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Where Can I Get 2011 Tax Forms

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Where Can I Get 2011 Tax Forms

Where can i get 2011 tax forms Publication 584 - Additional Material Table of Contents This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Entrance Hall This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Living Room This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Dining Room This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Kitchen This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Den This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Bedrooms This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Bathrooms This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Recreation Room This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Laundry and Basement This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Garage This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Sporting Equipment This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Men's Clothing This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Women's Clothing This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Children's Clothing This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Jewelry This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Electrical Appliances This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Linens This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Miscellaneous This image is too large to be displayed in the current screen. Where can i get 2011 tax forms Please click the link to view the image. Where can i get 2011 tax forms Motor Vehicles Schedule 20. Where can i get 2011 tax forms Home (Excluding Contents) Note. Where can i get 2011 tax forms If you used the entire property as your home, fill out only column (a). Where can i get 2011 tax forms If you used part of the property as your home and part of it for business or to produce rental income, you must allocate the entries on lines 2-9 between the personal part (column (a)) and the business/rental part (column (b)). Where can i get 2011 tax forms 1. Where can i get 2011 tax forms Description of property (Show location and date acquired. Where can i get 2011 tax forms )     (a)  Personal Part (b)  Business/Rental Part 2. Where can i get 2011 tax forms Cost or other (adjusted) basis of property (from Worksheet A)     3. Where can i get 2011 tax forms Insurance or other reimbursement Note. Where can i get 2011 tax forms If line 2 is more than line 3, skip line 4. Where can i get 2011 tax forms If line 3 is more than line 2, you exclude gain, and the gain is more than you can exclude, see the instructions for line 3 in the Instructions for Form 4684 for the amount to enter. Where can i get 2011 tax forms     4. Where can i get 2011 tax forms Gain from casualty. Where can i get 2011 tax forms If line 3 is more than line 2, enter the difference here and skip lines 5 through 9. Where can i get 2011 tax forms But see Next below line 9. Where can i get 2011 tax forms     5. Where can i get 2011 tax forms Fair market value before casualty     6. Where can i get 2011 tax forms Fair market value after casualty     7. Where can i get 2011 tax forms Decrease in fair market value. Where can i get 2011 tax forms Subtract line 6 from line 5. Where can i get 2011 tax forms     8. Where can i get 2011 tax forms Enter the smaller of line 2 or line 7 Note for business/rental part. Where can i get 2011 tax forms If the property was totally destroyed by casualty, enter on line 8, column (b) the amount from line 2, column (b). Where can i get 2011 tax forms     9. Where can i get 2011 tax forms Subtract line 3 from line 8. Where can i get 2011 tax forms If zero or less, enter -0-. Where can i get 2011 tax forms     Next: Transfer the entries from line 1 and lines 2-9, column (a), above to the corresponding lines on Form 4684, Section A. Where can i get 2011 tax forms Transfer the entries from line 1 and lines 2-9, column (b), to the corresponding lines on Form 4684, Section B. Where can i get 2011 tax forms Worksheet A. Where can i get 2011 tax forms Cost or Other (Adjusted) Basis Caution. Where can i get 2011 tax forms See the Worksheet A Instructions before you use this worksheet. Where can i get 2011 tax forms         (a) Personal Part (b) Business/Rental Part 1. Where can i get 2011 tax forms   Enter the purchase price of the home damaged or destroyed. Where can i get 2011 tax forms (If you filed Form 2119 when you originally acquired that home to postpone gain on the sale of a previous home before May 7, 1997, enter the adjusted basis of the new home from that Form 2119. Where can i get 2011 tax forms ) 1. Where can i get 2011 tax forms     2. Where can i get 2011 tax forms   Seller paid points for home bought after 1990. Where can i get 2011 tax forms Do not include any seller-paid points you already subtracted to arrive at the amount entered on line 1 2. Where can i get 2011 tax forms     3. Where can i get 2011 tax forms   Subtract line 2 from line 1 3. Where can i get 2011 tax forms     4. Where can i get 2011 tax forms   Settlement fees or closing costs. Where can i get 2011 tax forms (See Settlement costs in Publication 551. Where can i get 2011 tax forms ) If line 1 includes the adjusted basis of the new home from Form 2119, skip lines 4a-4g and 5; go to line 6. Where can i get 2011 tax forms         a. Where can i get 2011 tax forms Abstract and recording fees 4a. Where can i get 2011 tax forms       b. Where can i get 2011 tax forms Legal fees (including fees for title search and preparing documents) 4b. Where can i get 2011 tax forms       c. Where can i get 2011 tax forms Survey fees 4c. Where can i get 2011 tax forms       d. Where can i get 2011 tax forms Title insurance 4d. Where can i get 2011 tax forms       e. Where can i get 2011 tax forms Transfer or stamp taxes 4e. Where can i get 2011 tax forms       f. Where can i get 2011 tax forms Amounts