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Where Can I File My 2012 Taxes Online For Free

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Where Can I File My 2012 Taxes Online For Free

Where can i file my 2012 taxes online for free 14. Where can i file my 2012 taxes online for free   Penalties and Interest Table of Contents Penalties and interest may result from any of the following acts. Where can i file my 2012 taxes online for free Failing to collect and pay over tax as the collecting agent (see Trust fund recovery penalty, later). Where can i file my 2012 taxes online for free Failing to keep adequate records. Where can i file my 2012 taxes online for free Failing to file returns. Where can i file my 2012 taxes online for free Failing to pay taxes. Where can i file my 2012 taxes online for free Filing returns late. Where can i file my 2012 taxes online for free Filing false or fraudulent returns. Where can i file my 2012 taxes online for free Paying taxes late. Where can i file my 2012 taxes online for free Failing to make deposits. Where can i file my 2012 taxes online for free Depositing taxes late. Where can i file my 2012 taxes online for free Making false statements relating to tax. Where can i file my 2012 taxes online for free Failing to register. Where can i file my 2012 taxes online for free Misrepresenting that tax is excluded from the price of an article. Where can i file my 2012 taxes online for free Failure to register. Where can i file my 2012 taxes online for free   The penalty for failure to register if you are required to register, unless due to reasonable cause, is $10,000 for the initial failure, and then $1,000 each day thereafter you fail to register. Where can i file my 2012 taxes online for free Claims. Where can i file my 2012 taxes online for free   There are criminal penalties for false or fraudulent claims. Where can i file my 2012 taxes online for free In addition, any person who files a refund claim, discussed earlier, for an excessive amount (without reasonable cause) may have to pay a penalty. Where can i file my 2012 taxes online for free An excessive amount is the amount claimed that is more than the allowable amount. Where can i file my 2012 taxes online for free The penalty is the greater of two times the excessive amount or $10. Where can i file my 2012 taxes online for free Trust fund recovery penalty. Where can i file my 2012 taxes online for free   If you provide taxable communications, air transportation services, or indoor tanning services, you have to collect excise taxes (as discussed earlier) from those persons who pay you for those services. Where can i file my 2012 taxes online for free You must pay over these taxes to the U. Where can i file my 2012 taxes online for free S. Where can i file my 2012 taxes online for free Government. Where can i file my 2012 taxes online for free   If you willfully fail to collect or pay over these taxes, or if you evade or defeat them in any way, the trust fund recovery penalty may apply. Where can i file my 2012 taxes online for free Willfully means voluntarily, consciously, and intentionally. Where can i file my 2012 taxes online for free The trust fund recovery penalty equals 100% of the taxes not collected or not paid over to the U. Where can i file my 2012 taxes online for free S. Where can i file my 2012 taxes online for free Government. Where can i file my 2012 taxes online for free   The trust fund recovery penalty may be imposed on any person responsible for collecting, accounting for, and paying over these taxes. Where can i file my 2012 taxes online for free If this person knows that these required actions are not taking place for whatever reason, the person is acting willfully. Where can i file my 2012 taxes online for free Paying other expenses of the business instead of paying the taxes is willful behavior. Where can i file my 2012 taxes online for free   A responsible person can be an officer or employee of a corporation, a partner or employee of a partnership, or any other person who had responsibility for certain aspects of the business and financial affairs of the employer (or business). Where can i file my 2012 taxes online for free This may include accountants, trustees in bankruptcy, members of a board, banks, insurance companies, or sureties. Where can i file my 2012 taxes online for free The responsible person could even be another corporation—in other words, anyone who has the duty and the ability to direct, account for, or pay over the money. Where can i file my 2012 taxes online for free Having signature power on the business checking account could be a significant factor in determining responsibility. Where can i file my 2012 taxes online for free Prev  Up  Next   Home   More Online Publications
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Tax Information for Conduit Borrowers

Publication 3755 - Filing Requirements
TEB's first publication outlines the filing requirements for issuers of tax-exempt bonds, including Forms 8038, 8038-G and 8038-T.

Publication 4079 - Tax-Exempt Governmental Bonds Compliance Guide
This publication provides an overview for state and local governments of the key rules under the federal tax law that generally apply to municipal financing arrangements commonly known as governmental bonds.

Publication 4078 - Tax Exempt Private Activity Bonds Compliance Guide
This publication provides an overview for state and local government issuers and borrowers of bond proceeds of the general post-issuance rules under federal tax law that apply to municipal financing arrangements known as qualified private activity bonds.

Publication 4077 - Tax Exempt Bonds for 501(c)(3) Charitable Organizations
This publication provides an overview for state and local government issuers and 501(c)(3) tax exempt charitable organizations of the general post-issuance rules under the federal tax law that generally apply to municipal and financing arrangements commonly known as 501(c)(3) bonds.

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The Where Can I File My 2012 Taxes Online For Free

Where can i file my 2012 taxes online for free 4. Where can i file my 2012 taxes online for free   Sales and Trades of Investment Property Table of Contents IntroductionNominees. Where can i file my 2012 taxes online for free Topics - This chapter discusses: Useful Items - You may want to see: What Is a Sale or Trade?Dividend versus sale or trade. Where can i file my 2012 taxes online for free Worthless Securities Constructive Sales of Appreciated Financial Positions Section 1256 Contracts Marked to Market Basis of Investment PropertyCost Basis Basis Other Than Cost Adjusted Basis Stocks and Bonds How To Figure Gain or LossFair market value. Where can i file my 2012 taxes online for free Debt paid off. Where can i file my 2012 taxes online for free Payment of cash. Where can i file my 2012 taxes online for free Special Rules for Mutual Funds Nontaxable TradesLike-Kind Exchanges Corporate Stocks Exchange of Shares In One Mutual Fund For Shares In Another Mutual Fund Insurance Policies and Annuities U. Where can i file my 2012 taxes online for free S. Where can i file my 2012 taxes online for free Treasury Notes or Bonds Transfers Between Spouses Related Party TransactionsGain on Sale or Trade of Depreciable Property Capital Gains and LossesCapital or Ordinary Gain or Loss Holding Period Nonbusiness Bad Debts Short Sales Wash Sales Options Straddles Sales of Stock to ESOPs or Certain Cooperatives Rollover of Gain From Publicly Traded Securities Gains on Qualified Small Business Stock Exclusion of Gain From DC Zone Assets Reporting Capital Gains and LossesException 1. Where can i file my 2012 taxes online for free Exception 2. Where can i file my 2012 taxes online for free Section 1256 contracts and straddles. Where can i file my 2012 taxes online for free Market discount bonds. Where can i file my 2012 taxes online for free File Form 1099-B or Form 1099-S with the IRS. Where can i file my 2012 taxes online for free Capital Losses Capital Gain Tax Rates Special Rules for Traders in SecuritiesHow To Report Introduction This chapter explains the tax treatment of sales and trades of investment property. Where can i file my 2012 taxes online for free Investment property. Where can i file my 2012 taxes online for free   This is property that produces investment income. Where can i file my 2012 taxes online for free Examples include stocks, bonds, and Treasury bills and notes. Where can i file my 2012 taxes online for free Property used in a trade or business is not investment property. Where can i file my 2012 taxes online for free Form 1099-B. Where can i file my 2012 taxes online for free   If you sold property such as stocks, bonds, mutual funds, or certain commodities through a broker during the year, you should receive, for each sale, a Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or substitute statement, from the broker. Where can i file my 2012 taxes online for free You should receive the statement by February 15 of the next year. Where can i file my 2012 taxes online for free It will show the gross proceeds from the sale. Where can i file my 2012 taxes online for free The IRS will also get a copy of Form 1099-B from the broker. Where can i file my 2012 taxes online for free   Use Form 1099-B (or substitute statement received from your broker) to complete Form 8949. Where can i file my 2012 taxes online for free If you sold a covered security in 2013, your broker will send you a Form 1099-B (or substitute statement) that shows your basis. Where can i file my 2012 taxes online for free This will help you complete Form 8949. Where can i file my 2012 taxes online for free Generally, a covered security is a security you acquired after 2010, with certain exceptions explained in the Instructions for Form 8949. Where can i file my 2012 taxes online for free    For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in this chapter. Where can i file my 2012 taxes online for free Also see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). Where can i file my 2012 taxes online for free Nominees. Where can i file my 2012 taxes online for free   If someone receives gross proceeds as a nominee for you, that person will give you a Form 1099-B, which will show gross proceeds received on your behalf. Where can i file my 2012 taxes online for free   If you receive a Form 1099-B that includes gross proceeds belonging to another person, see Nominees , later under Reporting Capital Gains and Losses for more information. Where can i file my 2012 taxes online for free Other property transactions. Where can i file my 2012 taxes online for free   Certain transfers of property are discussed in other IRS publications. Where can i file my 2012 taxes online for free These include: Sale of your main home, discussed in Publication 523, Selling Your Home; Installment sales, covered in Publication 537; Various types of transactions involving business property, discussed in Publication 544, Sales and Other Dispositions of Assets; Transfers of property at death, covered in Publication 559; and Disposition of an interest in a passive activity, discussed in Publication 925. Where can i file my 2012 taxes online for free Topics - This chapter discusses: What Is a Sale or Trade? , Basis of Investment Property , Adjusted Basis , How To Figure Gain or Loss , Nontaxable trades , Transfers Between Spouses , Related Party Transactions , Capital Gains and Losses , Reporting Capital Gains and Losses , and Special Rules for Traders in Securities . Where can i file my 2012 taxes online for free Useful Items - You may want to see: Publication 551 Basis of Assets Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 6781 Gains and Losses From Section 1256 Contracts and Straddles 8582 Passive Activity Loss Limitations 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Where can i file my 2012 taxes online for free What Is a Sale or Trade? This section explains what is a sale or trade. Where can