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Free tax service 30. Free tax service   Cómo Calcular los Impuestos Table of Contents Introduction Cómo Calcular los Impuestos Impuesto Mínimo Alternativo (AMT) Impuestos Calculados por el IRS Cómo Presentar la Declaración Introduction Una vez que haya calculado los ingresos y deducciones según se explica en las Partes Uno a Cinco, calcule los impuestos. Free tax service Este capítulo trata sobre los temas siguientes: Los pasos a seguir para calcular los impuestos, Un impuesto adicional que podría verse obligado a pagar, el cual se denomina “impuesto mínimo alternativo” (AMT, por sus siglas en inglés) y Las condiciones que tiene que cumplir si desea que el IRS le calcule los impuestos. Free tax service Cómo Calcular los Impuestos El impuesto sobre los ingresos se basa en los ingresos tributables. Free tax service Después de haber calculado el impuesto sobre los ingresos y el impuesto mínimo alternativo, si lo hubiera, reste los créditos tributarios y sume cualquier otro impuesto adeudado. Free tax service El resultado es el total de los impuestos. Free tax service Compare el total de los impuestos con el total de los pagos que ha efectuado para saber si tiene derecho a un reembolso o si tiene que efectuar un pago. Free tax service Esta sección expone los puntos generales para calcular el impuesto. Free tax service Puede encontrar instrucciones detalladas en las Instrucciones de los Formularios 1040EZ, 1040A y 1040. Free tax service Si no está seguro de qué formulario tributario debe presentar, vea ¿Qué Formulario Debo Usar? , en el capítulo 1. Free tax service Impuestos. Free tax service   La mayor parte de los contribuyentes utiliza la Tabla de Impuestos o la Hoja de Trabajo para el Cálculo del Impuesto para calcular el impuesto sobre el ingreso. Free tax service No obstante, existen métodos especiales si los ingresos incluyen cualquiera de los siguientes puntos: Una ganancia neta de capital. Free tax service (Vea el capítulo 16). Free tax service Dividendos calificados gravados a la misma tasa que una ganancia neta de capital. Free tax service (Vea los capítulos 8 y 16). Free tax service Distribuciones de suma global. Free tax service (Vea el capítulo 10). Free tax service Ingresos procedentes de la agricultura o pesca. Free tax service (Vea el Anexo J del Formulario 1040, Income Averaging for Farmers and Fishermen (Cómo calcular el promedio de ingresos para los agricultores y pescadores), en inglés. Free tax service Ingresos de inversiones de más de $2,000 para determinados hijos. Free tax service (Vea el capítulo 31). Free tax service Elección del padre o de la madre de declarar los intereses y dividendos de un hijo. Free tax service (Vea el capítulo 31). Free tax service Exclusión de ingresos devengados en el extranjero o exclusión por concepto de vivienda en el extranjero. Free tax service (Vea el Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero) o el Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero) y el Foreign Earned Income Tax Worksheet (Hoja de trabajo para los impuestos sobre ingresos devengados en el extranjero) de las Instrucciones del Formulario 1040), todos en inglés. Free tax service Créditos. Free tax service   Luego de haber calculado el impuesto sobre los ingresos y todo impuesto mínimo alternativo (explicado más adelante), verifique si tiene derecho a algún crédito tributario. Free tax service Puede encontrar información para saber si tiene derecho a estos créditos tributarios en los capítulos 32 al 37 y en las instrucciones de los formularios de impuestos. Free tax service La tabla a continuación muestra los créditos que tal vez pueda restar del impuesto y le indica en dónde puede encontrar más información sobre cada crédito. Free tax service CRÉDITOS Para información sobre: Vea el   capítulo: Adopción 37 Vehículo motorizado alternativo 37 Propiedad para reabastecimiento de vehículos con combustible alternativo 37 Cuidado de menores y dependientes 32 Crédito tributario por hijos 34 Crédito para titulares de bonos de crédito tributario 37 Estudios 35 Ancianos o personas incapacitadas 33 Crédito por vehículos eléctricos 37 Impuestos del extranjero 37 Intereses hipotecarios 37 Impuesto mínimo de años anteriores 37 Energía residencial 37 Aportaciones a arreglos de ahorros para la jubilación 37   Hay algunos créditos (como el crédito por ingreso del trabajo) que no aparecen en la lista porque se consideran pagos. Free tax service Vea Pagos , más adelante. Free tax service   Existen otros créditos no abordados en esta publicación. Free tax service Éstos abarcan los siguientes créditos: Crédito general para negocios, el cual se compone de distintos créditos relacionados con los negocios. Free tax service Éstos suelen declararse en el Formulario 3800, General Business Credit (Crédito general para negocios) y se explican en el capítulo 4 de la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambos en inglés. Free tax service Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios para electricidad y carbón refinado producidos en instalaciones puestas en funcionamiento después del 22 de octubre de 2004 (después del 2 de octubre de 2008, para la electricidad producida mediante la energía hidrocinética renovable y la energía marina renovable) y carbón de yacimientos en tierras pertenecientes a indios producido en instalaciones puestas en funcionamiento después del 8 de agosto de 2005. Free tax service Vea la Parte II del Formulario 8835, Renewable Electricity, Refined Coal, and Indian Coal Production Credit (Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios), en inglés. Free tax service Crédito de oportunidad laboral. Free tax service Vea el Formulario 5884, Work Opportunity Credit (Crédito de oportunidad laboral), en inglés. Free tax service Crédito por impuestos del Seguro Social y Medicare del empleador pagados sobre ciertas propinas del empleado. Free tax service Vea el Formulario 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips (Crédito por impuestos del Seguro Social y del Medicare pagados por el empleador sobre ciertas propinas del empleado), en inglés. Free tax service Otros impuestos. Free tax service   Después de haber restado los créditos tributarios, determine si tiene que pagar impuestos adicionales. Free tax service Este capítulo no explica dichos impuestos adicionales. Free tax service Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. Free tax service Consulte la tabla siguiente para ver otros impuestos que tal vez necesite sumar al impuesto sobre los ingresos. Free tax service OTROS IMPUESTOS Para información sobre: Vea el   capítulo: Impuestos adicionales sobre planes de jubilación y arreglos IRA calificados 10, 17 Impuestos sobre el empleo de empleados domésticos 32 Recuperación de un crédito para estudios 35 Impuesto del Seguro Social y Medicare sobre el salario 5 Impuesto del Seguro Social y Medicare sobre las propinas 6 Impuestos no retenidos del Seguro Social y Medicare sobre propinas 6   Usted quizás podría verse obligado a pagar el impuesto mínimo alternativo (el cual se explica más adelante en este capítulo). Free tax service   Existen impuestos adicionales que no se explican en esta publicación. Free tax service Éstos abarcan lo siguiente: Impuesto sobre el trabajo por cuenta propia. Free tax service Tiene que calcular este impuesto si cualquiera de las dos condiciones siguientes le