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2011 Tax Software Download

2011 tax software download 10. 2011 tax software download   Installment Sales Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Installment Sale of a Farm Installment MethodWhen to elect out. 2011 tax software download Revoking the election. 2011 tax software download More information. 2011 tax software download Figuring Installment Sale Income Payments Received or Considered Received ExampleSection 1231 gains. 2011 tax software download Summary. 2011 tax software download Introduction An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. 2011 tax software download If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. 2011 tax software download This method of reporting gain is called the installment method. 2011 tax software download You cannot use the installment method to report a loss. 2011 tax software download You can choose to report all of your gain in the year of sale. 2011 tax software download Installment obligation. 2011 tax software download   The buyer's obligation to make future payments to you can be in the form of a deed of trust, note, land contract, mortgage, or other evidence of the buyer's debt to you. 2011 tax software download Topics - This chapter discusses: The general rules that apply to using the installment method Installment sale of a farm Useful Items - You may want to see: Publication 523 Selling Your Home 535 Business Expenses 537 Installment Sales 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income See chapter 16 for information about getting publications and forms. 2011 tax software download Installment Sale of a Farm The installment sale of a farm for one overall price under a single contract is not the sale of a single asset. 2011 tax software download It generally includes the sale of real property and personal property reportable on the installment method. 2011 tax software download It may also include the sale of property for which you must maintain an inventory, which cannot be reported on the installment method. 2011 tax software download See Inventory , later. 2011 tax software download The selling price must be allocated to determine the amount received for each class of asset. 2011 tax software download The tax treatment of the gain or loss on the sale of each class of assets is determined by its classification as a capital asset, as property used in the business, or as property held for sale and by the length of time the asset was held. 2011 tax software download (See chapter 8 for a discussion of capital assets and chapter 9 for a discussion of property used in the business. 2011 tax software download ) Separate computations must be made to figure the gain or loss for each class of asset sold. 2011 tax software download See Sale of a Farm in chapter 8. 2011 tax software download If you report the sale of property on the installment method, any depreciation recapture under section 1245 or 1250 of the Internal Revenue Code is generally taxable as ordinary income in the year of sale. 2011 tax software download See Depreciation recapture , later. 2011 tax software download This applies even if no payments are received in that year. 2011 tax software download Installment Method An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. 2011 tax software download A farmer who is not required to maintain an inventory can use the installment method to report gain from the sale of property used or produced in farming. 2011 tax software download See Inventory , later, for information on the sale of farm property where inventory items are included in the assets sold. 2011 tax software download If a sale qualifies as an installment sale, the gain must be reported under the installment method unless you elect out of using the installment method. 2011 tax software download Electing out of the installment method. 2011 tax software download   If you elect not to use the installment method, you generally report the entire gain in the year of sale, even though you do not receive all the sale proceeds in that year. 2011 tax software download   To make this election, do not report your sale on Form 6252. 2011 tax software download Instead, report it on Schedule D (Form 1040), Form 4797, or both. 2011 tax software download When to elect out. 2011 tax software download   Make this election by the due date, including extensions, for filing your tax return for the year the sale takes place. 2011 tax software download   However, if you timely file your tax return for the year the sale takes place without making the election, you still can make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). 2011 tax software download Write “Filed pursuant to section 301. 2011 tax software download 9100-2” at the top of the amended return and file it where the original return was filed. 2011 tax software download Revoking the election. 2011 tax software download   Once made, the election can be revoked only with IRS approval. 2011 tax software download A revocation is retroactive. 2011 tax software download More information. 2011 tax software download   See Electing Out of the Installment Method in Publication 537 for more information. 2011 tax software download Inventory. 2011 tax software download   The sale of farm inventory items cannot be reported on the installment method. 2011 tax software download All gain or loss on their sale must be reported in the year of sale, even if you receive payment in later years. 2011 tax software download   If inventory items are included in an installment sale, you may have an agreement stating which payments are for inventory and which are for the other assets being sold. 2011 tax software download If you do not, each payment must be allocated between the inventory and the other assets sold. 2011 tax software download Sale at a loss. 2011 tax software download   If your sale results in a loss, you cannot use the installment method. 2011 tax software download If the loss is on an installment sale of business assets, you can deduct it only in the tax year of sale. 2011 tax software download Figuring Installment Sale Income Each payment on an installment sale usually consists of the following three parts. 2011 tax software download Interest income. 2011 tax software download Return of your adjusted basis in the property. 2011 tax software download Gain on the sale. 2011 tax software download In each year you receive a payment, you must include in income both the interest part and the part that is your gain on the sale. 2011 tax software download You do not include in income the part that is the return of your basis in the property. 2011 tax software download Basis is the amount of your investment in the property for installment sale purposes. 2011 tax software download Interest income. 2011 tax software download   You must report interest as ordinary income. 2011 tax software download Interest is generally not included in a down payment. 2011 tax software download However, you may have to treat part of each later payment as interest, even if it is not called interest in your agreement with the buyer. 2011 tax software download Interest provided in the agreement is called stated interest. 2011 tax software download If the agreement does not provide for enough stated interest, there may be unstated interest or original issue discount. 2011 tax software download See Unstated interest , later. 2011 tax software download    You must continue to report the interest income on payments you receive in subsequent years as interest income. 