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1040ez 2010printable Tax Forms

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1040ez 2010printable Tax Forms

1040ez 2010printable tax forms 8. 1040ez 2010printable tax forms   Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Sales and ExchangesDetermining Gain or Loss Like-Kind Exchanges Transfer to Spouse Ordinary or Capital Gain or LossCapital Assets Noncapital Assets Hedging (Commodity Futures) Livestock Converted Wetland and Highly Erodible Cropland Timber Sale of a Farm Foreclosure or Repossession Abandonment Introduction This chapter explains how to figure, and report on your tax return, your gain or loss on the disposition of your property or debt and whether such gain or loss is ordinary or capital. 1040ez 2010printable tax forms Ordinary gain is taxed at the same rates as wages and interest income while capital gain is generally taxed at lower rates. 1040ez 2010printable tax forms Dispositions discussed in this chapter include sales, exchanges, foreclosures, repossessions, canceled debts, hedging transactions, and elections to treat cutting of timber as a sale or exchange. 1040ez 2010printable tax forms Topics - This chapter discusses: Sales and exchanges Ordinary or capital gain or loss Useful Items - You may want to see: Publication 334 Tax Guide for Small Business 523 Selling Your Home 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Sch D (Form 1040) Capital Gains and Losses Sch F (Form 1040) Profit or Loss From Farming 1099-A Acquisition or Abandonment of Secured Property 1099-C Cancellation of Debt 4797 Sales of Business Property 8949 Sales and Other Dispositions of Capital Assets See chapter 16 for information about getting publications and forms. 1040ez 2010printable tax forms Sales and Exchanges If you sell, exchange, or otherwise dispose of your property, you usually have a gain or a loss. 1040ez 2010printable tax forms This section explains certain rules for determining whether any gain you have is taxable, and whether any loss you have is deductible. 1040ez 2010printable tax forms A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. 1040ez 2010printable tax forms An exchange is a transfer of property for other property or services. 1040ez 2010printable tax forms Determining Gain or Loss You usually realize a gain or loss when you sell or exchange property. 1040ez 2010printable tax forms If the amount you realize from a sale or exchange of property is more than its adjusted basis, you will have a gain. 1040ez 2010printable tax forms If the adjusted basis of the property is more than the amount you realize, you will have a loss. 1040ez 2010printable tax forms Basis and adjusted basis. 1040ez 2010printable tax forms   The basis of property you buy is usually its cost. 1040ez 2010printable tax forms The adjusted basis of property is basis plus certain additions and minus certain deductions. 1040ez 2010printable tax forms See chapter 6 for more information about basis and adjusted basis. 1040ez 2010printable tax forms Amount realized. 1040ez 2010printable tax forms   The amount you realize from a sale or exchange is the total of all money you receive plus the fair market value (FMV) (defined in chapter 6) of all property or services you receive. 1040ez 2010printable tax forms The amount you realize also includes any of your liabilities assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. 1040ez 2010printable tax forms   If the liabilities relate to an exchange of multiple properties, see Multiple Property Exchanges in chapter 1 of Publication 544. 1040ez 2010printable tax forms Amount recognized. 1040ez 2010printable tax forms   Your gain or loss realized from a sale or exchange of certain property is usually a recognized gain or loss for tax purposes. 1040ez 2010printable tax forms A recognized gain is a gain you must include in gross income and report on your income tax return. 1040ez 2010printable tax forms A recognized loss is a loss you deduct from gross income. 1040ez 2010printable tax forms However, your gain or loss realized from the exchange of certain property may not be recognized for tax purposes. 1040ez 2010printable tax forms See Like-Kind Exchanges next. 1040ez 2010printable tax forms Also, a loss from the disposition of property held for personal use is not deductible. 1040ez 2010printable tax forms Like-Kind Exchanges Certain exchanges of property are not taxable. 1040ez 2010printable tax forms This means any gain from the exchange is not recognized, and any loss cannot be deducted. 1040ez 2010printable tax forms Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. 1040ez 2010printable tax forms The exchange of property for the same kind of property is the most common type of nontaxable exchange. 1040ez 2010printable tax forms To qualify for treatment as a like-kind exchange, the property traded and the property received must be both of the following. 1040ez 2010printable tax forms Qualifying property. 1040ez 2010printable tax forms Like-kind property. 1040ez 2010printable tax forms These two requirements are discussed later. 1040ez 2010printable tax forms Multiple-party transactions. 1040ez 2010printable tax forms   The like-kind exchange rules also apply to property exchanges that involve three and four-party transactions. 1040ez 2010printable tax forms Any part of these multiple-party transactions can qualify as a like-kind exchange if it meets all the requirements described in this section. 1040ez 2010printable tax forms Receipt of title from third party. 1040ez 2010printable tax forms   If you receive property in a like-kind exchange and the other party who transfers the property to you does not give you the title, but a third party does, you can still treat this transaction as a like-kind exchange if it meets all the requirements. 1040ez 2010printable tax forms Basis of property received. 1040ez 2010printable tax forms   If you receive property in a like-kind exchange, the basis of the property will be the same as the basis of the property you gave up. 1040ez 2010printable tax forms See chapter 6 for more information. 1040ez 2010printable tax forms Money paid. 1040ez 2010printable tax forms   If, in addition to giving up like-kind property, you pay money in a like-kind exchange, you still have no recognized gain or loss. 1040ez 2010printable tax forms The basis of the property received is the basis of the property given up, increased by the money paid. 1040ez 2010printable tax forms Example. 1040ez 2010printable tax forms You traded an old tractor with an adjusted basis of $15,000 for a new one. 1040ez 2010printable tax forms The new tractor costs $300,000. 1040ez 2010printable tax forms You were allowed $80,000 for the old tractor and paid $220,000 cash. 1040ez 2010printable tax forms You have no recognized gain or loss on the transaction regardless of the adjusted basis of your old tractor and the basis of the new tractor is $235,000, the adjusted basis of the old tractor plus the cash paid ($15,000 + $220,000). 1040ez 2010printable tax forms If you had sold the old tractor to a third party for $80,000 and bought a new one, you would have a recognized gain or loss on the sale of your old tractor equal to the difference between the amount realized and the adjusted basis of the old tractor. 1040ez 2010printable tax forms In this case, the taxable gain would be $65,000 ($80,000 − $15,000) and the basis of the new tractor would be $300,000. 1040ez 2010printable tax forms Reporting the exchange. 1040ez 2010printable tax forms   Report the exchange of like-kind property, even though no gain or loss is recognized, on Form 8824, Like-Kind Exchanges. 1040ez 2010printable tax forms The Instructions for Form 8824 explain how to report the details of the exchange. 1040ez 2010printable tax forms   If you have any recognized gain because you received money or unlike property, report it on Schedule D (Form 1040) or Form 4797, whichever applies. 1040ez 2010printable tax forms You may also have to report the recognized gain as ordinary income because of depreciation recapture on Form 4797. 1040ez 2010printable tax forms See chapter 9 for more information. 1040ez 2010printable tax forms Qualifying property. 1040ez 2010printable tax forms   In a like-kind exchange, both the property you give up and the property you receive must be held by you for investment or for productive use in your trade or business. 1040ez 2010printable tax forms Machinery, buildings, land, trucks, breeding livestock, rental houses, and certain mutual ditch, reservoir, or irrigation company stock are examples of property that may qualify. 1040ez 2010printable tax forms Nonqualifying property. 1040ez 2010printable tax forms   The rules for like-kind exchanges do not apply to exchanges of the following property. 1040ez 2010printable tax forms Property you use for personal purposes, such as your home and family car. 1040ez 2010printable tax forms Stock in trade or other property held primarily for sale, such as crops and produce. 1040ez 2010printable tax forms Stocks, bonds, or notes. 1040ez 2010printable tax forms However, see Qualifying property above. 1040ez 2010printable tax forms Other securities or evidences of indebtedness, such as accounts receivable. 1040ez 2010printable tax forms Partnership interests. 1040ez 2010printable tax forms However, you may have a nontaxable exchange under other rules. 1040ez 2010printable tax forms See Other Nontaxable Exchanges in chapter 1 of Publication 544. 1040ez 2010printable tax forms Like-kind property. 1040ez 2010printable tax forms   To qualify as a nontaxable exchange, the properties exchanged must be of like kind. 1040ez 2010printable tax forms Like-kind properties are properties of the same nature or character, even if they differ in grade or quality. 1040ez 2010printable tax forms Generally, real property exchanged for real property qualifies as an exchange of like-kind property. 1040ez 2010printable tax forms For example, an exchange of city property for farm property or improved property for unimproved property is a like-kind exchange. 1040ez 2010printable tax forms   An exchange of a tractor for a new tractor is an exchange of like-kind property, and so is an exchange of timber land for crop acreage. 1040ez 2010printable tax forms An exchange of a tractor for acreage, however, is not an exchange of like-kind property. 1040ez 2010printable tax forms The exchange of livestock of one sex for livestock of the other sex is not a like-kind exchange. 1040ez 2010printable tax forms For example, the exchange of a bull for a cow is not a like-kind exchange. 1040ez 2010printable tax forms An exchange of the assets of a business for the assets of a similar business cannot be treated as an exchange of one property for another property. 1040ez 2010printable tax forms    Note. 1040ez 2010printable tax forms Whether you engaged in a like-kind exchange depends on an analysis of each asset involved in the exchange. 1040ez 2010printable tax forms Personal property. 1040ez 2010printable tax forms   Depreciable tangible personal property can be either like kind or like class to qualify for nontaxable exchange treatment. 1040ez 2010printable tax forms Like-class properties are depreciable tangible personal properties within the same General Asset Class or Product Class. 1040ez 2010printable tax forms Property classified in any General Asset Class may not be classified within a Product Class. 1040ez 2010printable tax forms Assets that are not in the same class will qualify as like-kind property if they are of the same nature or character. 1040ez 2010printable tax forms General Asset Classes. 1040ez 2010printable tax forms   General Asset Classes describe the types of property frequently used in many businesses. 1040ez 2010printable tax forms They include, but are not limited to, the following property. 1040ez 2010printable tax forms Office furniture, fixtures, and equipment (asset class 00. 1040ez 2010printable tax forms 11). 1040ez 2010printable tax forms Information systems, such as computers and peripheral equipment (asset class 00. 1040ez 2010printable tax forms 12). 1040ez 2010printable tax forms Data handling equipment except computers (asset class 00. 1040ez 2010printable tax forms 13). 1040ez 2010printable tax forms Automobiles and taxis (asset class 00. 1040ez 2010printable tax forms 22). 1040ez 2010printable tax forms Light general purpose trucks (asset class 00. 1040ez 2010printable tax forms 241). 1040ez 2010printable tax forms Heavy general purpose trucks (asset class 00. 1040ez 2010printable tax forms 242). 1040ez 2010printable tax forms Tractor units for use over-the-road (asset class 00. 1040ez 2010printable tax forms 26). 1040ez 2010printable tax forms Trailers and trailer-mounted containers (asset class 00. 1040ez 2010printable tax forms 27). 1040ez 2010printable tax forms Industrial steam and electric generation and/or distribution systems (asset class 00. 1040ez 2010printable tax forms 4). 1040ez 2010printable tax forms Product Classes. 1040ez 2010printable tax forms   Product Classes include property listed in a 6-digit product class in sectors 31 through 33 of the North American Industry Classification System (NAICS) of the Executive Office of the President, Office of Management and Budget, United States, (NAICS Manual). 1040ez 2010printable tax forms The latest version of the manual can be accessed at www. 1040ez 2010printable tax forms census. 1040ez 2010printable tax forms gov/eos/www/naics/. 1040ez 2010printable tax forms Copies of the printed manual may be purchased from the National Technical Information Service (NTIS) at  www. 1040ez 2010printable tax forms ntis. 1040ez 2010printable tax forms gov/products/naics. 1040ez 2010printable tax forms aspx or by calling 1-800-553-NTIS (1-800-553-6847) or (703) 605-6000. 1040ez 2010printable tax forms A CD-ROM version with search and retrieval software is also available from NTIS. 1040ez 2010printable tax forms    NAICS class 333111, Farm Machinery and Equipment Manufacturing, includes most machinery and equipment used in a farming business. 1040ez 2010printable tax forms Partially nontaxable exchange. 1040ez 2010printable tax forms   If, in addition to like-kind property, you receive money or unlike property in an exchange on which you realize gain, you have a partially nontaxable exchange. 1040ez 2010printable tax forms You are taxed on the gain you realize, but only to the extent of the money and the FMV of the unlike property you receive. 1040ez 2010printable tax forms A loss is not deductible. 1040ez 2010printable tax forms Example 1. 1040ez 2010printable tax forms You trade farmland that cost $30,000 for $10,000 cash and other land to be used in farming with a FMV of $50,000. 1040ez 2010printable tax forms You have a realized gain of $30,000 ($50,000 FMV of new land + $10,000 cash − $30,000 basis of old farmland = $30,000 realized gain). 1040ez 2010printable tax forms However, only $10,000, the cash received, is recognized (included in income). 1040ez 2010printable tax forms Example 2. 1040ez 2010printable tax forms Assume the same facts as in Example 1, except that, instead of money, you received a tractor with a FMV of $10,000. 1040ez 2010printable tax forms Your recognized gain is still limited to $10,000, the value of the tractor (the unlike property). 1040ez 2010printable tax forms Example 3. 1040ez 2010printable tax forms Assume in Example 1 that the FMV of the land you received was only $15,000. 1040ez 2010printable tax forms Your $5,000 loss is not recognized. 1040ez 2010printable tax forms Unlike property given up. 1040ez 2010printable tax forms   If, in addition to like-kind property, you give up unlike property, you must recognize gain or loss on the unlike property you give up. 1040ez 2010printable tax forms The gain or loss is the difference between the FMV of the unlike property and the adjusted basis of the unlike property. 1040ez 2010printable tax forms Like-kind exchanges between related persons. 1040ez 2010printable tax forms   Special rules apply to like-kind exchanges between related persons. 1040ez 2010printable tax forms These rules affect both direct and indirect exchanges. 1040ez 2010printable tax forms Under these rules, if either person disposes of the property within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. 1040ez 2010printable tax forms The gain or loss on the original exchange must be recognized as of the date of the later disposition. 1040ez 2010printable tax forms The 2-year holding period begins on the date of the last transfer of property that was part of the like-kind exchange. 1040ez 2010printable tax forms Related persons. 1040ez 2010printable tax forms   Under these rules, related persons include, for example, you and a member of your family (spouse, brother, sister, parent, child, etc. 1040ez 2010printable tax forms ), you and a corporation in which you have more than 50% ownership, you and a partnership in which you directly or indirectly own more than a 50% interest of the capital or profits, and two partnerships in which you directly or indirectly own more than 50% of the capital interests or profits. 