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2012 state taxes online free 16. 2012 state taxes online free   Cómo Declarar Ganancias y Pérdidas Table of Contents Qué Hay de Nuevo Introduction Useful Items - You may want to see: Cómo Declarar Ganancias y Pérdidas de CapitalExcepción 1. 2012 state taxes online free Excepción 2. 2012 state taxes online free Presente el Formulario 1099-B o el Formulario 1099-S al IRS. 2012 state taxes online free Pérdidas de Capital Tasas Impositivas sobre Ganancias de Capital Qué Hay de Nuevo Tasas máximas de ganancias de capital. 2012 state taxes online free  Para el año 2013, las tasas máximas de ganancias de capital son del 0%, 15%, 20%, 25% y 28%. 2012 state taxes online free Introduction En este capítulo se explica cómo declarar ganancias y pérdidas de capital provenientes de ventas, intercambios y otras enajenaciones de bienes de inversión en el Formulario 8949 y el Anexo D (Formulario 1040). 2012 state taxes online free Esta explicación abarca los siguientes temas: Cómo declarar ganancias y pérdidas a corto plazo. 2012 state taxes online free Cómo declarar ganancias y pérdidas a largo plazo. 2012 state taxes online free Cómo calcular pérdidas de capital que se van a trasladar al año siguiente. 2012 state taxes online free Cómo calcular los impuestos sobre una ganancia neta de capital. 2012 state taxes online free Si vende o de otro modo enajena bienes utilizados en una ocupación o negocio o en la producción de ingresos, vea la Publicación 544, Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés, antes de completar el Anexo D (Formulario 1040). 2012 state taxes online free Useful Items - You may want to see: Publicación 537 Installment Sales (Ventas a plazos), en inglés 544 Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversión), en inglés Formulario (e Instrucciones) 4797 Sales of Business Property (Ventas de bienes comerciales), en inglés 6252 Installment Sale Income (Ingresos de ventas a plazos), en inglés 8582 Passive Activity Loss Limitations (Limitaciones de pérdidas en actividades pasivas), en inglés 8949 Sales and Other Dispositions of Capital Assets (Ventas y otras enajenaciones de activos de capital, en inglés) Anexo D (Formulario 1040) Capital Gains and Losses (Ganancias y pérdidas de capital), en inglés Cómo Declarar Ganancias y Pérdidas de Capital Declare sus ganancias y pérdidas de capital en el Formulario 8949. 2012 state taxes online free Complete el Formulario 8949 antes de completar las líneas 1b, 2, 3, 8b, 9 ó 10 del Anexo D (Formulario 1040). 2012 state taxes online free Use el Formulario 8949 para declarar: La venta o intercambio de un activo de capital, la cual no se declaró en ningún otro formulario o anexo, Ganancias por canjes involuntarios (aparte de cuando se deba a un hecho fortuito o un robo) de activos de capital que no sirven para propósitos de negocio o lucro y Deudas incobrables que no provienen del negocio. 2012 state taxes online free Use el Anexo D (Formulario 1040): Para calcular la ganancia o pérdida total de las transacciones declaradas en el Formulario 8949; Para declarar una ganancia proveniente del Formulario 6252 o de la Parte I del Formulario 4797; Para declarar una ganancia o pérdida proveniente del Formulario 4684, 6781 u 8824; Para declarar distribuciones de ganancias de capital no declaradas directamente en el Formulario 1040 o en el Formulario 1040A; Para declarar una pérdida de capital trasladada del año tributario anterior al año tributario actual; Para declarar su parte de una ganancia (o pérdida) de una sociedad colectiva, sociedad anónima de tipo S, caudal hereditario o fideicomiso; Para declarar las transacciones informadas a usted en el Formulario 1099-B (o documento sustitutivo), el cual muestra las bases informadas al IRS y al cual no corresponde ninguno de los ajustes o códigos del Formulario 8949; y Para declarar ganancias de capital a largo plazo no distribuidas provenientes del Formulario 2439. 2012 state taxes online free Anote en el Formulario 8949 todas las ventas e intercambios de activos de capital (incluyendo acciones, bonos, etc. 2012 state taxes online free ) y de bienes raíces (si no se declararon en el Formulario 4684, 4797, 6252, 6781 u 8824 o la línea 1a u 8a del Anexo D). 2012 state taxes online free Declare estas transacciones aun si usted no recibió un Formulario 1099-B o 1099-S (u otra declaración sustitutiva) para la transacción. 2012 state taxes online free Declare las ganancias o pérdidas a corto plazo en la Parte I. 2012 state taxes online free Declare ganancias y pérdidas a largo plazo en la Parte II. 2012 state taxes online free Use cuantos Formularios 8949 sean necesarios. 2012 state taxes online free Excepciones a la presentación del Formulario 8949 y el Anexo D (Formulario 1040). 2012 state taxes online free   Hay ciertas circunstancias bajo las cuales usted tal vez no tenga que presentar el Formulario 8949 ni el Anexo D (Formulario 1040). 2012 state taxes online free Excepción 1. 2012 state taxes online free   Usted no tiene que presentar el Formulario 8949 ni el Anexo D (Formulario 1040) si no tiene pérdidas de capital y sus únicas ganancias de capital son distribuciones de ganancia de capital correspondientes al (los) recuadro(s) 2a del (de los) Formulario(s) 1099-DIV (o declaraciones sustitutivas). 2012 state taxes online free (Si alguno de los Formularios 1099-DIV (o declaraciones sustitutivas) que usted recibe indica una cifra en el recuadro 2b (ganancias no recuperadas conforme a la sección 1250), el recuadro 2c (ganancias conforme a la sección 1202) o el recuadro 2d (ganancias (tasas de 28%) por la venta de objetos coleccionables, usted no reúne los requisitos para esta excepción). 2012 state taxes online free Si reúne los requisitos para esta excepción, declare sus distribuciones de ganancia de capital directamente en la línea 13 del Formulario 1040 y marque el recuadro en la línea 13. 2012 state taxes online free También debe utillizar la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para impuestos sobre dividendos y ganancias de capital), que encontrará en las Instrucciones del Formulario 1040, para calcular su impuesto. 2012 state taxes online free Usted pede declarar sus distribuciones de ganancias de capital en la línea 10 del Formulario 1040A, en vez del Formulario 1040, si ninguno de los Formularios 1099-DIV (o declaraciones sustitutivas) que usted recibió indica una cifra en los recuadros 2b, 2c o 2d y usted no tiene que presentar el Formulario 1040. 2012 state taxes online free Excepción 2. 2012 state taxes online free   Usted tiene que presentar el Anexo D (Formulario 1040), pero por lo general no tiene que presentar el Formulario 8949 si la Excepción 1 no le corresponde y sus únicas ganancias y pérdidas de capital son: Distribuciones de ganancias de capital; Una pérdida de capital trasladada de un año anterior; Una ganancia correspondiente al Formulario 2439 ó 6252, o de la Parte I del Formulario 4797; Una ganancia o pérdida correspondiente al Formulario 4684, 6781 u 8824; Una ganancia o pérdida de una sociedad colectiva, sociedad anónima de tipo S, un caudal hereditario o fideicomiso; Ganancias y pérdidas de transacciones por las cuales usted recibió el Formulario 1099-B (o un documento sustitutivo), el cual muestra las bases informadas al IRS y por lo cual no necesita hacer ningún ajuste en la columna (g) del Formulario 8949 ni anotar ningún código en la columna (f) del Formulario 8949. 2012 state taxes online free Ventas a plazos. 2012 state taxes online free   No puede utilizar el método de pago a plazos para declarar una ganancia proveniente de la venta de acciones o valores bursátiles cotizados en un mercado de valores bursátiles establecido. 2012 state taxes online free Tiene que declarar la totalidad de la ganancia en el año de la venta (el año en el que ocurra la fecha de canje). 2012 state taxes online free Ganancias y pérdidas provenientes de una actividad pasiva. 2012 state taxes online free    Si tiene pérdidas o ganancias provenientes de una actividad pasiva, es posible que tenga que declararlas también en el Formulario 8582. 2012 state taxes online free En ciertos casos, la pérdida puede ser limitada conforme a las reglas de actividad pasiva. 2012 state taxes online free Consulte el Formulario 8582 y sus instrucciones correspondientes por separado para obtener información adicional sobre la declaración de ganancias y pérdidas de capital producto de una actividad pasiva. 2012 state taxes online free Transacciones que se declaran en el Formulario 1099-B. 2012 state taxes online free   Si vendió bienes, como acciones, bonos o ciertos productos de consumo bursátiles, a través de un agente corredor bursátil, éste debe entregarle un Formulario 1099-B o documento sustitutivo. 2012 state taxes online free Utilice el Formulario 1099-B o el documento sustitutivo para completar el Formulario 8949. 2012 state taxes online free Si usted vendió un valor bursátil garantizado en 2013, su agente corredor bursátil le mandará un Formulario 1099-B (o declaración sustitutiva) que le indica la base. 2012 state taxes online free Esto le ayudará a completar el Formulario 8949. 2012 state taxes online free Por lo general, los valores bursátiles garantizados son aquéllos que usted adquirió después del año 2010. 2012 state taxes online free   Declare las ganancias brutas que aparezcan en el recuadro 2a del Formulario 1099-B como el precio de venta en la columna (d) de la Parte I o la Parte II del Formulario 8949, según le corresponda a su caso. 2012 state taxes online free No obstante, si el agente corredor bursátil indica, en el recuadro 2a del Formulario 1099-B, haber declarado al IRS las ganancias brutas (precio de venta) menos comisiones y primas de opciones, anote el precio neto de venta resultante en la columna (d) de la Parte I o de la Parte II del Formulario 8949, según le corresponda a su caso. 2012 state taxes online free   Incluya en la columna (g) todo gasto de venta, tal como honorarios de agente corredor bursátil, comisiones, impuestos de traspaso locales y estatales y primas de opciones, a menos que usted haya declarado el precio neto de venta en la columna (d). 2012 state taxes online free Si incluye un gasto de venta en la columna (g), anote “E” en la columna (f). 2012 state taxes online free Transacciones que se declaran en el Formulario 1099-CAP. 2012 state taxes online free   Si es dueño de acciones de una sociedad anónima en cuyo control o estructura de capital haya habido cambios importantes, dicha sociedad debe enviarle el Formulario 1099-CAP o documento sustitutivo. 2012 state taxes online free Utilice el Formulario 1099-CAP o documento sustitutivo para completar el Formulario 8949. 2012 state taxes online free Si sus cálculos indican que, debido al cambio, usted tendría una pérdida, no anote ninguna cantidad en el Formulario 8949 ni en el Anexo D (Formulario 1040). 2012 state taxes online free Esta transacción no le da la posibilidad de declarar una pérdida en el Anexo D (Formulario 1040). 2012 state taxes online free   Declare el total de la cantidad recibida indicado en el recuadro 2 del Formulario 1099-CAP como el precio de venta en la columna (d) de la Parte I o de la Parte II del Formulario 8949, según le corresponda a su caso. 2012 state taxes online free Transacciones que se declaran en el Formulario 1099-S. 2012 state taxes online free   Si vendió o canjeó bienes raíces que han de declararse, normalmente la persona encargada de comunicar transacciones de bienes raíces debe entregarle un Formulario 1099-S en el que se indiquen las ganancias brutas. 2012 state taxes online free    “Bienes raíces que han de declararse” son toda participación en una propiedad actual o futura en cualesquiera de los siguientes casos: Terrenos con o sin mejoras, incluido el espacio aéreo; Estructuras intrínsecamente permanentes, incluido todo edificio residencial, comercial o industrial; Una unidad de condominio y sus instalaciones accesorias y elementos comunes, incluido el terreno; y Acciones de cooperativa de viviendas en sociedad anónima (como se define en la sección 216 del Código de Impuestos Internos). 2012 state taxes online free   Una “persona encargada de comunicar transacciones de bienes raíces” puede ser el abogado del comprador, el abogado de usted, una compañía de escrituras de propiedad o de cuentas en depósito, un prestamista hipotecario, el agente corredor bursátil de usted, el agente corredor bursátil del comprador o la persona que adquiera la mayor participación en la propiedad. 2012 state taxes online free   El Formulario 1099-S indicará las ganancias brutas de la venta o el intercambio en el recuadro 2. 2012 state taxes online free Consulte las Instrucciones para el Formulario 8949 y las Instrucciones para el Anexo D (Formulario 1040) para saber cómo se declaran estas transacciones e incluirlas en la Parte I o Parte II del Formulario 8949, tal como le corresponda a su caso. 2012 state taxes online free No obstante, declare los intercambios por bienes del mismo tipo en el Formulario 8824. 2012 state taxes online free   Es ilegal que una persona encargada de comunicar transacciones de bienes raíces le cobre un cargo por separado por cumplir con el requisito de presentación del Formulario 1099-S. 2012 state taxes online free Nominatarios. 2012 state taxes online free   Si recibe ganancias brutas como nominatario (es decir, las ganancias brutas están a nombre suyo pero en realidad pertenecen a otra persona), vea las Instrucciones para el Formulario 8949, para saber cómo declarar estas cantidades en el Formulario 8949. 2012 state taxes online free Presente el Formulario 1099-B o el Formulario 1099-S al IRS. 2012 state taxes online free   Si recibió ganancias brutas en calidad de nominatario en 2013, tiene que presentar al IRS el Formulario 1099-B o el Formulario 1099-S correspondiente a dichas ganancias. 