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H Rblock Com

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H Rblock Com

H rblock com 5. H rblock com   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. H rblock com Shared equity financing agreement. H rblock com Donation of use of the property. H rblock com Examples. H rblock com Days used for repairs and maintenance. H rblock com Days used as a main home before or after renting. H rblock com Reporting Income and DeductionsNot used as a home. H rblock com Used as a home but rented less than 15 days. H rblock com Used as a home and rented 15 days or more. H rblock com 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. H rblock com 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. H rblock com Only your rental expenses may deducted on Schedule E (Form 1040). H rblock com Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). H rblock com You must also determine if the dwelling unit is considered a home. H rblock com The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. H rblock com Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. H rblock com 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. H rblock com Dwelling unit. H rblock com   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. H rblock com It also includes all structures or other property belonging to the dwelling unit. H rblock com A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. H rblock com   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. H rblock com 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. H rblock com Example. H rblock com You rent a room in your home that is always available for short-term occupancy by paying customers. H rblock com You do not use the room yourself and you allow only paying customers to use the room. H rblock com This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. H rblock com 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. H rblock com When dividing your expenses, follow these rules. H rblock com 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. H rblock com (This rule does not apply when determining whether you used the unit as a home. H rblock com ) Any day that the unit is available for rent but not actually rented is not a day of rental use. H rblock com Fair rental price. H rblock com   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. H rblock com 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. H rblock com   Ask yourself the following questions when comparing another property with yours. H rblock com 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. H rblock com Example. H rblock com Your beach cottage was available for rent from June 1 through August 31 (92 days). H rblock com 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. H rblock com 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. H rblock com Your family also used the cottage during the last 2 weeks of May (14 days). H rblock com The cottage was not used at all before May 17 or after August 31. H rblock com You figure the part of the cottage expenses to treat as rental expenses as follows. H rblock com The cottage was used for rental a total of 85 days (92 − 7). H rblock com The days it was available for rent but not rented (7 days) are not days of rental use. H rblock com The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. H rblock com You used the cottage for personal purposes for 14 days (the last 2 weeks in May). H rblock com The total use of the cottage was 99 days (14 days personal use + 85 days rental use). H rblock com Your rental expenses are 85/99 (86%) of the cottage expenses. H rblock com Note. H rblock com 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. H rblock com Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. H rblock com 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. H rblock com If you have a net loss, you may not be able to deduct all of the rental expenses. H rblock com See Dwelling Unit Used as a Home, next. H rblock com 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. H rblock com 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. H rblock com See What is a day of personal use , later. H rblock com 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. H rblock com Instead, count it as a day of personal use in applying both (1) and (2) above. H rblock com 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. H rblock com 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). H rblock com However, see Days used as a main home before or after renting , later. H rblock com 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. H rblock com Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. H rblock com ), and lineal descendants (children, grandchildren, etc. H rblock com ). H rblock com Anyone under an arrangement that lets you use some other dwelling unit. H rblock com Anyone at less than a fair rental price. H rblock com Main home. H rblock com   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. H rblock com Shared equity financing agreement. H rblock com   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. H rblock com Donation of use of the property. H rblock com   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. H rblock com Examples. H rblock com   The following examples show how to determine if you have days of personal use. H rblock com Example 1. H rblock com You and your neighbor are co-owners of a condominium at the beach. H rblock com Last year, you rented the unit to vacationers whenever possible. H rblock com The unit was not used as a main home by anyone. H rblock com Your neighbor used the unit for 2 weeks last year; you did not use it at all. H rblock com 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. H rblock com Example 2. H rblock com You and your neighbors are co-owners of a house under a shared equity financing agreement. H rblock com Your neighbors live in the house and pay you a fair rental price. H rblock com 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. H rblock com This is because your neighbors rent the house as their main home under a shared equity financing agreement. H rblock com Example 3. H rblock com You own a rental property that you rent to your son. H rblock com Your son does not own any interest in this property. H rblock com He uses it as his main home and pays you a fair rental price. H rblock com 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. H