Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

How Do I File My 2011 Taxes Now

File 2010 Taxes OnlineFederal Tax Ez Form1040 Nr FormDoes Military Pay Taxes1040ez Form InstructionsFreefile Taxes2010 Tax ReturnsFree Efile State TaxI Need A 1040x FormCompleted 1040x ExampleFile 2011 California State TaxesFile Federal And State Taxes FreeE-file 2012 TaxesIt 1040ez2005 Tax Return Online2011 1040a Tax FormsTurbotax Free State Filing CodeIrs Free Tax Filing Online Irs E-file2012 Irs Tax Return FormsForm 1040ez More:label_form_201040ez More:taxesHr Block Tax ReturnsFree 2007 Tax SoftwareFile 1040xHow Do I Amend My 2013 Tax ReturnFree E File IrsIrs 1040ez Form 20112011 Irs Form 1041How Do I File My 2012 Taxes NowH & R Block Free1040nr Tax ReturnsAmending 2011 Tax ReturnTurbotax 1040xHow Can I File 2011 TaxesFile 2009 Taxes Online For FreeIrs Ez Form 20122010 1040How To Ammend Your TaxesAmend 2010 ReturnIrs Ez FileFiling A 1040x

How Do I File My 2011 Taxes Now

How do i file my 2011 taxes now 4. How do i file my 2011 taxes now   Special Situations Table of Contents Condominiums CooperativesDepreciation Property Changed to Rental UseBasis of Property Changed to Rental Use Figuring the Depreciation Deduction Renting Part of Property Not Rented for ProfitPostponing decision. How do i file my 2011 taxes now Example—Property Changed to Rental Use This chapter discusses some rental real estate activities that are subject to additional rules. How do i file my 2011 taxes now Condominiums A condominium is most often a dwelling unit in a multi-unit building, but can also take other forms, such as a townhouse or garden apartment. How do i file my 2011 taxes now If you own a condominium, you also own a share of the common elements, such as land, lobbies, elevators, and service areas. How do i file my 2011 taxes now You and the other condominium owners may pay dues or assessments to a special corporation that is organized to take care of the common elements. How do i file my 2011 taxes now Special rules apply if you rent your condominium to others. How do i file my 2011 taxes now You can deduct as rental expenses all the expenses discussed in chapters 1 and 2. How do i file my 2011 taxes now In addition, you can deduct any dues or assessments paid for maintenance of the common elements. How do i file my 2011 taxes now You cannot deduct special assessments you pay to a condominium management corporation for improvements. How do i file my 2011 taxes now However, you may be able to recover your share of the cost of any improvement by taking depreciation. How do i file my 2011 taxes now Cooperatives If you live in a cooperative, you do not own your apartment. How do i file my 2011 taxes now Instead, a corporation owns the apartments and you are a tenant-stockholder in the cooperative housing corporation. How do i file my 2011 taxes now If you rent your apartment to others, you usually can deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation. How do i file my 2011 taxes now In addition to the maintenance fees paid to the cooperative housing corporation, you can deduct your direct payments for repairs, upkeep, and other rental expenses, including interest paid on a loan used to buy your stock in the corporation. How do i file my 2011 taxes now Depreciation You will be depreciating your stock in the corporation rather than the apartment itself. How do i file my 2011 taxes now Figure your depreciation deduction as follows. How do i file my 2011 taxes now Figure the depreciation for all the depreciable real property owned by the corporation. How do i file my 2011 taxes now (Depreciation methods are discussed in chapter 2 of this publication and Publication 946. How do i file my 2011 taxes now ) If you bought your cooperative stock after its first offering, figure the depreciable basis of this property as follows. How do i file my 2011 taxes now Multiply your cost per share by the total number of outstanding shares. How do i file my 2011 taxes now Add to the amount figured in (a) any mortgage debt on the property on the date you bought the stock. How do i file my 2011 taxes now Subtract from the amount figured in (b) any mortgage debt that is not for the depreciable real property, such as the part for the land. How do i file my 2011 taxes now Subtract from the amount figured in (1) any depreciation for space owned by the corporation that can be rented but cannot be lived in by tenant-stockholders. How do i file my 2011 taxes now Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. How do i file my 2011 taxes now Multiply the result of (2) by the percentage you figured in (3). How do i file my 2011 taxes now This is your depreciation on the stock. How do i file my 2011 taxes now Your depreciation deduction for the year cannot be more than the part of your adjusted