i file my 2012 taxes online for free It also explains certain transactions and events that are treated as sales or trades. Where can i file my 2012 taxes online for free A sale is generally a transfer of property for money or a mortgage, note, or other promise to pay money. Where can i file my 2012 taxes online for free A trade is a transfer of property for other property or services, and may be taxed in the same way as a sale. Where can i file my 2012 taxes online for free Sale and purchase. Where can i file my 2012 taxes online for free   Ordinarily, a transaction is not a trade when you voluntarily sell property for cash and immediately buy similar property to replace it. Where can i file my 2012 taxes online for free The sale and purchase are two separate transactions. Where can i file my 2012 taxes online for free But see Like-Kind Exchanges under Nontaxable Trades, later. Where can i file my 2012 taxes online for free Redemption of stock. Where can i file my 2012 taxes online for free   A redemption of stock is treated as a sale or trade and is subject to the capital gain or loss provisions unless the redemption is a dividend or other distribution on stock. Where can i file my 2012 taxes online for free Dividend versus sale or trade. Where can i file my 2012 taxes online for free   Whether a redemption is treated as a sale, trade, dividend, or other distribution depends on the circumstances in each case. Where can i file my 2012 taxes online for free Both direct and indirect ownership of stock will be considered. Where can i file my 2012 taxes online for free The redemption is treated as a sale or trade of stock if: The redemption is not essentially equivalent to a dividend — see Dividends and Other Distributions in chapter 1, There is a substantially disproportionate redemption of stock, There is a complete redemption of all the stock of the corporation owned by the shareholder, or The redemption is a distribution in partial liquidation of a corporation. Where can i file my 2012 taxes online for free Redemption or retirement of bonds. Where can i file my 2012 taxes online for free   A redemption or retirement of bonds or notes at their maturity generally is treated as a sale or trade. Where can i file my 2012 taxes online for free See Stocks, stock rights, and bonds and Discounted Debt Instruments under Capital or Ordinary Gain or Loss, later. Where can i file my 2012 taxes online for free   In addition, a significant modification of a bond is treated as a trade of the original bond for a new bond. Where can i file my 2012 taxes online for free For details, see Regulations section 1. Where can i file my 2012 taxes online for free 1001-3. Where can i file my 2012 taxes online for free Surrender of stock. Where can i file my 2012 taxes online for free   A surrender of stock by a dominant shareholder who retains ownership of more than half of the corporation's voting shares is treated as a contribution to capital rather than as an immediate loss deductible from taxable income. Where can i file my 2012 taxes online for free The surrendering shareholder must reallocate his or her basis in the surrendered shares to the shares he or she retains. Where can i file my 2012 taxes online for free Trade of investment property for an annuity. Where can i file my 2012 taxes online for free   The transfer of investment property to a corporation, trust, fund, foundation, or other organization, in exchange for a fixed annuity contract that will make guaranteed annual payments to you for life, is a taxable trade. Where can i file my 2012 taxes online for free If the present value of the annuity is more than your basis in the property traded, you have a taxable gain in the year of the trade. Where can i file my 2012 taxes online for free Figure the present value of the annuity according to factors used by commercial insurance companies issuing annuities. Where can i file my 2012 taxes online for free Transfer by inheritance. Where can i file my 2012 taxes online for free   The transfer of property of a decedent to the executor or administrator of the estate, or to the heirs or beneficiaries, is not a sale or other disposition. Where can i file my 2012 taxes online for free No taxable gain or deductible loss results from the transfer. Where can i file my 2012 taxes online for free Termination of certain rights and obligations. Where can i file my 2012 taxes online for free   The cancellation, lapse, expiration, or other termination of a right or obligation (other than a securities futures contract) with respect to property that is a capital asset (or that would be a capital asset if you acquired it) is treated as a sale. Where can i file my 2012 taxes online for free Any gain or loss is treated as a capital gain or loss. Where can i file my 2012 taxes online for free   This rule does not apply to the retirement of a debt instrument. Where can i file my 2012 taxes online for free See Redemption or retirement of bonds , earlier. Where can i file my 2012 taxes online for free Worthless Securities Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that became completely worthless during the tax year are treated as though they were sold on the last day of the tax year. Where can i file my 2012 taxes online for free This affects whether your capital loss is long term or short term. Where can i file my 2012 taxes online for free See Holding Period , later. Where can i file my 2012 taxes online for free Worthless securities also include securities that you abandon after March 12, 2008. Where can i file my 2012 taxes online for free To abandon a security, you must permanently surrender and relinquish all rights in the security and receive no consideration in exchange for it. Where can i file my 2012 taxes online for free All the facts and circumstances determine whether the transaction is properly characterized as an abandonment or other type of transaction, such as an actual sale or exchange, contribution to capital, dividend, or gift. Where can i file my 2012 taxes online for free If you are a cash basis taxpayer and make payments on a negotiable promissory note that you issued for stock that became worthless, you can deduct these payments as losses in the years you actually make the payments. Where can i file my 2012 taxes online for free Do not deduct them in the year the stock became worthless. Where can i file my 2012 taxes online for free How to report loss. Where can i file my 2012 taxes online for free   Report worthless securities in Form 8949, Part I or Part II, whichever applies. Where can i file my 2012 taxes online for free    Report your worthless securities transactions on Form 8949 with the correct box checked for these transactions. Where can i file my 2012 taxes online for free See Form 8949 and the Instructions for Form 8949. Where can i file my 2012 taxes online for free Filing a claim for refund. Where can i file my 2012 taxes online for free   If you do not claim a loss for a worthless security on your original return for the year it becomes worthless, you can file a claim for a credit or refund due to the loss. Where can i file my 2012 taxes online for free You must use Form 1040X, Amended U. Where can i file my 2012 taxes online for free S. Where can i file my 2012 taxes online for free Individual Income Tax Return, to amend your return for the year the security became worthless. Where can i file my 2012 taxes online for free You must file it within 7 years from the date your original return for that year had to be filed, or 2 years from the date you paid the tax, whichever is later. Where can i file my 2012 taxes online for free (Claims not due to worthless securities or bad debts generally must be filed within 3 years from the date a return is filed, or 2 years from the date the tax is paid, whichever is later. Where can i file my 2012 taxes online for free ) For more information about filing a claim, see Publication 556. Where can i file my 2012 taxes online for free Constructive Sales of Appreciated Financial Positions You are treated as having made a constructive sale when you enter into certain transactions involving an appreciated financial position (defined later) in stock, a partnership interest, or certain debt instruments. Where can i file my 2012 taxes online for free You must recognize gain as if the position were disposed of at its fair market value on the date of the constructive sale. Where can i file my 2012 taxes online for free This gives you a new holding period for the position that begins on the date of the constructive sale. Where can i file my 2012 taxes online for free Then, when you close the transaction, you reduce your gain (or increase your loss) by the gain recognized on the constructive sale. Where can i file my 2012 taxes online for free Constructive sale. Where can i file my 2012 taxes online for free   You are treated as having made a constructive sale of an appreciated financial position if you: Enter into a short sale of the same or substantially identical property, Enter into an offsetting notional principal contract relating to the same or substantially identical property, Enter into a futures or forward contract to deliver the same or substantially identical property (including a forward contract that provides for cash settlement), or Acquire the same or substantially identical property (if the appreciated financial position is a short sale, an offsetting notional principal contract, or a futures or forward contract). Where can i file my 2012 taxes online for free   You are also treated as having made a constructive sale of an appreciated financial position if a person related to you enters into a transaction described above with a view toward avoiding the constructive sale treatment. Where can i file my 2012 taxes online for free For this purpose, a related person is any related party described under Related Party Transactions , later in this chapter. Where can i file my 2012 taxes online for free Exception for nonmarketable securities. Where can i file my 2012 taxes online for free   You are not treated as having made a constructive sale solely because you entered into a contract for sale of any stock, debt instrument, or partnership interest that is not a marketable security if it settles within 1 year of the date you enter into it. Where can i file my 2012 taxes online for free Exception for certain closed transactions. Where can i file my 2012 taxes online for free   Do not treat a transaction as a constructive sale if all of the following are true. Where can i file my 2012 taxes online for free You closed the transaction on or before the 30th day after the end of your tax year. Where can i file my 2012 taxes online for free You held the appreciated financial position throughout the 60-day period beginning on the date you closed the transaction. Where can i file my 2012 taxes online for free Your risk of loss was not reduced at any time during that 60-day period by holding certain other positions. Where can i file my 2012 taxes online for free   If a closed transaction is reestablished in a substantially similar position during the 60-day period beginning on the date the first transaction was closed, this exception still applies if the reestablished position is closed before the 30th day after the end of your tax year in which the first transaction was closed and, after that closing, (2) and (3) above are true. Where can i file my 2012 taxes online for free   This exception also applies to successive short sales of an entire appreciated financial position. Where can i file my 2012 taxes online for free For more information, see Revenue Ruling 2003-1 in Internal Revenue Bulletin 2003-3. Where can i file my 2012 taxes online for free This bulletin is available at www. Where can i file my 2012 taxes online for free irs. Where can i file my 2012 taxes online for free gov/pub/irs-irbs/irb03-03. Where can i file my 2012 taxes online for free pdf. Where can i file my 2012 taxes online for free Appreciated financial position. Where can i