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Free Efile For State Taxes

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Free Efile For State Taxes

Free efile for state taxes 16. Free efile for state taxes   Reporting Gains and Losses Table of Contents What's New Introduction Useful Items - You may want to see: Reporting Capital Gains and Losses Exception 1. Free efile for state taxes Exception 2. Free efile for state taxes File Form 1099-B or Form 1099-S with the IRS. Free efile for state taxes Capital Losses Capital Gain Tax Rates What's New Maximum capital gain rates. Free efile for state taxes . Free efile for state taxes  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Free efile for state taxes Introduction This chapter discusses how to report capital gains and losses from sales, exchanges, and other dispositions of investment property on Form 8949 and Schedule D (Form 1040). Free efile for state taxes The discussion includes the following topics. Free efile for state taxes How to report short-term gains and losses. Free efile for state taxes How to report long-term gains and losses. Free efile for state taxes How to figure capital loss carryovers. Free efile for state taxes How to figure your tax on a net capital gain. Free efile for state taxes If you sell or otherwise dispose of property used in a trade or business or for the production of income, see Publication 544, Sales and Other Dispositions of Assets, before completing Schedule D (Form 1040). Free efile for state taxes Useful Items - You may want to see: Publication 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income 8582 Passive Activity Loss Limitations 8949 Sales and Other Dispositions of Capital Assets Schedule D (Form 1040) Capital Gains and Losses Reporting Capital Gains and Losses Generally, report capital gains and losses on Form 8949. Free efile for state taxes Complete Form 8949 before you complete line 1b, 2, 3, 8b, 9, or 10 of Schedule D (Form 1040). Free efile for state taxes Use Form 8949 to report: The sale or exchange of a capital asset not reported on another form or schedule; Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit; and Nonbusiness bad debts. Free efile for state taxes Use Schedule D (Form 1040): To figure the overall gain or loss from transactions reported on Form 8949; To report a gain from Form 6252 or Part I of Form 4797; To report a gain or loss from Form 4684, 6781, or 8824; To report capital gain distributions not reported directly on Form 1040 or Form 1040A; To report a capital loss carryover from the previous tax year to the current tax year; To report your share of a gain or (loss) from a partnership, S corporation, estate, or trust; To report transactions reported to you on a Form 1099-B (or substitute statement) showing basis was reported to the IRS and to which none of the Form 8949 adjustments or codes apply; and To report undistributed long-term capital gains from Form 2439. Free efile for state taxes On Form 8949, enter all sales and exchanges of capital assets, including stocks, bonds, etc. Free efile for state taxes , and real estate (if not reported on Form 4684, 4797, 6252, 6781, 8824, or line 1a or 8a of Schedule D). Free efile for state taxes Include these transactions even if you did not receive a Form 1099-B or 1099-S (or substitute statement) for the transaction. Free efile for state taxes Report short-term gains or losses in Part I. Free efile for state taxes Report long-term gains or losses in Part II. Free efile for state taxes Use as many Forms 8949 as you need. Free efile for state taxes Exceptions to filing Form 8949 and Schedule D (Form 1040). Free efile for state taxes   There are certain situations where you may not have to file Form 8949 and/or Schedule D (Form 1040). Free efile for state taxes Exception 1. Free efile for state taxes   You do not have to file Form 8949 or Schedule D (Form 1040) if you have no capital losses and your only capital gains are capital gain distributions from Form(s) 1099-DIV, box 2a (or substitute statements). Free efile for state taxes (If any Form(s) 1099-DIV (or substitute statements) you receive have an amount in box 2b (unrecaptured section 1250 gain), box 2c (section 1202 gain), or box 2d (collectibles (28%) gain), you do not qualify for this exception. Free efile for state taxes ) If you qualify for this exception, report your capital gain distributions directly on line 13 of Form 1040 (and check the box on line 13). Free efile for state taxes Also use the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 instructions to figure your tax. Free efile for state taxes You can report your capital gain distributions on line 10 of Form 1040A, instead of on Form 1040, if none of the Forms 1099-DIV (or substitute statements) you received have an amount in box 2b, 2c, or 2d, and you do not have to file Form 1040. Free efile for state taxes Exception 2. Free efile for state taxes   You must file Schedule D (Form 1040), but generally do not have to file Form 8949, if Exception 1 does not apply and your only capital gains and losses are: Capital gain distributions; A capital loss carryover; A gain from Form 2439 or 6252 or Part I of Form 4797; A gain or loss from Form 4684, 6781, or 8824; A gain or loss from a partnership, S corporation, estate, or trust; or Gains and losses from transactions for which you received a Form 1099-B (or substitute statement) that shows the basis was reported to the IRS and for which you do not need to make any adjustments in column (g) of Form 8949 or enter any codes in column (f) of Form 8949. Free efile for state taxes Installment sales. Free efile for state taxes   You cannot use the installment method to report a gain from the sale of stock or securities traded on an established securities market. Free efile for state taxes You must report the entire gain in the year of sale (the year in which the trade date occurs). Free efile for state taxes Passive activity gains and losses. Free efile for state taxes    If you have gains or losses