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Turbotax Deluxe Federal E File State 2011 For Pc Download

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Turbotax Deluxe Federal E File State 2011 For Pc Download

Turbotax deluxe federal e file state 2011 for pc download Index A Accuracy of deposits rule, Accuracy of Deposits Rule Additional Medicare Tax, Reminders, Additional Medicare Tax withholding. Turbotax deluxe federal e file state 2011 for pc download , Additional Medicare Tax withholding adjustments. Turbotax deluxe federal e file state 2011 for pc download Adjustments, 13. Turbotax deluxe federal e file state 2011 for pc download Reporting Adjustments to Form 941 or Form 944 Aliens, nonresident, Withholding income taxes on the wages of nonresident alien employees. Turbotax deluxe federal e file state 2011 for pc download , Withholding of social security and Medicare taxes on nonresident aliens. Turbotax deluxe federal e file state 2011 for pc download Allocated tips, Allocated tips. Turbotax deluxe federal e file state 2011 for pc download Archer MSAs, Health Savings Accounts and medical savings accounts. Turbotax deluxe federal e file state 2011 for pc download Assistance (see Tax help) B Backup withholding, Nonpayroll Income Tax Withholding Business expenses, employee, Employee business expense reimbursements. Turbotax deluxe federal e file state 2011 for pc download C Calendar, Calendar Certain foreign persons treated as American employers, Foreign persons treated as American employers. Turbotax deluxe federal e file state 2011 for pc download Change of business address or responsible party, Change of Business Address or Responsible Party COBRA premium assistance credit, COBRA premium assistance credit. Turbotax deluxe federal e file state 2011 for pc download Correcting employment taxes, Correcting employment taxes. Turbotax deluxe federal e file state 2011 for pc download Correcting errors, (prior period adjustments) Form 941, Prior Period Adjustments D Delivery services, private, Private Delivery Services Depositing taxes Penalties, Deposit Penalties Rules, 11. Turbotax deluxe federal e file state 2011 for pc download Depositing Taxes Differential wage payments, Differential wage payments. Turbotax deluxe federal e file state 2011 for pc download E E-file, Electronic filing by reporting agents. Turbotax deluxe federal e file state 2011 for pc download Election worker, State and local government employers. Turbotax deluxe federal e file state 2011 for pc download Electronic, Electronic deposit requirement. Turbotax deluxe federal e file state 2011 for pc download Electronic deposit requirement, Electronic deposit requirement. Turbotax deluxe federal e file state 2011 for pc download Electronic Federal Tax Payment System (EFTPS), Electronic deposit requirement. Turbotax deluxe federal e file state 2011 for pc download Electronic filing, Electronic Filing and Payment, Electronic filing by reporting agents. Turbotax deluxe federal e file state 2011 for pc download Eligibility for employment, Hiring New Employees Employees defined, Employee status under common law. Turbotax deluxe federal e file state 2011 for pc download Employer identification number (EIN), 1. Turbotax deluxe federal e file state 2011 for pc download Employer Identification Number (EIN) Employer responsibilities, Paying Wages, Pensions, or Annuities F Family employees, 3. Turbotax deluxe federal e file state 2011 for pc download Family Employees Final return, Final return. Turbotax deluxe federal e file state 2011 for pc download Form 944, 12. Turbotax deluxe federal e file state 2011 for pc download Filing Form 941 or Form 944 Fringe benefits, Fringe benefits. Turbotax deluxe federal e file state 2011 for pc download FUTA tax, 14. Turbotax deluxe federal e file state 2011 for pc download Federal Unemployment (FUTA) Tax G Government employers, Federal Government employers. Turbotax deluxe federal e file state 2011 for pc download H Health insurance plans, Health insurance plans. Turbotax deluxe federal e file state 2011 for pc download Health Savings Accounts (HSAs), Health Savings Accounts and medical savings accounts. Turbotax deluxe federal e file state 2011 for pc download Hiring new employees, Hiring New Employees Household employees, Exceptions. Turbotax deluxe federal e file state 2011 for pc download I Income tax withholding, Income Tax Withholding, 16. Turbotax deluxe federal e file state 2011 for pc download How To Use the Income Tax Withholding Tables Information returns, Information Returns International social security agreements, International social security agreements. Turbotax deluxe federal e file state 2011 for pc download L Long-term care insurance, Health insurance plans. Turbotax deluxe federal e file state 2011 for pc download Lookback period, When To Deposit M Meals and lodging, Meals and lodging. Turbotax deluxe federal e file state 2011 for pc download Medical care, Medical care reimbursements. Turbotax deluxe federal e file state 2011 for pc download Medical savings accounts, Health Savings Accounts and medical savings accounts. Turbotax deluxe federal e file state 2011 for pc download Medicare tax, Social Security and Medicare Taxes Mileage, Per diem or other fixed allowance. Turbotax deluxe federal e file state 2011 for pc download Monthly deposit schedule, Monthly Deposit Schedule Moving expenses, Moving expenses. Turbotax deluxe federal e file state 2011 for pc download N New employees, Hiring New Employees Noncash wages, Wages not paid in money. Turbotax deluxe federal e file state 2011 for pc download Nonemployee compensation, Nonpayroll Income Tax Withholding P Part-time workers, Part-Time Workers Payroll period, 8. Turbotax deluxe federal e file state 2011 for pc download Payroll Period Penalties, Deposit Penalties, Penalties. Turbotax deluxe federal e