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Tax Act Online 2012 Login

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Tax Act Online 2012 Login

Tax act online 2012 login 15. Tax act online 2012 login   Selling Your Home Table of Contents Reminder 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. Tax act online 2012 login More information. Tax act online 2012 login Special SituationsException for sales to related persons. Tax act online 2012 login Recapturing (Paying Back) a Federal Mortgage Subsidy Reminder Home sold with undeducted points. Tax act online 2012 login  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of the sale. Tax act online 2012 login See Mortgage ending early under Points in chapter 23. Tax act online 2012 login Introduction This chapter explains the tax rules that apply when you sell your main home. Tax act online 2012 login In most cases, your main home is the one in which you live most of the time. Tax act online 2012 login If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Tax act online 2012 login See Excluding the Gain , later. Tax act online 2012 login Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Tax act online 2012 login If you have gain that cannot be excluded, it is taxable. Tax act online 2012 login Report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040). Tax act online 2012 login You may also have to complete Form 4797, Sales of Business Property. Tax act online 2012 login See Reporting the Sale , later. Tax act online 2012 login If you have a loss on the sale, you generally cannot deduct it on your return. Tax act online 2012 login However, you may need to report it. Tax act online 2012 login See Reporting the Sale , later. Tax act online 2012 login The following are main topics in this chapter. Tax act online 2012 login Figuring gain or loss. Tax act online 2012 login Basis. Tax act online 2012 login Excluding the gain. Tax act online 2012 login Ownership and use tests. Tax act online 2012 login Reporting the sale. Tax act online 2012 login Other topics include the following. Tax act online 2012 login Business use or rental of home. Tax act online 2012 login Recapturing a federal mortgage subsidy. Tax act online 2012 login Useful Items - You may want to see: Publication 523 Selling Your Home 530 Tax Information for Homeowners 547 Casualties, Disasters, and Thefts Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 8828 Recapture of Federal Mortgage Subsidy 8949 Sales and Other Dispositions of Capital Assets Main Home This section explains the term “main home. Tax act online 2012 login ” Usually, the home you live in most of the time is your main home and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. Tax act online 2012 login To exclude gain under the rules of this chapter, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. Tax act online 2012 login Land. Tax act online 2012 login   If you sell the land on which your main home is located, but not the house itself, you cannot exclude any gain you have from the sale of the land. Tax act online 2012 login However, if you sell vacant land used as part of your main home and that is adjacent to it, you may be able to exclude the gain from the sale under certain circumstances. Tax act online 2012 login See Vacant land under Main Home in Publication 523 for more information. Tax act online 2012 login Example. Tax act online 2012 login You buy a piece of land and move your main home to it. Tax act online 2012 login Then you sell the land on which your main home was located. Tax act online 2012 login This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. Tax act online 2012 login More than one home. Tax act online 2012 login   If you have more than one home, you can exclude gain only from the sale of your main home. Tax act online 2012 login You must include in income gain from the sale of any other home. Tax act online 2012 login If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time during the year. Tax act online 2012 login Example 1. Tax act online 2012 login You own two homes, one in New York and one in Florida. Tax act online 2012 login From 2009 through 2013, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. Tax act online 2012 login In the absence of facts and circumstances indicating otherwise, the New York home is your main home. Tax act online 2012 login You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. Tax act online 2012 login Example 2. Tax act online 2012 login You own a house, but you live in another house that you rent. Tax act online 2012 login The rented house is your main home. Tax act online 2012 login Example 3. Tax act online 2012 login You own two homes, one in Virginia and one in New Hampshire. Tax act online 2012 login In 2009 and 2010, you lived in the Virginia home. Tax act online 2012 login In 2011 and 2012, you lived in the New Hampshire home. Tax act online 2012 login In 2013, you lived again in the Virginia home. Tax act online 2012 login Your main home in 2009, 2010, and 2013 is the Virginia home. Tax act online 2012 login Your main home in 2011 and 2012 is the New Hampshire home. Tax act online 2012 login You would be eligible to exclude gain from the sale of either home (but not both) in 2013. Tax act online 2012 login Property used partly as your main home. Tax act online 2012 login   If you use only part of the property as your main home, the rules discussed in this publication apply only to the gain or loss on the sale of that part of the property. Tax act online 2012 login For details, see Business Use or Rental of Home , later. Tax act online 2012 login Figuring Gain or Loss To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. Tax act online 2012 login Subtract the adjusted basis from the amount realized to get your gain or loss. Tax act online 2012 login     Selling price     − Selling expenses       Amount realized       Amount realized     − Adjusted basis       Gain or loss   Selling Price The selling price is the total amount you receive for your home. Tax act online 2012 login It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale. Tax act online 2012 login Payment by employer. Tax act online 2012 login   You may have to sell your home because of a job transfer. Tax act online 2012 login If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. Tax act online 2012 login Your employer will include it as wages in box 1 of your Form W-2, and you will include it in your income on Form 1040, line 7. Tax act online 2012 login Option to buy. Tax act online 2012 login   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. Tax act online 2012 login If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Tax act online 2012 login Report this amount on Form 1040, line 21. Tax act online 2012 login Form 1099-S. Tax act online 2012 login   If you received Form 1099-S, Proceeds From Real Estate Transactions, box 2 (Gross proceeds) should show the total amount you received for your home. Tax act online 2012 login   However, box 2 will not include the fair market value of any services or property other than cash or notes you received or will receive. Tax act online 2012 login Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. Tax act online 2012 login Amount Realized The amount realized is the selling price minus selling expenses. Tax act online 2012 login Selling expenses. Tax act online 2012 login   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. Tax act online 2012 login ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. Tax act online 2012 login This adjusted basis must be determined before you can figure gain or loss on the sale of your home. Tax act online 2012 login For information on how to figure your home's adjusted basis, see Determining Basis , later. Tax act online 2012 login Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. Tax act online 2012 login Gain on sale. Tax act online 2012 login   If the amount realized is more than the adjusted basis, the difference is a gain and, except for any part you can exclude, in most cases is taxable. Tax act online 2012 login Loss on sale. Tax act online 2012 login   If the amount realized is less than the adjusted basis, the difference is a loss. Tax act online 2012 login A loss on the sale of your main home cannot be deducted. Tax act online 2012 login Jointly owned home. Tax act online 2012 login   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. Tax act online 2012 login Separate returns. Tax act online 2012 login   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. Tax act online 2012 login Your ownership interest is generally determined by state law. Tax act online 2012 login Joint owners not married. Tax act online 2012 login   If you and a joint owner other than your spouse sell your jointly owned home, each of you must figure your own gain or loss according to your ownership interest in the home. Tax act online 2012 login Each of you applies the rules discussed in this chapter on an individual basis. Tax act online 2012 login Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. Tax act online 2012 login Foreclosure or repossession. Tax act online 2012 login   If your home was