that the seller owed that you agreed to pay (back taxes or interest, recording or mortgage fees, and sales commissions) 4f. Where can i get 2011 tax forms       g. Where can i get 2011 tax forms Other 4g. Where can i get 2011 tax forms     5. Where can i get 2011 tax forms   Add lines 4a through 4g 5. Where can i get 2011 tax forms     6. Where can i get 2011 tax forms   Cost of additions and improvements. Where can i get 2011 tax forms (See Increases to Basis in Publication 551. Where can i get 2011 tax forms ) Do not include any additions and improvements included on line 1 6. Where can i get 2011 tax forms     7. Where can i get 2011 tax forms   Special tax assessments paid for local improvements, such as streets and sidewalks 7. Where can i get 2011 tax forms     8. Where can i get 2011 tax forms   Other increases to basis 8. Where can i get 2011 tax forms     9. Where can i get 2011 tax forms   Add lines 3, 5, 6, 7, and 8 9. Where can i get 2011 tax forms     10. Where can i get 2011 tax forms   Depreciation allowed or allowable, related to the business use or rental of the home 10. Where can i get 2011 tax forms 0   11. Where can i get 2011 tax forms   Other decreases to basis (See Decreases to Basis in Publication 551. Where can i get 2011 tax forms ) 11. Where can i get 2011 tax forms     12. Where can i get 2011 tax forms   Add lines 10 and 11 12. Where can i get 2011 tax forms     13. Where can i get 2011 tax forms   Cost or other (adjusted) basis of home damaged or destroyed. Where can i get 2011 tax forms Subtract line 12 from line 9. Where can i get 2011 tax forms Enter here and on Schedule 20, line 2 13. Where can i get 2011 tax forms     Worksheet A Instructions. Where can i get 2011 tax forms If you use Worksheet A to figure the cost or other (adjusted) basis of your home, follow these instructions. Where can i get 2011 tax forms DO NOT use this worksheet to determine your basis if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939. Where can i get 2011 tax forms IF. Where can i get 2011 tax forms . Where can i get 2011 tax forms . Where can i get 2011 tax forms   THEN. Where can i get 2011 tax forms . Where can i get 2011 tax forms . Where can i get 2011 tax forms you inherited your home from a decedent who died either before or after 2010 or from a decedent who died in 2010 and whose executor did not file Form 8939. Where can i get 2011 tax forms 1 skip lines 1–4 of the worksheet. Where can i get 2011 tax forms 2 find your basis using the rules under Inherited Property in Publication 551. Where can i get 2011 tax forms Enter this amount on line 5 of the worksheet. Where can i get 2011 tax forms 3 fill out lines 6–13 of the worksheet. Where can i get 2011 tax forms you received your home as a gift 1 read Property Received as a Gift in Publication 551 and enter on lines 1 and 3 of the worksheet either the donor's adjusted basis or the home's fair market value at the time of the gift, whichever is appropriate. Where can i get 2011 tax forms 2 if you can add any federal gift tax to your basis, enter that amount on line 5 of the worksheet. Where can i get 2011 tax forms 3 fill out the rest of the worksheet. Where can i get 2011 tax forms you received your home as a trade for other property 1 enter on line 1 of the worksheet the fair market value of the other property at the time of the trade. Where can i get 2011 tax forms (But if you received your home as a trade for your previous home before May 7, 1997, and had a gain on the trade that you postponed using Form 2119, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119. Where can i get 2011 tax forms ) 2 fill out the rest of the worksheet. Where can i get 2011 tax forms you built your home 1 add the purchase price of the land and the cost of building the home. Where can i get 2011 tax forms Enter that total on line 1 of the worksheet. Where can i get 2011 tax forms (However, if you filed a Form 2119 to postpone gain on the sale of a previous home before May 7, 1997, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119. Where can i get 2011 tax forms ) 2 fill out the rest of the worksheet. Where can i get 2011 tax forms you received your home from your spouse after July 18, 1984 1 skip lines 1–4 of the worksheet. Where can i get 2011 tax forms 2 enter on line 5 of the worksheet your spouse's cost or other (adjusted) basis in the home just before you received it. Where can i get 2011 tax forms 3 fill out lines 6–13 of the worksheet, making adjustments to basis only for events after the transfer. Where can i get 2011 tax forms you owned a home jointly with your spouse, who transferred his or her interest in the home to you after July 18, 1984     fill out one worksheet, making adjustments to basis for events both before and after the transfer. Where can i get 2011 tax forms   you received your home from your spouse before July 19, 1984 1 skip lines 1–4 of the worksheet. Where can i get 2011 tax forms 2 enter on line 5 of the worksheet the home's fair market value at the time you received it. Where can i get 2011 tax forms 3 fill out lines 6–13 of the worksheet, making adjustments to basis only for events after the transfer. Where can i get 2011 tax forms you owned a home jointly with your spouse, and your spouse transferred his or her interest in the home to you before July 19, 1984 1 fill out a worksheet, lines 1–13, making adjustments to basis only for events before the transfer. Where can i get 2011 tax forms 2 multiply the amount on line 13 of that worksheet by 50% (0. Where can i get 2011 tax forms 50) to get the adjusted basis of your half-interest at the time of the transfer. Where can i get 2011 tax forms 3 multiply the fair market value of the home at the time of the transfer by 50% (0. Where can i get 2011 tax forms 50). Where can i get 2011 tax forms Generally, this is the basis of the half-interest that your spouse owned. Where can i get 2011 tax forms 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. Where can i get 2011 tax forms 5 complete