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How To File 2011 Taxes In 2013

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How To File 2011 Taxes In 2013

How to file 2011 taxes in 2013 Publication 561 - Main Contents Table of Contents What Is Fair Market Value (FMV)?Factors. How to file 2011 taxes in 2013 Stock. How to file 2011 taxes in 2013 Options. How to file 2011 taxes in 2013 Determining Fair Market Value Problems in Determining Fair Market Value Valuation of Various Kinds of PropertyHousehold Goods Used Clothing Jewelry and Gems Paintings, Antiques, and Other Objects of Art Collections Cars, Boats, and Aircraft Inventory Patents Stocks and Bonds Real Estate Interest in a Business Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Certain Life Insurance and Annuity Contracts Partial Interest in Property Not in Trust AppraisalsDeductions of More Than $5,000 Deductions of More Than $500,000 Qualified Appraisal Form 8283 Internal Revenue Service Review of Appraisals Penalty How To Get Tax HelpLow income tax clinics (LITCs). How to file 2011 taxes in 2013 What Is Fair Market Value (FMV)? To figure how much you may deduct for property that you contribute, you must first determine its fair market value on the date of the contribution. How to file 2011 taxes in 2013 Fair market value. How to file 2011 taxes in 2013   Fair market value (FMV) is the price that property would sell for on the open market. How to file 2011 taxes in 2013 It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. How to file 2011 taxes in 2013 If you put a restriction on the use of property you donate, the FMV must reflect that restriction. How to file 2011 taxes in 2013 Example 1. How to file 2011 taxes in 2013 If you give used clothing to the Salvation Army, the FMV would be the price that typical buyers actually pay for clothing of this age, condition, style, and use. How to file 2011 taxes in 2013 Usually, such items are worth far less than what you paid for them. How to file 2011 taxes in 2013 Example 2. How to file 2011 taxes in 2013 If you donate land and restrict its use to agricultural purposes, you must value the land at its value for agricultural purposes, even though it would have a higher FMV if it were not restricted. How to file 2011 taxes in 2013 Factors. How to file 2011 taxes in 2013   In making and supporting the valuation of property, all factors affecting value are relevant and must be considered. How to file 2011 taxes in 2013 These include: The cost or selling price of the item, Sales of comparable properties, Replacement cost, and Opinions of experts. How to file 2011 taxes in 2013   These factors are discussed later. How to file 2011 taxes in 2013 Also, see Table 1 for a summary of questions to ask as you consider each factor. How to file 2011 taxes in 2013 Date of contribution. How to file 2011 taxes in 2013   Ordinarily, the date of a contribution is the date that the transfer of the property takes place. How to file 2011 taxes in 2013 Stock. How to file 2011 taxes in 2013   If you deliver, without any conditions, a properly endorsed stock certificate to a qualified organization or to an agent of the organization, the date of the contribution is the date of delivery. How to file 2011 taxes in 2013 If the certificate is mailed and received through the regular mail, it is the date of mailing. How to file 2011 taxes in 2013 If you deliver the certificate to a bank or broker acting as your agent or to the issuing corporation or its agent, for transfer into the name of the organization, the date of the contribution is the date the stock is transferred on the books of the corporation. How to file 2011 taxes in 2013 Options. How to file 2011 taxes in 2013   If you grant an option to a qualified organization to buy real property, you have not made a charitable contribution until the organization exercises the option. How to file 2011 taxes in 2013 The amount of the contribution is the FMV of the property on the date the option is exercised minus the exercise price. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013 You grant an option to a local university, which is a qualified organization, to buy real property. How to file 2011 taxes in 2013 Under the option, the university could buy the property at any time during a 2-year period for $40,000. How to file 2011 taxes in 2013 The FMV of the property on the date the option is granted is $50,000. How to file 2011 taxes in 2013 In the following tax year, the university exercises the option. How to file 2011 taxes in 2013 The FMV of the property on the date the option is exercised is $55,000. How to file 2011 taxes in 2013 Therefore, you have made a charitable contribution of $15,000 ($55,000, the FMV, minus $40,000, the exercise price) in the tax year the option is exercised. How to file 2011 taxes in 2013 Determining Fair Market Value Determining the value of donated property would be a simple matter if you could rely only on fixed formulas, rules, or methods. How to file 2011 taxes in 2013 Usually it is not that simple. How to file 2011 taxes in 2013 Using such formulas, etc. How to file 2011 taxes in 2013 , seldom results in an acceptable determination of FMV. How to file 2011 taxes in 2013 There is no single formula that always applies when determining the value of property. How to file 2011 taxes in 2013 This is not to say that a valuation is only guesswork. How to file 2011 taxes in 2013 You must consider all the facts and circumstances connected with the property, such as its desirability, use, and scarcity. How to file 2011 taxes in 2013 For example, donated furniture should not be evaluated at some fixed rate such as 15% of the cost of new replacement furniture. How to file 2011 taxes in 2013 When the furniture is contributed, it may be out of style or in poor condition, therefore having little or no market value. How to file 2011 taxes in 2013 On the other hand, it may be an antique, the value of which could not be determined by using any formula. How to file 2011 taxes in 2013 Cost or Selling Price of the Donated Property The cost of the property to you or the actual selling price received by the qualified organization may be the best indication of its FMV. How to file 2011 taxes in 2013 However, because conditions in the market change, the cost or selling price of property may have less weight if the property was not bought or sold reasonably close to the date of contribution. How to file 2011 taxes in 2013 The cost or selling price is a good indication of the property's value if: The purchase or sale took place close to the valuation date in an open market, The purchase or sale was at “arm's-length,” The buyer and seller knew all relevant facts, The buyer and seller did not have to act, and The market did not change between the date of purchase or sale and the valuation date. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013 Tom Morgan, who is not a dealer in gems, bought an assortment of gems for $5,000 from a promoter. How to file 2011 taxes in 2013 The promoter claimed that the price was “wholesale” even though he and other dealers made similar sales at similar prices to other persons who were not dealers. How to file 2011 taxes in 2013 The promoter said that if Tom kept the gems for more than 1 year and then gave them to charity, Tom could claim a charitable deduction of $15,000, which, according to the promoter, would be the value of the gems at the time of contribution. How to file 2011 taxes in 2013 Tom gave the gems to a qualified charity 13 months after buying them. How to file 2011 taxes in 2013 The selling price for these gems had not changed from the date of purchase to the date he donated them to charity. How to file 2011 taxes in 2013 The best evidence of FMV depends on actual transactions and not on some artificial estimate. How to file 2011 taxes in 2013 The $5,000 charged Tom and others is, therefore, the best evidence of the maximum FMV of the gems. How to file 2011 taxes in 2013 Terms of the purchase or sale. How to file 2011 taxes in 2013   The terms of the purchase or sale should be considered in determining FMV if they influenced the price. How to file 2011 taxes in 2013 These terms include any restrictions, understandings, or covenants limiting the use or disposition of the property. How to file 2011 taxes in 2013 Rate of increase or decrease in value. How to file 2011 taxes in 2013   Unless you can show that there were unusual circumstances, it is assumed that the increase or decrease in the value of your donated property from your cost has been at a reasonable rate. How to file 2011 taxes in 2013 For time adjustments, an appraiser may consider published price indexes for information on general price trends, building costs, commodity costs, securities, and works of art sold at auction in arm's-length sales. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013 Bill Brown bought a painting for $10,000. How to file 2011 taxes in 2013 Thirteen months later he gave it to an art museum, claiming a charitable deduction of $15,000 on his tax return. How to file 2011 taxes in 2013 The appraisal of the painting should include information showing that there were unusual circumstances that justify a 50% increase in value for the 13 months Bill held the property. How to file 2011 taxes in 2013 Arm's-length offer. How to file 2011 taxes in 2013   An arm's-length offer to buy the property close to the valuation date may help to prove its value if the person making the offer was willing and able to complete the transaction. How to file 2011 taxes in 2013 To rely on an offer, you should be able to show proof of the offer and the specific amount to be paid. How to file 2011 taxes in 2013 Offers to buy property other than the donated item will help to determine value if the other property is reasonably similar to the donated property. How to file 2011 taxes in 2013 Sales of Comparable Properties The sales prices of properties similar to the donated property are often important in determining the FMV. How to file 2011 taxes in 2013 The weight to be given to each sale depends on the following. How to file 2011 taxes in 2013 The degree of similarity between the property sold and the donated property. How to file 2011 taxes in 2013 The time of the sale—whether it was close to the valuation date. How to file 2011 taxes in 2013 The circumstances of the sale—whether it was at arm's-length with a knowledgeable buyer and seller, with neither having to act. How to file 2011 taxes in 2013 The conditions of the market in which the sale was made—whether unusually inflated or deflated. How to file 2011 taxes in 2013 The comparable sales method of valuing real estate is explained later under Valuation of Various Kinds of Property. How to file 2011 taxes in 2013 Example 1. How to file 2011 taxes in 2013 Mary Black, who is not a book dealer, paid a promoter $10,000 for 500 copies of a single edition of a modern translation of the Bible. How to file 2011 taxes in 2013 The promoter had claimed that the price was considerably less than the “retail” price, and gave her a statement that the books had a total retail value of $30,000. How to file 2011 taxes in 2013 The promoter advised her that if she kept the Bibles for more than 1 year and then gave them to a qualified organization, she could claim a charitable deduction for the “retail” price of $30,000. How to file 2011 taxes in 2013 Thirteen months later she gave all the Bibles to a church that she selected from a list provided by the promoter. How to file 2011 taxes in 2013 At the time of her donation, wholesale dealers were selling similar quantities of Bibles to the general public for $10,000. How to file 2011 taxes in 2013 The FMV of the Bibles is $10,000, the price at which similar quantities of Bibles were being sold to others at the time of the contribution. How to file 2011 taxes in 2013 Example 2. How to file 2011 taxes in 2013 The facts are the same as in Example 1, except that the promoter gave Mary Black a second option. How to file 2011 taxes in 2013 The promoter said that if Mary wanted a charitable deduction within 1 year of the purchase, she could buy the 500 Bibles at the “retail” price of $30,000, paying only $10,000 in cash and giving a promissory note for the remaining $20,000. How to file 2011 taxes in 2013 The principal and interest on the note would not be due for 12 years. How to file 2011 taxes in 2013 According to the promoter, Mary could then, within 1 year of the purchase, give the Bibles to a qualified organization and claim the full $30,000 retail price as a charitable contribution. How to file 2011 taxes in 2013 She purchased the Bibles under the second option and, 3 months later, gave them to a church, which will use the books for church purposes. How to file 2011 taxes in 2013 At the time of the gift, the promoter was selling similar lots of Bibles for either $10,000 or $30,000. How to file 2011 taxes in 2013 The difference between the two prices was solely at the discretion of the buyer. How to file 2011 taxes in 2013 The promoter was a willing seller for $10,000. How to file 2011 taxes in 2013 Therefore, the value of Mary's contribution of the Bibles is $10,000, the amount at which similar lots of Bibles could be purchased from the promoter by members of the general public. How to file 2011 taxes in 2013 Replacement Cost The cost of buying, building, or manufacturing property similar to the donated item should be considered in determining FMV. How to file 2011 taxes in 2013 However, there must be a reasonable relationship between the replacement cost and the FMV. How to file 2011 taxes in 2013 The replacement cost is the amount it would cost to replace the donated item on the valuation date. How to file 2011 taxes in 2013 Often there is no relationship between the replacement cost and the FMV. How to file 2011 taxes in 2013 If the supply of the donated property is more or less than the demand for it, the replacement cost becomes less important. How to file 2011 taxes in 2013 To determine the replacement cost of the donated property, find the “estimated replacement cost new. How to file 2011 taxes in 2013 ” Then subtract from this figure an amount for depreciation due to the physical condition and obsolescence of the donated property. How to file 2011 taxes in 2013 You should be able to show the relationship between the depreciated replacement cost and the FMV, as well as how you arrived at the “estimated replacement cost new. How to file 2011 taxes in 2013 ” Opinions of Experts Generally, the weight given to an expert's opinion on matters such as the authenticity of a coin or a work of art, or the most profitable and best use of a piece of real estate, depends on the knowledge and competence of the expert and the thoroughness with which the opinion is supported by experience and facts. How to file 2011 taxes in 2013 For an expert's opinion to deserve much weight, the facts must support the opinion. How to file 2011 taxes in 2013 For additional information, see Appraisals, later. How to file 2011 taxes in 2013 Table 1. How to file 2011 taxes in 2013 Factors That Affect FMV IF the factor you are considering is. How to file 2011 taxes in 2013 . How to file 2011 taxes in 2013 . How to file 2011 taxes in 2013 THEN you should ask these questions. How to file 2011 taxes in 2013 . How to file 2011 taxes in 2013 . How to file 2011 taxes in 2013     cost or selling price Was the purchase or sale of the property reasonably close to the date of contribution? Was any increase or decrease in value, as compared to your cost, at a reasonable rate? Do the terms of purchase or sale limit what can be done with the property? Was there an arm's-length offer to buy the property close to the valuation date?     sales of comparable properties How similar is the property sold to the property donated? How close is the date of sale to the valuation date? Was the sale at arm's-length? What was the condition of the market at the time of sale?     replacement cost What would it cost to replace the donated property? Is there a reasonable relationship between replacement cost and FMV? Is the supply of the donated property more or less than the demand for it?     opinions of experts Is the expert knowledgeable and competent? Is the opinion thorough and supported by facts and experience? Problems in Determining Fair Market Value There are a number of problems in determining the FMV of donated property. How to file 2011 taxes in 2013 Unusual Market Conditions The sale price of the property itself in an arm's-length transaction in an open market is often the best evidence of its value. How to file 2011 taxes in 2013 When you rely on sales of comparable property, the sales must have been made in an open market. How to file 2011 taxes in 2013 If those sales were made in a market that was artificially supported or stimulated so as not to be truly representative, the prices at which the sales were made will not indicate the FMV. How to file 2011 taxes in 2013 For example, liquidation sale prices usually do not indicate the FMV. How to file 2011 taxes in 2013 Also, sales of stock under unusual circumstances, such as sales of small lots, forced sales, and sales in a restricted market, may not represent the FMV. How to file 2011 taxes in 2013 Selection of Comparable Sales Using sales of comparable property is an important method for determining the FMV of donated property. How to file 2011 taxes in 2013 However, the amount of weight given to a sale depends on the degree of similarity between the comparable and the donated properties. How to file 2011 taxes in 2013 The degree of similarity must be close enough so that this selling price would have been given consideration by reasonably well-informed buyers or sellers of the property. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013 You give a rare, old book to your former college. How to file 2011 taxes in 2013 The book is a third edition and is in poor condition because of a missing back cover. How to file 2011 taxes in 2013 You discover that there was a sale for $300, near the valuation date, of a first edition of the book that was in good condition. How to file 2011 taxes in 2013 Although the contents are the same, the books are not at all similar because of the different editions and their physical condition. How to file 2011 taxes in 2013 Little consideration would be given to the selling price of the $300 property by knowledgeable buyers or sellers. How to file 2011 taxes in 2013 Future Events You may not consider unexpected events happening after your donation of property in making the valuation. How to file 2011 taxes in 2013 You may consider only the facts known at the time of the gift, and those that could be reasonably expected at the time of the gift. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013 You give farmland to a qualified charity. How to file 2011 taxes in 2013 The transfer provides that your mother will have the right to all income and full use of the property for her life. How to file 2011 taxes in 2013 Even though your mother dies 1 week after the transfer, the value of the property on the date it is given is its present value, subject to the life interest as estimated from actuarial tables. How to file 2011 taxes in 2013 You may not take a higher deduction because the charity received full use and possession of the land only 1 week after the transfer. How to file 2011 taxes in 2013 Using Past Events to Predict the Future A common error is to rely too much on past events that do not fairly reflect the probable future earnings and FMV. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013 You give all your rights in a successful patent to your favorite charity. How to file 2011 taxes in 2013 Your records show that before the valuation date there were three stages in the patent's history of earnings. How to file 2011 taxes in 2013 First, there was rapid growth in earnings when the invention was introduced. How to file 2011 taxes in 2013 Then, there was a period of high earnings when the invention was being exploited. How to file 2011 taxes in 2013 Finally, there was a decline in earnings when competing inventions were introduced. How to file 2011 taxes in 2013 The entire history of earnings may be relevant in estimating the future earnings. How to file 2011 taxes in 2013 However, the appraiser must not rely too much on the stage of rapid growth in earnings, or of high earnings. How to file 2011 taxes in 2013 The market conditions at those times do not represent the condition of the market at the valuation date. How to file 2011 taxes in 2013 What is most significant is the trend of decline in earnings up to the valuation date. How to file 2011 taxes in 2013 For more information about donations of patents, see Patents, later. How to file 2011 taxes in 2013 Valuation of Various Kinds of Property This section contains information on determining the FMV of ordinary kinds of donated property. How to file 2011 taxes in 2013 For information on appraisals, see Appraisals, later. How to file 2011 taxes in 2013 Household Goods The FMV of used household goods, such as furniture, appliances, and linens, is usually much lower than the price paid when new. How to file 2011 taxes in 2013 Such used property may have little or no market value because of its worn condition. How to file 2011 taxes in 2013 It may be out of style or no longer useful. How to file 2011 taxes in 2013 You cannot take a deduction for household goods donated after August 17, 2006, unless they are in good used condition or better. How to file 2011 taxes in 2013 A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. How to file 2011 taxes in 2013 See Deduction over $500 for certain clothing or household items, later. How to file 2011 taxes in 2013 If the property is valuable because it is old or unique, see the discussion under Paintings, Antiques, and Other Objects of Art. How to file 2011 taxes in 2013 Used Clothing Used clothing and other personal items are usually worth far less than the price you paid for them. How to file 2011 taxes in 2013 Valuation of items of clothing does not lend itself to fixed formulas or methods. How to file 2011 taxes in 2013 The price that buyers of used items actually pay in used clothing stores, such as consignment or thrift shops, is an indication of the value. How to file 2011 taxes in 2013 You cannot take a deduction for clothing donated after August 17, 2006, unless it is in good used condition or better. How to file 2011 taxes in 2013 An item of clothing that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. How to file 2011 taxes in 2013 See Deduction over $500 for certain clothing or household items, later. How to file 2011 taxes in 2013 For valuable furs or very expensive gowns, a Form 8283 may have to be sent with your tax return. How to file 2011 taxes in 2013 Jewelry and Gems Jewelry and gems are of such a specialized nature that it is almost always necessary to get an appraisal by a specialized jewelry appraiser. How to file 2011 taxes in 2013 The appraisal should describe, among other things, the style of the jewelry, the cut and setting of the gem, and whether it is now in fashion. How to file 2011 taxes in 2013 If not in fashion, the possibility of having the property redesigned, recut, or reset should be reported in the appraisal. How to file 2011 taxes in 2013 The stone's coloring, weight, cut, brilliance, and flaws should be reported and analyzed. How to file 2011 taxes in 2013 Sentimental personal value has no effect on FMV. How to file 2011 taxes in 2013 But if the jewelry was owned by a famous person, its value might increase. How to file 2011 taxes in 2013 Paintings, Antiques, and Other Objects of Art Your deduction for contributions of paintings, antiques, and other objects of art, should be supported by a written appraisal from a qualified and reputable source, unless the deduction is $5,000 or less. How to file 2011 taxes in 2013 Examples of information that should be included in appraisals of art objects—paintings in particular—are found later under Qualified Appraisal. How to file 2011 taxes in 2013 Art valued at $20,000 or more. How to file 2011 taxes in 2013   If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the signed appraisal to your return. How to file 2011 taxes in 2013 For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request. How to file 2011 taxes in 2013 Art valued at $50,000 or more. How to file 2011 taxes in 2013   If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. How to file 2011 taxes in 2013 You must request the statement before filing the tax return that reports the donation. How to file 2011 taxes in 2013 Your request must include the following. How to file 2011 taxes in 2013 A copy of a qualified appraisal of the item. How to file 2011 taxes in 2013 See Qualified Appraisal, later. How to file 2011 taxes in 2013 A $2,500 check or money order payable to the Internal Revenue Service for the user fee that applies to your request regarding one, two, or three items of art. How to file 2011 taxes in 2013 Add $250 for each item in excess of three. How to file 2011 taxes in 2013 A completed Form 8283, Section B. How to file 2011 taxes in 2013 The location of the IRS territory that has examination responsibility for your return. How to file 2011 taxes in 2013 If your request lacks essential information, you will be notified and given 30 days to provide the missing information. How to file 2011 taxes in 2013   Send your request to: Internal Revenue Service Attention: Art Appraisal (C:AP:ART) P. How to file 2011 taxes in 2013 O. How to file 2011 taxes in 2013 Box 27720 McPherson Station Washington, DC 20038 Refunds. How to file 2011 taxes in 2013   You can withdraw your request for a Statement of Value at any time before it is issued. How to file 2011 taxes in 2013 However, the IRS will not refund the user fee if you do. How to file 2011 taxes in 2013   If the IRS declines to issue a Statement of Value in the interest of efficient tax administration, the IRS will refund the user fee. How to file 2011 taxes in 2013 Authenticity. How to file 2011 taxes in 2013   The authenticity of the donated art must be determined by the appraiser. How to file 2011 taxes in 2013 Physical condition. How to file 2011 taxes in 2013   Important items in the valuation of antiques and art are physical condition and extent of restoration. How to file 2011 taxes in 2013 These have a significant effect on the value and must be fully reported in an appraisal. How to file 2011 taxes in 2013 An antique in damaged condition, or lacking the “original brasses,” may be worth much less than a similar piece in excellent condition. How to file 2011 taxes in 2013 Art appraisers. How to file 2011 taxes in 2013   More weight will usually be given to an appraisal prepared by an individual specializing in the kind and price range of the art being appraised. How to file 2011 taxes in 2013 Certain art dealers or appraisers specialize, for example, in old masters, modern art, bronze sculpture, etc. How to file 2011 taxes in 2013 Their opinions on the authenticity and desirability of such art would usually be given more weight than the opinions of more generalized art dealers or appraisers. How to file 2011 taxes in 2013 They can report more recent comparable sales to support their opinion. How to file 2011 taxes in 2013   To identify and locate experts on unique, specialized items or collections, you may wish to use the current Official Museum Directory of the American Association of Museums. How to file 2011 taxes in 2013 It lists museums both by state and by category. How to file 2011 taxes in 2013   To help you locate a qualified appraiser for your donation, you may wish to ask an art historian at a nearby college or the director or curator of a local museum. How to file 2011 taxes in 2013 The Yellow Pages often list specialized art and antique dealers, auctioneers, and art appraisers. How to file 2011 taxes in 2013 You may be able to find a qualified appraiser on the Internet. How to file 2011 taxes in 2013 You may also contact associations of dealers for guidance. How to file 2011 taxes in 2013 Collections Since many kinds of hobby collections may be the subject of a charitable donation, it is not possible to discuss all of the possible collectibles in this publication. How to file 2011 taxes in 2013 Most common are rare books, autographs, sports memorabilia, dolls, manuscripts, stamps, coins, guns, phonograph records, and natural history items. How to file 2011 taxes in 2013 Many of the elements of valuation that apply to paintings and other objects of art, discussed earlier, also apply to miscellaneous collections. How to file 2011 taxes in 2013 Reference material. How to file 2011 taxes in 2013   Publications available to help you determine the value of many kinds of collections include catalogs, dealers' price lists, and specialized hobby periodicals. How to file 2011 taxes in 2013 When using one of these price guides, you must use the current edition at the date of contribution. How to file 2011 taxes in 2013 However, these sources are not always reliable indicators of FMV and should be supported by other evidence. How to file 2011 taxes in 2013   For example, a dealer may sell an item for much less than is shown on a price list, particularly after the item has remained unsold for a long time. How to file 2011 taxes in 2013 The price an item sold for in an auction may have been the result of a rigged sale or a mere bidding duel. How to file 2011 taxes in 2013 The appraiser must analyze the reference material, and recognize and make adjustments for misleading entries. How to file 2011 taxes in 2013 If you are donating a valuable collection, you should get an appraisal. How to file 2011 taxes in 2013 If your donation appears to be of little value, you may be able to make a satisfactory valuation using reference materials available at a state, city, college, or museum library. How to file 2011 taxes in 2013 Stamp collections. How to file 2011 taxes in 2013   Most libraries have catalogs or other books that report the publisher's estimate of values. How to file 2011 taxes in 2013 Generally, two price levels are shown for each stamp: the price postmarked and the price not postmarked. How to file 2011 taxes in 2013 Stamp dealers generally know the value of their merchandise and are able to prepare satisfactory appraisals of valuable collections. How to file 2011 taxes in 2013 Coin collections. How to file 2011 taxes in 2013   Many catalogs and other reference materials show the writer's or publisher's opinion of the value of coins on or near the date of the publication. How to file 2011 taxes in 2013 Like many other collectors' items, the value of a coin depends on the demand for it, its age, and its rarity. How to file 2011 taxes in 2013 Another important factor is the coin's condition. How to file 2011 taxes in 2013 For example, there is a great difference in the value of a coin that is in mint condition and a similar coin that is only in good condition. How to file 2011 taxes in 2013   Catalogs usually establish a category for coins, based on their physical condition—mint or uncirculated, extremely fine, very fine, fine, very good, good, fair, or poor—with a different valuation for each category. How to file 2011 taxes in 2013 Books. How to file 2011 taxes in 2013   The value of books is usually determined by selecting comparable sales and adjusting the prices according to the differences between the comparable sales and the item being evaluated. How to file 2011 taxes in 2013 This is difficult to do and, except for a collection of little value, should be done by a specialized appraiser. How to file 2011 taxes in 2013 Within the general category of literary property, there are dealers who specialize in certain areas, such as Americana, foreign imports, Bibles, and scientific books. How to file 2011 taxes in 2013 Modest value of collection. How to file 2011 taxes in 2013   If the collection you are donating is of modest value, not requiring a written appraisal, the following information may help you in determining the FMV. How to file 2011 taxes in 2013   A book that is very old, or