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Amend 2011 Tax

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Amend 2011 Tax

Amend 2011 tax Publication 17(SP) - Introductory Material Table of Contents Qué Hay de Nuevo Recordatorios IntroductionIconos. Amend 2011 tax Para pedir formularios y publicaciones. Amend 2011 tax Preguntas sobre los impuestos. Amend 2011 tax Todo material en esta publicación puede ser reimpreso gratuitamente. Amend 2011 tax Una referencia a El Impuesto Federal sobre los Ingresos (2013) sería apropiada. Amend 2011 tax Las explicaciones y ejemplos en esta publicación representan la interpretación del Servicio de Impuestos Internos (IRS, por sus siglas en inglés) con respecto a: Leyes tributarias promulgadas por el Congreso de los Estados Unidos, Reglamentos del Departamento del Tesoro de los Estados Unidos y Decisiones de los tribunales. Amend 2011 tax Sin embargo, la información provista no abarca cada situación y no se presenta con la intención de reemplazar la ley o cambiar su significado. Amend 2011 tax Esta publicación abarca ciertos temas sobre los cuales un tribunal puede haber dictado un fallo más favorable para los contribuyentes que la interpretación hecha por el IRS. Amend 2011 tax Hasta que estas interpretaciones divergentes sean resueltas por fallos o decretos de un tribunal superior o de alguna otra manera, esta publicación continuará presentando las interpretaciones hechas por el IRS. Amend 2011 tax Todos los contribuyentes tienen derechos importantes cuando tratan con el IRS. Amend 2011 tax Estos derechos están descritos en la sección titulada Derechos del Contribuyente , al final de esta publicación. Amend 2011 tax Qué Hay de Nuevo Esta sección resume ciertos cambios tributarios importantes que entraron en vigor en el año 2013. Amend 2011 tax La mayor parte de estos cambios se abordan en más detalle en esta publicación. Amend 2011 tax Acontecimientos futuros. Amend 2011 tax  Si desea obtener la información más reciente sobre temas de ley tributaria que se explican en esta publicación, incluyendo toda información sobre legislación tributaria, acceda a www. Amend 2011 tax irs. Amend 2011 tax gov/pub17sp. Amend 2011 tax Impuesto Adicional del Medicare. Amend 2011 tax  Comenzando en el año 2013, le corresponderá un Impuesto Adicional del Medicare de 0. Amend 2011 tax 9% sobre los salarios, la compensación por jubilación ferroviaria (RRTA, por sus siglas en inglés) y el ingreso sobre el trabajo por cuenta propia que están sujetos al impuesto al Medicare. Amend 2011 tax El impuesto corresponde si estos ingresos son mayores que: $125,000, si es casado que presenta una declaración por separado, $250,000, si es casado que presenta una declaración conjunta o $200,000, si presenta la declaración utilizando cualquier otro estado civil para efectos de la declaración. Amend 2011 tax Si desea más información, vea el Formulario 8959 y sus Instrucciones, disponibles en inglés. Amend 2011 tax Impuesto sobre los ingresos netos de inversión. Amend 2011 tax  Comenzando en el año 2013, usted podría estar sujeto al impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Amend 2011 tax Este impuesto es el 3. Amend 2011 tax 8% de la cantidad menor entre (a) su ingreso neto de inversión o (b) la cantidad en exceso de su ingreso bruto ajustado modificado sobre: $125,000, si es casado que presenta una declaración por separado, $250,000, si es casado que presenta una declaración conjunta o si es viudo calificado o $200,000, si presenta la declaración utilizando cualquier otro estado civil para efectos de la declaración. Amend 2011 tax Si desea más información, vea el Formulario 8960 y sus Instrucciones, disponibles en inglés. Amend 2011 tax Cambio en las tasas tributarias. Amend 2011 tax  La tasa tributaria mayor es de 39. Amend 2011 tax 6%. Amend 2011 tax Si desea más información, vea la Hoja de Trabajo para el Cálculo del Impuesto del Año 2013 o las Tasas Impositivas de 2013 , las cuales se encuentran al final de esta publicación. Amend 2011 tax Tasa tributaria sobre las ganancias netas de capital y dividendos calificados. Amend 2011 tax  La tasa tributaria máxima de 15% sobre las ganancias netas de capital y los dividendos calificados ha aumentado a 20% para algunos contribuyentes. Amend 2011 tax Vea el capítulo 16 . Amend 2011 tax Gastos médicos y dentales. Amend 2011 tax  Usted puede deducir solamente la parte de sus gastos médicos y dentales que sea mayor que el 10% de su ingreso bruto ajustado (7. Amend 2011 tax 5% si usted o su cónyuge tiene 65 años de edad o más). Amend 2011 tax Vea el capítulo 21 . Amend 2011 tax Aumento de la cantidad de la exención personal para determinados contribuyentes. Amend 2011 tax  La exención personal que le corresponde a usted ha aumentado a $3,900. Amend 2011 tax Pero, esta cantidad se reduce si su ingreso bruto ajustado es mayor que: $150,000, si es casado que presenta una declaración por separado, $250,000, si es soltero, $275,000, si es cabeza de familia o $300,000, si presenta la declaración utilizando cualquier otro estado civil para efectos de la declaración. Amend 2011 tax Vea el capítulo 3 . Amend 2011 tax Límite sobre las deducciones detalladas. Amend 2011 tax  Usted puede que no tenga derecho de deducir todas sus deducciones detalladas si su ingreso bruto ajustado es mayor que: $150,000, si es casado que presenta una declaración por separado, $250,000, si es soltero, $275,000, si es cabeza de familia o $300,000, si presenta la declaración utilizando cualquier otro estado civil para efectos de la declaración. Amend 2011 tax Vea el capítulo 29 . Amend 2011 tax Matrimonio entre el mismo sexo. Amend 2011 tax  Si tiene un cónyuge de su mismo sexo con quien usted se casó en un estado (o jurisdicción o país extranjero) que reconoce el matrimonio entre personas del mismo sexo, usted y su cónyuge tienen que utilizar el estado civil para efectos de la declaración de casados que presentan una declaración conjunta o casado que presenta la declaración por separado en su declaración del año 2013. Amend 2011 tax Utilice uno de estos estados civiles para efectos de la declaración aunque usted y su cónyuge en la actualidad vivan en un estado (o jurisdicción o país extranjero) en donde no se reconozca el matrimonio entre personas del mismo sexo. Amend 2011 tax Vea el capítulo 2 . Amend 2011 tax Si reúne ciertos requisitos, quizás podría presentar declaraciones enmendadas para cambiar su estado civil para efectos de la declaración para algunos años anteriores. Amend 2011 tax Si desea saber más detalles sobre declaraciones enmendadas, vea el capítulo 1 . Amend 2011 tax Cuenta flexible de ahorros para gastos médicos (FSA, por sus siglas en inglés). Amend 2011 tax  Comenzando con los años del plan después de 2012, usted no puede hacer aportaciones mediante la reducción de salarios mayores de $2,500 a cuentas flexibles de ahorros para gastos médicos (FSA, por sus siglas en inglés). Amend 2011 tax Vea el capítulo 5 . Amend 2011 tax Créditos tributarios que vencen. Amend 2011 tax  El crédito por vehículo eléctrico enchufable y la parte reembolsable del crédito del impuesto mínimo de años anteriores ha vencido. Amend 2011 tax Usted no puede reclamar ninguno de éstos en su declaración del año 2013. Amend 2011 tax Vea el capítulo 37 . Amend 2011 tax Esquemas de inversión de tipo Ponzi. Amend 2011 tax  Hay nuevas reglas sobre cómo reclamar una deducción en el Formulario 4684, en inglés, debido a una pérdida por robo por un esquema de inversión de tipo Ponzi. Amend 2011 tax Vea el capítulo 25 . Amend 2011 tax Método simplificado para la deducción por oficina en el hogar. Amend 2011 tax  Si usted puede tomar una deducción por tener una oficina en su hogar, quizás pueda utilizar un método simplificado para calcular dicha deducción. Amend 2011 tax Vea la Publicación 587, disponible en inglés. Amend 2011 tax Tarifas estándar por milla. Amend 2011 tax  Para 2013, la tarifa estándar por milla permitida por el costo de operar su automóvil para uso comercial ha aumentado a 56½ centavos por milla. Amend 2011 tax Vea el capítulo 26 . Amend 2011 tax Para 2013, la tarifa estándar por milla permitida por el costo de operar su automóvil por razones médicas ha