basis (defined in chapter 2) in the stock of the corporation that is allocable to your rental property. How do i file my 2011 taxes now Payments added to capital account. How do i file my 2011 taxes now   Payments earmarked for a capital asset or improvement, or otherwise charged to the corporation's capital account are added to the basis of your stock in the corporation. How do i file my 2011 taxes now For example, you cannot deduct a payment used to pave a community parking lot, install a new roof, or pay the principal of the corporation's mortgage. How do i file my 2011 taxes now   Treat as a capital cost the amount you were assessed for capital items. How do i file my 2011 taxes now This cannot be more than the amount by which your payments to the corporation exceeded your share of the corporation's mortgage interest and real estate taxes. How do i file my 2011 taxes now   Your share of interest and taxes is the amount the corporation elected to allocate to you, if it reasonably reflects those expenses for your apartment. How do i file my 2011 taxes now Otherwise, figure your share in the following manner. How do i file my 2011 taxes now Divide the number of your shares of stock by the total number of shares outstanding, including any shares held by the corporation. How do i file my 2011 taxes now Multiply the corporation's deductible interest by the number you figured in (1). How do i file my 2011 taxes now This is your share of the interest. How do i file my 2011 taxes now Multiply the corporation's deductible taxes by the number you figured in (1). How do i file my 2011 taxes now This is your share of the taxes. How do i file my 2011 taxes now Property Changed to Rental Use If you change your home or other property (or a part of it) to rental use at any time other than the beginning of your tax year, you must divide yearly expenses, such as taxes and insurance, between rental use and personal use. How do i file my 2011 taxes now You can deduct as rental expenses only the part of the expense that is for the part of the year the property was used or held for rental purposes. How do i file my 2011 taxes now You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. How do i file my 2011 taxes now However, you can include the home mortgage interest, qualified mortgage insurance premiums, and real estate tax expenses for the part of the year the property was held for personal use as an itemized deduction on Schedule A (Form 1040). How do i file my 2011 taxes now Example. How do i file my 2011 taxes now Your tax year is the calendar year. How do i file my 2011 taxes now You moved from your home in May and started renting it out on June 1. How do i file my 2011 taxes now You can deduct as rental expenses seven-twelfths of your yearly expenses, such as taxes and insurance. How do i file my 2011 taxes now Starting with June, you can deduct as rental expenses the amounts you pay for items generally billed monthly, such as utilities. How do i file my 2011 taxes now When figuring depreciation, treat the property as placed in service on June 1. How do i file my 2011 taxes now Basis of Property Changed to Rental Use When you change property you held for personal use to rental use (for example, you rent your former home), the basis for depreciation will be the lesser of fair market value or adjusted basis on the date of conversion. How do i file my 2011 taxes now Fair market value. How do i file my 2011 taxes now   This is the price at which the property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts. How do i file my 2011 taxes now Sales of similar property, on or about the same date, may be helpful in figuring the fair market value of the property. How do i file my 2011 taxes now Figuring the basis. How do i file my 2011 taxes now   The basis for depreciation is the lesser of: The fair market value of the property on the date you changed it to rental use, or Your adjusted basis on the date of the change—that is, your original cost or other basis of the property, plus the cost of permanent additions or improvements since you acquired it, minus deductions for any casualty or theft losses claimed on earlier years' income tax returns and other decreases to basis. How do i file my 2011 taxes now For other increases and decreases to basis, see Adjusted Basis in chapter 2. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now Several years ago you built your home for $140,000 on a lot that cost you $14,000. How do i file my 2011 taxes now Before changing the property to rental use this year, you added $28,000 of permanent improvements to the house and claimed a $3,500 casualty loss deduction for damage to the house. How do i file my 2011 taxes now Part of the improvements qualified for a $500 residential energy credit, which you claimed on your 2010 tax return. How do i file my 2011 taxes now Because land is not depreciable, you can only include the cost of the house when figuring the basis for depreciation. How do i file my 2011 taxes now The adjusted basis of the house at the time of the change in its use was $164,000 ($140,000 + $28,000 − $3,500 − $500). How do i file my 2011 taxes now On the date of the change in use, your property had a fair market value of $168,000, of which $21,000 was for the land and $147,000 was for the house. How do i file my 2011 taxes now The basis for depreciation on the house is the fair market value on the date of the change ($147,000), because it is less than your adjusted basis ($164,000). How do i file my 2011 taxes now Cooperatives If you change your cooperative apartment to rental use, figure your allowable depreciation as explained earlier. How do i file my 2011 taxes now (Depreciation methods are discussed in chapter 2 of this publication and Publication 946. How do i file my 2011 taxes now ) The basis of all the depreciable real property owned by the cooperative housing corporation is the smaller of the following amounts. How do i file my 2011 taxes now The fair market value of the property on the date you change your apartment to rental use. How do i file my 2011 taxes now This is considered to be the same as the corporation's adjusted basis minus straight line depreciation, unless this value is unrealistic. How do i file my 2011 taxes now The corporation's adjusted basis in the property on that date. How do i file my 2011 taxes now Do not subtract depreciation when figuring the corporation's adjusted basis. How do i file my 2011 taxes now If you bought the stock after its first offering, the corporation's adjusted basis in the property is the amount figured in (1) under Depreciation (under Cooperatives, near the beginning of this chapter). How do i file my 2011 taxes now The fair market value of the property is considered to be the same as the corporation's adjusted basis figured in this way minus straight line depreciation, unless the value is unrealistic. How do i file my 2011 taxes now Figuring the Depreciation Deduction To figure the deduction, use the depreciation system in effect when you convert your residence to rental use. How do i file my 2011 taxes now Generally, that will be MACRS for any conversion after 1986. How do i file my 2011 taxes now Treat the property as placed in service on the conversion date. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now Your converted residence (see previous example under Figuring the basis) was available for rent on August 1. How do i file my 2011 taxes now Using Table 2-2d (see chapter 2), the percentage for Year 1 beginning in August is 1. How do i file my 2011 taxes now 364% and the depreciation deduction for Year 1 is $2,005 ($147,000 × . How do i file my 2011 taxes now 01364). How do i file my 2011 taxes now Renting Part of Property If you rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property. How do i file my 2011 taxes now You can deduct the expenses related to the part of the property used for rental purposes, such as home mortgage interest, qualified mortgage insurance premiums, and real estate taxes, as rental expenses on Schedule E (Form 1040). How do i file my 2011 taxes now You can also deduct as rental expenses a portion of other expenses that normally are nondeductible personal expenses, such as expenses for electricity, or painting the outside of the house. How do i file my 2011 taxes now There is no change in the types of expenses deductible for the personal-use part of your property. How do i file my 2011 taxes now Generally, these expenses may be deducted only if you itemize your deductions on Schedule A (Form 1040). How do i file my 2011 taxes now You cannot deduct any part of the cost of the first phone line even if your tenants have unlimited use of it. How do i file my 2011 taxes now You do not have to divide the expenses that belong only to the rental part of your property. How do i file my 2011 taxes now For example, if you paint a room that you rent, or if you pay premiums for liability insurance in connection with renting a room in your home, your entire cost is a rental expense. How do i file my 2011 taxes now If you install a second phone line strictly for your tenant's use, all of the cost of the second line is deductible as a rental expense. How do i file my 2011 taxes now You can deduct depreciation on the part of the house used for rental purposes as well as on the furniture and equipment you use for rental purposes. How do i file my 2011 taxes now How to divide expenses. How do i file my 2011 taxes now   If an expense is for both rental use and personal use, such as mortgage interest or heat for the entire house, you must divide the expense between rental use and personal use. How do i file my 2011 taxes now You can use any reasonable method for dividing the expense. How do i file my 2011 taxes now It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. How do i file my 2011 taxes now The two most common methods for dividing an expense are (1) the number of rooms in your home, and (2) the square footage of your home. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You rent a room in your house. How do i file my 2011 taxes now The room is 12 × 15 feet, or 180 square feet. How do i file my 2011 taxes now Your entire house has 1,800 square feet of floor space. How do i file my 2011 taxes now You can deduct as a rental expense 10% of any expense that must be divided between rental use and personal use. How do i file my 2011 taxes now If your heating bill for the year for the entire house was $600, $60 ($600 × . How do i file my 2011 taxes now 10) is a rental expense. How do i file my 2011 taxes now The balance, $540, is a personal expense that you cannot deduct. How do i file my 2011 taxes now Duplex. How do i file my 2011 taxes now   A common situation is the duplex where you live in one unit and rent out the other. How do i file my 2011 taxes now Certain expenses apply to the entire property, such as mortgage interest and real estate taxes, and must be split to determine rental and personal expenses. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You own a duplex and live in one half, renting the other half. How do i file my 2011 taxes now Both units are approximately the same size. How do i file my 2011 taxes now Last year, you paid a total of $10,000 mortgage interest and $2,000 real estate taxes for the entire property. How do i file my 2011 taxes now You can deduct $5,000 mortgage interest and $1,000 real estate taxes on Schedule E (Form 1040), and if you itemize your deductions, you can deduct the other $5,000 mortgage interest and $1,000 real estate taxes on Schedule A (Form 1040). How do i file my 2011 taxes now Not Rented for Profit If you do not rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income. How do i file my 2011 taxes now You cannot deduct a loss or carry forward to the next year any rental expenses that are more than your rental income for the year. How do i file my 2011 taxes now Where to report. How do i file my 2011 taxes now   Report your not-for-profit rental income on Form 1040 or 1040NR, line 21. How do i file my 2011 taxes now For example, if you are filing Form 1040, you can include your mortgage interest and any qualified mortgage insurance premiums (if you use the property as your main home or second home), real estate taxes, and casualty losses on the appropriate lines of Schedule A (Form 1040) if you itemize your deductions. How do i file my 2011 taxes now   If you itemize your deductions, claim your other rental expenses, subject to the rules explained in chapter 1 of Publication 535, as miscellaneous itemized deductions on Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 9. How do i file my 2011 taxes now You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income. How do i file my 2011 taxes now Presumption of profit. How do i file my 2011 taxes now   If your rental income is more than your rental expenses for at least 3 years out of a period of 5 consecutive years, you are presumed to be renting your property to make a profit. How do i file my 2011 taxes now Postponing decision. How do i file my 2011 taxes now   If you are starting your rental activity and do not have 3 years showing a profit, you can elect to have the presumption made after you have the 5 years of experience required by the test. How do i file my 2011 taxes now You may choose to postpone the decision of whether the rental is for profit by filing Form 5213. How do i file my 2011 taxes now You must file Form 5213 within 3 years after the due date of your return (determined without extensions) for the year in which you first carried on the activity or, if earlier, within 60 days after receiving written notice from the Internal Revenue Service proposing to disallow deductions attributable to the activity. How do i file my 2011 taxes now More information. How do i file my 2011 taxes now   For more information about the rules for an activity not engaged in for profit, see Not-for-Profit Activities in chapter 1 of Publication 535. How do i file my 2011 taxes now Example—Property Changed to Rental Use In January, Eileen Johnson bought a condominium apartment to live in. How do i file my 2011 taxes now Instead of selling the house she had been living in, she decided to change it to rental property. How do i file my 2011 taxes now Eileen selected a tenant and started renting the house on February 1. How do i file my 2011 taxes now Eileen charges $750 a month for rent and collects it