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2011 Tax Brackets

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2011 Tax Brackets

2011 tax brackets 29. 2011 tax brackets   Límite sobre Deducciones Detalladas Table of Contents Introduction Useful Items - You may want to see: ¿Está Usted Sujeto al Límite? ¿Qué Deducciones Detalladas Están Limitadas? ¿Qué Deducciones Detalladas no Están Limitadas? ¿Cómo se Calcula el Límite?Ejemplo Introduction Este capítulo trata del límite general sobre las deducciones detalladas en el Anexo A (Formulario 1040). 2011 tax brackets Los temas abarcan: Quién está sujeto al límite. 2011 tax brackets Qué deducciones detalladas están limitadas. 2011 tax brackets Cómo calcular el límite. 2011 tax brackets Useful Items - You may want to see: Formulario (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés. 2011 tax brackets ¿Está Usted Sujeto al Límite? Si tiene ingresos brutos ajustados (AGI, por sus siglas en inglés) de más de $300,000, si es casado que presenta la declaración conjunta o viudo calificado, $275,000, si es cabeza de familia, $250,000, si es soltero o $150,000, si es casado que presenta la declaración por separado, está sujeto al límite sobre determinadas deducciones detalladas. 2011 tax brackets El ingreso bruto ajustado (AGI) es la cantidad de la línea 38 (Formulario 1040). 2011 tax brackets ¿Qué Deducciones Detalladas Están Limitadas? Las siguientes deducciones del Anexo A (Formulario 1040) están sujetas al límite general sobre las deducciones detalladas: Impuestos pagados —línea 9. 2011 tax brackets Intereses pagados —líneas 10,11,12 y 13. 2011 tax brackets Donaciones a organizaciones caritativas —línea 19. 2011 tax brackets Gastos laborales y determinadas deducciones misceláneas —línea 27. 2011 tax brackets Otras deducciones misceláneas —línea 28, excluyendo pérdidas por apuestas y juegos de azar y por hecho fortuito o robo. 2011 tax brackets ¿Qué Deducciones Detalladas no Están Limitadas? Las siguientes deducciones del Anexo A (Formulario 1040) no están sujetas al límite general sobre las deducciones detalladas. 2011 tax brackets Sin embargo, igualmente están sujetas a otros límites aplicables. 2011 tax brackets Gastos médicos y dentales —línea 4. 2011 tax brackets Gastos de intereses de inversión —línea 14. 2011 tax brackets Pérdidas por hecho fortuito y robo de bienes de uso personal —línea 20. 2011 tax brackets Pérdidas por hecho fortuito y robo de bienes que generan ingresos —línea 28. 2011 tax brackets Pérdidas por apuestas y juegos de azar —línea 28. 2011 tax brackets ¿Cómo se Calcula el Límite? Si las deducciones detalladas están sujetas al límite, el total de todas sus deducciones detalladas es reducido por la cantidad menor de uno de: el 80% de las deducciones detalladas afectadas por el límite. 2011 tax brackets Vea ¿Qué Deducciones Detalladas Están Limitadas? , anteriormente o el 3% de la cantidad por la cual los ingresos brutos ajustados sobrepasen $300,000, si es casado que presenta la declaración conjunta o viudo calificado, $275,000, si es cabeza de familia, $250,000, si es soltero o $150,000, si es casado que presenta la declaración por separado. 2011 tax brackets Antes de calcular el límite general sobre las deducciones detalladas, primero tiene que llenar las líneas 1 a 28 del Anexo A (Formulario 1040), incluyendo todo formulario afín (tal como el Formulario 2106, el Formulario 4684, etc. 2011 tax brackets ) El límite general sobre las deducciones detalladas se calcula después de haberse aplicado cualquier otro límite sobre la asignación de alguna deducción detallada. 2011 tax brackets Estos límites adicionales abarcan los límites sobre donaciones caritativas (capítulo 24), el límite sobre determinados gastos de comida y entretenimiento (capítulo 26) y el límite del 2% de los ingresos brutos ajustados sobre determinadas deducciones misceláneas (capítulo 28). 2011 tax brackets Hoja de trabajo de deducciones detalladas. 2011 tax brackets   Después de completar hasta la línea 28, inclusive, del Anexo A (Formulario 1040), puede utilizar la Itemized Deductions Worksheet (Hoja de trabajo de las deducciones detalladas), en las Instrucciones del Anexo A (Formulario 1040) para calcular el límite. 2011 tax brackets Anote el resultado en la línea 29 del Anexo A (Formulario 1040). 2011 tax brackets Guarde la hoja de trabajo con su documentación. 2011 tax brackets Debe comparar la cantidad de la deducción estándar con la cantidad de las deducciones detalladas después de aplicar el límite. 2011 tax brackets Utilice la cantidad mayor cuando complete la línea 40 (Formulario 1040). 2011 tax brackets Vea el capítulo 20 para información sobre cómo calcular la deducción estándar. 2011 tax brackets Ejemplo Para el año tributario 2013, Guillermo y Teresa Valdez presentan la declaración conjunta en el Formulario 1040. 2011 tax brackets Tienen ingresos brutos ajustados de $325,500 en la línea 38. 2011 tax brackets Las deducciones detalladas de su Anexo A son las siguientes: Impuestos pagados —línea 9   $ 17,900 Intereses pagados —líneas 10,11,12 y 13   45,000 Gasto de intereses de inversión  —línea 14   41,000 Donaciones a organizaciones caritativas —línea 19   21,000 Gastos laborales —línea 27   17,240 Total   $142,140       La deducción por gastos de intereses de inversión de los Valdez ($41,000 de la línea 14 del Anexo A (Formulario 1040) no está sujeta al límite general de las deducciones detalladas. 2011 tax brackets Los Valdez utilizan la Itemized Deductions Worksheet (Hoja de trabajo de las deducciones detalladas), en las Instrucciones del Anexo A (Formulario 1040) para calcular el límite general. 2011 tax brackets Del total de las deducciones detalladas de $142,140, los Valdez pueden deducir sólo $141,375 ($142,140 - $765). 2011 tax brackets Anotan $141,375 en la línea 29 del Anexo A (Formulario 1040). 2011 tax brackets Prev  Up  Next   Home   More Online Publications
