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Amendment Tax Form

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Amendment Tax Form

Amendment tax form Publication 1542 - Main Content Table of Contents How To Use Per Diem Rate TablesThe Two Substantiation Methods Transition Rules Per Diem Rate Tables How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Amendment tax form How To Use Per Diem Rate Tables This section contains information about the per diem rate substantiation methods available and the choice of rates you must make for the last 3 months of the year. Amendment tax form The Two Substantiation Methods The tables in this publication reflect the high-low substantiation method and the regular federal per diem rate method. Amendment tax form High-low method. Amendment tax form   Tables 1 and 2 in this publication list the localities that are treated under the high-low substantiation method as high-cost localities for all or part of the year. Amendment tax form Table 1 lists the localities that are eligible for $233 ($65 meals and incidental expenses (M&IE)) per diem, effective October 1, 2010. Amendment tax form For travel on or after October 1, 2010, all other localities within CONUS are eligible for $160 ($52 M&IE) per diem under the high-low method. Amendment tax form    Table 2 lists the localities that are eligible for $242 ($65 M&IE) per diem, effective October 1, 2011. Amendment tax form For travel on or after October 1, 2011, the per diem for all other localities decreases to $163 ($52 M&IE). Amendment tax form Regular federal per diem rate method. Amendment tax form   Tables 3 and 4 give the regular federal per diem rates published by the General Services Administration (GSA). Amendment tax form Both tables include the separate rate for meals and incidental expenses (M&IE) for each locality. Amendment tax form The rates listed in Table 3 are effective October 1, 2010; those in Table 4 are effective October 1, 2011. Amendment tax form The standard rate for all locations within CONUS not specifically listed in Table 3 is $123 ($77 for lodging and $46 for M&IE). Amendment tax form For Table 4, this rate is $123 ($77 for lodging and $46 for M&IE). Amendment tax form Transition Rules The transition period covers the last 3 months of the calendar year, from the time that new rates are effective (generally October 1) through December 31. Amendment tax form During this period, you generally may change to the new rates or finish out the year with the rates you had been using. Amendment tax form High-low method. Amendment tax form   If you use the high-low substantiation method for an employee, when new rates become effective (generally October 1) you can either continue with the rates you used for the first part of the year or change to the new rates. Amendment tax form However, you must continue using the high-low method for that employee for the rest of the calendar year (through December 31). Amendment tax form Also, you must use the same rates for all employees reimbursed under the high-low method during that calendar year. Amendment tax form   For example, Employee A travels extensively during March and April of 2012, and you determine A's travel allowance (reimbursement) using the high-low method (Table 2). Amendment tax form Employee A does not travel again until November 2012. Amendment tax form For A's November trip and any others during the remainder of 2012, you may continue using the same set of rates (Table 2) or change to the new rates that generally will be effective in October. Amendment tax form Assume that two of your other employees, B and C, are also reimbursed under the high-low method—your choice of rates must also apply to them. Amendment tax form   For Employee A's travel on or after January 1, 2013, you must use the rates in effect for 2013, but may either continue with the high-low method or choose the regular federal per diem rate method. Amendment tax form The choice of method stays in effect for the entire 2013 calendar year. Amendment tax form   The new rates and localities for the high-low method are included each year in a revenue procedure that is generally published in mid- to late-September. Amendment tax form You can find the revenue procedure in the weekly Internal Revenue Bulletin (IRB) on the Internet at www. Amendment tax form irs. Amendment tax form gov/irb. Amendment tax form Federal per diem rate method. Amendment tax form   New CONUS per diem rates become effective on October 1 of each year and remain in effect through September 30 of the following year. Amendment tax form Employees being reimbursed under the per diem rate method during the first 9 months of a year (January 1–September 30) must continue under the same method through the end of that calendar year (December 31). Amendment tax form However, for travel by these employees from October 1 through December 31, you can choose to continue using the same per diem rates or use the new rates. Amendment tax form Your choice applies to all employees reimbursed under the per diem rate method during that calendar year. Amendment tax form Just as for the high-low method, you must continue using the same method for an employee for the entire calendar year. Amendment tax form   For example, Employees P and Q attend an industry conference in February 2012, and you reimburse their expenses using the per diem rate method (Table 4). Amendment tax form Employee P attends other conferences in July (reimbursed using Table 4) and December 2012, while Employee Q's only other travel occurs in October 2012. Amendment tax form When determining Q's travel allowance for the October travel, you must decide whether to continue with the old (Table 4) rates or adopt the new ones effective October 1, 2012. Amendment tax form Your choice of rates will also apply to Employee P's December travel. Amendment tax form Both employees must continue being reimbursed under the per diem rate method for travel through December 31, 2012. Amendment tax form You can choose a new method for either or both employees; this choice will become effective on January 1, 2013. Amendment tax form   The new federal CONUS per diem rates are published each year, generally early in September, on the Internet. Amendment tax form Go to www. Amendment tax form gsa. Amendment tax form gov/perdiem. Amendment tax form Per diem rates for localities listed in Table 4 may change at any time during the rest of 2011 or 2012. Amendment tax form To be sure you have the most current rate, check IRS. Amendment tax form gov for an updated Publication 1542, the other Internet website listed earlier under Per diem rates on the Internet, or call the IRS at 1-800-829-1040. Amendment tax form Per Diem Rate Tables Table 1. Amendment tax form Localities Eligible for $233 ($65 M&IE) Per Diem Amount Under the High-Low Substantiation Method (Effective October 1, 2010 – September 30, 2011)1,2 Note: The standard (“low”) rate of $160 ($108 for lodging and $52 for M&IE) applies to all locations within the continental United States (CONUS) not specifically listed below or encompassed by the boundary definition of a listed point. Amendment tax form Per Diem Locality Effective Date of State Key City County and/or Other Defined Location $233 Rate AZ Phoenix, Scottsdale Maricopa 1/1 - 5/31   Sedona City limits of Sedona 3/1 - 4/30 CA Monterey Monterey All year   Napa Napa 4/1 - 9/30 10/1 - 11/30   San Diego San Diego All year   San Francisco San Francisco All year   Santa Barbara Santa Barbara All year   Santa Monica City limits of Santa Monica All year   South Lake Tahoe El Dorado All year   Yosemite National Park Mariposa All year CO Aspen Pitkin 1/1 - 3/31 6/1 - 8/31 12/1 - 12/31   Denver, Aurora Denver, Adams, Arapahoe, Jefferson All year   Silverthorne, Breckenridge Summit 1/1 - 3/31 12/1 - 12/31   Steamboat Springs Routt 1/1 - 3/31 12/1 - 12/31   Telluride San Miguel 1/1 - 3/31 12/1 - 12/31   Vail Eagle 1/1 - 8/31 12/1 - 12/31 DC Washington, DC (also the cities of Alexandria, Fairfax, and Falls Church, and the counties of Arlington and Fairfax, in Virginia; and the counties of Montgomery and Prince George's in Maryland)   All year FL Fort Lauderdale Broward 1/1 - 5/31   Fort Walton Beach, DeFuniak Springs Okaloosa, Walton 6/1 - 7/31   Key West Monroe All year   Miami Miami-Dade 1/1 - 3/31 12/1 - 12/31   Naples Collier 1/1 - 4/30 IL Chicago Cook, Lake All year LA New Orleans Orleans, St. Amendment tax form Bernard, Jefferson, Plaquemines Parishes 1/1 - 6/30 10/1 - 12/31 MA Boston, Cambridge Suffolk, City of Cambridge All year   Falmouth City limits of Falmouth 7/1 - 8/31   Martha's Vineyard Dukes 7/1 - 8/31   Nantucket Nantucket 6/1 - 9/30 MD Counties of Montgomery and Prince George's   All year Table 1. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Effective Date of State Key City County and/or Other Defined Location $233 Rate MD Baltimore Baltimore City 3/1 - 9/30 10/1 - 11/30   Cambridge, St. Amendment tax form Michaels Dorchester, Talbot 6/1 - 8/31   Ocean City Worcester 6/1 - 8/31 ME Bar Harbor Hancock 7/1 - 8/31 NC Kill Devil Dare 6/1 - 8/31 NH Conway Carroll 7/1 - 8/31 NY Floral Park, Garden City, Great Neck Nassau All year   Glens Falls Warren 7/1 - 8/31   Lake Placid Essex 7/1 - 8/31   Manhattan (includes the boroughs of Manhattan, Brooklyn, the Bronx, Queens, and Staten Island) Bronx, Kings, New York, Queens, Richmond All year   Riverhead, Ronkonkoma, Melville Suffolk 6/1 - 8/31   Saratoga Springs, Schenectady Saratoga, Schenectady 7/1 - 8/31   Tarrytown, White Plains, New Rochelle Westchester All year PA Philadelphia Philadelphia All year RI Jamestown, Middletown, Newport Newport 5/1 - 9/30 10/1 - 10/31 UT Park City Summit 1/1 - 3/31 VA Cities of Alexandria, Falls Church, and Fairfax; Counties of Arlington and Fairfax   All year   Virginia Beach City of Virginia Beach 6/1 - 8/31 VT Stowe Lamoille 1/1 - 3/31 6/1 - 12/31 WA Seattle King All year WY Jackson, Pinedale Teton, Sublette 7/1 - 8/31 1 Transition rule. Amendment tax form A payor who uses the high-low substantiation method  in Table 1 for an employee during the first 9 months of calendar year 2011 must continue to use the high-low substantiation method for the remainder  of calendar year 2011 for that employee. Amendment tax form For travel on or after October 1, 2011, and before January 1, 2012, the payor may continue to use the rates and high-cost localities published in Table 1 or the updated rates and high-cost localities published in the revenue procedure that supersedes Revenue Procedure 2010-39, as long as those rates and localities are used consistently during this period for all employees reimbursed under this method. Amendment tax form See Transition Rules under How To Use Per Diem Rate Tables for an example. Amendment tax form    2 Revenue Procedure 2010-39 in Internal Revenue Bulletin 2010-42. Amendment tax form Table 2. Amendment tax form Localities Eligible for $242 ($65 M&IE) Per Diem Amount Under the High-Low Substantiation Method (Effective October 1, 2011)1,2 Note: The standard (“low”) rate of $163 ($111 for lodging and $52 for M&IE) applies to all locations within the continental United States (CONUS) not specifically listed below or encompassed by the boundary definition of a listed point. Amendment tax form Per Diem Locality Effective Date of State Key City County and/or Other Defined Location $242 Rate AZ Sedona City limits of Sedona 3/1 - 4/30 CA Monterey Monterey All year   Napa Napa 4/1 - 9/30 10/1 - 11/30   San Diego San Diego All year   San Francisco San Francisco All year   Santa Barbara Santa Barbara All year   Santa Monica City limits of Santa Monica All year   Yosemite National Park Mariposa 6/1 - 8/31 CO Aspen Pitkin 1/1 - 3/31 6/1 - 8/31 12/1 - 12/31   Denver, Aurora Denver, Adams, Arapahoe, Jefferson All year   Steamboat Springs Routt 1/1 - 3/31 12/1 - 12/31   Telluride San Miguel 1/1 - 3/31 12/1 - 12/31   Vail Eagle 1/1 - 8/31 12/1 - 12/31 DC Washington, DC (also the cities of Alexandria, Fairfax, and Falls Church, and the counties of Arlington and Fairfax, in Virginia; and the counties of Montgomery and Prince George's in Maryland)   All year FL Fort Lauderdale Broward 1/1 - 5/31   Fort Walton Beach, DeFuniak Springs Okaloosa, Walton 6/1 - 7/31   Key West Monroe All year   Miami Miami-Dade 1/1 - 3/31 12/1 - 12/31   Naples Collier 1/1 - 4/30 IL Chicago Cook, Lake 4/1 - 9/30 10/1 - 11/30 LA New Orleans Orleans, St. Amendment tax form Bernard, Jefferson, Plaquemines Parishes 1/1 - 6/30 10/1 - 12/31 MA Boston, Cambridge Suffolk, City of Cambridge All year   Falmouth City limits of Falmouth 7/1 - 8/31   Martha's Vineyard Dukes 7/1 - 8/31   Nantucket Nantucket 6/1 - 9/30 Table 2. Amendment tax form (Effective October 1, 2011) (Continued) Per Diem Locality Effective Date of State Key City County and/or Other Defined Location $242 Rate MD Counties of Montgomery and Prince George's   All year   Baltimore Baltimore City 3/1 - 9/30 10/1 - 11/30   Cambridge, St. Amendment tax form Michaels Dorchester, Talbot 6/1 - 8/31   Ocean City Worcester 6/1 - 8/31 ME Bar Harbor Hancock 7/1 - 8/31 NC Kill Devil Dare 6/1 - 8/31 NH Conway Carroll 7/1 - 8/31 NY Floral Park, Garden City, Great Neck Nassau All year   Glens Falls Warren 7/1 - 8/31   Lake Placid Essex 7/1 - 8/31   Manhattan (includes the boroughs of Manhattan, Brooklyn, the Bronx, Queens, and Staten Island) Bronx, Kings, New York, Queens, Richmond All year   Saratoga Springs, Schenectady Saratoga, Schenectady 7/1 - 8/31   Tarrytown, White Plains, New Rochelle Westchester All year PA Philadelphia Philadelphia All year RI Jamestown, Middletown, Newport Newport 5/1 - 9/30 10/1 - 10/31 UT Park City Summit 1/1 - 3/31 VA Cities of Alexandria, Falls Church, and