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2012 Irs Income Tax Forms

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2012 Irs Income Tax Forms

2012 irs income tax forms Internal Revenue Bulletin:  2010-9  March 1, 2010  Rev. 2012 irs income tax forms Proc. 2012 irs income tax forms 2010-18 Table of Contents SECTION 1. 2012 irs income tax forms PURPOSE SECTION 2. 2012 irs income tax forms BACKGROUND SECTION 3. 2012 irs income tax forms SCOPE SECTION 4. 2012 irs income tax forms APPLICATION SECTION 5. 2012 irs income tax forms EFFECTIVE DATE SECTION 6. 2012 irs income tax forms DRAFTING INFORMATION SECTION 1. 2012 irs income tax forms PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2010, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2010, including a separate table of inclusion amounts for lessees of trucks and vans. 2012 irs income tax forms The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. 2012 irs income tax forms SECTION 2. 2012 irs income tax forms BACKGROUND . 2012 irs income tax forms 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. 2012 irs income tax forms Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. 2012 irs income tax forms The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. 2012 irs income tax forms This change reflects the higher rate of price inflation for trucks and vans since 1988. 2012 irs income tax forms . 2012 irs income tax forms 02 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. 2012 irs income tax forms The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. 2012 irs income tax forms Under § 1. 2012 irs income tax forms 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. 2012 irs income tax forms One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. 2012 irs income tax forms Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. 2012 irs income tax forms SECTION 3. 2012 irs income tax forms SCOPE . 2012 irs income tax forms 01 The limitations on depreciation deductions in section 4. 2012 irs income tax forms 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2010, and continue to apply for each taxable year that the passenger automobile remains in service. 2012 irs income tax forms . 2012 irs income tax forms 02 The tables in section 4. 2012 irs income tax forms 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2010. 2012 irs income tax forms Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. 2012 irs income tax forms See Rev. 2012 irs income tax forms Proc. 2012 irs income tax forms 2005-13, 2005-1 C. 2012 irs income tax forms B. 2012 irs income tax forms 759, for passenger automobiles first leased before calendar year 2006; Rev. 2012 irs income tax forms Proc. 2012 irs income tax forms 2006-18, 2006-1 C. 2012 irs income tax forms B. 2012 irs income tax forms 645, for passenger automobiles first leased during calendar year 2006; Rev. 2012 irs income tax forms Proc. 2012 irs income tax forms 2007-30, 2007-1 C. 2012 irs income tax forms B. 2012 irs income tax forms 1104, for passenger automobiles first leased during calendar year 2007; Rev. 2012 irs income tax forms Proc. 2012 irs income tax forms 2008-22, 2008-12 I. 2012 irs income tax forms R. 2012 irs income tax forms B. 2012 irs income tax forms 658, for passenger automobiles first leased during calendar year 2008; and Rev. 2012 irs income tax forms Proc. 2012 irs income tax forms 2009-24, 2009-17 I. 2012 irs income tax forms R. 2012 irs income tax forms B. 2012 irs income tax forms 885, for passenger automobiles first leased during calendar year 2009. 2012 irs income tax forms SECTION 4. 2012 irs income tax forms APPLICATION . 2012 irs income tax forms 01 Limitations on Depreciation Deductions for Certain Automobiles. 2012 irs income tax forms (1) Amount of the inflation adjustment. 2012 irs income tax forms (a) Passenger automobiles (other than trucks or vans). 2012 irs income tax forms Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. 2012 irs income tax forms The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. 2012 irs income tax forms The new car component of the CPI was 115. 2012 irs income tax forms 2 for October 1987 and 137. 2012 irs income tax forms 851 for October 2009. 2012 irs income tax forms The October 2009 index exceeded the October 1987 index by 22. 2012 irs income tax forms 651. 2012 irs income tax forms Therefore, the automobile price inflation adjustment for 2010 for passenger automobiles (other than trucks and vans) is 19. 2012 irs income tax forms 66 percent (22. 2012 irs income tax forms 651/115. 2012 irs income tax forms 2 x 100%). 2012 irs income tax forms The dollar limitations in § 280F(a) are multiplied by a factor of 0. 2012 irs income tax forms 1966, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2010. 2012 irs income tax forms This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2010. 