from a passive activity, you may also have to report them on Form 8582. Free efile for state taxes In some cases, the loss may be limited under the passive activity rules. Free efile for state taxes Refer to Form 8582 and its instructions for more information about reporting capital gains and losses from a passive activity. Free efile for state taxes Form 1099-B transactions. Free efile for state taxes   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B or substitute statement from the broker. Free efile for state taxes Use the Form 1099-B or the substitute statement to complete Form 8949. Free efile for state taxes If you sold a covered security in 2013, your broker should send you a Form 1099-B (or substitute statement) that shows your basis. Free efile for state taxes This will help you complete Form 8949. Free efile for state taxes Generally, a covered security is a security you acquired after 2010. Free efile for state taxes   Report the gross proceeds shown in box 2a of Form 1099-B as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Free efile for state taxes However, if the broker advises you, in box 2a of Form 1099-B, that gross proceeds (sales price) less commissions and option premiums were reported to the IRS, enter that net sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Free efile for state taxes    Include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Free efile for state taxes If you include an expense of sale in column (g), enter “E” in column (f). Free efile for state taxes Form 1099-CAP transactions. Free efile for state taxes   If a corporation in which you own stock has had a change in control or a substantial change in capital structure, you should receive Form 1099-CAP or a substitute statement from the corporation. Free efile for state taxes Use the Form 1099-CAP or substitute statement to fill in Form 8949. Free efile for state taxes If your computations show that you would have a loss because of the change, do not enter any amounts on Form 8949 or Schedule D (Form 1040). Free efile for state taxes You cannot claim a loss on Schedule D (Form 1040) as a result of this transaction. Free efile for state taxes   Report the aggregate amount received shown in box 2 of Form 1099-CAP as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Free efile for state taxes Form 1099-S transactions. Free efile for state taxes   If you sold or traded reportable real estate, you generally should receive from the real estate reporting person a Form 1099-S showing the gross proceeds. Free efile for state taxes    “Reportable real estate” is defined as any present or future ownership interest in any of the following: Improved or unimproved land, including air space; Inherently permanent structures, including any residential, commercial, or industrial building; A condominium unit and its accessory fixtures and common elements, including land; and Stock in a cooperative housing corporation (as defined in section 216 of the Internal Revenue Code). Free efile for state taxes   A “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. Free efile for state taxes   Your Form 1099-S will show the gross proceeds from the sale or exchange in box 2. Free efile for state taxes See the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040) for how to report these transactions and include them in Part I or Part II of Form 8949 as appropriate. Free efile for state taxes However, report like-kind exchanges on Form 8824 instead. Free efile for state taxes   It is unlawful for any real estate reporting person to separately charge you for complying with the requirement to file Form 1099-S. Free efile for state taxes Nominees. Free efile for state taxes   If you receive gross proceeds as a nominee (that is, the gross proceeds are in your name but actually belong to someone else), see the Instructions for Form 8949 for how to report these amounts on Form 8949. Free efile for state taxes File Form 1099-B or Form 1099-S with the IRS. Free efile for state taxes   If you received gross proceeds as a nominee in 2013, you must file a Form 1099-B or Form 1099-S for those proceeds with the IRS. Free efile for state taxes Send the Form 1099-B or Form 1099-S with a Form 1096, Annual Summary and Transmittal of U. Free efile for state taxes S. Free efile for state taxes Information Returns, to your Internal Revenue Service Center by February 28, 2014 (March 31, 2014, if you file Form 1099-B or Form 1099-S electronically). Free efile for state taxes Give the actual owner of the proceeds Copy B of the Form 1099-B or Form 1099-S by February 18, 2014. Free efile for state taxes On Form 1099-B, you should be listed as the “Payer. Free efile for state taxes ” The other owner should be listed as the “Recipient. Free efile for state taxes ” On Form 1099-S, you should be listed as the “Filer. Free efile for state taxes ” The other owner should be listed as the “Transferor. Free efile for state taxes ” You do not have to file a Form 1099-B or Form 1099-S to show proceeds for your spouse. Free efile for state taxes For more information about the reporting requirements and the penalties for failure to file (or furnish) certain information returns, see the General Instructions for Certain Information Returns. Free efile for state taxes If you are filing electronically see Publication 1220. Free efile for state taxes Sale of property bought at various times. Free efile for state taxes   If you sell a block of stock or other property that you bought at various times, report the short-term gain or loss from the sale on one row in Part I of Form 8949, and the long-term gain or loss on one row in Part II of Form 8949. Free efile for state taxes Write “Various” in column (b) for the “Date acquired. Free efile for state taxes ” Sale expenses. Free efile for state taxes    On Form 8949, include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Free efile for state taxes If you include an expense of sale in column (g), enter “E” in column (f). Free efile for state taxes   For more