file state 2011 for pc download Private delivery services, Private Delivery Services Publications (see Tax help) R Reconciling Forms W-2 and Forms 941 or 944, Reconciling Forms W-2, W-3, and 941 or 944. Turbotax deluxe federal e file state 2011 for pc download Recordkeeping, Recordkeeping Reimbursements, Accountable plan. Turbotax deluxe federal e file state 2011 for pc download , Nonaccountable plan. Turbotax deluxe federal e file state 2011 for pc download , Per diem or other fixed allowance. Turbotax deluxe federal e file state 2011 for pc download Repayments, wages, Wage Repayments S Seasonal employers, Exceptions. Turbotax deluxe federal e file state 2011 for pc download Semiweekly deposit schedule, Semiweekly Deposit Schedule Sick pay, Sick pay. Turbotax deluxe federal e file state 2011 for pc download Social security and Medicare taxes, Social Security and Medicare Taxes Social security number, employee, 4. Turbotax deluxe federal e file state 2011 for pc download Employee's Social Security Number (SSN) Spouse, Business Owned and Operated by Spouses Standard mileage rate, Per diem or other fixed allowance. Turbotax deluxe federal e file state 2011 for pc download Statutory employees, Employee status under common law. Turbotax deluxe federal e file state 2011 for pc download Statutory nonemployees, Statutory employees. Turbotax deluxe federal e file state 2011 for pc download Successor employer, Successor employer. Turbotax deluxe federal e file state 2011 for pc download , Successor employer. Turbotax deluxe federal e file state 2011 for pc download Supplemental wages, 7. Turbotax deluxe federal e file state 2011 for pc download Supplemental Wages T Tax help, How To Get Tax Help Telephone help, Telephone Help Third-party sick pay tax adjustment, Adjustment of tax on third-party sick pay. Turbotax deluxe federal e file state 2011 for pc download Tip Rate Determination Agreement, Tip Rate Determination and Education Program. Turbotax deluxe federal e file state 2011 for pc download Tip Rate Determination and Education Program, Tip Rate Determination and Education Program. Turbotax deluxe federal e file state 2011 for pc download Tips, 6. Turbotax deluxe federal e file state 2011 for pc download Tips, Tips treated as supplemental wages. Turbotax deluxe federal e file state 2011 for pc download Trust fund recovery penalty, Trust fund recovery penalty. Turbotax deluxe federal e file state 2011 for pc download TTY/TDD information, How To Get Tax Help U Unemployment tax, federal, 14. Turbotax deluxe federal e file state 2011 for pc download Federal Unemployment (FUTA) Tax V Vacation pay, Vacation pay. Turbotax deluxe federal e file state 2011 for pc download W Wage repayments, Wage Repayments Wages defined, 5. Turbotax deluxe federal e file state 2011 for pc download Wages and Other Compensation Wages not paid in money, Wages not paid in money. Turbotax deluxe federal e file state 2011 for pc download Withholding Backup, Nonpayroll Income Tax Withholding Certificate, Using Form W-4 to figure withholding. Turbotax deluxe federal e file state 2011 for pc download Exemption, Exemption from federal income tax withholding. Turbotax deluxe federal e file state 2011 for pc download Fringe benefits, Withholding on fringe benefits. Turbotax deluxe federal e file state 2011 for pc download Income tax, Income Tax Withholding Levies, Amounts exempt from levy on wages, salary, and other income. Turbotax deluxe federal e file state 2011 for pc download Nonresident aliens, Withholding of social security and Medicare taxes on nonresident aliens. Turbotax deluxe federal e file state 2011 for pc download Pensions and annuities, Nonpayroll Income Tax Withholding Percentage method, Percentage Method Social security and Medicare taxes, Social Security and Medicare Taxes Table instructions, 16. Turbotax deluxe federal e file state 2011 for pc download How To Use the Income Tax Withholding Tables Tips, Tips treated as supplemental wages. Turbotax deluxe federal e file state 2011 for pc download Wage bracket method, Wage Bracket Method Z Zero wage return, Paying Wages, Pensions, or Annuities Prev  Up     Home   More Online Publications
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The Turbotax Deluxe Federal E File State 2011 For Pc Download

Turbotax deluxe federal e file state 2011 for pc download 9. Turbotax deluxe federal e file state 2011 for pc download   Dispositions of Property Used in Farming Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Section 1231 Gains and LossesNonrecaptured section 1231 losses. Turbotax deluxe federal e file state 2011 for pc download Depreciation RecaptureSection 1245 Property Section 1250 Property Installment Sale Other Dispositions Other GainsExceptions. Turbotax deluxe federal e file state 2011 for pc download Amount to report as ordinary income. Turbotax deluxe federal e file state 2011 for pc download Applicable percentage. Turbotax deluxe federal e file state 2011 for pc download Amount to report as ordinary income. Turbotax deluxe federal e file state 2011 for pc download Applicable percentage. Turbotax deluxe federal e file state 2011 for pc download Introduction When you dispose of property used in your farm business, your taxable gain or loss is usually treated as ordinary income (which is taxed at the same rates as wages and interest income) or capital gain (which is generally taxed at lower rates) under the rules for section 1231 transactions. Turbotax deluxe federal e file state 2011 for pc download When you dispose of depreciable property (section 1245 property or section 1250 property) at a gain, you may have to recognize all or part of the gain as ordinary income under the depreciation recapture rules. Turbotax deluxe federal e file state 2011 for pc download Any gain remaining after applying the depreciation recapture rules is a section 1231 