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Filing Amended Tax Return 2010

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Filing Amended Tax Return 2010

Filing amended tax return 2010 Index A Assistance (see Tax help) C Cancellation of indebtedness, Exclusion of Certain Cancellations of Indebtedness by Reason of the Severe Storms, Tornadoes, or Flooding Casualty and theft losses, Casualty and Theft Losses Charitable contributions, Temporary Suspension of Limits on Charitable Contributions Child tax credit, Earned Income Credit and Child Tax Credit Clean-up costs, Demolition and Clean-up Costs Copy of tax return, request for, Request for copy of tax return. Filing amended tax return 2010 Credits: Child tax, Earned Income Credit and Child Tax Credit Earned income, Earned Income Credit and Child Tax Credit Education, Education Credits Employee retention, Employee Retention Credit Employer housing, Employer Housing Credit and Exclusion Rehabilitation tax, Increase in Rehabilitation Tax Credit D Demolition costs, Demolition and Clean-up Costs Distributions: Home purchase or construction, Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Qualified disaster recovery assistance, Qualified disaster recovery assistance distribution. Filing amended tax return 2010 Repayment of, Repayment of Qualified Disaster Recovery Assistance Distributions Taxation of, Taxation of Qualified Disaster Recovery Assistance Distributions E Earned income credit, Earned Income Credit and Child Tax Credit Education credits, Education Credits Eligible retirement plan, Eligible retirement plan. Filing amended tax return 2010 Employee retention credit, Employee Retention Credit Employer housing credit, Employer Housing Credit and Exclusion Exemption, additional for housing, Additional Exemption for Housing Individuals Displaced by the Severe Storms, Tornadoes, or Flooding F Federal mortgage subsidy, recapture of, Recapture of Federal Mortgage Subsidy Free tax services, How To Get Tax Help H Help (see Tax help) Hope credit (see Education credits) I Involuntary conversion (see Replacement period for nonrecognition of gain) IRAs and other retirement plans, IRAs and Other Retirement Plans L Lifetime learning credit (see Education credits) M Mileage reimbursements, charitable volunteers, Mileage Reimbursements to Charitable Volunteers More information (see Tax help) N Net operating losses, Net Operating Losses P Publications (see Tax help) Q Qualified disaster recovery assistance distribution, Qualified disaster recovery assistance distribution. Filing amended tax return 2010 Qualified disaster recovery assistance loss, Qualified disaster recovery assistance loss. Filing amended tax return 2010 R Rehabilitation tax credit, Increase in Rehabilitation Tax Credit Relocation, temporary, Tax Relief for Temporary Relocation Replacement period for nonrecognition of gain, Replacement Period for Nonrecognition of Gain Retirement plan, eligible, Eligible retirement plan. Filing amended tax return 2010 Retirement plans, IRAs and Other Retirement Plans S Standard mileage rate, charitable use, Standard Mileage Rate for Charitable Use of Vehicles T Tax help, How To Get Tax Help Tax return: Request for copy, Request for copy of tax return. Filing amended tax return 2010 Request for transcript, Request for transcript of tax return. Filing amended tax return 2010 Taxpayer Advocate, Contacting your Taxpayer Advocate. Filing amended tax return 2010 Temporary relocation, Tax Relief for Temporary Relocation Theft losses, Casualty and Theft Losses Transcript of tax return, request for, Request for transcript of tax return. Filing amended tax return 2010 TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Tennessee Department of Commerce and Insurance

Website: Tennessee Department of Commerce and Insurance

Address: Tennessee Department of Commerce and Insurance
Division of Consumer Affairs
500 James Robertson Pkwy., 12th Floor
Nashville, TN 37243-0600

Phone Number: 615-741-4737

Toll-free: 1-800-342-8385 (TN)

Tennessee Office of the Attorney General

Website: Tennessee Office of the Attorney General

Address: Tennessee Office of the Attorney General
Consumer Advocate and Protection Division
PO Box 20207
Nashville, TN 37202-0207

Phone Number: 615-741-1671

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
Consumer Resources Division
414 Union St., Suite 1000
Nashville, TN 37219

Phone Number: 615-253-2023

Toll-free: 1-800-778-4215 (TN)

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Commerce and Insurance

Website: Department of Commerce and Insurance

Address: Department of Commerce and Insurance
Consumer Insurance Services
500 James Robertson Pkwy., 4th Floor
Nashville, TN 37243-0574

Phone Number: 615-741-2218

Toll-free: 1-800-342-4029 (TN)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Commerce and Insurance