file my 2012 taxes online for free   This is any interest in stock, a partnership interest, or a debt instrument (including a futures or forward contract, a short sale, or an option) if disposing of the interest would result in a gain. Where can i file my 2012 taxes online for free Exceptions. Where can i file my 2012 taxes online for free   An appreciated financial position does not include the following. Where can i file my 2012 taxes online for free Any position from which all of the appreciation is accounted for under marked-to-market rules, including section 1256 contracts (described later under Section 1256 Contracts Marked to Market ). Where can i file my 2012 taxes online for free Any position in a debt instrument if: The position unconditionally entitles the holder to receive a specified principal amount, The interest payments (or other similar amounts) with respect to the position are payable at a fixed rate or a variable rate described in Regulations section 1. Where can i file my 2012 taxes online for free 860G-1(a)(3), and The position is not convertible, either directly or indirectly, into stock of the issuer (or any related person). Where can i file my 2012 taxes online for free Any hedge with respect to a position described in (2). Where can i file my 2012 taxes online for free Certain trust instruments treated as stock. Where can i file my 2012 taxes online for free   For the constructive sale rules, an interest in an actively traded trust is treated as stock unless substantially all of the value of the property held by the trust is debt that qualifies for the exception to the definition of an appreciated financial position (explained in (2) above). Where can i file my 2012 taxes online for free Sale of appreciated financial position. Where can i file my 2012 taxes online for free   A transaction treated as a constructive sale of an appreciated financial position is not treated as a constructive sale of any other appreciated financial position, as long as you continue to hold the original position. Where can i file my 2012 taxes online for free However, if you hold another appreciated financial position and dispose of the original position before closing the transaction that resulted in the constructive sale, you are treated as if, at the same time, you constructively sold the other appreciated financial position. Where can i file my 2012 taxes online for free Section 1256 Contracts Marked to Market If you hold a section 1256 contract at the end of the tax year, you generally must treat it as sold at its fair market value on the last business day of the tax year. Where can i file my 2012 taxes online for free Section 1256 Contract A section 1256 contract is any: Regulated futures contract, Foreign currency contract, Nonequity option, Dealer equity option, or Dealer securities futures contract. Where can i file my 2012 taxes online for free Exceptions. Where can i file my 2012 taxes online for free   A section 1256 contract does not include: Interest rate swaps, Currency swaps, Basis swaps, Interest rate caps, Interest rate floors, Commodity swaps, Equity swaps, Equity index swaps, Credit default swaps, or Similar agreements. Where can i file my 2012 taxes online for free For more details, including definitions of these terms, see section 1256. Where can i file my 2012 taxes online for free Regulated futures contract. Where can i file my 2012 taxes online for free   This is a contract that: Provides that amounts which must be deposited to, or can be withdrawn from, your margin account depend on daily market conditions (a system of marking to market), and Is traded on, or subject to the rules of, a qualified board of exchange. Where can i file my 2012 taxes online for free A qualified board of exchange is a domestic board of trade designated as a contract market by the Commodity Futures Trading Commission, any board of trade or exchange approved by the Secretary of the Treasury, or a national securities exchange registered with the Securities and Exchange Commission. Where can i file my 2012 taxes online for free Foreign currency contract. Where can i file my 2012 taxes online for free   This is a contract that: Requires delivery of a foreign currency that has positions traded through regulated futures contracts (or settlement of which depends on the value of that type of foreign currency), Is traded in the interbank market, and Is entered into at arm's length at a price determined by reference to the price in the interbank market. Where can i file my 2012 taxes online for free   Bank forward contracts with maturity dates longer than the maturities ordinarily available for regulated futures contracts are considered to meet the definition of a foreign currency contract if the above three conditions are satisfied. Where can i file my 2012 taxes online for free   Special rules apply to certain foreign currency transactions. Where can i file my 2012 taxes online for free These transactions may result in ordinary gain or loss treatment. Where can i file my 2012 taxes online for free For details, see Internal Revenue Code section 988 and Regulations sections 1. Where can i file my 2012 taxes online for free 988-1(a)(7) and 1. Where can i file my 2012 taxes online for free 988-3. Where can i file my 2012 taxes online for free Nonequity option. Where can i file my 2012 taxes online for free   This is any listed option (defined later) that is not an equity option. Where can i file my 2012 taxes online for free Nonequity options include debt options, commodity futures options, currency options, and broad-based stock index options. Where can i file my 2012 taxes online for free A broad-based stock index is based on the value of a group of diversified stocks or securities (such as the Standard and Poor's 500 index). Where can i file my 2012 taxes online for free Warrants based on a stock index that are economically, substantially identical in all material respects to options based on a stock index are treated as options based on a stock index. Where can i file my 2012 taxes online for free Cash-settled options. Where can i file my 2012 taxes online for free   Cash-settled options based on a stock index and either traded on or subject to the rules of a qualified board of exchange are nonequity options if the Securities and Exchange Commission (SEC) determines that the stock index is broad based. Where can i file my 2012 taxes online for free   This rule does not apply to options established before the SEC determines that the stock index is broad based. Where can i file my 2012 taxes online for free Listed option. Where can i file my 2012 taxes online for free   This is any option traded on, or subject to the rules of, a qualified board or exchange (as discussed earlier under Regulated futures contract). Where can i file my 2012 taxes online for free A listed option, however, does not include an option that is a right to acquire stock from the issuer. Where can i file my 2012 taxes online for free Dealer equity option. Where can i file my 2012 taxes online for free   This is any listed option that, for an options dealer: Is an equity option, Is bought or granted by that dealer in the normal course of the dealer's business activity of dealing in options, and Is listed on the qualified board of exchange where that dealer is registered. Where can i file my 2012 taxes online for free   An “options dealer” is any person registered with an appropriate national securities exchange as a market maker or specialist in listed options. Where can i file my 2012 taxes online for free Equity option. Where can i file my 2012 taxes online for free   This is any option: To buy or sell stock, or That is valued directly or indirectly by reference to any stock or narrow-based security index. Where can i file my 2012 taxes online for free  Equity options include options on a group of stocks only if the group is a narrow-based stock index. Where can i file my 2012 taxes online for free Dealer securities futures contract. Where can i file my 2012 taxes online for free   For any dealer in securities futures contracts or options on those contracts, this is a securities futures contract (or option on such a contract) that: Is entered into by the dealer (or, in the case of an option, is purchased or granted by the dealer) in the normal course of the dealer's activity of dealing in this type of contract (or option), and Is traded on a qualified board or exchange (as defined under Regulated futures contract , earlier). Where can i file my 2012 taxes online for free A securities futures contract that is not a dealer securities futures contract is treated as described later under Securities Futures Contracts . Where can i file my 2012 taxes online for free Marked-to-Market Rules A section 1256 contract that you hold at the end of the tax year will generally be treated as sold at its fair market value on the last business day of the tax year, and you must recognize any gain or loss that results. Where can i file my 2012 taxes online for free That gain or loss is taken into account in figuring your gain or loss when you later dispose of the contract, as shown in the example under 60/40 rule, below. Where can i file my 2012 taxes online for free Hedging exception. Where can i file my 2012 taxes online for free   The marked-to-market rules do not apply to hedging transactions. Where can i file my 2012 taxes online for free See Hedging Transactions , later. Where can i file my 2012 taxes online for free 60/40 rule. Where can i file my 2012 taxes online for free   Under the marked-to-market system, 60% of your capital gain or loss will be treated as a long-term capital gain or loss, and 40% will be treated as a short-term capital gain or loss. Where can i file my 2012 taxes online for free This is true regardless of how long you actually held the property. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free On June 22, 2012, you bought a regulated futures contract for $50,000. Where can i file my 2012 taxes online for free On December 31, 2012 (the last business day of your tax year), the fair market value of the contract was $57,000. Where can i file my 2012 taxes online for free You recognized a $7,000 gain on your 2012 tax return, treated as 60% long-term and 40% short-term capital gain. Where can i file my 2012 taxes online for free On February 1, 2013, you sold the contract for $56,000. Where can i file my 2012 taxes online for free Because you recognized a $7,000 gain on your 2012 return, you recognize a $1,000 loss ($57,000 − $56,000) on your 2013 tax return, treated as 60% long-term and 40% short-term capital loss. Where can i file my 2012 taxes online for free Limited partners or entrepreneurs. Where can i file my 2012 taxes online for free   The 60/40 rule does not apply to dealer equity options or dealer securities futures contracts that result in capital gain or loss allocable to limited partners or limited entrepreneurs (defined later under Hedging Transactions ). Where can i file my 2012 taxes online for free Instead, these gains or losses are treated as short term. Where can i file my 2012 taxes online for free Terminations and transfers. Where can i file my 2012 taxes online for free   The marked-to-market rules also apply if your obligation or rights under section 1256 contracts are terminated or transferred during the tax year. Where can i file my 2012 taxes online for free In this case, use the fair market value of each section 1256 contract at the time of termination or transfer to determine the gain or loss. Where can i file my 2012 taxes online for free Terminations or transfers may result from any offsetting, delivery, exercise, assignment, or lapse of your obligation or rights under section 1256 contracts. Where can i file my 2012 taxes online for free Loss carryback election. Where can i file my 2012 taxes online for free   An individual having a net section 1256 contracts loss (defined later), generally can elect to carry this loss back 3 years instead of carrying it over to the