gain, which may be taxed as a capital gain. Turbotax deluxe federal e file state 2011 for pc download Gains and losses from property used in farming are reported on Form 4797, Sales of Business Property. Turbotax deluxe federal e file state 2011 for pc download Table 9-1 contains examples of items reported on Form 4797 and refers to the part of that form on which they first should be reported. Turbotax deluxe federal e file state 2011 for pc download Topics - This chapter discusses: Section 1231 gains and losses Depreciation recapture Other gains Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property See chapter 16 for information about getting publications and forms. Turbotax deluxe federal e file state 2011 for pc download Section 1231 Gains and Losses Section 1231 gains and losses are the taxable gains and losses from section 1231 transactions (explained below). Turbotax deluxe federal e file state 2011 for pc download Their treatment as ordinary or capital gains depends on whether you have a net gain or a net loss from all of your section 1231 transactions in the tax year. Turbotax deluxe federal e file state 2011 for pc download Table 9-1. Turbotax deluxe federal e file state 2011 for pc download Where to First Report Certain Items on Form 4797 Type of property Held 1 year  or less Held more than  1 year 1 Depreciable trade or business property:       a Sold or exchanged at a gain Part II Part III (1245, 1250)   b Sold or exchanged at a loss Part II Part I 2 Farmland held less than 10 years for which soil, water, or land clearing expenses were deducted:       a Sold at a gain Part II Part III (1252)   b Sold at a loss Part II Part I 3 All other farmland Part II Part I 4 Disposition of cost-sharing payment property described in section 126 Part II Part III (1255) 5 Cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 24 mos. Turbotax deluxe federal e file state 2011 for pc download Held 24 mos. Turbotax deluxe federal e file state 2011 for pc download  or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised cattle and horses sold at a gain Part II Part I 6 Livestock other than cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 12 mos. Turbotax deluxe federal e file state 2011 for pc download Held 12 mos. Turbotax deluxe federal e file state 2011 for pc download   or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised livestock sold at a gain Part II Part I If you have a gain from a section 1231 transaction, first determine whether any of the gain is ordinary income under the depreciation recapture rules (explained later). Turbotax deluxe federal e file state 2011 for pc download Do not take that gain into account as section 1231 gain. Turbotax deluxe federal e file state 2011 for pc download Section 1231 transactions. Turbotax deluxe federal e file state 2011 for pc download   Gain or loss on the following transactions is subject to section 1231 treatment. Turbotax deluxe federal e file state 2011 for pc download Sale or exchange of cattle and horses. Turbotax deluxe federal e file state 2011 for pc download The cattle and horses must be held for draft, breeding, dairy, or sporting purposes and held for 24 months or longer. Turbotax deluxe federal e file state 2011 for pc download Sale or exchange of other livestock. Turbotax deluxe federal e file state 2011 for pc download This livestock must be held for draft, breeding, dairy, or sporting purposes and held for 12 months or longer. Turbotax deluxe federal e file state 2011 for pc download Other livestock includes hogs, mules, sheep, goats, donkeys, and other fur-bearing animals. Turbotax deluxe federal e file state 2011 for pc download Other livestock does not include poultry. Turbotax deluxe federal e file state 2011 for pc download Sale or exchange of depreciable personal property. Turbotax deluxe federal e file state 2011 for pc download This property must be used in your business and held longer than 1 year. Turbotax deluxe federal e file state 2011 for pc download Generally, property held for the production of rents or royalties is considered to be used in a trade or business. Turbotax deluxe federal e file state 2011 for pc download Examples of depreciable personal property include farm machinery and trucks. Turbotax deluxe federal e file state 2011 for pc download It also includes amortizable section 197 intangibles. Turbotax deluxe federal e file state 2011 for pc download Sale or exchange of real estate. Turbotax deluxe federal e file state 2011 for pc download This property must be used in your business and held longer than 1 year. Turbotax deluxe federal e file state 2011 for pc download Examples are your farm or ranch (including barns and sheds). Turbotax deluxe federal e file state 2011 for pc download Sale or exchange of unharvested crops. Turbotax deluxe federal e file state 2011 for pc download The crop and land must be sold, exchanged, or involuntarily converted at the same time and to the same person, and the land must have been held longer than 1 year. Turbotax deluxe federal e file state 2011 for pc download You cannot keep any right or option to reacquire the land directly or indirectly (other than a right customarily incident to a mortgage or other security transaction). Turbotax deluxe federal e file state 2011 for pc download Growing crops sold with a leasehold on the land, even if sold to the same person in a single transaction, are not included. Turbotax deluxe federal e file state 2011 for pc download Distributive share of partnership gains and losses. Turbotax deluxe federal e file state 2011 for pc download Your distributive share must be from the sale or exchange of property listed above and held longer than 1 year (or for the required period for certain livestock). Turbotax deluxe federal e file state 2011 for pc download Cutting or disposal of timber. Turbotax deluxe