very rare, is not necessarily valuable. How to file 2011 taxes in 2013 There are many books that are very old or rare, but that have little or no market value. How to file 2011 taxes in 2013 Condition of book. How to file 2011 taxes in 2013   The condition of a book may have a great influence on its value. How to file 2011 taxes in 2013 Collectors are interested in items that are in fine, or at least good, condition. How to file 2011 taxes in 2013 When a book has a missing page, a loose binding, tears, stains, or is otherwise in poor condition, its value is greatly lowered. How to file 2011 taxes in 2013 Other factors. How to file 2011 taxes in 2013   Some other factors in the valuation of a book are the kind of binding (leather, cloth, paper), page edges, and illustrations (drawings and photographs). How to file 2011 taxes in 2013 Collectors usually want first editions of books. How to file 2011 taxes in 2013 However, because of changes or additions, other editions are sometimes worth as much as, or more than, the first edition. How to file 2011 taxes in 2013 Manuscripts, autographs, diaries, and similar items. How to file 2011 taxes in 2013   When these items are handwritten, or at least signed by famous people, they are often in demand and are valuable. How to file 2011 taxes in 2013 The writings of unknowns also may be of value if they are of unusual historical or literary importance. How to file 2011 taxes in 2013 Determining the value of such material is difficult. How to file 2011 taxes in 2013 For example, there may be a great difference in value between two diaries that were kept by a famous person—one kept during childhood and the other during a later period in his or her life. How to file 2011 taxes in 2013 The appraiser determines a value in these cases by applying knowledge and judgment to such factors as comparable sales and conditions. How to file 2011 taxes in 2013 Signatures. How to file 2011 taxes in 2013   Signatures, or sets of signatures, that were cut from letters or other papers usually have little or no value. How to file 2011 taxes in 2013 But complete sets of the signatures of U. How to file 2011 taxes in 2013 S. How to file 2011 taxes in 2013 presidents are in demand. How to file 2011 taxes in 2013 Cars, Boats, and Aircraft If you donate a car, a boat, or an aircraft to a charitable organization, its FMV must be determined. How to file 2011 taxes in 2013 Certain commercial firms and trade organizations publish monthly or seasonal guides for different regions of the country, containing complete dealer sale prices or dealer average prices for recent model years. How to file 2011 taxes in 2013 Prices are reported for each make, model, and year. How to file 2011 taxes in 2013 These guides also provide estimates for adjusting for unusual equipment, unusual mileage, and physical condition. How to file 2011 taxes in 2013 The prices are not “official,” and these publications are not considered an appraisal of any specific donated property. How to file 2011 taxes in 2013 But they do provide clues for making an appraisal and suggest relative prices for comparison with current sales and offerings in your area. How to file 2011 taxes in 2013 These publications are sometimes available from public libraries or at a bank, credit union, or finance company. How to file 2011 taxes in 2013 You can also find pricing information about used cars on the Internet. How to file 2011 taxes in 2013 An acceptable measure of the FMV of a donated car, boat, or airplane is an amount not in excess of the price listed in a used vehicle pricing guide for a private party sale, not the dealer retail value, of a similar vehicle. How to file 2011 taxes in 2013 However, the FMV may be less than that amount if the vehicle has engine trouble, body damage, high mileage, or any type of excessive wear. How to file 2011 taxes in 2013 The FMV of a donated vehicle is the same as the price listed in a used vehicle pricing guide for a private party sale only if the guide lists a sales price for a vehicle that is the same make, model, and year, sold in the same area, in the same condition, with the same or similar options or accessories, and with the same or similar warranties as the donated vehicle. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013 You donate a used car in poor condition to a local high school for use by students studying car repair. How to file 2011 taxes in 2013 A used car guide shows the dealer retail value for this type of car in poor condition is $1,600. How to file 2011 taxes in 2013 However, the guide shows the price for a private party sale of the car is only $750. How to file 2011 taxes in 2013 The FMV of the car is considered to be no more than $750. How to file 2011 taxes in 2013 Boats. How to file 2011 taxes in 2013   Except for inexpensive small boats, the valuation of boats should be based on an appraisal by a marine surveyor because the physical condition is so critical to the value. How to file 2011 taxes in 2013 More information. How to file 2011 taxes in 2013   Your deduction for a donated car, boat, or airplane generally is limited to the gross proceeds from its sale by the qualified organization. How to file 2011 taxes in 2013 This rule applies if the claimed value of the donated vehicle is more than $500. How to file 2011 taxes in 2013 In certain cases, you can deduct the vehicle's FMV. How to file 2011 taxes in 2013 For details, see Publication 526. How to file 2011 taxes in 2013 Inventory If you donate any inventory item to a charitable organization, the amount of your deductible contribution generally is the FMV of the item, minus any gain you would have realized if you had sold the item at its FMV on the date of the gift. How to file 2011 taxes in 2013 For more information, see Publication 526. How to file 2011 taxes in 2013 Patents To determine the FMV of a patent, you must take into account, among other factors: Whether the patented technology has been made obsolete by other technology; Any restrictions on the donee's use of, or ability to transfer, the patented technology; and The length of time remaining before the patent expires. How to file 2011 taxes in 2013 However, your deduction for a donation of a patent or other intellectual property is its FMV, minus any gain you would have realized if you had sold the property at its FMV on the date of the gift. How to file 2011 taxes in 2013 Generally, this means your deduction is the lesser of the property's FMV or its basis. How to file 2011 taxes in 2013 For details, see Publication 526. How to file 2011 taxes in 2013 Stocks and Bonds The value of stocks and bonds is the FMV of a share or bond on the valuation date. How to file 2011 taxes in 2013 See Date of contribution, earlier, under What Is Fair Market Value (FMV). How to file 2011 taxes in 2013 Selling prices on valuation date. How to file 2011 taxes in 2013   If there is an active market for the contributed stocks or bonds on a stock exchange, in an over-the-counter market, or elsewhere, the FMV of each share or bond is the average price between the highest and lowest quoted selling prices on the valuation date. How to file 2011 taxes in 2013 For example, if the highest selling price for a share was $11, and the lowest $9, the average price is $10. How to file 2011 taxes in 2013 You get the average price by adding $11 and $9 and dividing the sum by 2. How to file 2011 taxes in 2013 No sales on valuation date. How to file 2011 taxes in 2013   If there were no sales on the valuation date, but there were sales within a reasonable period before and after the valuation date, you determine FMV by taking the average price between the highest and lowest sales prices on the nearest date before and on the nearest date after the valuation date. How to file 2011 taxes in 2013 Then you weight these averages in inverse order by the respective number of trading days between the selling dates and the valuation date. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013   On the day you gave stock to a qualified organization, there were no sales of the stock. How to file 2011 taxes in 2013 Sales of the stock nearest the valuation date took place two trading days before the valuation date at an average selling price of $10 and three trading days after the valuation date at an average selling price of $15. How to file 2011 taxes in 2013 The FMV on the valuation date was $12, figured as follows: [(3 x $10) + (2 x $15)] ÷ 5 = $12 Listings on more than one stock exchange. How to file 2011 taxes in 2013   Stocks or bonds listed on more than one stock exchange are valued based on the prices of the exchange on which they are principally dealt. How to file 2011 taxes in 2013 This applies if these prices are published in a generally available listing or publication of general circulation. How to file 2011 taxes in 2013 If this is not applicable, and the stocks or bonds are reported on a composite listing of combined exchanges in a publication of general circulation, use the composite list. How to file 2011 taxes in 2013 See also Unavailable prices or closely held corporation, later. How to file 2011 taxes in 2013 Bid and asked prices on valuation date. How to file 2011 taxes in 2013   If there were no sales within a reasonable period before and after the valuation date, the FMV is the average price between the bona fide bid and asked prices on the valuation date. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013 Although there were no sales of Blue Corporation stock on the valuation date, bona fide bid and asked prices were available on that date of $14 and $16, respectively. How to file 2011 taxes in 2013 The FMV is $15, the average price between the bid and asked prices. How to file 2011 taxes in 2013 No prices on valuation date. How to file 2011 taxes in 2013   If there were no prices available on the valuation date, you determine FMV by taking the average prices between the bona fide bid and asked prices on the closest trading date before and after the valuation date. How to file 2011 taxes in 2013 Both dates must be within a reasonable period. How to file 2011 taxes in 2013 Then you weight these averages in inverse order by the respective number of trading days between the bid and asked dates and the valuation date. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013 On the day you gave stock to a qualified organization, no prices were available. How to file 2011 taxes in 2013 Bona fide bid and asked prices 3 days before the valuation date were $10 and 2 days after the valuation date were $15. How to file 2011 taxes in 2013 The FMV on the valuation date is $13, figured as follows: [(2 x $10) + (3 x $15)] ÷ 5 = $13 Prices only before or after valuation date, but not both. How to file 2011 taxes in 2013   If no selling prices or bona fide bid and asked prices are available on a date within a reasonable period before the valuation date, but are available on a date within a reasonable period after the valuation date, or vice versa, then the average price between the highest and lowest of such available prices may be treated as the value. How to file 2011 taxes in 2013 Large blocks of stock. How to file 2011 taxes in 2013   When a large block of stock is put on the market, it may lower the selling price of the stock if the supply is greater than the demand. How to file 2011 taxes in 2013 On the other hand, market forces may exist that will afford higher prices for large blocks of stock. How to file 2011 taxes in 2013 Because of the many factors to be considered, determining the value of large blocks of stock usually requires the help of experts specializing in underwriting large quantities of securities, or in trading in the securities of the industry of which the particular company is a part. How to file 2011 taxes in 2013 Unavailable prices or closely held corporation. How to file 2011 taxes in 2013   If selling prices or bid and asked prices are not available, or if securities of a closely held corporation are involved, determine the FMV by considering the following factors. How to file 2011 taxes in 2013 For bonds, the soundness of the security, the interest yield, the date of maturity, and other relevant factors. How to file 2011 taxes in 2013 For shares of stock, the company's net worth, prospective earning power and dividend-paying capacity, and other relevant factors. How to file 2011 taxes in 2013 Other factors. How to file 2011 taxes in 2013   Other relevant factors include: The nature and history of the business, especially its recent history, The goodwill of the business, The economic outlook in the particular industry, The company's position in the industry, its competitors, and its management, and The value of securities of corporations engaged in the same or similar business. How to file 2011 taxes in 2013 For preferred stock, the most important factors are its yield, dividend coverage, and protection of its liquidation preference. How to file 2011 taxes in 2013   You should keep complete financial and other information on which the valuation is based. How to file 2011 taxes in 2013 This includes copies of reports of examinations of the company made by accountants, engineers, or any technical experts on or close to the valuation date. How to file 2011 taxes in 2013 Restricted securities. How to file 2011 taxes in 2013   Some classes of stock cannot be traded publicly because of restrictions imposed by the Securities and Exchange Commission, or by the corporate charter or a trust agreement. How to file 2011 taxes in 2013 These restricted securities usually trade at a discount in relation to freely traded securities. How to file 2011 taxes in 2013   To arrive at the FMV of restricted securities, factors that you must consider include the resale provisions found in the restriction agreements, the relative negotiating strengths of the buyer and seller, and the market experience of freely traded securities of the same class as the restricted securities. How to file 2011 taxes in 2013 Real Estate Because each piece of real estate is unique and its valuation is complicated, a detailed appraisal by a professional appraiser is necessary. How to file 2011 taxes in 2013 The appraiser must be thoroughly trained in the application of appraisal principles and theory. How to file 2011 taxes in 2013 In some instances the opinions of equally qualified appraisers may carry unequal weight, such as when one appraiser has a better knowledge of local conditions. How to file 2011 taxes in 2013 The appraisal report must contain a complete description of the property, such as street address, legal description, and lot and block number, as well as physical features, condition, and dimensions. How to file 2011 taxes in 2013 The use to which the property is put, zoning and permitted uses, and its potential use for other higher and better uses are also relevant. How to file 2011 taxes in 2013 In general, there are three main approaches to the valuation of real estate. How to file 2011 taxes in 2013 An appraisal may require the combined use of two or three methods rather than one method only. How to file 2011 taxes in 2013 1. How to file 2011 taxes in 2013 Comparable Sales The comparable sales method compares the donated property with several similar properties that have been sold. How to file 2011 taxes in 2013 The selling prices, after adjustments for differences in date of sale, size, condition, and location, would then indicate the estimated FMV of the donated property. How to file 2011 taxes in 2013 If the comparable sales method is used to determine the value of unimproved real property (land without significant buildings, structures, or any other improvements that add to its value), the appraiser should consider the following factors when comparing the potential comparable property and the donated property: Location, size, and zoning or use restrictions, Accessibility and road frontage, and available utilities and water rights, Riparian rights (right of access to and use of the water by owners of land on the bank of a river) and existing easements, rights-of-way, leases, etc. How to file 2011 