corresponde (o a su cónyuge, si usted presenta una declaración conjunta). Free tax service Tiene ganancias netas provenientes del trabajo por cuenta propia de $400 o más, salvo ingresos de un empleado de una iglesia. Free tax service El término “ganancias netas provenientes del trabajo por cuenta propia” puede incluir determinada remuneración que no recibió como empleado y otras cantidades detalladas en el Formulario 1099-MISC, Miscellaneous Income (Ingresos misceláneos), en inglés. Free tax service Si recibió el Formulario 1099-MISC, vea las Instructions for Recipient (Instrucciones para el destinatario), al dorso del mismo. Free tax service Asimismo, vea las instrucciones del Anexo SE del Formulario 1040, Self-Employment Tax (Impuesto sobre el trabajo por cuenta propia) y la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambas en inglés. Free tax service Recibió ingresos de $108. Free tax service 28 o más como empleado de una iglesia. Free tax service Impuesto Adicional del Medicare. Free tax service Comenzando en el año 2013, usted quizás podría estar sujeto a un Impuesto Adicional del Medicare de 0. Free tax service 9%, que se le aplica a los salarios sujetos al impuesto Medicare, la remuneración recibida conforme a la Railroad Retirement Act (Ley de Jubilación Ferroviaria) y el ingreso sobre el trabajo por cuenta propia que esté sobre cierta cantidad según su estado civil para efectos de la declaración. Free tax service Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8959, ambas disponibles en inglés. Free tax service Impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Free tax service Comenzando en el año 2013, usted quizás podría estar sujeto al impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Free tax service El NIIT es un impuesto de 3. Free tax service 8% sobre la cantidad menor entre el ingreso neto de inversión o la cantidad en exceso de su ingreso bruto ajustado modificado sobre una cantidad límite. Free tax service Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8960, ambas disponibles en inglés. Free tax service Impuestos sobre recuperaciones. Free tax service Podría verse obligado a pagar estos impuestos si antes ha reclamado un crédito por inversiones, crédito de vivienda para personas de bajos recursos, crédito por mercados nuevos, crédito por vehículos enchufables con motor de dirección eléctrica que reúnen los requisitos, crédito por vehículo motorizado alternativo, crédito por instalaciones para proveer cuidado de niños provistas por el empleador, crédito por empleo de indios estadounidenses u otros créditos enumerados en las instrucciones para la línea 60 del Formulario 1040. Free tax service Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax service Impuesto sobre beneficios en exceso de la sección 72(m)(5). Free tax service Si usted es (o fue) propietario del 5% de un negocio y recibió una distribución superior a los beneficios que se le ofrecen conforme a la fórmula para planes de pensiones o de anualidades calificados, tal vez tenga que pagar este impuesto adicional. Free tax service Vea Tax on Excess Benefits (Impuesto sobre beneficios en exceso), en el capítulo 4 de la Publicación 560, Retirement Plans for Small Business (Planes de jubilación para pequeños negocios), en inglés. Free tax service Impuesto del Seguro Social y Medicare sobre el seguro de vida colectivo a término fijo que no fue recaudado. Free tax service Si su antiguo empleador proveyó más de $50,000 en cobertura de seguro de vida colectivo a término fijo, usted tiene que pagar la parte correspondiente al empleado de los impuestos del Seguro Social y Medicare sobre esas primas. Free tax service La cantidad debe aparecer en el recuadro 12 del Formulario W-2 con los códigos M y N. Free tax service Impuestos sobre pagos de contrato blindado. Free tax service Este impuesto le corresponde si recibió un “pago de contrato blindado en exceso” ( “excess parachute payment” o EPP, por sus siglas en inglés) debido a un cambio de propietario o administración de la empresa. Free tax service La cantidad de este impuesto debe estar indicada en el recuadro 12 del Formulario W-2 con el código K. Free tax service Vea las instrucciones para la línea 60 del Formulario 1040. Free tax service Impuestos sobre distribuciones acumuladas de fideicomisos. Free tax service Esto le corresponde si es el beneficiario de un fideicomiso que haya acumulado ingresos, en vez de haberlos distribuido a intervalos regulares. Free tax service Vea el Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuestos sobre distribuciones acumuladas de fideicomisos), y sus instrucciones, en inglés. Free tax service Impuestos adicionales sobre las cuentas HSA o MSA. Free tax service Puede que tenga que pagar impuestos adicionales si las cantidades que se han aportado a su cuenta de ahorros para la salud (HSA, por sus siglas en inglés) o su cuenta de ahorros para gastos médicos (MSA, por sus siglas en inglés) o las cantidades que se han distribuido de éstas no cumplen los requisitos correspondientes a dichas cuentas. Free tax service Vea la Publicación 969, Health Savings Accounts and Other Tax-Favored Health Plans (Cuentas de ahorros para la salud y otros planes para la salud con beneficios tributarios); el Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Cuentas Archer MSA de ahorros médicos y contratos del seguro de cuidado a largo plazo); Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorros médicos (HSA, por sus siglas en inglés)) y el Formulario 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (Impuestos adicionales sobre planes calificados (incluidos los arreglos IRA) y otras cuentas con beneficios tributarios), todos en inglés. Free tax service Impuestos adicionales en cuentas Coverdell ESA para estudios. Free tax service Esto es aplicable si las cantidades que se han aportado a su cuenta Coverdell ESA para estudios o que se han distribuido de la misma no satisfacen los requisitos correspondientes a dichas cuentas. Free tax service Vea la Publicación 970, Tax Benefits for Education (Prestaciones tributarias para estudios) y el Formulario 5329, ambos en inglés. Free tax service Impuestos adicionales sobre programas de matrícula calificada. Free tax service Esto corresponde a cantidades distribuidas de programas de matrícula calificada generales pero que no cumplan los requisitos de dichas cuentas. Free tax service Vea la Publicación 970 y el Formulario 5329, ambos en inglés. Free tax service Impuestos sobre artículos de uso y consumo gravados sobre remuneraciones de acciones internas de una empresa expatriada. Free tax service Tal vez adeude un impuesto sobre artículos de uso y consumo del 15% sobre el valor de opciones de acciones no estatutarias y sobre otra remuneración determinada procedente de las acciones, de las cuales usted o un miembro de su familia es dueño, que es de una empresa expatriada o su grupo ampliado de filiales en las que usted fue ejecutivo, directivo o propietario de más del 10%. Free tax service Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax service Impuestos adicionales sobre ingresos recibidos de un plan de remuneración diferida no calificado que no reúna determinados requisitos adicionales. Free tax service Estos ingresos tienen que aparecer en el recuadro 12 del Formulario W-2, con el código Z o en el recuadro 15b del Formulario 1099-MISC. Free tax service Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax service Intereses sobre los impuestos adeudados sobre ingresos de pagos a plazo procedentes de la venta de ciertos terrenos residenciales y multipropiedades. Free tax service Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax service Intereses sobre los impuestos diferidos sobre ganancias de ciertas ventas a plazos con precio de venta superior a $150,000. Free tax service Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free tax service Devolución del crédito tributario para comprador de primera vivienda. Free tax service Si desea más información, vea el Formulario 5405, Repayment of the First-Time Homebuyer Credit (Devolución del crédito tributario para comprador de primera vivienda) y sus instrucciones, disponibles en inglés. Free tax service Además, vea las instrucciones para la línea 59b del Formulario 1040, en inglés. Free tax service Pagos. Free tax service   Después de calcular el impuesto total, calcule el total de los pagos que ya haya efectuado para el año. Free tax service Incluya los créditos que se tratan como pagos. Free tax service Este capítulo no explica dichos pagos ni créditos. Free tax service Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. Free tax service Vea la siguiente tabla para saber qué cantidades se pueden incluir en el total de sus pagos. Free tax service PAGOS Para información sobre: Vea el   capítulo: Crédito tributario por hijos (adicional) 34 Crédito por ingreso del trabajo 36 Impuestos estimados pagados 4 Impuestos de Seguro Social o impuestos de la jubilación ferroviaria retenidos en exceso 37 Retención del impuesto federal sobre los ingresos 4 Crédito tributario por cobertura del seguro médico 37 Crédito por sociedad inversionista reglamentada 37 Impuesto pagado a través de prórroga 1   Otro crédito que se considera un pago es el crédito por concepto del impuesto federal sobre artículos de uso y consumo pagado sobre combustibles. Free tax service Este crédito es para personas que hagan uso no tributable de determinados combustibles, tales como diésel y keroseno. Free tax service Se declara en la línea 70 del Formulario 1040. Free tax service Vea el Formulario 4136, Credit for Federal Tax Paid on Fuels (Crédito por impuestos federales pagados sobre combustibles), en inglés. Free tax service Reembolso o saldo adeudado. Free tax service   Para saber si tiene derecho a recibir un reembolso o si tiene que efectuar algún pago, compare el total de los pagos con el total del impuesto. Free tax service Si tiene derecho a un reembolso, vea las instrucciones del formulario que presentará para saber cómo puede depositar dicho reembolso directamente en una o más de sus cuentas o para comprar bonos de ahorros de los Estados Unidos en vez de recibir un cheque en papel. Free tax service Impuesto Mínimo Alternativo (AMT) Esta sección explica brevemente el impuesto adicional que podría verse obligado a pagar. Free tax service La ley tributaria les da un trato especial a determinados tipos de ingresos y permite deducciones y créditos especiales para algunos tipos de gastos. Free tax service Los contribuyentes que se vean beneficiados por este trato particular podrían estar obligados a pagar al menos una cantidad mínima de impuestos mediante otro impuesto adicional denominado “impuesto mínimo alternativo” (AMT, por sus siglas en inglés). Free tax service Tal vez tenga que pagar el impuesto mínimo alternativo si sus ingresos tributables para fines tributarios normales, sumados a determinados ajustes y elementos de preferencia tributaria, superan una determinada cantidad. Free tax service Vea el Formulario 6251, Alternative Minimum Tax — Individuals (Impuesto mínimo alternativo — personas físicas), en inglés. Free tax service Ajustes y elementos de preferencia tributaria. Free tax service   Los ajustes más comunes y elementos de preferencia tributaria abarcan los siguientes casos: Inclusión de exenciones personales, Inclusión de la deducción estándar (si ésta se reclamó), Inclusión de deducciones detalladas por concepto de impuestos estatales y locales, determinados intereses, la mayor parte de las deducciones misceláneas y parte de los gastos médicos, Exclusión de todo reembolso de impuestos estatales y locales que se haya incluido en los ingresos brutos, Cambios en la depreciación acelerada de determinados bienes, La diferencia entre ganancias y pérdidas sobre la venta de bienes declarada para fines tributarios normales y del impuesto mínimo alternativo, Inclusión de determinados ingresos procedentes de opciones de compra de acciones con incentivo, Cambio en ciertas deducciones por pérdidas de actividades pasivas, Inclusión de algún valor de agotamiento que sea superior a la base ajustada de los bienes, Inclusión de una parte de la deducción por ciertos gastos de perforación intangibles e Inclusión de intereses exentos de impuestos sobre determinados bonos de una actividad privada. Free tax service Información adicional. Free tax service   Para más información acerca del impuesto mínimo alternativo, vea las Instrucciones para el Formulario 6251, en inglés. Free tax service Impuestos Calculados por el IRS Si presenta la declaración para el 15 de abril de 2014, puede pedir que el IRS le calcule los impuestos en el Formulario 1040EZ, el Formulario 1040A o el Formulario 1040. Free tax service Si el IRS le calcula los impuestos y usted pagó demasiado, recibirá un reembolso. Free tax service Si no pagó lo suficiente, recibirá una factura que indique el saldo adeudado. Free tax service Para no tener que pagar intereses o una multa por pagos morosos, tiene que pagar la factura dentro de 30 días a partir de la fecha de la factura o para la fecha de vencimiento para la presentación de la declaración, la que ocurra más tarde. Free tax service El IRS también le calcula el crédito para ancianos o personas incapacitadas además del crédito por ingreso del trabajo. Free tax service Cuándo el IRS no puede calcularle los impuestos. Free tax service   El IRS no puede calcularle los impuestos si se da alguna de las siguientes condiciones: Desea que el reembolso se deposite directamente en sus cuentas. Free tax service Desea que alguna parte del reembolso se aplique al impuesto estimado de 2014. Free tax service Recibió ingresos para el año de fuentes que no sean salarios, sueldos, propinas, intereses, dividendos, beneficios de Seguro Social sujetos a impuestos, compensación por desempleo, distribuciones de un arreglo IRA, pensiones y anualidades. Free tax service Su ingreso tributable es $100,000 o más. Free tax service Detalla las deducciones. Free tax service Presenta cualquiera de los siguientes formularios: Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero), en inglés. Free tax service Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero), en inglés. Free tax service Formulario 4137, Social Security and Medicare Tax on Unreported Tip Income (Impuestos del Seguro Social y Medicare sobre el ingreso de propinas no declaradas), en inglés. Free tax service Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuesto sobre distribuciones acumuladas de un fideicomiso), en inglés. Free tax service Formulario 4972, Tax on Lump-Sum Distributions (Impuesto sobre distribuciones de sumas globales), en inglés. Free tax service Formulario 6198, At-Risk Limitations (Límites sobre el monto en riesgo), en inglés. Free tax service Formulario 6251, Alternative Minimum Tax—Individuals (Impuesto mínimo alternativo—personas físicas), en inglés. Free tax service Formulario 8606, Nondeductible IRAs (Arreglos IRA no deducibles), en inglés. Free tax service Formulario 8615, Tax for Certain Children Who Have Unearned Income (Impuesto para determinados hijos con ingresos no derivados del trabajo), en inglés. Free tax service Formulario 8814, Parents' Election To Report Child's Interest and Dividends (Decisión de los padres de declarar los intereses y dividendos del hijo), en inglés. Free tax service Formulario 8839, Qualified Adoption Expenses (Gastos de adopción calificados), en inglés. Free tax service Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Planes de ahorros para gastos médicos Archer y contratos de seguro para cuidados a largo plazo), en inglés. Free tax service Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorro para gastos médicos (HSA)), en inglés. Free tax service Formulario 8919, Uncollected Social Security and Medicare Tax on Wages (Impuestos sobre salarios sujetos al Seguro Social y al Medicare no recaudados), en inglés. Free tax service Cómo Presentar la Declaración Después de haber completado las líneas del formulario de impuestos que va a presentar, escriba su nombre y dirección. Free tax service En el espacio provisto, anote su número de Seguro Social. Free tax service Si es casado, escriba los números de Seguro Social de usted y su cónyuge aun si presenta una declaración por separado. Free tax service Firme y feche la declaración y escriba su(s) oficio(s). Free tax service Si presenta una declaración conjunta, usted y su cónyuge tienen que firmarla. Free tax service En el espacio provisto, anote un número telefónico con su código de área donde ubicarlo durante el día. Free tax service Esto agilizará la tramitación de su declaración si el IRS tiene una pregunta que puede ser resuelta por teléfono. Free tax service Si presenta una declaración conjunta de impuestos, anote el número de teléfono donde usted o su cónyuge pueden ser localizados durante el día. Free tax service Si desea autorizar al IRS para que hable sobre su declaración de impuestos del año 2013 con su amigo, con un miembro de su familia o con cualquier persona que usted elija, marque el recuadro “ Yes ” (Sí) en el área titulada “ Third Party Designee ” (Designación de un tercero) de su declaración de impuestos. Free tax service También, escriba el nombre del designado, número de teléfono y cualesquier 5 dígitos que el designado elija como su número de identificación personal (PIN, por sus siglas en inglés). Free tax service Si marca el recuadro “ Yes ” (Sí), usted y su cónyuge, si presentan una declaración conjunta, autoriza(n) a los empleados del IRS a llamar al designado para que éste conteste toda pregunta que surja durante el trámite de su declaración de impuestos. Free tax service Complete y adjunte a su declaración en papel cualesquier anexo y formulario solicitado en las líneas que usted completó. Free tax service Adjunte una copia de cada uno de los Formularios W-2 a la declaración en papel. Free tax service Además, adjunte a su declaración en papel todo Formulario 1099-R recibido que indique retención de impuestos en el recuadro 4. Free tax service Envíe la declaración al Internal Revenue Service Center (Centro de Servicio del IRS) que corresponda al área donde vive. Free tax service Una lista de direcciones de Centros de Servicio se halla al final de la publicación y en las instrucciones de su declaración de impuestos. Free tax service Datos a Incluir en el Formulario 1040EZ Lea las líneas 1 a 8b y llene las líneas que le correspondan. Free tax service No llene las líneas 9 a 12. Free tax service Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 6 para indicar por separado los ingresos tributables suyos y los de su cónyuge. Free tax service Pagos. Free tax service   Anote en la línea 7 todo impuesto federal sobre los ingresos que se le haya retenido. Free tax service El impuesto federal sobre los ingresos retenido aparece en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099. Free tax service Crédito por ingreso del trabajo. Free tax service   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo puede calcular. Free tax service Escriba “EIC” en el espacio a la izquierda de la línea 8a. Free tax service Anote en la línea 8b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Free tax service   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, quizás tenga que presentar junto con la declaración el Formulario 8862(SP), Información Para Reclamar el Crédito Por Ingreso del Trabajo Después de Haber Sido Denegado (o el Formulario 8862, Information To Claim Earned Income Credit After Disallowance, en inglés). Free tax service Para detalles adicionales, vea las Instrucciones para el Formulario 1040EZ, en inglés. Free tax service Datos a Incluir en el Formulario 1040A Lea las líneas 1 a 27 y llene las líneas que le correspondan. Free tax service Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 27 para indicar por separado los ingresos tributables suyos y los de su cónyuge. Free tax service No llene la línea 28. Free tax service Llene las líneas 29 a 33 y 36 a 40 si le corresponden. Free tax service Sin embargo, no llene las líneas 30 ni 38a si desea que el IRS le calcule los créditos indicados en dichas líneas. Free tax service Además, escriba toda información adicional que le corresponda en el espacio a la izquierda de la línea 41. Free tax service No llene las líneas 34, 35 ni 42 a la 46. Free tax service Pagos. Free tax service   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 36. Free tax service Anote en la línea 37 todo pago de impuesto estimado que haya efectuado. Free tax service Crédito por gastos del cuidado de menores y dependientes. Free tax service   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, Child and Dependent Care Expenses (Gastos del cuidado de menores y dependientes), en inglés, y adjúntelo a su declaración. Free tax service Anote la cantidad del crédito en la línea 29. Free tax service El IRS no le calculará este crédito. Free tax service Crédito para ancianos o personas incapacitadas. Free tax service   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS le calculará este crédito. Free tax service Escriba “ CFE ” en el espacio a la izquierda de la línea 30 y adjunte el Anexo R del Formulario 1040, Credit for the Elderly or the Disabled (Crédito para ancianos o personas incapacitadas), en inglés, a su declaración de impuestos en papel. Free tax service En el Anexo R, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. Free tax service Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. Free tax service Crédito por ingreso del trabajo. Free tax service   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. Free tax service Anote “EIC” a la izquierda del espacio de la línea 38a. Free tax service Anote en la línea 38b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Free tax service   Si tiene un hijo que le da derecho a este crédito, tiene que llenar el Anexo EIC (Formulario 1040 ó 1040A), Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. Free tax service Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC, el crédito será reducido o denegado a menos que el hijo haya nacido y fallecido en el año 2013. Free tax service   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP) (o el Formulario 8862, en inglés). Free tax service Para