2012 irs income tax forms (b) Trucks and vans. 2012 irs income tax forms To determine the dollar limitations for trucks and vans first placed in service during calendar year 2010, the new truck component of the CPI is used instead of the new car component. 2012 irs income tax forms The new truck component of the CPI was 112. 2012 irs income tax forms 4 for October 1987 and 140. 2012 irs income tax forms 897 for October 2009. 2012 irs income tax forms The October 2009 index exceeded the October 1987 index by 28. 2012 irs income tax forms 497. 2012 irs income tax forms Therefore, the automobile price inflation adjustment for 2010 for trucks and vans is 25. 2012 irs income tax forms 35 percent (28. 2012 irs income tax forms 497/112. 2012 irs income tax forms 4 x 100%). 2012 irs income tax forms The dollar limitations in § 280F(a) are multiplied by a factor of 0. 2012 irs income tax forms 2535, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. 2012 irs income tax forms This adjustment applies to all trucks and vans that are first placed in service in calendar year 2010. 2012 irs income tax forms (2) Amount of the limitation. 2012 irs income tax forms Tables 1 and 2 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2010. 2012 irs income tax forms Use Table 1 for a passenger automobile (other than a truck or van) and Table 2 for a truck or van placed in service in calendar year 2010. 2012 irs income tax forms REV. 2012 irs income tax forms PROC. 2012 irs income tax forms 2010-18 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2010 Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. 2012 irs income tax forms PROC. 2012 irs income tax forms 2010-18 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2010 Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 . 2012 irs income tax forms 02 Inclusions in Income of Lessees of Passenger Automobiles. 2012 irs income tax forms A taxpayer must follow the procedures in § 1. 2012 irs income tax forms 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2010. 2012 irs income tax forms In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 3 of this revenue procedure, while lessees of trucks and vans should use Table 4 of this revenue procedure. 2012 irs income tax forms REV. 2012 irs income tax forms PROC. 2012 irs income tax forms 2010-18 TABLE 3 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2010 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $16,700 $17,000 3 7 10 11 14 17,000 17,500 4 8 13 15 16 17,500 18,000 5 10 16 19 21 18,000 18,500 6 13 18 23 26 18,500 19,000 7 15 22 26 31 19,000 19,500 8 17 25 30 35 19,500 20,000 9 19 29 34 39 20,000 20,500 10 21 32 38 44 20,500 21,000 11 23 35 42 48 21,000 21,500 12 26 38 45 53 21,500 22,000 13 28 41 50 57 22,000 23,000 14 31 46 56 63 23,000 24,000 16 36 52 63 73 24,000 25,000 18 40 59 71 81 25,000 26,000 20 44 66 78 90 26,000 27,000 22 49 71 86 100 27,000 28,000 24 53 78 94 108 28,000 29,000 26 57 85 101 118 29,000 30,000 28 61 92 109 126 30,000 31,000 30 66 97 117 135 31,000 32,000 32 70 104 125 144 32,000 33,000 34 74 111 132 153 33,000 34,000 36 79 117 140 161 34,000 35,000 38 83 123 148 171 35,000 36,000 40 87 130 156 179 36,000 37,000 42 92 136 163 188 37,000 38,000 44 96 143 170 198 38,000 39,000 46 100 149 179 206 39,000 40,000 48 105 155 186 215 40,000 41,000 50 109 162 194 224 41,000 42,000 52 113 169 201 233 42,000 43,000 54 118 174 210 241 43,000 44,000 56 122 181 217 251 44,000 45,000 58 126 188 225 259 45,000 46,000 60 131 194 232 269 46,000 47,000 61 135 201 240 277 47,000 48,000 63 140 207 248 286 48,000 49,000 65 144 213 256 295 49,000 50,000 67 148 220 263 304 50,000 51,000 69 153 226 271 313 51,000 52,000 71 157 232 279 322 52,000 53,000 73 161 239 287 331 53,000 54,000 75 166 245 294 340 54,000 55,000 77 170 252 302 348 55,000 56,000 79 174 258 310 358 56,000 57,000 81 178 265 318 366 57,000 58,000 83 183 271 325 375 58,000 59,000 85 187 278 333 384 59,000 60,000 87 191 284 341 393 60,000 62,000 90 198 294 352 406 62,000 64,000 94 207 306 368 424 64,000 66,000 98 215 320 382 443 66,000 68,000 102 224 332 398 460 68,000 70,000 106 232 346 413 478 70,000 72,000 110 241 358 429 496 72,000 74,000 114 250 371 444 513 74,000 76,000 118 258 384 460 531 76,000 78,000 122 267 396 476 549 78,000 80,000 126 276 409 491 566 80,000 85,000 132 291 432 518 598 85,000 90,000 142 313 464 556 643 90,000 95,000 152 334 497 594 687 95,000 100,000 162 356 528 634 731 100,000 110,000 177 388 577 691 798 110,000 120,000 196 432 641 768 887 120,000 130,000 216 475 705 846 976 130,000 140,000 236 518 770 922 1,065 140,000 150,000 256 561 834 1,000 1,154 150,000 160,000 275 605 898 1,077 1,243 160,000 170,000 295 648 963 1,153 1,333 170,000 180,000 315 691 1,027 1,231 1,421 180,000 190,000 334 735 1,091 1,308 1,510 190,000 200,000 354 778 1,155 1,386 1,599 200,000 210,000 374 821 1,220 1,462 1,688 210,000 220,000 393 865 1,284 1,539 1,777 220,000 