Schedule N Individual - Rental Income 2012

Schedule N Individual

Rev. Feb 19 13

RENTAL INCOME

2012

Taxable year beginning on _________________, _____ and ending on ________________, _____

Social Security Number

Taxpayer’s name

Part I

Questionnaire

68

Rental Income (fill in one):

Merchant’s Registration Number

Fill in here if this is your principal

Code

industry or business

1 Taxpayer

2 Spouse

(01)

Location of rented property - Number, Street and City

Fully Taxable .....................

(02)

Fully Exempt (Act 132-2010)

(07)

Tax Incentives under:

Act 73-2008 ...........................

(03)

(08)

Act 52 of 1983 ....................

Act 74-2010 ............................

(04)

(09)

Act 8 of 1987 .....................

Act 83-2010 ............................

(05)

(10)

Act 78-1993 .......................

Section 1031.02(a)(28) of the Codie ..

(06)

(11)

Act 135-1997 .....................

Section 1031.02(a)(34) (F) of the Code

Nature of rented property (i.e. residence, apartment, etc.)

Property (Fill in one):

Number of employees

Case or concession number

1 Residential

2 Commercial

Indicate if you claimed expenses related to the ownership, use, maintenance and depreciation of the following concepts (fill in as applicable). Also, indicate if the business derived

more than 80% of the total income from activities related exclusively to fishing, passenger or cargo transportation or leasing in the case of vessels, passenger or cargo transportation

or leasing in the case of airships, or leasing of property to non related persons in the case of residential property outside of Puerto Rico.

Concept

Indicate if you claimed expenses

Indicate if you derived 80% or more of the income from this activity

1 automobiles

Yes

No

Yes

No

2 vessels

Yes

No

Yes

No

3 airships

Yes

No

Yes

No

4 residential property outside of Puerto Rico

Yes

No

Yes

No

Part II

Determination of Gain or Loss

77

00

1.

Income ...................................................................................................................................................................................

(01)

00

2.

Less: Operating expenses and other costs (Detail in Part III) ..............................................................................................................

(10)

00

3.

Net income for the current year .........................................................................................................................................................

(11)

00

4.

Less: Net operating loss from previous years (Submit schedule, see instructions) .................................................................................

(12)

00

5.

Adjusted net income (Subtract line 4 from line 3) ...............................................................................................................................

(13)

00

6.

Less: Exempt amount _______% of line 5 (See instructions) ...............................................................................................................

(14)

7.

Gain (or loss) (Transfer to page 2, Part 1, line 2L of the return or line 3L, Column B or C of Schedule CO Individual, as applicable. If it is a

loss, see instructions. On the other hand, if it is a gain taxable at a reduced rate under an Incentives Act, transfer the total to the corresponding

00

Column of line 4(i) of Schedule A2 Individual, according to the tax rate applicable to the gain) .......................................................................

(20)

Part III

Operating Expenses and Other Costs

87

A. Expenses allowable against alternate basic tax:

1.

Salaries, commissions and allowances to employees (Total $ __________) (See instructions) ........

00

(01)

2.

Payroll expenses (See instructions) ........................................................................................

00

(02)

3.

00

Medical or hospitalization insurance .......................................................................................

(03)

4.

Contributions to qualified pension plans (See instructions. Submit Form AS 6042.1) ............................

00

(04)

5.

Professional services (See instructions) .................................................................................

00

(05)

6.

Interest on business debts ....................................................................................................

00

(06)

7.

Property taxes, patents and licenses .....................................................................................

00

(07)

8.

Insurances (See instructions) ...............................................................................................

00

(08)

9.

Utilities ..............................................................................................................................

00

(09)

10.

00

Depreciation and amortization (Submit Schedule E) ..................................................................

(10)

11.

Automobile expenses (Mileage____________) (See instructions) ...............................................

00

(11)

12.

Other motor vehicles expenses (See instructions) ...................................................................

00

(12)

13.

Federal self employment tax (See instructions) ........................................................................

00

(13)

14.

Direct essential costs (Submit detailed schedule. See instructions) ..............................................

00

(14)

(15)

15.

00

00

Subtotal (Add lines 1 through 14) .........................................................................................

B. Other deductions:

00

16.

00

Repairs .............................................................................................................................

(16)

17.

Other insurances ................................................................................................................

00

(17)

18.

Advertising ........................................................................................................................

00

(18)

19.

Maintenance ......................................................................................................................

00

(19)

20.

Travel expenses ................................................................................................................

00

(20)

00

21.

Other expenses (Submit detailed schedule) ............................................................................

(21)

22.

Subtotal (Add lines 16 through 21) .......................................................................................

(22)

00

23.

Total (Add lines 15 and 22. Transfer to Part II, line 2 of this Schedule ) .......................................

(30)

00

Retention Period: Ten (10) years