by Jim Magary | Jul 9, 2015 | Tax Help
Tips about Vacation Home Rentals
If you rent a home to others, you usually must report the rental income on your tax return. However, you may not have to report the rent you get if the rental period is short and you also use the property as your home.
In most cases, you can deduct your rental expenses.
When you also use the rental as your home, your deduction may be limited.
Basic tax tips that you should know if you rent out a vacation home:
• Vacation Home. A vacation home can be a house, apartment, condominium, mobile home, boat or similar property.
• Schedule E. You usually report rental income and rental expenses on Schedule E, Supplemental Income and Loss.
Your rental income may also be subject to Net Investment Income Tax.
• Used as a Home. If the property is “used as a home,” your rental expense deduction is limited.
This means your deduction for rental expenses can’t be more than the rent you received. For more about these rules, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).
• Divide Expenses. If you personally use your property and also rent it to others, special rules apply.
You must divide your expenses between the rental use and the personal use. To figure how to divide your costs, you must compare the number of days for each type of use with the total days of use.
• Personal Use. Personal use may include use by your family. It may also include use by any other property owners or their family.
Use by anyone who pays less than a fair rental price is also personal use.
• Schedule A. Report deductible expenses for personal use on Schedule A, Itemized Deductions.
These may include costs such as mortgage interest, property taxes and casualty losses.
• Rented Less than 15 Days. If the property is “used as a home” and you rent it out fewer than 15 days per year, you do not have to report the rental income.
In this case you deduct your qualified expenses on schedule A.
If you make $60,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms.
Free File is available only through the IRS.gov website.
by Jim Magary | Jul 9, 2015 | Tax Help
Reporting Gambling Income and Losses on Your Tax Return
Call us today and we can help audit proof your tax return. Former IRS agents and managers, since 1982.
Your gambling winnings are taxable.
Tax tips can help you at tax time next year:
1. Gambling income.
Income from gambling includes winnings from the lottery, horse racing and casinos. It also includes cash and non-cash prizes. You must report the fair market value of non-cash prizes like cars and trips.
2. Payer tax form.
If you win, the payer may give you a Form W-2G, Certain Gambling Winnings.
The payer also sends a copy of the W-2G to the IRS. The payer must issue the form based on the type of gambling, the amount you win and other factors.
You’ll also get a form W-2G if the payer must withhold income tax from what you win.
3. How to report winnings.
You normally report your winnings for the year on your tax return as “Other Income.” You must report all your gambling winnings as income. This is true even if you don’t receive a Form W-2G.
4. How to deduct losses.
You can deduct your gambling losses on Schedule A, Itemized Deductions. The amount you can deduct is limited to the amount of the gambling income you report on your return.
5. Keep gambling receipts.
You should keep track of your wins and losses. This includes keeping items such as a gambling log or diary, receipts, statements or tickets.
See Publications 525, Taxable and Nontaxable Income for rules on this topic. Refer to Publication 529, Miscellaneous Deductions for more on losses.
It also lists some of the types of records you should keep. You can download and view both on IRS.gov/forms at any time.
by Jim Magary | Jul 9, 2015 | Tax Help
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by Jim Magary | Jul 9, 2015 | Tax Help
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by Jim Magary | Jul 7, 2015 | Tax Help
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