Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

Free Tax Filing Hr Block

1040ez FormsIrs Gov Freefile ComAmend Income Tax Return2011 Irs 1040ez FormHow To File State TaxesFree E File 2011When Can I File An Amended Tax ReturnFile Amended Return1040ez Tax Forms DownloadsUnemployed Tax FilingH&r Block Free Online Tax FilingH&r Block Taxcut Free FileFederal 1040ez FormTaxes Hrblock ComFile Your State Taxes FreeTaxact 2008 Free EfileSelf Employed Tax Calculator2012 1040 Tax FormMilitary Taxes OnlineInternal Revenue Service Tax Forms For 2011Irs 2009 Tax Forms2012 Tax Return OnlineFree State And Federal Tax PreparationHow To Do State TaxesFiling Taxes For 2011E File Tax Return 20111040x 20121040ez 2012 FormHow Do I File A 2010 Tax ReturnHow To File Unemployment On Tax Return2010 1040ez Tax FormMyfreetaxes ReviewIrs Forms 2009 Form 1040Www Irs Gov FileHr Block 1040nrIrs Efile 2011What Do I Need To File My 2012 Tax ReturnTurbotax 2010Can Amended Returns Be E FiledHow To File An Amended Tax Return Online

Free Tax Filing Hr Block

Free tax filing hr block Publication 561 - Main Contents Table of Contents What Is Fair Market Value (FMV)?Factors. Free tax filing hr block Stock. Free tax filing hr block Options. Free tax filing hr block Determining Fair Market Value Problems in Determining Fair Market Value Valuation of Various Kinds of PropertyHousehold Goods Used Clothing Jewelry and Gems Paintings, Antiques, and Other Objects of Art Collections Cars, Boats, and Aircraft Inventory Patents Stocks and Bonds Real Estate Interest in a Business Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Certain Life Insurance and Annuity Contracts Partial Interest in Property Not in Trust AppraisalsDeductions of More Than $5,000 Deductions of More Than $500,000 Qualified Appraisal Form 8283 Internal Revenue Service Review of Appraisals Penalty How To Get Tax HelpLow income tax clinics (LITCs). Free tax filing hr block What Is Fair Market Value (FMV)? To figure how much you may deduct for property that you contribute, you must first determine its fair market value on the date of the contribution. Free tax filing hr block Fair market value. Free tax filing hr block   Fair market value (FMV) is the price that property would sell for on the open market. Free tax filing hr block It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. Free tax filing hr block If you put a restriction on the use of property you donate, the FMV must reflect that restriction. Free tax filing hr block Example 1. Free tax filing hr block If you give used clothing to the Salvation Army, the FMV would be the price that typical buyers actually pay for clothing of this age, condition, style, and use. Free tax filing hr block Usually, such items are worth far less than what you paid for them. Free tax filing hr block Example 2. Free tax filing hr block If you donate land and restrict its use to agricultural purposes, you must value the land at its value for agricultural purposes, even though it would have a higher FMV if it were not restricted. Free tax filing hr block Factors. Free tax filing hr block   In making and supporting the valuation of property, all factors affecting value are relevant and must be considered. Free tax filing hr block These include: The cost or selling price of the item, Sales of comparable properties, Replacement cost, and Opinions of experts. Free tax filing hr block   These factors are discussed later. Free tax filing hr block Also, see Table 1 for a summary of questions to ask as you consider each factor. Free tax filing hr block Date of contribution. Free tax filing hr block   Ordinarily, the date of a contribution is the date that the transfer of the property takes place. Free tax filing hr block Stock. Free tax filing hr block   If you deliver, without any conditions, a properly endorsed stock certificate to a qualified organization or to an agent of the organization, the date of the contribution is the date of delivery. Free tax filing hr block If the certificate is mailed and received through the regular mail, it is the date of mailing. Free tax filing hr block If you deliver the certificate to a bank or broker acting as your agent or to the issuing corporation or its agent, for transfer into the name of the organization, the date of the contribution is the date the stock is transferred on the books of the corporation. Free tax filing hr block Options. Free tax filing hr block   If you grant an option to a qualified organization to buy real property, you have not made a charitable contribution until the organization exercises the option. Free tax filing hr block The amount of the contribution is the FMV of the property on the date the option is exercised minus the exercise price. Free tax filing hr block Example. Free tax filing hr block You grant an option to a local university, which is a qualified organization, to buy real property. Free tax filing hr block Under the option, the university could buy the property at any time during a 2-year period for $40,000. Free tax filing hr block The FMV of the property on the date the option is granted is $50,000. Free tax filing hr block In the following tax year, the university exercises the option. Free tax filing hr block The FMV of the property on the date the option is exercised is $55,000. Free tax filing hr block Therefore, you have made a charitable contribution of $15,000 ($55,000, the FMV, minus $40,000, the exercise price) in the tax year the option is exercised. Free tax filing hr block Determining Fair Market Value Determining the value of donated property would be a simple matter if you could rely only on fixed formulas, rules, or methods. Free tax filing hr block Usually it is not that simple. Free tax filing hr block Using such formulas, etc. Free tax filing hr block , seldom results in an acceptable determination of FMV. Free tax filing hr block There is no single formula that always applies when determining the value of property. Free tax filing hr block This is not to say that a valuation is only guesswork. Free tax filing hr block You must consider all the facts and circumstances connected with the property, such as its desirability, use, and scarcity. Free tax filing hr block For example, donated furniture should not be evaluated at some fixed rate such as 15% of the cost of new replacement furniture. Free tax filing hr block When the furniture is contributed, it may be out of style or in poor condition, therefore having little or no market value. Free tax filing hr block On the other hand, it may be an antique, the value of which could not be determined by using any formula. Free tax filing hr block Cost or Selling Price of the Donated Property The cost of the property to you or the actual selling price received by the qualified organization may be the best indication of its FMV. Free tax filing hr block However, because conditions in the market change, the cost or selling price of property may have less weight if the property was not bought or sold reasonably close to the date of contribution. Free tax filing hr block The cost or selling price is a good indication of the property's value if: The purchase or sale took place close to the valuation date in an open market, The purchase or sale was at “arm's-length,” The buyer and seller knew all relevant facts, The buyer and seller did not have to act, and The market did not change between the date of purchase or sale and the valuation date. Free tax filing hr block Example. Free tax filing hr block Tom Morgan, who is not a dealer in gems, bought an assortment of gems for $5,000 from a promoter. Free tax filing hr block The promoter claimed that the price was “wholesale” even though he and other dealers made similar sales at similar prices to other persons who were not dealers. Free tax filing hr block The promoter said that if Tom kept the gems for more than 1 year and then gave them to charity, Tom could claim a charitable deduction of $15,000, which, according to the promoter, would be the value of the gems at the time of contribution. Free tax filing hr block Tom gave the gems to a qualified charity 13 months after buying them. Free tax filing hr block The selling price for these gems had not changed from the date of purchase to the date he donated them to charity. Free tax filing hr block The best evidence of FMV depends on actual transactions and not on some artificial estimate. Free tax filing hr block The $5,000 charged Tom and others is, therefore, the best evidence of the maximum FMV of the gems. Free tax filing hr block Terms of the purchase or sale. Free tax filing hr block   The terms of the purchase or sale should be considered in determining FMV if they influenced the price. Free tax filing hr block These terms include any restrictions, understandings, or covenants limiting the use or disposition of the property. Free tax filing hr block Rate of increase or decrease in value. Free tax filing hr block   Unless you can show that there were unusual circumstances, it is assumed that the increase or decrease in the value of your donated property from your cost has been at a reasonable rate. Free tax filing hr block For time adjustments, an appraiser may consider published price indexes for information on general price trends, building costs, commodity costs, securities, and works of art sold at auction in arm's-length sales. Free tax filing hr block Example. Free tax filing hr block Bill Brown bought a painting for $10,000. Free tax filing hr block Thirteen months later he gave it to an art museum, claiming a charitable deduction of $15,000 on his tax return. Free tax filing hr block The appraisal of the painting should include information showing that there were unusual circumstances that justify a 50% increase in value for the 13 months Bill held the property. Free tax filing hr block Arm's-length offer. Free tax filing hr block   An arm's-length offer to buy the property close to the valuation date may help to prove its value if the person making the offer was willing and able to complete the transaction. Free tax filing hr block To rely on an offer, you should be able to show proof of the offer and the specific amount to be paid. Free tax filing hr block Offers to buy property other than the donated item will help to determine value if the other property is reasonably similar to the donated property. Free tax filing hr block Sales of Comparable Properties The sales prices of properties similar to the donated property are often important in determining the FMV. Free tax filing hr block The weight to be given to each sale depends on the following. Free tax filing hr block The degree of similarity between the property sold and the donated property. Free tax filing hr block The time of the sale—whether it was close to the valuation date. Free tax filing hr block The circumstances of the sale—whether it was at arm's-length with a knowledgeable buyer and seller, with neither having to act. Free tax filing hr block The conditions of the market in which the sale was made—whether unusually inflated or deflated. Free tax filing hr block The comparable sales method of valuing real estate is explained later under Valuation of Various Kinds of Property. Free tax filing hr block Example 1. Free tax filing hr block Mary Black, who is not a book dealer, paid a promoter $10,000 for 500 copies of a single edition of a modern translation of the Bible. Free tax filing hr block The promoter had claimed that the price was considerably less than the “retail” price, and gave her a statement that the books had a total retail value of $30,000. Free tax filing hr block The promoter advised her that if she kept the Bibles for more than 1 year and then gave them to a qualified organization, she could claim a charitable deduction for the “retail” price of $30,000. Free tax filing hr block Thirteen months later she gave all the Bibles to a church that she selected from a list provided by the promoter. Free tax filing hr block At the time of her donation, wholesale dealers were selling similar quantities of Bibles to the general public for $10,000. Free tax filing hr block The FMV of the Bibles is $10,000, the price at which similar quantities of Bibles were being sold to others at the time of the contribution. Free tax filing hr block Example 2. Free tax filing hr block The facts are the same as in Example 1, except that the promoter gave Mary Black a second option. Free tax filing hr block The promoter said that if Mary wanted a charitable deduction within 1 year of the purchase, she could buy the 500 Bibles at the “retail” price of $30,000, paying only $10,000 in cash and giving a promissory note for the remaining $20,000. Free tax filing hr block The principal and interest on the note would not be due for 12 years. Free tax filing hr block According to the promoter, Mary could then, within 1 year of the purchase, give the Bibles to a qualified organization and claim the full $30,000 retail price as a charitable contribution. Free tax filing hr block She purchased the Bibles under the second option and, 3 months later, gave them to a church, which will use the books for church purposes. Free tax filing hr block At the time of the gift, the promoter was selling similar lots of Bibles for either $10,000 or $30,000. Free tax filing hr block The difference between the two prices was solely at the discretion of the buyer. Free tax filing hr block The promoter was a willing seller for $10,000. Free tax filing hr block Therefore, the value of Mary's contribution of the Bibles is $10,000, the amount at which similar lots of Bibles could be purchased from the promoter by members of the general public. Free tax filing hr block Replacement Cost The cost of buying, building, or manufacturing property similar to the donated item should be considered in determining FMV. Free tax filing hr block However, there must be a reasonable relationship between the replacement cost and the FMV. Free tax filing hr block The replacement cost is the amount it would cost to replace the donated item on the valuation date. Free tax filing hr block Often there is no relationship between the replacement cost and the FMV. Free tax filing hr block If the supply of the donated property is more or less than the demand for it, the replacement cost becomes less important. Free tax filing hr block To determine the replacement cost of the donated property, find the “estimated replacement cost new. Free tax filing hr block ” Then subtract from this figure an amount for depreciation due to the physical condition and obsolescence of the donated property. Free tax filing hr block You should be able to show the relationship between the depreciated replacement cost and the FMV, as well as how you arrived at the “estimated replacement cost new. Free tax filing hr block ” Opinions of Experts Generally, the weight given to an expert's opinion on matters such as the authenticity of a coin or a work of art, or the most profitable and best use of a piece of real estate, depends on the knowledge and competence of the expert and the thoroughness with which the opinion is supported by experience and facts. Free tax filing hr block For an expert's opinion to deserve much weight, the facts must support the opinion. Free tax filing hr block For additional information, see Appraisals, later. Free tax filing hr block Table 1. Free tax filing hr block Factors That Affect FMV IF the factor you are considering is. Free tax filing hr block . Free tax filing hr block . Free tax filing hr block THEN you should ask these questions. Free tax filing hr block . Free tax filing hr block . Free tax filing hr block     cost or selling