rblock com Example 4. H rblock com You rent your beach house to Rosa. H rblock com Rosa rents her cabin in the mountains to you. H rblock com You each pay a fair rental price. H rblock com 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. H rblock com Example 5. H rblock com You rent an apartment to your mother at less than a fair rental price. H rblock com 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. H rblock com Days used for repairs and maintenance. H rblock com   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. H rblock com 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. H rblock com Example. H rblock com Corey owns a cabin in the mountains that he rents for most of the year. H rblock com He spends a week at the cabin with family members. H rblock com 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. H rblock com Corey's family members, however, work substantially full time on the cabin each day during the week. H rblock com The main purpose of being at the cabin that week is to do maintenance work. H rblock com Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. H rblock com Days used as a main home before or after renting. H rblock com   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. H rblock com Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. H rblock com 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. H rblock com However, this special rule does not apply when dividing expenses between rental and personal use. H rblock com See Property Changed to Rental Use in chapter 4. H rblock com Example 1. H rblock com 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. H rblock com You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). H rblock com On June 1, 2013, you moved back into your old house. H rblock com 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. H rblock com Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. H rblock com Example 2. H rblock com On January 31, you moved out of the condominium where you had lived for 3 years. H rblock com You offered it for rent at a fair rental price beginning on February 1. H rblock com You were unable to rent it until April. H rblock com On September 15, you sold the condominium. H rblock com 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. H rblock com Examples. H rblock com   The following examples show how to determine whether you used your rental property as a home. H rblock com Example 1. H rblock com You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. H rblock com You rented the basement apartment at a fair rental price to college students during the regular school year. H rblock com You rented to them on a 9-month lease (273 days). H rblock com You figured 10% of the total days rented to others at a fair rental price is 27 days. H rblock com During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. H rblock com Your basement apartment was used as a home because you used it for personal purposes for 30 days. H rblock com Rent-free use by your brothers is considered personal use. H rblock com Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). H rblock com Example 2. H rblock com 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). H rblock com Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. H rblock com You figured 10% of the total days rented to others at a fair rental price is 3 days. H rblock com The room was used as a home because you used it for personal purposes for 21 days. H rblock com That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). H rblock com Example 3. H rblock com You own a condominium apartment in a resort area. H rblock com You rented it at a fair rental price for a total of 170 days during the year. H rblock com 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. H rblock com Your family actually used the apartment for 10 of those days. H rblock com Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. H rblock com You figured 10% of the total days rented to others at a fair rental price is 16 days. H rblock com Your family also used the apartment for 7 other days during the year. H rblock com You used the apartment as a home because you used it for personal purposes for 17 days. H rblock com That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). H rblock com Minimal rental use. H rblock com   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. H rblock com See Used as a home but rented less than 15 days, later, for more information. H rblock com Limit on deductions. H rblock com   Renting a dwelling unit that is considered a home is not a passive activity. H rblock com 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. H rblock com 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. H rblock com Any expenses carried forward to the next year will be subject to any limits that apply for that year. H rblock com 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. H rblock com   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. H rblock com Reporting Income and Deductions Property not used for personal purposes. H rblock com   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. H rblock com Property used for personal purposes. H rblock com   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. H rblock com Not used as a home. H rblock com   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. H rblock com 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 . H rblock com The expenses for personal use are not deductible as rental expenses. H rblock com   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. H rblock com Used as a home but rented less than 15 days. H rblock com   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). H rblock com You are not required to report the rental income and rental expenses from this activity. H rblock com The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). H rblock com See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. H rblock com Used as a home and rented 15 days or more. H rblock com   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. H rblock com 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 . H rblock com The expenses for personal use are not deductible as rental expenses. H rblock com   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. H rblock com You do not need to use Worksheet 5-1. H rblock com   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. H rblock com To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. H