federal e file state 2011 for pc download Special rules apply if you owned the timber longer than 1 year and elect to treat timber cutting as a sale or exchange, or you enter into a cutting contract, as described in chapter 8 under Timber . Turbotax deluxe federal e file state 2011 for pc download Condemnation. Turbotax deluxe federal e file state 2011 for pc download The condemned property (defined in chapter 11) must have been held longer than 1 year. Turbotax deluxe federal e file state 2011 for pc download It must be business property or a capital asset held in connection with a trade or business or a transaction entered into for profit, such as investment property. Turbotax deluxe federal e file state 2011 for pc download It cannot be property held for personal use. Turbotax deluxe federal e file state 2011 for pc download Casualty or theft. Turbotax deluxe federal e file state 2011 for pc download The casualty or theft must have affected business property, property held for the production of rents or royalties, or investment property (such as notes and bonds). Turbotax deluxe federal e file state 2011 for pc download You must have held the property longer than 1 year. Turbotax deluxe federal e file state 2011 for pc download However, if your casualty or theft losses are more than your casualty or theft gains, neither the gains nor the losses are taken into account in the section 1231 computation. Turbotax deluxe federal e file state 2011 for pc download Section 1231 does not apply to personal casualty gains and losses. Turbotax deluxe federal e file state 2011 for pc download See chapter 11 for information on how to treat those gains and losses. Turbotax deluxe federal e file state 2011 for pc download If the property is not held for the required holding period, the transaction is not subject to section 1231 treatment, and any gain or loss is ordinary income reported in Part II of Form 4797. Turbotax deluxe federal e file state 2011 for pc download See Table 9-1. Turbotax deluxe federal e file state 2011 for pc download Property for sale to customers. Turbotax deluxe federal e file state 2011 for pc download   A sale, exchange, or involuntary conversion of property held mainly for sale to customers is not a section 1231 transaction. Turbotax deluxe federal e file state 2011 for pc download If you will get back all, or nearly all, of your investment in the property by selling it rather than by using it up in your business, it is property held mainly for sale to customers. Turbotax deluxe federal e file state 2011 for pc download Treatment as ordinary or capital. Turbotax deluxe federal e file state 2011 for pc download   To determine the treatment of section 1231 gains and losses, combine all of your section 1231 gains and losses for the year. Turbotax deluxe federal e file state 2011 for pc download If you have a net section 1231 loss, it is an ordinary loss. Turbotax deluxe federal e file state 2011 for pc download If you have a net section 1231 gain, it is ordinary income up to your nonrecaptured section 1231 losses from previous years, explained next. Turbotax deluxe federal e file state 2011 for pc download The rest, if any, is long-term capital gain. Turbotax deluxe federal e file state 2011 for pc download Nonrecaptured section 1231 losses. Turbotax deluxe federal e file state 2011 for pc download   Your nonrecaptured section 1231 losses are your net section 1231 losses for the previous 5 years that have not been applied against a net section 1231 gain by treating the gain as ordinary income. Turbotax deluxe federal e file state 2011 for pc download These losses are applied against your net section 1231 gain beginning with the earliest loss in the 5-year period. Turbotax deluxe federal e file state 2011 for pc download Example. Turbotax deluxe federal e file state 2011 for pc download In 2013, Ben has a $2,000 net section 1231 gain. Turbotax deluxe federal e file state 2011 for pc download To figure how much he has to report as ordinary income and long-term capital gain, he must first determine his section 1231 gains and losses from the previous 5-year period. Turbotax deluxe federal e file state 2011 for pc download From 2008 through 2012 he had the following section 1231 gains and losses. Turbotax deluxe federal e file state 2011 for pc download Year Amount 2008 -0- 2009 -0- 2010 ($2,500) 2011 -0- 2012 $1,800   Ben uses this information to figure how to report his net section 1231 gain for 2013 as shown below. Turbotax deluxe federal e file state 2011 for pc download 1) Net section 1231 gain (2013) $2,000 2) Net section 1231 loss (2010) ($2,500)   3) Net section 1231 gain (2012) 1,800   4) Remaining net section 1231 loss from prior 5 years ($700)   5) Gain treated as  ordinary income $700 6) Gain treated as long-term  capital gain $1,300 His remaining net section 1231 loss from 2010 is completely recaptured in 2013. Turbotax deluxe federal e file state 2011 for pc download Depreciation Recapture If you dispose of depreciable or amortizable property at a gain, you may have to treat all or part of the gain (even if it is otherwise nontaxable) as ordinary income. Turbotax deluxe federal e file state 2011 for pc download To figure any gain that must be reported as ordinary income, you must keep permanent records of the facts necessary to figure the depreciation or amortization allowed or allowable on your property. Turbotax deluxe federal e file state 2011 for pc download For more information, see chapter 3 of Publication 544. Turbotax deluxe federal e file state 2011 for pc download Section 1245 Property A gain on the disposition of section 1245 property is treated as ordinary income to the extent of depreciation allowed or allowable. Turbotax deluxe federal e file state 2011 for pc download Any recognized gain that is more than the part that is ordinary income is a