price Was the purchase or sale of the property reasonably close to the date of contribution? Was any increase or decrease in value, as compared to your cost, at a reasonable rate? Do the terms of purchase or sale limit what can be done with the property? Was there an arm's-length offer to buy the property close to the valuation date?     sales of comparable properties How similar is the property sold to the property donated? How close is the date of sale to the valuation date? Was the sale at arm's-length? What was the condition of the market at the time of sale?     replacement cost What would it cost to replace the donated property? Is there a reasonable relationship between replacement cost and FMV? Is the supply of the donated property more or less than the demand for it?     opinions of experts Is the expert knowledgeable and competent? Is the opinion thorough and supported by facts and experience? Problems in Determining Fair Market Value There are a number of problems in determining the FMV of donated property. Free tax filing hr block Unusual Market Conditions The sale price of the property itself in an arm's-length transaction in an open market is often the best evidence of its value. Free tax filing hr block When you rely on sales of comparable property, the sales must have been made in an open market. Free tax filing hr block If those sales were made in a market that was artificially supported or stimulated so as not to be truly representative, the prices at which the sales were made will not indicate the FMV. Free tax filing hr block For example, liquidation sale prices usually do not indicate the FMV. Free tax filing hr block Also, sales of stock under unusual circumstances, such as sales of small lots, forced sales, and sales in a restricted market, may not represent the FMV. Free tax filing hr block Selection of Comparable Sales Using sales of comparable property is an important method for determining the FMV of donated property. Free tax filing hr block However, the amount of weight given to a sale depends on the degree of similarity between the comparable and the donated properties. Free tax filing hr block The degree of similarity must be close enough so that this selling price would have been given consideration by reasonably well-informed buyers or sellers of the property. Free tax filing hr block Example. Free tax filing hr block You give a rare, old book to your former college. Free tax filing hr block The book is a third edition and is in poor condition because of a missing back cover. Free tax filing hr block You discover that there was a sale for $300, near the valuation date, of a first edition of the book that was in good condition. Free tax filing hr block Although the contents are the same, the books are not at all similar because of the different editions and their physical condition. Free tax filing hr block Little consideration would be given to the selling price of the $300 property by knowledgeable buyers or sellers. Free tax filing hr block Future Events You may not consider unexpected events happening after your donation of property in making the valuation. Free tax filing hr block You may consider only the facts known at the time of the gift, and those that could be reasonably expected at the time of the gift. Free tax filing hr block Example. Free tax filing hr block You give farmland to a qualified charity. Free tax filing hr block The transfer provides that your mother will have the right to all income and full use of the property for her life. Free tax filing hr block Even though your mother dies 1 week after the transfer, the value of the property on the date it is given is its present value, subject to the life interest as estimated from actuarial tables. Free tax filing hr block You may not take a higher deduction because the charity received full use and possession of the land only 1 week after the transfer. Free tax filing hr block Using Past Events to Predict the Future A common error is to rely too much on past events that do not fairly reflect the probable future earnings and FMV. Free tax filing hr block Example. Free tax filing hr block You give all your rights in a successful patent to your favorite charity. Free tax filing hr block Your records show that before the valuation date there were three stages in the patent's history of earnings. Free tax filing hr block First, there was rapid growth in earnings when the invention was introduced. Free tax filing hr block Then, there was a period of high earnings when the invention was being exploited. Free tax filing hr block Finally, there was a decline in earnings when competing inventions were introduced. Free tax filing hr block The entire history of earnings may be relevant in estimating the future earnings. Free tax filing hr block However, the appraiser must not rely too much on the stage of rapid growth in earnings, or of high earnings. Free tax filing hr block The market conditions at those times do not represent the condition of the market at the valuation date. Free tax filing hr block What is most significant is the trend of decline in earnings up to the valuation date. Free tax filing hr block For more information about donations of patents, see Patents, later. Free tax filing hr block Valuation of Various Kinds of Property This section contains information on determining the FMV of ordinary kinds of donated property. Free tax filing hr block For information on appraisals, see Appraisals, later. Free tax filing hr block Household Goods The FMV of used household goods, such as furniture, appliances, and linens, is usually much lower than the price paid when new. Free tax filing hr block Such used property may have little or no market value because of its worn condition. Free tax filing hr block It may be out of style or no longer useful. Free tax filing hr block You cannot take a deduction for household goods donated after August 17, 2006, unless they are in good used condition or better. Free tax filing hr block A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. Free tax filing hr block See Deduction over $500 for certain clothing or household items, later. Free tax filing hr block If the property is valuable because it is old or unique, see the discussion under Paintings, Antiques, and Other Objects of Art. Free tax filing hr block Used Clothing Used clothing and other personal items are usually worth far less than the price you paid for them. Free tax filing hr block Valuation of items of clothing does not lend itself to fixed formulas or methods. Free tax filing hr block The price that buyers of used items actually pay in used clothing stores, such as consignment or thrift shops, is an indication of the value. Free tax filing hr block You cannot take a deduction for clothing donated after August 17, 2006, unless it is in good used condition or better. Free tax filing hr block An item of clothing that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. Free tax filing hr block See Deduction over $500 for certain clothing or household items, later. Free tax filing hr block For valuable furs or very expensive gowns, a Form 8283 may have to be sent with your tax return. Free tax filing hr block Jewelry and Gems Jewelry and gems are of such a specialized nature that it is almost always necessary to get an appraisal by a specialized jewelry appraiser. Free tax filing hr block The appraisal should describe, among other things, the style of the jewelry, the cut and setting of the gem, and whether it is now in fashion. Free tax filing hr block If not in fashion, the possibility of having the property redesigned, recut, or reset should be reported in the appraisal. Free tax filing hr block The stone's coloring, weight, cut, brilliance, and flaws should be reported and analyzed. Free tax filing hr block Sentimental personal value has no effect on FMV. Free tax filing hr block But if the jewelry was owned by a famous person, its value might increase. Free tax filing hr block Paintings, Antiques, and Other Objects of Art Your deduction for contributions of paintings, antiques, and other objects of art, should be supported by a written appraisal from a qualified and reputable source, unless the deduction is $5,000 or less. Free tax filing hr block Examples of information that should be included in appraisals of art objects—paintings in particular—are found later under Qualified Appraisal. Free tax filing hr block Art valued at $20,000 or more. Free tax filing hr block   If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the signed appraisal to your return. Free tax filing hr block For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request. Free tax filing hr block Art valued at $50,000 or more. Free tax filing hr block   If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. Free tax filing hr block You must request the statement before filing the tax return that reports the donation. Free tax filing hr block Your request must include the following. Free tax filing hr block A copy of a qualified appraisal of the item. Free tax filing hr block See Qualified Appraisal, later. Free tax filing hr block A $2,500 check or money order payable to the Internal Revenue Service for the user fee that applies to your request regarding one, two, or three items of art. Free tax filing hr block Add $250 for each item in excess of three. Free tax filing hr block A completed Form 8283, Section B. Free tax filing hr block The location of the IRS territory that has examination responsibility for your return. Free tax filing hr block If your request lacks essential information, you will be notified and given 30 days to provide the missing information. Free tax filing hr block   Send your request to: Internal Revenue Service Attention: Art Appraisal (C:AP:ART) P. Free tax filing hr block O. Free tax filing hr block Box 27720 McPherson Station Washington, DC 20038 Refunds. Free tax filing hr block   You can withdraw your request for a Statement of Value at any time before it is issued. Free tax filing hr block However, the IRS will not refund the user fee if you do. Free tax filing hr block   If the IRS declines to issue a Statement of Value in the interest of efficient tax administration, the IRS will refund the user fee. Free tax filing hr block Authenticity. Free tax filing hr block   The authenticity of the donated art must be determined by the appraiser. Free tax filing hr block Physical condition. Free tax filing hr block   Important items in the valuation of antiques and art are physical condition and extent of restoration. Free tax filing hr block These have a significant effect on the value and must be fully reported in an appraisal. Free tax filing hr block An antique in damaged condition, or lacking the “original brasses,” may be worth much less than a similar piece in excellent condition. Free tax filing hr block Art appraisers. Free tax filing hr block   More weight will usually be given to an appraisal prepared by an individual specializing in the kind and price range of the art being appraised. Free tax filing hr block Certain art dealers or appraisers specialize, for example, in old masters, modern art, bronze sculpture, etc. Free tax filing hr block Their opinions on the authenticity and desirability of such art would usually be given more weight than the opinions of more generalized art dealers or appraisers. Free tax filing hr block They can report more recent comparable sales to support their opinion. Free tax filing hr block   To identify and locate experts on unique, specialized items or collections, you may wish to use the current Official Museum Directory of the American Association of Museums. Free tax filing hr block It lists museums both by state and by category. Free tax filing hr block   To help you locate a qualified appraiser for your donation, you may wish to ask an art historian at a nearby college or the director or curator of a local museum. Free tax filing hr block The Yellow Pages often list specialized art and antique dealers, auctioneers, and art appraisers. Free tax filing hr block You may be able to find a qualified appraiser on the Internet. Free tax filing hr block You may also contact associations of dealers for guidance. Free tax filing hr block Collections Since many kinds of hobby collections may be the subject of a charitable donation, it is not possible to discuss all of the possible collectibles in this publication. Free tax filing hr block Most common are rare books, autographs, sports memorabilia, dolls, manuscripts, stamps, coins, guns, phonograph records, and natural history items. Free tax filing hr block Many of the elements of valuation that apply to paintings and other objects of art, discussed earlier, also apply to miscellaneous collections. Free tax filing hr block Reference material. Free tax filing hr block   Publications available to help you determine the value of many kinds of collections include catalogs, dealers' price lists, and specialized hobby periodicals. Free tax filing hr block When using one of these price guides, you must use the current edition at the date of contribution. Free tax filing hr block However, these sources are not always reliable indicators of FMV and should be supported by other evidence. Free tax filing hr block   For example, a dealer may sell an item for much less than is shown on a price list, particularly after the item has remained unsold for a long time. Free tax filing hr block The price an item sold for in an auction may have been the result of a rigged sale or a mere bidding duel. Free tax filing hr block The appraiser must analyze the reference material, and recognize and make adjustments for misleading entries. Free tax filing hr block If you are donating a valuable collection, you should get an appraisal. Free tax filing hr block If your donation appears to be of little value, you may be able to make a satisfactory valuation using reference materials available at a state, city, college, or museum library. Free tax filing hr block Stamp collections. Free tax filing hr block   Most libraries have catalogs or other books that report the publisher's estimate of values. Free tax filing hr block Generally, two price levels are shown for each stamp: the price postmarked and the price not postmarked. Free tax filing hr block Stamp dealers generally know the value of their merchandise and are able to prepare satisfactory appraisals of valuable collections. Free tax filing hr block Coin collections. Free tax filing hr block   Many catalogs and other reference materials show the writer's or publisher's opinion of the value of coins on or near the date of the publication. Free tax filing hr block Like many other collectors' items, the value of a coin depends on the demand for it, its age, and its rarity. Free tax filing hr block Another important factor is the coin's condition. Free tax filing hr block For example, there is a great difference in the value of a coin that is in mint condition and a similar coin that is only in good condition. Free tax filing hr block   Catalogs usually establish a category for coins, based on their physical condition—mint or uncirculated, extremely fine, very fine, fine, very good, good, fair, or poor—with a different valuation for each category. Free tax filing hr block Books. Free tax filing hr block   The value of books is usually determined by selecting comparable sales and adjusting the prices according to the differences between the comparable sales and the item being evaluated. Free tax filing hr block This is difficult to do and, except for a collection of little value, should be done by a specialized appraiser. Free