rblock com Worksheet 5-1. H rblock com 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. H rblock com Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . H rblock com ) 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. H rblock com Rental Use Percentage A. H rblock com Total days available for rent at fair rental price A. H rblock com       B. H rblock com Total days available for rent (line A) but not rented B. H rblock com       C. H rblock com Total days of rental use. H rblock com Subtract line B from line A C. H rblock com       D. H rblock com Total days of personal use (including days rented at less than fair rental price) D. H rblock com       E. H rblock com Total days of rental and personal use. H rblock com Add lines C and D E. H rblock com       F. H rblock com Percentage of expenses allowed for rental. H rblock com Divide line C by line E     F. H rblock com . H rblock com PART II. H rblock com Allowable Rental Expenses 1. H rblock com Enter rents received 1. H rblock com   2a. H rblock com Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. H rblock com       b. H rblock com Enter the rental portion of real estate taxes b. H rblock com       c. H rblock com Enter the rental portion of deductible casualty and theft losses (see instructions) c. H rblock com       d. H rblock com Enter direct rental expenses (see instructions) d. H rblock com       e. H rblock com Fully deductible rental expenses. H rblock com Add lines 2a–2d. H rblock com Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. H rblock com   3. H rblock com Subtract line 2e from line 1. H rblock com If zero or less, enter -0- 3. H rblock com   4a. H rblock com Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. H rblock com       b. H rblock com Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. H rblock com       c. H rblock com Carryover of operating expenses from 2012 worksheet c. H rblock com       d. H rblock com Add lines 4a–4c d. H rblock com       e. H rblock com Allowable expenses. H rblock com Enter the smaller of line 3 or line 4d (see instructions) 4e. H rblock com   5. H rblock com Subtract line 4e from line 3. H rblock com If zero or less, enter -0- 5. H rblock com   6a. H rblock com Enter the rental portion of excess casualty and theft losses (see instructions) 6a. H rblock com       b. H rblock com Enter the rental portion of depreciation of the dwelling unit b. H rblock com       c. H rblock com Carryover of excess casualty losses and depreciation from 2012 worksheet c. H rblock com       d. H rblock com Add lines 6a–6c d. H rblock com       e. H rblock com Allowable excess casualty and theft losses and depreciation. H rblock com Enter the smaller of  line 5 or line 6d (see instructions) 6e. H rblock com   PART III. H rblock com Carryover of Unallowed Expenses to Next Year 7a. H rblock com Operating expenses to be carried over to next year. H rblock com Subtract line 4e from line 4d 7a. H rblock com   b. H rblock com Excess casualty and theft losses and depreciation to be carried over to next year. H rblock com  Subtract line 6e from line 6d b. H rblock com   Worksheet 5-1 Instructions. H rblock com Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. H rblock com 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. H rblock com Line 2a. H rblock com Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. H rblock com Do not include interest on a loan that did not benefit the dwelling unit. H rblock com 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. H rblock com Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. H rblock com Include the rental portion of this interest in the total you enter on line 2a of the worksheet. H rblock com   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. H rblock com See the Schedule A instructions. H rblock com However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. H rblock com See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. H rblock com Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. H rblock com   Note. H rblock com Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. H rblock com Instead, figure the personal portion on a separate Schedule A. H rblock com 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. H rblock com           Line 2c. H rblock com 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. H rblock com To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. H rblock com If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. H rblock com On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. H rblock com Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. H rblock com   Note. H rblock com Do not file this Form 4684 or use it to figure your personal losses on Schedule A. H rblock com Instead, figure the personal portion on a separate Form 4684. H rblock com           Line 2d. H rblock com Enter the total of your rental expenses that are directly related only to the rental activity. H rblock com These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. H rblock com Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. H rblock com           Line 2e. H rblock com 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. H rblock com Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. H rblock com           Line 4b. H rblock com 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. H rblock com 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. H rblock com Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). H rblock com           Line 4e. H rblock com 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. H rblock com *           Line 6a. H rblock com To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. H rblock com   A. H rblock com Enter the amount from Form 4684, line 10       B. H rblock com Enter the rental portion of line A       C. H rblock com Enter the amount from line 2c of this worksheet       D. H rblock com Subtract line C from line B. H rblock com Enter the result here and on line 6a of this worksheet               Line 6e. H rblock com 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. H rblock com * *Allocating the limited deduction. H rblock com 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. H rblock com Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. H rblock com Prev  Up  Next   Home   More Online Publications
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Contact the U.S. Congress and the White House

