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1040x 2008

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1040x 2008

1040x 2008 3. 1040x 2008   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. 1040x 2008 How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. 1040x 2008 However, in some cases you may have a gain that is not taxable or a loss that is not deductible. 1040x 2008 This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. 1040x 2008 Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. 1040x 2008 What Is a Disposition of Property? A disposition of property includes the following transactions. 1040x 2008 You sell property for cash or other property. 1040x 2008 You exchange property for other property. 1040x 2008 You receive money as a tenant for the cancellation of a lease. 1040x 2008 You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. 1040x 2008 You transfer property to satisfy a debt. 1040x 2008 You abandon property. 1040x 2008 Your bank or other financial institution forecloses on your mortgage or repossesses your property. 1040x 2008 Your property is damaged, destroyed, or stolen, and you receive property or money in payment. 1040x 2008 Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. 1040x 2008 For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. 1040x 2008 For details about other dispositions, see chapter 1 in Publication 544. 1040x 2008 Nontaxable exchanges. 1040x 2008   Certain exchanges of property are not taxable. 1040x 2008 This means any gain from the exchange is not recognized and you cannot deduct any loss. 1040x 2008 Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. 1040x 2008 Like-kind exchanges. 1040x 2008   A like-kind exchange is the exchange of property for the same kind of property. 1040x 2008 It is the most common type of nontaxable exchange. 1040x 2008 To be a like-kind exchange, the property traded and the property received must be both of the following. 1040x 2008 Business or investment property. 1040x 2008 Like property. 1040x 2008   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. 1040x 2008 For more information about like-kind exchanges, see chapter 1 in Publication 544. 1040x 2008 Installment sales. 1040x 2008   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. 1040x 2008 If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. 1040x 2008   For more information about installment sales, see Publication 537, Installment Sales. 1040x 2008 Sale of a business. 1040x 2008   The sale of a business usually is not a sale of one asset. 1040x 2008 Instead, all the assets of the business are sold. 1040x 2008 Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. 1040x 2008   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. 1040x 2008 Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. 1040x 2008 The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. 1040x 2008   For more information about the sale of a business, see chapter 2 of Publication 544. 1040x 2008 How Do I Figure a Gain or Loss? Table 3-1. 1040x 2008 How To Figure a Gain or Loss IF your. 1040x 2008 . 1040x 2008 . 1040x 2008 THEN you have a. 1040x 2008 . 1040x 2008 . 1040x 2008 Adjusted basis is more than the amount realized Loss. 1040x 2008 Amount realized is more than the adjusted basis Gain. 1040x 2008 Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. 1040x 2008 You need to know these definitions to figure your gain or loss. 1040x 2008 Basis. 1040x 2008   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. 1040x 2008 However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. 1040x 2008 For more information about basis, see Publication 551, Basis of Assets. 1040x 2008 Adjusted basis. 1040x 2008   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. 1040x 2008 In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. 1040x 2008 Amount realized. 1040x 2008   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. 1040x 2008 The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. 1040x 2008 Fair market value. 1040x 2008   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. 1040x 2008 Amount recognized. 1040x 2008   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. 1040x 2008 Recognized gains must be included in gross income. 1040x 2008 Recognized losses are deductible from gross income. 1040x 2008 However, a gain or loss realized from certain exchanges of property is not recognized. 1040x 2008 See  Nontaxable exchanges, earlier. 1040x 2008 Also, you cannot deduct a loss from the disposition of property held for personal use. 1040x 2008 Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. 1040x 2008 You must do this to figure your net capital gain or loss. 1040x 2008 Generally, you will have a capital gain or loss if you dispose of a capital asset. 1040x 2008 For the most part, everything you own and use for personal purposes or investment is a capital asset. 1040x 2008 Certain property you use in your business is not a capital asset. 1040x 2008 A gain or loss from a disposition of this property is an ordinary gain or loss. 1040x 2008 However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. 1040x 2008 These gains and losses are called section 1231 gains and losses. 1040x 2008 For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. 1040x 2008 Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. 1040x 2008 Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. 1040x 2008 The time you own property before disposing of it is called the holding period. 1040x 2008 Table 3-2. 1040x 2008 Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. 1040x 2008 . 1040x 2008 . 1040x 2008 THEN you have a. 1040x 2008 . 1040x 2008 . 1040x 2008 1 year or less Short-term capital gain or loss. 1040x 2008 More than 1 year Long-term capital gain or loss. 1040x 2008 For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. 1040x 2008 Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. 1040x 2008 The instructions for the forms explain how to fill them out. 1040x 2008 Dispositions of business property and depreciable property. 1040x 2008   Use Form 4797. 1040x 2008 If you have taxable gain, you may also have to use Schedule D (Form 1040). 1040x 2008 Like-kind exchanges. 1040x 2008   Use Form 8824, Like-Kind Exchanges. 1040x 2008 You may also have to use Form 4797 and Schedule D (Form 1040). 1040x 2008 Installment sales. 1040x 2008   Use Form 6252, Installment Sale Income. 1040x 2008 You may also have to use Form 4797 and Schedule D (Form 1040). 1040x 2008 Casualties and thefts. 1040x 2008   Use Form 4684, Casualties and Thefts. 1040x 2008 You may also have to use Form 4797. 1040x 2008 Condemned property. 1040x 2008   Use Form 4797. 1040x 2008 You may also have to use Schedule D (Form 1040). 1040x 2008 Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Hawaii Department of Commerce and Consumer Affairs - Wailuku