Fairfax; Counties of Arlington and Fairfax   All year   Virginia Beach City of Virginia Beach 6/1 - 8/31 WA Seattle King All year WY Jackson, Pinedale Teton, Sublette 7/1 - 8/31 1 Transition rule. Amendment tax form A payor who uses the high-low substantiation method  in Table 2 for an employee during the first 9 months of calendar year 2012 must continue to use the high-low substantiation method for the remainder  of calendar year 2012 for that employee. Amendment tax form For travel on or after October 1, 2012, and before January 1, 2013, the payor may continue to use the rates and high-cost localities published in Table 2 or the updated rates and high-cost localities published in the revenue procedure that supersedes Revenue Procedure 2011-47 and Notice 2011-81, as long as those rates and localities are used consistently during this period for all employees reimbursed under this method. Amendment tax form See Transition Rules under How To Use Per Diem Rate Tables for an example. Amendment tax form    2 Revenue Procedure 2011-47 and Notice 2011-81 in Internal Revenue Bulletin 2011-42. Amendment tax form Table 3. Amendment tax form Maximum Federal Per Diem Rates (Effective October 1, 2010 – September 30, 2011)1 Note: The standard rate of $123 ($77 for lodging and $46 for M&IE) applies to all locations within the continental United States (CONUS) not specifically listed below or encompassed by the boundary definition of a listed point. Amendment tax form However, the standard CONUS rate applies to all locations within CONUS, including those defined below, for certain relocation allowances. Amendment tax form (See parts 302-2, 302-4, and 302-5 of 41 CFR. Amendment tax form ) Table 4 lists all per diem rates alphabetically by state abbreviation. Amendment tax form Click on a link below to find rates for your state: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas , Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate AL Birmingham Jefferson, Shelby All year $88   $56   $144     Gulf Shores Baldwin 1/1 - 5/31 101   51   152         6/1 - 7/31 126   51   177         8/1 - 12/31 101   51   152     Huntsville Madison, Limestone All year 86   51   137     Mobile Mobile 1/1 - 2/28 98   51   149         3/1 - 12/31 90   51   141   AR Hot Springs Garland All year 101   46   147     Little Rock Pulaski All year 88   61   149   AZ Grand Canyon, Flagstaff Coconino (except city limits of Sedona), Yavapai 1/1 - 2/28 77   66   143         3/1 - 10/31 95   66   161         11/1 - 12/31 77   66   143     Kayenta Navajo 1/1 - 4/30 77   46   123         5/1 - 9/30 89   46   135         10/1 - 12/31 77   46   123     Phoenix, Scottsdale Maricopa 1/1 - 5/31 126   71   197         6/1 - 8/31 81   71   152         9/1 - 12/31 106   71   177     Sedona City limits of Sedona 1/1 - 2/28 129   66   195         3/1 - 4/30 145   66   211         5/1 - 12/31 129   66   195     Sierra Vista Cochise All year 81   46   127     Tucson Pima 1/1 - 1/31 93   56   149         2/1 - 5/31 111   56   167         6/1 - 8/31 77   56   133         9/1 - 12/31 93   56   149     Yuma Yuma All year 81   46   127   CA Antioch, Brentwood, Concord Contra Costa All year 101   66   167     Barstow, Ontario, Victorville San Bernardino Before 4/01/11 83   56   139         After 3/31/11 99   56   155     Benicia, Dixon, Fairfield Solano All year 84   56   140     Death Valley Inyo All year 92   46   138     Eureka, Arcata, Humboldt 1/1 - 5/31 82   61   143     McKinleyville   6/1 - 8/31 92   61   153         9/1 - 12/31 82   61   143     Fresno Fresno All year 91   61   152     Los Angeles Los Angeles (except the city of Santa Monica), Orange, Ventura; Edwards AFB All year 123   71   194     Mammoth Lakes Mono All year 116   61   177   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate CA Mill Valley, San Rafael, Novato Marin All year $106   $56   $162     Modesto Stanislaus All year 85   51   136     Monterey Monterey 1/1 - 6/30 126   71   197         7/1 - 8/31 152   71   223         9/1 - 12/31 126   71   197     Napa Napa 1/1 - 3/31 107   66   173         4/1 - 11/30 142   66   208         12/1 - 12/31 107   66   173     Oakhurst Madera 1/1 - 4/30 78   56   134         5/1 - 8/31 92   56   148         9/1 - 12/31 78   56   134     Oakland Alameda All year 94   61   155     Palm Springs Riverside 1/1 - 4/30 120   71   191         5/1 - 8/31 90   71   161         9/1 - 12/31 104   71   175     Point Arena, Gualala Mendocino All year 88   66   154     Redding Shasta All year 87   61   148     Sacramento Sacramento All year 101   61   162     San Diego San Diego All year 131   71   202     San Francisco San Francisco Before 1/1/11:                   10/1 - 10/31 174   71   245         11/1 - 12/31 142   71   213         After 12/31/10:                   1/1 - 3/31 142   71   213         4/1 - 8/31 150   71   221         9/1 - 12/31 180   71   251     San Luis Obispo San Luis Obispo 1/1 - 6/30 104   66   170         7/1 - 8/31 121   66   187         9/1 - 12/31 104   66   170     San Mateo, Foster City, Belmont San Mateo All year 108   61   169     Santa Barbara Santa Barbara 1/1 - 6/30 143   66   209         7/1 - 8/31 172   66   238         9/1 - 12/31 143   66   209     Santa Cruz Santa Cruz All year 93   66   159     Santa Monica City limits of Santa Monica All year 180   71   251     Santa Rosa Sonoma All year 109   61   170     South Lake Tahoe El Dorado All year 125   71   196     Stockton San Joaquin All year 80   56   136     Sunnyvale, Palo Alto, San Jose Santa Clara All year 116   56   172     Tahoe City Placer All year 87   61   148     Truckee Nevada 1/1 - 2/28 113   71   184         3/1 - 11/30 96   71   167         12/1 - 12/31 113   71   184     Visalia, Lemoore Tulare, Kings All year 83   61   144     West Sacramento Yolo All year 91   51   142     Yosemite National Mariposa 1/1 - 5/31 129   71   200     Park   6/1 - 8/31 162   71   233         9/1 - 12/31 129   71   200   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate CO Aspen Pitkin 1/1 - 3/31 $202   $71   $273         4/1 - 5/31 107   71   178         6/1 - 8/31 143   71   214         9/1 - 11/30 103   71   174         12/1 - 12/31 202   71   273     Boulder, Broomfield Boulder, Broomfield All year 104   61   165     Colorado Springs El Paso All year 84   66   150     Cortez Montezuma 1/1 - 5/31 87   51   138         6/1 - 8/31 105   51   156         9/1 - 12/31 87   51   138     Crested Butte, Gunnison Gunnison 1/1 - 3/31 82   51   133         4/1 - 5/31 77   51   128         6/1 - 8/31 95   51   146         9/1 - 12/31 82   51   133     Denver, Aurora Denver, Adams, Arapahoe, and Jefferson All year 141   66   207     Douglas County Douglas All year 101   61   162     Durango La Plata 1/1 - 5/31 93   61   154         6/1 - 9/30 128   61   189         10/1 - 12/31 93   61   154     Fort Collins, Loveland Larimer All year 84   56   140     Glenwood Springs, Grand Junction Garfield, Mesa All year 86   51   137     Montrose Montrose 1/1 - 5/31 79   56   135         6/1 - 9/30 94   56   150         10/1 - 12/31 79   56   135     Silverthorne, Summit 1/1 - 3/31 147   56   203     Breckenridge   4/1 - 11/30 93   56   149         12/1 - 12/31 147   56   203     Steamboat Springs Routt 1/1 - 3/31 179   56   235         4/1 - 11/30 103   56   159         12/1 - 12/31 179   56   235     Telluride San Miguel 1/1 - 3/31 141   71   212         4/1 - 5/31 93   71   164         6/1 - 9/30 124   71   195         10/1 - 11/30 94   71   165         12/1 - 12/31 141   71   212     Vail Eagle 1/1 - 3/31 261   71   332         4/1 - 8/31 130   71   201         9/1 - 11/30 105   71   176         12/1 - 12/31 261   71   332   CT Bridgeport, Danbury Fairfield All year 114   71   185     Cromwell, Old Saybrook Middlesex All year 83   61   144     Hartford Hartford All year 106   56   162     Lakeville, Salisbury Litchfield All year 93   66   159     New Haven New Haven All year 92   61   153     New London, Groton New London All year 98   61   159   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate DC District of Columbia Washington, DC (also the cities of Alexandria, 1/1 - 2/28 $181   $71   $252       Fairfax, and Falls Church, and the counties of 3/1 - 6/30 211   71   282       Arlington and Fairfax, in Virginia; and the counties 7/1 - 8/31 157   71   228       of Montgomery and Prince George's in Maryland) 9/1 - 10/31 211   71   282       (see also Maryland and Virginia) 11/1 - 12/31 181   71   252   DE Dover Kent 1/1 - 4/30 77   46   123         5/1 - 9/30 92   46   138         10/1 - 12/31 77   46   123     Lewes Sussex 1/1 - 6/30 82   46   128         7/1 - 8/31 123   46   169         9/1 - 12/31 82   46   128     Wilmington New Castle All year 109   56   165   FL Altamonte Springs Seminole All year 80   61   141     Boca Raton, Delray Palm Beach 1/1 - 4/30 111   71   182     Beach, Jupiter   5/1 - 12/31 82   71   153     Bradenton Manatee 1/1 - 4/30 100   56   156         5/1 - 12/31 84   56   140     Cocoa Beach Brevard All year 99   51   150     Daytona Beach Volusia 1/1 - 1/31 84   51   135         2/1 - 7/31 107   51   158         8/1 - 12/31 84   51   135     Fort Lauderdale Broward 1/1 - 2/28 173   71   244         3/1 - 5/31 149   71   220         6/1 - 9/30 103   71   174         10/1 - 12/31 124   71   195     Fort Myers Lee 1/1 - 4/30 115   56   171         5/1 - 12/31 87   56   143     Fort Walton Beach, Okaloosa, Walton 1/1 - 2/28 78   51   129     DeFuniak Springs   3/1 - 5/31 126   51   177         6/1 - 7/31 164   51   215         8/1 - 10/31 112   51   163         11/1 - 12/31 78   51   129     Gainesville Alachua All year 89   51   140     Gulf Breeze Santa Rosa 1/1 - 2/28 92   51   143         3/1 - 5/31 114   51   165         6/1 - 8/31 140   51   191         9/1 - 12/31 92   51   143     Jacksonville, Jacksonville Beach, Mayport Naval Station Duval, Nassau; City of Jacksonville All year 82   51   133     Key West Monroe 1/1 - 1/31 193   71   264         2/1 - 4/30 209   71   280         5/1 - 11/30 145   71   216         12/1 - 12/31 193   71   264     Kissimmee Osceola 1/1 - 5/31 84   46   130         6/1 - 8/31 77   46   123         9/1 - 12/31 84   46   130     Lakeland Polk All year 81   46   127   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate FL Miami Miami-Dade 1/1 - 3/31 $151   $66   $217         4/1 - 5/31 128   66   194         6/1 - 11/30 104   66   170         12/1 - 12/31 151   66   217     Naples Collier 1/1 - 4/30 155   61   216         5/1 - 9/30 101   61   162         10/1 - 12/31 111   61   172     Orlando Orange 1/1 - 5/31 104   56   160         6/1 - 12/31 90   56   146     Panama City Bay 1/1 - 2/28 77   51   128         3/1 - 7/31 110   51   161         8/1 - 12/31 77   51   128     Pensacola, Pensacola Beach Escambia All year 103   46   149     Punta Gorda Charlotte 1/1 - 1/31 77   51   128         2/1 - 4/30 88   51   139         5/1 - 12/31 77   51   128     Sarasota Sarasota 1/1 - 4/30 110   56   166         5/1 - 12/31 86   56   142     Sebring Highlands 1/1 - 3/31 123   46   169         4/1 - 12/31 82   46   128     St. Amendment tax form Augustine St. Amendment tax form Johns All year 97   56   153     Stuart Martin 1/1 - 4/30 102   51   153         5/1 - 12/31 82   51   133     Tallahassee Leon All year 87   46   133     Tampa, St. Amendment tax form Petersburg Pinellas, Hillsborough 1/1 - 4/30 108   51   159         5/1 - 12/31 92   51   143     Vero Beach Indian River 1/1 - 1/31 83   51   134         2/1 - 3/31 99   51   150         4/1 - 12/31 83   51   134   GA Athens Clarke All year 93   46   139     Atlanta Fulton, DeKalb, Cobb All year 132   56   188     Augusta Richmond All year 84   51   135     Columbus Muscogee All year 85   46   131     Jekyll Island, Brunswick Glynn 1/1 - 3/31 92   56   148         4/1 - 11/30 136   56   192         12/1 - 12/31 92   56   148     Savannah Chatham All year 97   56   153   IA Cedar Rapids Linn All year 81   51   132     Des Moines Polk All year 83   51   134     West Des Moines Dallas All year 95   51   146   ID Bonner's Ferry, Boundary, Bonner, Shoshone 1/1 - 6/30 77   61   138     Sandpoint   7/1 - 8/31 99   61   160         9/1 - 12/31 77   61   138     Coeur d'Alene Kootenai 1/1 - 5/31 77   61   138         6/1 - 8/31 105   61   166         9/1 - 12/31 77   61   138     Driggs, Idaho Falls Teton, Bonneville, Fremont All year 78   46   124   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate ID Sun Valley, Ketchum Blaine 1/1 - 5/31 $79   $71   $150         6/1 - 8/31 95   71   166         9/1 - 12/31 79   71   150   IL Bolingbrook, Romeoville, Lemont Will All year 82   51   133     Chicago Cook, Lake 1/1 - 3/31 128   71   199         4/1 - 6/30 166   71   237         7/1 - 8/31 146   71   217         9/1 - 11/30 173   71   244         12/1 - 12/31 128   71   199     Oakbrook Terrace DuPage All year 92   61   153     O'Fallon, Fairview Bond, Calhoun, Clinton, Jersey, Macoupin, All year 105   56   161     Heights, Collinsville Madison, Monroe, St. Amendment tax form Clair                 Springfield Sangamon All year 82   56   138   IN Bloomington Monroe All year 91   56   147     Fort Wayne Allen All year 81   56   137     Hammond, Munster, Merrillville Lake All year 85   46   131     Indianapolis, Carmel Marion, Hamilton; Fort Benjamin Harrison All year 91   61   152     Lafayette Tippecanoe All year 80   51   131     South Bend St. Amendment tax form Joseph All year 87   56   143     Valparaiso, Burlington Beach Porter All year 79   51   130   KS Kansas City, Overland Park Wyandotte, Johnson, Leavenworth All year 99   61   160     Wichita Sedgwick All year 89   56   145   KY Boone County Boone All year 88   51   139     Kenton County Kenton All year 115   56   171     Lexington Fayette All year 89   61   