aumentado a 24 centavos por milla. Amend 2011 tax Vea el capítulo 21 . Amend 2011 tax Para 2013, la tarifa estándar por milla permitida por el costo de operar su automóvil para determinar los gastos de mudanza ha aumentado a 24 centavos por milla. Amend 2011 tax Vea la Publicación 521, Moving Expenses (Gastos de mudanza), en inglés. Amend 2011 tax Recordatorios A continuación aparecen recordatorios importantes y otros asuntos que le podrían ayudar a presentar su declaración de impuestos del año 2013. Amend 2011 tax Muchos de estos asuntos se explican más adelante en esta publicación. Amend 2011 tax Anote su número de Seguro Social (SSN, por sus siglas en inglés) en la declaración. Amend 2011 tax  Anote su número de Seguro Social (SSN, por sus siglas en inglés) en el espacio correspondiente de la declaración de impuestos. Amend 2011 tax Si presentó una declaración conjunta de impuestos en el año 2012 y presenta una declaración conjunta en el año 2013 con el mismo cónyuge, escriba los nombres y números de Seguro Social en el mismo orden en que lo hizo en el año 2012. Amend 2011 tax Vea el capítulo 1 . Amend 2011 tax Proteja su documentación tributaria contra el robo de identidad. Amend 2011 tax  El robo de identidad ocurre cuando otra persona usa la información personal de usted sin su autorización para cometer fraude u otros delitos. Amend 2011 tax Dicha información personal podría ser su nombre, número de Seguro Social (SSN, por sus siglas en inglés) u otra información de identificación. Amend 2011 tax Un ladrón de identidad puede usar su SSN para obtener un empleo o puede presentar una declaración de impuestos usando su SSN robado para recibir un reembolso. Amend 2011 tax Si desea más información sobre el robo de identidad e información sobre cómo reducir su riesgo al robo de identidad, vea el capítulo 1 . Amend 2011 tax Números de identificación del contribuyente. Amend 2011 tax  Tiene que proveer el número de identificación del contribuyente de cada persona por la cual reclama ciertos beneficios tributarios. Amend 2011 tax Este requisito se aplica aun en el caso en que la persona haya nacido en el año 2013. Amend 2011 tax Por lo general, este número es el número de Seguro Social de la persona. Amend 2011 tax Vea el capítulo 1 . Amend 2011 tax Ingreso de fuentes en el extranjero. Amend 2011 tax  Si es ciudadano de los Estados Unidos con ingresos provenientes de fuentes en el extranjero (ingresos del extranjero), tiene que declarar todos estos ingresos en su declaración de impuestos, a menos que estén exentos conforme a las leyes estadounidenses. Amend 2011 tax Esto es cierto tanto si vive dentro como fuera de los Estados Unidos e independientemente de si recibe o no un Formulario W-2 ó 1099 del pagador extranjero. Amend 2011 tax Esto corresponde al ingreso del trabajo (como salarios y propinas) y también al ingreso no derivado del trabajo (como intereses, dividendos, ganancias de capital, pensiones, alquileres y regalías). Amend 2011 tax Si reside fuera de los Estados Unidos, es posible que pueda excluir la totalidad o parte de su ingreso del trabajo procedente de fuentes en el extranjero. Amend 2011 tax Para más detalles, vea la Publicación 54, Tax Guide for U. Amend 2011 tax S. Amend 2011 tax Citizens and Resident Aliens Abroad (Guía tributaria para ciudadanos y residentes estadounidenses en el extranjero), en inglés. Amend 2011 tax Activos financieros extranjeros. Amend 2011 tax  Si tuvo activos financieros extranjeros en el 2013, es posible que tenga que presentar el nuevo Formulario 8938 con su declaración. Amend 2011 tax Vea www. Amend 2011 tax IRS. Amend 2011 tax gov/form8938, en inglés, para más detalles. Amend 2011 tax Prórroga automática de 6 meses para presentar la declaración de impuestos. Amend 2011 tax  Puede usar el Formulario 4868(SP), Solicitud de Prórroga Automática para Presentar la Declaración del Impuesto sobre el Ingreso Personal de los Estados Unidos (o el Formulario 4868, en inglés), para obtener una prórroga automática de 6 meses para presentar su declaración de impuestos. Amend 2011 tax Vea el capítulo 1 . Amend 2011 tax Incluya su número de teléfono en la declaración. Amend 2011 tax  Para resolver rápidamente cualquier pregunta que necesitemos hacerle para tramitar su declaración, nos gustaría poder llamarlo. Amend 2011 tax Anote el número de teléfono donde podamos llamarlo durante el día, al lado del espacio donde firma la declaración de impuestos y donde aparece su ocupación. Amend 2011 tax Si usted presenta una declaración conjunta, puede anotar el número de teléfono suyo o el de su cónyuge. Amend 2011 tax Pago de los impuestos. Amend 2011 tax   Puede pagar sus impuestos a través de la Internet, a través del teléfono o por medio de cheque o giro. Amend 2011 tax Puede efectuar una transferencia directa de su cuenta bancaria o utilizar una tarjeta de crédito o débito. Amend 2011 tax Si presenta su declaración electrónicamente (por medio de e-file), puede programar un pago electrónico. Amend 2011 tax Vea el capítulo 1 . Amend 2011 tax Maneras más rápidas de presentar su declaración. Amend 2011 tax  El IRS ofrece maneras rápidas y fiables de presentar la información tributaria sin tener que presentar una declaración en papel. Amend 2011 tax Puede usar el sistema electrónico e-file del IRS para presentar su declaración de impuestos. Amend 2011 tax Vea el capítulo 1 . Amend 2011 tax Presentación electrónica gratuita de la declaración. Amend 2011 tax  Usted quizás pueda presentar su declaración de impuestos del año 2013 por Internet sin pagar cargo alguno. Amend 2011 tax Vea el capítulo 1 . Amend 2011 tax Cambio de dirección. Amend 2011 tax  Si cambia de dirección, debe notificarle al IRS. Amend 2011 tax Vea el tema titulado Cambio de Dirección , en el capítulo 1. Amend 2011 tax Reembolsos de una declaración presentada fuera de plazo. Amend 2011 tax  Si a usted se le debe un reembolso pero no presentó una declaración, por lo general tendrá que presentar su declaración dentro de 3 años a partir de la fecha en que la declaración venció (incluidas prórrogas) para obtener ese reembolso. Amend 2011 tax Vea el capítulo 1 . Amend 2011 tax Declaraciones de impuestos frívolas. Amend 2011 tax  El IRS ha publicado una lista de posturas identificadas como frívolas. Amend 2011 tax La multa por presentar una declaración de impuestos frívola es de $5,000. Amend 2011 tax Vea el capítulo 1 . Amend 2011 tax Reclamación errónea de reembolso o crédito. Amend 2011 tax  Quizás tenga que pagar una multa si reclama erróneamente un reembolso o crédito. Amend 2011 tax Vea el capítulo 1 . Amend 2011 tax Información sobre la Ley de Confidencialidad de Información y la Ley de Reducción de Trámites. Amend 2011 tax   La IRS Restructuring and Reform Act of 1998 (Ley de Reestructuración y Reforma del Servicio de Impuestos Internos de 1998), la Privacy Act of 1974 (Ley de Confidencialidad de Información de 1974) y la Paperwork Reduction Act of 1980 (Ley de Reducción de Trámites de 1980) requieren que, cuando le solicitemos información, le informemos primero sobre cuál es nuestro derecho legal para solicitar esa información, por qué la estamos solicitando, cómo se usará la información, qué podría suceder si no la recibimos y si su respuesta es voluntaria, necesaria para obtener un beneficio u obligatoria conforme a la ley. Amend 2011 tax Una explicación completa sobre este tema puede encontrarse en las instrucciones de los formularios. Amend 2011 tax Servicio a los contribuyentes. Amend 2011 tax  Puede hacer una cita para recibir ayuda en persona en el Centro de Ayuda al Contribuyente más conveniente en el día laborable que más le convenga. Amend 2011 tax Vea el tema titulado Cómo Obtener Ayuda con los Impuestos , al final de esta publicación. Amend 2011 tax Mandato para preparadores de impuestos sobre el sistema e-file. Amend 2011 tax  La mayoría de los preparadores de impuestos remunerados que preparan y presentan declaraciones tienen que presentar electrónicamente por medio del sistema e-file. Amend 2011 tax Puede ser que su preparador le comunique sobre este requisito y las opciones que están a disposición suya. Amend 2011 tax Inspector General del Tesoro para la Administración Tributaria. Amend 