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How To File 2008 Taxes Free Online

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How To File 2008 Taxes Free Online

How to file 2008 taxes free online 13. How to file 2008 taxes free online   Base de Bienes Table of Contents Introduction Useful Items - You may want to see: Base de CostoBienes Raíces Base AjustadaAumentos a la Base Disminuciones a la Base Base Distinta al CostoBienes Recibidos por Servicios Intercambios Sujetos a Impuestos Conversiones Involuntarias Intercambios no Sujetos a Impuestos Bienes Traspasados de un Cónyuge Bienes Recibidos como Donación Bienes Heredados Bienes de Uso Personal Cambiados a Uso Comercial o de Alquiler Acciones y Bonos Introduction Este capítulo explica cómo calcular la base de bienes. How to file 2008 taxes free online Se divide en las siguientes secciones: Base de costo. How to file 2008 taxes free online Base ajustada. How to file 2008 taxes free online Base distinta al costo. How to file 2008 taxes free online Su base es la cantidad de inversión en bienes para propósitos no sujetos a impuestos. How to file 2008 taxes free online Use la base para calcular las pérdidas o ganancias provenientes de la venta, intercambio u otra enajenación de bienes. How to file 2008 taxes free online Además, use la base para calcular las deducciones por depreciación, amortización, agotamiento y pérdidas fortuitas. How to file 2008 taxes free online Si usa bienes para propósitos tanto comerciales como de inversión y personales, tiene que distribuir la base de acuerdo con el uso. How to file 2008 taxes free online Sólo se puede depreciar la base asignada al uso comercial o de inversión de los bienes. How to file 2008 taxes free online Su base original de los bienes se ajusta (aumenta o disminuye) según ciertos hechos. How to file 2008 taxes free online Por ejemplo, si realiza mejoras a los bienes, aumente la base. How to file 2008 taxes free online Si hace deducciones por depreciación o pérdidas fortuitas, o reclama ciertos créditos, reduzca la base. How to file 2008 taxes free online Mantenga documentación precisa de todos los artículos que afecten la base de sus bienes. How to file 2008 taxes free online Para más información sobre cómo mantener dicha documentación, consulte el capítulo 1 . How to file 2008 taxes free online Useful Items - You may want to see: Publicación 15-B Employer's Tax Guide to Fringe Benefits (Guía tributaria sobre beneficios marginales para empleadores), en inglés 525 Taxable and Nontaxable Income (Ingresos sujetos a impuestos y no sujetos a impuestos), en inglés 535 Business Expenses (Gastos de negocio), en inglés 537 Installment Sales (Ventas a plazos), en inglés 544 Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversión), en inglés 551 Basis of Assets (Base de activos), en inglés 946 How To Depreciate Property (Cómo depreciar los bienes), en inglés Base de Costo La base de los bienes comprados normalmente es el costo de dichos bienes. How to file 2008 taxes free online El costo es la cantidad que usted paga en efectivo, obligaciones de deuda, otros bienes o servicios. How to file 2008 taxes free online Éste también puede incluir cantidades que paga por los siguientes artículos: Impuesto sobre ventas, Flete, Instalación y pruebas, Impuestos sobre artículos de uso y consumo, Honorarios legales y contables (cuando se tienen que capitalizar), Timbres de recaudación de impuestos, Costos de registro e Impuestos sobre bienes raíces (si usted los asume por el vendedor). How to file 2008 taxes free online Además, la base de activos de bienes raíces y de negocios puede incluir otros artículos. How to file 2008 taxes free online Préstamos con intereses bajos o sin intereses. How to file 2008 taxes free online    Si compra bienes con un plan de pago a plazos con bajos intereses o sin intereses, la base de los bienes es el precio de compra establecido menos las cantidades consideradas intereses no establecidos. How to file 2008 taxes free online Por lo general, se tienen intereses no establecidos si la tasa de interés es menor que la tasa federal correspondiente. How to file 2008 taxes free online   Para obtener más información, consulte Unstated Interest and Original Issue Discount (OID) (Intereses no establecidos y descuento de la emisión original (OID, por sus siglas en inglés)) en la Publicación 537, en inglés. How to file 2008 taxes free online Bienes Raíces Los bienes raíces, conocidos también como bienes inmuebles, consisten en tierra y, normalmente, todo lo que esté construido sobre esta tierra, lo que crezca en ella y todo lo instalado en ésta. How to file 2008 taxes free online Si compra bienes raíces, algunos honorarios y otros gastos que usted pague son parte de la base de costo de los bienes. How to file 2008 taxes free online Compra por suma global. How to file 2008 taxes free online   Si compra edificios junto con la tierra por una suma global, asigne la base del costo entre la tierra y los edificios. How to file 2008 taxes free online Asigne el costo según los valores justos de mercado (FMV, por sus siglas en inglés) respectivos de la tierra y los edificios al momento de la compra. How to file 2008 taxes free online Calcule la base de cada uno de los activos multiplicando la suma global por una fracción. How to file 2008 taxes free online El numerador es el valor justo de mercado de dicho activo y el denominador es el valor justo de mercado de los bienes en su totalidad al momento de la compra. How to file 2008 taxes free online    Si no está seguro del valor justo de mercado de la tierra y los edificios, puede asignar la base de dichos bienes conforme a sus valores tasados para propósitos del impuesto sobre bienes raíces. How to file 2008 taxes free online Valor justo de mercado (FMV). How to file 2008 taxes free online   El valor justo de mercado (FMV, por sus siglas en inglés) es el precio por el cual los bienes cambian de propietario entre un comprador y un vendedor, cuando ninguno tiene la obligación de comprar o vender y cuando ambos tienen conocimiento razonable de todo hecho necesario. How to file 2008 taxes free online Las ventas de bienes similares alrededor de la misma fecha pueden ser útiles para calcular el valor justo de mercado de los bienes. How to file 2008 taxes free online Asunción de hipoteca. How to file 2008 taxes free online   Si compra bienes y asume una hipoteca existente sobre los bienes (o si compra bienes sujetos a hipoteca), su base incluye la cantidad que paga por los bienes más la cantidad que se tiene que pagar sobre la hipoteca. How to file 2008 taxes free online Cargos de liquidación. How to file 2008 taxes free online   Su base incluye los cargos de liquidación y los costos de cierre que pagó por comprar los bienes. How to file 2008 taxes free online Un cargo por comprar bienes es un costo que se tiene que pagar aun si compra los bienes en efectivo. How to file 2008 taxes free online No incluya en su base cargos ni costos por obtener un préstamo sobre los bienes. How to file 2008 taxes free online   Los siguientes son algunos de los cargos por liquidación o costos de cierre que puede incluir en la base de los bienes: Cargos por investigación del título de propiedad. How to file 2008 taxes free online Cargos por conexión de servicios públicos. How to file 2008 taxes free online Cargos por trámites legales (incluyendo cargos por la búsqueda del título y la preparación del contrato de compraventa y la escritura). How to file 2008 taxes free online Costos de registro. How to file 2008 taxes free online Cargos por estudios topográficos. How to file 2008 taxes free online Impuestos de traspaso. How to file 2008 taxes free online Seguro de título de la propiedad. How to file 2008 taxes free online Cantidades que adeuda el vendedor y que usted acuerda pagar, como impuestos o intereses atrasados, costos de registro y cargos hipotecarios, cargos por mejoras o reparaciones y comisiones por ventas. How to file 2008 taxes free online   Los costos de liquidación no incluyen cantidades puestas en depósito para el pago futuro de gastos como impuestos y seguro. How to file 2008 taxes free online   Los siguientes son algunos de los cargos por liquidación y costos de cierre que no puede incluir en la base de los bienes: Primas de un seguro contra hechos fortuitos. How to file 2008 taxes free online Alquiler por ocupación de la propiedad antes del cierre. How to file 2008 taxes free online Cargos por servicios públicos u otros servicios relacionados con la ocupación de la propiedad antes del cierre. How to file 2008 taxes free online Cargos relacionados con la obtención de un préstamo, tales como puntos (puntos de descuento, costos originarios del préstamo), primas de seguro hipotecario, cargos por asunción del préstamo, costo de un informe de crédito y cargos por una tasación que sea requisito del prestamista. How to file 2008 taxes free online Cargos por refinanciamiento de una hipoteca. How to file 2008 taxes free online Impuestos sobre bienes raíces. How to file 2008 taxes free online   Si paga los impuestos sobre bienes raíces que el vendedor adeudaba sobre los bienes raíces que usted compró y el vendedor no se los reembolsa, considere estos impuestos como parte de su base. How to file 2008 taxes free online No puede deducirlos como gasto. How to file 2008 taxes free online    Si le reembolsa al vendedor los impuestos que éste pagó por usted, normalmente puede deducir la cantidad como gasto en el año de la compra. How to file 2008 taxes free online No incluya esta cantidad en la base de bienes. How to file 2008 taxes free online Si no se los reembolsa al vendedor, tiene que restar esos impuestos de su base. How to file 2008 taxes free online Puntos. How to file 2008 taxes free online   Si paga puntos para obtener un préstamo (incluyendo una hipoteca, una segunda hipoteca, una línea de crédito o un préstamo sobre el valor neto de la vivienda), no sume los puntos a la base de los bienes correspondientes. How to file 2008 taxes free online Normalmente, los puntos se deducen a lo largo del plazo del préstamo. How to file 2008 taxes free online Para más información sobre cómo deducir puntos, consulte el capítulo 23 . How to file 2008 taxes free online Puntos de hipoteca de vivienda. How to file 2008 taxes free online   Le pueden corresponder reglas especiales sobre los puntos que usted y el vendedor paguen cuando usted obtenga una hipoteca para comprar su vivienda principal. How to file 2008 taxes free online Si se cumplen ciertos requisitos, puede deducir los puntos en su totalidad para el año en que se pagaron. How to file 2008 taxes free online Reduzca la base de su vivienda por los puntos que pagó el vendedor. How to file 2008 taxes free online Base Ajustada Antes de calcular las pérdidas o ganancias de una venta, intercambio u otra enajenación de bienes o de calcular la depreciación, agotamiento o amortización permisibles, por regla general, tiene que realizar ciertos ajustes (aumentos o disminuciones) a la base del costo o base distinta al costo (explicadas más adelante) de los bienes. How to file 2008 taxes free online El resultado de estos ajustes a la base es la base ajustada. How to file 2008 taxes free online Aumentos a la Base Aumente la base de los bienes por todos los artículos correctamente sumados a una cuenta de capital. How to file 2008 taxes free online Ejemplos de artículos que aumentan la base se encuentran en la Tabla 13-1. How to file 2008 taxes free online Algunos de estos artículos se explican a continuación. How to file 2008 taxes free online Mejoras. How to file 2008 taxes free online   Sume a su base de los bienes el costo de las mejoras que tengan vida útil de más de 1 año, si éstas aumentan el valor de los bienes, prolongan su vida útil o los adaptan para un uso diferente. How to file 2008 taxes free online Por ejemplo, las mejoras incluyen la instalación de una sala de recreación en un sótano no terminado, la construcción de un baño o dormitorio adicional, la colocación de una cerca, la instalación de nueva plomería o cableado, la instalación de un nuevo tejado o la pavimentación de la entrada de autos. How to file 2008 taxes free online Gravámenes por mejoras locales. How to file 2008 taxes free online   Sume a la base de los bienes los cargos por mejoras como calles y aceras o banquetas, si éstas aumentan el valor de los bienes. How to file 2008 taxes free online No deduzca dichos cargos como impuestos. How to file 2008 taxes free online Sin embargo, puede deducir como impuestos los cargos por mantenimiento, reparaciones o cargos de intereses relacionados con las mejoras. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online El ayuntamiento transforma la calle ubicada frente a su tienda en un paseo peatonal y le tasa un gravamen a la propiedad de usted y a las de otros propietarios afectados por el costo del cambio de la calle. How to file 2008 taxes free online Sume dicho cargo a la base de sus bienes. How to file 2008 taxes free online En este ejemplo, el cargo es un activo depreciable. How to file 2008 taxes free online Disminuciones a la Base Reduzca la base de bienes por todo lo que represente un rendimiento de capital en el período durante el cual tuvo los bienes. How to file 2008 taxes free online Los ejemplos de artículos que reducen la base se encuentran en la Tabla 13-1. How to file 2008 taxes free online Algunos de estos artículos se explican a continuación. How to file 2008 taxes free online Tabla 13-1. How to file 2008 taxes free online Ejemplos de Ajustes a la Base Aumentos a la Base Disminuciones a la Base • Mejoras de capital: • Exclusión en los ingresos de subsidios  por sistemas de ahorro de energía   Ampliación de la vivienda     Instalación de un tejado completo     Pavimentación de la entrada de autos • Deducciones por pérdidas fortuitas o  por robo y reembolsos de seguros   Instalación de aire acondicionado central     Cambio del cableado en la vivienda         • Gravámenes por mejoras locales: • Ganancia aplazada de la venta de una  vivienda   Conexiones de agua     Extensión de cables de servicios públicos   hasta la propiedad • Crédito por vehículos con motor  alternativo (Formulario 8910)   Banquetas o aceras     Calles       • Crédito por bienes para recargar  vehículos de combustible alternativo   (Formulario 8911)             • Pérdidas por hechos fortuitos:  Restauración de bienes dañados   • Créditos por energía eficaz  residencial (Formulario 5695)         • Depreciación y deducción conforme a  la sección 179       • Honorarios legales: • Distribuciones de sociedades  anónimas no sujetos a impuestos   Costo de defender y perfeccionar un título   de propiedad     Honorarios por obtener la reducción de un   gravamen del ayuntamiento • Determinadas deudas canceladas  excluidas de los ingresos       • Costos de zonificación • Servidumbres (derechos de acceso  a la propiedad)         • Beneficios tributarios por adopción Pérdidas por hecho fortuito y robo. How to file 2008 taxes free online   Si tiene pérdidas por hecho fortuito o por robo, reste de la base de los bienes el dinero del seguro u otros reembolsos y las pérdidas deducibles no cubiertas por el seguro. How to file 2008 taxes free online    Tiene que aumentar la base de los bienes por la cantidad que gaste en reparaciones que restauren los bienes a su condición previa al hecho fortuito. How to file 2008 taxes free online   Para obtener más información acerca de las pérdidas fortuitas y por robo, consulte el capítulo 25 . How to file 2008 taxes free online Depreciación y deducción conforme a la sección 179. How to file 2008 taxes free online   Reste de la base de la propiedad comercial calificada las deducciones que haya declarado conforme a la sección 179 y la depreciación que haya deducido, o pudo haber deducido (incluyendo todo descuento especial por depreciación), en la declaración de impuestos según el método de depreciación que seleccionó. How to file 2008 taxes free online   Para obtener más información acerca de la depreciación y la deducción conforme a la sección 179, consulte la Publicación 946 y las Instrucciones del Formulario 4562, ambas en inglés. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online Usted fue propietario de un dúplex usado como vivienda de alquiler que le costó $40,000, de los cuales $35,000 fueron asignados al edificio y $5,000 al terreno. How to file 2008 taxes free online Hizo una ampliación al dúplex que costó $10,000. How to file 2008 taxes free online En febrero del año pasado, el dúplex sufrió daños por un incendio. How to file 2008 taxes free online Hasta ese momento, usted había descontado una depreciación de $23,000. How to file 2008 taxes free online Vendió algunos materiales rescatados del siniestro por $1,300 y cobró $19,700 de la compañía de seguros. How to file 2008 taxes free online Dedujo una pérdida fortuita de $1,000 en su declaración de impuestos sobre el ingreso del año pasado. How to file 2008 taxes free online Gastó $19,000 del dinero del seguro para la restauración del dúplex, que se completó este año. How to file 2008 taxes free online Tiene que usar la base ajustada del dúplex después de la restauración para determinar la depreciación para el resto del período de recuperación de la propiedad. How to file 2008 taxes free online Calcule la base ajustada del dúplex de la siguiente manera: Costo original del dúplex $35,000 Ampliación hecha al dúplex 10,000 Costo total del dúplex $45,000 Menos: Depreciación 23,000 Base ajustada antes del hecho fortuito $22,000 Menos: Dinero del seguro $19,700     Pérdida fortuita deducida 1,000     Materiales rescatados 1,300 22,000 Base ajustada después del hecho fortuito $-0- Sume: Costo de restauración del dúplex 19,000 Base ajustada después de la restauración $19,000 Nota: La base del terreno es el costo original de $5,000. How to file 2008 taxes free online Servidumbres (derechos de acceso a la propiedad). How to file 2008 taxes free online   La cantidad recibida por otorgar una servidumbre normalmente se considera ganancia de la venta de una participación en bienes raíces. How to file 2008 taxes free online Esto reduce la base de la parte afectada de los bienes. How to file 2008 taxes free online Si la cantidad recibida es mayor que la base de la parte de la propiedad afectada por la servidumbre, reduzca su base de esa parte a cero y considere el remanente como una ganancia reconocida. How to file 2008 taxes free online   Si la ganancia es sobre bienes de capital, consulte el capítulo 16 para obtener más información acerca de cómo declararla. How to file 2008 taxes free online Si la ganancia es sobre bienes usados en una ocupación o negocio, consulte la Publicación 544, en inglés, para obtener información acerca de cómo declararla. How to file 2008 taxes free online Exclusión de subsidios por sistemas de ahorro de energía. How to file 2008 taxes free online   Puede excluir del ingreso bruto todo subsidio recibido de una compañía de servicios públicos por la compra o instalación de un sistema de ahorro de energía para una vivienda. How to file 2008 taxes free online De la base de los bienes para los cuales recibió el subsidio, reste la cantidad excluida. How to file 2008 taxes free online Para obtener más información acerca de este subsidio, consulte el capítulo 12 . How to file 2008 taxes free online Ganancia aplazada de la venta de una vivienda. How to file 2008 taxes free online    Si aplazó la ganancia de la venta de su vivienda principal según las reglas en vigencia antes del 7 de mayo de 1997, tiene que restar la ganancia aplazada de la base de la vivienda que adquirió como reposición. How to file 2008 taxes free online Para obtener más información acerca de las reglas sobre la venta de una vivienda, vea el capítulo 15 . How to file 2008 taxes free online Base Distinta al Costo En muchas ocasiones, no puede usar el costo como base. How to file 2008 taxes free online En estos casos, se puede usar el valor justo de mercado o la base ajustada de los bienes. How to file 2008 taxes free online El valor justo de mercado y la base ajustada se explican en secciones anteriores. How to file 2008 taxes free online Bienes Recibidos por Servicios Si recibe bienes por sus servicios, incluya el valor justo de mercado de dichos bienes en los ingresos. How to file 2008 taxes free online La cantidad que incluye en los ingresos es la base. How to file 2008 taxes free online Si los servicios se prestaron por un precio acordado con anticipación, éste se aceptará como el valor justo de mercado de los bienes si no existen pruebas de lo contrario. How to file 2008 taxes free online Bienes restringidos. How to file 2008 taxes free online   Si recibe bienes por sus servicios y los bienes están sujetos a ciertas restricciones, la base de los bienes es el valor justo de mercado en el momento en que estén sustancialmente establecidos sus derechos a dichos bienes. How to file 2008 taxes free online Sin embargo, esta regla no corresponde si elige incluir en los ingresos el valor justo de mercado de los bienes en el momento en que se le traspasen dichos bienes, menos la cantidad que pagó por éstos. How to file 2008 taxes free online Su derecho sobre esos bienes están sustancialmente establecidos cuando dichos bienes se pueden traspasar o cuando no están sujetos a un riesgo importante de pérdida (es decir, usted tiene pocas probabilidades de perderlos). How to file 2008 taxes free online Para obtener más información, consulte Restricted Property (Bienes restringidos) en la Publicación 525, en inglés. How to file 2008 taxes free online Compra por valor inferior. How to file 2008 taxes free online   Una compra por valor inferior es una compra de un artículo por un valor menor que su valor justo de mercado. How to file 2008 taxes free online Si, como compensación por servicios, compra productos u otros bienes por un valor menor al valor justo de mercado, incluya en su ingreso la diferencia entre el precio de compra y el valor justo de mercado de los bienes. How to file 2008 taxes free online La base de los bienes es el valor justo de mercado (precio de compra más la cantidad que se incluye en los ingresos). How to file 2008 taxes free online   Si la diferencia entre el precio de compra y el valor justo de mercado es un descuento al empleado, no incluya la diferencia en los ingresos. How to file 2008 taxes free online Sin embargo, la base de los bienes sigue siendo el valor justo de mercado. How to file 2008 taxes free online Consulte Employee Discounts (Descuentos del empleado) en la Publicación 15-B, en inglés. How to file 2008 taxes free online Intercambios Sujetos a Impuestos Un intercambio sujeto a impuestos es aquel intercambio en el que la ganancia está sujeta a impuestos o la pérdida es deducible. How to file 2008 taxes free online Una ganancia sujeta a impuestos o pérdida deducible también se conoce como ganancia o pérdida reconocida. How to file 2008 taxes free online Si recibe bienes como intercambio por otros bienes a través de un intercambio sujeto a impuestos, normalmente la base de los bienes que recibe es el valor justo de mercado al momento del intercambio. How to file 2008 taxes free online Conversiones Involuntarias Si recibe bienes de reposición como resultado de una conversión involuntaria, tal como un hecho fortuito, robo o expropiación forzosa, calcule la base de los bienes de reposición usando la base de los bienes convertidos. How to file 2008 taxes free online Bienes similares o afines. How to file 2008 taxes free online   Si recibe bienes de reposición similares o afines en servicio o uso a los bienes convertidos, la base de los bienes de reposición es la misma que la base de los bienes convertidos en la fecha de la conversión, con los siguientes ajustes: Reduzca la base por lo siguiente: Toda pérdida que reconozca en la conversión involuntaria. How to file 2008 taxes free online Todo dinero que reciba y que no gaste en bienes afines. How to file 2008 taxes free online Aumente la base por lo siguiente: Toda ganancia que reconozca en la conversión involuntaria. How to file 2008 taxes free online Todo costo de adquisición de los bienes de reposición. How to file 2008 taxes free online Dinero o bienes no similares ni afines. How to file 2008 taxes free online    Si recibe dinero o bienes no similares o no afines en servicio o uso a los bienes convertidos y compra bienes de reposición similares o afines en servicio o uso a los bienes convertidos, la base de los bienes de reposición es el costo menos la ganancia no reconocida en la conversión. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online El estado expropió sus bienes. How to file 2008 taxes free online La base ajustada de los bienes era $26,000 y el estado le pagó $31,000 por éstos. How to file 2008 taxes free online Usted obtuvo una ganancia de $5,000 ($31,000 − $26,000). How to file 2008 taxes free online Por $29,000 compró bienes de reposición similares en uso a los bienes convertidos. How to file 2008 taxes free online Obtiene una ganancia de $2,000 ($31,000 − $29,000), la parte no gastada del pago que recibió del estado. How to file 2008 taxes free online Su ganancia no reconocida es $3,000, la diferencia entre los $5,000 de ganancia obtenida y los $2,000 de ganancia reconocida. How to file 2008 taxes free online La base de los bienes de reposición se calcula de la siguiente manera: Costo de los bienes de reposición $29,000 Menos: Ganancia no reconocida 3,000 Base de los bienes de reposición $26,000 Cómo distribuir la base. How to file 2008 taxes free online   Si compra más de una propiedad de reposición, distribuya la base entre los bienes de acuerdo con los costos respectivos. How to file 2008 taxes free online Base de depreciación. How to file 2008 taxes free online   Hay reglas especiales para determinar y depreciar la base de los bienes MACRS (Sistema modificado de recuperación acelerada de costos) adquiridos en una conversión involuntaria. How to file 2008 taxes free online Para información, vea What Is the Basis of Your Depreciable Property? (¿Cuál es la base de los bienes depreciables?), en el capítulo 1 de la Publicación 946, en inglés. How to file 2008 taxes free online Intercambios no Sujetos a Impuestos Un intercambio no sujeto a impuestos es aquel intercambio en el que no se gravan las ganancias y no se pueden deducir las pérdidas. How to file 2008 taxes free online Si recibe bienes por intercambio no sujetos a impuestos, normalmente la base es la misma que la base de los bienes que traspasó. How to file 2008 taxes free online Consulte Canjes no Sujetos a Impuestos en el capítulo 14. How to file 2008 taxes free online Intercambios de Bienes del Mismo Tipo El intercambio de bienes del mismo tipo es la clase más común de intercambio no sujeto a impuestos. How to file 2008 taxes free online Para considerarse intercambio de bienes del mismo tipo, tanto los bienes canjeados como los bienes recibidos tienen que ser los siguientes: Bienes calificados. How to file 2008 taxes free online Bienes del mismo tipo. How to file 2008 taxes free online La base de los bienes que recibe normalmente es la misma que la base ajustada de los bienes que traspase. How to file 2008 taxes free online Si canjea los bienes en un intercambio de bienes del mismo tipo y también paga dinero, la base de los bienes recibidos es la base ajustada de los bienes que entregó más el dinero que pagó. How to file 2008 taxes free online Bienes calificados. How to file 2008 taxes free online   En un intercambio de bienes del mismo tipo, tiene que mantener para inversión o uso productivo en su ocupación o negocio tanto los bienes que traspase como los bienes que reciba. How to file 2008 taxes free online Bienes del mismo tipo. How to file 2008 taxes free online   Tiene que haber un intercambio de bienes del mismo tipo. How to file 2008 taxes free online Los bienes del mismo tipo son bienes de la misma naturaleza o carácter, aun si son de grado o calidad diferente. How to file 2008 taxes free online El intercambio de bienes raíces por bienes raíces, o de bienes muebles por bienes muebles similares, es un intercambio de bienes del mismo tipo. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online Usted canjea un camión viejo que usó en su negocio con una base ajustada de $1,700 por un camión nuevo que tiene un costo de $6,800. How to file 2008 taxes free online El concesionario le hace un descuento de $2,000 por el camión viejo y usted paga $4,800. How to file 2008 taxes free online Esto es un ejemplo de un intercambio de bienes del mismo tipo. How to file 2008 taxes free online La base del camión nuevo es $6,500 (la base ajustada del camión viejo, $1,700, más la cantidad que pagó, $4,800). How to file 2008 taxes free online Si vende el camión viejo a un tercero por $2,000, en lugar de hacer un canje y luego comprar un camión nuevo a un concesionario, usted tiene una ganancia sujeta a impuestos de $300 sobre la venta (el precio de venta de $2,000 menos la base ajustada de $1,700). How to file 2008 taxes free online La base del camión nuevo es el precio que paga al concesionario. How to file 2008 taxes free online Intercambios parcialmente no sujetos a impuestos. How to file 2008 taxes free online   Un intercambio parcialmente no sujeto a impuestos es un intercambio en el que usted recibe bienes que no son del mismo tipo o dinero, además de bienes del mismo tipo. How to file 2008 taxes free online La base de los bienes que recibe es igual a la base ajustada total de los bienes que traspasó, con los siguientes ajustes: Reduzca la base por lo siguiente: Todo el dinero que reciba. How to file 2008 taxes free online Todas las pérdidas que reconozca en el intercambio. How to file 2008 taxes free online Aumente la base por lo siguiente: Todos los costos adicionales en los que incurra. How to file 2008 taxes free online Todas las ganancias que reconozca en el intercambio. How to file 2008 taxes free online Si la otra parte implicada en el intercambio asume las deudas que le pertenecen a usted, trate la asunción de deuda como dinero que usted recibió en el intercambio. How to file 2008 taxes free online Asignación de la base. How to file 2008 taxes free online   Si recibe tanto bienes del mismo tipo como bienes que no son del mismo tipo en el intercambio, asigne la base primero a los bienes que no sean del mismo tipo, excepto dinero, hasta su valor justo de mercado en la fecha del intercambio. How to file 2008 taxes free online El resto es la base de los bienes del mismo tipo. How to file 2008 taxes free online Información adicional. How to file 2008 taxes free online   Para obtener más información, consulte Like-Kind Exchanges (Intercambios de bienes del mismo tipo) en el capítulo 1 de la Publicación 544, en inglés. How to file 2008 taxes free online Base de depreciación. How to file 2008 taxes free online   Hay reglas especiales para determinar y depreciar la base de los bienes MACRS adquiridos en un intercambio de bienes del mismo tipo. How to file 2008 taxes free online Para información, vea What Is the Basis of Your Depreciable Property? (¿Cuál es la base de los bienes depreciables?), en el capítulo 1 de la Publicación 946, en inglés. How to file 2008 taxes free online Bienes Traspasados de un Cónyuge La base de los bienes traspasados a usted o traspasados en fideicomiso para su beneficio por su cónyuge es la misma base que la base ajustada de su cónyuge. How to file 2008 taxes free online Se aplica la misma regla a un traspaso efectuado por su ex cónyuge en relación con su divorcio. How to file 2008 taxes free online Sin embargo, para bienes traspasados en fideicomiso, ajuste la base según las ganancias reconocidas por su cónyuge o ex cónyuge si las obligaciones asumidas, más las obligaciones a las que están sujetos los bienes, son mayores que la base ajustada de los bienes traspasados. How to file 2008 taxes free online Si los bienes que le son traspasados son bonos de ahorros estadounidenses de la serie E, serie EE o serie I, el cesionario tiene que incluir en el ingreso los intereses devengados a la fecha del traspaso. How to file 2008 taxes free online Su base en los bonos, inmediatamente después del traspaso, es igual a la base del cesionario más el ingreso de intereses que se pueda incluir en el ingreso del cesionario. How to file 2008 taxes free online Para obtener más información acerca de estos bonos, consulte el capítulo 7 . How to file 2008 taxes free online Al momento del traspaso, el cesionario tiene que entregarle la documentación necesaria para determinar la base ajustada y el período de tenencia de los bienes a partir de la fecha de traspaso. How to file 2008 taxes free online Para obtener más información acerca del traspaso de bienes de un cónyuge, consulte el capítulo 14 . How to file 2008 taxes free online Bienes Recibidos como Donación Para calcular la base de una propiedad recibida como donación, tiene que conocer la base ajustada del donante justo antes de la donación, el valor justo de mercado de esta propiedad al momento en que se dona y los impuestos sobre donaciones pagados por dicha propiedad. How to file 2008 taxes free online Valor justo de mercado menor que la base ajustada del donante. How to file 2008 taxes free online   Si el valor justo de mercado de los bienes al momento de la donación es menor que la base ajustada del donante, la base depende de si usted tiene ganancias o pérdidas cuando enajene los bienes. How to file 2008 taxes free online Su base para calcular ganancias es la misma que la base ajustada del donante más o menos los ajustes requeridos a la base mientras usted tenía los bienes. How to file 2008 taxes free online Su base para calcular pérdidas es el valor justo de mercado cuando recibió la donación más o menos los ajustes requeridos a la base mientras usted tenía los bienes. How to file 2008 taxes free online Vea Base Ajustada , anteriormente. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online Usted recibió un acre de terreno como donación. How to file 2008 taxes free online Al momento de la donación, el terreno tenía un valor justo de mercado de $8,000. How to file 2008 taxes free online La base ajustada del donante era $10,000. How to file 2008 taxes free online Después de recibir los bienes, no sucedió nada que aumentara ni disminuyera la base de los mismos. How to file 2008 taxes free online Si posteriormente usted vende los bienes por $12,000, tendrá una ganancia de $2,000 porque tiene que usar la base ajustada del donante al momento de la donación ($10,000) como base para calcular la ganancia. How to file 2008 taxes free online Si vende los bienes por $7,000, tendrá una pérdida de $1,000 porque tiene que usar el valor justo de mercado al momento de la donación ($8,000) como base para calcular la pérdida. How to file 2008 taxes free online Si el precio de venta está entre $8,000 y $10,000, no tiene ganancias ni pérdidas. How to file 2008 taxes free online Bienes comerciales. How to file 2008 taxes free online   Si mantiene la donación como bienes comerciales, su base para calcular deducciones por depreciación, agotamiento o amortización es la misma que la base del donante más o menos los ajustes requeridos a la base mientras usted tiene los bienes. How to file 2008 taxes free online Valor justo de mercado igual o mayor que la base ajustada del donante. How to file 2008 taxes free online   Si el valor justo de mercado de los bienes es igual o mayor que la base ajustada del donante, la base es la base ajustada del donante al momento en que usted recibió la donación. How to file 2008 taxes free online Aumente la base por la totalidad o parte de los impuestos sobre donaciones pagados, según la fecha de donación, como se explica más adelante. How to file 2008 taxes free online   Además, para calcular las pérdidas o ganancias de una venta u otra enajenación o para calcular deducciones por depreciación, agotamiento o amortización sobre bienes comerciales, tiene que aumentar o reducir la base (la base ajustada del donante) por los ajustes requeridos a la base mientras usted tuvo los bienes. How to file 2008 taxes free online Vea Base Ajustada , anteriormente. How to file 2008 taxes free online   Si recibió una donación durante el año tributario, aumente la base de la donación (la base ajustada del donante) por la parte del impuesto sobre donaciones pagado sobre esta donación debido al aumento neto en valor de la donación. How to file 2008 taxes free online Calcule el aumento multiplicando el impuesto pagado sobre la donación por la siguiente fracción. How to file 2008 taxes free online El numerador de la fracción es el aumento neto del valor de la donación y el denominador es la cantidad de la donación. How to file 2008 taxes free online   El aumento neto del valor de la donación es el valor justo de mercado de la donación menos la base ajustada del donante. How to file 2008 taxes free online La cantidad de la donación es el valor para fines del impuesto sobre la donación después de haber sido reducida por toda exclusión anual y deducción conyugal o caritativa que corresponda a la donación. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online En el año 2013, usted recibió una donación de bienes de su madre que tenía un valor justo de mercado de $50,000. How to file 2008 taxes free online La base ajustada de su madre era $20,000. How to file 2008 taxes free online La cantidad de la donación para propósitos del impuesto sobre donaciones era $36,000 ($50,000 menos la exclusión anual de $14,000). How to file 2008 taxes free online Su madre pagó un impuesto sobre donaciones de $7,320 sobre los bienes. How to file 2008 taxes free online La base de usted es $26,076, calculada de la siguiente manera: Valor justo de mercado. How to file 2008 taxes free online $50,000 Menos: Base ajustada −20,000 Aumento neto en valor $30,000     Impuesto sobre la donación pagado $7,320 Multiplicado por ($30,000 ÷ $36,000) × 0. How to file 2008 taxes free online 83 Impuesto sobre la donación debido al aumento neto en valor $6,076 Base ajustada de los bienes para su madre +20,000 La base de los bienes para usted $26,076 Nota: Si recibió una donación antes de 1977, la base de la donación para usted (la base ajustada del donante) incluye todos los impuestos sobre donaciones pagados sobre ésta. How to file 2008 taxes free online Sin embargo, la base no puede ser mayor que el valor justo de mercado de la donación al momento en que se le dio a usted. How to file 2008 taxes free online Bienes Heredados Su base en bienes heredados de un difunto que falleció antes del 1 de enero de 2010 o después del 31 de diciembre de 2010, es normalmente uno de los siguientes: El valor justo de mercado de los bienes en la fecha de muerte del difunto. How to file 2008 taxes free online El valor justo de mercado en la fecha de valuación alternativa si el representante personal del caudal hereditario elige usar una valuación alternativa. How to file 2008 taxes free online El valor según el método de valuación de uso especial para bienes raíces usados en actividades agrícolas o en el ejercicio de un negocio estrechamente controlado por pocos accionistas si se elige para propósitos del impuesto sobre la herencia. How to file 2008 taxes free online La base ajustada del terreno del difunto hasta el valor excluido de la herencia sujeto a impuestos del difunto como una servidumbre de conservación calificada. How to file 2008 taxes free online Si no hay que presentar una declaración del impuesto federal sobre la herencia, la base de los bienes heredados es el valor tasado en la fecha de fallecimiento para los impuestos estatales sobre la herencia o la transmisión. How to file 2008 taxes free online Para obtener más información, consulte las Instrucciones del Formulario 706, United States Estate (and Generation-Skipping Transfer) Tax Return (Declaración del impuesto sobre el patrimonio (y transferencia con salto de generación) de los Estados Unidos), en inglés. How to file 2008 taxes free online Bienes heredados de un difunto que falleció en 2010. How to file 2008 taxes free online   Si heredó bienes de un difunto que falleció en 2010, pueden aplicarse requisitos especiales. How to file 2008 taxes free online Para más información, vea la Publicación 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010 (Trato tributario de bienes adquiridos de un difunto que falleció en 2010), en inglés. How to file 2008 taxes free online Bienes gananciales. How to file 2008 taxes free online   En las jurisdicciones donde rigen las leyes de la comunidad de bienes gananciales (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington y Wisconsin), se considera generalmente que cada cónyuge posee la mitad de los bienes gananciales. How to file 2008 taxes free online Al fallecer cualquiera de los cónyuges, el total del valor de los bienes gananciales, aún la parte que le pertenece al cónyuge sobreviviente, normalmente se convierte en la base de la totalidad de los bienes. How to file 2008 taxes free online Para que esta regla corresponda, por lo menos la mitad del valor de los bienes gananciales tiene que poderse incluir en el patrimonio bruto del difunto, independientemente de si se tiene que presentar o no una declaración sobre la herencia. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online   Usted y su cónyuge tenían bienes gananciales cuya base era $80,000. How to file 2008 taxes free online Cuando su cónyuge falleció, la mitad del valor justo de mercado de los bienes gananciales era incluible en el patrimonio de su cónyuge. How to file 2008 taxes free online El valor justo de mercado de los intereses de los bienes gananciales era $100,000. How to file 2008 taxes free online La base de su mitad de los bienes después de la muerte de su cónyuge es $50,000 (la mitad del valor justo de mercado de $100,000). How to file 2008 taxes free online La base de la otra mitad que se pasa a los herederos de su cónyuge también es $50,000. How to file 2008 taxes free online   Para más información, vea la Publicación 555, Community Property (Comunidad de bienes gananciales), en inglés. How to file 2008 taxes free online Bienes de Uso Personal Cambiados a Uso Comercial o de Alquiler Si tiene bienes para uso personal y luego los cambia a uso comercial o los usa para producir ingresos de alquiler, puede empezar a depreciar dichos bienes al momento del cambio. How to file 2008 taxes free online Para hacerlo, tiene que calcular la base para propósitos de depreciación al momento del cambio. How to file 2008 taxes free online Un ejemplo de un cambio de bienes de uso personal a uso comercial o de alquiler sería alquilar su antigua vivienda personal. How to file 2008 taxes free online Base para propósitos de depreciación. How to file 2008 taxes free online   La base para depreciación es la menor de las siguientes cantidades: El valor justo de mercado de los bienes en la fecha del cambio. How to file 2008 taxes free online La base ajustada en la fecha del cambio. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online Hace varios años, usted pagó $160,000 por construir su casa en un terreno que costó $25,000. How to file 2008 taxes free online Pagó $20,000 por mejoras permanentes a la vivienda y declaró una deducción por pérdidas fortuitas de $2,000 por daños a la vivienda antes de cambiar los bienes a uso de alquiler el año pasado. How to file 2008 taxes free online Como el terreno no es depreciable, usted incluye sólo el costo de la vivienda al calcular la base para propósitos de determinar depreciación. How to file 2008 taxes free online Su base ajustada en la vivienda, cuando cambió su uso, era $178,000 ($160,000 + $20,000 − $2,000). How to file 2008 taxes free online En la misma fecha, su propiedad tenía un valor justo de mercado de $180,000, del cual $15,000 correspondían al terreno y $165,000 a la vivienda. How to file 2008 taxes free online La base para calcular la depreciación de la vivienda es el valor justo de mercado en la fecha del cambio ($165,000) ya que es menor que la base ajustada ($178,000). How to file 2008 taxes free online Venta de bienes. How to file 2008 taxes free online   Si en el futuro usted vende o enajena los bienes cambiados a uso comercial o de alquiler, la base que use dependerá de si calcula pérdidas o ganancias. How to file 2008 taxes free online Ganancia. How to file 2008 taxes free online   La base para calcular una ganancia es la base ajustada de los bienes en el momento de la venta. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online Suponga los mismos hechos que en el ejemplo anterior, excepto que usted vende los bienes obteniendo una ganancia después de descontar $37,500 por concepto de deducciones por depreciación. How to file 2008 taxes free online Su base ajustada para calcular la ganancia es $165,500 ($178,000 + $25,000 (terreno) − $37,500). How to file 2008 taxes free online Pérdida. How to file 2008 taxes free online   Calcule la base para una pérdida empezando con la base ajustada o el valor justo de mercado de los bienes al momento del cambio a uso comercial o de alquiler, el que sea menor. How to file 2008 taxes free online Luego haga ajustes (aumentos y reducciones) para el período después del cambio de uso de los bienes, como se explicó anteriormente bajo Base Ajustada . How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online Suponga los mismos hechos que en el ejemplo anterior, excepto que usted vende los bienes con pérdida después de descontar $37,500 por concepto de deducciones por depreciación. How to file 2008 taxes free online En este caso, empezaría con el valor justo de mercado en la fecha del cambio a uso de alquiler ($180,000), ya que es menor que la base ajustada de $203,000 ($178,000 + $25,000 (terreno)) en esa fecha. How to file 2008 taxes free online Reste de esa cantidad ($180,000) las deducciones por depreciación ($37,500). How to file 2008 taxes free online La base para pérdidas es $142,500 ($180,000 − $37,500). How to file 2008 taxes free online Acciones y Bonos La base de acciones o bonos que usted compre, por lo general, es el precio de compra más los costos de la compra, como comisiones y costos de registro o de traspaso. How to file 2008 taxes free online Si obtiene acciones o bonos por un medio que no sea la compra, la base suele determinarse por el valor justo de mercado o la base ajustada del propietario anterior, como se explica anteriormente. How to file 2008 taxes free online Tiene que ajustar la base de las acciones según ciertos hechos que sucedan después de la compra. How to file 2008 taxes free online Por ejemplo, si recibe acciones adicionales de dividendos de acciones no sujetas a impuestos o divisiones de acciones, reduzca la base para cada acción, dividiendo la base ajustada de las acciones antiguas entre el número de acciones antiguas y nuevas. How to file 2008 taxes free online Esta regla se aplica sólo cuando el número de acciones adicionales recibidas es idéntico al número de acciones tenidas. How to file 2008 taxes free online Además, reduzca la base cuando reciba distribuciones no sujetas a impuestos. How to file 2008 taxes free online Son un rendimiento de capital. How to file 2008 taxes free online Ejemplo. How to file 2008 taxes free online En el año 2011, compró 100 acciones de XYZ por $1,000, o sea, a $10 por acción. How to file 2008 taxes free online En el año 2012, compró 100 acciones de XYZ por $1,600, o sea, a $16 por acción. How to file 2008 taxes free online En el año 2013, XYZ declaró una división de acciones de 2 por 1. How to file 2008 taxes free online Ahora tiene 200 acciones con una base de $5 por acción y 200 acciones con una base de $8 por acción. How to file 2008 taxes free online Otras bases. How to file 2008 taxes free online   Existen otras maneras de calcular la base de acciones o bonos, según cómo los adquirió. How to file 2008 taxes free online Para obtener información más detallada, consulte Stocks and Bonds (Acciones y bonos) bajo Basis of Investment Property (Base de bienes de inversión) en el capítulo 4 de la Publicación 550, en inglés. How to file 2008 taxes free online Cómo identificar acciones o bonos vendidos. How to file 2008 taxes free online   Si puede identificar correctamente las acciones o los bonos que vendió, entonces la base de éstos es el costo u otra base de las acciones o bonos específicos. How to file 2008 taxes free online Si compra y vende valores en fechas distintas y en cantidades distintas y no puede identificar correctamente las acciones vendidas, entonces la base de los valores que venda es la base de los valores que adquirió primero. How to file 2008 taxes free online Para obtener más información sobre cómo identificar los valores que venda, consulte Stocks and Bonds (Acciones y bonos) bajo Basis of Investment Property (Base de bienes de inversión) en el capítulo 4 de la Publicación 550, en inglés. How to file 2008 taxes free online Acciones de fondos mutuos. How to file 2008 taxes free online   Si vende acciones de fondos mutuos que adquirió en fechas distintas y a precios distintos, y que dejó en depósito en una cuenta mantenida por un custodio o agente, puede optar por usar una base promedio. How to file 2008 taxes free online Para obtener más información, consulte la Publicación 550, en inglés. How to file 2008 taxes free online Prima de bonos. How to file 2008 taxes free online   Si compra un bono sujeto a impuestos con prima (o sea, a un precio que excede su valor nominal) y elige amortizarla, reste de la base del bono la prima amortizada que deduzca cada año. How to file 2008 taxes free online Para obtener más información, consulte Bond Premium Amortization (Amortización de primas de bonos) en el capítulo 3 de la Publicación 550, en inglés. How to file 2008 taxes free online Aunque no puede deducir la prima sobre un bono exento de impuestos, tiene que amortizar la prima cada año y restar la cantidad amortizada de la base del bono. How to file 2008 taxes free online Descuento de la emisión original (OID) sobre instrumentos de deuda. How to file 2008 taxes free online   Tiene que aumentar la base de un instrumento de deuda de un descuento de la emisión original (OID, por sus siglas en inglés) por el OID que incluya en sus ingresos por ese instrumento. How to file 2008 taxes free online Consulte Descuento de la emisión original (OID) en el capítulo 7 y la Publicación 1212, Guide to Original Issue Discount (OID) Instruments (Guía de instrumentos del descuento de la emisión original (OID)), en inglés. How to file 2008 taxes free online Obligaciones exentas de impuestos. How to file 2008 taxes free online    Por lo general, el OID sobre las obligaciones exentas de impuestos no está sujeto a impuestos. How to file 2008 taxes free online Sin embargo, cuando enajene una obligación exenta de impuestos emitida después del 3 de septiembre de 1982 y comprada después del 1 de marzo de 1984, tiene que acumular el OID sobre la obligación para determinar su base ajustada. How to file 2008 taxes free online El OID acumulado se suma a la base de la obligación para determinar su pérdida o ganancia. How to file 2008 taxes free online Consulte el cápitulo 4 de la Publicación 550, en inglés. How to file 2008 taxes free online Prev  Up  Next   Home   More Online Publications