2012 state taxes online free Envíe el Formulario 1099-B o el Formulario 1099-S junto con el Formulario 1096, Annual Summary and Transmittal of U. 2012 state taxes online free S. 2012 state taxes online free Information Returns (Resumen e informe anual de declaraciones informativas de los Estados Unidos), en inglés, al Centro de Servicio del Servicio de Impuestos Internos que le corresponda a más tardar el 28 de febrero de 2014 (31 de marzo de 2014, si presenta el Formulario 1099-B o el Formulario 1099-S por vía electrónica). 2012 state taxes online free Entregue la Copia B del Formulario 1099-B o del Formulario 1099-S al verdadero dueño de dichas ganancias a más tardar el 18 de febrero de 2014. 2012 state taxes online free En el Formulario 1099-B, usted debe constar como “Payer” (Pagador). 2012 state taxes online free El otro dueño debe constar como “Recipient” (Destinatario). 2012 state taxes online free En el Formulario 1099-S, usted debe constar como “Filer” (Declarante). 2012 state taxes online free El otro dueño debe constar como “Transferor” (Cesionista). 2012 state taxes online free No obstante, usted no tiene que presentar el Formulario 1099-B ni el Formulario 1099-S para mostrar las ganancias de su cónyuge. 2012 state taxes online free Para más información acerca de los requisitos de presentación de ciertas declaraciones informativas y las multas por no presentar (o facilitar) dichas declaraciones, vea las General Instructions for Certain Information Returns (Instrucciones generales para determinadas declaraciones informativas), en inglés. 2012 state taxes online free Si presenta la declaración electrónicamente, vea la Publicación 1220, en inglés. 2012 state taxes online free Venta de bienes comprados en diferentes ocasiones. 2012 state taxes online free   Si vende un paquete de acciones u otros bienes que haya comprado en diferentes ocasiones, declare la pérdida o ganancia a corto plazo procedente de la venta en una fila de la Parte I del Formulario 8949 y anote la pérdida o ganancia a largo plazo en una fila de la Parte II del Formulario 8949. 2012 state taxes online free Escriba “Various” (Varios) en la columna (b) para la “Date acquired” (Fecha de adquisición). 2012 state taxes online free Gastos de venta. 2012 state taxes online free    En la columna (g) del Formulario 8949, incluya todo gasto de venta, como honorarios de agentes corredores bursátiles, comisiones, impuestos estatales y locales sobre traspasos y primas de opciones, a menos que usted haya declarado el precio neto de ventas en la columna (d). 2012 state taxes online free Si usted incluyó un gasto de venta en la columna (g), anote “E” en la columna (f). 2012 state taxes online free   Para más información sobre los ajustes a la base, vea el capítulo 13. 2012 state taxes online free Ganancias y pérdidas a corto plazo. 2012 state taxes online free   Las ganancias o pérdidas de capital sobre la venta o canje de bienes de inversión que haya tenido por 1 año o menos se consideran pérdidas o ganancias de capital a corto plazo. 2012 state taxes online free Declárelas en la Parte I del Formulario 8949. 2012 state taxes online free   Sume su parte de pérdidas o ganancias de capital a corto plazo provenientes de sociedades colectivas, sociedades anónimas de tipo S, caudales hereditarios y fideicomisos, además de toda pérdida de capital a corto plazo que se haya trasladado de un año anterior, con las demás ganancias y pérdidas de capital a corto plazo para calcular la pérdida o ganancia de capital neta a corto plazo en la línea 7 del Anexo D (Formulario 1040). 2012 state taxes online free Ganancias y pérdidas a largo plazo. 2012 state taxes online free    Una ganancia o pérdida de capital sobre la venta o canje de bienes de inversión que haya tenido durante más de 1 año se considera ganancia o pérdida de capital a largo plazo. 2012 state taxes online free Declárela en la Parte II del Formulario 8949. 2012 state taxes online free   Usted debe declarar lo siguiente en la Parte II del Anexo D (Formulario 1040): Ganancias de capital a largo plazo de un fondo mutuo (u otra sociedad inversionista reglamentada) o de una sociedad de inversión inmobiliaria (REIT, por sus siglas en inglés) que no hayan sido distribuidas; Su participación de las ganancias y pérdidas de capital a largo plazo de sociedades colectivas, sociedades anónimas de tipo S, caudales hereditarios y fideicomisos; Toda distribución de ganancia de capital proveniente de fondos mutuos y sociedades de inversión inmobiliaria (REIT) que no se haya declarado directamente en la línea 10 del Formulario 1040A o la línea 13 del Formulario 1040; y Pérdidas de capital a largo plazo trasladadas de un año anterior. 2012 state taxes online free    El resultado que se dé después de sumar dichas cantidades con las demás ganancias de capital a largo plazo y restar las pérdidas de capital a largo plazo es la ganancia o pérdida de capital neta a largo plazo (línea 15 del Anexo D (Formulario 1040)). 2012 state taxes online free Total de la ganancia o pérdida neta. 2012 state taxes online free   Para calcular el total de la ganancia o pérdida neta, sume la ganancia o pérdida de capital neta a corto plazo (línea 7 del Anexo D (Formulario 1040)) con la pérdida o ganancia de capital neta a largo plazo (línea 15 del Anexo D (Formulario 1040)). 2012 state taxes online free Anote el resultado en la línea 16 de la Parte III del Anexo D (Formulario 1040). 2012 state taxes online free Si tiene pérdidas que sobrepasen las ganancias, vea Pérdidas de Capital , que se encuentra a continuación. 2012 state taxes online free Si las líneas 15 y 16 del Anexo D (Formulario 1040) son ganancias y el ingreso sujeto a impuestos en su Formulario 1040 es mayor de cero, vea Tasas Impositivas sobre Ganancias de Capital , más adelante. 2012 state taxes online free Pérdidas de Capital Si las pérdidas de capital son mayores que las ganancias de capital, se puede declarar una deducción por pérdida de capital. 2012 state taxes online free Declare la cantidad de la deducción en la línea 13 del Formulario 1040, anotándola entre paréntesis. 2012 state taxes online free Límite sobre la deducción. 2012 state taxes online free   La deducción por ganancia de capital permisible, calculada en el Anexo D (Formulario 1040), es la cantidad que sea menor de las siguientes: $3,000 ($1,500 si es casado y presenta una declaración por separado) o El total de la pérdida neta tal como aparece en la línea 16 del Anexo D (Formulario 1040). 2012 state taxes online free   Puede usar el total de la pérdida neta para reducir sus ingresos en una cantidad equivalente, hasta el límite de $3,000. 2012 state taxes online free Traslado de pérdida de capital. 2012 state taxes online free   Si el total de la pérdida neta en la línea 16 del Anexo D (Formulario 1040) sobrepasa el límite anual de las deducciones de pérdida de capital, puede trasladar al año siguiente la parte sobrante y tratarla como si hubiera incurrido en la misma durante ese próximo año. 2012 state taxes online free Si una parte de la pérdida sigue sin usarse, puede trasladarla a años posteriores hasta que se agote. 2012 state taxes online free   Cuando calcule una cantidad de pérdida de capital que se trasladará al año siguiente, tiene que tener en cuenta la deducción permisible del año en curso, la haya reclamado o no, e independientemente de si presentó o no una declaración correspondiente al año en curso. 2012 state taxes online free   Cuando traslade una pérdida a un año posterior, ésta sigue siendo una pérdida a largo plazo o corto plazo. 2012 state taxes online free Una pérdida de capital a largo plazo que usted traslade al año tributario siguiente reducirá las ganancias de capital a largo plazo de dicho año antes de reducir las ganancias de capital a corto plazo de dicho año. 2012 state taxes online free Cálculo de la cantidad trasladada al año siguiente. 2012 state taxes online free   La cantidad de la pérdida de capital a trasladarse al año siguiente es la cantidad de pérdida neta total que sea mayor que la cantidad menor entre: La deducción por pérdida de capital permisible durante el año o Sus ingresos sujetos a impuestos aumentados por la deducción por pérdida de capital permisible durante el año y la deducción por exenciones personales. 2012 state taxes online free   Si las deducciones son mayores que sus ingresos brutos del año tributario, utilice los ingresos negativos sujetos a impuestos al calcular la cantidad en el punto (2). 2012 state taxes online free    Complete la Capital Loss Carryover Worksheet (Hoja de trabajo para calcular la pérdida de capital a trasladarse a años posteriores) en las Instrucciones del Anexo D o la Publicación 550, en inglés, para calcular la parte de la pérdida de capital que se pueda trasladar. 2012 state taxes online free Ejemplo. 2012 state taxes online free Roberto y Gloria vendieron valores bursátiles en 2013. 2012 state taxes online free Las ventas dieron por resultado una pérdida de capital de $7,000. 2012 state taxes online free No hicieron otras transacciones de capital. 2012 state taxes online free Sus ingresos sujetos a impuestos fueron $26,000. 2012 state taxes online free En la declaración conjunta de 2013, pueden deducir $3,000. 2012 state taxes online free La parte de la pérdida que no usaron, $4,000 ($7,000 − $3,000), se puede trasladar a 2014. 2012 state taxes online free Si la pérdida de capital hubiera sido $2,000, la deducción por pérdida de capital también habría sido $2,000. 2012 state taxes online free No tendrían cantidad alguna a trasladar al año siguiente. 2012 state taxes online free Utilice primero las pérdidas a corto plazo. 2012 state taxes online free   Cuando calcule la cantidad a trasladarse al año siguiente, utilice primero las pérdidas de capital a corto plazo, aunque haya incurrido en las mismas después de una pérdida de capital a largo plazo. 2012 state taxes online free Si no ha alcanzado el límite de la deducción por pérdidas de capital después de haber utilizado las pérdidas de capital a corto plazo, utilice las pérdidas de capital a largo plazo hasta alcanzar el límite. 2012 state taxes online free Pérdida de capital de un difunto. 2012 state taxes online free    Una pérdida de capital sufrida por una persona en su último año tributario antes de fallecer (o que se haya traspasado de un año anterior a dicho año) se puede deducir sólo en la última declaración del impuesto sobre el ingreso personal que se presente a nombre del difunto. 2012 state taxes online free Los límites de pérdida de capital explicados anteriormente aún corresponden en este caso. 2012 state taxes online free El caudal hereditario (patrimonio) del difunto no puede deducir ninguna parte de la pérdida ni trasladarla a años posteriores. 2012 state taxes online free Declaraciones conjuntas y separadas. 2012 state taxes online free   Si antes usted y su cónyuge presentaban declaraciones por separado y ahora presentan una declaración conjunta, sume las cantidades de pérdida de capital que cada uno de ustedes haya trasladado a un año siguiente. 2012 state taxes online free No obstante, si antes usted y su cónyuge presentaban una declaración conjunta y ahora presentan declaraciones por separado, toda pérdida de capital que se haya trasladado a un año siguiente se puede deducir sólo en la declaración del cónyuge que de hecho sufrió la pérdida. 2012 state taxes online free Tasas Impositivas sobre Ganancias de Capital Las tasas impositivas correspondientes a una ganancia neta de capital suelen ser más bajas que las que corresponden a otros ingresos. 2012 state taxes online free Estas tasas reducidas se conocen como las “tasas máximas de ganancias de capital”. 2012 state taxes online free El término “ganancia neta de capital” designa la cantidad por la que la ganancia neta de capital a largo plazo del año supera la pérdida de capital neta a corto plazo. 2012 state taxes online free Para el año 2013, las tasas máximas correspondientes a ganancias de capital son 0%, 15%, 20%, 25% y 28%. 2012 state taxes online free Vea la Tabla 16-1, para obtener información detallada. 2012 state taxes online free Si para calcular el impuesto utiliza las tasas máximas correspondientes a ganancias de capital y el cálculo normal de impuestos le resulta en unos impuestos más bajos, el cálculo normal de impuestos es el que le corresponde. 2012 state taxes online free Ejemplo. 2012 state taxes online free Su ganancia neta de capital proviene en su totalidad de la venta de artículos coleccionables, por lo tanto, la tasa correspondiente a la ganancia de capital es 28%. 2012 state taxes online free Si de otro modo está sujeto a una tasa menor del 28%, la tasa del 28% no corresponde. 2012 state taxes online free Deducción de los intereses de inversiones. 2012 state taxes online free   Si declara una deducción de intereses de inversiones, tal vez tenga que reducir la cantidad de su ganancia neta de capital que reúna los requisitos para las tasas impositivas sobre ganancias de capital. 2012 state taxes online free Réstele la cantidad de la ganancia neta de capital que opte por incluir en los ingresos de inversiones al calcular el límite de la deducción de los mismos. 2012 state taxes online free Para hacer esto, se utiliza la Schedule D Tax Worksheet (Hoja de trabajo para los impuestos del Anexo D) en las Instrucciones para el Anexo D (Formulario 1040), en inglés, o la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para los impuestos sobre dividendos calificados y ganancias de capital), que se encuentra en las instrucciones por separado correspondientes a los Formularios 1040 y 1040A, en inglés. 2012 state taxes online free Para más información acerca del límite de los intereses procedentes de inversiones, vea Interest Expenses (Gastos de intereses) en el capítulo 3 de la Publicación 550, en inglés. 2012 state taxes online free Tabla 16-1. 2012 state taxes online free ¿Cuál es la Tasa Máxima de Ganancias de Capital que le Corresponde? SI la ganancia neta de capital se deriva de . 2012 state taxes online free . 2012 state taxes online free . 2012 state taxes online free ENTONCES la  tasa máxima de  ganancia de capital es . 2012 state taxes online free . 2012 state taxes online free . 