foreclosed on or repossessed, you have a disposition. Tax act online 2012 login See Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, to determine if you have ordinary income, gain, or loss. Tax act online 2012 login Abandonment. Tax act online 2012 login   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. Tax act online 2012 login Trading (exchanging) homes. Tax act online 2012 login   If you trade your old home for another home, treat the trade as a sale and a purchase. Tax act online 2012 login Example. Tax act online 2012 login You owned and lived in a home with an adjusted basis of $41,000. Tax act online 2012 login A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. Tax act online 2012 login This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 – $41,000). Tax act online 2012 login If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed). Tax act online 2012 login Transfer to spouse. Tax act online 2012 login   If you transfer your home to your spouse or you transfer it to your former spouse incident to your divorce, you in most cases have no gain or loss. Tax act online 2012 login This is true even if you receive cash or other consideration for the home. Tax act online 2012 login As a result, the rules in this chapter do not apply. Tax act online 2012 login More information. Tax act online 2012 login   If you need more information, see Transfer to spouse in Publication 523 and Property Settlements in Publication 504, Divorced or Separated Individuals. Tax act online 2012 login Involuntary conversion. Tax act online 2012 login   You have a disposition when your home is destroyed or condemned and you receive other property or money in payment, such as insurance or a condemnation award. Tax act online 2012 login This is treated as a sale and you may be able to exclude all or part of any gain from the destruction or condemnation of your home, as explained later under Special Situations . Tax act online 2012 login Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. Tax act online 2012 login Your basis in your home is determined by how you got the home. Tax act online 2012 login Generally, your basis is its cost if you bought it or built it. Tax act online 2012 login If you got it in some other way (inheritance, gift, etc. Tax act online 2012 login ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. Tax act online 2012 login While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. Tax act online 2012 login The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home. Tax act online 2012 login See Adjusted Basis , later. Tax act online 2012 login You can find more information on basis and adjusted basis in chapter 13 of this publication and in Publication 523. Tax act online 2012 login Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. Tax act online 2012 login Purchase. Tax act online 2012 login   If you bought your home, your basis is its cost to you. Tax act online 2012 login This includes the purchase price and certain settlement or closing costs. Tax act online 2012 login In most cases, your purchase price includes your down payment and any debt, such as a first or second mortgage or notes you gave the seller in payment for the home. Tax act online 2012 login If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed in Publication 523. Tax act online 2012 login Settlement fees or closing costs. Tax act online 2012 login   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. Tax act online 2012 login You can include in your basis some of the settlement fees and closing costs you paid for buying the home, but not the fees and costs for getting a mortgage loan. Tax act online 2012 login A fee paid for buying the home is any fee you would have had to pay even if you paid cash for the home (that is, without the need for financing). Tax act online 2012 login    Chapter 13 lists some of the settlement fees and closing costs that you can include in the basis of property, including your home. Tax act online 2012 login It also lists some settlement costs that cannot be included in basis. Tax act online 2012 login   Also see Publication 523 for additional items and a discussion of basis other than cost. Tax act online 2012 login Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. Tax act online 2012 login To figure your adjusted basis, you can use Worksheet 1 in Publication 523. Tax act online 2012 login Do not use Worksheet 1 if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent. Tax act online 2012 login Increases to basis. Tax act online 2012 login   These include the following. Tax act online 2012 login Additions and other improvements that have a useful life of more than 1 year. Tax act online 2012 login Special assessments for local improvements. Tax act online 2012 login Amounts you spent after a casualty to restore damaged property. Tax act online 2012 login Improvements. Tax act online 2012 login   These add to the value of your home, prolong its useful life, or adapt it to new uses. Tax act online 2012 login You add the cost of additions and other improvements to the basis of your property. Tax act online 2012 login   For example, putting a recreation room or another bathroom in your unfinished basement, putting up a new fence, putting in new plumbing or wiring, putting on a new roof, or paving your unpaved driveway are improvements. Tax act online 2012 login An addition to your house, such as a new deck, a sunroom, or a new garage, is also an improvement. Tax act online 2012 login Repairs. Tax act online 2012 login   These maintain your home in good condition but do not add to its value or prolong its life. Tax act online 2012 login You do not add their cost to the basis of your property. Tax act online 2012 login   Examples of repairs include repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes. Tax act online 2012 login Decreases to basis. Tax act online 2012 login   These include the following. Tax act online 2012 login Discharge of qualified principal residence indebtedness that was excluded from income. Tax act online 2012 login Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. Tax act online 2012 login For details, see Publication 4681. Tax act online 2012 login Gain you postponed from the sale of a previous home before May 7, 1997. Tax act online 2012 login Deductible casualty losses. Tax act online 2012 login Insurance payments you received or expect to receive for casualty losses. Tax act online 2012 login Payments you received for granting an easement or right-of-way. Tax act online 2012 login Depreciation allowed or allowable if you used your home for business or rental purposes. Tax act online 2012 login Energy-related credits allowed for expenditures made on the residence. Tax act online 2012 login (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. Tax act online 2012 login ) Adoption credit you claimed for improvements added to the basis of your home. Tax act online 2012 login Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. Tax act online 2012 login Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. Tax act online 2012 login An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home. Tax act online 2012 login District of Columbia first-time homebuyer credit (allowed on the purchase of a principal residence in the District of Columbia beginning on August 5, 1997 and before January 1, 2012). Tax act online 2012 login General sales taxes (allowed beginning 2004 and ending before 2014) claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home. Tax act online 2012 login Discharges of qualified principal residence indebtedness. Tax act online 2012 login   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. Tax act online 2012 login This exclusion applies to discharges made after 2006 and before 2014. Tax act online 2012 login If you choose to exclude this income, you must reduce (but not below zero) the basis of the principal residence by the amount excluded from your gross income. Tax act online 2012 login   File Form 982 with your tax return. Tax act online 2012 login See the form's instructions for detailed information. Tax act online 2012 login Recordkeeping. Tax act online 2012 login You should keep records to prove your home's adjusted basis. Tax act online 2012 login Ordinarily, you must keep records for 3 years after the due date for filing your return for the tax year in which you sold your home. Tax act online 2012 login But if you sold a home before May 7, 1997, and postponed tax on any gain, the basis of that home affects the basis of the new home you bought. Tax act online 2012 login Keep records proving the basis of both homes as long as they are needed for tax purposes. Tax act online 2012 login The records you should keep include: Proof of the home's purchase price and purchase expenses, Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis, Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain, Any Form 982 you filed to report any discharge of qualified principal residence indebtedness, Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997, and Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations. Tax act online 2012 login Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. Tax