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The 2011 Tax Brackets

2011 tax brackets 5. 2011 tax brackets   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. 2011 tax brackets Shared equity financing agreement. 2011 tax brackets Donation of use of the property. 2011 tax brackets Examples. 2011 tax brackets Days used for repairs and maintenance. 2011 tax brackets Days used as a main home before or after renting. 2011 tax brackets Reporting Income and DeductionsNot used as a home. 2011 tax brackets Used as a home but rented less than 15 days. 2011 tax brackets Used as a home and rented 15 days or more. 2011 tax brackets 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. 2011 tax brackets 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. 2011 tax brackets Only your rental expenses may deducted on Schedule E (Form 1040). 2011 tax brackets Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). 2011 tax brackets You must also determine if the dwelling unit is considered a home. 2011 tax brackets The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. 2011 tax brackets Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. 2011 tax brackets 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. 2011 tax brackets Dwelling unit. 2011 tax brackets   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. 2011 tax brackets It also includes all structures or other property belonging to the dwelling unit. 2011 tax brackets A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. 2011 tax brackets   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. 2011 tax brackets 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. 2011 tax brackets Example. 2011 tax brackets You rent a room in your home that is always available for short-term occupancy by paying customers. 2011 tax brackets You do not use the room yourself and you allow only paying customers to use the room. 2011 tax brackets This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. 2011 tax brackets 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. 2011 tax brackets When dividing your expenses, follow these rules. 2011 tax brackets 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. 2011 tax brackets (This rule does not apply when determining whether you used the unit as a home. 2011 tax brackets ) Any day that the unit is available for rent but not actually rented is not a day of rental use. 2011 tax brackets Fair rental price. 2011 tax brackets   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. 2011 tax brackets 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. 2011 tax brackets   Ask yourself the following questions when comparing another property with yours. 2011 tax brackets 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. 2011 tax brackets Example. 2011 tax brackets Your beach cottage was available for rent from June 1 through August 31 (92 days). 2011 tax brackets 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. 2011 tax brackets 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. 2011 tax brackets Your family also used the cottage during the last 2 weeks of May (14 days). 2011 tax brackets The cottage was not used at all before May 17 or after August 31. 2011 tax brackets You figure the part of the cottage expenses to treat as rental expenses as follows. 2011 tax brackets The cottage was used for rental a total of 85 days (92 − 7). 2011 tax brackets The days it was available for rent but not rented (7 days) are not days of rental use. 2011 tax brackets The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. 2011 tax brackets You used the cottage for personal purposes for 14 days (the last 2 weeks in May). 2011 tax brackets The total use of the cottage was 99 days (14 days personal use + 85 days rental use). 2011 tax brackets Your rental expenses are 85/99 (86%) of the cottage expenses. 2011 tax brackets Note. 2011 tax brackets 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. 2011 tax brackets Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. 2011 tax brackets 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. 2011 tax brackets If you have a net loss, you may not be able to deduct all of the rental expenses. 2011 tax brackets See Dwelling Unit Used as a Home, next. 2011 tax brackets 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. 2011 tax brackets 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. 2011 tax brackets See What is a day of personal use , later. 2011 tax brackets 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. 2011 tax brackets Instead, count it as a day of personal use in applying both (1) and (2) above. 2011 tax brackets 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. 2011 tax brackets 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). 