Website: Department of Commerce and Insurance

Address: Department of Commerce and Insurance
Securities Division
500 James Robertson Pkwy.
Nashville, TN 37243-0575

Phone Number: 615-741-2947

Toll-free: 1-800-863-9117 (TN)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Regulatory Authority

Website: Regulatory Authority

Address: Regulatory Authority
Consumer Services Division
460 James Robertson Pkwy.
Nashville, TN 37243-0505

Phone Number: 615-741-2904

Toll-free: 1-800-342-8359 (Consumer Services)

TTY: 1-888-276-0677

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The Filing Amended Tax Return 2010

Filing amended tax return 2010 5. Filing amended tax return 2010   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. Filing amended tax return 2010 Shared equity financing agreement. Filing amended tax return 2010 Donation of use of the property. Filing amended tax return 2010 Examples. Filing amended tax return 2010 Days used for repairs and maintenance. Filing amended tax return 2010 Days used as a main home before or after renting. Filing amended tax return 2010 Reporting Income and DeductionsNot used as a home. Filing amended tax return 2010 Used as a home but rented less than 15 days. Filing amended tax return 2010 Used as a home and rented 15 days or more. Filing amended tax return 2010 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. Filing amended tax return 2010 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. Filing amended tax return 2010 Only your rental expenses may deducted on Schedule E (Form 1040). Filing amended tax return 2010 Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). Filing amended tax return 2010 You must also determine if the dwelling unit is considered a home. Filing amended tax return 2010 The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. Filing amended tax return 2010 Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. Filing amended tax return 2010 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. Filing amended tax return 2010 Dwelling unit. Filing amended tax return 2010   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. Filing amended tax return 2010 It also includes all structures or other property belonging to the dwelling unit. Filing amended tax return 2010 A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Filing amended tax return 2010   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. Filing amended tax return 2010 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. Filing amended tax return 2010 Example. Filing amended tax return 2010 You rent a room in your home that is always available for short-term occupancy by paying customers. Filing amended tax return 2010 You do not use the room yourself and you allow only paying customers to use the room. Filing amended tax return 2010 This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. Filing amended tax return 2010 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. Filing amended tax return 2010 When dividing your expenses, follow these rules. Filing amended tax return 2010 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. Filing amended tax return 2010 (This rule does not apply when determining whether you used the unit as a home. Filing amended tax return 2010 ) Any day that the unit is available for rent but not actually rented is not a day of rental use. Filing amended tax return 2010 Fair rental price. Filing amended tax return 2010   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. Filing amended tax return 2010 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. Filing amended tax return 2010   Ask yourself the following questions when comparing another property with yours. Filing amended tax return 2010 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. Filing amended tax return 2010 Example. Filing amended tax return 2010 Your beach cottage was available for rent from June 1 through August 31 (92 days). Filing amended tax return 2010 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. Filing amended tax return 2010 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. Filing amended tax return 2010 Your family also used the cottage during the last 2 weeks of May (14 days). Filing amended tax return 2010 The cottage was not used at all before May 17 or after August 31. Filing amended tax return 2010 You figure the part of the cottage expenses to treat as rental expenses as follows. Filing amended tax return 2010 The cottage was used for rental a total of 85 days (92 − 7). Filing amended tax return 2010 The days it was available for rent but not rented (7 days) are not days of rental use. Filing amended tax return 2010 The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. Filing amended tax return 2010 You used the cottage for personal purposes for 14 days (the last 2 weeks in May). Filing amended tax return 2010 The total use of the cottage was 99 days (14 days personal use + 85 days rental use). Filing amended tax return 2010 Your rental expenses are 85/99 (86%) of the cottage expenses. Filing amended tax return 2010 Note. Filing amended tax return 2010 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. Filing amended tax return 2010 Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. Filing amended tax return 2010 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. Filing amended tax return 2010 If you have a net loss, you may not be able to deduct all of the rental expenses. Filing amended tax return 2010 See Dwelling Unit Used as a Home, next. Filing amended tax return 2010 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. Filing amended tax return 2010 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. Filing amended tax return 2010 See What is a day of personal use , later. Filing amended tax return 2010 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. Filing amended tax return 2010 Instead, count it as a day of personal use in applying both (1) and (2) above. Filing amended tax return 2010 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. Filing amended tax return 2010 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). Filing amended tax return 2010 However, see Days used as a main home before or after renting , later. Filing amended tax return 2010 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. Filing amended tax return 2010 Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. Filing amended tax return 2010 ), and lineal descendants (children, grandchildren, etc. Filing amended tax return 2010 ). Filing amended tax return 2010 Anyone under an arrangement that lets you use some other dwelling unit. Filing amended tax return 2010 Anyone at less than a fair rental price. Filing amended tax return 2010 Main home. Filing amended tax return 2010   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. Filing amended tax return 2010 Shared equity financing agreement. Filing amended tax return 2010   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. Filing amended tax return 2010 Donation of use of the property. Filing amended tax return 2010   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. Filing amended tax return 2010 Examples. Filing amended tax return 2010   The following examples show how to determine if you have days of personal use. Filing amended tax return 2010 Example 1. Filing amended tax return 2010 You and your neighbor are co-owners of a condominium at the beach. Filing amended tax return 2010 Last year, you rented the unit to vacationers whenever possible. Filing amended tax return 2010 The unit was not used as a main home by anyone. Filing amended tax return 2010 Your neighbor used the unit for 2 weeks last year; you did not use it at all. Filing amended tax return 2010 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. Filing amended tax return 2010 Example 2. Filing amended tax return 2010 You and your neighbors are co-owners of a house under a shared equity financing agreement. Filing amended tax return 2010 Your neighbors live in the house and pay you a fair rental price. Filing amended tax return 2010 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. Filing amended tax return 2010 This is because your neighbors rent the house as their main home under a shared equity financing agreement. Filing amended tax return 2010 Example 3. Filing amended tax return 2010 You own a rental property that you rent to your son. Filing amended tax return 2010 Your son does not own any interest in this property. Filing amended tax return 2010 He uses it as his main home and pays you a fair rental price. Filing amended tax return 2010 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. Filing amended tax return 2010 Example 4. Filing amended tax return 2010 You rent your beach house to Rosa. Filing amended tax return 2010 Rosa rents her cabin in the mountains to you. Filing amended tax return 2010 You each pay a fair rental price. Filing amended tax return 2010 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. Filing amended tax return 2010 Example 5. Filing amended tax return 2010 You rent an apartment to your mother at less than a fair rental price. Filing amended tax return 2010 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. Filing amended tax return 2010 Days used for repairs and maintenance. Filing amended tax return 2010   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. Filing amended tax return 2010 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. Filing amended tax return 2010 Example. Filing amended tax return 2010 Corey owns a cabin in the mountains that he rents for most of the year. Filing amended tax return 2010 He spends a week at the cabin with family members. Filing amended tax return 2010 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. Filing amended tax return 2010 Corey's family members, however, work substantially full time on the cabin each day during the week. Filing amended tax return 2010 The main purpose of being at the cabin that week is to do maintenance work. Filing amended tax return 2010 Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. Filing amended tax return 2010 Days used as a main home before or after renting. Filing amended tax return 2010   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. Filing amended tax return 2010 Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. Filing amended tax return 2010 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. Filing amended tax return 2010 However, this special rule does not apply when dividing expenses between rental and personal use. Filing amended tax return 2010 See Property Changed to Rental Use in chapter 4. Filing amended tax return 2010 Example 1. Filing amended tax return 2010 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. Filing amended tax return 2010 You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). Filing amended tax return 2010 On June 1, 2013, you moved back into your old house. Filing amended tax return 2010 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. Filing amended tax return 2010 Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. Filing amended tax return 2010 Example 2. Filing amended tax return 2010 On January 31, you moved out of the condominium where you had lived for 3 years. Filing amended tax return 2010 You offered it for rent at a fair rental price beginning on February 1. Filing amended tax return 2010 You were unable to rent it until April. Filing amended tax return 2010 On September 15, you sold the condominium. Filing amended tax return 2010 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. Filing amended tax return 2010 Examples. Filing amended tax return 2010   The following examples show how to determine whether you used your rental property as a home. Filing amended tax return 2010 Example 1. Filing amended tax return 2010 You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. Filing amended tax return 2010 You rented the basement apartment at a fair rental price to college students during the regular school year. Filing amended tax return 2010 You rented to them on a 9-month lease (273 days). Filing amended tax return 2010 You figured 10% of the total days rented to others at a fair rental price is 27 days. Filing amended tax return 2010 During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. Filing amended tax return 2010 Your basement apartment was used as a home because you used it for personal purposes for 30 days. Filing amended tax return 2010 Rent-free use by your brothers is considered personal use. Filing amended tax return 2010 Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). Filing amended tax return 2010 Example 2. Filing amended tax return 2010 