act online 2012 login This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. Tax act online 2012 login To qualify, you must meet the ownership and use tests described later. Tax act online 2012 login You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. Tax act online 2012 login You can use Worksheet 2 in Publication 523 to figure the amount of your exclusion and your taxable gain, if any. Tax act online 2012 login If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. Tax act online 2012 login See Publication 505, Tax Withholding and Estimated Tax. Tax act online 2012 login Maximum Exclusion You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. Tax act online 2012 login You meet the ownership test. Tax act online 2012 login You meet the use test. Tax act online 2012 login During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Tax act online 2012 login For details on gain allocated to periods of nonqualified use, see Periods of nonqualified use , later. Tax act online 2012 login You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . Tax act online 2012 login Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Tax act online 2012 login This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Tax act online 2012 login Exception. Tax act online 2012 login   If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclusion in some cases. Tax act online 2012 login However, the maximum amount you may be able to exclude will be reduced. Tax act online 2012 login See Reduced Maximum Exclusion , later. Tax act online 2012 login Example 1—home owned and occupied for at least 2 years. Tax act online 2012 login Mya bought and moved into her main home in September 2011. Tax act online 2012 login She sold the home at a gain in October 2013. Tax act online 2012 login During the 5-year period ending on the date of sale in October 2013, she owned and lived in the home for more than 2 years. Tax act online 2012 login She meets the ownership and use tests. Tax act online 2012 login Example 2—ownership test met but use test not met. Tax act online 2012 login Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. Tax act online 2012 login He later sold the home for a gain. Tax act online 2012 login He owned the home during the entire 5-year period ending on the date of sale. Tax act online 2012 login He meets the ownership test but not the use test. Tax act online 2012 login He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). Tax act online 2012 login Period of Ownership and Use The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time. Tax act online 2012 login You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale. Tax act online 2012 login Temporary absence. Tax act online 2012 login   Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use. Tax act online 2012 login The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. Tax act online 2012 login Example 1. Tax act online 2012 login David Johnson, who is single, bought and moved into his home on February 1, 2011. Tax act online 2012 login Each year during 2011 and 2012, David left his home for a 2-month summer vacation. Tax act online 2012 login David sold the house on March 1, 2013. Tax act online 2012 login Although the total time David used his home is less than 2 years (21 months), he meets the requirement and may exclude gain. Tax act online 2012 login The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years. Tax act online 2012 login Example 2. Tax act online 2012 login Professor Paul Beard, who is single, bought and moved into a house on August 18, 2010. Tax act online 2012 login He lived in it as his main home continuously until January 5, 2012, when he went abroad for a 1-year sabbatical leave. Tax act online 2012 login On February 6, 2013, 1 month after returning from the leave, Paul sold the house at a gain. Tax act online 2012 login Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. Tax act online 2012 login He cannot exclude any part of his gain, because he did not use the residence for the required 2 years. Tax act online 2012 login Ownership and use tests met at different times. Tax act online 2012 login   You can meet the ownership and use tests during different 2-year periods. Tax act online 2012 login However, you must meet both tests during the 5-year period ending on the date of the sale. Tax act online 2012 login Example. Tax act online 2012 login Beginning in 2002, Helen Jones lived in a rented apartment. Tax act online 2012 login The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. Tax act online 2012 login In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. Tax act online 2012 login On July 12, 2013, while still living in her daughter's home, she sold her condominium. Tax act online 2012 login Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2008, to July 12, 2013, the date she sold the condominium. Tax act online 2012 login She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). Tax act online 2012 login She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). Tax act online 2012 login The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use. Tax act online 2012 login Cooperative apartment. Tax act online 2012 login   If you sold stock as a tenant-stockholder in a cooperative housing corporation, the ownership and use tests are met if, during the 5-year period ending on the date of sale, you: Owned the stock for at least 2 years, and Lived in the house or apartment that the stock entitles you to occupy as your main home for at least 2 years. Tax act online 2012 login Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. Tax act online 2012 login Exception for individuals with a disability. Tax act online 2012 login   There is an exception to the use test if: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home. Tax act online 2012 login Under this exception, you are considered to live in your home during any time within the 5-year period that you own the home and live in a facility (including a nursing home) licensed by a state or political subdivision to care for persons in your condition. Tax act online 2012 login If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. Tax act online 2012 login Previous home destroyed or condemned. Tax act online 2012 login   For the ownership and use tests, you add the time you owned and lived in a previous home that was destroyed or condemned to the time you owned and lived in the replacement home on whose sale you wish to exclude gain. Tax act online 2012 login This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home. Tax act online 2012 login Otherwise, you must have owned and lived in the same home for 2 of the 5 years before the sale to qualify for the exclusion. Tax act online 2012 login Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Tax act online 2012 login   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on “qualified official extended duty” as a member of the uniformed services or Foreign Service of the United States, or as an employee of the intelligence community. Tax act online 2012 login You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve outside the United States either as an employee of the Peace Corps on "qualified official extended duty" or as an enrolled volunteer or volunteer leader of the Peace Corps. Tax act online 2012 login This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale. Tax act online 2012 login   If this helps you qualify to exclude gain, you can choose to have the 5-year test period suspended by filing a return for the year of sale that does not include the gain. Tax act online 2012 login For more information about the suspension of the 5-year test period, see Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps in Publication 523. Tax act online 2012 login Married Persons If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. Tax act online 2012 login (But see Special rules for joint returns , next. Tax act online 2012 login ) Special rules for joint returns. Tax act online 2012 login   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Tax act online 2012 login You are married and file a joint return for the year. Tax act online 2012 login Either you or your spouse meets the ownership test. Tax act online 2012 login Both you and your spouse meet the use test. Tax act online 2012 login During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home. Tax act online 2012 login If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. Tax act online 2012 login For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. Tax act online 2012 login Example 1—one spouse sells a home. Tax act online 2012 login Emily sells her home in June 2013 for a gain of $300,000. Tax act online 2012 login She marries Jamie later in the year. Tax act online 2012 login She meets the ownership and use tests, but Jamie does not. Tax act online 2012 login Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. Tax act online 2012 login The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. Tax act online 2012 login Example 2—each spouse sells a home. Tax act online 2012 login The facts are the same as in Example 1 except that Jamie also sells a home in 2013 for a gain of $200,000 before he marries Emily. Tax act online 2012 login He meets the ownership and use tests on his home, but Emily does not. Tax act online 2012 login Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. Tax act online 2012 login However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Tax act online 2012 login Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. Tax act online 2012 login The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home. Tax act online 2012 login Sale of main home by surviving spouse. Tax act online 2012 login   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. Tax act online 2012 login   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Tax act online 2012 login The sale or exchange took place after 2008. Tax act online 2012 login The sale or exchange took place no more than 2 years after the date of death of your spouse. Tax act online 2012 login You have not remarried. Tax act online 2012 login You and your spouse met the use test at the time of your spouse's death. Tax act online 2012 login You or your spouse met the ownership test at the time of your spouse's death. Tax act online 2012 login Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. Tax act online 2012 login Example. Tax act online 2012 login   Harry owned and used a house as his main home since 2009. Tax act online 2012 login Harry and Wilma married on July 1, 2013, and from that date they use Harry's house as their main home. Tax act online 2012 login Harry died on August 15, 2013, and Wilma inherited the property. Tax act online 2012 login Wilma sold the property on September 3, 2013, at which time she had not remarried. Tax act online 2012 login Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death. Tax act online 2012 login Home transferred from spouse. Tax act online 2012 login   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. Tax act online 2012 login Use of home after divorce. Tax act online 2012 login   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. Tax act online 2012 login Reduced Maximum Exclusion If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. Tax act online 2012 login This applies to those who: Fail to meet the ownership and use tests, or Have used the exclusion within 2 years of selling their current home. Tax act online 2012 login In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. Tax act online 2012 login A change in place of employment. Tax act online 2012 login Health. Tax act online 2012 login Unforeseen circumstances. Tax act online 2012 login Unforeseen circumstances. Tax act online 2012 login   The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying your main home. Tax act online 2012 login   See Publication 523 for more information and to use Worksheet 3 to figure your reduced maximum exclusion. Tax act online 2012 login Business Use or Rental of Home You may be able to exclude gain from the sale of a home you have used for business or to produce rental income. Tax act online 2012 login But you must meet the ownership and use tests. Tax act online 2012 login Periods of nonqualified use. Tax act online 2012 login   In most cases, gain from the sale or exchange of your main home will not qualify for the exclusion to the extent that the gains are allocated to periods of nonqualified use. Tax act online 2012 login Nonqualified use is any period after 2008 during which neither you nor your spouse (or your former spouse) used the property as a main home with the following exceptions. Tax act online 2012 login Exceptions. Tax act online 2012 login   A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty: As a member of the uniformed services; As a member of the Foreign Service of the United States; or As an employee of the intelligence community; and Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS. Tax act online 2012 login The gain resulting from the sale of the property is allocated between qualified and nonqualified use periods based on the amount of time the property was held for qualified and nonqualified use. Tax act online 2012 login Gain from the sale or exchange of a main home allocable to periods of qualified use will continue to qualify for the exclusion for the sale of your main home. Tax act online 2012 login Gain from the sale or exchange of property allocable to nonqualified use will not qualify for the exclusion. Tax act online 2012 login Calculation. Tax act online 2012 login   To figure the portion of the gain allocated to the period of nonqualified use, multiply the gain by the following fraction:   Total nonqualified use during the period of ownership after 2008      Total period of ownership     This calculation can be found in Worksheet 2, line 10, in Publication 523. Tax act online 2012 login Example 1. Tax act online 2012 login On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. Tax act online 2012 login She moved in on that date and lived in it until May 31, 2009, when she moved out of the house and put it up for rent. Tax act online 2012 login The house was rented from June 1, 2009, to March 31, 2011. Tax act online 2012 login Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. Tax act online 2012 login Amy moved back into the house on April 1, 2011, and lived there until she sold it on January 31, 2013, for a gain of $200,000. Tax act online 2012 login During the 5-year period ending on the date of the sale (January 31, 2008-January 31, 2013), Amy owned and lived in the house for more than 2 years as shown in the following table. Tax act online 2012 login Five Year Period Used as  Home Used as  Rental 1/31/08 – 5/31/09 16 months       6/1/09 – 3/31/11   22 months 4/1/11 – 1/31/13 22 months         38 months 22 months During the period Amy owned the house (2,080 days), her period of nonqualified use was 668 days. Tax act online 2012 login Amy divides 668 by 2,080 and obtains a decimal (rounded to at least three decimal places) of 0. Tax act online 2012 login 321. Tax act online 2012 login To figure her gain attributable to the period of nonqualified use, she multiplies $190,000 (the gain not attributable to the $10,000 depreciation deduction) by 0. Tax act online 2012 login 321. Tax act online 2012 login Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain. Tax act online 2012 login Example 2. Tax act online 2012 login William owned and used a house as his main home from 2007 through 2010. Tax act online 2012 login On January 1, 2011, he moved to another state. Tax act online 2012 login He rented his house from that date until April 30, 2013, when he sold it. Tax act online 2012 login During the 5-year period ending on the date of sale (May 1, 2008-April 30, 2013), William owned and lived in the house for more than 2 years. Tax act online 2012 login He must report the sale on Form 4797 because it was rental property at the time of sale. Tax act online 2012 login Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. Tax act online 2012 login Because he met the ownership and use tests, he can exclude gain up to $250,000. Tax act online 2012 login However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next. Tax act online 2012 login Depreciation after May 6, 1997. Tax act online 2012 login   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. Tax act online 2012 login If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed. Tax act online 2012 login See Publication 544 for more information. Tax act online 2012 login Property used partly for business or rental. Tax act online 2012 login   If you used property partly as a home and partly for business or to produce rental income, see Publication 523. Tax act online 2012 login Reporting the Sale Do not report the 2013 sale of your main home on your tax return unless: You have a gain and do not qualify to exclude all of it, You have a gain and choose not to exclude it, or You received Form 1099-S. Tax act online 2012 login If any of these conditions apply, report the entire gain or loss. Tax act online 2012 login For details on how to report the gain or loss, see the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949. Tax act online 2012 login If you used the home for business or to produce rental income, you may have to use Form 4797 to report the sale of the business or rental part (or the sale of the entire property if used entirely for business or rental). Tax act online 2012 login See Business Use or Rental of Home in Publication 523 and the Instructions for Form 4797. Tax act online 2012 login Installment sale. Tax act online 2012 login    Some sales are made under arrangements that provide for part or all of the selling price to be paid in a later year. Tax act online 2012 login These sales are called “installment sales. Tax act online 2012 login ” If you finance the buyer's purchase of your home yourself instead of having the buyer get a loan or mortgage from a bank, you probably have an installment sale. Tax act online 2012 login You may be able to report the part of the gain you cannot exclude on the installment basis. Tax act online 2012 login    Use Form 6252, Installment Sale Income, to report the sale. Tax act online 2012 login Enter your exclusion on line 15 of Form 6252. Tax act online 2012 login Seller-financed mortgage. Tax act online 2012 login   If you sell your home and hold a note, mortgage, or other financial agreement, the payments you receive in most cases consist of both interest and principal. Tax act online 2012 login You must separately report as interest income the interest you receive as part of each payment. Tax act online 2012 login If the buyer of your home uses the property as a main or second home, you must also report the name, address, and social security number (SSN) of the buyer on line 1 of Schedule B (Form 1040A or 1040). Tax act online 2012 login The buyer must give you his or her SSN, and you must give the buyer your SSN. Tax act online 2012 login Failure to meet these requirements may result in a $50 penalty for each failure. Tax act online 2012 login If either you or the buyer does not have and is not eligible to get an SSN, see Social Security Number in chapter 1. Tax act online 2012 login More information. Tax act online 2012 login   For more information on installment sales, see Publication 537, Installment Sales. Tax act online 2012 login Special Situations The situations that follow may affect your exclusion. Tax act online 2012 login Sale of home acquired in a like-kind exchange. Tax act online 2012 login   You cannot claim the exclusion if: You acquired your home in a like-kind exchange (also known as a section 1031 exchange), or your basis in your home is determined by reference to the basis of the home in the hands of the person who acquired the property in a like-kind exchange (for example, you received the home from that person as a gift), and You sold the home during the 5-year period beginning with the date your home was acquired in the like-kind exchange. Tax act online 2012 login Gain from a like-kind exchange is not taxable at the time of the exchange. Tax act online 2012 login This means that gain will not be taxed until you sell or otherwise dispose of the property you receive. Tax act online 2012 login To defer gain from a like-kind exchange, you must have exchanged business or investment property for business or investment property of a like kind. Tax act online 2012 login For more information about like-kind exchanges, see Publication 544, Sales and Other Dispositions of Assets. Tax act online 2012 login Home relinquished in a like-kind exchange. Tax act online 2012 login   If you use your main home partly for business or rental purposes and then exchange the home for another property, see Publication 523. Tax act online 2012 login Expatriates. Tax act online 2012 login   You cannot claim the exclusion if the expatriation tax applies to you. Tax act online 2012 login The expatriation tax applies to certain U. Tax act online 2012 login S. Tax act online 2012 login citizens who have renounced their citizenship (and to certain long-term residents who have ended their residency). Tax act online 2012 login For more information about the expatriation tax, see Expatriation Tax in chapter 4 of Publication 519, U. Tax act online 2012 login S. Tax act online 2012 login Tax Guide for Aliens. Tax act online 2012 login Home destroyed or condemned. Tax act online 2012 login   If your home was destroyed or condemned, any gain (for example, because of insurance proceeds you received) qualifies for the exclusion. Tax act online 2012 login   Any part of the gain that cannot be excluded (because it is more than the maximum exclusion) can be postponed under the rules explained in: Publication 547, in the case of a home that was destroyed, or Publication 544, chapter 1, in the case of a home that was condemned. Tax act online 2012 login Sale of remainder interest. Tax act online 2012 login   Subject to the other rules in this chapter, you can choose to exclude gain from the sale of a remainder interest in your home. Tax act online 2012 login If you make this choice, you cannot choose to exclude gain from your sale of any other interest in the home that you sell separately. Tax act online 2012 login Exception for sales to related persons. Tax act online 2012 login   You cannot exclude gain from the sale of a remainder interest in your home to a related person. Tax act online 2012 login Related persons include your brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Tax act online 2012 login ), and lineal descendants (children, grandchildren, etc. Tax act online 2012 login ). Tax act online 2012 login Related persons also include certain corporations, partnerships, trusts, and exempt organizations. Tax act online 2012 login Recapturing (Paying Back) a Federal Mortgage Subsidy If you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. Tax act online 2012 login You recapture the benefit by increasing your federal income tax for the year of the sale. Tax act online 2012 login You may have to pay this recapture tax even if you can exclude your gain from income under the rules discussed earlier; that exclusion does not affect the recapture tax. Tax act online 2012 login Loans subject to recapture rules. Tax act online 2012 login   The recapture applies to loans that: Came from the proceeds of qualified mortgage bonds, or Were based on mortgage credit certificates. Tax act online 2012 login The recapture also applies to assumptions of these loans. Tax act online 2012 login When recapture applies. Tax act online 2012 login   Recapture of the federal mortgage subsidy applies only if you meet both of the following conditions. Tax act online 2012 login You sell or otherwise dispose of your home at a gain within the first 9 years after the date you close your mortgage loan. Tax act online 2012 login Your income for the year of disposition is more than that year's adjusted qualifying income for your family size for that year (related to the income requirements a person must meet to qualify for the federally subsidized program). Tax act online 2012 login When recapture does not apply. Tax act online 2012 login   Recapture does not apply in any of the following situations. Tax act online 2012 login Your mortgage loan was a qualified home improvement loan (QHIL) of not more than $15,000 used for alterations, repairs, and improvements that protect or improve the basic livability or energy efficiency of your home. Tax act online 2012 login Your mortgage loan was a QHIL of not more than $150,000 in the case of a QHIL used to repair damage from Hurricane Katrina to homes in the hurricane disaster area; a QHIL funded by a qualified mortgage bond that is a qualified Gulf Opportunity Zone Bond; or a QHIL for an owner-occupied home in the Gulf Opportunity Zone (GO Zone), Rita GO Zone, or Wilma GO Zone. Tax act online 2012 login For more information, see Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. Tax act online 2012 login Also see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. Tax act online 2012 login The home is disposed of as a result of your death. Tax act online 2012 login You dispose of the home more than 9 years after the date you closed your mortgage loan. Tax act online 2012 login You transfer the home to your spouse, or to your former spouse incident to a divorce, where no gain is included in your income. Tax act online 2012 login You dispose of the home at a loss. Tax act online 2012 login Your home is destroyed by a casualty, and you replace it on its original site within 2 years after the end of the tax year when the destruction happened. Tax act online 2012 login The replacement period is extended for main homes destroyed in a federally declared disaster area, a Midwestern disaster area, the Kansas disaster area, and the Hurricane Katrina disaster area. Tax act online 2012 login For more information, see Replacement Period in Publication 547. Tax act online 2012 login You refinance your mortgage loan (unless you later meet the conditions listed previously under When recapture applies ). Tax act online 2012 login Notice of amounts. Tax act online 2012 login   At or near the time of settlement of your mortgage loan, you should receive a notice that provides the federally subsidized amount and other information you will need to figure your recapture tax. Tax act online 2012 login How to figure and report the recapture. Tax act online 2012 login    The recapture tax is figured on Form 8828. Tax act online 2012 login If you sell your home and your mortgage is subject to recapture rules, you must file Form 8828 even if you do not owe a recapture tax. Tax act online 2012 login Attach Form 8828 to your Form 1040. Tax act online 2012 login For more information, see Form 8828 and its instructions. Tax act online 2012 login Prev  Up  Next   Home   More Online Publications
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This federal law, which dates back to 1972, was intended to protect consumers in their homes during door-to-door sales pitches or at sales in temporary business locations. According to the FTC, the 3-Day Cooling Off Rule does NOT apply to the purchase of new automobiles or items sold online. It only applies when a company is selling something that costs $25 or more at a location other than its regular place of business.

To comply with the 3-Day Cooling Off Rule, a seller must inform a buyer of his/her right to cancel the sale and receive a full refund within three business days.

Be aware that there are situations in which the Cooling-Off Rule does not apply:

  • You made the purchase entirely by mail or telephone.
  • The sale was the result of prior contact you had at the seller's permanent business location.
  • You signed a document waiving your right to cancel.
  • Your purchase is not primarily for personal, family or household use. .
  • You were buying real estate, insurance, securities, or a motor vehicle.
  • You can't return the item in a condition similar to how it was when you got it.
  • You bought arts or crafts at a fair, shopping mall, civic center, or school.

Remember, if you paid by credit card and are having difficulty getting your refund, you may also be able to dispute the charge with your credit card company under the Fair Credit Billing Act.

The Tax Act Online 2012 Login

Tax act online 2012 login 6. Tax act online 2012 login   Ingresos de Propinas Table of Contents Introduction Useful Items - You may want to see: Cómo Mantener un Registro Diario de PropinasRegistro electrónico de propinas. Tax act online 2012 login Cómo Declarar las Propinas a su EmpleadorInforme electrónico de propinas. Tax act online 2012 login Declaración final. Tax act online 2012 login Cómo se Declaran las Propinas en la Declaración de Impuestos Asignación de Propinas Introduction Este capítulo es para empleados que reciben propinas. Tax act online 2012 login Todas las propinas que usted reciba son ingresos y están sujetas al impuesto federal sobre los ingresos. Tax act online 2012 login Tiene que incluir en el ingreso bruto todas las propinas que reciba directamente, propinas recibidas por medio de cargos a tarjetas de crédito o débito que le son entregadas por su empleador y su participación de todas las propinas recibidas de un fondo común u otro acuerdo de distribución de propinas. Tax act online 2012 login El valor de las propinas que no son pagadas en efectivo, tales como boletos, pases u otros artículos de valor también son ingresos y están sujetos al impuesto. Tax act online 2012 login La declaración correcta de los ingresos de propinas no es difícil. Tax act online 2012 login Usted tiene que completar tres pasos: Mantener un registro diario de propinas. Tax act online 2012 login Declarar sus propinas a su empleador. Tax act online 2012 login Declarar todas sus propinas en su declaración de impuestos. Tax act online 2012 login  Este capítulo le explicará estos tres pasos y le ayudará a determinar cómo completar su declaración de impuestos si no ha realizado los dos primeros pasos. Tax act online 2012 login Este capítulo también le mostrará cómo tratar las propinas asignadas. Tax act online 2012 login Para información sobre acuerdos y programas especiales relacionados con las propinas, vea la Publicación 531, en inglés. Tax act online 2012 login Useful Items - You may want to see: Publicación 531 Reporting Tip Income (Cómo declarar los ingresos de propinas), en inglés 1244-PR Registro Diario de Propinas Recibidas por el(la) Empleado(a) e Informe al Patrono, en español 1244 Employee's Daily Record of Tips and Report to Employer (Registro Diario de Propinas Recibidas por el(la) Empleado(a) e Informe al Empleador), en inglés Formularios (e Instrucciones) 4137 Social Security and Medicare Tax on Unreported Tip Income (Impuestos del Seguro Social y Medicare sobre el ingreso de propinas no declaradas), en inglés 4070-PR Informe al Patrono de Propinas Recibidas por el(la) Empleado(a), disponible en español 4070 Employee's Report of Tips to Employer (Informe al Empleador de Propinas Recibidas por el(la) Empleado(a)), en inglés Cómo Mantener un Registro Diario de Propinas ¿Por qué mantener un registro diario de propinas?   Usted tiene que mantener un registro diario de propinas para que pueda: Declarar sus propinas correctamente a su empleador, Declarar sus propinas correctamente en su declaración de impuestos y Comprobar sus ingresos de propinas si se cuestiona su declaración. Tax act online 2012 login Cómo mantener un registro diario de propinas. Tax act online 2012 login   Hay dos maneras de mantener un registro diario de propinas. Tax act online 2012 login Puede optar por: Anotar la información sobre sus propinas en un diario de propinas o Mantener copias de documentos que comprueben sus propinas, tales como cuentas de restaurantes y recibos de cargos hechos a tarjetas de crédito o de débito. Tax act online 2012 login Usted debe mantener su registro diario de propinas junto con su documentación tributaria u otra documentación personal. Tax act online 2012 login Tiene que guardar su documentación por el tiempo en que sea importante para la aplicación de la ley tributaria federal. Tax act online 2012 login Para información sobre cuánto tiempo debe guardar esta documentación, vea el tema titulado Cuánto Tiempo Debe Mantener Los Documentos , en el capítulo 1. Tax act online 2012 login    Si mantiene un registro de propinas, puede utilizar el Formulario 4070A-PR, Registro Diario de Propinas del(la) Empleado(a) (o el Formulario 4070-A, en inglés). Tax act online 2012 login Para obtener el Formulario 4070A-PR (o el Formulario 4070-A), pídale al IRS o a su empleador la Publicación 1244-PR (o la Publicación 1244, en inglés). Tax act online 2012 login Asimismo, la Publicación 1244-PR está disponible en el sitio web www. Tax act online 2012 login irs. Tax act online 2012 login gov/pub/irs-pdf/p1244pr. Tax act online 2012 login pdf. Tax act online 2012 login La Publicación 1244-PR (o la Publicación 1244, en inglés) contiene suficientes copias del Formulario 4070A-PR (o del Formulario 4070-A, en inglés) para un año. Tax act online 2012 login Cada día, anote la información solicitada en el formulario. Tax act online 2012 login   Además de la información solicitada en el Formulario 4070A-PR, también es necesario que mantenga un registro u otra documentación de la fecha y el valor de toda propina que reciba que no sea en efectivo, tales como boletos, pases u otros artículos de valor. Tax act online 2012 login Aunque no declara estas propinas a su empleador, tiene que declararlas en su declaración de impuestos. Tax act online 2012 login   Si no utiliza el Formulario 4070A-PR (o el Formulario 4070-A, en inglés), comience su registro escribiendo su nombre, el nombre de su empleador y el nombre del negocio o establecimiento donde trabaja si es distinto al nombre de su empleador. Tax act online 2012 login Luego, cada día que trabaje, anote la fecha y la siguiente información: Propinas en efectivo que obtiene directamente de los clientes o de otros empleados. Tax act online 2012 login Propinas de los clientes que pagan con tarjeta de crédito y de débito que su empleador le paga. Tax act online 2012 login El valor de toda propina que haya recibido que no sea pagada en efectivo, tales como boletos, pases y otros artículos de valor. Tax act online 2012 login La cantidad de propinas que usted le pagó a otros empleados a través de un fondo común u otro acuerdo de distribución de propinas y los nombres de los empleados a los cuales les pagó las propinas. Tax act online 2012 login Registro electrónico de propinas. Tax act online 2012 login   Usted puede utilizar un sistema electrónico provisto por su empleador para mantener un registro de propinas diarias. Tax act online 2012 login En tal caso, tiene que recibir y guardar una copia en papel de este registro. Tax act online 2012 login Cargos por servicios. Tax act online 2012 login   No anote en su registro de propinas la cantidad de ningún cargo por servicios que su empleador añada a la cuenta de un cliente y que luego le pague a usted y que el empleador trate como salario de usted. Tax act online 2012 login Los cargos de este tipo son parte de su salario, no son propinas. Tax act online 2012 login Vea los ejemplos que se presentan a continuación. Tax act online 2012 login Ejemplo 1. Tax act online 2012 login El restaurante Buena Comida añade un cargo del 18% a la cuenta de grupos de 6 o más clientes. Tax act online 2012 login Juanita forma parte de un grupo de 8 personas. Tax act online 2012 login Además del costo de la comida y bebidas que se sirvieron a todos en el grupo de Juanita, la cuenta incluye un monto igual al 18% del costo de las mismas, el cual aparece en la línea para anotar propinas. Tax act online 2012 login Dicho monto se incluye en el total de la cuenta. Tax act online 2012 login Debido a que Juanita no tenía un derecho ilimitado de determinar el monto en la línea para anotar propinas, el cargo del 18% se considera un cargo por servicios. Tax act online 2012 login No anote el cargo del 18% en su registro de propinas. Tax act online 2012 login Los cargos por servicios que se le paguen son considerados salarios y no propinas. Tax act online 2012 login Ejemplo 2. Tax act online 2012 login El restaurante Buena Comida también incluye ejemplos de cálculos para las cantidades de propinas en la parte inferior de la cuenta para la comida y las bebidas servidas a los clientes. Tax act online 2012 login En la parte inferior de la cuenta de David, debajo de la línea para la firma, se incluye una línea en blanco para anotar propinas, además de ejemplos de propinas calculadas en base al 15%, 18% y 20% de los costos de la comida y bebidas que le sirvieron. Tax act online 2012 login Debido a que David tenía libertad para anotar cualquier cantidad en la línea para anotar propinas, o dejarla en blanco, cualquier cantidad que David anote se considera propina. Tax act online 2012 login Cerciórese de incluir esta cantidad en su registro de propinas. Tax act online 2012 login Cómo Declarar las Propinas a su Empleador ¿Por qué tiene que declarar sus propinas a su empleador?   Tiene que declarar sus propinas a su empleador para que: Éste pueda retenerle impuesto federal sobre el ingreso, impuestos del Seguro Social, impuestos de Medicare, Impuesto Adicional del Medicare o impuestos de la jubilación ferroviaria, Éste pueda declarar la cantidad correcta de sus ganancias a la Administración del Seguro Social o a la Junta de la Jubilación Ferroviaria (lo cual afecta sus beneficios cuando se jubile o si queda incapacitado, o los beneficios de su familia cuando usted fallezca) y Usted pueda evitar la Multa por no declarar las propinas a su empleador (tema explicado más adelante). Tax act online 2012 login Propinas que tiene que declarar a su empleador. Tax act online 2012 login   Declárele a su empleador solamente las propinas que reciba en efectivo, en cheques, tarjetas de débito y de crédito. Tax act online 2012 login   Si el total de las propinas que reciba de un trabajo en un mes determinado es menos de $20, no declare las propinas de ese mes a ese empleador. Tax act online 2012 login   Si recibe propinas conforme a un acuerdo para compartir propinas equitativamente, declare sólo las propinas que reciba y retenga. Tax act online 2012 login No declare a su empleador ninguna parte de las propinas que reciba para luego entregárselas a otros empleados. Tax act online 2012 login Sin embargo, tiene que declarar las propinas que reciba de otros empleados. Tax act online 2012 login    No declare a su empleador el valor de las propinas que no reciba en efectivo, tales como boletos o pases. Tax act online 2012 login No se pagan impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuestos de la jubilación ferroviaria sobre estas propinas. Tax act online 2012 login Cómo se declaran las propinas. Tax act online 2012 login    Si su empleador no le proporciona otro medio para declarar las propinas, puede usar el Formulario 4070-PR, en español (o el Formulario 4070, en inglés). Tax act online 2012 login Escriba la información requerida en el formulario, incluya su firma y la fecha y entrégueselo a su empleador. Tax act online 2012 login Si desea obtener copias del formulario para un año completo, comuníquese con el IRS o pídale a su empleador la Publicación 1244-PR (o la Publicación 1244, en inglés). Tax act online 2012 login   Si no usa el Formulario 4070-PR (o el Formulario 4070, en inglés), entréguele a su empleador un informe con la información siguiente: Su nombre, dirección y número de Seguro Social. Tax act online 2012 login El nombre de su empleador, la dirección y el nombre del establecimiento (si es diferente al nombre del empleador). Tax act online 2012 login El mes (o las fechas de cualquier período más corto) en el cual usted recibió propinas. Tax act online 2012 login El total de propinas que se tienen que declarar para ese período. Tax act online 2012 login Usted tiene que firmar y fechar el informe. Tax act online 2012 login Cerciórese de guardar una copia junto con sus documentos tributarios u otros documentos personales. Tax act online 2012 login   Su empleador puede requerirle que declare sus propinas más de una vez al mes. Tax act online 2012 login Sin embargo, el informe no puede abarcar un período mayor de un mes natural. Tax act online 2012 login Informe electrónico de propinas. Tax act online 2012 login   Su empleador puede exigir que facilite su informe de propinas por medios electrónicos. Tax act online 2012 login Cuándo debe declarar las propinas. Tax act online 2012 login   Entregue a su empleador el informe correspondiente a cada mes, a más tardar el día 10 del mes siguiente. Tax act online 2012 login Si el día 10 cae en sábado, domingo o día feriado legal, entonces entréguele el informe a su empleador el próximo día siempre que no sea sábado, domingo o día feriado legal. Tax act online 2012 login Ejemplo. Tax act online 2012 login Tiene que declararle a su empleador la cantidad de propinas que recibió en septiembre del año 2014 a más tardar el día 10 de octubre de 2014. Tax act online 2012 login Declaración final. Tax act online 2012 login   Si deja de trabajar durante el mes, puede declarar las propinas recibidas cuando termine su empleo. Tax act online 2012 login Multa por no declarar las propinas. Tax act online 2012 login   Si no le declara a su empleador las propinas que recibió, tal como se requiere, puede estar sujeto a que se le imponga una multa equivalente al 50% de los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria que adeude sobre las propinas que no declaró. Tax act online 2012 login (Para información sobre estos impuestos, vea Cómo declarar los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria sobre las propinas no declaradas a su empleador , bajo Cómo se Declaran las Propinas en la Declaración de Impuestos, más adelante). Tax act online 2012 login La cantidad de la multa que se impone es adicional a los impuestos que adeude. Tax act online 2012 login   Puede evitar que esta multa le sea impuesta si puede demostrar que existe causa razonable por la cual no le declaró las propinas a su empleador. Tax act online 2012 login Para hacerlo, adjunte un documento escrito a su declaración de impuestos explicando la razón por la cual no declaró la cantidad de propinas que recibió. Tax act online 2012 login Entrega de dinero al empleador para el pago de los impuestos. Tax act online 2012 login   Es posible que lo que gana normalmente no sea suficiente para que su empleador le retenga todos los impuestos que adeude sobre su salario normal más las propinas que recibe. Tax act online 2012 login Si esto ocurre, puede entregarle dinero a su empleador hasta el cierre del año natural para pagar el resto de los impuestos. Tax act online 2012 login   Si no le entrega dinero suficiente a su empleador, el mismo aplicará su salario normal y todo dinero que usted le entregue para los impuestos, en el orden siguiente: Todos los impuestos sobre su salario normal. Tax act online 2012 login Los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuestos de la jubilación ferroviaria sobre las propinas que declaró. Tax act online 2012 login Los impuestos federales, estatales y locales sobre los ingresos sobre las propinas que declaró. Tax act online 2012 login    Su empleador puede descontar de su próximo salario todo impuesto que quede pendiente. Tax act online 2012 login Si al final del año aún no se le han retenido suficientes impuestos, usted puede estar sujeto a una multa por pago insuficiente de impuestos estimados. Tax act online 2012 login Vea la Publicación 505, Tax Withholding and Estimated Tax (Retención de impuestos e impuesto estimado), en inglés, para más información. Tax act online 2012 login    Impuestos no recaudados. Tax act online 2012 login Usted tiene que informar en su declaración de impuestos todo impuesto del Seguro Social y Medicare o impuestos de la jubilación ferroviaria que no se recaudaron al final del año 2013. Tax act online 2012 login Estos impuestos no recaudados aparecerán en su Formulario W-2 del año 2013. Tax act online 2012 login Vea el tema titulado Cómo se declaran los impuestos no recaudados del Seguro Social, Medicare o impuesto de la jubilación ferroviaria sobre propinas declaradas a su empleador , bajo Cómo se Declaran las Propinas en la Declaración de Impuestos, a continuación. Tax act online 2012 login Cómo se Declaran las Propinas en la Declaración de Impuestos Cómo se declaran las propinas. Tax act online 2012 login    Declare las propinas que recibió junto con su salario en la línea 7 del Formulario 1040, la línea 7 del Formulario 1040A o en la línea 1 del Formulario 1040EZ. Tax act online 2012 login Qué propinas se tienen que declarar. Tax act online 2012 login   Usted tiene que informar en su declaración de impuestos todas las propinas que recibió en 2013. Tax act online 2012 login Incluya las que recibió en efectivo y las que no fueron en efectivo. Tax act online 2012 login Toda propina que usted haya declarado en 2013 a su empleador está incluida en los salarios que aparecen en el recuadro 1 de su Formulario W-2. Tax act online 2012 login Sume a la cantidad del recuadro 1 solamente las propinas que usted no le declaró a su empleador. Tax act online 2012 login    Si recibió $20 o más en propinas en efectivo o cargadas a tarjetas de crédito o débito en un mes y no las declaró a su empleador, vea más adelante el tema titulado Cómo declarar los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria sobre las propinas no declaradas a su empleador . Tax act online 2012 login    Si usted no llevó un registro diario de las propinas que recibió, tal como se requiere, y aparece una cantidad en el recuadro 8 del Formulario W-2, vea más adelante la sección titulada Asignación de Propinas . Tax act online 2012 login   Si usted llevó un registro diario y declaró a su empleador todas las propinas que recibió, tal como se requiere conforme a las reglas explicadas anteriormente, añada a la cantidad que aparece en el recuadro 1 de su Formulario W-2 las siguientes propinas: Las propinas que recibió tanto en efectivo como cargadas a tarjetas de crédito o débito que fueron menos de $20 en un mes cualquiera. Tax act online 2012 login El valor de las propinas que no recibió en efectivo, tales como boletos, pases u otros artículos de valor. Tax act online 2012 login Ejemplo. Tax act online 2012 login Mariano Almendares comenzó a trabajar en el Restaurante Océano Azul (su único empleador en el año 2013) el día 30 de junio y recibió $10,000 en salarios durante el año. Tax act online 2012 login Mariano llevó un registro diario de las propinas que recibió durante el año, el cual muestra que en junio recibió $18 en propinas y en el resto del año recibió $7,000 en propinas. Tax act online 2012 login Al Sr. Tax act online 2012 login Almendares no se le requirió declararle a su empleador las propinas que recibió en junio, pero sí le declaró todas las propinas que recibió durante el resto del año, tal como se requiere. Tax act online 2012 login El Formulario W-2 que el Sr. Tax act online 2012 login Almendares recibió del Restaurante Océano Azul muestra $17,000 ($10,000 de salario más $7,000 de propinas declaradas) en el recuadro 1. Tax act online 2012 login El Sr. Tax act online 2012 login Almendares añade a esa cantidad los $18 de propinas que no le declaró al empleador y declara $17,018 como salario en su declaración de impuestos. Tax act online 2012 login Cómo declarar los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria sobre las propinas no declaradas a su empleador. Tax act online 2012 login    Si en un mes recibió $20 o más en propinas en efectivo o cargadas a tarjetas de crédito o débito en algún empleo y no declaró todas esas propinas a su empleador, tiene que declarar como impuesto adicional los impuestos del Seguro Social, Medicare e Impuesto Adicional del Medicare sobre las propinas que no declaró a su empleador. Tax act online 2012 login Para declarar estos impuestos, tiene que presentar una declaración aunque de otro modo no tuviera que presentarla. Tax act online 2012 login Para hacerlo, tiene que usar el Formulario 1040. Tax act online 2012 login (No puede presentar el Formulario 1040EZ ni el Formulario 1040A). Tax act online 2012 login    Use el Formulario 4137, Social Security and Medicare Tax on Unreported Tip Income (Impuestos del Seguro Social y de Medicare sobre el ingreso de propinas no declaradas), en inglés, para calcular los impuestos al Seguro Social y al Medicare. Tax act online 2012 login Anote el impuesto en su declaración como se indica y adjunte el Formulario 4137 debidamente completado a la misma. Tax act online 2012 login Use el Formulario 8959, en inglés, para calcular el Impuesto Adicional del Medicare. Tax act online 2012 login    Si usted está sujeto a la Railroad Retirement Tax Act (Ley Tributaria para la Jubilación Ferroviaria), no puede utilizar el Formulario 4137 para pagar el impuesto para la jubilación ferroviaria sobre propinas no declaradas. Tax act online 2012 login Para obtener crédito para la jubilación ferroviaria, tiene que declarar sus propinas a su empleador. Tax act online 2012 login Cómo se declaran los impuestos no recaudados del Seguro Social, Medicare o impuesto de la jubilación ferroviaria sobre propinas declaradas a su empleador. Tax act online 2012 login   Usted podría tener impuestos sin recaudar si su salario normal no es suficiente para que su empleador retenga todos los impuestos adeudados y si no le dio a su empleador dinero suficiente para pagar el resto de los impuestos. Tax act online 2012 login Para más información, vea Entrega de dinero al empleador para el pago de los impuestos , bajo Cómo Declarar las Propinas a su Empleador, anteriormente. Tax act online 2012 login   Si su empleador no pudo recaudar todos los impuestos al Seguro Social y al Medicare o impuesto de la jubilación ferroviaria que usted adeuda sobre propinas declaradas para 2013, los impuestos por recaudar se mostrarán en el recuadro 12 del Formulario W-2 (códigos A y B). Tax act online 2012 login Tiene que declarar estas cantidades como impuesto adicional en su declaración. Tax act online 2012 login A diferencia de la parte no recaudada del impuesto regular al Medicare (1. Tax act online 2012 login 45%), el Impuesto Adicional del Medicare no recaudado no se declara en el recuadro 12 del Formulario W-2 con el código B. Tax act online 2012 login    Para declarar estos impuestos no recaudados, tiene que presentar una declaración aunque no tuviera que presentarla de otro modo. Tax act online 2012 login Tiene que declarar estos impuestos en la línea 60 del Formulario 1040. Tax act online 2012 login Vea las instrucciones para la línea 60 del Formulario 1040, disponibles en inglés. Tax act online 2012 login (No puede presentar el Formulario 1040EZ ni el Formulario 1040A). Tax act online 2012 login Asignación de Propinas Si su empleador le asignó propinas, las mismas aparecen por separado en el recuadro 8 de su Formulario W-2. Tax act online 2012 login Estas propinas no están incluidas en el recuadro 1 con sus salarios y propinas declaradas. Tax act online 2012 login Si el recuadro 8 está en blanco, lo que se explica en esta sección no es aplicable en su caso. Tax act online 2012 login ¿Qué son propinas asignadas?   Éstas son propinas que su empleador le asignó, además de las que usted le declaró para el año. Tax act online 2012 login Su empleador habrá hecho esto únicamente si: Usted trabajó en un establecimiento (restaurante, bar o negocio similar) que tiene que asignar las propinas a los empleados y La cantidad de propinas que declaró a su empleador fue menos de su parte del 8% de las ventas de comidas y bebidas del establecimiento donde usted trabajó. Tax act online 2012 login De las propinas asignadas, no se retienen impuestos sobre los ingresos, Seguro Social, Medicare, Impuesto Adicional del Medicare ni impuestos de la jubilación ferroviaria. Tax act online 2012 login ¿Cómo se calcula su asignación de propinas?   Las propinas que se le asignan a usted son su parte de una cantidad calculada restando las propinas declaradas de todos los empleados del 8% (u otra tasa más baja aprobada) de las ventas de comida y bebida (que no sean ventas de comida para llevar por los clientes o ventas con un cargo por servicio del 10% o más). Tax act online 2012 login Su parte de esa cantidad fue calculada utilizando un método provisto por un acuerdo laboral entre empleador y empleado o por un método provisto por los reglamentos del IRS basado en las ventas hechas o las horas trabajadas por los empleados. Tax act online 2012 login Para más información sobre el método de asignación exacto utilizado, consulte a su empleador. Tax act online 2012 login ¿Tiene que incluir en la declaración sus propinas asignadas?   Tiene que incluir en la declaración de impuestos todas las propinas que recibió en 2013, incluyendo las propinas pagadas en efectivo como las no pagadas en efectivo. Tax act online 2012 login Todas las propinas que usted haya declarado en 2013 a su empleador están incluidas en los salarios que aparecen en el recuadro 1 de su Formulario W-2. Tax act online 2012 login Sume a la cantidad del recuadro 1 solamente las propinas que usted no le declaró a su empleador. Tax act online 2012 login Esto tiene que incluir toda propina asignada mostrada en el recuadro 8 de su(s) Formulario(s) W-2, a menos que tenga registros confiables que muestren que recibió menos propinas en el año que las cifras asignadas. Tax act online 2012 login   Vea los temas titulados Qué propinas se tienen que declarar , bajo Cómo se Declaran las Propinas en la Declaración de Impuestos y Cómo Mantener un Registro Diario de Propinas , anteriormente. Tax act online 2012 login Cómo declarar las propinas asignadas. Tax act online 2012 login   Declare la cantidad en el recuadro 1 y las propinas asignadas en el recuadro 8 de su(s) Formulario(s) W-2 como salario en la línea 7 del Formulario 1040, en la línea 8 del Formulario 1040NR o en la línea 3 del Formulario 1040NR-EZ. Tax act online 2012 login (No puede presentar el Formulario 1040A ni el Formulario 1040EZ cuando se tienen propinas asignadas). Tax act online 2012 login    Debido a que los impuestos del Seguro Social, Medicare o Impuesto Adicional del Medicare no fueron retenidos de las propinas asignadas, tiene que declararlos como impuestos adicionales en su declaración. Tax act online 2012 login Complete el Formulario 4137 e incluya las propinas asignadas en la línea 1 del formulario. Tax act online 2012 login Vea Cómo declarar los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria sobre las propinas no declaradas a su empleador , bajo Cómo se Declaran las Propinas en la Declaración de Impuestos. Tax act online 2012 login Prev  Up  Next   Home   More Online Publications