based on the following computation. H&r block 2011 tax software Redemption price at maturity (principal amount of the loan) $100,000 Multiplied by: The term of the  loan in complete years ×30 Multiplied by ×. H&r block 2011 tax software 0025 De minimis amount $7,500 The points (OID) she paid ($1,500) are less than the de minimis amount ($7,500). H&r block 2011 tax software Therefore, Carol has de minimis OID and she can choose one of the four ways discussed earlier to figure the amount she can deduct each year. H&r block 2011 tax software Under the straight line method, she can deduct $50 each year for 30 years. H&r block 2011 tax software Constant-yield method. H&r block 2011 tax software   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. H&r block 2011 tax software   You figure your deduction for the first year in the following manner. H&r block 2011 tax software Determine the issue price of the loan. H&r block 2011 tax software If you paid points on the loan, the issue price generally is the difference between the principal and the points. H&r block 2011 tax software Multiply the result in (1) by the yield to maturity (defined later). H&r block 2011 tax software Subtract any qualified stated interest payments (defined later) from the result in (2). H&r block 2011 tax software This is the OID you can deduct in the first year. H&r block 2011 tax software Yield to maturity (YTM). H&r block 2011 tax software   This rate is generally shown in the literature you receive from your lender. H&r block 2011 tax software If you do not have this information, consult your lender or tax advisor. H&r block 2011 tax software In general, the YTM is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. H&r block 2011 tax software Qualified stated interest (QSI). H&r block 2011 tax software   In general, this is the stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a fixed rate. H&r block 2011 tax software Example—Year 1. H&r block 2011 tax software The facts are the same as in the previous example. H&r block 2011 tax software The yield to maturity on Carol's loan is 10. H&r block 2011 tax software 2467%, compounded annually. H&r block 2011 tax software She figured the amount of points (OID) she could deduct in 2013 as follows. H&r block 2011 tax software Principal amount of the loan $100,000 Minus: Points (OID) –1,500 Issue price of the loan $98,500 Multiplied by: YTM × . H&r block 2011 tax software 102467 Total 10,093 Minus: QSI –10,000 Points (OID) deductible in 2013 $93 To figure your deduction in any subsequent year, you start with the adjusted issue price. H&r block 2011 tax software To get the adjusted issue price, add to the issue price figured in Year 1 any OID previously deducted. H&r block 2011 tax software Then follow steps (2) and (3), earlier. H&r block 2011 tax software Example—Year 2. H&r block 2011 tax software Carol figured the deduction for 2014 as follows. H&r block 2011 tax software Issue price $98,500 Plus: Points (OID) deducted  in 2013 +93 Adjusted issue price $98,593 Multiplied by: YTM × . H&r block 2011 tax software 102467 Total 10,103 Minus: QSI –10,000 Points (OID) deductible in 2014 $103 Loan or mortgage ends. H&r block 2011 tax software    If your loan or mortgage ends, you may be able to deduct any remaining points (OID) in the tax year in which the loan or mortgage ends. H&r block 2011 tax software A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. H&r block 2011 tax software However, if the refinancing is with the same lender, the remaining points (OID) generally are not deductible in the year in which the refinancing occurs, but may be deductible over the term of the new mortgage or loan. H&r block 2011 tax software Points when loan refinance is more than the previous outstanding balance. H&r block 2011 tax software   When you refinance a rental property for more than the previous outstanding balance, the portion of the points allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. H&r block 2011 tax software For example, if an individual refinanced a loan with a balance of $100,000, the amount of the new loan was $120,000, and the taxpayer used $20,000 to purchase a car, points allocable to the $20,000 would be treated as nondeductible personal interest. H&r block 2011 tax software Repairs and Improvements Generally, an expense for repairing or maintaining your rental property may be deducted if you are not required to capitalize the expense. H&r block 2011 tax software Improvements. H&r block 2011 tax software   You must capitalize any expense you pay to improve your rental property. H&r block 2011 tax software An expense is for an improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. H&r block 2011 tax software Betterments. H&r block 2011 tax software   Expenses that may result in a betterment to your property include expenses for fixing a pre-existing defect or condition, enlarging or expanding your property, or increasing the capacity, strength, or quality of your property. H&r block 2011 tax software Restoration. H&r block 2011 tax software   Expenses that may be for restoration include expenses for replacing a substantial structural part of your property, repairing damage to your property after you properly adjusted the basis of your property as a result of a casualty loss, or rebuilding your property to a like-new condition. H&r block 2011 tax software Adaptation. H&r block 2011 tax software   Expenses that may be for adaptation include expenses for altering your property to a use that is not consistent with the intended ordinary use of your property when you began renting the property. H&r block 2011 tax software Separate the costs of repairs and improvements, and keep accurate records. H&r block 2011 tax software You will need to know the cost of improvements when you sell or depreciate your property. H&r block 2011 tax software The expenses you capitalize for improving your property can generally be depreciated as if the improvement were separate property. H&r block 2011 tax software Table 1-1. H&r block 2011 tax software Examples of Improvements Additions Bedroom Bathroom Deck Garage Porch Patio  Lawn & Grounds Landscaping Driveway Walkway Fence Retaining wall Sprinkler system Swimming pool Miscellaneous Storm windows, doors New roof Central vacuum Wiring upgrades Satellite dish Security system   Heating & Air Conditioning Heating system Central air conditioning Furnace Duct work Central humidifier Filtration system Plumbing Septic system Water heater Soft water system Filtration system  Interior Improvements Built-in appliances Kitchen modernization Flooring Wall-to-wall carpeting  Insulation Attic Walls, floor Pipes, duct work Prev  Up  Next   Home   More Online Publications
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Filing and Paying Your Business Taxes

Paying

Electronic Payment Options 
A secure way to pay your Federal taxes.

Filing

Electronic Filing Options for Business and Self-Employed Taxpayers
There are electronic filing options available for many of the taxes and forms that small businesses are required to file, such as excise and employment taxes, Forms 1120, 7004, 1041 and various information returns.

Employer Identification Number
An Employer Identification Number (EIN), also known as a federal tax identification number, is used to identify tax reports to the IRS.

Business Taxes
The form of business you operate determines what taxes you must pay and how you pay them.

Estimated Taxes
Federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go: withholding and estimated taxes.

Employment Taxes for Small Businesses
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold Federal income tax withholding, social security and Medicare taxes, and Federal Unemployment Tax Act (FUTA) taxes.

Self-Employment Taxes
The self-employment tax is a social security and Medicare tax for individuals who work for themselves.

Reporting Information Returns
Your business may be required to file information returns to report certain types of payments made during the year.

e-File Form 940, 941 or 944 for Small Businesses
Learn your options for e-filing form 940, 941 or 944 for Small Businesses.

Filing Past Due Tax Returns
Before you decide not to file your tax return on time or not pay all of your taxes when they are due, consider this.

Reporting Payments to Independent Contractors
If you pay independent contractors, you may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business.

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Page Last Reviewed or Updated: 21-Mar-2014

The H&r Block 2011 Tax Software

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