detalles adicionales, vea las Instrucciones para el Formulario 1040A. Free tax service Datos a Incluir en el Formulario 1040 Lea las líneas 1 a 43 y llene las líneas que le correspondan. Free tax service No llene la línea 44. Free tax service Si presenta una declaración conjunta, utilice el espacio bajo las palabras “ Adjusted Gross Income ” (Ingresos brutos ajustados), en la primera página de la declaración para indicar por separado los ingresos tributables suyos y los de su cónyuge. Free tax service Lea las líneas 45 a la 71. Free tax service Llene las líneas que le correspondan, pero no llene las líneas 54, 61 ni 72. Free tax service Además, no complete la línea 55 ni las líneas 73 a 77. Free tax service No llene el recuadro “ c ” de la línea 53 si completa el Anexo R del Formulario 1040A o 1040, ni la línea 64a si desea que el IRS le calcule los créditos indicados en dichas líneas. Free tax service Pagos. Free tax service   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 62. Free tax service Anote en la línea 63 todo pago de impuesto estimado que haya efectuado. Free tax service Crédito por gastos del cuidado de menores y dependientes. Free tax service   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, en inglés, y adjúntelo a su declaración en papel. Free tax service Anote la cantidad del crédito en la línea 48. Free tax service El IRS no le calculará este crédito. Free tax service Crédito para ancianos o personas incapacitadas. Free tax service   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS puede calcularle este crédito. Free tax service Escriba “CFE” al lado de la línea 53 y marque el recuadro “ c ” y adjunte el Anexo R del Formulario 1040A o 1040 a su declaración en papel. Free tax service En el Anexo R del Formulario 1040A o 1040, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. Free tax service Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. Free tax service Crédito por ingreso del trabajo. Free tax service   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. Free tax service Anote “EIC” en la línea de puntos al lado de la línea 64a del Formulario 1040. Free tax service Anote en la línea 64b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Free tax service   Si tiene un hijo que le dé derecho a este crédito, tiene que llenar el Anexo EIC, Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. Free tax service Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC (Formulario 1040 ó 1040A), el crédito será reducido o denegado a menos que su hijo haya nacido y fallecido en el año 2013. Free tax service   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP), (o el Formulario 8862, en inglés). Free tax service Para detalles adicionales, vea las Instrucciones para el Formulario 1040, en inglés. Free tax service Prev  Up  Next   Home   More Online Publications
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The Free Tax Service

Free tax service 13. Free tax service   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. Free tax service It is divided into the following sections. Free tax service Cost basis. Free tax service Adjusted basis. Free tax service Basis other than cost. Free tax service Your basis is the amount of your investment in property for tax purposes. Free tax service Use the basis to figure gain or loss on the sale, exchange, or other disposition of property. Free tax service Also use it to figure deductions for depreciation, amortization, depletion, and casualty losses. Free tax service If you use property for both business or investment purposes and for personal purposes, you must allocate the basis based on the use. Free tax service Only the basis allocated to the business or investment use of the property can be depreciated. Free tax service Your original basis in property is adjusted (increased or decreased) by certain events. Free tax service For example, if you make improvements to the property, increase your basis. Free tax service If you take deductions for depreciation or casualty losses, or claim certain credits, reduce your basis. Free tax service Keep accurate records of all items that affect the basis of your property. Free tax service For more information on keeping records, see chapter 1. Free tax service 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. Free tax service The cost is the amount you pay in cash, debt obligations, other property, or services. Free tax service 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). Free tax service In addition, the basis of real estate and business assets may include other items. Free tax service Loans with low or no interest. Free tax service    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. Free tax service You generally have unstated interest if your interest rate is less than the applicable federal rate. Free tax service   For more information, see Unstated Interest and Original Issue Discount (OID) in Publication 537. Free tax service Real Property Real property, also called real estate, is land and generally anything built on, growing on, or attached to land. Free tax service If you buy real property, certain fees and other expenses you pay are part of your cost basis in the property. Free tax service Lump sum purchase. Free tax service   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. Free tax service Allocate the cost basis according to the respective fair market values (FMVs) of the land and buildings at the time of purchase. Free tax service Figure the basis of each asset by multiplying the lump sum by a fraction. Free tax service The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. Free tax service    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. Free tax service Fair market value (FMV). Free tax service   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. Free tax service Sales of similar property on or about the same date may be helpful in figuring the FMV of the property. Free tax service Assumption of mortgage. Free tax service   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. Free tax service Settlement costs. Free tax service   Your basis includes the settlement fees and closing costs you paid for buying the property. Free tax service (A fee for buying property is a cost that must be paid even if you buy the property for cash. Free tax service ) Do not include fees and costs for getting a loan on the property in your basis. Free tax service   The following are some of the settlement fees or closing costs you can include in the basis of your property. Free tax service Abstract fees (abstract of title fees). Free tax service Charges for installing utility services. Free tax service Legal fees (including fees for the title search and preparation of the sales contract and deed). Free tax service Recording fees. Free tax service Survey fees. Free tax service Transfer taxes. Free tax service Owner's title insurance. Free tax service 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. Free tax service   Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance. Free tax service   The following are some of the settlement fees and closing costs you cannot include in the basis of property. Free tax service Casualty insurance premiums. Free tax service Rent for occupancy of the property before closing. Free tax service Charges for utilities or other services related to occupancy of the property before closing. Free tax