2011 tax software download Adjusted basis and installment sale income (gain on sale). 2011 tax software download   After you have determined how much of each payment to treat as interest, you treat the rest of each payment as if it were made up of two parts. 2011 tax software download A tax-free return of your adjusted basis in the property, and Your gain (referred to as “installment sale income” on Form 6252). 2011 tax software download Figuring adjusted basis for installment sale purposes. 2011 tax software download   You can use Worksheet 10-1 to figure your adjusted basis in the property for installment sale purposes. 2011 tax software download When you have completed the worksheet, you will also have determined the gross profit percentage necessary to figure your installment sale income (gain) for this year. 2011 tax software download    Worksheet 10-1. 2011 tax software download Figuring Adjusted Basis and Gross Profit Percentage 1. 2011 tax software download Enter the selling price for the property   2. 2011 tax software download Enter your adjusted basis for the property     3. 2011 tax software download Enter your selling expenses     4. 2011 tax software download Enter any depreciation recapture     5. 2011 tax software download Add lines 2, 3, and 4. 2011 tax software download  This is your adjusted basis  for installment sale purposes   6. 2011 tax software download Subtract line 5 from line 1. 2011 tax software download If zero or less, enter -0-. 2011 tax software download  This is your gross profit     If the amount entered on line 6 is zero, Stop here. 2011 tax software download You cannot use the installment method. 2011 tax software download   7. 2011 tax software download Enter the contract price for the property   8. 2011 tax software download Divide line 6 by line 7. 2011 tax software download This is your gross profit percentage   Selling price. 2011 tax software download   The selling price is the total cost of the property to the buyer and includes the following. 2011 tax software download Any money you are to receive. 2011 tax software download The fair market value (FMV) of any property you are to receive (FMV is discussed at Property used as a payment under Payments Received or Considered Received ). 2011 tax software download Any existing mortgage or other debt the buyer pays, assumes, or takes (a note, mortgage, or any other liability, such as a lien, accrued interest, or taxes you owe on the property). 2011 tax software download Any of your selling expenses the buyer pays. 2011 tax software download Do not include stated interest, unstated interest, any amount recomputed or recharacterized as interest, or original issue discount. 2011 tax software download Adjusted basis for installment sale purposes. 2011 tax software download   Your adjusted basis is the total of the following three items. 2011 tax software download Adjusted basis. 2011 tax software download Selling expenses. 2011 tax software download Depreciation recapture. 2011 tax software download Adjusted basis. 2011 tax software download   Basis is your investment in the property for installment sale purposes. 2011 tax software download The way you figure basis depends on how you acquire the property. 2011 tax software download The basis of property you buy is generally its cost. 2011 tax software download The basis of property you inherit, receive as a gift, build yourself, or receive in a tax-free exchange is figured differently. 2011 tax software download   While you own property, various events may change your original basis. 2011 tax software download Some events, such as adding rooms or making permanent improvements, increase basis. 2011 tax software download Others, such as deductible casualty losses or depreciation previously allowed or allowable, decrease basis. 2011 tax software download The result is adjusted basis. 2011 tax software download See chapter 6 and Publication 551, Basis of Assets, for more information. 2011 tax software download Selling expenses. 2011 tax software download   Selling expenses relate to the sale of the property. 2011 tax software download They include commissions, attorney fees, and any other expenses paid on the sale. 2011 tax software download Selling expenses are added to the basis of the sold property. 2011 tax software download Depreciation recapture. 2011 tax software download   If the property you sold was depreciable property, you may need to recapture part of the gain on the sale as ordinary income. 2011 tax software download See Depreciation Recapture in chapter 9 and Depreciation Recapture Income in Publication 537. 2011 tax software download Gross profit. 2011 tax software download   Gross profit is the total gain you report on the installment method. 2011 tax software download   To figure your gross profit, subtract your adjusted basis for installment sale purposes from the selling price. 2011 tax software download If the property you sold was your home, subtract from the gross profit any gain you can exclude. 2011 tax software download Contract price. 2011 tax software download   Contract price equals: The selling price, minus The mortgages, debts, and other liabilities assumed or taken by the buyer, plus The amount by which the mortgages, debts, and other liabilities assumed or taken by the buyer exceed your adjusted basis for installment sale purposes. 2011 tax software download Gross profit percentage. 2011 tax software download   A certain percentage of each payment (after subtracting interest) is reported as installment sale income. 2011 tax software download This percentage is called the gross profit percentage and is figured by dividing your gross profit from the sale by the contract price. 2011 tax software download   The gross profit percentage generally remains the same for each payment you receive. 2011 tax software download However, see the example under Selling price reduced , later, for a situation where the gross profit percentage changes. 2011 tax software download Amount to report as installment sale income. 2011 tax software download   Multiply the payments you receive each year (less interest) by the gross profit percentage. 2011 tax software download The result is your installment sales income for the tax year. 2011 tax software download In certain circumstances, you may be treated as having received a payment, even though you received nothing directly. 2011 tax software download A receipt of property or the assumption of a mortgage on the property sold may be treated as a payment. 2011 tax software download For a detailed discussion, see Payments Received or Considered Received , later. 2011 tax software download Selling price reduced. 2011 tax software download   If the selling price is reduced at a later date, the gross profit on the sale also will change. 2011 tax software download You then must refigure the gross profit percentage for the remaining payments. 2011 tax software download Refigure your gross profit using Worksheet 10-2. 2011 tax software download New Gross Profit Percentage — Selling Price Reduced. 2011 tax software download You will spread any remaining gain over future installments. 2011 tax software download    Worksheet 10-2. 2011 tax software download New Gross Profit Percentage — Selling Price Reduced 1. 2011 tax software download Enter the reduced selling  price for the property   2. 2011 tax software download Enter your adjusted  basis for the  property     3. 