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Turbotax 2013 Publication 503 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Turbotax 2013 Tax questions. Turbotax 2013 Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 503, such as legislation enacted after it was published, go to www. Turbotax 2013 irs. Turbotax 2013 gov/pub503. Turbotax 2013 Reminders Taxpayer identification number needed for each qualifying person. Turbotax 2013 You must include on line 2 of Form 2441, Child and Dependent Care Expenses, the name and taxpayer identification number (generally the social security number) of each qualifying person. Turbotax 2013 See Taxpayer identification number under Qualifying Person Test, later. Turbotax 2013 You may have to pay employment taxes. Turbotax 2013 If you pay someone to come to your home and care for your dependent or spouse, you may be a household employer who has to pay employment taxes. Turbotax 2013 Usually, you are not a household employer if the person who cares for your dependent or spouse does so at his or her home or place of business. Turbotax 2013 See Employment Taxes for Household Employers, later. Turbotax 2013 Photographs of missing children. Turbotax 2013 The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Turbotax 2013 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Turbotax 2013 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Turbotax 2013 Introduction This publication explains the tests you must meet to claim the credit for child and dependent care expenses. Turbotax 2013 It explains how to figure and claim the credit. Turbotax 2013 You may be able to claim the credit if you pay someone to care for your dependent who is under age 13 or for your spouse or dependent who is not able to care for himself or herself. Turbotax 2013 The credit can be up to 35% of your expenses. Turbotax 2013 To qualify, you must pay these expenses so you can work or look for work. Turbotax 2013 This publication also discusses some of the employment tax rules for household employers. Turbotax 2013 Dependent care benefits. Turbotax 2013 If you received any dependent care benefits from your employer during the year, you may be able to exclude from your income all or part of them. Turbotax 2013 You must complete Form 2441, Part III, before you can figure the amount of your credit. Turbotax 2013 See Dependent Care Benefits under How To Figure the Credit, later. Turbotax 2013 Comments and suggestions. Turbotax 2013 We welcome your comments about this publication and your suggestions for future editions. Turbotax 2013 You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Turbotax 2013 NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Turbotax 2013 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbotax 2013 You can send your comments from www. Turbotax 2013 irs. Turbotax 2013 gov/formspubs/. Turbotax 2013 Click on “More Information” and then on “Comment on Tax Forms and Publications. Turbotax 2013 ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Turbotax 2013 Ordering forms and publications. Turbotax 2013 Visit www. Turbotax 2013 irs. Turbotax 2013 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Turbotax 2013 Internal Revenue Service 1201 N. Turbotax 2013 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Turbotax 2013 If you have a tax question, check the information available on IRS. Turbotax 2013 gov or call 1-800-829-1040. Turbotax 2013 We cannot answer tax questions sent to either of the above addresses. Turbotax 2013 Useful Items - You may want to see: Publication 501 Exemptions, Standard Deduction, and Filing Information 926 Household Employer's Tax Guide Form (and Instructions) 2441 Child and Dependent Care Expenses Schedule H (Form 1040) Household Employment Taxes W-10 Dependent Care Provider's Identification and Certification See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Turbotax 2013 Prev Up Next Home More Online Publications
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Turbotax 2013 3. Turbotax 2013 Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. Turbotax 2013 How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. Turbotax 2013 However, in some cases you may have a gain that is not taxable or a loss that is not deductible. Turbotax 2013 This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. Turbotax 2013 Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. Turbotax 2013 What Is a Disposition of Property? A disposition of property includes the following transactions. Turbotax 2013 You sell property for cash or other property. Turbotax 2013 You exchange property for other property. Turbotax 2013 You receive money as a tenant for the cancellation of a lease. Turbotax 2013 You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. Turbotax 2013 You transfer property to satisfy a debt. Turbotax 2013 You abandon property. Turbotax 2013 Your bank or other financial institution forecloses on your mortgage or repossesses your property. Turbotax 2013 Your property is damaged, destroyed, or stolen, and you receive property or money in payment. Turbotax 2013 Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. Turbotax 2013 For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. Turbotax 2013 For details about other dispositions, see chapter 1 in Publication 544. Turbotax 2013 Nontaxable exchanges. Turbotax 2013 Certain exchanges of property are not taxable. Turbotax 2013 This means any gain from the exchange is not