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Free State Income Tax Forms

Free state income tax forms Index A Alien Resident, Resident alien. Free state income tax forms American Institute in Taiwan, U. Free state income tax forms S. Free state income tax forms employees of, American Institute in Taiwan. Free state income tax forms American Samoa, possession exclusion, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands Apprentices, treaty benefits for, Common Benefits Assistance (see Tax help) B Binational social security agreements, Bilateral Social Security (Totalization) Agreements Blocked income, Blocked Income Bona fide residence test Defined, Bona Fide Residence Test First year, Bona fide resident for part of a year. Free state income tax forms Last year, Bona fide resident for part of a year. Free state income tax forms Meeting the requirements, Publication 54 - Additional Material Qualifying for, Bona fide residence. Free state income tax forms , Reassignment. Free state income tax forms Treaty provisions, Special agreements and treaties. Free state income tax forms Voting by absentee ballot, Effect of voting by absentee ballot. Free state income tax forms Waiver of time requirements, Waiver of Time Requirements, U. Free state income tax forms S. Free state income tax forms Travel Restrictions C Camps, foreign, Foreign camps. Free state income tax forms Carryover of housing deduction, Carryover. Free state income tax forms Change of address, Reminders Choosing the exclusion, Choosing the Exclusion, When You Can Choose the Exclusion Clergy, self-employment tax on, Members of the Clergy Community income, Community income. Free state income tax forms Competent authority assistance, Competent Authority Assistance Contributions To foreign charitable organizations, Contributions to Foreign Charitable Organizations To IRAs, Contributions to Individual Retirement Arrangements Conventions, income tax, Purpose of Tax Treaties Credit Earned income, Earned income credit. Free state income tax forms , Earned income credit. Free state income tax forms Foreign tax, Foreign tax credit. Free state income tax forms , Taxes of Foreign Countries and U. Free state income tax forms S. Free state income tax forms Possessions, Deduction for Other Foreign Taxes, Common Benefits Related to excluded income, Items Related to Excluded Income Currency Foreign, Foreign Currency D Deductions Contributions to foreign charitable organizations, Contributions to Foreign Charitable Organizations Foreign taxes, Taxes of Foreign Countries and U. Free state income tax forms S. Free state income tax forms Possessions, Deduction for Other Foreign Taxes, Common Benefits, Publication 54 - Additional Material Housing, foreign, Foreign Housing Deduction IRA contributions, Contributions to Individual Retirement Arrangements Moving expenses, Moving Expenses, Forms To File Related to excluded income, Items Related to Excluded Income Reporting, How To Report Deductions Dependents Exemption for, Exemptions, Publication 54 - Additional Material Individual taxpayer identification number (ITIN), Social security number. Free state income tax forms Social security number, Social security number. Free state income tax forms Deposit of foreign currency with disbursing officer, Deposit of foreign currency with disbursing officer. Free state income tax forms E Earned income Foreign, Foreign Earned Income, Foreign camps. Free state income tax forms , Publication 54 - Additional Material Source of, Source of Earned Income Types of, Earned and Unearned Income, Storage expense reimbursements. Free state income tax forms Earned income credit, Earned income credit. Free state income tax forms , Earned income credit. Free state income tax forms Employer-provided amounts, Employer-provided amounts. Free state income tax forms Estimated tax, Estimated Tax Exclusion Foreign earned income, Foreign Earned Income Exclusion, When You Can Choose the Exclusion Housing, Foreign Housing Exclusion, Choosing the exclusion. Free state income tax forms Meals and lodging, Exclusion of Meals and Lodging U. Free state income tax forms S. Free state income tax forms possessions, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands Exemptions Dependents, Exemptions, Publication 54 - Additional Material Spouse, Exemptions, Publication 54 - Additional Material Extensions Filing income tax return, Extensions, Return filed before test is met. Free state income tax forms Meeting bona fide residence or physical presence test, Extension of time to meet tests. Free state income tax forms F Fellowships, Scholarships and fellowships. Free state income tax forms Figuring estimated tax on nonconvertible foreign income, Figuring estimated tax on nonconvertible foreign currency. Free state income tax forms Figuring U. Free state income tax forms S. Free state income tax forms income tax, Figuring actual tax. Free state income tax forms Filing information Estimated tax, Estimated Tax Filing requirements, Filing Requirements Nonresident spouse treated as resident, Nonresident Alien Spouse Treated as a Resident, Foreign earned income exclusion. Free state income tax forms Filing requirements By filing status, Filing Requirements Foreign currency, Foreign Currency When to file and pay, When To File and Pay, Return filed before test is met. Free state income tax forms , Publication 54 - Additional Material Where to file, Where To File, Publication 54 - Additional Material Foreign Camps, Foreign camps. Free state income tax forms Country, defined, Foreign Country Currency, Foreign Currency Earned income, Foreign Earned Income, Foreign camps. Free state income tax forms , Publication 54 - Additional Material Household, second, Second foreign household. Free state income tax forms Foreign currency, deposit with disbursing officer, Deposit of foreign currency with disbursing officer. Free state income tax forms Foreign earned income Defined, Foreign Earned Income, More information. Free state income tax forms U. Free state income tax forms S. Free state income tax forms Government employees, U. Free state income tax forms S. Free state income tax forms Government Employees, More information. Free state income tax forms Foreign earned income exclusion Choosing, Choosing the Exclusion, When You Can Choose the Exclusion Defined, Foreign