2011 tax software download Enter your selling  expenses     4. 2011 tax software download Enter any depreciation  recapture     5. 2011 tax software download Add lines 2, 3, and 4. 2011 tax software download   6. 2011 tax software download Subtract line 5 from line 1. 2011 tax software download  This is your adjusted  gross profit   7. 2011 tax software download Enter any installment sale  income reported in  prior year(s)   8. 2011 tax software download Subtract line 7 from line 6   9. 2011 tax software download Future installments     10. 2011 tax software download Divide line 8 by line 9. 2011 tax software download  This is your new  gross profit percentage*. 2011 tax software download   * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. 2011 tax software download Example. 2011 tax software download In 2011, you sold land with a basis of $40,000 for $100,000. 2011 tax software download Your gross profit was $60,000. 2011 tax software download You received a $20,000 down payment and the buyer's note for $80,000. 2011 tax software download The note provides for monthly payments of $1,953 each, figured at 8% interest, amortized over four years, beginning in January 2012. 2011 tax software download Your gross profit percentage was 60%. 2011 tax software download You received the down payment of $20,000 in 2011 and total payments of $23,436 in 2012, of which $17,675 was principal and $5,761 was interest according to the amortization schedule. 2011 tax software download You reported a gain of $12,000 on the down payment received in 2011 and $10,605 ($17,675 X 60% (. 2011 tax software download 60)) in 2012. 2011 tax software download In January 2013, you and the buyer agreed to reduce the purchase price to $85,000 and payments during 2013, 2014, and 2015 are reduced to $1,483 a month amortized over the remaining three years. 2011 tax software download The new gross profit percentage, 47. 2011 tax software download 32%, is figured in Example — Worksheet 10-2. 2011 tax software download Example — Worksheet 10-2. 2011 tax software download New Gross Profit Percentage — Selling Price Reduced 1. 2011 tax software download Enter the reduced selling  price for the property 85,000 2. 2011 tax software download Enter your adjusted  basis for the  property 40,000   3. 2011 tax software download Enter your selling  expenses -0-   4. 2011 tax software download Enter any depreciation  recapture -0-   5. 2011 tax software download Add lines 2, 3, and 4. 2011 tax software download 40,000 6. 2011 tax software download Subtract line 5 from line 1. 2011 tax software download  This is your adjusted  gross profit 45,000 7. 2011 tax software download Enter any installment sale  income reported in  prior year(s) 22,605 8. 2011 tax software download Subtract line 7 from line 6 22,395 9. 2011 tax software download Future installments   47,325 10. 2011 tax software download Divide line 8 by line 9. 2011 tax software download  This is your new  gross profit percentage*. 2011 tax software download 47. 2011 tax software download 32% * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. 2011 tax software download You will report installment sale income of $6,878 (47. 2011 tax software download 32% of $14,535) in 2013, $7,449 (47. 2011 tax software download 32% of $15,742) in 2014, and $8,067 (47. 2011 tax software download 32% of $17,048) in 2015. 2011 tax software download Form 6252. 2011 tax software download   Use Form 6252 to report an installment sale in the year it takes place and to report payments received, or considered received because of related party resales, in later years. 2011 tax software download Attach it to your tax return for each year. 2011 tax software download Disposition of Installment Obligation If you are using the installment method and you dispose of the installment obligation, generally you will have a gain or loss to report. 2011 tax software download It is considered gain or loss on the sale of the property for which you received the installment obligation. 2011 tax software download Cancellation. 2011 tax software download   If an installment obligation is canceled or otherwise becomes unenforceable, it is treated as a disposition other than a sale or exchange. 2011 tax software download Your gain or loss is the difference between your basis in the obligation and its fair market value (FMV) at the time you cancel it. 2011 tax software download If the parties are related, the FMV of the obligation is considered to be no less than its full face value. 2011 tax software download Transfer due to death. 2011 tax software download   The transfer of an installment obligation (other than to a buyer) as a result of the death of the seller is not a disposition. 2011 tax software download Any unreported gain from the installment obligation is not treated as gross income to the decedent. 2011 tax software download No income is reported on the decedent's return due to the transfer. 2011 tax software download Whoever receives the installment obligation as a result of the seller's death is taxed on the installment payments the same as the seller would have been had the seller lived to receive the payments. 2011 tax software download   However, if the installment obligation is canceled, becomes unenforceable, or is transferred to the buyer because of the death of the holder of the obligation, it is a disposition. 2011 tax software download The estate must figure its gain or loss on the disposition. 2011 tax software download If the holder and the buyer were related, the FMV of the installment obligation is considered to be no less than its full face value. 2011 tax software download More information. 2011 tax software download   For more information on the disposition of an installment obligation, see Publication 537. 2011 tax software download Sale of depreciable property. 2011 tax software download   You generally cannot report gain from the sale of depreciable property to a related person on the installment method. 2011 tax software download See Sale to a Related Person in Publication 537. 2011 tax software download   You cannot use the installment method to report any depreciation recapture income up to the gain on the sale. 2011 tax software download However, report any gain greater than the recapture income on the installment method. 2011 tax software download   The recapture income reported in the year of sale is included in your installment sale basis to determine your gross profit on the installment sale. 2011 tax software download   Figure your depreciation recapture income (including the section 179 deduction and the section 179A deduction recapture) in Part III of Form 4797. 2011 tax software download Report the depreciation recapture income in Part II of Form 4797 as ordinary income in the year of sale. 2011 tax software download    If you sell depreciable business property, prepare Form 4797 first in order to figure the amount to enter on line 12 of Part I, Form 6252. 2011 tax software download See the Form 6252 instructions for details. 2011 tax software download   For more information on the section 179 deduction, see Section 179 Expense Deduction in chapter 7. 2011 tax software download For more information on depreciation recapture, see Depreciation Recapture in  chapter 9. 2011 tax software download Payments Received or Considered Received You must figure your gain each year on the payments you receive, or are treated as receiving, from an installment sale. 2011 tax software download In certain situations, you are considered to have received a payment, even though the buyer does not pay you directly. 