2011 tax   Si desea denunciar confidencialmente la mala conducta, ineficacia, el fraude o abuso cometido por un empleado del IRS, puede llamar al 1-800-366-4484 (1-800-877-8339 para personas sordas, con limitación auditiva o que tienen impedimentos del habla, y que usen equipo TTY/TDD). Amend 2011 tax Puede mantenerse anónimo. Amend 2011 tax Fotografías de niños desaparecidos. Amend 2011 tax  El IRS se enorgullece en colaborar con el National Center for Missing and Exploited Children (Centro Nacional de Búsqueda de Niños Desaparecidos y Explotados). Amend 2011 tax Las fotografías de niños desaparecidos que han sido seleccionadas por el Centro pueden aparacer en esta publicación en páginas que de otra manera estarían en blanco. Amend 2011 tax Usted puede ayudar a que estos niños regresen a sus hogares mirando sus fotografías y llamando al número gratuito 1-800-THE-LOST (1-800-843-5678) si reconoce a un niño. Amend 2011 tax Introduction Esta publicación abarca las reglas generales para la presentación de una declaración federal de impuestos sobre el ingreso. Amend 2011 tax La publicación complementa la información contenida en las instrucciones para el formulario de impuestos. Amend 2011 tax Igualmente explica las leyes tributarias para asegurar que usted pague sólo los impuestos que adeuda y nada más. Amend 2011 tax Cómo está organizada esta publicación. Amend 2011 tax   Esta publicación sigue de cerca el Formulario 1040, U. Amend 2011 tax S. Amend 2011 tax Individual Income Tax Return (Declaración de impuestos de los Estados Unidos sobre los ingresos personales), disponible en inglés. Amend 2011 tax Está dividida en seis partes que abarcan distintas secciones del Formulario 1040. Amend 2011 tax Cada parte está subdividida en capítulos que normalmente explican una línea del formulario. Amend 2011 tax No se preocupe si presenta el Formulario 1040A o el Formulario 1040EZ. Amend 2011 tax Todo lo que está incluido en una línea de cualquiera de ambos formularios se incluye también en el Formulario 1040. Amend 2011 tax   La tabla de contenido que aparece al comienzo de esta publicación y el índice que aparece al final le servirán de utilidad para encontrar la información que necesite. Amend 2011 tax Qué se incluye en esta publicación. Amend 2011 tax   Esta publicación comienza con las reglas para la presentación de una declaración de impuestos. Amend 2011 tax La publicación explica: Quién tiene que presentar una declaración, Qué formulario se debe utilizar para declarar los impuestos, Cuándo es la fecha de vencimiento de la declaración, Cómo presentar su declaración usando el sistema electrónico e-file y Otra información general. Amend 2011 tax Esta publicación le ayudará a identificar el estado civil para propósitos de la declaración al cual tiene derecho. Amend 2011 tax Del mismo modo, le ayudará a determinar si puede reclamar algún dependiente y si los ingresos que recibe están sujetos a impuestos. Amend 2011 tax La publicación también explica la deducción estándar, las clases de gastos que quizás pueda deducir y varios créditos que quizás pueda tomar para reducir sus impuestos. Amend 2011 tax   A lo largo de la publicación, hay ejemplos que muestran cómo se aplican las leyes tributarias en situaciones típicas. Amend 2011 tax También hay organigramas y tablas en la publicación que presentan información tributaria en una manera fácil de entender. Amend 2011 tax   Muchos de los temas que se tratan en esta publicación son explicados en mayor detalle en otras publicaciones del IRS. Amend 2011 tax Se hace referencia a dichas publicaciones y se indica si están disponibles en español o en inglés. Amend 2011 tax Iconos. Amend 2011 tax   En la publicación se utilizan pequeños símbolos gráficos, o sea iconos, para llamar su atención a información especial. Amend 2011 tax Vea la Tabla 1 , más adelante, para una explicación de cada icono usado en esta publicación. Amend 2011 tax Qué no se incluye en esta publicación. Amend 2011 tax   Algunos materiales que le podrían ser útiles no se incluyen en esta publicación pero pueden encontrarse en el folleto de instrucciones del formulario de impuestos. Amend 2011 tax Esto incluye listas que identifican lo siguiente: Dónde declarar ciertas partidas que aparecen en documentos informativos y Temas tributarios grabados (temas TeleTax). Amend 2011 tax   Si opera su propio negocio o si tiene otros ingresos del trabajo por cuenta propia, tales como del cuidado de niños o la venta de artesanía, vea las siguientes publicaciones para más información: Publicación 334, Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) (Guía tributaria para pequeños negocios (para personas que usen el Anexo C o C-EZ)), en inglés. Amend 2011 tax Publicación 535, Business Expenses (Gastos de negocios), en inglés. Amend 2011 tax Publicación 587, Business Use of Your Home (Including Use by Daycare Providers) (Uso comercial de su vivienda (incluyendo el uso por proveedores del cuidado de niños)), en inglés. Amend 2011 tax Ayuda del IRS. Amend 2011 tax   Existen muchas maneras en que puede obtener ayuda del IRS. Amend 2011 tax Éstas se explican bajo el tema titulado Cómo Obtener Ayuda con los Impuestos , al final de esta publicación. Amend 2011 tax Comentarios y sugerencias. Amend 2011 tax   Agradeceremos sus comentarios acerca de esta publicación, así como sus sugerencias para ediciones futuras. Amend 2011 tax   Puede enviar sus comentarios a la dirección siguiente:  Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amend 2011 tax NW, IR-6526 Washington, DC 20224   Contestamos muchas cartas por teléfono. Amend 2011 tax Por lo tanto, sería útil que incluyera en la correspondencia su número de teléfono, con el código de área, en donde nos podamos comunicar con usted durante el día. Amend 2011 tax   Usted nos puede enviar comentarios desde la página web www. Amend 2011 tax irs. Amend 2011 tax gov/formspubs, en inglés, seleccionando Comment on Tax Forms and Publications (Enviar comentarios sobre los formularios y publicaciones de impuestos), bajo la sección More Information (Información adicional). Amend 2011 tax   Aunque no le podemos contestar individualmente, agradecemos sus comentarios y sugerencias y los tendremos en cuenta para ediciones futuras de nuestros productos tributarios. Amend 2011 tax Para pedir formularios y publicaciones. Amend 2011 tax   Visite www. Amend 2011 tax irs. Amend 2011 tax gov/formspubs para descargar formularios y publicaciones, llame al 1-800-829-3676 para pedir formularios y publicaciones o escriba a la dirección indicada a continuación y recibirá una respuesta dentro de 10 días después de que nosotros recibamos su solicitud. Amend 2011 tax  Internal Revenue Service 1201 N. Amend 2011 tax Mitsubishi Motorway Bloomington, IL 61705-6613 Preguntas sobre los impuestos. Amend 2011 tax   Si tiene una pregunta sobre los impuestos, verifique la información disponible en IRS. Amend 2011 tax gov/espanol o llame al 1-800-829-1040. Amend 2011 tax No podemos contestar preguntas sobre impuestos enviadas a ninguna de las dos direcciones indicadas anteriormente. Amend 2011 tax Misión del IRS. Amend 2011 tax   Proveerles a los contribuyentes de los Estados Unidos de América un servicio de la más alta calidad al ayudarles a entender y cumplir con sus responsabilidades tributarias y, a la vez, hacer cumplir las leyes tributarias de manera íntegra y justa para todos. Amend 2011 tax Tabla 1. Amend 2011 tax Leyenda de los Iconos Icono Explicación Partidas que podrían causarle problemas en particular o una alerta sobre legislaciones pendientes que podrían entrar en vigor después de que se imprima esta publicación. Amend 2011 tax Un sitio en Internet o una dirección de correo electrónico. Amend 2011 tax Una dirección que podría necesitar. Amend 2011 tax Documentos que debería mantener en su documentación personal. Amend 2011 tax Cálculos que necesite realizar o una hoja de trabajo que pueda tener que completar y conservar para sus archivos. Amend 2011 tax Un número de teléfono importante. Amend 2011 tax Información que podría necesitar. Amend 2011 tax Prev  Up  Next   Home   More Online Publications
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Understanding Your CP232B Notice