2011 tax brackets However, see Days used as a main home before or after renting , later. 2011 tax brackets 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. 2011 tax brackets Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. 2011 tax brackets ), and lineal descendants (children, grandchildren, etc. 2011 tax brackets ). 2011 tax brackets Anyone under an arrangement that lets you use some other dwelling unit. 2011 tax brackets Anyone at less than a fair rental price. 2011 tax brackets Main home. 2011 tax brackets   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. 2011 tax brackets Shared equity financing agreement. 2011 tax brackets   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. 2011 tax brackets Donation of use of the property. 2011 tax brackets   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. 2011 tax brackets Examples. 2011 tax brackets   The following examples show how to determine if you have days of personal use. 2011 tax brackets Example 1. 2011 tax brackets You and your neighbor are co-owners of a condominium at the beach. 2011 tax brackets Last year, you rented the unit to vacationers whenever possible. 2011 tax brackets The unit was not used as a main home by anyone. 2011 tax brackets Your neighbor used the unit for 2 weeks last year; you did not use it at all. 2011 tax brackets 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. 2011 tax brackets Example 2. 2011 tax brackets You and your neighbors are co-owners of a house under a shared equity financing agreement. 2011 tax brackets Your neighbors live in the house and pay you a fair rental price. 2011 tax brackets 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. 2011 tax brackets This is because your neighbors rent the house as their main home under a shared equity financing agreement. 2011 tax brackets Example 3. 2011 tax brackets You own a rental property that you rent to your son. 2011 tax brackets Your son does not own any interest in this property. 2011 tax brackets He uses it as his main home and pays you a fair rental price. 2011 tax brackets 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. 2011 tax brackets Example 4. 2011 tax brackets You rent your beach house to Rosa. 2011 tax brackets Rosa rents her cabin in the mountains to you. 2011 tax brackets You each pay a fair rental price. 2011 tax brackets 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. 2011 tax brackets Example 5. 2011 tax brackets You rent an apartment to your mother at less than a fair rental price. 2011 tax brackets 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. 2011 tax brackets Days used for repairs and maintenance. 2011 tax brackets   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. 2011 tax brackets 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. 2011 tax brackets Example. 2011 tax brackets Corey owns a cabin in the mountains that he rents for most of the year. 2011 tax brackets He spends a week at the cabin with family members. 2011 tax brackets 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. 2011 tax brackets Corey's family members, however, work substantially full time on the cabin each day during the week. 2011 tax brackets The main purpose of being at the cabin that week is to do maintenance work. 2011 tax brackets Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. 2011 tax brackets Days used as a main home before or after renting. 2011 tax brackets   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. 2011 tax brackets Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. 2011 tax brackets 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. 2011 tax brackets However, this special rule does not apply when dividing expenses between rental and personal use. 2011 tax brackets See Property Changed to Rental Use in chapter 4. 2011 tax brackets Example 1. 2011 tax brackets 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. 2011 tax brackets You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). 2011 tax brackets On June 1, 2013, you moved back into your old house. 2011 tax brackets 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. 2011 tax brackets Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. 2011 tax brackets Example 2. 2011 tax brackets On January 31, you moved out of the condominium where you had lived for 3 years. 2011 tax brackets You offered it for rent at a fair rental price beginning on February 1. 2011 tax brackets You were unable to rent it until April. 2011 tax brackets On September 15, you sold the condominium. 2011 tax brackets 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. 2011 tax brackets Examples. 2011 tax brackets   The following examples show how to determine whether you used your rental property as a home. 2011 tax brackets Example 1. 2011 tax brackets You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. 2011 tax brackets You rented the basement apartment at a fair rental price to college students during the regular school year. 2011 tax brackets You rented to them on a 9-month lease (273 days). 2011 tax brackets You figured 10% of the total days rented to others at a fair rental price is 27 days. 2011 tax brackets During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. 2011 tax brackets Your basement apartment was used as a home because you used it for personal purposes for 30 days. 2011 tax brackets Rent-free use by your brothers is considered personal use. 2011 tax brackets Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). 