Earned Income Exclusion Earned income credit, Earned income credit. Free state income tax forms Foreign tax credit, Foreign tax credit or deduction. Free state income tax forms Income received after year earned, Paid in year following work. Free state income tax forms , Example. Free state income tax forms Limit, Limit on Excludable Amount, Physical presence test. Free state income tax forms , Publication 54 - Additional Material Maximum exclusion, Limit on Excludable Amount, Physical presence test. Free state income tax forms Part-year exclusion, Part-year exclusion. Free state income tax forms Physical presence test, maximum exclusion, Physical presence test. Free state income tax forms Requirements, Who Qualifies for the Exclusions and the Deduction?, Foreign camps. Free state income tax forms Revoking choice, Revoking the Exclusion Foreign housing exclusion Earned income credit, Earned income credit. Free state income tax forms Foreign tax credit, Foreign tax credit or deduction. Free state income tax forms Foreign housing exclusion/deduction Carryover of deduction, Carryover. Free state income tax forms Deduction, figuring, Foreign Housing Deduction Exclusion, figuring, Foreign Housing Exclusion, Choosing the exclusion. Free state income tax forms Housing amount, Housing Amount Housing expenses, Housing expenses. Free state income tax forms Married couples, Married Couples Requirements, Who Qualifies for the Exclusions and the Deduction?, Foreign camps. Free state income tax forms Second foreign household, Second foreign household. Free state income tax forms Foreign tax credit Earned income exclusion, Foreign tax credit or deduction. Free state income tax forms , Foreign tax credit or deduction. Free state income tax forms Foreign taxes Credit for, Foreign tax credit. Free state income tax forms , Taxes of Foreign Countries and U. Free state income tax forms S. Free state income tax forms Possessions, Deduction for Other Foreign Taxes, Common Benefits Deduction for, Taxes of Foreign Countries and U. Free state income tax forms S. Free state income tax forms Possessions, Deduction for Other Foreign Taxes, Common Benefits, Publication 54 - Additional Material Paid on excluded income, Foreign taxes paid on excluded income. Free state income tax forms Form 1040-ES, Estimated Tax 1040X, Return filed before test is met. Free state income tax forms , How To Make the Choice 1116, Credit for Foreign Income Taxes 2032, Foreign affiliate. Free state income tax forms 2350, How to get an extension. Free state income tax forms 2555, Choosing the Exclusion, Form 2555 and Form 2555-EZ, Form 2555 2555-EZ, Choosing the Exclusion, Form 2555 and Form 2555-EZ, Form 2555 3115, Blocked Income 3903, Forms To File 4361, Members of the Clergy 4563, American Samoa. Free state income tax forms 4868, Automatic 6-month extension. Free state income tax forms 673, Statement. Free state income tax forms 8689, Non-USVI resident with USVI income. Free state income tax forms 8822, Reminders W-4, Foreign tax credit. Free state income tax forms Free tax services, Free help with your tax return. Free state income tax forms Frequently asked questions (FAQs), Publication 54 - Additional Material Fulbright grant, Fulbright Grant, Publication 54 - Additional Material G General tax questions, Publication 54 - Additional Material Green card test, Resident alien. Free state income tax forms Guam Possession exclusion, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands Residents of, Resident of Guam. Free state income tax forms Where to file, Resident of Guam. Free state income tax forms H Help (see Tax help) Housing Amount, Housing Amount, Self-employed and employer-provided amounts. Free state income tax forms Deduction, Foreign Housing Exclusion and Deduction, Foreign Housing Deduction Exclusion, Foreign Housing Exclusion and Deduction, Choosing the exclusion. Free state income tax forms Expenses, Housing expenses. Free state income tax forms I Income Apprentices, treaty benefits for, Common Benefits Artist, Income of an artist. Free state income tax forms Blocked, Blocked Income Community, Community income. Free state income tax forms Corporation, Income from a corporation. Free state income tax forms Earned, Foreign Earned Income, Foreign camps. Free state income tax forms , Publication 54 - Additional Material Employer's property or facilities, use of, Use of employer's property or facilities. Free state income tax forms Investment, treaty benefits for, Common Benefits Partnership, Income from a sole proprietorship or partnership. Free state income tax forms Pensions and annuities, Pensions and annuities. Free state income tax forms , Common Benefits Personal service, treaty benefits for, Common Benefits Professional fees, Professional fees. Free state income tax forms Professors, treaty benefits for, Common Benefits Railroad retirement benefits, Publication 54 - Additional Material Reimbursement of employee expenses, Reimbursement of employee expenses. Free state income tax forms Reimbursement of moving expenses, Reimbursement of moving expenses. Free state income tax forms Rental, Rental income. Free state income tax forms Royalties, Royalties. Free state income tax forms Social security benefits, Publication 54 - Additional Material Sole proprietorship, Income from a sole proprietorship or partnership. Free state income tax forms Source of, Source of Earned Income Stock options, Stock options. Free state income tax forms Students, treaty benefits for, Common Benefits Teachers, treaty benefits for, Common Benefits Trainees, treaty benefits for, Common Benefits Unearned, Earned and Unearned Income Indefinite assignment, Temporary or Indefinite Assignment Individual retirement arrangements (IRAs), Contributions to Individual Retirement Arrangements Individual taxpayer identification number (ITIN), Social security number. Free state income tax forms Investment income, treaty benefits for, Common Benefits IRAs, Contributions to Individual Retirement Arrangements L Limit on Foreign housing deduction, Limit Housing expenses, Limit on housing expenses. Free state income tax forms Income exclusion, Limit on Excludable Amount, Physical presence test. Free state income tax forms Lodging, exclusion of, Exclusion of Meals and Lodging M Married couples, Married Couples Meals and lodging, exclusion