information about adjustments to basis, see chapter 13. Free efile for state taxes Short-term gains and losses. Free efile for state taxes   Capital gain or loss on the sale or trade of investment property held 1 year or less is a short-term capital gain or loss. Free efile for state taxes You report it in Part I of Form 8949. Free efile for state taxes   You combine your share of short-term capital gain or loss from partnerships, S corporations, estates, and trusts, and any short-term capital loss carryover, with your other short-term capital gains and losses to figure your net short-term capital gain or loss on line 7 of Schedule D (Form 1040). Free efile for state taxes Long-term gains and losses. Free efile for state taxes    A capital gain or loss on the sale or trade of investment property held more than 1 year is a long-term capital gain or loss. Free efile for state taxes You report it in Part II of Form 8949. Free efile for state taxes   You report the following in Part II of Schedule D (Form 1040): Undistributed long-term capital gains from a mutual fund (or other regulated investment company) or real estate investment trust (REIT); Your share of long-term capital gains or losses from partnerships, S corporations, estates, and trusts; All capital gain distributions from mutual funds and REITs not reported directly on line 10 of Form 1040A or line 13 of Form 1040; and Long-term capital loss carryovers. Free efile for state taxes    The result after combining these items with your other long-term capital gains and losses is your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Free efile for state taxes Total net gain or loss. Free efile for state taxes   To figure your total net gain or loss, combine your net short-term capital gain or loss (Schedule D (Form 1040), line 7) with your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Free efile for state taxes Enter the result on Schedule D (Form 1040), Part III, line 16. Free efile for state taxes If your losses are more than your gains, see Capital Losses , next. Free efile for state taxes If both lines 15 and 16 of your Schedule D (Form 1040) are gains and your taxable income on your Form 1040 is more than zero, see Capital Gain Tax Rates , later. Free efile for state taxes Capital Losses If your capital losses are more than your capital gains, you can claim a capital loss deduction. Free efile for state taxes Report the amount of the deduction on line 13 of Form 1040, in parentheses. Free efile for state taxes Limit on deduction. Free efile for state taxes   Your allowable capital loss deduction, figured on Schedule D (Form 1040), is the lesser of: $3,000 ($1,500 if you are married and file a separate return); or Your total net loss as shown on line 16 of Schedule D (Form 1040). Free efile for state taxes   You can use your total net loss to reduce your income dollar for dollar, up to the $3,000 limit. Free efile for state taxes Capital loss carryover. Free efile for state taxes   If you have a total net loss on line 16 of Schedule D (Form 1040) that is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you had incurred it in that next year. Free efile for state taxes If part of the loss is still unused, you can carry it over to later years until it is completely used up. Free efile for state taxes   When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and whether or not you filed a return for the current year. Free efile for state taxes   When you carry over a loss, it remains long term or short term. Free efile for state taxes A long-term capital loss you carry over to the next tax year will reduce that year's long-term capital gains before it reduces that year's short-term capital gains. Free efile for state taxes Figuring your carryover. Free efile for state taxes   The amount of your capital loss carryover is the amount of your total net loss that is more than the lesser of: Your allowable capital loss deduction for the year; or Your taxable income increased by your allowable capital loss deduction for the year and your deduction for personal exemptions. Free efile for state taxes   If your deductions are more than your gross income for the tax year, use your negative taxable income in computing the amount in item (2). Free efile for state taxes    Complete the Capital Loss Carryover Worksheet in the Instructions for Schedule D or Publication 550 to determine the part of your capital loss that you can carry over. Free efile for state taxes Example. Free efile for state taxes Bob and Gloria sold securities in 2013. Free efile for state taxes The sales resulted in a capital loss of $7,000. Free efile for state taxes They had no other capital transactions. Free efile for state taxes Their taxable income was $26,000. Free efile for state taxes On their joint 2013 return, they can deduct $3,000. Free efile for state taxes The unused part of the loss, $4,000 ($7,000 − $3,000), can be carried over to 2014. Free efile for state taxes If their capital loss had been $2,000, their capital loss deduction would have been $2,000. Free efile for state taxes They would have no carryover. Free efile for state taxes Use short-term losses first. Free efile for state taxes   When you figure your capital loss carryover, use your short-term capital losses first, even if you incurred them after a long-term capital loss. Free efile for state taxes If you have not reached the limit on the capital loss deduction after using the short-term capital losses, use the long-term capital losses until you reach the limit. Free efile for state taxes Decedent's capital loss. Free efile for state taxes    A capital loss sustained by a decedent during his or her last tax year (or carried over to that year from an earlier year) can be deducted only on the final income tax return filed for the decedent. Free efile for state taxes The capital loss limits discussed earlier still apply in this situation. Free efile for state taxes The decedent's estate cannot deduct any of the loss or carry it over to following years. Free