lines 6–13 of the second worksheet, making adjustments to basis only for events after the transfer. Where can i get 2011 tax forms you owned your home jointly with a nonspouse 1 fill out lines 1–13 of the worksheet. Where can i get 2011 tax forms 2 multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest. Where can i get 2011 tax forms Worksheet A Instructions. Where can i get 2011 tax forms (Continued) IF. Where can i get 2011 tax forms . Where can i get 2011 tax forms . Where can i get 2011 tax forms   THEN. Where can i get 2011 tax forms . Where can i get 2011 tax forms . Where can i get 2011 tax forms you owned your home jointly with your spouse who died before 2010 and before the casualty 1 fill out a worksheet, lines 1–13, including adjustments to basis only for events before your spouse's death. Where can i get 2011 tax forms 2 multiply the amount on line 13 of that worksheet by 50% (0. Where can i get 2011 tax forms 50) to get the adjusted basis of your half-interest on the date of death. Where can i get 2011 tax forms 3 figure the basis for the half-interest owned by your spouse. Where can i get 2011 tax forms This is one-half of the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax). Where can i get 2011 tax forms (The basis in your half will remain one-half of the adjusted basis determined in step 2. Where can i get 2011 tax forms ) 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. Where can i get 2011 tax forms 5 complete lines 6–13 of the second worksheet, making adjustments to basis only for events after your spouse's death. Where can i get 2011 tax forms you owned your home jointly with your spouse who died before 2010 and before the casualty, and your permanent legal home is in a community property state 1 skip lines 1–4 of the worksheet. Where can i get 2011 tax forms 2 enter the amount of your basis on line 5 of the worksheet. Where can i get 2011 tax forms Generally, this is the fair market value of the home at the time of death. Where can i get 2011 tax forms (But see Community Property in Publication 551 for special rules. Where can i get 2011 tax forms ) 3 fill out lines 6–13 of the worksheet, making adjustments to basis only for events after your spouse's death. Where can i get 2011 tax forms you owned your home jointly with a nonspouse who died before 2010 and before the casualty 1 fill out lines 1–13 of the worksheet, including adjustments to basis only for events before the co-owner's death. Where can i get 2011 tax forms 2 multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest on the date of death. Where can i get 2011 tax forms 3 multiply the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax) by the co-owner's percentage of ownership. Where can i get 2011 tax forms This is the basis for the co-owner's part-interest. Where can i get 2011 tax forms 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. Where can i get 2011 tax forms 5 complete lines 6–13 of the second worksheet, including adjustments to basis only for events after the co-owner's death. Where can i get 2011 tax forms your home was ever damaged as a result of a prior casualty 1 on line 8 of the worksheet, enter any amounts you spent to restore the home to its condition before the prior casualty. Where can i get 2011 tax forms 2 on line 11 enter: any insurance reimbursements you received (or expect to receive) for the prior loss,  and any deductible casualty losses from prior years not covered by insurance. Where can i get 2011 tax forms the person who sold you your home paid points on your loan and you bought your home after 1990 but before April 4, 1994. Where can i get 2011 tax forms   on line 2 enter the seller-paid points only if you deducted them as home mortgage interest in the year paid (unless you used the seller-paid points to reduce the amount on line 1). Where can i get 2011 tax forms the person who sold you your home paid points on your loan and you bought your home after April 3, 1994   on line 2 enter the seller-paid points even if you did not deduct them (unless you used the seller-paid points to reduce the amount on line 1). Where can i get 2011 tax forms you used part of the property as your home and part of it for business or to produce rental income   you must allocate the entries on Worksheet A between the personal part (column (a)) and the business/rental part (column (b)). Where can i get 2011 tax forms none of these items apply   fill out the entire worksheet. Where can i get 2011 tax forms Prev  Up  Next   Home   More Online Publications
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Where can i get 2011 tax forms 2. Where can i get 2011 tax forms   Accounting Methods Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Accounting MethodsCash Method Accrual Method Farm Inventory Cash Versus Accrual Method Special Methods of Accounting Combination Method Changes in Methods of Accounting Introduction You must use an accounting method that clearly shows your income and expenses. Where can i get 2011 tax forms You must also figure your taxable income and file an income tax return for an annual accounting period called a tax year. Where can i get 2011 tax forms This chapter discusses accounting methods. Where can i get 2011 tax forms For information on accounting periods, see Publication 538, Accounting Periods and Methods, and the Instructions for Form 1128, Application To Adopt, Change, or Retain a Tax Year. Where can i get 2011 tax forms Topics - This chapter discusses: Cash method Accrual method Farm inventory Special methods of accounting Changes in methods of accounting Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 535 Business Expenses Form (and Instructions) 1128 Application To Adopt, Change, or Retain a Tax Year 3115 Application for Change in Accounting Method See chapter 16 for information about getting publications and forms. Where can i get 2011 tax forms Accounting Methods An accounting method is a set of rules used to determine when and how your income and expenses