We denied your request to extend the time to file Form 5330 because your Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, wasn't received on time. A request for an extension of the time to file Form 5330 must be received on or before the due date of your return.


What you need to do

  • File your required Form 5330 immediately to limit any late filing penalties. If Form 5330 is filed after the due date of the return, the return will be considered late and subject to late filing penalties.

You may want to


Answers to Common Questions

Q. Where can I go for more information about Employee Benefit Plans?

A. For more information on Employee Benefit Plans, see Retirement Plans Community.

Q. Can I get help over the phone?

A. If you have questions and/or need help, please call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.

 


Tips for next year

  • Be sure to mail your Form 5558 on or before the due date of your return.
  • Review the Form 5558 resources at Form 5500 Corner.

 

Page Last Reviewed or Updated: 27-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 Amend 2011 Tax

Amend 2011 tax 13. Amend 2011 tax   Basis of Property Table of Contents Introduction Useful Items - You may want to see: Cost BasisReal Property Adjusted BasisIncreases to Basis Decreases to Basis Basis Other Than CostProperty Received for Services Taxable Exchanges Involuntary Conversions Nontaxable Exchanges Property Transferred From a Spouse Property Received as a Gift Inherited Property Property Changed From Personal to Business or Rental Use Stocks and Bonds Introduction This chapter discusses how to figure your basis in property. Amend 2011 tax It is divided into the following sections. Amend 2011 tax Cost basis. Amend 2011 tax Adjusted basis. Amend 2011 tax Basis other than cost. Amend 2011 tax Your basis is the amount of your investment in property for tax purposes. Amend 2011 tax Use the basis to figure gain or loss on the sale, exchange, or other disposition of property. Amend 2011 tax Also use it to figure deductions for depreciation, amortization, depletion, and casualty losses. Amend 2011 tax If you use property for both business or investment purposes and for personal purposes, you must allocate the basis based on the use. Amend 2011 tax Only the basis allocated to the business or investment use of the property can be depreciated. Amend 2011 tax Your original basis in property is adjusted (increased or decreased) by certain events. Amend 2011 tax For example, if you make improvements to the property, increase your basis. Amend 2011 tax If you take deductions for depreciation or casualty losses, or claim certain credits, reduce your basis. Amend 2011 tax Keep accurate records of all items that affect the basis of your property. Amend 2011 tax For more information on keeping records, see chapter 1. Amend 2011 tax Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 525 Taxable and Nontaxable Income 535 Business Expenses 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 551 Basis of Assets 946 How To Depreciate Property Cost Basis The basis of property you buy is usually its cost. Amend 2011 tax The cost is the amount you pay in cash, debt obligations, other property, or services. Amend 2011 tax Your cost also includes amounts you pay for the following items: Sales tax, Freight, Installation and testing, Excise taxes, Legal and accounting fees (when they must be capitalized), Revenue stamps, Recording fees, and Real estate taxes (if you assume liability for the seller). Amend 2011 tax In addition, the basis of real estate and business assets may include other items. Amend 2011 tax Loans with low or no interest. Amend 2011 tax    If you buy property on a time-payment plan that charges little or no interest, the basis of your property is your stated purchase price minus any amount considered to be unstated interest. Amend 2011 tax You generally have unstated interest if your interest rate is less than the applicable federal rate. Amend 2011 tax   For more information, see Unstated Interest and Original Issue Discount (OID) in Publication 537. Amend 2011 tax Real Property Real property, also called real estate, is land and generally anything built on, growing on, or attached to land. Amend 2011 tax If you buy real property, certain fees and other expenses you pay are part of your cost basis in the property. Amend 2011 tax Lump sum purchase. Amend 2011 tax   If you buy buildings and the land on which they stand for a lump sum, allocate the cost basis among the land and the buildings. Amend 2011 tax Allocate the cost basis according to the respective fair market values (FMVs) of the land and buildings at the time of purchase. Amend 2011 tax Figure the basis of each asset by multiplying the lump sum by a fraction. Amend 2011 tax The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. Amend 2011 tax    If you are not certain of the FMVs of the land and buildings, you can allocate the basis according to their assessed values for real estate tax purposes. Amend 2011 tax Fair market value (FMV). Amend 2011 tax   FMV is the price at which the property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the necessary facts. Amend 2011 tax Sales of similar property on or about the same date may be helpful in figuring the FMV of the property. Amend 2011 tax Assumption of mortgage. Amend 2011 tax   If you buy property and assume (or buy the property subject to) an existing mortgage on the property, your basis includes the amount you pay for the property plus the amount to be paid on the mortgage. Amend 2011 tax Settlement costs. Amend 2011 tax   Your basis includes the settlement fees and closing costs you paid for buying the property. Amend 2011 tax (A fee for buying property is a cost that must be paid even if you buy the property for cash. Amend 2011 tax ) Do not include fees and costs for getting a loan on the property in your basis. Amend 2011 tax   The following are some of the settlement fees or closing costs you can include in the basis of your property. Amend 2011 tax Abstract fees (abstract of title fees). Amend 2011 tax Charges for installing utility services. Amend 2011 tax Legal fees (including fees for the title search and preparation of the sales contract and deed). Amend 2011 tax Recording fees. Amend 2011 tax Survey fees. Amend 2011 tax Transfer taxes. Amend 2011 tax Owner's title insurance. Amend 2011 tax Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions. Amend 2011 tax   Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance. Amend 2011 tax   The following are some of the settlement fees and closing costs you cannot include in the basis of property. Amend 2011 tax Casualty insurance premiums. Amend 2011 tax Rent for occupancy of the property before closing. Amend 2011 tax Charges for utilities or other services related to occupancy of the property before closing. Amend 2011 tax Charges connected with getting a loan, such as points (discount points, loan origination fees), mortgage insurance premiums, loan assumption fees, cost of a credit report, and fees for an appraisal required by a lender. Amend 2011 tax Fees for refinancing a mortgage. Amend 2011 tax Real estate taxes. Amend 2011 tax   If you pay real estate taxes the seller owed on real property you bought, and the seller did not reimburse you, treat those taxes as part of your basis. Amend 2011 tax You cannot deduct them as an expense. Amend 2011 tax    If you reimburse the seller for taxes the seller paid for you, you can usually deduct that amount as an expense in the year of purchase. Amend 2011 tax Do not include that amount in the basis of your property. Amend 2011 tax If you did not reimburse the seller, you must reduce your basis by the amount of those taxes. Amend 