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How To File A Late Tax Return 2012

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How To File A Late Tax Return 2012

How to file a late tax return 2012 Publication 901 - Main Content Table of Contents Application of Treaties Tax Exemptions Provided by TreatiesPersonal Services Income Professors, Teachers, and Researchers Students and Apprentices Wages and Pensions Paid by a Foreign Government Explanation of TablesTable 1 Table 2 Table 3 Application of Treaties The United States has income tax treaties with a number of foreign countries. How to file a late tax return 2012 Under these treaties, residents (not necessarily citizens) of foreign countries are taxed at a reduced rate, or are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income taxes on certain items of income they receive from sources within the United States. How to file a late tax return 2012 These reduced rates and exemptions vary among countries and specific items of income. How to file a late tax return 2012 If there is no treaty between your country and the United States, you must pay tax on the income in the same way and at the same rates shown in the instructions for Form 1040NR. How to file a late tax return 2012 Also see Publication 519. How to file a late tax return 2012 Many of the individual states of the United States tax the income of their residents. How to file a late tax return 2012 Therefore, you should consult the tax authorities of the state in which you live to find out if that state taxes the income of individuals and, if so, whether the tax applies to any of your income. How to file a late tax return 2012 Tax treaties reduce the U. How to file a late tax return 2012 S. How to file a late tax return 2012 taxes of residents of foreign countries. How to file a late tax return 2012 With certain exceptions, they do not reduce the U. How to file a late tax return 2012 S. How to file a late tax return 2012 taxes of U. How to file a late tax return 2012 S. How to file a late tax return 2012 citizens or residents. How to file a late tax return 2012 U. How to file a late tax return 2012 S. How to file a late tax return 2012 citizens and residents are subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax on their worldwide income. How to file a late tax return 2012 Treaty provisions generally are reciprocal (apply to both treaty countries); therefore, a U. How to file a late tax return 2012 S. How to file a late tax return 2012 citizen or resident who receives income from a treaty country may refer to the tables in this publication to see if a tax treaty might affect the tax to be paid to that foreign country. How to file a late tax return 2012 Foreign taxing authorities sometimes require certification from the U. How to file a late tax return 2012 S. How to file a late tax return 2012 Government that an applicant filed an income tax return as a U. How to file a late tax return 2012 S. How to file a late tax return 2012 citizen or resident, as part of the proof of entitlement to the treaty benefits. How to file a late tax return 2012 See Form 8802, Application for United States Residency Certification, to request a certification. How to file a late tax return 2012 Disclosure of a treaty-based position that reduces your tax. How to file a late tax return 2012   If you take the position that any U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax is overruled or otherwise reduced by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 treaty (a treaty-based position), you generally must disclose that position on Form 8833 and attach it to your return. How to file a late tax return 2012 If you are not required to file a return because of your treaty-based position, you must file a return anyway to report your position. How to file a late tax return 2012 The filing of Form 8833 does not apply to a reduced rate of withholding tax on noneffectively connected income, such as dividends, interest, rents or royalties, or to a reduced rate of tax on pay received for services performed as an employee, including pensions, annuities, and social security. How to file a late tax return 2012 For more information, see Publication 519 and the Form 8833 instructions. How to file a late tax return 2012   If you fail to file Form 8833, you may have to pay a $1,000 penalty. How to file a late tax return 2012 Corporations are subject to a $10,000 penalty for each failure. How to file a late tax return 2012 Tax Exemptions Provided by Treaties In addition to the tables in the back of this publication, this publication contains discussions of the exemptions from tax and certain other effects of the tax treaties on the following types of income. How to file a late tax return 2012 Pay for certain personal services performed in the United States. How to file a late tax return 2012 Pay of a professor, teacher, or researcher who teaches or performs research in the United States for a limited time. How to file a late tax return 2012 Amounts received for maintenance and studies by a foreign student or apprentice who is here for study or experience. How to file a late tax return 2012 Wages, salaries, and pensions paid by a foreign government. How to file a late tax return 2012 Personal Services Income Pay for certain personal services performed in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if you are a resident of one of the countries discussed below, if you are in the United States for a limited number of days, and if you meet certain other conditions. How to file a late tax return 2012 For this purpose, the word “day” means a day during any part of which you are physically present in the United States. How to file a late tax return 2012 Terms defined. How to file a late tax return 2012   Several terms appear in many of the discussions that follow. How to file a late tax return 2012 The exact meanings of the terms are determined by the particular tax treaty under discussion; thus, the meanings vary among treaties. How to file a late tax return 2012 The definitions that follow are, therefore, general definitions that may not give the exact meaning intended by a particular treaty. How to file a late tax return 2012   The terms fixed base and permanent establishment generally mean a fixed place of business, such as a place of management, a branch, an office, a factory, a warehouse, or a mining site, through which an enterprise carries on its business. How to file a late tax return 2012   The term borne by generally means having ultimate financial accounting responsibility for, or providing the monetary resources for, an expenditure or payment, even if another entity in another location actually made the expenditure or payment. How to file a late tax return 2012 Australia Income that residents of Australia receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are in the United States for no more than 183 days during the tax year, and Do not have a fixed base regularly available to them in the United States for the purpose of performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Pay that residents of Australia receive for labor or personal services performed in the United States as employees (dependent personal services), including services as a director of a company, is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if: The residents are in the United States for no more than 183 days during the tax year, The pay is paid by, or on behalf of, an employer or company that is not a resident of the United States, and The pay is not deductible in determining the taxable income of the trade or business of the employer (or company) in the United States. How to file a late tax return 2012 These exemptions do not apply to public entertainers (such as theater, motion picture, radio, or television entertainers, musicians, and athletes) from Australia who earn more than $10,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year. How to file a late tax return 2012 Austria Income that residents of Austria receive for personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Austria receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 These exemptions do not apply to public entertainers (such as theater, motion picture, radio, or television entertainers, musicians, and athletes) from Austria who earn more than $20,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year. How to file a late tax return 2012 Income received by a resident of Austria for services performed as an employee and member of the regular complement of a ship or aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax. How to file a late tax return 2012 Bangladesh Income that residents of Bangladesh receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year, or Do not have a fixed base regularly available to them in the United States for the purpose of performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Bangladesh receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 These exemptions do not apply to pubic entertainers (such as theater, motion picture, radio, or television entertainers, musicians, and athletes) from Bangladesh who earn more than $10,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year. How to file a late tax return 2012 Regardless of these limits, income of Bangladesh entertainers is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if their visit to the United States is wholly or mainly supported by public funds of Bangladesh, its political subdivisions, or local authorities. How to file a late tax return 2012 Income received from employment as a member of the regular complement of a ship or an aircraft operated by a Bangladesh enterprise in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 If the ship or aircraft is operated by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 enterprise, the income is subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 If the resident of Bangladesh is a shareholder in a U. How to file a late tax return 2012 S. How to file a late tax return 2012 corporation, these exemptions do not apply to directors' fees received as a member of the board of directors of the U. How to file a late tax return 2012 S. How to file a late tax return 2012 corporation. How to file a late tax return 2012 The amount received by the shareholder that is more than the amount paid to a director that is not a shareholder is subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax at the rate of 15%. How to file a late tax return 2012 Barbados Income that residents of Barbados receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are in the United States for no more than 89 days during the tax year, Earn net income for independent services provided to U. How to file a late tax return 2012 S. How to file a late tax return 2012 residents that is not more than $5,000 (there is no dollar limit if the contractors are not U. How to file a late tax return 2012 S. How to file a late tax return 2012 residents), and Do not have a regular base available in the United States for performing the services. How to file a late tax return 2012 If they have a regular base available in the United States but otherwise meet the conditions for exemption, they are taxed only on the income attributable to the regular base. How to file a late tax return 2012 Income that residents of Barbados receive for personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if the residents meet four requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days during the calendar year. How to file a late tax return 2012 The income earned in the calendar year in the United States is not more than $5,000. How to file a late tax return 2012 Their income is paid by or for an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 The income is not borne by a permanent establishment or regular base of the employer in the United States. How to file a late tax return 2012 Income of a Barbadian resident from employment as a member of the regular complement of a ship or aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 These exemptions do not apply to Barbadian resident public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes) who receive gross receipts of more than $250 per day or $4,000 in the tax year, not including reimbursed expenses, from their entertainment activities in the United States. How to file a late tax return 2012 However, the exemptions do apply regardless of these limits on gross receipts if the entertainer's visit to the United States is substantially supported by Barbadian public funds or if the entertainer's services are provided to a nonprofit organization. How to file a late tax return 2012 Belgium Income that residents of Belgium receive for personal services as independent contractors or self-employed individuals are subject to the provisions of Article 7 (Business Profits) of the treaty. How to file a late tax return 2012 Under that provision, business profits are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax unless the individual has a permanent establishment in the United States. How to file a late tax return 2012 If they have a permanent establishment in the United States, they are taxed on the profit attributable to the permanent establishment. How to file a late tax return 2012 Income that residents of Belgium receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to directors' fees and similar payments received by a resident of Belgium for services performed in the United States as a member of the board of directors of a company that is a resident of the United States. How to file a late tax return 2012 Public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes) from Belgium who earn more than $20,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year are subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 Income received by a resident of Belgium for services performed as an employee and member of the regular complement of a ship or aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax. How to file a late tax return 2012 Bulgaria Income that residents of Bulgaria receive for personal services as independent contractors or self-employed individuals is subject to the provisions of Article 7 (Business Profits) of the treaty. How to file a late tax return 2012 Under that provision, business profits are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax unless the individual has a permanent establishment in the United States. How to file a late tax return 2012 If they have a permanent establishment in the United States, they are taxed on the profit attributable to the permanent establishment. How to file a late tax return 2012 Under Article 5 (Permanent Establishment), you may be considered to provide services through a permanent establishment in the United States even if you do not have a fixed place of business. How to file a late tax return 2012 Income that residents of Bulgaria receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to directors' fees and similar payments received by a resident of Bulgaria as a member of the board of directors of a U. How to file a late tax return 2012 S. How to file a late tax return 2012 company. How to file a late tax return 2012 Public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes) from Bulgaria who earn more than $15,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year are subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 Income received by a resident of Bulgaria for services performed as an employee and member of the regular complement of a ship or aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax. How to file a late tax return 2012 Canada Income that residents of Canada receive for personal services as independent contractors or