are reported on your tax return. Where can i get 2011 tax forms Your accounting method includes not only your overall method of accounting, but also the accounting treatment you use for any material item. Where can i get 2011 tax forms A material item is one that affects the proper time for inclusion of income or allowance of a deduction. Where can i get 2011 tax forms An item considered material for financial statement purposes is generally also considered material for income tax purposes. Where can i get 2011 tax forms See Publication 538 for more information. Where can i get 2011 tax forms You generally choose an accounting method for your farm business when you file your first income tax return that includes a Schedule F (Form 1040), Profit or Loss From Farming. Where can i get 2011 tax forms If you later want to change your accounting method, you generally must get IRS approval. Where can i get 2011 tax forms How to obtain IRS approval is discussed later under Changes in Methods of Accounting . Where can i get 2011 tax forms Types of accounting methods. Where can i get 2011 tax forms   Generally, you can use any of the following accounting methods. Where can i get 2011 tax forms Each method is discussed in detail below. Where can i get 2011 tax forms Cash method. Where can i get 2011 tax forms Accrual method. Where can i get 2011 tax forms Special methods of accounting for certain items of income and expenses. Where can i get 2011 tax forms Combination (hybrid) method using elements of two or more of the above. Where can i get 2011 tax forms Business and other items. Where can i get 2011 tax forms   You can account for business and personal items using different accounting methods. Where can i get 2011 tax forms For example, you can figure your business income under an accrual method, even if you use the cash method to figure personal items. Where can i get 2011 tax forms Two or more businesses. Where can i get 2011 tax forms   If you operate two or more separate and distinct businesses, you can use a different accounting method for each business. Where can i get 2011 tax forms Generally, no business is separate and distinct unless a complete and separate set of books and records is maintained for each business. Where can i get 2011 tax forms Cash Method Most farmers use the cash method because they find it easier to keep records using the cash method. Where can i get 2011 tax forms However, certain farm corporations and partnerships and all tax shelters must use an accrual method of accounting. Where can i get 2011 tax forms See Accrual Method Required , later. Where can i get 2011 tax forms Income Under the cash method, include in your gross income all items of income you actually or constructively received during the tax year. Where can i get 2011 tax forms Items of income include money received as well as property or services received. Where can i get 2011 tax forms If you receive property or services, you must include the fair market value (FMV) of the property or services in income. Where can i get 2011 tax forms See chapter 3 for information on how to report farm income on your income tax return. Where can i get 2011 tax forms Constructive receipt. Where can i get 2011 tax forms   Income is constructively received when an amount is credited to your account or made available to you without restriction. Where can i get 2011 tax forms You do not need to have possession of the income for it to be treated as income for the tax year. Where can i get 2011 tax forms If you authorize someone to be your agent and receive income for you, you are considered to have received the income when your agent receives it. Where can i get 2011 tax forms Income is not constructively received if your receipt of the income is subject to substantial restrictions or limitations. Where can i get 2011 tax forms Direct payments and counter-cyclical payments. Where can i get 2011 tax forms   If you received direct payments or counter-cyclical payments under Subtitle A or C of the Farm Security and Rural Investment Act of 2002, you will not be considered to have constructively received a payment merely because you had the option to receive it in the year before it is required to be paid. Where can i get 2011 tax forms Delaying receipt of income. Where can i get 2011 tax forms   You cannot hold checks or postpone taking possession of similar property from one tax year to another to avoid paying tax on the income. Where can i get 2011 tax forms You must report the income in the year the money or property is received or made available to you without restriction. Where can i get 2011 tax forms Example. Where can i get 2011 tax forms Frances Jones, a farmer, was entitled to receive a $10,000 payment on a grain contract in December 2013. Where can i get 2011 tax forms She was told in December that her payment was available. Where can i get 2011 tax forms She requested not to be paid until January 2014. Where can i get 2011 tax forms However, she must still include this payment in her 2013 income because it was made available to her in 2013. Where can i get 2011 tax forms Debts paid by another person or canceled. Where can i get 2011 tax forms   If your debts are paid by another person or are canceled by your creditors, you may have to report part or all of this debt relief as income. Where can i get 2011 tax forms If you receive income in this way, you constructively receive the income when the debt is canceled or paid. Where can i get 2011 tax forms See Cancellation of Debt in chapter 3. Where can i get 2011 tax forms Deferred payment contract. Where can i get 2011 tax forms   If you sell an item under a deferred payment contract that calls for payment in a future year, there is no constructive receipt in the year of sale. Where can i get 2011 tax forms However, if the sales contract states that you have the right to the proceeds of the sale from the buyer at any time after delivery of the item, then you must include the sales price in income in the year