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Irs gov freefile com 6. Irs gov freefile com   Tip Income Table of Contents Introduction Useful Items - You may want to see: Keeping a Daily Tip RecordElectronic tip record. Irs gov freefile com Reporting Tips to Your EmployerElectronic tip statement. Irs gov freefile com Final report. Irs gov freefile com Reporting Tips on Your Tax Return Allocated Tips Introduction This chapter is for employees who receive tips. Irs gov freefile com All tips you receive are income and are subject to federal income tax. Irs gov freefile com You must include in gross income all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or tip-pooling arrangement. Irs gov freefile com The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to tax. Irs gov freefile com Reporting your tip income correctly is not difficult. Irs gov freefile com You must do three things. Irs gov freefile com Keep a daily tip record. Irs gov freefile com Report tips to your employer. Irs gov freefile com Report all your tips on your income tax return. Irs gov freefile com  This chapter will explain these three things and show you what to do on your tax return if you have not done the first two. Irs gov freefile com This chapter will also show you how to treat allocated tips. Irs gov freefile com For information on special tip programs and agreements, see Publication 531. Irs gov freefile com Useful Items - You may want to see: Publication 531 Reporting Tip Income 1244 Employee's Daily Record of Tips and Report to Employer Form (and Instructions) 4137 Social Security and Medicare Tax on Unreported Tip Income 4070 Employee's Report of Tips to Employer Keeping a Daily Tip Record Why keep a daily tip record. Irs gov freefile com   You must keep a daily tip record so you can: Report your tips accurately to your employer, Report your tips accurately on your tax return, and Prove your tip income if your return is ever questioned. Irs gov freefile com How to keep a daily tip record. Irs gov freefile com   There are two ways to keep a daily tip record. Irs gov freefile com You can either: Write information about your tips in a tip diary, or Keep copies of documents that show your tips, such as restaurant bills and credit or debit card charge slips. Irs gov freefile com You should keep your daily tip record with your tax or other personal records. Irs gov freefile com You must keep your records for as long as they are important for administration of the federal tax law. Irs gov freefile com For information on how long to keep records, see How long to keep records in chapter 1. Irs gov freefile com    If you keep a tip diary, you can use Form 4070A, Employee's Daily Record of Tips. Irs gov freefile com To get Form 4070A, ask the Internal Revenue Service (IRS) or your employer for Publication 1244. Irs gov freefile com Also, Publication 1244 is available online at www. Irs gov freefile com irs. Irs gov freefile com gov/pub/irs-pdf/p1244. Irs gov freefile com pdf. Irs gov freefile com Publication 1244 includes a 1-year supply of Form 4070A. Irs gov freefile com Each day, write in the information asked for on the form. Irs gov freefile com   In addition to the information asked for on Form 4070A, you also need to keep a record of the date and value of any noncash tips you get, such as tickets, passes, or other items of value. Irs gov freefile com Although you do not report these tips to your employer, you must report them on your tax return. Irs gov freefile com   If you do not use Form 4070A, start your records by writing your name, your employer's name, and the name of the business (if it is different from your employer's name). Irs gov freefile com Then, each workday, write the date and the following information. Irs gov freefile com Cash tips you get directly from customers or from other employees. Irs gov freefile com Tips from credit and debit card charge customers that your employer pays you. Irs gov freefile com The value of any noncash tips you get, such as tickets, passes, or other items of value. Irs gov freefile com The amount of tips you paid out to other employees through tip pools or tip splitting, or other arrangements, and the names of the employees to whom you paid the tips. Irs gov freefile com Electronic tip record. Irs gov freefile com   You can use an electronic system provided by your employer to record your daily tips. Irs gov freefile com If you do, you must receive and keep a paper copy of this record. Irs gov freefile com Service charges. Irs gov freefile com    Do not write in your tip diary the amount of any service charge that your employer adds to a customer's bill and then pays to you and treats as wages. Irs gov freefile com This is part of your wages, not a tip. Irs gov freefile com See examples