1040ez 2010printable tax forms   For the complete list of related persons, see Related persons in chapter 2 of Publication 544. 1040ez 2010printable tax forms Example. 1040ez 2010printable tax forms You used a grey pickup truck in your farming business. 1040ez 2010printable tax forms Your sister used a red pickup truck in her landscaping business. 1040ez 2010printable tax forms In December 2012, you exchanged your grey pickup truck, plus $200, for your sister's red pickup truck. 1040ez 2010printable tax forms At that time, the FMV of the grey pickup truck was $7,000 and its adjusted basis was $6,000. 1040ez 2010printable tax forms The FMV of the red pickup truck was $7,200 and its adjusted basis was $1,000. 1040ez 2010printable tax forms You realized a gain of $1,000 (the $7,200 FMV of the red pickup truck, minus the grey pickup truck's $6,000 adjusted basis, minus the $200 you paid). 1040ez 2010printable tax forms Your sister realized a gain of $6,200 (the $7,000 FMV of the grey pickup truck plus the $200 you paid, minus the $1,000 adjusted basis of the red pickup truck). 1040ez 2010printable tax forms However, because this was a like-kind exchange, you recognized no gain. 1040ez 2010printable tax forms Your basis in the red pickup truck was $6,200 (the $6,000 adjusted basis of the grey pickup truck plus the $200 you paid). 1040ez 2010printable tax forms She recognized gain only to the extent of the money she received, $200. 1040ez 2010printable tax forms Her basis in the grey pickup truck was $1,000 (the $1,000 adjusted basis of the red pickup truck minus the $200 received, plus the $200 gain recognized). 1040ez 2010printable tax forms In 2013, you sold the red pickup truck to a third party for $7,000. 1040ez 2010printable tax forms Because you sold it within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. 1040ez 2010printable tax forms On your tax return for 2013, you must report your $1,000 gain on the 2012 exchange. 1040ez 2010printable tax forms You also report a loss on the sale as $200 (the adjusted basis of the red pickup truck, $7,200 (its $6,200 basis plus the $1,000 gain recognized), minus the $7,000 realized from the sale). 1040ez 2010printable tax forms In addition, your sister must report on her tax return for 2013 the $6,000 balance of her gain on the 2012 exchange. 1040ez 2010printable tax forms Her adjusted basis in the grey pickup truck is increased to $7,000 (its $1,000 basis plus the $6,000 gain recognized). 1040ez 2010printable tax forms Exceptions to the rules for related persons. 1040ez 2010printable tax forms   The following property dispositions are excluded from these rules. 1040ez 2010printable tax forms Dispositions due to the death of either related person. 1040ez 2010printable tax forms Involuntary conversions. 1040ez 2010printable tax forms Dispositions where it is established to the satisfaction of the IRS that neither the exchange nor the disposition has, as a main purpose, the avoidance of federal income tax. 1040ez 2010printable tax forms Multiple property exchanges. 1040ez 2010printable tax forms   Under the like-kind exchange rules, you must generally make a property-by-property comparison to figure your recognized gain and the basis of the property you receive in the exchange. 1040ez 2010printable tax forms However, for exchanges of multiple properties, you do not make a property-by-property comparison if you do either of the following. 1040ez 2010printable tax forms Transfer and receive properties in two or more exchange groups. 1040ez 2010printable tax forms Transfer or receive more than one property within a single exchange group. 1040ez 2010printable tax forms   For more information, see Multiple Property Exchanges in chapter 1 of Publication 544. 1040ez 2010printable tax forms Deferred exchange. 1040ez 2010printable tax forms   A deferred exchange for like-kind property may qualify for nonrecognition of gain or loss. 1040ez 2010printable tax forms A deferred exchange is an exchange in which you transfer property you use in business or hold for investment and later receive like-kind property you will use in business or hold for investment. 1040ez 2010printable tax forms The property you receive is replacement property. 1040ez 2010printable tax forms The transaction must be an exchange of property for property rather than a transfer of property for money used to buy replacement property. 1040ez 2010printable tax forms In addition, the replacement property will not be treated as like-kind property unless certain identification and receipt requirements are met. 1040ez 2010printable tax forms   For more information see Deferred Exchanges in chapter 1 of Publication 544. 1040ez 2010printable tax forms Transfer to Spouse No gain or loss is recognized on a transfer of property from an individual to (or in trust for the benefit of) a spouse, or a former spouse if incident to divorce. 1040ez 2010printable tax forms This rule does not apply if the recipient is a nonresident alien. 1040ez 2010printable tax forms Nor does this rule apply to a transfer in trust to the extent the liabilities assumed and the liabilities on the property are more than the property's adjusted basis. 1040ez 2010printable tax forms Any transfer of property to a spouse or former spouse on which gain or loss is not recognized is not considered a sale or exchange. 1040ez 2010printable tax forms The recipient's basis in the property will be the same as the adjusted basis of the giver immediately before the transfer. 1040ez 2010printable tax forms This carryover basis rule applies whether the adjusted basis of the transferred property is less than, equal to, or greater than either its FMV at the time of transfer or any consideration paid by the recipient. 1040ez 2010printable tax forms This rule applies for determining loss as well as gain. 1040ez 2010printable tax forms Any gain recognized on a transfer in trust increases the basis. 1040ez 2010printable tax forms For more information on transfers of property incident to divorce, see Property Settlements in Publication 504, Divorced or Separated Individuals. 1040ez 2010printable tax forms Ordinary or Capital Gain or Loss Generally, you will have a capital gain or loss if you sell or exchange a capital asset (defined below). 1040ez 2010printable tax forms You may also have a capital gain if your section 1231 transactions result in a net gain. 1040ez 2010printable tax forms See Section 1231 Gains and Losses in  chapter 9. 1040ez 2010printable tax forms To figure your net capital gain or loss, you must classify your gains and losses as either ordinary or capital (and your capital gains or losses as either short-term or long-term). 1040ez 2010printable tax forms Your net capital gains may be taxed at a lower tax rate than ordinary income. 1040ez 2010printable tax forms See Capital Gains Tax Rates , later. 1040ez 2010printable tax forms Your deduction for a net capital loss may be limited. 1040ez 2010printable tax forms See Treatment of Capital Losses , later. 1040ez 2010printable tax forms Capital Assets Almost everything you own and use for personal purposes or investment is a capital asset. 1040ez 2010printable tax forms The following items are examples of capital assets. 1040ez 2010printable tax forms A home owned and occupied by you and your family. 1040ez 2010printable tax forms Household furnishings. 1040ez 2010printable tax forms A car used for pleasure. 1040ez 2010printable tax forms If your car is used both for pleasure and for farm business, it is partly a capital asset and partly a noncapital asset, defined later. 1040ez 2010printable tax forms Stocks and bonds. 1040ez 2010printable tax forms However, there are special rules for gains on qualified small business stock. 1040ez 2010printable tax forms For more information on this subject, see Gains on Qualified Small Business Stock and Losses on Section 1244 (Small Business) Stock in chapter 4 of Publication 550. 1040ez 2010printable tax forms Personal-use property. 1040ez 2010printable tax forms   Gain from a sale or exchange of personal-use property is a capital gain and is taxable. 1040ez 2010printable tax forms Loss from the sale or exchange of personal-use property is not deductible. 1040ez 2010printable tax forms You can deduct a loss relating to personal-use property only if it results from a casualty or theft. 1040ez 2010printable tax forms For information on casualties and thefts, see chapter 11. 1040ez 2010printable tax forms Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. 1040ez 2010printable tax forms The time you own an asset before disposing of it is the holding period. 1040ez 2010printable tax forms If you hold a capital asset 1 year or less, the gain or loss resulting from its disposition is short term. 1040ez 2010printable tax forms Report it in Part I of Schedule D (Form 1040). 1040ez 2010printable tax forms If you hold a capital asset longer than 1 year, the gain or loss resulting from its disposition is long term. 1040ez 2010printable tax forms Report it in Part II of Schedule D (Form 1040). 1040ez 2010printable tax forms Holding period. 1040ez 2010printable tax forms   To figure if you held property longer than 1 year, start counting on the day after the day you acquired the property. 1040ez 2010printable tax forms The day you disposed of the property is part of your holding period. 1040ez 2010printable tax forms Example. 1040ez 2010printable tax forms If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. 1040ez 2010printable tax forms If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. 1040ez 2010printable tax forms Inherited property. 1040ez 2010printable tax forms   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. 1040ez 2010printable tax forms This rule does not apply to livestock used in a farm business. 1040ez 2010printable tax forms See Holding period under Livestock , later. 1040ez 2010printable tax forms Nonbusiness bad debt. 1040ez 2010printable tax forms   A nonbusiness bad debt is a short-term capital loss, deductible in the year the debt becomes worthless. 1040ez 2010printable tax forms See chapter 4 of Publication 550. 1040ez 2010printable tax forms Nontaxable exchange. 1040ez 2010printable tax forms   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. 1040ez 2010printable tax forms That is, it begins on the same day as your holding period for the old property. 1040ez 2010printable tax forms Gift. 1040ez 2010printable tax forms   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. 1040ez 2010printable tax forms Real property. 1040ez 2010printable tax forms   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, on the day after you took possession of it and assumed the burdens and privileges of ownership. 1040ez 2010printable tax forms   However, taking possession of real property under an option agreement is not enough to start the holding period. 1040ez 2010printable tax forms The holding period cannot start until there is an actual contract of sale. 1040ez 2010printable tax forms The holding period of the seller cannot end before that time. 1040ez 2010printable tax forms Figuring Net Gain or Loss The totals for short-term capital gains and losses and the totals for long-term capital gains and losses must be figured separately. 1040ez 2010printable tax forms Net short-term capital gain or loss. 1040ez 2010printable tax forms   Combine your short-term capital gains and losses. 1040ez 2010printable tax forms Do this by adding all of your short-term capital gains. 1040ez 2010printable tax forms Then add all of your short-term capital losses. 1040ez 2010printable tax forms Subtract the lesser total from the greater. 1040ez 2010printable tax forms The difference is your net short-term capital gain or loss. 1040ez 2010printable tax forms Net long-term capital gain or loss. 1040ez 2010printable tax forms   Follow the same steps to combine your long-term capital gains and losses. 1040ez 2010printable tax forms The result is your net long-term capital gain or loss. 1040ez 2010printable tax forms Net gain. 1040ez 2010printable tax forms   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. 1040ez 2010printable tax forms However, part of your gain (but not more than your net capital gain) may be taxed at a lower rate than the rate of tax on your ordinary income. 1040ez 2010printable tax forms See Capital Gains Tax Rates , later. 1040ez 2010printable tax forms Net loss. 1040ez 2010printable tax forms   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. 1040ez 2010printable tax forms But there are limits on how much loss you can deduct and when you can deduct it. 1040ez 2010printable tax forms See Treatment of Capital Losses next. 1040ez 2010printable tax forms Treatment of Capital Losses If your capital losses are more than your capital gains, you must claim the difference even if you do not have ordinary income to offset it. 1040ez 2010printable tax forms For taxpayers other than corporations, the yearly limit on the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). 1040ez 2010printable tax forms If your other income is low, you may not be able to use the full $3,000. 1040ez 2010printable tax forms The part of the $3,000 you cannot use becomes part of your capital loss carryover (discussed next). 1040ez 2010printable tax forms Capital loss carryover. 1040ez 2010printable tax forms   Generally, you have a capital loss carryover if either of the following situations applies to you. 1040ez 2010printable tax forms Your net loss on Schedule D (Form 1040), is more than the yearly limit. 1040ez 2010printable tax forms Your taxable income without your deduction for exemptions is less than zero. 1040ez 2010printable tax forms If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carry over to 2014. 1040ez 2010printable tax forms    To figure your capital loss carryover from 2013 to 2014, you will need a copy of your 2013 Form 1040 and Schedule D (Form 1040). 1040ez 2010printable tax forms Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. 1040ez 2010printable tax forms These lower rates are called the maximum capital gains rates. 1040ez 2010printable tax forms The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. 1040ez 2010printable tax forms See Schedule D (Form 1040) and the Instructions for Schedule D (Form 1040). 1040ez 2010printable tax forms Also see Publication 550. 1040ez 2010printable tax forms Noncapital Assets Noncapital assets include property such as inventory and depreciable property used in a trade or business. 1040ez 2010printable tax forms A list of properties that are not capital assets is provided in the Instructions for Schedule D (Form 1040). 1040ez 2010printable tax forms Property held for sale in the ordinary course of your farm business. 1040ez 2010printable tax forms   Property you hold mainly for sale to customers, such as livestock, poultry, livestock products, and crops, is a noncapital asset. 1040ez 2010printable tax forms Gain or loss from sales or other dispositions of this property is reported on Schedule F (Form 1040) (not on Schedule D (Form 1040) or Form 4797). 1040ez 2010printable tax forms The treatment of this property is discussed in chapter 3. 1040ez 2010printable tax forms Land and depreciable properties. 1040ez 2010printable tax forms   Land and depreciable property you use in farming are not capital assets. 1040ez 2010printable tax forms Noncapital assets also include livestock held for draft, breeding, dairy, or sporting purposes. 1040ez 2010printable tax forms However, your gains and losses from sales and exchanges of your farmland and depreciable properties must be considered together with certain other transactions to determine whether the gains and losses are treated as capital or ordinary gains and losses. 1040ez 2010printable tax forms The sales of these business assets are reported on Form 4797. 1040ez 2010printable tax forms See chapter 9 for more information. 1040ez 2010printable tax forms Hedging (Commodity Futures) Hedging transactions are transactions that you enter into in the normal course of business primarily to manage the risk of interest rate or price changes, or currency fluctuations, with respect to borrowings, ordinary property, or ordinary obligations. 1040ez 2010printable tax forms Ordinary property or obligations are those that cannot produce capital gain or loss if sold or exchanged. 1040ez 2010printable tax forms A commodity futures contract is a standardized, exchange-traded contract for the sale or purchase of a fixed amount of a commodity at a future date for a fixed price. 1040ez 2010printable tax forms The holder of an option on a futures contract has the right (but not the obligation) for a specified period of time to enter into a futures contract to buy or sell at a particular price. 1040ez 2010printable tax forms A forward contract is generally similar to a futures contract except that the terms are not standardized and the contract is not exchange traded. 