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Find state tax forms 2. Find state tax forms   Ordinary or Capital Gain or Loss Table of Contents IntroductionSection 1231 transactions. Find state tax forms Topics - This chapter discusses: Useful Items - You may want to see: Capital Assets Noncapital AssetsCommodities derivative dealer. Find state tax forms Sales and Exchanges Between Related PersonsGain Is Ordinary Income Nondeductible Loss Other DispositionsSale of a Business Dispositions of Intangible Property Subdivision of Land Timber Precious Metals and Stones, Stamps, and Coins Coal and Iron Ore Conversion Transactions Introduction 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). Find state tax forms You must do this to figure your net capital gain or loss. Find state tax forms For individuals, a net capital gain may be taxed at a different tax rate than ordinary income. Find state tax forms See Capital Gains Tax Rates in chapter 4. Find state tax forms Your deduction for a net capital loss may be limited. Find state tax forms See Treatment of Capital Losses in chapter 4. Find state tax forms Capital gain or loss. Find state tax forms   Generally, you will have a capital gain or loss if you sell or exchange a capital asset. Find state tax forms You also may have a capital gain if your section 1231 transactions result in a net gain. Find state tax forms Section 1231 transactions. Find state tax forms   Section 1231 transactions are sales and exchanges of property held longer than 1 year and either used in a trade or business or held for the production of rents or royalties. Find state tax forms They also include certain involuntary conversions of business or investment property, including capital assets. Find state tax forms See Section 1231 Gains and Losses in chapter 3 for more information. Find state tax forms Topics - This chapter discusses: Capital assets Noncapital assets Sales and exchanges between  related persons Other dispositions Useful Items - You may want to see: Publication 550 Investment Income and Expenses Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 4797 Sales of Business Property 8594 Asset Acquisition Statement Under Section 1060 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. Find state tax forms Capital Assets Almost everything you own and use for personal purposes, pleasure, or investment is a capital asset. Find state tax forms For exceptions, see Noncapital Assets, later. Find state tax forms The following items are examples of capital assets. Find state tax forms Stocks and bonds. Find state tax forms A home owned and occupied by you and your family. Find state tax forms Timber grown on your home property or investment property, even if you make casual sales of the timber. Find state tax forms Household furnishings. Find state tax forms A car used for pleasure or commuting. Find state tax forms Coin or stamp collections. Find state tax forms Gems and jewelry. Find state tax forms Gold, silver, and other metals. Find state tax forms Personal-use property. Find state tax forms   Generally, property held for personal use is a capital asset. Find state tax forms Gain from a sale or exchange of that property is a capital gain. Find state tax forms Loss from the sale or exchange of that property is not deductible. Find state tax forms You can deduct a loss relating to personal-use property only if it results from a casualty or theft. Find state tax forms Investment property. Find state tax forms   Investment property (such as stocks and bonds) is a capital asset, and a gain or loss from its sale or exchange is a capital gain or loss. Find state tax forms This treatment does not apply to property used to produce rental income. Find state tax forms See Business assets, later, under Noncapital Assets. Find state tax forms Release of restriction on land. Find state tax forms   Amounts you receive for the release of a restrictive covenant in a deed to land are treated as proceeds from the sale of a capital asset. Find state tax forms Noncapital Assets A noncapital asset is property that is not a capital asset. Find state tax forms The following kinds of property are not capital assets. Find state tax forms Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business. Find state tax forms Inventories are discussed in Publication 538, Accounting Periods and Methods. Find state tax forms But, see the Tip below. Find state tax forms Accounts or notes receivable acquired in the ordinary course of a trade or business for services rendered or from the sale of any properties described in (1), above. Find state tax forms Depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later), even if the property is fully depreciated (or amortized). Find state tax forms Sales of this type of property are discussed in chapter 3. Find state tax forms Real property used in your trade or business or as rental property, even if the property is fully depreciated. Find state tax forms A copyright; a literary, musical, or artistic composition; a letter; a memorandum; or similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs): Created by your personal efforts, Prepared or produced for you (in the case of a letter, memorandum, or similar property), or Received from a person who created the property or for whom the property was prepared under circumstances (for example, by gift) entitling you to the basis of the person who created the property, or for whom it was prepared or produced. Find state tax forms But, see the Tip below. Find state tax forms U. Find state tax forms S. Find state tax forms Government publications you got from the government for free or for less than the normal sales price or that you acquired under circumstances entitling you to the basis of someone who got the publications for free or for less than the normal sales price. Find state tax forms Any commodities derivative financial instrument (discussed later) held by a commodities derivatives dealer unless it meets both of the following requirements. Find state tax forms It is established to the satisfaction of the IRS that the instrument has no connection to the activities of the dealer as a dealer. Find state tax forms The instrument is clearly identified in the dealer's records as meeting (a) by the end of the day on which it was acquired, originated, or entered into. Find state tax forms Any hedging transaction (defined later) that is clearly identified as a hedging transaction by the end of the day on which it was acquired, originated, or entered into. Find state tax forms Supplies of a type you regularly use or consume in the ordinary course of your trade or business. Find state tax forms You can elect to treat as capital assets certain self-created musical compositions or copyrights you sold or exchanged. Find state tax forms See chapter 4 of Publication 550 for details. Find state tax forms Property held mainly for sale to customers. Find state tax forms   Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business are not capital assets. Find state tax forms Inventories are discussed in Publication 538. Find state tax forms Business assets. Find state tax forms   Real property and depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later under Dispositions of Intangible Property) are not capital assets. Find state tax forms The sale or disposition of business property is discussed in chapter 3. Find state tax forms Letters and memoranda. Find state tax forms   Letters, memoranda, and similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs) are not treated as capital assets (as discussed earlier) if your personal efforts created them or if they were prepared or produced for you. Find state tax forms Nor is this property a capital asset if your basis in it is determined by reference to the person who created it or the person for whom it was prepared. Find state tax forms For this purpose, letters and memoranda addressed to you are considered prepared for you. Find state tax forms If letters or memoranda are prepared by persons under your administrative control, they are considered prepared for you whether or not you review them. Find state tax forms Commodities derivative financial instrument. Find state tax forms   A commodities derivative financial instrument is a commodities contract or other financial instrument for commodities (other than a share of corporate stock, a beneficial interest in a partnership or trust, a note, bond, debenture, or other evidence of indebtedness, or a section 1256 contract) the value or settlement price of which is calculated or determined by reference to a specified index (as defined in section 1221(b) of the Internal Revenue Code). Find state tax forms Commodities derivative dealer. Find state tax forms   A commodities derivative dealer is a person who regularly offers to enter into, assume, offset, assign, or terminate positions in commodities derivative financial instruments with customers in the ordinary course of a trade or business. Find state tax forms Hedging transaction. Find state tax forms   A hedging transaction is any transaction you enter into in the normal course of your trade or business primarily to manage any of the following. Find state tax forms Risk of price changes or currency fluctuations involving ordinary property you hold or will hold. Find state tax forms Risk of interest rate or price changes or currency fluctuations for borrowings you