230,000 413 908 1,348 1,617 1,866 230,000 240,000 433 951 1,413 1,693 1,956 240,000 and up 453 995 1,476 1,771 2,044 REV. 2012 irs income tax forms PROC. 2012 irs income tax forms 2010-18 TABLE 4 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2010 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later 17,000 17,500 3 6 9 10 11 17,500 18,000 4 8 12 14 16 18,000 18,500 5 10 15 18 21 18,500 19,000 6 12 19 22 24 19,000 19,500 7 15 21 26 29 19,500 20,000 8 17 25 29 34 20,000 20,500 9 19 28 33 38 20,500 21,000 10 21 31 37 43 21,000 21,500 11 23 35 41 47 21,500 22,000 12 25 38 45 51 22,000 23,000 13 29 42 51 58 23,000 24,000 15 33 49 58 67 24,000 25,000 17 37 56 66 76 25,000 26,000 19 42 62 73 85 26,000 27,000 21 46 68 82 93 27,000 28,000 23 50 75 89 103 28,000 29,000 25 55 81 97 111 29,000 30,000 27 59 88 104 121 30,000 31,000 29 63 94 113 129 31,000 32,000 31 68 100 120 138 32,000 33,000 33 72 107 127 148 33,000 34,000 35 76 114 135 156 34,000 35,000 37 81 119 143 165 35,000 36,000 39 85 126 151 174 36,000 37,000 41 89 133 158 183 37,000 38,000 43 94 139 166 191 38,000 39,000 45 98 145 174 201 39,000 40,000 47 102 152 182 209 40,000 41,000 49 106 159 189 218 41,000 42,000 51 111 164 198 227 42,000 43,000 53 115 171 205 236 43,000 44,000 55 119 178 213 245 44,000 45,000 57 124 184 220 254 45,000 46,000 59 128 190 228 263 46,000 47,000 60 133 197 235 272 47,000 48,000 62 137 203 244 280 48,000 49,000 64 142 209 251 290 49,000 50,000 66 146 216 259 298 50,000 51,000 68 150 223 266 308 51,000 52,000 70 154 229 275 316 52,000 53,000 72 159 235 282 325 53,000 54,000 74 163 242 290 334 54,000 55,000 76 167 249 297 343 55,000 56,000 78 172 254 305 352 56,000 57,000 80 176 261 313 361 57,000 58,000 82 180 268 320 370 58,000 59,000 84 185 274 328 378 59,000 60,000 86 189 280 336 388 60,000 62,000 89 195 291 347 401 62,000 64,000 93 204 303 363 418 64,000 66,000 97 213 315 379 436 66,000 68,000 101 221 329 394 454 68,000 70,000 105 230 341 410 472 70,000 72,000 109 239 354 424 490 72,000 74,000 113 247 367 440 508 74,000 76,000 117 256 380 455 526 76,000 78,000 121 264 393 471 543 78,000 80,000 125 273 406 486 561 80,000 85,000 131 289 428 513 592 85,000 90,000 141 310 461 552 636 90,000 95,000 151 332 492 591 681 95,000 100,000 161 353 525 629 726 100,000 110,000 176 386 573 686 793 110,000 120,000 195 430 637 763 882 120,000 130,000 215 473 701 841 971 130,000 140,000 235 516 766 918 1,059 140,000 150,000 255 559 830 995 1,149 150,000 160,000 274 603 894 1,072 1,238 160,000 170,000 294 646 958 1,150 1,326 170,000 180,000 314 689 1,023 1,226 1,416 180,000 190,000 333 733 1,087 1,303 1,505 190,000 200,000 353 776 1,151 1,381 1,594 200,000 210,000 373 819 1,216 1,457 1,683 210,000 220,000 392 863 1,280 1,534 1,772 220,000 230,000 412 906 1,344 1,612 1,861 230,000 240,000 432 949 1,409 1,689 1,949 240,000 and up 452 992 1,473 1,766 2,039 SECTION 5. 2012 irs income tax forms EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2010. 2012 irs income tax forms SECTION 6. 2012 irs income tax forms DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. 2012 irs income tax forms Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). 2012 irs income tax forms For further information regarding this revenue procedure, contact Mr. 2012 irs income tax forms Harvey at (202) 622-4930 (not a toll-free call). 2012 irs income tax forms Prev  Up  Next   Home   More Internal Revenue Bulletins
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The 2012 Irs Income Tax Forms

2012 irs income tax forms 4. 2012 irs income tax forms   Reporting Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Information Returns Schedule D and Form 8949Long and Short Term Net Gain or Loss Treatment of Capital Losses Capital Gains Tax Rates Form 4797Mark-to-market election. 2012 irs income tax forms Introduction This chapter explains how to report capital gains and losses and ordinary gains and losses from sales, exchanges, and other dispositions of property. 2012 irs income tax forms Although this discussion refers to Schedule D (Form 1040) and Form 8949, many of the rules discussed here also apply to taxpayers other than individuals. 2012 irs income tax forms However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. 2012 irs income tax forms Topics - This chapter discusses: Information returns Schedule D (Form 1040) Form 4797 Form 8949 Useful Items - You may want to see: Publication 550 Investment Income and Expenses 537 Installment Sales Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 1099-B Proceeds From Broker and Barter Exchange Transactions 1099-S Proceeds From Real Estate Transactions 4684 Casualties and Thefts 4797 Sales of Business Property 6252 Installment Sale Income 6781 Gains and Losses from Section 1256 Contracts and Straddles 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. 