tax filing hr block Within the general category of literary property, there are dealers who specialize in certain areas, such as Americana, foreign imports, Bibles, and scientific books. Free tax filing hr block Modest value of collection. Free tax filing hr block   If the collection you are donating is of modest value, not requiring a written appraisal, the following information may help you in determining the FMV. Free tax filing hr block   A book that is very old, or very rare, is not necessarily valuable. Free tax filing hr block There are many books that are very old or rare, but that have little or no market value. Free tax filing hr block Condition of book. Free tax filing hr block   The condition of a book may have a great influence on its value. Free tax filing hr block Collectors are interested in items that are in fine, or at least good, condition. Free tax filing hr block When a book has a missing page, a loose binding, tears, stains, or is otherwise in poor condition, its value is greatly lowered. Free tax filing hr block Other factors. Free tax filing hr block   Some other factors in the valuation of a book are the kind of binding (leather, cloth, paper), page edges, and illustrations (drawings and photographs). Free tax filing hr block Collectors usually want first editions of books. Free tax filing hr block However, because of changes or additions, other editions are sometimes worth as much as, or more than, the first edition. Free tax filing hr block Manuscripts, autographs, diaries, and similar items. Free tax filing hr block   When these items are handwritten, or at least signed by famous people, they are often in demand and are valuable. Free tax filing hr block The writings of unknowns also may be of value if they are of unusual historical or literary importance. Free tax filing hr block Determining the value of such material is difficult. Free tax filing hr block For example, there may be a great difference in value between two diaries that were kept by a famous person—one kept during childhood and the other during a later period in his or her life. Free tax filing hr block The appraiser determines a value in these cases by applying knowledge and judgment to such factors as comparable sales and conditions. Free tax filing hr block Signatures. Free tax filing hr block   Signatures, or sets of signatures, that were cut from letters or other papers usually have little or no value. Free tax filing hr block But complete sets of the signatures of U. Free tax filing hr block S. Free tax filing hr block presidents are in demand. Free tax filing hr block Cars, Boats, and Aircraft If you donate a car, a boat, or an aircraft to a charitable organization, its FMV must be determined. Free tax filing hr block Certain commercial firms and trade organizations publish monthly or seasonal guides for different regions of the country, containing complete dealer sale prices or dealer average prices for recent model years. Free tax filing hr block Prices are reported for each make, model, and year. Free tax filing hr block These guides also provide estimates for adjusting for unusual equipment, unusual mileage, and physical condition. Free tax filing hr block The prices are not “official,” and these publications are not considered an appraisal of any specific donated property. Free tax filing hr block But they do provide clues for making an appraisal and suggest relative prices for comparison with current sales and offerings in your area. Free tax filing hr block These publications are sometimes available from public libraries or at a bank, credit union, or finance company. Free tax filing hr block You can also find pricing information about used cars on the Internet. Free tax filing hr block An acceptable measure of the FMV of a donated car, boat, or airplane is an amount not in excess of the price listed in a used vehicle pricing guide for a private party sale, not the dealer retail value, of a similar vehicle. Free tax filing hr block However, the FMV may be less than that amount if the vehicle has engine trouble, body damage, high mileage, or any type of excessive wear. Free tax filing hr block The FMV of a donated vehicle is the same as the price listed in a used vehicle pricing guide for a private party sale only if the guide lists a sales price for a vehicle that is the same make, model, and year, sold in the same area, in the same condition, with the same or similar options or accessories, and with the same or similar warranties as the donated vehicle. Free tax filing hr block Example. Free tax filing hr block You donate a used car in poor condition to a local high school for use by students studying car repair. Free tax filing hr block A used car guide shows the dealer retail value for this type of car in poor condition is $1,600. Free tax filing hr block However, the guide shows the price for a private party sale of the car is only $750. Free tax filing hr block The FMV of the car is considered to be no more than $750. Free tax filing hr block Boats. Free tax filing hr block   Except for inexpensive small boats, the valuation of boats should be based on an appraisal by a marine surveyor because the physical condition is so critical to the value. Free tax filing hr block More information. Free tax filing hr block   Your deduction for a donated car, boat, or airplane generally is limited to the gross proceeds from its sale by the qualified organization. Free tax filing hr block This rule applies if the claimed value of the donated vehicle is more than $500. Free tax filing hr block In certain cases, you can deduct the vehicle's FMV. Free tax filing hr block For details, see Publication 526. Free tax filing hr block Inventory If you donate any inventory item to a charitable organization, the amount of your deductible contribution generally is the FMV of the item, minus any gain you would have realized if you had sold the item at its FMV on the date of the gift. Free tax filing hr block For more information, see Publication 526. Free tax filing hr block Patents To determine the FMV of a patent, you must take into account, among other factors: Whether the patented technology has been made obsolete by other technology; Any restrictions on the donee's use of, or ability to transfer, the patented technology; and The length of time remaining before the patent expires. Free tax filing hr block However, your deduction for a donation of a patent or other intellectual property is its FMV, minus any gain you would have realized if you had sold the property at its FMV on the date of the gift. Free tax filing hr block Generally, this means your deduction is the lesser of the property's FMV or its basis. Free tax filing hr block For details, see Publication 526. Free tax filing hr block Stocks and Bonds The value of stocks and bonds is the FMV of a share or bond on the valuation date. Free tax filing hr block See Date of contribution, earlier, under What Is Fair Market Value (FMV). Free tax filing hr block Selling prices on valuation date. Free tax filing hr block   If there is an active market for the contributed stocks or bonds on a stock exchange, in an over-the-counter market, or elsewhere, the FMV of each share or bond is the average price between the highest and lowest quoted selling prices on the valuation date. Free tax filing hr block For example, if the highest selling price for a share was $11, and the lowest $9, the average price is $10. Free tax filing hr block You get the average price by adding $11 and $9 and dividing the sum by 2. Free tax filing hr block No sales on valuation date. Free tax filing hr block   If there were no sales on the valuation date, but there were sales within a reasonable period before and after the valuation date, you determine FMV by taking the average price between the highest and lowest sales prices on the nearest date before and on the nearest date after the valuation date. Free tax filing hr block Then you weight these averages in inverse order by the respective number of trading days between the selling dates and the valuation date. Free tax filing hr block Example. Free tax filing hr block   On the day you gave stock to a qualified organization, there were no sales of the stock. Free tax filing hr block Sales of the stock nearest the valuation date took place two trading days before the valuation date at an average selling price of $10 and three trading days after the valuation date at an average selling price of $15. Free tax filing hr block The FMV on the valuation date was $12, figured as follows: [(3 x $10) + (2 x $15)] ÷ 5 = $12 Listings on more than one stock exchange. Free tax filing hr block   Stocks or bonds listed on more than one stock exchange are valued based on the prices of the exchange on which they are principally dealt. Free tax filing hr block This applies if these prices are published in a generally available listing or publication of general circulation. Free tax filing hr block If this is not applicable, and the stocks or bonds are reported on a composite listing of combined exchanges in a publication of general circulation, use the composite list. Free tax filing hr block See also Unavailable prices or closely held corporation, later. Free tax filing hr block Bid and asked prices on valuation date. Free tax filing hr block   If there were no sales within a reasonable period before and after the valuation date, the FMV is the average price between the bona fide bid and asked prices on the valuation date. Free tax filing hr block Example. Free tax filing hr block Although there were no sales of Blue Corporation stock on the valuation date, bona fide bid and asked prices were available on that date of $14 and $16, respectively. Free tax filing hr block The FMV is $15, the average price between the bid and asked prices. Free tax filing hr block No prices on valuation date. Free tax filing hr block   If there were no prices available on the valuation date, you determine FMV by taking the average prices between the bona fide bid and asked prices on the closest trading date before and after the valuation date. Free tax filing hr block Both dates must be within a reasonable period. Free tax filing hr block Then you weight these averages in inverse order by the respective number of trading days between the bid and asked dates and the valuation date. Free tax filing hr block Example. Free tax filing hr block On the day you gave stock to a qualified organization, no prices were available. Free tax filing hr block Bona fide bid and asked prices 3 days before the valuation date were $10 and 2 days after the valuation date were $15. Free tax filing hr block The FMV on the valuation date is $13, figured as follows: [(2 x $10) + (3 x $15)] ÷ 5 = $13 Prices only before or after valuation date, but not both. Free tax filing hr block   If no selling prices or bona fide bid and asked prices are available on a date within a reasonable period before the valuation date, but are available on a date within a reasonable period after the valuation date, or vice versa, then the average price between the highest and lowest of such available prices may be treated as the value. Free tax filing hr block Large blocks of stock. Free tax filing hr block   When a large block of stock is put on the market, it may lower the selling price of the stock if the supply is greater than the demand. Free tax filing hr block On the other hand, market forces may exist that will afford higher prices for large blocks of stock. Free tax filing hr block Because of the many factors to be considered, determining the value of large blocks of stock usually requires the help of experts specializing in underwriting large quantities of securities, or in trading in the securities of the industry of which the particular company is a part. Free tax filing hr block Unavailable prices or closely held corporation. Free tax filing hr block   If selling prices or bid and asked prices are not available, or if securities of a closely held corporation are involved, determine the FMV by considering the following factors. Free tax filing hr block For bonds, the soundness of the security, the interest yield, the date of maturity, and other relevant factors. Free tax filing hr block For shares of stock, the company's net worth, prospective earning power and dividend-paying capacity, and other relevant factors. Free tax filing hr block Other factors. Free tax filing hr block   Other relevant factors include: The nature and history of the business, especially its recent history, The goodwill of the business, The economic outlook in the particular industry, The company's position in the industry, its competitors, and its management, and The value of securities of corporations engaged in the same or similar business. Free tax filing hr block For preferred stock, the most important factors are its yield, dividend coverage, and protection of its liquidation preference. Free tax filing hr block   You should keep complete financial and other information on which the valuation is based. Free tax filing hr block This includes copies of reports of examinations of the company made by accountants, engineers, or any technical experts on or close to the valuation date. Free tax filing hr block Restricted securities. Free tax filing hr block   Some classes of stock cannot be traded publicly because of restrictions imposed by the Securities and Exchange Commission, or by the corporate charter or a trust agreement. Free tax filing hr block These restricted securities usually trade at a discount in relation to freely traded securities. Free tax filing hr block   To arrive at the FMV of restricted securities, factors that you must consider include the resale provisions found in the restriction agreements, the relative negotiating strengths of the buyer and seller, and the market experience of freely traded securities of the same class as the restricted securities. Free tax filing hr block Real Estate Because each piece of real estate is unique and its valuation is complicated, a detailed appraisal by a professional appraiser is necessary. Free tax filing hr block The appraiser must be thoroughly trained in the application of appraisal principles and theory. Free tax filing hr block In some instances the opinions of equally qualified appraisers may carry unequal weight, such as when one appraiser has a better knowledge of local conditions. Free tax filing hr block The appraisal report must contain a complete description of the property, such as street address, legal description, and lot and block number, as well as physical features, condition, and dimensions. Free tax filing hr block The use to which the property is put, zoning and permitted uses, and its potential use for other higher and better uses are also relevant. Free tax filing hr block In general, there are three main approaches to the valuation of real estate. Free tax filing hr block An appraisal may require the combined use of two or three methods rather than one method only. Free tax filing hr block 1. Free tax filing hr block Comparable Sales The comparable sales method compares the donated property with several similar properties that have been sold. Free tax filing hr block The selling prices, after adjustments for differences in date of sale, size, condition, and location, would then indicate the estimated FMV of the donated property. Free tax filing hr block If the comparable sales method is used to determine the value of unimproved real property (land without significant buildings, structures, or any other improvements that add to its value), the appraiser should consider the following factors when comparing