2011 tax software download These situations occur when the buyer assumes or pays any of your debts, such as a loan, or pays any of your expenses, such as a sales commission. 2011 tax software download However, as discussed later, the buyer's assumption of your debt is treated as a recovery of basis, rather than as a payment, in many cases. 2011 tax software download Buyer pays seller's expenses. 2011 tax software download   If the buyer pays any of your expenses related to the sale of your property, it is considered a payment to you in the year of sale. 2011 tax software download Include these expenses in the selling and contract prices when figuring the gross profit percentage. 2011 tax software download Buyer assumes mortgage. 2011 tax software download   If the buyer assumes or pays off your mortgage, or otherwise takes the property subject to the mortgage, the following rules apply. 2011 tax software download Mortgage less than basis. 2011 tax software download   If the buyer assumes a mortgage that is not more than your installment sale basis in the property, it is not considered a payment to you. 2011 tax software download It is considered a recovery of your basis. 2011 tax software download The contract price is the selling price minus the mortgage. 2011 tax software download Example. 2011 tax software download You sell property with an adjusted basis of $19,000. 2011 tax software download You have selling expenses of $1,000. 2011 tax software download The buyer assumes your existing mortgage of $15,000 and agrees to pay you $10,000 (a cash down payment of $2,000 and $2,000 (plus 8% interest) in each of the next 4 years). 2011 tax software download The selling price is $25,000 ($15,000 + $10,000). 2011 tax software download Your gross profit is $5,000 ($25,000 − $20,000 installment sale basis). 2011 tax software download The contract price is $10,000 ($25,000 − $15,000 mortgage). 2011 tax software download Your gross profit percentage is 50% ($5,000 ÷ $10,000). 2011 tax software download You report half of each $2,000 payment received as gain from the sale. 2011 tax software download You also report all interest you receive as ordinary income. 2011 tax software download Mortgage more than basis. 2011 tax software download   If the buyer assumes a mortgage that is more than your installment sale basis in the property, you recover your entire basis. 2011 tax software download The part of the mortgage greater than your basis is treated as a payment received in the year of sale. 2011 tax software download   To figure the contract price, subtract the mortgage from the selling price. 2011 tax software download This is the total amount (other than interest) you will receive directly from the buyer. 2011 tax software download Add to this amount the payment you are considered to have received (the difference between the mortgage and your installment sale basis). 2011 tax software download The contract price is then the same as your gross profit from the sale. 2011 tax software download    If the mortgage the buyer assumes is equal to or more than your installment sale basis, the gross profit percentage always will be 100%. 2011 tax software download Example. 2011 tax software download The selling price for your property is $9,000. 2011 tax software download The buyer will pay you $1,000 annually (plus 8% interest) over the next 3 years and assume an existing mortgage of $6,000. 2011 tax software download Your adjusted basis in the property is $4,400. 2011 tax software download You have selling expenses of $600, for a total installment sale basis of $5,000. 2011 tax software download The part of the mortgage that is more than your installment sale basis is $1,000 ($6,000 − $5,000). 2011 tax software download This amount is included in the contract price and treated as a payment received in the year of sale. 2011 tax software download The contract price is $4,000: Selling price $9,000 Minus: Mortgage (6,000) Amount actually received $3,000 Add difference:   Mortgage $6,000   Minus: Installment sale basis 5,000 1,000 Contract price $4,000   Your gross profit on the sale is also $4,000: Selling price $9,000 Minus: Installment sale basis (5,000) Gross profit $4,000   Your gross profit percentage is 100%. 2011 tax software download Report 100% of each payment (less interest) as gain from the sale. 2011 tax software download Treat the $1,000 difference between the mortgage and your installment sale basis as a payment and report 100% of it as gain in the year of sale. 2011 tax software download Buyer assumes other debts. 2011 tax software download   If the buyer assumes any other debts, such as a loan or back taxes, it may be considered a payment to you in the year of sale. 2011 tax software download   If the buyer assumes the debt instead of paying it off, only part of it may have to be treated as a payment. 2011 tax software download Compare the debt to your installment sale basis in the property being sold. 2011 tax software download If the debt is less than your installment sale basis, none of it is treated as a payment. 2011 tax software download If it is more, only the difference is treated as a payment. 2011 tax software download If the buyer assumes more than one debt, any part of the total that is more than your installment sale basis is considered a payment. 2011 tax software download These rules are the same as the rules discussed earlier under Buyer assumes mortgage . 2011 tax software download However, they apply only to the following types of debt the buyer assumes. 2011 tax software download Those acquired from ownership of the property you are selling, such as a mortgage, lien, overdue interest, or back taxes. 2011 tax software download Those acquired in the ordinary course of your business, such as a balance due for inventory you purchased. 2011 tax software download   If the buyer assumes any other type of debt, such as a personal loan or your legal fees relating to the sale, it is treated as if the buyer had paid off the debt at the time of the sale. 2011 tax software download The value of the assumed debt is then considered a payment to you in the year of sale. 2011 tax software download Property used as a payment. 2011 tax software download   If you receive property rather than money from the buyer, it is still considered a payment in the year received. 2011 tax software download However, see Trading property for like-kind property , later. 2011 tax software download Generally, the amount of the payment is the property's FMV on the date you receive it. 2011 tax software download Exception. 2011 tax software download   If the property the buyer gives you is payable on demand or readily tradable (see examples later), the amount you should consider as payment in the year received is: The FMV of the property on the date you receive it if you use the cash method of accounting, The face amount of the obligation on the date you receive it if you use an accrual method of accounting, or The stated redemption price at maturity less any original issue discount (OID) or, if there is no OID, the stated redemption price at maturity appropriately discounted to reflect total unstated interest. 2011 tax software download See Unstated interest , later. 2011 tax software download Examples. 2011 tax software download If you receive a note from the buyer as payment, and the note stipulates that you can demand payment from the buyer at any time, the note is payable on demand. 