2011 tax brackets Example 2. 2011 tax brackets 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). 2011 tax brackets Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. 2011 tax brackets You figured 10% of the total days rented to others at a fair rental price is 3 days. 2011 tax brackets The room was used as a home because you used it for personal purposes for 21 days. 2011 tax brackets That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). 2011 tax brackets Example 3. 2011 tax brackets You own a condominium apartment in a resort area. 2011 tax brackets You rented it at a fair rental price for a total of 170 days during the year. 2011 tax brackets 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. 2011 tax brackets Your family actually used the apartment for 10 of those days. 2011 tax brackets Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. 2011 tax brackets You figured 10% of the total days rented to others at a fair rental price is 16 days. 2011 tax brackets Your family also used the apartment for 7 other days during the year. 2011 tax brackets You used the apartment as a home because you used it for personal purposes for 17 days. 2011 tax brackets That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). 2011 tax brackets Minimal rental use. 2011 tax brackets   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. 2011 tax brackets See Used as a home but rented less than 15 days, later, for more information. 2011 tax brackets Limit on deductions. 2011 tax brackets   Renting a dwelling unit that is considered a home is not a passive activity. 2011 tax brackets 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. 2011 tax brackets 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. 2011 tax brackets Any expenses carried forward to the next year will be subject to any limits that apply for that year. 2011 tax brackets 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. 2011 tax brackets   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. 2011 tax brackets Reporting Income and Deductions Property not used for personal purposes. 2011 tax brackets   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. 2011 tax brackets Property used for personal purposes. 2011 tax brackets   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. 2011 tax brackets Not used as a home. 2011 tax brackets   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. 2011 tax brackets 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 . 2011 tax brackets The expenses for personal use are not deductible as rental expenses. 2011 tax brackets   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. 2011 tax brackets Used as a home but rented less than 15 days. 2011 tax brackets   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). 2011 tax brackets You are not required to report the rental income and rental expenses from this activity. 2011 tax brackets The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). 2011 tax brackets See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. 2011 tax brackets Used as a home and rented 15 days or more. 2011 tax brackets   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. 2011 tax brackets 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 . 2011 tax brackets The expenses for personal use are not deductible as rental expenses. 2011 tax brackets   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. 2011 tax brackets You do not need to use Worksheet 5-1. 2011 tax brackets   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. 2011 tax brackets To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. 2011 tax brackets Worksheet 5-1. 2011 tax brackets 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. 2011 tax brackets Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . 2011 tax brackets ) 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. 2011 tax brackets Rental Use Percentage A. 2011 tax brackets Total days available for rent at fair rental price A. 2011 tax brackets       B. 2011 tax brackets Total days available for rent (line A) but not rented B. 2011 tax brackets       C. 2011 tax brackets Total days of rental use. 2011 tax brackets Subtract line B from line A C. 2011 tax brackets       D. 2011 tax brackets Total days of personal use (including days rented at less than fair rental price) D. 2011 tax brackets       E. 2011 tax brackets Total days of rental and personal use. 2011 tax brackets Add lines C and D E. 2011 tax brackets       F. 2011 tax brackets Percentage of expenses allowed for rental. 2011 tax brackets Divide line C by line E     F. 2011 tax brackets . 2011 tax brackets PART II. 2011 tax brackets Allowable Rental Expenses 1. 2011 tax brackets Enter rents received 1. 2011 tax brackets   2a. 2011 tax brackets Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. 2011 tax brackets       b. 2011 tax brackets Enter the rental portion of real estate taxes b. 2011 tax brackets       c. 2011 tax brackets Enter the rental portion of deductible casualty and theft losses (see instructions) c. 2011 tax brackets       d. 2011 tax brackets Enter direct rental expenses (see instructions) d. 2011 tax brackets       e. 2011 tax brackets Fully deductible rental expenses. 