make or will make, or ordinary obligations you incur or will incur. Find state tax forms Sales and Exchanges Between Related Persons This section discusses the rules that may apply to the sale or exchange of property between related persons. Find state tax forms If these rules apply, gains may be treated as ordinary income and losses may not be deductible. Find state tax forms See Transfers to Spouse in chapter 1 for rules that apply to spouses. Find state tax forms Gain Is Ordinary Income If a gain is recognized on the sale or exchange of property to a related person, the gain may be ordinary income even if the property is a capital asset. Find state tax forms It is ordinary income if the sale or exchange is a depreciable property transaction or a controlled partnership transaction. Find state tax forms Depreciable property transaction. Find state tax forms   Gain on the sale or exchange of property, including a leasehold or a patent application, that is depreciable property in the hands of the person who receives it is ordinary income if the transaction is either directly or indirectly between any of the following pairs of entities. Find state tax forms A person and the person's controlled entity or entities. Find state tax forms A taxpayer and any trust in which the taxpayer (or his or her spouse) is a beneficiary unless the beneficiary's interest in the trust is a remote contingent interest; that is, the value of the interest computed actuarially is 5% or less of the value of the trust property. Find state tax forms An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest (a bequest for a sum of money). Find state tax forms An employer (or any person related to the employer under rules (1), (2), or (3)) and a welfare benefit fund (within the meaning of section 419(e) of the Internal Revenue Code) that is controlled directly or indirectly by the employer (or any person related to the employer). Find state tax forms Controlled entity. Find state tax forms   A person's controlled entity is either of the following. Find state tax forms A corporation in which more than 50% of the value of all outstanding stock, or a partnership in which more than 50% of the capital interest or profits interest, is directly or indirectly owned by or for that person. Find state tax forms An entity whose relationship with that person is one of the following. Find state tax forms A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest or profits interest in the partnership. Find state tax forms Two corporations that are members of the same controlled group as defined in section 1563(a) of the Internal Revenue Code, except that “more than 50%” is substituted for “at least 80%” in that definition. Find state tax forms Two S corporations, if the same persons own more than 50% in value of the outstanding stock of each corporation. Find state tax forms Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Find state tax forms Controlled partnership transaction. Find state tax forms   A gain recognized in a controlled partnership transaction may be ordinary income. Find state tax forms The gain is ordinary income if it results from the sale or exchange of property that, in the hands of the party who receives it, is a noncapital asset such as trade accounts receivable, inventory, stock in trade, or depreciable or real property used in a trade or business. Find state tax forms   A controlled partnership transaction is a transaction directly or indirectly between either of the following pairs of entities. Find state tax forms A partnership and a person who directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Find state tax forms Two partnerships, if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Find state tax forms Determining ownership. Find state tax forms   In the transactions under Depreciable property transaction and Controlled partnership transaction, earlier, use the following rules to determine the ownership of stock or a partnership interest. Find state tax forms Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Find state tax forms (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Find state tax forms ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Find state tax forms Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Find state tax forms For purposes of applying (1) or (2), above, stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Find state tax forms But stock or a partnership interest constructively owned by an individual under (2) is not treated as owned by the individual for reapplying (2) to make another person the constructive owner of that stock or partnership interest. Find state tax forms Nondeductible Loss A loss on the sale or exchange of property between related persons is not deductible. Find state tax forms This applies to both direct and indirect transactions, but not to distributions of property from a corporation in a complete liquidation. Find state tax forms For the list of related persons, see Related persons next. Find state tax forms If a sale or exchange is between any of these related persons and involves the lump-sum sale of a number of blocks of stock or pieces of property, the gain or loss must be figured separately for each block of stock or piece of property. Find state tax forms The gain on each item is taxable. Find state tax forms The loss on any item is nondeductible. Find state tax forms Gains from the sales of any of these items may not be offset by losses on the sales of any of the other items. Find state tax forms Related persons. Find state tax forms   The following is a list of related persons. Find state tax forms Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Find state tax forms ), and lineal descendants (children, grandchildren, etc. Find state tax forms ). Find state tax forms An individual and a corporation if the individual directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Find state tax forms Two corporations that are members of the same controlled group as defined in section 267(f) of the Internal Revenue Code. Find state tax forms A trust fiduciary and a corporation if the trust or the grantor of the trust directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Find state tax forms A grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Find state tax forms Fiduciaries of two different trusts, and the fiduciary and beneficiary of two different trusts, if the same person is the grantor of both trusts. Find state tax forms A tax-exempt educational or charitable organization and a person who directly or indirectly controls the organization, or a member of that person's family. Find state tax forms A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest or profits interest in the partnership. Find state tax forms Two S corporations if the same persons own more than 50% in value of the outstanding stock of each corporation. Find state tax forms Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Find state tax forms An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest. Find state tax forms Two partnerships if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Find state tax forms A person and a partnership if the person directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Find state tax forms Partnership interests. Find state tax forms   The nondeductible loss rule does not apply to a sale or exchange of an interest in the partnership between the related persons described in (12) or (13) above. Find state tax forms Controlled groups. Find state tax forms   Losses on transactions between members of the same controlled group described in (3) earlier are deferred rather than denied. Find state tax forms   For more information, see section 267(f) of the Internal Revenue Code. Find state tax forms Ownership of stock or partnership interests. Find state tax forms   In determining whether an individual directly or indirectly owns any of the outstanding stock of a corporation or an interest in a partnership for a loss on a sale or exchange, the following rules apply. Find state tax forms Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Find state tax forms (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Find state tax forms ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Find state tax forms Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Find state tax forms An individual owning (other than by applying (2)) any stock in a corporation is considered to own the stock directly or indirectly owned by or for his or her partner. Find state tax forms For purposes of applying (1), (2), or (3), stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Find state tax forms But stock or a partnership interest constructively owned by an individual under (2) or (3) is not treated as owned by the individual for reapplying either (2) or (3) to make another person the constructive owner of that stock or partnership interest. Find state tax forms Indirect transactions. Find state tax forms   You cannot deduct your loss on the sale of stock through your broker if under a prearranged plan a related person or entity buys the same stock you had owned. Find state tax forms This does not apply to a cross-trade between related parties through an exchange that is purely coincidental and is not prearranged. Find state tax forms Property received from a related person. Find state tax forms   If, in a purchase or exchange, you received