2011 tax Points. Amend 2011 tax   If you pay points to get a loan (including a mortgage, second mortgage, line of credit, or a home equity loan), do not add the points to the basis of the related property. Amend 2011 tax Generally, you deduct the points over the term of the loan. Amend 2011 tax For more information on how to deduct points, see chapter 23. Amend 2011 tax Points on home mortgage. Amend 2011 tax   Special rules may apply to points you and the seller pay when you get a mortgage to buy your main home. Amend 2011 tax If certain requirements are met, you can deduct the points in full for the year in which they are paid. Amend 2011 tax Reduce the basis of your home by any seller-paid points. Amend 2011 tax Adjusted Basis Before figuring gain or loss on a sale, exchange, or other disposition of property or figuring allowable depreciation, depletion, or amortization, you must usually make certain adjustments (increases and decreases) to the cost basis or basis other than cost (discussed later) of the property. Amend 2011 tax The result is the adjusted basis. Amend 2011 tax Increases to Basis Increase the basis of any property by all items properly added to a capital account. Amend 2011 tax Examples of items that increase basis are shown in Table 13-1. Amend 2011 tax These include the items discussed below. Amend 2011 tax Improvements. Amend 2011 tax   Add to your basis in property the cost of improvements having a useful life of more than 1 year, that increase the value of the property, lengthen its life, or adapt it to a different use. Amend 2011 tax For example, improvements include putting a recreation room in your unfinished basement, adding another bathroom or bedroom, putting up a fence, putting in new plumbing or wiring, installing a new roof, or paving your driveway. Amend 2011 tax Assessments for local improvements. Amend 2011 tax   Add to the basis of property assessments for improvements such as streets and sidewalks if they increase the value of the property assessed. Amend 2011 tax Do not deduct them as taxes. Amend 2011 tax However, you can deduct as taxes assessments for maintenance or repairs, or for meeting interest charges related to the improvements. Amend 2011 tax Example. Amend 2011 tax Your city changes the street in front of your store into an enclosed pedestrian mall and assesses you and other affected property owners for the cost of the conversion. Amend 2011 tax Add the assessment to your property's basis. Amend 2011 tax In this example, the assessment is a depreciable asset. Amend 2011 tax Decreases to Basis Decrease the basis of any property by all items that represent a return of capital for the period during which you held the property. Amend 2011 tax Examples of items that decrease basis are shown in Table 13-1. Amend 2011 tax These include the items discussed below. Amend 2011 tax Table 13-1. Amend 2011 tax Examples of Adjustments to Basis Increases to Basis Decreases to Basis • Capital improvements: • Exclusion from income of   Putting an addition on your home subsidies for energy conservation   Replacing an entire roof measures   Paving your driveway     Installing central air conditioning • Casualty or theft loss deductions   Rewiring your home and insurance reimbursements       • Assessments for local improvements:     Water connections     Extending utility service lines to the property • Postponed gain from the sale of a home   Sidewalks • Alternative motor vehicle credit  (Form 8910)   Roads       • Alternative fuel vehicle refueling     property credit (Form 8911)           • Residential energy credits (Form 5695)       • Casualty losses: • Depreciation and section 179 deduction   Restoring damaged property     • Nontaxable corporate distributions • Legal fees:     Cost of defending and perfecting a title • Certain canceled debt excluded from   Fees for getting a reduction of an assessment income     • Zoning costs • Easements           • Adoption tax benefits Casualty and theft losses. Amend 2011 tax   If you have a casualty or theft loss, decrease the basis in your property by any insurance proceeds or other reimbursement and by any deductible loss not covered by insurance. Amend 2011 tax    You must increase your basis in the property by the amount you spend on repairs that restore the property to its pre-casualty condition. Amend 2011 tax   For more information on casualty and theft losses, see chapter 25. Amend 2011 tax Depreciation and section 179 deduction. Amend 2011 tax   Decrease the basis of your qualifying business property by any section 179 deduction you take and the depreciation you deducted, or could have deducted (including any special depreciation allowance), on your tax returns under the method of depreciation you selected. Amend 2011 tax   For more information about depreciation and the section 179 deduction, see Publication 946 and the Instructions for Form 4562. Amend 2011 tax Example. Amend 2011 tax You owned a duplex used as rental property that cost you $40,000, of which $35,000 was allocated to the building and $5,000 to the land. Amend 2011 tax You added an improvement to the duplex that cost $10,000. Amend 2011 tax In February last year, the duplex was damaged by fire. Amend 2011 tax Up to that time, you had been allowed depreciation of $23,000. Amend 2011 tax You sold some salvaged material for $1,300 and collected $19,700 from your insurance company. Amend 2011 tax You deducted a casualty loss of $1,000 on your income tax return for last year. Amend 2011 tax You spent $19,000 of the insurance proceeds for restoration of the duplex, which was completed this year. Amend 2011 tax You must use the duplex's adjusted basis after the restoration to determine depreciation for the rest of the property's recovery period. Amend 2011 tax Figure the adjusted basis of the duplex as follows: Original cost of duplex $35,000 Addition to duplex 10,000 Total cost of duplex $45,000 Minus: Depreciation 23,000 Adjusted basis before casualty $22,000 Minus: Insurance proceeds $19,700     Deducted casualty loss 1,000     Salvage proceeds 1,300 22,000 Adjusted basis after casualty $-0- Add: Cost of restoring duplex 19,000 Adjusted basis after restoration $19,000 Note. Amend 2011 tax Your basis in the land is its original cost of $5,000. Amend 2011 tax Easements. Amend 2011 tax   The amount you receive for granting an easement is generally considered to be proceeds from the sale of an interest in real property. Amend 2011 tax It reduces the basis of the affected part of the property. Amend 2011 tax If the amount received is more than the basis of the part of the property affected by the easement, reduce your basis in that part to zero and treat the excess as a recognized gain. Amend 2011 tax   If the gain is on a capital asset, see chapter 16 for information about how to report it. Amend 2011 tax If the gain is on property used in a trade or business, see Publication 544 for information about how to report it. Amend 2011 tax Exclusion of subsidies for energy conservation measures. Amend 2011 tax   You can exclude from gross income any subsidy you received from a public utility company for the purchase or installation of an energy conservation measure for a dwelling unit. Amend 2011 tax Reduce the basis of the property for which you received the subsidy by the excluded amount. Amend 2011 tax For more information about this subsidy, see chapter 12. Amend 2011 tax Postponed gain from sale of home. Amend 2011 tax    If you postponed gain from the sale of your main home under rules in effect before May 7, 1997, you must reduce the basis of the home you acquired as a replacement by the amount of the postponed gain. Amend 2011 tax For more information on the rules for the sale of a home, see chapter 