How to contact government officials.

Contact Your Representative in the U.S. Congress

You can send an e-mail to your elected officials using the websites for the U.S. House of Representatives or the U.S. Senate.  If you don’t know how to find the website of your Representative or Senator, here’s how to find it:

1. Identify Your Representatives in the U.S. Congress

2. Visit Your Representative's Website

Click the name of the elected official you want to contact.  This will take you to their website.

3. Type Your Message

Look for the “Contact” link on the website, and click on it to find a web form to send your message.

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Contact a Member of Congress that Does Not Represent You

If you want to send a message to an official who does not represent you, you can:

  • Send a message to the Representative or Senator that represents you, and ask his or her office to forward it for you.
  • Go to the website for the member of Congress you wish to contact to find a postal address and mail a letter.
  • Call the United States Capitol switchboard at 1-202-224-3121.  The switchboard operator will connect you with the office you request.

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Contact the White House

Visit the White House website to send questions, comments, or concerns, to the President or his staff.

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The H Rblock Com

H rblock com 4. H rblock com   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. H rblock com However, the information shown on the filled-in forms is not from any actual person or scenario. H rblock com Example 1—Mortgage loan modification. H rblock com    In 2007, Nancy Oak bought a main home for $435,000. H rblock com Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. H rblock com The loan was secured by the home. H rblock com The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. H rblock com In 2008, Nancy took out a second mortgage loan (also a recourse debt) in the amount of $30,000 that was used to substantially improve her kitchen. H rblock com    In 2011, when the outstanding principal of the first and second mortgage loans was $440,000, Nancy refinanced the two recourse loans into one recourse loan in the amount of $475,000. H rblock com The FMV of Nancy's home at the time of the refinancing was $500,000. H rblock com Nancy used the additional $35,000 debt ($475,000 new mortgage loan minus $440,000 outstanding principal of Nancy's first and second mortgage loans immediately before the refinancing) to pay off personal credit cards and to pay college tuition for her son. H rblock com After the refinancing, Nancy has qualified principal residence indebtedness in the amount of $440,000 because the refinanced debt is qualified principal residence indebtedness only to the extent the amount of debt is not more than the old mortgage principal just before the refinancing. H rblock com   In 2013, Nancy was unable to make her mortgage loan payments. H rblock com On August 31, 2013, when the outstanding balance of her refinanced mortgage loan was still $475,000 and the FMV of the property was $425,000, Nancy's bank agreed to a loan modification (a “workout”) that resulted in a $40,000 reduction in the principal balance of her loan. H rblock com Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. H rblock com   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. H rblock com Identifiable event code "F" appears in box 6. H rblock com This box shows the reason the creditor has filed Form 1099-C. H rblock com To determine if she must include the canceled debt in her income, Nancy must determine whether she meets any of the exceptions or exclusions that apply to canceled debts. H rblock com Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. H rblock com   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. H rblock com Although Nancy has $440,000 of qualified principal residence indebtedness, part of her loan ($35,000) was not qualified principal residence indebtedness because it was used to pay off personal credit cards and college tuition for her son. H rblock com Applying the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent the amount canceled is more than the amount of the debt (immediately before the cancellation) that is not qualified principal residence indebtedness. H rblock com Thus, Nancy can exclude only $5,000 of the canceled debt as qualified principal residence indebtedness ($40,000 amount canceled minus $35,000 nonqualified debt). H rblock com   Because Nancy does not meet any other exception or exclusion, she checks only the box on line 1e of Form 982 and enters $5,000 on line 2. H rblock com Nancy must also enter $5,000 on line 10b and reduce the basis of her main home by the $5,000 she excluded from income, bringing the adjusted basis in her home to $460,000 ($435,000 purchase price plus $30,000 substantial improvement minus $5,000). H rblock com Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. H rblock com You can see Nancy's Form 1099-C and a portion of her Form 1040 below. H rblock com Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. H rblock com Please click the link to view the image. H rblock com Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. H rblock com Please click the link to view the image. H rblock com Form 1040, U. H rblock com S. H rblock com Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. H rblock com Please click the link to view the image. H rblock com Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. H rblock com    In 2005, John and Mary Elm bought a main home for $335,000. H rblock com John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. H rblock com The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. H rblock com   John and Mary became unable to make their mortgage loan payments and on March 1, 2013, when the outstanding balance of the mortgage loan was $315,000 and the FMV of the property was $290,000, the bank foreclosed on the property and simultaneously canceled the remaining mortgage debt. H rblock com Immediately before the foreclosure, John and Mary's only other assets and liabilities were a checking account with a balance of $6,000, retirement savings of $13,000, and credit card debt of $5,500. H rblock com   John and Mary received a 2013 Form 1099-C showing canceled debt of $25,000 in box 2 ($315,000 outstanding balance minus $290,000 FMV) and an FMV of $290,000 in box 7. H rblock com Identifiable event code "D" appears in box 6. H rblock com This box shows the reason the creditor has filed Form 1099-C. H rblock com In order to determine if John and Mary must include the canceled debt in income, they must first determine whether they meet any of the exceptions or exclusions that apply to canceled debts. H rblock com In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. H rblock com Their sample Form 1099-C is shown on this page. H rblock com   John and Mary complete the insolvency worksheet and determine that they were insolvent immediately before the cancellation because at that time their liabilities exceeded the FMV of their assets by $11,500 ($320,500 total liabilities minus $309,000 FMV of total assets). H rblock com However, because the entire debt canceled is qualified principal residence indebtedness, the insolvency exclusion only applies if John and Mary elect to apply the insolvency exclusion instead of the qualified principal residence exclusion. H rblock com   John and Mary do not elect to apply the insolvency exclusion instead of the qualified principal residence exclusion because under the insolvency exclusion their exclusion would be limited to the amount by which they were insolvent ($11,500). H rblock com Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. H rblock com Under the qualified principal residence exclusion, the amount that John and Mary can exclude is not limited because their qualified principal residence indebtedness is not more than $2 million and no portion of the loan was nonqualified debt. H rblock com As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. H rblock com Because John and Mary no longer own the home due to the foreclosure, John and Mary have no remaining basis in the home at the time of the debt cancellation. H rblock com Thus, John and Mary leave line 10b of Form 982 blank. H rblock com   John and Mary must also determine whether they have a gain or loss from the foreclosure. H rblock com John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. H rblock com Because this loss relates to their home, it is a nondeductible loss. H rblock com   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. H rblock com John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. H rblock com Please click the link to view the image. H rblock com Form 1099-C, Cancellation of Debt Table 1-1. H rblock com Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. H rblock com Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). H rblock com Otherwise, go to Part 2. H rblock com 1. H rblock com Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $315,000. H rblock com 00 2. H rblock com Enter the fair market value of the transferred property $290,000. H rblock com 00 3. H rblock com Ordinary income from the cancellation of debt upon foreclosure or repossession. H rblock com * Subtract line 2 from line 1. H rblock com If less than zero, enter zero. H rblock com Next, go to Part 2 $ 25,000. H rblock com 00 Part 2. H rblock com Gain or loss from foreclosure or repossession. H rblock com   4. H rblock com Enter the smaller of line 1 or line 2. H rblock com If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property $290,000. H rblock com 00 5. H rblock com Enter any proceeds you received