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1040 Com

1040 com 3. 1040 com   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. 1040 com 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. 1040 com However, in some cases you may have a gain that is not taxable or a loss that is not deductible. 1040 com This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. 1040 com 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. 1040 com What Is a Disposition of Property? A disposition of property includes the following transactions. 1040 com You sell property for cash or other property. 1040 com You exchange property for other property. 1040 com You receive money as a tenant for the cancellation of a lease. 1040 com You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. 1040 com You transfer property to satisfy a debt. 1040 com You abandon property. 1040 com Your bank or other financial institution forecloses on your mortgage or repossesses your property. 1040 com Your property is damaged, destroyed, or stolen, and you receive property or money in payment. 1040 com Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. 1040 com For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. 1040 com For details about other dispositions, see chapter 1 in Publication 544. 1040 com Nontaxable exchanges. 1040 com   Certain exchanges of property are not taxable. 1040 com This means any gain from the exchange is not recognized and you cannot deduct any loss. 1040 com Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. 1040 com Like-kind exchanges. 1040 com   A like-kind exchange is the exchange of property for the same kind of property. 1040 com It is the most common type of nontaxable exchange. 1040 com To be a like-kind exchange, the property traded and the property received must be both of the following. 1040 com Business or investment property. 1040 com Like property. 1040 com   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. 1040 com For more information about like-kind exchanges, see chapter 1 in Publication 544. 1040 com Installment sales. 1040 com   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. 1040 com 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. 1040 com   For more information about installment sales, see Publication 537, Installment Sales. 1040 com Sale of a business. 1040 com   The sale of a business usually is not a sale of one asset. 1040 com Instead, all the assets of the business are sold. 1040 com Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. 1040 com   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. 1040 com Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. 1040 com The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. 1040 com   For more information about the sale of a business, see chapter 2 of Publication 544. 1040 com How Do I Figure a Gain or Loss? Table 3-1. 1040 com How To Figure a Gain or Loss IF your. 1040 com . 1040 com . 1040 com THEN you have a. 1040 com . 1040 com . 1040 com Adjusted basis is more than the amount realized Loss. 1040 com Amount realized is more than the adjusted basis Gain. 1040 com Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. 1040 com You need to know these definitions to figure your gain or loss. 1040 com Basis. 1040 com   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. 1040 com 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. 1040 com For more information about basis, see Publication 551, Basis of Assets. 1040 com Adjusted basis. 1040 com   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. 1040 com 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. 1040 com Amount realized. 1040 com   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. 1040 com 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. 1040 com Fair market value. 1040 com   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. 1040 com Amount recognized. 1040 com   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. 1040 com Recognized gains must be included in gross income. 1040 com Recognized losses are deductible from gross income. 1040 com However, a gain or loss realized from certain exchanges of property is not recognized. 1040 com See  Nontaxable exchanges, earlier. 1040 com Also, you cannot deduct a loss from the disposition of property held for personal use. 1040 com Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. 1040 com You must do this to figure your net capital gain or loss. 1040 com Generally, you will have a capital gain or loss if you dispose of a capital asset. 1040 com For the most part, everything you own and use for personal purposes or investment is a capital asset. 1040 com Certain property you use in your business is not a capital asset. 1040 com A gain or loss from a disposition of this property is an ordinary gain or loss. 1040 com 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. 1040 com These gains and losses are called section 1231 gains and losses. 1040 com For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. 1040 com 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. 1040 com Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. 1040 com The time you own property before disposing of it is called the holding period. 1040 com Table 3-2. 1040 com Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. 1040 com . 1040 com . 1040 com THEN you have a. 1040 com . 1040 com . 1040 com 1 year or less Short-term capital gain or loss. 1040 com More than 1 year Long-term capital gain or loss. 1040 com For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. 1040 com Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. 1040 com The instructions for the forms explain how to fill them out. 1040 com Dispositions of business property and depreciable property. 1040 com   Use Form 4797. 1040 com If you have taxable gain, you may also have to use Schedule D (Form 1040). 1040 com Like-kind exchanges. 1040 com   Use Form 8824, Like-Kind Exchanges. 1040 com You may also have to use Form 4797 and Schedule D (Form 1040). 1040 com Installment sales. 1040 com   Use Form 6252, Installment Sale Income. 1040 com You may also have to use Form 4797 and Schedule D (Form 1040). 1040 com Casualties and thefts. 1040 com   Use Form 4684, Casualties and Thefts. 1040 com You may also have to use Form 4797. 1040 com Condemned property. 1040 com   Use Form 4797. 1040 com You may also have to use Schedule D (Form 1040). 1040 com Prev  Up  Next   Home   More Online Publications