2012 state taxes online free una ganancia producto de artículos coleccionables 28% una ganancia, la cual reúne los requisitos, sobre acciones de pequeños negocios calificados menos la exclusión conforme a la sección 1202 28% una ganancia conforme a la sección 1250 no recuperada 25% otra ganancia1 y la tasa impositiva normal correspondiente es 39. 2012 state taxes online free 6% 20% otra ganancia1 y la tasa impositiva normal correspondiente es 25%, 28%, 33% o 35% 15% otra ganancia1 y la tasa impositiva normal correspondiente es 10% o 15% 0% 1 El término “otra ganancia” significa toda ganancia que no sea una ganancia procedente de artículos coleccionables, ganancia sobre acciones de pequeños negocios calificados o una ganancia conforme a la sección 1250 no recuperada. 2012 state taxes online free     Ganancia o pérdida procedente de artículos coleccionables. 2012 state taxes online free   Ésta es una ganancia o pérdida que se deriva de la venta o canje de una obra de arte, alfombra, antigüedad, metal (como oro, plata y platino en barras), piedra preciosa, estampilla o sello, moneda o bebida alcohólica que haya tenido más de 1 año. 2012 state taxes online free   Se considera que una ganancia procedente de artículos coleccionables abarca las ganancias resultantes de la venta de una participación en una sociedad colectiva, sociedad anónima de tipo S o fideicomiso, generadas por una plusvalía no realizada de dichos artículos coleccionables. 2012 state taxes online free Ganancia sobre acciones de pequeños negocios calificados. 2012 state taxes online free    Si obtuvo una ganancia de acciones de pequeños negocios calificados y fue dueño de dichas acciones durante más de 5 años, normalmente puede excluir de los ingresos una parte o la totalidad de su ganancia bajo la sección 1202. 2012 state taxes online free La ganancia que cumple los requisitos, menos la exclusión conforme a la sección 1202, es una ganancia con una tasa de 28%. 2012 state taxes online free Vea Gains on Qualified Small Business Stock (Ganancias de acciones de pequeños negocios calificados) en el capítulo 4 de la Publicación 550, en inglés. 2012 state taxes online free Ganancia conforme a la sección 1250 no recuperada. 2012 state taxes online free    Por lo general, ésta es toda parte de la ganancia de capital que se haya originado por la venta de bienes conforme a la sección 1250 (bienes raíces) debido a depreciación (pero no más que la ganancia neta conforme a la sección 1231) menos toda pérdida neta en el grupo del 28%. 2012 state taxes online free Use la Unrecaptured Section 1250 Gain Worksheet (Hoja de trabajo de ganancias no recuperadas conforme a la sección 1250) de las Instrucciones del Anexo D (Formulario 1040), en inglés, para calcular la ganancia no recuperada conforme a la sección 1250. 2012 state taxes online free Para más información sobre bienes conforme a la sección 1250 y ganancias conforme a la sección 1231, vea el capítulo 3 de la Publicación 544, en inglés. 2012 state taxes online free Cálculo de los impuestos a base de las tasas máximas de ganancias de capital. 2012 state taxes online free   Utilice la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para los impuestos sobre dividendos calificados y ganancias de capital) o la Schedule D Tax Worksheet (Hoja de trabajo para los impuestos del Anexo D), la que corresponda, para calcular su impuesto si ha recibido dividendos calificados o ganancia neta de capital. 2012 state taxes online free Tiene ganancia neta de capital si las cantidades de las líneas 15 y 16 del Anexo D ambas son ganancias. 2012 state taxes online free Hoja de trabajo para los impuestos del Anexo D. 2012 state taxes online free   Utilice la Schedule D Tax Worksheet (Hoja de trabajo para los impuestos del Anexo D) que se encuentra en las Instrucciones del Anexo D (Formulario 1040) para calcular el impuesto si se dan las siguientes condiciones: Tiene que presentar el Anexo D (Formulario 1040) y La cantidad de la línea 18 (ganancia a una tasa de 28%) o la línea 19 (ganancia no recuperada conforme a la sección 1250) del Anexo D (Formulario 1040) es mayor de cero. 2012 state taxes online free Hoja de trabajo para el impuesto sobre dividendos calificados y ganancias de capital. 2012 state taxes online free   Utilice la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para el impuesto sobre los dividendos calificados y ganancias de capital) de las instrucciones del Formulario 1040 o Formulario 1040A (el que presente) para calcular el impuesto si no tiene que utilizar la Hoja de trabajo para los impuestos del Anexo D (como se explica anteriormente) y corresponde cualquiera de los siguientes puntos: Recibió dividendos calificados. 2012 state taxes online free (Vea Dividendos Calificados en el capítulo 8). 2012 state taxes online free No tiene que presentar el Anexo D (Formulario 1040) y recibió distribuciones de ganancias de capital. 2012 state taxes online free (Vea Excepciones a la presentación del Formulario 8949 y el Anexo D (Formulario 1040) , anteriormente). 2012 state taxes online free Las cantidades de las líneas 15 y 16 del Anexo D (Formulario 1040) son mayores de cero. 2012 state taxes online free Impuesto mínimo alternativo. 2012 state taxes online free   Estas tasas de ganancias de capital se utilizan también para calcular el impuesto mínimo alternativo. 2012 state taxes online free Prev  Up  Next   Home   More Online Publications
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The 2012 State Taxes Online Free

2012 state taxes online free Publication 561 - Main Contents Table of Contents What Is Fair Market Value (FMV)?Factors. 2012 state taxes online free Stock. 2012 state taxes online free Options. 2012 state taxes online free Determining Fair Market Value Problems in Determining Fair Market Value Valuation of Various Kinds of PropertyHousehold Goods Used Clothing Jewelry and Gems Paintings, Antiques, and Other Objects of Art Collections Cars, Boats, and Aircraft Inventory Patents Stocks and Bonds Real Estate Interest in a Business Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Certain Life Insurance and Annuity Contracts Partial Interest in Property Not in Trust AppraisalsDeductions of More Than $5,000 Deductions of More Than $500,000 Qualified Appraisal Form 8283 Internal Revenue Service Review of Appraisals Penalty How To Get Tax HelpLow income tax clinics (LITCs). 2012 state taxes online free What Is Fair Market Value (FMV)? To figure how much you may deduct for property that you contribute, you must first determine its fair market value on the date of the contribution. 2012 state taxes online free Fair market value. 2012 state taxes online free   Fair market value (FMV) is the price that property would sell for on the open market. 2012 state taxes online free It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. 2012 state taxes online free If you put a restriction on the use of property you donate, the FMV must reflect that restriction. 2012 state taxes online free Example 1. 2012 state taxes online free If you give used clothing to the Salvation Army, the FMV would be the price that typical buyers actually pay for clothing of this age, condition, style, and use. 2012 state taxes online free Usually, such items are worth far less than what you paid for them. 2012 state taxes online free Example 2. 2012 state taxes online free If you donate land and restrict its use to agricultural purposes, you must value the land at its value for agricultural purposes, even though it would have a higher FMV if it were not restricted. 2012 state taxes online free Factors. 2012 state taxes online free   In making and supporting the valuation of property, all factors affecting value are relevant and must be considered. 2012 state taxes online free These include: The cost or selling price of the item, Sales of comparable properties, Replacement cost, and Opinions of experts. 2012 state taxes online free   These factors are discussed later. 2012 state taxes online free Also, see Table 1 for a summary of questions to ask as you consider each factor. 2012 state taxes online free Date of contribution. 2012 state taxes online free   Ordinarily, the date of a contribution is the date that the transfer of the property takes place. 2012 state taxes online free Stock. 2012 state taxes online free   If you deliver, without any conditions, a properly endorsed stock certificate to a qualified organization or to an agent of the organization, the date of the contribution is the date of delivery. 2012 state taxes online free If the certificate is mailed and received through the regular mail, it is the date of mailing. 2012 state taxes online free If you deliver the certificate to a bank or broker acting as your agent or to the issuing corporation or its agent, for transfer into the name of the organization, the date of the contribution is the date the stock is transferred on the books of the corporation. 2012 state taxes online free Options. 2012 state taxes online free   If you grant an option to a qualified organization to buy real property, you have not made a charitable contribution until the organization exercises the option. 2012 state taxes online free The amount of the contribution is the FMV of the property on the date the option is exercised minus the exercise price. 2012 state taxes online free Example. 2012 state taxes online free You grant an option to a local university, which is a qualified organization, to buy real property. 2012 state taxes online free Under the option, the university could buy the property at any time during a 2-year period for $40,000. 2012 state taxes online free The FMV of the property on the date the option is granted is $50,000. 2012 state taxes online free In the following tax year, the university exercises the option. 2012 state taxes online free The FMV of the property on the date the option is exercised is $55,000. 2012 state taxes online free Therefore, you have made a charitable contribution of $15,000 ($55,000, the FMV, minus $40,000, the exercise price) in the tax year the option is exercised. 2012 state taxes online free Determining Fair Market Value Determining the value of donated property would be a simple matter if you could rely only on fixed formulas, rules, or methods. 2012 state taxes online free Usually it is not that simple. 2012 state taxes online free Using such formulas, etc. 2012 state taxes online free , seldom results in an acceptable determination of FMV. 2012 state taxes online free There is no single formula that always applies when determining the value of property. 2012 state taxes online free This is not to say that a valuation is only guesswork. 2012 state taxes online free You must consider all the facts and circumstances connected with the property, such as its desirability, use, and scarcity. 2012 state taxes online free For example, donated furniture should not be evaluated at some fixed rate such as 15% of the cost of new replacement furniture. 2012 state taxes online free When the furniture is contributed, it may be out of style or in poor condition, therefore having little or no market value. 2012 state taxes online free On the other hand, it may be an antique, the value of which could not be determined by using any formula. 2012 state taxes online free Cost or Selling Price of the Donated Property The cost of the property to you or the actual selling price received by the qualified organization may be the best indication of its FMV. 2012 state taxes online free However, because conditions in the market change, the cost or selling price of property may have less weight if the property was not bought or sold reasonably close to the date of contribution. 2012 state taxes online free The cost or selling price is a good indication of the property's value if: The purchase or sale took place close to the valuation date in an open market, The purchase or sale was at “arm's-length,” The buyer and seller knew all relevant facts, The buyer and seller did not have to act, and The market did not change between the date of purchase or sale and the valuation date. 2012 state taxes online free Example. 2012 state taxes online free Tom Morgan, who is not a dealer in gems, bought an assortment of gems for $5,000 from a promoter. 2012 state taxes online free The promoter claimed that the price was “wholesale” even though he and other dealers made similar sales at similar prices to other persons who were not dealers. 2012 state taxes online free The promoter said that if Tom kept the gems for more than 1 year and then gave them to charity, Tom could claim a charitable deduction of $15,000, which, according to the promoter, would be the value of the gems at the time of contribution. 2012 state taxes online free Tom gave the gems to a qualified charity 13 months after buying them. 2012 state taxes online free The selling price for these gems had not changed from the date of purchase to the date he donated them to charity. 2012 state taxes online free The best evidence of FMV depends on actual transactions and not on some artificial estimate. 2012 state taxes online free The $5,000 charged Tom and others is, therefore, the best evidence of the maximum FMV of the gems. 2012 state taxes online free Terms of the purchase or sale. 2012 state taxes online free   The terms of the purchase or sale should be considered in determining FMV if they influenced the price. 2012 state taxes online free These terms include any restrictions, understandings, or covenants limiting the use or disposition of the property. 2012 state taxes online free Rate of increase or decrease in value. 2012 state taxes online free   Unless you can show that there were unusual circumstances, it is assumed that the increase or decrease in the value of your donated property from your cost has been at a reasonable rate. 2012 state taxes online free For time adjustments, an appraiser may consider published price indexes for information on general price trends, building costs, commodity costs, securities, and works of art sold at auction in arm's-length sales. 2012 state taxes online free Example. 2012 state taxes online free Bill Brown bought a painting for $10,000. 2012 state taxes online free Thirteen months later he gave it to an art museum, claiming a charitable deduction of $15,000 on his tax return. 