service 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. Free tax service Fees for refinancing a mortgage. Free tax service Real estate taxes. Free tax service   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. Free tax service You cannot deduct them as an expense. Free tax service    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. Free tax service Do not include that amount in the basis of your property. Free tax service If you did not reimburse the seller, you must reduce your basis by the amount of those taxes. Free tax service Points. Free tax service   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. Free tax service Generally, you deduct the points over the term of the loan. Free tax service For more information on how to deduct points, see chapter 23. Free tax service Points on home mortgage. Free tax service   Special rules may apply to points you and the seller pay when you get a mortgage to buy your main home. Free tax service If certain requirements are met, you can deduct the points in full for the year in which they are paid. Free tax service Reduce the basis of your home by any seller-paid points. Free tax service 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. Free tax service The result is the adjusted basis. Free tax service Increases to Basis Increase the basis of any property by all items properly added to a capital account. Free tax service Examples of items that increase basis are shown in Table 13-1. Free tax service These include the items discussed below. Free tax service Improvements. Free tax service   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. Free tax service 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. Free tax service Assessments for local improvements. Free tax service   Add to the basis of property assessments for improvements such as streets and sidewalks if they increase the value of the property assessed. Free tax service Do not deduct them as taxes. Free tax service However, you can deduct as taxes assessments for maintenance or repairs, or for meeting interest charges related to the improvements. Free tax service Example. Free tax service 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. Free tax service Add the assessment to your property's basis. Free tax service In this example, the assessment is a depreciable asset. Free tax service 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. Free tax service Examples of items that decrease basis are shown in Table 13-1. Free tax service These include the items discussed below. Free tax service Table 13-1. Free tax service 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. Free tax service   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. Free tax service    You must increase your basis in the property by the amount you spend on repairs that restore the property to its pre-casualty condition. Free tax service   For more information on casualty and theft losses, see chapter 25. Free tax service Depreciation and section 179 deduction. Free tax service   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. Free tax service   For more information about depreciation and the section 179 deduction, see Publication 946 and the Instructions for Form 4562. Free tax service Example. Free tax service 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. Free tax service You added an improvement to the duplex that cost $10,000. Free tax service In February last year, the duplex was damaged by fire. Free tax service Up to that time, you had been allowed depreciation of $23,000. Free tax service You sold some salvaged material for $1,300 and collected $19,700 from your insurance company. Free tax service You deducted a casualty loss of $1,000 on your income tax return for last year. Free tax service You spent $19,000 of the insurance proceeds for restoration of the duplex, which was completed this year. Free tax service You must use the duplex's adjusted basis after the restoration to determine depreciation for the rest of the property's recovery period. Free tax service 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. Free tax service Your basis in the land is its original cost of $5,000. Free tax service Easements. Free tax service   The amount you receive for granting an easement is generally considered to be proceeds from the sale of an interest in real property. Free tax service It reduces the basis of the affected part of the property. Free tax service 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. Free tax service   If the gain is on a capital asset, see chapter 16 for information about how to report it. Free tax service If the gain is on property used in a trade or business, see Publication 544 for information about how to report it. Free tax service Exclusion of subsidies for energy conservation measures. Free tax service   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. Free tax service Reduce the basis of the property for which you received the subsidy by the excluded amount. Free tax service For more information about this subsidy, see chapter 12. Free tax service Postponed gain from sale of home. Free tax service    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. Free tax service For more information on the rules for the sale of a home, see chapter 15. Free tax service Basis Other Than Cost There are many times when you cannot use cost as basis. Free tax service In these cases, the fair market value or the adjusted basis of the property can be used. Free tax service Fair market value (FMV) and adjusted basis were discussed earlier. Free tax service Property Received for Services If you receive property for your services, include the FMV of the property in income. Free tax service The amount you include in income becomes your basis. Free tax service 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. Free tax service Restricted property. Free tax service   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. Free tax service 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. Free tax service 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). Free tax service For more information, see Restricted Property in Publication 525. Free tax service Bargain purchases. Free tax service   A bargain purchase is a purchase of an item for less than its FMV. Free tax service 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. Free tax service Your basis in the property is its FMV (your purchase price plus the amount you include in income). Free tax service   If the difference between your purchase price and the FMV is a qualified employee discount, do not include the difference in income. Free tax service However, your basis in the property is still its FMV. Free tax service See Employee Discounts in Publication 15-B. Free tax service Taxable Exchanges A taxable exchange is one in which the gain is taxable or the loss is deductible. Free tax service A taxable gain or deductible loss also is known as a recognized gain or loss. Free tax service 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. Free tax service 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. Free tax service Similar or related property. Free tax service   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. Free tax service Decrease the basis by the following. Free tax service Any loss you recognize on the involuntary conversion. Free tax service Any