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Where To File State Taxes

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Where To File State Taxes

Where to file state taxes 8. Where to file state taxes   Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Sales and ExchangesDetermining Gain or Loss Like-Kind Exchanges Transfer to Spouse Ordinary or Capital Gain or LossCapital Assets Noncapital Assets Hedging (Commodity Futures) Livestock Converted Wetland and Highly Erodible Cropland Timber Sale of a Farm Foreclosure or Repossession Abandonment Introduction This chapter explains how to figure, and report on your tax return, your gain or loss on the disposition of your property or debt and whether such gain or loss is ordinary or capital. Where to file state taxes Ordinary gain is taxed at the same rates as wages and interest income while capital gain is generally taxed at lower rates. Where to file state taxes Dispositions discussed in this chapter include sales, exchanges, foreclosures, repossessions, canceled debts, hedging transactions, and elections to treat cutting of timber as a sale or exchange. Where to file state taxes Topics - This chapter discusses: Sales and exchanges Ordinary or capital gain or loss Useful Items - You may want to see: Publication 334 Tax Guide for Small Business 523 Selling Your Home 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Sch D (Form 1040) Capital Gains and Losses Sch F (Form 1040) Profit or Loss From Farming 1099-A Acquisition or Abandonment of Secured Property 1099-C Cancellation of Debt 4797 Sales of Business Property 8949 Sales and Other Dispositions of Capital Assets See chapter 16 for information about getting publications and forms. Where to file state taxes Sales and Exchanges If you sell, exchange, or otherwise dispose of your property, you usually have a gain or a loss. Where to file state taxes This section explains certain rules for determining whether any gain you have is taxable, and whether any loss you have is deductible. Where to file state taxes A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. Where to file state taxes An exchange is a transfer of property for other property or services. Where to file state taxes Determining Gain or Loss You usually realize a gain or loss when you sell or exchange property. Where to file state taxes If the amount you realize from a sale or exchange of property is more than its adjusted basis, you will have a gain. Where to file state taxes If the adjusted basis of the property is more than the amount you realize, you will have a loss. Where to file state taxes Basis and adjusted basis. Where to file state taxes   The basis of property you buy is usually its cost. Where to file state taxes The adjusted basis of property is basis plus certain additions and minus certain deductions. Where to file state taxes See chapter 6 for more information about basis and adjusted basis. Where to file state taxes Amount realized. Where to file state taxes   The amount you realize from a sale or exchange is the total of all money you receive plus the fair market value (FMV) (defined in chapter 6) of all property or services you receive. Where to file state taxes The amount you realize also includes any of your liabilities assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Where to file state taxes   If the liabilities relate to an exchange of multiple properties, see Multiple Property Exchanges in chapter 1 of Publication 544. Where to file state taxes Amount recognized. Where to file state taxes   Your gain or loss realized from a sale or exchange of certain property is usually a recognized gain or loss for tax purposes. Where to file state taxes A recognized gain is a gain you must include in gross income and report on your income tax return. Where to file state taxes A recognized loss is a loss you deduct from gross income. Where to file state taxes However, your gain or loss realized from the exchange of certain property may not be recognized for tax purposes. Where to file state taxes See Like-Kind Exchanges next. Where to file state taxes Also, a loss from the disposition of property held for personal use is not deductible. Where to file state taxes Like-Kind Exchanges Certain exchanges of property are not taxable. Where to file state taxes This means any gain from the exchange is not recognized, and any loss cannot be deducted. Where to file state taxes Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Where to file state taxes The exchange of property for the same kind of property is the most common type of nontaxable exchange. Where to file state taxes To qualify for treatment as a like-kind exchange, the property traded and the property received must be both of the following. Where to file state taxes Qualifying property. Where to file state taxes Like-kind property. Where to file state taxes These two requirements are discussed later. Where to file state taxes Multiple-party transactions. Where to file state taxes   The like-kind exchange rules also apply to property exchanges that involve three and four-party transactions. Where to file state taxes Any part of these multiple-party transactions can qualify as a like-kind exchange if it meets all the requirements described in this section. Where to file state taxes Receipt of title from third party. Where to file state taxes   If you receive property in a like-kind exchange and the other party who transfers the property to you does not give you the title, but a third party does, you can still treat this transaction as a like-kind exchange if it meets all the requirements. Where to file state taxes Basis of property received. Where to file state taxes   If you receive property in a like-kind exchange, the basis of the property will be the same as the basis of the property you gave up. Where to file state taxes See chapter 6 for more information. Where to file state taxes Money paid. Where to file state taxes   If, in addition to giving up like-kind property, you pay money in a like-kind