2012 state taxes online free The appraisal of the painting should include information showing that there were unusual circumstances that justify a 50% increase in value for the 13 months Bill held the property. 2012 state taxes online free Arm's-length offer. 2012 state taxes online free   An arm's-length offer to buy the property close to the valuation date may help to prove its value if the person making the offer was willing and able to complete the transaction. 2012 state taxes online free To rely on an offer, you should be able to show proof of the offer and the specific amount to be paid. 2012 state taxes online free Offers to buy property other than the donated item will help to determine value if the other property is reasonably similar to the donated property. 2012 state taxes online free Sales of Comparable Properties The sales prices of properties similar to the donated property are often important in determining the FMV. 2012 state taxes online free The weight to be given to each sale depends on the following. 2012 state taxes online free The degree of similarity between the property sold and the donated property. 2012 state taxes online free The time of the sale—whether it was close to the valuation date. 2012 state taxes online free The circumstances of the sale—whether it was at arm's-length with a knowledgeable buyer and seller, with neither having to act. 2012 state taxes online free The conditions of the market in which the sale was made—whether unusually inflated or deflated. 2012 state taxes online free The comparable sales method of valuing real estate is explained later under Valuation of Various Kinds of Property. 2012 state taxes online free Example 1. 2012 state taxes online free Mary Black, who is not a book dealer, paid a promoter $10,000 for 500 copies of a single edition of a modern translation of the Bible. 2012 state taxes online free The promoter had claimed that the price was considerably less than the “retail” price, and gave her a statement that the books had a total retail value of $30,000. 2012 state taxes online free The promoter advised her that if she kept the Bibles for more than 1 year and then gave them to a qualified organization, she could claim a charitable deduction for the “retail” price of $30,000. 2012 state taxes online free Thirteen months later she gave all the Bibles to a church that she selected from a list provided by the promoter. 2012 state taxes online free At the time of her donation, wholesale dealers were selling similar quantities of Bibles to the general public for $10,000. 2012 state taxes online free The FMV of the Bibles is $10,000, the price at which similar quantities of Bibles were being sold to others at the time of the contribution. 2012 state taxes online free Example 2. 2012 state taxes online free The facts are the same as in Example 1, except that the promoter gave Mary Black a second option. 2012 state taxes online free The promoter said that if Mary wanted a charitable deduction within 1 year of the purchase, she could buy the 500 Bibles at the “retail” price of $30,000, paying only $10,000 in cash and giving a promissory note for the remaining $20,000. 2012 state taxes online free The principal and interest on the note would not be due for 12 years. 2012 state taxes online free According to the promoter, Mary could then, within 1 year of the purchase, give the Bibles to a qualified organization and claim the full $30,000 retail price as a charitable contribution. 2012 state taxes online free She purchased the Bibles under the second option and, 3 months later, gave them to a church, which will use the books for church purposes. 2012 state taxes online free At the time of the gift, the promoter was selling similar lots of Bibles for either $10,000 or $30,000. 2012 state taxes online free The difference between the two prices was solely at the discretion of the buyer. 2012 state taxes online free The promoter was a willing seller for $10,000. 2012 state taxes online free Therefore, the value of Mary's contribution of the Bibles is $10,000, the amount at which similar lots of Bibles could be purchased from the promoter by members of the general public. 2012 state taxes online free Replacement Cost The cost of buying, building, or manufacturing property similar to the donated item should be considered in determining FMV. 2012 state taxes online free However, there must be a reasonable relationship between the replacement cost and the FMV. 2012 state taxes online free The replacement cost is the amount it would cost to replace the donated item on the valuation date. 2012 state taxes online free Often there is no relationship between the replacement cost and the FMV. 2012 state taxes online free If the supply of the donated property is more or less than the demand for it, the replacement cost becomes less important. 2012 state taxes online free To determine the replacement cost of the donated property, find the “estimated replacement cost new. 2012 state taxes online free ” Then subtract from this figure an amount for depreciation due to the physical condition and obsolescence of the donated property. 2012 state taxes online free You should be able to show the relationship between the depreciated replacement cost and the FMV, as well as how you arrived at the “estimated replacement cost new. 2012 state taxes online free ” Opinions of Experts Generally, the weight given to an expert's opinion on matters such as the authenticity of a coin or a work of art, or the most profitable and best use of a piece of real estate, depends on the knowledge and competence of the expert and the thoroughness with which the opinion is supported by experience and facts. 2012 state taxes online free For an expert's opinion to deserve much weight, the facts must support the opinion. 2012 state taxes online free For additional information, see Appraisals, later. 2012 state taxes online free Table 1. 2012 state taxes online free Factors That Affect FMV IF the factor you are considering is. 2012 state taxes online free . 2012 state taxes online free . 2012 state taxes online free THEN you should ask these questions. 2012 state taxes online free . 2012 state taxes online free . 2012 state taxes online free     cost or selling price Was the purchase or sale of the property reasonably close to the date of contribution? Was any increase or decrease in value, as compared to your cost, at a reasonable rate? Do the terms of purchase or sale limit what can be done with the property? Was there an arm's-length offer to buy the property close to the valuation date?     sales of comparable properties How similar is the property sold to the property donated? How close is the date of sale to the valuation date? Was the sale at arm's-length? What was the condition of the market at the time of sale?     replacement cost What would it cost to replace the donated property? Is there a reasonable relationship between replacement cost and FMV? Is the supply of the donated property more or less than the demand for it?     opinions of experts Is the expert knowledgeable and competent? Is the opinion thorough and supported by facts and experience? Problems in Determining Fair Market Value There are a number of problems in determining the FMV of donated property. 2012 state taxes online free Unusual Market Conditions The sale price of the property itself in an arm's-length transaction in an open market is often the best evidence of its value. 2012 state taxes online free When you rely on sales of comparable property, the sales must have been made in an open market. 2012 state taxes online free If those sales were made in a market that was artificially supported or stimulated so as not to be truly representative, the prices at which the sales were made will not indicate the FMV. 2012 state taxes online free For example, liquidation sale prices usually do not indicate the FMV. 2012 state taxes online free Also, sales of stock under unusual circumstances, such as sales of small lots, forced sales, and sales in a restricted market, may not represent the FMV. 2012 state taxes online free Selection of Comparable Sales Using sales of comparable property is an important method for determining the FMV of donated property. 2012 state taxes online free However, the amount of weight given to a sale depends on the degree of similarity between the comparable and the donated properties. 2012 state taxes online free The degree of similarity must be close enough so that this selling price would have been given consideration by reasonably well-informed buyers or sellers of the property. 2012 state taxes online free Example. 2012 state taxes online free You give a rare, old book to your former college. 2012 state taxes online free The book is a third edition and is in poor condition because of a missing back cover. 2012 state taxes online free You discover that there was a sale for $300, near the valuation date, of a first edition of the book that was in good condition. 2012 state taxes online free Although the contents are the same, the books are not at all similar because of the different editions and their physical condition. 2012 state taxes online free Little consideration would be given to the selling price of the $300 property by knowledgeable buyers or sellers. 2012 state taxes online free Future Events You may not consider unexpected events happening after your donation of property in making the valuation. 2012 state taxes online free You may consider only the facts known at the time of the gift, and those that could be reasonably expected at the time of the gift. 2012 state taxes online free Example. 2012 state taxes online free You give farmland to a qualified charity. 2012 state taxes online free The transfer provides that your mother will have the right to all income and full use of the property for her life. 2012 state taxes online free Even though your mother dies 1 week after the transfer, the value of the property on the date it is given is its present value, subject to the life interest as estimated from actuarial tables. 2012 state taxes online free You may not take a higher deduction because the charity received full use and possession of the land only 1 week after the transfer. 2012 state taxes online free Using Past Events to Predict the Future A common error is to rely too much on past events that do not fairly reflect the probable future earnings and FMV. 2012 state taxes online free Example. 2012 state taxes online free You give all your rights in a successful patent to your favorite charity. 2012 state taxes online free Your records show that before the valuation date there were three stages in the patent's history of earnings. 2012 state taxes online free First, there was rapid growth in earnings when the invention was introduced. 2012 state taxes online free Then, there was a period of high earnings when the invention was being exploited. 2012 state taxes online free Finally, there was a decline in earnings when competing inventions were introduced. 2012 state taxes online free The entire history of earnings may be relevant in estimating the future earnings. 2012 state taxes online free However, the appraiser must not rely too much on the stage of rapid growth in earnings, or of high earnings. 2012 state taxes online free The market conditions at those times do not represent the condition of the market at the valuation date. 2012 state taxes online free What is most significant is the trend of decline in earnings up to the valuation date. 2012 state taxes online free For more information about donations of patents, see Patents, later. 2012 state taxes online free Valuation of Various Kinds of Property This section contains information on determining the FMV of ordinary kinds of donated property. 2012 state taxes online free For information on appraisals, see Appraisals, later. 2012 state taxes online free Household Goods The FMV of used household goods, such as furniture, appliances, and linens, is usually much lower than the price paid when new. 2012 state taxes online free Such used property may have little or no market value because of its worn condition. 2012 state taxes online free It may be out of style or no longer useful. 2012 state taxes online free You cannot take a deduction for household goods donated after August 17, 2006, unless they are in good used condition or better. 2012 state taxes online free A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. 2012 state taxes online free See Deduction over $500 for certain clothing or household items, later. 2012 state taxes online free If the property is valuable because it is old or unique, see the discussion under Paintings, Antiques, and Other Objects of Art. 2012 state taxes online free Used Clothing Used clothing and other personal items are usually worth far less than the price you paid for them. 2012 state taxes online free Valuation of items of clothing does not lend itself to fixed formulas or methods. 2012 state taxes online free The price that buyers of used items actually pay in used clothing stores, such as consignment or thrift shops, is an indication of the value. 2012 state taxes online free You cannot take a deduction for clothing donated after August 17, 2006, unless it is in good used condition or better. 2012 state taxes online free An item of clothing that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. 2012 state taxes online free See Deduction over $500 for certain clothing or household items, later. 2012 state taxes online free For valuable furs or very expensive gowns, a Form 8283 may have to be sent with your tax return. 2012 state taxes online free Jewelry and Gems Jewelry and gems are of such a specialized nature that it is almost always necessary to get an appraisal by a specialized jewelry appraiser. 2012 state taxes online free The appraisal should describe, among other things, the style of the jewelry, the cut and setting of the gem, and whether it is now in fashion. 2012 state taxes online free If not in fashion, the possibility of having the property redesigned, recut, or reset should be reported in the appraisal. 