from the foreclosure sale   6. H rblock com Add line 4 and line 5 $290,000. H rblock com 00 7. H rblock com Enter the adjusted basis of the transferred property $335,000. H rblock com 00 8. H rblock com Gain or loss from foreclosure or repossession. H rblock com Subtract line 7 from line 6 ($ 45,000. H rblock com 00) * The income may not be taxable. H rblock com See chapter 1 for more details. H rblock com Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. H rblock com Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. H rblock com Credit card debt $ 5,500 2. H rblock com Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 315,000 3. H rblock com Car and other vehicle loans $ 4. H rblock com Medical bills owed $ 5. H rblock com Student loans $ 6. H rblock com Accrued or past-due mortgage interest $ 7. H rblock com Accrued or past-due real estate taxes $ 8. H rblock com Accrued or past-due utilities (water, gas, electric) $ 9. H rblock com Accrued or past-due child care costs $ 10. H rblock com Federal or state income taxes remaining due (for prior tax years) $ 11. H rblock com Judgments $ 12. H rblock com Business debts (including those owed as a sole proprietor or partner) $ 13. H rblock com Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. H rblock com Other liabilities (debts) not included above $ 15. H rblock com Total liabilities immediately before the cancellation. H rblock com Add lines 1 through 14. H rblock com $ 320,500 Part II. H rblock com Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. H rblock com Cash and bank account balances $ 6,000 17. H rblock com Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 290,000 18. H rblock com Cars and other vehicles $ 19. H rblock com Computers $ 20. H rblock com Household goods and furnishings (for example, appliances, electronics, furniture, etc. H rblock com ) $ 21. H rblock com Tools $ 22. H rblock com Jewelry $ 23. H rblock com Clothing $ 24. H rblock com Books $ 25. H rblock com Stocks and bonds $ 26. H rblock com Investments in coins, stamps, paintings, or other collectibles $ 27. H rblock com Firearms, sports, photographic, and other hobby equipment $ 28. H rblock com Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. H rblock com Interest in a pension plan $ 30. H rblock com Interest in education accounts $ 31. H rblock com Cash value of life insurance $ 32. H rblock com Security deposits with landlords, utilities, and others $ 33. H rblock com Interests in partnerships $ 34. H rblock com Value of investment in a business $ 35. H rblock com Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. H rblock com Other assets not included above $ 37. H rblock com FMV of total assets immediately before the cancellation. H rblock com Add lines 16 through 36. H rblock com $ 309,000 Part III. H rblock com Insolvency 38. H rblock com Amount of Insolvency. H rblock com Subtract line 37 from line 15. H rblock com If zero or less, you are not insolvent. H rblock com $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. H rblock com Please click the link to view the image. H rblock com Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)          Example 3—Mortgage loan foreclosure with debt exceeding $2 million limit. H rblock com    In 2011, Kathy and Frank Willow got married and entered into a contract with Hive Construction Corporation to build a house for $3,000,000 to be used as their main home. H rblock com Kathy and Frank made a $400,000 down payment and took out a $2,600,000 mortgage to finance the remaining cost of the house. H rblock com Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. H rblock com   In November 2013, when the outstanding principal balance on the mortgage loan was $2,500,000, the FMV of the property fell to $1,750,000 and Kathy and Frank abandoned the property by permanently moving out. H rblock com The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. H rblock com On December 26, 2013, the lender canceled the remaining debt. H rblock com Kathy and Frank have no tax attributes other than basis of personal-use property. H rblock com   The lender issued a 2013 Form 1099-C to Kathy and Frank showing canceled debt of $750,000 in box 2 (the remaining balance on the $2,500,000 mortgage debt after application of the foreclosure sale proceeds) and $1,750,000 in box 7 (FMV of the property). H rblock com Identifiable event code "D" appears in box 6. H rblock com This box shows the reason the creditor has filed Form 1099-C. H rblock com Although Kathy and Frank abandoned the property, the lender did not need to also file a Form 1099-A because the lender canceled the debt in connection with the foreclosure in the same calendar year. H rblock com Kathy and Frank are filing a joint return for 2013. H rblock com   Because the foreclosure occurred prior to the debt cancellation, Kathy and Frank first calculate their gain or loss from the