2012 irs income tax forms Information Returns If you sell or exchange certain assets, you should receive an information return showing the proceeds of the sale. 2012 irs income tax forms This information is also provided to the IRS. 2012 irs income tax forms Form 1099-B. 2012 irs income tax forms   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or a substitute statement from the broker. 2012 irs income tax forms Use the Form 1099-B or a substitute statement to complete Form 8949 and/or Schedule D. 2012 irs income tax forms Whether or not you receive 1099-B, you must report all taxable sales of stock, bonds, commodities, etc. 2012 irs income tax forms on Form 8949 and/or Schedule D, as applicable. 2012 irs income tax forms For more information on figuring gains and losses from these transactions, see chapter 4 in Publication 550. 2012 irs income tax forms For information on reporting the gains and losses, see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). 2012 irs income tax forms Form 1099-S. 2012 irs income tax forms   An information return must be provided on certain real estate transactions. 2012 irs income tax forms Generally, the person responsible for closing the transaction (the “real estate reporting person”) must report on Form 1099-S sales or exchanges of the following types of property. 2012 irs income tax forms Land (improved or unimproved), including air space. 2012 irs income tax forms An inherently permanent structure, including any residential, commercial, or industrial building. 2012 irs income tax forms A condominium unit and its related fixtures and common elements (including land). 2012 irs income tax forms Stock in a cooperative housing corporation. 2012 irs income tax forms If you sold or exchanged any of the above types of property, the “real estate reporting person” must give you a copy of Form 1099-S or a statement containing the same information as the Form 1099-S. 2012 irs income tax forms The “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. 2012 irs income tax forms   For more information see chapter 4 in Publication 550. 2012 irs income tax forms Also, see the Instructions for Form 8949. 2012 irs income tax forms Schedule D and Form 8949 Form 8949. 2012 irs income tax forms   Individuals, corporations, and partnerships, use Form 8949 to report the following. 2012 irs income tax forms    Sales or exchanges of capital assets, including stocks, bonds, etc. 2012 irs income tax forms , and real estate (if not reported on another form or schedule such as Form 4684, 4797, 6252, 6781, or 8824). 2012 irs income tax forms Include these transactions even if you did not receive a Form 1099-B or 1099-S. 2012 irs income tax forms Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit. 2012 irs income tax forms Nonbusiness bad debts. 2012 irs income tax forms   Individuals, If you are filing a joint return, complete as many copies of Form 8949 as you need to report all of your and your spouse's transactions. 2012 irs income tax forms You and your spouse may list your transactions on separate forms or you may combine them. 2012 irs income tax forms However, you must include on your Schedule D the totals from all Forms 8949 for both you and your spouse. 2012 irs income tax forms    Corporations and electing large partnerships also use Form 8949 to report their share of gain or loss from a partnership, S Corporation, estate or trust. 2012 irs income tax forms   Business entities meeting certain criteria, may have an exception to some of the normal requirements for completing Form 8949. 2012 irs income tax forms See the Instructions for Form 8949. 2012 irs income tax forms Schedule D. 2012 irs income tax forms    Use Schedule D (Form 1040) to figure the overall gain or loss from transactions reported on Form 8949, and to report certain transactions you do not have to report on Form 8949. 2012 irs income tax forms Before completing Schedule D, you may have to complete other forms as shown below. 2012 irs income tax forms    Complete all applicable lines of Form 8949 before completing lines 1b, 2, 3, 8b, 9, or 10 of your applicable Schedule D. 2012 irs income tax forms Enter on Schedule D the combined totals from all your Forms 8949. 2012 irs income tax forms For a sale, exchange, or involuntary conversion of business property, complete Form 4797 (discussed later). 2012 irs income tax forms For a like-kind exchange, complete Form 8824. 2012 irs income tax forms See Reporting the exchange under Like-Kind Exchanges in chapter 1. 2012 irs income tax forms For an installment sale, complete Form 6252. 2012 irs income tax forms See Publication 537. 2012 irs income tax forms For an involuntary conversion due to casualty or theft, complete Form 4684. 2012 irs income tax forms See Publication 547, Casualties, Disasters, and Thefts. 2012 irs income tax forms For a disposition of an interest in, or property used in, an activity to which the at-risk rules apply, complete Form 6198, At-Risk Limitations. 