next year. Where can i file my 2012 taxes online for free See How To Report , later, for information about reporting this election on your return. Where can i file my 2012 taxes online for free   The loss carried back to any year under this election cannot be more than the net section 1256 contracts gain in that year. Where can i file my 2012 taxes online for free In addition, the amount of loss carried back to an earlier tax year cannot increase or produce a net operating loss for that year. Where can i file my 2012 taxes online for free   The loss is carried to the earliest carryback year first, and any unabsorbed loss amount can then be carried to each of the next 2 tax years. Where can i file my 2012 taxes online for free In each carryback year, treat 60% of the carryback amount as a long-term capital loss and 40% as a short-term capital loss from section 1256 contracts. Where can i file my 2012 taxes online for free   If only a portion of the net section 1256 contracts loss is absorbed by carrying the loss back, the unabsorbed portion can be carried forward, under the capital loss carryover rules, to the year following the loss. Where can i file my 2012 taxes online for free (See Capital Losses under Reporting Capital Gains and Losses, later. Where can i file my 2012 taxes online for free ) Figure your capital loss carryover as if, for the loss year, you had an additional short-term capital gain of 40% of the amount of net section 1256 contracts loss absorbed in the carryback years and an additional long-term capital gain of 60% of the absorbed loss. Where can i file my 2012 taxes online for free In the carryover year, treat any capital loss carryover from losses on section 1256 contracts as if it were a loss from section 1256 contracts for that year. Where can i file my 2012 taxes online for free Net section 1256 contracts loss. Where can i file my 2012 taxes online for free   This loss is the lesser of: The net capital loss for your tax year determined by taking into account only the gains and losses from section 1256 contracts, or The capital loss carryover to the next tax year determined without this election. Where can i file my 2012 taxes online for free Net section 1256 contracts gain. Where can i file my 2012 taxes online for free   This gain is the lesser of: The capital gain net income for the carryback year determined by taking into account only gains and losses from section 1256 contracts, or The capital gain net income for that year. Where can i file my 2012 taxes online for free  Figure your net section 1256 contracts gain for any carryback year without regard to the net section 1256 contracts loss for the loss year or any later tax year. Where can i file my 2012 taxes online for free Traders in section 1256 contracts. Where can i file my 2012 taxes online for free   Gain or loss from the trading of section 1256 contracts is capital gain or loss subject to the marked-to-market rules. Where can i file my 2012 taxes online for free However, this does not apply to contracts held for purposes of hedging property if any loss from the property would be an ordinary loss. Where can i file my 2012 taxes online for free Treatment of underlying property. Where can i file my 2012 taxes online for free   The determination of whether an individual's gain or loss from any property is ordinary or capital gain or loss is made without regard to the fact that the individual is actively engaged in dealing in or trading section 1256 contracts related to that property. Where can i file my 2012 taxes online for free How To Report If you disposed of regulated futures or foreign currency contracts in 2013 (or had unrealized profit or loss on these contracts that were open at the end of 2012 or 2013), you should receive Form 1099-B, or substitute statement, from your broker. Where can i file my 2012 taxes online for free Form 6781. Where can i file my 2012 taxes online for free   Use Part I of Form 6781 to report your gains and losses from all section 1256 contracts that are open at the end of the year or that were closed out during the year. Where can i file my 2012 taxes online for free This includes the amount shown in box 10 of Form 1099-B. Where can i file my 2012 taxes online for free Then enter the net amount of these gains and losses on Schedule D (Form 1040), line 4 or line 11, as appropriate. Where can i file my 2012 taxes online for free Include a copy of Form 6781 with your income tax return. Where can i file my 2012 taxes online for free   If the Form 1099-B you receive includes a straddle or hedging transaction, defined later, it may be necessary to show certain adjustments on Form 6781. Where can i file my 2012 taxes online for free Follow the Form 6781 instructions for completing Part I. Where can i file my 2012 taxes online for free Loss carryback election. Where can i file my 2012 taxes online for free   To carry back your loss under the election procedures described earlier, file Form 1040X or Form 1045, Application for Tentative Refund, for the year to which you are carrying the loss with an amended Form 6781 and an amended Schedule D (Form 1040) attached. Where can i file my 2012 taxes online for free Follow the instructions for completing Form 6781 for the loss year to make this election. Where can i file my 2012 taxes online for free Hedging Transactions The marked-to-market rules, described earlier, do not apply to hedging transactions. Where can i file my 2012 taxes online for free A transaction is a hedging transaction if both of the following conditions are met. Where can i file my 2012 taxes online for free You entered into the transaction in the normal course of your trade or business primarily to manage the risk of: Price changes or currency fluctuations on ordinary property you hold (or will hold), or Interest rate or price changes, or currency fluctuations, on your current or future borrowings or ordinary obligations. Where can i file my 2012 taxes online for free You clearly identified the transaction as being a hedging transaction before the close of the day on which you entered into it. Where can i file my 2012 taxes online for free This hedging transaction exception does not apply to transactions entered into by or for any syndicate. Where can i file my 2012 taxes online for free A syndicate is a partnership, S corporation, or other entity (other than a regular corporation) that allocates more than 35% of its losses to limited partners or limited entrepreneurs. Where can i file my 2012 taxes online for free A limited entrepreneur is a person who has an interest in an enterprise (but not as a limited partner) and who does not actively participate in its management. Where can i file my 2012 taxes online for free However, an interest is not considered held by a limited partner or entrepreneur if the interest holder actively participates (or did so for at least 5 full years) in the management of the entity, or is the spouse, child (including a legally adopted child), grandchild, or parent of an individual who actively participates in the management of the entity. Where can i file my 2012 taxes online for free Hedging loss limit. Where can i file my 2012 taxes online for free   If you are a limited partner or entrepreneur in a syndicate, the amount of a hedging loss you can claim is limited. Where can i file my 2012 taxes online for free A “hedging loss” is the amount by which the allowable deductions in a tax year that resulted from a hedging transaction (determined without regard to the limit) are more than the income received or accrued during the tax year from this transaction. Where can i file my 2012 taxes online for free   Any hedging loss allocated to you for the tax year is limited to your taxable income for that year from the trade or business in which the hedging transaction occurred. Where can i file my 2012 taxes online for free Ignore any hedging transaction items in determining this taxable income. Where can i file my 2012 taxes online for free If you have a hedging loss that is disallowed because of this limit, you can carry it over to the next tax year as a deduction resulting from a hedging transaction. Where can i file my 2012 taxes online for free   If the hedging transaction relates to property other than stock or securities, the limit on hedging losses applies if the limited partner or entrepreneur is an individual. Where can i file my 2012 taxes online for free   The limit on hedging losses does not apply to any hedging loss to the extent that it is more than all your unrecognized gains from hedging transactions at the end of the tax year that are from the trade or business in which the hedging transaction occurred. Where can i file my 2012 taxes online for free The term “unrecognized gain” has the same meaning as defined under Loss Deferral Rules in Straddles, later. Where can i file my 2012 taxes online for free Sale of property used in a hedge. Where can i file my 2012 taxes online for free   Once you identify personal property as being part of a hedging transaction, you must treat gain from its sale or exchange as ordinary income, not capital gain. Where can i file my 2012 taxes online for free Self-Employment Income Gains and losses derived in the ordinary course of a commodity or option dealer's trading in section 1256 contracts and property related to these contracts are included in net earnings from self-employment. Where can i file my 2012 taxes online for free See the Instructions for Schedule SE (Form 1040). Where can i file my 2012 taxes online for free In addition, the rules relating to contributions to self-employment retirement plans apply. Where can i file my 2012 taxes online for free For information on retirement plan contributions, see Publication 560 and Publication 590. Where can i file my 2012 taxes online for free Basis of Investment Property Basis is a way of measuring your investment in property for tax purposes. Where can i file my 2012 taxes online for free You must know the basis of your property to determine whether you have a gain or loss on its sale or other disposition. Where can i file my 2012 taxes online for free Investment property you buy normally has an original basis equal to its cost. Where can i file my 2012 taxes online for free If you get property in some way other than buying it, such as by gift or inheritance, its fair market value may be important in figuring the basis. Where can i file my 2012 taxes online for free Cost Basis The basis of property you buy is usually its cost. Where can i file my 2012 taxes online for free The cost is the amount you pay in cash, debt obligations, or other property or services. Where can i file my 2012 taxes online for free Unstated interest. Where can i file my 2012 taxes online for free   If you buy property on a time-payment plan that charges little or no interest, the basis of your property is your stated purchase price, minus the amount considered to be unstated interest. Where can i file my 2012 taxes online for free You generally have unstated interest if your interest rate is less than the applicable federal rate. Where can i file my 2012 taxes online for free For more information, see Unstated Interest and Original Issue Discount (OID) in Publication 537. Where can i file my 2012 taxes online for free Basis Other Than Cost There are times when you must use a basis other than cost. Where can i file my 2012 taxes online for free In these cases, you may need to know the property's fair market value or the adjusted basis of the previous owner. Where can i file my 2012 taxes online for free Fair market value. Where can i file my 2012 taxes online for free   This is the price at which the property would change hands between a buyer and a seller, neither being forced to buy or sell and both having reasonable knowledge of all the relevant facts. Where can i file my 2012 taxes online for free Sales of similar property, around the same date, may be helpful in figuring fair market value. Where can i file my 2012 taxes online for free Property Received for Services If you receive investment property for services, you must include the property's fair market value in income. Where can i file my 2012 taxes online for free The amount you include in income then becomes your basis in the property. Where can i file my 2012 taxes online for free If the services were performed for a price that was agreed to beforehand, this price will be accepted as the fair market value of the property if there is no evidence to the contrary. Where can i file my 2012 taxes online for free Restricted property. Where can i file my 2012 taxes online for free   If you receive, as payment for services, property that is subject to certain restrictions, your basis in the property generally is its fair market value when it becomes substantially vested. Where can i file my 2012 taxes online for free Property becomes substantially vested when it is transferable or is no longer subject to substantial risk of forfeiture, whichever happens first. Where can i file my 2012 taxes online for free See Restricted Property in Publication 525 for more information. Where can i file my 2012 taxes online for free Bargain purchases. Where can i file my 2012 taxes online for free   If you buy investment property at less than fair market value, as payment for services, you must include the difference in income. Where can i file my 2012 taxes online for free Your basis in the property is the price you pay plus the amount you include in income. Where can i file my 2012 taxes online for free Property Received in Taxable Trades If you received investment property in trade for other property, the basis of the new property is its fair market value at the time of the trade unless you received the property in a nontaxable trade. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free You trade A Company stock for B Company stock having a fair market value of $1,200. Where can i file my 2012 taxes online for free If the adjusted basis of the A Company stock is less than $1,200, you have a taxable gain on the trade. Where can i file my 2012 taxes online for free If the adjusted basis of the A Company stock is more than $1,200, you have a deductible loss on the trade. Where can i file my 2012 taxes online for free The basis of your B Company stock is $1,200. Where can i file my 2012 taxes online for free If you later sell the B Company stock for $1,300, you will have a gain of $100. Where can i file my 2012 taxes online for free Property Received in Nontaxable Trades If you have a nontaxable trade, you do not recognize gain or loss until you dispose of the property you received in the trade. Where can i file my 2012 taxes online for free See Nontaxable Trades , later. Where can i file my 2012 taxes online for free The basis of property you received in a nontaxable or partly nontaxable trade is generally the same as the adjusted basis of the property you gave up. Where can i file my 2012 taxes online for free Increase this amount by any cash you paid, additional costs you had, and any gain recognized. Where can i file my 2012 taxes online for free Reduce this amount by any cash or unlike property you received, any loss recognized, and any liability of yours that was assumed or treated as assumed. Where can i file my 2012 taxes online for free Property Received From Your Spouse If property is transferred to you from your spouse (or former spouse, if the transfer is incident to your divorce), your basis is the same as your spouse's or former spouse's adjusted basis just before the transfer. Where can i file my 2012 taxes online for free See Transfers Between Spouses , later. Where can i file my 2012 taxes online for free Recordkeeping. Where can i file my 2012 taxes online for free The transferor must give you the records necessary to determine the adjusted basis and holding period of the property as of the date of the transfer. Where can i file my 2012 taxes online for free Property Received as a Gift To figure your basis in property that you received as a gift, you must know its adjusted basis to the donor just before it was given to you, its fair market value at the time it was given to you, the amount of any gift tax paid on it, and the date it was given to you. Where can i file my 2012 taxes online for free Fair market value less than donor's adjusted basis. Where can i file my 2012 taxes online for free   If the fair market value of the property at the time of the gift was less than the donor's adjusted basis just before the gift, your basis for gain on its sale or other disposition is the same as the donor's adjusted basis plus or minus any required adjustments to basis during the period you hold the property. Where can i file my 2012 taxes online for free Your basis for loss is its fair market value at the time of the gift plus or minus any required adjustments to basis during the period you hold the property. Where can i file my 2012 taxes online for free No gain or loss. Where can i file my 2012 taxes online for free   If you use the basis for figuring a gain and the result is a loss, and then use the basis for figuring a loss and the result is a gain, you will have neither a gain nor a loss. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free You receive a gift of investment property having an adjusted basis of $10,000 at the time of the gift. Where can i file my 2012 taxes online for free The fair market value at the time of the gift is $9,000. Where can i file my 2012 taxes online for free You later sell the property for $9,500. Where can i file my 2012 taxes online for free You have neither gain nor loss. Where can i file my 2012 taxes online for free Your basis for figuring gain is $10,000, and $9,500 minus $10,000 results in a $500 loss. Where can i file my 2012 taxes online for free Your basis for figuring loss is $9,000, and $9,500 minus $9,000 results in a $500 gain. Where can i file my 2012 taxes online for free Fair market value equal to or more than donor's adjusted basis. Where can i file my 2012 taxes online for free   If the fair market value of the property at the time of the gift was equal to or more than the donor's adjusted basis just before the gift, your basis for gain or loss on its sale or other disposition is the donor's adjusted basis plus or minus any required adjustments to basis during the period you hold the property. Where can i file my 2012 taxes online for free Also, you may be allowed to add to the donor's adjusted basis all or part of any gift tax paid, depending on the date of the gift. Where can i file my 2012 taxes online for free Gift received before 1977. Where can i file my 2012 taxes online for free   If you received property as a gift before 1977, your basis in the property is the donor's adjusted basis increased by the total gift tax paid on the gift. Where can i file my 2012 taxes online for free However, your basis cannot be more than the fair market value of the gift at the time it was given to you. Where can i file my 2012 taxes online for free Example 1. Where can i file my 2012 taxes online for free You were given XYZ Company stock in 1976. Where can i file my 2012 taxes online for free At the time of the gift, the stock had a fair market value of $21,000. Where can i file my 2012 taxes online for free The donor's adjusted basis was $20,000. Where can i file my 2012 taxes online for free The donor paid a gift tax of $500 on the gift. Where can i file my 2012 taxes online for free Your basis for gain or loss is $20,500, the donor's adjusted basis plus the amount of gift tax paid. Where can i file my 2012 taxes online for free Example 2. Where can i file my 2012 taxes online for free The facts are the same as in Example 1 except that the gift tax paid was $1,500. Where can i file my 2012 taxes online for free Your basis is $21,000, the donor's adjusted basis plus the gift tax paid, but limited to the fair market value of the stock at the time of the gift. Where can i file my 2012 taxes online for free Gift received after 1976. Where can i file my 2012 taxes online for free   If you received property as a gift after 1976, your basis is the donor's adjusted basis increased by the part of the gift tax paid that was for the net increase in value of the gift. Where can i file my 2012 taxes online for free You figure this part by multiplying the gift tax paid on the gift by a fraction. Where can i file my 2012 taxes online for free The numerator (top part) is the net increase in value of the gift and the denominator (bottom part) is the amount of the gift. Where can i file my 2012 taxes online for free   The net increase in value of the gift is the fair market value of the gift minus the donor's adjusted basis. Where can i file my 2012 taxes online for free The amount of the gift is its value for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free In 2013, you received a gift of property from your mother. Where can i file my 2012 taxes online for free At the time of the gift, the property had a fair market value of $101,000 and an adjusted basis to her of $40,000. Where can i file my 2012 taxes online for free The amount of the gift for gift tax purposes was $87,000 ($101,000 minus the $14,000 annual exclusion), and your mother paid a gift tax of $21,000. Where can i file my 2012 taxes online for free You figure your basis in the following way: Fair market value $101,000 Minus: Adjusted basis 40,000 Net increase in value of gift $61,000 Gift tax paid $21,000 Multiplied by . Where can i file my 2012 taxes online for free 701 ($61,000 ÷ $87,000) . Where can i file my 2012 taxes online for free 701 Gift tax due to net increase in value $14,721 Plus: Adjusted basis of property to  your mother 40,000 Your basis in the property $54,721 Part sale, part gift. Where can i file my 2012 taxes online for free   If you get property in a transfer that is partly a sale and partly a gift, your basis is the larger of the amount you paid for the property or the transferor's adjusted basis in the property at the time of the transfer. Where can i file my 2012 taxes online for free Add to that amount the amount of any gift tax paid on the gift, as described in the preceding discussion. Where can i file my 2012 taxes online for free For figuring loss, your basis is limited to the property's fair market value at the time of the transfer. Where can i file my 2012 taxes online for free Gift tax information. Where can i file my 2012 taxes online for free   For information on gift tax, see Publication 950, Introduction to Estate and Gift Taxes. Where can i file my 2012 taxes online for free For information on figuring the amount of gift tax to add to your basis, see Property Received as a Gift in Publication 551. Where can i file my 2012 taxes online for free Property Received as Inheritance Before or after 2010. Where can i file my 2012 taxes online for free   If you inherited property from a decedent who died before or after 2010, or who died in 2010 and the executor of the decedent's estate elected not to file Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, your basis in that property generally is its fair market value (its appraised value on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return) on: The date of the decedent's death, or The later alternate valuation date if the estate qualifies for, and elects to use, alternate valuation. Where can i file my 2012 taxes online for free If no Form 706 was filed, use the appraised value on the date of death for state inheritance or transmission taxes. Where can i file my 2012 taxes online for free For stocks and bonds, if no Form 706 was filed and there are no state inheritance or transmission taxes, see the Form 706 instructions for figuring the fair market value of the stocks and bonds on the date of the decedent's death. Where can i file my 2012 taxes online for free Appreciated property you gave the decedent. Where can i file my 2012 taxes online for free   Your basis in certain appreciated property that you inherited is the decedent's adjusted basis in the property immediately before death