money you receive that you do not spend on similar property. Free tax service Increase the basis by the following. Free tax service Any gain you recognize on the involuntary conversion. Free tax service Any cost of acquiring the replacement property. Free tax service Money or property not similar or related. Free tax service    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. Free tax service Example. Free tax service The state condemned your property. Free tax service The adjusted basis of the property was $26,000 and the state paid you $31,000 for it. Free tax service You realized a gain of $5,000 ($31,000 − $26,000). Free tax service You bought replacement property similar in use to the converted property for $29,000. Free tax service You recognize a gain of $2,000 ($31,000 − $29,000), the unspent part of the payment from the state. Free tax service Your unrecognized gain is $3,000, the difference between the $5,000 realized gain and the $2,000 recognized gain. Free tax service 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. Free tax service   If you buy more than one piece of replacement property, allocate your basis among the properties based on their respective costs. Free tax service Basis for depreciation. Free tax service   Special rules apply in determining and depreciating the basis of MACRS property acquired in an involuntary conversion. Free tax service For information, see What Is the Basis of Your Depreciable Property? in chapter 1 of Publication 946. Free tax service Nontaxable Exchanges A nontaxable exchange is an exchange in which you are not taxed on any gain and you cannot deduct any loss. Free tax service If you receive property in a nontaxable exchange, its basis is generally the same as the basis of the property you transferred. Free tax service See Nontaxable Trades in chapter 14. Free tax service Like-Kind Exchanges The exchange of property for the same kind of property is the most common type of nontaxable exchange. Free tax service To qualify as a like-kind exchange, the property traded and the property received must be both of the following. Free tax service Qualifying property. Free tax service Like-kind property. Free tax service The basis of the property you receive is generally the same as the adjusted basis of the property you gave up. Free tax service 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. Free tax service Qualifying property. Free tax service   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. Free tax service Like-kind property. Free tax service   There must be an exchange of like-kind property. Free tax service Like-kind properties are properties of the same nature or character, even if they differ in grade or quality. Free tax service The exchange of real estate for real estate and personal property for similar personal property are exchanges of like-kind property. Free tax service Example. Free tax service You trade in an old truck used in your business with an adjusted basis of $1,700 for a new one costing $6,800. Free tax service The dealer allows you $2,000 on the old truck, and you pay $4,800. Free tax service This is a like-kind exchange. Free tax service 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). Free tax service 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). Free tax service The basis of the new truck is the price you pay the dealer. Free tax service Partially nontaxable exchanges. Free tax service   A partially nontaxable exchange is an exchange in which you receive unlike property or money in addition to like-kind property. Free tax service The basis of the property you receive is the same as the adjusted basis of the property you gave up, with the following adjustments. Free tax service Decrease the basis by the following amounts. Free tax service Any money you receive. Free tax service Any loss you recognize on the exchange. Free tax service Increase the basis by the following amounts. Free tax service Any additional costs you incur. Free tax service Any gain you recognize on the exchange. Free tax service If the other party to the exchange assumes your liabilities, treat the debt assumption as money you received in the exchange. Free tax service Allocation of basis. Free tax service   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. Free tax service The rest is the basis of the like-kind property. Free tax service More information. Free tax service   See Like-Kind Exchanges in chapter 1 of Publication 544 for more information. Free tax service Basis for depreciation. Free tax service   Special rules apply in determining and depreciating the basis of MACRS property acquired in a like-kind exchange. Free tax service For information, see What Is the Basis of Your Depreciable Property? in chapter 1 of Publication 946. Free tax service 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. Free tax service The same rule applies to a transfer by your former spouse that is incident to divorce. Free tax service 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. Free tax service If the property transferred to you is a series E, series EE, or series I U. Free tax service S. Free tax service savings bond, the transferor must include in income the interest accrued to the date of transfer. Free tax service 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. Free tax service For more information on these bonds, see chapter 7. Free tax service 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. Free tax service For more information about the transfer of property from a spouse, see chapter 14. Free tax service 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. Free tax service FMV less than donor's adjusted basis. Free tax service   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. Free tax service 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. Free tax service 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. Free tax service See Adjusted Basis , earlier. Free tax service Example. Free tax service You received an acre of land as a gift. Free tax service At the time of the gift, the land had an FMV of $8,000. Free tax service The donor's adjusted basis was $10,000. Free tax service After you received the property, no events occurred to increase or decrease your basis. Free tax service 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. Free tax service 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. Free tax service If the sales price is between $8,000 and $10,000, you have neither gain nor loss. Free tax service Business property. Free tax service   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. Free tax service FMV equal to or greater than donor's adjusted basis. Free tax service   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. Free tax service Increase your basis by all or part of any gift tax paid, depending on the date of the gift, explained later. Free tax service   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. Free tax service See Adjusted Basis , earlier. Free tax service   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. Free tax service Figure the increase by multiplying the gift tax paid by a fraction. Free tax service The numerator of the fraction is the net increase in value of the gift and the denominator is the amount of the gift. Free tax service   The net increase in value of the gift is the FMV of the gift minus the donor's