2012 state taxes online free The stone's coloring, weight, cut, brilliance, and flaws should be reported and analyzed. 2012 state taxes online free Sentimental personal value has no effect on FMV. 2012 state taxes online free But if the jewelry was owned by a famous person, its value might increase. 2012 state taxes online free Paintings, Antiques, and Other Objects of Art Your deduction for contributions of paintings, antiques, and other objects of art, should be supported by a written appraisal from a qualified and reputable source, unless the deduction is $5,000 or less. 2012 state taxes online free Examples of information that should be included in appraisals of art objects—paintings in particular—are found later under Qualified Appraisal. 2012 state taxes online free Art valued at $20,000 or more. 2012 state taxes online free   If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the signed appraisal to your return. 2012 state taxes online free For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request. 2012 state taxes online free Art valued at $50,000 or more. 2012 state taxes online free   If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. 2012 state taxes online free You must request the statement before filing the tax return that reports the donation. 2012 state taxes online free Your request must include the following. 2012 state taxes online free A copy of a qualified appraisal of the item. 2012 state taxes online free See Qualified Appraisal, later. 2012 state taxes online free A $2,500 check or money order payable to the Internal Revenue Service for the user fee that applies to your request regarding one, two, or three items of art. 2012 state taxes online free Add $250 for each item in excess of three. 2012 state taxes online free A completed Form 8283, Section B. 2012 state taxes online free The location of the IRS territory that has examination responsibility for your return. 2012 state taxes online free If your request lacks essential information, you will be notified and given 30 days to provide the missing information. 2012 state taxes online free   Send your request to: Internal Revenue Service Attention: Art Appraisal (C:AP:ART) P. 2012 state taxes online free O. 2012 state taxes online free Box 27720 McPherson Station Washington, DC 20038 Refunds. 2012 state taxes online free   You can withdraw your request for a Statement of Value at any time before it is issued. 2012 state taxes online free However, the IRS will not refund the user fee if you do. 2012 state taxes online free   If the IRS declines to issue a Statement of Value in the interest of efficient tax administration, the IRS will refund the user fee. 2012 state taxes online free Authenticity. 2012 state taxes online free   The authenticity of the donated art must be determined by the appraiser. 2012 state taxes online free Physical condition. 2012 state taxes online free   Important items in the valuation of antiques and art are physical condition and extent of restoration. 2012 state taxes online free These have a significant effect on the value and must be fully reported in an appraisal. 2012 state taxes online free An antique in damaged condition, or lacking the “original brasses,” may be worth much less than a similar piece in excellent condition. 2012 state taxes online free Art appraisers. 2012 state taxes online free   More weight will usually be given to an appraisal prepared by an individual specializing in the kind and price range of the art being appraised. 2012 state taxes online free Certain art dealers or appraisers specialize, for example, in old masters, modern art, bronze sculpture, etc. 2012 state taxes online free Their opinions on the authenticity and desirability of such art would usually be given more weight than the opinions of more generalized art dealers or appraisers. 2012 state taxes online free They can report more recent comparable sales to support their opinion. 2012 state taxes online free   To identify and locate experts on unique, specialized items or collections, you may wish to use the current Official Museum Directory of the American Association of Museums. 2012 state taxes online free It lists museums both by state and by category. 2012 state taxes online free   To help you locate a qualified appraiser for your donation, you may wish to ask an art historian at a nearby college or the director or curator of a local museum. 2012 state taxes online free The Yellow Pages often list specialized art and antique dealers, auctioneers, and art appraisers. 2012 state taxes online free You may be able to find a qualified appraiser on the Internet. 2012 state taxes online free You may also contact associations of dealers for guidance. 2012 state taxes online free Collections Since many kinds of hobby collections may be the subject of a charitable donation, it is not possible to discuss all of the possible collectibles in this publication. 2012 state taxes online free Most common are rare books, autographs, sports memorabilia, dolls, manuscripts, stamps, coins, guns, phonograph records, and natural history items. 2012 state taxes online free Many of the elements of valuation that apply to paintings and other objects of art, discussed earlier, also apply to miscellaneous collections. 2012 state taxes online free Reference material. 2012 state taxes online free   Publications available to help you determine the value of many kinds of collections include catalogs, dealers' price lists, and specialized hobby periodicals. 2012 state taxes online free When using one of these price guides, you must use the current edition at the date of contribution. 2012 state taxes online free However, these sources are not always reliable indicators of FMV and should be supported by other evidence. 2012 state taxes online free   For example, a dealer may sell an item for much less than is shown on a price list, particularly after the item has remained unsold for a long time. 2012 state taxes online free The price an item sold for in an auction may have been the result of a rigged sale or a mere bidding duel. 2012 state taxes online free The appraiser must analyze the reference material, and recognize and make adjustments for misleading entries. 2012 state taxes online free If you are donating a valuable collection, you should get an appraisal. 2012 state taxes online free If your donation appears to be of little value, you may be able to make a satisfactory valuation using reference materials available at a state, city, college, or museum library. 2012 state taxes online free Stamp collections. 2012 state taxes online free   Most libraries have catalogs or other books that report the publisher's estimate of values. 2012 state taxes online free Generally, two price levels are shown for each stamp: the price postmarked and the price not postmarked. 2012 state taxes online free Stamp dealers generally know the value of their merchandise and are able to prepare satisfactory appraisals of valuable collections. 2012 state taxes online free Coin collections. 2012 state taxes online free   Many catalogs and other reference materials show the writer's or publisher's opinion of the value of coins on or near the date of the publication. 2012 state taxes online free Like many other collectors' items, the value of a coin depends on the demand for it, its age, and its rarity. 2012 state taxes online free Another important factor is the coin's condition. 2012 state taxes online free For example, there is a great difference in the value of a coin that is in mint condition and a similar coin that is only in good condition. 2012 state taxes online free   Catalogs usually establish a category for coins, based on their physical condition—mint or uncirculated, extremely fine, very fine, fine, very good, good, fair, or poor—with a different valuation for each category. 2012 state taxes online free Books. 2012 state taxes online free   The value of books is usually determined by selecting comparable sales and adjusting the prices according to the differences between the comparable sales and the item being evaluated. 2012 state taxes online free This is difficult to do and, except for a collection of little value, should be done by a specialized appraiser. 2012 state taxes online free Within the general category of literary property, there are dealers who specialize in certain areas, such as Americana, foreign imports, Bibles, and scientific books. 2012 state taxes online free Modest value of collection. 2012 state taxes online free   If the collection you are donating is of modest value, not requiring a written appraisal, the following information may help you in determining the FMV. 2012 state taxes online free   A book that is very old, or very rare, is not necessarily valuable. 2012 state taxes online free There are many books that are very old or rare, but that have little or no market value. 2012 state taxes online free Condition of book. 2012 state taxes online free   The condition of a book may have a great influence on its value. 2012 state taxes online free Collectors are interested in items that are in fine, or at least good, condition. 2012 state taxes online free When a book has a missing page, a loose binding, tears, stains, or is otherwise in poor condition, its value is greatly lowered. 2012 state taxes online free Other factors. 2012 state taxes online free   Some other factors in the valuation of a book are the kind of binding (leather, cloth, paper), page edges, and illustrations (drawings and photographs). 2012 state taxes online free Collectors usually want first editions of books. 2012 state taxes online free However, because of changes or additions, other editions are sometimes worth as much as, or more than, the first edition. 2012 state taxes online free Manuscripts, autographs, diaries, and similar items. 2012 state taxes online free   When these items are handwritten, or at least signed by famous people, they are often in demand and are valuable. 2012 state taxes online free The writings of unknowns also may be of value if they are of unusual historical or literary importance. 2012 state taxes online free Determining the value of such material is difficult. 2012 state taxes online free For example, there may be a great difference in value between two diaries that were kept by a famous person—one kept during childhood and the other during a later period in his or her life. 2012 state taxes online free The appraiser determines a value in these cases by applying knowledge and judgment to such factors as comparable sales and conditions. 2012 state taxes online free Signatures. 2012 state taxes online free   Signatures, or sets of signatures, that were cut from letters or other papers usually have little or no value. 2012 state taxes online free But complete sets of the signatures of U. 2012 state taxes online free S. 2012 state taxes online free presidents are in demand. 2012 state taxes online free Cars, Boats, and Aircraft If you donate a car, a boat, or an aircraft to a charitable organization, its FMV must be determined. 2012 state taxes online free Certain commercial firms and trade organizations publish monthly or seasonal guides for different regions of the country, containing complete dealer sale prices or dealer average prices for recent model years. 2012 state taxes online free Prices are reported for each make, model, and year. 2012 state taxes online free These guides also provide estimates for adjusting for unusual equipment, unusual mileage, and physical condition. 2012 state taxes online free The prices are not “official,” and these publications are not considered an appraisal of any specific donated property. 2012 state taxes online free But they do provide clues for making an appraisal and suggest relative prices for comparison with current sales and offerings in your area. 2012 state taxes online free These publications are sometimes available from public libraries or at a bank, credit union, or finance company. 2012 state taxes online free You can also find pricing information about used cars on the Internet. 2012 state taxes online free An acceptable measure of the FMV of a donated car, boat, or airplane is an amount not in excess of the price listed in a used vehicle pricing guide for a private party sale, not the dealer retail value, of a similar vehicle. 2012 state taxes online free However, the FMV may be less than that amount if the vehicle has engine trouble, body damage, high mileage, or any type of excessive wear. 2012 state taxes online free The FMV of a donated vehicle is the same as the price listed in a used vehicle pricing guide for a private party sale only if the guide lists a sales price for a vehicle that is the same make, model, and year, sold in the same area, in the same condition, with the same or similar options or accessories, and with the same or similar warranties as the donated vehicle. 2012 state taxes online free Example. 2012 state taxes online free You donate a used car in poor condition to a local high school for use by students studying car repair. 2012 state taxes online free A used car guide shows the dealer retail value for this type of car in poor condition is $1,600. 2012 state taxes online free However, the guide shows the price for a private party sale of the car is only $750. 2012 state taxes online free The FMV of the car is considered to be no more than $750. 2012 state taxes online free Boats. 2012 state taxes online free   Except for inexpensive small boats, the valuation of boats should be based on an appraisal by a marine surveyor because the physical condition is so critical to the value. 2012 state taxes online free More information. 2012 state taxes online free   Your deduction for a donated car, boat, or airplane generally is limited to the gross proceeds from its sale by the qualified organization. 2012 state taxes online free This rule applies if the claimed value of the donated vehicle is more than $500. 2012 state taxes online free In certain cases, you can deduct the vehicle's FMV. 2012 state taxes online free For details, see Publication 526. 