of, Exclusion of Meals and Lodging Moving Allocating expenses, Allocation of Moving Expenses Deducting expenses, Moving Expenses, Forms To File Reimbursement of expenses, Reimbursement of moving expenses. Free state income tax forms N Nonresident spouse Social security number, Social Security Number (SSN) Treated as resident, Nonresident Alien Spouse Treated as a Resident, Foreign earned income exclusion. Free state income tax forms Northern Mariana Islands Possession exclusion, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands Residents of, Resident of the Commonwealth of the Northern Mariana Islands. Free state income tax forms Where to file, Resident of the Commonwealth of the Northern Mariana Islands. Free state income tax forms P Part-year exclusion, Part-year exclusion. Free state income tax forms Pay for personal services, Earned income. Free state income tax forms , Common Benefits Paying U. Free state income tax forms S. Free state income tax forms tax in foreign currency, Paying U. Free state income tax forms S. Free state income tax forms tax in foreign currency. Free state income tax forms Payment of tax, When To File and Pay Penalties and interest, Publication 54 - Additional Material Pensions and annuities Income from, Pensions and annuities. Free state income tax forms , Common Benefits Withholding from, Withholding from pension payments. Free state income tax forms Physical presence test 12-month period, How to figure the 12-month period. Free state income tax forms Defined, Physical Presence Test Maximum exclusion, Physical presence test. Free state income tax forms Meeting the requirements, Publication 54 - Additional Material Waiver of time requirements, Waiver of Time Requirements, U. Free state income tax forms S. Free state income tax forms Travel Restrictions Professors, treaty benefits for, Common Benefits Publications (see Tax help) Puerto Rico Possession exclusion, Puerto Rico and U. Free state income tax forms S. Free state income tax forms Virgin Islands Residents of, Puerto Rico. Free state income tax forms Q Questions and answers, Publication 54 - Additional Material R Railroad retirement benefits, Publication 54 - Additional Material Reimbursement Accountable plan, Accountable plan. Free state income tax forms Employee expenses, Reimbursement of employee expenses. Free state income tax forms Moving expenses, Reimbursement of moving expenses. Free state income tax forms Resident alien defined, Resident alien. Free state income tax forms Revoking choice to exclude, Revoking the Exclusion S Scholarship and fellowship grants, Publication 54 - Additional Material Scholarships, Scholarships and fellowships. Free state income tax forms Second foreign household, Second foreign household. Free state income tax forms , Married Couples Self-employment tax Clergy, Members of the Clergy Exemption from, Exemption From Social Security and Medicare Taxes How to pay, Publication 54 - Additional Material Who must pay, Who Must Pay Self-Employment Tax? Social security and Medicare taxes, Social Security and Medicare Taxes Social security benefits, Publication 54 - Additional Material Social security number Dependents, Social security number. Free state income tax forms Nonresident spouse, Social Security Number (SSN) Source of earned income, Source of Earned Income Spouse, exemption for, Exemptions, Publication 54 - Additional Material Students, treaty benefits for, Common Benefits Substantial presence test, Resident alien. Free state income tax forms T Taiwan, American Institute in, American Institute in Taiwan. Free state income tax forms Tax help, How To Get Tax Help Tax home, Tax Home in Foreign Country, Temporary or Indefinite Assignment Tax treaties Benefits of, Common Benefits, More information on treaties. Free state income tax forms Competent authority assistance, Competent Authority Assistance Determining residence, Special agreements and treaties. Free state income tax forms Obtaining copies of, Obtaining Copies of Tax Treaties Purpose of, Purpose of Tax Treaties Teachers, treaty benefits for, Common Benefits Temporary assignment, expenses, Temporary or Indefinite Assignment Totalization agreements, Bilateral Social Security (Totalization) Agreements Trainees, treaty benefits for, Common Benefits Travel restrictions, U. Free state income tax forms S. Free state income tax forms Travel Restrictions Treaties (see Tax treaties) TTY/TDD information, How To Get Tax Help U U. Free state income tax forms S. Free state income tax forms Government employees, U. Free state income tax forms S. Free state income tax forms Government Employees, More information. Free state income tax forms U. Free state income tax forms S. Free state income tax forms Virgin Islands Possession exclusion, Puerto Rico and U. Free state income tax forms S. Free state income tax forms Virgin Islands V Virgin Islands Nonresidents of, Non-USVI resident with USVI income. Free state income tax forms Residents of, Resident of U. Free state income tax forms S. Free state income tax forms Virgin Islands (USVI). Free state income tax forms Where to file, Resident of U. Free state income tax forms S. Free state income tax forms Virgin Islands (USVI). Free state income tax forms W Waiver of time requirements, Waiver of Time Requirements, U. Free state income tax forms S. Free state income tax forms Travel Restrictions When to file and pay, When To File and Pay, Return filed before test is met. Free state income tax forms , Publication 54 - Additional Material Where to file Claiming exclusion/deduction, Where To File Commonwealth of the Northern Mariana Islands residents, Resident of the Commonwealth of the Northern Mariana Islands. Free state income tax forms Guam residents, Resident of Guam. Free state income tax forms No legal residence in U. Free state income tax forms S. Free state income tax forms , Where To File Virgin Islands residents, nonresidents, Resident of U. Free state income tax forms S. Free state income tax forms Virgin Islands (USVI). Free state income tax forms Withholding Income tax, Income Tax Withholding , Publication 54 - Additional Material Pension payments, Withholding from pension payments. Free state income tax forms Prev  Up     Home   More Online Publications
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Powers of Attorney for LLCs