foreclosure using Table 1-1. H rblock com Because Kathy and Frank remained personally liable for the $750,000 debt remaining after the foreclosure ($2,500,000 outstanding debt immediately before the foreclosure minus $1,750,000 satisfied through the sale of the home), Kathy and Frank enter $1,750,000 on line 1 of Table 1-1 ($2,500,000 outstanding debt immediately before the foreclosure minus the $750,000 for which they remained liable). H rblock com Completing Table 1-1, Kathy and Frank find that they have no ordinary income from the cancellation of debt upon foreclosure and that they have a $1,250,000 loss. H rblock com Because this loss relates to their home, it is a nondeductible loss. H rblock com   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. H rblock com Immediately before the cancellation, Kathy and Frank had $15,000 in a savings account, household furnishings with an FMV of $17,000, a car with an FMV of $10,000, and $18,000 in credit card debt. H rblock com Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. H rblock com The household furnishings originally cost $30,000. H rblock com The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. H rblock com Kathy and Frank had no adjustments to the cost basis of the car. H rblock com Kathy and Frank had no other assets or liabilities at the time of the cancellation. H rblock com Kathy and Frank complete the insolvency worksheet to calculate that they were insolvent to the extent of $726,000 immediately before the cancellation ($768,000 of total liabilities minus $42,000 FMV of total assets). H rblock com   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. H rblock com Kathy and Frank also owned the same car at that time (still with an FMV of $10,000 and basis of $16,000) and the same household furnishings (still with an FMV of $17,000 and a basis of $30,000). H rblock com Kathy and Frank had no other assets or liabilities at that time. H rblock com Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. H rblock com   Because the canceled debt is qualified principal residence indebtedness, the insolvency exclusion does not apply unless Kathy and Frank elect to apply the insolvency exclusion instead of the qualified principal residence indebtedness exclusion. H rblock com The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. H rblock com The remaining $500,000 ($2,500,000 outstanding mortgage loan minus $2,000,000 limit on qualified principal residence indebtedness) is not qualified principal residence indebtedness. H rblock com Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. H rblock com Under the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent that the amount canceled ($750,000) exceeds the amount of the loan (immediately before the cancellation) that is not qualified principal residence indebtedness ($500,000). H rblock com This means that Kathy and Frank can only exclude $250,000 ($750,000 amount canceled minus $500,000 nonqualified debt) under the qualified principal residence indebtedness exclusion. H rblock com   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. H rblock com Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. H rblock com Kathy and Frank can exclude the remaining $500,000 canceled debt under the insolvency exclusion because they were insolvent immediately before the cancellation to the extent of $726,000. H rblock com Thus, Kathy and Frank check the boxes on lines 1b and 1e of Form 982 and enter $750,000 on line 2 ($250,000 excluded under the qualified principal residence indebtedness exclusion plus $500,000 excluded under the insolvency exclusion). H rblock com   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. H rblock com Because Kathy and Frank no longer own the home due to the foreclosure, Kathy and Frank have no remaining basis in the home at the time of the debt cancellation. H rblock com Thus, Kathy and Frank leave line 10b of Form 982 blank. H rblock com However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. H rblock com As a result, Kathy and Frank must reduce the basis of property they own based on the amount of canceled debt they are excluding from income under the insolvency rules. H rblock com Because Kathy and Frank have no tax attributes other than basis of personal-use property to reduce, Kathy and Frank figure the amount they must include on line 10a of Form 982 by taking the smallest of: The $46,000 bases of their personal-use property held at the beginning of 2014 ($16,000 basis in the car plus $30,000 basis in household furnishings), The $500,000 of the nonbusiness debt (other than qualified principal residence indebtedness) that they are excluding from income on line 2 of Form 982, or The $43,000 excess of the total bases of the property and the amount of money they held immediately after the cancellation over their total liabilities immediately after the cancellation ($15,000 in