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  • Antitrust and Competition  – E-mail the Federal Trade Commission with a question or comment on an antitrust matter.
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The How To File 2008 Taxes Free Online

How to file 2008 taxes free online 4. How to file 2008 taxes free online   Interest Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Allocation of InterestOrder of funds spent. How to file 2008 taxes free online Payments from checking accounts. How to file 2008 taxes free online Amounts paid within 30 days. How to file 2008 taxes free online Optional method for determining date of reallocation. How to file 2008 taxes free online Interest on a segregated account. How to file 2008 taxes free online How to report. How to file 2008 taxes free online Interest You Can DeductStatement. How to file 2008 taxes free online Expenses paid to obtain a mortgage. How to file 2008 taxes free online Prepayment penalty. How to file 2008 taxes free online De minimis OID. How to file 2008 taxes free online Constant-yield method. How to file 2008 taxes free online Loan or mortgage ends. How to file 2008 taxes free online Interest You Cannot DeductPenalties. How to file 2008 taxes free online Who is a key person? Exceptions for pre-June 1997 contracts. How to file 2008 taxes free online Interest allocated to unborrowed policy cash value. How to file 2008 taxes free online Capitalization of Interest When To Deduct InterestPrepaid interest. How to file 2008 taxes free online Discounted loan. How to file 2008 taxes free online Refunds of interest. How to file 2008 taxes free online Prepaid interest. How to file 2008 taxes free online Discounted loan. How to file 2008 taxes free online Tax deficiency. How to file 2008 taxes free online Related person. How to file 2008 taxes free online Below-Market LoansLimit on forgone interest for gift loans of $100,000 or less. How to file 2008 taxes free online Introduction This chapter discusses the tax treatment of business interest expense. How to file 2008 taxes free online Business interest expense is an amount charged for the use of money you borrowed for business activities. How to file 2008 taxes free online Topics - This chapter discusses: Allocation of interest Interest you can deduct Interest you cannot deduct Capitalization of interest When to deduct interest Below-market loans Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 936 Home Mortgage Interest Deduction Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch E (Form 1040) Supplemental Income and Loss Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. How to file 2008 taxes free online Sch K-1 (Form 1120S) Shareholder's Share of Income, Deductions, Credits, etc. How to file 2008 taxes free online 1098 Mortgage Interest Statement 3115 Application for Change in Accounting Method 4952 Investment Interest Expense Deduction 8582 Passive Activity Loss Limitations See chapter 12 for information about getting publications and forms. How to file 2008 taxes free online Allocation of Interest The rules for deducting interest vary, depending on whether the loan proceeds are used for business, personal, or investment activities. How to file 2008 taxes free online If you use the proceeds of a loan for more than one type of expense, you must allocate the interest based on the use of the loan's proceeds. How to file 2008 taxes free online Allocate your interest expense to the following categories. How to file 2008 taxes free online Nonpassive trade or business activity interest Passive trade or business activity interest Investment interest Portfolio interest Personal interest In general, you allocate interest on a loan the same way you allocate the loan proceeds. How to file 2008 taxes free online You allocate loan proceeds by tracing disbursements to specific uses. How to file 2008 taxes free online The easiest way to trace disbursements to specific uses is to keep the proceeds of a particular loan separate from any other funds. How to file 2008 taxes free online Secured loan. How to file 2008 taxes free online   The allocation of loan proceeds and the related interest is not generally affected by the use of property that secures the loan. How to file 2008 taxes free online Example. How to file 2008 taxes free online You secure a loan with property used in your business. How to file 2008 taxes free online You use the loan proceeds to buy an automobile for personal use. How to file 2008 taxes free online You must allocate interest expense on the loan to personal use (purchase of the automobile) even though the loan is secured by business property. How to file 2008 taxes free online    If the property that secures the loan is your home, you generally do not allocate the loan proceeds or the related interest. How to file 2008 taxes free online The interest is usually deductible as qualified home mortgage interest, regardless of how the loan proceeds are used. How to file 2008 taxes free online For more information, see Publication 936. How to file 2008 taxes free online Allocation period. How to file 2008 taxes free online   The period for which a loan is allocated to a particular use begins on the date the proceeds are used and ends on the earlier of the following dates. How to file 2008 taxes free online The date the loan is repaid. How to file 2008 taxes free online The date the loan is reallocated to another use. How to file 2008 taxes free online Proceeds not disbursed to borrower. How to file 2008 taxes free online   Even if the lender disburses the loan proceeds to a third party, the allocation of the loan is still based on your use of the funds. How to file 2008 taxes free online This applies whether you pay for property, services, or anything else by incurring a loan, or you take property subject to a debt. How to file 2008 taxes free online Proceeds deposited in borrower's account. How to file 2008 taxes free online   Treat loan proceeds deposited in an account as property held for investment. How to file 2008 taxes free online It does not matter whether the account pays interest. How to file 2008 taxes free online Any interest you pay on the loan is investment interest expense. How to file 2008 taxes free online If you withdraw the proceeds of the loan, you must reallocate the loan based on the use of the funds. How to file 2008 taxes free online Example. How to file 2008 taxes free online Celina, a calendar-year taxpayer, borrows $100,000 on January 4 and immediately uses the proceeds to open a checking account. How to file 2008 taxes free online No other amounts are deposited in the account during the year and no part of the loan principal is repaid during the year. How to file 2008 taxes free online On April 2, Celina uses $20,000 from the checking account for a passive activity expenditure. How to file 2008 taxes free online On September 4, Celina uses an additional $40,000 from the account for personal purposes. How to file 2008 taxes free online Under the interest allocation rules, the entire $100,000 loan is treated as property held for investment for the period from January 4 through April 1. How to file 2008 taxes free online From April 2 through September 3, Celina must treat $20,000 of the loan as used in the passive activity and $80,000 of the loan as property held for investment. How to file 2008 taxes free online From September 4 through December 31, she must treat $40,000 of the loan as used for personal purposes, $20,000 as used in the passive activity, and $40,000 as property held for investment. How to file 2008 taxes free online Order of funds spent. How to file 2008 taxes free online   Generally, you treat loan proceeds deposited in an account as used (spent) before either of the following amounts. How to file 2008 taxes free online Any unborrowed amounts held in the same account. How to file 2008 taxes free online Any amounts deposited after these loan proceeds. How to file 2008 taxes free online Example. How to file 2008 taxes free online On January 9, Olena opened a checking account, depositing $500 of the proceeds of Loan A and $1,000 of unborrowed funds. How to file 2008 taxes free online The following table shows the transactions in her account during the tax year. How to file 2008 taxes free online Date Transaction January 9 $500 proceeds of Loan A and $1,000 unborrowed funds deposited January 14 $500 proceeds of Loan B  deposited February 19 $800 used for personal purposes February 27 $700 used for passive activity June 19 $1,000 proceeds of Loan C  deposited November 20 $800 used for an investment December 18 $600 used for personal purposes Olena treats the $800 used for personal purposes as made from the $500 proceeds of Loan A and $300 of the proceeds of Loan B. How to file 2008 taxes free online She treats the $700 used for a passive activity as made from the remaining $200 proceeds of Loan B and $500 of unborrowed funds. How to file 2008 taxes free online She treats the $800 used for an investment as made entirely from the proceeds of Loan C. How to file 2008 taxes free online She treats the $600 used for personal purposes as made from the remaining $200 proceeds of Loan C and $400 of unborrowed funds. How to file 2008 taxes free online For the periods during which loan proceeds are held in the account, Olena treats them as property held for investment. How to file 2008 taxes free online Payments from checking accounts. How to file 2008 taxes free online   Generally, you treat a payment from a checking or similar account as made at the time the check is written if you mail or deliver it to the payee within a reasonable period after you write it. How to file 2008 taxes free online You can treat checks written on the same day as written in any order. How to file 2008 taxes free online Amounts paid within 30 days. How to file 2008 taxes free online   If you receive loan proceeds in cash or if the loan proceeds are deposited in an account, you can treat any payment (up to the amount of the proceeds) made from any account you own, or from cash, as made from those proceeds. How to file 2008 taxes free online This applies to any payment made within 30 days before or after the proceeds are received in cash or deposited in your account. How to file 2008 taxes free online   If the loan proceeds are deposited in an account, you can apply this rule even if the rules stated earlier under Order of funds spent would otherwise require you to treat the proceeds as used for other purposes. How to file 2008 taxes free online If you apply this rule to any payments, disregard those payments (and the proceeds from which they are made) when applying the rules stated under Order of funds spent. How to file 2008 taxes free online   If you received the loan proceeds in cash, you can treat the payment as made on the date you received the cash instead of the date you actually made the payment. How to file 2008 taxes free online Example. How to file 2008 taxes free online Giovanni gets a loan of $1,000 on August 4 and receives the proceeds in cash. How to file 2008 taxes free online Giovanni deposits $1,500 in an account on August 18 and on August 28 writes a check on the account for a passive activity expense. How to file 2008 taxes free online Also, Giovanni deposits his paycheck, deposits other loan proceeds, and pays his bills during the same period. How to file 2008 taxes free online Regardless of these other transactions, Giovanni can treat $1,000 of the deposit he made on August 18 as being paid on August 4 from the loan proceeds. How to file 2008 taxes free online In addition, Giovanni can treat the passive activity expense he paid on August 28 as made from the $1,000 loan proceeds treated as deposited in the account. How to file 2008 taxes free online Optional method for determining date of reallocation. How to file 2008 taxes free online   You can use the following method to determine the date loan proceeds are reallocated to another use. How to file 2008 taxes free online You can treat all payments from loan proceeds in the account during any month as taking place on the later of the following dates. How to file 2008 taxes free online The first day of that month. How to file 2008 taxes free online The date the loan proceeds are deposited in the account. How to file 2008 taxes free online However, you can use this optional method only if you treat all payments from the account during the same calendar month in the same way. How to file 2008 taxes free online Interest on a segregated account. How to file 2008 taxes free online   If you have an account that contains only loan proceeds and interest earned on the account, you can treat any payment from that account as being made first from the interest. How to file 2008 taxes free online When the interest earned is used up, any remaining payments are from loan proceeds. How to file 2008 taxes free online Example. How