1040ez 2010printable tax forms Businesses may enter into commodity futures contracts or forward contracts and may acquire options on commodity futures contracts as either of the following. 1040ez 2010printable tax forms Hedging transactions. 1040ez 2010printable tax forms Transactions that are not hedging transactions. 1040ez 2010printable tax forms Futures transactions with exchange-traded commodity futures contracts that are not hedging transactions, generally, result in capital gain or loss and are subject to the mark-to-market rules discussed in Publication 550. 1040ez 2010printable tax forms There is a limit on the amount of capital losses you can deduct each year. 1040ez 2010printable tax forms Hedging transactions are not subject to the mark-to-market rules. 1040ez 2010printable tax forms If, as a farmer-producer, to protect yourself from the risk of unfavorable price fluctuations, you enter into commodity forward contracts, futures contracts, or options on futures contracts and the contracts cover an amount of the commodity within your range of production, the transactions are generally considered hedging transactions. 1040ez 2010printable tax forms They can take place at any time you have the commodity under production, have it on hand for sale, or reasonably expect to have it on hand. 1040ez 2010printable tax forms The gain or loss on the termination of these hedges is generally ordinary gain or loss. 1040ez 2010printable tax forms Farmers who file their income tax returns on the cash method report any profit or loss on the hedging transaction on Schedule F, line 8. 1040ez 2010printable tax forms Gains or losses from hedging transactions that hedge supplies of a type regularly used or consumed in the ordinary course of your trade or business may be ordinary gains or losses. 1040ez 2010printable tax forms Examples include fuel and feed. 1040ez 2010printable tax forms If you have numerous transactions in the commodity futures market during the year, you must be able to show which transactions are hedging transactions. 1040ez 2010printable tax forms Clearly identify a hedging transaction on your books and records before the end of the day you entered into the transaction. 1040ez 2010printable tax forms It may be helpful to have separate brokerage accounts for your hedging and speculation transactions. 1040ez 2010printable tax forms Retain the identification of each hedging transaction with your books and records. 1040ez 2010printable tax forms Also, identify the item(s) or aggregate risk that is being hedged in your records. 1040ez 2010printable tax forms Although the identification of the hedging transaction must be made before the end of the day it was entered into, you have 35 days after entering into the transaction to identify the hedged item(s) or risk. 1040ez 2010printable tax forms For more information on the tax treatment of futures and options contracts, see Commodity Futures and Section 1256 Contracts Marked to Market in Publication 550. 1040ez 2010printable tax forms Accounting methods for hedging transactions. 1040ez 2010printable tax forms   The accounting method you use for a hedging transaction must clearly reflect income. 1040ez 2010printable tax forms This means that your accounting method must reasonably match the timing of income, deduction, gain, or loss from a hedging transaction with the timing of income, deduction, gain, or loss from the item or items being hedged. 1040ez 2010printable tax forms There are requirements and limits on the method you can use for certain hedging transactions. 1040ez 2010printable tax forms See Regulations section 1. 1040ez 2010printable tax forms 446-4(e) for those requirements and limits. 1040ez 2010printable tax forms   Hedging transactions must be accounted for under the rules stated above unless the transaction is subject to mark-to-market accounting under section 475 or you use an accounting method other than the following methods. 1040ez 2010printable tax forms Cash method. 1040ez 2010printable tax forms Farm-price method. 1040ez 2010printable tax forms Unit-livestock-price method. 1040ez 2010printable tax forms   Once you adopt a method, you must apply it consistently and must have IRS approval before changing it. 1040ez 2010printable tax forms   Your books and records must describe the accounting method used for each type of hedging transaction. 1040ez 2010printable tax forms They must also contain any additional identification necessary to verify the application of the accounting method you used for the transaction. 1040ez 2010printable tax forms You must make the additional identification no more than 35 days after entering into the hedging transaction. 1040ez 2010printable tax forms Example of a hedging transaction. 1040ez 2010printable tax forms   You file your income tax returns on the cash method. 1040ez 2010printable tax forms On July 2 you anticipate a yield of 50,000 bushels of corn this year. 1040ez 2010printable tax forms The December futures price is $5. 1040ez 2010printable tax forms 75 a bushel, but there are indications that by harvest time the price will drop. 1040ez 2010printable tax forms To protect yourself against a drop in the price, you enter into the following hedging transaction. 1040ez 2010printable tax forms You sell ten December futures contracts of 5,000 bushels each for a total of 50,000 bushels of corn at $5. 1040ez 2010printable tax forms 75 a bushel. 1040ez 2010printable tax forms   The price did not drop as anticipated but rose to $6 a bushel. 1040ez 2010printable tax forms In November, you sell your crop at a local elevator for $6 a bushel. 1040ez 2010printable tax forms You also close out your futures position by buying ten December contracts for $6 a bushel. 1040ez 2010printable tax forms You paid a broker's commission of $1,400 ($70 per contract) for the complete in and out position in the futures market. 1040ez 2010printable tax forms   The result is that the price of corn rose 25 cents a bushel and the actual selling price is $6 a bushel. 1040ez 2010printable tax forms Your loss on the hedge is 25 cents a bushel. 1040ez 2010printable tax forms In effect, the net selling price of your corn is $5. 1040ez 2010printable tax forms 75 a bushel. 1040ez 2010printable tax forms   Report the results of your futures transactions and your sale of corn separately on Schedule F. 1040ez 2010printable tax forms See the instructions for the 2013 Schedule F (Form 1040). 1040ez 2010printable tax forms   The loss on your futures transactions is $13,900, figured as follows. 1040ez 2010printable tax forms July 2 - Sold December corn futures (50,000 bu. 1040ez 2010printable tax forms @$5. 1040ez 2010printable tax forms 75) $287,500 November 6 - Bought December corn futures (50,000 bu. 1040ez 2010printable tax forms @$6 plus $1,400 broker's commission) 301,400 Futures loss ($13,900) This loss is reported as a negative figure on Schedule F, Part I, line 8, as other income. 1040ez 2010printable tax forms   The proceeds from your corn sale at the local elevator are $300,000 (50,000 bu. 1040ez 2010printable tax forms × $6). 1040ez 2010printable tax forms Report it on Schedule F, Part I, line 2, as income from sales of products you raised. 1040ez 2010printable tax forms   Assume you were right and the price went down 25 cents a bushel. 1040ez 2010printable tax forms In effect, you would still net $5. 1040ez 2010printable tax forms 75 a bushel, figured as follows. 1040ez 2010printable tax forms Sold cash corn, per bushel $5. 1040ez 2010printable tax forms 50 Gain on hedge, per bushel . 1040ez 2010printable tax forms 25 Net price, per bushel $5. 1040ez 2010printable tax forms 75       The gain on your futures transactions would have been $11,100, figured as follows. 1040ez 2010printable tax forms July 2 - Sold December corn futures (50,000 bu. 1040ez 2010printable tax forms @$5. 1040ez 2010printable tax forms 75) $287,500 November 6 - Bought December corn futures (50,000 bu. 1040ez 2010printable tax forms @$5. 1040ez 2010printable tax forms 50 plus $1,400 broker's commission) 276,400 Futures gain $11,100 The $11,100 is reported on Schedule F, Part I, line 8, as other income. 1040ez 2010printable tax forms   The proceeds from the sale of your corn at the local elevator, $275,000, are reported on Schedule F, Part I, line 2, as income from sales of products you raised. 1040ez 2010printable tax forms Livestock This part discusses the sale or exchange of livestock used in your farm business. 1040ez 2010printable tax forms Gain or loss from the sale or exchange of this livestock may qualify as a section 1231 gain or loss. 1040ez 2010printable tax forms However, any part of the gain that is ordinary income from the recapture of depreciation is not included as section 1231 gain. 1040ez 2010printable tax forms See chapter 9 for more information on section 1231 gains and losses and the recapture of depreciation under section 1245. 1040ez 2010printable tax forms The rules discussed here do not apply to the sale of livestock held primarily for sale to customers. 1040ez 2010printable tax forms The sale of this livestock is reported on Schedule F. 1040ez 2010printable tax forms See chapter 3. 1040ez 2010printable tax forms Also, special rules apply to sales or exchanges caused by weather-related conditions. 1040ez 2010printable tax forms See chapter 3. 1040ez 2010printable tax forms Holding period. 1040ez 2010printable tax forms   The sale or exchange of livestock used in your farm business (defined below) qualifies as a section 1231 transaction if you held the livestock for 12 months or more (24 months or more for horses and cattle). 1040ez 2010printable tax forms Livestock. 1040ez 2010printable tax forms   For section 1231 transactions, livestock includes cattle, hogs, horses, mules, donkeys, sheep, goats, fur-bearing animals, and other mammals. 1040ez 2010printable tax forms Also, for section 1231 transactions, livestock does not include chickens, turkeys, pigeons, geese, emus, ostriches, rheas, or other birds, fish, frogs, reptiles, etc. 1040ez 2010printable tax forms Livestock used in farm business. 1040ez 2010printable tax forms   If livestock is held primarily for draft, breeding, dairy, or sporting purposes, it is used in your farm business. 1040ez 2010printable tax forms The purpose for which an animal is held ordinarily is determined by a farmer's actual use of the animal. 1040ez 2010printable tax forms An animal is not held for draft, breeding, dairy, or sporting purposes merely because it is suitable for that purpose, or because it is held for sale to other persons for use by them for that purpose. 1040ez 2010printable tax forms However, a draft, breeding, or sporting purpose may be present if an animal is disposed of within a reasonable time after it is prevented from its intended use or made undesirable as a result of an accident, disease, drought, or unfitness of the animal. 1040ez 2010printable tax forms Example 1. 1040ez 2010printable tax forms You discover an animal that you intend to use for breeding purposes is sterile. 1040ez 2010printable tax forms You dispose of it within a reasonable time. 1040ez 2010printable tax forms This animal was held for breeding purposes. 1040ez 2010printable tax forms Example 2. 1040ez 2010printable tax forms You retire and sell your entire herd, including young animals that you would have used for breeding or dairy purposes had you remained in business. 1040ez 2010printable tax forms These young animals were held for breeding or dairy purposes. 1040ez 2010printable tax forms Also, if you sell young animals to reduce your breeding or dairy herd because of drought, these animals are treated as having been held for breeding or dairy purposes. 1040ez 2010printable tax forms See Sales Caused by Weather-Related Conditions in chapter 3. 1040ez 2010printable tax forms Example 3. 1040ez 2010printable tax forms You are in the business of raising hogs for slaughter. 1040ez 2010printable tax forms Customarily, before selling your sows, you obtain a single litter of pigs that you will raise for sale. 1040ez 2010printable tax forms You sell the brood sows after obtaining the litter. 1040ez 2010printable tax forms Even though you hold these brood sows for ultimate sale to customers in the ordinary course of your business, they are considered to be held for breeding purposes. 1040ez 2010printable tax forms Example 4. 1040ez 2010printable tax forms You are in the business of raising registered cattle for sale to others for use as breeding cattle. 1040ez 2010printable tax forms The business practice is to breed the cattle before sale to establish their fitness as registered breeding cattle. 1040ez 2010printable tax forms Your use of the young cattle for breeding purposes is ordinary and necessary for selling them as registered breeding cattle. 1040ez 2010printable tax forms Such use does not demonstrate that you are holding the cattle for breeding purposes. 1040ez 2010printable tax forms However, those cattle you held as additions or replacements to your own breeding herd to produce calves are considered to be held for breeding purposes, even though they may not actually have produced calves. 1040ez 2010printable tax forms The same applies to hog and sheep breeders. 1040ez 2010printable tax forms Example 5. 1040ez 2010printable tax forms You breed, raise, and train horses for racing purposes. 1040ez 2010printable tax forms Every year you cull horses from your racing stable. 1040ez 2010printable tax forms In 2013, you decided that to prevent your racing stable from getting too large to be effectively operated, you must cull six horses that had been raced at public tracks in 2012. 1040ez 2010printable tax forms These horses are all considered held for sporting purposes. 1040ez 2010printable tax forms Figuring gain or loss on the cash method. 1040ez 2010printable tax forms   Farmers or ranchers who use the cash method of accounting figure their gain or loss on the sale of livestock used in their farming business as follows. 1040ez 2010printable tax forms Raised livestock. 1040ez 2010printable tax forms   Gain on the sale of raised livestock is generally the gross sales price reduced by any expenses of the sale. 1040ez 2010printable tax forms Expenses of sale include sales commissions, freight or hauling from farm to commission company, and other similar expenses. 1040ez 2010printable tax forms The basis of the animal sold is zero if the costs of raising it were deducted during the years the animal was being raised. 1040ez 2010printable tax forms However, see Uniform Capitalization Rules in chapter 6. 1040ez 2010printable tax forms Purchased livestock. 1040ez 2010printable tax forms   The gross sales price minus your adjusted basis and any expenses of sale is the gain or loss. 1040ez 2010printable tax forms Example. 1040ez 2010printable tax forms A farmer sold a breeding cow on January 8, 2013, for $1,250. 1040ez 2010printable tax forms Expenses of the sale were $125. 1040ez 2010printable tax forms The cow was bought July 2, 2009, for $1,300. 1040ez 2010printable tax forms Depreciation (not less than the amount allowable) was $867. 1040ez 2010printable tax forms Gross sales price $1,250 Cost (basis) $1,300   Minus: Depreciation deduction 867   Unrecovered cost (adjusted basis) $ 433   Expense of sale 125 558 Gain realized $ 692 Converted Wetland and Highly Erodible Cropland Special rules apply to dispositions of land converted to farming use after March 1, 1986. 1040ez 2010printable tax forms Any gain realized on the disposition of converted wetland or highly erodible cropland is treated as ordinary income. 1040ez 2010printable tax forms Any loss on the disposition of such property is treated as a long-term capital loss. 1040ez 2010printable tax forms Converted wetland. 1040ez 2010printable tax forms   This is generally land that was drained or filled to make the production of agricultural commodities possible. 1040ez 2010printable tax forms It includes converted wetland held by the person who originally converted it or held by any other person who used the converted wetland at any time after conversion for farming. 1040ez 2010printable tax forms   A wetland (before conversion) is land that meets all the following conditions. 1040ez 2010printable tax forms It is mostly soil that, in its undrained condition, is saturated, flooded, or ponded long enough during a growing season to develop an oxygen-deficient state that supports the growth and regeneration of plants growing in water. 1040ez 2010printable tax forms It is saturated by surface or groundwater at a frequency and duration sufficient to support mostly plants that are adapted for life in saturated soil. 1040ez 2010printable tax forms It supports, under normal circumstances, mostly plants that grow in saturated soil. 1040ez 2010printable tax forms Highly erodible cropland. 1040ez 2010printable tax forms   This is cropland subject to erosion that you used at any time for farming purposes other than grazing animals. 1040ez 2010printable tax forms Generally, highly erodible cropland is land currently classified by the Department of Agriculture as Class IV, VI, VII, or VIII under its classification system. 