rather than its fair market value. Where can i file my 2012 taxes online for free This applies to appreciated property that you or your spouse gave the decedent as a gift during the 1-year period ending on the date of death. Where can i file my 2012 taxes online for free Appreciated property is any property whose fair market value on the day you gave it to the decedent was more than its adjusted basis. Where can i file my 2012 taxes online for free More information. Where can i file my 2012 taxes online for free   See Publication 551 for more information on the basis of inherited property, including community property, property held by a surviving tenant in a joint tenancy or tenancy by the entirety, a qualified joint interest, and a farm or closely held business. Where can i file my 2012 taxes online for free Inherited in 2010 and executor elected to file Form 8939. Where can i file my 2012 taxes online for free   If you inherited property from a decedent who died in 2010 and the executor made the election to file Form 8939, see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, to figure your basis. Where can i file my 2012 taxes online for free Adjusted Basis Before you can figure any gain or loss on a sale, exchange, or other disposition of property or figure allowable depreciation, depletion, or amortization, you usually must make certain adjustments (increases and decreases) to the basis of the property. Where can i file my 2012 taxes online for free The result of these adjustments to the basis is the adjusted basis. Where can i file my 2012 taxes online for free Adjustments to the basis of stocks and bonds are explained in the following discussion. Where can i file my 2012 taxes online for free For information about other adjustments to basis, see Publication 551. Where can i file my 2012 taxes online for free Stocks and Bonds The basis of stocks or bonds you own generally is the purchase price plus the costs of purchase, such as commissions and recording or transfer fees. Where can i file my 2012 taxes online for free If you acquired stock or bonds other than by purchase, your basis is usually determined by fair market value or the previous owner's adjusted basis as discussed earlier under Basis Other Than Cost . Where can i file my 2012 taxes online for free The basis of stock must be adjusted for certain events that occur after purchase. Where can i file my 2012 taxes online for free For example, if you receive more stock from nontaxable stock dividends or stock splits, you must reduce the basis of your original stock. Where can i file my 2012 taxes online for free You must also reduce your basis when you receive nondividend distributions (discussed in chapter 1). Where can i file my 2012 taxes online for free These distributions, up to the amount of your basis, are a nontaxable return of capital. Where can i file my 2012 taxes online for free The IRS partners with companies that offer Form 8949 and Schedule D (Form 1040) software that can import trades from many brokerage firms and accounting software to help you keep track of your adjusted basis in securities. Where can i file my 2012 taxes online for free To find out more, go to www. Where can i file my 2012 taxes online for free irs. Where can i file my 2012 taxes online for free gov/Filing/Filing-Options. Where can i file my 2012 taxes online for free Identifying stock or bonds sold. Where can i file my 2012 taxes online for free   If you can adequately identify the shares of stock or the bonds you sold, their basis is the cost or other basis of the particular shares of stock or bonds. Where can i file my 2012 taxes online for free Adequate identification. Where can i file my 2012 taxes online for free   You will make an adequate identification if you show that certificates representing shares of stock from a lot that you bought on a certain date or for a certain price were delivered to your broker or other agent. Where can i file my 2012 taxes online for free Broker holds stock. Where can i file my 2012 taxes online for free   If you have left the stock certificates with your broker or other agent, you will make an adequate identification if you: Tell your broker or other agent the particular stock to be sold or transferred at the time of the sale or transfer, and Receive a written confirmation of this from your broker or other agent within a reasonable time. Where can i file my 2012 taxes online for free  Stock identified this way is the stock sold or transferred even if stock certificates from a different lot are delivered to the broker or other agent. Where can i file my 2012 taxes online for free Single stock certificate. Where can i file my 2012 taxes online for free   If you bought stock in different lots at different times and you hold a single stock certificate for this stock, you will make an adequate identification if you: Tell your broker or other agent the particular stock to be sold or transferred when you deliver the certificate to your broker or other agent, and Receive a written confirmation of this from your broker or other agent within a reasonable time. Where can i file my 2012 taxes online for free   If you sell part of the stock represented by a single certificate directly to the buyer instead of through a broker, you will make an adequate identification if you keep a written record of the particular stock that you intend to sell. Where can i file my 2012 taxes online for free Bonds. Where can i file my 2012 taxes online for free   These methods of identification also apply to bonds sold or transferred. Where can i file my 2012 taxes online for free Identification not possible. Where can i file my 2012 taxes online for free   If you buy and sell securities at various times in varying quantities and you cannot adequately identify the shares you sell, the basis of the securities you sell is the basis of the securities you acquired first. Where can i file my 2012 taxes online for free Except for certain mutual fund shares, discussed later, you cannot use the average price per share to figure gain or loss on the sale of the shares. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free You bought 100 shares of stock of XYZ Corporation in 1998 for $10 a share. Where can i file my 2012 taxes online for free In January 1999 you bought another 200 shares for $11 a share. Where can i file my 2012 taxes online for free In July 1999 you gave your son 50 shares. Where can i file my 2012 taxes online for free In December 2001 you bought 100 shares for $9 a share. Where can i file my 2012 taxes online for free In April 2013 you sold 130 shares. Where can i file my 2012 taxes online for free You cannot identify the shares you disposed of, so you must use the stock you acquired first to figure the basis. Where can i file my 2012 taxes online for free The shares of stock you gave your son had a basis of $500 (50 × $10). Where can i file my 2012 taxes online for free You figure the basis of the 130 shares of stock you sold in 2013 as follows: 50 shares (50 × $10) balance of stock bought in 1998 $ 500 80 shares (80 × $11) stock bought in January 1999 880 Total basis of stock sold in 2013 $1,380 Shares in a mutual fund or REIT. Where can i file my 2012 taxes online for free    The basis of shares in a mutual fund (or other regulated investment company) or a real estate investment trust (REIT) is generally figured in the same way as the basis of other stock and usually includes any commissions or load charges paid for the purchase. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free You bought 100 shares of Fund A for $10 a share. Where can i file my 2012 taxes online for free You paid a $50 commission to the broker for the purchase. Where can i file my 2012 taxes online for free Your cost basis for each share is $10. Where can i file my 2012 taxes online for free 50 ($1,050 ÷ 100). Where can i file my 2012 taxes online for free Commissions and load charges. Where can i file my 2012 taxes online for free   The fees and charges you pay to acquire or redeem shares of a mutual fund are not deductible. Where can i file my 2012 taxes online for free You can usually add acquisition fees and charges to your cost of the shares and thereby increase your basis. Where can i file my 2012 taxes online for free A fee paid to redeem the shares is usually a reduction in the redemption price (sales price). Where can i file my 2012 taxes online for free   You cannot add your entire acquisition fee or load charge to the cost of the mutual fund shares acquired if all of the following conditions apply. Where can i file my 2012 taxes online for free You get a reinvestment right because of the purchase of the shares or the payment of the fee or charge. Where can i file my 2012 taxes online for free You dispose of the shares within 90 days of the purchase date. Where can i file my 2012 taxes online for free You acquire new shares in the same mutual fund or another mutual fund, for which the fee or charge is reduced or waived because of the reinvestment right you got when you acquired the original shares. Where can i file my 2012 taxes online for free   The amount of the original fee or charge in excess of the reduction in (3) is added to the cost of the original shares. Where can i file my 2012 taxes online for free The rest of the original fee or charge is added to the cost basis of the new shares (unless all three conditions above also apply to the purchase of the new shares). Where can i file my 2012 taxes online for free Choosing average basis for mutual fund shares. Where can i file my 2012 taxes online for free   You can choose to use the average basis of mutual fund shares if you acquired the identical shares at various times and prices, or you acquired the shares after 2010 in connection with a dividend reinvestment plan, and left them on deposit in an account kept by a custodian or agent. Where can i file my 2012 taxes online for free The methods you can use to figure average basis are explained later. Where can i file my 2012 taxes online for free Undistributed capital gains. Where can i file my 2012 taxes online for free   If you had to include in your income any undistributed capital gains of the mutual fund or REIT, increase your basis in the stock by the difference between the amount you included and the amount of tax paid for you by the fund or REIT. Where can i file my 2012 taxes online for free See Undistributed capital gains of mutual funds and REITs under Capital Gain Distributions in chapter 1. Where can i file my 2012 taxes online for free Reinvestment right. Where can i file my 2012 taxes online for free   This is the right to acquire mutual fund shares in the same or another mutual fund without paying a fee or load charge, or by paying a reduced fee or load charge. Where can i file my 2012 taxes online for free      The original cost basis of mutual fund shares you acquire by reinvesting your distributions is the amount of the distributions used to purchase each full or fractional share. Where can i file my 2012 taxes online for free This rule applies even if the distribution is an exempt-interest dividend that you do not report as income. Where can i file my 2012 taxes online for free Table 4-1. Where can i file my 2012 taxes online for free This is a worksheet you can use to keep track of the adjusted basis of your mutual fund shares. Where can i file my 2012 taxes online for free Enter the cost per share when you acquire new shares and any adjustments to their basis when the adjustment occurs. Where can i file my 2012 taxes online for free This worksheet will help you figure the adjusted basis when you sell or redeem shares. Where can i file my 2012 taxes online for free Table 4-1. Where can i file my 2012 taxes online for free Mutual Fund Record Mutual Fund Acquired1 Adjustment to Basis Per Share Adjusted2 Basis Per Share Sold or redeemed Date Number of Shares Cost Per Share Date Number of