2012 state taxes online free Inventory If you donate any inventory item to a charitable organization, the amount of your deductible contribution generally is the FMV of the item, minus any gain you would have realized if you had sold the item at its FMV on the date of the gift. 2012 state taxes online free For more information, see Publication 526. 2012 state taxes online free Patents To determine the FMV of a patent, you must take into account, among other factors: Whether the patented technology has been made obsolete by other technology; Any restrictions on the donee's use of, or ability to transfer, the patented technology; and The length of time remaining before the patent expires. 2012 state taxes online free However, your deduction for a donation of a patent or other intellectual property is its FMV, minus any gain you would have realized if you had sold the property at its FMV on the date of the gift. 2012 state taxes online free Generally, this means your deduction is the lesser of the property's FMV or its basis. 2012 state taxes online free For details, see Publication 526. 2012 state taxes online free Stocks and Bonds The value of stocks and bonds is the FMV of a share or bond on the valuation date. 2012 state taxes online free See Date of contribution, earlier, under What Is Fair Market Value (FMV). 2012 state taxes online free Selling prices on valuation date. 2012 state taxes online free   If there is an active market for the contributed stocks or bonds on a stock exchange, in an over-the-counter market, or elsewhere, the FMV of each share or bond is the average price between the highest and lowest quoted selling prices on the valuation date. 2012 state taxes online free For example, if the highest selling price for a share was $11, and the lowest $9, the average price is $10. 2012 state taxes online free You get the average price by adding $11 and $9 and dividing the sum by 2. 2012 state taxes online free No sales on valuation date. 2012 state taxes online free   If there were no sales on the valuation date, but there were sales within a reasonable period before and after the valuation date, you determine FMV by taking the average price between the highest and lowest sales prices on the nearest date before and on the nearest date after the valuation date. 2012 state taxes online free Then you weight these averages in inverse order by the respective number of trading days between the selling dates and the valuation date. 2012 state taxes online free Example. 2012 state taxes online free   On the day you gave stock to a qualified organization, there were no sales of the stock. 2012 state taxes online free Sales of the stock nearest the valuation date took place two trading days before the valuation date at an average selling price of $10 and three trading days after the valuation date at an average selling price of $15. 2012 state taxes online free The FMV on the valuation date was $12, figured as follows: [(3 x $10) + (2 x $15)] ÷ 5 = $12 Listings on more than one stock exchange. 2012 state taxes online free   Stocks or bonds listed on more than one stock exchange are valued based on the prices of the exchange on which they are principally dealt. 2012 state taxes online free This applies if these prices are published in a generally available listing or publication of general circulation. 2012 state taxes online free If this is not applicable, and the stocks or bonds are reported on a composite listing of combined exchanges in a publication of general circulation, use the composite list. 2012 state taxes online free See also Unavailable prices or closely held corporation, later. 2012 state taxes online free Bid and asked prices on valuation date. 2012 state taxes online free   If there were no sales within a reasonable period before and after the valuation date, the FMV is the average price between the bona fide bid and asked prices on the valuation date. 2012 state taxes online free Example. 2012 state taxes online free Although there were no sales of Blue Corporation stock on the valuation date, bona fide bid and asked prices were available on that date of $14 and $16, respectively. 2012 state taxes online free The FMV is $15, the average price between the bid and asked prices. 2012 state taxes online free No prices on valuation date. 2012 state taxes online free   If there were no prices available on the valuation date, you determine FMV by taking the average prices between the bona fide bid and asked prices on the closest trading date before and after the valuation date. 2012 state taxes online free Both dates must be within a reasonable period. 2012 state taxes online free Then you weight these averages in inverse order by the respective number of trading days between the bid and asked dates and the valuation date. 2012 state taxes online free Example. 2012 state taxes online free On the day you gave stock to a qualified organization, no prices were available. 2012 state taxes online free Bona fide bid and asked prices 3 days before the valuation date were $10 and 2 days after the valuation date were $15. 2012 state taxes online free The FMV on the valuation date is $13, figured as follows: [(2 x $10) + (3 x $15)] ÷ 5 = $13 Prices only before or after valuation date, but not both. 2012 state taxes online free   If no selling prices or bona fide bid and asked prices are available on a date within a reasonable period before the valuation date, but are available on a date within a reasonable period after the valuation date, or vice versa, then the average price between the highest and lowest of such available prices may be treated as the value. 2012 state taxes online free Large blocks of stock. 2012 state taxes online free   When a large block of stock is put on the market, it may lower the selling price of the stock if the supply is greater than the demand. 2012 state taxes online free On the other hand, market forces may exist that will afford higher prices for large blocks of stock. 2012 state taxes online free Because of the many factors to be considered, determining the value of large blocks of stock usually requires the help of experts specializing in underwriting large quantities of securities, or in trading in the securities of the industry of which the particular company is a part. 2012 state taxes online free Unavailable prices or closely held corporation. 2012 state taxes online free   If selling prices or bid and asked prices are not available, or if securities of a closely held corporation are involved, determine the FMV by considering the following factors. 2012 state taxes online free For bonds, the soundness of the security, the interest yield, the date of maturity, and other relevant factors. 2012 state taxes online free For shares of stock, the company's net worth, prospective earning power and dividend-paying capacity, and other relevant factors. 2012 state taxes online free Other factors. 2012 state taxes online free   Other relevant factors include: The nature and history of the business, especially its recent history, The goodwill of the business, The economic outlook in the particular industry, The company's position in the industry, its competitors, and its management, and The value of securities of corporations engaged in the same or similar business. 2012 state taxes online free For preferred stock, the most important factors are its yield, dividend coverage, and protection of its liquidation preference. 2012 state taxes online free   You should keep complete financial and other information on which the valuation is based. 2012 state taxes online free This includes copies of reports of examinations of the company made by accountants, engineers, or any technical experts on or close to the valuation date. 2012 state taxes online free Restricted securities. 2012 state taxes online free   Some classes of stock cannot be traded publicly because of restrictions imposed by the Securities and Exchange Commission, or by the corporate charter or a trust agreement. 2012 state taxes online free These restricted securities usually trade at a discount in relation to freely traded securities. 2012 state taxes online free   To arrive at the FMV of restricted securities, factors that you must consider include the resale provisions found in the restriction agreements, the relative negotiating strengths of the buyer and seller, and the market experience of freely traded securities of the same class as the restricted securities. 2012 state taxes online free Real Estate Because each piece of real estate is unique and its valuation is complicated, a detailed appraisal by a professional appraiser is necessary. 2012 state taxes online free The appraiser must be thoroughly trained in the application of appraisal principles and theory. 2012 state taxes online free In some instances the opinions of equally qualified appraisers may carry unequal weight, such as when one appraiser has a better knowledge of local conditions. 2012 state taxes online free The appraisal report must contain a complete description of the property, such as street address, legal description, and lot and block number, as well as physical features, condition, and dimensions. 2012 state taxes online free The use to which the property is put, zoning and permitted uses, and its potential use for other higher and better uses are also relevant. 2012 state taxes online free In general, there are three main approaches to the valuation of real estate. 2012 state taxes online free An appraisal may require the combined use of two or three methods rather than one method only. 2012 state taxes online free 1. 2012 state taxes online free Comparable Sales The comparable sales method compares the donated property with several similar properties that have been sold. 2012 state taxes online free The selling prices, after adjustments for differences in date of sale, size, condition, and location, would then indicate the estimated FMV of the donated property. 2012 state taxes online free If the comparable sales method is used to determine the value of unimproved real property (land without significant buildings, structures, or any other improvements that add to its value), the appraiser should consider the following factors when comparing the potential comparable property and the donated property: Location, size, and zoning or use restrictions, Accessibility and road frontage, and available utilities and water rights, Riparian rights (right of access to and use of the water by owners of land on the bank of a river) and existing easements, rights-of-way, leases, etc. 2012 state taxes online free , Soil characteristics, vegetative cover, and status of mineral rights, and Other factors affecting value. 2012 state taxes online free For each comparable sale, the appraisal must include the names of the buyer and seller, the deed book and page number, the date of sale and selling price, a property description, the amount and terms of mortgages, property surveys, the assessed value, the tax rate, and the assessor's appraised FMV. 2012 state taxes online free The comparable selling prices must be adjusted to account for differences between the sale property and the donated property. 2012 state taxes online free Because differences of opinion may arise between appraisers as to the degree of comparability and the amount of the adjustment considered necessary for comparison purposes, an appraiser should document each item of adjustment. 2012 state taxes online free Only comparable sales having the least adjustments in terms of items and/or total dollar adjustments should be considered as comparable to the donated property. 2012 state taxes online free 2. 2012 state taxes online free Capitalization of Income This method capitalizes the net income from the property at a rate that represents a fair return on the particular investment at the particular time, considering the risks involved. 2012 state taxes online free The key elements are the determination of the income to be capitalized and the rate of capitalization. 2012 state taxes online free 3. 2012 state taxes online free Replacement Cost New or Reproduction Cost Minus Observed Depreciation This method, used alone, usually does not result in a determination of FMV. 2012 state taxes online free Instead, it generally tends to set the upper limit of value, particularly in periods of rising costs, because it is reasonable to assume that an informed buyer will not pay more for the real estate than it would cost to reproduce a similar property. 2012 state taxes online free Of course, this reasoning does not apply if a similar property cannot be created because of location, unusual construction, or some other reason. 2012 state taxes online free Generally, this method serves to support the value determined from other methods. 2012 state taxes online free When the replacement cost method is applied to improved realty, the land and improvements are valued separately. 2012 state taxes online free The replacement cost of a building is figured by considering the materials, the quality of workmanship, and the number of square feet or cubic feet in the building. 2012 state taxes online free This cost represents the total cost of labor and material, overhead, and profit. 2012 state taxes online free After the replacement cost has been figured, consideration must be given to the following factors: Physical deterioration—the wear and tear on the building itself, Functional obsolescence—usually in older buildings with, for example, inadequate lighting, plumbing, or heating, small rooms, or a poor floor plan, and Economic obsolescence—outside forces causing the whole area to become less desirable. 2012 state taxes online free Interest in a Business The FMV of any interest in a business, whether a sole proprietorship or a partnership, is the amount that a willing buyer would pay for the interest to a willing seller after consideration of all relevant factors. 2012 state taxes online free The relevant factors to be considered in valuing the business are: The FMV of the assets of the business, The demonstrated earnings capacity of the business, based on a review of past and current earnings, and The other factors used in evaluating corporate stock, if they apply. 