Cost of Keeping Up a Home Calculator


Fair Market Rental Value can be substituted for the actual cost of Property Taxes, Mortgage Interest Expenses and Property Insurance per IRB 2017-7. If amending a prior return reference this in the explanation.

Choose which type of cost of housing the Taxpayer wishes to use. The calculator will enable and disable the appropriate fields.
Get Fair Market Rental Value Here!

Taxpayer's Name
Tax Year
Cost of Housing: Fair Market Rental Value Actual Housing Costs


Total Cost of Keeping Up the Home
(Total Amounts Paid by Taxpayer and Others)		 Amounts Taxpayer Paid
Type of Expense Monthly
Amount		 No. of
Months		 Total Annual
Cost		 Monthly
Amount		 No. of
Months		 Total Annual
Cost
Property Taxes
Mortgage Interest Expenses
Property Insurance
Fair Market Rental Value
Rent
Utility charges
Food consumed on premises
Other
Total Total




ANSWER

Total Cost of Upkeep

Does the Taxpayer meet the requirement of paying more
than half the cost of keeping up the home?

Amount paid by others
=

Amount paid by Taxpayer
= = ?


  1. Costs to include. Include in the cost of keeping up a home: expenses such as rent, mortgage interest, real estate taxes, insurance on the home, repairs, utilities, and food eaten in the home. Taxpayer may choose to use Fair Market Rental Value instead of mortgage interest, real estate taxes and insurance on the home.

  2. TANF and other governmental payments Under proposed Treasury regulations, if you received Temporary Assistance to Needy Families (TANF) payments or other similar payments and used the payment to support another person, those payments are considered support you provided for that person, rather than support provided by the government or other third party.[2021 Pub 501 p15] (This has been effective since TY2017)

  3. Costs not to include. Do not include the cost of clothing, education, medical treatment, vacations, life insurance, or transportation. Also, do not include the rental value of a home if the Taxpayer owns the home; however, rental expenses for the home site, etc. can be included.