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2011 1040ez Federal Income Tax Filing Online

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2011 1040ez Federal Income Tax Filing Online

2011 1040ez federal income tax filing online 35. 2011 1040ez federal income tax filing online   Education Credits Table of Contents Introduction Useful Items - You may want to see: Who Can Claim an Education Credit Qualified Education ExpensesNo Double Benefit Allowed Adjustments to Qualified Education Expenses Introduction For 2013, there are two tax credits available to persons who pay expenses for higher (postsecondary) education. 2011 1040ez federal income tax filing online They are: The American opportunity credit, and The lifetime learning credit. 2011 1040ez federal income tax filing online The chapter will present an overview of these education credits. 2011 1040ez federal income tax filing online To get the detailed information you will need to claim either of the credits, and for examples illustrating that information, see chapters 2 and 3 of Publication 970. 2011 1040ez federal income tax filing online Can you claim more than one education credit this year?   For each student, you can choose for any year only one of the credits. 2011 1040ez federal income tax filing online For example, if you choose to take the American opportunity credit for a child on your 2013 tax return, you cannot, for that same child, also claim the lifetime learning credit for 2013. 2011 1040ez federal income tax filing online   If you are eligible to claim the American opportunity credit and you are also eligible to claim the lifetime learning credit for the same student in the same year, you can choose to claim either credit, but not both. 2011 1040ez federal income tax filing online   If you pay qualified education expenses for more than one student in the same year, you can choose to take the American opportunity and the lifetime learning credits on a per-student, per-year basis. 2011 1040ez federal income tax filing online This means that, for example, you can claim the American opportunity credit for one student and the lifetime learning credit for another student in the same year. 2011 1040ez federal income tax filing online Table 35-1. 2011 1040ez federal income tax filing online Comparison of Education Credits Caution. 2011 1040ez federal income tax filing online You can claim both the American opportunity credit and the lifetime learning credit on the same return—but not for the same student. 2011 1040ez federal income tax filing online   American Opportunity Credit Lifetime Learning Credit Maximum credit Up to $2,500 credit per eligible student Up to $2,000 credit per return Limit on modified adjusted gross income (MAGI) $180,000 if married filing jointly;  $90,000 if single, head of household, or qualifying widow(er) $127,000 if married filing jointly;  $63,000 if single, head of household, or qualifying widow(er) Refundable or nonrefundable 40% of credit may be refundable Credit limited to the amount of tax you must pay on your taxable income Number of years of postsecondary education Available ONLY if the student had not completed the first 4 years of postsecondary education before 2013 Available for all years of postsecondary education and for courses to acquire or improve job skills Number of tax years credit available Available ONLY for 4 tax years per eligible student (including any year(s) the Hope credit was claimed) Available for an unlimited number of years Type of program required Student must be pursuing a program leading to a degree or other recognized education credential Student does not need to be pursuing a program leading to a degree or other recognized education credential Number of courses Student must be enrolled at least half time for at least one academic period beginning during the tax year Available for one or more courses Felony drug conviction At the end of 2013, the student had not been convicted of a felony for possessing or distributing a controlled substance Felony drug convictions do not make the student ineligible Qualified expenses Tuition, required enrollment fees, and course materials that the student needs for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance Tuition and fees required for enrollment or attendance (including amounts required to be paid to the institution for course-related books, supplies, and equipment) Payments for academic periods Payments made in 2013 for academic periods beginning in 2013 or beginning in the first 3 months of 2014 Differences between the American opportunity and lifetime learning credits. 2011 1040ez federal income tax filing online   There are several differences between these two credits. 2011 1040ez federal income tax filing online These differences are summarized in Table 35-1, later. 2011 1040ez federal income tax filing online Useful Items - You may want to see: Publication 970 Tax Benefits for Education Form (and Instructions) 8863 Education Credits (American Opportunity and Lifetime Learning Credits) Who Can Claim an Education Credit You may be able to claim an education credit if you, your spouse, or a dependent you claim on your tax return was a student enrolled at or attending an eligible educational institution. 2011 1040ez federal income tax filing online The credits are based on the amount of qualified education expenses paid for the student in 2013 for academic periods beginning in 2013 and in the first 3 months of 2014. 