150     Louisville Jefferson 1/1 - 5/31 101   61   162         6/1 - 8/31 95   61   156         9/1 - 12/31 101   61   162   LA Baton Rouge East Baton Rouge Parish All year 96   56   152     Covington, Slidell St. Amendment tax form Tammany Parish All year 88   56   144     Lafayette Lafayette Consolidated Government All year 87   56   143     Lake Charles Calcasieu Parish All year 79   61   140     New Orleans Orleans, Jefferson, Plaquemines, and 1/1 - 6/30 131   71   202       St. Amendment tax form Bernard Parishes 7/1 - 9/30 98   71   169         10/1 - 12/31 131   71   202   MA Andover Essex All year 83   56   139     Boston, Cambridge Suffolk; City of Cambridge 1/1 - 3/31 154   71   225         4/1 - 6/30 190   71   261         7/1 - 8/31 171   71   242         9/1 - 10/31 206   71   277         11/1 - 12/31 154   71   225     Burlington, Woburn Middlesex less the city of Cambridge All year 108   71   179   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate MA Falmouth City limits of Falmouth 1/1 - 4/30 $95   $51   $146         5/1 - 6/30 107   51   158         7/1 - 8/31 161   51   212         9/1 - 12/31 95   51   146     Hyannis Barnstable less the city of Falmouth 1/1 - 6/30 85   56   141         7/1 - 8/31 123   56   179         9/1 - 12/31 85   56   141     Martha's Vineyard Dukes 1/1 - 6/30 114   71   185         7/1 - 8/31 201   71   272         9/1 - 12/31 114   71   185     Nantucket Nantucket 1/1 - 5/31 128   61   189         6/1 - 9/30 243   61   304         10/1 - 12/31 128   61   189     Northampton Hampshire All year 92   56   148     Pittsfield Berkshire 1/1 - 6/30 107   61   168         7/1 - 8/31 126   61   187         9/1 - 12/31 107   61   168     Plymouth, Taunton, New Bedford Plymouth, Bristol All year 88   56   144     Quincy Norfolk All year 114   51   165     Springfield Hampden All year 93   51   144     Worcester Worcester All year 90   61   151   MD Counties of Montgomery   1/1 - 2/28 181   71   252     and Prince George's   3/1 - 6/30 211   71   282         7/1 - 8/31 157   71   228         9/1 - 10/31 211   71   282         11/1 - 12/31 181   71   252     Aberdeen, Bel Air, Belcamp Harford All year 84   56   140     Annapolis Anne Arundel 1/1 - 4/30 100   61   161         5/1 - 10/31 114   61   175         11/1 - 12/31 100   61   161     Baltimore City Baltimore City 1/1 - 2/28 121   71   192         3/1 - 11/30 144   71   215         12/1 - 12/31 121   71   192     Baltimore County Baltimore All year 99   61   160     Cambridge, St. Amendment tax form Michaels Dorchester, Talbot 1/1 - 3/31 101   61   162         4/1 - 5/31 119   61   180         6/1 - 8/31 170   61   231         9/1 - 10/31 131   61   192         11/1 - 12/31 101   61   162     Centreville Queen Anne All year 103   51   154     Columbia Howard All year 105   61   166     Frederick Frederick All year 92   56   148     Hagerstown Washington All year 78   56   134     La Plata, Indian Head Charles All year 84   51   135     Lexington Park, Leonardtown, Lusby St. Amendment tax form Mary's, Calvert All year 102   61   163   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate MD Ocean City Worcester 1/1 - 3/31 $77   $71   $148         4/1 - 5/31 88   71   159         6/1 - 8/31 192   71   263         9/1 - 10/31 105   71   176         11/1 - 12/31 77   71   148   ME Bar Harbor Hancock 1/1 - 6/30 86   61   147         7/1 - 8/31 140   61   201         9/1 - 10/31 112   61   173         11/1 - 12/31 86   61   147     Kennebunk, Kittery, York 1/1 - 3/31 77   56   133     Sanford   4/1 - 6/30 86   56   142         7/1 - 8/31 122   56   178         9/1 - 10/31 96   56   152         11/1 - 12/31 77   56   133     Portland Cumberland, Sagadahoc 1/1 - 6/30 89   56   145         7/1 - 9/30 109   56   165         10/1 - 12/31 89   56   145     Rockport Knox 1/1 - 6/30 80   56   136         7/1 - 9/30 106   56   162         10/1 - 12/31 80   56   136   MI Ann Arbor Washtenaw All year 87   56   143     Detroit Wayne All year 95   56   151     East Lansing, Lansing Ingham, Eaton All year 82   51   133     Grand Rapids Kent All year 81   51   132     Holland Ottawa All year 81   56   137     Kalamazoo, Battle Creek Kalamazoo, Calhoun All year 87   51   138     Midland Midland All year 90   46   136     Muskegon Muskegon 1/1 - 5/31 77   46   123         6/1 - 8/31 101   46   147         9/1 - 12/31 77   46   123     Petoskey Emmet 1/1 - 6/30 77   51   128         7/1 - 8/31 99   51   150         9/1 - 12/31 77   51   128     Pontiac, Auburn Hills Oakland All year 87   56   143     South Haven Van Buren 1/1 - 5/31 77   56   133         6/1 - 8/31 89   56   145         9/1 - 12/31 77   56   133     Traverse City, Leland Grand Traverse, Leelanau 1/1 - 6/30 77   51   128         7/1 - 8/31 109   51   160         9/1 - 12/31 77   51   128   MN Duluth St. Amendment tax form Louis 1/1 - 5/31 80   56   136         6/1 - 10/31 99   56   155         11/1 - 12/31 80   56   136     Eagan, Burnsville, Mendota Heights Dakota All year 82   56   138     Minneapolis, St. Amendment tax form Paul Hennepin, Ramsey All year 120   71   191     Rochester Olmsted All year 95   51   146   MO Columbia Boone All Year 78   51   129   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate MO Kansas City Jackson, Clay, Cass, Platte All year $99   $61   $160     St. Amendment tax form Louis St. Amendment tax form Louis, St. Amendment tax form Charles, Crawford, Franklin, Jefferson, Lincoln, Warren, Washington; St. Amendment tax form Louis City All year 105   66   171     St. Amendment tax form Robert Pulaski All year 78   46   124   MS Gulfport, Biloxi Harrison All year 82   56   138     Hattiesburg Forrest, Lamar All year 85   51   136     Oxford Lafayette County Before 4/01/11 77   46   123         After 3/31/11 96   51   147     Robinsonville Tunica All year 82   51   133     Southaven Desoto All year 88   46   134     Starkville Oktibbeha All year 91   46   137   MT Big Sky, West Gallatin 1/1 - 5/31 80   61   141     Yellowstone   6/1 - 8/31 105   61   166         9/1 - 12/31 80   61   141     Butte Silver Bow All year 86   51   137     Helena Lewis and Clark All year 81   56   137     Missoula, Polson, Missoula, Lake, Flathead 1/1 - 6/30 87   51   138     Kalispell   7/1 - 8/31 104   51   155         9/1 - 12/31 87   51   138   NC Asheville Buncombe 1/1 - 6/30 81   51   132         7/1 - 10/31 90   51   141         11/1 - 12/31 81   51   132     Atlantic Beach, Carteret 1/1 - 5/31 81   56   137     Morehead City   6/1 - 8/31 110   56   166         9/1 - 12/31 81   56   137     Chapel Hill Orange All year 86   56   142     Charlotte Mecklenburg All year 95   51   146     Durham Durham All year 89   51   140     Fayetteville Cumberland All year 91   51   142     Greensboro Guilford All year 85   56   141     Greenville Pitt All year 79   51   130     Kill Devil Dare 1/1 - 5/31 90   61   151         6/1 - 8/31 143   61   204         9/1 - 12/31 90   61   151     New Bern, Havelock Craven All year 94   46   140     Raleigh Wake All year 90   66   156     Wilmington New Hanover All year 97   56   153     Winston-Salem Forsyth All year 83   56   139   ND The standard CONUS rate of $123 ($77 for lodging and $46 for M&IE) applies to all per diem localities in North Dakota. Amendment tax form NE Omaha Douglas 1/1 - 4/30 93   61   154         5/1 - 6/30 104   61   165         7/1 - 12/31 93   61   154   NH Concord Merrimack 1/1 - 5/31 82   51   133         6/1 - 9/30 92   51   143         10/1 - 12/31 82   51   133     Conway Carroll 1/1 - 2/28 116   61   177         3/1 - 6/30 102   61   163         7/1 - 8/31 141   61   202         9/1 - 12/31 116   61   177   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate NH Durham Strafford All year $94   $46   $140     Laconia Belknap 1/1 - 5/31 85   51   136         6/1 - 10/31 101   51   152         11/1 - 12/31 85   51   136     Lebanon, Lincoln, West Lebanon Grafton, Sullivan All year 101   56   157     Manchester Hillsborough All year 86   56   142     Portsmouth Rockingham 1/1 - 6/30 102   61   163         7/1 - 9/30 126   61   187         10/1 - 12/31 102   61   163   NJ Atlantic City, Cape Atlantic, Cape May 1/1 - 3/31 87   66   153     May, Ocean City   4/1 - 12/31 100   66   166     Belle Mead Somerset All year 116   56   172     Cherry Hill, Moorestown Camden, Burlington All year 92   61   153     Eatontown, Freehold Monmouth All year 110   56   166     Edison, Piscataway Middlesex All year 109   51   160     Flemington Hunterdon All year 107   61   168     Newark Bergen, Essex, Hudson, Passaic All year 116   61   177     Parsippany Morris All year 125   56   181     Princeton, Trenton Mercer All year 126   61   187     Springfield, Cranford, New Providence Union All year 94   56   150     Toms River Ocean 1/1 - 5/31 78   51   129         6/1 - 8/31 99   51   150         9/1 - 12/31 78   51   129   NM Albuquerque Bernalillo All year 81   56   137     Las Cruces Dona Ana All year 79   56   135     Los Alamos Los Alamos All year 86   51   137     Santa Fe Santa Fe 1/1 - 6/30 82   71   153         7/1 - 10/31 100   71   171         11/1 - 12/31 82   71   153     Taos Taos All year 87   66   153   NV Incline Village, Washoe 1/1 - 6/30 98   51   149     Reno, Sparks   7/1 - 8/31 123   51   174         9/1 - 12/31 98   51   149     Las Vegas Clark All year 93   71   164     Stateline, Carson City Douglas, Carson City All year 93   61   154   NY Albany Albany All year 104   61   165     Binghamton, Owego Broome, Tioga All year 90   46   136     Buffalo Erie All year 98   56   154     Floral Park, Garden City, Great Neck Nassau All year 143   66   209     Glens Falls Warren 1/1 - 6/30 92   66   158         7/1 - 8/31 133   66   199         9/1 - 12/31 92   66   158     Ithaca, Waterloo, Romulus Tompkins, Seneca All year 114   46   160   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate NY Kingston Ulster All year $101   $66   $167     Lake Placid Essex 1/1 - 2/28 124   61   185         3/1 - 6/30 99   61   160         7/1 - 8/31 145   61   206         9/1 - 11/30 103   61   164         12/1 - 12/31 124   61   185     Manhattan (includes Bronx, Kings, New York, Queens, Richmond Before 1/1/11:               the boroughs of   10/1 - 12/31 269   71   340     Manhattan, Brooklyn   After 12/31/10:               the Bronx, Queens, and Staten Island)   1/1 - 3/31 192   71   263         4/1 - 5/31 212   71   283         6/1 - 8/31 224   71   295         9/1 - 12/31 295   71   366     Niagara Falls Niagara 1/1 - 5/31 77   51   128         6/1 - 8/31 100   51   151         9/1 - 12/31 77   51   128     Nyack, Palisades Rockland All year 103   61   164     Poughkeepsie Dutchess All year 95   66   161     Riverhead, Suffolk 1/1 - 5/31 114   71   185     Ronkonkoma, Melville   6/1 - 8/31 137   71   208         9/1 - 12/31 114   71   185     Rochester Monroe All year 96   51   147     Saratoga Springs, Saratoga, Schenectady 1/1 - 6/30 104   56   160     Schenectady   7/1 - 8/31 151   56   207         9/1 - 12/31 104   56   160     Syracuse, Oswego Onondaga, Oswego All year 93   56   149     Tarrytown, White Plains, New Rochelle Westchester All year 142   71   213     Troy Rensselaer All year 94   51   145     West Point Orange All year 109   51   160   OH Akron Summit All year 85   51   136     Canton Stark All year 88   51   139     Cincinnati Hamilton, Clermont All year 115   56   171     Cleveland Cuyahoga All year 102   56   158     Columbus Franklin All year 94   56   150     Dayton, Fairborn Greene, Darke, Montgomery All year 81   56   137     Hamilton Butler, Warren All year 92   51   143     Mentor Lake All year 88   46   134     Rittman Wayne, Medina All year 87   51   138     Sandusky, Bellevue Erie, Huron 1/1 - 5/31 77   46   123         6/1 - 8/31 83   46   129         9/1 - 12/31 77   46   123     Youngstown Mahoning, Trumbull All year 82   51   133   OK Oklahoma City Oklahoma All year 82   66   148     Tulsa Tulsa, Creek, Osage, Rogers All year 80   61   141   OR Ashland, Crater Lake Jackson, Klamath All year 80   56   136     Beaverton Washington All year 90   51   141   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate OR Bend Deschutes 1/1 - 6/30 $88   $61   $149         7/1 - 8/31 110   61   171         9/1 - 12/31 88   61   149     Clackamas Clackamas All year 87   61   148     Eugene, Florence Lane All year 97   51   148     Lincoln City Lincoln 1/1 - 6/30 83   56   139         7/1 - 8/31 104   56   160         9/1 - 12/31 83   56   139     Portland Multnomah All year 113   66   179     Seaside Clatsop 1/1 - 6/30 93   51   144         7/1 - 8/31 130   51   181         9/1 - 12/31 93   51   144   PA Allentown, Easton, Bethlehem Lehigh, Northampton All year 84   51   135     Bucks County Bucks All year 95   71   166     Chester, Radnor, Essington Delaware All year 96   51   147     Erie Erie All year 82   46   128     Gettysburg Adams 1/1 - 3/31 79   51   130         4/1 - 10/31 98   51   149         11/1 - 12/31 79   51   130     Harrisburg, Hershey Dauphin Before 1/1/11:                   10/31 - 12/31 106   51   157         After 12/31/10:                   1/1 - 3/31 106   51   157         3/31 - 5/31 107   51   158         6/1 - 8/31 134   51   185         9/1 - 12/31 107   51   158     Lancaster Lancaster All year 96   56   152     Malvern, Frazer, Berwyn Chester All year 116   51   167     Mechanicsburg Cumberland All year 83   56   139     Montgomery County Montgomery All year 115   66   181     Philadelphia Philadelphia 1/1 - 8/31 136   66   202         9/1 - 11/30 149   66   215         12/1 - 12/31 136   66   202     Pittsburgh Allegheny All year 115   71   186     Reading Berks All year 89   56   145     Scranton Lackawanna All year 80   56   136     State College Centre All year 86   56   142   RI