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2012 Tax Form 8863

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2012 Tax Form 8863

2012 tax form 8863 3. 2012 tax form 8863   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. 2012 tax form 8863 How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. 2012 tax form 8863 However, in some cases you may have a gain that is not taxable or a loss that is not deductible. 2012 tax form 8863 This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. 2012 tax form 8863 Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. 2012 tax form 8863 What Is a Disposition of Property? A disposition of property includes the following transactions. 2012 tax form 8863 You sell property for cash or other property. 2012 tax form 8863 You exchange property for other property. 2012 tax form 8863 You receive money as a tenant for the cancellation of a lease. 2012 tax form 8863 You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. 2012 tax form 8863 You transfer property to satisfy a debt. 2012 tax form 8863 You abandon property. 2012 tax form 8863 Your bank or other financial institution forecloses on your mortgage or repossesses your property. 2012 tax form 8863 Your property is damaged, destroyed, or stolen, and you receive property or money in payment. 2012 tax form 8863 Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. 2012 tax form 8863 For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. 2012 tax form 8863 For details about other dispositions, see chapter 1 in Publication 544. 2012 tax form 8863 Nontaxable exchanges. 2012 tax form 8863   Certain exchanges of property are not taxable. 2012 tax form 8863 This means any gain from the exchange is not recognized and you cannot deduct any loss. 2012 tax form 8863 Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. 2012 tax form 8863 Like-kind exchanges. 2012 tax form 8863   A like-kind exchange is the exchange of property for the same kind of property. 2012 tax form 8863 It is the most common type of nontaxable exchange. 2012 tax form 8863 To be a like-kind exchange, the property traded and the property received must be both of the following. 2012 tax form 8863 Business or investment property. 2012 tax form 8863 Like property. 2012 tax form 8863   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. 2012 tax form 8863 For more information about like-kind exchanges, see chapter 1 in Publication 544. 2012 tax form 8863 Installment sales. 2012 tax form 8863   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. 2012 tax form 8863 If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. 2012 tax form 8863   For more information about installment sales, see Publication 537, Installment Sales. 2012 tax form 8863 Sale of a business. 2012 tax form 8863   The sale of a business usually is not a sale of one asset. 2012 tax form 8863 Instead, all the assets of the business are sold. 2012 tax form 8863 Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. 2012 tax form 8863   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. 2012 tax form 8863 Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. 2012 tax form 8863 The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. 2012 tax form 8863   For more information about the sale of a business, see chapter 2 of Publication 544. 2012 tax form 8863 How Do I Figure a Gain or Loss? Table 3-1. 2012 tax form 8863 How To Figure a Gain or Loss IF your. 2012 tax form 8863 . 2012 tax form 8863 . 2012 tax form 8863 THEN you have a. 2012 tax form 8863 . 2012 tax form 8863 . 2012 tax form 8863 Adjusted basis is more than the amount realized Loss. 2012 tax form 8863 Amount realized is more than the adjusted basis Gain. 2012 tax form 8863 Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. 2012 tax form 8863 You need to know these definitions to figure your gain or loss. 2012 tax form 8863 Basis. 2012 tax form 8863   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. 2012 tax form 8863 However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. 2012 tax form 8863 For more information about basis, see Publication 551, Basis of Assets. 2012 tax form 8863 Adjusted basis. 2012 tax form 8863   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. 2012 tax form 8863 In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. 2012 tax form 8863 Amount realized. 2012 tax form 8863   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. 2012 tax form 8863 The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. 2012 tax form 8863 Fair market value. 2012 tax form 8863   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. 2012 tax form 8863 Amount recognized. 2012 tax form 8863   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. 2012 tax form 8863 Recognized gains must be included in gross income. 2012 tax form 8863 Recognized losses are deductible from gross income. 2012 tax form 8863 However, a gain or loss realized from certain exchanges of property is not recognized. 2012 tax form 8863 See  Nontaxable exchanges, earlier. 2012 tax form 8863 Also, you cannot deduct a loss from the disposition of property held for personal use. 2012 tax form 8863 Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. 2012 tax form 8863 You must do this to figure your net capital gain or loss. 2012 tax form 8863 Generally, you will have a capital gain or loss if you dispose of a capital asset. 2012 tax form 8863 For the most part, everything you own and use for personal purposes or investment is a capital asset. 2012 tax form 8863 Certain property you use in your business is not a capital asset. 2012 tax form 8863 A gain or loss from a disposition of this property is an ordinary gain or loss. 2012 tax form 8863 However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. 2012 tax form 8863 These gains and losses are called section 1231 gains and losses. 2012 tax form 8863 For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. 2012 tax form 8863 Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. 2012 tax form 8863 Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. 2012 tax form 8863 The time you own property before disposing of it is called the holding period. 2012 tax form 8863 Table 3-2. 2012 tax form 8863 Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. 2012 tax form 8863 . 2012 tax form 8863 . 2012 tax form 8863 THEN you have a. 2012 tax form 8863 . 2012 tax form 8863 . 2012 tax form 8863 1 year or less Short-term capital gain or loss. 2012 tax form 8863 More than 1 year Long-term capital gain or loss. 2012 tax form 8863 For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. 2012 tax form 8863 Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. 2012 tax form 8863 The instructions for the forms explain how to fill them out. 2012 tax form 8863 Dispositions of business property and depreciable property. 2012 tax form 8863   Use Form 4797. 2012 tax form 8863 If you have taxable gain, you may also have to use Schedule D (Form 1040). 2012 tax form 8863 Like-kind exchanges. 2012 tax form 8863   Use Form 8824, Like-Kind Exchanges. 2012 tax form 8863 You may also have to use Form 4797 and Schedule D (Form 1040). 2012 tax form 8863 Installment sales. 2012 tax form 8863   Use Form 6252, Installment Sale Income. 2012 tax form 8863 You may also have to use Form 4797 and Schedule D (Form 1040). 2012 tax form 8863 Casualties and thefts. 2012 tax form 8863   Use Form 4684, Casualties and Thefts. 2012 tax form 8863 You may also have to use Form 4797. 2012 tax form 8863 Condemned property. 2012 tax form 8863   Use Form 4797. 2012 tax form 8863 You may also have to use Schedule D (Form 1040). 2012 tax form 8863 Prev  Up  Next   Home   More Online Publications
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Understanding Your CP114 Notice