below. Irs gov freefile com Example 1. Irs gov freefile com Good Food Restaurant adds an 18% charge to the bill for parties of 6 or more customers. Irs gov freefile com Jane’s bill for food and beverages for her party of 8 includes an amount on the tip line equal to 18% of the charges for food and beverages, and the total includes this amount. Irs gov freefile com Because Jane did not have an unrestricted right to determine the amount on the “tip line,” the 18% charge is considered a service charge. Irs gov freefile com Do not include the 18% charge in your tip diary. Irs gov freefile com Service charges that are paid to you are considered wages, not tips. Irs gov freefile com Example 2. Irs gov freefile com Good Food Restaurant also includes sample calculations of tip amounts at the bottom of its bills for food and beverages provided to customers. Irs gov freefile com David’s bill includes a blank “tip line,” with sample tip calculations of 15%, 18%, and 20% of his charges for food and beverages at the bottom of the bill beneath the signature line. Irs gov freefile com Because David is free to enter any amount on the “tip line” or leave it blank, any amount he includes is considered a tip. Irs gov freefile com Be sure to include this amount in your tip diary. Irs gov freefile com Reporting Tips to Your Employer Why report tips to your employer. Irs gov freefile com   You must report tips to your employer so that: Your employer can withhold federal income tax and social security, Medicare, Additional Medicare, or railroad retirement taxes, Your employer can report the correct amount of your earnings to the Social Security Administration or Railroad Retirement Board (which affects your benefits when you retire or if you become disabled, or your family's benefits if you die), and You can avoid the penalty for not reporting tips to your employer (explained later). Irs gov freefile com What tips to report. Irs gov freefile com   Report to your employer only cash, check, and debit and credit card tips you receive. Irs gov freefile com   If your total tips for any 1 month from any one job are less than $20, do not report the tips for that month to that employer. Irs gov freefile com   If you participate in a tip-splitting or tip-pooling arrangement, report only the tips you receive and retain. Irs gov freefile com Do not report to your employer any portion of the tips you receive that you pass on to other employees. Irs gov freefile com However, you must report tips you receive from other employees. Irs gov freefile com    Do not report the value of any noncash tips, such as tickets or passes, to your employer. Irs gov freefile com You do not pay social security, Medicare, Additional Medicare or railroad retirement taxes on these tips. Irs gov freefile com How to report. Irs gov freefile com    If your employer does not give you any other way to report tips, you can use Form 4070. Irs gov freefile com Fill in the information asked for on the form, sign and date the form, and give it to your employer. Irs gov freefile com To get a 1-year supply of the form, ask the IRS or your employer for Publication 1244. Irs gov freefile com   If you do not use Form 4070, give your employer a statement with the following information. Irs gov freefile com Your name, address, and social security number. Irs gov freefile com Your employer's name, address, and business name (if it is different from your employer's name). Irs gov freefile com The month (or the dates of any shorter period) in which you received tips. Irs gov freefile com The total tips required to be reported for that period. Irs gov freefile com You must sign and date the statement. Irs gov freefile com Be sure to keep a copy with your tax or other personal records. Irs gov freefile com   Your employer may require you to report your tips more than once a month. Irs gov freefile com However, the statement cannot cover a period of more than 1 calendar month. Irs gov freefile com Electronic tip statement. Irs gov freefile com   Your employer can have you furnish your tip statements electronically. Irs gov freefile com When to report. Irs gov freefile com   Give your report for each month to your employer by the 10th of the next month. Irs gov freefile com If the 10th falls on a Saturday, Sunday, or legal holiday, give your employer the report by the next day that is not a Saturday, Sunday, or legal holiday. Irs gov freefile com Example. Irs gov freefile com You must report your tips received in September 2014 by October 10, 2014. Irs gov freefile com Final report. Irs gov freefile com   If your employment ends during the month, you can report your tips when your employment ends. Irs gov freefile com Penalty for not reporting tips. Irs gov freefile com   If you do not report tips to your employer as required, you may be subject to a penalty equal to 50% of the social security, Medicare, and Additional Medicare taxes or railroad retirement tax you owe on the unreported tips. Irs gov freefile com (For information about these taxes, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, later. Irs gov freefile com ) The penalty amount is in addition to the taxes you owe. Irs gov freefile com   You can avoid this penalty if you can show reasonable cause for not reporting the tips to your employer. Irs gov freefile com To do so, attach a statement to your return explaining why you did not report them. Irs gov freefile com Giving your employer money for taxes. Irs gov freefile com   Your regular pay may not be enough for your employer to withhold all the taxes you owe on your regular pay plus your reported tips. Irs gov freefile com If this happens, you can give your employer money until the close of the calendar year to pay the rest of the taxes. Irs gov freefile com   If you do not give your employer enough money, your employer will apply your regular pay and any money you give in the following order. Irs gov freefile com All taxes on your regular pay. Irs gov freefile com Social security, Medicare, and Additional Medicare taxes or railroad retirement taxes on your reported tips. Irs gov freefile com Federal, state, and local income taxes on your reported tips. Irs gov freefile com    Any taxes that remain unpaid can be collected by your employer from your next paycheck. Irs gov freefile com If withholding taxes remain uncollected at the end of the year, you may be subject to a penalty for underpayment of estimated taxes. Irs gov freefile com See Publication 505, Tax Withholding and Estimated Tax, for more information. Irs gov freefile com    Uncollected taxes. Irs gov freefile com You must report on your tax return any social security and Medicare taxes or railroad retirement tax that remained uncollected at the end of 2013. Irs gov freefile com These uncollected taxes will be shown on your 2013 Form W-2. Irs gov freefile com See Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer under Reporting Tips on Your Tax Return, later. Irs gov freefile com Reporting Tips on Your Tax Return How to report tips. Irs gov freefile com    Report your tips with your wages on Form 1040, line 7; Form 1040A, line 7; or Form 1040EZ, line 1. Irs gov freefile com What tips to report. Irs gov freefile com   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Irs gov freefile com Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Irs gov freefile com Add to the amount in box 1 only the tips you did not report to your employer. Irs gov freefile com    If you received $20 or more in cash and charge tips in a month and did not report all of those tips to your employer, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer, later. Irs gov freefile com    If you did not keep a daily tip record as required and an amount is shown in box 8 of your Form W-2, see Allocated Tips, later. Irs gov freefile com   If you kept a daily tip record and reported tips to your employer as required under the rules explained earlier, add the following tips to the amount in box 1 of your Form W-2. Irs gov freefile com Cash and charge tips you received that totaled less than $20 for any month. Irs gov freefile com The value of noncash tips, such as tickets, passes, or other items of value. Irs gov freefile com Example. Irs gov freefile com Ben Smith began working at the Blue Ocean Restaurant (his only employer in 2013) on June 30 and received $10,000 in wages during the year. Irs gov freefile com Ben kept a daily tip record showing that his tips for June were $18 and his tips for the rest of the year totaled $7,000. Irs gov freefile com He was not required to report his June tips to his employer, but he reported all of the rest of his tips to his employer as required. Irs gov freefile com Ben's Form W-2 from Blue Ocean Restaurant shows $17,000 ($10,000 wages plus $7,000 reported tips) in box 1. Irs gov freefile com He adds the $18 unreported tips to that amount and reports $17,018 as wages on his tax return. Irs gov freefile com Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer. Irs gov freefile com    If you received $20 or more in cash and charge tips in a month from any one job and did not report all of those tips to your employer, you must report the social security, Medicare, and Additional Medicare taxes on the unreported tips as additional tax on your return. Irs gov freefile com To report these taxes, you must file a return even if you would not otherwise have to file. Irs gov freefile com You must use Form 1040. Irs gov freefile com (You cannot file Form 1040EZ or Form 1040A. Irs gov freefile com )    Use Form 4137 to figure social security and Medicare taxes. Irs gov freefile com Enter the tax on your return as instructed, and attach the completed Form 4137 to your return. Irs gov freefile com Use Form 8959 to figure Additional Medicare Tax. Irs gov freefile com    If you are subject to the Railroad Retirement Tax Act, you cannot use Form 4137 to pay railroad retirement tax on unreported tips. Irs gov freefile com To get railroad retirement credit, you must report tips to your employer. Irs gov freefile com Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer. Irs gov freefile com   You may have uncollected taxes if your regular pay was not enough for your employer to withhold all the taxes you owe and you did not give your employer enough money to pay the rest of the taxes. Irs gov freefile com For more information, see Giving your employer money for taxes , under Reporting Tips to Your Employer, earlier. Irs gov freefile com   If your employer could not collect all the social security and Medicare taxes or railroad retirement tax you owe on tips reported for 2013, the uncollected taxes will be shown in box 12 of your Form W-2 (codes A and B). Irs gov freefile com You must report these amounts as additional tax on your return. Irs gov freefile com Unlike the uncollected portion of the regular (1. Irs gov freefile com 45%) Medicare tax, the uncollected Additional Medicare Tax is not reported in box 12 of Form W-2 with code B. Irs gov freefile com    To report these uncollected taxes, you must file a return even if you would not otherwise have to file. Irs gov freefile com You must report these taxes on Form 1040, line 60. Irs gov freefile com See the instructions for Form 1040, line 60. Irs gov freefile com (You cannot file Form 1040EZ or Form 1040A. Irs gov freefile com ) Allocated Tips If your employer allocated tips to you, they are shown separately in box 8 of your Form W-2. Irs gov freefile com They are not included in box 1 with your wages and reported tips. Irs gov freefile com If box 8 is blank, this discussion does not apply to you. Irs gov freefile com What are allocated tips. Irs gov freefile com   These are tips that your employer assigned to you in addition to the tips you reported to your employer for the year. Irs gov freefile com Your employer will have done this only if: You worked in an establishment (restaurant, cocktail lounge, or similar business) that must allocate tips to employees, and The tips you reported to your employer were less than your share of 8% of food and drink sales. Irs gov freefile com No income, social security, Medicare, Additional Medicare or railroad retirement taxes are withheld on allocated tips. Irs gov freefile com How were your allocated tips figured. Irs gov freefile com   The tips allocated to you are your share of an amount figured by subtracting the reported tips of all employees from 8% (or an approved lower rate) of food and drink sales (other than carryout sales and sales with a service charge of 10% or more). Irs gov freefile com Your share of that amount was figured using either a method provided by an employer-employee agreement or a method provided by IRS regulations based on employees' sales or hours worked. Irs gov freefile com For information about the exact allocation method used, ask your employer. Irs gov freefile com Must you report your allocated tips on your tax return. Irs gov freefile com   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Irs gov freefile com Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Irs gov freefile com Add to the amount in box 1 only the tips you did not report to your employer. Irs gov freefile com This should include any allocated tips shown in box 8 on your Form(s) W-2, unless you have adequate records to show that you received less tips in the year than the allocated figures. Irs gov freefile com   See What tips to report under Reporting Tips on Your Tax Return, and Keeping a Daily Tip Record , earlier. Irs gov freefile com How to report allocated tips. Irs gov freefile com   Report the amount in box 1 and the allocated tips in box 8 of your Form(s) W-2 as wages on Form 1040, line 7; Form 1040NR, line 8; or Form 1040NR-EZ, line 3. Irs gov freefile com (You cannot file Form 1040A or Form 1040EZ when you have allocated tips. Irs gov freefile com )    Because social security, Medicare, and Additional Medicare taxes were not withheld from the allocated tips, you must report those taxes as additional tax on your return. Irs gov freefile com Complete Form 4137, and include the allocated tips on line 1 of the form. Irs gov freefile com See Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, earlier. Irs gov freefile com Prev  Up  Next   Home   More Online Publications
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Help for Victims of Hurricane Sandy