adjusted basis. Free tax service 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. Free tax service Example. Free tax service In 2013, you received a gift of property from your mother that had an FMV of $50,000. Free tax service Her adjusted basis was $20,000. Free tax service The amount of the gift for gift tax purposes was $36,000 ($50,000 minus the $14,000 annual exclusion). Free tax service She paid a gift tax of $7,320 on the property. Free tax service 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) × . Free tax service 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. Free tax service If you received a gift before 1977, your basis in the gift (the donor's adjusted basis) includes any gift tax paid on it. Free tax service However, your basis cannot exceed the FMV of the gift at the time it was given to you. Free tax service 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. Free tax service The FMV on the alternate valuation date if the personal representative for the estate elects to use alternate valuation. Free tax service 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. Free tax service 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. Free tax service 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. Free tax service For more information, see the instructions to Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. Free tax service Property inherited from a decedent who died in 2010. Free tax service   If you inherited property from a decedent who died in 2010, special rules may apply. Free tax service For more information, see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Free tax service Community property. Free tax service   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. Free tax service 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. Free tax service 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. Free tax service Example. Free tax service You and your spouse owned community property that had a basis of $80,000. Free tax service When your spouse died, half the FMV of the community interest was includible in your spouse's estate. Free tax service The FMV of the community interest was $100,000. Free tax service The basis of your half of the property after the death of your spouse is $50,000 (half of the $100,000 FMV). Free tax service The basis of the other half to your spouse's heirs is also $50,000. Free tax service For more information about community property, see Publication 555, Community Property. Free tax service 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. Free tax service To do so, you must figure its basis for depreciation at the time of the change. Free tax service An example of changing property held for personal use to business or rental use would be renting out your former personal residence. Free tax service Basis for depreciation. Free tax service   The basis for depreciation is the lesser of the following amounts. Free tax service The FMV of the property on the date of the change. Free tax service Your adjusted basis on the date of the change. Free tax service Example. Free tax service Several years ago, you paid $160,000 to have your house built on a lot that cost $25,000. Free tax service 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. Free tax service Because land is not depreciable, you include only the cost of the house when figuring the basis for depreciation. Free tax service Your adjusted basis in the house when you changed its use was $178,000 ($160,000 + $20,000 − $2,000). Free tax service 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. Free tax service 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). Free tax service Sale of property. Free tax service   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. Free tax service Gain. Free tax service   The basis for figuring a gain is your adjusted basis in the property when you sell the property. Free tax service Example. Free tax service 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. Free tax service Your adjusted basis for figuring gain is $165,500 ($178,000 + $25,000 (land) − $37,500). Free tax service Loss. Free tax service   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. Free tax service Then make adjustments (increases and decreases) for the period after the change in the property's use, as discussed earlier under Adjusted Basis . Free tax service Example. Free tax service 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. Free tax service 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. Free tax service Reduce that amount ($180,000) by the depreciation deductions ($37,500). Free tax service The basis for loss is $142,500 ($180,000 − $37,500). Free tax service 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. Free tax service 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. Free tax service You must adjust the basis of stocks for certain events that occur after purchase. Free tax service 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. Free tax service This rule applies only when the additional stock received is identical to the stock held. Free tax service Also reduce your basis when you receive nontaxable distributions. Free tax service They are a return of capital. Free tax service Example. Free tax service In 2011 you bought 100 shares of XYZ stock for $1,000 or $10 a share. Free tax service In 2012 you bought 100 shares of XYZ stock for $1,600 or $16 a share. Free tax service In 2013 XYZ declared a 2-for-1 stock split. Free tax service You now have 200 shares of stock with a basis of $5 a share and 200 shares with a basis of $8 a share. Free tax service Other basis. Free tax service   There are other ways to figure the basis of stocks or bonds depending on how you acquired them. Free tax service For detailed information, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550. Free tax service Identifying stocks or bonds sold. Free tax service   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. Free tax service 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. Free tax service For more information about identifying securities you sell, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550. Free tax service Mutual fund shares. Free tax service   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. Free tax service For more information, see Publication 550. Free tax service Bond premium. Free tax service   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. Free tax service See Bond Premium Amortization in chapter 3 of Publication 550 for more information. Free tax service 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. Free tax service Original issue discount (OID) on debt instruments. Free tax service   You must increase your basis in an OID debt instrument by the OID you include in income for that instrument. Free tax service See Original Issue Discount (OID) in chapter 7 and Publication 1212, Guide To Original Issue Discount (OID) Instruments. Free tax service Tax-exempt obligations. Free tax service    OID on tax-exempt obligations is generally not taxable. Free tax service 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. Free tax service The accrued OID is added to the basis of the obligation to determine your gain or loss. Free tax service See chapter 4 of Publication 550. Free tax service Prev  Up  Next   Home   More Online Publications