self-employed individuals is subject to the provisions of Article VII (Business Profits) of the treaty. How to file a late tax return 2012 Under that provision, business profits are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax unless the individual has a permanent establishment in the United States. How to file a late tax return 2012 If they have a permanent establishment in the United States, they are taxed on the profit attributable to the permanent establishment. How to file a late tax return 2012 Under Article V (Permanent Establishment), you may be considered to provide services through a permanent establishment in the United States even if you do not have a fixed place of business. How to file a late tax return 2012 Income that residents of Canada receive for personal services performed as employees (dependent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if it is not more than $10,000 for the year. How to file a late tax return 2012 If the income is more than $10,000 for the year, it is exempt only if: The residents are present in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year, and The income is not paid by, or on behalf of, a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident, and is not borne by a permanent establishment in the United States. How to file a late tax return 2012 Public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes) from Canada who derive more than $15,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the calendar year are subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 However, this article does not apply to athletes participating in team sports in leagues with regularly scheduled games in both Canada and the United States. How to file a late tax return 2012 Pay received by a resident of Canada for employment regularly done in more than one country on a ship, aircraft, motor vehicle, or train operated by a Canadian resident is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 China, People's Republic of Income that residents of the People's Republic of China receive for personal services as independent contractors or self-employed individuals (independent personal services) that they perform during the tax year in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are present in the United States for no more than 183 days in the calendar year, and Do not have a fixed base regularly available in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxable on the income attributable to the fixed base. How to file a late tax return 2012 Pay received by residents of the People's Republic of China for services performed as employees (dependent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if: The residents are present in the United States for no more than 183 days in the calendar year, The pay is paid by or for an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident, and The pay is not borne by a permanent establishment or fixed base that the employer has in the United States. How to file a late tax return 2012 These exemptions do not apply to directors' fees for service on the board of directors of a U. How to file a late tax return 2012 S. How to file a late tax return 2012 corporation. How to file a late tax return 2012 These exemptions generally do not apply to income received as a public entertainer (such as a theater, motion picture, radio, or television artist, musician, or athlete). How to file a late tax return 2012 However, income of athletes or public entertainers from China participating in a cultural exchange program agreed upon by the U. How to file a late tax return 2012 S. How to file a late tax return 2012 and Chinese governments is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 Commonwealth of Independent States Income that residents of a C. How to file a late tax return 2012 I. How to file a late tax return 2012 S. How to file a late tax return 2012 member receive for performing personal services in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if those residents are in the United States for no more than 183 days during the tax year. How to file a late tax return 2012 Pay received by an employee who is a member of the regular complement of a ship or aircraft operated in international traffic by a C. How to file a late tax return 2012 I. How to file a late tax return 2012 S. How to file a late tax return 2012 member or a resident of a C. How to file a late tax return 2012 I. How to file a late tax return 2012 S. How to file a late tax return 2012 member is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 Cyprus Income that residents of Cyprus receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are present in the United States for less than 183 days in the tax year, and Do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxable on the income attributable to the fixed base. How to file a late tax return 2012 Pay received by residents of Cyprus from services performed as employees (dependent personal services), including services as an officer of a corporation, is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if: The residents are in the United States for less than 183 days during the tax year, The pay is paid by or for an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident, and The pay is not borne by a permanent establishment, fixed base, or trade or business that the employer has in the United States. How to file a late tax return 2012 Pay received by a Cyprus resident for performing personal services as an employee and member of the regular complement of a ship or aircraft operated in international traffic by a resident of Cyprus is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 These exemptions do not apply to Cyprus resident public entertainers (theater, motion picture, radio, or television artists, musicians, or athletes) who receive gross receipts of more than $500 per day or $5,000 for the tax year, not including reimbursed expenses, from their entertainment activities in the United States. How to file a late tax return 2012 Directors' fees received by residents of Cyprus for service on the board of directors of a U. How to file a late tax return 2012 S. How to file a late tax return 2012 corporation are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax to the extent of a reasonable fixed amount payable to all directors for each day of attendance at directors' meetings held in the United States. How to file a late tax return 2012 Czech Republic Income that residents of the Czech Republic receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are present in the United States for no more than 183 days in any 12-month period, and Do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available, they are taxed only on income attributable to the fixed base. How to file a late tax return 2012 Income that residents of the Czech Republic receive for employment in the United States (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the following three requirements are met. How to file a late tax return 2012 The resident is present in the United States for no more than 183 days in any 12-month period. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 The income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 These exemptions do not apply to income residents of the Czech Republic receive as public entertainers (such as theater, motion picture, radio, or television artists, or musicians) or sportsmen if their gross receipts, including reimbursed expenses, are more than $20,000 during the tax year. How to file a late tax return 2012 Regardless of these limits, income of Czech entertainers and sportsmen is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if their visit to the United States is substantially supported by public funds of the Czech Republic, its political subdivisions, or local authorities, or the visit is made pursuant to a specific arrangement between the United States and the Czech Republic. How to file a late tax return 2012 These exemptions do not apply to directors' fees and similar payments received by a resident of the Czech Republic as a member of the board of directors of a company that is a resident of the United States. How to file a late tax return 2012 Income from employment as a member of the regular complement of a ship or aircraft operated by a Czech enterprise in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax. How to file a late tax return 2012 If the ship or aircraft is operated by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 enterprise, the income is subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 Denmark Income that residents of Denmark receive for personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Denmark receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 These exemptions do not apply to directors' fees and similar payments received by a resident of Denmark as a member of the board of directors of a company that is a resident of the United States. How to file a late tax return 2012 These exemptions do not apply to public entertainers (such as theater, motion picture, radio, or television artists, musicians, and athletes) from Denmark who earn more than $20,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year. How to file a late tax return 2012 Income received by a resident of Denmark for services performed as an employee and member of the regular complement of a ship or aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax. How to file a late tax return 2012 Egypt Income that residents of Egypt receive for performing personal services as independent contractors or as self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they are in the United States for no more than 89 days during the tax year. How to file a late tax return 2012 Income that residents of Egypt receive for labor or personal services performed in the United States as employees (dependent personal services), including income for services performed by an officer of a corporation or company, is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet four requirements. How to file a late tax return 2012 They are in the United States for no more than 89 days during the tax year. How to file a late tax return 2012 They are employees of a resident of, or a permanent establishment in, Egypt. How to file a late tax return 2012 Their income is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 Their income is subject to Egyptian tax. How to file a late tax return 2012 This exemption does not apply to pay received by a resident of Egypt who is an employee and member of the regular complement of a ship or an aircraft operated in international traffic by a resident of the United States. How to file a late tax return 2012 These exemptions do not apply to Egyptian resident public entertainers (theater, motion picture, radio, or television artists, musicians, or athletes), who earn income for services as public entertainers if the gross amount of the income is more than $400 for each day they are in the United States performing the services. How to file a late tax return 2012 Estonia Income that residents of Estonia receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year, and Do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Estonia receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the following requirements are met. How to file a late tax return 2012 The resident is in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 The income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 These exemptions do not apply to directors' fees and similar payments received by a resident of Estonia as a member of the board of directors or similar body of a company that is a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Pay received for employment as a member of the regular complement of a ship or an aircraft operated in international traffic by a United States enterprise is subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 These exemptions do not apply to income residents of Estonia receive as public entertainers (such as theater, motion picture, radio, or television artists, or musicians) or sportsmen if their gross receipts, including reimbursed expenses, are more than $20,000 for their personal activities in the United States during the tax year. How to file a late tax return 2012 Regardless of these limits, income of Estonian entertainers or athletes is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if their visit to the United States is wholly or mainly supported by public funds of Estonia, its political subdivisions, or local authorities. How to file a late tax return 2012 Finland Income that residents of Finland receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Finland receive for labor or personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet three requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days during any 12-month period. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a resident of the United States. How to file a late tax return 2012 Their income is not borne by a permanent establishment, fixed base, or trade or business that the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to pay received by a resident of Finland who is an employee and member of the regular complement of a ship or aircraft operated in international traffic by a resident of the United States. How to file a late tax return 2012 These exemptions do not apply to income residents of Finland receive as public entertainers or sportsmen if the gross income, including reimbursed expenses, is more than $20,000 for their personal activities in the United States during the calendar year. How to file a late tax return 2012 France Income that residents of France receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of France receive for labor or personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet three requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a resident of the United States. How to file a late tax return 2012 Their income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 Income for services performed by a resident of France as an employee and member of the regular complement of a ship or an aircraft operated in international traffic is exempt from tax in the United States. How to file a late tax return 2012 These exemptions do not apply to public entertainers (such as theater, motion picture, radio, or television artists, or musicians), or sportsmen from France who earn more than $10,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year. How to file a late tax return 2012 Regardless of these limits, income of French entertainers or sportsmen is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if their visit is principally supported by public funds of France. How to file a late tax return 2012 These exemptions do not apply to directors' fees and similar payments received by a resident of France as a member of the board of directors of a company that is a resident of the United States. How to file a late tax return 2012 Germany Income that residents of Germany receive for personal services as independent contractors or self-employed individuals are subject to the provisions of Article 7 (Business Profits) of the treaty. How to file a late tax return 2012 Under that provision, business profits are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax unless the individual has a permanent establishment in the United States. How to file a late tax return 2012 If they have a permanent establishment in the United States, they are taxed on the profit attributable to the permanent establishment. How to file a late tax return 2012 Income that residents of Germany receive for labor or personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if the residents meet three requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days during the calendar year. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a resident of the United States. How to file a late tax return 2012 The income is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 Pay received by a resident of Germany for services performed as an employee and member of the regular complement of a ship or aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 The exemption does not apply to directors' fees and other similar payments received by a resident of Germany for services performed in the United States as a member of the board of directors of a company resident in the United States. How to file a late tax return 2012 Income residents of Germany receive as public entertainers (such as theater, motion picture, radio, or television artists, or musicians) or athletes is subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if their gross receipts, including reimbursed expenses, from their entertainment activities in the United States are more than $20,000 during the calendar year. How to file a late tax return 2012 Income of German entertainers or athletes is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if their visit to the United States is substantially supported by public funds of Germany, its political subdivisions, or local authorities. How to file a late tax return 2012 Greece Income that residents of Greece receive for labor or personal services (including practicing liberal and artistic professions) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they are in the United States for no more than 183 days during the tax year and the pay is not more than $10,000. How to file a late tax return 2012 The pay, regardless of amount, is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if it is for labor or personal services performed as employees of, or under contract with, a resident of Greece or a Greek corporation or other entity of Greece, and if the residents are in the United States for no more than 183 days during the tax year. How to file a late tax return 2012 Hungary Income that residents of Hungary receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if the residents: Are in the United States for no more than 183 days during the tax year, and Do not have a fixed base regularly available in the United States. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Hungary receive for labor or personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet three requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days during the tax year. How to file a late tax return 2012 Their income is paid by or on behalf of an employer who is not a resident of the United States. How to file a late tax return 2012 Their income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 Pay received by an employee who is a member of the regular complement of a ship or aircraft operated by a Hungarian enterprise in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 If the ship or aircraft is operated by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 enterprise, the pay is subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 Iceland Income that residents of Iceland receive for personal services as independent contractors or self-employed individuals is subject to the provisions of Article 7 (Business Profits) of the treaty. How to file a late tax return 2012 Under that provision, business profits are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax unless the individual has a permanent establishment in the United States. How to file a late tax return 2012 If they have a permanent establishment in the United States, they are taxed on the profit attributable to the permanent establishment. How to file a late tax return 2012 Income that residents of Iceland receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to directors' fees and similar payments received by a resident of Iceland as a member of the board of directors of a U. How to file a late tax return 2012 S. How to file a late tax return 2012 company. How to file a late tax return 2012 Public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes) from Iceland who earn more than $20,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year are subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 Income received by a resident of Iceland for services performed as an employee and member of the regular complement of a ship or aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax. How to file a late tax return 2012 India Income that residents of India receive for performing personal services in the United States during the tax year as independent contractors or self-employed individuals (independent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are present in the United States for no more than 89 days during the tax year, and Do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available, they are taxed only on income attributable to the fixed base. How to file a late tax return 2012 Income that residents of India receive for personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet three requirements. How to file a late tax return 2012 They are present in the United States for no more than 183 days during the tax year. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a resident of the United States. How to file a late tax return 2012 The income is not borne by a permanent establishment, fixed base, or trade or business the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to pay received by a resident of India for services performed as an employee aboard a ship or aircraft operated in international traffic by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 enterprise. How to file a late tax return 2012 These exemptions do not apply to directors' fees and similar payments received by an Indian resident as a member of the board of directors of a company that is a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 These exemptions do not apply to income residents of India receive as public entertainers (such as theater, motion picture, radio, or television artists, or musicians) or athletes if their net income is more than $1,500 during the tax year for their entertainment activities in the United States. How to file a late tax return 2012 Regardless of this limit, the income of Indian entertainers and athletes is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if their visit to the United States is wholly or substantially supported from the public funds of the Indian Government, its political subdivisions, or local authorities. How to file a late tax return 2012 Indonesia Income that residents of Indonesia receive for performing personal services as individual contractors or self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are present in the United States for no more than 119 days during any consecutive 12-month period, and Do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available, they are taxed only on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Indonesia receive for personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet three requirements. How to file a late tax return 2012 They are present in the United States no more than 119 days during any consecutive 12-month period. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a resident of the United States. How to file a late tax return 2012 The income is not borne or reimbursed by a permanent establishment the employer has in the United States. How to file a late tax return 2012 Pay received by an individual for services performed as an employee aboard a ship or aircraft operated by an Indonesian resident in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if the individual is a member of the regular complement of the ship or aircraft. How to file a late tax return 2012 These exemptions do not apply to income residents of Indonesia receive as public entertainers (such as theater, motion picture, radio, or television artists, or musicians) or athletes if their gross receipts, including reimbursed expenses, are more than $2,000 during any consecutive 12-month period. How to file a late tax return 2012 Regardless of these limits, income of Indonesian entertainers and athletes is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if their visit to the United States is substantially supported or sponsored by the Indonesian Government and the Indonesian competent authority certifies that the entertainers or athletes qualify for this exemption. How to file a late tax return 2012 Ireland Income that residents of Ireland receive for personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Ireland receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 These exemptions do not apply to directors' fees and similar payments received by a resident of Ireland as a member of the board of directors of a company that is a resident of the United States. How to file a late tax return 2012 However, amounts received for attending meetings in Ireland are not subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax. How to file a late tax return 2012 Income received by a resident of Ireland for services performed as an employee and member of the regular complement of a ship or aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax. How to file a late tax return 2012 These exemptions do not apply to public entertainers (such as theater, motion picture, radio, or television entertainers, musicians, and athletes) from Ireland who earn more than $20,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year. How to file a late tax return 2012 Israel Income that residents of Israel receive for performing personal services as independent contractors or as self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they are in the United States for no more than 182 days during the tax year. How to file a late tax return 2012 Income that residents of Israel receive for labor or personal services performed in the United States as employees (dependent personal services), including income for services performed by an officer of a corporation or company, is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet four requirements. How to file a late tax return 2012 They are in the United States for no more than 182 days during the tax year. How to file a late tax return 2012 They are employees of a resident of, or a permanent establishment in, Israel. How to file a late tax return 2012 Their income is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 Their income is subject to Israeli tax. How to file a late tax return 2012 The exemption does not apply to pay received by an employee for labor or personal services performed as a member of the regular complement of a ship or an aircraft operated in international traffic by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 These exemptions do not apply to income that residents of Israel receive as public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes), if the gross amount of the income is more than $400 for each day they are in the United States performing the services. How to file a late tax return 2012 Italy Income that residents of Italy receive for personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Italy receive for labor or personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the following requirements are met. How to file a late tax return 2012 The residents are in the United States for no more than 183 days during the tax year. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a resident of the United States. How to file a late tax return 2012 The income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 These exemptions do not apply to directors' fees and similar payments received by a resident of Italy for services performed in the United States as a member of the board of directors of a company that is a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Pay received for employment regularly exercised aboard a ship or aircraft operated by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 enterprise is subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 These exemptions do not apply to income residents of Italy receive as public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes) if they are present in the United States for more than 90 days during the tax year or their gross receipts, including reimbursed expenses, are more than $20,000 during the tax year for their entertainment activities in the United States. How to file a late tax return 2012 Jamaica Income that residents of Jamaica receive for the performance of personal services as independent contractors or self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are in the United States for no more than 89 days during the tax year, Do not have a fixed base regularly available to them in the United States for performing their services, and Earn net income for those services that is not more than $5,000 during the tax year if the income is from a U. How to file a late tax return 2012 S. How to file a late tax return 2012 contractor. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed only on the income that is attributable to the fixed base. How to file a late tax return 2012 There is no dollar limit for condition (3) if the contractor is from a country other than the United States. How to file a late tax return 2012 Income that residents of Jamaica receive for personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet four requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days during the tax year. How to file a late tax return 2012 Their income is paid by or for an employer who is not a resident of the United States. How to file a late tax return 2012 Their income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 Their net income received for the services is not more than $5,000 during the tax year. How to file a late tax return 2012 Pay received from employment as a member of the regular complement of a ship or an aircraft operated in international traffic by a Jamaican enterprise is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 If the ship or aircraft is operated by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 enterprise, the pay is subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 These exemptions do not apply to income that residents of Jamaica receive for performing services in the United States as entertainers, such as theater, motion picture, radio, or television artists, musicians, or athletes, if the gross receipts (excluding reimbursements for expenses) from the services are more than $400 a day or $5,000 for the tax year. How to file a late tax return 2012 Directors' fees received by residents of Jamaica for services performed in the United States as members of boards of directors of U. How to file a late tax return 2012 S. How to file a late tax return 2012 corporations are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if the fees (excluding reimbursed expenses) are not more than $400 per day for each day the directors are present in the United States to perform the services. How to file a late tax return 2012 Japan Income that residents of Japan receive for personal services as independent contractors or self-employed individuals is subject to the provisions of Article 7 (business profits) of the treaty. How to file a late tax return 2012 Under that provision, business profits are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax unless the individual has a permanent establishment in the United States. How to file a late tax return 2012 If they have a permanent establishment in the United States, they are taxed on the profits attributable to the permanent establishment. How