Website: Hawaii Department of Commerce and Consumer Affairs - Wailuku

Address: Hawaii Department of Commerce and Consumer Affairs - Wailuku
Office of Consumer Protection
1063 Lower Main St., Suite C-216
Wailuku, HI 96793

Phone Number: 808-243-4648 808-587-3222 (Consumer Resource Center)

Hawaii Department of Commerce and Consumer Affairs- Hilo

Website: Hawaii Department of Commerce and Consumer Affairs- Hilo

Address: Hawaii Department of Commerce and Consumer Affairs- Hilo
Office of Consumer Protection
345 Kekuanaoa St., Suite 12
Hilo, HI 96720

Phone Number: 808-933-0910 808-587-3222 (Consumer Resource Center)

Hawaii Department of Commerce and Consumer Affairs - Honolulu (Main Location)

Website: Hawaii Department of Commerce and Consumer Affairs - Honolulu (Main Location)

Address: Hawaii Department of Commerce and Consumer Affairs - Honolulu (Main Location)
Office of Consumer Protection
Leiopapa A Kamehameha Building
235 S. Beretania St., Suite 801

Honolulu, HI 96813

Phone Number: 808-586-2630 808-587-3222 (Consumer Resource Center)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Commerce and Consumer Affairs

Website: Department of Commerce and Consumer Affairs

Address: Department of Commerce and Consumer Affairs
Division of Financial Institutions
PO Box 2054
Honolulu, HI 96805

Phone Number: 808-586-2820
808-274-3141 (Kauai) 808-984-2400 (Maui) 808-974-4000 (Hawaii)

Toll-free: 1-800-468-4644

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Commerce and Consumer Affairs

Website: Department of Commerce and Consumer Affairs

Address: Department of Commerce and Consumer Affairs
Insurance Division
PO Box 3614
Honolulu, HI 96811

Phone Number: 808-586-2790

Toll-free: 1-800-468-4644 (Lanai and Molokai)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Commerce and Consumer Affairs

Website: Department of Commerce and Consumer Affairs

Address: Department of Commerce and Consumer Affairs
Business Registration Division
Securities Enforcement Branch

PO Box 40
Honolulu, HI 96810

Phone Number: 808-586-2744

Toll-free: 1-877-447-2267

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Utilities Commission

Website: Public Utilities Commission

Address: Public Utilities Commission
465 S. King St., Room 103
Honolulu, HI 96813

Phone Number: 808-586-2020

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The 1040x 2008

1040x 2008 6. 1040x 2008   Estimated Tax Table of Contents Who Must Make Estimated Tax Payments Estimated tax is a method used to pay tax on income that is not subject to withholding. 1040x 2008 This income includes self-employment income, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. 1040x 2008 Income tax generally is withheld from pensions and annuity payments you receive. 1040x 2008 However, if the tax withheld from your pension (or other) income is not enough, you may have to pay estimated tax. 1040x 2008 If you do not pay enough tax through withholding, by making estimated tax payments, or both, you may be charged a penalty. 1040x 2008 Who Must Make Estimated Tax Payments If you had a tax liability for 2013, you may have to pay estimated tax for 2014. 1040x 2008 In most cases, you must pay estimated tax for 2014 if both of the following apply. 1040x 2008 You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. 1040x 2008 You expect your withholding and refundable credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. 1040x 2008 The 2013 tax return must cover all 12 months. 1040x 2008 If all of your income will be subject to income tax withholding, you probably do not need to make estimated tax payments. 1040x 2008 For more information on estimated tax, see Publication 505. 1040x 2008 Prev  Up  Next   Home   More Online Publications