1040ez 2010printable tax forms Highly erodible cropland also includes land that would have an excessive average annual erosion rate in relation to the soil loss tolerance level, as determined by the Department of Agriculture. 1040ez 2010printable tax forms Successor. 1040ez 2010printable tax forms   Converted wetland or highly erodible cropland is also land held by any person whose basis in the land is figured by reference to the adjusted basis of a person in whose hands the property was converted wetland or highly erodible cropland. 1040ez 2010printable tax forms Timber Standing timber you held as investment property is a capital asset. 1040ez 2010printable tax forms Gain or loss from its sale is capital gain or loss reported on Form 8949 and Schedule D (Form 1040), as applicable. 1040ez 2010printable tax forms If you held the timber primarily for sale to customers, it is not a capital asset. 1040ez 2010printable tax forms Gain or loss on its sale is ordinary business income or loss. 1040ez 2010printable tax forms It is reported on Schedule F, line 1 (purchased timber) or line 2 (raised timber). 1040ez 2010printable tax forms See the Instructions for Schedule F (Form 1040). 1040ez 2010printable tax forms Farmers who cut timber on their land and sell it as logs, firewood, or pulpwood usually have no cost or other basis for that timber. 1040ez 2010printable tax forms Amounts realized from these sales, and the expenses incurred in cutting, hauling, etc. 1040ez 2010printable tax forms , are ordinary farm income and expenses reported on Schedule F. 1040ez 2010printable tax forms Different rules apply if you owned the timber longer than 1 year and elect to treat timber cutting as a sale or exchange or you enter into a cutting contract, discussed below. 1040ez 2010printable tax forms Timber considered cut. 1040ez 2010printable tax forms   Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. 1040ez 2010printable tax forms This is true whether the timber is cut under contract or whether you cut it yourself. 1040ez 2010printable tax forms Christmas trees. 1040ez 2010printable tax forms   Evergreen trees, such as Christmas trees, that are more than 6 years old when severed from their roots and sold for ornamental purposes are included in the term timber. 1040ez 2010printable tax forms They qualify for both rules discussed below. 1040ez 2010printable tax forms Election to treat cutting as a sale or exchange. 1040ez 2010printable tax forms   Under the general rule, the cutting of timber results in no gain or loss. 1040ez 2010printable tax forms It is not until a sale or exchange occurs that gain or loss is realized. 1040ez 2010printable tax forms But if you owned or had a contractual right to cut timber, you can elect to treat the cutting of timber as a section 1231 transaction in the year it is cut. 1040ez 2010printable tax forms Even though the cut timber is not actually sold or exchanged, you report your gain or loss on the cutting for the year the timber is cut. 1040ez 2010printable tax forms Any later sale results in ordinary business income or loss. 1040ez 2010printable tax forms See the example below. 1040ez 2010printable tax forms   To elect this treatment, you must: Own or hold a contractual right to cut the timber for a period of more than 1 year before it is cut, and Cut the timber for sale or use in your trade or business. 1040ez 2010printable tax forms Making the election. 1040ez 2010printable tax forms   You make the election on your return for the year the cutting takes place by including in income the gain or loss on the cutting and including a computation of your gain or loss. 1040ez 2010printable tax forms You do not have to make the election in the first year you cut the timber. 1040ez 2010printable tax forms You can make it in any year to which the election would apply. 1040ez 2010printable tax forms If the timber is partnership property, the election is made on the partnership return. 1040ez 2010printable tax forms This election cannot be made on an amended return. 1040ez 2010printable tax forms   Once you have made the election, it remains in effect for all later years unless you revoke it. 1040ez 2010printable tax forms Election under section 631(a) may be revoked. 1040ez 2010printable tax forms   If you previously elected for any tax year ending before October 23, 2004, to treat the cutting of timber as a sale or exchange under section 631(a), you may revoke this election without the consent of the IRS for any tax year ending after October 22, 2004. 1040ez 2010printable tax forms The prior election (and revocation) is disregarded for purposes of making a subsequent election. 1040ez 2010printable tax forms See Form T (Timber), Forest Activities Schedule, for more information. 1040ez 2010printable tax forms Gain or loss. 1040ez 2010printable tax forms   Your gain or loss on the cutting of standing timber is the difference between its adjusted basis for depletion and its FMV on the first day of your tax year in which it is cut. 1040ez 2010printable tax forms   Your adjusted basis for depletion of cut timber is based on the number of units (board feet, log scale, or other units) of timber cut during the tax year and considered to be sold or exchanged. 1040ez 2010printable tax forms Your adjusted basis for depletion is also based on the depletion unit of timber in the account used for the cut timber, and should be figured in the same manner as shown in section 611 and Regulations section 1. 1040ez 2010printable tax forms 611-3. 1040ez 2010printable tax forms   Depletion of timber is discussed in chapter 7. 1040ez 2010printable tax forms Example. 1040ez 2010printable tax forms   In April 2013, you owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. 1040ez 2010printable tax forms It had an adjusted basis for depletion of $40 per MBF. 1040ez 2010printable tax forms You are a calendar year taxpayer. 1040ez 2010printable tax forms On January 1, 2013, the timber had a FMV of $350 per MBF. 1040ez 2010printable tax forms It was cut in April for sale. 1040ez 2010printable tax forms On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. 1040ez 2010printable tax forms You report the difference between the FMV and your adjusted basis for depletion as a gain. 1040ez 2010printable tax forms This amount is reported on Form 4797 along with your other section 1231 gains and losses to figure whether it is treated as a capital gain or as ordinary gain. 1040ez 2010printable tax forms You figure your gain as follows. 1040ez 2010printable tax forms FMV of timber January 1, 2013 $1,400,000 Minus: Adjusted basis for depletion 160,000 Section 1231 gain $1,240,000   The FMV becomes your basis in the cut timber, and a later sale of the cut timber, including any by-product or tree tops, will result in ordinary business income or loss. 1040ez 2010printable tax forms Outright sales of timber. 1040ez 2010printable tax forms   Outright sales of timber by landowners qualify for capital gains treatment using rules similar to the rules for certain disposal of timber under a contract with retained economic interest (defined later). 1040ez 2010printable tax forms However, for outright sales, the date of disposal is not deemed to be the date the timber is cut because the landowner can elect to treat the payment date as the date of disposal (see Date of disposal below). 1040ez 2010printable tax forms Cutting contract. 1040ez 2010printable tax forms   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. 1040ez 2010printable tax forms You are the owner of the timber. 1040ez 2010printable tax forms You held the timber longer than 1 year before its disposal. 1040ez 2010printable tax forms You kept an economic interest in the timber. 1040ez 2010printable tax forms   You have kept an economic interest in standing timber if, under the cutting contract, the expected return on your investment is conditioned on the cutting of the timber. 1040ez 2010printable tax forms   The difference between the amount realized from the disposal of the timber and its adjusted basis for depletion is treated as gain or loss on its sale. 1040ez 2010printable tax forms Include this amount on Form 4797 along with your other section 1231 gains or losses. 1040ez 2010printable tax forms Date of disposal. 1040ez 2010printable tax forms   The date of disposal is the date the timber is cut. 1040ez 2010printable tax forms However, for outright sales by landowners or if you receive payment under the contract before the timber is cut, you can elect to treat the date of payment as the date of disposal. 1040ez 2010printable tax forms   This election applies only to figure the holding period of the timber. 1040ez 2010printable tax forms It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). 1040ez 2010printable tax forms   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. 1040ez 2010printable tax forms The statement must identify the advance payments subject to the election and the contract under which they were made. 1040ez 2010printable tax forms   If you timely filed your return for the year you received payment without making the election, you can still make the election by filing an amended return within 6 months after the due date for that year's return (excluding extensions). 1040ez 2010printable tax forms Attach the statement to the amended return and write “Filed pursuant to section 301. 1040ez 2010printable tax forms 9100-2” at the top of the statement. 1040ez 2010printable tax forms File the amended return at the same address the original return was filed. 1040ez 2010printable tax forms Owner. 1040ez 2010printable tax forms   An owner is any person who owns an interest in the timber, including a sublessor and the holder of a contract to cut the timber. 1040ez 2010printable tax forms You own an interest in timber if you have the right to cut it for sale on your own account or for use in your business. 1040ez 2010printable tax forms Tree stumps. 1040ez 2010printable tax forms   Tree stumps are a capital asset if they are on land held by an investor who is not in the timber or stump business as a buyer, seller, or processor. 1040ez 2010printable tax forms Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. 1040ez 2010printable tax forms However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. 1040ez 2010printable tax forms Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. 1040ez 2010printable tax forms   See Form T (Timber) and its separate instructions for more information about dispositions of timber. 1040ez 2010printable tax forms Sale of a Farm The sale of your farm will usually involve the sale of both nonbusiness property (your home) and business property (the land and buildings used in the farm operation and perhaps machinery and livestock). 1040ez 2010printable tax forms If you have a gain from the sale, you may be allowed to exclude the gain on your home. 1040ez 2010printable tax forms For more information, see Publication 523, Selling Your Home. 1040ez 2010printable tax forms The gain on the sale of your business property is taxable. 1040ez 2010printable tax forms A loss on the sale of your business property to an unrelated person is deducted as an ordinary loss. 1040ez 2010printable tax forms Your taxable gain or loss on the sale of property used in your farm business is taxed under the rules for section 1231 transactions. 1040ez 2010printable tax forms See chapter 9. 1040ez 2010printable tax forms Losses from personal-use property, other than casualty or theft losses, are not deductible. 1040ez 2010printable tax forms If you receive payments for your farm in installments, your gain is taxed over the period of years the payments are received, unless you elect not to use the installment method of reporting the gain. 1040ez 2010printable tax forms See chapter 10 for information about installment sales. 1040ez 2010printable tax forms When you sell your farm, the gain or loss on each asset is figured separately. 1040ez 2010printable tax forms The tax treatment of gain or loss on the sale of each asset is determined by the classification of the asset. 1040ez 2010printable tax forms Each of the assets sold must be classified as one of the following. 1040ez 2010printable tax forms Capital asset held 1 year or less. 1040ez 2010printable tax forms Capital asset held longer than 1 year. 1040ez 2010printable tax forms Property (including real estate) used in your business and held 1 year or less (including draft, breeding, dairy, and sporting animals held less than the holding periods discussed earlier under Livestock ). 1040ez 2010printable tax forms Property (including real estate) used in your business and held longer than 1 year (including only draft, breeding, dairy, and sporting animals held for the holding periods discussed earlier). 1040ez 2010printable tax forms Property held primarily for sale or which is of the kind that would be included in inventory if on hand at the end of your tax year. 1040ez 2010printable tax forms Allocation of consideration paid for a farm. 1040ez 2010printable tax forms   The sale of a farm for a lump sum is considered a sale of each individual asset rather than a single asset. 1040ez 2010printable tax forms The residual method is required only if the group of assets sold constitutes a trade or business. 1040ez 2010printable tax forms This method determines gain or loss from the transfer of each asset. 1040ez 2010printable tax forms It also determines the buyer's basis in the business assets. 1040ez 2010printable tax forms For more information, see Sale of a Business in chapter 2 of Publication 544. 1040ez 2010printable tax forms Property used in farm operation. 1040ez 2010printable tax forms   The rules for excluding the gain on the sale of your home, described later under Sale of your home , do not apply to the property used for your farming business. 1040ez 2010printable tax forms Recognized gains and losses on business property must be reported on your return for the year of the sale. 1040ez 2010printable tax forms If the property was held longer than 1 year, it may qualify for section 1231 treatment (see chapter 9). 1040ez 2010printable tax forms Example. 1040ez 2010printable tax forms You sell your farm, including your main home, which you have owned since December 2001. 1040ez 2010printable tax forms You realize gain on the sale as follows. 1040ez 2010printable tax forms   Farm   Farm   With Home Without   Home Only Home Selling price $382,000 $158,000 $224,000 Cost (or other basis) 240,000 110,000 130,000 Gain $142,000 $48,000 $94,000 You must report the $94,000 gain from the sale of the property used in your farm business. 1040ez 2010printable tax forms All or a part of that gain may have to be reported as ordinary income from the recapture of depreciation or soil and water conservation expenses. 1040ez 2010printable tax forms Treat the balance as section 1231 gain. 1040ez 2010printable tax forms The $48,000 gain from the sale of your home is not taxable as long as you meet the requirements explained later under Sale of your home . 1040ez 2010printable tax forms Partial sale. 1040ez 2010printable tax forms   If you sell only part of your farm, you must report any recognized gain or loss on the sale of that part on your tax return for the year of the sale. 1040ez 2010printable tax forms You cannot wait until you have sold enough of the farm to recover its entire cost before reporting gain or loss. 1040ez 2010printable tax forms For a detailed discussion on installment sales, see Publication 544. 1040ez 2010printable tax forms Adjusted basis of the part sold. 1040ez 2010printable tax forms   This is the properly allocated part of your original cost or other basis of the entire farm plus or minus necessary adjustments for improvements, depreciation, etc. 1040ez 2010printable tax forms , on the part sold. 1040ez 2010printable tax forms If your home is on the farm, you must properly adjust the basis to exclude those costs from your farm asset costs, as discussed below under Sale of your home . 1040ez 2010printable tax forms Example. 1040ez 2010printable tax forms You bought a 600-acre farm for $700,000. 1040ez 2010printable tax forms The farm included land and buildings. 1040ez 2010printable tax forms The purchase contract designated $600,000 of the purchase price to the land. 1040ez 2010printable tax forms You later sold 60 acres of land on which you had installed a fence. 1040ez 2010printable tax forms Your adjusted basis for the part of your farm sold is $60,000 (1/10 of $600,000), plus any unrecovered cost (cost not depreciated) of the fence on the 60 acres at the time of sale. 1040ez 2010printable tax forms Use this amount to determine your gain or loss on the sale of the 60 acres. 1040ez 2010printable tax forms Assessed values for local property taxes. 1040ez 2010printable tax forms   If you paid a flat sum for the entire farm and no other facts are available for properly allocating your original cost or other basis between the land and the buildings, you can use the assessed values for local property taxes for the year of purchase to allocate the costs. 