2011 1040ez federal income tax filing online For example, if you paid $1,500 in December 2013 for qualified tuition for the spring 2014 semester beginning in January 2014, you may be able to use that $1,500 in figuring your 2013 education credit(s). 2011 1040ez federal income tax filing online Academic period. 2011 1040ez federal income tax filing online   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. 2011 1040ez federal income tax filing online In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. 2011 1040ez federal income tax filing online Eligible educational institution. 2011 1040ez federal income tax filing online   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. 2011 1040ez federal income tax filing online S. 2011 1040ez federal income tax filing online Department of Education. 2011 1040ez federal income tax filing online It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 2011 1040ez federal income tax filing online The educational institution should be able to tell you if it is an eligible educational institution. 2011 1040ez federal income tax filing online   Certain educational institutions located outside the United States also participate in the U. 2011 1040ez federal income tax filing online S. 2011 1040ez federal income tax filing online Department of Education's Federal Student Aid (FSA) programs. 2011 1040ez federal income tax filing online Who can claim a dependent's expenses. 2011 1040ez federal income tax filing online   If an exemption is allowed as a deduction for any person who claims the student as a dependent, all qualified education expenses of the student are treated as having been paid by that person. 2011 1040ez federal income tax filing online Therefore, only that person can claim an education credit for the student. 2011 1040ez federal income tax filing online If a student is not claimed as a dependent on another person's tax return, only the student can claim a credit. 2011 1040ez federal income tax filing online Expenses paid by a third party. 2011 1040ez federal income tax filing online   Qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. 2011 1040ez federal income tax filing online However, qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. 2011 1040ez federal income tax filing online Therefore, you are treated as having paid expenses that were paid by the third party. 2011 1040ez federal income tax filing online For more information and an example see Who Can Claim a Dependent's Expenses in Pub. 2011 1040ez federal income tax filing online 970, chapter 2 or 3. 2011 1040ez federal income tax filing online Who cannot claim a credit. 2011 1040ez federal income tax filing online   You cannot take an education credit if any of the following apply. 2011 1040ez federal income tax filing online You are claimed as a dependent on another person's tax return, such as your parent's return. 2011 1040ez federal income tax filing online Your filing status is married filing separately. 2011 1040ez federal income tax filing online You (or your spouse) were a nonresident alien for any part of 2013 and did not elect to be treated as a resident alien for tax purposes. 2011 1040ez federal income tax filing online Your MAGI is one of the following. 2011 1040ez federal income tax filing online American opportunity credit: $180,000 or more if married filing jointly, or $90,000 or more if single, head of household, or qualifying widow(er). 2011 1040ez federal income tax filing online Lifetime learning credit: $127,000 or more if married filing jointly, or $63,000 or more if single, head of household, or qualifying widow(er) . 2011 1040ez federal income tax filing online   Generally, your MAGI is the amount on your Form 1040, line 38, or Form 1040A, line 22. 2011 1040ez federal income tax filing online However, if you are filing Form 2555, Form 2555–EZ, or Form 4563, or are excluding income from Puerto RIco, add to the amount on your Form 1040, line 38, or Form 1040A, line 22, the amount of income you excluded. 2011 1040ez federal income tax filing online For details, see Pub. 2011 1040ez federal income tax filing online 970. 2011 1040ez federal income tax filing online    Figure 35-A may be helpful in determining if you can claim an education credit on your tax return. 2011 1040ez federal income tax filing online The American opportunity credit will always be greater than or equal to the lifetime learning credit for any student who is eligible for both credits. 2011 1040ez federal income tax filing online However, if any of the conditions for the American opportunity credit, listed in Table 35-1 earlier, are not met for any student, you cannot take the American opportunity credit for that student. 2011 1040ez federal income tax filing online You may be able to take the lifetime learning credit for part or all of that student's qualified education expenses instead. 2011 1040ez federal income tax filing online See Pub. 2011 1040ez federal income tax filing online 970 for information on other education benefits. 2011 1040ez federal income tax filing online Qualified Education Expenses Generally, qualified education expenses are amounts paid in 2013 for tuition and fees required for the student's enrollment or attendance at an eligible educational institution. 2011 1040ez federal income tax filing online It does not matter whether the expenses were paid in cash, by check, by credit or debit card, or with borrowed funds. 