If… And… Then the taxpayer is… Form 2848, POA is…

The LLC is a single member disregarded entity…

(except for employment taxes for which the entity is not considered disregarded; see Treas. Reg. § 301.7701-2(c)(2)(iv)(B))

The business or activity is reporting income and expenses on Form 1040, Schedules C or E… The individual. Spouses cannot sign on behalf of the member/spouse unless a separate POA exists naming the spouse.  Signed by the individual (member) and should include the SSN (and if one exists for employment or excise taxes, the EIN of the LLC.)
The business or activity is reporting income on Form 1041, Trust or Estate Tax Return The trustee, executor or other fiduciary responsible for filing the Form 1041 return; Generally the fiduciary must submit Form 56. Signed by the trustee, executor or fiduciary with the authority to bind the trust or estate, listing the EIN from the Form 1041.

The issue is employment taxes reported on Forms 940/941 series

The LLC business.

Signed by the LLC member.

See Treas. Reg. § 301.7701-2(c)(2)(iv)(B)

The LLC (regardless of number of members) elects to be treated as an association taxable as a corporation… The business is reporting income on Form 1120, U.S. Corporation Tax Return… The corporation Signed by a current corporate officer or employee having the authority to bind the corporation using the corporate EIN. 
The business is reporting income on Form 1120 S, U.S. Income Tax Return for an S Corporation and liability is determined at the corporate level… The corporation Signed by a current corporate officer or employee having the authority to bind the corporation using the corporate EIN. 
The business is reporting income on Form 1120 S, U.S. Income Tax Return for an S Corporation and liability is determined at the shareholder level… The individual shareholder Signed by the shareholder using the SSN (or in the case of a qualifying trust, the trust EIN).

The LLC is a multiple member entity…

Also refer to the TEFRA Rules

The business or activity is reporting on Form 1065, U.S. Return of Partnership Income, is not subject to TEFRA rules and the liability is determined at the partnership level (for example: employment taxes) The partnership  Signed by any manager authorized to act in the name of the partnership (based on state law that LLC manager has the authority to bind the partnership); the partnership uses its EIN. 
The business or activity is reporting on Form 1065, U.S. Return of Partnership Income, is not subject to TEFRA rules and the liability is determined at the partner level (eg: flow through items, distributive shares of income, deductions, credits, etc.)… Each partner separately Signed by each partner using his/her SSN. See flowchart below.
The LLC is a TEFRA partnership and has designated a Tax Matters Partner (TMP) on its return or via Form 13798-L for regular partnership level business The partners Form 2848 is signed by the manager under state law or the TMP. Generally, only a TMP signed POA can extend the period for assessing partners and only a manager signed POA can sign documents for the LLC itself. If the TMP is not a natural person, the attribution for who acts on behalf of that partner/entity signs the POA (for example: the person authorized under state law to sign on behalf of a partnership, officer of a corporation, trustee of a trust, etc.). 
The LLC is a TEFRA partnership and has designated a TMP but involves issues binding non-notice partners or requests for partnership level administrative adjustments The partners Not allowed. Only the TMP can file a partnership-level AAR or sign a settlement agreement binding non-notice partners.
The LLC is a TEFRA partnership and has not designated a TMP The partners A manager under state law or the default TMP under the largest profits interests test. See IRC § 6231(a)(7)(B);Treas. Reg. § 301.6231(a)(7)-2
Page Last Reviewed or Updated: 06-Dec-2013