2012 state taxes online free The value of the goodwill of the business should also be taken into consideration. 2012 state taxes online free You should keep complete financial and other information on which you base the valuation. 2012 state taxes online free This includes copies of reports of examinations of the business made by accountants, engineers, or any technical experts on or close to the valuation date. 2012 state taxes online free Annuities, Interests for Life or Terms of Years, Remainders, and Reversions The value of these kinds of property is their present value, except in the case of annuities under contracts issued by companies regularly engaged in their sale. 2012 state taxes online free The valuation of these commercial annuity contracts and of insurance policies is discussed later under Certain Life Insurance and Annuity Contracts. 2012 state taxes online free To determine present value, you must know the applicable interest rate and use actuarial tables. 2012 state taxes online free Interest rate. 2012 state taxes online free   The applicable interest rate varies. 2012 state taxes online free It is announced monthly in a news release and published in the Internal Revenue Bulletin as a Revenue Ruling. 2012 state taxes online free The interest rate to use is under the heading “Rate Under Section 7520” for a given month and year. 2012 state taxes online free You can call the IRS office at 1-800-829-1040 to obtain this rate. 2012 state taxes online free Actuarial tables. 2012 state taxes online free   You need to refer to actuarial tables to determine a qualified interest in the form of an annuity, any interest for life or a term of years, or any remainder interest to a charitable organization. 2012 state taxes online free   Use the valuation tables set forth in IRS Publications 1457, Actuarial Values (Book Aleph), and 1458, Actuarial Values (Book Beth). 2012 state taxes online free Both of these publications provide tables containing actuarial factors to be used in determining the present value of an annuity, an interest for life or for a term of years, or a remainder or reversionary interest. 2012 state taxes online free For qualified charitable transfers, you can use the factor for the month in which you made the contribution or for either of the 2 months preceding that month. 2012 state taxes online free   Publication 1457 also contains actuarial factors for computing the value of a remainder interest in a charitable remainder annuity trust and a pooled income fund. 2012 state taxes online free Publication 1458 contains the factors for valuing the remainder interest in a charitable remainder unitrust. 2012 state taxes online free You can download Publications 1457 and 1458 from www. 2012 state taxes online free irs. 2012 state taxes online free gov. 2012 state taxes online free In addition, they are available for purchase via the website of the U. 2012 state taxes online free S. 2012 state taxes online free Government Printing Office, by phone at (202) 512-1800, or by mail from the: Superintendent of Documents P. 2012 state taxes online free O. 2012 state taxes online free Box 371954 Pittsburgh, PA 15250-7954 Tables containing actuarial factors for transfers to pooled income funds may also be found in Income Tax Regulation 1. 2012 state taxes online free 642(c)-6(e)(6), transfers to charitable remainder unitrusts in Regulation 1. 2012 state taxes online free 664-4(e), and other transfers in Regulation 20. 2012 state taxes online free 2031-7(d)(6). 2012 state taxes online free Special factors. 2012 state taxes online free   If you need a special factor for an actual transaction, you can request a letter ruling. 2012 state taxes online free Be sure to include the date of birth of each person the duration of whose life may affect the value of the interest. 2012 state taxes online free Also include copies of the relevant instruments. 2012 state taxes online free IRS charges a user fee for providing special factors. 2012 state taxes online free   For more information about requesting a ruling, see Revenue Procedure 2006-1 (or annual update), 2006-1 I. 2012 state taxes online free R. 2012 state taxes online free B. 2012 state taxes online free 1. 2012 state taxes online free Revenue Procedure 2006-1 is available at www. 2012 state taxes online free irs. 2012 state taxes online free gov/irb/2006-01_IRB/ar06. 2012 state taxes online free html. 2012 state taxes online free   For information on the circumstances under which a charitable deduction may be allowed for the donation of a partial interest in property not in trust, see Partial Interest in Property Not in Trust, later. 2012 state taxes online free Certain Life Insurance and Annuity Contracts The value of an annuity contract or a life insurance policy issued by a company regularly engaged in the sale of such contracts or policies is the amount that company would charge for a comparable contract. 2012 state taxes online free But if the donee of a life insurance policy may reasonably be expected to cash the policy rather than hold it as an investment, then the FMV is the cash surrender value rather than the replacement cost. 2012 state taxes online free If an annuity is payable under a combination annuity contract and life insurance policy (for example, a retirement income policy with a death benefit) and there was no insurance element when it was transferred to the charity, the policy is treated as an annuity contract. 2012 state taxes online free Partial Interest in Property Not in Trust Generally, no deduction is allowed for a charitable contribution, not made in trust, of less than your entire interest in property. 2012 state taxes online free However, this does not apply to a transfer of less than your entire interest if it is a transfer of: A remainder interest in your personal residence or farm, An undivided part of your entire interest in property, or A qualified conservation contribution. 2012 state taxes online free Remainder Interest in Real Property The amount of the deduction for a donation of a remainder interest in real property is the FMV of the remainder interest at the time of the contribution. 2012 state taxes online free To determine this value, you must know the FMV of the property on the date of the contribution. 2012 state taxes online free Multiply this value by the appropriate factor. 2012 state taxes online free Publications 1457 and 1458 contain these factors. 2012 state taxes online free You must make an adjustment for depreciation or depletion using the factors shown in Publication 1459, Actuarial Values (Book Gimel). 2012 state taxes online free You can use the factors for the month in which you made the contribution or for either of the two months preceding that month. 2012 state taxes online free See the earlier discussion on Annuities, Interests for Life or Terms of Years, Remainders, and Reversions. 2012 state taxes online free You can download Publication 1459 from www. 2012 state taxes online free irs. 2012 state taxes online free gov. 2012 state taxes online free For this purpose, the term “depreciable property” means any property subject to wear and tear or obsolescence, even if not used in a trade or business or for the production of income. 2012 state taxes online free If the remainder interest includes both depreciable and nondepreciable property, for example a house and land, the FMV must be allocated between each kind of property at the time of the contribution. 2012 state taxes online free This rule also applies to a gift of a remainder interest that includes property that is part depletable and part not depletable. 2012 state taxes online free Take into account depreciation or depletion only for the property that is subject to depreciation or depletion. 2012 state taxes online free For more information, see section 1. 2012 state taxes online free 170A-12 of the Income Tax Regulations. 2012 state taxes online free Undivided Part of Your Entire Interest A contribution of an undivided part of your entire interest in property must consist of a part of each and every substantial interest or right you own in the property. 2012 state taxes online free It must extend over the entire term of your interest in the property. 2012 state taxes online free For example, you are entitled to the income from certain property for your life (life estate) and you contribute 20% of that life estate to a qualified organization. 2012 state taxes online free You can claim a deduction for the contribution if you do not have any other interest in the property. 2012 state taxes online free To figure the value of a contribution involving a partial interest, see Publication 1457. 2012 state taxes online free If the only interest you own in real property is a remainder interest and you transfer part of that interest to a qualified organization, see the previous discussion on valuation of a remainder interest in real property. 2012 state taxes online free Qualified Conservation Contribution A qualified conservation contribution is a contribution of a qualified real property interest to a qualified organization to be used only for conservation purposes. 2012 state taxes online free Qualified organization. 2012 state taxes online free   For purposes of a qualified conservation contribution, a qualified organization is: A governmental unit, A publicly supported charitable, religious, scientific, literary, educational, etc. 2012 state taxes online free , organization, or An organization that is controlled by, and operated for the exclusive benefit of, a governmental unit or a publicly supported charity. 2012 state taxes online free The organization also must have a commitment to protect the conservation purposes of the donation and must have the resources to enforce the restrictions. 2012 state taxes online free Conservation purposes. 2012 state taxes online free   Your contribution must be made only for one of the following conservation purposes. 2012 state taxes online free Preserving land areas for outdoor recreation by, or for the education of, the general public. 2012 state taxes online free Protecting a relatively natural habitat of fish, wildlife, or plants, or a similar ecosystem. 2012 state taxes online free Preserving open space, including farmland and forest land, if it yields a significant public benefit. 2012 state taxes online free It must be either for the scenic enjoyment of the general public or under a clearly defined federal, state, or local governmental conservation policy. 2012 state taxes online free Preserving a historically important land area or a certified historic structure. 2012 state taxes online free There must be some visual public access to the property. 2012 state taxes online free Factors used in determining the type and amount of public access required include the historical significance of the property, the remoteness or accessibility of the site, and the extent to which intrusions on the privacy of individuals living on the property would be unreasonable. 2012 state taxes online free Building in registered historic district. 2012 state taxes online free   A contribution after July 25, 2006, of a qualified real property interest that is an easement or other restriction on the exterior of a building in a registered historic district is deductible only if it meets all of the following three conditions. 2012 state taxes online free The restriction must preserve the entire exterior of the building and must prohibit any change to the exterior of the building that is inconsistent with its historical character. 2012 state taxes online free You and the organization receiving the contribution must enter into a written agreement certifying, that the organization is a qualified organization and that it has the resources and commitment to maintain the property as donated. 2012 state taxes online free If you make the contribution in a tax year beginning after August 17, 2006, you must include with your return: A qualified appraisal, Photographs of the building's entire exterior, and A description of all restrictions on development of the building, such as zoning laws and restrictive covenants. 2012 state taxes online free   If you make this type of contribution after February 12, 2007, and claim a deduction of more than $10,000, your deduction will not be allowed unless you pay a $500 filing fee. 2012 state taxes online free See Form 8283-V, Payment Voucher for Filing Fee Under Section 170(f)(13), and its instructions. 2012 state taxes online free Qualified real property interest. 2012 state taxes online free   This is any of the following interests in real property. 2012 state taxes online free Your entire interest in real estate other than a mineral interest (subsurface oil, gas, or other minerals, and the right of access to these minerals). 2012 state taxes online free A remainder interest. 2012 state taxes online free A restriction (granted in perpetuity) on the use that may be made of the real property. 2012 state taxes online free Valuation. 2012 state taxes online free   A qualified real property interest described in (1) should be valued in a manner that is consistent with the type of interest transferred. 2012 state taxes online free If you transferred all the interest in the property, the FMV of the property is the amount of the contribution. 2012 state taxes online free If you do not transfer the mineral interest, the FMV of the surface rights in the property is the amount of the contribution. 2012 state taxes online free   If you owned only a remainder interest or an income interest (life estate), see Undivided Part of Your Entire Interest, earlier. 2012 state taxes online free If you owned the entire property but transferred only a remainder interest (item (2)), see Remainder Interest in Real Property, earlier. 2012 state taxes online free   In determining the value of restrictions, you should take into account the selling price in arm's-length transactions of other properties that have comparable restrictions. 