2011 1040ez federal income tax filing online For course-related books, supplies, and equipment, only certain expenses qualify. 2011 1040ez federal income tax filing online American opportunity credit: Qualified education expenses include amounts spent on books, supplies, and equipment needed for a course of study, whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance. 2011 1040ez federal income tax filing online Lifetime learning credit: Qualified education expenses include amounts for books, supplies, and equipment only if required to be paid to the institution as a condition of enrollment or attendance. 2011 1040ez federal income tax filing online Qualified education expenses include nonacademic fees, such as student activity fees, athletic fees, or other expenses unrelated to the academic course of instruction, only if the fee must be paid to the institution as a condition of enrollment or attendance. 2011 1040ez federal income tax filing online However, fees for personal expenses (described below) are never qualified education expenses. 2011 1040ez federal income tax filing online Qualified education expenses for either credit do not include amounts paid for: Personal expenses. 2011 1040ez federal income tax filing online This means room and board, insurance, medical expenses (including student health fees), transportation, and other similar personal, living, or family expenses. 2011 1040ez federal income tax filing online Any course or other education involving sports, games, or hobbies, or any noncredit course, unless such course or other education is part of the student's degree program or (for the lifetime learning credit only) helps the student acquire or improve job skills. 2011 1040ez federal income tax filing online You should receive Form 1098–T, Tuition Statement, from the institution reporting either payments received in 2013 (box 1) or amounts billed in 2013 (box 2). 2011 1040ez federal income tax filing online However, the amount in box 1 or 2 of Form 1098–T may be different from the amount you paid (or are treated as having paid). 2011 1040ez federal income tax filing online In completing Form 8863, use only the amounts you actually paid (plus any amounts you are treated as having paid) in 2013, reduced as necessary, as described in Adjustments to Qualified Education Expenses , later. 2011 1040ez federal income tax filing online Qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. 2011 1040ez federal income tax filing online Qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. 2011 1040ez federal income tax filing online If you or the student takes a deduction for higher education expenses, such as on Schedule A or C (Form 1040), you cannot use those expenses in your qualified education expenses when figuring your education credits. 2011 1040ez federal income tax filing online Qualified education expenses for any academic period must be reduced by any tax-free educational assistance allocable to that academic period. 2011 1040ez federal income tax filing online See Adjustments to Qualified Education Expenses, later. 2011 1040ez federal income tax filing online Prepaid Expenses. 2011 1040ez federal income tax filing online   Qualified education expenses paid in 2013 for an academic period that begins in the first 3 months of 2014 can be used in figuring an education credit for 2013 only. 2011 1040ez federal income tax filing online See Academic period , earlier. 2011 1040ez federal income tax filing online For example, if you pay $2,000 in December 2013 for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring an education credit for 2013 only (if you meet all the other requirements). 2011 1040ez federal income tax filing online    You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 education credit(s). 2011 1040ez federal income tax filing online Paid with borrowed funds. 2011 1040ez federal income tax filing online   You can claim an education credit for qualified education expenses paid with the proceeds of a loan. 2011 1040ez federal income tax filing online Use the expenses to figure the credit for the year in which the expenses are paid, not the year in which the loan is repaid. 2011 1040ez federal income tax filing online Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account. 2011 1040ez federal income tax filing online Student withdraws from class(es). 2011 1040ez federal income tax filing online   You can claim an education credit for qualified education expenses not refunded when a student withdraws. 2011 1040ez federal income tax filing online No Double Benefit Allowed You cannot do any of the following. 2011 1040ez federal income tax filing online Deduct higher education expenses on your income tax return (as, for example, a business expense) and also claim an education credit based on those same expenses. 2011 1040ez federal income tax filing online Claim more than one education credit based on the same qualified education expenses. 2011 1040ez federal income tax filing online Claim an education credit based on the same expenses used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or qualified tuition program (QTP). 2011 1040ez federal income tax filing online Claim an education credit based on qualified education expenses paid with educational assistance, such as a tax-free scholarship, grant, or employer-provided educational assistance. 