the potential comparable property and the donated property: Location, size, and zoning or use restrictions, Accessibility and road frontage, and available utilities and water rights, Riparian rights (right of access to and use of the water by owners of land on the bank of a river) and existing easements, rights-of-way, leases, etc. Free tax filing hr block , Soil characteristics, vegetative cover, and status of mineral rights, and Other factors affecting value. Free tax filing hr block For each comparable sale, the appraisal must include the names of the buyer and seller, the deed book and page number, the date of sale and selling price, a property description, the amount and terms of mortgages, property surveys, the assessed value, the tax rate, and the assessor's appraised FMV. Free tax filing hr block The comparable selling prices must be adjusted to account for differences between the sale property and the donated property. Free tax filing hr block Because differences of opinion may arise between appraisers as to the degree of comparability and the amount of the adjustment considered necessary for comparison purposes, an appraiser should document each item of adjustment. Free tax filing hr block Only comparable sales having the least adjustments in terms of items and/or total dollar adjustments should be considered as comparable to the donated property. Free tax filing hr block 2. Free tax filing hr block Capitalization of Income This method capitalizes the net income from the property at a rate that represents a fair return on the particular investment at the particular time, considering the risks involved. Free tax filing hr block The key elements are the determination of the income to be capitalized and the rate of capitalization. Free tax filing hr block 3. Free tax filing hr block Replacement Cost New or Reproduction Cost Minus Observed Depreciation This method, used alone, usually does not result in a determination of FMV. Free tax filing hr block Instead, it generally tends to set the upper limit of value, particularly in periods of rising costs, because it is reasonable to assume that an informed buyer will not pay more for the real estate than it would cost to reproduce a similar property. Free tax filing hr block Of course, this reasoning does not apply if a similar property cannot be created because of location, unusual construction, or some other reason. Free tax filing hr block Generally, this method serves to support the value determined from other methods. Free tax filing hr block When the replacement cost method is applied to improved realty, the land and improvements are valued separately. Free tax filing hr block The replacement cost of a building is figured by considering the materials, the quality of workmanship, and the number of square feet or cubic feet in the building. Free tax filing hr block This cost represents the total cost of labor and material, overhead, and profit. Free tax filing hr block After the replacement cost has been figured, consideration must be given to the following factors: Physical deterioration—the wear and tear on the building itself, Functional obsolescence—usually in older buildings with, for example, inadequate lighting, plumbing, or heating, small rooms, or a poor floor plan, and Economic obsolescence—outside forces causing the whole area to become less desirable. Free tax filing hr block Interest in a Business The FMV of any interest in a business, whether a sole proprietorship or a partnership, is the amount that a willing buyer would pay for the interest to a willing seller after consideration of all relevant factors. Free tax filing hr block The relevant factors to be considered in valuing the business are: The FMV of the assets of the business, The demonstrated earnings capacity of the business, based on a review of past and current earnings, and The other factors used in evaluating corporate stock, if they apply. Free tax filing hr block The value of the goodwill of the business should also be taken into consideration. Free tax filing hr block You should keep complete financial and other information on which you base the valuation. Free tax filing hr block This includes copies of reports of examinations of the business made by accountants, engineers, or any technical experts on or close to the valuation date. Free tax filing hr block Annuities, Interests for Life or Terms of Years, Remainders, and Reversions The value of these kinds of property is their present value, except in the case of annuities under contracts issued by companies regularly engaged in their sale. Free tax filing hr block The valuation of these commercial annuity contracts and of insurance policies is discussed later under Certain Life Insurance and Annuity Contracts. Free tax filing hr block To determine present value, you must know the applicable interest rate and use actuarial tables. Free tax filing hr block Interest rate. Free tax filing hr block   The applicable interest rate varies. Free tax filing hr block It is announced monthly in a news release and published in the Internal Revenue Bulletin as a Revenue Ruling. Free tax filing hr block The interest rate to use is under the heading “Rate Under Section 7520” for a given month and year. Free tax filing hr block You can call the IRS office at 1-800-829-1040 to obtain this rate. Free tax filing hr block Actuarial tables. Free tax filing hr block   You need to refer to actuarial tables to determine a qualified interest in the form of an annuity, any interest for life or a term of years, or any remainder interest to a charitable organization. Free tax filing hr block   Use the valuation tables set forth in IRS Publications 1457, Actuarial Values (Book Aleph), and 1458, Actuarial Values (Book Beth). Free tax filing hr block Both of these publications provide tables containing actuarial factors to be used in determining the present value of an annuity, an interest for life or for a term of years, or a remainder or reversionary interest. Free tax filing hr block For qualified charitable transfers, you can use the factor for the month in which you made the contribution or for either of the 2 months preceding that month. Free tax filing hr block   Publication 1457 also contains actuarial factors for computing the value of a remainder interest in a charitable remainder annuity trust and a pooled income fund. Free tax filing hr block Publication 1458 contains the factors for valuing the remainder interest in a charitable remainder unitrust. Free tax filing hr block You can download Publications 1457 and 1458 from www. Free tax filing hr block irs. Free tax filing hr block gov. Free tax filing hr block In addition, they are available for purchase via the website of the U. Free tax filing hr block S. Free tax filing hr block Government Printing Office, by phone at (202) 512-1800, or by mail from the: Superintendent of Documents P. Free tax filing hr block O. Free tax filing hr block Box 371954 Pittsburgh, PA 15250-7954 Tables containing actuarial factors for transfers to pooled income funds may also be found in Income Tax Regulation 1. Free tax filing hr block 642(c)-6(e)(6), transfers to charitable remainder unitrusts in Regulation 1. Free tax filing hr block 664-4(e), and other transfers in Regulation 20. Free tax filing hr block 2031-7(d)(6). Free tax filing hr block Special factors. Free tax filing hr block   If you need a special factor for an actual transaction, you can request a letter ruling. Free tax filing hr block Be sure to include the date of birth of each person the duration of whose life may affect the value of the interest. Free tax filing hr block Also include copies of the relevant instruments. Free tax filing hr block IRS charges a user fee for providing special factors. Free tax filing hr block   For more information about requesting a ruling, see Revenue Procedure 2006-1 (or annual update), 2006-1 I. Free tax filing hr block R. Free tax filing hr block B. Free tax filing hr block 1. Free tax filing hr block Revenue Procedure 2006-1 is available at www. Free tax filing hr block irs. Free tax filing hr block gov/irb/2006-01_IRB/ar06. Free tax filing hr block html. Free tax filing hr block   For information on the circumstances under which a charitable deduction may be allowed for the donation of a partial interest in property not in trust, see Partial Interest in Property Not in Trust, later. Free tax filing hr block Certain Life Insurance and Annuity Contracts The value of an annuity contract or a life insurance policy issued by a company regularly engaged in the sale of such contracts or policies is the amount that company would charge for a comparable contract. Free tax filing hr block But if the donee of a life insurance policy may reasonably be expected to cash the policy rather than hold it as an investment, then the FMV is the cash surrender value rather than the replacement cost. Free tax filing hr block If an annuity is payable under a combination annuity contract and life insurance policy (for example, a retirement income policy with a death benefit) and there was no insurance element when it was transferred to the charity, the policy is treated as an annuity contract. Free tax filing hr block Partial Interest in Property Not in Trust Generally, no deduction is allowed for a charitable contribution, not made in trust, of less than your entire interest in property. Free tax filing hr block However, this does not apply to a transfer of less than your entire interest if it is a transfer of: A remainder interest in your personal residence or farm, An undivided part of your entire interest in property, or A qualified conservation contribution. Free tax filing hr block Remainder Interest in Real Property The amount of the deduction for a donation of a remainder interest in real property is the FMV of the remainder interest at the time of the contribution. Free tax filing hr block To determine this value, you must know the FMV of the property on the date of the contribution. Free tax filing hr block Multiply this value by the appropriate factor. Free tax filing hr block Publications 1457 and 1458 contain these factors. Free tax filing hr block You must make an adjustment for depreciation or depletion using the factors shown in Publication 1459, Actuarial Values (Book Gimel). Free tax filing hr block You can use the factors for the month in which you made the contribution or for either of the two months preceding that month. Free tax filing hr block See the earlier discussion on Annuities, Interests for Life or Terms of Years, Remainders, and Reversions. Free tax filing hr block You can download Publication 1459 from www. Free tax filing hr block irs. Free tax filing hr block gov. Free tax filing hr block For this purpose, the term “depreciable property” means any property subject to wear and tear or obsolescence, even if not used in a trade or business or for the production of income. Free tax filing hr block If the remainder interest includes both depreciable and nondepreciable property, for example a house and land, the FMV must be allocated between each kind of property at the time of the contribution. Free tax filing hr block This rule also applies to a gift of a remainder interest that includes property that is part depletable and part not depletable. Free tax filing hr block Take into account depreciation or depletion only for the property that is subject to depreciation or depletion. Free tax filing hr block For more information, see section 1. Free tax filing hr block 170A-12 of the Income Tax Regulations. Free tax filing hr block Undivided Part of Your Entire Interest A contribution of an undivided part of your entire interest in property must consist of a part of each and every substantial interest or right you own in the property. Free tax filing hr block It must extend over the entire term of your interest in the property. Free tax filing hr block For example, you are entitled to the income from certain property for your life (life estate) and you contribute 20% of that life estate to a qualified organization. Free tax filing hr block You can claim a deduction for the contribution if you do not have any other interest in the property. Free tax filing hr block To figure the value of a contribution involving a partial interest, see Publication 1457. Free tax filing hr block If the only interest you own in real property is a remainder interest and you transfer part of that interest to a qualified organization, see the previous discussion on valuation of a remainder interest in real property. Free tax filing hr block Qualified Conservation Contribution A qualified conservation contribution is a contribution of a qualified real property interest to a qualified organization to be used only for conservation purposes. Free tax filing hr block Qualified organization. Free tax filing hr block   For purposes of a qualified conservation contribution, a qualified organization is: A governmental unit, A publicly supported charitable, religious, scientific, literary, educational, etc. Free tax filing hr block , organization, or An organization that is controlled by, and operated for the exclusive benefit of, a governmental unit or a publicly supported charity. Free tax filing hr block The organization also must have a commitment to protect the conservation purposes of the donation and must have the resources to enforce the restrictions. Free tax filing hr block Conservation purposes. Free tax filing hr block   Your contribution must be made only for one of the following conservation purposes. Free tax filing hr block Preserving land areas for outdoor recreation by, or for the education of, the general public. Free tax filing hr block Protecting a relatively natural habitat of fish, wildlife, or plants, or a similar ecosystem. Free tax filing hr block Preserving open space, including farmland and forest land, if it yields a significant public benefit. Free tax filing hr block It must be either for the scenic enjoyment of the general public or under a clearly defined federal, state, or local governmental conservation policy. Free tax filing hr block Preserving a historically important land area or a certified historic structure. Free tax filing hr block There must be some visual public access to the property. Free tax filing hr block Factors used in determining the type and amount of public access required include the historical significance of the property, the remoteness or accessibility of the site, and the extent to which intrusions on the privacy of individuals living on the property would be unreasonable. Free tax filing hr block Building in registered historic district. Free tax filing hr block   A contribution after July 25, 2006, of a qualified real property interest that is an easement or other restriction on the exterior of a building in a registered historic district is deductible only if it meets all of the following three conditions. Free tax filing hr block The restriction must preserve the entire exterior of the building and must prohibit any change to the exterior of the building that is inconsistent with its historical character. Free tax filing hr block You and the organization receiving the contribution must enter into a written agreement certifying, that the organization is a qualified organization and that it has the resources and commitment to maintain the property as donated. Free tax filing hr block If you make the contribution in a tax year beginning after August 17, 2006, you must include with your return: A qualified appraisal, Photographs of the building's entire exterior, and A description of all restrictions on