of the sale, regardless of when you actually receive payment. Where can i get 2011 tax forms Example. Where can i get 2011 tax forms You are a farmer who uses the cash method and a calendar tax year. Where can i get 2011 tax forms You sell grain in December 2013 under a bona fide arm's-length contract that calls for payment in 2014. Where can i get 2011 tax forms You include the proceeds from the sale in your 2014 gross income since that is the year payment is received. Where can i get 2011 tax forms However, if the contract states that you have the right to the proceeds from the buyer at any time after the grain is delivered, you must include the sales price in your 2013 income, regardless of when you actually receive payment. Where can i get 2011 tax forms Repayment of income. Where can i get 2011 tax forms   If you include an amount in income and in a later year you have to repay all or part of it, then you can usually deduct the repayment in the year repaid. Where can i get 2011 tax forms If the repayment is more than $3,000, a special rule applies. Where can i get 2011 tax forms For details, see Repayments in chapter 11 of Publication 535, Business Expenses. Where can i get 2011 tax forms Expenses Under the cash method, generally you deduct expenses in the tax year you pay them. Where can i get 2011 tax forms This includes business expenses for which you contest liability. Where can i get 2011 tax forms However, you may not be able to deduct an expense paid in advance or you may be required to capitalize certain costs, as explained under Uniform Capitalization Rules in chapter 6. Where can i get 2011 tax forms See chapter 4 for information on how to deduct farm business expenses on your income tax return. Where can i get 2011 tax forms Prepayment. Where can i get 2011 tax forms   Generally, you cannot deduct expenses paid in advance. Where can i get 2011 tax forms This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. Where can i get 2011 tax forms Example. Where can i get 2011 tax forms On November 1, 2013, you signed and paid $3,600 for a 3-year (36-month) insurance contract for equipment. Where can i get 2011 tax forms In 2013, you are allowed to deduct only $200 (2/36 x $3,600) of the cost of the policy that is attributable to 2013. Where can i get 2011 tax forms In 2014, you'll be able to deduct $1,200 (12/36 x $3,600); in 2015, you'll be able to deduct $1,200 (12/36 x $3,600); and in 2016 you'll be able to deduct the remaining balance of $1,000. Where can i get 2011 tax forms An exception applies if the expense qualifies for the 12-month rule. Where can i get 2011 tax forms See Publication 538 for more information and examples. Where can i get 2011 tax forms See chapter 4 for special rules for prepaid farm supplies and prepaid livestock feed. Where can i get 2011 tax forms Accrual Method Under an accrual method of accounting, you generally report income in the year earned and deduct or capitalize expenses in the year incurred. Where can i get 2011 tax forms The purpose of an accrual method of accounting is to correctly match income and expenses. Where can i get 2011 tax forms Certain businesses engaged in farming must use an accrual method of accounting for its farm business and for sales and purchases of inventory items. Where can i get 2011 tax forms See Accrual Method Required and Farm Inventory , later. Where can i get 2011 tax forms Income Generally, you include an amount in income for the tax year in which all events that fix your right to receive the income have occurred, and you can determine the amount with reasonable accuracy. Where can i get 2011 tax forms Under this rule, include an amount in income on the earliest of the following dates. Where can i get 2011 tax forms When you receive payment. Where can i get 2011 tax forms When the income amount is due to you. Where can i get 2011 tax forms When you earn the income. Where can i get 2011 tax forms When title passes. Where can i get 2011 tax forms If you use an accrual method of accounting, complete Part III of Schedule F (Form 1040) to report your income. Where can i get 2011 tax forms Inventory. Where can i get 2011 tax forms   If you keep an inventory, generally you must use an accrual method of accounting to determine your gross income. Where can i get 2011 tax forms An inventory is necessary to clearly show income when the production, purchase, or sale of merchandise is an income-producing factor. Where can i get 2011 tax forms See Publication 538 for more information. Where can i get 2011 tax forms Also see Farm Inventory , later, for more information on items that must be included in inventory by farmers and inventory valuation methods for farmers. Where can i get 2011 tax forms Expenses Under an accrual method of accounting, you generally deduct or capitalize a business expense when both of the following apply. Where can i get 2011 tax forms The all-events test has been met. Where can i get 2011 tax forms This test is met when: All events have occurred that fix the fact that you have a liability, and The amount of the liability can be determined with reasonable accuracy. Where can i get 2011 tax forms Economic performance has occurred. Where can i get 2011 tax forms Economic performance. Where can i get 2011 tax forms   Generally, you cannot deduct or capitalize a business expense until economic performance occurs. Where can i get 2011 tax forms If your expense is for property or services provided to you, or for your use of property, economic performance occurs as the property or services are provided or as the property is used. Where can i get 2011 tax forms If your expense is for property or services you provide to others, economic performance occurs as you provide the property or services. Where can i get 2011 tax forms Example. Where can i get 2011 tax forms Jane, who is a farmer, uses a calendar tax year and an accrual method of accounting. Where can i get 2011 tax forms She entered into a contract with ABC Farm Consulting in 2012. Where