2011 1040ez federal income tax filing online See Adjustments to Qualified Education Expenses, next. 2011 1040ez federal income tax filing online Adjustments to Qualified Education Expenses For each student, reduce the qualified education expenses paid in 2013 by or on behalf of that student under the following rules. 2011 1040ez federal income tax filing online The result is the amount of adjusted qualified education expenses for each student. 2011 1040ez federal income tax filing online Tax-free educational assistance. 2011 1040ez federal income tax filing online   For tax-free educational assistance received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance allocable to that academic period. 2011 1040ez federal income tax filing online See Academic period , earlier. 2011 1040ez federal income tax filing online      Tax-free educational assistance includes:    Tax-free parts of scholarships and fellowships (see chapter 12 of this publication and chapter 1 of Pub. 2011 1040ez federal income tax filing online 970), The tax-free part of Pell grants (see chapter 1 of Pub. 2011 1040ez federal income tax filing online 970), The tax-free part of employer-provided educational assistance (see Pub. 2011 1040ez federal income tax filing online 970), Veterans' educational assistance (see chapter 1 of Pub. 2011 1040ez federal income tax filing online 970), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. 2011 1040ez federal income tax filing online Generally, any scholarship or fellowship is treated as tax-free educational assistance. 2011 1040ez federal income tax filing online However, a scholarship or fellowship is not treated as tax-free educational assistance to the extent the student includes it in gross income (if the student is required to file a tax return) for the year the scholarship or fellowship is received and either: The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. 2011 1040ez federal income tax filing online 970, chapter 1; or The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. 2011 1040ez federal income tax filing online 970, chapter 1. 2011 1040ez federal income tax filing online You may be able to increase the combined value of an education credit and certain educational assistance if the student includes some or all of the educational assistance in income in the year received. 2011 1040ez federal income tax filing online For details, see Adjustments of Qualified Education Expenses, in chapters 2 and 3 of Pub. 2011 1040ez federal income tax filing online 970. 2011 1040ez federal income tax filing online Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. 2011 1040ez federal income tax filing online This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). 2011 1040ez federal income tax filing online If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed, later. 2011 1040ez federal income tax filing online If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed, later. 2011 1040ez federal income tax filing online Refunds. 2011 1040ez federal income tax filing online   A refund of qualified education expenses may reduce qualified education expenses for the tax year or may require you to repay (recapture) the credit that you claimed in an earlier year. 2011 1040ez federal income tax filing online Some tax-free educational assistance received after 2013 may be treated as a refund. 2011 1040ez federal income tax filing online See Tax-free educational assistance, earlier. 2011 1040ez federal income tax filing online Refunds received in 2013. 2011 1040ez federal income tax filing online   For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses paid in 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. 2011 1040ez federal income tax filing online Refunds received after 2013 but before your income tax return is filed. 2011 1040ez federal income tax filing online   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is received before you file your 2013 income tax return, reduce the amount of qualified education expenses for 2013 by the amount of the refund. 2011 1040ez federal income tax filing online Refunds received after 2013 and after your income tax return is filed. 2011 1040ez federal income tax filing online   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is received after you file your 2013 income tax return, you may need to repay some or all of the credit that you claimed. 2011 1040ez federal income tax filing online See Credit recapture, next. 2011 1040ez federal income tax filing online Credit recapture. 2011 1040ez federal income tax filing online    If any tax-free educational assistance for the qualified education expenses paid in 2013, or any refund of your qualified education expenses paid in 2013, is received after you file your 2013 income tax return, you must recapture (repay) any excess credit. 2011 1040ez federal income tax filing online You do this by refiguring the amount of your adjusted qualified education expenses for 2013 by reducing the expenses by the amount of the refund or tax-free educational assistance. 2011 1040ez federal income tax filing online You then refigure your education credit(s) for 2013 and figure the amount by which your 2013 tax liability would have increased if you had claimed the refigured credit(s). 2011 1040ez federal income tax filing online Include that amount as an additional tax for the year the refund or tax-free assistance was received. 2011 1040ez federal income tax filing online Example. 2011 1040ez federal income tax filing online    You paid $8,000 tuition and fees in December 2013 for your child's Spring semester beginning in January 2014. 