development of the building, such as zoning laws and restrictive covenants. Free tax filing hr block   If you make this type of contribution after February 12, 2007, and claim a deduction of more than $10,000, your deduction will not be allowed unless you pay a $500 filing fee. Free tax filing hr block See Form 8283-V, Payment Voucher for Filing Fee Under Section 170(f)(13), and its instructions. Free tax filing hr block Qualified real property interest. Free tax filing hr block   This is any of the following interests in real property. Free tax filing hr block Your entire interest in real estate other than a mineral interest (subsurface oil, gas, or other minerals, and the right of access to these minerals). Free tax filing hr block A remainder interest. Free tax filing hr block A restriction (granted in perpetuity) on the use that may be made of the real property. Free tax filing hr block Valuation. Free tax filing hr block   A qualified real property interest described in (1) should be valued in a manner that is consistent with the type of interest transferred. Free tax filing hr block If you transferred all the interest in the property, the FMV of the property is the amount of the contribution. Free tax filing hr block If you do not transfer the mineral interest, the FMV of the surface rights in the property is the amount of the contribution. Free tax filing hr block   If you owned only a remainder interest or an income interest (life estate), see Undivided Part of Your Entire Interest, earlier. Free tax filing hr block If you owned the entire property but transferred only a remainder interest (item (2)), see Remainder Interest in Real Property, earlier. Free tax filing hr block   In determining the value of restrictions, you should take into account the selling price in arm's-length transactions of other properties that have comparable restrictions. Free tax filing hr block If there are no comparable sales, the restrictions are valued indirectly as the difference between the FMVs of the property involved before and after the grant of the restriction. Free tax filing hr block   The FMV of the property before contribution of the restriction should take into account not only current use but the likelihood that the property, without the restriction, would be developed. Free tax filing hr block You should also consider any zoning, conservation, or historical preservation laws that would restrict development. Free tax filing hr block Granting an easement may increase, rather than reduce, the value of property, and in such a situation no deduction would be allowed. Free tax filing hr block Example. Free tax filing hr block   You own 10 acres of farmland. Free tax filing hr block Similar land in the area has an FMV of $2,000 an acre. Free tax filing hr block However, land in the general area that is restricted solely to farm use has an FMV of $1,500 an acre. Free tax filing hr block Your county wants to preserve open space and prevent further development in your area. Free tax filing hr block   You grant to the county an enforceable open space easement in perpetuity on 8 of the 10 acres, restricting its use to farmland. Free tax filing hr block The value of this easement is $4,000, determined as follows: FMV of the property before granting easement:   $2,000 × 10 acres $20,000 FMV of the property after granting easement:   $1,500 × 8 acres $12,000   $2,000 × 2 acres 4,000 16,000 Value of easement   $4,000   If you later transfer in fee your remaining interest in the 8 acres to another qualified organization, the FMV of your remaining interest is the FMV of the 8 acres reduced by the FMV of the easement granted to the first organization. Free tax filing hr block More information. Free tax filing hr block   For more information about qualified conservation contributions, see Publication 526. Free tax filing hr block Appraisals Appraisals are not necessary for items of property for which you claim a deduction of $5,000 or less. Free tax filing hr block (There is one exception, described next, for certain clothing and household items. Free tax filing hr block ) However, you generally will need an appraisal for donated property for which you claim a deduction of more than $5,000. Free tax filing hr block There are exceptions. Free tax filing hr block See Deductions of More Than $5,000, later. Free tax filing hr block The weight given an appraisal depends on the completeness of the report, the qualifications of the appraiser, and the appraiser's demonstrated knowledge of the donated property. Free tax filing hr block An appraisal must give all the facts on which to base an intelligent judgment of the value of the property. Free tax filing hr block The appraisal will not be given much weight if: All the factors that apply are not considered, The opinion is not supported with facts, such as purchase price and comparable sales, or The opinion is not consistent with known facts. Free tax filing hr block The appraiser's opinion is never more valid than the facts on which it is based; without these facts it is simply a guess. Free tax filing hr block The opinion of a person claiming to be an expert is not binding on the Internal Revenue Service. Free tax filing hr block All facts associated with the donation must be considered. Free tax filing hr block Deduction over $500 for certain clothing or household items. Free tax filing hr block   You must include with your return a qualified appraisal of any single item of clothing or any household item that is not in good used condition or better, that you donated after August 17, 2006, and for which you deduct more than $500. Free tax filing hr block See Household Goods and Used Clothing, earlier. Free tax filing hr block Cost of appraisals. Free tax filing hr block   You may not take a charitable contribution deduction for fees you pay for appraisals of your donated property. Free tax filing hr block However, these fees may qualify as a miscellaneous deduction, subject to the 2% limit, on Schedule A (Form 1040) if paid to determine the amount allowable as a charitable contribution. Free tax filing hr block Deductions of More Than $5,000 Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser, and you must attach Section B of Form 8283 to your tax return. Free tax filing hr block There are exceptions, discussed later. Free tax filing hr block You should keep the appraiser's report with your written records. Free tax filing hr block Records are discussed in Publication 526. Free tax filing hr block The phrase “similar items” means property of the same generic category or type (whether or not donated to the same donee), such as stamp collections, coin collections, lithographs, paintings, photographs, books, nonpublicly traded stock, nonpublicly traded securities other than nonpublicly traded stock, land, buildings, clothing, jewelry, furniture, electronic equipment, household appliances, toys, everyday kitchenware, china, crystal, or silver. Free tax filing hr block For example, if you give books to three schools and you deduct $2,000, $2,500, and $900, respectively, your claimed deduction is more than $5,000 for these books. Free tax filing hr block You must get a qualified appraisal of the books and for each school you must attach a fully completed Form 8283, Section B, to your tax return. Free tax filing hr block Exceptions. Free tax filing hr block   You do not need an appraisal if the property is: Nonpublicly traded stock of $10,000 or less, A vehicle (including a car, boat, or airplane) for which your deduction is limited to the gross proceeds from its sale, Qualified intellectual property, such as a patent, Certain publicly traded securities described next, Inventory and other property donated by a corporation that are “qualified contributions” for the care of the ill, the needy, or infants, within the meaning of section 170(e)(3)(A) of the Internal Revenue Code, or Stock in trade, inventory, or property held primarily for sale to customers in the ordinary course of your trade or business. Free tax filing hr block   Although an appraisal is not required for the types of property just listed, you must provide certain information about a donation of any of these types of property on Form 8283. Free tax filing hr block Publicly traded securities. Free tax filing hr block   Even if your claimed deduction is more than $5,000, neither a qualified appraisal nor Section B of Form 8283 is required for publicly traded securities that are: Listed on a stock exchange in which quotations are published on a daily basis, Regularly traded in a national or regional over-the-counter market for which published quotations are available, or Shares of an open-end investment company (mutual fund) for which quotations are published on a daily basis in a newspaper of general circulation throughout the United States. Free tax filing hr block Publicly traded securities that meet these requirements must be reported on Form 8283, Section A. Free tax filing hr block   A qualified appraisal is not required, but Form 8283, Section B, Parts I and IV, must be completed, for an issue of a security that does not meet the requirements just listed but does meet these requirements: The issue is regularly traded during the computation period (defined later) in a market for which there is an “interdealer quotation system” (defined later), The issuer or agent computes the “average trading price” (defined later) for the same issue for the computation period, The average trading price and total volume of the issue during the computation period are published in a newspaper of general circulation throughout the United States, not later than the last day of the month following the end of the calendar quarter in which the computation period ends, The issuer or agent keeps books and records that list for each transaction during the computation period the date of settlement of the transaction, the name and address of the broker or dealer making the market in which the transaction occurred, and the trading price and volume, and The issuer or agent permits the Internal Revenue Service to review the books and records described in item (4) with respect to transactions during the computation period upon receiving reasonable notice. Free tax filing hr block   An interdealer quotation system is any system of general circulation to brokers and dealers that regularly disseminates quotations of obligations by two or more identified brokers or dealers who are not related to either the issuer or agent who computes the average trading price of the security. Free tax filing hr block A quotation sheet prepared and distributed by a broker or dealer in the regular course of business and containing only quotations of that broker or dealer is not an interdealer quotation system. Free tax filing hr block   The average trading price is the average price of all transactions (weighted by volume), other than original issue or redemption transactions, conducted through a United States office of a broker or dealer who maintains a market in the issue of the security during the computation period. Free tax filing hr block Bid and asked quotations are not taken into account. Free tax filing hr block   The computation period is weekly during October through December and monthly during January through September. Free tax filing hr block The weekly computation periods during October through December begin with the first Monday in October and end with the first Sunday following the last Monday in December. Free tax filing hr block Nonpublicly traded stock. Free tax filing hr block   If you contribute nonpublicly traded stock, for which you claim a deduction of $10,000 or less, a qualified appraisal is not required. Free tax filing hr block However, you must attach Form 8283 to your tax return, with Section B, Parts I and IV, completed. Free tax filing hr block Deductions of More Than $500,000 If you claim a deduction of more than $500,000 for a donation of property, you must attach a qualified appraisal of the property to your return. Free tax filing hr block This does not apply to contributions of cash, inventory, publicly traded stock, or intellectual property. Free tax filing hr block If you do not attach the appraisal, you cannot deduct your contribution, unless your failure to attach the appraisal is due to reasonable cause and not to willful neglect. Free tax filing hr block Qualified Appraisal Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser. Free tax filing hr block You must also complete Form 8283, Section B, and attach it to your tax return. Free tax filing hr block See Deductions of More Than $5,000, earlier. Free tax filing hr block A qualified appraisal is an appraisal document that: Is made, signed, and dated by a qualified appraiser (defined later) in accordance with generally accepted appraisal standards, Meets the relevant requirements of Regulations section 1. Free tax filing hr block 170A-13(c)(3) and Notice 2006-96, 2006-46 I. Free tax filing hr block R. Free tax filing hr block B. Free tax filing hr block 902 (available at www. Free tax filing hr block irs. Free tax filing hr block gov/irb/2006-46_IRB/ar13. Free tax filing hr block html), Relates to an appraisal made not earlier than 60 days before the date of contribution of the appraised property, Does not involve a prohibited appraisal fee, and Includes certain information (covered later). Free tax filing hr block You must receive the qualified appraisal before the due date, including extensions, of the return on which a charitable contribution deduction is first claimed for the donated property. Free tax filing hr block If the deduction is first claimed on an amended return, the qualified appraisal must be received before the date on which the amended return is filed. Free tax filing hr block Form 8283, Section B, must be attached to your tax return. Free tax filing hr block Generally, you do not need to attach the qualified appraisal itself, but you should keep a copy as long as it may be relevant under the tax law. Free tax filing hr block There are four exceptions. Free tax filing hr block If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the appraisal. Free tax filing hr block See Paintings, Antiques, and Other Objects of Art, earlier. Free tax filing hr block If you claim a deduction of more than $500,000 for a donation of property, you must attach the appraisal. Free tax filing hr block See Deductions of More Than $500,000, earlier. Free tax filing hr block If you claim a deduction of more than $500 for an article of clothing, or a household item, that is not in good used condition or better, that you donated after August 17, 2006, you must attach the appraisal. Free tax filing hr block See Deduction over $500 for certain clothing or household items, earlier. Free tax filing hr block If you claim a deduction in a tax year beginning after August 17, 2006, for an easement or other restriction on the exterior of a building in a historic district, you must attach the appraisal. Free tax filing hr block See Building in registered historic district, earlier. Free tax filing hr block Prohibited appraisal fee. Free tax filing hr block   Generally, no part of the fee arrangement for a qualified appraisal can be based on a percentage of the appraised value of the property. Free tax filing hr block If a fee arrangement is based on what is allowed as a deduction, after Internal Revenue Service examination or otherwise, it is treated as a fee based on a percentage of appraised value. Free tax filing hr block However, appraisals are not disqualified when an otherwise prohi
Print - Click this link to Print this page

SOI Tax Stats - Tax Stats at a Glance

Return to Tax Stats home page

 


2013 Tax Stats Card


Summary of Collections Before Refunds by Type of Return, FY 2012 [1]

 


Type of Return


Number of Returns


Gross Collections
(Millions of $)

Individual income tax

146,243,886

1,371,402

Corporation income tax

2,262,961 [2]

280,965

Employment taxes

29,589,891

784,397

Excise taxes

1,196,789

56,175

Gift tax

249,451

2,110

Estate tax

26,859

12,341


Selected Information from Returns Filed


Corporate Returns (TY 2010) [3]
 

 Number filing with assets $250M or more

 14,584

 Percent of total corporate net income for firms with assets $250M or more

73.2%

 


S Corporation Returns (TY 2010) [3]
 

 Number of returns

 4,127,554

 


Partnership Returns  (TY 2011) [3]
 

 Number of returns

3,285,177

 


Individual Returns

Top 1-percent Adjusted Gross Income (AGI) break (TY 2011) [3]

 $388,799

Top 10-percent AGI break (TY 2011) [3]

  $120,077

Median AGI (TY 2011) [3] 

$34,794

 

Percent that claim standard deductions (TY 2011) [3]

  66.5%

Percent that claim itemized deductions (TY 2011) [3]

  31.8%

Percent e-filed (TY 2012) thru 4/25/2013 [4]  

90.1%

Percent using paid preparers (TY 2011) [3]

  56.0%

 

Number of returns with AGI $1M or more (TY 2011) [4] 

304,118

State with the highest number-California (TY 2011)

45,109

State with the least number- Vermont (TY 2011)  

340

 

Number of individual refunds (TY 2011) (millions) [3] 

  113.5

Individual refund amount (TY 2011) (billions of $) [3]

  $325.8

Average individual refund amount (TY 2011)

  $2,872

 

Earned Income Tax Credit (TY 2011) [3]:

Number of returns with credit (millions)  

27.9

Amount claimed (billions of $)

  $62.9

 

Nonprofit Organizations  (TY 2009) [3,5]

Number of returns (Forms 990 & 990-PF filers)  

413,415

Assets controlled by nonprofits (billions of $)  

$3.2

 

Taxpayer Assistance  (FY 2012) [1]

Number assisted by writing, calling, or by walk-in

96,867,755

 

 



Sources and footnotes:

[FY] Fiscal Year 
[TY] Tax Year
[1] Source: IRS Data Book, publication 55B
[2] Excludes S Corporations.
[3] Source—SOI data.
[4] Source— IRS Masterfile System
[5] Organizations tax-exempt under Section 501(c)(3)
 