property from a related person who had a loss that was not allowable and you later sell or exchange the property at a gain, you recognize the gain only to the extent it is more than the loss previously disallowed to the related person. Find state tax forms This rule applies only to the original transferee. Find state tax forms Example 1. Find state tax forms Your brother sold stock to you for $7,600. Find state tax forms His cost basis was $10,000. Find state tax forms His loss of $2,400 was not deductible. Find state tax forms You later sell the same stock to an unrelated party for $10,500, realizing a gain of $2,900 ($10,500 − $7,600). Find state tax forms Your recognized gain is only $500, the gain that is more than the $2,400 loss not allowed to your brother. Find state tax forms Example 2. Find state tax forms Assume the same facts as in Example 1, except that you sell the stock for $6,900 instead of $10,500. Find state tax forms Your recognized loss is only $700 ($7,600 − $6,900). Find state tax forms You cannot deduct the loss not allowed to your brother. Find state tax forms Other Dispositions This section discusses rules for determining the treatment of gain or loss from various dispositions of property. Find state tax forms Sale of a Business The sale of a business usually is not a sale of one asset. Find state tax forms Instead, all the assets of the business are sold. Find state tax forms Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Find state tax forms A business usually has many assets. Find state tax forms When sold, these assets must be classified as capital assets, depreciable property used in the business, real property used in the business, or property held for sale to customers, such as inventory or stock in trade. Find state tax forms The gain or loss on each asset is figured separately. Find state tax forms The sale of capital assets results in capital gain or loss. Find state tax forms The sale of real property or depreciable property used in the business and held longer than 1 year results in gain or loss from a section 1231 transaction (discussed in chapter 3). Find state tax forms The sale of inventory results in ordinary income or loss. Find state tax forms Partnership interests. Find state tax forms   An interest in a partnership or joint venture is treated as a capital asset when sold. Find state tax forms The part of any gain or loss from unrealized receivables or inventory items will be treated as ordinary gain or loss. Find state tax forms For more information, see Disposition of Partner's Interest in Publication 541. Find state tax forms Corporation interests. Find state tax forms   Your interest in a corporation is represented by stock certificates. Find state tax forms When you sell these certificates, you usually realize capital gain or loss. Find state tax forms For information on the sale of stock, see chapter 4 in Publication 550. Find state tax forms Corporate liquidations. Find state tax forms   Corporate liquidations of property generally are treated as a sale or exchange. Find state tax forms Gain or loss generally is recognized by the corporation on a liquidating sale of its assets. Find state tax forms Gain or loss generally is recognized also on a liquidating distribution of assets as if the corporation sold the assets to the distributee at fair market value. Find state tax forms   In certain cases in which the distributee is a corporation in control of the distributing corporation, the distribution may not be taxable. Find state tax forms For more information, see section 332 of the Internal Revenue Code and the related regulations. Find state tax forms Allocation of consideration paid for a business. Find state tax forms   The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. Find state tax forms Except for assets exchanged under any nontaxable exchange rules, both the buyer and seller of a business must use the residual method (explained later) to allocate the consideration to each business asset transferred. Find state tax forms This method determines gain or loss from the transfer of each asset and how much of the consideration is for goodwill and certain other intangible property. Find state tax forms It also determines the buyer's basis in the business assets. Find state tax forms Consideration. Find state tax forms   The buyer's consideration is the cost of the assets acquired. Find state tax forms The seller's consideration is the amount realized (money plus the fair market value of property received) from the sale of assets. Find state tax forms Residual method. Find state tax forms   The residual method must be used for any transfer of a group of assets that constitutes a trade or business and for which the buyer's basis is determined only by the amount paid for the assets. Find state tax forms This applies to both direct and indirect transfers, such as the sale of a business or the sale of a partnership interest in which the basis of the buyer's share of the partnership assets is adjusted for the amount paid under section 743(b) of the Internal Revenue Code. Find state tax forms Section 743(b) applies if a partnership has an election in effect under section 754 of the Internal Revenue Code. Find state tax forms   A group of assets constitutes a trade or business if either of the following applies. Find state tax forms Goodwill or going concern value could, under any circumstances, attach to them. Find state tax forms The use of the assets would constitute an active trade or business under section 355 of the Internal Revenue Code. Find state tax forms   The residual method provides for the consideration to be reduced first by the amount of Class I assets (defined below). Find state tax forms The consideration remaining after this reduction must be allocated among the various business assets in a certain order. Find state tax forms See Classes of assets next for the complete order. Find state tax forms Classes of assets. Find state tax forms   The following definitions are the classifications for deemed or actual asset acquisitions. Find state tax forms Allocate the consideration among the assets in the following order. Find state tax forms The amount allocated to an asset, other than a Class VII asset, cannot exceed its fair market value on the purchase date. Find state tax forms The amount you can allocate to an asset also is subject to any applicable limits under the Internal Revenue Code or general principles of tax law. Find state tax forms Class I assets are cash and general deposit accounts (including checking and savings accounts but excluding certificates of deposit). Find state tax forms Class II assets are certificates of deposit, U. Find state tax forms S. Find state tax forms Government securities, foreign currency, and actively traded personal property, including stock and securities. Find state tax forms Class III assets are accounts receivable, other debt instruments, and assets that you mark to market at least annually for federal income tax purposes. Find state tax forms However, see section 1. Find state tax forms 338-6(b)(2)(iii) of the regulations for exceptions that apply to debt instruments issued by persons related to a target corporation, contingent debt instruments, and debt instruments convertible into stock or other property. Find state tax forms Class IV assets are property of a kind that would properly be included in inventory if on hand at the end of the tax year or property held by the taxpayer primarily for sale to customers in the ordinary course of business. Find state tax forms Class V assets are all assets other than Class I, II, III, IV, VI, and VII assets. Find state tax forms    Note. Find state tax forms Furniture and fixtures, buildings, land, vehicles, and equipment, which constitute all or part of a trade or business are generally Class V assets. Find state tax forms Class VI assets are section 197 intangibles (other than goodwill and going concern value). Find state tax forms Class VII assets are goodwill and going concern value (whether the goodwill or going concern value qualifies as a section 197 intangible). Find state tax forms   If an asset described in one of the classifications described above can be included in more than one class, include it in the lower numbered class. Find state tax forms For example, if an asset is described in both Class II and Class IV, choose Class II. Find state tax forms Example. Find state tax forms The total paid in the sale of the assets of Company SKB is $21,000. Find state tax forms No cash or deposit accounts or similar accounts were sold. Find state tax forms The company's U. Find state tax forms S. Find state tax forms Government securities sold had a fair market value of $3,200. Find state tax forms The only other asset transferred (other than goodwill and going concern value) was inventory with a fair market value of $15,000. Find state tax forms Of the $21,000 paid for the assets of Company SKB, $3,200 is allocated to U. Find state tax forms S. Find state tax forms Government securities, $15,000 to inventory assets, and the remaining $2,800 to goodwill and going concern value. Find state tax forms Agreement. Find state tax forms   The buyer and seller may enter into a written agreement as to the allocation of any consideration or the fair market value of any of the assets. Find state tax forms This agreement is binding on both parties unless the IRS