2011 tax software download If you receive marketable securities from the buyer as payment, and you can sell the securities on an established securities market (such as the New York Stock Exchange) at any time, the securities are readily tradable. 2011 tax software download In these examples, use the above rules to determine the amount you should consider as payment in the year received. 2011 tax software download Debt not payable on demand. 2011 tax software download   Any evidence of debt you receive from the buyer that is not payable on demand is not considered a payment. 2011 tax software download This is true even if the debt is guaranteed by a third party, including a government agency. 2011 tax software download Fair market value (FMV). 2011 tax software download   This is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having a reasonable knowledge of all the necessary facts. 2011 tax software download Third-party note. 2011 tax software download   If the property the buyer gives you is a third-party note (or other obligation of a third party), you are considered to have received a payment equal to the note's FMV. 2011 tax software download Because the FMV of the note is itself a payment on your installment sale, any payments you later receive from the third party are not considered payments on the sale. 2011 tax software download The excess of the note's face value over its FMV is interest. 2011 tax software download Exclude this interest in determining the selling price of the property. 2011 tax software download However, see Exception under Property used as a payment , earlier. 2011 tax software download Example. 2011 tax software download You sold real estate in an installment sale. 2011 tax software download As part of the down payment, the buyer assigned to you a $50,000, 8% third-party note. 2011 tax software download The FMV of the third-party note at the time of the sale was $30,000. 2011 tax software download This amount, not $50,000, is a payment to you in the year of sale. 2011 tax software download The third-party note had an FMV equal to 60% of its face value ($30,000 ÷ $50,000), so 60% of each principal payment you receive on this note is a nontaxable return of capital. 2011 tax software download The remaining 40% is interest taxed as ordinary income. 2011 tax software download Bond. 2011 tax software download   A bond or other evidence of debt you receive from the buyer that is payable on demand or readily tradable in an established securities market is treated as a payment in the year you receive it. 2011 tax software download For more information on the amount you should treat as a payment, see Exception under Property used as a payment , earlier. 2011 tax software download   If you receive a government or corporate bond for a sale before October 22, 2004, and the bond has interest coupons attached or can be readily traded in an established securities market, you are considered to have received payment equal to the bond's FMV. 2011 tax software download However, see Exception under Property used as a payment , earlier. 2011 tax software download Buyer's note. 2011 tax software download   The buyer's note (unless payable on demand) is not considered payment on the sale. 2011 tax software download However, its full face value is included when figuring the selling price and the contract price. 2011 tax software download Payments you receive on the note are used to figure your gain in the year received. 2011 tax software download Sale to a related person. 2011 tax software download   If you sell depreciable property to a related person and the sale is an installment sale, you may not be able to report the sale using the installment method. 2011 tax software download For information on these rules, see the Instructions for Form 6252 and Sale to a Related Person in Publication 537. 2011 tax software download Trading property for like-kind property. 2011 tax software download   If you trade business or investment property solely for the same kind of property to be held as business or investment property, you can postpone reporting the gain. 2011 tax software download See Like-Kind Exchanges in chapter 8 for a discussion of like-kind property. 2011 tax software download   If, in addition to like-kind property, you receive an installment obligation in the exchange, the following rules apply to determine installment sale income each year. 2011 tax software download The contract price is reduced by the FMV of the like-kind property received in the trade. 2011 tax software download The gross profit is reduced by any gain on the trade that can be postponed. 2011 tax software download Like-kind property received in the trade is not considered payment on the installment obligation. 2011 tax software download Unstated interest. 2011 tax software download   An installment sale contract may provide that each deferred payment on the sale will include interest or that there will be an interest payment in addition to the principal payment. 2011 tax software download Interest provided in the contract is called stated interest. 2011 tax software download   If an installment sale contract does not provide for adequate stated interest, part of the stated principal amount of the contract may be recharacterized as interest. 2011 tax software download If Internal Revenue Code section 483 applies to the contract, this interest is called unstated interest. 2011 tax software download   If Internal Revenue Code section 1274 applies to the contract, this interest is called original issue discount (OID). 2011 tax software download   Generally, if a buyer gives a debt in consideration for personal use property, the unstated interest rules do not apply. 2011 tax software download Therefore, the buyer cannot deduct the unstated interest. 2011 tax software download The seller must report the unstated interest as income. 2011 tax software download Personal-use property is any property in which substantially all of its use by the buyer is not in connection with a trade or business or an investment activity. 2011 tax software download   If the debt is subject to the Internal Revenue Code section 483 rules and is also subject to the below-market loan rules, such as a gift loan, compensation-related loan or corporation-shareholder loan, then both parties are subject to the below-market loan rules rather than the unstated interest rules. 2011 tax software download   Unstated interest reduces the stated selling price of the property and the buyer's basis in the property. 2011 tax software download It increases the seller's interest income and the buyer's interest expense. 2011 tax software download   In general, an installment sale contract provides for adequate stated interest if the stated interest rate (based on an appropriate compounding period) is at least equal to the applicable federal rate (AFR). 2011 tax software download    The AFRs are published monthly in the Internal Revenue Bulletin (IRB). 2011 tax software download You can get this information by contacting an IRS office. 2011 tax software download IRBs are also available at IRS. 2011 tax software download gov. 2011 tax software download More information. 2011 tax software download   For more information, see Unstated Interest and Original Issue Discount (OID) in Publication 537. 2011 tax software download Example. 2011 tax software download You sell property at a contract price of $6,000 and your gross profit is $1,500. 