East Greenwich, Warwick, North Kingstown Kent, Washington All year 84   56   140     Jamestown, Middletown, Newport 1/1 - 4/30 96   71   167     Newport   5/1 - 10/31 145   71   216         11/1 - 12/31 96   71   167     Providence, Bristol Providence, Bristol All year 122   71   193   SC Aiken Aiken All year 81   46   127     Charleston Charleston, Berkeley, Dorchester All year 132   56   188     Columbia Richland, Lexington All year 85   51   136     Greenville Greenville All year 82   56   138   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate SC Hilton Head Beaufort 1/1 - 3/31 $87   $61   $148         4/1 - 8/31 127   61   188         9/1 - 10/31 104   61   165         11/1 - 12/31 87   61   148     Myrtle Beach Horry 1/1 - 3/31 77   51   128         4/1 - 5/31 89   51   140         6/1 - 8/31 116   51   167         9/1 - 10/31 80   51   131         11/1 - 12/31 77   51   128   SD Hot Springs Fall River, Custer 1/1 - 5/31 77   46   123         6/1 - 8/31 101   46   147         9/1 - 12/31 77   46   123     Rapid City Pennington 1/1 - 5/31 77   51   128         6/1 - 8/31 121   51   172         9/1 - 12/31 77   51   128     Sturgis, Spearfish Meade, Butte, Lawrence 1/1 - 5/31 77   51   128         6/1 - 8/31 108   51   159         9/1 - 12/31 77   51   128   TN Brentwood, Franklin Williamson All year 94   56   150     Chattanooga Hamilton All year 88   56   144     Knoxville Knox All year 84   56   140     Memphis Shelby All year 96   61   157     Nashville Davidson All year 110   66   176     Oak Ridge Anderson All year 90   46   136   TX Arlington, Fort Worth, Grapevine Tarrant; City limits of Grapevine All year 138   56   194     Austin Travis All year 104   71   175     Beaumont Jefferson All year 86   51   137     College Station Brazos All year 93   56   149     Corpus Christi Nueces All year 87   51   138     Dallas Dallas; City of Dallas All year 107   71   178     El Paso El Paso All year 88   51   139     Galveston Galveston 1/1 - 2/28 84   56   140         3/1 - 8/31 101   56   157         9/1 - 12/31 84   56   140     Greenville Hunt Before 4/01/2011 78   51   129         After 3/31/2011 86   51   137     Houston Montgomery, Fort Bend, Harris; L. Amendment tax form B. Amendment tax form Johnson Space Center All year 109   71   180     Laredo Webb All year 78   56   134     McAllen Hidalgo All year 85   56   141     Midland Midland All year 92   51   143     Plano Collin All year 100   61   161     Round Rock Williamson All year 90   51   141     San Antonio Bexar All year 106   66   172     South Padre Island Cameron 1/1 - 5/31 85   56   141         6/1 - 7/31 107   56   163         8/1 - 12/31 85   56   141     Waco McLennan All year 85   51   136   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate UT Moab Grand 1/1 - 2/28 $77   $56   $133         3/1 - 10/31 97   56   153         11/1 - 12/31 77   56   133     Park City Summit 1/1 - 3/31 153   71   224         4/1 - 12/31 89   71   160     Provo Utah All year 80   51   131     Salt Lake City Salt Lake, Tooele All year 95   61   156   VA Cities of Alexandria,   1/1 - 2/28 181   71   252     Fairfax, and Falls   3/1 - 6/30 211   71   282     Church; Counties of   7/1 - 8/31 157   71   228     Arlington and Fairfax   9/1 - 10/31 11/1 - 12/31 211 181   71 71   282 252     Abingdon Washington All year 86   46   132     Blacksburg Montgomery All year 95   46   141     Bowling Green Caroline County Before 4/01/2011 77   46   123         After 3/31/2011 89   56   145     Charlottesville Albemarle, Greene; City of Charlottesville All year 113   56   169     Chesapeake, Suffolk City of Chesapeake, City of Suffolk 1/1 - 5/31 78   56   134         6/1 - 8/31 88   56   144         9/1 - 12/31 78   56   134     Chesterfield, Henrico Counties Chesterfield, Henrico All year 87   51   138     Fredericksburg Stafford, Spotsylvania; City of Fredericksburg All year 89   56   145     James City, York, James City and York Counties; City of 1/1 - 3/31 77   51   128     Williamsburg Williamsburg 4/1 - 8/31 91   51   142         9/1 - 12/31 77   51   128     Loudoun County Loudoun All year 111   61   172     Lynchburg Campbell; City of Lynchburg All year 79   51   130     Manassas City of Manassas All year 82   46   128     Norfolk, Portsmouth City of Norfolk, City of Portsmouth All year 92   61   153     Prince William County Prince William All year 89   56   145     Richmond City City of Richmond All year 114   66   180     Roanoke City limits of Roanoke All year 99   51   150     Virginia Beach City of Virginia Beach 1/1 - 5/31 89   56   145         6/1 - 8/31 144   56   200         9/1 - 12/31 89   56   145     Wallops Island Accomack 1/1 - 6/30 84   56   140         7/1 - 8/31 125   56   181         9/1 - 12/31 84   56   140     Warrenton Fauquier All year 93   46   139   VT Burlington, St. Amendment tax form Albans Chittenden, Franklin 1/1 - 5/31 92   66   158         6/1 - 10/31 111   66   177         11/1 - 12/31 92   66   158     Manchester Bennington All year 87   71   158     Middlebury Addison All year 115   61   176     Montpelier Washington All year 100   61   161     Stowe Lamoille 1/1 - 3/31 133   71   204         4/1 - 5/31 101   71   172         6/1 - 12/31 133   71   204   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate VT White River Junction Windsor 1/1 - 2/28 $101   $56   $157         3/1 - 5/31 89   56   145         6/1 - 12/31 101   56   157   WA Anacortes, Coupeville, Oak Harbor San Juan, Skagit, Island All year 90   61   151     Bremerton Kitsap All year 78   66   144     Everett, Lynnwood Snohomish All year 94   61   155     Ocean Shores Grays Harbor 1/1 - 6/30 88   51   139         7/1 - 8/31 107   51   158         9/1 - 12/31 88   51   139     Olympia, Tumwater Thurston All year 86   61   147     Port Angeles, Port Clallam, Jefferson 1/1 - 6/30 94   61   155     Townsend   7/1 - 8/31 123   61   184         9/1 - 12/31 94   61   155     Richland Benton All year 88   46   134     Seattle King All year 139   71   210     Spokane Spokane All year 86   61   147     Tacoma Pierce All year 109   61   170     Vancouver Clark, Cowlitz, Skamania All year 113   56   169   WI Appleton Outagamie All year 81   46   127     Brookfield, Racine Waukesha, Racine All year 87   56   143     Lake Geneva Walworth 1/1 - 5/31 90   51   141         6/1 - 9/30 122   51   173         10/1 - 12/31 90   51   141     Madison Dane All year 88   56   144     Milwaukee Milwaukee All year 95   61   156     Sturgeon Bay Door 1/1 - 6/30 77   56   133         7/1 - 9/30 86   56   142         10/1 - 12/31 77   56   133     Wisconsin Dells Columbia 1/1 - 6/30 77   61   138         7/1 - 8/31 85   61   146         9/1 - 12/31 77   61   138   WV Charleston Kanawha All year 95   51   146     Morgantown Monongalia All year 83   46   129     Shepherdstown Jefferson, Berkeley All year 82   51   133     Wheeling Ohio All year 94   46   140   WY Cody Park 1/1 - 5/31 84   51   135         6/1 - 9/30 117   51   168         10/1 - 12/31 84   51   135     Evanston, Rock Springs Uinta, Sweetwater All year 80   51   131   Table 3. Amendment tax form (Effective October 1, 2010 – September 30, 2011) (Continued) Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate WY Gillette Campbell 1/1 - 5/31 $91   $51   $142         6/1 - 8/31 109   51   160         9/1 - 12/31 91   51   142     Jackson, Pinedale Teton, Sublette 1/1 - 6/30 109   56   165         7/1 - 8/31 158   56   214         9/1 - 12/31 109   56   165     Sheridan Sheridan 1/1 - 5/31 77   56   133         6/1 - 8/31 89   56   145         9/1 - 12/31 77   56   133   1Transition rule. Amendment tax form In lieu of the updated GSA rates that will be effective October 1, 2011, taxpayers may continue to use the CONUS rates in effect for the first 9 months of 2011 (Table 3) for expenses of all CONUS travel away from home that are paid or incurred during calendar year 2011. Amendment tax form A taxpayer must consistently use either these rates or the updated rates for the period of October 1, 2011, through December 31, 2011. Amendment tax form See Transition Rules under How To Use Per Diem Rate Tables for an example. Amendment tax form    2Unless otherwise specified, the per diem locality is defined as “all locations within, or entirely surrounded by, the corporate limits of the key city, including independent entities located within those boundaries. Amendment tax form ”   3Per diem localities with county definitions shall include “all locations within, or entirely surrounded by, the corporate limits of the key city as well as the boundaries of the listed counties, including independent entities located within the boundaries of the key city and the listed counties (unless otherwise listed separately). Amendment tax form ” 4When a military installation or Government-related facility (whether or not specifically named) is located partially within more than one city or county boundary, the applicable per diem rate for the entire installation or facility is the higher of the two rates which apply to the cities and/or counties, even though part(s) of such activities may be located outside the defined per diem locality. Amendment tax form   Note: Recognizing that all locations are not incorporated cities, the term “city limits” has been used as a general phrase to denote the commonly recognized local boundaries of the location cited. Amendment tax form         Table 4. Amendment tax form Maximum Federal Per Diem Rates (Effective October 1, 2011 – September 30, 2012)1 Note: The standard rate of $123 ($77 for lodging and $46 for M&IE) applies to all locations within the continental United States (CONUS) not specifically listed below or encompassed by the boundary definition of a listed point. Amendment tax form However, the standard CONUS rate applies to all locations within CONUS, including those defined below, for certain relocation allowances. Amendment tax form (See parts 302-2, 302-4, and 302-5 of 41 CFR. Amendment tax form ) Table 4 lists all per diem rates alphabetically by state abbreviation. Amendment tax form Click on a link below to find rates for your state: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas , Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming Per Diem Locality Computing Maximum Rate State Key City2 County and/or Other Defined Location3,4 Effective Dates Maximum  Lodging  Rate M&IE  Rate Maximum  Per Diem  Rate AL Birmingham Jefferson, Shelby All year $86   $56   $142     Gulf Shores Baldwin 1/1 - 5/31 100   51   151         6/1 - 7/31 117   51   168         8/1 - 12/31 100   51   151     Huntsville Madison, Limestone All year 87   51   138     Mobile Mobile All year 94   51   145     Montgomery/Prattville Montgomery/Autauga All year 80   51   131   AR Hot Springs Garland All year 101   46   147     Little Rock Pulaski All year 86   61   147   AZ Grand Canyon, Flagstaff Coconino (except city limits of Sedona), Yavapai 1/1 - 2/29 77   66   143         3/1 - 10/31 97   66   163         11/1 - 12/31 77   66   143     Kayenta Navajo 1/1 - 4/30 79   46   125         5/1 - 9/30 90   46   136         10/1 - 12/31 79   46   125     Phoenix, Scottsdale Maricopa 1/1 - 5/31 128   71   199         6/1 - 8/31 80   71   151         9/1 - 12/31 105   71   176     Sedona City limits of Sedona 1/1 - 2/29 127   66   193         3/1 - 4/30 145   66   211         5/1 - 12/31 127   66   193     Sierra Vista Cochise All year 83   46   129     Tucson Pima 1/1 - 1/31 90   56   146         2/1 - 5/31 103   56   159         6/1 - 8/31 77   56   133         9/1 - 12/31 90   56   146     Yuma Yuma All year 78   46
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The Amendment Tax Form

Amendment tax form 8. Amendment tax form   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. Amendment tax form Ordinary gain is taxed at the same rates as wages and interest income while capital gain is generally taxed at lower rates. Amendment tax form 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. Amendment tax form 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. Amendment tax form Sales and Exchanges If you sell, exchange, or otherwise dispose of your property, you usually have a gain or a loss. Amendment tax form This section explains certain rules for determining whether any gain you have is taxable, and whether any loss you have is deductible. Amendment tax form A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. Amendment tax form An exchange is a transfer of property for other property or services. Amendment tax form Determining Gain or Loss You usually realize a gain or loss when you sell or exchange property. Amendment tax form If the amount you realize from a sale or exchange of property is more than its adjusted basis, you will have a gain. Amendment tax form If the adjusted basis of the property is more than the amount you realize, you will have a loss. Amendment tax form Basis and adjusted basis. Amendment tax form   The basis of property you buy is usually its cost. Amendment tax form The adjusted basis of property is basis plus certain additions and minus certain deductions. Amendment tax form See chapter 6 for more information about basis and adjusted basis. Amendment tax form Amount realized. Amendment tax form   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. Amendment tax form 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. Amendment tax form   If the liabilities relate to an exchange of multiple properties, see Multiple Property Exchanges in chapter 1 of Publication 544. Amendment tax form Amount recognized. Amendment tax form   Your gain or loss realized from a sale or exchange of certain property is usually a recognized gain or loss for tax purposes. Amendment tax form A recognized gain is a gain