determines the amounts are not appropriate. Find state tax forms Reporting requirement. Find state tax forms   Both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. Find state tax forms Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Find state tax forms Generally, the buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Find state tax forms See the Instructions for Form 8594. Find state tax forms Dispositions of Intangible Property Intangible property is any personal property that has value but cannot be seen or touched. Find state tax forms It includes such items as patents, copyrights, and the goodwill value of a business. Find state tax forms Gain or loss on the sale or exchange of amortizable or depreciable intangible property held longer than 1 year (other than an amount recaptured as ordinary income) is a section 1231 gain or loss. Find state tax forms The treatment of section 1231 gain or loss and the recapture of amortization and depreciation as ordinary income are explained in chapter 3. Find state tax forms See chapter 8 of Publication 535, Business Expenses, for information on amortizable intangible property and chapter 1 of Publication 946, How To Depreciate Property, for information on intangible property that can and cannot be depreciated. Find state tax forms Gain or loss on dispositions of other intangible property is ordinary or capital depending on whether the property is a capital asset or a noncapital asset. Find state tax forms The following discussions explain special rules that apply to certain dispositions of intangible property. Find state tax forms Section 197 Intangibles Section 197 intangibles are certain intangible assets acquired after August 10, 1993 (after July 25, 1991, if chosen), and held in connection with the conduct of a trade or business or an activity entered into for profit whose costs are amortized over 15 years. Find state tax forms They include the following assets. Find state tax forms Goodwill. Find state tax forms Going concern value. Find state tax forms Workforce in place. Find state tax forms Business books and records, operating systems, and other information bases. Find state tax forms Patents, copyrights, formulas, processes, designs, patterns, know how, formats, and similar items. Find state tax forms Customer-based intangibles. Find state tax forms Supplier-based intangibles. Find state tax forms Licenses, permits, and other rights granted by a governmental unit. Find state tax forms Covenants not to compete entered into in connection with the acquisition of a business. Find state tax forms Franchises, trademarks, and trade names. Find state tax forms See chapter 8 of Publication 535 for a description of each intangible. Find state tax forms Dispositions. Find state tax forms   You cannot deduct a loss from the disposition or worthlessness of a section 197 intangible you acquired in the same transaction (or series of related transactions) as another section 197 intangible you still hold. Find state tax forms Instead, you must increase the adjusted basis of your retained section 197 intangible by the nondeductible loss. Find state tax forms If you retain more than one section 197 intangible, increase each intangible's adjusted basis. Find state tax forms Figure the increase by multiplying the nondeductible loss by a fraction, the numerator (top number) of which is the retained intangible's adjusted basis on the date of the loss and the denominator (bottom number) of which is the total adjusted basis of all retained intangibles on the date of the loss. Find state tax forms   In applying this rule, members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity. Find state tax forms For example, a corporation cannot deduct a loss on the sale of a section 197 intangible if, after the sale, a member of the same controlled group retains other section 197 intangibles acquired in the same transaction as the intangible sold. Find state tax forms Covenant not to compete. Find state tax forms   A covenant not to compete (or similar arrangement) that is a section 197 intangible cannot be treated as disposed of or worthless before you have disposed of your entire interest in the trade or business for which the covenant was entered into. Find state tax forms Members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity in determining whether a member has disposed of its entire interest in a trade or business. Find state tax forms Anti-churning rules. Find state tax forms   Anti-churning rules prevent a taxpayer from converting section 197 intangibles that do not qualify for amortization into property that would qualify for amortization. Find state tax forms However, these rules do not apply to part of the basis of property acquired by certain related persons if the transferor elects to do both the following. Find state tax forms Recognize gain on the transfer of the property. Find state tax forms Pay income tax on the gain at the highest tax rate. Find state tax forms   If the transferor is a partnership or S corporation, the partnership or S corporation (not the partners or shareholders) can make the election. Find state tax forms But each partner or shareholder must pay the tax on his or her share of gain. Find state tax forms   To make the election, you, as the transferor, must attach a statement containing certain information to your income tax return for the year of the transfer. Find state tax forms You must file the tax return by the due date (including extensions). Find state tax forms You must also notify the transferee of the election in writing by the due date of the return. Find state tax forms   If you timely filed your return without making the election, you can make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Find state tax forms Attach the statement to the amended return and write “Filed pursuant to section 301. Find state tax forms 9100-2” at the top of the statement. Find state tax forms File the amended return at the same address the original return was filed. Find state tax forms For more information about making the election, see Regulations section 1. Find state tax forms 197-2(h)(9). Find state tax forms For information about reporting the tax on your income tax return, see the Instructions for Form 4797. Find state tax forms Patents The transfer of a patent by an individual is treated as a sale or exchange of a capital asset held longer than 1 year. Find state tax forms This applies even if the payments for the patent are made periodically during the transferee's use or are contingent on the productivity, use, or disposition of the patent. Find state tax forms For information on the treatment of gain or loss on the transfer of capital assets, see chapter 4. Find state tax forms This treatment applies to your transfer of a patent if you meet all the following conditions. Find state tax forms You are the holder of the patent. Find state tax forms You transfer the patent other than by gift, inheritance, or devise. Find state tax forms You transfer all substantial rights to the patent or an undivided interest in all such rights. Find state tax forms You do not transfer the patent to a related person. Find state tax forms Holder. Find state tax forms   You are the holder of a patent if you are either of the following. Find state tax forms The individual whose effort created the patent property and who qualifies as the original and first inventor. Find state tax forms The individual who bought an interest in the patent from the inventor before the invention was tested and operated successfully under operating conditions and who is neither related to, nor the employer of, the inventor. Find state tax forms All substantial rights. Find state tax forms   All substantial rights to patent property are all rights that have value when they are transferred. Find state tax forms A security interest (such as a lien), or a reservation calling for forfeiture for nonperformance, is not treated as a substantial right for these rules and may be kept by you as the holder of the patent. Find state tax forms   All substantial rights to a patent are not transferred if any of the following apply to the transfer. Find state tax forms The rights are limited geographically within a country. Find state tax forms The rights are limited to a period less than the remaining life of the patent. Find state tax forms The rights are limited to fields of use within trades or industries and are less than all the rights that exist and have value at the time of the transfer. Find state tax forms The rights are less than all the claims or inventions covered by the patent that exist and have value at the time of the transfer. Find state tax forms Related persons. Find state tax forms   This tax treatment does not apply if the transfer is directly or indirectly between you and a related person as defined earlier in the list under Nondeductible Loss, with the following changes. Find state tax forms Members of your family include your spouse, ancestors, and lineal descendants, but not your brothers, sisters, half-brothers, or half-sisters. Find state tax forms Substitute “25% or more” ownership for “more than 50%. Find state tax forms ”   If you fit within the definition of a related person independent of family status, the brother-sister exception in (1), earlier, does not apply. Find state tax forms For example, a transfer between a brother and a sister as beneficiary