2011 tax software download Your gross profit percentage is 25% ($1,500 ÷ $6,000). 2011 tax software download After subtracting interest, you report 25% of each payment, including the down payment, as installment sale income from the sale for the tax year you receive the payment. 2011 tax software download The remainder (balance) of each payment is the tax-free return of your adjusted basis. 2011 tax software download Example On January 3, 2013, you sold your farm, including the home, farm land and buildings. 2011 tax software download You received $50,000 down and the buyer's note for $200,000. 2011 tax software download In addition, the buyer assumed an outstanding $50,000 mortgage on the farm land. 2011 tax software download The total selling price was $300,000. 2011 tax software download The note payments of $25,000 each, plus adequate interest, are due every July 1 and January 1, beginning in July 2013. 2011 tax software download Your selling expenses were $15,000. 2011 tax software download Adjusted basis and depreciation. 2011 tax software download   The adjusted basis and depreciation claimed on each asset sold are as follows:   Depreciation Adjusted Asset Claimed Basis Home* -0- $33,743 Farm land -0- 73,610 Buildings $31,500 35,130 * Owned and used as main home for at least 2 of the 5 years prior to the sale Gain on each asset. 2011 tax software download   The following schedule shows the assets included in the sale, each asset's selling price based on its respective value, the selling expense allocated to each asset, the adjusted basis of each asset, and the gain on each asset. 2011 tax software download The selling expense for each asset is 5% of the selling price ($15,000 selling expense ÷ $300,000 selling price). 2011 tax software download   Selling Selling Adjusted     Price Expense Basis Gain Home* $60,000 $3,000 $33,743 $23,257 Farm land  165,000  8,250  73,610  83,140 Buildings 75,000 3,750 35,130 36,120   $300,000 $15,000 $142,483 $142,517 * Owned and used as main home for at least 2 of the 5 years prior to the sale Depreciation recapture. 2011 tax software download   The buildings are section 1250 property. 2011 tax software download There is no depreciation recapture income for them because they were depreciated using the straight line method. 2011 tax software download See chapter 9 for more information on depreciation recapture. 2011 tax software download   Special rules may apply when you sell section 1250 assets depreciated under the straight line method. 2011 tax software download See the Unrecaptured Section 1250 Gain Worksheet in the Instructions for Schedule D (Form 1040). 2011 tax software download See chapter 3 of Publication 544, Sales and Other Dispositions of Assets, for more information on section 1250 assets. 2011 tax software download Installment sale basis and gross profit. 2011 tax software download   The following table shows each asset reported on the installment method, its selling price, installment sale basis, and gross profit. 2011 tax software download     Installment     Selling Sale Gross   Price Basis Profit Farm land $165,000 $73,610 $83,140 Buildings 75,000 35,130 36,120   $240,000 $108,740 $119,260 Section 1231 gains. 2011 tax software download   The gain on the farm land and buildings is reported as section 1231 gains. 2011 tax software download See Section 1231 Gains and Losses in chapter 9. 2011 tax software download Contract price and gross profit percentage. 2011 tax software download   The contract price is $250,000 for the part of the sale reported on the installment method. 2011 tax software download This is the selling price ($300,000) minus the mortgage assumed ($50,000). 2011 tax software download   Gross profit percentage for the sale is 47. 2011 tax software download 70% ($119,260 gross profit ÷ $250,000 contract price). 2011 tax software download The gross profit percentage for each asset is figured as follows:   Percent Farm land ($83,140 ÷ $250,000) 33. 2011 tax software download 256 Buildings ($36,120 ÷ $250,000) 14. 2011 tax software download 448 Total 47. 2011 tax software download 70 Figuring the gain to report on the installment method. 2011 tax software download   One hundred percent (100%) of each payment is reported on the installment method. 2011 tax software download The total amount received on the sale in 2013 is $75,000 ($50,000 down payment + $25,000 payment on July 1). 2011 tax software download The installment sale part of the total payments received in 2013 is also $75,000. 2011 tax software download Figure the gain to report for each asset by multiplying its gross profit percentage times $75,000. 2011 tax software download   Income Farm land—33. 2011 tax software download 256% × $75,000 $24,942 Buildings—14. 2011 tax software download 448% × $75,000 10,836 Total installment income for 2013 $35,778 Reporting the sale. 2011 tax software download   Report the installment sale on Form 6252. 2011 tax software download Then report the amounts from Form 6252 on Form 4797 and Schedule D (Form 1040). 2011 tax software download Attach a separate page to Form 6252 that shows the computations in the example. 2011 tax software download If you sell depreciable business property, prepare Form 4797 first in order to figure the amount to enter on line 12 of Part I, Form 6252. 2011 tax software download Section 1231 gains. 2011 tax software download   The gains on the farm land and buildings are section 1231 gains. 2011 tax software download They may be reported as either capital or ordinary gain depending on the net balance when combined with other section 1231 losses. 2011 tax software download A net 1231 gain is capital gain and a net 1231 loss is an ordinary loss. 2011 tax software download Installment income for years after 2013. 2011 tax software download   You figure installment income for the years after 2013 by applying the same gross profit percentages to the payments you receive each year. 2011 tax software download If you receive $50,000 during the year, the entire $50,000 is considered received on the installment sale (100% × $50,000). 2011 tax software download You realize income as follows:   Income Farm land—33. 2011 tax software download 256% × $50,000 $16,628 Buildings—14. 2011 tax software download 448% × $50,000 7,224 Total installment income $23,852   In this example, no gain ever is recognized from the sale of your home. 2011 tax software download You will combine your section 1231 gains from this sale with section 1231 gains and losses from other sales in each of the later years to determine whether to report them as ordinary or capital gains. 2011 tax software download The interest received with each payment will be included in full as ordinary income. 2011 tax software download Summary. 2011 tax software download   The installment income (rounded to the nearest dollar) from the sale of the farm is reported as follows: Selling price $190,000 Minus: Installment basis (108,740) Gross profit $81,260     Gain reported in 2012 (year of sale) $35,778 Gain reported in 2013:   $50,000 × 47. 2011 tax software download 70% 23,850 Gain reported in 2014:   $50,000 × 47. 2011 tax software download 70% 23,850 Gain reported in 2015:   $50,000 × 47. 2011 tax software download 70% 23,850 Gain reported in 2016:   $25,000 × 47. 2011 tax software download 70% 11,925 Total gain reported $119,253 Prev  Up  Next   Home   More Online Publications
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Understanding your CP22E Notice