you must include in gross income and report on your income tax return. Amendment tax form A recognized loss is a loss you deduct from gross income. Amendment tax form However, your gain or loss realized from the exchange of certain property may not be recognized for tax purposes. Amendment tax form See Like-Kind Exchanges next. Amendment tax form Also, a loss from the disposition of property held for personal use is not deductible. Amendment tax form Like-Kind Exchanges Certain exchanges of property are not taxable. Amendment tax form This means any gain from the exchange is not recognized, and any loss cannot be deducted. Amendment tax form Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Amendment tax form The exchange of property for the same kind of property is the most common type of nontaxable exchange. Amendment tax form To qualify for treatment as a like-kind exchange, the property traded and the property received must be both of the following. Amendment tax form Qualifying property. Amendment tax form Like-kind property. Amendment tax form These two requirements are discussed later. Amendment tax form Multiple-party transactions. Amendment tax form   The like-kind exchange rules also apply to property exchanges that involve three and four-party transactions. Amendment tax form Any part of these multiple-party transactions can qualify as a like-kind exchange if it meets all the requirements described in this section. Amendment tax form Receipt of title from third party. Amendment tax form   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. Amendment tax form Basis of property received. Amendment tax form   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. Amendment tax form See chapter 6 for more information. Amendment tax form Money paid. Amendment tax form   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. Amendment tax form The basis of the property received is the basis of the property given up, increased by the money paid. Amendment tax form Example. Amendment tax form You traded an old tractor with an adjusted basis of $15,000 for a new one. Amendment tax form The new tractor costs $300,000. Amendment tax form You were allowed $80,000 for the old tractor and paid $220,000 cash. Amendment tax form 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). Amendment tax form 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. Amendment tax form 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. Amendment tax form Reporting the exchange. Amendment tax form   Report the exchange of like-kind property, even though no gain or loss is recognized, on Form 8824, Like-Kind Exchanges. Amendment tax form The Instructions for Form 8824 explain how to report the details of the exchange. Amendment tax form   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. Amendment tax form You may also have to report the recognized gain as ordinary income because of depreciation recapture on Form 4797. Amendment tax form See chapter 9 for more information. Amendment tax form Qualifying property. Amendment tax form   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. Amendment tax form Machinery, buildings, land, trucks, breeding livestock, rental houses, and certain mutual ditch, reservoir, or irrigation company stock are examples of property that may qualify. Amendment tax form Nonqualifying property. Amendment tax form   The rules for like-kind exchanges do not apply to exchanges of the following property. Amendment tax form Property you use for personal purposes, such as your home and family car. Amendment tax form Stock in trade or other property held primarily for sale, such as crops and produce. Amendment tax form Stocks, bonds, or notes. Amendment tax form However, see Qualifying property above. Amendment tax form Other securities or evidences of indebtedness, such as accounts receivable. Amendment tax form Partnership interests. Amendment tax form However, you may have a nontaxable exchange under other rules. Amendment tax form See Other Nontaxable Exchanges in chapter 1 of Publication 544. Amendment tax form Like-kind property. Amendment tax form   To qualify as a nontaxable exchange, the properties exchanged must be of like kind. Amendment tax form Like-kind properties are properties of the same nature or character, even if they differ in grade or quality. Amendment tax form Generally, real property exchanged for real property qualifies as an exchange of like-kind property. Amendment tax form For example, an exchange of city property for farm property or improved property for unimproved property is a like-kind exchange. Amendment tax form   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. Amendment tax form An exchange of a tractor for acreage, however, is not an exchange of like-kind property. Amendment tax form The exchange of livestock of one sex for livestock of the other sex is not a like-kind exchange. Amendment tax form For example, the exchange of a bull for a cow is not a like-kind exchange. Amendment tax form 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. Amendment tax form    Note. Amendment tax form Whether you engaged in a like-kind exchange depends on an analysis of each asset involved in the exchange. Amendment tax form Personal property. Amendment tax form   Depreciable tangible personal property can be either like kind or like class to qualify for nontaxable exchange treatment. Amendment tax form Like-class properties are depreciable tangible personal properties within the same General Asset Class or Product Class. Amendment tax form Property classified in any General Asset Class may not be classified within a Product Class. Amendment tax form Assets that are not in the same class will qualify as like-kind property if they are of the same nature or character. Amendment tax form General Asset Classes. Amendment tax form   General Asset Classes describe the types of property frequently used in many businesses. Amendment tax form They include, but are not limited to, the following property. Amendment tax form Office furniture, fixtures, and equipment (asset class 00. Amendment tax form 11). Amendment tax form Information systems, such as computers and peripheral equipment (asset class 00. Amendment tax form 12). Amendment tax form Data handling equipment except computers (asset class 00. Amendment tax form 13). Amendment tax form Automobiles and taxis (asset class 00. Amendment tax form 22). Amendment tax form Light general purpose trucks (asset class 00. Amendment tax form 241). Amendment tax form Heavy general purpose trucks (asset class 00. Amendment tax form 242). Amendment tax form Tractor units for use over-the-road (asset class 00. Amendment tax form 26). Amendment tax form Trailers and trailer-mounted containers (asset class 00. Amendment tax form 27). Amendment tax form Industrial steam and electric generation and/or distribution systems (asset class 00. Amendment tax form 4). Amendment tax form Product Classes. Amendment tax form   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). Amendment tax form The latest version of the manual can be accessed at www. Amendment tax form census. Amendment tax form gov/eos/www/naics/. Amendment tax form Copies of the printed manual may be purchased from the National Technical Information Service (NTIS) at  www. Amendment tax form ntis. Amendment tax form gov/products/naics. Amendment tax form aspx or by calling 1-800-553-NTIS (1-800-553-6847) or (703) 605-6000. Amendment tax form A CD-ROM version with search and retrieval software is also available from NTIS. Amendment tax form    NAICS class 333111, Farm Machinery and Equipment Manufacturing, includes most machinery and equipment used in a farming business. Amendment tax form Partially nontaxable exchange. Amendment tax form   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. Amendment tax form 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. Amendment tax form A loss is not deductible. Amendment tax form Example 1. Amendment tax form 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. Amendment tax form 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). Amendment tax form However, only $10,000, the cash received, is recognized (included in income). Amendment tax form Example 2. Amendment tax form Assume the same facts as in Example 1, except that, instead of money, you received a tractor with a FMV of $10,000. Amendment tax form Your recognized gain is still limited to $10,000, the value of the tractor (the unlike property). Amendment tax form Example 3. Amendment tax form Assume in Example 1 that the FMV of the land you received was only $15,000. Amendment tax form Your $5,000 loss is not recognized. Amendment tax form Unlike property given up. Amendment tax form   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. Amendment tax form The gain or loss is the difference between the FMV of the unlike property and the adjusted basis of the unlike property. Amendment tax form Like-kind exchanges between related persons. Amendment tax form   Special rules apply to like-kind exchanges between related persons. Amendment tax form These rules affect both direct and indirect exchanges. Amendment tax form Under these rules, if either person disposes of the property within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. Amendment tax form The gain or loss on the original exchange must be recognized as of the date of the later disposition. Amendment tax form The 2-year holding period begins on the date of the last transfer of property that was part of the like-kind exchange. Amendment tax form Related persons. Amendment tax form   Under these rules, related persons include, for example, you and a member of your family (spouse, brother, sister, parent, child, etc. Amendment tax form ), 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. Amendment tax form   For the complete list of related persons, see Related persons in chapter 2 of Publication 544. Amendment tax form Example. Amendment tax form You used a grey pickup truck in your farming business. Amendment tax form Your sister used a red pickup truck in her landscaping business. Amendment tax form In December 2012, you exchanged your grey pickup truck, plus $200, for your sister's red pickup truck. Amendment tax form At that time, the FMV of the grey pickup truck was $7,000 and its adjusted basis was $6,000. Amendment tax form The FMV of the red pickup truck was $7,200 and its adjusted basis was $1,000. Amendment tax form 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). Amendment tax form 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). Amendment tax form However, because this was a like-kind exchange, you recognized no gain. Amendment tax form 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). Amendment tax form She recognized gain only to the extent of the money she received, $200. Amendment tax form 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). Amendment tax form In 2013, you sold the red pickup truck to a third party for $7,000. Amendment tax form Because you sold it within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. Amendment tax form On your tax return for 2013, you must report your $1,000 gain on the 2012 exchange. Amendment tax form 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). Amendment tax form In addition, your sister must report on her tax return for 2013 the $6,000 balance of her gain on the 2012 exchange. Amendment tax form Her adjusted basis in the grey pickup truck is increased to $7,000 (its $1,000 basis plus the $6,000 gain recognized). Amendment tax form Exceptions to the rules for related persons. Amendment tax form   The following property dispositions are excluded from these rules. Amendment tax form Dispositions due to the death of either related person. Amendment tax form Involuntary conversions. Amendment tax form 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. Amendment tax form Multiple property exchanges. Amendment tax form   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. Amendment tax form However, for exchanges of multiple properties, you do not make a property-by-property comparison if you do either of the following. Amendment tax form Transfer and receive properties in two or more exchange groups. Amendment tax form Transfer or receive more than one property within a single exchange group. Amendment tax form   For more information, see Multiple Property Exchanges in chapter 1 of Publication 544. Amendment tax form Deferred exchange. Amendment tax form   A deferred exchange for like-kind property may qualify for nonrecognition of gain or loss. Amendment tax form 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. Amendment tax form The property you receive is replacement property. Amendment tax form The transaction must be an exchange of property for property rather than a transfer of property for money used to buy replacement property. Amendment tax form In addition, the replacement property will not be treated as like-kind property unless certain identification and receipt requirements are met. Amendment tax form   For more information see Deferred Exchanges in chapter 1 of Publication 544. Amendment tax form 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. Amendment tax form This rule does not apply if the recipient is a nonresident alien. Amendment tax form 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. Amendment tax form 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. Amendment tax form The recipient's basis in the property will be the same as the adjusted basis of the giver immediately before the transfer. Amendment tax form 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. Amendment