to file a late tax return 2012 Income that residents of Japan receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to directors' fees and similar payments received by a resident of Japan for services performed as a member of the board of directors of a company that is a resident of the United States. How to file a late tax return 2012 The exemption does not apply to a resident of Japan who performs services as an employee aboard a ship or an aircraft operated in international traffic by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes) from Japan who earn more than $10,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year are subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 Kazakhstan Income that residents of Kazakhstan receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if: The residents are in the United States for no more than 183 days in any consecutive 12-month period, and The income is not attributable to a fixed base in the United States which is regularly available to the residents. How to file a late tax return 2012 If the residents have a fixed base available, they are taxed only on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Kazakhstan receive for employment in the United States (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the following three requirements are met. How to file a late tax return 2012 The resident is in the United States for no more than 183 days in any 12-month period. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a resident of the United States. How to file a late tax return 2012 The income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 Income derived by a resident of Kazakhstan from employment as a member of the regular complement of a ship or aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 These exemptions do not apply to directors' fees and similar payments received by a resident of Kazakhstan as a member of the board of directors or similar body of a company that is a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Korea, South Income that residents of South Korea receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if the residents: Are in the United States for no more than 182 days during the tax year, Earn income for those services that is not more than $3,000 during the tax year, and Do not maintain a fixed base in the United States for more than 182 days during the tax year. How to file a late tax return 2012 If they maintain a fixed base in the United States for more than 182 days, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Korea receive for labor or personal services performed in the United States as employees (dependent personal services), including pay for services performed as an officer of a corporation, is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if the residents meet four requirements. How to file a late tax return 2012 They are in the United States for no more than 182 days during the tax year. How to file a late tax return 2012 They are employees of a resident of Korea or of a permanent establishment maintained in Korea. How to file a late tax return 2012 Their compensation is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 Their income for those services is not more than $3,000. How to file a late tax return 2012 Pay received by employees who are members of the regular complement of a ship or aircraft operated by a resident of Korea in international traffic is exempt. How to file a late tax return 2012 Latvia Income that residents of Latvia receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year, and Do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available, they are taxed only on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Latvia receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the following requirements are met. How to file a late tax return 2012 The resident is in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 The income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to pay received for employment as a member of the regular complement of a ship or an aircraft operated in international traffic by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 enterprise. How to file a late tax return 2012 The exemptions do not apply to directors' fees and similar payments received by a resident of Latvia as a member of the board of directors or similar body of a company that is a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 The exemptions do not apply to income residents of Latvia receive as public entertainers (such as theater, motion picture, radio, or television artists, or musicians) or sportsmen if their gross receipts, including reimbursed expenses, are more than $20,000 for their personal activities in the United States during the tax year. How to file a late tax return 2012 Regardless of these limits, income of Latvian entertainers or athletes is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if their visit to the United States is wholly or mainly supported by public funds of Latvia, its political subdivisions, or local authorities. How to file a late tax return 2012 Lithuania Income that residents of Lithuania receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year, and Do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available, they are taxed only on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Lithuania receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the following requirements are met. How to file a late tax return 2012 The resident is in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 The income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to pay received for employment as a member of the regular complement of a ship or an aircraft operated in international traffic by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 enterprise. How to file a late tax return 2012 The exemptions do not apply to directors' fees and similar payments received by a resident of Lithuania as a member of the board of directors or similar body of a company that is a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 The exemptions do not apply to income residents of Lithuania receive as public entertainers (such as theater, motion picture, radio, or television artists, or musicians) or sportsmen if their gross receipts, including reimbursed expenses, are more than $20,000 for their personal activities in the United States during the tax year. How to file a late tax return 2012 Regardless of these limits, income of Lithuanian entertainers or athletes is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if their visit to the United States is wholly or mainly supported by public funds of Lithuania, its political subdivisions, or local authorities. How to file a late tax return 2012 Luxembourg Income that residents of Luxembourg receive for personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if they do not have a fixed base regularly available to them in the United States for performing the services. How to file a late tax return 2012 If they have a fixed base available in the United States, they are taxed on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Luxembourg receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment or a fixed base that the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to pay received for employment exercised continuously or predominantly aboard a ship or aircraft operated in international traffic by a U. How to file a late tax return 2012 S. How to file a late tax return 2012 enterprise. How to file a late tax return 2012 The exemptions do not apply to directors' fees and similar payments received by a resident of Luxembourg for services performed in the United States as a member of the board of directors of a company that is a resident of the United States. How to file a late tax return 2012 The exemptions do not apply to