2011 1040ez federal income tax filing online You filed your 2013 tax return on February 3, 2014, and claimed a lifetime learning credit of $1,600 ($8,000 qualified education expense paid x . 2011 1040ez federal income tax filing online 20). 2011 1040ez federal income tax filing online You claimed no other tax credits. 2011 1040ez federal income tax filing online After you filed your return, your child withdrew from two courses and you received a refund of $1,400. 2011 1040ez federal income tax filing online You must refigure your 2013 lifetime learning credit using $6,600 ($8,000 qualified education expenses − $1,400 refund). 2011 1040ez federal income tax filing online The refigured credit is $1,320 and your tax liability increased by $280. 2011 1040ez federal income tax filing online You must include the difference of $280 ($1,600 credit originally claimed − $1,320 refigured credit) as additional tax on your 2014 income tax return. 2011 1040ez federal income tax filing online See the instructions for your 2014 income tax return to determine where to include this tax. 2011 1040ez federal income tax filing online If you also pay qualified education expenses in 2014 for an academic period that begins in the first 3 months of 2014 and you receive tax-free educational assistance, or a refund, as described above, you may choose to reduce your qualified education expenses for 2014 instead of reducing your expenses for 2013. 2011 1040ez federal income tax filing online Amounts that do not reduce qualified education expenses. 2011 1040ez federal income tax filing online   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. 2011 1040ez federal income tax filing online   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. 2011 1040ez federal income tax filing online The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses, as defined in Chapter 1 of Pub. 2011 1040ez federal income tax filing online 970. 2011 1040ez federal income tax filing online The use of the money is not restricted. 2011 1040ez federal income tax filing online   For examples, see chapter 2 in Pub. 2011 1040ez federal income tax filing online 970. 2011 1040ez federal income tax filing online Figure 35-A. 2011 1040ez federal income tax filing online Can You Claim an Education Credit for 2013? This image is too large to be displayed in the current screen. 2011 1040ez federal income tax filing online Please click the link to view the image. 2011 1040ez federal income tax filing online Figure 35-A. 2011 1040ez federal income tax filing online Can You Claim an Education Credit for 2013? Prev  Up  Next   Home   More Online Publications
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The 2011 1040ez Federal Income Tax Filing Online

2011 1040ez federal income tax filing online Index A Abandonment of home, Abandonment. 2011 1040ez federal income tax filing online Absence, temporary, Temporary absence. 2011 1040ez federal income tax filing online Abstract fees, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Address, change of, Reminders Adjusted basis, Adjusted Basis, Adjusted Basis Definition of, Determining Basis Worksheet 1 to figure, Determining Basis, Worksheet 1. 2011 1040ez federal income tax filing online Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 1. 2011 1040ez federal income tax filing online Adjusted Basis of Home Sold—Illustrated Example 3 for Emily White, Worksheet 1 Instructions. 2011 1040ez federal income tax filing online Adjusted Basis of Home Sold Adoption Adjusted basis of home for credit claimed, Decreases to Basis Advertising fees, Selling expenses. 2011 1040ez federal income tax filing online Amount realized, Amount Realized Appraisal fees, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Architect's fees, Construction. 2011 1040ez federal income tax filing online Armed forces Ownership and use tests, Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. 2011 1040ez federal income tax filing online Assistance (see Tax help) B Back interest, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Basis Adjusted basis (see Adjusted basis) Determination of, Determining Basis, Adjusted Basis Other than cost, Basis Other Than Cost Building permit fees, Construction. 2011 1040ez federal income tax filing online Business use of home, Business Use or Rental of Home, Use test met for business part (with no business use in year of sale). 2011 1040ez federal income tax filing online C Casualties Amounts spent after to restore damaged property, Increases to Basis Deductible casualty losses, Decreases to Basis Disaster as cause of, Specific event safe harbors. 2011 1040ez federal income tax filing online Insurance payments for casualty losses, Decreases to Basis Change of address, Reminders Closing costs, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Commissions, Selling expenses. 2011 1040ez federal income tax filing online , Settlement fees or closing costs. 2011 1040ez federal income tax filing online Community property Basis determination, Community property. 2011 1040ez federal income tax filing online Condemnation Gain exclusion, Home destroyed or condemned. 2011 1040ez federal income tax filing online Ownership and use test when previous home condemned, Previous home destroyed or condemned. 2011 1040ez federal income tax filing online Condominiums As main home, Main Home Basis determination, Condominium. 2011 1040ez federal income tax filing online Construction costs, Construction. 