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10 40 ez online Publication 523 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. 10 40 ez online Tax questions. 10 40 ez online Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 523, such as legislation enacted after it was published, go to www. 10 40 ez online irs. 10 40 ez online gov/pub523. 10 40 ez online Reminders Change of address. 10 40 ez online If you change your mailing address, be sure to notify the Internal Revenue Service (IRS) using Form 8822, Change of Address. 10 40 ez online Mail it to the Internal Revenue Service Center for your old address. 10 40 ez online (Addresses for the Service Centers are on the back of the form. 10 40 ez online ) Home sold with undeducted points. 10 40 ez online If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of sale. 10 40 ez online See Points in Publication 936, Home Mortgage Interest Deduction. 10 40 ez online Photographs of missing children. 10 40 ez online The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 10 40 ez online Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 10 40 ez online You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 10 40 ez online Introduction This publication explains the tax rules that apply when you sell your main home. 10 40 ez online In most cases, your main home is the one in which you live most of the time. 10 40 ez online If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). 10 40 ez online See Excluding the Gain , later. 10 40 ez online Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. 10 40 ez online If you have gain that cannot be excluded, you generally must report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040), Capital Gains and Losses. 10 40 ez online You may also have to complete Form 4797, Sales of Business Property. 10 40 ez online See Reporting the Sale , later. 10 40 ez online If you have a loss on the sale, you generally cannot deduct it on your return. 10 40 ez online However, you may need to report it. 10 40 ez online See Reporting the Sale , later. 10 40 ez online The main topics in this publication are: Figuring gain or loss, Basis, Excluding the gain, Ownership and use tests, and Reporting the sale. 10 40 ez online Other topics include: Business use or rental of home, Deducting taxes in the year of sale, and Recapturing a federal mortgage subsidy. 10 40 ez online Net Investment Income Tax (NIIT). 10 40 ez online If any part of the gain on the sale of a home is not excluded under the rules discussed in this publication, it may be subject to the NIIT. 10 40 ez online For more details, see Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions. 10 40 ez online Worksheets. 10 40 ez online Near the end of this publication you will find worksheets you can use to figure your gain (or loss) and your exclusion. 10 40 ez online Use Worksheet 1 to figure the adjusted basis of the home you sold. 10 40 ez online Use Worksheet 2 to figure the gain (or loss), the exclusion, and the taxable gain (if any) on the sale. 10 40 ez online If you do not qualify for the maximum exclusion, use Worksheet 3 to figure your reduced maximum exclusion. 10 40 ez online Date of sale. 10 40 ez online If you received a Form 1099-S, Proceeds From Real Estate Transactions, the date of sale should be shown in box 1. 10 40 ez online If you did not receive this form, the date of sale is the earlier of (a) the date title transferred or (b) the date the economic burdens and benefits of ownership shifted to the buyer. 10 40 ez online In most cases, these dates are the same. 10 40 ez online What is not covered in this publication. 10 40 ez online This publication does not cover the sale of rental property, second homes, or vacation homes. 10 40 ez online For information on how to report any gain or loss from those sales, see Publication 544, Sales and Other Dispositions of Assets. 10 40 ez online Comments and suggestions. 10 40 ez online We welcome your comments about this publication and your suggestions for future editions. 10 40 ez online You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 10 40 ez online NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. 10 40 ez online Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 10 40 ez online You can send your comments from www. 10 40 ez online irs. 10 40 ez online gov/formspubs/. 10 40 ez online Click on “More Information” and then on “Comment on Tax Forms and Publications”. 10 40 ez online Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 10 40 ez online Ordering forms and publications. 10 40 ez online Visit www. 10 40 ez online irs. 10 40 ez online gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 10 40 ez online Internal Revenue Service 1201 N. 10 40 ez online Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 10 40 ez online If you have a tax question, check the information available on IRS. 10 40 ez online gov or call 1-800-829-1040. 10 40 ez online We cannot answer tax questions sent to either of the above addresses. 10 40 ez online Useful Items - You may want to see: Publication 527 Residential Rental Property 530 Tax Information for Homeowners 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 587 Business Use of Your Home 936 Home Mortgage Interest Deduction 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 1040 U. 10 40 ez online S. 10 40 ez online Individual Income Tax Return 1040NR U. 10 40 ez online S. 10 40 ez online Nonresident Alien Income Tax Return 1040X Amended U. 10 40 ez online S. 10 40 ez online Individual Income Tax Return 1099-S Proceeds From Real Estate Transactions 4797 Sales of Business Property 5405 Repayment of the First-Time Homebuyer Credit 8822 Change of Address 8828 Recapture of Federal Mortgage Subsidy 8939 Allocation of Increase in Basis for Property Acquired From a Decedent 8949 Sales and Other Dispositions of Capital Assets W-2 Wage and Tax Statement See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. 10 40 ez online Prev Up Next Home More Online Publications
Understanding Your CP3219B Notice
This Statutory Notice of Deficiency notifies you of the IRS’s intent to assess a tax deficiency and informs you of your right to petition the United States Tax Court to dispute the proposed adjustments.