efile for state taxes Joint and separate returns. Free efile for state taxes   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. Free efile for state taxes However, if you and your spouse once filed a joint return and are now filing separate returns, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. Free efile for state taxes Capital Gain Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Free efile for state taxes These lower rates are called the maximum capital gain rates. Free efile for state taxes The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Free efile for state taxes For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Free efile for state taxes See Table 16-1 for details. Free efile for state taxes If you figure your tax using the maximum capital gain rate and the regular tax computation results in a lower tax, the regular tax computation applies. Free efile for state taxes Example. Free efile for state taxes All of your net capital gain is from selling collectibles, so the capital gain rate would be 28%. Free efile for state taxes If you are otherwise subject to a rate lower than 28%, the 28% rate does not apply. Free efile for state taxes Investment interest deducted. Free efile for state taxes   If you claim a deduction for investment interest, you may have to reduce the amount of your net capital gain that is eligible for the capital gain tax rates. Free efile for state taxes Reduce it by the amount of the net capital gain you choose to include in investment income when figuring the limit on your investment interest deduction. Free efile for state taxes This is done on the Schedule D Tax Worksheet or the Qualified Dividends and Capital Gain Tax Worksheet. Free efile for state taxes For more information about the limit on investment interest, see Interest Expenses in chapter 3 of Publication 550. Free efile for state taxes Table 16-1. Free efile for state taxes What Is Your Maximum Capital Gain Rate? IF your net capital gain is from . Free efile for state taxes . Free efile for state taxes . Free efile for state taxes THEN your  maximum capital gain rate is . Free efile for state taxes . Free efile for state taxes . Free efile for state taxes a collectibles gain 28% an eligible gain on qualified small business stock minus the section 1202 exclusion 28% an unrecaptured section 1250 gain 25% other gain1 and the regular tax rate that would apply is 39. Free efile for state taxes 6% 20% other gain1 and the regular tax rate that would apply is 25%, 28%, 33%, or 35% 15% other gain1 and the regular tax rate that would apply is 10% or 15% 0% 1 Other gain means any gain that is not collectibles gain, gain on qualified small business stock, or unrecaptured section 1250 gain. Free efile for state taxes     Collectibles gain or loss. Free efile for state taxes   This is gain or loss from the sale or trade of a work of art, rug, antique, metal (such as gold, silver, and platinum bullion), gem, stamp, coin, or alcoholic beverage held more than 1 year. Free efile for state taxes   Collectibles gain includes gain from sale of an interest in a partnership, S corporation, or trust due to unrealized appreciation of collectibles. Free efile for state taxes Gain on qualified small business stock. Free efile for state taxes    If you realized a gain from qualified small business stock that you held more than 5 years, you generally can exclude some or all of your gain under section 1202. Free efile for state taxes The eligible gain minus your section 1202 exclusion is a 28% rate gain. Free efile for state taxes See Gains on Qualified Small Business Stock in chapter 4 of Publication 550. Free efile for state taxes Unrecaptured section 1250 gain. Free efile for state taxes    Generally, this is any part of your capital gain from selling section 1250 property (real property) that is due to depreciation (but not more than your net section 1231 gain), reduced by any net loss in the 28% group. Free efile for state taxes Use the Unrecaptured Section 1250 Gain Worksheet in the Schedule D (Form 1040) instructions to figure your unrecaptured section 1250 gain. Free efile for state taxes For more information about section 1250 property and section 1231 gain, see chapter 3 of Publication 544. Free efile for state taxes Tax computation using maximum capital gain rates. Free efile for state taxes   Use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet (whichever applies) to figure your tax if you have qualified dividends or net capital gain. Free efile for state taxes You have net capital gain if Schedule D (Form 1040), lines 15 and 16, are both gains. Free efile for state taxes Schedule D Tax Worksheet. Free efile for state taxes   Use the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions to figure your tax if: You have to file Schedule D (Form 1040); and Schedule D (Form 1040), line 18 (28% rate gain) or line 19 (unrecaptured section 1250 gain), is more than zero. Free efile for state taxes Qualified Dividends and Capital Gain Tax Worksheet. Free efile for state taxes   If you do not have to use the Schedule D Tax Worksheet (as explained above) and any of the following apply, use the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040 or Form 1040A (whichever you file) to figure your tax. Free efile for state taxes You received qualified dividends. Free efile for state taxes (See Qualified Dividends in chapter 8. Free efile for state taxes ) You do not have to file Schedule D (Form 1040) and you received capital gain distributions. Free efile for state taxes (See Exceptions to filing Form 8949 and Schedule D (Form 1040) , earlier. Free efile for state taxes ) Schedule D (Form 1040), lines 15 and 16, are both more than zero. Free efile for state taxes Alternative minimum tax. Free efile for state taxes   These capital gain rates are also used in figuring alternative minimum tax. Free efile for state taxes Prev  Up  Next   Home   More Online Publications
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Understanding your CP24E Notice