can i get 2011 tax forms The contract stated that Jane pay ABC Farm Consulting $2,000 in December 2012. Where can i get 2011 tax forms It further stipulates that ABC Farm Consulting will develop a plan for integrating her farm with a larger farm operation based in a neighboring state by March 1, 2013. Where can i get 2011 tax forms Jane paid ABC Farm Consulting $2,000 in December 2012. Where can i get 2011 tax forms Integration of operations according to the plan began in May 2013 and they completed the integration in December 2013. Where can i get 2011 tax forms Economic performance for Jane's liability in the contract occurs as the services are provided. Where can i get 2011 tax forms Jane incurs the $2,000 cost in 2013. Where can i get 2011 tax forms An exception to the economic performance rule allows certain recurring items to be treated as incurred during a tax year even though economic performance has not occurred. Where can i get 2011 tax forms For more information, see Economic Performance in Publication 538. Where can i get 2011 tax forms Special rule for related persons. Where can i get 2011 tax forms   Business expenses and interest owed to a related person who uses the cash method of accounting are not deductible until you make the payment and the corresponding amount is includible in the related person's gross income. Where can i get 2011 tax forms Determine the relationship for this rule as of the end of the tax year for which the expense or interest would otherwise be deductible. Where can i get 2011 tax forms For more information, see Internal Revenue Code section 267. Where can i get 2011 tax forms Accrual Method Required Generally, the following businesses, if engaged in farming, must use an accrual method of accounting. Where can i get 2011 tax forms A corporation (other than a family corporation) that had gross receipts of more than $1,000,000 for any tax year beginning after 1975. Where can i get 2011 tax forms A family corporation that had gross receipts of more than $25,000,000 for any tax year beginning after 1985. Where can i get 2011 tax forms A partnership with a corporation as a partner, if that corporation meets the requirements of (1) or (2) above. Where can i get 2011 tax forms A tax shelter. Where can i get 2011 tax forms Note. Where can i get 2011 tax forms Items (1), (2), and (3) above do not apply to an S corporation or a business operating a nursery or sod farm, or the raising or harvesting of trees (other than fruit and nut trees). Where can i get 2011 tax forms Family corporation. Where can i get 2011 tax forms   A family corporation is generally a corporation that meets one of the following ownership requirements. Where can i get 2011 tax forms Members of the same family own at least 50% of the total combined voting power of all classes of stock entitled to vote and at least 50% of the total shares of all other classes of stock of the corporation. Where can i get 2011 tax forms Members of two families have owned, directly or indirectly, since October 4, 1976, at least 65% of the total combined voting power of all classes of voting stock and at least 65% of the total shares of all other classes of the corporation's stock. Where can i get 2011 tax forms Members of three families have owned, directly or indirectly, since October 4, 1976, at least 50% of the total combined voting power of all classes of voting stock and at least 50% of the total shares of all other classes of the corporation's stock. Where can i get 2011 tax forms For more information on family corporations, see Internal Revenue Code section 447. Where can i get 2011 tax forms Tax shelter. Where can i get 2011 tax forms   A tax shelter is a partnership, noncorporate enterprise, or S corporation that meets either of the following tests. Where can i get 2011 tax forms Its principal purpose is the avoidance or evasion of federal income tax. Where can i get 2011 tax forms It is a farming syndicate. Where can i get 2011 tax forms A farming syndicate is an entity that meets either of the following tests. Where can i get 2011 tax forms Interests in the activity have been offered for sale in an offering required to be registered with a federal or state agency with the authority to regulate the offering of securities for sale. Where can i get 2011 tax forms More than 35% of the losses during the tax year are allocable to limited partners or limited entrepreneurs. Where can i get 2011 tax forms   A “limited partner” is one whose personal liability for partnership debts is limited to the money or other property the partner contributed or is required to contribute to the partnership. Where can i get 2011 tax forms   A “limited entrepreneur” is one who has an interest in an enterprise other than as a limited partner and does not actively participate in the management of the enterprise. Where can i get 2011 tax forms Farm Inventory If you are required to keep an inventory, you should keep a complete record of your inventory as part of your farm records. Where can i get 2011 tax forms This record should show the actual count or measurement of the inventory. Where can i get 2011 tax forms It should also show all factors that enter into its valuation, including quality and weight, if applicable. Where can i get 2011 tax forms Hatchery business. Where can i get 2011 tax forms   If you are in the hatchery business, and use an accrual method of accounting, you must include in inventory eggs in the process of incubation. Where can i get 2011 tax forms Products held for sale. Where can i get 2011 tax forms   All harvested and purchased farm products held for sale or for feed or seed, such as grain, hay, silage, concentrates, cotton, tobacco, etc. Where can i get 2011 tax forms , must be included in inventory. Where can i get 2011 tax forms Supplies. Where can i get 2011 tax forms   Supplies acquired for sale or that become a physical part of items held for sale must be included in inventory. Where can i get 2011 tax forms Deduct the cost of supplies