As tax time approaches, the IRS is still scrambling to get its forms together. For those of us who own, that means some changes to our deadlines.
If you require any of the following forms, then you’ll have to wait to February or March to file:
- Form 4562 (Depreciation and Amortization)
- Form 8396 (Mortgage Interest Credit)
- Form 5695 (Residential Energy Credits)
- Form 8908 (Energy Efficient Home Credit)
- Form 8909 (Energy Efficient Appliance Credit)
We know that our clients will most certainly have to wait as they enjoy the deductions allowed by the high energy efficiency of their homes. But it’s not just our clients who should take note; most business and rental property owners must file one or more of these forms. For example:
- Form 4562 must be filed by taxpayers who own commercial or rental real estate placed in service during 2011 who want to depreciate or expense the cost. The form must also be filed to claim depreciation on vehicles or other listed property, whenever placed in service.
- Form 8582 must be filed by all rental property owners who have passive loses that may not be currently deducted — those with incomes over $100,000 who have more than $25,000 in losses.
If you have any questions about what this tax season holds for you as a property owner, let us know and we can direct you to tax professionals who can answer your questions.