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). Filing amended tax return 2010 Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. Filing amended tax return 2010 You figured 10% of the total days rented to others at a fair rental price is 3 days. Filing amended tax return 2010 The room was used as a home because you used it for personal purposes for 21 days. Filing amended tax return 2010 That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). Filing amended tax return 2010 Example 3. Filing amended tax return 2010 You own a condominium apartment in a resort area. Filing amended tax return 2010 You rented it at a fair rental price for a total of 170 days during the year. Filing amended tax return 2010 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. Filing amended tax return 2010 Your family actually used the apartment for 10 of those days. Filing amended tax return 2010 Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. Filing amended tax return 2010 You figured 10% of the total days rented to others at a fair rental price is 16 days. Filing amended tax return 2010 Your family also used the apartment for 7 other days during the year. Filing amended tax return 2010 You used the apartment as a home because you used it for personal purposes for 17 days. Filing amended tax return 2010 That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). Filing amended tax return 2010 Minimal rental use. Filing amended tax return 2010   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. Filing amended tax return 2010 See Used as a home but rented less than 15 days, later, for more information. Filing amended tax return 2010 Limit on deductions. Filing amended tax return 2010   Renting a dwelling unit that is considered a home is not a passive activity. Filing amended tax return 2010 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. Filing amended tax return 2010 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. Filing amended tax return 2010 Any expenses carried forward to the next year will be subject to any limits that apply for that year. Filing amended tax return 2010 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. Filing amended tax return 2010   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. Filing amended tax return 2010 Reporting Income and Deductions Property not used for personal purposes. Filing amended tax return 2010   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. Filing amended tax return 2010 Property used for personal purposes. Filing amended tax return 2010   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. Filing amended tax return 2010 Not used as a home. Filing amended tax return 2010   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. Filing amended tax return 2010 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 . Filing amended tax return 2010 The expenses for personal use are not deductible as rental expenses. Filing amended tax return 2010   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. Filing amended tax return 2010 Used as a home but rented less than 15 days. Filing amended tax return 2010   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). Filing amended tax return 2010 You are not required to report the rental income and rental expenses from this activity. Filing amended tax return 2010 The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). Filing amended tax return 2010 See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Filing amended tax return 2010 Used as a home and rented 15 days or more. Filing amended tax return 2010   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. Filing amended tax return 2010 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 . Filing amended tax return 2010 The expenses for personal use are not deductible as rental expenses. Filing amended tax return 2010   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. Filing amended tax return 2010 You do not need to use Worksheet 5-1. Filing amended tax return 2010   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. Filing amended tax return 2010 To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. Filing amended tax return 2010 Worksheet 5-1. Filing amended tax return 2010 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. Filing amended tax return 2010 Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . Filing amended tax return 2010 ) 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. Filing amended tax return 2010 Rental Use Percentage A. Filing amended tax return 2010 Total days available for rent at fair rental price A. Filing amended tax return 2010       B. Filing amended tax return 2010 Total days available for rent (line A) but not rented B. Filing amended tax return 2010       C. Filing amended tax return 2010 Total days of rental use. Filing amended tax return 2010 Subtract line B from line A C. Filing amended tax return 2010       D. Filing amended tax return 2010 Total days of personal use (including days rented at less than fair rental price) D. Filing amended tax return 2010       E. Filing amended tax return 2010 Total days of rental and personal use. Filing amended tax return 2010 Add lines C and D E. Filing amended tax return 2010       F. Filing amended tax return 2010 Percentage of expenses allowed for rental. Filing amended tax return 2010 Divide line C by line E     F. Filing amended tax return 2010 . Filing amended tax return 2010 PART II. Filing amended tax return 2010 Allowable Rental Expenses 1. Filing amended tax return 2010 Enter rents received 1. Filing amended tax return 2010   2a. Filing amended tax return 2010 Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. Filing amended tax return 2010       b. Filing amended tax return 2010 Enter the rental portion of real estate taxes b. Filing amended tax return 2010       c. Filing amended tax return 2010 Enter the rental portion of deductible casualty and theft losses (see instructions) c. Filing amended tax return 2010       d. Filing amended tax return 2010 Enter direct rental expenses (see instructions) d. Filing amended tax return 2010       e. Filing amended tax return 2010 Fully deductible rental expenses. Filing amended tax return 2010 Add lines 2a–2d. Filing amended tax return 2010 Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. Filing amended tax return 2010   3. Filing