As a result of your recent audit, we made changes to your tax return for the tax year specified on the notice. You owe money on your taxes as a result of these changes.

Tax publications you may find useful

How to get help

Calling the toll free number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Read your notice and audit report carefully ― these will explain why you owe money on your taxes.
  • Pay the amount owed by the date on the notice's payment coupon.
  • Make payment arrangements if you can't pay the full amount you owe.
  • Contact us if you disagree with the change(s) we made.
  • Correct the copy of your tax return that you kept for your records.

You may want to...


Answers to Common Questions

What should I do if I disagree with the changes you made?
If you've information relevant to your audit that we've not already considered and you've not already paid your bill in full, you may request an Audit Reconsideration. Refer to Publication 3598, What You Should Know About the Audit Reconsideration Process for additional information.

If you've already paid the amount due in full, you must file a formal claim using Form 1040X, Amended U.S. Individual Income Tax Return.

If you don't have additional information to provide, but you disagree with the results of your audit, you may appeal your case to the Appeals Office of the IRS. Refer to Publication 5, Your Appeal Rights and How To Prepare a Protest If You Don’t Agree for additional information.

What happens if I can't pay the full amount I owe?
You can arrange to make a payment plan with us if you can't pay the full amount you owe.

Am I charged interest on the money I owe?
If you don't full pay the amount you owe by the date on the payment coupon, interest will accrue on the unpaid balance after that date.

Will I receive a penalty if I can’t pay the full amount?
Yes, you'll receive a late payment penalty. You can contact us at the number listed on your notice if you’re unable to pay the full amount shown in your specific notice because of circumstances beyond your control. Contact us by the due date of your payment and, depending on your situation, we may be able to remove the penalty.

Can I set up a payment plan?
Yes. Call the toll-free number listed on the top right corner of your notice to discuss payment options or check out more information on payment options and how to make a payment arrangement.

There are other options, such as paying by credit card. Note: There may be a fee to pay by credit card.

What if I need to make another correction to my account?
You'll need to file Form 1040X, Amended U.S. Individual Income Tax Return.

What if I have tried to get answers and after contacting IRS several times have not been successful?
Call Taxpayer Advocate at 1-877-777-4778 or for TTY/TDD 1-800-829-4059.

The changes you have proposed are the result of actions by my spouse that I knew nothing about. Am I responsible for paying this bill?
You may qualify for innocent spouse relief. To request relief, you must file Form 8857, Request for Innocent Spouse Relief no later than 2 years after the date on which the IRS first attempted to collect the tax from you. Refer to Publication 971, Innocent Spouse Relief for additional information.

 