We made changes to your excise tax return because we believe there was a miscalculation. As a result of these changes, there is an overpayment on your account.


What you need to do

  • Read your notice carefully — it explains the changes to your tax account.
  • Compare the figures on the notice with your excise tax return.
  • If you disagree with our change(s), contact us within 10 days of the date of your notice.
  • If you agree with our change(s), correct the copy of your excise tax return that you kept for your records.
  • You should receive a refund of any amount overpaid shortly if you haven’t already and you owe no additional amounts we are required to collect. No action is required of you.

You may want to

  • Download copies of the following materials (if they weren’t included with your notice).

 


Answers to Common Questions

Q. How can I find out what caused my tax return to change?

A. Please contact us at the number listed on your notice for specific information about your tax return.

Q. What should I do if I disagree with the changes you made?

A. If you disagree, contact us at the toll free number listed on the top right corner of your notice or respond in writing within 10 days of the date of the notice. If your response provides us with additional information that justifies a reversal of the change, we’ll reverse the change we made to your account. If you agree with the change, update your records. No further action is required.

Q. Will I receive a refund of the amount overpaid?

A. Yes, provided you owe no other outstanding liabilities which we are required to collect and the amount to be refunded is $1 or more.

 


Tips for next year

Consider filing your excise taxes electronically. Filing online can help you to avoid mistakes and find credits and deductions for which you may qualify. Learn more about e-file.