15. Amend 2011 tax Basis Other Than Cost There are many times when you cannot use cost as basis. Amend 2011 tax In these cases, the fair market value or the adjusted basis of the property can be used. Amend 2011 tax Fair market value (FMV) and adjusted basis were discussed earlier. Amend 2011 tax Property Received for Services If you receive property for your services, include the FMV of the property in income. Amend 2011 tax The amount you include in income becomes your basis. Amend 2011 tax If the services were performed for a price agreed on beforehand, it will be accepted as the FMV of the property if there is no evidence to the contrary. Amend 2011 tax Restricted property. Amend 2011 tax   If you receive property for your services and the property is subject to certain restrictions, your basis in the property is its FMV when it becomes substantially vested. Amend 2011 tax However, this rule does not apply if you make an election to include in income the FMV of the property at the time it is transferred to you, less any amount you paid for it. Amend 2011 tax Property is substantially vested when it is transferable or when it is not subject to a substantial risk of forfeiture (you do not have a good chance of losing it). Amend 2011 tax For more information, see Restricted Property in Publication 525. Amend 2011 tax Bargain purchases. Amend 2011 tax   A bargain purchase is a purchase of an item for less than its FMV. Amend 2011 tax If, as compensation for services, you buy goods or other property at less than FMV, include the difference between the purchase price and the property's FMV in your income. Amend 2011 tax Your basis in the property is its FMV (your purchase price plus the amount you include in income). Amend 2011 tax   If the difference between your purchase price and the FMV is a qualified employee discount, do not include the difference in income. Amend 2011 tax However, your basis in the property is still its FMV. Amend 2011 tax See Employee Discounts in Publication 15-B. Amend 2011 tax Taxable Exchanges A taxable exchange is one in which the gain is taxable or the loss is deductible. Amend 2011 tax A taxable gain or deductible loss also is known as a recognized gain or loss. Amend 2011 tax If you receive property in exchange for other property in a taxable exchange, the basis of the property you receive is usually its FMV at the time of the exchange. Amend 2011 tax Involuntary Conversions If you receive replacement property as a result of an involuntary conversion, such as a casualty, theft, or condemnation, figure the basis of the replacement property using the basis of the converted property. Amend 2011 tax Similar or related property. Amend 2011 tax   If you receive replacement property similar or related in service or use to the converted property, the replacement property's basis is the same as the converted property's basis on the date of the conversion, with the following adjustments. Amend 2011 tax Decrease the basis by the following. Amend 2011 tax Any loss you recognize on the involuntary conversion. Amend 2011 tax Any money you receive that you do not spend on similar property. Amend 2011 tax Increase the basis by the following. Amend 2011 tax Any gain you recognize on the involuntary conversion. Amend 2011 tax Any cost of acquiring the replacement property. Amend 2011 tax Money or property not similar or related. Amend 2011 tax    If you receive money or property not similar or related in service or use to the converted property, and you buy replacement property similar or related in service or use to the converted property, the basis of the replacement property is its cost decreased by the gain not recognized on the conversion. Amend 2011 tax Example. Amend 2011 tax The state condemned your property. Amend 2011 tax The adjusted basis of the property was $26,000 and the state paid you $31,000 for it. Amend 2011 tax You realized a gain of $5,000 ($31,000 − $26,000). Amend 2011 tax You bought replacement property similar in use to the converted property for $29,000. Amend 2011 tax You recognize a gain of $2,000 ($31,000 − $29,000), the unspent part of the payment from the state. Amend 2011 tax Your unrecognized gain is $3,000, the difference between the $5,000 realized gain and the $2,000 recognized gain. Amend 2011 tax The basis of the replacement property is figured as follows: Cost of replacement property $29,000 Minus: Gain not recognized 3,000 Basis of replacement property $26,000 Allocating the basis. Amend 2011 tax   If you buy more than one piece of replacement property, allocate your basis among the properties based on their respective costs. Amend 2011 tax Basis for depreciation. Amend 2011 tax   Special rules apply in determining and depreciating the basis of MACRS property acquired in an involuntary conversion. Amend 2011 tax For information, see What Is the Basis of Your Depreciable Property? in chapter 1 of Publication 946. Amend 2011 tax Nontaxable Exchanges A nontaxable exchange is an exchange in which you are not taxed on any gain and you cannot deduct any loss. Amend 2011 tax If you receive property in a nontaxable exchange, its basis is generally the same as the basis of the property you transferred. Amend 2011 tax See Nontaxable Trades in chapter 14. Amend 2011 tax Like-Kind Exchanges The exchange of property for the same kind of property is the most common type of nontaxable exchange. Amend 2011 tax To qualify as a like-kind exchange, the property traded and the property received must be both of the following. Amend 2011 tax Qualifying property. Amend 2011 tax Like-kind property. Amend 2011 tax The basis of the property you receive is generally the same as the adjusted basis of the property you gave up. Amend 2011 tax If you trade property in a like-kind exchange and also pay money, the basis of the property received is the adjusted basis of the property you gave up increased by the money you paid. Amend 2011 tax Qualifying property. Amend 2011 tax   In a like-kind exchange, you must hold for investment or for productive use in your trade or business both the property you give up and the property you receive. Amend 2011 tax Like-kind property. Amend 2011 tax   There must be an exchange of like-kind property. Amend 2011 tax Like-kind properties are properties of the same nature or character, even if they differ in grade or quality. Amend 2011 tax The exchange of real estate for real estate and personal property for similar personal property are exchanges of like-kind property. Amend 2011 tax Example. Amend 2011 tax You trade in an old truck used in your business with an adjusted basis of $1,700 for a new one costing $6,800. Amend 2011 tax The dealer allows you $2,000 on the old truck, and you pay $4,800. Amend 2011 tax This is a like-kind exchange. Amend 2011 tax The basis of the new truck is $6,500 (the adjusted basis of the old one, $1,700, plus the amount you paid, $4,800). Amend 2011 tax If you sell your old truck to a third party for $2,000 instead of trading it in and then buy a new one from the dealer, you have a taxable gain of $300 on the sale (the $2,000 sale price minus the $1,700 adjusted basis). Amend 2011 tax The basis of the new truck is the price you pay the dealer. Amend 2011 tax Partially nontaxable exchanges. Amend 2011 tax   A partially nontaxable exchange is an exchange in which you receive unlike property or money in addition to like-kind property. Amend 2011 tax The basis of the property you receive is the same as the adjusted basis of the property you gave up, with the following adjustments. Amend 2011 tax Decrease the basis by the following amounts. Amend 2011 tax Any money you receive. Amend 2011 tax Any loss you recognize on the exchange. Amend 2011 tax Increase the basis by