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1040 com Publication 584-B - Main Content Table of Contents How To Use This Workbook Comments and SuggestionsOrdering forms and publications. 1040 com Tax questions. 1040 com How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). 1040 com How To Use This Workbook You can use this workbook by following these five steps. 1040 com Read Publication 547 to learn about the tax rules for casualties, disasters, and thefts. 1040 com Know the definitions of adjusted basis and fair market value, discussed below. 1040 com Fill out Schedules 1 through 6. 1040 com Read the Instructions for Form 4684. 1040 com Fill out Form 4684 using the information you entered in Schedules 1 through 6. 1040 com Use the chart below to find out how to use Schedules 1 through 6 to fill out Form 4684. 1040 com Take what's in each row of. 1040 com . 1040 com . 1040 com And enter it on Form 4684. 1040 com . 1040 com . 1040 com Column 1 Line 19 Column 2 Line 20 Column 3 Line 21 Column 4 Line 22 Column 5 Line 23 Column 6 Line 24 Column 7 Line 25 Column 8 Line 26 Column 9 Line 27 Adjusted basis. 1040 com   Adjusted basis usually means original cost plus improvements, minus depreciation allowed or allowable (including any section 179 expense deduction), amortization, depletion, etc. 1040 com If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. 1040 com If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. 1040 com Fair market value. 1040 com   Fair market value is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. 1040 com When filling out Schedules 1 through 6, you need to know the fair market value of the property immediately before and immediately after the disaster or casualty. 1040 com Deduction limits. 1040 com   If your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. 1040 com See the Instructions for Form 4684, Section B. 1040 com If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. 1040 com   The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040), must be reduced by 2% of your adjusted gross income. 1040 com Employee property is property used in performing services as an employee. 1040 com Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. 1040 com You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. 1040 com NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. 1040 com Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040 com You can email us at taxforms@irs. 1040 com gov. 1040 com Please put “Publications Comment” on the subject line. 1040 com You can also send us comments from www. 1040 com irs. 1040 com gov/formspubs/. 1040 com Select “Comment on Tax Forms and Publications” under “Information about. 1040 com ” 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. 1040 com Ordering forms and publications. 1040 com   Visit www. 1040 com irs. 1040 com gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. 1040 com Internal Revenue Service 1201 N. 1040 com Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040 com   If you have a tax question, check the information available on IRS. 1040 com gov or call 1-800-829-1040. 1040 com We cannot answer tax questions sent to either of the above addresses. 1040 com How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. 1040 com By selecting the method that is best for you, you will have quick and easy access to tax help. 1040 com Free help with your return. 1040 com   Free help in preparing your return is available nationwide from IRS-certified volunteers. 1040 com The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. 1040 com Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. 1040 com To find the nearest VITA or TCE site, visit IRS. 1040 com gov or call 1-800-906-9887 or 1-800-829-1040. 1040 com   As part of the TCE program, AARP offers the Tax-Aide counseling program. 1040 com To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. 1040 com aarp. 1040 com org/money/taxaide. 1040 com   For more information on these programs, go to IRS. 1040 com gov and enter keyword “VITA” in the upper right-hand corner. 1040 com Internet. 1040 com You can access the IRS website at IRS. 1040 com gov 24 hours a day, 7 days a week to: Check the status of your 2011 refund. 1040 com Go to IRS. 1040 com gov and click on Where's My Refund. 1040 com Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. 1040 com If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). 1040 com Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. 1040 com E-file your return. 1040 com Find out about commercial tax preparation and e-file services available free to eligible taxpayers. 1040 com Download forms, including talking tax forms, instructions, and publications. 1040 com Order IRS products online. 1040 com Research your tax questions online. 1040 com Search publications online by topic or keyword. 1040 com Use the online Internal Revenue Code, regulations, or other official guidance. 1040 com View Internal Revenue Bulletins (IRBs) published in the last few years. 1040 com Figure your withholding allowances using the withholding calculator online at www. 1040 com irs. 1040 com gov/individuals. 1040 com Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. 1040 com irs. 1040 com gov/individuals. 1040 com Sign up to receive local and national tax news by email. 1040 com Get information on starting and operating a small business. 1040 com Phone. 1040 com Many services are available by phone. 1040 com   Ordering forms, instructions, and publications. 1040 com Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. 1040 com You should receive your order within 10 days. 1040 com Asking tax questions. 1040 com Call the IRS with your tax questions at 1-800-829-1040. 1040 com Solving problems. 1040 com You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. 1040 com An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 1040 com Call your local Taxpayer Assistance Center for an appointment. 