We made changes to your return because we found a difference between the amount of estimated tax payments on your tax return and the amount we posted to your account. You have a potential overpayment credit because of these changes.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

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

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


What you need to do

  • Read your notice carefully — it will explain the changes we made to your return.
  • Check the list of payments we applied to your account to see if we applied all the payments you made.
  • Correct the copy of your tax return that you kept for your records.
  • You don't need to do anything if you agree with the notice.
  • If you disagree with the notice, please contact us at the toll-free number listed on its top right-hand corner (within 60 days of the notice’s date).

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Answers to Common Questions

Is an overpayment credit different from a refund?
You get an overpayment credit when your tax payments exceed what you owe. You will receive the overpayment credit as a refund automatically. You also, however, can ask us to apply the credit as an advance payment towards your next year's taxes instead of sending it to you as a refund.

When can I expect to receive my refund?
You will receive it in four to six weeks if you owe no other taxes or debts we're required to collect.

What can I do if I don't receive my refund in four to six weeks?
Call us at the toll-free number listed on the top right-hand corner of your notice.

How can I find out what caused my tax return to change?
Please contact us at the number listed on your notice for specific information concerning your tax return.

What should I do if I find you misapplied a payment or haven't credited a payment that I made?
Contact us with your information at the toll-free number listed on your notice. Please have your documentation (such as cancelled checks, amended return, etc.) ready when you call. Our representative will discuss the issue with you and give you further instructions.

What should I do if I disagree with the changes you made?
Contact us at the toll free number listed on the top right-hand corner of your notice.

How do I adjust my estimated tax payments?
You can adjust your estimated tax payments by completing a Form 1040-ES, Estimated Tax for Individuals. See Publication 505, Tax Withholding and Estimated Tax for more information.

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


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

You can receive your refund quickly with a direct deposit to your bank account by completing the banking information in the refund section of your tax return.