section 1231 gain. Turbotax deluxe federal e file state 2011 for pc download See Treatment as ordinary or capital under Section 1231 Gains and Losses , earlier. Turbotax deluxe federal e file state 2011 for pc download Section 1245 property includes any property that is or has been subject to an allowance for depreciation or amortization and that is any of the following types of property. Turbotax deluxe federal e file state 2011 for pc download Personal property (either tangible or intangible). Turbotax deluxe federal e file state 2011 for pc download Other tangible property (except buildings and their structural components) used as any of the following. Turbotax deluxe federal e file state 2011 for pc download See Buildings and structural components below. Turbotax deluxe federal e file state 2011 for pc download An integral part of manufacturing, production, or extraction, or of furnishing certain services. Turbotax deluxe federal e file state 2011 for pc download A research facility in any of the activities in (a). Turbotax deluxe federal e file state 2011 for pc download A facility in any of the activities in (a) above, for the bulk storage of fungible commodities (discussed later). Turbotax deluxe federal e file state 2011 for pc download That part of real property (not included in (2)) with an adjusted basis reduced by (but not limited to) the following. Turbotax deluxe federal e file state 2011 for pc download Amortization of certified pollution control facilities. Turbotax deluxe federal e file state 2011 for pc download The section 179 expense deduction. Turbotax deluxe federal e file state 2011 for pc download Deduction for clean-fuel vehicles and certain refueling property. Turbotax deluxe federal e file state 2011 for pc download Expenditures to remove architectural and transportation barriers to the handicapped and elderly. Turbotax deluxe federal e file state 2011 for pc download Certain reforestation expenditures (as described under Reforestation Costs in chapter 7. Turbotax deluxe federal e file state 2011 for pc download Single purpose agricultural (livestock) or horticultural structures. Turbotax deluxe federal e file state 2011 for pc download Storage facilities (except buildings and their structural components) used in distributing petroleum or any primary product of petroleum. Turbotax deluxe federal e file state 2011 for pc download Buildings and structural components. Turbotax deluxe federal e file state 2011 for pc download   Section 1245 property does not include buildings and structural components. Turbotax deluxe federal e file state 2011 for pc download The term building includes a house, barn, warehouse, or garage. Turbotax deluxe federal e file state 2011 for pc download The term structural component includes walls, floors, windows, doors, central air conditioning systems, light fixtures, etc. Turbotax deluxe federal e file state 2011 for pc download   Do not treat a structure that is essentially machinery or equipment as a building or structural component. Turbotax deluxe federal e file state 2011 for pc download Also, do not treat a structure that houses property used as an integral part of an activity as a building or structural component if the structure's use is so closely related to the property's use that the structure can be expected to be replaced when the property it initially houses is replaced. Turbotax deluxe federal e file state 2011 for pc download   The fact that the structure is specially designed to withstand the stress and other demands of the property and cannot be used economically for other purposes indicates it is closely related to the use of the property it houses. Turbotax deluxe federal e file state 2011 for pc download Structures such as oil and gas storage tanks, grain storage bins, and silos are not treated as buildings, but as section 1245 property. Turbotax deluxe federal e file state 2011 for pc download Facility for bulk storage of fungible commodities. Turbotax deluxe federal e file state 2011 for pc download   This is a facility used mainly for the bulk storage of fungible commodities. Turbotax deluxe federal e file state 2011 for pc download Bulk storage means storage of a commodity in a large mass before it is used. Turbotax deluxe federal e file state 2011 for pc download For example, if a facility is used to store oranges that have been sorted and boxed, it is not used for bulk storage. Turbotax deluxe federal e file state 2011 for pc download To be fungible, a commodity must be such that one part may be used in place of another. Turbotax deluxe federal e file state 2011 for pc download Gain Treated as Ordinary Income The gain treated as ordinary income on the sale, exchange, or involuntary conversion of section 1245 property, including a sale and leaseback transaction, is the lesser of the following amounts. Turbotax deluxe federal e file state 2011 for pc download The depreciation (which includes any section 179 deduction claimed) and amortization allowed or allowable on the property. Turbotax deluxe federal e file state 2011 for pc download The gain realized on the disposition (the amount realized from the disposition minus the adjusted basis of the property). Turbotax deluxe federal e file state 2011 for pc download For any other disposition of section 1245 property, ordinary income is the lesser of (1) above or the amount by which its fair market value (FMV) is more than its adjusted basis. Turbotax deluxe federal e file state 2011 for pc download For details, see chapter 3 of Publication 544. Turbotax deluxe federal e file state 2011 for pc download Use Part III of Form 4797 to figure the ordinary income part of the gain. Turbotax deluxe federal e file state 2011 for pc download Depreciation claimed on other property or claimed by other taxpayers. Turbotax deluxe federal e file state 2011 for pc download   