and fiduciary of the same trust is a transfer between related persons. Find state tax forms The brother-sister exception does not apply because the trust relationship is independent of family status. Find state tax forms Franchise, Trademark, or Trade Name If you transfer or renew a franchise, trademark, or trade name for a price contingent on its productivity, use, or disposition, the amount you receive generally is treated as an amount realized from the sale of a noncapital asset. Find state tax forms A franchise includes an agreement that gives one of the parties the right to distribute, sell, or provide goods, services, or facilities within a specified area. Find state tax forms Significant power, right, or continuing interest. Find state tax forms   If you keep any significant power, right, or continuing interest in the subject matter of a franchise, trademark, or trade name that you transfer or renew, the amount you receive is ordinary royalty income rather than an amount realized from a sale or exchange. Find state tax forms   A significant power, right, or continuing interest in a franchise, trademark, or trade name includes, but is not limited to, the following rights in the transferred interest. Find state tax forms A right to disapprove any assignment of the interest, or any part of it. Find state tax forms A right to end the agreement at will. Find state tax forms A right to set standards of quality for products used or sold, or for services provided, and for the equipment and facilities used to promote such products or services. Find state tax forms A right to make the recipient sell or advertise only your products or services. Find state tax forms A right to make the recipient buy most supplies and equipment from you. Find state tax forms A right to receive payments based on the productivity, use, or disposition of the transferred item of interest if those payments are a substantial part of the transfer agreement. Find state tax forms Subdivision of Land If you own a tract of land and, to sell or exchange it, you subdivide it into individual lots or parcels, the gain normally is ordinary income. Find state tax forms However, you may receive capital gain treatment on at least part of the proceeds provided you meet certain requirements. Find state tax forms See section 1237 of the Internal Revenue Code. Find state tax forms Timber Standing timber held as investment property is a capital asset. Find state tax forms Gain or loss from its sale is reported as a capital gain or loss on Form 8949, and Schedule D (Form 1040), as applicable. Find state tax forms If you held the timber primarily for sale to customers, it is not a capital asset. Find state tax forms Gain or loss on its sale is ordinary business income or loss. Find state tax forms It is reported in the gross receipts or sales and cost of goods sold items of your return. Find state tax forms Farmers who cut timber on their land and sell it as logs, firewood, or pulpwood usually have no cost or other basis for that timber. Find state tax forms These sales constitute a very minor part of their farm businesses. Find state tax forms In these cases, amounts realized from such sales, and the expenses of cutting, hauling, etc. Find state tax forms , are ordinary farm income and expenses reported on Schedule F (Form 1040), Profit or Loss From Farming. Find state tax forms Different rules apply if you owned the timber longer than 1 year and elect to either: Treat timber cutting as a sale or exchange, or Enter into a cutting contract. Find state tax forms Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. Find state tax forms This is true whether the timber is cut under contract or whether you cut it yourself. Find state tax forms Under the rules discussed below, disposition of the timber is treated as a section 1231 transaction. Find state tax forms See chapter 3. Find state tax forms Gain or loss is reported on Form 4797. Find state tax forms Christmas trees. Find state tax forms   Evergreen trees, such as Christmas trees, that are more than 6 years old when severed from their roots and sold for ornamental purposes are included in the term timber. Find state tax forms They qualify for both rules discussed below. Find state tax forms Election to treat cutting as a sale or exchange. Find state tax forms   Under the general rule, the cutting of timber results in no gain or loss. Find state tax forms It is not until a sale or exchange occurs that gain or loss is realized. Find state tax forms But if you owned or had a contractual right to cut timber, you can elect to treat the cutting of timber as a section 1231 transaction in the year the timber is cut. Find state tax forms Even though the cut timber is not actually sold or exchanged, you report your gain or loss on the cutting for the year the timber is cut. Find state tax forms Any later sale results in ordinary business income or loss. Find state tax forms See Example, later. Find state tax forms   To elect this treatment, you must: Own or hold a contractual right to cut the timber for a period of more than 1 year before it is cut, and Cut the timber for sale or for use in your trade or business. Find state tax forms Making the election. Find state tax forms   You make the election on your return for the year the cutting takes place by including in income the gain or loss on the cutting and including a computation of the gain or loss. Find state tax forms You do not have to make the election in the first year you cut timber. Find state tax forms You can make it in any year to which the election would apply. Find state tax forms If the timber is partnership property, the election is made on the partnership return. Find state tax forms This election cannot be made on an amended return. Find state tax forms   Once you have made the election, it remains in effect for all later years unless you cancel it. Find state tax forms   If you previously elected to treat the cutting of timber as a sale or exchange, you may revoke this election without the consent of the IRS. Find state tax forms The prior election (and revocation) is disregarded for purposes of making a subsequent election. Find state tax forms See Form T (Timber), Forest Activities Schedule, for more information. Find state tax forms Gain or loss. Find state tax forms   Your gain or loss on the cutting of standing timber is the difference between its adjusted basis for depletion and its fair market value on the first day of your tax year in which it is cut. Find state tax forms   Your adjusted basis for depletion of cut timber is based on the number of units (feet board measure, log scale, or other units) of timber cut during the tax year and considered to be sold or exchanged. Find state tax forms Your adjusted basis for depletion is also based on the depletion unit of timber in the account used for the cut timber, and should be figured in the same manner as shown in section 611 of the Internal Revenue Code and the related regulations. Find state tax forms   Timber depletion is discussed in chapter 9 of Publication 535. Find state tax forms Example. Find state tax forms In April 2013, you had owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. Find state tax forms It had an adjusted basis for depletion of $40 per MBF. Find state tax forms You are a calendar year taxpayer. Find state tax forms On January 1, 2013, the timber had a fair market value (FMV) of $350 per MBF. Find state tax forms It was cut in April for sale. Find state tax forms On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. Find state tax forms You report the difference between the fair market value and your adjusted basis for depletion as a gain. Find state tax forms This amount is reported on Form 4797 along with your other section 1231 gains and losses to figure whether it is treated as capital gain or as ordinary gain. Find state tax forms You figure your gain as follows. Find state tax forms FMV of timber January 1, 2013 $1,400,000 Minus: Adjusted basis for depletion 160,000 Section 1231 gain $1,240,000 The fair market value 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. Find state tax forms Outright sales of timber. Find state tax forms   Outright sales of timber by landowners qualify for capital gains treatment using rules similar to the rules for certain disposal of timber under a contract with retained economic interest (defined below). Find state tax forms However, for outright sales, the date of disposal is not deemed to be the date the timber is cut because the landowner can elect to treat the payment date as the date of disposal (see below). Find state tax forms Cutting contract. Find state tax forms   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. Find state tax forms You are the owner of the timber. Find state tax forms You held the timber longer than 1 year before its disposal. Find state tax forms You kept an economic interest in the timber. Find state tax forms   You have kept an economic interest in standing timber if, under the cutting contract, the expected return on your investment is conditioned on the cutting of the timber. Find state tax forms   The difference between the amount realized from the disposal of the timber and its adjusted basis for depletion is treated as gain or loss on its sale. Find state tax forms Include this amount on Form 4797 along with your other section 1231 gains or losses to figure whether it is