What you need to do immediately
- Review this notice and compare our changes to the information on your tax return. On previous notices we asked you to verify the income, credits, and deductions reported on your tax return because they’re different from the information we received from other sources. You didn't provide any further information to us.
- If you agree with the changes, complete the Form 4089, Notice of Deficiency - Waiver, sign and return it in order to limit additional interest charges.
- If you don't send a payment with Form 4089, we will send a bill for the amount due with any interest and applicable penalties.
- Mail any additional information you have to us immediately. Attach this letter to your correspondence to help us identify your case. Keep a copy for your records. Our consideration won't extend the deadline to file a petition with the U.S Tax Court.
- If you don’t agree with the changes you have the right to challenge the increase in tax by filing a petition with the U.S. Tax Court. You have 90 days (150 if the notice was addressed outside the United States) to file the petition. The Court can’t consider your case if the petition is filed late. You can download a petition form and rules from www.ustaxcourt.gov or contact:
Clerk of the U.S. Tax Court
400 Second Street, NW
Washington, DC 20217
You may want to
- Send us the name, address and taxpayer identification number of the other party that received the income if it isn't yours.
- Notify the payers to correct their records to show the name and taxpayer identification number of the person or business who actually received the income, so that future reports to us are accurate.
Answers to Common Questions
Is this a Bill?
No. It tells you of the IRS’s intention to assess a tax deficiency. It isn't an assessment of tax nor does it require you to make immediate payment. We haven’t charged any additional tax at this time.
Should I call with my response or mail it in?
If you want us to consider additional information, please contact us immediately. Our consideration won't extend the deadline to file a petition with the U.S Tax Court.
If you have a simple response, such as directing us to a specific line on your original return where you reported the income, you can call a Customer Service Representative and provide the information. A toll-free number is listed in the top right hand corner of the notice.
A written response may be required if the issue is more involved, especially if you disagree with some of the proposed changes. You may want to mail copies of payer information documents such as Form(s) 1099 or Schedule(s) K-1. Include any other letters or documents that support your position. You should submit a written statement to fully explain any unusual tax situations.
If you choose to petition the United States Tax Court, the application must be submitted in writing.
Why did it take you so long to contact us about this?
Tax years generally end on Dec. 31, but we don't receive information from banks, businesses, and other payers until much later. Once we receive all the tax returns and payer information, we compare the information you reported with the information third party payers provided to us. It can take 8 months or more to complete this review.
I need more time to find my records and go through them all. Will you allow me additional time to respond?
No. The time you have to petition the United States Tax Court can't be extended. It’s important that you respond to the Statutory Notice of Deficiency or petition the United States Tax Court (if you choose to) by the due date shown on the notice. If you don’t, we’ll assume the proposed changes are correct and assess the additional deficiency.
Do I have to pay the interest? Can you remove it?
The law requires us to charge interest on any tax that isn't paid by the return due date (Internal Revenue Code Section 6601).
The law doesn't permit us to reduce or remove interest for reasonable cause. However, in limited circumstances, we may waive penalties. If you believe you qualify for penalty removal, you should include related information in your response.
What should I do to avoid problems like this in the future?
Keep accurate payment information from banks and other payers to verify you've received all payment information for filing your return. Review the documents to be sure they show your most current address. Take the following actions when filing your tax return to avoid similar issues in the future:
- Report specific income type on the correct line on the Form 1120, U.S. Corporation Income Tax Return. For example, rental income should be claimed on Form 1120, line 6 (Gross Rents). For additional information, please see the reporting instructions for Form 1120.
- If you report income on a line not traditionally reserved for that type of income, provide a statement indicating where the income was reported. For example, your business is related to investment activity and you're reporting all interest income (including amounts reported to the IRS on Form 1099-INT, Interest Income) with your gross receipts on Form 1120, line 1.
- Always attach a statement identifying the source of the amount reported on Form 1120, line 10 (Other Income).
- Provide an attached statement explaining your percentage of gross proceeds (ex; reported to us on Form 1099-MISC) that you would be liable to claim on your tax return.
- Generally, if you receive a Form 1099 for amounts that actually belong to another person, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received) for each of the other owners showing the amounts applicable to each.
Page Last Reviewed or Updated: 28-Feb-2014
Printable samples of this notice (PDF)
Tax publications you may find useful
How to get help
- Call the 1-800 number listed on the top right corner of your notice.
- Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
- See if you qualify for help from a Low Income Taxpayer Clinic.
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