savings account plus $30,000 basis in household furnishings plus $16,000 adjusted basis in car minus $18,000 credit card debt). H rblock com Kathy and Frank enter $43,000 on Form 982, line 10a and reduce their bases in the car and the household furnishings in proportion to the total adjusted bases in all their property. H rblock com Kathy and Frank reduce the basis in the car by $14,956. H rblock com 52 ($43,000 x $16,000/$46,000). H rblock com And they reduce the basis in the household furnishings by $28,043. H rblock com 48 ($43,000 x $30,000/$46,000). H rblock com   Following are Kathy and Frank's sample forms and worksheets. H rblock com Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. H rblock com Please click the link to view the image. H rblock com Form 1099-C, Cancellation of Debt Table 1-1. H rblock com Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. H rblock com Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). H rblock com Otherwise, go to Part 2. H rblock com 1. H rblock com Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $1,750,000. H rblock com 00 2. H rblock com Enter the fair market value of the transferred property $1,750,000. H rblock com 00 3. H rblock com Ordinary income from the cancellation of debt upon foreclosure or repossession. H rblock com * Subtract line 2 from line 1. H rblock com If less than zero, enter zero. H rblock com Next, go to Part 2 $0. H rblock com 00 Part 2. H rblock com Gain or loss from foreclosure or repossession. H rblock com   4. H rblock com Enter the smaller of line 1 or line 2. H rblock com If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property. H rblock com $1,750,000. H rblock com 00 5. H rblock com Enter any proceeds you received from the foreclosure sale   6. H rblock com Add line 4 and line 5 $1,750,000. H rblock com 00 7. H rblock com Enter the adjusted basis of the transferred property $3,000,000. H rblock com 00 8. H rblock com Gain or loss from foreclosure or repossession. H rblock com Subtract line 7 from line 6 ($1,250,000. H rblock com 00) * The income may not be taxable. H rblock com See chapter 1 for more details. H rblock com    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. H rblock com Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. H rblock com Credit card debt $ 18,000 2. H rblock com Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 750,000 3. H rblock com Car and other vehicle loans $ 4. H rblock com Medical bills owed $ 5. H rblock com Student loans $ 6. H rblock com Accrued or past-due mortgage interest $ 7. H rblock com Accrued or past-due real estate taxes $ 8. H rblock com Accrued or past-due utilities (water, gas, electric) $ 9. H rblock com Accrued or past-due child care costs $ 10. H rblock com Federal or state income taxes remaining due (for prior tax years) $ 11. H rblock com Judgments $ 12. H rblock com Business debts (including those owed as a sole proprietor or partner) $ 13. H rblock com Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. H rblock com Other liabilities (debts) not included above $ 15. H rblock com Total liabilities immediately before the cancellation. H rblock com Add lines 1 through 14. H rblock com $ 768,000 Part II. H rblock com Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. H rblock com Cash and bank account balances $ 15,000 17. H rblock com Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 18. H rblock com Cars and other vehicles $ 10,000 19. H rblock com Computers $ 20. H rblock com Household goods and furnishings (for example, appliances, electronics, furniture, etc. H rblock com ) $ 17,000 21. H rblock com Tools $ 22. H rblock com Jewelry $ 23. H rblock com Clothing $ 24. H rblock com Books $ 25. H rblock com Stocks and bonds $ 26. H rblock com Investments in coins, stamps, paintings, or other collectibles $ 27. H rblock com Firearms, sports, photographic, and other hobby equipment $ 28. H rblock com Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. H rblock com Interest in a pension plan $ 30. H rblock com Interest in education accounts $ 31. H rblock com Cash value of life insurance $ 32. H rblock com Security deposits with landlords, utilities, and others $ 33. H rblock com Interests in partnerships $ 34. H rblock com Value of investment in a business $ 35. H rblock com Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. H rblock com Other assets not included above $ 37. H rblock com FMV of total assets immediately before the cancellation. H rblock com Add lines 16 through 36. H rblock com $ 42,000 Part III. H rblock com Insolvency 38. H rblock com Amount of Insolvency. H rblock com Subtract line 37 from line 15. H rblock com If zero or less, you are not insolvent. H rblock com $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. H rblock com Please click the link to view the image. H rblock com Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications