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H And R Block

H and r block 3. H and r block   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. H and r block How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. H and r block However, in some cases you may have a gain that is not taxable or a loss that is not deductible. H and r block This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. H and r block Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. H and r block What Is a Disposition of Property? A disposition of property includes the following transactions. H and r block You sell property for cash or other property. H and r block You exchange property for other property. H and r block You receive money as a tenant for the cancellation of a lease. H and r block You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. H and r block You transfer property to satisfy a debt. H and r block You abandon property. H and r block Your bank or other financial institution forecloses on your mortgage or repossesses your property. H and r block Your property is damaged, destroyed, or stolen, and you receive property or money in payment. H and r block Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. H and r block For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. H and r block For details about other dispositions, see chapter 1 in Publication 544. H and r block Nontaxable exchanges. H and r block   Certain exchanges of property are not taxable. H and r block This means any gain from the exchange is not recognized and you cannot deduct any loss. H and r block Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. H and r block Like-kind exchanges. H and r block   A like-kind exchange is the exchange of property for the same kind of property. H and r block It is the most common type of nontaxable exchange. H and r block To be a like-kind exchange, the property traded and the property received must be both of the following. H and r block Business or investment property. H and r block Like property. H and r block   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. H and r block For more information about like-kind exchanges, see chapter 1 in Publication 544. H and r block Installment sales. H and r block   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. H and r block If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. H and r block   For more information about installment sales, see Publication 537, Installment Sales. H and r block Sale of a business. H and r block   The sale of a business usually is not a sale of one asset. H and r block Instead, all the assets of the business are sold. H and r block Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. H and r block   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. H and r block Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. H and r block The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. H and r block   For more information about the sale of a business, see chapter 2 of Publication 544. H and r block How Do I Figure a Gain or Loss? Table 3-1. H and r block How To Figure a Gain or Loss IF your. H and r block . H and r block . H and r block THEN you have a. H and r block . H and r block . H and r block Adjusted basis is more than the amount realized Loss. H and r block Amount realized is more than the adjusted basis Gain. H and r block Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. H and r block You need to know these definitions to figure your gain or loss. H and r block Basis. H and r block   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. H and r block However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. H and r block For more information about basis, see Publication 551, Basis of Assets. H and r block Adjusted basis. H and r block   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. H and r block In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. H and r block Amount realized. H and r block   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. H and r block The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. H and r block Fair market value. H and r block   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. H and r block Amount recognized. H and r block   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. H and r block Recognized gains must be included in gross income. H and r block Recognized losses are deductible from gross income. H and r block However, a gain or loss realized from certain exchanges of property is not recognized. H and r block See  Nontaxable exchanges, earlier. H and r block Also, you cannot deduct a loss from the disposition of property held for personal use. H and r block Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. H and r block You must do this to figure your net capital gain or loss. H and r block Generally, you will have a capital gain or loss if you dispose of a capital asset. H and r block For the most part, everything you own and use for personal purposes or investment is a capital asset. H and r block Certain property you use in your business is not a capital asset. H and r block A gain or loss from a disposition of this property is an ordinary gain or loss. H and r block However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. H and r block These gains and losses are called section 1231 gains and losses. H and r block For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. H and r block Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. H and r block Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. H and r block The time you own property before disposing of it is called the holding period. H and r block Table 3-2. H and r block Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. H and r block . H and r block . H and r block THEN you have a. H and r block . H and r block . H and r block 1 year or less Short-term capital gain or loss. H and r block More than 1 year Long-term capital gain or loss. H and r block For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. H and r block Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. H and r block The instructions for the forms explain how to fill them out. H and r block Dispositions of business property and depreciable property. H and r block   Use Form 4797. H and r block If you have taxable gain, you may also have to use Schedule D (Form 1040). H and r block Like-kind exchanges. H and r block   Use Form 8824, Like-Kind Exchanges. H and r block You may also have to use Form 4797 and Schedule D (Form 1040). H and r block Installment sales. H and r block   Use Form 6252, Installment Sale Income. H and r block You may also have to use Form 4797 and Schedule D (Form 1040). H and r block Casualties and thefts. H and r block   Use Form 4684, Casualties and Thefts. H and r block You may also have to use Form 4797. H and r block Condemned property. H and r block   Use Form 4797. H and r block You may also have to use Schedule D (Form 1040). H and r block Prev  Up  Next   Home   More Online Publications
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H and r block Publication 901 - Additional Material Table of Contents How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). H and r block How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. H and r block By selecting the method that is best for you, you will have quick and easy access to tax help. H and r block Free help with your tax return. H and r block   Free help in preparing your return is available nationwide from IRS-certified volunteers. H and r block The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income, elderly, disabled, and limited English proficient taxpayers. H and r block The Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. H and r block Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. H and r block Some VITA and TCE sites provide taxpayers the opportunity to prepare their return with the assistance of an IRS-certified volunteer. H and r block To find the nearest VITA or TCE site, visit IRS. H and r block gov or call 1-800-906-9887 or 1-800-829-1040. H and r block   As part of the TCE program, AARP offers the Tax-Aide counseling program. H and r block To find the nearest AARP Tax-Aide site, visit AARP's website at www. H and r block aarp. H and r block org/money/taxaide or call 1-888-227-7669. H and r block   For more information on these programs, go to IRS. H and r block gov and enter “VITA” in the search box. H and r block Internet. H and r block You can access the IRS website at IRS. H and r block gov 24 hours a day, 7 days a week to: E-file your return. H and r block Find out about commercial tax preparation and e-file services available free to eligible taxpayers. H and r block Check the status of your 2012 refund. H and r block Go to IRS. H and r block gov and click on Where’s My Refund. H and r block Information about your return will generally be available within 24 hours after the IRS receives your e-filed return, or 4 weeks after you mail your paper return. H and r block If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). H and r block Have your 2012 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. H and r block Where's My Refund? has a new look this year! The tool will include a tracker that displays progress through three stages: (1) return received, (2) refund approved, and (3) refund sent. H and r block Where's My Refund? will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund. H and r block So in a change from previous filing seasons, you won't get an estimated refund date right away. H and r block Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. H and r block You can obtain a free transcript online at IRS. H and r block gov by clicking on Order a Return or Account Transcript under “Tools. H and r block ” For a transcript by phone, call 1-800-908-9946 and follow the prompts in the recorded message. H and r block You will be prompted to provide your SSN or Individual Taxpayer Identification Number (ITIN), date of birth, street address and ZIP code. H and r block Download forms, including talking tax forms, instructions, and publications. H and r block Order IRS products. H and r block Research your tax questions. H and r block Search publications by topic or keyword. H and r block Use the Internal Revenue Code, regulations, or other official guidance. H and r block View Internal Revenue Bulletins (IRBs) published in the last few years. H and r block Figure your withholding allowances using the IRS Withholding Calculator at www. H and r block irs. H and r block gov/individuals. H and r block Determine if Form 6251 (Alternative Minimum Tax— Individuals), must be filed by using our Alternative Minimum Tax (AMT) Assistant available at IRS. H and r block gov by typing Alternative Minimum Tax Assistant in the search box. H and r block Sign up to receive local and national tax news by email. H and r block Get information on starting and operating a small business. H and r block Phone. H and r block Many services are available by phone. H and r block   Ordering forms, instructions, and publications. H and r block Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions (limited to 5 years). H and r block You should receive your order within 10 days. H and r block Asking tax questions. H and r block Call the IRS with your tax questions at 1-800-829-1040. H and r block Solving problems. H and r block You can get face-to-face help solving tax problems most business days in IRS Taxpayer Assistance Centers (TAC). H and r block An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. H and r block Call your local Taxpayer Assistance Center for an appointment. H and r block To find the number, go to www. H and r block irs. H and r block gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. H and r block TTY/TDD equipment. H and r block If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. H and r block The TTY/TDD telephone number is for individuals who are deaf, hard of hearing, or have a speech disability. H and r block These individuals can also access the IRS through relay services such as the Federal Relay Service at www. H and r block gsa. H and r block gov/fedrelay. H and r block TeleTax topics. H and r block Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. H and r block Checking the status of your 2012 refund. H and r block To check the status of your 2012 refund, call 1-800-829-1954 or 1-800-829-4477 (automated Where's My Refund? information 24 hours a day, 7 days a week). H and r block Information about your return will generally be available within 24 hours after the IRS receives your e-filed return, or 4 weeks after you mail your paper return. H and r block If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). H and r block Have your 2012 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. H and r block Where's My Refund? will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund. H and r block Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. H and r block Evaluating the quality of our telephone services. H and r block To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. H and r block One method is for a second IRS representative to listen in on or record random telephone calls. H and r block Another is to ask some callers to complete a short survey at the end of the call. H and r block Walk-in. H and r block Some products and services are available on a walk-in basis. H and r block   Products. H and r block You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. H and r block Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. H and r block Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. H and r block Services. H and r block You can walk in to your local TAC most business days for personal, face-to-face tax help. H and r block An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. H and r block If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local TAC where you can talk with an IRS representative face-to-face. H and r block No appointment is necessary—just walk in. H and r block Before visiting, check www. H and r block irs. H and r block gov/localcontacts for hours of operation and services provided. H and r block If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested by calling your local TAC. H and r block You can leave a message and a representative will call you back within 2 business days. H and r block All other issues will be handled without an appointment. H and r block To call your local TAC, go to  www. H and r block irs. H and r block gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. H and r block Mail. H and r block You can send your order for forms, instructions, and publications to the address below. H and r block You should receive a response within 10 days after your request is received. H and r block  Internal Revenue Service 1201 N. H and r block Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. H and r block   The Taxpayer Advocate Service (TAS) is your voice at the IRS. H and r block Its job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. H and r block TAS offers free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. H and r block Remember, the worst thing you can do is nothing at all. H and r block   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. H and r block You face (or your business is facing) an immediate threat of adverse action. H and r block You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. H and r block   If you qualify for help, they will do everything they can to get your problem resolved. H and r block You will be assigned to one advocate who will be with you at every turn. H and r block TAS has offices in every state, the District of Columbia, and Puerto Rico. H and r block Although TAS is independent within the IRS, their advocates know how to work with the IRS to get your problems resolved. H and r block And its services are always free. H and r block   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. H and r block The TAS tax toolkit at www. H and r block TaxpayerAdvocate. H and r block irs. H and r block gov can help you understand these rights. H and r block   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. H and r block irs. H and r block gov/advocate. H and r block You can also call the toll-free number at 1-877-777-4778. H and r block Deaf and hard of hearing individuals who have access to TTY/TDD equipment can call 1-800-829-4059. H and r block These individuals can also access the IRS through relay services such as the Federal Relay Service at www. H and r block gsa. H and r block gov/fedrelay. H and r block   TAS also handles large-scale or systemic problems that affect many taxpayers. H and r block If you know of one of these broad issues, please report it through the Systemic Advocacy Management System at www. H and r block irs. H and r block gov/advocate. H and r block Low Income Taxpayer Clinics (LITCs). H and r block   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. H and r block Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. H and r block These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. H and r block Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. H and r block For more information and to find a clinic near you, see the LITC page on www. H and r block irs. H and r block gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. H and r block This publication is also available by calling 1-800-TAX-FORM (1-800-829-3676) or at your local IRS office. H and r block Free tax services. H and r block   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. H and r block Learn about free tax information from the IRS, including publications, services, and education and assistance programs. H and r block The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. H and r block The majority of the information and services listed in this publication are available to you free of charge. H and r block If there is a fee associated with a resource or service, it is listed in the publication. H and r block   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. H and r block DVD for tax products. H and r block You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. H and r block Prior-year forms, instructions, and publications. H and r block Tax Map: an electronic research tool and finding aid. H and r block Tax law frequently asked questions. H and r block Tax Topics from the IRS telephone response system. H and r block Internal Revenue Code—Title 26 of the U. H and r block S. H and r block Code. H and r block Links to other Internet-based tax research materials. H and r block Fill-in, print, and save features for most tax forms. H and r block Internal Revenue Bulletins. H and r block Toll-free and email technical support. H and r block Two releases during the year. H and r block  – The first release will ship the beginning of January 2013. H and r block  – The final release will ship the beginning of March 2013. H and r block Purchase the DVD from National Technical Information Service (NTIS) at www. H and r block irs. H and r block gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). H and r block Prev  Up  Next   Home   More Online Publications