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The IRS is providing help to the victims of Hurricane Sandy. Special tax relief and assistance is available to taxpayers in the Presidential Disaster Areas. 

So far, the IRS filing and payment relief applies to the following localities identified by FEMA for Individual Assistance due to Hurricane Sandy:

  • In Connecticut: Fairfield, Middlesex, New Haven, and New London Counties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County;

  • In Maryland: Somerset County
  • In New Jersey: Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex, Union and Warren;
  • In New York: Bronx, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Sullivan, Suffolk, Ulster and Westchester;
  • In Rhode Island: Newport and Washington counties.

The IRS also announced additional tax relief to certain affected individuals and businesses, further extending tax deadlines of that relief until April 1 for the following localities:

  • In New Jersey: Monmouth and Ocean counties.
  • In New York: Nassau, Queens, Richmond and Suffolk counties.

We are monitoring the situation closely to resolve potential tax administration issues as they are identified. The IRS often updates its information on disaster relief efforts related to Hurricane Sandy. For the latest news, check this page frequently.

News Releases

  • IR-2013-16, IRS Extends Tax Relief to Some New Jersey and New York Victims of Hurricane Sandy; Return Filing and Tax Payment Deadline Extended to April 1, 2013
  • IR-2012-96, IRS Gives Additional Time to Small, Automatically Revoked Tax-Exempt Organizations Affected by Hurricane Sandy
  • IR-2012-94, IRS Extends Hurricane Sandy Diesel Fuel Penalty Waiver to Dec. 7 for New Jersey and Parts of New York
  • IR-2012-93, Retirement Plans Can Make Loans, Hardship Distributions to Sandy Victims
  • IR-2012-91, IRS Warns Consumers of Possible Scams Relating to Hurricane Sandy Relief
  • IR-2012-91SP, IRS Advierte a Consumidores de Posibles Estafas Relacionadas a las Ayudas por el Huracán Sandy
  • IR-2012-88, Treasury, IRS Announce Special Relief to Encourage Leave-Donation Programs for Victims of Hurricane Sandy
  • IR-2012-88SP, Tesoro y IRS Anuncian Alivio Especial para Estimular Programas Que Permitan la Donación de Días de Paga a Víctimas del Huracán Sandy
  • IR-2012-87, IRS Expedites Charity Applications, Urges Use of Existing Charities
  • IR-2012-87SP, El IRS Acelera Las Solicitudes de Organizaciones Benéficas, Recomienda el Uso de Caridades Existentes
  • IR-2012-86, Treasury and IRS Expand Availability of Housing for Hurricane Sandy Victims
  • IR-2012-85, IRS Waives Diesel Fuel Penalty Due to Hurricane Sandy
  • IR-2012-84, IRS Announces Qualified Disaster Treatment of Payments to Victims of Hurricane Sandy
  • IR-2012-84SP, El IRS Anuncia el Trato de Pagos Por un Desastre Calificado para las Víctimas del Huracán Sandy
  • IR-2012-83, IRS Provides Tax Relief to Victims of Hurricane Sandy; Return Filing and Tax Payment Deadline Extended to Feb. 1, 2013
  • IR-2012-83SP, IRS Ofrece Alivio a Víctimas del Huracán Sandy; Extiende Plazo de Presentación de Declaraciones de Impuestos y Pagos al 1 de Febrero de 2013
  • IR-2012-82, IRS Gives Additional Time to Taxpayers and Preparers Affected by Hurricane Sandy; File and Pay by Nov. 7

Legal Guidance

  • Notice 2013-21, Postponement of Deadline for Making an Election to Deduct for the Preceding Taxable Year Losses Attributable to Hurricane Sandy
  • Notice 2012-71, Postponement of Deadline for Transitional Relief under Notice 2011-43 for Certain Small Organizations Affected by Hurricane Sandy
  • Notice 2012-69, Treatment of Certain Amounts Paid to Section 170(c) Organizations under Certain Employer Leave-Based Donation Programs to Aid Victims of Hurricane Sandy
  • Notice 2012-68, Low-Income Housing Credit Disaster Relief for Hurricane Sandy

Other Resources

For additional information provided by the federal government on disaster recovery, visit DisasterAssistance.gov and the Hurricane Sandy Recovery page on USA.gov. The latest Federal Emergency Management Agency disaster declarations are also available.

Related Item: Hurricane Sandy News Releases and Legal Guidance

 

Page Last Reviewed or Updated: 05-Nov-2013

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Irs gov freefile com Part Three -   Gains and Losses The four chapters in this part discuss investment gains and losses, including how to figure your basis in property. Irs gov freefile com A gain from selling or trading stocks, bonds, or other investment property may be taxed or it may be tax free, at least in part. Irs gov freefile com A loss may or may not be deductible. Irs gov freefile com These chapters also discuss gains from selling property you personally use — including the special rules for selling your home. Irs gov freefile com Nonbusiness casualty and theft losses are discussed in chapter 25 in Part Five. Irs gov freefile com Table of Contents 13. Irs gov freefile com   Basis of PropertyIntroduction 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 14. Irs gov freefile com   Sale of PropertyReminder Introduction Useful Items - You may want to see: Sales and TradesWhat Is a Sale or Trade? How To Figure Gain or Loss Nontaxable Trades Transfers Between Spouses Related Party Transactions Capital Gains and LossesCapital or Ordinary Gain or Loss Capital Assets and Noncapital Assets Holding Period Nonbusiness Bad Debts Wash Sales Rollover of Gain From Publicly Traded Securities 15. Irs gov freefile com   Selling Your HomeReminder Introduction Useful Items - You may want to see: Main Home Figuring Gain or LossSelling Price Amount Realized Adjusted Basis Amount of Gain or Loss Dispositions Other Than Sales Determining Basis Excluding the GainMaximum Exclusion Ownership and Use Tests Reduced Maximum Exclusion Business Use or Rental of Home Reporting the SaleSeller-financed mortgage. Irs gov freefile com More information. Irs gov freefile com Special SituationsException for sales to related persons. Irs gov freefile com Recapturing (Paying Back) a Federal Mortgage Subsidy 16. Irs gov freefile com   Reporting Gains and Losses What's New Introduction Useful Items - You may want to see: Reporting Capital Gains and Losses Exception 1. Irs gov freefile com Exception 2. Irs gov freefile com File Form 1099-B or Form 1099-S with the IRS. Irs gov freefile com Capital Losses Capital Gain Tax Rates Prev  Up  Next   Home   More Online Publications