Page Last Reviewed or Updated: 23-Jan-2014

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The 2012 Tax Form 8863

2012 tax form 8863 Publication 3 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. 2012 tax form 8863 Tax questions. 2012 tax form 8863 Useful Items - You may want to see: What's New Earned income credit. 2012 tax form 8863  The maximum income you can earn and still claim the earned income credit has increased. 2012 tax form 8863 You may be able to take the earned income credit if you earned less than $46,227 ($51,567 for married filing jointly) if you have three or more qualifying children; $43,038 ($48,378 for married filing jointly) if you have two qualifying children; $37,870 ($43,210 for married filing jointly) if you have one qualifying child; and $14,340 ($19,680 for married filing jointly) if you do not have any qualifying children. 2012 tax form 8863 See Earned Income Credit , later, under Credits. 2012 tax form 8863 Standard mileage rate. 2012 tax form 8863  The standard mileage rate for the cost of operating your car for business use in 2013 is 56. 2012 tax form 8863 5 cents a mile. 2012 tax form 8863 The standard mileage rate for operating your car during 2013 to get medical care or to move is 24 cents a mile. 2012 tax form 8863 The standard mileage rate for charitable use of your vehicle is 14 cents a mile. 2012 tax form 8863 Filing status for same-sex married couples. 2012 tax form 8863  If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. 2012 tax form 8863 See Filing Returns , later. 2012 tax form 8863 Reminders Change of address. 2012 tax form 8863  If you change your mailing address, be sure to notify the Internal Revenue Service (IRS) using Form 8822, Change of Address. 2012 tax form 8863 Mail it to the Internal Revenue Service Center for your old address. 2012 tax form 8863 (Addresses for the Service Centers are on the back of the form. 2012 tax form 8863 ) Use Form 8822-B, Change of Address or Responsible Party—Business, if you are changing a business address. 2012 tax form 8863 Third party designee. 2012 tax form 8863  You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, a family member, or any other person you choose. 2012 tax form 8863 This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your tax return. 2012 tax form 8863 It also allows your designee to perform certain actions. 2012 tax form 8863 See your income tax instructions for details. 2012 tax form 8863 Future developments. 2012 tax form 8863  For the latest information about developments related to Publication 3, such as legislation enacted after it was published, go to www. 2012 tax form 8863 irs. 2012 tax form 8863 gov/pub3. 2012 tax form 8863 Photographs of missing children. 2012 tax form 8863  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2012 tax form 8863 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2012 tax form 8863 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2012 tax form 8863 Introduction This publication covers the special tax situations of active members of the U. 2012 tax form 8863 S. 2012 tax form 8863 Armed Forces. 2012 tax form 8863 It does not cover military pensions or veterans' benefits or give the basic tax rules that apply to all taxpayers. 2012 tax form 8863 For information on military pensions or veterans' benefits, see Publication 525, Taxable and Nontaxable Income. 2012 tax form 8863 If you need the basic tax rules or information on another subject not covered here, you can check our other free publications. 2012 tax form 8863 See Publication 910, IRS Guide to Free Tax Services, for a list and descriptions of the different tax publications. 2012 tax form 8863 For federal tax purposes, the U. 2012 tax form 8863 S. 2012 tax form 8863 Armed Forces includes commissioned officers, warrant officers, and enlisted personnel in all regular and reserve units under control of the Secretaries of the Defense, Army, Navy, and Air Force. 2012 tax form 8863 The U. 2012 tax form 8863 S. 2012 tax form 8863 Armed Forces also includes the Coast Guard. 2012 tax form 8863 It does not include the U. 2012 tax form 8863 S. 2012 tax form 8863 Merchant Marine or the American Red Cross. 2012 tax form 8863 Members serving in an area designated or treated as a combat zone are granted special tax benefits. 2012 tax form 8863 In the event an area ceases to be a combat zone, the IRS will do its best to notify you. 2012 tax form 8863 Many of the relief provisions will end at that time. 2012 tax form 8863 Comments and suggestions. 2012 tax form 8863   We welcome your comments about this publication and your suggestions for future editions. 2012 tax form 8863   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2012 tax form 8863 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2012 tax form 8863 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2012 tax form 8863   You can send your comments from www. 2012 tax form 8863 irs. 2012 tax form 8863 gov/formspubs. 2012 tax form 8863 Click on “More Information” and then on “Comment on Tax Forms and Publications. 2012 tax form 8863 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 2012 tax form 8863 Ordering forms and publications. 2012 tax form 8863   Visit www. 2012 tax form 8863 irs. 2012 tax form 8863 gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 2012 tax form 8863 Internal Revenue Service 1201 N. 2012 tax form 8863 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2012 tax form 8863   If you have a tax question, check the information available on IRS. 2012 tax form 8863 gov or call 1-800-829-1040. 2012 tax form 8863 We cannot answer tax questions sent to either of the above addresses. 2012 tax form 8863 Useful Items - You may want to see: Publication 54 Tax Guide for U. 2012 tax form 8863 S. 2012 tax form 8863 Citizens and Resident Aliens Abroad 463 Travel, Entertainment, Gift, and Car Expenses 501 Exemptions, Standard Deduction, and Filing Information 503 Child and Dependent Care Expenses 505 Tax Withholding and Estimated Tax 516 U. 2012 tax form 8863 S. 2012 tax form 8863 Government Civilian Employees Stationed Abroad 519 U. 2012 tax form 8863 S. 2012 tax form 8863 Tax Guide for Aliens 521 Moving Expenses 523 Selling Your Home 525 Taxable and Nontaxable Income 527 Residential Rental Property 529 Miscellaneous Deductions 559 Survivors, Executors, and Administrators 590 Individual Retirement Arrangements (IRAs) 596 Earned Income Credit (EIC) 970 Tax Benefits for Education 3920 Tax Relief for Victims of Terrorist Attacks Form (and Instructions) 1040X Amended U. 2012 tax form 8863 S. 2012 tax form 8863 Individual Income Tax Return 1310 Statement of Person Claiming Refund Due a Deceased Taxpayer 2848 Power of Attorney and Declaration of Representative 3903 Moving Expenses 4868 Application for Automatic Extension of Time To File U. 2012 tax form 8863 S. 2012 tax form 8863 Individual Income Tax Return 8822 Change of Address 8822-B Change of Address or Responsible Party—Business 9465 Installment Agreement Request See How To Get Tax Help near the end of this publication, for information about getting IRS publications and forms. 2012 tax form 8863 Prev  Up  Next   Home   More Online Publications