Page Last Reviewed or Updated: 03-Mar-2014

The 2011 Tax Software Download

2011 tax software download 16. 2011 tax software download   How To Get Tax Help Table of Contents Go online, use a smart phone, call or walk in to an office near you. 2011 tax software download Whether it's help with a tax issue, preparing your tax return or picking up a free publication or form, get the help you need the way you want it. 2011 tax software download Free help with your tax return. 2011 tax software download   Free help in preparing your return is available nationwide from IRS-certified volunteers. 2011 tax software download The Volunteer Income Tax Assistance (VITA) program is designed to help low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers. 2011 tax software download The Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. 2011 tax software download 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. 2011 tax software download Some VITA and TCE sites provide taxpayers the opportunity to prepare their return with the assistance of an IRS-certified volunteer. 2011 tax software download To find the nearest VITA or TCE site, visit IRS. 2011 tax software download gov or call 1-800-906-9887. 2011 tax software download   As part of the TCE program, AARP offers the Tax-Aide counseling program. 2011 tax software download To find the nearest AARP Tax-Aide site, visit AARP's website at www. 2011 tax software download aarp. 2011 tax software download org/money/taxaide or call 1-888-227-7669. 2011 tax software download   For more information on these programs, go to IRS. 2011 tax software download gov and enter “VITA” in the search box. 2011 tax software download Internet. 2011 tax software download IRS. 2011 tax software download gov and IRS2Go are ready when you are — every day, every night, 24 hours a day, 7 days a week. 2011 tax software download Apply for an Employer Identification Number (EIN). 2011 tax software download Go to IRS. 2011 tax software download gov and enter Apply for an EIN in the search box. 2011 tax software download Request an Electronic Filing PIN by going to IRS. 2011 tax software download gov and entering Electronic Filing PIN in the search box. 2011 tax software download Check the status of your 2013 refund with Where's My Refund? Go to IRS. 2011 tax software download gov or the IRS2Go app, and click on Where's My Refund? You'll get a personalized refund date as soon as the IRS processes your tax return and approves your refund. 2011 tax software download If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. 2011 tax software download Checking the status of your amended return. 2011 tax software download Go to IRS. 2011 tax software download gov and enter Where's My Amended Return in the search box. 2011 tax software download Download forms, instructions, and publications, including some accessible versions. 2011 tax software download Order free transcripts of your tax returns or tax account using the Order a Transcript tool on IRS. 2011 tax software download gov or IRS2Go. 2011 tax software download Tax return and tax account transcripts are generally available for the current year and past three years. 2011 tax software download Figure your income tax withholding with the IRS Withholding Calculator on IRS. 2011 tax software download gov. 2011 tax software download Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. 2011 tax software download Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. 2011 tax software download gov. 2011 tax software download Locate the nearest Taxpayer Assistance Center using the Office Locator tool on IRS. 2011 tax software download gov or IRS2Go. 2011 tax software download Stop by most business days for face-to-face tax help, no appointment necessary — just walk in. 2011 tax software download An employee can explain IRS letters, request adjustments to your tax account or help you set up a payment plan. 2011 tax software download Before you visit, check the Office Locator for the address, phone number, hours of operation and the services provided. 2011 tax software download If you have an ongoing tax account problem or a special need, such as a disability, you can request an appointment. 2011 tax software download Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. 2011 tax software download Locate the nearest volunteer help site with the VITA Locator Tool on IRS. 2011 tax software download gov. 2011 tax software download Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. 2011 tax software download The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. 2011 tax software download Most VITA and TCE sites offer free electronic filing and some provide IRS-certified volunteers who can help prepare your tax return. 2011 tax software download AARP offers the Tax-Aide counseling program as part of the TCE program. 2011 tax software download Visit AARP's website to find the nearest Tax-Aide location. 2011 tax software download Research your tax questions. 2011 tax software download Search publications and instructions by topic or keyword. 2011 tax software download Read the Internal Revenue Code, regulations, or other official guidance. 2011 tax software download Read Internal Revenue Bulletins. 2011 tax software download Sign up to receive local and national tax news by email. 2011 tax software download Phone. 2011 tax software download You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. 2011 tax software download Download the free IRS2Go mobile app from the iTunes app store or from Google Play. 2011 tax software download Use it to watch the IRS YouTube channel, get IRS news as soon as it's released to the public, order transcripts of your tax returns or tax account, check your refund status, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. 2011 tax software download Call to locate the nearest volunteer help site, 1-800-906-9887. 2011 tax software download Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. 2011 tax software download The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. 2011 tax software download Most VITA and TCE sites offer free electronic filing. 2011 tax software download Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. 2011 tax software download Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. 2011 tax software download Call to check the status of your 2013 refund, 1-800-829-1954 or 1-800-829-4477. 2011 tax software download The automated Where's My Refund? information is available 24 hours a day, 7 days a week. 2011 tax software download If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. 2011 tax software download Before you call, have your 2013 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. 2011 tax software download Where's My Refund? can give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. 2011 tax software download Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. 2011 tax software download Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. 2011 tax software download Call to order forms, instructions and publications, 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions and publications, and prior-year forms and instructions (limited to 5 years). 2011 tax software download You should receive your order within 10 business days. 2011 tax software download Call to order transcripts of your tax returns or tax account, 1-800-908-9946. 2011 tax software download Follow the prompts to provide your Social Security Number or Individual Taxpayer Identification Number, date of birth, street address and ZIP code. 2011 tax software download Call for TeleTax topics, 1-800-829-4477, to listen to pre-recorded messages covering various tax topics. 2011 tax software download Call to ask tax questions, 1-800-829-1040. 2011 tax software download Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. 2011 tax software download The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. 2011 tax software download These individuals can also contact the IRS through relay services such as the Federal Relay Service available at www. 2011 tax software download gsa. 2011 tax software download gov/fedrelay. 2011 tax software download Walk-in. 2011 tax software download You can find a selection of forms, publications and services — in-person, face-to-face. 2011 tax software download Products. 2011 tax software download You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 2011 tax software download Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. 2011 tax software download Services. 2011 tax software download You can walk in to your local TAC most business days for personal, face-to-face tax help. 2011 tax software download An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. 2011 tax software download 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 TAC where you can talk with an IRS representative face-to-face. 2011 tax software download No appointment is necessary—just walk in. 2011 tax software download Before visiting, check www. 2011 tax software download irs. 2011 tax software download gov/localcontacts for hours of operation and services provided. 2011 tax software download Mail. 2011 tax software download You can send your order for forms, instructions, and publications to the address below. 2011 tax software download You should receive a response within 10 business days after your request is received. 2011 tax software download  Internal Revenue Service 1201 N. 2011 tax software download Mitsubishi Motorway Bloomington, IL 61705-6613 The Taxpayer Advocate Service Is Here to Help You. 2011 tax software download   The Taxpayer Advocate Service (TAS) is your voice at the IRS. 2011 tax software download Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. 2011 tax software download What can TAS do for you?   We can offer you free help with IRS problems that you can't resolve on your own. 2011 tax software download We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. 2011 tax software download You face (or your business is facing) an immediate threat of adverse action. 2011 tax software download You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. 2011 tax software download   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. 2011 tax software download Here's why we can help: TAS is an independent organization within the IRS. 2011 tax software download Our advocates know how to work with the IRS. 2011 tax software download Our services are free and tailored to meet your needs. 2011 tax software download We have offices in every state, the District of Columbia, and Puerto Rico. 2011 tax software download How can you reach us?   If you think TAS can help you, call your local advocate, whose number is in your local directory and at www. 2011 tax software download irs. 2011 tax software download gov/advocate, or call us toll-free at 1-877-777-4778. 2011 tax software download How else does TAS help taxpayers?   TAS also works to resolve large-scale, systemic problems that affect many taxpayers. 2011 tax software download If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. 2011 tax software download irs. 2011 tax software download gov/sams. 2011 tax software download Low Income Taxpayer Clinics. 2011 tax software download   Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals, and tax collection disputes. 2011 tax software download Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. 2011 tax software download Visit www. 2011 tax software download TaxpayerAdvocate. 2011 tax software download irs. 2011 tax software download gov or see IRS Publication 4134, Low Income Taxpayer Clinic List. 2011 tax software download Prev  Up  Next   Home   More Online Publications