treated as capital or ordinary gain or loss. Find state tax forms Date of disposal. Find state tax forms   The date of disposal is the date the timber is cut. Find state tax forms However, for outright sales by landowners or if you receive payment under the contract before the timber is cut, you can elect to treat the date of payment as the date of disposal. Find state tax forms   This election applies only to figure the holding period of the timber. Find state tax forms It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). Find state tax forms   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. Find state tax forms The statement must identify the advance payments subject to the election and the contract under which they were made. Find state tax forms   If you timely filed your return for the year you received payment without making the election, you still can make the election by filing an amended return within 6 months after the due date for that year's return (excluding extensions). Find state tax forms Attach the statement to the amended return and write “Filed pursuant to section 301. Find state tax forms 9100-2” at the top of the statement. Find state tax forms File the amended return at the same address the original return was filed. Find state tax forms Owner. Find state tax forms   The owner of timber is any person who owns an interest in it, including a sublessor and the holder of a contract to cut the timber. Find state tax forms You own an interest in timber if you have the right to cut it for sale on your own account or for use in your business. Find state tax forms Tree stumps. Find state tax forms   Tree stumps are a capital asset if they are on land held by an investor who is not in the timber or stump business as a buyer, seller, or processor. Find state tax forms Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. Find state tax forms However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. Find state tax forms Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. Find state tax forms   See Form T (Timber) and its separate instructions for more information about dispositions of timber. Find state tax forms Precious Metals and Stones, Stamps, and Coins Gold, silver, gems, stamps, coins, etc. Find state tax forms , are capital assets except when they are held for sale by a dealer. Find state tax forms Any gain or loss from their sale or exchange generally is a capital gain or loss. Find state tax forms If you are a dealer, the amount received from the sale is ordinary business income. Find state tax forms Coal and Iron Ore You must treat the disposal of coal (including lignite) or iron ore mined in the United States as a section 1231 transaction if both the following apply to you. Find state tax forms You owned the coal or iron ore longer than 1 year before its disposal. Find state tax forms You kept an economic interest in the coal or iron ore. Find state tax forms For this rule, the date the coal or iron ore is mined is considered the date of its disposal. Find state tax forms Your gain or loss is the difference between the amount realized from disposal of the coal or iron ore and the adjusted basis you use to figure cost depletion (increased by certain expenses not allowed as deductions for the tax year). Find state tax forms This amount is included on Form 4797 along with your other section 1231 gains and losses. Find state tax forms You are considered an owner if you own or sublet an economic interest in the coal or iron ore in place. Find state tax forms If you own only an option to buy the coal in place, you do not qualify as an owner. Find state tax forms In addition, this gain or loss treatment does not apply to income realized by an owner who is a co-adventurer, partner, or principal in the mining of coal or iron ore. Find state tax forms The expenses of making and administering the contract under which the coal or iron ore was disposed of and the expenses of preserving the economic interest kept under the contract are not allowed as deductions in figuring taxable income. Find state tax forms Rather, their total, along with the adjusted depletion basis, is deducted from the amount received to determine gain. Find state tax forms If the total of these expenses plus the adjusted depletion basis is more than the amount received, the result is a loss. Find state tax forms Special rule. Find state tax forms   The above treatment does not apply if you directly or indirectly dispose of the iron ore or coal to any of the following persons. Find state tax forms A related person whose relationship to you would result in the disallowance of a loss (see Nondeductible Loss under Sales and Exchanges Between Related Persons, earlier). Find state tax forms An individual, trust, estate, partnership, association, company, or corporation owned or controlled directly or indirectly by the same interests that own or control your business. Find state tax forms Conversion Transactions Recognized gain on the disposition or termination of any position held as part of certain conversion transactions is treated as ordinary income. Find state tax forms This applies if substantially all your expected return is attributable to the time value of your net investment (like interest on a loan) and the transaction is any of the following. Find state tax forms An applicable straddle (generally, any set of offsetting positions with respect to personal property, including stock). Find state tax forms A transaction in which you acquire property and, at or about the same time, you contract to sell the same or substantially identical property at a specified price. Find state tax forms Any other transaction that is marketed and sold as producing capital gain from a transaction in which substantially all of your expected return is due to the time value of your net investment. Find state tax forms For more information, see chapter 4 of Publication 550. Find state tax forms Prev  Up  Next   Home   More Online Publications
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Find state tax forms 20. Find state tax forms   Deducción Estándar Table of Contents Qué Hay de Nuevo Introduction Cantidad de la Deducción Estándar Deducción Estándar para DependientesDefinición del ingreso del trabajo. Find state tax forms Quién Debe Detallar las DeduccionesCuándo detallar las deducciones. Find state tax forms Personas casadas que presentan la declaración por separado. Find state tax forms Qué Hay de Nuevo Aumento de la deducción estándar. Find state tax forms  La deducción estándar para ciertos contribuyentes que no detallen sus deducciones en el Anexo A del Formulario 1040 es mayor en el año 2013 de lo que fue en el año 2012. Find state tax forms La cantidad de la deducción depende de su estado civil para efectos de la declaración. Find state tax forms Puede utilizar las Tablas de Deducción Estándar para el año 2013 en este capítulo para calcular la deducción estándar. Find state tax forms Introduction Este capítulo trata sobre los siguientes temas: Cómo calcular la cantidad de su deducción estándar. Find state tax forms La deducción estándar para dependientes. Find state tax forms Quién debe detallar las deducciones. Find state tax forms La mayoría de los contribuyentes tienen la opción de tomar la deducción estándar o detallar sus deducciones. Find state tax forms Si tene la opción, puede utilizar el método que resulte en la cantidad menor de impuestos. Find state tax forms La deducción estándar es una cantidad en dólares que reduce su ingreso tributable. Find state tax forms La deducción estándar es un beneficio que, para muchos contribuyentes, elimina la necesidad de detallar deducciones, tales como gastos médicos, aportaciones hechas a obras caritativas, e impuestos, en el Anexo A del Formulario 1040. Find state tax forms La deducción estándar es mayor para los contribuyentes que: Tengan 65 años de edad o más o Sean ciegos. Find state tax forms Usted se beneficia de la deducción estándar si ésta es mayor que el total de las deducciones detalladas permisibles. Find state tax forms Personas que no reúnen los requisitos para la deducción estándar. Find state tax forms   Su deducción estándar es cero y debe detallar todas las deducciones que tenga si: Su estado civil para efectos de la declaración es casado que presenta la declaración por separado y su cónyuge detalla las deducciones en su propia declaración, Presenta una declaración de impuestos para un año tributario corto debido a un cambio en su período contable anual, o Es extranjero no residente o extranjero con doble residencia durante el año. Find state tax forms Se le considera extranjero con doble residencia si tuvo estatus de ambos extranjero no residente y extranjero residente durante el año. Find state tax forms Nota. Find state tax forms Si es extranjero no residente que está casado con un ciudadano estadounidense o es residente extranjero al final del año, puede elegir ser tratado como residente estadounidense. Find state tax forms Vea la Publicación 519, U. Find state tax forms S. Find state tax forms Tax Guide for Aliens (Guía sobre los impuestos federales estadounidenses para extranjeros), en inglés. Find state tax forms Si elige esta opción, puede tomar la deducción estándar. Find state tax forms Si alguna exención suya puede ser reclamada en la declaración de impuestos de otra persona (tal como la declaración de sus padres), es posible que su