in the year used or consumed in operations. Where can i get 2011 tax forms Do not include incidental supplies in inventory as these are deductible in the year of purchase. Where can i get 2011 tax forms Livestock. Where can i get 2011 tax forms   Livestock held primarily for sale must be included in inventory. Where can i get 2011 tax forms Livestock held for draft, breeding, or dairy purposes can either be depreciated or included in inventory. Where can i get 2011 tax forms See also Unit-livestock-price method , later. Where can i get 2011 tax forms If you are in the business of breeding and raising chinchillas, mink, foxes, or other fur-bearing animals, these animals are livestock for inventory purposes. Where can i get 2011 tax forms Growing crops. Where can i get 2011 tax forms   Generally, growing crops are not required to be included in inventory. Where can i get 2011 tax forms However, if the crop has a preproductive period of more than 2 years, you may have to capitalize (or include in inventory) costs associated with the crop. Where can i get 2011 tax forms See Uniform capitalization rules below. Where can i get 2011 tax forms Also see Uniform Capitalization Rules in  chapter 6. Where can i get 2011 tax forms Items to include in inventory. Where can i get 2011 tax forms   Your inventory should include all items held for sale, or for use as feed, seed, etc. Where can i get 2011 tax forms , whether raised or purchased, that are unsold at the end of the year. Where can i get 2011 tax forms Uniform capitalization rules. Where can i get 2011 tax forms   The following applies if you are required to use an accrual method of accounting. Where can i get 2011 tax forms The uniform capitalization rules apply to all costs of raising a plant, even if the preproductive period of raising a plant is 2 years or less. Where can i get 2011 tax forms The costs of animals are subject to the uniform capitalization rules. Where can i get 2011 tax forms Inventory valuation methods. Where can i get 2011 tax forms   The following methods, described below, are those generally available for valuing inventory. Where can i get 2011 tax forms The method you use must conform to generally accepted accounting principles for similar businesses and must clearly reflect income. Where can i get 2011 tax forms Cost. Where can i get 2011 tax forms Lower of cost or market. Where can i get 2011 tax forms Farm-price method. Where can i get 2011 tax forms Unit-livestock-price method. Where can i get 2011 tax forms Cost and lower of cost or market methods. Where can i get 2011 tax forms   See Publication 538 for information on these valuation methods. Where can i get 2011 tax forms If you value your livestock inventory at cost or the lower of cost or market, you do not need IRS approval to change to the unit-livestock-price method. Where can i get 2011 tax forms However, if you value your livestock inventory using the farm-price method, then you must obtain permission from the IRS to change to the unit-livestock-price method. Where can i get 2011 tax forms Farm-price method. Where can i get 2011 tax forms   Under this method, each item, whether raised or purchased, is valued at its market price less the direct cost of disposition. Where can i get 2011 tax forms Market price is the current price at the nearest market in the quantities you usually sell. Where can i get 2011 tax forms Cost of disposition includes broker's commissions, freight, hauling to market, and other marketing costs. Where can i get 2011 tax forms If you use this method, you must use it for your entire inventory, except that livestock can be inventoried under the unit-livestock-price method. Where can i get 2011 tax forms Unit-livestock-price method. Where can i get 2011 tax forms   This method recognizes the difficulty of establishing the exact costs of producing and raising each animal. Where can i get 2011 tax forms You group or classify livestock according to type and age and use a standard unit price for each animal within a class or group. Where can i get 2011 tax forms The unit price you assign should reasonably approximate the normal costs incurred in producing the animals in such classes. Where can i get 2011 tax forms Unit prices and classifications are subject to approval by the IRS on examination of your return. Where can i get 2011 tax forms You must annually reevaluate your unit livestock prices and adjust the prices upward or downward to reflect increases or decreases in the costs of raising livestock. Where can i get 2011 tax forms IRS approval is not required for these adjustments. Where can i get 2011 tax forms Any other changes in unit prices or classifications do require IRS approval. Where can i get 2011 tax forms   If you use this method, include all raised livestock in inventory, regardless of whether they are held for sale or for draft, breeding, sport, or dairy purposes. Where can i get 2011 tax forms This method accounts only for the increase in cost of raising an animal to maturity. Where can i get 2011 tax forms It does not provide for any decrease in the animal's market value after it reaches maturity. Where can i get 2011 tax forms Also, if you raise cattle, you are not required to inventory hay you grow to feed your herd. Where can i get 2011 tax forms   Do not include sold or lost animals in the year-end inventory. Where can i get 2011 tax forms If your records do not show which animals were sold or lost, treat the first animals acquired as sold or lost. Where can i get 2011 tax forms The animals on hand at the end of the year are considered those most recently acquired. Where can i get 2011 tax forms   You must include in inventory all livestock purchased primarily for sale. Where can i get 2011 tax forms You can choose either to include in inventory or depreciate livestock purchased for draft, breeding, sport or dairy purposes. Where can i get 2011 tax forms However, you must be consistent from year to year, regardless of the method you have chosen. Where can i