Revised: August 2013


Return to Tax Stats home page

Page Last Reviewed or Updated: 24-Jan-2014

The Free Tax Filing Hr Block

Free tax filing hr block 30. Free tax filing hr block   Cómo Calcular los Impuestos Table of Contents Introduction Cómo Calcular los Impuestos Impuesto Mínimo Alternativo (AMT) Impuestos Calculados por el IRS Cómo Presentar la Declaración Introduction Una vez que haya calculado los ingresos y deducciones según se explica en las Partes Uno a Cinco, calcule los impuestos. Free tax filing hr block Este capítulo trata sobre los temas siguientes: Los pasos a seguir para calcular los impuestos, Un impuesto adicional que podría verse obligado a pagar, el cual se denomina “impuesto mínimo alternativo” (AMT, por sus siglas en inglés) y Las condiciones que tiene que cumplir si desea que el IRS le calcule los impuestos. Free tax filing hr block Cómo Calcular los Impuestos El impuesto sobre los ingresos se basa en los ingresos tributables. Free tax filing hr block Después de haber calculado el impuesto sobre los ingresos y el impuesto mínimo alternativo, si lo hubiera, reste los créditos tributarios y sume cualquier otro impuesto adeudado. Free tax filing hr block El resultado es el total de los impuestos. Free tax filing hr block Compare el total de los impuestos con el total de los pagos que ha efectuado para saber si tiene derecho a un reembolso o si tiene que efectuar un pago. Free tax filing hr block Esta sección expone los puntos generales para calcular el impuesto. Free tax filing hr block Puede encontrar instrucciones detalladas en las Instrucciones de los Formularios 1040EZ, 1040A y 1040. Free tax filing hr block Si no está seguro de qué formulario tributario debe presentar, vea ¿Qué Formulario Debo Usar? , en el capítulo 1. Free tax filing hr block Impuestos. Free tax filing hr block   La mayor parte de los contribuyentes utiliza la Tabla de Impuestos o la Hoja de Trabajo para el Cálculo del Impuesto para calcular el impuesto sobre el ingreso. Free tax filing hr block No obstante, existen métodos especiales si los ingresos incluyen cualquiera de los siguientes puntos: Una ganancia neta de capital. Free tax filing hr block (Vea el capítulo 16). Free tax filing hr block Dividendos calificados gravados a la misma tasa que una ganancia neta de capital. Free tax filing hr block (Vea los capítulos 8 y 16). Free tax filing hr block Distribuciones de suma global. Free tax filing hr block (Vea el capítulo 10). Free tax filing hr block Ingresos procedentes de la agricultura o pesca. Free tax filing hr block (Vea el Anexo J del Formulario 1040, Income Averaging for Farmers and Fishermen (Cómo calcular el promedio de ingresos para los agricultores y pescadores), en inglés. Free tax filing hr block Ingresos de inversiones de más de $2,000 para determinados hijos. Free tax filing hr block (Vea el capítulo 31). Free tax filing hr block Elección del padre o de la madre de declarar los intereses y dividendos de un hijo. Free tax filing hr block (Vea el capítulo 31). Free tax filing hr block Exclusión de ingresos devengados en el extranjero o exclusión por concepto de vivienda en el extranjero. Free tax filing hr block (Vea el Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero) o el Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero) y el Foreign Earned Income Tax Worksheet (Hoja de trabajo para los impuestos sobre ingresos devengados en el extranjero) de las Instrucciones del Formulario 1040), todos en inglés. Free tax filing hr block Créditos. Free tax filing hr block   Luego de haber calculado el impuesto sobre los ingresos y todo impuesto mínimo alternativo (explicado más adelante), verifique si tiene derecho a algún crédito tributario. Free tax filing hr block Puede encontrar información para saber si tiene derecho a estos créditos tributarios en los capítulos 32 al 37 y en las instrucciones de los formularios de impuestos. Free tax filing hr block La tabla a continuación muestra los créditos que tal vez pueda restar del impuesto y le indica en dónde puede encontrar más información sobre cada crédito. Free tax filing hr block CRÉDITOS Para información sobre: Vea el   capítulo: Adopción 37 Vehículo motorizado alternativo 37 Propiedad para reabastecimiento de vehículos con combustible alternativo 37 Cuidado de menores y dependientes 32 Crédito tributario por hijos 34 Crédito para titulares de bonos de crédito tributario 37 Estudios 35 Ancianos o personas incapacitadas 33 Crédito por vehículos eléctricos 37 Impuestos del extranjero 37 Intereses hipotecarios 37 Impuesto mínimo de años anteriores 37 Energía residencial 37 Aportaciones a arreglos de ahorros para la jubilación 37   Hay algunos créditos (como el crédito por ingreso del trabajo) que no aparecen en la lista porque se consideran pagos. Free tax filing hr block Vea Pagos , más adelante. Free tax filing hr block   Existen otros créditos no abordados en esta publicación. Free tax filing hr block Éstos abarcan los siguientes créditos: Crédito general para negocios, el cual se compone de distintos créditos relacionados con los negocios. Free tax filing hr block Éstos suelen declararse en el Formulario 3800, General Business Credit (Crédito general para negocios) y se explican en el capítulo 4 de la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambos en inglés. Free tax filing hr block Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios para electricidad y carbón refinado producidos en instalaciones puestas en funcionamiento después del 22 de octubre de 2004 (después del 2 de octubre de 2008, para la electricidad producida mediante la energía hidrocinética renovable y la energía marina renovable) y carbón de yacimientos en tierras pertenecientes a indios producido en instalaciones puestas en funcionamiento después del 8 de agosto de 2005. Free tax filing hr block Vea la Parte II del Formulario 8835, Renewable Electricity, Refined Coal, and Indian Coal Production Credit (Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios), en inglés. Free tax filing hr block Crédito de oportunidad laboral. Free tax filing hr block Vea el Formulario 5884, Work Opportunity Credit (Crédito de oportunidad laboral), en inglés. Free tax filing hr block Crédito por impuestos del Seguro Social y Medicare del empleador pagados sobre ciertas propinas del empleado. Free tax filing hr block Vea el Formulario 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips (Crédito por impuestos del Seguro Social y del Medicare pagados por el empleador sobre ciertas propinas del empleado), en inglés. Free tax filing hr block Otros impuestos. Free tax filing hr block   Después de haber restado los créditos tributarios, determine si tiene que pagar impuestos adicionales. Free tax filing hr block Este capítulo no explica dichos impuestos adicionales. Free tax filing hr block Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. Free tax filing hr block Consulte la tabla siguiente para ver otros impuestos que tal vez necesite sumar al impuesto sobre los ingresos. Free tax filing hr block OTROS IMPUESTOS Para información sobre: Vea el   capítulo: Impuestos adicionales sobre planes de jubilación y arreglos IRA calificados 10, 17 Impuestos sobre el empleo de empleados domésticos 32 Recuperación de un crédito para estudios 35 Impuesto del Seguro Social y Medicare sobre el salario 5 Impuesto del Seguro Social y Medicare sobre las propinas 6 Impuestos no retenidos del Seguro Social y Medicare sobre propinas 6   Usted quizás podría verse obligado a pagar el impuesto mínimo alternativo (el cual se explica más adelante en este capítulo). Free tax filing hr block   Existen impuestos adicionales que no se explican en esta publicación. Free tax filing hr block Éstos abarcan lo siguiente: Impuesto sobre el trabajo por cuenta propia. Free tax filing hr block Tiene que calcular este impuesto si cualquiera de las dos condiciones siguientes le corresponde (o a su cónyuge, si usted presenta una declaración conjunta). Free tax filing hr block Tiene ganancias netas provenientes del trabajo por cuenta propia de $400 o más, salvo ingresos de un empleado de una iglesia. Free tax filing hr block El término “ganancias netas provenientes del trabajo por cuenta propia” puede incluir determinada remuneración que no recibió como empleado y otras cantidades detalladas en el Formulario 1099-MISC, Miscellaneous Income (Ingresos misceláneos), en inglés. Free tax filing hr block Si recibió el Formulario 1099-MISC, vea las Instructions for Recipient (Instrucciones para el destinatario), al dorso del mismo. Free tax filing hr block Asimismo, vea las instrucciones del Anexo SE del Formulario 1040, Self-Employment Tax (Impuesto sobre el trabajo por cuenta propia) y la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambas en inglés. Free tax filing hr block Recibió ingresos de $108. Free tax filing hr block 28 o más como empleado de una iglesia. Free tax filing hr block Impuesto Adicional del Medicare. Free tax filing hr block Comenzando en el año 2013, usted quizás podría estar sujeto a un Impuesto Adicional del Medicare de 0. Free tax filing hr block 9%, que se le aplica a los salarios sujetos al impuesto Medicare, la remuneración recibida conforme a la Railroad Retirement Act (Ley de Jubilación Ferroviaria) y el ingreso sobre el trabajo por cuenta propia que esté sobre cierta cantidad según su estado civil para efectos de la declaración. Free tax filing hr block Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8959, ambas disponibles en inglés. Free tax filing hr block Impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Free tax filing hr block Comenzando en el año 2013, usted quizás podría estar sujeto al impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Free tax filing hr block El NIIT es un impuesto de 3. Free tax filing hr block 8% sobre la cantidad menor entre el ingreso neto de inversión o la cantidad en exceso de su ingreso bruto ajustado modificado sobre una cantidad límite. Free tax filing hr block Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8960, ambas disponibles en inglés. Free tax filing hr block Impuestos sobre recuperaciones. Free tax filing hr block Podría verse obligado a pagar estos impuestos si antes ha reclamado un crédito por inversiones, crédito de vivienda para personas de bajos recursos, crédito por mercados nuevos, crédito por vehículos enchufables con motor de dirección eléctrica que reúnen los requisitos, crédito por vehículo motorizado alternativo, crédito por instalaciones para proveer cuidado de niños provistas por el empleador, crédito por empleo de indios estadounidenses u otros créditos enumerados en las instrucciones para la línea 60 del Formulario 1040. Free tax filing hr block Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax filing hr block Impuesto sobre beneficios en exceso de la sección 72(m)(5). Free tax filing hr block Si usted es (o fue) propietario del 5% de un negocio y recibió una distribución superior a los beneficios que se le ofrecen conforme a la fórmula para planes de pensiones o de anualidades calificados, tal vez tenga que pagar este impuesto adicional. Free tax filing hr block Vea Tax on Excess Benefits (Impuesto sobre beneficios en exceso), en el capítulo 4 de la Publicación 560, Retirement Plans for Small Business (Planes de jubilación para pequeños negocios), en inglés. Free tax filing hr block Impuesto del Seguro Social y Medicare sobre el seguro de vida colectivo a término fijo que no fue recaudado. Free tax filing hr block Si su antiguo empleador proveyó más de $50,000 en cobertura de seguro de vida colectivo a término fijo, usted tiene que pagar la parte correspondiente al empleado de los impuestos del Seguro Social y Medicare sobre esas primas. Free tax filing hr block La cantidad debe aparecer en el recuadro 12 del Formulario W-2 con los códigos M y N. Free tax filing hr block Impuestos sobre pagos de contrato blindado. Free tax filing hr block Este impuesto le corresponde si recibió un “pago de contrato blindado en exceso” ( “excess parachute payment” o EPP, por sus siglas en inglés) debido a un cambio de propietario o administración de la empresa. Free tax filing hr block La cantidad de este impuesto debe estar indicada en el recuadro 12 del Formulario W-2 con el código K. Free tax filing hr block Vea las instrucciones para la línea 60 del Formulario 1040. Free tax filing hr block Impuestos sobre distribuciones acumuladas de fideicomisos. Free tax filing hr block Esto le corresponde si es el beneficiario de un fideicomiso que haya acumulado ingresos, en vez de haberlos distribuido a intervalos regulares. Free tax filing hr block Vea el Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuestos sobre distribuciones acumuladas de fideicomisos), y sus instrucciones, en inglés. Free tax filing hr block Impuestos adicionales sobre las cuentas HSA o MSA. Free tax filing hr block Puede que tenga que pagar impuestos adicionales si las cantidades que se han aportado a su cuenta de ahorros para la salud (HSA, por sus siglas en inglés) o su cuenta de ahorros para gastos médicos (MSA, por sus siglas en inglés) o las cantidades que se han distribuido de éstas no cumplen los requisitos correspondientes a dichas cuentas. Free tax filing hr block Vea la Publicación 969, Health Savings Accounts and Other Tax-Favored Health Plans (Cuentas de ahorros para la salud y otros planes para la salud con beneficios tributarios); el Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Cuentas Archer MSA de ahorros médicos y contratos del seguro de cuidado a largo plazo); Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorros médicos (HSA, por sus siglas en inglés)) y el Formulario 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (Impuestos adicionales sobre planes calificados (incluidos los arreglos IRA) y otras cuentas con beneficios tributarios), todos en inglés. Free tax filing hr block Impuestos adicionales en cuentas Coverdell ESA para estudios. Free tax filing hr block Esto es aplicable si las cantidades que se han aportado a su cuenta Coverdell ESA para estudios o que se han distribuido de la misma no satisfacen los requisitos correspondientes a dichas cuentas. Free tax filing hr block Vea la Publicación 970, Tax Benefits for Education (Prestaciones tributarias para estudios) y el Formulario 5329, ambos en inglés. Free tax filing hr block Impuestos adicionales sobre programas de matrícula calificada. Free tax filing hr block Esto corresponde a cantidades distribuidas de programas de matrícula calificada generales pero que no cumplan los requisitos de dichas cuentas. Free tax filing hr block Vea la Publicación 970 y el Formulario 5329, ambos en inglés. Free tax filing hr block Impuestos sobre artículos de uso y consumo gravados sobre remuneraciones de acciones internas de una empresa expatriada. Free tax filing hr block Tal vez adeude un impuesto sobre artículos de uso y consumo del 15% sobre el valor de opciones de acciones no estatutarias y sobre otra remuneración determinada procedente de las acciones, de las cuales usted o un miembro de su familia es dueño, que es de una empresa expatriada o su grupo ampliado de filiales en las que usted fue ejecutivo, directivo o propietario de más del 10%. Free tax filing hr block Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax filing hr block Impuestos adicionales sobre ingresos recibidos de un plan de remuneración diferida no calificado que no reúna determinados requisitos adicionales. Free tax filing hr block Estos ingresos tienen que aparecer en el recuadro 12 del Formulario W-2, con el código Z o en el recuadro 15b del Formulario 1099-MISC. Free tax filing hr block Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax filing hr block Intereses sobre los impuestos adeudados sobre ingresos de pagos a plazo procedentes de la venta de ciertos terrenos residenciales y multipropiedades. Free tax filing hr block Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax filing hr block Intereses sobre los impuestos diferidos sobre ganancias de ciertas ventas a plazos con precio de venta superior a $150,000. Free tax filing hr block Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax filing hr block Devolución del crédito tributario para comprador de primera vivienda. Free tax filing hr block Si desea más información, vea el Formulario 5405, Repayment of the First-Time Homebuyer Credit (Devolución del crédito tributario para comprador de primera vivienda) y sus instrucciones, disponibles en inglés. Free tax filing hr block Además, vea las instrucciones para la línea 59b del Formulario 1040, en inglés. Free tax filing hr block Pagos. Free tax filing hr block   Después de calcular el impuesto total, calcule el total de los pagos que ya haya efectuado para el año. Free tax filing hr block Incluya los créditos que se tratan como pagos. Free tax filing hr block Este capítulo no explica dichos pagos ni créditos. Free tax filing hr block Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. Free tax filing hr block Vea la siguiente tabla para saber qué cantidades se pueden incluir en el total de sus pagos. Free tax filing hr block PAGOS Para información sobre: Vea el   capítulo: Crédito tributario por hijos (adicional) 34 Crédito por