deducción estándar sea limitada. Find state tax forms Vea Deducción Estándar para Dependientes , más adelante. Find state tax forms Cantidad de la Deducción Estándar La cantidad de la deducción estándar depende de su estado civil para efectos de la declaración, si tiene 65 años de edad o más o es ciego, y si otro contribuyente puede reclamar una exención por usted. Find state tax forms Generalmente, las cantidades de deducción estándar se ajustan cada año, conforme a la inflación. Find state tax forms La cantidad de la deducción estándar para la mayoría de los contribuyentes se muestra en la Tabla 20-1. Find state tax forms Declaración final de un fallecido. Find state tax forms   La deducción estándar para la declaración final de impuestos de un fallecido es igual a la que hubiese sido si el fallecido hubiese seguido con vida. Find state tax forms No obstante, si el fallecido no tenía 65 años de edad o más al morir, no puede reclamar la deducción estándar más alta, concedida por cumplir esa edad. Find state tax forms Deducción Estándar Más Alta por Edad (65 Años de Edad o Más) Si tiene 65 años de edad o más el último día del año y no detalla sus deducciones, tiene derecho a una deducción estándar más alta. Find state tax forms Se considera que tiene 65 años de edad el día antes de cumplir sus 65 años. Find state tax forms Por lo tanto, puede tomar una deducción estándar más alta para el año 2013 si nació antes del 2 de enero de 1949. Find state tax forms Utilice la Tabla 20-2 para calcular la cantidad de la deducción estándar. Find state tax forms Deducción Estándar Más Alta por Ceguera Si es ciego en el último día del año y no detalla sus deducciones, tiene derecho a una deducción estándar más alta. Find state tax forms No está totalmente ciego. Find state tax forms   Si no está totalmente ciego, tiene que obtener una declaración certificada de un oftalmólogo u optometrista que indique que: Aún cuando tiene sus espejuelos o lentes de contacto puestos, su ojo mejor no registra una cifra de vista mejor que el 20/200 o Su campo visual es de 20 grados o menos. Find state tax forms   Si es poco probable que la condición de su vista vaya a mejorar más allá de estos límites, dicha declaración debería estipular este hecho. Find state tax forms Tiene que guardar esta declaración con sus registros. Find state tax forms   Si su vista se puede corregir más allá de estos límites únicamente con lentes de contacto que sólo pueda usar durante un corto lapso de tiempo debido a dolor, infección o úlceras, usted puede tomar la deducción estándar más alta por ceguera si reúne los demás requisitos. Find state tax forms Cónyuge de 65 Años o Más o Ciego Puede tomar la deducción estándar mayor si su cónyuge tiene 65 años o más de edad o está ciego y: Ustedes presentan una declaración conjunta o Usted presenta una declaración separada y reclama una exención por su cónyuge porque el mismo no tuvo ningún ingreso bruto; y otro contribuyente no pudo haber reclamado a su cónyuge como dependiente. Find state tax forms No puede tomar la deducción estándar más alta por una persona que no sea usted o su cónyuge. Find state tax forms Ejemplos Los siguientes ejemplos muestran cómo determinar su deducción estándar utilizando la Tabla 20-1 y 20-2. Find state tax forms Ejemplo 1. Find state tax forms Carlos, de 46 años de edad, y Ana, de 33 años de edad, presentan una declaración conjunta en el año 2013. Find state tax forms Ninguno de los dos es ciego ni puede ser reclamado como dependiente. Find state tax forms Ellos optan por no detallar sus deducciones. Find state tax forms Ellos utilizan la Tabla 20-1. Find state tax forms La deducción estándar para ambos es $12,200. Find state tax forms Ejemplo 2. Find state tax forms Los datos son los mismos que en el Ejemplo 1, salvo que Carlos está ciego al final del año 2013. Find state tax forms Carlos y Ana utilizan la Tabla 20-2. Find state tax forms La deducción estándar para ambos es $13,400. Find state tax forms Ejemplo 3. Find state tax forms Roberto y María presentan una declaración conjunta para 2013. Find state tax forms Los dos son mayores de 65 años de edad. Find state tax forms Ninguno de los dos es ciego y ninguno de los dos puede ser reclamado como dependiente. Find state tax forms Si ellos no detallan las deducciones, utilizan la Tabla 20-2. Find state tax forms Su deducción estándar es $14,600. Find state tax forms Deducción Estándar para Dependientes La deducción estándar de una persona quien otra persona puede reclamar como dependiente en su declaración de impuestos suele limitarse a la cantidad siguiente que sea mayor: $1,000 o El ingreso del trabajo de la persona para el año, más $350 (pero no en exceso de la cantidad normal de la deducción estándar, generalmente $6,100). Find state tax forms Sin embargo, la deducción estándar podría ser más alta si la persona tiene 65 años de edad o más o si es ciego. Find state tax forms Si alguna exención suya (o de su cónyuge si presentan una declaración conjunta) se puede reclamar en la declaración de impuestos de otra persona, utilice la Tabla 20-3 para determinar su deducción estándar. Find state tax forms Definición del ingreso del trabajo. Find state tax forms   El ingreso del trabajo corresponde a salarios, sueldos, propinas, honorarios por servicios profesionales y otras cantidades recibidas como pagos por trabajo que usted de hecho realiza. Find state tax forms    Para propósitos de la deducción estándar, el ingreso del trabajo también incluye toda parte de una beca de estudios o de una beca de desarrollo profesional que usted tenga que incluir en el ingreso bruto. Find state tax forms Vea Becas de estudios y becas de desarrollo profesional en el capítulo 12, para más información sobre qué se considera una beca de estudios o una beca de desarrollo profesional. Find state tax forms Ejemplo 1. Find state tax forms Miguel es soltero. Find state tax forms Sus padres reclaman una exención por él en su declaración de impuestos del año 2013. Find state tax forms Tiene ingresos de intereses de $780 y un salario de $150. Find state tax forms No tiene deducciones detalladas. Find state tax forms Miguel utiliza la Tabla 20-3 para calcular su deducción estándar. Find state tax forms Él anota $150 (su ingreso del trabajo) en la línea 1, $500 ($150 + $350) en la línea 3, $1,000 (la cantidad mayor entre $500 y $1,000) en la línea 5, y $6,100 en la línea 6. Find state tax forms Su deducción estándar, la cual se anota en la línea 7a, es de $1,000 (la cantidad menor entre $1,000 y $6,100). Find state tax forms Ejemplo 2. Find state tax forms José, un estudiante universitario a tiempo completo con 22 años de edad, puede ser reclamado como dependiente en la declaración de impuestos del año 2013 de sus padres. Find state tax forms José está casado y presenta una declaración por separado. Find state tax forms Su esposa no detalla sus deducciones en su declaración. Find state tax forms José tiene ingresos de intereses de $1,500 y un salario de $3,800. Find state tax forms Él no tiene deducciones detalladas. Find state tax forms José utiliza la Tabla 20-3 para calcular su deducción estándar. Find state tax forms Él anota su ingreso de trabajo de $3,800 en la línea 1. Find state tax forms Él suma las líneas 1 y 2 y anota $4,150 en la línea 3. Find state tax forms En la línea 5, él anota $4,150, la cantidad mayor entre las líneas 3 y 4. Find state tax forms Ya que José está casado y presenta una declaración por separado, él anota $6,100 en la línea 6. Find state tax forms En la línea 7a, él anota $4,150, como su deducción estándar, porque es menos de $6,100, la cantidad en la línea 6. Find state tax forms Ejemplo 3. Find state tax forms Carla, que es soltera, puede ser reclamada como dependiente en la declaración de impuestos del año 2013 de sus padres. Find state tax forms Tiene 18 años de edad y es ciega. Find state tax forms Tiene ingresos de intereses de $1,300 y un salario de $2,900. Find state tax forms Ella no tiene deducciones detalladas. Find state tax forms Carla consulta la Tabla 20-3 para encontrar su deducción estándar. Find state tax forms Ella anota su salario de $2,900 en la línea 1. Find state tax forms Suma las líneas 1 y 2 y anota $3,250 en la línea 3. Find state tax forms En la línea 5, anota $3,250, la mayor entre las líneas 3 y 4. Find state tax forms Ya que ella es soltera, Carla anota $6,100 en la línea 6. Find state tax forms Anota $3,250 en la línea 7a. Find state tax forms Esta es la menor entre las cantidades de las líneas 5 y 6. Find state tax forms Ya que ella marcó el recuadro en la parte superior de la hoja, ella anota $1,500 en la línea 7b. Find state tax forms Luego, suma las cantidades de las líneas 7a y 7b y anota su deducción estándar de $4,750 en la línea 7c. Find state tax forms Ejemplo 4. Find state tax forms Edgardo es soltero. Find state tax forms Sus padres pueden reclamar una exención por él en su declaración del 2013. Find state tax forms Su salario es de $7,000, tiene ingresos por intereses de $500, y pérdida de negocio de $3,000. Find state tax forms Él no tiene deducciones detalladas. Find state tax forms Edgardo utiliza la Tabla 20-3 para calcular su deducción estándar. Find state tax forms Él anota $4,000 ($7,000 - $ 3,000) en la línea 1. Find state tax forms Suma las líneas 1 y 2 y anota $4,350 en la línea 3. Find state tax forms En la línea 5, anota $4,350, la cantidad mayor entre las líneas 3 y 4. Find state