tax form This rule applies for determining loss as well as gain. Amendment tax form Any gain recognized on a transfer in trust increases the basis. Amendment tax form For more information on transfers of property incident to divorce, see Property Settlements in Publication 504, Divorced or Separated Individuals. Amendment tax form 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). Amendment tax form You may also have a capital gain if your section 1231 transactions result in a net gain. Amendment tax form See Section 1231 Gains and Losses in  chapter 9. Amendment tax form 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). Amendment tax form Your net capital gains may be taxed at a lower tax rate than ordinary income. Amendment tax form See Capital Gains Tax Rates , later. Amendment tax form Your deduction for a net capital loss may be limited. Amendment tax form See Treatment of Capital Losses , later. Amendment tax form Capital Assets Almost everything you own and use for personal purposes or investment is a capital asset. Amendment tax form The following items are examples of capital assets. Amendment tax form A home owned and occupied by you and your family. Amendment tax form Household furnishings. Amendment tax form A car used for pleasure. Amendment tax form 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. Amendment tax form Stocks and bonds. Amendment tax form However, there are special rules for gains on qualified small business stock. Amendment tax form 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. Amendment tax form Personal-use property. Amendment tax form   Gain from a sale or exchange of personal-use property is a capital gain and is taxable. Amendment tax form Loss from the sale or exchange of personal-use property is not deductible. Amendment tax form You can deduct a loss relating to personal-use property only if it results from a casualty or theft. Amendment tax form For information on casualties and thefts, see chapter 11. Amendment tax form 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. Amendment tax form The time you own an asset before disposing of it is the holding period. Amendment tax form If you hold a capital asset 1 year or less, the gain or loss resulting from its disposition is short term. Amendment tax form Report it in Part I of Schedule D (Form 1040). Amendment tax form If you hold a capital asset longer than 1 year, the gain or loss resulting from its disposition is long term. Amendment tax form Report it in Part II of Schedule D (Form 1040). Amendment tax form Holding period. Amendment tax form   To figure if you held property longer than 1 year, start counting on the day after the day you acquired the property. Amendment tax form The day you disposed of the property is part of your holding period. Amendment tax form Example. Amendment tax form If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. Amendment tax form 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. Amendment tax form Inherited property. Amendment tax form   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. Amendment tax form This rule does not apply to livestock used in a farm business. Amendment tax form See Holding period under Livestock , later. Amendment tax form Nonbusiness bad debt. Amendment tax form   A nonbusiness bad debt is a short-term capital loss, deductible in the year the debt becomes worthless. Amendment tax form See chapter 4 of Publication 550. Amendment tax form Nontaxable exchange. Amendment tax form   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. Amendment tax form That is, it begins on the same day as your holding period for the old property. Amendment tax form Gift. Amendment tax form   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. Amendment tax form Real property. Amendment tax form   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. Amendment tax form   However, taking possession of real property under an option agreement is not enough to start the holding period. Amendment tax form The holding period cannot start until there is an actual contract of sale. Amendment tax form The holding period of the seller cannot end before that time. Amendment tax form 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. Amendment tax form Net short-term capital gain or loss. Amendment tax form   Combine your short-term capital gains and losses. Amendment tax form Do this by adding all of your short-term capital gains. Amendment tax form Then add all of your short-term capital losses. Amendment tax form Subtract the lesser total from the greater. Amendment tax form The difference is your net short-term capital gain or loss. Amendment tax form Net long-term capital gain or loss. Amendment tax form   Follow the same steps to combine your long-term capital gains and losses. Amendment tax form The result is your net long-term capital gain or loss. Amendment tax form Net gain. Amendment tax form   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. Amendment tax form 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. Amendment tax form See Capital Gains Tax Rates , later. Amendment tax form Net loss. Amendment tax form   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. Amendment tax form But there are limits on how much loss you can deduct and when you can deduct it. Amendment tax form See Treatment of Capital Losses next. Amendment tax form 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. Amendment tax form 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). Amendment tax form If your other income is low, you may not be able to use the full $3,000. Amendment tax form The part of the $3,000 you cannot use becomes part of your capital loss carryover (discussed next). Amendment tax form Capital loss carryover. Amendment tax form   Generally, you have a capital loss carryover if either of the following situations applies to you. Amendment tax form Your net loss on Schedule D (Form 1040), is more than the yearly limit. Amendment tax form Your taxable income without your deduction for exemptions is less than zero. Amendment tax form 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. Amendment tax form    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). Amendment tax form 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. Amendment tax form These lower rates are called the maximum capital gains rates. Amendment tax form 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. Amendment tax form See Schedule D (Form 1040) and the Instructions for Schedule D (Form 1040). Amendment tax form Also see Publication 550. Amendment tax form Noncapital Assets Noncapital assets include property such as inventory and depreciable property used in a trade or business. Amendment tax form A list of properties that are not capital assets is provided in the Instructions for Schedule D (Form 1040). Amendment tax form Property held for sale in the ordinary course of your farm business. Amendment tax form   Property you hold mainly for sale to customers, such as livestock, poultry, livestock products, and crops, is a noncapital asset. Amendment tax form 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). Amendment tax form The treatment of this property is discussed in chapter 3. Amendment tax form Land and depreciable properties. Amendment tax form   Land and depreciable property you use in farming are not capital assets. Amendment tax form Noncapital assets also include livestock held for draft, breeding, dairy, or sporting purposes. Amendment tax form 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. Amendment tax form The sales of these business assets are reported on Form 4797. Amendment tax form See chapter 9 for more information. Amendment tax form 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. Amendment tax form Ordinary property or obligations are those that cannot produce capital gain or loss if sold or exchanged. Amendment tax form 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. Amendment tax form 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. Amendment tax form A forward contract is generally similar to a futures contract except that the terms are not standardized and the contract is not exchange traded. Amendment tax form Businesses may enter into commodity futures contracts or forward contracts and may acquire options on commodity futures contracts as either of the following. Amendment tax form Hedging transactions. Amendment tax form Transactions that are not hedging transactions. Amendment tax form 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. Amendment tax form There is a limit on the amount of capital losses you can deduct each year. Amendment tax form Hedging transactions are not subject to the mark-to-market rules. Amendment tax form 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. Amendment tax form 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. Amendment tax form The gain or loss on the termination of these hedges is generally ordinary gain or loss. Amendment tax form 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. Amendment tax form 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. Amendment tax form Examples include fuel and feed. Amendment tax form If you have numerous transactions in the commodity futures market during the year, you must be able to show which transactions are hedging transactions. Amendment tax form Clearly identify a hedging transaction on your books and records before the end of the day you entered into the transaction. Amendment tax form It may be helpful to have separate brokerage accounts for your hedging and speculation transactions. Amendment tax form Retain the identification of each hedging transaction with your books and records. Amendment tax form Also, identify the item(s) or aggregate risk that is being hedged in your records. Amendment tax form 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. Amendment tax form 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. Amendment tax form Accounting methods for hedging transactions. Amendment tax form   The accounting method you use for a hedging transaction must clearly reflect income. Amendment tax form 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. Amendment tax form There are requirements and limits on the method you can use for certain hedging transactions. Amendment tax form See Regulations section 1. Amendment tax form 446-4(e) for those requirements and limits. Amendment tax form   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. Amendment tax form Cash method. Amendment tax form Farm-price method. Amendment tax form Unit-livestock-price method. Amendment tax form   Once you adopt a method, you must apply it consistently and must have IRS approval before changing it. Amendment tax form   Your books and records must describe the accounting method used for each type of hedging transaction. Amendment tax form They must also contain any additional identification necessary to verify the application of the accounting method you used for the transaction. Amendment tax form You must make the additional identification no more than 35 days after entering into the hedging transaction. Amendment tax form Example of a hedging transaction. Amendment tax form   You file your income tax returns on the cash method. Amendment tax form On July 2 you anticipate a yield of 50,000 bushels of corn this year. Amendment tax form The December futures price is $5. Amendment tax form 75 a bushel, but there are indications that by harvest time the price will drop. Amendment tax form To protect yourself against a drop in the price, you enter into the following hedging transaction. Amendment tax form You sell ten December futures contracts of 5,000 bushels each for a total of 50,000 bushels of corn at $5. Amendment tax form 75 a bushel. Amendment tax form   The price did not drop as anticipated but rose to $6 a bushel. Amendment tax form In November, you sell your crop at a local elevator for $6 a bushel. Amendment tax form You also close out your futures position by buying ten December contracts for $6 a bushel. Amendment tax form You paid a broker's commission of $1,400 ($70 per contract) for the complete in and out position in the futures market. Amendment tax form   The result is that the price of corn rose 25 cents a bushel and the actual selling price is $6 a bushel. Amendment tax form Your loss on the hedge is 25 cents a bushel. Amendment tax form In effect, the net selling price of your corn is $5. Amendment tax form 75 a bushel. Amendment tax form   Report the results of your futures transactions and your sale of corn separately on Schedule F. Amendment tax form See the instructions for the 2013 Schedule F (Form 1040). Amendment tax form   The loss on your futures transactions is $13,900, figured as follows. Amendment tax form July 2 - Sold December corn futures (50,000 bu. Amendment tax form @$5. Amendment tax form 75) $287,500 November 6 - Bought December corn futures (50,000 bu. Amendment tax form @$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. Amendment tax form   The proceeds from your corn sale at the local elevator are $300,000 (50,000 bu. Amendment tax form × $6). Amendment tax form Report it on Schedule F, Part I, line 2, as income from sales of products you raised. Amendment tax form   Assume you were right and the price went down 25 cents a bushel. Amendment tax form In effect, you would still net $5. Amendment tax form 75 a bushel, figured as follows. Amendment tax form Sold cash corn, per bushel $5. Amendment tax form 50 Gain on hedge, per bushel . Amendment tax form 25 Net price, per bushel $5. Amendment tax form 75       The gain on your futures transactions