to file 2008 taxes free online You borrowed $20,000 and used the proceeds of this loan to open a new savings account. How to file 2008 taxes free online When the account had earned interest of $867, you withdrew $20,000 for personal purposes. How to file 2008 taxes free online You can treat the withdrawal as coming first from the interest earned on the account, $867, and then from the loan proceeds, $19,133 ($20,000 − $867). How to file 2008 taxes free online All the interest charged on the loan from the time it was deposited in the account until the time of the withdrawal is investment interest expense. How to file 2008 taxes free online The interest charged on the part of the proceeds used for personal purposes ($19,133) from the time you withdrew it until you either repay it or reallocate it to another use is personal interest expense. How to file 2008 taxes free online The interest charged on the loan proceeds you left in the account ($867) continues to be investment interest expense until you either repay it or reallocate it to another use. How to file 2008 taxes free online Loan repayment. How to file 2008 taxes free online   When you repay any part of a loan allocated to more than one use, treat it as being repaid in the following order. How to file 2008 taxes free online Personal use. How to file 2008 taxes free online Investments and passive activities (other than those included in (3)). How to file 2008 taxes free online Passive activities in connection with a rental real estate activity in which you actively participate. How to file 2008 taxes free online Former passive activities. How to file 2008 taxes free online Trade or business use and expenses for certain low-income housing projects. How to file 2008 taxes free online Line of credit (continuous borrowings). How to file 2008 taxes free online   The following rules apply if you have a line of credit or similar arrangement. How to file 2008 taxes free online Treat all borrowed funds on which interest accrues at the same fixed or variable rate as a single loan. How to file 2008 taxes free online Treat borrowed funds or parts of borrowed funds on which interest accrues at different fixed or variable rates as different loans. How to file 2008 taxes free online Treat these loans as repaid in the order shown on the loan agreement. How to file 2008 taxes free online Loan refinancing. How to file 2008 taxes free online   Allocate the replacement loan to the same uses to which the repaid loan was allocated. How to file 2008 taxes free online Make the allocation only to the extent you use the proceeds of the new loan to repay any part of the original loan. How to file 2008 taxes free online Debt-financed distribution. How to file 2008 taxes free online   A debt-financed distribution occurs when a partnership or S corporation borrows funds and allocates those funds to distributions made to partners or shareholders. How to file 2008 taxes free online The manner in which you report the interest expense associated with the distributed debt proceeds depends on your use of those proceeds. How to file 2008 taxes free online How to report. How to file 2008 taxes free online   If the proceeds were used in a nonpassive trade or business activity, report the interest on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership or S corporation in column (a) and the amount in column (h). How to file 2008 taxes free online If the proceeds were used in a passive activity, follow the Instructions for Form 8582, Passive Activity Loss Limitations, to determine the amount of interest expense that can be reported on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership in column (a) and the amount in column (f). How to file 2008 taxes free online If the proceeds were used in an investment activity, enter the interest on Form 4952. How to file 2008 taxes free online If the proceeds are used for personal purposes, the interest is generally not deductible. How to file 2008 taxes free online Interest You Can Deduct You can generally deduct as a business expense all interest you pay or accrue during the tax year on debts related to your trade or business. How to file 2008 taxes free online Interest relates to your trade or business if you use the proceeds of the loan for a trade or business expense. How to file 2008 taxes free online It does not matter what type of property secures the loan. How to file 2008 taxes free online You can deduct interest on a debt only if you meet all the following requirements. How to file 2008 taxes free online You are legally liable for that debt. How to file 2008 taxes free online Both you and the lender intend that the debt be repaid. How to file 2008 taxes free online You and the lender have a true debtor-creditor relationship. How to file 2008 taxes free online Partial liability. How to file 2008 taxes free online   If you are liable for part of a business debt, you can deduct only your share of the total interest paid or accrued. How to file 2008 taxes free online Example. How to file 2008 taxes free online You and your brother borrow money. How to file 2008 taxes free online You are liable for 50% of the note. How to file 2008 taxes free online You use your half of the loan in your business, and you make one-half of the loan payments. How to file 2008 taxes free online You can deduct your half of the total interest payments as a business deduction. How to file 2008 taxes free online Mortgage. How to file 2008 taxes free online   Generally, mortgage interest paid or accrued on real estate you own legally or equitably is deductible. How to file 2008 taxes free online However, rather than deducting the interest currently, you may have to add it to the cost basis of the property as explained later under Capitalization of Interest. How to file 2008 taxes free online Statement. How to file 2008 taxes free online   If you paid $600 or more of mortgage interest (including certain points) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement. How to file 2008 taxes free online You will receive the statement if you pay interest to a person (including a financial institution or a cooperative housing corporation) in the course of that person's trade or business. How to file 2008 taxes free online A governmental unit is a person for purposes of furnishing the statement. How to file 2008 taxes free online   If you receive a refund of interest you overpaid in an earlier year, this amount will be reported in box 3 of Form 1098. How to file 2008 taxes free online You cannot deduct this amount. How to file 2008 taxes free online For information on how to report this refund, see Refunds of interest, later in this chapter. How to file 2008 taxes free online Expenses paid to obtain a mortgage. How to file 2008 taxes free online   Certain expenses you pay to obtain a mortgage cannot be deducted as interest. How to file 2008 taxes free online These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses. How to file 2008 taxes free online If the property mortgaged is business or income-producing property, you can amortize the costs over the life of the mortgage. How to file 2008 taxes free online Prepayment penalty. How to file 2008 taxes free online   If you pay off your mortgage early and pay the lender a penalty for doing this, you can deduct the penalty as interest. How to file 2008 taxes free online Interest on employment tax deficiency. How to file 2008 taxes free online   Interest charged on employment taxes assessed on your business is deductible. How to file 2008 taxes free online Original issue discount (OID). How to file 2008 taxes free online   OID is a form of interest. How to file 2008 taxes free online A loan (mortgage or other debt) generally has OID when its proceeds are less than its principal amount. How to file 2008 taxes free online The OID is the difference between the stated redemption price at maturity and the issue price of the loan. How to file 2008 taxes free online   A loan's stated redemption price at maturity is the sum of all amounts (principal and interest) payable on it other than qualified stated interest. How to file 2008 taxes free online Qualified stated interest is stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a single fixed rate. How to file 2008 taxes free online You generally deduct OID over the term of the loan. How to file 2008 taxes free online Figure the amount to deduct each year using the constant-yield method, unless the OID on the loan is de minimis. How to file 2008 taxes free online De minimis OID. How to file 2008 taxes free online   The OID is de minimis if it is less than one-fourth of 1% (. How to file 2008 taxes free online 0025) of the stated redemption price of the loan at maturity multiplied by the number of full years from the date of original issue to maturity (the term of the loan). How to file 2008 taxes free online   If the OID is de minimis, you can choose one of the following ways to figure the amount you can deduct each year. How to file 2008 taxes free online On a constant-yield basis over the term of the loan. How to file 2008 taxes free online On a straight-line basis over the term of the loan. How to file 2008 taxes free online In proportion to stated interest payments. How to file 2008 taxes free online In its entirety at maturity of the loan. How to file 2008 taxes free online You make this choice by deducting the OID in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. How to file 2008 taxes free online Example. How to file 2008 taxes free online On January 1, 2013, you took out a $100,000 discounted loan and received $98,500 in proceeds. How to file 2008 taxes free online The loan will mature on January 1, 2023 (a 10-year term), and the $100,000 principal is payable on that date. How to file 2008 taxes free online Interest of $10,000 is payable on January 1 of each year, beginning January 1, 2014. How to file 2008 taxes free online The $1,500 OID on the loan is de minimis because it is less than $2,500 ($100,000 × . How to file 2008 taxes free online 0025 × 10). How to file 2008 taxes free online You choose to deduct the OID on a straight-line basis over the term of the loan. How to file 2008 taxes free online Beginning in 2013, you can deduct $150 each year for 10 years. How to file 2008 taxes free online Constant-yield method. How to file 2008 taxes free online   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. How to file 2008 taxes free online You figure your deduction for the first year using the following steps. How to file 2008 taxes free online Determine the issue price of the loan. How to file 2008 taxes free online Generally, this equals the proceeds of the loan. How to file 2008 taxes free online If you paid points on the loan (as discussed later), the issue price generally is the difference between the proceeds and the points. How to file 2008 taxes free online Multiply the result in (1) by the yield to maturity. How to file 2008 taxes free online Subtract any qualified stated interest payments from the result in (2). How to file 2008 taxes free online This is the OID you can deduct in the first year. How to file 2008 taxes free online   To figure your deduction in any subsequent year, follow the above steps, except determine the adjusted issue price in step (1). How to file 2008 taxes free online To get the adjusted issue price, add to the issue price any OID previously deducted. How to file 2008 taxes free online Then follow steps (2) and (3) above. How to file 2008 taxes free online   The yield to maturity is generally shown in the literature you receive from your lender. How to file 2008 taxes free online If you do not have this information, consult your lender or tax advisor. How to file 2008 taxes free online In general, the yield to maturity is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. How to file 2008 taxes free online Example. How to file 2008 taxes free online The facts are the same as in the previous example, except that you deduct the OID on a constant yield basis over the term of the loan. How to file 2008 taxes free online The yield to maturity on your loan is 10. How to file 2008 taxes free online 2467%, compounded annually. How to file 2008 taxes free online For 2013, you can deduct $93 [($98,500 × . How to file 2008 taxes free online 102467) − $10,000]. How to file 2008 taxes free online For 2014, you can deduct $103 [($98,593 × . How to file 2008 taxes free online 102467) − $10,000]. How to file 2008 taxes free online Loan or mortgage ends. How to file 2008 taxes free online   If your loan or mortgage ends, you may be able to deduct any remaining OID in the tax year in which the loan or mortgage ends. How to file 2008 taxes free online A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. How to file 2008 taxes free online If you refinance with the