herself. How do i file my 2011 taxes now Eileen also received a $750 security deposit from her tenant. How do i file my 2011 taxes now Because she plans to return it to her tenant at the end of the lease, she does not include it in her income. How do i file my 2011 taxes now Her rental expenses for the year are as follows. How do i file my 2011 taxes now   Mortgage interest $1,800     Fire insurance (1-year policy) 100     Miscellaneous repairs (after renting) 297     Real estate taxes imposed and paid 1,200   Eileen must divide the real estate taxes, mortgage interest, and fire insurance between the personal use of the property and the rental use of the property. How do i file my 2011 taxes now She can deduct eleven-twelfths of these expenses as rental expenses. How do i file my 2011 taxes now She can include the balance of the allowable taxes and mortgage interest on Schedule A (Form 1040) if she itemizes. How do i file my 2011 taxes now She cannot deduct the balance of the fire insurance because it is a personal expense. How do i file my 2011 taxes now Eileen bought this house in 1984 for $35,000. How do i file my 2011 taxes now Her property tax was based on assessed values of $10,000 for the land and $25,000 for the house. How do i file my 2011 taxes now Before changing it to rental property, Eileen added several improvements to the house. How do i file my 2011 taxes now She figures her adjusted basis as follows:   Improvements Cost     House $25,000     Remodeled kitchen 4,200     Recreation room 5,800     New roof 1,600     Patio and deck 2,400     Adjusted basis $39,000   On February 1, when Eileen changed her house to rental property, the property had a fair market value of $152,000. How do i file my 2011 taxes now Of this amount, $35,000 was for the land and $117,000 was for the house. How do i file my 2011 taxes now Because Eileen's adjusted basis is less than the fair market value on the date of the change, Eileen uses $39,000 as her basis for depreciation. How do i file my 2011 taxes now As specified for residential rental property, Eileen must use the straight line method of depreciation over the GDS or ADS recovery period. How do i file my 2011 taxes now She chooses the GDS recovery period of 27. How do i file my 2011 taxes now 5 years. How do i file my 2011 taxes now She uses Table 2-2d to find her depreciation percentage. How do i file my 2011 taxes now Since she placed the property in service in February, the percentage is 3. How do i file my 2011 taxes now 182%. How do i file my 2011 taxes now On April 1, Eileen bought a new dishwasher for the rental property at a cost of $425. How do i file my 2011 taxes now The dishwasher is personal property used in a rental real estate activity, which has a 5-year recovery period. How do i file my 2011 taxes now She uses Table 2-2a to find the percentage for Year 1 under “Half-year convention” (20%) to figure her depreciation deduction. How do i file my 2011 taxes now On May 1, Eileen paid $4,000 to have a furnace installed in the house. How do i file my 2011 taxes now The furnace is residential rental property. How do i file my 2011 taxes now Because she placed the property in service in May, the percentage from Table 2-2d is 2. How do i file my 2011 taxes now 273%. How do i file my 2011 taxes now Eileen figures her net rental income or loss for the house as follows: Total rental income received  ($750 × 11) $8,250 Minus: Expenses     Mortgage interest ($1,800 × 11/12) $1,650   Fire insurance ($100 × 11/12) 92   Miscellaneous repairs 297   Real estate taxes ($1,200 × 11/12) 1,100   Total expenses 3,139 Balance $5,111 Minus: Depreciation     House ($39,000 × . How do i file my 2011 taxes now 03182) $1,241   Dishwasher ($425 × . How do i file my 2011 taxes now 20) 85   Furnace ($4,000 × . How do i file my 2011 taxes now 02273) 91   Total depreciation 1,417 Net rental income for house   $3,694       Eileen uses Schedule E, Part I, to report her rental income and expenses. How do i file my 2011 taxes now She enters her income, expenses, and depreciation for the house in the column for Property A. How do i file my 2011 taxes now Since all property was placed in service this year, Eileen must use Form 4562 to figure the depreciation. How do i file my 2011 taxes now See the Instructions for Form 4562 for more information on preparing the form. How do i file my 2011 taxes now Prev  Up  Next   Home   More Online Publications
Español

Department of Transportation (DOT)

The Department of Transportation is responsible for planning and coordinating federal transportation projects. It also sets safety regulations for all major modes of transportation.

The How Do I File My 2011 Taxes Now

How do i file my 2011 taxes now Publication 15-A - Additional Material Prev  Up  Next   Home   More Online Publications