1040ez 2010printable tax forms Example. 1040ez 2010printable tax forms Assume that in the preceding example there was no breakdown of the $700,000 purchase price between land and buildings. 1040ez 2010printable tax forms However, in the year of purchase, local taxes on the entire property were based on assessed valuations of $420,000 for land and $140,000 for improvements, or a total of $560,000. 1040ez 2010printable tax forms The assessed valuation of the land is 3/4 (75%) of the total assessed valuation. 1040ez 2010printable tax forms Multiply the $700,000 total purchase price by 75% to figure basis of $525,000 for the 600 acres of land. 1040ez 2010printable tax forms The unadjusted basis of the 60 acres you sold would then be $52,500 (1/10 of $525,000). 1040ez 2010printable tax forms Sale of your home. 1040ez 2010printable tax forms   Your home is a capital asset and not property used in the trade or business of farming. 1040ez 2010printable tax forms If you sell a farm that includes a house you and your family occupy, you must determine the part of the selling price and the part of the cost or other basis allocable to your home. 1040ez 2010printable tax forms Your home includes the immediate surroundings and outbuildings relating to it that are not used for business purposes. 1040ez 2010printable tax forms   If you use part of your home for business, you must make an appropriate adjustment to the basis for depreciation allowed or allowable. 1040ez 2010printable tax forms For more information on basis, see chapter 6. 1040ez 2010printable tax forms More information. 1040ez 2010printable tax forms   For more information on selling your home, see Publication 523. 1040ez 2010printable tax forms Gain from condemnation. 1040ez 2010printable tax forms   If you have a gain from a condemnation or sale under threat of condemnation, you may use the preceding rules for excluding the gain, rather than the rules discussed under Postponing Gain in chapter 11. 1040ez 2010printable tax forms However, any gain that cannot be excluded (because it is more than the limit) may be postponed under the rules discussed under Postponing Gain in chapter 11. 1040ez 2010printable tax forms Foreclosure or Repossession If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. 1040ez 2010printable tax forms The foreclosure or repossession is treated as a sale or exchange from which you may realize gain or loss. 1040ez 2010printable tax forms This is true even if you voluntarily return the property to the lender. 1040ez 2010printable tax forms You may also realize ordinary income from cancellation of debt if the loan balance is more than the FMV of the property. 1040ez 2010printable tax forms Buyer's (borrower's) gain or loss. 1040ez 2010printable tax forms   You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale or exchange. 1040ez 2010printable tax forms The gain or loss is the difference between your adjusted basis in the transferred property and the amount realized. 1040ez 2010printable tax forms See Determining Gain or Loss , earlier. 1040ez 2010printable tax forms Worksheet 8-1. 1040ez 2010printable tax forms Worksheet for Foreclosures andRepossessions Part 1. 1040ez 2010printable tax forms Use Part 1 to figure your ordinary income from the cancellation of debt upon foreclosure or repossession. 1040ez 2010printable tax forms Complete this part only if you were personally liable for the debt. 1040ez 2010printable tax forms Otherwise, go to Part 2. 1040ez 2010printable tax forms   1. 1040ez 2010printable tax forms Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable after the transfer of property   2. 1040ez 2010printable tax forms Enter the Fair Market Value of the transferred property   3. 1040ez 2010printable tax forms Ordinary income from cancellation of debt upon foreclosure or repossession. 1040ez 2010printable tax forms * Subtract line 2 from line 1. 1040ez 2010printable tax forms If zero or less, enter -0-   Part 2. 1040ez 2010printable tax forms Figure your gain or loss from foreclosure or repossession. 1040ez 2010printable tax forms   4. 1040ez 2010printable tax forms If you completed Part 1, enter the smaller of line 1 or line 2. 1040ez 2010printable tax forms If you did not complete Part 1, enter the outstanding debt immediately before the transfer of property   5. 1040ez 2010printable tax forms Enter any proceeds you received from the foreclosure sale   6. 1040ez 2010printable tax forms Add lines 4 and 5   7. 1040ez 2010printable tax forms Enter the adjusted basis of the transferred property   8. 1040ez 2010printable tax forms Gain or loss from foreclosure or repossession. 1040ez 2010printable tax forms Subtract line 7  from line 6   * The income may not be taxable. 1040ez 2010printable tax forms See Cancellation of debt . 1040ez 2010printable tax forms    You can use Worksheet 8-1 to figure your gain or loss from a foreclosure or repossession. 1040ez 2010printable tax forms Amount realized on a nonrecourse debt. 1040ez 2010printable tax forms   If you are not personally liable for repaying the debt (nonrecourse debt) secured by the transferred property, the amount you realize includes the full amount of the debt canceled by the transfer. 1040ez 2010printable tax forms The full canceled debt is included in the amount realized even if the fair market value of the property is less than the canceled debt. 1040ez 2010printable tax forms Example 1. 1040ez 2010printable tax forms Ann paid $200,000 for land used in her farming business. 1040ez 2010printable tax forms She paid $15,000 down and borrowed the remaining $185,000 from a bank. 1040ez 2010printable tax forms Ann is not personally liable for the loan (nonrecourse debt), but pledges the land as security. 1040ez 2010printable tax forms The bank foreclosed on the loan 2 years after Ann stopped making payments. 1040ez 2010printable tax forms When the bank foreclosed, the balance due on the loan was $180,000 and the FMV of the land was $170,000. 1040ez 2010printable tax forms The amount Ann realized on the foreclosure was $180,000, the debt canceled by the foreclosure. 1040ez 2010printable tax forms She figures her gain or loss on Form 4797, Part I, by comparing the amount realized ($180,000) with her adjusted basis ($200,000). 1040ez 2010printable tax forms She has a $20,000 deductible loss. 1040ez 2010printable tax forms Example 2. 1040ez 2010printable tax forms Assume the same facts as in Example 1 except the FMV of the land was $210,000. 1040ez 2010printable tax forms The result is the same. 1040ez 2010printable tax forms The amount Ann realized on the foreclosure is $180,000, the debt canceled by the foreclosure. 1040ez 2010printable tax forms Because her adjusted basis is $200,000, she has a deductible loss of $20,000, which she reports on Form 4797, Part I. 1040ez 2010printable tax forms Amount realized on a recourse debt. 1040ez 2010printable tax forms   If you are personally liable for the debt (recourse debt), the amount realized on the foreclosure or repossession includes the lesser of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The fair market value of the transferred property. 1040ez 2010printable tax forms   You are treated as receiving ordinary income from the canceled debt for the part of the debt that is more than the fair market value. 1040ez 2010printable tax forms The amount realized does not include the canceled debt that is your income from cancellation of debt. 1040ez 2010printable tax forms See Cancellation of debt , later. 1040ez 2010printable tax forms Example 3. 1040ez 2010printable tax forms Assume the same facts as in Example 1 above except Ann is personally liable for the loan (recourse debt). 1040ez 2010printable tax forms In this case, the amount she realizes is $170,000. 1040ez 2010printable tax forms This is the canceled debt ($180,000) up to the FMV of the land ($170,000). 1040ez 2010printable tax forms Ann figures her gain or loss on the foreclosure by comparing the amount realized ($170,000) with her adjusted basis ($200,000). 1040ez 2010printable tax forms She has a $30,000 deductible loss, which she figures on Form 4797, Part I. 1040ez 2010printable tax forms She is also treated as receiving ordinary income from cancellation of debt. 1040ez 2010printable tax forms That income is $10,000 ($180,000 − $170,000). 1040ez 2010printable tax forms This is the part of the canceled debt not included in the amount realized. 1040ez 2010printable tax forms She reports this as other income on Schedule F, line 8. 1040ez 2010printable tax forms Seller's (lender's) gain or loss on repossession. 1040ez 2010printable tax forms   If you finance a buyer's purchase of property and later acquire an interest in it through foreclosure or repossession, you may have a gain or loss on the acquisition. 1040ez 2010printable tax forms For more information, see Repossession in Publication 537, Installment Sales. 1040ez 2010printable tax forms Cancellation of debt. 1040ez 2010printable tax forms   If property that is repossessed or foreclosed upon secures a debt for which you are personally liable (recourse debt), you generally must report as ordinary income the amount by which the canceled debt is more than the FMV of the property. 1040ez 2010printable tax forms This income is separate from any gain or loss realized from the foreclosure or repossession. 1040ez 2010printable tax forms Report the income from cancellation of a business debt on Schedule F, line 8. 1040ez 2010printable tax forms Report the income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. 1040ez 2010printable tax forms    You can use Worksheet 8-1 to figure your income from cancellation of debt. 1040ez 2010printable tax forms   However, income from cancellation of debt is not taxed if any of the following apply. 1040ez 2010printable tax forms The cancellation is intended as a gift. 1040ez 2010printable tax forms The debt is qualified farm debt (see chapter 3). 1040ez 2010printable tax forms The debt is qualified real property business debt (see chapter 5 of Publication 334). 1040ez 2010printable tax forms You are insolvent or bankrupt (see  chapter 3). 1040ez 2010printable tax forms The debt is qualified principal residence indebtedness (see chapter 3). 1040ez 2010printable tax forms   Use Form 982 to report the income exclusion. 1040ez 2010printable tax forms Abandonment The abandonment of property is a disposition of property. 1040ez 2010printable tax forms You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership, but without passing it on to anyone else. 1040ez 2010printable tax forms Business or investment property. 1040ez 2010printable tax forms   Loss from abandonment of business or investment property is deductible as a loss. 1040ez 2010printable tax forms Loss from abandonment of business or investment property that is not treated as a sale or exchange generally is an ordinary loss. 1040ez 2010printable tax forms If your adjusted basis is more than the amount you realize (if any), then you have a loss. 1040ez 2010printable tax forms If the amount you realize (if any) is more than your adjusted basis, then you have a gain. 1040ez 2010printable tax forms This rule also applies to leasehold improvements the lessor made for the lessee. 1040ez 2010printable tax forms However, if the property is foreclosed on or repossessed in lieu of abandonment, gain or loss is figured as discussed earlier under Foreclosure or Repossession . 1040ez 2010printable tax forms   If the abandoned property is secured by debt, special rules apply. 1040ez 2010printable tax forms The tax consequences of abandonment of property that secures a debt depend on whether you are personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). 1040ez 2010printable tax forms For more information, see chapter 3 of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). 1040ez 2010printable tax forms The abandonment loss is deducted in the tax year in which the loss is sustained. 1040ez 2010printable tax forms Report the loss on Form 4797, Part II, line 10. 1040ez 2010printable tax forms Personal-use property. 1040ez 2010printable tax forms   You cannot deduct any loss from abandonment of your home or other property held for personal use. 1040ez 2010printable tax forms Canceled debt. 1040ez 2010printable tax forms   If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. 1040ez 2010printable tax forms This income is separate from any loss realized from abandonment of the property. 1040ez 2010printable tax forms Report income from cancellation of a debt related to a business or rental activity as business or rental income. 1040ez 2010printable tax forms Report income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. 1040ez 2010printable tax forms   However, income from cancellation of debt is not taxed in certain circumstances. 1040ez 2010printable tax forms See Cancellation of debt earlier under Foreclosure or Repossession . 1040ez 2010printable tax forms Forms 1099-A and 1099-C. 1040ez 2010printable tax forms   A lender who acquires an interest in your property in a foreclosure, repossession, or abandonment should send you Form 1099-A showing the information you need to figure your loss from the foreclosure, repossession, or abandonment. 1040ez 2010printable tax forms However, if the lender cancels part of your debt and the lender must file Form 1099-C, the lender may include the information about the foreclosure, repossession, or abandonment on that form instead of Form 1099-A. 1040ez 2010printable tax forms The lender must file Form 1099-C and send you a copy if the canceled debt is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. 1040ez 2010printable tax forms For foreclosures, repossessions, abandonments of property, and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. 1040ez 2010printable tax forms Prev  Up  Next   Home   More Online Publications
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Commissioner John Koskinen

John Koskinen is the 48th IRS Commissioner. As Commissioner, he presides over the nation’s tax system, which collects approximately $2.4 trillion in tax revenue each year. This revenue funds most government operations and public services. Mr. Koskinen manages an agency of about 90,000 employees and a budget of approximately $11 billion.

In his role leading the IRS, Mr. Koskinen is working to ensure that the agency maintains an appropriate balance between taxpayer service and tax enforcement and administers the tax code with fairness and integrity.

Prior to his appointment, Mr. Koskinen served as the non-executive chairman of Freddie Mac from 2008 to 2012 and its acting chief executive officer in 2009. Previously, Mr. Koskinen served as President of the U.S. Soccer Foundation, Deputy Mayor and City Administrator of Washington D.C., Assistant to the President and Chair of the President's Council on Year 2000 Conversion and Deputy Director for Management at the Office of Management and Budget. Mr. Koskinen also spent 21 years in the private sector in various leadership positions with the Palmieri Company, including President and Chief Executive Officer, helping to turn around large, troubled organizations. He began his career clerking for Chief Judge David L. Bazelon of the DC Circuit Court of Appeals in 1965, practiced law with the firm of Gibson, Dunn and Crutcher and served as Assistant to the Deputy Executive Director of the National Advisory Commission on Civil Disorders, also known as the Kerner Commission. Mr. Koskinen also served as Legislative Assistant to New York Mayor John Lindsay and Administrative Assistant to Sen. Abraham Ribicoff of Connecticut.

Mr. Koskinen holds a Law Degree from Yale University School of Law and a Bachelor’s Degree from Duke University. He also studied International Law for one year in Cambridge, England. He and his wife Patricia have two grown children and live in Washington, DC.

 

Page Last Reviewed or Updated: 14-Feb-2014

The 1040ez 2010printable Tax Forms