would have been $11,100, figured as follows. Amendment tax form July 2 - Sold December corn futures (50,000 bu. Amendment tax form @$5. Amendment tax form 75) $287,500 November 6 - Bought December corn futures (50,000 bu. Amendment tax form @$5. Amendment tax form 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. Amendment tax form   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. Amendment tax form Livestock This part discusses the sale or exchange of livestock used in your farm business. Amendment tax form Gain or loss from the sale or exchange of this livestock may qualify as a section 1231 gain or loss. Amendment tax form However, any part of the gain that is ordinary income from the recapture of depreciation is not included as section 1231 gain. Amendment tax form See chapter 9 for more information on section 1231 gains and losses and the recapture of depreciation under section 1245. Amendment tax form The rules discussed here do not apply to the sale of livestock held primarily for sale to customers. Amendment tax form The sale of this livestock is reported on Schedule F. Amendment tax form See chapter 3. Amendment tax form Also, special rules apply to sales or exchanges caused by weather-related conditions. Amendment tax form See chapter 3. Amendment tax form Holding period. Amendment tax form   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). Amendment tax form Livestock. Amendment tax form   For section 1231 transactions, livestock includes cattle, hogs, horses, mules, donkeys, sheep, goats, fur-bearing animals, and other mammals. Amendment tax form Also, for section 1231 transactions, livestock does not include chickens, turkeys, pigeons, geese, emus, ostriches, rheas, or other birds, fish, frogs, reptiles, etc. Amendment tax form Livestock used in farm business. Amendment tax form   If livestock is held primarily for draft, breeding, dairy, or sporting purposes, it is used in your farm business. Amendment tax form The purpose for which an animal is held ordinarily is determined by a farmer's actual use of the animal. Amendment tax form 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. Amendment tax form 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. Amendment tax form Example 1. Amendment tax form You discover an animal that you intend to use for breeding purposes is sterile. Amendment tax form You dispose of it within a reasonable time. Amendment tax form This animal was held for breeding purposes. Amendment tax form Example 2. Amendment tax form 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. Amendment tax form These young animals were held for breeding or dairy purposes. Amendment tax form 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. Amendment tax form See Sales Caused by Weather-Related Conditions in chapter 3. Amendment tax form Example 3. Amendment tax form You are in the business of raising hogs for slaughter. Amendment tax form Customarily, before selling your sows, you obtain a single litter of pigs that you will raise for sale. Amendment tax form You sell the brood sows after obtaining the litter. Amendment tax form 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. Amendment tax form Example 4. Amendment tax form You are in the business of raising registered cattle for sale to others for use as breeding cattle. Amendment tax form The business practice is to breed the cattle before sale to establish their fitness as registered breeding cattle. Amendment tax form Your use of the young cattle for breeding purposes is ordinary and necessary for selling them as registered breeding cattle. Amendment tax form Such use does not demonstrate that you are holding the cattle for breeding purposes. Amendment tax form 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. Amendment tax form The same applies to hog and sheep breeders. Amendment tax form Example 5. Amendment tax form You breed, raise, and train horses for racing purposes. Amendment tax form Every year you cull horses from your racing stable. Amendment tax form 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. Amendment tax form These horses are all considered held for sporting purposes. Amendment tax form Figuring gain or loss on the cash method. Amendment tax form   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. Amendment tax form Raised livestock. Amendment tax form   Gain on the sale of raised livestock is generally the gross sales price reduced by any expenses of the sale. Amendment tax form Expenses of sale include sales commissions, freight or hauling from farm to commission company, and other similar expenses. Amendment tax form The basis of the animal sold is zero if the costs of raising it were deducted during the years the animal was being raised. Amendment tax form However, see Uniform Capitalization Rules in chapter 6. Amendment tax form Purchased livestock. Amendment tax form   The gross sales price minus your adjusted basis and any expenses of sale is the gain or loss. Amendment tax form Example. Amendment tax form A farmer sold a breeding cow on January 8, 2013, for $1,250. Amendment tax form Expenses of the sale were $125. Amendment tax form The cow was bought July 2, 2009, for $1,300. Amendment tax form Depreciation (not less than the amount allowable) was $867. Amendment tax form 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. Amendment tax form Any gain realized on the disposition of converted wetland or highly erodible cropland is treated as ordinary income. Amendment tax form Any loss on the disposition of such property is treated as a long-term capital loss. Amendment tax form Converted wetland. Amendment tax form   This is generally land that was drained or filled to make the production of agricultural commodities possible. Amendment tax form 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. Amendment tax form   A wetland (before conversion) is land that meets all the following conditions. Amendment tax form 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. Amendment tax form 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. Amendment tax form It supports, under normal circumstances, mostly plants that grow in saturated soil. Amendment tax form Highly erodible cropland. Amendment tax form   This is cropland subject to erosion that you used at any time for farming purposes other than grazing animals. Amendment tax form Generally, highly erodible cropland is land currently classified by the Department of Agriculture as Class IV, VI, VII, or VIII under its classification system. Amendment tax form 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. Amendment tax form Successor. Amendment tax form   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. Amendment tax form Timber Standing timber you held as investment property is a capital asset. Amendment tax form Gain or loss from its sale is capital gain or loss reported on Form 8949 and Schedule D (Form 1040), as applicable. Amendment tax form If you held the timber primarily for sale to customers, it is not a capital asset. Amendment tax form Gain or loss on its sale is ordinary business income or loss. Amendment tax form It is reported on Schedule F, line 1 (purchased timber) or line 2 (raised timber). Amendment tax form See the Instructions for Schedule F (Form 1040). Amendment tax form 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. Amendment tax form Amounts realized from these sales, and the expenses incurred in cutting, hauling, etc. Amendment tax form , are ordinary farm income and expenses reported on Schedule F. Amendment tax form 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. Amendment tax form Timber considered cut. Amendment tax form   Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. Amendment tax form This is true whether the timber is cut under contract or whether you cut it yourself. Amendment tax form Christmas trees. Amendment tax form   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. Amendment tax form They qualify for both rules discussed below. Amendment tax form Election to treat cutting as a sale or exchange. Amendment tax form   Under the general rule, the cutting of timber results in no gain or loss. Amendment tax form It is not until a sale or exchange occurs that gain or loss is realized. Amendment tax form 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. Amendment tax form 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. Amendment tax form Any later sale results in ordinary business income or loss. Amendment tax form See the example below. Amendment tax form   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. Amendment tax form Making the election. Amendment tax form   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. Amendment tax form You do not have to make the election in the first year you cut the timber. Amendment tax form You can make it in any year to which the election would apply. Amendment tax form If the timber is partnership property, the election is made on the partnership return. Amendment tax form This election cannot be made on an amended return. Amendment tax form   Once you have made the election, it remains in effect for all later years unless you revoke it. Amendment tax form Election under section 631(a) may be revoked. Amendment tax form   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. Amendment tax form The prior election (and revocation) is disregarded for purposes of making a subsequent election. Amendment tax form See Form T (Timber), Forest Activities Schedule, for more information. Amendment tax form Gain or loss. Amendment tax form   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. Amendment tax form   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. Amendment tax form 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. Amendment tax form 611-3. Amendment tax form   Depletion of timber is discussed in chapter 7. Amendment tax form Example. Amendment tax form   In April 2013, you owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. Amendment tax form It had an adjusted basis for depletion of $40 per MBF. Amendment tax form You are a calendar year taxpayer. Amendment tax form On January 1, 2013, the timber had a FMV of $350 per MBF. Amendment tax form It was cut in April for sale. Amendment tax form On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. Amendment tax form You report the difference between the FMV and your adjusted basis for depletion as a gain. Amendment tax form 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. Amendment tax form You figure your gain as follows. Amendment tax form 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. Amendment tax form Outright sales of timber. Amendment tax form   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). Amendment tax form 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). Amendment tax form Cutting contract. Amendment tax form   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. Amendment tax form You are the owner of the timber. Amendment tax form You held the timber longer than 1 year before its disposal. Amendment tax form You kept an economic interest in the timber. Amendment tax form   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. Amendment tax form   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. Amendment tax form Include this amount on Form 4797 along with your other section 1231 gains or losses. Amendment tax form Date of disposal. Amendment tax form   The date of disposal is the date the timber is cut. Amendment tax form 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. Amendment tax form   This election applies only to figure the holding period of the timber. Amendment tax form It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). Amendment tax form   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. Amendment tax form The statement must identify the advance payments subject to the election and the contract under which they were made. Amendment tax form   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). Amendment tax form Attach the statement to the amended return and write “Filed pursuant to section 301. Amendment tax form 9100-2” at the top of the statement. Amendment tax form File the amended return at the same address the original return was filed. Amendment tax form Owner. Amendment tax form   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. Amendment tax form 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. Amendment tax form Tree stumps. Amendment tax form   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. Amendment tax form Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. Amendment tax form However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. Amendment tax form Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. Amendment tax form   See Form T (Timber) and its separate instructions for more information about dispositions of timber. Amendment tax form 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). Amendment tax form If you have a gain from the sale, you may be allowed to exclude the gain on your home. Amendment tax form For more information, see Publication 523, Selling Your Home. Amendment tax form The gain on the sale of your business property is taxable. Amendment tax form A loss on the sale of your business property to an unrelated person is deducted as an ordinary loss. Amendment tax form Your taxable gain or loss on the sale of property used in your farm business is taxed under the rules for section 1231 transactions. Amendment tax form See chapter 9. Amendment tax form Losses from personal-use property, other than casualty or theft losses, are not deductible. Amendment tax form 