The Free State Income Tax Forms

Free state income tax forms 4. Free state income tax forms   Reporting Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Information Returns Schedule D and Form 8949Long and Short Term Net Gain or Loss Treatment of Capital Losses Capital Gains Tax Rates Form 4797Mark-to-market election. Free state income tax forms Introduction This chapter explains how to report capital gains and losses and ordinary gains and losses from sales, exchanges, and other dispositions of property. Free state income tax forms Although this discussion refers to Schedule D (Form 1040) and Form 8949, many of the rules discussed here also apply to taxpayers other than individuals. Free state income tax forms However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. Free state income tax forms Topics - This chapter discusses: Information returns Schedule D (Form 1040) Form 4797 Form 8949 Useful Items - You may want to see: Publication 550 Investment Income and Expenses 537 Installment Sales Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 1099-B Proceeds From Broker and Barter Exchange Transactions 1099-S Proceeds From Real Estate Transactions 4684 Casualties and Thefts 4797 Sales of Business Property 6252 Installment Sale Income 6781 Gains and Losses from Section 1256 Contracts and Straddles 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. Free state income tax forms Information Returns If you sell or exchange certain assets, you should receive an information return showing the proceeds of the sale. Free state income tax forms This information is also provided to the IRS. Free state income tax forms Form 1099-B. Free state income tax forms   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or a substitute statement from the broker. Free state income tax forms Use the Form 1099-B or a substitute statement to complete Form 8949 and/or Schedule D. Free state income tax forms Whether or not you receive 1099-B, you must report all taxable sales of stock, bonds, commodities, etc. Free state income tax forms on Form 8949 and/or Schedule D, as applicable. Free state income tax forms For more information on figuring gains and losses from these transactions, see chapter 4 in Publication 550. Free state income tax forms For information on reporting the gains and losses, see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). Free state income tax forms Form 1099-S. Free state income tax forms   An information return must be provided on certain real estate transactions. Free state income tax forms Generally, the person responsible for closing the transaction (the “real estate reporting person”) must report on Form 1099-S sales or exchanges of the following types of property. Free state income tax forms Land (improved or unimproved), including air space. Free state income tax forms An inherently permanent structure, including any residential, commercial, or industrial building. Free state income tax forms A condominium unit and its related fixtures and common elements (including land). Free state income tax forms Stock in a cooperative housing corporation. Free state income tax forms If you sold or exchanged any of the above types of property, the “real estate reporting person” must give you a copy of Form 1099-S or a statement containing the same information as the Form 1099-S. Free state income tax forms The “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. Free state income tax forms   For more information see chapter 4 in Publication 550. Free state income tax forms Also, see the Instructions for Form 8949. Free state income tax forms Schedule D and Form 8949 Form 8949. Free state income tax forms   Individuals, corporations, and partnerships, use Form 8949 to report the following. Free state income tax forms    Sales or exchanges of capital assets, including stocks, bonds, etc. Free state income tax forms , and real estate (if not reported on another form or schedule such as Form 4684, 4797, 6252, 6781, or 8824). Free state income tax forms Include these transactions even if you did not receive a Form 1099-B or 1099-S. Free state income tax forms Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit. Free state income tax forms Nonbusiness bad debts. Free state income tax forms   Individuals, If you are filing a joint return, complete as many copies of Form 8949 as you need to report all of your and your spouse's transactions. Free state income tax forms You and your spouse may list your transactions on separate forms or you may combine them. Free state income tax forms However, you must include on your Schedule D the totals from all Forms 8949 for both you and your spouse. Free state income tax forms    Corporations and electing large partnerships also use Form 8949 to report their share of gain or loss from a partnership, S Corporation, estate or trust. Free state income tax forms   Business entities meeting certain criteria, may have an exception to some of the normal requirements for completing Form 8949. Free state income tax forms See the Instructions for Form 8949. Free state income tax forms Schedule D. Free state income tax forms    Use Schedule D (Form 1040) to figure the overall gain or loss from transactions reported on Form 8949, and to report certain transactions you do not have to report on Form 8949. Free state income tax forms Before completing Schedule D, you may have to complete other forms as shown below. Free state income tax forms    Complete all applicable lines of Form 8949 before completing lines 1b, 2, 3, 8b, 9, or 10 of your applicable Schedule D. Free state income tax forms Enter on Schedule D the combined totals from all your Forms 8949. Free state income tax forms For a sale, exchange, or involuntary conversion of business property, complete Form 4797 (discussed later). Free state income tax forms For a like-kind exchange, complete Form 8824. Free state income tax forms See Reporting the exchange under Like-Kind Exchanges in chapter 1. Free state income tax forms For an installment sale, complete Form 6252. Free state income tax forms See Publication 537. Free state income tax forms For an involuntary conversion due to casualty or theft, complete Form 4684. Free state income tax forms See Publication 547, Casualties, Disasters, and Thefts. Free state income tax forms For a disposition of an interest in, or property used in, an activity to which the at-risk rules apply, complete Form 6198, At-Risk Limitations. Free state income tax forms See Publication 925, Passive Activity and At-Risk Rules. Free