2011 1040ez federal income tax filing online Built by you, Built by you. 2011 1040ez federal income tax filing online Cooperative apartments As main home, Main Home Basis determination, Cooperative apartment. 2011 1040ez federal income tax filing online Ownership and use tests, Cooperative apartment. 2011 1040ez federal income tax filing online Cost as basis, Cost As Basis Credit reports Cost of obtaining, Settlement fees or closing costs. 2011 1040ez federal income tax filing online D Date of sale, Date of sale. 2011 1040ez federal income tax filing online Death Sale due to, Specific event safe harbors. 2011 1040ez federal income tax filing online Spouse's death before sale, ownership and use tests, Sale of main home by surviving spouse. 2011 1040ez federal income tax filing online Decreases to basis, Decreases to Basis Depreciation After May 6, 1997, Depreciation after May 6, 1997. 2011 1040ez federal income tax filing online Home used for business or rental purposes, Decreases to Basis Destroyed homes Gain exclusion, Home destroyed or condemned. 2011 1040ez federal income tax filing online Ownership and use test when previous home destroyed, Previous home destroyed or condemned. 2011 1040ez federal income tax filing online Disabilities, individuals with Ownership and use test, Exception for individuals with a disability. 2011 1040ez federal income tax filing online Disasters, Specific event safe harbors. 2011 1040ez federal income tax filing online Discharge of qualified principal residence indebtedness, Adjusted Basis Divorce Home received from spouse, Home received from spouse. 2011 1040ez federal income tax filing online Home transferred to spouse, Transfer to spouse. 2011 1040ez federal income tax filing online Ownership and use tests, Home transferred from spouse. 2011 1040ez federal income tax filing online Sale due to, Specific event safe harbors. 2011 1040ez federal income tax filing online Transfers after July 18, 1984, Transfers after July 18, 1984. 2011 1040ez federal income tax filing online Transfers before July 19, 1984, Transfers before July 19, 1984. 2011 1040ez federal income tax filing online Use of home after divorce, Use of home after divorce. 2011 1040ez federal income tax filing online Doctor's recommendation for sale, Doctor's recommendation safe harbor. 2011 1040ez federal income tax filing online E Easements, Decreases to Basis Employee of the intelligence community, Employee of the intelligence community. 2011 1040ez federal income tax filing online Employment Change in place of employment, Change in Place of Employment Payment by employer, when job transfer involved, Payment by employer. 2011 1040ez federal income tax filing online Energy Conservation subsidies, Decreases to Basis Credit, Decreases to Basis Exclusion of gain, Excluding the Gain, Nonqualified Use Reduced maximum exclusion, Reduced Maximum Exclusion Expatriates, Expatriates. 2011 1040ez federal income tax filing online F Federal mortgage subsidies Recapture of, Recapturing (Paying Back) a Federal Mortgage Subsidy Figuring gain or loss, Figuring Gain or Loss, More information. 2011 1040ez federal income tax filing online Fire insurance premiums, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Foreclosure, Foreclosure or repossession. 2011 1040ez federal income tax filing online Foreign Service, Foreign Service member. 2011 1040ez federal income tax filing online Ownership and use tests, Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. 2011 1040ez federal income tax filing online Form 1040 Reporting sale of home, Reporting the Sale Seller-financed mortgages, Seller-financed mortgage. 2011 1040ez federal income tax filing online Form 1040, Schedule A Real estate taxes, Real estate taxes. 2011 1040ez federal income tax filing online Form 1040, Schedule D Reporting sale of home, Reporting the Sale Form 1099-S Proceeds from real estate transactions, Date of sale. 2011 1040ez federal income tax filing online , Form 1099-S. 2011 1040ez federal income tax filing online , Form 1099-S. 2011 1040ez federal income tax filing online Form 2119 Sale of home, Adjusted Basis Form 6252 Installment sale income, Installment sale. 2011 1040ez federal income tax filing online Form 8828 Recapture tax, How to figure and report the recapture. 2011 1040ez federal income tax filing online Form 8960 Net Investment Income Tax, Net Investment Income Tax (NIIT). 2011 1040ez federal income tax filing online NIIT, Net Investment Income Tax (NIIT). 2011 1040ez federal income tax filing online Form 982 Discharge of indebtedness, Adjusted Basis Free tax services, Free help with your tax return. 2011 1040ez federal income tax filing online Future developments, Future Developments G Gain or loss Basis determination, Determining Basis, Adjusted Basis Exclusion of gain, Excluding the Gain Exclusion of gain, nonqualified use, Nonqualified Use Gain on sale, Gain on sale. 2011 1040ez federal income tax filing online Loss on sale, Loss on sale. 2011 1040ez federal income tax filing online Postponed from sale of previous home before May 7, 1997, Decreases to Basis Worksheet 2 to figure, Worksheet 2. 2011 1040ez federal income tax filing online Taxable Gain on Sale of Home—Completed Example 1 for Amy, Worksheet 1. 2011 1040ez federal income tax filing online Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 2. 2011 1040ez federal income tax filing online Taxable Gain on Sale of Home—Illustrated Example 2 for Peter and Betty Clark, Worksheet 2. 