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Irs 2012 Taxes

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Irs 2012 Taxes

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

Nevada Department of Business and Industry

Website: Nevada Department of Business and Industry

Address: Nevada Department of Business and Industry
Fight Fraud Task Force
555 E. Washington Ave., Suite 4900
Las Vegas, NV 89101

Phone Number: 702-486-2750

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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 Business and Industry

Website: Department of Business and Industry

Address: Department of Business and Industry
Financial Institutions Division
2785 E. Desert Inn Rd., Suite 180
Las Vegas, NV 89121

Phone Number: 702-486-4120

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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 Business and Industry

Website: Department of Business and Industry

Address: Department of Business and Industry
Division of Insurance
2501 E. Sahara Ave., Suite 302
Las Vegas, NV 89104

Phone Number: 702-486-4009

Toll-free: 1-888-872-3234 (NV)

Department of Business and Industry

Website: Department of Business and Industry

Address: Department of Business and Industry
Division of Insurance
Consumer Services Section

1818 E. College Pkwy., Suite 103
Carson City, NV 89706

Phone Number: 775-687-0700

Toll-free: 1-888-872-3234 (NV)

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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.

Office of the Secretary of State

Website: Office of the Secretary of State

Address: Office of the Secretary of State
Securities Division
555 E. Washington Ave.,
Suite 5200
Las Vegas, NV 89101

Phone Number: 702-486-2440

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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.

Public Utilities Commission - Northern NV

Website: Public Utilities Commission - Northern NV

Address: Public Utilities Commission - Northern NV
Consumer Complaint Resolution Division
1150 E. William St.
Carson City, NV 89701-3109

Phone Number: 775-684-6100

Public Utilities Commission - Southern NV

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The Irs 2012 Taxes

Irs 2012 taxes 3. Irs 2012 taxes   Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Irs 2012 taxes Deductible contribution. Irs 2012 taxes Nondeductible contribution. Irs 2012 taxes You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). Irs 2012 taxes Some adjustments to income follow. Irs 2012 taxes Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. Irs 2012 taxes Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Irs 2012 taxes See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Irs 2012 taxes Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Irs 2012 taxes For more details, see Publication 535, Business Expenses. Irs 2012 taxes Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Irs 2012 taxes For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Irs 2012 taxes Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Irs 2012 taxes Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Irs 2012 taxes Alimony payments (Form 1040, line 31a). Irs 2012 taxes For more information, see Publication 504, Divorced or Separated Individuals. Irs 2012 taxes There are other items you can claim as adjustments to income. Irs 2012 taxes These adjustments are discussed in your tax return instructions. Irs 2012 taxes Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Irs 2012 taxes A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Irs 2012 taxes Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Irs 2012 taxes For more detailed information, see Publication 590. Irs 2012 taxes Contributions. Irs 2012 taxes   An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Irs 2012 taxes Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. Irs 2012 taxes    Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Irs 2012 taxes Do not report this interest on your tax return as tax-exempt interest. Irs 2012 taxes General limit. Irs 2012 taxes   The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Irs 2012 taxes Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Irs 2012 taxes Contributions to Kay Bailey Hutchison Spousal IRAs. Irs 2012 taxes   In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. Irs 2012 taxes For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Irs 2012 taxes Deductible contribution. Irs 2012 taxes   Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. Irs 2012 taxes However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. Irs 2012 taxes Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Irs 2012 taxes For more information, see Limit if Covered by Employer Plan in Publication 590. Irs 2012 taxes Nondeductible contribution. Irs 2012 taxes   The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Irs 2012 taxes You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. Irs 2012 taxes    For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). Irs 2012 taxes Prev  Up  Next   Home   More Online Publications