Depreciation and amortization include the amounts you claimed on the section 1245 property as well as the following depreciation and amortization amounts. Turbotax deluxe federal e file state 2011 for pc download Amounts you claimed on property you exchanged for, or converted to, your section 1245 property in a like-kind exchange or involuntary conversion. Turbotax deluxe federal e file state 2011 for pc download For details on exchanges of property that are not taxable, see Like-Kind Exchanges in chapter 8. Turbotax deluxe federal e file state 2011 for pc download Amounts a previous owner of the section 1245 property claimed if your basis is determined with reference to that person's adjusted basis (for example, the donor's depreciation deductions on property you received as a gift and part of the transfer is a sale or exchange). Turbotax deluxe federal e file state 2011 for pc download Example. Turbotax deluxe federal e file state 2011 for pc download Jeff Free paid $120,000 for a tractor in 2012. Turbotax deluxe federal e file state 2011 for pc download On February 23, 2013, he traded it for a chopper and paid an additional $30,000. Turbotax deluxe federal e file state 2011 for pc download To figure his depreciation deduction on the chopper for the current year, Jeff continues to use the basis of the tractor as he would have before the trade. Turbotax deluxe federal e file state 2011 for pc download Jeff can also depreciate the additional $30,000 for the chopper. Turbotax deluxe federal e file state 2011 for pc download Depreciation and amortization. Turbotax deluxe federal e file state 2011 for pc download   Depreciation and amortization deductions that must be recaptured as ordinary income include (but are not limited to) the following items. Turbotax deluxe federal e file state 2011 for pc download See Depreciation Recapture in chapter 3 of Publication 544 for more details. Turbotax deluxe federal e file state 2011 for pc download Ordinary depreciation deductions. Turbotax deluxe federal e file state 2011 for pc download Section 179 deduction (see chapter 7). Turbotax deluxe federal e file state 2011 for pc download Any special depreciation allowance. Turbotax deluxe federal e file state 2011 for pc download Amortization deductions for all the following costs. Turbotax deluxe federal e file state 2011 for pc download Acquiring a lease. Turbotax deluxe federal e file state 2011 for pc download Lessee improvements. Turbotax deluxe federal e file state 2011 for pc download Pollution control facilities. Turbotax deluxe federal e file state 2011 for pc download Reforestation expenses. Turbotax deluxe federal e file state 2011 for pc download Section 197 intangibles. Turbotax deluxe federal e file state 2011 for pc download Qualified disaster expenses. Turbotax deluxe federal e file state 2011 for pc download Franchises, trademarks, and trade names acquired before August 11, 1993. Turbotax deluxe federal e file state 2011 for pc download Example. Turbotax deluxe federal e file state 2011 for pc download You file your returns on a calendar year basis. Turbotax deluxe federal e file state 2011 for pc download In February 2011, you bought and placed in service for 100% use in your farming business a light-duty truck (5-year property) that cost $10,000. Turbotax deluxe federal e file state 2011 for pc download You used the half-year convention and your MACRS deductions for the truck were $1,500 in 2011 and $2,550 in 2012. Turbotax deluxe federal e file state 2011 for pc download You did not claim the section 179 expense deduction for the truck. Turbotax deluxe federal e file state 2011 for pc download You sold it in May 2013 for $7,000. Turbotax deluxe federal e file state 2011 for pc download The MACRS deduction in 2013, the year of sale, is $893 (½ of $1,785). Turbotax deluxe federal e file state 2011 for pc download Figure the gain treated as ordinary income as follows. Turbotax deluxe federal e file state 2011 for pc download 1) Amount realized $7,000 2) Cost (February 2011) $10,000   3) Depreciation allowed or allowable (MACRS deductions: $1,500 + $2,550 + $893) 4,943   4) Adjusted basis (subtract line 3 from line 2) $5,057 5) Gain realized (subtract line 4 from line 1) 1,943 6) Gain treated as ordinary income (lesser of line 3 or line 5) $1,943 Depreciation allowed or allowable. Turbotax deluxe federal e file state 2011 for pc download   You generally use the greater of the depreciation allowed or allowable when figuring the part of gain to report as ordinary income. Turbotax deluxe federal e file state 2011 for pc download If, in prior years, you have consistently taken proper deductions under one method, the amount allowed for your prior years will not be increased even though a greater amount would have been allowed under another proper method. Turbotax deluxe federal e file state 2011 for pc download If you did not take any deduction at all for depreciation, your adjustments to basis for depreciation allowable are figured by using the straight line method. Turbotax deluxe federal e file state 2011 for pc download This treatment applies only when figuring what part of the gain is treated as ordinary income under the rules for section 1245 depreciation recapture. Turbotax deluxe federal e file state 2011 for pc download Disposition of plants and animals. Turbotax deluxe federal e file state 2011 for pc download   If you elect not to use the uniform capitalization rules (see chapter 6), you must treat any plant you produce as section 1245 property. Turbotax deluxe federal e file state 2011 for pc download If you have a gain on the property's disposition, you must recapture the pre-productive expenses you would have capitalized if you had not made the election by treating the gain, up to the amount of these expenses, as ordinary income. Turbotax deluxe federal e file state 