Free 1040ez 2014File For A Tax Extension FreeTaxes For 20112012 Tax FormsFile My 2011 Taxes FreeWhere Can I Get A 1040ez Tax FormH&r Block Amended Return 2012Address For State TaxesFree File 2012 TaxesState Tax HelpWhen Can I File An Amended Tax ReturnFile State Taxes FreeFree File 2011 Taxes1040x 20131040ez Filing OnlineRefile TaxesAmend My Tax Return2014 Tax FormsAmend 2011 Federal ReturnFile 2011 State Taxes Free2012 1040aAmend My 2011 Tax ReturnFree State Income Tax Filing OnlineTurbotax Amended Return 2013How To File An Amended Tax Return For 20091040ez FormsFree Tax UsaCan I Amend My Taxes OnlineWhere Do I Send My 2012 Federal Income Tax Return1040ez Booklet2010 Ez Tax FormTurbotax Form 1040xFree 2011 Taxes1040a Tax Form 2011File Taxes Free OnlineFile An Amended Tax Return Online FreeFree Tax FilingDo I File Taxes Amend Previous YearsFile Your State Taxes FreeFile State Taxes Only For Free
Late tax Index A Adjusted basis, Adjusted Basis Assessments For local benefits, Assessments for local benefits. Late tax Homeowners association, Homeowners association assessments. Late tax Assistance (see Tax help) B Basis, Basis C Certificate, mortgage credit, Who qualifies. Late tax Construction, Construction. Late tax Cooperatives, Special Rules for Cooperatives, Cooperative apartment. Late tax Cost basis, Cost as Basis Credit Mortgage interest, Mortgage Interest Credit D Deduction Home mortgage interest, Deductible Mortgage Interest Real estate taxes, Deductible Real Estate Taxes E Emergency Homeowners' Loan Program, Hardest Hit Fund and Emergency Homeowners' Loan Programs Escrow accounts, Escrow accounts. Late tax F Fire insurance premiums, Items not added to basis and not deductible. Late tax Form 1098, Mortgage Interest Statement 8396, How to claim the credit. Late tax , Figuring the Credit Free tax services, Free help with your tax return. Late tax G Gift of home, Gift Ground rent, Ground rent. Late tax H Help (see Tax help) HFA Hardest Hit Fund, Hardest Hit Fund and Emergency Homeowners' Loan Programs Home Acquisition debt, Home Acquisition Debt Inherited, Inheritance Mortgage interest, Home Mortgage Interest Purchase of, Purchase. Late tax Received as gift, Gift Homeowners association assessments, Homeowners association assessments. Late tax House payment, Your house payment. Late tax Housing allowance, minister or military, Minister's or military housing allowance. Late tax I Improvements, Improvements. Late tax Inheritance, Inheritance Insurance, Nondeductible payments. Late tax , Items not added to basis and not deductible. Late tax Interest Home mortgage, Home Mortgage Interest Prepaid, Prepaid interest. Late tax K Keeping records, Keeping Records L Late payment charge, Late payment charge on mortgage payment. Late tax Local benefits, assessments for, Assessments for local benefits. Late tax M MCC (Mortgage credit certificate), Who qualifies. Late tax Minister's or military housing allowance, Minister's or military housing allowance. Late tax Mortgage credit certificate (MCC), Who qualifies. Late tax Mortgage debt forgiveness, Discharges of qualified principal residence indebtedness. Late tax Mortgage insurance premiums, Mortgage Insurance Premiums Mortgage interest Credit, Mortgage Interest Credit Deduction, Deductible Mortgage Interest Late payment charge, Late payment charge on mortgage payment. Late tax Paid at settlement, Mortgage Interest Paid at Settlement Refund, Refund of home mortgage interest. Late tax , Refund of overpaid interest. Late tax Statement, Mortgage Interest Statement Mortgage prepayment penalty, Mortgage prepayment penalty. Late tax N Nondeductible payments, Nondeductible payments. Late tax , Items not added to basis and not deductible. Late tax P Points, Points Prepaid interest, Prepaid interest. Late tax Publications (see Tax help) R Real estate taxes, Real Estate Taxes Deductible, Deductible Real Estate Taxes Paid at settlement or closing, Real estate taxes paid at settlement or closing. Late tax , Real estate taxes. Late tax Refund or rebate, Refund or rebate of real estate taxes. Late tax Recordkeeping, Keeping Records Refund of Mortgage interest, Refund of home mortgage interest. Late tax , Refund of overpaid interest. Late tax Real estate taxes, Refund or rebate of real estate taxes. Late tax Repairs, Repairs versus improvements. Late tax S Sales taxes, Sales Taxes Settlement or closing costs Basis of home, Settlement or closing costs. Late tax Mortgage interest, Mortgage Interest Paid at Settlement Real estate taxes, Real estate taxes paid at settlement or closing. Late tax , Real estate taxes. Late tax Stamp taxes, Transfer taxes (or stamp taxes). Late tax Statement, mortgage interest, Mortgage Interest Statement T Tax help, How To Get Tax Help Taxes Real estate, Real Estate Taxes, Refund of real estate taxes. Late tax Transfer taxes, Transfer taxes (or stamp taxes). Late tax W What you can and cannot deduct, What You Can and Cannot Deduct Prev Up Home More Online Publications
IRS-Sponsored Continuing Education Programs
IRS sponsors a variety of continuing education programs for tax professionals. NOTE: The availability of continuing education credit varies by program. Be sure to read the program descriptions carefully to determine if you will receive CE credit.
