1999 Tax Help Archives  

Pub. 17, Chapter 10 - Rental Income & Expenses

Not Rented for Profit

This is archived information that pertains only to the 1999 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Download: Form 1040 � 1040 Instructions PDF or HTML
Schedule A & BForm 1040AForm 1040EZTax Tables

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. You cannot carry forward any of your rental expenses that are more than your rental income. For more information about the rules for an activity not engaged in for profit, see chapter 1 of Publication 535.

Where to report. Report your not-for-profit rental income on line 21, Form 1040. Include your mortgage interest, real estate taxes, and casualty losses on the appropriate lines of Schedule A (Form 1040).

Claim your other expenses, subject to the rules explained in chapter 1 of Publication 535, as miscellaneous itemized deductions on line 22 of Schedule A. You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income. For more information about miscellaneous deductions, see chapter 30.

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