Page Last Reviewed or Updated: 03-Mar-2014

The Free Efile For State Taxes

Free efile for state taxes Index A Abandonment of home, Abandonment. Free efile for state taxes Absence, temporary, Temporary absence. Free efile for state taxes Abstract fees, Settlement fees or closing costs. Free efile for state taxes Address, change of, Reminders Adjusted basis, Adjusted Basis, Adjusted Basis Definition of, Determining Basis Worksheet 1 to figure, Determining Basis, Worksheet 1. Free efile for state taxes Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 1. Free efile for state taxes Adjusted Basis of Home Sold—Illustrated Example 3 for Emily White, Worksheet 1 Instructions. Free efile for state taxes Adjusted Basis of Home Sold Adoption Adjusted basis of home for credit claimed, Decreases to Basis Advertising fees, Selling expenses. Free efile for state taxes Amount realized, Amount Realized Appraisal fees, Settlement fees or closing costs. Free efile for state taxes Architect's fees, Construction. Free efile for state taxes Armed forces Ownership and use tests, Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Free efile for state taxes Assistance (see Tax help) B Back interest, Settlement fees or closing costs. Free efile for state taxes Basis Adjusted basis (see Adjusted basis) Determination of, Determining Basis, Adjusted Basis Other than cost, Basis Other Than Cost Building permit fees, Construction. Free efile for state taxes Business use of home, Business Use or Rental of Home, Use test met for business part (with no business use in year of sale). Free efile for state taxes C Casualties Amounts spent after to restore damaged property, Increases to Basis Deductible casualty losses, Decreases to Basis Disaster as cause of, Specific event safe harbors. Free efile for state taxes Insurance payments for casualty losses, Decreases to Basis Change of address, Reminders Closing costs, Settlement fees or closing costs. Free efile for state taxes Commissions, Selling expenses. Free efile for state taxes , Settlement fees or closing costs. Free efile for state taxes Community property Basis determination, Community property. Free efile for state taxes Condemnation Gain exclusion, Home destroyed or condemned. Free efile for state taxes Ownership and use test when previous home condemned, Previous home destroyed or condemned. Free efile for state taxes Condominiums As main home, Main Home Basis determination, Condominium. Free efile for state taxes Construction costs, Construction. Free efile for state taxes Built by you, Built by you. Free efile for state taxes Cooperative apartments As main home, Main Home Basis determination, Cooperative apartment. Free efile for state taxes Ownership and use tests, Cooperative apartment. Free efile for state taxes Cost as basis, Cost As Basis Credit reports Cost of obtaining, Settlement fees or closing costs. Free efile for state taxes D Date of sale, Date of sale. Free efile for state taxes Death Sale due to, Specific event safe harbors. Free efile for state taxes Spouse's death before sale, ownership and use tests, Sale of main home by surviving spouse. Free efile for state taxes Decreases to basis, Decreases to Basis Depreciation After May 6, 1997, Depreciation after May 6, 1997. Free efile for state taxes Home used for business or rental purposes, Decreases to Basis Destroyed homes Gain exclusion, Home destroyed or condemned. Free efile for state taxes Ownership and use test when previous home destroyed, Previous home destroyed or condemned. Free efile for state taxes Disabilities, individuals with Ownership and use test, Exception for individuals with a disability. Free efile for state taxes Disasters, Specific event safe harbors. Free efile for state taxes Discharge of qualified principal residence indebtedness, Adjusted Basis Divorce Home received from spouse, Home received from spouse. Free efile for state taxes Home transferred to spouse, Transfer to spouse. Free efile for state taxes Ownership and use tests, Home transferred from spouse. Free efile for state taxes Sale due to, Specific event safe harbors. Free efile for state taxes Transfers after July 18, 1984, Transfers after July 18, 1984. Free efile for state taxes Transfers before July 19, 1984, Transfers before July 19, 1984. Free efile for state taxes Use of home after divorce, Use of home after divorce. Free efile for state taxes Doctor's recommendation for sale, Doctor's recommendation safe harbor. Free efile for state taxes E Easements, Decreases to Basis Employee of the intelligence community, Employee of the intelligence community. Free efile for state taxes Employment Change in place of employment, Change in Place of Employment Payment by employer, when job transfer involved, Payment by employer. Free efile for state taxes Energy Conservation subsidies, Decreases to Basis Credit, Decreases to Basis Exclusion of gain, Excluding the Gain, Nonqualified Use Reduced maximum exclusion, Reduced Maximum Exclusion Expatriates, Expatriates. Free efile for state taxes F Federal mortgage subsidies Recapture of, Recapturing (Paying Back) a Federal Mortgage Subsidy Figuring gain or loss, Figuring Gain or Loss, More information. Free efile for state taxes Fire insurance premiums, Settlement fees or closing costs. Free efile for state taxes Foreclosure, Foreclosure or repossession. Free efile for state taxes Foreign Service, Foreign Service member. Free efile for state taxes Ownership and use tests, Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Free efile for state taxes Form 1040 Reporting sale of home, Reporting the Sale Seller-financed