2012 irs income tax forms See Publication 925, Passive Activity and At-Risk Rules. 2012 irs income tax forms For a disposition of an interest in, or property used in, a passive activity, complete Form 8582, Passive Activity Loss Limitations. 2012 irs income tax forms See Publication 925. 2012 irs income tax forms For gains and losses from section 1256 contracts and straddles, complete Form 6781. 2012 irs income tax forms See Publication 550. 2012 irs income tax forms Personal-use property. 2012 irs income tax forms   Report gain on the sale or exchange of property held for personal use (such as your home) on Form 8949 and Schedule D (Form 1040), as applicable. 2012 irs income tax forms Loss from the sale or exchange of property held for personal use is not deductible. 2012 irs income tax forms But if you had a loss from the sale or exchange of real estate held for personal use for which you received a Form 1099-S, report the transaction on Form 8949 and Schedule D, even though the loss is not deductible. 2012 irs income tax forms See the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949 for information on how to report the transaction. 2012 irs income tax forms Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. 2012 irs income tax forms The time you own an asset before disposing of it is the holding period. 2012 irs income tax forms If you received a Form 1099-B, (or substitute statement) box 1c may help you determine whether the gain or loss is short-term or long-term. 2012 irs income tax forms If you hold a capital asset 1 year or less, the gain or loss from its disposition is short term. 2012 irs income tax forms Report it in Part I of Form 8949 and/or Schedule D, as applicable. 2012 irs income tax forms If you hold a capital asset longer than 1 year, the gain or loss from its disposition is long term. 2012 irs income tax forms Report it in Part II of Form 8949 and/or Schedule D, as applicable. 2012 irs income tax forms   Table 4-1. 2012 irs income tax forms Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. 2012 irs income tax forms . 2012 irs income tax forms . 2012 irs income tax forms  THEN you have a. 2012 irs income tax forms . 2012 irs income tax forms . 2012 irs income tax forms 1 year or less, Short-term capital gain or  loss. 2012 irs income tax forms More than 1 year, Long-term capital gain or  loss. 2012 irs income tax forms These distinctions are essential to correctly arrive at your net capital gain or loss. 2012 irs income tax forms Capital losses are allowed in full against capital gains plus up to $3,000 of ordinary income. 2012 irs income tax forms See Capital Gains Tax Rates, later. 2012 irs income tax forms Holding period. 2012 irs income tax forms   To figure if you held property longer than 1 year, start counting on the day following the day you acquired the property. 2012 irs income tax forms The day you disposed of the property is part of your holding period. 2012 irs income tax forms Example. 2012 irs income tax forms If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. 2012 irs income tax forms If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. 2012 irs income tax forms Patent property. 2012 irs income tax forms   If you dispose of patent property, you generally are considered to have held the property longer than 1 year, no matter how long you actually held it. 2012 irs income tax forms For more information, see Patents in chapter 2. 2012 irs income tax forms Inherited property. 2012 irs income tax forms   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. 2012 irs income tax forms Installment sale. 2012 irs income tax forms   The gain from an installment sale of an asset qualifying for long-term capital gain treatment in the year of sale continues to be long term in later tax years. 2012 irs income tax forms If it is short term in the year of sale, it continues to be short term when payments are received in later tax years. 2012 irs income tax forms    The date the installment payment is received determines the capital gains rate that should be applied not the date the asset was sold under an installment contract. 2012 irs income tax forms Nontaxable exchange. 2012 irs income tax forms   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. 2012 irs income tax forms That is, it begins on the same day as your holding period for the old property. 2012 irs income tax forms Example. 2012 irs income tax forms You bought machinery on December 4, 2012. 2012 irs income tax forms On June 4, 2013, you traded this machinery for other machinery in a nontaxable exchange. 2012 irs income tax forms On December 5, 2013, you sold the machinery you got in the exchange. 2012 irs income tax forms Your holding period for this machinery began on December 5, 2012. 2012 irs income tax forms Therefore, you held it longer than 1 year. 2012 irs income tax forms Corporate liquidation. 