Shares                                                                                                                                                                                                                                                                         1 Include share received from reinvestment of distributions. Where can i file my 2012 taxes online for free 2 Cost plus or minus adjustments. Where can i file my 2012 taxes online for free Automatic investment service. Where can i file my 2012 taxes online for free   If you participate in an automatic investment service, your basis for each share of stock, including fractional shares, bought by the bank or other agent is the purchase price plus a share of the broker's commission. Where can i file my 2012 taxes online for free Dividend reinvestment plans. Where can i file my 2012 taxes online for free   If you participate in a dividend reinvestment plan and receive stock from the corporation at a discount, your basis is the full fair market value of the stock on the dividend payment date. Where can i file my 2012 taxes online for free You must include the amount of the discount in your income. Where can i file my 2012 taxes online for free Public utilities. Where can i file my 2012 taxes online for free   If, before 1986, you excluded from income the value of stock you had received under a qualified public utility reinvestment plan, your basis in that stock is zero. Where can i file my 2012 taxes online for free Stock dividends. Where can i file my 2012 taxes online for free   Stock dividends are distributions made by a corporation of its own stock. Where can i file my 2012 taxes online for free Generally, stock dividends are not taxable to you. Where can i file my 2012 taxes online for free However, see Distributions of Stock and Stock Rights under Dividends and Other Distributions in chapter 1 for some exceptions. Where can i file my 2012 taxes online for free If the stock dividends are not taxable, you must divide your basis for the old stock between the old and new stock. Where can i file my 2012 taxes online for free New and old stock identical. Where can i file my 2012 taxes online for free   If the new stock you received as a nontaxable dividend is identical to the old stock on which the dividend was declared, divide the adjusted basis of the old stock by the number of shares of old and new stock. Where can i file my 2012 taxes online for free The result is your basis for each share of stock. Where can i file my 2012 taxes online for free Example 1. Where can i file my 2012 taxes online for free You owned one share of common stock that you bought for $45. Where can i file my 2012 taxes online for free The corporation distributed two new shares of common stock for each share held. Where can i file my 2012 taxes online for free You then had three shares of common stock. Where can i file my 2012 taxes online for free Your basis in each share is $15 ($45 ÷ 3). Where can i file my 2012 taxes online for free Example 2. Where can i file my 2012 taxes online for free You owned two shares of common stock. Where can i file my 2012 taxes online for free You bought one for $30 and the other for $45. Where can i file my 2012 taxes online for free The corporation distributed two new shares of common stock for each share held. Where can i file my 2012 taxes online for free You had six shares after the distribution—three with a basis of $10 each ($30 ÷ 3) and three with a basis of $15 each ($45 ÷ 3). Where can i file my 2012 taxes online for free New and old stock not identical. Where can i file my 2012 taxes online for free   If the new stock you received as a nontaxable dividend is not identical to the old stock on which it was declared, the basis of the new stock is calculated differently. Where can i file my 2012 taxes online for free Divide the adjusted basis of the old stock between the old and the new stock in the ratio of the fair market value of each lot of stock to the total fair market value of both lots on the date of distribution of the new stock. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free You bought a share of common stock for $100. Where can i file my 2012 taxes online for free Later, the corporation distributed a share of preferred stock for each share of common stock held. Where can i file my 2012 taxes online for free At the date of distribution, your common stock had a fair market value of $150 and the preferred stock had a fair market value of $50. Where can i file my 2012 taxes online for free You figure the basis of the old and new stock by dividing your $100 basis between them. Where can i file my 2012 taxes online for free The basis of your common stock is $75 (($150 ÷ $200) × $100), and the basis of the new preferred stock is $25 (($50 ÷ $200) × $100). Where can i file my 2012 taxes online for free Stock bought at various times. Where can i file my 2012 taxes online for free   Figure the basis of stock dividends received on stock you bought at various times and at different prices by allocating to each lot of stock the share of the stock dividends due to it. Where can i file my 2012 taxes online for free Taxable stock dividends. Where can i file my 2012 taxes online for free   If your stock dividend is taxable when you receive it, the basis of your new stock is its fair market value on the date of distribution. Where can i file my 2012 taxes online for free The basis of your old stock does not change. Where can i file my 2012 taxes online for free Stock splits. Where can i file my 2012 taxes online for free   Figure the basis of stock splits in the same way as stock dividends if identical stock is distributed on the stock held. Where can i file my 2012 taxes online for free Stock rights. Where can i file my 2012 taxes online for free   A stock right is a right to acquire a corporation's stock. Where can i file my 2012 taxes online for free It may be exercised, it may be sold if it has a market value, or it may expire. Where can i file my 2012 taxes online for free Stock rights are rarely taxable when you receive them. Where can i file my 2012 taxes online for free See Distributions of Stock and Stock Rights under Dividends and Other Distributions in chapter 1. Where can i file my 2012 taxes online for free Taxable stock rights. Where can i file my 2012 taxes online for free   If you receive stock rights that are taxable, the basis of the rights is their fair market value at the time of distribution. Where can i file my 2012 taxes online for free The basis of the old stock does not change. Where can i file my 2012 taxes online for free Nontaxable stock rights. Where can i file my 2012 taxes online for free   If you receive nontaxable stock rights and allow them to expire, they have no basis. Where can i file my 2012 taxes online for free   If you exercise or sell the nontaxable stock rights and if, at the time of distribution, the stock rights had a fair market value of 15% or more of the fair market value of the old stock, you must divide the adjusted basis of the old stock between the old stock and the stock rights. Where can i file my 2012 taxes online for free Use a ratio of the fair market value of each to the total fair market value of both at the time of distribution. Where can i file my 2012 taxes online for free   If the fair market value of the stock rights was less than 15%, their basis is zero. Where can i file my 2012 taxes online for free However, you can choose to divide the basis of the old stock between the old stock and the stock rights. Where can i file my 2012 taxes online for free To make the choice, attach a statement to your return for the year in which you received the rights, stating that you choose to divide the basis of the stock. Where can i file my 2012 taxes online for free Basis of new stock. Where can i file my 2012 taxes online for free   If you exercise the stock rights, the basis of the new stock is its cost plus the basis of the stock rights exercised. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free You own 100 shares of ABC Company stock, which cost you $22 per share. Where can i file my 2012 taxes online for free The ABC Company gave you 10 nontaxable stock rights that would allow you to buy 10 more shares at $26 per share. Where can i file my 2012 taxes online for free At the time the stock rights were distributed, the stock had a market value of $30, not including the stock rights. Where can i file my 2012 taxes online for free Each stock right had a market value of $3. Where can i file my 2012 taxes online for free The market value of the stock rights was less than 15% of the market value of the stock, but you chose to divide the basis of your stock between the stock and the rights. Where can i file my 2012 taxes online for free You figure the basis of the rights and the basis of the old stock as follows: 100 shares × $22 = $2,200, basis of old stock   100 shares × $30 = $3,000, market value of old stock   10 rights × $3 = $30, market value of rights   ($3,000 ÷ $3,030) × $2,200 = $2,178. Where can i file my 2012 taxes online for free 22, new basis of old stock   ($30 ÷ $3,030) × $2,200 = $21. Where can i file my 2012 taxes online for free 78, basis of rights   If you sell the rights, the basis for figuring gain or loss is $2. Where can i file my 2012 taxes online for free 18 ($21. Where can i file my 2012 taxes online for free 78 ÷ 10) per right. Where can i file my 2012 taxes online for free If you exercise the rights, the basis of the stock you acquire is the price you pay ($26) plus the basis of the right exercised ($2. Where can i file my 2012 taxes online for free 18), or $28. Where can i file my 2012 taxes online for free 18 per share. Where can i file my 2012 taxes online for free The remaining basis of the old stock is $21. Where can i file my 2012 taxes online for free 78 per share. Where can i file my 2012 taxes online for free Investment property received in liquidation. Where can i file my 2012 taxes online for free   In general, if you receive investment property as a distribution in partial or complete liquidation of a corporation and if you recognize gain or loss when you acquire the property, your basis in the property is its fair market value at the time of the distribution. Where can i file my 2012 taxes online for free S corporation stock. Where can i file my 2012 taxes online for free   You must increase your basis in stock of an S corporation by your pro rata share of the following items. Where can i file my 2012 taxes online for free All income items of the S corporation, including tax-exempt income, that are separately stated and passed through to you as a shareholder. Where can i file my 2012 taxes online for free The nonseparately stated income of the S corporation. Where can i file my 2012 taxes online for free The amount of the deduction for depletion (other than oil and gas depletion) that is more than the basis of the property being depleted. Where can i file my 2012 taxes online for free   You must decrease your basis in stock of an S corporation by your pro rata share of the following items. Where can i file my 2012 taxes online for free Distributions by the S corporation that were not included in your income. Where can i file my 2012 taxes online for free All loss and deduction items of the S corporation that are separately stated and passed through to you. Where can i file my 2012 taxes online for free Any nonseparately stated loss of the S corporation. Where can i file my 2012 taxes online for free Any expense of the S corporation that is not deductible in figuring its taxable income and not properly chargeable to a capital account. Where can i file my 2012 taxes online for free The amount of your deduction for depletion of oil and gas wells to the extent the deduction is not more than your share of the adjusted basis of the wells. Where can i file my 2012 taxes online for free However, your basis in the stock cannot be reduced below zero. Where can i file my 2012 taxes online for free Specialized small business investment company stock or partnership interest. Where can i file my 2012 taxes online for free   