tax forms Ya que él es soltero, Edgardo anota $6,100 en la línea 6. Find state tax forms En la línea 7a, anota $4,350 como su deducción estándar porque es menor de $6,100, la cantidad que fue anotada en la línea 6. Find state tax forms Quién Debe Detallar las Deducciones Debe detallar las deducciones si el total de las mismas es mayor que la cantidad de la deducción estándar. Find state tax forms Además, debe detallar las deducciones si no reúne los requisitos para la deducción estándar, según se explicó anteriormente bajo Personas que no reúnen los requisitos para la deducción estándar . Find state tax forms Debe calcular primero las deducciones detalladas y comparar aquella cantidad con su deducción estándar para asegurarse de estar utilizando el método que le brinda el mayor beneficio. Find state tax forms Puede estar sujeto a un límite en algunas de sus deducciones detalladas si su ingreso bruto ajustado es mayor que: $250,000 si es soltero ($275,000 si es cabeza de familia, $300,000 si es casado que presenta una declaración conjunta o viudo(a) que reúne los requisitos; o $150,000 si es casado que presenta la declaración por separado). Find state tax forms Vea el capítulo 29 o las instrucciones para el Anexo A (Formulario 1040) para más información sobre cómo calcular la cantidad exacta de sus deducciones detalladas. Find state tax forms Cuándo detallar las deducciones. Find state tax forms   Es posible que le convenga detallar sus deducciones en el Anexo A (Formulario 1040) si usted: No reúne los requisitos para la deducción estándar o la cantidad que puede reclamar está limitada, Tuvo gastos médicos o dentales cuantiosos que no fueron cubiertos por su seguro durante el año, Pagó intereses e impuestos sobre su vivienda, Tuvo gastos de negocio del empleado cuantiosos que no fueron reembolsados por su empleador u otras deducciones misceláneas, Tuvo pérdidas por hechos fortuitos o por robo cuantiosas que no fueron cubiertas por su seguro, Hizo aportaciones cuantiosas a instituciones de caridad calificadas, o Tiene deducciones detalladas cuyo total es mayor que la deducción estándar a la que, por lo demás, tiene derecho. Find state tax forms Estas deducciones se explican en los capítulos 21 al 28. Find state tax forms   Si decide detallar las deducciones, complete el Anexo A y adjúntelo a su Formulario 1040. Find state tax forms Anote la cantidad de la línea 29 del Anexo A en la línea 40 del Formulario 1040. Find state tax forms Puede optar por detallar las deducciones para impuestos estatales u otros propósitos. Find state tax forms   Aun si sus deducciones detalladas son menos que su deducción estándar, puede optar por detallar sus deducciones en la declaración de impuestos federales en vez de tomar la deducción estándar. Find state tax forms Es posible que le convenga hacer esto si, por ejemplo, el beneficio tributario de detallar sus deducciones en la declaración de impuestos estatales es mayor que el beneficio tributario que pierde si no toma la deducción estándar en la declaración de impuestos federales. Find state tax forms Para elegir esta opción, tiene que marcar el recuadro de la línea 30 del Anexo A. Find state tax forms Si cambia de idea. Find state tax forms   Si no detalla las deducciones y más tarde se da cuenta de que debió haberlas detallado –o si detalla las deducciones y más tarde se da cuenta de que no debió haberlo hecho– puede cambiar su declaración de impuestos presentando el Formulario 1040X, Amended U. Find state tax forms S. Find state tax forms Individual Income Tax Return (Declaración enmendada del impuesto federal sobre el ingreso personal en los Estados Unidos), en inglés. Find state tax forms Vea Declaraciones Enmendadas y Solicitudes de Reembolso en el capítulo 1 para más información sobre las declaraciones enmendadas. Find state tax forms Personas casadas que presentan la declaración por separado. Find state tax forms   Puede cambiar de método para tomar deducciones sólo si usted y su cónyuge hacen los mismos cambios. Find state tax forms Cada uno de los dos tienen que presentar una autorización para permitir la determinación de impuestos adicionales que cualquiera de ustedes pueda adeudar como resultado de dicho cambio. Find state tax forms    Usted y su cónyuge pueden utilizar el método que les resulte en el total de impuestos más bajo, aunque uno de ustedes quizá pague más impuestos de los que hubiera pagado al utilizar el otro método. Find state tax forms Tanto usted como su cónyuge tienen que utilizar el mismo método para reclamar deducciones. Find state tax forms Si uno de ustedes detalla sus deducciones, el otro debe detallar sus deducciones también, porque él o ella no reunirá los requisitos para la deducción estándar. Find state tax forms Vea Personas que no reúnen los requisitos para la deduccón estándar , anteriormente. Find state tax forms Tablas de Deducción Estándar para el 2013 Si usted es casado que presenta la declaración por separado y su cónyuge detalla las deducciones, o si usted es extranjero con doble residencia, no puede tomar la deducción estándar aunque haya nacido antes del 2 de enero de 1949 o sea ciego. Find state tax forms Tabla 20-1. Find state tax forms Tabla de Deducción Estándar para la Mayoría de las Personas* Si su estado civil para efectos de la  declaración es Entonces su  deducción  estándar es: Soltero o casado que presenta la declaración por separado $6,100 Casado que presenta la declaración conjunta o viudo(a) que reúne los requisitos con hijo dependiente 12,200 Cabeza de familia 8,950 * No utilice esta tabla si nació antes del 2 de enero de 1949, o es ciego, o si alguien más puede reclamar una exención por usted (o por su cónyuge, si es casado que presenta la declaración conjuntamente). Find state tax forms En vez de ésta, utilice la Tabla 20-2 ó 20-3. Find state tax forms Tabla 20-2. Find state tax forms Tabla de la Deducción Estándar para Personas que Nacieron Antes del 2 de enero de 1949 o que sean ciegas* Marque el número correcto de recuadros siguientes. Find state tax forms Luego pase a la tabla. Find state tax forms Usted: Nació antes del  2 de enero de 1949□ Es ciego□ Su cónyuge, si reclama  una exención por él o ella: Nació antes del  2 de enero de 1949 □ Es ciego□ Número total de recuadros que marcó   SI su estado civil para   efectos de la  declaración es Y el número en el  recuadro de arriba es ENTONCES su deducción  estándar es: Soltero 1 $7,600   2 9,100 Casado que presenta la 1 $13,400 declaración conjunta o 2 14,600 viudo(a) que reúne los requisitos 3 15,800 con hijo dependiente 4 17,000 Casado que presenta 1 $7,300 la declaración por separado 2 8,500   3 9,700   4 10,900 Cabeza de familia 1 $10,450   2 11,950 *Si alguien más puede reclamar una exención por usted (o su cónyuge, si presenta la declaración conjunta), utilice la tabla 20-3, en vez de ésta. Find state tax forms Tabla 20-3. Find state tax forms Tabla de Deducción Estándar para Dependientes Utilice esta hoja de trabajo sólo si alguien más puede reclamar una exención por usted (o por su cónyuge, si es casado que presenta la declaración conjuntamente). Find state tax forms Marque el número correcto de recuadros más abajo. Find state tax forms Luego pase a la hoja de trabajo. Find state tax forms Usted:   Nació antes del 2 de enero de 1949 □ Es ciego □ Su cónyuge, si reclama una exención por él o ella: Nació antes del 2 de enero de 1949 □ Es ciego □ Número total de recuadros que marcó 1. Find state tax forms Anote su ingreso del trabajo (definido más abajo). Find state tax forms Si no tiene ninguno, anote -0-. Find state tax forms 1. Find state tax forms   2. Find state tax forms Cantidad adicional. Find state tax forms 2. Find state tax forms $350 3. Find state tax forms Sume las líneas 1 y 2. Find state tax forms 3. Find state tax forms   4. Find state tax forms Deducción estándar mínima. Find state tax forms 4. Find state tax forms $1,000 5. Find state tax forms De las líneas 3 ó 4, anote la cantidad mayor. Find state tax forms 5. Find state tax forms   6. Find state tax forms Anote una de las cantidades siguientes según su estado civil para efectos de la declaración. Find state tax forms Soltero o Casado que presenta la declaración por separado—$6,100 Casado que presenta la declaración conjunta—$12,200 Cabeza de familia—$8,950 6. Find state tax forms   7. Find state tax forms Deducción estándar. Find state tax forms         a. Find state tax forms De las líneas 5 ó 6, anote la cantidad que sea menor. Find state tax forms Si nació después del 1 de enero de 1949, y no es ciego, pare. Find state tax forms Ésta es su deducción estándar. Find state tax forms De lo contrario, pase a la línea 7b. Find state tax forms 7a. Find state tax forms     b. Find state tax forms Si nació antes del 2 de enero de 1949, o si es ciego, multiplique $1,500 ($1,200 si es casado) por la cifra en la línea de arriba. Find state tax forms 7b. Find state tax forms     c. Find state tax forms Sume las líneas 7a y 7b. Find state tax forms Ésta es su deducción estándar para el año 2013. Find state tax forms 7c. Find state tax forms   El ingreso del trabajo incluye salarios, sueldos, propinas, honorarios por servicios profesionales y otras remuneraciones recibidas por servicios personales que usted prestó. Find state tax forms También incluye toda cantidad recibida por concepto de beca que deba incluir en sus ingresos. Find state tax forms Prev  Up  Next   Home   More Online Publications