1040ez 2010printable tax forms 22. 1040ez 2010printable tax forms   Impuestos Table of Contents IntroductionGobierno tribal de indios estadounidenses. 1040ez 2010printable tax forms Useful Items - You may want to see: Requisitos para Deducir Todo Impuesto Impuestos sobre los IngresosImpuestos Estatales y Locales sobre los Ingresos Impuestos Extranjeros sobre los Ingresos Impuestos Generales sobre las VentasVehículos de motor. 1040ez 2010printable tax forms Impuestos sobre Bienes RaícesImpuestos sobre bienes raíces de años anteriores. 1040ez 2010printable tax forms Ejemplos. 1040ez 2010printable tax forms Formulario 1099-S. 1040ez 2010printable tax forms Cantidades Relacionadas con Bienes Raíces que no Puede Deducir Impuestos sobre Bienes Muebles Impuestos y Cargos que no Puede Deducir Dónde se Anotan las Deducciones Introduction Este capítulo trata de los impuestos que puede deducir si detalla sus deducciones en el Anexo A (Formulario 1040). 1040ez 2010printable tax forms También explica cuáles impuestos puede deducir en otros anexos o formularios y cuáles impuestos no puede deducir. 1040ez 2010printable tax forms Este capítulo trata sobre los siguientes temas: Impuestos sobre los ingresos (federales, estatales, locales, y extranjeros). 1040ez 2010printable tax forms Impuestos generales sobre ventas (estatales y locales). 1040ez 2010printable tax forms Impuestos sobre bienes raíces (estatales, locales, y extranjeros). 1040ez 2010printable tax forms Impuestos sobre bienes muebles (estatales y locales). 1040ez 2010printable tax forms Impuestos y cargos que usted no puede deducir. 1040ez 2010printable tax forms Use la Tabla 22-1 como guía para determinar cuáles impuestos se pueden deducir. 1040ez 2010printable tax forms Hay una sección al final del capítulo que le explica cuál formulario debe usar para deducir diferentes tipos de impuestos. 1040ez 2010printable tax forms Impuestos de negocio. 1040ez 2010printable tax forms   Puede deducir ciertos impuestos solamente si son gastos ordinarios y necesarios de su ocupación o negocio o si los incurre para generar ingresos. 1040ez 2010printable tax forms Para información sobre estos impuestos, vea la Publicación 535, Business Expenses (Gastos de negocio), en inglés. 1040ez 2010printable tax forms Impuestos estatales o locales. 1040ez 2010printable tax forms   Éstos son impuestos gravados por los 50 estados, posesiones (territorios no autónomos) de los EE. 1040ez 2010printable tax forms UU. 1040ez 2010printable tax forms o cualquiera de sus subdivisiones políticas (tal como un condado o una ciudad) o por el Distrito de Columbia. 1040ez 2010printable tax forms Gobierno tribal de indios estadounidenses. 1040ez 2010printable tax forms   Un gobierno tribal de indios estadounidenses, al que el Secretario del Tesoro reconoce que desempeña funciones gubernamentales sustanciales, se considera un estado para el propósito de reclamar una deducción tributaria. 1040ez 2010printable tax forms Los impuestos sobre los ingresos, impuestos sobre bienes raíces e impuestos sobre bienes muebles gravados por dicho gobierno tribal de indios estadounidenses (o por cualquiera de sus subdivisiones tratadas como si fueran subdivisiones políticas de un estado) son deducibles. 1040ez 2010printable tax forms Impuestos generales sobre las ventas. 1040ez 2010printable tax forms   Estos son impuestos que se gravan a tasa fija sobre ventas al por menor. 1040ez 2010printable tax forms Dichos impuestos corresponden a una amplia gama de diferentes tipos de artículos. 1040ez 2010printable tax forms Impuestos extranjeros. 1040ez 2010printable tax forms   Éstos son impuestos que grava un país extranjero o cualesquiera de sus subdivisiones políticas. 1040ez 2010printable tax forms Useful Items - You may want to see: Publicación 514 Foreign Tax Credit for Individuals (Crédito por impuestos extranjeros para personas físicas), en inglés 530 Tax Information for Homeowners (Información tributaria para propietarios de vivienda), en inglés Formularios (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés Anexo E (Formulario 1040) Supplemental Income and Loss (Ingresos y pérdidas suplementarios), en inglés 1116 Foreign Tax Credit (Crédito por impuestos extranjeros), en inglés Requisitos para Deducir Todo Impuesto Para que un impuesto sea deducible, se tienen que cumplir los dos requisitos siguientes: Se le tiene que gravar el impuesto a usted. 1040ez 2010printable tax forms Usted tiene que pagar el impuesto durante su año tributario. 1040ez 2010printable tax forms Se le tiene que gravar el impuesto a usted. 1040ez 2010printable tax forms   En general, sólo puede deducir los impuestos que se le gravan a usted. 1040ez 2010printable tax forms   Generalmente, puede deducir impuestos sobre bienes muebles sólo si usted es el dueño de la propiedad. 1040ez 2010printable tax forms Si su cónyuge es dueño de la propiedad y paga impuestos sobre bienes raíces correspondientes a la misma, los impuestos se pueden deducir en la declaración separada de su cónyuge o en su declaración conjunta. 1040ez 2010printable tax forms Tiene que pagar el impuesto durante su año tributario. 1040ez 2010printable tax forms   Si es un contribuyente que usa el método contable a base de efectivo para pagar sus impuestos, puede deducir sólo aquellos impuestos que de hecho pagó durante su año tributario. 1040ez 2010printable tax forms Si paga sus impuestos con cheque, el día en que envía o entrega el cheque se considera la fecha de pago, con tal de que el cheque sea aceptado por la institución financiera. 1040ez 2010printable tax forms Si utiliza una cuenta para pagar por teléfono (como una tarjeta de crédito o retiro de fondos electrónico), la fecha de pago será la fecha en el estado de cuentas de la institución financiera indicando cuándo se hizo el pago. 1040ez 2010printable tax forms Si usted disputa una obligación tributaria y es un contribuyente que usa el método a base de efectivo para pagar sus impuestos, puede deducir el impuesto únicamente en el año en que de hecho lo paga (o transfiere dinero u otros bienes para cumplir con la obligación en disputa). 1040ez 2010printable tax forms Vea la Publicación 538, Accounting Periods and Methods (Períodos y métodos contables), en inglés, para más detalles. 1040ez 2010printable tax forms    Si usa el método contable a base de lo devengado, vea la Publicación 538, en inglés, para más información. 1040ez 2010printable tax forms Impuestos sobre los Ingresos Esta sección explica cuáles impuestos estatales y locales sobre los ingresos (incluyendo aportaciones del empleado a fondos estatales de beneficios) y cuáles impuestos sobre ingresos extranjeros se pueden deducir. 1040ez 2010printable tax forms Impuestos Estatales y Locales sobre los Ingresos Puede deducir los impuestos estatales o locales sobre los ingresos. 1040ez 2010printable tax forms Sin embargo, puede eligir deducir los impuestos generales estatales y locales sobre ventas en vez de deducir los impuestos estatales y locales sobre los ingresos. 1040ez 2010printable tax forms Vea Impuestos Generales sobre las Ventas , mas adelante. 1040ez 2010printable tax forms Excepción. 1040ez 2010printable tax forms    No puede deducir impuestos estatales y locales que pague sobre ingresos exentos del impuesto federal sobre el ingreso, a menos que el ingreso exento del impuesto sea ingreso de intereses. 1040ez 2010printable tax forms Por ejemplo, no puede deducir la parte del impuesto estatal sobre el ingreso que se grava sobre un subsidio por costo de vida exento del impuesto federal sobre el ingreso. 1040ez 2010printable tax forms Qué Deducir Su deducción puede ser por impuestos retenidos, pagos de impuesto estimado u otros pagos de impuestos conforme a lo siguiente: Impuestos retenidos. 1040ez 2010printable tax forms   Puede deducir los impuestos estatales y locales sobre el ingreso retenidos de su sueldo en el año en que son retenidos. 1040ez 2010printable tax forms Sus Formularios W-2 indicarán la cantidad. 1040ez 2010printable tax forms Los Formularios W-2G, 1099-G, 1099-R, y 1099-MISC también pueden indicar los impuestos sobre los ingresos estatales y locales retenidos. 1040ez 2010printable tax forms Pagos de impuesto estimado. 1040ez 2010printable tax forms   Puede deducir los pagos de impuesto estimado que hizo durante el año a un gobierno estatal o local. 1040ez 2010printable tax forms Sin embargo, tendrá que tener una base razonable para hacer los pagos de impuesto estimado. 1040ez 2010printable tax forms Todo pago de impuesto estimado estatal o local que no haya sido hecho de buena fe en el momento del pago no es deducible. 1040ez 2010printable tax forms Por ejemplo, usted hizo un pago estimado del impuesto estatal sobre el ingreso. 1040ez 2010printable tax forms No obstante, el cálculo aproximado de su obligación tributaria estatal resulta en que va a recibir un reembolso de todo su pago estimado. 1040ez 2010printable tax forms Usted no tenía ninguna base razonable para creer que podría adeudar algún impuesto estatal sobre el ingreso adicional y no puede deducir el pago de impuesto estimado. 1040ez 2010printable tax forms Reembolso aplicado a los impuestos. 1040ez 2010printable tax forms   Puede deducir toda parte de un reembolso de impuestos estatales y locales sobre el ingreso de un año anterior que haya elegido utilizar para pagar sus impuestos estimados estatales o locales sobre el ingreso del año 2013. 1040ez 2010printable tax forms    No reste de la deducción ninguno de los siguientes artículos: Todo reembolso de (o crédito por) el impuesto estatal o local sobre el ingreso (o crédito) que espere recibir para el año 2013. 1040ez 2010printable tax forms Todo reembolso de (o crédito por) impuestos estatales y locales sobre los ingresos de un año anterior que de hecho haya recibido en 2013. 1040ez 2010printable tax forms   Sin embargo, todo o parte de este reembolso (o crédito) puede ser tributable. 1040ez 2010printable tax forms Vea Reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso , más adelante. 1040ez 2010printable tax forms Declaraciones federales separadas. 1040ez 2010printable tax forms   Si usted y su cónyuge presentan declaraciones separadas del impuesto estatal, local y federal sobre el ingreso, cada uno puede deducir en su declaración federal sólo la cantidad de su propio impuesto estatal y local sobre el ingreso que pagó durante el año tributario. 1040ez 2010printable tax forms Declaraciones conjuntas estatales y locales. 1040ez 2010printable tax forms   Si usted y su cónyuge presentan declaraciones conjuntas estatales y locales y declaraciones federales separadas, cada uno puede deducir en su declaración federal separada parte del total de los impuestos estatales y locales sobre el ingreso pagados durante el año tributario. 1040ez 2010printable tax forms Puede deducir sólo la cantidad del total de los impuestos que esté en proporción con sus ingresos brutos, comparados con la suma de los ingresos brutos de usted y los de su cónyuge. 1040ez 2010printable tax forms Sin embargo, no puede deducir más de la cantidad que realmente pagó durante el año. 1040ez 2010printable tax forms Puede evitar este cálculo si usted y su cónyuge son responsables, conjuntamente y por separado, de pagar la cantidad completa de impuestos estatales y locales sobre el ingreso. 1040ez 2010printable tax forms De ser así, ambos pueden deducir en sus declaraciones federales separadas la cantidad que de hecho pagó cada uno. 1040ez 2010printable tax forms Declaración conjunta federal. 1040ez 2010printable tax forms   Si ustedes presentan una declaración conjunta federal, pueden deducir el total de los impuestos estatales y locales sobre el ingreso que pagaron ustedes dos. 1040ez 2010printable tax forms Aportaciones a fondos de beneficios estatales. 1040ez 2010printable tax forms    Como empleado, puede deducir aportaciones obligatorias hechas a fondos de beneficios estatales y retenidas de su salario que proveen protección contra la pérdida de salario. 1040ez 2010printable tax forms Por ejemplo, algunos estados requieren que los empleados hagan aportaciones a fondos estatales que proveen beneficios del seguro por incapacidad o desempleo. 1040ez 2010printable tax forms Los pagos obligatorios hechos a los siguientes fondos de beneficios estatales se pueden deducir como impuestos estatales sobre el ingreso en la línea 5 del Anexo A (Formulario 1040). 1040ez 2010printable tax forms Fondo de Compensación por Desempleo de Alaska. 1040ez 2010printable tax forms Fondo de Beneficios por Incapacidad no Laboral de California. 1040ez 2010printable tax forms Fondo de Beneficios por Incapacidad no Laboral de Nueva Jersey. 1040ez 2010printable tax forms Fondo de Compensación por Desempleo de Nueva Jersey. 1040ez 2010printable tax forms Fondo de Beneficios por Incapacidad no Laboral de Nueva York. 1040ez 2010printable tax forms Fondo de Compensación por Desempleo de Pennsylvania. 1040ez 2010printable tax forms Fondo de Beneficios Temporales por Incapacidad de Rhode Island. 1040ez 2010printable tax forms Fondo de Compensación Suplementaria del Seguro Obrero del Estado de Washington. 1040ez 2010printable tax forms    Las aportaciones del empleado a planes de incapacidad privados o voluntarios no son deducibles. 1040ez 2010printable tax forms Reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso. 1040ez 2010printable tax forms   Si recibe un reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso en un año siguiente al año en que los pagó, puede verse obligado a incluir el reembolso en sus ingresos del año en que lo reciba, anotándolo en la línea 10 del Formulario 1040. 1040ez 2010printable tax forms Esto incluye los reembolsos resultantes de impuestos que han sido retenidos en exceso, aplicados de una declaración de un año anterior, que no han sido calculados correctamente, o que han sido calculados nuevamente, debido a una declaración enmendada. 1040ez 2010printable tax forms Si no detalló sus deducciones en el año anterior, no incluya el reembolso en los ingresos. 1040ez 2010printable tax forms Si dedujo los impuestos en el año anterior, incluya todo o parte del reembolso en la línea 10 del Formulario 1040 en el año en que reciba el reembolso. 1040ez 2010printable tax forms Para obtener una explicación de cuánto incluir, vea Recuperaciones de Fondos en el capítulo 12. 1040ez 2010printable tax forms Impuestos Extranjeros sobre los Ingresos Generalmente, puede tomar una deducción o un crédito por los impuestos sobre los ingresos que le grava un país extranjero o una posesión (territorio no autónomo) de los Estados Unidos. 1040ez 2010printable tax forms Sin embargo, no puede tomar una deducción ni un crédito por impuestos sobre los ingresos gravados a usted por otros países, que usted pagó sobre ingresos exentos del impuesto de los EE. 1040ez 2010printable tax forms UU. 1040ez 2010printable tax forms , conforme a la exclusión de ingresos ganados en el extranjero o la exclusión por concepto de vivienda en el extranjero. 1040ez 2010printable tax forms Para información sobre estas exclusiones, vea la Publicación 54, Tax Guide for U. 1040ez 2010printable tax forms S. 1040ez 2010printable tax forms Citizens and Resident Aliens Abroad (Guía tributaria para ciudadanos y residentes extranjeros de los EE. 1040ez 2010printable tax forms UU. 1040ez 2010printable tax forms en el extranjero), en inglés. 1040ez 2010printable tax forms Para información sobre el crédito por impuestos extranjeros, vea la Publicación 514, en inglés. 1040ez 2010printable tax forms Impuestos Generales sobre las Ventas Puede optar por deducir impuestos generales estatales y locales sobre ventas, en lugar de impuestos estatales y locales sobre los ingresos, como deducción detallada en la línea 5b del Anexo A (Formulario 1040). 1040ez 2010printable tax forms Usted puede calcular la deducción de impuestos sobre las ventas usando los gastos reales o las tablas correspondientes a impuestos estatales y locales. 1040ez 2010printable tax forms Gastos reales. 1040ez 2010printable tax forms   Normalmente, puede deducir los impuestos generales estatales y locales reales sobre las ventas (incluidos los impuestos de uso compensatorio) si la tasa de impuestos era igual a la tasa del impuesto general sobre las ventas. 1040ez 2010printable tax forms No obstante, los impuestos sobre las ventas de comida, ropa, suministros médicos y vehículos motorizados son deducibles como impuestos generales sobre las ventas aun si la tasa de impuestos era inferior a la tasa del impuesto general sobre las ventas. 1040ez 2010printable tax forms Si pagó impuestos sobre la venta de un vehículo motorizado a una tasa superior a la tasa del impuesto general sobre las ventas, puede deducir sólo la cantidad de impuestos que hubiera pagado conforme a la tasa del impuesto general sobre las ventas correspondientes a dicho vehículo. 1040ez 2010printable tax forms Si usa el método basado en los gastos reales, tiene que tener recibos para demostrar los impuestos generales pagados sobre las ventas. 1040ez 2010printable tax forms No incluya impuestos sobre las ventas pagado en los artículos utilizados en su actividad comercial o empresarial. 1040ez 2010printable tax forms Vehículos de motor. 1040ez 2010printable tax forms   Para propósitos de esta sección, los vehículos de motor incluyen: automóviles, motocicletas, casas rodantes, vehículos recreativos, vehículos utilitarios deportivos, camiones, camionetas y vehículos para uso fuera de la carretera. 1040ez 2010printable tax forms Esto también incluye los impuestos sobre las ventas en un vehículo arrendado, pero no en los vehículos utilizados en su actividad comercial o empresarial. 1040ez 2010printable tax forms Tablas de las tarifas opcionales para impuestos sobre las ventas. 1040ez 2010printable tax forms   En vez de usar los gastos reales, puede calcular la deducción por impuestos generales estatales y locales sobre las ventas consultando las tablas de tarifas para el impuesto estatal y local sobre las ventas en las Instrucciones del Anexo A (Formulario1040). 1040ez 2010printable tax forms Además, tal vez pueda añadir los impuestos generales estatales y locales sobre las ventas pagados sobre ciertos artículos específicos. 