the following amounts. Amend 2011 tax Any additional costs you incur. Amend 2011 tax Any gain you recognize on the exchange. Amend 2011 tax If the other party to the exchange assumes your liabilities, treat the debt assumption as money you received in the exchange. Amend 2011 tax Allocation of basis. Amend 2011 tax   If you receive like-kind and unlike properties in the exchange, allocate the basis first to the unlike property, other than money, up to its FMV on the date of the exchange. Amend 2011 tax The rest is the basis of the like-kind property. Amend 2011 tax More information. Amend 2011 tax   See Like-Kind Exchanges in chapter 1 of Publication 544 for more information. Amend 2011 tax Basis for depreciation. Amend 2011 tax   Special rules apply in determining and depreciating the basis of MACRS property acquired in a like-kind exchange. Amend 2011 tax For information, see What Is the Basis of Your Depreciable Property? in chapter 1 of Publication 946. Amend 2011 tax Property Transferred From a Spouse The basis of property transferred to you or transferred in trust for your benefit by your spouse is the same as your spouse's adjusted basis. Amend 2011 tax The same rule applies to a transfer by your former spouse that is incident to divorce. Amend 2011 tax However, for property transferred in trust, adjust your basis for any gain recognized by your spouse or former spouse if the liabilities assumed, plus the liabilities to which the property is subject, are more than the adjusted basis of the property transferred. Amend 2011 tax If the property transferred to you is a series E, series EE, or series I U. Amend 2011 tax S. Amend 2011 tax savings bond, the transferor must include in income the interest accrued to the date of transfer. Amend 2011 tax Your basis in the bond immediately after the transfer is equal to the transferor's basis increased by the interest income includible in the transferor's income. Amend 2011 tax For more information on these bonds, see chapter 7. Amend 2011 tax At the time of the transfer, the transferor must give you the records needed to determine the adjusted basis and holding period of the property as of the date of the transfer. Amend 2011 tax For more information about the transfer of property from a spouse, see chapter 14. Amend 2011 tax Property Received as a Gift To figure the basis of property you receive as a gift, you must know its adjusted basis to the donor just before it was given to you, its FMV at the time it was given to you, and any gift tax paid on it. Amend 2011 tax FMV less than donor's adjusted basis. Amend 2011 tax   If the FMV of the property at the time of the gift is less than the donor's adjusted basis, your basis depends on whether you have a gain or a loss when you dispose of the property. Amend 2011 tax Your basis for figuring gain is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you held the property. Amend 2011 tax Your basis for figuring loss is its FMV when you received the gift plus or minus any required adjustments to basis while you held the property. Amend 2011 tax See Adjusted Basis , earlier. Amend 2011 tax Example. Amend 2011 tax You received an acre of land as a gift. Amend 2011 tax At the time of the gift, the land had an FMV of $8,000. Amend 2011 tax The donor's adjusted basis was $10,000. Amend 2011 tax After you received the property, no events occurred to increase or decrease your basis. Amend 2011 tax If you later sell the property for $12,000, you will have a $2,000 gain because you must use the donor's adjusted basis at the time of the gift ($10,000) as your basis to figure gain. Amend 2011 tax If you sell the property for $7,000, you will have a $1,000 loss because you must use the FMV at the time of the gift ($8,000) as your basis to figure loss. Amend 2011 tax If the sales price is between $8,000 and $10,000, you have neither gain nor loss. Amend 2011 tax Business property. Amend 2011 tax   If you hold the gift as business property, your basis for figuring any depreciation, depletion, or amortization deductions is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you hold the property. Amend 2011 tax FMV equal to or greater than donor's adjusted basis. Amend 2011 tax   If the FMV of the property is equal to or greater than the donor's adjusted basis, your basis is the donor's adjusted basis at the time you received the gift. Amend 2011 tax Increase your basis by all or part of any gift tax paid, depending on the date of the gift, explained later. Amend 2011 tax   Also, for figuring gain or loss from a sale or other disposition or for figuring depreciation, depletion, or amortization deductions on business property, you must increase or decrease your basis (the donor's adjusted basis) by any required adjustments to basis while you held the property. Amend 2011 tax See Adjusted Basis , earlier. Amend 2011 tax   If you received a gift during the tax year, increase your basis in the gift (the donor's adjusted basis) by the part of the gift tax paid on it due to the net increase in value of the gift. Amend 2011 tax Figure the increase by multiplying the gift tax paid by a fraction. Amend 2011 tax The numerator of the fraction is the net increase in value of the gift and the denominator is the amount of the gift. Amend 2011 tax   The net increase in value of the gift is the FMV of the gift minus the donor's adjusted basis. Amend 2011 tax The amount of the gift is its value for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. Amend 2011 tax Example. Amend 2011 tax In 2013, you received a gift of property from your mother that had an FMV of $50,000. Amend 2011 tax Her adjusted basis was $20,000. Amend 2011 tax The amount of the gift for gift tax purposes was $36,000 ($50,000 minus the $14,000 annual exclusion). Amend 2011 tax She paid a gift tax of $7,320 on the property. Amend 2011 tax Your basis is $26,076, figured as follows: Fair market value $50,000 Minus: Adjusted basis −20,000 Net increase in value $30,000     Gift tax paid $7,320 Multiplied by ($30,000 ÷ $36,000) × . Amend 2011 tax 83 Gift tax due to net increase in value $6,076 Adjusted basis of property to your mother +20,000 Your basis in the property $26,076 Note. Amend 2011 tax If you received a gift before 1977, your basis in the gift (the donor's adjusted basis) includes any gift tax paid on it. Amend 2011 tax However, your basis cannot exceed the FMV of the gift at the time it was given to you. Amend 2011 tax Inherited Property Your basis in property you inherited from a decedent, who died before January 1, 2010, or after December 31, 2010, is generally one of the following: The FMV of the property at the date of the decedent's death. Amend 2011 tax The FMV on the alternate valuation date if the personal representative for the estate elects to use alternate valuation. Amend 2011 tax The value under the special-use valuation method for real property used in farming or a closely held business if elected for estate tax purposes. Amend 2011 tax The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement. Amend 2011 tax If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes. Amend 2011 tax For more information, see the instructions to Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. Amend 2011 tax Property inherited from a decedent who died in 2010. Amend 2011 tax   If you inherited property from a decedent who died in 2010, special rules may apply. Amend 2011 tax For more information, see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Amend 2011 tax Community property. Amend 2011 tax   In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), husband and wife are each usually considered to own half the community property. Amend 2011 tax When either spouse dies, the total value of the