2011 tax brackets Add lines 2a–2d. 2011 tax brackets Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. 2011 tax brackets   3. 2011 tax brackets Subtract line 2e from line 1. 2011 tax brackets If zero or less, enter -0- 3. 2011 tax brackets   4a. 2011 tax brackets Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. 2011 tax brackets       b. 2011 tax brackets Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. 2011 tax brackets       c. 2011 tax brackets Carryover of operating expenses from 2012 worksheet c. 2011 tax brackets       d. 2011 tax brackets Add lines 4a–4c d. 2011 tax brackets       e. 2011 tax brackets Allowable expenses. 2011 tax brackets Enter the smaller of line 3 or line 4d (see instructions) 4e. 2011 tax brackets   5. 2011 tax brackets Subtract line 4e from line 3. 2011 tax brackets If zero or less, enter -0- 5. 2011 tax brackets   6a. 2011 tax brackets Enter the rental portion of excess casualty and theft losses (see instructions) 6a. 2011 tax brackets       b. 2011 tax brackets Enter the rental portion of depreciation of the dwelling unit b. 2011 tax brackets       c. 2011 tax brackets Carryover of excess casualty losses and depreciation from 2012 worksheet c. 2011 tax brackets       d. 2011 tax brackets Add lines 6a–6c d. 2011 tax brackets       e. 2011 tax brackets Allowable excess casualty and theft losses and depreciation. 2011 tax brackets Enter the smaller of  line 5 or line 6d (see instructions) 6e. 2011 tax brackets   PART III. 2011 tax brackets Carryover of Unallowed Expenses to Next Year 7a. 2011 tax brackets Operating expenses to be carried over to next year. 2011 tax brackets Subtract line 4e from line 4d 7a. 2011 tax brackets   b. 2011 tax brackets Excess casualty and theft losses and depreciation to be carried over to next year. 2011 tax brackets  Subtract line 6e from line 6d b. 2011 tax brackets   Worksheet 5-1 Instructions. 2011 tax brackets Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. 2011 tax brackets 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. 2011 tax brackets Line 2a. 2011 tax brackets Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. 2011 tax brackets Do not include interest on a loan that did not benefit the dwelling unit. 2011 tax brackets 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. 2011 tax brackets Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. 2011 tax brackets Include the rental portion of this interest in the total you enter on line 2a of the worksheet. 2011 tax brackets   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. 2011 tax brackets See the Schedule A instructions. 2011 tax brackets However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. 2011 tax brackets See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. 2011 tax brackets Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. 2011 tax brackets   Note. 2011 tax brackets Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. 2011 tax brackets Instead, figure the personal portion on a separate Schedule A. 2011 tax brackets 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. 2011 tax brackets           Line 2c. 2011 tax brackets 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. 2011 tax brackets To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. 2011 tax brackets If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. 2011 tax brackets On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. 2011 tax brackets Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. 2011 tax brackets   Note. 2011 tax brackets Do not file this Form 4684 or use it to figure your personal losses on Schedule A. 2011 tax brackets Instead, figure the personal portion on a separate Form 4684. 2011 tax brackets           Line 2d. 2011 tax brackets Enter the total of your rental expenses that are directly related only to the rental activity. 2011 tax brackets These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. 2011 tax brackets Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. 2011 tax brackets           Line 2e. 2011 tax brackets 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. 2011 tax brackets Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. 2011 tax brackets           Line 4b. 2011 tax brackets 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. 2011 tax brackets 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. 2011 tax brackets Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). 2011 tax brackets           Line 4e. 2011 tax brackets 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. 2011 tax brackets *           Line 6a. 2011 tax brackets To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. 2011 tax brackets   A. 2011 tax brackets Enter the amount from Form 4684, line 10       B. 2011 tax brackets Enter the rental portion of line A       C. 2011 tax brackets Enter the amount from line 2c of this worksheet       D. 2011 tax brackets Subtract line C from line B. 2011 tax brackets Enter the result here and on line 6a of this worksheet               Line 6e. 2011 tax brackets 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. 2011 tax brackets * *Allocating the limited deduction. 2011 tax brackets 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. 2011 tax brackets Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. 2011 tax brackets Prev  Up  Next   Home   More Online Publications