1040ez 2010printable tax forms   Su cantidad correspondiente de las tarifas está basada en el estado donde vive, sus ingresos y el número de exenciones reclamadas en su declaración de impuestos. 1040ez 2010printable tax forms Sus ingresos son el ingreso bruto ajustado más todo artículo no sujeto a impuestos, como los siguientes: Intereses exentos de impuestos. 1040ez 2010printable tax forms Beneficios para veteranos. 1040ez 2010printable tax forms Paga por combate no tributable. 1040ez 2010printable tax forms Compensación del seguro obrero. 1040ez 2010printable tax forms La parte no sujeta a impuestos de los beneficios del Seguro Social y de la jubilación de empleados ferroviarios. 1040ez 2010printable tax forms La parte no sujeta a impuestos de una cuenta IRA, pensión o distribuciones de una anualidad, a excepción de las reinversiones. 1040ez 2010printable tax forms Pagos de beneficios de asistencia pública. 1040ez 2010printable tax forms   Si vivió en diferentes estados del país durante el mismo año tributario, tiene que prorratear la cantidad de las tarifas correspondiente a cada estado en el que vivió según las fechas en que vivió que en cada estado. 1040ez 2010printable tax forms Vea las instrucciones de la línea 5 del Anexo A (Formulario 1040) para detalles adicionales. 1040ez 2010printable tax forms Impuestos sobre Bienes Raíces Los impuestos sobre bienes raíces deducibles son todos los impuestos estatales, locales o extranjeros sobre bienes raíces que se graven para el bienestar general del público. 1040ez 2010printable tax forms Puede deducir dichos impuestos sólo si se basan en el valor tasado de los bienes raíces y son cobrados uniformemente contra todos los bienes dentro de la jurisdicción de las autoridades tributarias. 1040ez 2010printable tax forms Los impuestos sobre bienes raíces deducibles no suelen incluir impuestos cobrados por beneficios locales ni mejoras que aumentan el valor de los bienes. 1040ez 2010printable tax forms Tampoco incluyen cargos detallados por servicios (tal como la recogida de basura) que se les cobran a bienes específicos o ciertas personas, aunque se les pague el cargo a las autoridades tributarias. 1040ez 2010printable tax forms Para más información sobre impuestos y cargos que no son deducibles, vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir , más adelante. 1040ez 2010printable tax forms Inquilinos-accionistas de una sociedad anónima de cooperativa de viviendas. 1040ez 2010printable tax forms   Normalmente, si es inquilino-accionista de una sociedad anónima de cooperativa de viviendas, puede deducir la cantidad pagada a dicha sociedad anónima que corresponda a su parte de los impuestos sobre bienes raíces que dicha sociedad anónima pagó, o en los que incurrió por la vivienda de usted. 1040ez 2010printable tax forms La sociedad anónima debería proporcionarle un estado de cuentas en el cual indica la parte de los impuestos que le corresponde. 1040ez 2010printable tax forms Para más información, vea las Special Rules for Cooperatives (Reglas especiales para cooperativas), en la Publicación 530, en inglés. 1040ez 2010printable tax forms División de los impuestos sobre bienes raíces entre compradores y vendedores. 1040ez 2010printable tax forms   Si compró o vendió bienes raíces durante el año, los impuestos sobre bienes raíces tienen que ser divididos entre el comprador y el vendedor. 1040ez 2010printable tax forms   El comprador y el vendedor tienen que dividir los impuestos de bienes raíces basándose en el número de días del año tributario para bienes raíces (el período relacionado con el impuesto gravado) que cada uno fue dueño de la propiedad. 1040ez 2010printable tax forms Al vendedor se le trata como si hubiese pagado los impuestos hasta la fecha de la venta, pero sin incluir dicha fecha. 1040ez 2010printable tax forms Al comprador se le trata como si hubiese pagado los impuestos a partir de la fecha de la venta. 1040ez 2010printable tax forms Esto corresponde independientemente de las fechas de gravamen bajo la ley local. 1040ez 2010printable tax forms Generalmente, esta información se incluye en el estado de liquidación proporcionado al cierre. 1040ez 2010printable tax forms    Si usted (el vendedor) no puede deducir los impuestos hasta que se paguen debido a su uso del método contable a base de efectivo, y el comprador de su propiedad es personalmente responsable de pagar el impuesto, se considera que usted ha pagado su parte del impuesto en el momento de la venta. 1040ez 2010printable tax forms Esto le permite deducir su parte del impuesto hasta la fecha de venta aunque de hecho no lo haya pagado. 1040ez 2010printable tax forms Sin embargo, también tiene que incluir la cantidad de dicho impuesto en el precio de venta de la propiedad. 1040ez 2010printable tax forms El comprador tiene que incluir la misma cantidad en su costo de la propiedad. 1040ez 2010printable tax forms   Calcule su deducción tributaria sobre cada propiedad comprada o vendida durante el año tributario para bienes raíces conforme a lo siguiente: Hoja de Trabajo 22-1. 1040ez 2010printable tax forms Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces 1. 1040ez 2010printable tax forms Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces   2. 1040ez 2010printable tax forms Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad   3. 1040ez 2010printable tax forms Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . 1040ez 2010printable tax forms 4. 1040ez 2010printable tax forms Multiplique la línea 1 por la línea 3. 1040ez 2010printable tax forms Ésta es su deducción. 1040ez 2010printable tax forms Anótela en la línea 6 del Anexo A (Formulario 1040). 1040ez 2010printable tax forms   Nota: Repita los pasos 1 al 4 para cada propiedad que compró o vendió durante el año tributario para bienes raíces. 1040ez 2010printable tax forms La deducción total es la suma de las cantidades de la línea 4 para todas las propiedades. 1040ez 2010printable tax forms Impuestos sobre bienes raíces de años anteriores. 1040ez 2010printable tax forms   No divida impuestos morosos entre el comprador y el vendedor si dichos impuestos corresponden a un año tributario de bienes raíces anterior al año en que se vendió la propiedad. 1040ez 2010printable tax forms Aunque el comprador acuerde pagar los impuestos morosos, el mismo no los puede deducir y tiene que sumarlos al costo de la propiedad. 1040ez 2010printable tax forms El vendedor puede deducir estos impuestos pagados por el comprador. 1040ez 2010printable tax forms Sin embargo, el vendedor tiene que incluirlos en el precio de venta. 1040ez 2010printable tax forms Ejemplos. 1040ez 2010printable tax forms   Los siguientes ejemplos demuestran cómo se dividen los impuestos sobre bienes raíces entre el comprador y el vendedor. 1040ez 2010printable tax forms Ejemplo 1. 1040ez 2010printable tax forms El año tributario de bienes raíces de José y María Blanco, tanto para su antigua vivienda como para su nueva vivienda, es el año natural. 1040ez 2010printable tax forms El plazo para pagar vence el 1 de agosto. 1040ez 2010printable tax forms El impuesto sobre su antigua vivienda, vendida el 7 de mayo, era $620. 1040ez 2010printable tax forms El impuesto sobre su nueva vivienda, comprada el 3 de mayo, es $732. 1040ez 2010printable tax forms Se considera que José y María han pagado una parte proporcional de los impuestos para bienes raíces sobre la antigua vivienda aunque de hecho no se los pagaron a las autoridades tributarias. 1040ez 2010printable tax forms Por otro lado, pueden declarar sólo una parte proporcional de los impuestos que pagaron sobre su nueva propiedad, aunque pagaron la cantidad completa. 1040ez 2010printable tax forms José y María fueron dueños de su antigua vivienda durante 126 días del año tributario para bienes raíces (del 1 de enero al 6 de mayo, el día antes de la venta). 1040ez 2010printable tax forms Calculan su deducción tributaria sobre su antigua vivienda conforme a lo siguiente: Hoja de Trabajo 22-1. 1040ez 2010printable tax forms Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Antigua Vivienda 1. 1040ez 2010printable tax forms Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $620 2. 1040ez 2010printable tax forms Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 126 3. 1040ez 2010printable tax forms Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . 1040ez 2010printable tax forms 3452 4. 1040ez 2010printable tax forms Multiplique la línea 1 por la línea 3. 1040ez 2010printable tax forms Ésta es su deducción. 1040ez 2010printable tax forms Anótela en la línea 6 del Anexo A (Formulario 1040). 1040ez 2010printable tax forms $214 Como los compradores de su antigua vivienda pagaron todos los impuestos, José y María también incluyen los $214 en el precio de venta de la antigua vivienda. 1040ez 2010printable tax forms Los compradores suman los $214 al costo de su vivienda. 1040ez 2010printable tax forms José y María fueron dueños de su nueva vivienda durante el año tributario para bienes raíces por 243 días (del 3 de mayo al 31 de diciembre, incluyendo la fecha de compra). 1040ez 2010printable tax forms Calculan su deducción tributaria sobre su nueva vivienda conforme a lo siguiente: Hoja de Trabajo 22-1. 1040ez 2010printable tax forms Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Nueva Vivienda 1. 1040ez 2010printable tax forms Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $732 2. 1040ez 2010printable tax forms Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 243 3. 1040ez 2010printable tax forms Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . 1040ez 2010printable tax forms 6658 4. 1040ez 2010printable tax forms Multiplique la línea 1 por la línea 3. 1040ez 2010printable tax forms Ésta es su deducción. 1040ez 2010printable tax forms Anótela en la línea 6 del Anexo A (Formulario 1040). 1040ez 2010printable tax forms $487 Como José y María pagaron todos los impuestos sobre la nueva vivienda, suman $245 ($732 pagados menos una deducción de $487) a su costo de la nueva vivienda. 1040ez 2010printable tax forms Los vendedores suman estos $245 a su precio de venta y deducen los $245 como impuesto sobre los bienes raíces. 1040ez 2010printable tax forms La deducción por el impuesto sobre bienes raíces de José y María por sus antiguas y nuevas viviendas es la suma de $214 y $487, o sea $701. 1040ez 2010printable tax forms Anotarán esta cantidad en la línea 6 del Anexo A (Formulario 1040). 1040ez 2010printable tax forms Ejemplo 2. 1040ez 2010printable tax forms Jorge y Helena Moreno compraron una nueva casa el 3 de mayo del año 2013. 1040ez 2010printable tax forms Su año tributario de bienes raíces para la nueva casa es el año natural. 1040ez 2010printable tax forms Los impuestos sobre bienes raíces para el año 2012 fueron gravados en el estado donde viven los Moreno el 1 de enero del año 2013. 1040ez 2010printable tax forms El plazo para pagar los impuestos venció el 31 de mayo del año 2013 y el 31 de octubre del año 2013. 1040ez 2010printable tax forms Los Moreno acordaron pagar todos los impuestos morosos después de la fecha de compra. 1040ez 2010printable tax forms Los impuestos sobre bienes raíces para el año 2012 fueron $680. 1040ez 2010printable tax forms Pagaron $340 el 31 de mayo del año 2012 y $340 el 31 de octubre del año 2013. 1040ez 2010printable tax forms Estos impuestos fueron para el año tributario de bienes raíces de 2012. 1040ez 2010printable tax forms Los Moreno no pueden deducirlos ya que no fueron dueños de la propiedad hasta el año 2013. 1040ez 2010printable tax forms En lugar de ello, tienen que añadir $680 al costo de su nueva vivienda. 1040ez 2010printable tax forms En enero del año 2014, los Moreno reciben su estado de cuenta del impuesto sobre bienes raíces del año 2013 por $752 y pagarán esta cantidad en el año 2014. 1040ez 2010printable tax forms Los Moreno fueron dueños de su nueva vivienda por 243 días (desde el 3 de mayo hasta el 31 de diciembre) durante el año tributario para bienes raíces de 2013. 1040ez 2010printable tax forms Calcularán su deducción tributaria para el año 2014 conforme a lo siguiente: Hoja de Trabajo 22-1. 1040ez 2010printable tax forms Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Nueva Vivienda 1. 1040ez 2010printable tax forms Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $752 2. 1040ez 2010printable tax forms Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 243 3. 1040ez 2010printable tax forms Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . 1040ez 2010printable tax forms 6658 4. 1040ez 2010printable tax forms Multiplique la línea 1 por la línea 3. 1040ez 2010printable tax forms Ésta es su deducción. 1040ez 2010printable tax forms Anótela en la línea 6 del Anexo A (Formulario 1040). 1040ez 2010printable tax forms $501 Los impuestos restantes de $251 (los $752 pagados menos una deducción de $501) que fueron pagados en el año 2014, junto con los $680 que fueron pagados en el año 2013, se suman al costo de su nueva vivienda. 1040ez 2010printable tax forms Debido a que se considera que los impuestos hasta la fecha de venta han sido pagados por el vendedor en la fecha de venta, éste tiene derecho a una deducción tributaria de $931 para el año 2013. 1040ez 2010printable tax forms Ésta es la suma de los $680 del año 2012 y los $251 por los 122 días durante los cuales fue dueño de la vivienda en el año 2013. 1040ez 2010printable tax forms El vendedor también tiene que incluir los $931 en el precio de venta cuando calcule la ganancia o pérdida en la venta. 1040ez 2010printable tax forms El vendedor debería ponerse en contacto con los Moreno en enero del año 2014 para averiguar cuánto impuesto sobre bienes raíces se debe pagar para el año 2013. 1040ez 2010printable tax forms Formulario 1099-S. 1040ez 2010printable tax forms   Para ciertas ventas o intercambios de bienes raíces, la persona encargada del cierre de la venta (generalmente el agente a cargo del cierre) prepara el Formulario 1099-S, Proceeds From Real Estate Transactions (Ganancias procedentes de transacciones de bienes raíces), en inglés, para declarar cierta información al IRS y al vendedor de la propiedad. 1040ez 2010printable tax forms El recuadro 2 del Formulario 1099-S es para las utilidades brutas de la venta y debería incluir la parte de la obligación tributaria por bienes raíces correspondiente al vendedor que el comprador pagará a partir de la fecha de la venta. 1040ez 2010printable tax forms El comprador incluye estos impuestos en la base del costo de la propiedad y el vendedor deduce esta cantidad como un impuesto pagado y lo incluye en el precio de venta de la propiedad. 1040ez 2010printable tax forms   Para una transacción de bienes raíces que incluya una vivienda, todo impuesto sobre bienes raíces que el vendedor haya pagado por adelantado pero que es la obligación del comprador aparece en el recuadro 5 del Formulario 1099-S. 1040ez 2010printable tax forms El comprador deduce esta cantidad como un impuesto sobre bienes raíces y el vendedor reduce esa misma cantidad de su deducción del impuesto sobre bienes raíces (o la incluye en el ingreso). 1040ez 2010printable tax forms Vea Reembolso (o rebaja) , más adelante. 1040ez 2010printable tax forms Impuestos depositados en plica. 1040ez 2010printable tax forms   Si su pago hipotecario mensual incluye una cantidad depositada en plica (puesta bajo la custodia de un tercero) para impuestos sobre bienes raíces, es posible que no pueda deducir toda la cantidad que fue depositada en plica. 1040ez 2010printable tax forms Puede deducir sólo el impuesto sobre bienes raíces que el tercero de hecho les pagó a las autoridades tributarias. 1040ez 2010printable tax forms Si el tercero no le avisa de la cantidad de impuesto sobre bienes raíces pagada en nombre suyo, póngase en contacto con el tercero o las autoridades tributarias para averiguar la cantidad que debe usar en su declaración. 1040ez 2010printable tax forms Tenencia en su totalidad. 1040ez 2010printable tax forms   Si usted y su cónyuge tuvieron propiedad conyugal en su totalidad y presentan declaraciones federales separadas, cada uno de ustedes puede deducir sólo los impuestos que cada uno de ustedes pagó sobre la propiedad. 1040ez 2010printable tax forms Personas divorciadas. 1040ez 2010printable tax forms   Si su acuerdo de divorcio o separación declara que usted tiene que pagar los impuestos sobre bienes raíces por una vivienda cuyos dueños son usted y su cónyuge, una parte de sus pagos podría ser deducible como pensión para el cónyuge divorciado y otra parte como impuestos sobre bienes raíces. 1040ez 2010printable tax forms Vea Impuestos y seguro en el capítulo 18 para más información. 1040ez 2010printable tax forms Asignaciones para la vivienda para ministros de una orden religiosa y personal militar. 1040ez 2010printable tax forms   Si es ministro de la iglesia o miembro de los servicios militares y recibe una asignación para su vivienda que puede excluir de sus ingresos, aún puede deducir todos los impuestos sobre bienes raíces que pague sobre su vivienda. 1040ez 2010printable tax forms Reembolso (o rebaja). 