recognized and you cannot deduct any loss. Turbotax 2013 Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Turbotax 2013 Like-kind exchanges. Turbotax 2013 A like-kind exchange is the exchange of property for the same kind of property. Turbotax 2013 It is the most common type of nontaxable exchange. Turbotax 2013 To be a like-kind exchange, the property traded and the property received must be both of the following. Turbotax 2013 Business or investment property. Turbotax 2013 Like property. Turbotax 2013 Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. Turbotax 2013 For more information about like-kind exchanges, see chapter 1 in Publication 544. Turbotax 2013 Installment sales. Turbotax 2013 An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Turbotax 2013 If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. Turbotax 2013 For more information about installment sales, see Publication 537, Installment Sales. Turbotax 2013 Sale of a business. Turbotax 2013 The sale of a business usually is not a sale of one asset. Turbotax 2013 Instead, all the assets of the business are sold. Turbotax 2013 Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Turbotax 2013 Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. Turbotax 2013 Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Turbotax 2013 The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Turbotax 2013 For more information about the sale of a business, see chapter 2 of Publication 544. Turbotax 2013 How Do I Figure a Gain or Loss? Table 3-1. Turbotax 2013 How To Figure a Gain or Loss IF your. Turbotax 2013 . Turbotax 2013 . Turbotax 2013 THEN you have a. Turbotax 2013 . Turbotax 2013 . Turbotax 2013 Adjusted basis is more than the amount realized Loss. Turbotax 2013 Amount realized is more than the adjusted basis Gain. Turbotax 2013 Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. Turbotax 2013 You need to know these definitions to figure your gain or loss. Turbotax 2013 Basis. Turbotax 2013 The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. Turbotax 2013 However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. Turbotax 2013 For more information about basis, see Publication 551, Basis of Assets. Turbotax 2013 Adjusted basis. Turbotax 2013 The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. Turbotax 2013 In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. Turbotax 2013 Amount realized. Turbotax 2013 The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. Turbotax 2013 The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Turbotax 2013 Fair market value. Turbotax 2013 Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Turbotax 2013 Amount recognized. Turbotax 2013 Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. Turbotax 2013 Recognized gains must be included in gross income. Turbotax 2013 Recognized losses are deductible from gross income. Turbotax 2013 However, a gain or loss realized from certain exchanges of property is not recognized. Turbotax 2013 See Nontaxable exchanges, earlier. Turbotax 2013 Also, you cannot deduct a loss from the disposition of property held for personal use. Turbotax 2013 Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. Turbotax 2013 You must do this to figure your net capital gain or loss. Turbotax 2013 Generally, you will have a capital gain or loss if you dispose of a capital asset. Turbotax 2013 For the most part, everything you own and use for personal purposes or investment is a capital asset. Turbotax 2013 Certain property you use in your business is not a capital asset. Turbotax 2013 A gain or loss from a disposition of this property is an ordinary gain or loss. Turbotax 2013 However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. Turbotax 2013 These gains and losses are called section 1231 gains and losses. Turbotax 2013 For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. Turbotax 2013 Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. Turbotax 2013 Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. Turbotax 2013 The time you own property before disposing of it is called the holding period. Turbotax 2013 Table 3-2. Turbotax 2013 Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Turbotax 2013 . Turbotax 2013 . Turbotax 2013 THEN you have a. Turbotax 2013 . Turbotax 2013 . Turbotax 2013 1 year or less Short-term capital gain or loss. Turbotax 2013 More than 1 year Long-term capital gain or loss. Turbotax 2013 For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. Turbotax 2013 Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. Turbotax 2013 The instructions for the forms explain how to fill them out. Turbotax 2013 Dispositions of business property and depreciable property. Turbotax 2013 Use Form 4797. Turbotax 2013 If you have taxable gain, you may also have to use Schedule D (Form 1040). Turbotax 2013 Like-kind exchanges. Turbotax 2013 Use Form 8824, Like-Kind Exchanges. Turbotax 2013 You may also have to use Form 4797 and Schedule D (Form 1040). Turbotax 2013 Installment sales. Turbotax 2013 Use Form 6252, Installment Sale Income. Turbotax 2013 You may also have to use Form 4797 and Schedule D (Form 1040). Turbotax 2013 Casualties and thefts. Turbotax 2013 Use Form 4684, Casualties and Thefts. Turbotax 2013 You may also have to use Form 4797. Turbotax 2013 Condemned property. Turbotax 2013 Use Form 4797. Turbotax 2013 You may also have to use Schedule D (Form 1040). Turbotax 2013 Prev Up Next Home More Online Publications