taxes in 2013 , Soil characteristics, vegetative cover, and status of mineral rights, and Other factors affecting value. How to file 2011 taxes in 2013 For each comparable sale, the appraisal must include the names of the buyer and seller, the deed book and page number, the date of sale and selling price, a property description, the amount and terms of mortgages, property surveys, the assessed value, the tax rate, and the assessor's appraised FMV. How to file 2011 taxes in 2013 The comparable selling prices must be adjusted to account for differences between the sale property and the donated property. How to file 2011 taxes in 2013 Because differences of opinion may arise between appraisers as to the degree of comparability and the amount of the adjustment considered necessary for comparison purposes, an appraiser should document each item of adjustment. How to file 2011 taxes in 2013 Only comparable sales having the least adjustments in terms of items and/or total dollar adjustments should be considered as comparable to the donated property. How to file 2011 taxes in 2013 2. How to file 2011 taxes in 2013 Capitalization of Income This method capitalizes the net income from the property at a rate that represents a fair return on the particular investment at the particular time, considering the risks involved. How to file 2011 taxes in 2013 The key elements are the determination of the income to be capitalized and the rate of capitalization. How to file 2011 taxes in 2013 3. How to file 2011 taxes in 2013 Replacement Cost New or Reproduction Cost Minus Observed Depreciation This method, used alone, usually does not result in a determination of FMV. How to file 2011 taxes in 2013 Instead, it generally tends to set the upper limit of value, particularly in periods of rising costs, because it is reasonable to assume that an informed buyer will not pay more for the real estate than it would cost to reproduce a similar property. How to file 2011 taxes in 2013 Of course, this reasoning does not apply if a similar property cannot be created because of location, unusual construction, or some other reason. How to file 2011 taxes in 2013 Generally, this method serves to support the value determined from other methods. How to file 2011 taxes in 2013 When the replacement cost method is applied to improved realty, the land and improvements are valued separately. How to file 2011 taxes in 2013 The replacement cost of a building is figured by considering the materials, the quality of workmanship, and the number of square feet or cubic feet in the building. How to file 2011 taxes in 2013 This cost represents the total cost of labor and material, overhead, and profit. How to file 2011 taxes in 2013 After the replacement cost has been figured, consideration must be given to the following factors: Physical deterioration—the wear and tear on the building itself, Functional obsolescence—usually in older buildings with, for example, inadequate lighting, plumbing, or heating, small rooms, or a poor floor plan, and Economic obsolescence—outside forces causing the whole area to become less desirable. How to file 2011 taxes in 2013 Interest in a Business The FMV of any interest in a business, whether a sole proprietorship or a partnership, is the amount that a willing buyer would pay for the interest to a willing seller after consideration of all relevant factors. How to file 2011 taxes in 2013 The relevant factors to be considered in valuing the business are: The FMV of the assets of the business, The demonstrated earnings capacity of the business, based on a review of past and current earnings, and The other factors used in evaluating corporate stock, if they apply. How to file 2011 taxes in 2013 The value of the goodwill of the business should also be taken into consideration. How to file 2011 taxes in 2013 You should keep complete financial and other information on which you base the valuation. How to file 2011 taxes in 2013 This includes copies of reports of examinations of the business made by accountants, engineers, or any technical experts on or close to the valuation date. How to file 2011 taxes in 2013 Annuities, Interests for Life or Terms of Years, Remainders, and Reversions The value of these kinds of property is their present value, except in the case of annuities under contracts issued by companies regularly engaged in their sale. How to file 2011 taxes in 2013 The valuation of these commercial annuity contracts and of insurance policies is discussed later under Certain Life Insurance and Annuity Contracts. How to file 2011 taxes in 2013 To determine present value, you must know the applicable interest rate and use actuarial tables. How to file 2011 taxes in 2013 Interest rate. How to file 2011 taxes in 2013   The applicable interest rate varies. How to file 2011 taxes in 2013 It is announced monthly in a news release and published in the Internal Revenue Bulletin as a Revenue Ruling. How to file 2011 taxes in 2013 The interest rate to use is under the heading “Rate Under Section 7520” for a given month and year. How to file 2011 taxes in 2013 You can call the IRS office at 1-800-829-1040 to obtain this rate. How to file 2011 taxes in 2013 Actuarial tables. How to file 2011 taxes in 2013   You need to refer to actuarial tables to determine a qualified interest in the form of an annuity, any interest for life or a term of years, or any remainder interest to a charitable organization. How to file 2011 taxes in 2013   Use the valuation tables set forth in IRS Publications 1457, Actuarial Values (Book Aleph), and 1458, Actuarial Values (Book Beth). How to file 2011 taxes in 2013 Both of these publications provide tables containing actuarial factors to be used in determining the present value of an annuity, an interest for life or for a term of years, or a remainder or reversionary interest. How to file 2011 taxes in 2013 For qualified charitable transfers, you can use the factor for the month in which you made the contribution or for either of the 2 months preceding that month. How to file 2011 taxes in 2013   Publication 1457 also contains actuarial factors for computing the value of a remainder interest in a charitable remainder annuity trust and a pooled income fund. How to file 2011 taxes in 2013 Publication 1458 contains the factors for valuing the remainder interest in a charitable remainder unitrust. How to file 2011 taxes in 2013 You can download Publications 1457 and 1458 from www. How to file 2011 taxes in 2013 irs. How to file 2011 taxes in 2013 gov. How to file 2011 taxes in 2013 In addition, they are available for purchase via the website of the U. How to file 2011 taxes in 2013 S. How to file 2011 taxes in 2013 Government Printing Office, by phone at (202) 512-1800, or by mail from the: Superintendent of Documents P. How to file 2011 taxes in 2013 O. How to file 2011 taxes in 2013 Box 371954 Pittsburgh, PA 15250-7954 Tables containing actuarial factors for transfers to pooled income funds may also be found in Income Tax Regulation 1. How to file 2011 taxes in 2013 642(c)-6(e)(6), transfers to charitable remainder unitrusts in Regulation 1. How to file 2011 taxes in 2013 664-4(e), and other transfers in Regulation 20. How to file 2011 taxes in 2013 2031-7(d)(6). How to file 2011 taxes in 2013 Special factors. How to file 2011 taxes in 2013   If you need a special factor for an actual transaction, you can request a letter ruling. How to file 2011 taxes in 2013 Be sure to include the date of birth of each person the duration of whose life may affect the value of the interest. How to file 2011 taxes in 2013 Also include copies of the relevant instruments. How to file 2011 taxes in 2013 IRS charges a user fee for providing special factors. How to file 2011 taxes in 2013   For more information about requesting a ruling, see Revenue Procedure 2006-1 (or annual update), 2006-1 I. How to file 2011 taxes in 2013 R. How to file 2011 taxes in 2013 B. How to file 2011 taxes in 2013 1. How to file 2011 taxes in 2013 Revenue Procedure 2006-1 is available at www. How to file 2011 taxes in 2013 irs. How to file 2011 taxes in 2013 gov/irb/2006-01_IRB/ar06. How to file 2011 taxes in 2013 html. How to file 2011 taxes in 2013   For information on the circumstances under which a charitable deduction may be allowed for the donation of a partial interest in property not in trust, see Partial Interest in Property Not in Trust, later. How to file 2011 taxes in 2013 Certain Life Insurance and Annuity Contracts The value of an annuity contract or a life insurance policy issued by a company regularly engaged in the sale of such contracts or policies is the amount that company would charge for a comparable contract. How to file 2011 taxes in 2013 But if the donee of a life insurance policy may reasonably be expected to cash the policy rather than hold it as an investment, then the FMV is the cash surrender value rather than the replacement cost. How to file 2011 taxes in 2013 If an annuity is payable under a combination annuity contract and life insurance policy (for example, a retirement income policy with a death benefit) and there was no insurance element when it was transferred to the charity, the policy is treated as an annuity contract. How to file 2011 taxes in 2013 Partial Interest in Property Not in Trust Generally, no deduction is allowed for a charitable contribution, not made in trust, of less than your entire interest in property. How to file 2011 taxes in 2013 However, this does not apply to a transfer of less than your entire interest if it is a transfer of: A remainder interest in your personal residence or farm, An undivided part of your entire interest in property, or A qualified conservation contribution. How to file 2011 taxes in 2013 Remainder Interest in Real Property The amount of the deduction for a donation of a remainder interest in real property is the FMV of the remainder interest at the time of the contribution. How to file 2011 taxes in 2013 To determine this value, you must know the FMV of the property on the date of the contribution. How to file 2011 taxes in 2013 Multiply this value by the appropriate factor. How to file 2011 taxes in 2013 Publications 1457 and 1458 contain these factors. How to file 2011 taxes in 2013 You must make an adjustment for depreciation or depletion using the factors shown in Publication 1459, Actuarial Values (Book Gimel). How to file 2011 taxes in 2013 You can use the factors for the month in which you made the contribution or for either of the two months preceding that month. How to file 2011 taxes in 2013 See the earlier discussion on Annuities, Interests for Life or Terms of Years, Remainders, and Reversions. How to file 2011 taxes in 2013 You can download Publication 1459 from www. How to file 2011 taxes in 2013 irs. How to file 2011 taxes in 2013 gov. How to file 2011 taxes in 2013 For this purpose, the term “depreciable property” means any property subject to wear and tear or obsolescence, even if not used in a trade or business or for the production of income. How to file 2011 taxes in 2013 If the remainder interest includes both depreciable and nondepreciable property, for example a house and land, the FMV must be allocated between each kind of property at the time of the contribution. How to file 2011 taxes in 2013 This rule also applies to a gift of a remainder interest that includes property that is part depletable and part not depletable. How to file 2011 taxes in 2013 Take into account depreciation or depletion only for the property that is subject to depreciation or depletion. How to file 2011 taxes in 2013 For more information, see section 1. How to file 2011 taxes in 2013 170A-12 of the Income Tax Regulations. How to file 2011 taxes in 2013 Undivided Part of Your Entire Interest A contribution of an undivided part of your entire interest in property must consist of a part of each and every substantial interest or right you own in the property. How to file 2011 taxes in 2013 It must extend over the entire term of your interest in the property. How to file 2011 taxes in 2013 For example, you are entitled to the income from certain property for your life (life estate) and you contribute 20% of that life estate to a qualified organization. How to file 2011 taxes in 2013 You can claim a deduction for the contribution if you do not have any other interest in the property. How to file 2011 taxes in 2013 To figure the value of a contribution involving a partial interest, see Publication 1457. How to file 2011 taxes in 2013 If the only interest you own in real property is a remainder interest and you transfer part of that interest to a qualified organization, see the previous discussion on valuation of a remainder interest in real property. How to file 2011 taxes in 2013 Qualified Conservation Contribution A qualified conservation contribution is a contribution of a qualified real property interest to a qualified organization to be used only for conservation purposes. How to file 2011 taxes in 2013 Qualified organization. How to file 2011 taxes in 2013   For purposes of a qualified conservation contribution, a qualified organization is: A governmental unit, A publicly supported charitable, religious, scientific, literary, educational, etc. How to file 2011 taxes in 2013 , organization, or An organization that is controlled by, and operated for the exclusive benefit of, a governmental unit or a publicly supported charity. How to file 2011 taxes in 2013 The organization also must have a commitment to protect the conservation purposes of the donation and must have the resources to enforce the restrictions. How to file 2011 taxes in 2013 Conservation purposes. How to file 2011 taxes in 2013   Your contribution must be made only for one of the following conservation purposes. How to file 2011 taxes in 2013 Preserving land areas for outdoor recreation by, or for the education of, the general public. How to file 2011 taxes in 2013 Protecting a relatively natural habitat of fish, wildlife, or plants, or a similar ecosystem. How to file 2011 taxes in 2013 Preserving open space, including farmland and forest land, if it yields a significant public benefit. How to file 2011 taxes in 2013 It must be either for the scenic enjoyment of the general public or under a clearly defined federal, state, or local governmental conservation policy. How to file 2011 taxes in 2013 Preserving a historically important land area or a certified historic structure. How to file 2011 taxes in 2013 There must be some visual public access to the property. How to file 2011 taxes in 2013 Factors used in determining the type and amount of public access required include the historical significance of the property, the remoteness or accessibility of the site, and the extent to which intrusions on the privacy of individuals living on the property would be unreasonable. How to file 2011 taxes in 2013 Building in registered historic district. How to file 2011 taxes in 2013   A contribution after July 25, 2006, of a qualified real property interest that is an easement or other restriction on the exterior of a building in a registered historic district is deductible only if it meets all of the following three conditions. How to file 2011 taxes in 2013 The restriction must preserve the entire exterior of the building and must prohibit any change to the exterior of the building that is inconsistent with its historical character. How to file 2011 taxes in 2013 You and the organization receiving the contribution must enter into a written agreement certifying, that the organization is a qualified organization and that it has the resources and commitment to maintain the property as donated. How to file 2011 taxes in 2013 If you make the contribution in a tax year beginning after August 17, 2006, you must include with your return: A qualified appraisal, Photographs of the building's entire exterior, and A description of all restrictions on development of the building, such as zoning laws and restrictive covenants. How to file 2011 taxes in 2013   If you make this type of contribution after February 12, 2007, and