2012 irs income tax forms   The holding period for property you receive in a liquidation generally starts on the day after you receive it if gain or loss is recognized. 2012 irs income tax forms Profit-sharing plan. 2012 irs income tax forms   The holding period of common stock withdrawn from a qualified contributory profit-sharing plan begins on the day following the day the plan trustee delivered the stock to the transfer agent with instructions to reissue the stock in your name. 2012 irs income tax forms Gift. 2012 irs income tax forms   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. 2012 irs income tax forms For more information on basis, see Publication 551, Basis of Assets. 2012 irs income tax forms Real property. 2012 irs income tax forms   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, the day after you took possession of it and assumed the burdens and privileges of ownership. 2012 irs income tax forms   However, taking possession of real property under an option agreement is not enough to start the holding period. 2012 irs income tax forms The holding period cannot start until there is an actual contract of sale. 2012 irs income tax forms The holding period of the seller cannot end before that time. 2012 irs income tax forms Repossession. 2012 irs income tax forms   If you sell real property but keep a security interest in it and then later repossess it, your holding period for a later sale includes the period you held the property before the original sale, as well as the period after the repossession. 2012 irs income tax forms Your holding period does not include the time between the original sale and the repossession. 2012 irs income tax forms That is, it does not include the period during which the first buyer held the property. 2012 irs income tax forms Nonbusiness bad debts. 2012 irs income tax forms   Nonbusiness bad debts are short-term capital losses. 2012 irs income tax forms For information on nonbusiness bad debts, see chapter 4 of Publication 550. 2012 irs income tax forms    Net Gain or Loss The totals for short-term capital gains and losses and the totals for long-term capital gains and losses must be figured separately. 2012 irs income tax forms Net short-term capital gain or loss. 2012 irs income tax forms   Combine your short-term capital gains and losses, including your share of short-term capital gains or losses from partnerships, S corporations, and fiduciaries and any short-term capital loss carryover. 2012 irs income tax forms Do this by adding all your short-term capital gains. 2012 irs income tax forms Then add all your short-term capital losses. 2012 irs income tax forms Subtract the lesser total from the other. 2012 irs income tax forms The result is your net short-term capital gain or loss. 2012 irs income tax forms Net long-term capital gain or loss. 2012 irs income tax forms   Follow the same steps to combine your long-term capital gains and losses. 2012 irs income tax forms Include the following items. 2012 irs income tax forms Net section 1231 gain from Part I, Form 4797, after any adjustment for nonrecaptured section 1231 losses from prior tax years. 2012 irs income tax forms Capital gain distributions from regulated investment companies (mutual funds) and real estate investment trusts. 2012 irs income tax forms Your share of long-term capital gains or losses from partnerships, S corporations, and fiduciaries. 2012 irs income tax forms Any long-term capital loss carryover. 2012 irs income tax forms The result from combining these items with other long-term capital gains and losses is your net long-term capital gain or loss. 2012 irs income tax forms Net gain. 2012 irs income tax forms   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. 2012 irs income tax forms Different tax rates may apply to the part that is a net capital gain. 2012 irs income tax forms See Capital Gains Tax Rates, later. 2012 irs income tax forms Net loss. 2012 irs income tax forms   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. 2012 irs income tax forms But there are limits on how much loss you can deduct and when you can deduct it. 2012 irs income tax forms See Treatment of Capital Losses, next. 2012 irs income tax forms    Treatment of Capital Losses If your capital losses are more than your capital gains, you can deduct the difference as a capital loss deduction even if you do not have ordinary income to offset it. 2012 irs income tax forms The yearly limit on the amount of the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). 2012 irs income tax forms Table 4-2. 2012 irs income tax forms Holding Period for Different Types of Acquisitions Type of acquisition: When your holding period starts: Stocks and bonds bought on a securities market Day after trading date you bought security. 2012 irs income tax forms Ends on trading date you sold security. 