2011 1040ez federal income tax filing online Taxable Gain on Sale of Home—Illustrated Example 3 for Emily White, Worksheet 2. 2011 1040ez federal income tax filing online Taxable Gain on Sale of Home Gifts Home received as, Home received as gift. 2011 1040ez federal income tax filing online H Health Sale of home due to, Health Help (see Tax help) Homebuyer credit Recapture, Recapture of the post-2008 first-time homebuyer credit. 2011 1040ez federal income tax filing online Houseboats As main home, Main Home I Important reminders Change of address, Reminders Home sold with undeducted points, Reminders Improvements Adjusted basis determination, Improvements. 2011 1040ez federal income tax filing online Charges for, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Receipts and other records, Adjusted Basis Useful life of more than 1 year, Increases to Basis Increases to basis, Increases to Basis Individual taxpayer identification numbers (ITINs), Individual taxpayer identification number (ITIN). 2011 1040ez federal income tax filing online Inheritance Home received as, Home acquired from a decedent who died before or after 2010. 2011 1040ez federal income tax filing online Installment sales, Installment sale. 2011 1040ez federal income tax filing online Involuntary conversion, Specific event safe harbors. 2011 1040ez federal income tax filing online ITINs (Individual taxpayer identification numbers), Individual taxpayer identification number (ITIN). 2011 1040ez federal income tax filing online J Joint owners not married, Joint owners not married. 2011 1040ez federal income tax filing online Joint returns, Jointly owned home. 2011 1040ez federal income tax filing online Ownership and use tests, Married Persons L Land Sale of land on which home located, Land. 2011 1040ez federal income tax filing online Sale of vacant land, Vacant land. 2011 1040ez federal income tax filing online Legal fees, Selling expenses. 2011 1040ez federal income tax filing online , Settlement fees or closing costs. 2011 1040ez federal income tax filing online , Construction. 2011 1040ez federal income tax filing online Legal separation Sale due to, Specific event safe harbors. 2011 1040ez federal income tax filing online Like-kind exchange, Sale of home acquired in a like-kind exchange. 2011 1040ez federal income tax filing online Living expenses, Reasonable basic living expenses. 2011 1040ez federal income tax filing online Loan assumption fees, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Loan placement fees, Selling expenses. 2011 1040ez federal income tax filing online Loss (see Gain or loss) M Main home Defined, Main Home Factors used to determine, Factors used to determine main home. 2011 1040ez federal income tax filing online Property used partly as, Property used partly as your main home. 2011 1040ez federal income tax filing online , Property Used Partly for Business or Rental Married taxpayers (see Joint returns) Maximum exclusion, Maximum Exclusion Reduced, Reduced Maximum Exclusion Military (see Armed forces) Missing children, photographs of, Reminders Mobile homes As main home, Main Home More than one home, More than one home. 2011 1040ez federal income tax filing online Mortgage fees, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Mortgage insurance premiums, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Mortgage subsidies Recapturing (paying back) federal mortgage subsidy, Recapturing (Paying Back) a Federal Mortgage Subsidy Mortgages, seller-financed, Seller-financed mortgage. 2011 1040ez federal income tax filing online Moving expense, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Multiple births Sale due to, Specific event safe harbors. 2011 1040ez federal income tax filing online N Nonqualified use, Nonqualified Use Nonresident aliens Spouse as, transfer of home to, Exception. 2011 1040ez federal income tax filing online O Option to buy home, Option to buy. 2011 1040ez federal income tax filing online Ownership and use tests, Ownership and Use Tests, Ownership and use tests met at different times. 2011 1040ez federal income tax filing online P Partly used for business, Property Used Partly for Business or Rental Personal property Selling price of home not to include, Personal property. 2011 1040ez federal income tax filing online Points, Selling expenses. 2011 1040ez federal income tax filing online Home sold with undeducted points, Reminders Seller-paid, Seller-paid points. 2011 1040ez federal income tax filing online Publications (see Tax help) R Real estate taxes, Settlement fees or closing costs. 2011 1040ez federal income tax filing online , Real estate taxes. 2011 1040ez federal income tax filing online Deducting in year of sale, Deducting Taxes in the Year of Sale Recapture of federal mortgage subsidy, Recapturing (Paying Back) a Federal Mortgage Subsidy Recapture of first-time homebuyer credit, Recapture of First-Time Homebuyer Credit Recording fees, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Recordkeeping, Adjusted Basis Reduced maximum exclusion, Reduced Maximum Exclusion Worksheet 3, Worksheet 3. 2011 1040ez federal income tax filing online Reduced Maximum Exclusion Refinancing, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Relatives Sale of home to, Exception for sales to related persons. 2011 1040ez federal income tax filing online Remainder interest Sale of, Sale of remainder interest. 