claim a deduction of more than $10,000, your deduction will not be allowed unless you pay a $500 filing fee. How to file 2011 taxes in 2013 See Form 8283-V, Payment Voucher for Filing Fee Under Section 170(f)(13), and its instructions. How to file 2011 taxes in 2013 Qualified real property interest. How to file 2011 taxes in 2013   This is any of the following interests in real property. How to file 2011 taxes in 2013 Your entire interest in real estate other than a mineral interest (subsurface oil, gas, or other minerals, and the right of access to these minerals). How to file 2011 taxes in 2013 A remainder interest. How to file 2011 taxes in 2013 A restriction (granted in perpetuity) on the use that may be made of the real property. How to file 2011 taxes in 2013 Valuation. How to file 2011 taxes in 2013   A qualified real property interest described in (1) should be valued in a manner that is consistent with the type of interest transferred. How to file 2011 taxes in 2013 If you transferred all the interest in the property, the FMV of the property is the amount of the contribution. How to file 2011 taxes in 2013 If you do not transfer the mineral interest, the FMV of the surface rights in the property is the amount of the contribution. How to file 2011 taxes in 2013   If you owned only a remainder interest or an income interest (life estate), see Undivided Part of Your Entire Interest, earlier. How to file 2011 taxes in 2013 If you owned the entire property but transferred only a remainder interest (item (2)), see Remainder Interest in Real Property, earlier. How to file 2011 taxes in 2013   In determining the value of restrictions, you should take into account the selling price in arm's-length transactions of other properties that have comparable restrictions. How to file 2011 taxes in 2013 If there are no comparable sales, the restrictions are valued indirectly as the difference between the FMVs of the property involved before and after the grant of the restriction. How to file 2011 taxes in 2013   The FMV of the property before contribution of the restriction should take into account not only current use but the likelihood that the property, without the restriction, would be developed. How to file 2011 taxes in 2013 You should also consider any zoning, conservation, or historical preservation laws that would restrict development. How to file 2011 taxes in 2013 Granting an easement may increase, rather than reduce, the value of property, and in such a situation no deduction would be allowed. How to file 2011 taxes in 2013 Example. How to file 2011 taxes in 2013   You own 10 acres of farmland. How to file 2011 taxes in 2013 Similar land in the area has an FMV of $2,000 an acre. How to file 2011 taxes in 2013 However, land in the general area that is restricted solely to farm use has an FMV of $1,500 an acre. How to file 2011 taxes in 2013 Your county wants to preserve open space and prevent further development in your area. How to file 2011 taxes in 2013   You grant to the county an enforceable open space easement in perpetuity on 8 of the 10 acres, restricting its use to farmland. How to file 2011 taxes in 2013 The value of this easement is $4,000, determined as follows: FMV of the property before granting easement:   $2,000 × 10 acres $20,000 FMV of the property after granting easement:   $1,500 × 8 acres $12,000   $2,000 × 2 acres 4,000 16,000 Value of easement   $4,000   If you later transfer in fee your remaining interest in the 8 acres to another qualified organization, the FMV of your remaining interest is the FMV of the 8 acres reduced by the FMV of the easement granted to the first organization. How to file 2011 taxes in 2013 More information. How to file 2011 taxes in 2013   For more information about qualified conservation contributions, see Publication 526. How to file 2011 taxes in 2013 Appraisals Appraisals are not necessary for items of property for which you claim a deduction of $5,000 or less. How to file 2011 taxes in 2013 (There is one exception, described next, for certain clothing and household items. How to file 2011 taxes in 2013 ) However, you generally will need an appraisal for donated property for which you claim a deduction of more than $5,000. How to file 2011 taxes in 2013 There are exceptions. How to file 2011 taxes in 2013 See Deductions of More Than $5,000, later. How to file 2011 taxes in 2013 The weight given an appraisal depends on the completeness of the report, the qualifications of the appraiser, and the appraiser's demonstrated knowledge of the donated property. How to file 2011 taxes in 2013 An appraisal must give all the facts on which to base an intelligent judgment of the value of the property. How to file 2011 taxes in 2013 The appraisal will not be given much weight if: All the factors that apply are not considered, The opinion is not supported with facts, such as purchase price and comparable sales, or The opinion is not consistent with known facts. How to file 2011 taxes in 2013 The appraiser's opinion is never more valid than the facts on which it is based; without these facts it is simply a guess. How to file 2011 taxes in 2013 The opinion of a person claiming to be an expert is not binding on the Internal Revenue Service. How to file 2011 taxes in 2013 All facts associated with the donation must be considered. How to file 2011 taxes in 2013 Deduction over $500 for certain clothing or household items. How to file 2011 taxes in 2013   You must include with your return a qualified appraisal of any single item of clothing or any household item that is not in good used condition or better, that you donated after August 17, 2006, and for which you deduct more than $500. How to file 2011 taxes in 2013 See Household Goods and Used Clothing, earlier. How to file 2011 taxes in 2013 Cost of appraisals. How to file 2011 taxes in 2013   You may not take a charitable contribution deduction for fees you pay for appraisals of your donated property. How to file 2011 taxes in 2013 However, these fees may qualify as a miscellaneous deduction, subject to the 2% limit, on Schedule A (Form 1040) if paid to determine the amount allowable as a charitable contribution. How to file 2011 taxes in 2013 Deductions of More Than $5,000 Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser, and you must attach Section B of Form 8283 to your tax return. How to file 2011 taxes in 2013 There are exceptions, discussed later. How to file 2011 taxes in 2013 You should keep the appraiser's report with your written records. How to file 2011 taxes in 2013 Records are discussed in Publication 526. How to file 2011 taxes in 2013 The phrase “similar items” means property of the same generic category or type (whether or not donated to the same donee), such as stamp collections, coin collections, lithographs, paintings, photographs, books, nonpublicly traded stock, nonpublicly traded securities other than nonpublicly traded stock, land, buildings, clothing, jewelry, furniture, electronic equipment, household appliances, toys, everyday kitchenware, china, crystal, or silver. How to file 2011 taxes in 2013 For example, if you give books to three schools and you deduct $2,000, $2,500, and $900, respectively, your claimed deduction is more than $5,000 for these books. How to file 2011 taxes in 2013 You must get a qualified appraisal of the books and for each school you must attach a fully completed Form 8283, Section B, to your tax return. How to file 2011 taxes in 2013 Exceptions. How to file 2011 taxes in 2013   You do not need an appraisal if the property is: Nonpublicly traded stock of $10,000 or less, A vehicle (including a car, boat, or airplane) for which your deduction is limited to the gross proceeds from its sale, Qualified intellectual property, such as a patent, Certain publicly traded securities described next, Inventory and other property donated by a corporation that are “qualified contributions” for the care of the ill, the needy, or infants, within the meaning of section 170(e)(3)(A) of the Internal Revenue Code, or Stock in trade, inventory, or property held primarily for sale to customers in the ordinary course of your trade or business. How to file 2011 taxes in 2013   Although an appraisal is not required for the types of property just listed, you must provide certain information about a donation of any of these types of property on Form 8283. How to file 2011 taxes in 2013 Publicly traded securities. How to file 2011 taxes in 2013   Even if your claimed deduction is more than $5,000, neither a qualified appraisal nor Section B of Form 8283 is required for publicly traded securities that are: Listed on a stock exchange in which quotations are published on a daily basis, Regularly traded in a national or regional over-the-counter market for which published quotations are available, or Shares of an open-end investment company (mutual fund) for which quotations are published on a daily basis in a newspaper of general circulation throughout the United States. How to file 2011 taxes in 2013 Publicly traded securities that meet these requirements must be reported on Form 8283, Section A. How to file 2011 taxes in 2013   A qualified appraisal is not required, but Form 8283, Section B, Parts I and IV, must be completed, for an issue of a security that does not meet the requirements just listed but does meet these requirements: The issue is regularly traded during the computation period (defined later) in a market for which there is an “interdealer quotation system” (defined later), The issuer or agent computes the “average trading price” (defined later) for the same issue for the computation period, The average trading price and total volume of the issue during the computation period are published in a newspaper of general circulation throughout the United States, not later than the last day of the month following the end of the calendar quarter in which the computation period ends, The issuer or agent keeps books and records that list for each transaction during the computation period the date of settlement of the transaction, the name and address of the broker or dealer making the market in which the transaction occurred, and the trading price and volume, and The issuer or agent permits the Internal Revenue Service to review the books and records described in item (4) with respect to transactions during the computation period upon receiving reasonable notice. How to file 2011 taxes in 2013   An interdealer quotation system is any system of general circulation to brokers and dealers that regularly disseminates quotations of obligations by two or more identified brokers or dealers who are not related to either the issuer or agent who computes the average trading price of the security. How to file 2011 taxes in 2013 A quotation sheet prepared and distributed by a broker or dealer in the regular course of business and containing only quotations of that broker or dealer is not an interdealer quotation system. How to file 2011 taxes in 2013   The average trading price is the average price of all transactions (weighted by volume), other than original issue or redemption transactions, conducted through a United States office of a broker or dealer who maintains a market in the issue of the security during the computation period. How to file 2011 taxes in 2013 Bid and asked quotations are not taken into account. How to file 2011 taxes in 2013   The computation period is weekly during October through December and monthly during January through September. How to file 2011 taxes in 2013 The weekly computation periods during October through December begin with the first Monday in October and end with the first Sunday following the last Monday in December. How to file 2011 taxes in 2013 Nonpublicly traded stock. How to file 2011 taxes in 2013   If you contribute nonpublicly traded stock, for which you claim a deduction of $10,000 or less, a qualified appraisal is not required. How to file 2011 taxes in 2013 However, you must attach Form 8283 to your tax return, with Section B, Parts I and IV, completed. How to file 2011 taxes in 2013 Deductions of More Than $500,000 If you claim a deduction of more than $500,000 for a donation of property, you must attach a qualified appraisal of the property to your return. How to file 2011 taxes in 2013 This does not apply to contributions of cash, inventory, publicly traded stock, or intellectual property. How to file 2011 taxes in 2013 If you do not attach the appraisal, you cannot deduct your contribution, unless your failure to attach the appraisal is due to reasonable cause and not to willful neglect. How to file 2011 taxes in 2013 Qualified Appraisal Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser. How to file 2011 taxes in 2013 You must also complete Form 8283, Section B, and attach it to your tax return. How to file 2011 taxes in 2013 See Deductions of More Than $5,000, earlier. How to file 2011 taxes in 2013 A qualified appraisal is an appraisal document that: Is made, signed, and dated by a qualified appraiser (defined later) in accordance with generally accepted appraisal standards, Meets the relevant requirements of Regulations section 1. How to file 2011 taxes in 2013 170A-13(c)(3) and Notice 2006-96, 2006-46 I. How to file 2011 taxes in 2013 R. How to file 2011 taxes in 2013 B. How to file 2011 taxes in 2013 902 (available at www. How to file 2011 taxes in 2013 irs. How to file 2011 taxes in 2013 gov/irb/2006-46_IRB/ar13. How to file 2011 taxes in 2013 html), Relates to an appraisal made not earlier than 60 days before the date of contribution of the appraised property, Does not involve a prohibited appraisal fee, and Includes certain information (covered later). How to file 2011 taxes in 2013 You must receive the qualified appraisal before the due date, including extensions, of the return on which a charitable contribution deduction is first claimed for the donated property. How to file 2011 taxes in 2013 If the deduction is first claimed on an amended return, the qualified appraisal must be received before the date on which the amended return is filed. How to file 2011 taxes in 2013 Form 8283, Section B, must be attached to your tax return. How to file 2011 taxes in 2013 Generally, you do not need to attach the qualified appraisal itself, but you should keep a copy as long as it may be relevant under the tax law. How to file 2011 taxes in 2013 There are four exceptions. How to file 2011 taxes in 2013 If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the appraisal. How to file 2011 taxes in 2013 See Paintings, Antiques, and Other Objects of Art, earlier. How to file 2011 taxes in 2013 If you claim a deduction of more than $500,000 for a donation of property, you must attach the appraisal. How to file 2011 taxes in 2013 See Deductions of More Than $500,000, earlier. How to file 2011 taxes in 2013 If you claim a deduction of more than $500 for an article of clothing, or a household item, that is not in good used condition or better, that you donated after August 17, 2006, you must attach the appraisal. How to file 2011 taxes in 2013 See Deduction over $500 for certain clothing or household items, earlier. How to file 2011 taxes in 2013 If you claim a deduction in a tax year beginning after August 17, 2006, for an easement or other restriction on the exterior of a building in a historic district, you must attach the appraisal. How to file 2011 taxes in 2013 See Building in registered historic district, earlier. How to file 2011 taxes in 2013 Prohibited appraisal fee. How to file 2011 taxes in 2013   Generally, no part of the fee arrangement for a qualified appraisal can be based on a percentage of the appraised value of the property. How to file 2011 taxes in 2013 If a fee arrangement is based on what is allowed as a deduction, after Internal Revenue Service examination or otherwise, it is treated as a fee based on a percentage of appraised value. How to file 2011 taxes in 2013 However, appraisals are not disqualified when an otherwise prohi
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Contact My Local Office in Kentucky