2012 state taxes online free If there are no comparable sales, the restrictions are valued indirectly as the difference between the FMVs of the property involved before and after the grant of the restriction. 2012 state taxes online free   The FMV of the property before contribution of the restriction should take into account not only current use but the likelihood that the property, without the restriction, would be developed. 2012 state taxes online free You should also consider any zoning, conservation, or historical preservation laws that would restrict development. 2012 state taxes online free Granting an easement may increase, rather than reduce, the value of property, and in such a situation no deduction would be allowed. 2012 state taxes online free Example. 2012 state taxes online free   You own 10 acres of farmland. 2012 state taxes online free Similar land in the area has an FMV of $2,000 an acre. 2012 state taxes online free However, land in the general area that is restricted solely to farm use has an FMV of $1,500 an acre. 2012 state taxes online free Your county wants to preserve open space and prevent further development in your area. 2012 state taxes online free   You grant to the county an enforceable open space easement in perpetuity on 8 of the 10 acres, restricting its use to farmland. 2012 state taxes online free The value of this easement is $4,000, determined as follows: FMV of the property before granting easement:   $2,000 × 10 acres $20,000 FMV of the property after granting easement:   $1,500 × 8 acres $12,000   $2,000 × 2 acres 4,000 16,000 Value of easement   $4,000   If you later transfer in fee your remaining interest in the 8 acres to another qualified organization, the FMV of your remaining interest is the FMV of the 8 acres reduced by the FMV of the easement granted to the first organization. 2012 state taxes online free More information. 2012 state taxes online free   For more information about qualified conservation contributions, see Publication 526. 2012 state taxes online free Appraisals Appraisals are not necessary for items of property for which you claim a deduction of $5,000 or less. 2012 state taxes online free (There is one exception, described next, for certain clothing and household items. 2012 state taxes online free ) However, you generally will need an appraisal for donated property for which you claim a deduction of more than $5,000. 2012 state taxes online free There are exceptions. 2012 state taxes online free See Deductions of More Than $5,000, later. 2012 state taxes online free The weight given an appraisal depends on the completeness of the report, the qualifications of the appraiser, and the appraiser's demonstrated knowledge of the donated property. 2012 state taxes online free An appraisal must give all the facts on which to base an intelligent judgment of the value of the property. 2012 state taxes online free The appraisal will not be given much weight if: All the factors that apply are not considered, The opinion is not supported with facts, such as purchase price and comparable sales, or The opinion is not consistent with known facts. 2012 state taxes online free The appraiser's opinion is never more valid than the facts on which it is based; without these facts it is simply a guess. 2012 state taxes online free The opinion of a person claiming to be an expert is not binding on the Internal Revenue Service. 2012 state taxes online free All facts associated with the donation must be considered. 2012 state taxes online free Deduction over $500 for certain clothing or household items. 2012 state taxes online free   You must include with your return a qualified appraisal of any single item of clothing or any household item that is not in good used condition or better, that you donated after August 17, 2006, and for which you deduct more than $500. 2012 state taxes online free See Household Goods and Used Clothing, earlier. 2012 state taxes online free Cost of appraisals. 2012 state taxes online free   You may not take a charitable contribution deduction for fees you pay for appraisals of your donated property. 2012 state taxes online free However, these fees may qualify as a miscellaneous deduction, subject to the 2% limit, on Schedule A (Form 1040) if paid to determine the amount allowable as a charitable contribution. 2012 state taxes online free Deductions of More Than $5,000 Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser, and you must attach Section B of Form 8283 to your tax return. 2012 state taxes online free There are exceptions, discussed later. 2012 state taxes online free You should keep the appraiser's report with your written records. 2012 state taxes online free Records are discussed in Publication 526. 2012 state taxes online free The phrase “similar items” means property of the same generic category or type (whether or not donated to the same donee), such as stamp collections, coin collections, lithographs, paintings, photographs, books, nonpublicly traded stock, nonpublicly traded securities other than nonpublicly traded stock, land, buildings, clothing, jewelry, furniture, electronic equipment, household appliances, toys, everyday kitchenware, china, crystal, or silver. 2012 state taxes online free For example, if you give books to three schools and you deduct $2,000, $2,500, and $900, respectively, your claimed deduction is more than $5,000 for these books. 2012 state taxes online free You must get a qualified appraisal of the books and for each school you must attach a fully completed Form 8283, Section B, to your tax return. 2012 state taxes online free Exceptions. 2012 state taxes online free   You do not need an appraisal if the property is: Nonpublicly traded stock of $10,000 or less, A vehicle (including a car, boat, or airplane) for which your deduction is limited to the gross proceeds from its sale, Qualified intellectual property, such as a patent, Certain publicly traded securities described next, Inventory and other property donated by a corporation that are “qualified contributions” for the care of the ill, the needy, or infants, within the meaning of section 170(e)(3)(A) of the Internal Revenue Code, or Stock in trade, inventory, or property held primarily for sale to customers in the ordinary course of your trade or business. 2012 state taxes online free   Although an appraisal is not required for the types of property just listed, you must provide certain information about a donation of any of these types of property on Form 8283. 2012 state taxes online free Publicly traded securities. 2012 state taxes online free   Even if your claimed deduction is more than $5,000, neither a qualified appraisal nor Section B of Form 8283 is required for publicly traded securities that are: Listed on a stock exchange in which quotations are published on a daily basis, Regularly traded in a national or regional over-the-counter market for which published quotations are available, or Shares of an open-end investment company (mutual fund) for which quotations are published on a daily basis in a newspaper of general circulation throughout the United States. 2012 state taxes online free Publicly traded securities that meet these requirements must be reported on Form 8283, Section A. 2012 state taxes online free   A qualified appraisal is not required, but Form 8283, Section B, Parts I and IV, must be completed, for an issue of a security that does not meet the requirements just listed but does meet these requirements: The issue is regularly traded during the computation period (defined later) in a market for which there is an “interdealer quotation system” (defined later), The issuer or agent computes the “average trading price” (defined later) for the same issue for the computation period, The average trading price and total volume of the issue during the computation period are published in a newspaper of general circulation throughout the United States, not later than the last day of the month following the end of the calendar quarter in which the computation period ends, The issuer or agent keeps books and records that list for each transaction during the computation period the date of settlement of the transaction, the name and address of the broker or dealer making the market in which the transaction occurred, and the trading price and volume, and The issuer or agent permits the Internal Revenue Service to review the books and records described in item (4) with respect to transactions during the computation period upon receiving reasonable notice. 2012 state taxes online free   An interdealer quotation system is any system of general circulation to brokers and dealers that regularly disseminates quotations of obligations by two or more identified brokers or dealers who are not related to either the issuer or agent who computes the average trading price of the security. 2012 state taxes online free A quotation sheet prepared and distributed by a broker or dealer in the regular course of business and containing only quotations of that broker or dealer is not an interdealer quotation system. 2012 state taxes online free   The average trading price is the average price of all transactions (weighted by volume), other than original issue or redemption transactions, conducted through a United States office of a broker or dealer who maintains a market in the issue of the security during the computation period. 2012 state taxes online free Bid and asked quotations are not taken into account. 2012 state taxes online free   The computation period is weekly during October through December and monthly during January through September. 2012 state taxes online free The weekly computation periods during October through December begin with the first Monday in October and end with the first Sunday following the last Monday in December. 2012 state taxes online free Nonpublicly traded stock. 2012 state taxes online free   If you contribute nonpublicly traded stock, for which you claim a deduction of $10,000 or less, a qualified appraisal is not required. 2012 state taxes online free However, you must attach Form 8283 to your tax return, with Section B, Parts I and IV, completed. 2012 state taxes online free Deductions of More Than $500,000 If you claim a deduction of more than $500,000 for a donation of property, you must attach a qualified appraisal of the property to your return. 2012 state taxes online free This does not apply to contributions of cash, inventory, publicly traded stock, or intellectual property. 2012 state taxes online free If you do not attach the appraisal, you cannot deduct your contribution, unless your failure to attach the appraisal is due to reasonable cause and not to willful neglect. 2012 state taxes online free Qualified Appraisal Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser. 2012 state taxes online free You must also complete Form 8283, Section B, and attach it to your tax return. 2012 state taxes online free See Deductions of More Than $5,000, earlier. 2012 state taxes online free A qualified appraisal is an appraisal document that: Is made, signed, and dated by a qualified appraiser (defined later) in accordance with generally accepted appraisal standards, Meets the relevant requirements of Regulations section 1. 2012 state taxes online free 170A-13(c)(3) and Notice 2006-96, 2006-46 I. 2012 state taxes online free R. 2012 state taxes online free B. 2012 state taxes online free 902 (available at www. 2012 state taxes online free irs. 2012 state taxes online free gov/irb/2006-46_IRB/ar13. 2012 state taxes online free html), Relates to an appraisal made not earlier than 60 days before the date of contribution of the appraised property, Does not involve a prohibited appraisal fee, and Includes certain information (covered later). 2012 state taxes online free You must receive the qualified appraisal before the due date, including extensions, of the return on which a charitable contribution deduction is first claimed for the donated property. 2012 state taxes online free If the deduction is first claimed on an amended return, the qualified appraisal must be received before the date on which the amended return is filed. 2012 state taxes online free Form 8283, Section B, must be attached to your tax return. 2012 state taxes online free Generally, you do not need to attach the qualified appraisal itself, but you should keep a copy as long as it may be relevant under the tax law. 2012 state taxes online free There are four exceptions. 2012 state taxes online free If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the appraisal. 2012 state taxes online free See Paintings, Antiques, and Other Objects of Art, earlier. 2012 state taxes online free If you claim a deduction of more than $500,000 for a donation of property, you must attach the appraisal. 2012 state taxes online free See Deductions of More Than $500,000, earlier. 2012 state taxes online free If you claim a deduction of more than $500 for an article of clothing, or a household item, that is not in good used condition or better, that you donated after August 17, 2006, you must attach the appraisal. 2012 state taxes online free See Deduction over $500 for certain clothing or household items, earlier. 2012 state taxes online free If you claim a deduction in a tax year beginning after August 17, 2006, for an easement or other restriction on the exterior of a building in a historic district, you must attach the appraisal. 2012 state taxes online free See Building in registered historic district, earlier. 2012 state taxes online free Prohibited appraisal fee. 2012 state taxes online free   Generally, no part of the fee arrangement for a qualified appraisal can be based on a percentage of the appraised value of the property. 2012 state taxes online free If a fee arrangement is based on what is allowed as a deduction, after Internal Revenue Service examination or otherwise, it is treated as a fee based on a percentage of appraised value. 2012 state taxes online free However, appraisals are not disqualified when an otherwise prohi