community property, even the part belonging to the surviving spouse, generally becomes the basis of the entire property. Amend 2011 tax For this rule to apply, at least half the value of the community property interest must be includible in the decedent's gross estate, whether or not the estate must file a return. Amend 2011 tax Example. Amend 2011 tax You and your spouse owned community property that had a basis of $80,000. Amend 2011 tax When your spouse died, half the FMV of the community interest was includible in your spouse's estate. Amend 2011 tax The FMV of the community interest was $100,000. Amend 2011 tax The basis of your half of the property after the death of your spouse is $50,000 (half of the $100,000 FMV). Amend 2011 tax The basis of the other half to your spouse's heirs is also $50,000. Amend 2011 tax For more information about community property, see Publication 555, Community Property. Amend 2011 tax Property Changed From Personal to Business or Rental Use If you hold property for personal use and then change it to business use or use it to produce rent, you can begin to depreciate the property at the time of the change. Amend 2011 tax To do so, you must figure its basis for depreciation at the time of the change. Amend 2011 tax An example of changing property held for personal use to business or rental use would be renting out your former personal residence. Amend 2011 tax Basis for depreciation. Amend 2011 tax   The basis for depreciation is the lesser of the following amounts. Amend 2011 tax The FMV of the property on the date of the change. Amend 2011 tax Your adjusted basis on the date of the change. Amend 2011 tax Example. Amend 2011 tax Several years ago, you paid $160,000 to have your house built on a lot that cost $25,000. Amend 2011 tax You paid $20,000 for permanent improvements to the house and claimed a $2,000 casualty loss deduction for damage to the house before changing the property to rental use last year. Amend 2011 tax Because land is not depreciable, you include only the cost of the house when figuring the basis for depreciation. Amend 2011 tax Your adjusted basis in the house when you changed its use was $178,000 ($160,000 + $20,000 − $2,000). Amend 2011 tax On the same date, your property had an FMV of $180,000, of which $15,000 was for the land and $165,000 was for the house. Amend 2011 tax The basis for figuring depreciation on the house is its FMV on the date of the change ($165,000) because it is less than your adjusted basis ($178,000). Amend 2011 tax Sale of property. Amend 2011 tax   If you later sell or dispose of property changed to business or rental use, the basis you use will depend on whether you are figuring gain or loss. Amend 2011 tax Gain. Amend 2011 tax   The basis for figuring a gain is your adjusted basis in the property when you sell the property. Amend 2011 tax Example. Amend 2011 tax Assume the same facts as in the previous example except that you sell the property at a gain after being allowed depreciation deductions of $37,500. Amend 2011 tax Your adjusted basis for figuring gain is $165,500 ($178,000 + $25,000 (land) − $37,500). Amend 2011 tax Loss. Amend 2011 tax   Figure the basis for a loss starting with the smaller of your adjusted basis or the FMV of the property at the time of the change to business or rental use. Amend 2011 tax Then make adjustments (increases and decreases) for the period after the change in the property's use, as discussed earlier under Adjusted Basis . Amend 2011 tax Example. Amend 2011 tax Assume the same facts as in the previous example, except that you sell the property at a loss after being allowed depreciation deductions of $37,500. Amend 2011 tax In this case, you would start with the FMV on the date of the change to rental use ($180,000), because it is less than the adjusted basis of $203,000 ($178,000 + $25,000 (land)) on that date. Amend 2011 tax Reduce that amount ($180,000) by the depreciation deductions ($37,500). Amend 2011 tax The basis for loss is $142,500 ($180,000 − $37,500). Amend 2011 tax Stocks and Bonds The basis of stocks or bonds you buy generally is the purchase price plus any costs of purchase, such as commissions and recording or transfer fees. Amend 2011 tax If you get stocks or bonds other than by purchase, your basis is usually determined by the FMV or the previous owner's adjusted basis, as discussed earlier. Amend 2011 tax You must adjust the basis of stocks for certain events that occur after purchase. Amend 2011 tax For example, if you receive additional stock from nontaxable stock dividends or stock splits, reduce your basis for each share of stock by dividing the adjusted basis of the old stock by the number of shares of old and new stock. Amend 2011 tax This rule applies only when the additional stock received is identical to the stock held. Amend 2011 tax Also reduce your basis when you receive nontaxable distributions. Amend 2011 tax They are a return of capital. Amend 2011 tax Example. Amend 2011 tax In 2011 you bought 100 shares of XYZ stock for $1,000 or $10 a share. Amend 2011 tax In 2012 you bought 100 shares of XYZ stock for $1,600 or $16 a share. Amend 2011 tax In 2013 XYZ declared a 2-for-1 stock split. Amend 2011 tax You now have 200 shares of stock with a basis of $5 a share and 200 shares with a basis of $8 a share. Amend 2011 tax Other basis. Amend 2011 tax   There are other ways to figure the basis of stocks or bonds depending on how you acquired them. Amend 2011 tax For detailed information, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550. Amend 2011 tax Identifying stocks or bonds sold. Amend 2011 tax   If you can adequately identify the shares of stock or the bonds you sold, their basis is the cost or other basis of the particular shares of stocks or bonds. Amend 2011 tax If you buy and sell securities at various times in varying quantities and you cannot adequately identify the shares you sell, the basis of the securities you sell is the basis of the securities you acquired first. Amend 2011 tax For more information about identifying securities you sell, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550. Amend 2011 tax Mutual fund shares. Amend 2011 tax   If you sell mutual fund shares you acquired at various times and prices and left on deposit in an account kept by a custodian or agent, you can elect to use an average basis. Amend 2011 tax For more information, see Publication 550. Amend 2011 tax Bond premium. Amend 2011 tax   If you buy a taxable bond at a premium and elect to amortize the premium, reduce the basis of the bond by the amortized premium you deduct each year. Amend 2011 tax See Bond Premium Amortization in chapter 3 of Publication 550 for more information. Amend 2011 tax Although you cannot deduct the premium on a tax-exempt bond, you must amortize the premium each year and reduce your basis in the bond by the amortized amount. Amend 2011 tax Original issue discount (OID) on debt instruments. Amend 2011 tax   You must increase your basis in an OID debt instrument by the OID you include in income for that instrument. Amend 2011 tax See Original Issue Discount (OID) in chapter 7 and Publication 1212, Guide To Original Issue Discount (OID) Instruments. Amend 2011 tax Tax-exempt obligations. Amend 2011 tax    OID on tax-exempt obligations is generally not taxable. Amend 2011 tax However, when you dispose of a tax-exempt obligation issued after September 3, 1982, and acquired after March 1, 1984, you must accrue OID on the obligation to determine its adjusted basis. Amend 2011 tax The accrued OID is added to the basis of the obligation to determine your gain or loss. Amend 2011 tax See chapter 4 of Publication 550. Amend 2011 tax Prev  Up  Next   Home   More Online Publications