exchange, you still have no recognized gain or loss. Where to file state taxes The basis of the property received is the basis of the property given up, increased by the money paid. Where to file state taxes Example. Where to file state taxes You traded an old tractor with an adjusted basis of $15,000 for a new one. Where to file state taxes The new tractor costs $300,000. Where to file state taxes You were allowed $80,000 for the old tractor and paid $220,000 cash. Where to file state taxes You have no recognized gain or loss on the transaction regardless of the adjusted basis of your old tractor and the basis of the new tractor is $235,000, the adjusted basis of the old tractor plus the cash paid ($15,000 + $220,000). Where to file state taxes If you had sold the old tractor to a third party for $80,000 and bought a new one, you would have a recognized gain or loss on the sale of your old tractor equal to the difference between the amount realized and the adjusted basis of the old tractor. Where to file state taxes In this case, the taxable gain would be $65,000 ($80,000 − $15,000) and the basis of the new tractor would be $300,000. Where to file state taxes Reporting the exchange. Where to file state taxes   Report the exchange of like-kind property, even though no gain or loss is recognized, on Form 8824, Like-Kind Exchanges. Where to file state taxes The Instructions for Form 8824 explain how to report the details of the exchange. Where to file state taxes   If you have any recognized gain because you received money or unlike property, report it on Schedule D (Form 1040) or Form 4797, whichever applies. Where to file state taxes You may also have to report the recognized gain as ordinary income because of depreciation recapture on Form 4797. Where to file state taxes See chapter 9 for more information. Where to file state taxes Qualifying property. Where to file state taxes   In a like-kind exchange, both the property you give up and the property you receive must be held by you for investment or for productive use in your trade or business. Where to file state taxes Machinery, buildings, land, trucks, breeding livestock, rental houses, and certain mutual ditch, reservoir, or irrigation company stock are examples of property that may qualify. Where to file state taxes Nonqualifying property. Where to file state taxes   The rules for like-kind exchanges do not apply to exchanges of the following property. Where to file state taxes Property you use for personal purposes, such as your home and family car. Where to file state taxes Stock in trade or other property held primarily for sale, such as crops and produce. Where to file state taxes Stocks, bonds, or notes. Where to file state taxes However, see Qualifying property above. Where to file state taxes Other securities or evidences of indebtedness, such as accounts receivable. Where to file state taxes Partnership interests. Where to file state taxes However, you may have a nontaxable exchange under other rules. Where to file state taxes See Other Nontaxable Exchanges in chapter 1 of Publication 544. Where to file state taxes Like-kind property. Where to file state taxes   To qualify as a nontaxable exchange, the properties exchanged must be of like kind. Where to file state taxes Like-kind properties are properties of the same nature or character, even if they differ in grade or quality. Where to file state taxes Generally, real property exchanged for real property qualifies as an exchange of like-kind property. Where to file state taxes For example, an exchange of city property for farm property or improved property for unimproved property is a like-kind exchange. Where to file state taxes   An exchange of a tractor for a new tractor is an exchange of like-kind property, and so is an exchange of timber land for crop acreage. Where to file state taxes An exchange of a tractor for acreage, however, is not an exchange of like-kind property. Where to file state taxes The exchange of livestock of one sex for livestock of the other sex is not a like-kind exchange. Where to file state taxes For example, the exchange of a bull for a cow is not a like-kind exchange. Where to file state taxes An exchange of the assets of a business for the assets of a similar business cannot be treated as an exchange of one property for another property. Where to file state taxes    Note. Where to file state taxes Whether you engaged in a like-kind exchange depends on an analysis of each asset involved in the exchange. Where to file state taxes Personal property. Where to file state taxes   Depreciable tangible personal property can be either like kind or like class to qualify for nontaxable exchange treatment. Where to file state taxes Like-class properties are depreciable tangible personal properties within the same General Asset Class or Product Class. Where to file state taxes Property classified in any General Asset Class may not be classified within a Product Class. Where to file state taxes Assets that are not in the same class will qualify as like-kind property if they are of the same nature or character. Where to file state taxes General Asset Classes. Where to file state taxes   General Asset Classes describe the types of property frequently used in many businesses. Where to file state taxes They include, but are not limited to, the following property. Where to file state taxes Office furniture, fixtures, and equipment (asset class 00. Where to file state taxes 11). Where to file state taxes Information systems, such as computers and peripheral equipment (asset class 00. Where to file state taxes 12). Where to file state taxes Data handling equipment except computers (asset class 00. Where to file state taxes 13). Where to file state taxes Automobiles and taxis (asset class 00. Where to file state taxes 22). Where to file state taxes Light general purpose trucks (asset class 00. Where to file state taxes 241). Where to file state taxes Heavy general purpose trucks (asset class 00. Where to file state taxes 242). Where