2012 irs income tax forms U. 2012 irs income tax forms S. 2012 irs income tax forms Treasury notes and bonds If bought at auction, day after notification of bid acceptance. 2012 irs income tax forms If bought through subscription, day after subscription was submitted. 2012 irs income tax forms Nontaxable exchanges Day after date you acquired old property. 2012 irs income tax forms Gift If your basis is giver's adjusted basis, same day as giver's holding period began. 2012 irs income tax forms If your basis is FMV, day after date of gift. 2012 irs income tax forms Real property bought Generally, day after date you received title to the property. 2012 irs income tax forms Real property repossessed Day after date you originally received title to the property, but does not include time between the original sale and date of repossession. 2012 irs income tax forms Capital loss carryover. 2012 irs income tax forms   Generally, you have a capital loss carryover if either of the following situations applies to you. 2012 irs income tax forms Your net loss is more than the yearly limit. 2012 irs income tax forms Your taxable income without your deduction for exemptions is less than zero. 2012 irs income tax forms If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carryover to 2014. 2012 irs income tax forms Example. 2012 irs income tax forms Bob and Gloria Sampson sold property in 2013. 2012 irs income tax forms The sale resulted in a capital loss of $7,000. 2012 irs income tax forms The Sampsons had no other capital transactions. 2012 irs income tax forms On their joint 2013 return, the Sampsons deduct $3,000, the yearly limit. 2012 irs income tax forms They had taxable income of $2,000. 2012 irs income tax forms The unused part of the loss, $4,000 ($7,000 − $3,000), is carried over to 2014. 2012 irs income tax forms If the Sampsons' capital loss had been $2,000, it would not have been more than the yearly limit. 2012 irs income tax forms Their capital loss deduction would have been $2,000. 2012 irs income tax forms They would have no carryover to 2014. 2012 irs income tax forms Short-term and long-term losses. 2012 irs income tax forms   When you carry over a loss, it retains its original character as either long term or short term. 2012 irs income tax forms A short-term loss you carry over to the next tax year is added to short-term losses occurring in that year. 2012 irs income tax forms A long-term loss you carry over to the next tax year is added to long-term losses occurring in that year. 2012 irs income tax forms A long-term capital loss you carry over to the next year reduces that year's long-term gains before its short-term gains. 2012 irs income tax forms   If you have both short-term and long-term losses, your short-term losses are used first against your allowable capital loss deduction. 2012 irs income tax forms If, after using your short-term losses, you have not reached the limit on the capital loss deduction, use your long-term losses until you reach the limit. 2012 irs income tax forms To figure your capital loss carryover from 2013 to 2014 use the Capital Loss Carryover Worksheet in the 2013 Instructions for Schedule D (Form 1040). 2012 irs income tax forms Joint and separate returns. 2012 irs income tax forms   On a joint return, the capital gains and losses of spouses are figured as the gains and losses of an individual. 2012 irs income tax forms If you are married and filing a separate return, your yearly capital loss deduction is limited to $1,500. 2012 irs income tax forms Neither you nor your spouse can deduct any part of the other's loss. 2012 irs income tax forms   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. 2012 irs income tax forms However, if you and your spouse once filed jointly and are now filing separately, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. 2012 irs income tax forms Death of taxpayer. 2012 irs income tax forms   Capital losses cannot be carried over after a taxpayer's death. 2012 irs income tax forms They are deductible only on the final income tax return filed on the decedent's behalf. 2012 irs income tax forms The yearly limit discussed earlier still applies in this situation. 2012 irs income tax forms Even if the loss is greater than the limit, the decedent's estate cannot deduct the difference or carry it over to following years. 2012 irs income tax forms Corporations. 2012 irs income tax forms   A corporation can deduct capital losses only up to the amount of its capital gains. 2012 irs income tax forms In other words, if a corporation has a net capital loss, it cannot be deducted in the current tax year. 2012 irs income tax forms It must be carried to other tax years and deducted from capital gains occurring in those years. 2012 irs income tax forms For more information, see Publication 542. 