If you bought this stock or interest as replacement property for publicly traded securities you sold at a gain, you must reduce the basis of the stock or interest by the amount of any postponed gain on that sale. Where can i file my 2012 taxes online for free See Rollover of Gain From Publicly Traded Securities , later. Where can i file my 2012 taxes online for free Qualified small business stock. Where can i file my 2012 taxes online for free   If you bought this stock as replacement property for other qualified small business stock you sold at a gain, you must reduce the basis of this replacement stock by the amount of any postponed gain on the earlier sale. Where can i file my 2012 taxes online for free See Gains on Qualified Small Business Stock , later. Where can i file my 2012 taxes online for free Short sales. Where can i file my 2012 taxes online for free   If you cannot deduct payments you make to a lender in lieu of dividends on stock used in a short sale, the amount you pay to the lender is a capital expense, and you must add it to the basis of the stock used to close the short sale. Where can i file my 2012 taxes online for free   See Payments in lieu of dividends , later, for information about deducting payments in lieu of dividends. Where can i file my 2012 taxes online for free Premiums on bonds. Where can i file my 2012 taxes online for free   If you buy a bond at a premium, the premium is treated as part of your basis in the bond. Where can i file my 2012 taxes online for free If you choose to amortize the premium paid on a taxable bond, you must reduce the basis of the bond by the amortized part of the premium each year over the life of the bond. Where can i file my 2012 taxes online for free   Although you cannot deduct the premium on a tax-exempt bond, you must amortize it to determine your adjusted basis in the bond. Where can i file my 2012 taxes online for free You must reduce the basis of the bond by the premium you amortized for the period you held the bond. Where can i file my 2012 taxes online for free   See Bond Premium Amortization in chapter 3 for more information. Where can i file my 2012 taxes online for free Market discount on bonds. Where can i file my 2012 taxes online for free   If you include market discount on a bond in income currently, increase the basis of your bond by the amount of market discount you include in your income. Where can i file my 2012 taxes online for free See Market Discount Bonds in chapter 1 for more information. Where can i file my 2012 taxes online for free Bonds purchased at par value. Where can i file my 2012 taxes online for free   A bond purchased at par value (face amount) has no premium or discount. Where can i file my 2012 taxes online for free When you sell or otherwise dispose of the bond, you figure the gain or loss by comparing the bond proceeds to the purchase price of the bond. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free You purchased a bond several years ago for its par value of $10,000. Where can i file my 2012 taxes online for free You sold the bond this year for $10,100. Where can i file my 2012 taxes online for free You have a gain of $100. Where can i file my 2012 taxes online for free However, if you had sold the bond for $9,900, you would have a loss of $100. Where can i file my 2012 taxes online for free Acquisition discount on short-term obligations. Where can i file my 2012 taxes online for free   If you include acquisition discount on a short-term obligation in your income currently, increase the basis of the obligation by the amount of acquisition discount you include in your income. Where can i file my 2012 taxes online for free See Discount on Short-Term Obligations in chapter 1 for more information. Where can i file my 2012 taxes online for free Original issue discount (OID) on debt instruments. Where can i file my 2012 taxes online for free   Increase the basis of a debt instrument by the OID you include in your income. Where can i file my 2012 taxes online for free See Original Issue Discount (OID) in chapter 1. Where can i file my 2012 taxes online for free Discounted tax-exempt obligations. Where can i file my 2012 taxes online for free   OID on tax-exempt obligations is generally not taxable. Where can i file my 2012 taxes online for free However, when you dispose of a tax-exempt obligation issued after September 3, 1982, that you acquired after March 1, 1984, you must accrue OID on the obligation to determine its adjusted basis. Where can i file my 2012 taxes online for free The accrued OID is added to the basis of the obligation to determine your gain or loss. Where can i file my 2012 taxes online for free   For information on determining OID on a long-term obligation, see Debt Instruments Issued After July 1, 1982, and Before 1985 or Debt Instruments Issued After 1984, whichever applies, in Publication 1212 under Figuring OID on Long-Term Debt Instruments. Where can i file my 2012 taxes online for free   If the tax-exempt obligation has a maturity of 1 year or less, accrue OID under the rules for acquisition discount on short-term obligations. Where can i file my 2012 taxes online for free See Discount on Short-Term Obligations in chapter 1. Where can i file my 2012 taxes online for free Stripped tax-exempt obligation. Where can i file my 2012 taxes online for free   If you acquired a stripped tax-exempt bond or coupon after October 22, 1986, you must accrue OID on it to determine its adjusted basis when you dispose of it. Where can i file my 2012 taxes online for free For stripped tax-exempt bonds or coupons acquired after June 10, 1987, part of this OID may be taxable. Where can i file my 2012 taxes online for free You accrue the OID on these obligations in the manner described in chapter 1 under Stripped Bonds and Coupons . Where can i file my 2012 taxes online for free   Increase your basis in the stripped tax-exempt bond or coupon by the taxable and nontaxable accrued OID. Where can i file my 2012 taxes online for free Also increase your basis by the interest that accrued (but was not paid and was not previously reflected in your basis) before the date you sold the bond or coupon. Where can i file my 2012 taxes online for free In addition, for bonds acquired after June 10, 1987, add to your basis any accrued market discount not previously reflected in basis. Where can i file my 2012 taxes online for free How To Figure Gain or Loss You figure gain or loss on a sale or trade of property by comparing the amount you realize with the adjusted basis of the property. Where can i file my 2012 taxes online for free Gain. Where can i file my 2012 taxes online for free   If the amount you realize from a sale or trade is more than the adjusted basis of the property you transfer, the difference is a gain. Where can i file my 2012 taxes online for free Loss. Where can i file my 2012 taxes online for free   If the adjusted basis of the property you transfer is more than the amount you realize, the difference is a loss. Where can i file my 2012 taxes online for free Amount realized. Where can i file my 2012 taxes online for free   The amount you realize from a sale or trade of property is everything you receive for the property minus your expenses of sale (such as redemption fees, sales commissions, sales charges, or exit fees). Where can i file my 2012 taxes online for free Amount realized includes the money you receive plus the fair market value of any property or services you receive. Where can i file my 2012 taxes online for free   If you finance the buyer's purchase of your property and the debt instrument does not provide for adequate stated interest, the unstated interest that you must report as ordinary income will reduce the amount realized from the sale. Where can i file my 2012 taxes online for free For more information, see Publication 537. Where can i file my 2012 taxes online for free   If a buyer of property issues a debt instrument to the seller of the property, the amount realized is determined by reference to the issue price of the debt instrument, which may or may not be the fair market value of the debt instrument. Where can i file my 2012 taxes online for free See Regulations section 1. Where can i file my 2012 taxes online for free 1001-1(g). Where can i file my 2012 taxes online for free However, if the debt instrument was previously issued by a third party (one not part of the sale transaction), the fair market value of the debt instrument is used to determine the amount realized. Where can i file my 2012 taxes online for free Fair market value. Where can i file my 2012 taxes online for free   Fair market value is the price at which property would change hands between a buyer and a seller, neither being forced to buy or sell and both having reasonable knowledge of all the relevant facts. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free You trade A Company stock with an adjusted basis of $7,000 for B Company stock with a fair market value of $10,000, which is your amount realized. Where can i file my 2012 taxes online for free Your gain is $3,000 ($10,000 – $7,000). Where can i file my 2012 taxes online for free If you also receive a note for $6,000 that has an issue price of $6,000, your gain is $9,000 ($10,000 + $6,000 – $7,000). Where can i file my 2012 taxes online for free Debt paid off. Where can i file my 2012 taxes online for free   A debt against the property, or against you, that is paid off as a part of the transaction or that is assumed by the buyer must be included in the amount realized. Where can i file my 2012 taxes online for free This is true even if neither you nor the buyer is personally liable for the debt. Where can i file my 2012 taxes online for free For example, if you sell or trade property that is subject to a nonrecourse loan, the amount you realize generally includes the full amount of the note assumed by the buyer even if the amount of the note is more than the fair market value of the property. Where can i file my 2012 taxes online for free Example. Where can i file my 2012 taxes online for free You sell stock that you had pledged as security for a bank loan of $8,000. Where can i file my 2012 taxes online for free Your basis in the stock is $6,000. Where can i file my 2012 taxes online for free The buyer pays off your bank loan and pays you $20,000 in cash. Where can i file my 2012 taxes online for free The amount realized is $28,000 ($20,000 + $8,000). Where can i file my 2012 taxes online for free Your gain is $22,000 ($28,000 – $6,000). Where can i file my 2012 taxes online for free Payment of cash. Where can i file my 2012 taxes online for free   If you trade property and cash for other property, the amount you realize is the fair market value of the property you receive. Where can i file my 2012 taxes online for free Determine your gain or loss by subtracting the cash you pay and the adjusted basis of the property you trade in from the amount you realize. Where can i file my 2012 taxes online for free If the result is a positive number, it is a gain. Where can i file my 2012 taxes online for free If the result is a negative number, it is a loss. Where can i file my 2012 taxes online for free No gain or loss. Where can i file my 2012 taxes online for free   You may have to use a basis for figuring gain that is different from the basis used for figuring loss. Where can i file my 2012 taxes online for free In this case, you may have neither a gain nor a loss. Where can i file my 2012 taxes online for free See No gain or loss in the discussion on the basis of property you received as a gift under Basis Other Than Cost, earlier. Where can i file my 2012 taxes online for free Special Rules for Mutual Funds To figure your gain or loss when you dispose of mutual fund shares, you need to determine which shares were sold and the basis of those shares. Where can i file my 2012 taxes online for free If your shares in a mutual fund were acquired all on the same day and for the same price, figuring their basis is not difficu