state income tax forms For a disposition of an interest in, or property used in, a passive activity, complete Form 8582, Passive Activity Loss Limitations. Free state income tax forms See Publication 925. Free state income tax forms For gains and losses from section 1256 contracts and straddles, complete Form 6781. Free state income tax forms See Publication 550. Free state income tax forms Personal-use property. Free state income tax forms   Report gain on the sale or exchange of property held for personal use (such as your home) on Form 8949 and Schedule D (Form 1040), as applicable. Free state income tax forms Loss from the sale or exchange of property held for personal use is not deductible. Free state income tax forms But if you had a loss from the sale or exchange of real estate held for personal use for which you received a Form 1099-S, report the transaction on Form 8949 and Schedule D, even though the loss is not deductible. Free state income tax forms See the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949 for information on how to report the transaction. Free state income tax forms Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. Free state income tax forms The time you own an asset before disposing of it is the holding period. Free state income tax forms If you received a Form 1099-B, (or substitute statement) box 1c may help you determine whether the gain or loss is short-term or long-term. Free state income tax forms If you hold a capital asset 1 year or less, the gain or loss from its disposition is short term. Free state income tax forms Report it in Part I of Form 8949 and/or Schedule D, as applicable. Free state income tax forms If you hold a capital asset longer than 1 year, the gain or loss from its disposition is long term. Free state income tax forms Report it in Part II of Form 8949 and/or Schedule D, as applicable. Free state income tax forms   Table 4-1. Free state income tax forms Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Free state income tax forms . Free state income tax forms . Free state income tax forms  THEN you have a. Free state income tax forms . Free state income tax forms . Free state income tax forms 1 year or less, Short-term capital gain or  loss. Free state income tax forms More than 1 year, Long-term capital gain or  loss. Free state income tax forms These distinctions are essential to correctly arrive at your net capital gain or loss. Free state income tax forms Capital losses are allowed in full against capital gains plus up to $3,000 of ordinary income. Free state income tax forms See Capital Gains Tax Rates, later. Free state income tax forms Holding period. Free state income tax forms   To figure if you held property longer than 1 year, start counting on the day following the day you acquired the property. Free state income tax forms The day you disposed of the property is part of your holding period. Free state income tax forms Example. Free state income tax forms If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. Free state income tax forms If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. Free state income tax forms Patent property. Free state income tax forms   If you dispose of patent property, you generally are considered to have held the property longer than 1 year, no matter how long you actually held it. Free state income tax forms For more information, see Patents in chapter 2. Free state income tax forms Inherited property. Free state income tax forms   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. Free state income tax forms Installment sale. Free state income tax forms   The gain from an installment sale of an asset qualifying for long-term capital gain treatment in the year of sale continues to be long term in later tax years. Free state income tax forms If it is short term in the year of sale, it continues to be short term when payments are received in later tax years. Free state income tax forms    The date the installment payment is received determines the capital gains rate that should be applied not the date the asset was sold under an installment contract. Free state income tax forms Nontaxable exchange. Free state income tax forms   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. Free state income tax forms That is, it begins on the same day as your holding period for the old property. Free state income tax forms Example. Free state income tax forms You bought machinery on December 4, 2012. Free state income tax forms On June 4, 2013, you traded this machinery for other machinery in a nontaxable exchange. Free state income tax forms On December 5, 2013, you sold the machinery you got in the exchange. Free state income tax forms Your holding period for this machinery began on December 5, 2012. Free state income tax forms Therefore, you held it longer than 1 year. Free state income tax forms Corporate liquidation. Free state income tax forms   The holding period for property you receive in a liquidation generally starts on the day after you receive it if gain or loss is recognized. Free state income tax forms Profit-sharing plan. Free state income tax forms   The holding period of common stock withdrawn from a qualified contributory profit-sharing plan begins on the day following the day the plan trustee delivered the stock to the transfer agent with instructions to reissue the stock in your name. Free state income tax forms Gift. Free state income tax forms   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. Free state income tax forms For more information on basis, see Publication 551, Basis of Assets. Free state income tax forms Real property. Free state income tax forms   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, the day after you took possession of it and assumed the burdens and privileges of ownership. Free state income tax forms   However, taking possession of real property under an option agreement is not enough to start the holding period. Free state income tax forms The holding period cannot start until there is an actual contract of sale. Free state income tax forms The holding period of the seller cannot end before that time. Free state income tax forms Repossession. Free state income tax forms   If you sell real property but keep a security interest in it and then later repossess it, your holding period for a later sale includes the period you held the property before the original sale, as well as the period after the repossession. Free state income tax forms Your holding period does not include the time between