Page Last Reviewed or Updated: 19-Dec-2013
The Late Tax
Late tax 3. Late tax Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. Late tax How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. Late tax However, in some cases you may have a gain that is not taxable or a loss that is not deductible. Late tax This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. Late tax Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. Late tax What Is a Disposition of Property? A disposition of property includes the following transactions. Late tax You sell property for cash or other property. Late tax You exchange property for other property. Late tax You receive money as a tenant for the cancellation of a lease. Late tax You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. Late tax You transfer property to satisfy a debt. Late tax You abandon property. Late tax Your bank or other financial institution forecloses on your mortgage or repossesses your property. Late tax Your property is damaged, destroyed, or stolen, and you receive property or money in payment. Late tax Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. Late tax For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. Late tax For details about other dispositions, see chapter 1 in Publication 544. Late tax Nontaxable exchanges. Late tax Certain exchanges of property are not taxable. Late tax This means any gain from the exchange is not recognized and you cannot deduct any loss. Late tax Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Late tax Like-kind exchanges. Late tax A like-kind exchange is the exchange of property for the same kind of property. Late tax It is the most common type of nontaxable exchange. Late tax To be a like-kind exchange, the property traded and the property received must be both of the following. Late tax Business or investment property. Late tax Like property. Late tax Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. Late tax For more information about like-kind exchanges, see chapter 1 in Publication 544. Late tax Installment sales. Late tax An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Late tax If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. Late tax For more information about installment sales, see Publication 537, Installment Sales. Late tax Sale of a business. Late tax The sale of a business usually is not a sale of one asset. Late tax Instead, all the assets of the business are sold. Late tax Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Late tax Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. Late tax Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Late tax The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Late tax For more information about the sale of a business, see chapter 2 of Publication 544. Late tax How Do I Figure a Gain or Loss? Table 3-1. Late tax How To Figure a Gain or Loss IF your. Late tax . Late tax . Late tax THEN you have a. Late tax . Late tax . Late tax Adjusted basis is more than the amount realized Loss. Late tax Amount realized is more than the adjusted basis Gain. Late tax Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. Late tax You need to know these definitions to figure your gain or loss. Late tax Basis. Late tax The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. Late tax However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. Late tax For more information about basis, see Publication 551, Basis of Assets. Late tax Adjusted basis. Late tax The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. Late tax In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. Late tax Amount realized. Late tax The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. Late tax The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Late tax Fair market value. Late tax Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Late tax Amount recognized. Late tax Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. Late tax Recognized gains must be included in gross income. Late tax Recognized losses are deductible from gross income. Late tax However, a gain or loss realized from certain exchanges of property is not recognized. Late tax See Nontaxable exchanges, earlier. Late tax Also, you cannot deduct a loss from the disposition of property held for personal use. Late tax Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. Late tax You must do this to figure your net capital gain or loss. Late tax Generally, you will have a capital gain or loss if you dispose of a capital asset. Late tax For the most part, everything you own and use for personal purposes or investment is a capital asset. Late tax Certain property you use in your business is not a capital asset. Late tax A gain or loss from a disposition of this property is an ordinary gain or loss. Late tax However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. Late tax These gains and losses are called section 1231 gains and losses. Late tax For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. Late tax Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. Late tax Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. Late tax The time you own property before disposing of it is called the holding period. Late tax Table 3-2. Late tax Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Late tax . Late tax . Late tax THEN you have a. Late tax . Late tax . Late tax 1 year or less Short-term capital gain or loss. Late tax More than 1 year Long-term capital gain or loss. Late tax For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. Late tax Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. Late tax The instructions for the forms explain how to fill them out. Late tax Dispositions of business property and depreciable property. Late tax Use Form 4797. Late tax If you have taxable gain, you may also have to use Schedule D (Form 1040). Late tax Like-kind exchanges. Late tax Use Form 8824, Like-Kind Exchanges. Late tax You may also have to use Form 4797 and Schedule D (Form 1040). Late tax Installment sales. Late tax Use Form 6252, Installment Sale Income. Late tax You may also have to use Form 4797 and Schedule D (Form 1040). Late tax Casualties and thefts. Late tax Use Form 4684, Casualties and Thefts. Late tax You may also have to use Form 4797. Late tax Condemned property. Late tax Use Form 4797. Late tax You may also have to use Schedule D (Form 1040). Late tax Prev Up Next Home More Online Publications