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How To File An Amended Tax Return

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How To File An Amended Tax Return

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

This application will determine if you are able to deduct amounts you paid for Mortgage interest, Points, Mortgage Insurance Premiums and other Mortgage Related Expenses.

Information You Will Need:

  • Your and your spouse's filing status
  • Basic income information including amounts of your income
  • An estimated total (if applicable) of the amounts paid for mortgage interest, points and/or mortgage insurance premiums (normally reported to you on Form 1099-G)

Estimated Completion Time: 12 minutes. However: 5 minutes of inactivity will end the interview and you will be forced to start over.

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Page Last Reviewed or Updated: 14-Feb-2014

The How To File An Amended Tax Return

How to file an amended tax return Publication 225 - Additional Material Prev  Up  Next   Home   More Online Publications