1040 com To find the number, go to www. 1040 com irs. 1040 com gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 1040 com TTY/TDD equipment. 1040 com If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. 1040 com TeleTax topics. 1040 com Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. 1040 com Refund information. 1040 com You can check the status of your refund on the new IRS phone app. 1040 com Download the free IRS2Go app by visiting the iTunes app store or the Android Marketplace. 1040 com IRS2Go is a new way to provide you with information and tools. 1040 com To check the status of your refund by phone, call 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). 1040 com Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. 1040 com If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). 1040 com Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. 1040 com If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. 1040 com Other refund information. 1040 com To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. 1040 com Evaluating the quality of our telephone services. 1040 com To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. 1040 com One method is for a second IRS representative to listen in on or record random telephone calls. 1040 com Another is to ask some callers to complete a short survey at the end of the call. 1040 com Walk-in. 1040 com Many products and services are available on a walk-in basis. 1040 com   Products. 1040 com You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 1040 com Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. 1040 com Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. 1040 com Services. 1040 com You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. 1040 com An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. 1040 com If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. 1040 com No appointment is necessary—just walk in. 1040 com If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. 1040 com A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. 1040 com If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. 1040 com All other issues will be handled without an appointment. 1040 com To find the number of your local office, go to  www. 1040 com irs. 1040 com gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 1040 com Mail. 1040 com You can send your order for forms, instructions, and publications to the address below. 1040 com You should receive a response within 10 days after your request is received. 1040 com  Internal Revenue Service 1201 N. 1040 com Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. 1040 com   The Taxpayer Advocate Service (TAS) is your voice at the IRS. 1040 com Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. 1040 com We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. 1040 com Remember, the worst thing you can do is nothing at all. 1040 com   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. 1040 com You face (or your business is facing) an immediate threat of adverse action. 1040 com You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. 1040 com   If you qualify for our help, we’ll do everything we can to get your problem resolved. 1040 com You will be assigned to one advocate who will be with you at every turn. 1040 com We have offices in every state, the District of Columbia, and Puerto Rico. 1040 com Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. 1040 com And our services are always free. 1040 com   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. 1040 com Our tax toolkit at www. 1040 com TaxpayerAdvocate. 1040 com irs. 1040 com gov can help you understand these rights. 1040 com   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. 1040 com irs. 1040 com gov/advocate. 1040 com You can also call our toll-free number at 1-877-777-4778. 1040 com   TAS also handles large-scale or systemic problems that affect many taxpayers. 1040 com If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. 1040 com irs. 1040 com gov/advocate. 1040 com Low Income Taxpayer Clinics (LITCs). 1040 com   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. 1040 com Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. 1040 com These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. 1040 com Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. 1040 com For more information and to find a clinic near you, see the LITC page at www. 1040 com irs. 1040 com gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. 1040 com This publication is also available by calling 1-800-829-3676 or at your local IRS office. 1040 com Free tax services. 1040 com   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. 1040 com Learn about free tax information from the IRS, including publications, services, and education and assistance programs. 1040 com The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. 1040 com The majority of the information and services listed in this publication are available to you free of charge. 1040 com If there is a fee associated with a resource or service, it is listed in the publication. 1040 com   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. 1040 com DVD for tax products. 1040 com You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. 1040 com Prior-year forms, instructions, and publications. 1040 com Tax Map: an electronic research tool and finding aid. 1040 com Tax law frequently asked questions. 1040 com Tax Topics from the IRS telephone response system. 1040 com Internal Revenue Code—Title 26 of the U. 1040 com S. 1040 com Code. 1040 com Links to other Internet based Tax Research Materials. 1040 com Fill-in, print, and save features for most tax forms. 1040 com Internal Revenue Bulletins. 1040 com Toll-free and email technical support. 1040 com Two releases during the year. 1040 com  – The first release will ship the beginning of January 2012. 1040 com  – The final release will ship the beginning of March 2012. 1040 com Purchase the DVD from National Technical Information Service (NTIS) at www. 1040 com irs. 1040 com gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). 1040 com Prev  Up  Next   Home   More Online Publications