the original sale and the repossession. Free state income tax forms That is, it does not include the period during which the first buyer held the property. Free state income tax forms Nonbusiness bad debts. Free state income tax forms   Nonbusiness bad debts are short-term capital losses. Free state income tax forms For information on nonbusiness bad debts, see chapter 4 of Publication 550. Free state income tax forms    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. Free state income tax forms Net short-term capital gain or loss. Free state income tax forms   Combine your short-term capital gains and losses, including your share of short-term capital gains or losses from partnerships, S corporations, and fiduciaries and any short-term capital loss carryover. Free state income tax forms Do this by adding all your short-term capital gains. Free state income tax forms Then add all your short-term capital losses. Free state income tax forms Subtract the lesser total from the other. Free state income tax forms The result is your net short-term capital gain or loss. Free state income tax forms Net long-term capital gain or loss. Free state income tax forms   Follow the same steps to combine your long-term capital gains and losses. Free state income tax forms Include the following items. Free state income tax forms Net section 1231 gain from Part I, Form 4797, after any adjustment for nonrecaptured section 1231 losses from prior tax years. Free state income tax forms Capital gain distributions from regulated investment companies (mutual funds) and real estate investment trusts. Free state income tax forms Your share of long-term capital gains or losses from partnerships, S corporations, and fiduciaries. Free state income tax forms Any long-term capital loss carryover. Free state income tax forms The result from combining these items with other long-term capital gains and losses is your net long-term capital gain or loss. Free state income tax forms Net gain. Free state income tax forms   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. Free state income tax forms Different tax rates may apply to the part that is a net capital gain. Free state income tax forms See Capital Gains Tax Rates, later. Free state income tax forms Net loss. Free state income tax forms   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. Free state income tax forms But there are limits on how much loss you can deduct and when you can deduct it. Free state income tax forms See Treatment of Capital Losses, next. Free state income tax forms    Treatment of Capital Losses If your capital losses are more than your capital gains, you can deduct the difference as a capital loss deduction even if you do not have ordinary income to offset it. Free state income tax forms The yearly limit on the amount of the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). Free state income tax forms Table 4-2. Free state income tax forms Holding Period for Different Types of Acquisitions Type of acquisition: When your holding period starts: Stocks and bonds bought on a securities market Day after trading date you bought security. Free state income tax forms Ends on trading date you sold security. Free state income tax forms U. Free state income tax forms S. Free state income tax forms Treasury notes and bonds If bought at auction, day after notification of bid acceptance. Free state income tax forms If bought through subscription, day after subscription was submitted. Free state income tax forms Nontaxable exchanges Day after date you acquired old property. Free state income tax forms Gift If your basis is giver's adjusted basis, same day as giver's holding period began. Free state income tax forms If your basis is FMV, day after date of gift. Free state income tax forms Real property bought Generally, day after date you received title to the property. Free state income tax forms Real property repossessed Day after date you originally received title to the property, but does not include time between the original sale and date of repossession. Free state income tax forms Capital loss carryover. Free state income tax forms   Generally, you have a capital loss carryover if either of the following situations applies to you. Free state income tax forms Your net loss is more than the yearly limit. Free state income tax forms Your taxable income without your deduction for exemptions is less than zero. Free state income tax forms If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carryover to 2014. Free state income tax forms Example. Free state income tax forms Bob and Gloria Sampson sold property in 2013. Free state income tax forms The sale resulted in a capital loss of $7,000. Free state income tax forms The Sampsons had no other capital transactions. Free state income tax forms On their joint 2013 return, the Sampsons deduct $3,000, the yearly limit. Free state income tax forms They had taxable income of $2,000. Free state income tax forms The unused part of the loss, $4,000 ($7,000 − $3,000), is carried over to 2014. Free state income tax forms If the Sampsons' capital loss had been $2,000, it would not have been more than the yearly limit. Free state income tax forms Their capital loss deduction would have been $2,000. Free state income tax forms They would have no carryover to 2014. Free state income tax forms Short-term and long-term losses. Free state income tax forms   When you carry over a loss, it retains its original character as either long term or short term. Free state income tax forms A short-term loss you carry over to the next tax year is added to short-term losses occurring in that year. Free state income tax forms A long-term loss you carry over to the next tax year is added to long-term losses occurring in that year. Free state income tax forms A long-term capital loss you carry over to the next year reduces that year's long-term gains before its short-term gains. Free state income tax forms   If you have both short-term and long-term losses, your short-term losses are used first against your allowable capital loss deduction. Free state income tax forms If, after using your short-term losses, you have not reached the limit on the capital loss deduction, use your long-term losses until you reach the limit. Free state income tax forms To figure your capital loss carryover from 2013 to 2014 use the Capital Loss Carryover Worksheet in the 2013 Instructions for Schedule D (Form 1040). Free state income tax forms Joint and separate returns. Free state income tax forms   On