get 2011 tax forms You cannot change your method without obtaining approval from the IRS. Where can i get 2011 tax forms   You must include in inventory animals purchased after maturity or capitalize them at their purchase price. Where can i get 2011 tax forms If the animals are not mature at purchase, increase the cost at the end of each tax year according to the established unit price. Where can i get 2011 tax forms However, in the year of purchase, do not increase the cost of any animal purchased during the last 6 months of the year. Where can i get 2011 tax forms This “no increase” rule does not apply to tax shelters which must make an adjustment for any animal purchased during the year. Where can i get 2011 tax forms It also does not apply to taxpayers that must make an adjustment to reasonably reflect the particular period in the year in which animals are purchased, if necessary to avoid significant distortions in income. Where can i get 2011 tax forms Uniform capitalization rules. Where can i get 2011 tax forms   A farmer can determine costs required to be allocated under the uniform capitalization rules by using the farm-price or unit-livestock-price inventory method. Where can i get 2011 tax forms This applies to any plant or animal, even if the farmer does not hold or treat the plant or animal as inventory property. Where can i get 2011 tax forms Cash Versus Accrual Method The following examples compare the cash and accrual methods of accounting. Where can i get 2011 tax forms Example 1. Where can i get 2011 tax forms You are a farmer who uses an accrual method of accounting. Where can i get 2011 tax forms You keep your books on the calendar year basis. Where can i get 2011 tax forms You sell grain in December 2013 but you are not paid until January 2014. Where can i get 2011 tax forms Because the accrual method was used and 2013 was the tax year in which the grain was sold, you must both include the sales proceeds and deduct the costs incurred in producing the grain on your 2013 tax return. Where can i get 2011 tax forms Example 2. Where can i get 2011 tax forms Assume the same facts as in Example 1 except that you use the cash method and there was no constructive receipt of the sales proceeds in 2013. Where can i get 2011 tax forms Under this method, you include the sales proceeds in income for 2014, the year you receive payment. Where can i get 2011 tax forms Deduct the costs of producing the grain in the year you pay for them. Where can i get 2011 tax forms Special Methods of Accounting There are special methods of accounting for certain items of income and expense. Where can i get 2011 tax forms Crop method. Where can i get 2011 tax forms   If you do not harvest and dispose of your crop in the same tax year that you plant it, you can, with IRS approval, use the crop method of accounting. Where can i get 2011 tax forms You cannot use the crop method for any tax return, including your first tax return, unless you receive approval from the IRS. Where can i get 2011 tax forms Under this method, you deduct the entire cost of producing the crop, including the expense of seed or young plants, in the year you realize income from the crop. Where can i get 2011 tax forms    See chapter 4 for details on deducting the costs of operating a farm. Where can i get 2011 tax forms Also see Regulations section 1. Where can i get 2011 tax forms 162-12. Where can i get 2011 tax forms Other special methods. Where can i get 2011 tax forms   Other special methods of accounting apply to the following items. Where can i get 2011 tax forms Amortization, see chapter 7. Where can i get 2011 tax forms Casualties, see chapter 11. Where can i get 2011 tax forms Condemnations, see chapter 11. Where can i get 2011 tax forms Depletion, see chapter 7. Where can i get 2011 tax forms Depreciation, see chapter 7. Where can i get 2011 tax forms Farm business expenses, see chapter 4. Where can i get 2011 tax forms Farm income, see chapter 3. Where can i get 2011 tax forms Installment sales, see chapter 10. Where can i get 2011 tax forms Soil and water conservation expenses, see chapter 5. Where can i get 2011 tax forms Thefts, see chapter 11. Where can i get 2011 tax forms Combination Method Generally, you can use any combination of cash, accrual, and special methods of accounting if the combination clearly shows your income and expenses and you use it consistently. Where can i get 2011 tax forms However, the following restrictions apply. Where can i get 2011 tax forms If you use the cash method for figuring your income, you must use the cash method for reporting your expenses. Where can i get 2011 tax forms If you use an accrual method for reporting your expenses, you must use an accrual method for figuring your income. Where can i get 2011 tax forms Changes in Methods of Accounting A change in your method of accounting includes a change in: Your overall method, such as from the cash method to an accrual method, and Your treatment of any material item, such as a change in your method of valuing inventory (for example, a change from the farm-price method to the unit-livestock-price method, discussed earlier). Where can i get 2011 tax forms Generally, once you have set up your accounting method, you must receive approval from the IRS before you can change to another method of accounting. Where can i get 2011 tax forms You may also have to pay a fee. Where can i get 2011 tax forms To obtain approval, you must generally file Form 3115. Where can i get 2011 tax forms There are instances when you can obtain automatic consent to change certain methods of accounting. Where can i get 2011 tax forms See the List of Automatic Accounting Method Changes located in the Instructions for Form 3115. Where can i get 2011 tax forms For more information on changes in methods of accounting, see Form 3115 and the Instructions for Form 3115. Where can i get 2011 tax forms Also see Publication 538. Where can i get 2011 tax forms Prev  Up  Next   Home   More Online Publications