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City Street Address Days/Hours of Service Telephone*
Bowling Green 200 West Professional
Park Court
Bowling Green, KY 42104

Monday-Friday 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)

 

Services Provided

(270) 782-7667
Hopkinsville 121 W. Tenth St.
Hopkinsville, KY 42240

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)

 

Services Provided

(270) 886-6625 
Lexington  1500 Leestown Rd.
Lexington, KY 40511 

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

Services Provided

(859) 244-2400 
Louisville  600 Dr. Martin Luther
King Jr. Place
Louisville, KY 40202 

Monday-Friday - 8:30 a.m.-4:30 p.m. 

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(502) 582-6700 
Owensboro  401 Frederica St.
Owensboro, KY 42301 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)

 

   Services Provided

(270) 852-8490 
Paducah  2765 Wayne Sullivan Dr.
Paducah, KY 42003 

Monday - Friday  8:30 a.m. - 4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.) 

 

Services Provided

(270) 443-1977 
Prestonsburg  311 N. Arnold Ave.
Prestonsburg, KY 41653 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.) 

 

Services Provided

(606) 889-1590 

* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service: Call (502) 582-6030 in Louisville or 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see  Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
600 Dr. Martin Luther King, Jr. Place
Room 321
Louisville, KY 40202

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The How To File 2011 Taxes In 2013