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. Amendment tax form See chapter 10 for information about installment sales. Amendment tax form When you sell your farm, the gain or loss on each asset is figured separately. Amendment tax form The tax treatment of gain or loss on the sale of each asset is determined by the classification of the asset. Amendment tax form Each of the assets sold must be classified as one of the following. Amendment tax form Capital asset held 1 year or less. Amendment tax form Capital asset held longer than 1 year. Amendment tax form 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 ). Amendment tax form 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). Amendment tax form 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. Amendment tax form Allocation of consideration paid for a farm. Amendment tax form   The sale of a farm for a lump sum is considered a sale of each individual asset rather than a single asset. Amendment tax form The residual method is required only if the group of assets sold constitutes a trade or business. Amendment tax form This method determines gain or loss from the transfer of each asset. Amendment tax form It also determines the buyer's basis in the business assets. Amendment tax form For more information, see Sale of a Business in chapter 2 of Publication 544. Amendment tax form Property used in farm operation. Amendment tax form   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. Amendment tax form Recognized gains and losses on business property must be reported on your return for the year of the sale. Amendment tax form If the property was held longer than 1 year, it may qualify for section 1231 treatment (see chapter 9). Amendment tax form Example. Amendment tax form You sell your farm, including your main home, which you have owned since December 2001. Amendment tax form You realize gain on the sale as follows. Amendment tax form   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. Amendment tax form 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. Amendment tax form Treat the balance as section 1231 gain. Amendment tax form 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 . Amendment tax form Partial sale. Amendment tax form   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. Amendment tax form You cannot wait until you have sold enough of the farm to recover its entire cost before reporting gain or loss. Amendment tax form For a detailed discussion on installment sales, see Publication 544. Amendment tax form Adjusted basis of the part sold. Amendment tax form   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. Amendment tax form , on the part sold. Amendment tax form 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 . Amendment tax form Example. Amendment tax form You bought a 600-acre farm for $700,000. Amendment tax form The farm included land and buildings. Amendment tax form The purchase contract designated $600,000 of the purchase price to the land. Amendment tax form You later sold 60 acres of land on which you had installed a fence. Amendment tax form 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. Amendment tax form Use this amount to determine your gain or loss on the sale of the 60 acres. Amendment tax form Assessed values for local property taxes. Amendment tax form   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. Amendment tax form Example. Amendment tax form Assume that in the preceding example there was no breakdown of the $700,000 purchase price between land and buildings. Amendment tax form 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. Amendment tax form The assessed valuation of the land is 3/4 (75%) of the total assessed valuation. Amendment tax form Multiply the $700,000 total purchase price by 75% to figure basis of $525,000 for the 600 acres of land. Amendment tax form The unadjusted basis of the 60 acres you sold would then be $52,500 (1/10 of $525,000). Amendment tax form Sale of your home. Amendment tax form   Your home is a capital asset and not property used in the trade or business of farming. Amendment tax form 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. Amendment tax form Your home includes the immediate surroundings and outbuildings relating to it that are not used for business purposes. Amendment tax form   If you use part of your home for business, you must make an appropriate adjustment to the basis for depreciation allowed or allowable. Amendment tax form For more information on basis, see chapter 6. Amendment tax form More information. Amendment tax form   For more information on selling your home, see Publication 523. Amendment tax form Gain from condemnation. Amendment tax form   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. Amendment tax form 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. Amendment tax form 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. Amendment tax form The foreclosure or repossession is treated as a sale or exchange from which you may realize gain or loss. Amendment tax form This is true even if you voluntarily return the property to the lender. Amendment tax form You may also realize ordinary income from cancellation of debt if the loan balance is more than the FMV of the property. Amendment tax form Buyer's (borrower's) gain or loss. Amendment tax form   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. Amendment tax form The gain or loss is the difference between your adjusted basis in the transferred property and the amount realized. Amendment tax form See Determining Gain or Loss , earlier. Amendment tax form Worksheet 8-1. Amendment tax form Worksheet for Foreclosures andRepossessions Part 1. Amendment tax form Use Part 1 to figure your ordinary income from the cancellation of debt upon foreclosure or repossession. Amendment tax form Complete this part only if you were personally liable for the debt. Amendment tax form Otherwise, go to Part 2. Amendment tax form   1. Amendment tax form 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. Amendment tax form Enter the Fair Market Value of the transferred property   3. Amendment tax form Ordinary income from cancellation of debt upon foreclosure or repossession. Amendment tax form * Subtract line 2 from line 1. Amendment tax form If zero or less, enter -0-   Part 2. Amendment tax form Figure your gain or loss from foreclosure or repossession. Amendment tax form   4. Amendment tax form If you completed Part 1, enter the smaller of line 1 or line 2. Amendment tax form If you did not complete Part 1, enter the outstanding debt immediately before the transfer of property   5. Amendment tax form Enter any proceeds you received from the foreclosure sale   6. Amendment tax form Add lines 4 and 5   7. Amendment tax form Enter the adjusted basis of the transferred property   8. Amendment tax form Gain or loss from foreclosure or repossession. Amendment tax form Subtract line 7  from line 6   * The income may not be taxable. Amendment tax form See Cancellation of debt . Amendment tax form    You can use Worksheet 8-1 to figure your gain or loss from a foreclosure or repossession. Amendment tax form Amount realized on a nonrecourse debt. Amendment tax form   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. Amendment tax form 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. Amendment tax form Example 1. Amendment tax form Ann paid $200,000 for land used in her farming business. Amendment tax form She paid $15,000 down and borrowed the remaining $185,000 from a bank. Amendment tax form Ann is not personally liable for the loan (nonrecourse debt), but pledges the land as security. Amendment tax form The bank foreclosed on the loan 2 years after Ann stopped making payments. Amendment tax form When the bank foreclosed, the balance due on the loan was $180,000 and the FMV of the land was $170,000. Amendment tax form The amount Ann realized on the foreclosure was $180,000, the debt canceled by the foreclosure. Amendment tax form She figures her gain or loss on Form 4797, Part I, by comparing the amount realized ($180,000) with her adjusted basis ($200,000). Amendment tax form She has a $20,000 deductible loss. Amendment tax form Example 2. Amendment tax form Assume the same facts as in Example 1 except the FMV of the land was $210,000. Amendment tax form The result is the same. Amendment tax form The amount Ann realized on the foreclosure is $180,000, the debt canceled by the foreclosure. Amendment tax form Because her adjusted basis is $200,000, she has a deductible loss of $20,000, which she reports on Form 4797, Part I. Amendment tax form Amount realized on a recourse debt. Amendment tax form   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. Amendment tax form   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. Amendment tax form The amount realized does not include the canceled debt that is your income from cancellation of debt. Amendment tax form See Cancellation of debt , later. Amendment tax form Example 3. Amendment tax form Assume the same facts as in Example 1 above except Ann is personally liable for the loan (recourse debt). Amendment tax form In this case, the amount she realizes is $170,000. Amendment tax form This is the canceled debt ($180,000) up to the FMV of the land ($170,000). Amendment tax form Ann figures her gain or loss on the foreclosure by comparing the amount realized ($170,000) with her adjusted basis ($200,000). Amendment tax form She has a $30,000 deductible loss, which she figures on Form 4797, Part I. Amendment tax form She is also treated as receiving ordinary income from cancellation of debt. Amendment tax form That income is $10,000 ($180,000 − $170,000). Amendment tax form This is the part of the canceled debt not included in the amount realized. Amendment tax form She reports this as other income on Schedule F, line 8. Amendment tax form Seller's (lender's) gain or loss on repossession. Amendment tax form   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. Amendment tax form For more information, see Repossession in Publication 537, Installment Sales. Amendment tax form Cancellation of debt. Amendment tax form   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. Amendment tax form This income is separate from any gain or loss realized from the foreclosure or repossession. Amendment tax form Report the income from cancellation of a business debt on Schedule F, line 8. Amendment tax form Report the income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. Amendment tax form    You can use Worksheet 8-1 to figure your income from cancellation of debt. Amendment tax form   However, income from cancellation of debt is not taxed if any of the following apply. Amendment tax form The cancellation is intended as a gift. Amendment tax form The debt is qualified farm debt (see chapter 3). Amendment tax form The debt is qualified real property business debt (see chapter 5 of Publication 334). Amendment tax form You are insolvent or bankrupt (see  chapter 3). Amendment tax form The debt is qualified principal residence indebtedness (see chapter 3). Amendment tax form   Use Form 982 to report the income exclusion. Amendment tax form Abandonment The abandonment of property is a disposition of property. Amendment tax form 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. Amendment tax form Business or investment property. Amendment tax form   Loss from abandonment of business or investment property is deductible as a loss. Amendment tax form Loss from abandonment of business or investment property that is not treated as a sale or exchange generally is an ordinary loss. Amendment tax form If your adjusted basis is more than the amount you realize (if any), then you have a loss. Amendment tax form If the amount you realize (if any) is more than your adjusted basis, then you have a gain. Amendment tax form This rule also applies to leasehold improvements the lessor made for the lessee. Amendment tax form 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 . Amendment tax form   If the abandoned property is secured by debt, special rules apply. Amendment tax form 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). Amendment tax form For more information, see chapter 3 of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). Amendment tax form The abandonment loss is deducted in the tax year in which the loss is sustained. Amendment tax form Report the loss on Form 4797, Part II, line 10. Amendment tax form Personal-use property. Amendment tax form   You cannot deduct any loss from abandonment of your home or other property held for personal use. Amendment tax form Canceled debt. Amendment tax form   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. Amendment tax form This income is separate from any loss realized from abandonment of the property. Amendment tax form Report income from cancellation of a debt related to a business or rental activity as business or rental income. Amendment tax form Report income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. Amendment tax form   However, income from cancellation of debt is not taxed in certain circumstances. Amendment tax form See Cancellation of debt earlier under Foreclosure or Repossession . Amendment tax form Forms 1099-A and 1099-C. Amendment tax form   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. Amendment tax form 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. Amendment tax form 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. Amendment tax form For foreclosures, repossessions, abandonments of property, and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Amendment tax form Prev  Up  Next   Home   More Online Publications