public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes) from Luxembourg who earn more than $10,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year. How to file a late tax return 2012 Malta Income that residents of Malta receive for personal services as independent contractors or self-employed individuals is subject to the provisions of Article 7 (Business Profits) of the treaty. How to file a late tax return 2012 Under that provision, business profits are exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax unless the individual has a permanent establishment in the United States. How to file a late tax return 2012 If they have a permanent establishment in the United States, they are taxed on the profits attributable to the permanent establishment. How to file a late tax return 2012 Income that residents of Malta receive for services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet the following requirements. How to file a late tax return 2012 They are in the United States for no more than 183 days in any 12-month period beginning or ending in the tax year. How to file a late tax return 2012 Their income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 Their income is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 The exemption does not apply to directors' fees and similar payments received by a resident of Malta for services performed in the United States as a member of the board of directors of a company that is a resident of the United States. How to file a late tax return 2012 Public entertainers (such as theater, motion picture, radio, or television artists, musicians, or athletes) from Malta who earn more than $20,000 in gross receipts, including reimbursed expenses, from their entertainment activities in the United States during the tax year are subject to U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax. How to file a late tax return 2012 Income received by a resident of Malta for employment aboard a ship or an aircraft operated in international traffic is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the individual is a member of the regular complement of the ship or aircraft. How to file a late tax return 2012 Mexico Income that residents of Mexico receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are in the United States for no more than 182 days in a 12-month period, and Do not have a fixed base that they regularly use for performing the services. How to file a late tax return 2012 If they have a fixed base available, they are taxed only on income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Mexico receive for employment in the United States (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if the following three requirements are met. How to file a late tax return 2012 The resident is present in the United States for no more than 183 days in a 12-month period. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a resident of the United States. How to file a late tax return 2012 The income is not borne by a permanent establishment or fixed base that the employer has in the United States. How to file a late tax return 2012 These exemptions do not apply to directors' fees and similar payments received by a resident of Mexico for services performed outside Mexico as a director or overseer of a company that is a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 These exemptions do not apply to income residents of Mexico receive as public entertainers (such as theater, motion picture, radio, or television artists, or musicians) or athletes if the income, including reimbursed expenses, is more than $3,000 during the tax year for their entertainment activities in the United States. How to file a late tax return 2012 This includes income from activities performed in the United States relating to the entertainer or athlete's reputation, such as endorsements of commercial products. How to file a late tax return 2012 Regardless of this limit, the income of Mexican entertainers and athletes is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 tax if their visit to the United States is substantially supported by public funds of Mexico, its political subdivisions, or local authorities. How to file a late tax return 2012 Morocco Income that residents of Morocco receive for performing personal services as independent contractors or as self-employed persons (independent personal services) in the United States during the tax year is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents: Are in the United States for no more than 182 days during the tax year, Do not maintain a fixed base in the United States for more than 89 days during the tax year, and Earn total income for those services that is not more than $5,000. How to file a late tax return 2012 If they have a fixed base in the United States for more than 89 days, they are taxed only on the income attributable to the fixed base. How to file a late tax return 2012 Income that residents of Morocco receive for labor or personal services performed in the United States as employees (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the residents meet three requirements. How to file a late tax return 2012 They are in the United States for less than 183 days during the tax year. How to file a late tax return 2012 They are employees of a resident of Morocco or of a permanent establishment of a resident of a country other than Morocco if the permanent establishment is located in Morocco. How to file a late tax return 2012 Their income is not borne by a permanent establishment that the employer has in the United States. How to file a late tax return 2012 Compensation received for services performed by a member of the board of directors of a corporation does not qualify for this exemption. How to file a late tax return 2012 Income received by an individual for performing labor or personal services as an employee aboard a ship or an aircraft operated in international traffic by a Moroccan resident is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the individual is a member of the regular complement of the ship or aircraft. How to file a late tax return 2012 These exemptions do not apply to income received for services performed in the United States by professional entertainers, including theater, film, radio, and television performers, musicians, and athletes, unless the services are performed by, or for the account of, a Moroccan nonprofit organization. How to file a late tax return 2012 Netherlands Income that residents of the Netherlands receive for performing personal services as independent contractors or self-employed individuals (independent personal services) in the United States is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the income is not attributable to a fixed base in the United States that is regularly available for performing the services. How to file a late tax return 2012 Income that residents of the Netherlands receive for employment in the United States (dependent personal services) is exempt from U. How to file a late tax return 2012 S. How to file a late tax return 2012 income tax if the following three requirements are met. How to file a late tax return 2012 The resident is in the United States for no more than 183 days during the tax year. How to file a late tax return 2012 The income is paid by, or on behalf of, an employer who is not a U. How to file a late tax return 2012 S. How to file a late tax return 2012 resident. How to file a late tax return 2012 The income is not borne by a permanent establishment or fixed base the employer has in the United States. How to file a late tax return 2012 Income received by a Netherlands resident for employment as a member of the regular complement of a ship or
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The How To File A Late Tax Return 2012

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