ingreso del trabajo 36 Impuestos estimados pagados 4 Impuestos de Seguro Social o impuestos de la jubilación ferroviaria retenidos en exceso 37 Retención del impuesto federal sobre los ingresos 4 Crédito tributario por cobertura del seguro médico 37 Crédito por sociedad inversionista reglamentada 37 Impuesto pagado a través de prórroga 1   Otro crédito que se considera un pago es el crédito por concepto del impuesto federal sobre artículos de uso y consumo pagado sobre combustibles. Free tax filing hr block Este crédito es para personas que hagan uso no tributable de determinados combustibles, tales como diésel y keroseno. Free tax filing hr block Se declara en la línea 70 del Formulario 1040. Free tax filing hr block Vea el Formulario 4136, Credit for Federal Tax Paid on Fuels (Crédito por impuestos federales pagados sobre combustibles), en inglés. Free tax filing hr block Reembolso o saldo adeudado. Free tax filing hr block   Para saber si tiene derecho a recibir un reembolso o si tiene que efectuar algún pago, compare el total de los pagos con el total del impuesto. Free tax filing hr block Si tiene derecho a un reembolso, vea las instrucciones del formulario que presentará para saber cómo puede depositar dicho reembolso directamente en una o más de sus cuentas o para comprar bonos de ahorros de los Estados Unidos en vez de recibir un cheque en papel. Free tax filing hr block Impuesto Mínimo Alternativo (AMT) Esta sección explica brevemente el impuesto adicional que podría verse obligado a pagar. Free tax filing hr block La ley tributaria les da un trato especial a determinados tipos de ingresos y permite deducciones y créditos especiales para algunos tipos de gastos. Free tax filing hr block Los contribuyentes que se vean beneficiados por este trato particular podrían estar obligados a pagar al menos una cantidad mínima de impuestos mediante otro impuesto adicional denominado “impuesto mínimo alternativo” (AMT, por sus siglas en inglés). Free tax filing hr block Tal vez tenga que pagar el impuesto mínimo alternativo si sus ingresos tributables para fines tributarios normales, sumados a determinados ajustes y elementos de preferencia tributaria, superan una determinada cantidad. Free tax filing hr block Vea el Formulario 6251, Alternative Minimum Tax — Individuals (Impuesto mínimo alternativo — personas físicas), en inglés. Free tax filing hr block Ajustes y elementos de preferencia tributaria. Free tax filing hr block   Los ajustes más comunes y elementos de preferencia tributaria abarcan los siguientes casos: Inclusión de exenciones personales, Inclusión de la deducción estándar (si ésta se reclamó), Inclusión de deducciones detalladas por concepto de impuestos estatales y locales, determinados intereses, la mayor parte de las deducciones misceláneas y parte de los gastos médicos, Exclusión de todo reembolso de impuestos estatales y locales que se haya incluido en los ingresos brutos, Cambios en la depreciación acelerada de determinados bienes, La diferencia entre ganancias y pérdidas sobre la venta de bienes declarada para fines tributarios normales y del impuesto mínimo alternativo, Inclusión de determinados ingresos procedentes de opciones de compra de acciones con incentivo, Cambio en ciertas deducciones por pérdidas de actividades pasivas, Inclusión de algún valor de agotamiento que sea superior a la base ajustada de los bienes, Inclusión de una parte de la deducción por ciertos gastos de perforación intangibles e Inclusión de intereses exentos de impuestos sobre determinados bonos de una actividad privada. Free tax filing hr block Información adicional. Free tax filing hr block   Para más información acerca del impuesto mínimo alternativo, vea las Instrucciones para el Formulario 6251, en inglés. Free tax filing hr block Impuestos Calculados por el IRS Si presenta la declaración para el 15 de abril de 2014, puede pedir que el IRS le calcule los impuestos en el Formulario 1040EZ, el Formulario 1040A o el Formulario 1040. Free tax filing hr block Si el IRS le calcula los impuestos y usted pagó demasiado, recibirá un reembolso. Free tax filing hr block Si no pagó lo suficiente, recibirá una factura que indique el saldo adeudado. Free tax filing hr block Para no tener que pagar intereses o una multa por pagos morosos, tiene que pagar la factura dentro de 30 días a partir de la fecha de la factura o para la fecha de vencimiento para la presentación de la declaración, la que ocurra más tarde. Free tax filing hr block El IRS también le calcula el crédito para ancianos o personas incapacitadas además del crédito por ingreso del trabajo. Free tax filing hr block Cuándo el IRS no puede calcularle los impuestos. Free tax filing hr block   El IRS no puede calcularle los impuestos si se da alguna de las siguientes condiciones: Desea que el reembolso se deposite directamente en sus cuentas. Free tax filing hr block Desea que alguna parte del reembolso se aplique al impuesto estimado de 2014. Free tax filing hr block Recibió ingresos para el año de fuentes que no sean salarios, sueldos, propinas, intereses, dividendos, beneficios de Seguro Social sujetos a impuestos, compensación por desempleo, distribuciones de un arreglo IRA, pensiones y anualidades. Free tax filing hr block Su ingreso tributable es $100,000 o más. Free tax filing hr block Detalla las deducciones. Free tax filing hr block Presenta cualquiera de los siguientes formularios: Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero), en inglés. Free tax filing hr block Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero), en inglés. Free tax filing hr block Formulario 4137, Social Security and Medicare Tax on Unreported Tip Income (Impuestos del Seguro Social y Medicare sobre el ingreso de propinas no declaradas), en inglés. Free tax filing hr block Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuesto sobre distribuciones acumuladas de un fideicomiso), en inglés. Free tax filing hr block Formulario 4972, Tax on Lump-Sum Distributions (Impuesto sobre distribuciones de sumas globales), en inglés. Free tax filing hr block Formulario 6198, At-Risk Limitations (Límites sobre el monto en riesgo), en inglés. Free tax filing hr block Formulario 6251, Alternative Minimum Tax—Individuals (Impuesto mínimo alternativo—personas físicas), en inglés. Free tax filing hr block Formulario 8606, Nondeductible IRAs (Arreglos IRA no deducibles), en inglés. Free tax filing hr block Formulario 8615, Tax for Certain Children Who Have Unearned Income (Impuesto para determinados hijos con ingresos no derivados del trabajo), en inglés. Free tax filing hr block Formulario 8814, Parents' Election To Report Child's Interest and Dividends (Decisión de los padres de declarar los intereses y dividendos del hijo), en inglés. Free tax filing hr block Formulario 8839, Qualified Adoption Expenses (Gastos de adopción calificados), en inglés. Free tax filing hr block Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Planes de ahorros para gastos médicos Archer y contratos de seguro para cuidados a largo plazo), en inglés. Free tax filing hr block Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorro para gastos médicos (HSA)), en inglés. Free tax filing hr block Formulario 8919, Uncollected Social Security and Medicare Tax on Wages (Impuestos sobre salarios sujetos al Seguro Social y al Medicare no recaudados), en inglés. Free tax filing hr block Cómo Presentar la Declaración Después de haber completado las líneas del formulario de impuestos que va a presentar, escriba su nombre y dirección. Free tax filing hr block En el espacio provisto, anote su número de Seguro Social. Free tax filing hr block Si es casado, escriba los números de Seguro Social de usted y su cónyuge aun si presenta una declaración por separado. Free tax filing hr block Firme y feche la declaración y escriba su(s) oficio(s). Free tax filing hr block Si presenta una declaración conjunta, usted y su cónyuge tienen que firmarla. Free tax filing hr block En el espacio provisto, anote un número telefónico con su código de área donde ubicarlo durante el día. Free tax filing hr block Esto agilizará la tramitación de su declaración si el IRS tiene una pregunta que puede ser resuelta por teléfono. Free tax filing hr block Si presenta una declaración conjunta de impuestos, anote el número de teléfono donde usted o su cónyuge pueden ser localizados durante el día. Free tax filing hr block Si desea autorizar al IRS para que hable sobre su declaración de impuestos del año 2013 con su amigo, con un miembro de su familia o con cualquier persona que usted elija, marque el recuadro “ Yes ” (Sí) en el área titulada “ Third Party Designee ” (Designación de un tercero) de su declaración de impuestos. Free tax filing hr block También, escriba el nombre del designado, número de teléfono y cualesquier 5 dígitos que el designado elija como su número de identificación personal (PIN, por sus siglas en inglés). Free tax filing hr block Si marca el recuadro “ Yes ” (Sí), usted y su cónyuge, si presentan una declaración conjunta, autoriza(n) a los empleados del IRS a llamar al designado para que éste conteste toda pregunta que surja durante el trámite de su declaración de impuestos. Free tax filing hr block Complete y adjunte a su declaración en papel cualesquier anexo y formulario solicitado en las líneas que usted completó. Free tax filing hr block Adjunte una copia de cada uno de los Formularios W-2 a la declaración en papel. Free tax filing hr block Además, adjunte a su declaración en papel todo Formulario 1099-R recibido que indique retención de impuestos en el recuadro 4. Free tax filing hr block Envíe la declaración al Internal Revenue Service Center (Centro de Servicio del IRS) que corresponda al área donde vive. Free tax filing hr block Una lista de direcciones de Centros de Servicio se halla al final de la publicación y en las instrucciones de su declaración de impuestos. Free tax filing hr block Datos a Incluir en el Formulario 1040EZ Lea las líneas 1 a 8b y llene las líneas que le correspondan. Free tax filing hr block No llene las líneas 9 a 12. Free tax filing hr block Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 6 para indicar por separado los ingresos tributables suyos y los de su cónyuge. Free tax filing hr block Pagos. Free tax filing hr block   Anote en la línea 7 todo impuesto federal sobre los ingresos que se le haya retenido. Free tax filing hr block El impuesto federal sobre los ingresos retenido aparece en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099. Free tax filing hr block Crédito por ingreso del trabajo. Free tax filing hr block   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo puede calcular. Free tax filing hr block Escriba “EIC” en el espacio a la izquierda de la línea 8a. Free tax filing hr block Anote en la línea 8b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Free tax filing hr block   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, quizás tenga que presentar junto con la declaración el Formulario 8862(SP), Información Para Reclamar el Crédito Por Ingreso del Trabajo Después de Haber Sido Denegado (o el Formulario 8862, Information To Claim Earned Income Credit After Disallowance, en inglés). Free tax filing hr block Para detalles adicionales, vea las Instrucciones para el Formulario 1040EZ, en inglés. Free tax filing hr block Datos a Incluir en el Formulario 1040A Lea las líneas 1 a 27 y llene las líneas que le correspondan. Free tax filing hr block Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 27 para indicar por separado los ingresos tributables suyos y los de su cónyuge. Free tax filing hr block No llene la línea 28. Free tax filing hr block Llene las líneas 29 a 33 y 36 a 40 si le corresponden. Free tax filing hr block Sin embargo, no llene las líneas 30 ni 38a si desea que el IRS le calcule los créditos indicados en dichas líneas. Free tax filing hr block Además, escriba toda información adicional que le corresponda en el espacio a la izquierda de la línea 41. Free tax filing hr block No llene las líneas 34, 35 ni 42 a la 46. Free tax filing hr block Pagos. Free tax filing hr block   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 36. Free tax filing hr block Anote en la línea 37 todo pago de impuesto estimado que haya efectuado. Free tax filing hr block Crédito por gastos del cuidado de menores y dependientes. Free tax filing hr block   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, Child and Dependent Care Expenses (Gastos del cuidado de menores y dependientes), en inglés, y adjúntelo a su declaración. Free tax filing hr block Anote la cantidad del crédito en la línea 29. Free tax filing hr block El IRS no le calculará este crédito. Free tax filing hr block Crédito para ancianos o personas incapacitadas. Free tax filing hr block   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS le calculará este crédito. Free tax filing hr block Escriba “ CFE ” en el espacio a la izquierda de la línea 30 y adjunte el Anexo R del Formulario 1040, Credit for the Elderly or the Disabled (Crédito para ancianos o personas incapacitadas), en inglés, a su declaración de impuestos en papel. Free tax filing hr block En el Anexo R, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. Free tax filing hr block Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. Free tax filing hr block Crédito por ingreso del trabajo. Free tax filing hr block   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. Free tax filing hr block Anote “EIC” a la izquierda del espacio de la línea 38a. Free tax filing hr block Anote en la línea 38b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Free tax filing hr block   Si tiene un hijo que le da derecho a este crédito, tiene que llenar el Anexo EIC (Formulario 1040 ó 1040A), Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. Free tax filing hr block Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC, el crédito será reducido o denegado a menos que el hijo haya nacido y fallecido en el año 2013. Free tax filing hr block   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP) (o el Formulario 8862, en inglés). Free tax filing hr block Para detalles adicionales, vea las Instrucciones para el Formulario 1040A. Free tax filing hr block Datos a Incluir en el Formulario 1040 Lea las líneas 1 a 43 y llene las líneas que le correspondan. Free tax filing hr block No llene la línea 44. Free tax filing hr block Si presenta una declaración conjunta, utilice el espacio bajo las palabras “ Adjusted Gross Income ” (Ingresos brutos ajustados), en la primera página de la declaración para indicar por separado los ingresos tributables suyos y los de su cónyuge. Free tax filing hr block Lea las líneas 45 a la 71. Free tax filing hr block Llene las líneas que le correspondan, pero no llene las líneas 54, 61 ni 72. Free tax filing hr block Además, no complete la línea 55 ni las líneas 73 a 77. Free tax filing hr block No llene el recuadro “ c ” de la línea 53 si completa el Anexo R del Formulario 1040A o 1040, ni la línea 64a si desea que el IRS le calcule los créditos indicados en dichas líneas. Free tax filing hr block Pagos. Free tax filing hr block   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 62. Free tax filing hr block Anote en la línea 63 todo pago de impuesto estimado que haya efectuado. Free tax filing hr block Crédito por gastos del cuidado de menores y dependientes. Free tax filing hr block   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, en inglés, y adjúntelo a su declaración en papel. Free tax filing hr block Anote la cantidad del crédito en la línea 48. Free tax filing hr block El IRS no le calculará este crédito. Free tax filing hr block Crédito para ancianos o personas incapacitadas. Free tax filing hr block   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS puede calcularle este crédito. Free tax filing hr block Escriba “CFE” al lado de la línea 53 y marque el recuadro “ c ” y adjunte el Anexo R del Formulario 1040A o 1040 a su declaración en papel. Free tax filing hr block En el Anexo R del Formulario 1040A o 1040, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. Free tax filing hr block Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. Free tax filing hr block Crédito por ingreso del trabajo. Free tax filing hr block   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. Free tax filing hr block Anote “EIC” en la línea de puntos al lado de la línea 64a del Formulario 1040. Free tax filing hr block Anote en la línea 64b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Free tax filing hr block   Si tiene un hijo que le dé derecho a este crédito, tiene que llenar el Anexo EIC, Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. Free tax filing hr block Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC (Formulario 1040 ó 1040A), el crédito será reducido o denegado a menos que su hijo haya nacido y fallecido en el año 2013. Free tax filing hr block   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP), (o el Formulario 8862, en inglés). Free tax filing hr block Para detalles adicionales, vea las Instrucciones para el Formulario 1040, en inglés. Free tax filing hr block Prev  Up  Next   Home   More Online Publications