How to file 2011 taxes in 2013 30. How to file 2011 taxes in 2013   How To Figure Your Tax Table of Contents Introduction Figuring Your Tax Alternative Minimum Tax (AMT) Tax Figured by IRSFiling the Return Introduction After you have figured your income and deductions as explained in Parts One through Five, your next step is to figure your tax. How to file 2011 taxes in 2013 This chapter discusses: The general steps you take to figure your tax, An additional tax you may have to pay called the alternative minimum tax (AMT), and The conditions you must meet if you want the IRS to figure your tax. How to file 2011 taxes in 2013 Figuring Your Tax Your income tax is based on your taxable income. How to file 2011 taxes in 2013 After you figure your income tax and AMT, if any, subtract your tax credits and add any other taxes you may owe. How to file 2011 taxes in 2013 The result is your total tax. How to file 2011 taxes in 2013 Compare your total tax with your total payments to determine whether you are entitled to a refund or if you must make a payment. How to file 2011 taxes in 2013 This section provides a general outline of how to figure your tax. How to file 2011 taxes in 2013 You can find step-by-step directions in the Instructions for Forms 1040EZ, 1040A, and 1040. How to file 2011 taxes in 2013 If you are unsure of which tax form you should file, see Which Form Should I Use? in chapter 1. How to file 2011 taxes in 2013 Tax. How to file 2011 taxes in 2013   Most taxpayers use either the Tax Table or the Tax Computation Worksheet to figure their income tax. How to file 2011 taxes in 2013 However, there are special methods if your income includes any of the following items. How to file 2011 taxes in 2013 A net capital gain. How to file 2011 taxes in 2013 (See chapter 16. How to file 2011 taxes in 2013 ) Qualified dividends taxed at the same rates as a net capital gain. How to file 2011 taxes in 2013 (See chapters 8 and 16. How to file 2011 taxes in 2013 ) Lump-sum distributions. How to file 2011 taxes in 2013 (See chapter 10. How to file 2011 taxes in 2013 ) Farming or fishing income. How to file 2011 taxes in 2013 (See Schedule J (Form 1040), Income Averaging for Farmers and Fishermen. How to file 2011 taxes in 2013 ) Unearned income over $2,000 for certain children. How to file 2011 taxes in 2013 (See chapter 31. How to file 2011 taxes in 2013 ) Parents' election to report child's interest and dividends. How to file 2011 taxes in 2013 (See chapter 31. How to file 2011 taxes in 2013 ) Foreign earned income exclusion or the housing exclusion. How to file 2011 taxes in 2013 (See Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion, and the Foreign Earned Income Tax Worksheet in the Form 1040 instructions. How to file 2011 taxes in 2013 ) Credits. How to file 2011 taxes in 2013   After you figure your income tax and any AMT (discussed later), determine if you are eligible for any tax credits. How to file 2011 taxes in 2013 Eligibility information for these tax credits is discussed in chapters 32 through 37 and your form instructions. How to file 2011 taxes in 2013 The following table lists the credits you may be able to subtract from your tax and shows where you can find more information on each credit. How to file 2011 taxes in 2013 CREDITS For information on: See  chapter: Adoption 37 Alternative motor vehicle 37 Alternative fuel vehicle refueling  property 37 Child and dependent care 32 Child tax 34 Credit to holders of tax credit  bonds 37 Education 35 Elderly or disabled 33 Electric vehicle 37 Foreign tax 37 Mortgage interest 37 Prior year minimum tax 37 Residential energy 37 Retirement savings contributions 37   Some credits (such as the earned income credit) are not listed because they are treated as payments. How to file 2011 taxes in 2013 See Payments , later. How to file 2011 taxes in 2013   There are other credits that are not discussed in this publication. How to file 2011 taxes in 2013 These include the following credits. How to file 2011 taxes in 2013 General business credit, which is made up of several separate business-related credits. How to file 2011 taxes in 2013 These generally are reported on Form 3800, General Business Credit, and are discussed in chapter 4 of Publication 334, Tax Guide for Small Business. How to file 2011 taxes in 2013 Renewable electricity, refined coal, and Indian coal production credit for electricity and refined coal produced at facilities placed in service after October 22, 2004 (after October 2, 2008, for electricity produced from marine and hydrokinetic renewables), and Indian coal produced at facilities placed in service after August 8, 2005. How to file 2011 taxes in 2013 See Form 8835, Part II. How to file 2011 taxes in 2013 Work opportunity credit. How to file 2011 taxes in 2013 See Form 5884. How to file 2011 taxes in 2013 Credit for employer social security and Medicare taxes paid on certain employee tips. How to file 2011 taxes in 2013 See Form 8846. How to file 2011 taxes in 2013 Other taxes. How to file 2011 taxes in 2013   After you subtract your tax credits, determine whether there are any other taxes you must pay. How to file 2011 taxes in 2013 This chapter does not explain these other taxes. How to file 2011 taxes in 2013 You can find that information in other chapters of this publication and your form instructions. How to file 2011 taxes in 2013 See the following table for other taxes you may need to add to your income tax. How to file 2011 taxes in 2013 OTHER TAXES For information on: See  chapter: Additional taxes on qualified retirement plans and IRAs 10, 17 Household employment taxes 32 Recapture of an education credit 35 Social security and Medicare tax on wages 5 Social security and Medicare tax on tips 6 Uncollected social security and Medicare tax on tips 6   You also may have to pay AMT (discussed later in this chapter). How to file 2011 taxes in 2013   There are other taxes that are not discussed in this publication. How to file 2011 taxes in 2013 These include the following items. How to file 2011 taxes in 2013 Self-employment tax. How to file 2011 taxes in 2013 You must figure this tax if either of the following applies to you (or your spouse if you file a joint return). How to file 2011 taxes in 2013 Your net earnings from self-employment from other than church employee income were $400 or more. How to file 2011 taxes in 2013 The term “net earnings from self-employment” may include certain nonemployee compensation and other amounts reported to you on Form 1099-MISC, Miscellaneous Income. How to file 2011 taxes in 2013 If you received a Form 1099-MISC, see the Instructions for Recipient on the back. How to file 2011 taxes in 2013 Also see the Instructions for Schedule SE (Form 1040), Self-Employment Tax; and Publication 334, Tax Guide for Small Business. How to file 2011 taxes in 2013 You had church employee income of $108. How to file 2011 taxes in 2013 28 or more. How to file 2011 taxes in 2013 Additional Medicare Tax. How to file 2011 taxes in 2013 Beginning in 2013, you may be subject to a 0. How to file 2011 taxes in 2013 9% Additional Medicare Tax that applies to Medicare wages, Railroad Retirement Act compensation, and self-employment income over a threshold based on your filing status. How to file 2011 taxes in 2013 For more information, see the Instructions for Form 1040, line 60 and Form 8959. How to file 2011 taxes in 2013 Net Investment Income Tax (NIIT). How to file 2011 taxes in 2013 Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). How to file 2011 taxes in 2013 NIIT is a 3. How to file 2011 taxes in 2013 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income over a threshold amount. How to file 2011 taxes in 2013 For more information, see the Instructions for Form 1040, line 60 and Form 8960. How to file 2011 taxes in 2013 Recapture taxes. How to file 2011 taxes in 2013 You may have to pay these taxes if you previously claimed an investment credit, a low-income housing credit, a new markets credit, a qualified plug-in electric drive motor vehicle credit, an alternative motor vehicle credit, a credit for employer-provided child care facilities, an Indian employment credit, or other credits listed in the instructions for Form 1040, line 60. How to file 2011 taxes in 2013 For more information, see the instructions for Form 1040, line 60. How to file 2011 taxes in 2013 Section 72(m)(5) excess benefits tax. How to file 2011 taxes in 2013 If you are (or were) a 5% owner of a business and you received a distribution that exceeds the benefits provided for you under the qualified pension or annuity plan formula, you may have to pay this additional tax. How to file 2011 taxes in 2013 See Tax on Excess Benefits in chapter 4 of Publication 560, Retirement Plans for Small Business. How to file 2011 taxes in 2013 Uncollected social security and Medicare tax on group-term life insurance. How to file 2011 taxes in 2013 If your former employer provides you with more than $50,000 of group-term life insurance coverage, you must pay the employee part of social security and Medicare taxes on those premiums. How to file 2011 taxes in 2013 The amount should be shown in box 12 of your Form W-2 with codes M and N. How to file 2011 taxes in 2013 Tax on golden parachute payments. How to file 2011 taxes in 2013 This tax applies if you received an “excess parachute payment” (EPP) due to a change in a corporation's ownership or control. How to file 2011 taxes in 2013 The amount should be shown in box 12 of your Form W-2 with code K. How to file 2011 taxes in 2013 See the instructions for Form 1040, line 60. How to file 2011 taxes in 2013 Tax on accumulation distribution of trusts. How to file 2011 taxes in 2013 This applies if you are the beneficiary of a trust that accumulated its income instead of distributing it currently. How to file 2011 taxes in 2013 See Form 4970 and its instructions. How to file 2011 taxes in 2013 Additional tax on HSAs or MSAs. How to file 2011 taxes in 2013 If amounts contributed to, or distributed from, your health savings account or medical savings account do not meet the rules for these accounts, you may have to pay additional taxes. How to file 2011 taxes in 2013 See Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans; Form 8853, Archer MSAs and Long-Term Care Insurance Contracts; Form 8889, Health Savings Accounts (HSAs); and Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. How to file 2011 taxes in 2013 Additional tax on Coverdell ESAs. How to file 2011 taxes in 2013 This applies if amounts contributed to, or distributed from, your Coverdell ESA do not meet the rules for these accounts. How to file 2011 taxes in 2013 See Publication 970, Tax Benefits for Education, and Form 5329. How to file 2011 taxes in 2013 Additional tax on qualified tuition programs. How to file 2011 taxes in 2013 This applies to amounts distributed from qualified tuition programs that do not meet the rules for these accounts. How to file 2011 taxes in 2013 See Publication 970 and Form 5329. How to file 2011 taxes in 2013 Excise tax on insider stock compensation from an expatriated corporation. How to file 2011 taxes in 2013 You may owe a 15% excise tax on the value of nonstatutory stock options and certain other stock-based compensation held by you or a member of your family from an expatriated corporation or its expanded affiliated group in which you were an officer, director, or more-than-10% owner. How to file 2011 taxes in 2013 For more information, see the instructions for Form 1040, line 60. How to file 2011 taxes in 2013 Additional tax on income you received from a nonqualified deferred compensation plan that fails to meet certain requirements. How to file 2011 taxes in 2013 This income should be shown in Form W-2, box 12, with code Z, or in Form 1099-MISC, box 15b. How to file 2011 taxes in 2013 For more information, see the instructions for Form 1040, line 60. How to file 2011 taxes in 2013 Interest on the tax due on installment income from the sale of certain residential lots and timeshares. How to file 2011 taxes in 2013 For more information, see the instructions for Form 1040, line 60. How to file 2011 taxes in 2013 Interest on the deferred tax on gain from certain installment sales with a sales price over $150,000. How to file 2011 taxes in 2013 For more information, see the instructions for Form 1040, line 60. How to file 2011 taxes in 2013 Repayment of first-time homebuyer credit. How to file 2011 taxes in 2013 For more information, see Form 5405, Repayment of the First-Time Homebuyer Credit, and its instructions. How to file 2011 taxes in 2013 Also see the instructions for Form 1040, line 59b. How to file 2011 taxes in 2013 Payments. How to file 2011 taxes in 2013   After you determine your total tax, figure the total payments you have already made for the year. How to file 2011 taxes in 2013 Include credits that are treated as payments. How to file 2011 taxes in 2013 This chapter does not explain these payments and credits. How to file 2011 taxes in 2013 You can find that information in other chapters of this publication and your form instructions. How to file 2011 taxes in 2013 See the following table for amounts you can include in your total payments. How to file 2011 taxes in 2013 PAYMENTS For information on: See  chapter: Child tax credit (additional) 34 Earned income credit 36 Estimated tax paid 4 Excess social security   and RRTA tax withheld 37 Federal income tax withheld 4 Health coverage tax credit 37 Credit for tax on   undistributed capital gain 37 Tax paid with extension 1   Another credit that is treated as a payment is the credit for federal excise tax paid on fuels. How to file 2011 taxes in 2013 This credit is for persons who have a nontaxable use of certain fuels, such as diesel fuel and kerosene. How to file 2011 taxes in 2013 It is claimed on Form 1040, line 70. How to file 2011 taxes in 2013 See Form 4136, Credit for Federal Tax Paid on Fuels. How to file 2011 taxes in 2013 Refund or balance due. How to file 2011 taxes