2012 irs income tax forms Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. 2012 irs income tax forms These lower rates are called the maximum capital gains rates. 2012 irs income tax forms The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. 2012 irs income tax forms For 2013, the maximum tax rates for individuals are 0%, 15%, 20%, 25%, and 28%. 2012 irs income tax forms Also, individuals, use the Qualified Dividends and Capital Gain Worksheet in the Instructions for Form 1040, or the Schedule D Tax Computation Worksheet in the Instructions for Schedule D (Form 1040) (whichever applies) to figure your tax if you have qualified dividends or net capital gain. 2012 irs income tax forms For more information, see chapter 4 of Publication 550. 2012 irs income tax forms Also see the Instructions for Schedule D (Form 1040). 2012 irs income tax forms Unrecaptured section 1250 gain. 2012 irs income tax forms   Generally, this is the part of any long-term capital gain on section 1250 property (real property) that is due to depreciation. 2012 irs income tax forms Unrecaptured section 1250 gain cannot be more than the net section 1231 gain or include any gain otherwise treated as ordinary income. 2012 irs income tax forms Use the worksheet in the Schedule D instructions to figure your unrecaptured section 1250 gain. 2012 irs income tax forms For more information about section 1250 property and net section 1231 gain, see chapter 3. 2012 irs income tax forms Form 4797 Use Form 4797 to report: The sale or exchange of: Property used in your trade or business; Depreciable and amortizable property; Oil, gas, geothermal, or other mineral properties; and Section 126 property. 2012 irs income tax forms The involuntary conversion (from other than casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. 2012 irs income tax forms The disposition of noncapital assets (other than inventory or property held primarily for sale to customers in the ordinary course of your trade or business). 2012 irs income tax forms The disposition of capital assets not reported on Schedule D. 2012 irs income tax forms The gain or loss (including any related recapture) for partners and S corporation shareholders from certain section 179 property dispositions by partnerships (other than electing large partnerships) and S corporations. 2012 irs income tax forms The computation of recapture amounts under sections 179 and 280F(b)(2) when the business use of section 179 or listed property decreases to 50% or less. 2012 irs income tax forms Gains or losses treated as ordinary gains or losses, if you are a trader in securities or commodities and made a mark-to-market election under Internal Revenue Code section 475(f). 2012 irs income tax forms You can use Form 4797 with Form 1040, 1065, 1120, or 1120S. 2012 irs income tax forms Section 1231 gains and losses. 2012 irs income tax forms   Show any section 1231 gains and losses in Part I. 2012 irs income tax forms Carry a net gain to Schedule D (Form 1040) as a long-term capital gain. 2012 irs income tax forms Carry a net loss to Part II of Form 4797 as an ordinary loss. 2012 irs income tax forms   If you had any nonrecaptured net section 1231 losses from the preceding 5 tax years, reduce your net gain by those losses and report the amount of the reduction as an ordinary gain in Part II. 2012 irs income tax forms Report any remaining gain on Schedule D (Form 1040). 2012 irs income tax forms See Section 1231 Gains and Losses in chapter 3. 2012 irs income tax forms Ordinary gains and losses. 2012 irs income tax forms   Show any ordinary gains and losses in Part II. 2012 irs income tax forms This includes a net loss or a recapture of losses from prior years figured in Part I of Form 4797. 2012 irs income tax forms It also includes ordinary gain figured in Part III. 2012 irs income tax forms Mark-to-market election. 2012 irs income tax forms   If you made a mark-to-market election, you should report all gains and losses from trading as ordinary gains and losses in Part II of Form 4797, instead of as capital gains and losses on Form 8949 and Schedule D (Form 1040). 2012 irs income tax forms See the Instructions for Form 4797. 2012 irs income tax forms Also see Special Rules for Traders in Securities, in chapter 4 of Publication 550. 2012 irs income tax forms Ordinary income from depreciation. 2012 irs income tax forms   Figure the ordinary income from depreciation on personal property and additional depreciation on real property (as discussed in chapter 3) in Part III. 2012 irs income tax forms Carry the ordinary income to Part II of Form 4797 as an ordinary gain. 2012 irs income tax forms Carry any remaining gain to Part I as section 1231 gain, unless it is from a casualty or theft. 2012 irs income tax forms Carry any remaining gain from a casualty or theft to Form 4684. 2012 irs income tax forms Prev  Up  Next   Home   More Online Publications