a joint return, the capital gains and losses of spouses are figured as the gains and losses of an individual. Free state income tax forms If you are married and filing a separate return, your yearly capital loss deduction is limited to $1,500. Free state income tax forms Neither you nor your spouse can deduct any part of the other's loss. Free state income tax forms   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. Free state income tax forms However, if you and your spouse once filed jointly and are now filing separately, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. Free state income tax forms Death of taxpayer. Free state income tax forms   Capital losses cannot be carried over after a taxpayer's death. Free state income tax forms They are deductible only on the final income tax return filed on the decedent's behalf. Free state income tax forms The yearly limit discussed earlier still applies in this situation. Free state income tax forms Even if the loss is greater than the limit, the decedent's estate cannot deduct the difference or carry it over to following years. Free state income tax forms Corporations. Free state income tax forms   A corporation can deduct capital losses only up to the amount of its capital gains. Free state income tax forms In other words, if a corporation has a net capital loss, it cannot be deducted in the current tax year. Free state income tax forms It must be carried to other tax years and deducted from capital gains occurring in those years. Free state income tax forms For more information, see Publication 542. Free state income tax forms Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Free state income tax forms These lower rates are called the maximum capital gains rates. Free state income tax forms The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Free state income tax forms For 2013, the maximum tax rates for individuals are 0%, 15%, 20%, 25%, and 28%. Free state income tax forms Also, individuals, use the Qualified Dividends and Capital Gain Worksheet in the Instructions for Form 1040, or the Schedule D Tax Computation Worksheet in the Instructions for Schedule D (Form 1040) (whichever applies) to figure your tax if you have qualified dividends or net capital gain. Free state income tax forms For more information, see chapter 4 of Publication 550. Free state income tax forms Also see the Instructions for Schedule D (Form 1040). Free state income tax forms Unrecaptured section 1250 gain. Free state income tax forms   Generally, this is the part of any long-term capital gain on section 1250 property (real property) that is due to depreciation. Free state income tax forms Unrecaptured section 1250 gain cannot be more than the net section 1231 gain or include any gain otherwise treated as ordinary income. Free state income tax forms Use the worksheet in the Schedule D instructions to figure your unrecaptured section 1250 gain. Free state income tax forms For more information about section 1250 property and net section 1231 gain, see chapter 3. Free state income tax forms Form 4797 Use Form 4797 to report: The sale or exchange of: Property used in your trade or business; Depreciable and amortizable property; Oil, gas, geothermal, or other mineral properties; and Section 126 property. Free state income tax forms The involuntary conversion (from other than casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. Free state income tax forms The disposition of noncapital assets (other than inventory or property held primarily for sale to customers in the ordinary course of your trade or business). Free state income tax forms The disposition of capital assets not reported on Schedule D. Free state income tax forms The gain or loss (including any related recapture) for partners and S corporation shareholders from certain section 179 property dispositions by partnerships (other than electing large partnerships) and S corporations. Free state income tax forms The computation of recapture amounts under sections 179 and 280F(b)(2) when the business use of section 179 or listed property decreases to 50% or less. Free state income tax forms Gains or losses treated as ordinary gains or losses, if you are a trader in securities or commodities and made a mark-to-market election under Internal Revenue Code section 475(f). Free state income tax forms You can use Form 4797 with Form 1040, 1065, 1120, or 1120S. Free state income tax forms Section 1231 gains and losses. Free state income tax forms   Show any section 1231 gains and losses in Part I. Free state income tax forms Carry a net gain to Schedule D (Form 1040) as a long-term capital gain. Free state income tax forms Carry a net loss to Part II of Form 4797 as an ordinary loss. Free state income tax forms   If you had any nonrecaptured net section 1231 losses from the preceding 5 tax years, reduce your net gain by those losses and report the amount of the reduction as an ordinary gain in Part II. Free state income tax forms Report any remaining gain on Schedule D (Form 1040). Free state income tax forms See Section 1231 Gains and Losses in chapter 3. Free state income tax forms Ordinary gains and losses. Free state income tax forms   Show any ordinary gains and losses in Part II. Free state income tax forms This includes a net loss or a recapture of losses from prior years figured in Part I of Form 4797. Free state income tax forms It also includes ordinary gain figured in Part III. Free state income tax forms Mark-to-market election. Free state income tax forms   If you made a mark-to-market election, you should report all gains and losses from trading as ordinary gains and losses in Part II of Form 4797, instead of as capital gains and losses on Form 8949 and Schedule D (Form 1040). Free state income tax forms See the Instructions for Form 4797. Free state income tax forms Also see Special Rules for Traders in Securities, in chapter 4 of Publication 550. Free state income tax forms Ordinary income from depreciation. Free state income tax forms   Figure the ordinary income from depreciation on personal property and additional depreciation on real property (as discussed in chapter 3) in Part III. Free state income tax forms Carry the ordinary income to Part II of Form 4797 as an ordinary gain. Free state income tax forms Carry any remaining gain to Part I as section 1231 gain, unless it is from a casualty or theft. Free state income tax forms Carry any remaining gain from a casualty or theft to Form 4684. 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