in 2013   To determine whether you are entitled to a refund or whether you must make a payment, compare your total payments with your total tax. How to file 2011 taxes in 2013 If you are entitled to a refund, see your form instructions for information on having it directly deposited into one or more of your accounts, or to purchase U. How to file 2011 taxes in 2013 S. How to file 2011 taxes in 2013 savings bonds instead of receiving a paper check. How to file 2011 taxes in 2013 Alternative Minimum Tax (AMT) This section briefly discusses an additional tax you may have to pay. How to file 2011 taxes in 2013 The tax law gives special treatment to some kinds of income and allows special deductions and credits for some kinds of expenses. How to file 2011 taxes in 2013 Taxpayers who benefit from this special treatment may have to pay at least a minimum amount of tax through an additional tax called AMT. How to file 2011 taxes in 2013 You may have to pay the AMT if your taxable income for regular tax purposes, combined with certain adjustments and tax preference items, is more than a certain amount. How to file 2011 taxes in 2013 See Form 6251, Alternative Minimum Tax — Individuals. How to file 2011 taxes in 2013 Adjustments and tax preference items. How to file 2011 taxes in 2013   The more common adjustments and tax preference items include: Addition of personal exemptions, Addition of the standard deduction (if claimed), Addition of itemized deductions claimed for state and local taxes, certain interest, most miscellaneous deductions, and part of medical expenses, Subtraction of any refund of state and local taxes included in gross income, Changes to accelerated depreciation of certain property, Difference between gain or loss on the sale of property reported for regular tax purposes and AMT purposes, Addition of certain income from incentive stock options, Change in certain passive activity loss deductions, Addition of certain depletion that is more than the adjusted basis of the property, Addition of part of the deduction for certain intangible drilling costs, and Addition of tax-exempt interest on certain private activity bonds. How to file 2011 taxes in 2013 More information. How to file 2011 taxes in 2013   For more information about the AMT, see the instructions for Form 6251. How to file 2011 taxes in 2013 Tax Figured by IRS If you file by April 15, 2014, you can have the IRS figure your tax for you on Form 1040EZ, Form 1040A, or Form 1040. How to file 2011 taxes in 2013 If the IRS figures your tax and you paid too much, you will receive a refund. How to file 2011 taxes in 2013 If you did not pay enough, you will receive a bill for the balance. How to file 2011 taxes in 2013 To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later. How to file 2011 taxes in 2013 The IRS can also figure the credit for the elderly or the disabled and the earned income credit for you. How to file 2011 taxes in 2013 When the IRS cannot figure your tax. How to file 2011 taxes in 2013   The IRS cannot figure your tax for you if any of the following apply. How to file 2011 taxes in 2013 You want your refund directly deposited into your accounts. How to file 2011 taxes in 2013 You want any part of your refund applied to your 2014 estimated tax. How to file 2011 taxes in 2013 You had income for the year from sources other than wages, salaries, tips, interest, dividends, taxable social security benefits, unemployment compensation, IRA distributions, pensions, and annuities. How to file 2011 taxes in 2013 Your taxable income is $100,000 or more. How to file 2011 taxes in 2013 You itemize deductions. How to file 2011 taxes in 2013 You file any of the following forms. How to file 2011 taxes in 2013 Form 2555, Foreign Earned Income. How to file 2011 taxes in 2013 Form 2555-EZ, Foreign Earned Income Exclusion. How to file 2011 taxes in 2013 Form 4137, Social Security and Medicare Tax on Unreported Tip Income. How to file 2011 taxes in 2013 Form 4970, Tax on Accumulation Distribution of Trusts. How to file 2011 taxes in 2013 Form 4972, Tax on Lump-Sum Distributions. How to file 2011 taxes in 2013 Form 6198, At-Risk Limitations. How to file 2011 taxes in 2013 Form 6251, Alternative Minimum Tax—Individuals. How to file 2011 taxes in 2013 Form 8606, Nondeductible IRAs. How to file 2011 taxes in 2013 Form 8615, Tax for Certain Children Who Have Unearned Income. How to file 2011 taxes in 2013 Form 8814, Parents' Election To Report Child's Interest and Dividends. How to file 2011 taxes in 2013 Form 8839, Qualified Adoption Expenses. How to file 2011 taxes in 2013 Form 8853, Archer MSAs and Long-Term Care Insurance Contracts. How to file 2011 taxes in 2013 Form 8889, Health Savings Accounts (HSAs). How to file 2011 taxes in 2013 Form 8919, Uncollected Social Security and Medicare Tax on Wages. How to file 2011 taxes in 2013 Filing the Return After you complete the line entries for the tax form you are filing, fill in your name and address. How to file 2011 taxes in 2013 Enter your social security number in the space provided. How to file 2011 taxes in 2013 If you are married, enter the social security numbers of you and your spouse even if you file separately. How to file 2011 taxes in 2013 Sign and date your return and enter your occupation(s). How to file 2011 taxes in 2013 If you are filing a joint return, both you and your spouse must sign it. How to file 2011 taxes in 2013 Enter your daytime phone number in the space provided. How to file 2011 taxes in 2013 This may help speed the processing of your return if we have a question that can be answered over the phone. How to file 2011 taxes in 2013 If you are filing a joint return, you may enter either your or your spouse's daytime phone number. How to file 2011 taxes in 2013 If you want to allow a friend, family member, or any other person you choose to discuss your 2013 tax return with the IRS, check the “Yes” box in the “Third party designee” area on your return. How to file 2011 taxes in 2013 Also enter the designee's name, phone number, and any five digits the designee chooses as his or her personal identification number (PIN). How to file 2011 taxes in 2013 If you check the “Yes” box, you, and your spouse if filing a joint return, are authorizing the IRS to call the designee to answer any questions that may arise during the processing of your return. How to file 2011 taxes in 2013 Fill in and attach any schedules and forms asked for on the lines you completed to your paper return. How to file 2011 taxes in 2013 Attach a copy of each of your Forms W-2 to your paper return. How to file 2011 taxes in 2013 Also attach to your paper return any Form 1099-R you received that has withholding tax in box 4. How to file 2011 taxes in 2013 Mail your return to the Internal Revenue Service Center for the area where you live. How to file 2011 taxes in 2013 A list of Service Center addresses is in the instructions for your tax return. How to file 2011 taxes in 2013 Form 1040EZ Line Entries Read lines 1 through 8b and fill in the lines that apply to you. How to file 2011 taxes in 2013 Do not complete lines 9 through 12. How to file 2011 taxes in 2013 If you are filing a joint return, use the space to the left of line 6 to separately show your taxable income and your spouse's taxable income. How to file 2011 taxes in 2013 Payments. How to file 2011 taxes in 2013   Enter any federal income tax withheld on line 7. How to file 2011 taxes in 2013 Federal income tax withheld is shown on Form W-2, box 2, or Form 1099, box 4. How to file 2011 taxes in 2013 Earned income credit. How to file 2011 taxes in 2013   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. How to file 2011 taxes in 2013 Enter “EIC” in the space to the left of line 8a. How to file 2011 taxes in 2013 Enter the nontaxable combat pay you elect to include in earned income on line 8b. How to file 2011 taxes in 2013   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862, Information To Claim Earned Income Credit After Disallowance, with your return. How to file 2011 taxes in 2013 For details, see the Form 1040EZ Instructions. How to file 2011 taxes in 2013 Form 1040A Line Entries Read lines 1 through 27 and fill in the lines that apply to you. How to file 2011 taxes in 2013 If you are filing a joint return, use the space to the left of the entry space for line 27 to separately show your taxable income and your spouse's taxable income. How to file 2011 taxes in 2013 Do not complete line 28. How to file 2011 taxes in 2013 Complete lines 29 through 33 and 36 through 40 if they apply to you. How to file 2011 taxes in 2013 However, do not fill in lines 30 and 38a if you want the IRS to figure the credits shown on those lines. How to file 2011 taxes in 2013 Also, enter any write-in information that applies to you in the space to the left of line 41. How to file 2011 taxes in 2013 Do not complete lines 34, 35, and 42 through 46. How to file 2011 taxes in 2013 Payments. How to file 2011 taxes in 2013   Enter any federal income tax withheld that is shown on Form W-2, box 2, or Form 1099, box 4, on line 36. How to file 2011 taxes in 2013 Enter any estimated tax payments you made on line 37. How to file 2011 taxes in 2013 Credit for child and dependent care expenses. How to file 2011 taxes in 2013   If you can take this credit, as discussed in chapter 32, complete Form 2441, Child and Dependent Care Expenses, and attach it to your return. How to file 2011 taxes in 2013 Enter the amount of the credit on line 29. How to file 2011 taxes in 2013 The IRS will not figure this credit. How to file 2011 taxes in 2013 Credit for the elderly or the disabled. How to file 2011 taxes in 2013   If you can take this credit, as discussed in chapter 33, the IRS can figure it for you. How to file 2011 taxes in 2013 Enter “CFE” in the space to the left of line 30 and attach Schedule R (Form 1040A or 1040), Credit for the Elderly or the Disabled, to your paper return. How to file 2011 taxes in 2013 On Schedule R (Form 1040A or 1040), check the box in Part I for your filing status and age. How to file 2011 taxes in 2013 Complete Part II and Part III, lines 11 and 13, if they apply. How to file 2011 taxes in 2013 Earned income credit. How to file 2011 taxes in 2013   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. How to file 2011 taxes in 2013 Enter “EIC” to the left of the entry space for line 38a. How to file 2011 taxes in 2013 Enter the nontaxable combat pay you elect to include in earned income on line 38b. How to file 2011 taxes in 2013    If you have a qualifying child, you must fill in Schedule EIC (Form 1040A or 1040), Earned Income Credit, and attach it to your paper return. How to file 2011 taxes in 2013 If you do not provide the child's social security number on Schedule EIC, line 2, the credit will be reduced or disallowed unless the child was born and died in 2013. How to file 2011 taxes in 2013   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862 with your return. How to file 2011 taxes in 2013 For details, see the Form 1040A Instructions. How to file 2011 taxes in 2013 Form 1040 Line Entries Read lines 1 through 43 and fill in the lines that apply to you. How to file 2011 taxes in 2013 Do not complete line 44. How to file 2011 taxes in 2013 If you are filing a joint return, use the space under the words “Adjusted Gross Income” on the front of your return to separately show your taxable income and your spouse's taxable income. How to file 2011 taxes in 2013 Read lines 45 through 71. How to file 2011 taxes in 2013 Fill in the lines that apply to you, but do not fill in lines 54, 61, and 72. How to file 2011 taxes in 2013 Also, do not complete line 55 and lines 73 through 77. How to file 2011 taxes in 2013 Do not fill in line 53, box “c,” if you are completing Schedule R (Form 1040A or 1040), or line 64a if you want the IRS to figure the credits shown on those lines. How to file 2011 taxes in 2013 Payments. How to file 2011 taxes in 2013   Enter any federal income tax withheld that is shown on Form W-2, box 2, or Form 1099, box 4, on line 62. How to file 2011 taxes in 2013 Enter any estimated tax payments you made on line 63. How to file 2011 taxes in 2013 Credit for child and dependent care expenses. How to file 2011 taxes in 2013   If you can take this credit, as discussed in chapter 32, complete Form 2441 and attach it to your paper return. How to file 2011 taxes in 2013 Enter the amount of the credit on line 48. How to file 2011 taxes in 2013 The IRS will not figure this credit. How to file 2011 taxes in 2013 Credit for the elderly or the disabled. How to file 2011 taxes in 2013   If you can take this credit, as discussed in chapter 33, the IRS can figure it for you. How to file 2011 taxes in 2013 Enter “CFE” on the line next to line 53, check box “c,” and attach Schedule R (Form 1040A or 1040) to your paper return. How to file 2011 taxes in 2013 On Schedule R (Form 1040A or 1040), check the box in Part I for your filing status and age. How to file 2011 taxes in 2013 Complete Part II and Part III, lines 11 and 13, if they apply. How to file 2011 taxes in 2013 Earned income credit. How to file 2011 taxes in 2013   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. How to file 2011 taxes in 2013 Enter “EIC” on the dotted line next to Form 1040, line 64a. How to file 2011 taxes in 2013 Enter the nontaxable combat pay you elect to include in earned income on line 64b. How to file 2011 taxes in 2013   If you have a qualifying child, you must fill in Schedule EIC (Form 1040A or 1040), Earned Income Credit, and attach it to your paper return. How to file 2011 taxes in 2013 If you do not provide the child's social security number on Schedule EIC, line 2, the credit will be reduced or disallowed unless the child was born and died in 2013. How to file 2011 taxes in 2013   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862 with your return. How to file 2011 taxes in 2013 For details, see the Form 1040 Instructions. 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