2011 for pc download For section 1231 transactions, show these expenses as depreciation on Form 4797, Part III, line 22. Turbotax deluxe federal e file state 2011 for pc download For plant sales that are reported on Schedule F (1040), Profit or Loss From Farming, this recapture rule does not change the reporting of income because the gain is already ordinary income. Turbotax deluxe federal e file state 2011 for pc download You can use the farm-price method or the unit-livestock-price method discussed in  chapter 2 to figure these expenses. Turbotax deluxe federal e file state 2011 for pc download Example. Turbotax deluxe federal e file state 2011 for pc download Janet Maple sold her apple orchard in 2013 for $80,000. Turbotax deluxe federal e file state 2011 for pc download Her adjusted basis at the time of sale was $60,000. Turbotax deluxe federal e file state 2011 for pc download She bought the orchard in 2006, but the trees did not produce a crop until 2009. Turbotax deluxe federal e file state 2011 for pc download Her pre-productive expenses were $6,000. Turbotax deluxe federal e file state 2011 for pc download She elected not to use the uniform capitalization rules. Turbotax deluxe federal e file state 2011 for pc download Janet must treat $6,000 of the gain as ordinary income. Turbotax deluxe federal e file state 2011 for pc download Section 1250 Property Section 1250 property includes all real property subject to an allowance for depreciation that is not and never has been section 1245 property. Turbotax deluxe federal e file state 2011 for pc download It includes buildings and structural components that are not section 1245 property (discussed earlier). Turbotax deluxe federal e file state 2011 for pc download It includes a leasehold of land or section 1250 property subject to an allowance for depreciation. Turbotax deluxe federal e file state 2011 for pc download A fee simple interest in land is not section 1250 property because, like land, it is not depreciable. Turbotax deluxe federal e file state 2011 for pc download Gain on the disposition of section 1250 property is treated as ordinary income to the extent of additional depreciation allowed or allowable. Turbotax deluxe federal e file state 2011 for pc download To determine the additional depreciation on section 1250 property, see Depreciation Recapture in chapter 3 of Publication 544. Turbotax deluxe federal e file state 2011 for pc download You will not have additional depreciation if any of the following apply to the property disposed of. Turbotax deluxe federal e file state 2011 for pc download You figured depreciation for the property using the straight line method or any other method that does not result in depreciation that is more than the amount figured by the straight line method and you have held the property longer than 1 year. Turbotax deluxe federal e file state 2011 for pc download You chose the alternate ACRS (straight line) method for the property, which was a type of 15-, 18-, or 19-year real property covered by the section 1250 rules. Turbotax deluxe federal e file state 2011 for pc download The property was nonresidential real property placed in service after 1986 (or after July 31, 1986, if the choice to use MACRS was made) and you held it longer than 1 year. Turbotax deluxe federal e file state 2011 for pc download These properties are depreciated using the straight line method. Turbotax deluxe federal e file state 2011 for pc download Installment Sale If you report the sale of property under the installment method, any depreciation recapture under section 1245 or 1250 is taxable as ordinary income in the year of sale. Turbotax deluxe federal e file state 2011 for pc download This applies even if no payments are received in that year. Turbotax deluxe federal e file state 2011 for pc download If the gain is more than the depreciation recapture income, report the rest of the gain using the rules of the installment method. Turbotax deluxe federal e file state 2011 for pc download For this purpose, include the recapture income in your installment sale basis to determine your gross profit on the installment sale. Turbotax deluxe federal e file state 2011 for pc download If you dispose of more than one asset in a single transaction, you must separately figure the gain on each asset so that it may be properly reported. Turbotax deluxe federal e file state 2011 for pc download To do this, allocate the selling price and the payments you receive in the year of sale to each asset. Turbotax deluxe federal e file state 2011 for pc download Report any depreciation recapture income in the year of sale before using the installment method for any remaining gain. Turbotax deluxe federal e file state 2011 for pc download For more information on installment sales, see chapter 10. Turbotax deluxe federal e file state 2011 for pc download Other Dispositions Chapter 3 of Publication 544 discusses the tax treatment of the following transfers of depreciable property. Turbotax deluxe federal e file state 2011 for pc download By gift. Turbotax deluxe federal e file state 2011 for pc download At death. Turbotax deluxe federal e file state 2011 for pc download In like-kind exchanges. Turbotax deluxe federal e file state 2011 for pc download In involuntary conversions. Turbotax deluxe federal e file state 2011 for pc download Publication 544 also explains how to handle a single transaction involving multiple properties. Turbotax deluxe federal e file state 2011 for pc download Other Gains This section discusses gain on the disposition of farmland for which you were allowed either of the following. Turbotax deluxe federal e file state 2011 for pc download Deductions for soil and water conservation expenditures (section 1252 property). Turbotax deluxe federal e file state 2011 for pc download Exclusions from income for certain