1040ez 2010printable tax forms   Si recibió un reembolso o una rebaja en el año tributario 2013 sobre bienes raíces que pagó ese año, tiene que reducir su deducción por la cantidad que se le ha reembolsado. 1040ez 2010printable tax forms Si recibió un reembolso o una rebaja en el año tributario 2013 sobre bienes raíces que dedujo en un año anterior (ya sea como deducción detallada o como aumento en la deducción estándar), generalmente tiene que incluir el reembolso o la rebaja en los ingresos del año en que lo reciba. 1040ez 2010printable tax forms Sin embargo, la cantidad que se incluye en los ingresos se limita a la cantidad de la deducción que disminuyó su impuesto en el año anterior. 1040ez 2010printable tax forms Para más información, vea Recuperación de Fondos en el capítulo 12. 1040ez 2010printable tax forms Tabla 22-1. 1040ez 2010printable tax forms ¿Qué Impuestos Puede Deducir? Tipo de Impuestos Puede Deducir No Puede Deducir Honorarios y Cargos Honorarios y cargos que son gastos de su ocupación o negocio o de la generación de ingresos. 1040ez 2010printable tax forms Honorarios y cargos que no son gastos de su ocupación o negocio o de la generación de ingresos, tales como cargos de licencias para conducir, inspección de vehículos, estacionamiento o cargos por servicios de agua (vea Impuestos y Cargos que no Puede Deducir ). 1040ez 2010printable tax forms     Multas y sanciones. 1040ez 2010printable tax forms Impuestos sobre los Ingresos Impuestos estatales y locales sobre los ingresos. 1040ez 2010printable tax forms Impuestos federales sobre los ingresos. 1040ez 2010printable tax forms   Impuestos extranjeros sobre los ingresos. 1040ez 2010printable tax forms Aportaciones del empleado a planes de seguro por incapacidad privados o voluntarios. 1040ez 2010printable tax forms   Aportaciones del empleado a fondos estatales, tal como se indica bajo Aportaciones a fondos de beneficios estatales . 1040ez 2010printable tax forms Impuestos generales estatales y locales sobre las ventas si opta por deducir impuestos estatales y locales sobre los ingresos. 1040ez 2010printable tax forms Impuestos Generales sobre las Ventas Impuestos generales estatales y locales sobre las ventas, incluyendo los impuestos de uso compensatorio. 1040ez 2010printable tax forms Impuestos estatales y locales sobre los ingresos si opta por deducir impuestos generales estatales y locales sobre las ventas. 1040ez 2010printable tax forms Otros Impuestos Impuestos que son gastos de su ocupación o negocio. 1040ez 2010printable tax forms Impuestos federales sobre artículos de uso y consumo, tal como el impuesto sobre gasolina, que no son gastos de su ocupación o negocio o de la generación de ingresos. 1040ez 2010printable tax forms   Impuestos sobre bienes que generan ingresos del alquiler o de regalías. 1040ez 2010printable tax forms Impuestos per cápita. 1040ez 2010printable tax forms   Impuestos sobre una profesión u ocupación. 1040ez 2010printable tax forms Vea el capítulo 28. 1040ez 2010printable tax forms     La mitad del impuesto sobre el trabajo por cuenta propia pagado. 1040ez 2010printable tax forms   Impuestos sobre Bienes Muebles Impuestos estatales y locales sobre bienes muebles. 1040ez 2010printable tax forms Aranceles de aduanas que no son gastos de su ocupación o negocio o de la generación de ingresos. 1040ez 2010printable tax forms Impuestos sobre Bienes Raíces Impuestos estatales y locales sobre bienes raíces. 1040ez 2010printable tax forms Impuestos sobre bienes raíces que se tratan como si hubiesen sido gravados a otra persona (vea División de los impuestos sobre bienes raíces entre compradores y vendedores ). 1040ez 2010printable tax forms   Impuestos extranjeros sobre bienes raíces. 1040ez 2010printable tax forms Impuestos para beneficios locales (con excepciones). 1040ez 2010printable tax forms Vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir . 1040ez 2010printable tax forms   La parte de los impuestos sobre bienes raíces del inquilino pagada por una sociedad anónima cooperativa de viviendas. 1040ez 2010printable tax forms Cargos por la recogida de basura y desperdicios (hay excepciones). 1040ez 2010printable tax forms Vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir . 1040ez 2010printable tax forms     Aumento del alquiler debido a impuestos sobre bienes raíces más altos. 1040ez 2010printable tax forms     Cuotas de la asociación de propietarios de viviendas. 1040ez 2010printable tax forms Cantidades Relacionadas con Bienes Raíces que no Puede Deducir Los pagos de los siguientes no suelen ser deducibles como impuestos sobre bienes raíces: Impuestos por beneficios locales. 1040ez 2010printable tax forms Cargos detallados por servicios (tales como cargos por la recogida de basura y desperdicios). 1040ez 2010printable tax forms Impuestos de traspaso (impuestos de timbre). 1040ez 2010printable tax forms Aumentos del alquiler ocasionados por aumentos en los impuestos sobre bienes raíces. 1040ez 2010printable tax forms Cuotas de la asociación de propietarios de vivienda. 1040ez 2010printable tax forms Impuestos por beneficios locales. 1040ez 2010printable tax forms   Los impuestos deducibles sobre bienes raíces no suelen incluir impuestos gravados por beneficios locales y mejoras que tienden a aumentar el valor de la propiedad. 1040ez 2010printable tax forms Estos incluyen impuestos por mejoras de calles, aceras o banquetas, cañerías principales, alcantarillado, instalaciones de estacionamiento público y mejoras parecidas. 1040ez 2010printable tax forms Debe aumentar la base de su propiedad por la cantidad pagada. 1040ez 2010printable tax forms   Los impuestos sobre beneficios locales se pueden deducir únicamente si son por mantenimiento, reparaciones o cargos de intereses relacionados con aquellos beneficios. 1040ez 2010printable tax forms Si sólo una parte de los impuestos es por mantenimiento, reparaciones o intereses, tiene que poder determinar cuánta fue la cantidad de dicha parte para reclamar la deducción. 1040ez 2010printable tax forms Si no puede determinar qué parte del impuesto es por mantenimiento, reparaciones o intereses, ninguna parte de éste es deducible. 1040ez 2010printable tax forms    Los impuestos sobre beneficios locales podrían incluirse en su factura del impuesto sobre bienes raíces. 1040ez 2010printable tax forms Si las autoridades tributarias (o prestamista hipotecario) no le proveen una copia de su factura del impuesto sobre bienes raíces, pídala. 1040ez 2010printable tax forms Debe usar las reglas indicadas anteriormente para determinar si puede deducir el impuesto sobre beneficios locales. 1040ez 2010printable tax forms Comuníquese con las autoridades tributarias si necesita información adicional sobre un cargo específico indicado en su factura del impuesto sobre bienes raíces. 1040ez 2010printable tax forms Cargos detallados por servicios. 1040ez 2010printable tax forms    Un cargo detallado por servicios sobre una propiedad o persona específica no es un impuesto, aun si el cargo se paga a las autoridades tributarias. 1040ez 2010printable tax forms Por ejemplo, no puede deducir el cargo como un impuesto sobre bienes raíces si es: Un cargo unitario por el abastecimiento de un servicio (tal como un cargo de $5 que se cobra por cada 1,000 galones de agua que use), Un cargo periódico por un servicio residencial (tal como un cargo de $20 al mes o $240 al año que se le cobra a cada propietario de viviendas por la recogida de basura) o Un cargo fijo que se cobra por un solo servicio provisto por su gobierno (tal como un cargo de $30 por cortar el césped por haberla dejado crecer más de lo permitido conforme al reglamento local). 1040ez 2010printable tax forms    Tiene que revisar su factura del impuesto sobre bienes raíces para determinar si algún cargo detallado no deducible, como los que se enumeran anteriormente, se ha incluido en la factura. 1040ez 2010printable tax forms Si las autoridades tributarias (o el prestamista hipotecario) no le proveen una copia de su factura del impuesto sobre bienes raíces, pídala. 1040ez 2010printable tax forms Excepción. 1040ez 2010printable tax forms   Los cargos que se utilizan para mantener o mejorar servicios (tal como la recogida de basura o la protección policial o contra incendios) son deducibles como impuestos sobre bienes raíces si: Los cargos se gravan a una tasa similar para todos los bienes en la jurisdicción que impone el impuesto, Los fondos recaudados no tienen designación específica; en vez de ello, están mezclados con fondos fiscales generales y Los fondos utilizados para mantener y mejorar servicios no se limitan a la cantidad de dichos cargos recaudados ni están determinados por dicha cantidad. 1040ez 2010printable tax forms Impuestos de traspaso (impuestos de timbre). 1040ez 2010printable tax forms   No se pueden deducir los impuestos de traspaso ni impuestos similares, ni los cargos sobre la venta de una vivienda personal. 1040ez 2010printable tax forms Si los paga el vendedor, son gastos de la venta y reducen la cantidad generada por la venta. 1040ez 2010printable tax forms Si los paga el comprador, se incluyen en la base del costo de los bienes. 1040ez 2010printable tax forms Aumento del alquiler debido a impuestos sobre bienes raíces más altos. 1040ez 2010printable tax forms   Si su arrendador aumenta su alquiler en forma de recargo tributario (surcharge) debido a un aumento de los impuestos sobre bienes raíces, no puede deducir dicho aumento como impuesto. 1040ez 2010printable tax forms Cuotas de la asociación de propietarios de vivienda. 1040ez 2010printable tax forms   Estos cargos no se pueden deducir porque son gravados por la asociación de propietarios de vivienda y no por el gobierno estatal o local. 1040ez 2010printable tax forms Impuestos sobre Bienes Muebles El impuesto sobre bienes muebles es deducible si es un impuesto estatal o local que: Se cobra sobre bienes muebles, Se basa únicamente en el valor de los bienes muebles y Se cobra anualmente, aunque se pague más o menos una vez al año. 1040ez 2010printable tax forms Se puede considerar que un impuesto que reúna los requisitos anteriores ha sido cobrado sobre bienes muebles aunque sea para el ejercicio de un privilegio. 1040ez 2010printable tax forms Por ejemplo, un impuesto anual basado en el valor reúne los requisitos como impuesto sobre bienes muebles, aunque se denomine un cargo de registro y sea para el privilegio de registrar automóviles o utilizarlos en las carreteras. 1040ez 2010printable tax forms Si el impuesto se basa parcialmente en el valor y parcialmente en otros criterios, puede reunir los requisitos en parte. 1040ez 2010printable tax forms Ejemplo. 1040ez 2010printable tax forms El estado en el que vive cobra un impuesto anual del 1% del valor, más 50 centavos por quintal (cien libras de peso) de un vehículo por el registro del mismo. 1040ez 2010printable tax forms Usted pagó $32 basados en el valor ($1,500) y peso (3,400 libras) de su automóvil. 1040ez 2010printable tax forms Puede deducir $15 (1% x $1,500) como un impuesto sobre bienes muebles, ya que esa parte se basa en el valor. 1040ez 2010printable tax forms Los $17 restantes ($0. 1040ez 2010printable tax forms 50 x 34), basados en el peso, no se pueden deducir. 1040ez 2010printable tax forms Impuestos y Cargos que no Puede Deducir Muchos impuestos del gobierno federal, estatal y local no son deducibles porque no pertenecen a las categorías mencionadas anteriormente. 1040ez 2010printable tax forms Otros impuestos y cargos, tales como los impuestos federales sobre los ingresos, no son deducibles debido a que la ley tributaria prohibe específicamente la deducción de éstos. 1040ez 2010printable tax forms Vea la Tabla 22-1. 1040ez 2010printable tax forms Los impuestos y cargos que generalmente no se pueden deducir incluyen los siguientes: Impuestos sobre la nómina. 1040ez 2010printable tax forms Esto incluye los impuestos del Seguro Social, Medicare e impuestos sobre la jubilación ferroviaria retenidos de su paga. 1040ez 2010printable tax forms No obstante, una mitad del impuesto que usted paga sobre el trabajo por cuenta propia es deducible. 1040ez 2010printable tax forms Asimismo, es posible que los impuestos del Seguro Social y otros impuestos laborales sobre la nómina que usted paga sobre el salario de un empleado doméstico se puedan incluir en los gastos médicos deducibles o en los gastos del cuidado de hijos que le permitan reclamar el crédito por gastos del cuidado de menores y dependientes. 1040ez 2010printable tax forms Para más información, vea los capítulos 21 y 32. 1040ez 2010printable tax forms Impuestos sobre caudales hereditarios, herencias, legados o sucesiones. 1040ez 2010printable tax forms No obstante, puede deducir la parte del impuesto sobre la herencia atribuible al ingreso proveniente de un difunto si usted, como beneficiario, tiene que incluir dicho ingreso en su propio ingreso bruto. 1040ez 2010printable tax forms En este caso, deduzca el impuesto sobre la herencia como deducción miscelánea no sujeta al límite del 2% del ingreso bruto ajustado. 1040ez 2010printable tax forms Para más información, vea la Publicación 559, Survivors, Executors, and Administrators (Sobrevivientes, albaceas y administradores), en inglés. 1040ez 2010printable tax forms Impuestos federales sobre los ingresos. 1040ez 2010printable tax forms Incluye impuestos sobre los ingresos retenidos de su paga. 1040ez 2010printable tax forms Multas y sanciones. 1040ez 2010printable tax forms No puede deducir multas y sanciones pagadas a un gobierno por la violación de alguna ley, incluidas cantidades afines de garantía que haya perdido. 1040ez 2010printable tax forms Impuestos sobre donaciones. 1040ez 2010printable tax forms Cargos por licencias. 1040ez 2010printable tax forms No puede deducir cargos por licencias para propósitos personales (cargos por licencia matrimonial, licencias para conducir y permiso para perros). 1040ez 2010printable tax forms Impuestos per cápita. 1040ez 2010printable tax forms No puede deducir los impuestos per cápita estatales o locales. 1040ez 2010printable tax forms Muchos impuestos y cargos que no se enumeraron anteriormente tampoco pueden ser deducidos, a menos que sean gastos ordinarios y necesarios de una actividad comercial o una actividad que genere ingresos. 1040ez 2010printable tax forms Para otros cargos que no se pueden deducir, vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir , anteriormente. 1040ez 2010printable tax forms Dónde se Anotan las Deducciones Los impuestos se deducen en los siguientes anexos: Impuestos estatales y locales sobre los ingresos. 1040ez 2010printable tax forms    Estos impuestos se deducen en la línea 5 del Anexo A (Formulario 1040), aunque su única fuente de ingresos sea de negocios, alquileres o regalías. 1040ez 2010printable tax forms Marque el recuadro a en la línea 5. 1040ez 2010printable tax forms Impuestos generales sobre las ventas. 1040ez 2010printable tax forms   Los impuestos sobre las ventas se deducen en la línea 5 del Anexo A (Formulario 1040). 1040ez 2010printable tax forms Usted tiene que marcar el recuadro b en la línea 5. 1040ez 2010printable tax forms Si elige deducir estos impuestos, no puede deducir impuestos estatales y locales sobre los ingresos en el recuadro a de la línea 5 del Anexo A (Formulario 1040). 1040ez 2010printable tax forms Impuestos extranjeros sobre los ingresos. 1040ez 2010printable tax forms   Por lo general, los impuestos que paga a un país extranjero o una posesión (territorio no autónomo) estadounidense pueden ser reclamados como una deducción detallada en la línea 8 del Anexo A (Formulario 1040) o como un crédito a su favor para su impuesto sobre el ingreso de los EE. 1040ez 2010printable tax forms UU. 1040ez 2010printable tax forms en la línea 47 del Formulario 1040. 1040ez 2010printable tax forms Para reclamar el crédito, es posible que tenga que llenar y adjuntar el Formulario 1116, en inglés. 1040ez 2010printable tax forms Para más información, vea el capítulo 37 de esta publicación, las Instrucciones del Formulario 1040 o la Publicación 514, estos dos últimos en inglés. 1040ez 2010printable tax forms Impuestos sobre bienes raíces e impuestos sobre bienes muebles. 1040ez 2010printable tax forms    Los impuestos sobre bienes raíces e impuestos sobre bienes muebles se anotan en las líneas 6 y 7, respectivamente, del Anexo A (Formulario 1040), a menos que se paguen sobre bienes utilizados en su negocio. 1040ez 2010printable tax forms En tal caso, se anotan en el Anexo C, Anexo C-EZ o Anexo F (Formulario 1040). 1040ez 2010printable tax forms Los impuestos sobre propiedad que genere ingresos de alquiler o de regalías se anotan en el Anexo E (Formulario 1040). 1040ez 2010printable tax forms Impuestos sobre el trabajo por cuenta propia. 1040ez 2010printable tax forms    Deduzca la mitad de su impuesto sobre el trabajo por cuenta propia en la línea 27 del Formulario 1040. 1040ez 2010printable tax forms Otros impuestos. 1040ez 2010printable tax forms    Todos los demás impuestos deducibles se anotan en la línea 8 del Anexo A (Formulario 1040). 1040ez 2010printable tax forms Prev  Up  Next   Home   More Online Publications