mortgages, Seller-financed mortgage. Free efile for state taxes Form 1040, Schedule A Real estate taxes, Real estate taxes. Free efile for state taxes Form 1040, Schedule D Reporting sale of home, Reporting the Sale Form 1099-S Proceeds from real estate transactions, Date of sale. Free efile for state taxes , Form 1099-S. Free efile for state taxes , Form 1099-S. Free efile for state taxes Form 2119 Sale of home, Adjusted Basis Form 6252 Installment sale income, Installment sale. Free efile for state taxes Form 8828 Recapture tax, How to figure and report the recapture. Free efile for state taxes Form 8960 Net Investment Income Tax, Net Investment Income Tax (NIIT). Free efile for state taxes NIIT, Net Investment Income Tax (NIIT). Free efile for state taxes Form 982 Discharge of indebtedness, Adjusted Basis Free tax services, Free help with your tax return. Free efile for state taxes Future developments, Future Developments G Gain or loss Basis determination, Determining Basis, Adjusted Basis Exclusion of gain, Excluding the Gain Exclusion of gain, nonqualified use, Nonqualified Use Gain on sale, Gain on sale. Free efile for state taxes Loss on sale, Loss on sale. Free efile for state taxes Postponed from sale of previous home before May 7, 1997, Decreases to Basis Worksheet 2 to figure, Worksheet 2. Free efile for state taxes Taxable Gain on Sale of Home—Completed Example 1 for Amy, Worksheet 1. Free efile for state taxes Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 2. Free efile for state taxes Taxable Gain on Sale of Home—Illustrated Example 2 for Peter and Betty Clark, Worksheet 2. Free efile for state taxes Taxable Gain on Sale of Home—Illustrated Example 3 for Emily White, Worksheet 2. Free efile for state taxes Taxable Gain on Sale of Home Gifts Home received as, Home received as gift. Free efile for state taxes H Health Sale of home due to, Health Help (see Tax help) Homebuyer credit Recapture, Recapture of the post-2008 first-time homebuyer credit. Free efile for state taxes Houseboats As main home, Main Home I Important reminders Change of address, Reminders Home sold with undeducted points, Reminders Improvements Adjusted basis determination, Improvements. Free efile for state taxes Charges for, Settlement fees or closing costs. Free efile for state taxes Receipts and other records, Adjusted Basis Useful life of more than 1 year, Increases to Basis Increases to basis, Increases to Basis Individual taxpayer identification numbers (ITINs), Individual taxpayer identification number (ITIN). Free efile for state taxes Inheritance Home received as, Home acquired from a decedent who died before or after 2010. Free efile for state taxes Installment sales, Installment sale. Free efile for state taxes Involuntary conversion, Specific event safe harbors. Free efile for state taxes ITINs (Individual taxpayer identification numbers), Individual taxpayer identification number (ITIN). Free efile for state taxes J Joint owners not married, Joint owners not married. Free efile for state taxes Joint returns, Jointly owned home. Free efile for state taxes Ownership and use tests, Married Persons L Land Sale of land on which home located, Land. Free efile for state taxes Sale of vacant land, Vacant land. Free efile for state taxes Legal fees, Selling expenses. Free efile for state taxes , Settlement fees or closing costs. Free efile for state taxes , Construction. Free efile for state taxes Legal separation Sale due to, Specific event safe harbors. Free efile for state taxes Like-kind exchange, Sale of home acquired in a like-kind exchange. Free efile for state taxes Living expenses, Reasonable basic living expenses. Free efile for state taxes Loan assumption fees, Settlement fees or closing costs. Free efile for state taxes Loan placement fees, Selling expenses. Free efile for state taxes Loss (see Gain or loss) M Main home Defined, Main Home Factors used to determine, Factors used to determine main home. Free efile for state taxes Property used partly as, Property used partly as your main home. Free efile for state taxes , Property Used Partly for Business or Rental Married taxpayers (see Joint returns) Maximum exclusion, Maximum Exclusion Reduced, Reduced Maximum Exclusion Military (see Armed forces) Missing children, photographs of, Reminders Mobile homes As main home, Main Home More than one home, More than one home. Free efile for state taxes Mortgage fees, Settlement fees or closing costs. Free efile for state taxes Mortgage insurance premiums, Settlement fees or closing costs. Free efile for state taxes Mortgage subsidies Recapturing (paying back) federal mortgage subsidy, Recapturing (Paying Back) a Federal Mortgage Subsidy Mortgages, seller-financed, Seller-financed mortgage. Free efile for state taxes Moving expense, Settlement fees or closing costs. Free efile for state taxes Multiple births Sale due to, Specific event safe harbors. Free efile for state taxes N Nonqualified use, Nonqualified Use Nonresident aliens Spouse as, transfer of home to, Exception. Free efile for state taxes O Option to buy home, Option to buy. Free efile for state taxes Ownership and use tests, Ownership and Use Tests, Ownership and use tests met at different times. Free efile for state taxes P Partly used for business, Property Used Partly for Business or Rental Personal property Selling price of home not to include, Personal property. Free efile for state taxes Points, Selling expenses. Free efile for state taxes Home sold with undeducted points, Reminders Seller-paid, Seller-paid points. Free efile for state taxes Publications (see Tax