cost sharing payments (section 1255 property). Turbotax deluxe federal e file state 2011 for pc download Section 1252 property. Turbotax deluxe federal e file state 2011 for pc download   If you disposed of farmland you held more than 1 year and less than 10 years at a gain and you were allowed deductions for soil and water conservation expenses for the land, as discussed in chapter 5, you must treat part of the gain as ordinary income and treat the balance as section 1231 gain. Turbotax deluxe federal e file state 2011 for pc download Exceptions. Turbotax deluxe federal e file state 2011 for pc download   Do not treat gain on the following transactions as gain on section 1252 property. Turbotax deluxe federal e file state 2011 for pc download Disposition of farmland by gift. Turbotax deluxe federal e file state 2011 for pc download Transfer of farm property at death (except for income in respect of a decedent). Turbotax deluxe federal e file state 2011 for pc download For more information, see Regulations section 1. Turbotax deluxe federal e file state 2011 for pc download 1252-2. Turbotax deluxe federal e file state 2011 for pc download Amount to report as ordinary income. Turbotax deluxe federal e file state 2011 for pc download   You report as ordinary income the lesser of the following amounts. Turbotax deluxe federal e file state 2011 for pc download Your gain (determined by subtracting the adjusted basis from the amount realized from a sale, exchange, or involuntary conversion, or the FMV for all other dispositions). Turbotax deluxe federal e file state 2011 for pc download The total deductions allowed for soil and water conservation expenses multiplied by the applicable percentage, discussed next. Turbotax deluxe federal e file state 2011 for pc download Applicable percentage. Turbotax deluxe federal e file state 2011 for pc download   The applicable percentage is based on the length of time you held the land. Turbotax deluxe federal e file state 2011 for pc download If you dispose of your farmland within 5 years after the date you acquired it, the percentage is 100%. Turbotax deluxe federal e file state 2011 for pc download If you dispose of the land within the 6th through 9th year after you acquired it, the applicable percentage is reduced by 20% a year for each year or part of a year you hold the land after the 5th year. Turbotax deluxe federal e file state 2011 for pc download If you dispose of the land 10 or more years after you acquired it, the percentage is 0%, and the entire gain is a section 1231 gain. Turbotax deluxe federal e file state 2011 for pc download Example. Turbotax deluxe federal e file state 2011 for pc download You acquired farmland on January 19, 2005. Turbotax deluxe federal e file state 2011 for pc download On October 3, 2013, you sold the land at a $30,000 gain. Turbotax deluxe federal e file state 2011 for pc download Between January 1 and October 3, 2013, you incur soil and water conservation expenditures of $15,000 for the land that are fully deductible in 2013. Turbotax deluxe federal e file state 2011 for pc download The applicable percentage is 40% since you sold the land within the 8th year after you acquired it. Turbotax deluxe federal e file state 2011 for pc download You treat $6,000 (40% of $15,000) of the $30,000 gain as ordinary income and the $24,000 balance as a section 1231 gain. Turbotax deluxe federal e file state 2011 for pc download Section 1255 property. Turbotax deluxe federal e file state 2011 for pc download   If you receive certain cost-sharing payments on property and you exclude those payments from income (as discussed in chapter 3), you may have to treat part of any gain as ordinary income and treat the balance as a section 1231 gain. Turbotax deluxe federal e file state 2011 for pc download If you chose not to exclude these payments, you will not have to recognize ordinary income under this provision. Turbotax deluxe federal e file state 2011 for pc download Amount to report as ordinary income. Turbotax deluxe federal e file state 2011 for pc download   You report as ordinary income the lesser of the following amounts. Turbotax deluxe federal e file state 2011 for pc download The applicable percentage of the total excluded cost-sharing payments. Turbotax deluxe federal e file state 2011 for pc download The gain on the disposition of the property. Turbotax deluxe federal e file state 2011 for pc download You do not report ordinary income under this rule to the extent the gain is recognized as ordinary income under sections 1231 through 1254, 1256, and 1257. Turbotax deluxe federal e file state 2011 for pc download However, if applicable, gain reported under this rule must be reported regardless of any contrary provisions (including nonrecognition provisions) under any other section. Turbotax deluxe federal e file state 2011 for pc download Applicable percentage. Turbotax deluxe federal e file state 2011 for pc download   The applicable percentage of the excluded cost-sharing payments to be reported as ordinary income is based on the length of time you hold the property after receiving the payments. Turbotax deluxe federal e file state 2011 for pc download If the property is held less than 10 years after you receive the payments, the percentage is 100%. Turbotax deluxe federal e file state 2011 for pc download After 10 years, the percentage is reduced by 10% a year, or part of a year, until the rate is 0%. Turbotax deluxe federal e file state 2011 for pc download Form 4797, Part III. Turbotax deluxe federal e file state 2011 for pc download   Use Form 4797, Part III, to figure the ordinary income part of a gain from the sale, exchange, or involuntary conversion of section 1252 property and section 1255 property. Turbotax deluxe federal e file state 2011 for pc download Prev  Up  Next   Home   More Online Publications