2011 1040ez federal income tax filing online Remodeling, Improvements. 2011 1040ez federal income tax filing online , Exception. 2011 1040ez federal income tax filing online (see also Improvements) Rental of home, Business Use or Rental of Home, Use test met for business part (with no business use in year of sale). 2011 1040ez federal income tax filing online Before closing, by buyer, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Partial use, Property Used Partly for Business or Rental Repairs, Settlement fees or closing costs. 2011 1040ez federal income tax filing online , Improvements. 2011 1040ez federal income tax filing online , Repairs. 2011 1040ez federal income tax filing online (see also Improvements) Reporting the sale, Reporting the Sale, Worksheet 2. 2011 1040ez federal income tax filing online Taxable Gain on Sale of Home—Illustrated Example 3 for Emily White Repossession, Foreclosure or repossession. 2011 1040ez federal income tax filing online Right-of-ways, Decreases to Basis S Safe harbors Distance safe harbor, Distance safe harbor. 2011 1040ez federal income tax filing online Doctor's recommendation for sale, Doctor's recommendation safe harbor. 2011 1040ez federal income tax filing online Unforeseeable events, Specific event safe harbors. 2011 1040ez federal income tax filing online Sales commissions, Selling expenses. 2011 1040ez federal income tax filing online , Settlement fees or closing costs. 2011 1040ez federal income tax filing online Sales to related persons, Exception for sales to related persons. 2011 1040ez federal income tax filing online Self-employed persons Change in status causing inability to pay basic expenses, Specific event safe harbors. 2011 1040ez federal income tax filing online Seller-financed mortgages, Seller-financed mortgage. 2011 1040ez federal income tax filing online Seller-paid points, Seller-paid points. 2011 1040ez federal income tax filing online Selling expenses, Selling expenses. 2011 1040ez federal income tax filing online Selling price, Selling Price Separate returns, Separate returns. 2011 1040ez federal income tax filing online Settlement fees, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Spouse Death of (see Surviving spouse) Divorce, transfers subsequent to (see Divorce) Survey fees, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Surviving spouse Basis determination, Surviving spouse. 2011 1040ez federal income tax filing online Ownership and use tests, Sale of main home by surviving spouse. 2011 1040ez federal income tax filing online T Tax help, How To Get Tax Help Temporary absence, Temporary absence. 2011 1040ez federal income tax filing online Temporary housing, Temporary housing. 2011 1040ez federal income tax filing online Title insurance, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Title search fees, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Trading homes, Trading (exchanging) homes. 2011 1040ez federal income tax filing online , Home received as trade. 2011 1040ez federal income tax filing online Transfer taxes, Settlement fees or closing costs. 2011 1040ez federal income tax filing online , Transfer taxes. 2011 1040ez federal income tax filing online Transfer to spouse, Transfer to spouse. 2011 1040ez federal income tax filing online After July 18, 1984, Transfers after July 18, 1984. 2011 1040ez federal income tax filing online Before July 19, 1984, Transfers before July 19, 1984. 2011 1040ez federal income tax filing online TTY/TDD information, How To Get Tax Help U Unemployment, Specific event safe harbors. 2011 1040ez federal income tax filing online Unforeseen circumstances, Unforeseen Circumstances Uniformed services (see Armed forces) Use tests, Ownership and Use Tests, Ownership and use tests met at different times. 2011 1040ez federal income tax filing online Utilities Charges for installing, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Charges related to occupancy of house before closing, Settlement fees or closing costs. 2011 1040ez federal income tax filing online Energy conservation subsidy, Decreases to Basis Meter and connection charges for construction, Construction. 2011 1040ez federal income tax filing online V Vacant land Sale of, Vacant land. 2011 1040ez federal income tax filing online W Worksheets, Worksheets. 2011 1040ez federal income tax filing online Adjusted basis (Worksheet 1), Determining Basis, Worksheet 1. 2011 1040ez federal income tax filing online Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 1. 2011 1040ez federal income tax filing online Adjusted Basis of Home Sold—Illustrated Example 3 for Emily White, Worksheet 1 Instructions. 2011 1040ez federal income tax filing online Adjusted Basis of Home Sold Gain (or loss), exclusion, and taxable gain (Worksheet 2), Worksheet 2. 2011 1040ez federal income tax filing online Taxable Gain on Sale of Home—Completed Example 1 for Amy, Worksheet 1. 2011 1040ez federal income tax filing online Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 2. 2011 1040ez federal income tax filing online Taxable Gain on Sale of Home—Illustrated Example 2 for Peter and Betty Clark, Worksheet 2. 2011 1040ez federal income tax filing online Taxable Gain on Sale of Home—Illustrated Example 3 for Emily White, Worksheet 2. 2011 1040ez federal income tax filing online Taxable Gain on Sale of Home Recordkeeping and, Adjusted Basis Reduced maximum exclusion (Worksheet 3), Worksheet 3. 2011 1040ez 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