original lender, you generally cannot deduct the remaining OID in the year in which the refinancing occurs, but you may be able to deduct it over the term of the new mortgage or loan. How to file 2008 taxes free online See Interest paid with funds borrowed from original lender under Interest You Cannot Deduct, later. How to file 2008 taxes free online Points. How to file 2008 taxes free online   The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a loan or a mortgage. How to file 2008 taxes free online These charges are also called loan origination fees, maximum loan charges, discount points, or premium charges. How to file 2008 taxes free online If any of these charges (points) are solely for the use of money, they are interest. How to file 2008 taxes free online   Because points are prepaid interest, you generally cannot deduct the full amount in the year paid. How to file 2008 taxes free online However, you can choose to fully deduct points in the year paid if you meet certain tests. How to file 2008 taxes free online For exceptions to the general rule, see Publication 936. How to file 2008 taxes free online The points reduce the issue price of the loan and result in original issue discount (OID), deductible as explained in the preceding discussion. How to file 2008 taxes free online Partial payments on a nontax debt. How to file 2008 taxes free online   If you make partial payments on a debt (other than a debt owed the IRS), the payments are applied, in general, first to interest and any remainder to principal. How to file 2008 taxes free online You can deduct only the interest. How to file 2008 taxes free online This rule does not apply when it can be inferred that the borrower and lender understood that a different allocation of the payments would be made. How to file 2008 taxes free online Installment purchase. How to file 2008 taxes free online   If you make an installment purchase of business property, the contract between you and the seller generally provides for the payment of interest. How to file 2008 taxes free online If no interest or a low rate of interest is charged under the contract, a portion of the stated principal amount payable under the contract may be recharacterized as interest (unstated interest). How to file 2008 taxes free online The amount recharacterized as interest reduces your basis in the property and increases your interest expense. How to file 2008 taxes free online For more information on installment sales and unstated interest, see Publication 537. How to file 2008 taxes free online Interest You Cannot Deduct Certain interest payments cannot be deducted. How to file 2008 taxes free online In addition, certain other expenses that may seem to be interest but are not, cannot be deducted as interest. How to file 2008 taxes free online You cannot currently deduct interest that must be capitalized, and you generally cannot deduct personal interest. How to file 2008 taxes free online Interest paid with funds borrowed from original lender. How to file 2008 taxes free online   If you use the cash method of accounting, you cannot deduct interest you pay with funds borrowed from the original lender through a second loan, an advance, or any other arrangement similar to a loan. How to file 2008 taxes free online You can deduct the interest expense once you start making payments on the new loan. How to file 2008 taxes free online   When you make a payment on the new loan, you first apply the payment to interest and then to the principal. How to file 2008 taxes free online All amounts you apply to the interest on the first loan are deductible, along with any interest you pay on the second loan, subject to any limits that apply. How to file 2008 taxes free online Capitalized interest. How to file 2008 taxes free online   You cannot currently deduct interest you are required to capitalize under the uniform capitalization rules. How to file 2008 taxes free online See Capitalization of Interest, later. How to file 2008 taxes free online In addition, if you buy property and pay interest owed by the seller (for example, by assuming the debt and any interest accrued on the property), you cannot deduct the interest. How to file 2008 taxes free online Add this interest to the basis of the property. How to file 2008 taxes free online Commitment fees or standby charges. How to file 2008 taxes free online   Fees you incur to have business funds available on a standby basis, but not for the actual use of the funds, are not deductible as interest payments. How to file 2008 taxes free online You may be able to deduct them as business expenses. How to file 2008 taxes free online   If the funds are for inventory or certain property used in your business, the fees are indirect costs and you generally must capitalize them under the uniform capitalization rules. How to file 2008 taxes free online See Capitalization of Interest, later. How to file 2008 taxes free online Interest on income tax. How to file 2008 taxes free online   Interest charged on income tax assessed on your individual income tax return is not a business deduction even though the tax due is related to income from your trade or business. How to file 2008 taxes free online Treat this interest as a business deduction only in figuring a net operating loss deduction. How to file 2008 taxes free online Penalties. How to file 2008 taxes free online   Penalties on underpaid deficiencies and underpaid estimated tax are not interest. How to file 2008 taxes free online You cannot deduct them. How to file 2008 taxes free online Generally, you cannot deduct any fines or penalties. How to file 2008 taxes free online Interest on loans with respect to life insurance policies. How to file 2008 taxes free online   You generally cannot deduct interest on a debt incurred with respect to any life insurance, annuity, or endowment contract that covers any individual unless that individual is a key person. How to file 2008 taxes free online   If the policy or contract covers a key person, you can deduct the interest on up to $50,000 of debt for that person. How to file 2008 taxes free online However, the deduction for any month cannot be more than the interest figured using Moody's Composite Yield on Seasoned Corporate Bonds (formerly known as Moody's Corporate Bond Yield Average-Monthly Average Corporates) (Moody's rate) for that month. How to file 2008 taxes free online Who is a key person?   A key person is an officer or 20% owner. How to file 2008 taxes free online However, the number of individuals you can treat as key persons is limited to the greater of the following. How to file 2008 taxes free online Five individuals. How to file 2008 taxes free online The lesser of 5% of the total officers and employees of the company or 20 individuals. How to file 2008 taxes free online Exceptions for pre-June 1997 contracts. How to file 2008 taxes free online   You can generally deduct the interest if the contract was issued before June 9, 1997, and the covered individual is someone other than an employee, officer, or someone financially interested in your business. How to file 2008 taxes free online If the contract was purchased before June 21, 1986, you can generally deduct the interest no matter who is covered by the contract. How to file 2008 taxes free online Interest allocated to unborrowed policy cash value. How to file 2008 taxes free online   Corporations and partnerships generally cannot deduct any interest expense allocable to unborrowed cash values of life insurance, annuity, or endowment contracts. How to file 2008 taxes free online This rule applies to contracts issued after June 8, 1997, that cover someone other than an officer, director, employee, or 20% owner. How to file 2008 taxes free online For more information, see section 264(f) of the Internal Revenue Code. How to file 2008 taxes free online Capitalization of Interest Under the uniform capitalization rules, you generally must capitalize interest on debt equal to your expenditures to produce real property or certain tangible personal property. How to file 2008 taxes free online The property must be produced by you for use in your trade or business or for sale to customers. How to file 2008 taxes free online You cannot capitalize interest related to property that you acquire in any other manner. How to file 2008 taxes free online Interest you paid or incurred during the production period must be capitalized if the property produced is designated property. How to file 2008 taxes free online Designated property is any of the following. How to file 2008 taxes free online Real property. How to file 2008 taxes free online Tangible personal property with a class life of 20 years or more. How to file 2008 taxes free online Tangible personal property with an estimated production period of more than 2 years. How to file 2008 taxes free online Tangible personal property with an estimated production period of more than 1 year if the estimated cost of production is more than $1 million. How to file 2008 taxes free online Property you produce. How to file 2008 taxes free online   You produce property if you construct, build, install, manufacture, develop, improve, create, raise, or grow it. How to file 2008 taxes free online Treat property produced for you under a contract as produced by you up to the amount you pay or incur for the property. How to file 2008 taxes free online Carrying charges. How to file 2008 taxes free online   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. How to file 2008 taxes free online You can choose to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. How to file 2008 taxes free online For more information, see chapter 7. How to file 2008 taxes free online Capitalized interest. How to file 2008 taxes free online   Treat capitalized interest as a cost of the property produced. How to file 2008 taxes free online You recover your interest when you sell or use the property. How to file 2008 taxes free online If the property is inventory, recover capitalized interest through cost of goods sold. How to file 2008 taxes free online If the property is used in your trade or business, recover capitalized interest through an adjustment to basis, depreciation, amortization, or other method. How to file 2008 taxes free online Partnerships and S corporations. How to file 2008 taxes free online   The interest capitalization rules are applied first at the partnership or S corporation level. How to file 2008 taxes free online The rules are then applied at the partners' or shareholders' level to the extent the partnership or S corporation has insufficient debt to support the production or construction costs. How to file 2008 taxes free online   If you are a partner or a shareholder, you may have to capitalize interest you incur during the tax year for the production costs of the partnership or S corporation. How to file 2008 taxes free online You may also have to capitalize interest incurred by the partnership or S corporation for your own production costs. How to file 2008 taxes free online To properly capitalize interest under these rules, you must be given the required information in an attachment to the Schedule K-1 you receive from the partnership or S corporation. How to file 2008 taxes free online Additional information. How to file 2008 taxes free online   The procedures for applying the uniform capitalization rules are beyond the scope of this publication. How to file 2008 taxes free online For more information, see sections 1. How to file 2008 taxes free online 263A-8 through 1. How to file 2008 taxes free online 263A-15 of the regulations and Notice 88-99. How to file 2008 taxes free online Notice 88-99 is in Cumulative Bulletin 1988-2. How to file 2008 taxes free online When To Deduct Interest If the uniform capitalization rules, discussed under Capitalization of Interest, earlier, do not apply to you, deduct interest as follows. How to file 2008 taxes free online Cash method. How to file 2008 taxes free online   Under the cash method, you can generally deduct only the interest you actually paid during the tax year. How to file 2008 taxes free online You cannot deduct a promissory note you gave as payment because it is a promise to pay and not an actual payment. How to file 2008 taxes free online Prepaid interest. How to file 2008 taxes free online   You generally cannot deduct any interest paid before the year it is due. How to file 2008 taxes free online Interest paid in advance can be deducted only in the tax year in which it is due. How to file 2008 taxes free online Discounted loan. How to file 2008 taxes free online   If interest or a discount is subtracted from your loan proceeds, it is not a payment of interest and you cannot deduct it when you get the loan. How to file 2008 taxes free online For