help) R Real estate taxes, Settlement fees or closing costs. Free efile for state taxes , Real estate taxes. Free efile for state taxes Deducting in year of sale, Deducting Taxes in the Year of Sale Recapture of federal mortgage subsidy, Recapturing (Paying Back) a Federal Mortgage Subsidy Recapture of first-time homebuyer credit, Recapture of First-Time Homebuyer Credit Recording fees, Settlement fees or closing costs. Free efile for state taxes Recordkeeping, Adjusted Basis Reduced maximum exclusion, Reduced Maximum Exclusion Worksheet 3, Worksheet 3. Free efile for state taxes Reduced Maximum Exclusion Refinancing, Settlement fees or closing costs. Free efile for state taxes Relatives Sale of home to, Exception for sales to related persons. Free efile for state taxes Remainder interest Sale of, Sale of remainder interest. Free efile for state taxes Remodeling, Improvements. Free efile for state taxes , Exception. Free efile for state taxes (see also Improvements) Rental of home, Business Use or Rental of Home, Use test met for business part (with no business use in year of sale). Free efile for state taxes Before closing, by buyer, Settlement fees or closing costs. Free efile for state taxes Partial use, Property Used Partly for Business or Rental Repairs, Settlement fees or closing costs. Free efile for state taxes , Improvements. Free efile for state taxes , Repairs. Free efile for state taxes (see also Improvements) Reporting the sale, Reporting the Sale, Worksheet 2. Free efile for state taxes Taxable Gain on Sale of Home—Illustrated Example 3 for Emily White Repossession, Foreclosure or repossession. Free efile for state taxes Right-of-ways, Decreases to Basis S Safe harbors Distance safe harbor, Distance safe harbor. Free efile for state taxes Doctor's recommendation for sale, Doctor's recommendation safe harbor. Free efile for state taxes Unforeseeable events, Specific event safe harbors. Free efile for state taxes Sales commissions, Selling expenses. Free efile for state taxes , Settlement fees or closing costs. Free efile for state taxes Sales to related persons, Exception for sales to related persons. Free efile for state taxes Self-employed persons Change in status causing inability to pay basic expenses, Specific event safe harbors. Free efile for state taxes Seller-financed mortgages, Seller-financed mortgage. Free efile for state taxes Seller-paid points, Seller-paid points. Free efile for state taxes Selling expenses, Selling expenses. Free efile for state taxes Selling price, Selling Price Separate returns, Separate returns. Free efile for state taxes Settlement fees, Settlement fees or closing costs. Free efile for state taxes Spouse Death of (see Surviving spouse) Divorce, transfers subsequent to (see Divorce) Survey fees, Settlement fees or closing costs. Free efile for state taxes Surviving spouse Basis determination, Surviving spouse. Free efile for state taxes Ownership and use tests, Sale of main home by surviving spouse. Free efile for state taxes T Tax help, How To Get Tax Help Temporary absence, Temporary absence. Free efile for state taxes Temporary housing, Temporary housing. Free efile for state taxes Title insurance, Settlement fees or closing costs. Free efile for state taxes Title search fees, Settlement fees or closing costs. Free efile for state taxes Trading homes, Trading (exchanging) homes. Free efile for state taxes , Home received as trade. Free efile for state taxes Transfer taxes, Settlement fees or closing costs. Free efile for state taxes , Transfer taxes. Free efile for state taxes Transfer to spouse, Transfer to spouse. Free efile for state taxes After July 18, 1984, Transfers after July 18, 1984. Free efile for state taxes Before July 19, 1984, Transfers before July 19, 1984. Free efile for state taxes TTY/TDD information, How To Get Tax Help U Unemployment, Specific event safe harbors. Free efile for state taxes Unforeseen circumstances, Unforeseen Circumstances Uniformed services (see Armed forces) Use tests, Ownership and Use Tests, Ownership and use tests met at different times. Free efile for state taxes Utilities Charges for installing, Settlement fees or closing costs. Free efile for state taxes Charges related to occupancy of house before closing, Settlement fees or closing costs. Free efile for state taxes Energy conservation subsidy, Decreases to Basis Meter and connection charges for construction, Construction. Free efile for state taxes V Vacant land Sale of, Vacant land. Free efile for state taxes W Worksheets, Worksheets. Free efile for state taxes Adjusted basis (Worksheet 1), Determining Basis, Worksheet 1. Free efile for state taxes Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 1. Free efile for state taxes Adjusted Basis of Home Sold—Illustrated Example 3 for Emily White, Worksheet 1 Instructions. Free efile for state taxes Adjusted Basis of Home Sold Gain (or loss), exclusion, and taxable gain (Worksheet 2), Worksheet 2. Free efile for state taxes Taxable Gain on Sale of Home—Completed Example 1 for Amy, Worksheet 1. Free efile for state taxes Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 2. Free efile for state taxes Taxable Gain on Sale of Home—Illustrated Example 2 for Peter and Betty Clark, Worksheet 2. Free efile for state taxes Taxable Gain on Sale of Home—Illustrated Example 3 for Emily White, Worksheet 2. Free efile for state taxes Taxable Gain on Sale of Home Recordkeeping and, Adjusted Basis Reduced maximum exclusion (Worksheet 3), Worksheet 3. Free efile for state taxes Reduced Maximum Exclusion Prev  Up     Home   More Online Publications