amended tax return 2010 Subtract line 2e from line 1. Filing amended tax return 2010 If zero or less, enter -0- 3. Filing amended tax return 2010   4a. Filing amended tax return 2010 Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. Filing amended tax return 2010       b. Filing amended tax return 2010 Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. Filing amended tax return 2010       c. Filing amended tax return 2010 Carryover of operating expenses from 2012 worksheet c. Filing amended tax return 2010       d. Filing amended tax return 2010 Add lines 4a–4c d. Filing amended tax return 2010       e. Filing amended tax return 2010 Allowable expenses. Filing amended tax return 2010 Enter the smaller of line 3 or line 4d (see instructions) 4e. Filing amended tax return 2010   5. Filing amended tax return 2010 Subtract line 4e from line 3. Filing amended tax return 2010 If zero or less, enter -0- 5. Filing amended tax return 2010   6a. Filing amended tax return 2010 Enter the rental portion of excess casualty and theft losses (see instructions) 6a. Filing amended tax return 2010       b. Filing amended tax return 2010 Enter the rental portion of depreciation of the dwelling unit b. Filing amended tax return 2010       c. Filing amended tax return 2010 Carryover of excess casualty losses and depreciation from 2012 worksheet c. Filing amended tax return 2010       d. Filing amended tax return 2010 Add lines 6a–6c d. Filing amended tax return 2010       e. Filing amended tax return 2010 Allowable excess casualty and theft losses and depreciation. Filing amended tax return 2010 Enter the smaller of  line 5 or line 6d (see instructions) 6e. Filing amended tax return 2010   PART III. Filing amended tax return 2010 Carryover of Unallowed Expenses to Next Year 7a. Filing amended tax return 2010 Operating expenses to be carried over to next year. Filing amended tax return 2010 Subtract line 4e from line 4d 7a. Filing amended tax return 2010   b. Filing amended tax return 2010 Excess casualty and theft losses and depreciation to be carried over to next year. Filing amended tax return 2010  Subtract line 6e from line 6d b. Filing amended tax return 2010   Worksheet 5-1 Instructions. Filing amended tax return 2010 Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. Filing amended tax return 2010 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. Filing amended tax return 2010 Line 2a. Filing amended tax return 2010 Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. Filing amended tax return 2010 Do not include interest on a loan that did not benefit the dwelling unit. Filing amended tax return 2010 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. Filing amended tax return 2010 Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. Filing amended tax return 2010 Include the rental portion of this interest in the total you enter on line 2a of the worksheet. Filing amended tax return 2010   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. Filing amended tax return 2010 See the Schedule A instructions. Filing amended tax return 2010 However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. Filing amended tax return 2010 See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. Filing amended tax return 2010 Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. Filing amended tax return 2010   Note. Filing amended tax return 2010 Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. Filing amended tax return 2010 Instead, figure the personal portion on a separate Schedule A. Filing amended tax return 2010 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. Filing amended tax return 2010           Line 2c. Filing amended tax return 2010 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. Filing amended tax return 2010 To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. Filing amended tax return 2010 If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. Filing amended tax return 2010 On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. Filing amended tax return 2010 Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. Filing amended tax return 2010   Note. Filing amended tax return 2010 Do not file this Form 4684 or use it to figure your personal losses on Schedule A. Filing amended tax return 2010 Instead, figure the personal portion on a separate Form 4684. Filing amended tax return 2010           Line 2d. Filing amended tax return 2010 Enter the total of your rental expenses that are directly related only to the rental activity. Filing amended tax return 2010 These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. Filing amended tax return 2010 Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. Filing amended tax return 2010           Line 2e. Filing amended tax return 2010 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. Filing amended tax return 2010 Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. Filing amended tax return 2010           Line 4b. Filing amended tax return 2010 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. Filing amended tax return 2010 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. Filing amended tax return 2010 Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). Filing amended tax return 2010           Line 4e. Filing amended tax return 2010 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. Filing amended tax return 2010 *           Line 6a. Filing amended tax return 2010 To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. Filing amended tax return 2010   A. Filing amended tax return 2010 Enter the amount from Form 4684, line 10       B. Filing amended tax return 2010 Enter the rental portion of line A       C. Filing amended tax return 2010 Enter the amount from line 2c of this worksheet       D. Filing amended tax return 2010 Subtract line C from line B. Filing amended tax return 2010 Enter the result here and on line 6a of this worksheet               Line 6e. Filing amended tax return 2010 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. Filing amended tax return 2010 * *Allocating the limited deduction. Filing amended tax return 2010 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. Filing amended tax return 2010 Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. Filing amended tax return 2010 Prev  Up  Next   Home   More Online Publications