more information, see Original issue discount (OID) under Interest You Can Deduct, earlier. How to file 2008 taxes free online Refunds of interest. How to file 2008 taxes free online   If you pay interest and then receive a refund in the same tax year of any part of the interest, reduce your interest deduction by the refund. How to file 2008 taxes free online If you receive the refund in a later tax year, include the refund in your income to the extent the deduction for the interest reduced your tax. How to file 2008 taxes free online Accrual method. How to file 2008 taxes free online   Under an accrual method, you can deduct only interest that has accrued during the tax year. How to file 2008 taxes free online Prepaid interest. How to file 2008 taxes free online   See Prepaid interest, earlier. How to file 2008 taxes free online Discounted loan. How to file 2008 taxes free online   See Discounted loan, earlier. How to file 2008 taxes free online Tax deficiency. How to file 2008 taxes free online   If you contest a federal income tax deficiency, interest does not accrue until the tax year the final determination of liability is made. How to file 2008 taxes free online If you do not contest the deficiency, then the interest accrues in the year the tax was asserted and agreed to by you. How to file 2008 taxes free online   However, if you contest but pay the proposed tax deficiency and interest, and you do not designate the payment as a cash bond, then the interest is deductible in the year paid. How to file 2008 taxes free online Related person. How to file 2008 taxes free online   If you use an accrual method, you cannot deduct interest owed to a related person who uses the cash method until payment is made and the interest is includible in the gross income of that person. How to file 2008 taxes free online The relationship is determined as of the end of the tax year for which the interest would otherwise be deductible. How to file 2008 taxes free online See section 267 of the Internal Revenue Code for more information. How to file 2008 taxes free online Below-Market Loans If you receive a below-market gift or demand loan and use the proceeds in your trade or business, you may be able to deduct the forgone interest. How to file 2008 taxes free online See Treatment of gift and demand loans, later, in this discussion. How to file 2008 taxes free online A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. How to file 2008 taxes free online A gift or demand loan that is a below-market loan generally is considered an arm's-length transaction in which you, the borrower, are considered as having received both the following. How to file 2008 taxes free online A loan in exchange for a note that requires the payment of interest at the applicable federal rate. How to file 2008 taxes free online An additional payment in an amount equal to the forgone interest. How to file 2008 taxes free online The additional payment is treated as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. How to file 2008 taxes free online Forgone interest. How to file 2008 taxes free online   For any period, forgone interest is The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. How to file 2008 taxes free online Applicable federal rates are published by the IRS each month in the Internal Revenue Bulletin. How to file 2008 taxes free online Internal Revenue Bulletins are available on the IRS web site at www. How to file 2008 taxes free online irs. How to file 2008 taxes free online gov/irb. How to file 2008 taxes free online You can also contact an IRS office to get these rates. How to file 2008 taxes free online Loans subject to the rules. How to file 2008 taxes free online   The rules for below-market loans apply to the following. How to file 2008 taxes free online Gift loans (below-market loans where the forgone interest is in the nature of a gift). How to file 2008 taxes free online Compensation-related loans (below-market loans between an employer and an employee or between an independent contractor and a person for whom the contractor provides services). How to file 2008 taxes free online Corporation-shareholder loans. How to file 2008 taxes free online Tax avoidance loans (below-market loans where the avoidance of federal tax is one of the main purposes of the interest arrangement). How to file 2008 taxes free online Loans to qualified continuing care facilities under a continuing care contract (made after October 11, 1985). How to file 2008 taxes free online   Except as noted in (5) above, these rules apply to demand loans (loans payable in full at any time upon the lender's demand) outstanding after June 6, 1984, and to term loans (loans that are not demand loans) made after that date. How to file 2008 taxes free online Treatment of gift and demand loans. How to file 2008 taxes free online   If you receive a below-market gift loan or demand loan, you are treated as receiving an additional payment (as a gift, dividend, etc. How to file 2008 taxes free online ) equal to the forgone interest on the loan. How to file 2008 taxes free online You are then treated as transferring this amount back to the lender as interest. How to file 2008 taxes free online These transfers are considered to occur annually, generally on December 31. How to file 2008 taxes free online If you use the loan proceeds in your trade or business, you can deduct the forgone interest each year as a business interest expense. How to file 2008 taxes free online The lender must report it as interest income. How to file 2008 taxes free online Limit on forgone interest for gift loans of $100,000 or less. How to file 2008 taxes free online   For gift loans between individuals, forgone interest treated as transferred back to the lender is limited to the borrower's net investment income for the year. How to file 2008 taxes free online This limit applies if the outstanding loans between the lender and borrower total $100,000 or less. How to file 2008 taxes free online If the borrower's net investment income is $1,000 or less, it is treated as zero. How to file 2008 taxes free online This limit does not apply to a loan if the avoidance of any federal tax is one of the main purposes of the interest arrangement. How to file 2008 taxes free online Treatment of term loans. How to file 2008 taxes free online   If you receive a below-market term loan other than a gift or demand loan, you are treated as receiving an additional cash payment (as a dividend, etc. How to file 2008 taxes free online ) on the date the loan is made. How to file 2008 taxes free online This payment is equal to the loan amount minus the present value, at the applicable federal rate, of all payments due under the loan. How to file 2008 taxes free online The same amount is treated as original issue discount on the loan. How to file 2008 taxes free online See Original issue discount (OID) under Interest You Can Deduct, earlier. How to file 2008 taxes free online Exceptions for loans of $10,000 or less. How to file 2008 taxes free online   The rules for below-market loans do not apply to any day on which the total outstanding loans between the borrower and lender is $10,000 or less. How to file 2008 taxes free online This exception applies only to the following. How to file 2008 taxes free online Gift loans between individuals if the loan is not directly used to buy or carry income-producing assets. How to file 2008 taxes free online Compensation-related loans or corporation-shareholder loans if the avoidance of any federal tax is not a principal purpose of the interest arrangement. How to file 2008 taxes free online This exception does not apply to a term loan described in (2) above that was previously subject to the below-market loan rules. How to file 2008 taxes free online Those rules will continue to apply even if the outstanding balance is reduced to $10,000 or less. How to file 2008 taxes free online Exceptions for loans without significant tax effect. How to file 2008 taxes free online   The following loans are specifically exempted from the rules for below-market loans because their interest arrangements do not have a significant effect on the federal tax liability of the borrower or the lender. How to file 2008 taxes free online Loans made available by lenders to the general public on the same terms and conditions that are consistent with the lender's customary business practices. How to file 2008 taxes free online Loans subsidized by a federal, state, or municipal government that are made available under a program of general application to the public. How to file 2008 taxes free online Certain employee-relocation loans. How to file 2008 taxes free online Certain loans to or from a foreign person, unless the interest income would be effectively connected with the conduct of a U. How to file 2008 taxes free online S. How to file 2008 taxes free online trade or business and not exempt from U. How to file 2008 taxes free online S. How to file 2008 taxes free online tax under an income tax treaty. How to file 2008 taxes free online Any other loan if the taxpayer can show that the interest arrangement has no significant effect on the federal tax liability of the lender or the borrower. How to file 2008 taxes free online Whether an interest arrangement has a significant effect on the federal tax liability of the lender or the borrower will be determined by all the facts and circumstances. How to file 2008 taxes free online Consider all the following factors. How to file 2008 taxes free online Whether items of income and deduction generated by the loan offset each other. How to file 2008 taxes free online The amount of the items. How to file 2008 taxes free online The cost of complying with the below-market loan provisions if they were to apply. How to file 2008 taxes free online Any reasons, other than taxes, for structuring the transaction as a below-market loan. How to file 2008 taxes free online Exception for loans to qualified continuing care facilities. How to file 2008 taxes free online   The below-market interest rules do not apply to a loan owed by a qualified continuing care facility under a continuing care contract if the lender or lender's spouse is age 62 or older by the end of the calendar year. How to file 2008 taxes free online A qualified continuing care facility is one or more facilities (excluding nursing homes) meeting the requirements listed below. How to file 2008 taxes free online Designed to provide services under continuing care contracts (defined below). How to file 2008 taxes free online Includes an independent living unit, and either an assisted living or nursing facility, or both. How to file 2008 taxes free online Substantially all of the independent living unit residents are covered by continuing care contracts. How to file 2008 taxes free online A continuing care contract is a written contract between an individual and a qualified continuing care facility that includes all of the following conditions. How to file 2008 taxes free online The individual or individual's spouse must be entitled to use the facility for the rest of their life or lives. How to file 2008 taxes free online The individual or individual's spouse will be provided with housing, as appropriate for the health of the individual or individual's spouse in an: independent living unit (which has additional available facilities outside the unit for the provision of meals and other personal care), and assisted living or nursing facility available in the continuing care facility. How to file 2008 taxes free online The individual or individual's spouse will be provided with assisted living or nursing care available in the continuing care facility, as required for the health of the individual or the individual's spouse. How to file 2008 taxes free online For more information, see section 7872(h) of the Internal Revenue Code. How to file 2008 taxes free online Sale or exchange of property. How to file 2008 taxes free online   Different rules generally apply to a loan connected with the sale or exchange of property. How to file 2008 taxes free online If the loan does not provide adequate stated interest, part of the principal payment may be considered interest. How to file 2008 taxes free online However, there are exceptions that may require you to apply the below-market interest rate rules to these loans. How to file 2008 taxes free online See Unstated Interest and Original Issue Discount (OID) in Publication 537. How to file 2008 taxes free online More information. How to file 2008 taxes free online   For more information on below-market loans, see section 7872 of the Internal Revenue Code and section 1. How to file 2008 taxes free online 7872-5 of the regulations. How to file 2008 taxes free online Prev  Up  Next   Home   More Online Publications