to file state taxes Tractor units for use over-the-road (asset class 00. Where to file state taxes 26). Where to file state taxes Trailers and trailer-mounted containers (asset class 00. Where to file state taxes 27). Where to file state taxes Industrial steam and electric generation and/or distribution systems (asset class 00. Where to file state taxes 4). Where to file state taxes Product Classes. Where to file state taxes   Product Classes include property listed in a 6-digit product class in sectors 31 through 33 of the North American Industry Classification System (NAICS) of the Executive Office of the President, Office of Management and Budget, United States, (NAICS Manual). Where to file state taxes The latest version of the manual can be accessed at www. Where to file state taxes census. Where to file state taxes gov/eos/www/naics/. Where to file state taxes Copies of the printed manual may be purchased from the National Technical Information Service (NTIS) at  www. Where to file state taxes ntis. Where to file state taxes gov/products/naics. Where to file state taxes aspx or by calling 1-800-553-NTIS (1-800-553-6847) or (703) 605-6000. Where to file state taxes A CD-ROM version with search and retrieval software is also available from NTIS. Where to file state taxes    NAICS class 333111, Farm Machinery and Equipment Manufacturing, includes most machinery and equipment used in a farming business. Where to file state taxes Partially nontaxable exchange. Where to file state taxes   If, in addition to like-kind property, you receive money or unlike property in an exchange on which you realize gain, you have a partially nontaxable exchange. Where to file state taxes You are taxed on the gain you realize, but only to the extent of the money and the FMV of the unlike property you receive. Where to file state taxes A loss is not deductible. Where to file state taxes Example 1. Where to file state taxes You trade farmland that cost $30,000 for $10,000 cash and other land to be used in farming with a FMV of $50,000. Where to file state taxes You have a realized gain of $30,000 ($50,000 FMV of new land + $10,000 cash − $30,000 basis of old farmland = $30,000 realized gain). Where to file state taxes However, only $10,000, the cash received, is recognized (included in income). Where to file state taxes Example 2. Where to file state taxes Assume the same facts as in Example 1, except that, instead of money, you received a tractor with a FMV of $10,000. Where to file state taxes Your recognized gain is still limited to $10,000, the value of the tractor (the unlike property). Where to file state taxes Example 3. Where to file state taxes Assume in Example 1 that the FMV of the land you received was only $15,000. Where to file state taxes Your $5,000 loss is not recognized. Where to file state taxes Unlike property given up. Where to file state taxes   If, in addition to like-kind property, you give up unlike property, you must recognize gain or loss on the unlike property you give up. Where to file state taxes The gain or loss is the difference between the FMV of the unlike property and the adjusted basis of the unlike property. Where to file state taxes Like-kind exchanges between related persons. Where to file state taxes   Special rules apply to like-kind exchanges between related persons. Where to file state taxes These rules affect both direct and indirect exchanges. Where to file state taxes Under these rules, if either person disposes of the property within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. Where to file state taxes The gain or loss on the original exchange must be recognized as of the date of the later disposition. Where to file state taxes The 2-year holding period begins on the date of the last transfer of property that was part of the like-kind exchange. Where to file state taxes Related persons. Where to file state taxes   Under these rules, related persons include, for example, you and a member of your family (spouse, brother, sister, parent, child, etc. Where to file state taxes ), you and a corporation in which you have more than 50% ownership, you and a partnership in which you directly or indirectly own more than a 50% interest of the capital or profits, and two partnerships in which you directly or indirectly own more than 50% of the capital interests or profits. Where to file state taxes   For the complete list of related persons, see Related persons in chapter 2 of Publication 544. Where to file state taxes Example. Where to file state taxes You used a grey pickup truck in your farming business. Where to file state taxes Your sister used a red pickup truck in her landscaping business. Where to file state taxes In December 2012, you exchanged your grey pickup truck, plus $200, for your sister's red pickup truck. Where to file state taxes At that time, the FMV of the grey pickup truck was $7,000 and its adjusted basis was $6,000. Where to file state taxes The FMV of the red pickup truck was $7,200 and its adjusted basis was $1,000. Where to file state taxes You realized a gain of $1,000 (the $7,200 FMV of the red pickup truck, minus the grey pickup truck's $6,000 adjusted basis, minus the $200 you paid). Where to file state taxes Your sister realized a gain of $6,200 (the $7,000 FMV of the grey pickup truck plus the $200 you paid, minus the $1,000 adjusted basis of the red pickup truck). Where to file state taxes However, because this was a like-kind exchange, you recognized no gain. Where to file state taxes Your basis in the red pickup truck was $6,200 (the $6,000 adjusted basis of the grey pickup truck plus the $200 you paid). Where to file state taxes She recognized gain only to the extent of the money she received, $200. Where to file state taxes Her basis in the grey pickup truck was $1,000 (the $1,000 adjusted basis of the red pickup truck minus the $200 received, plus the $200 gain recognized). Where to file state taxes In 2013, you sold the red pickup truck to a third party for $7,000. Where to file state taxes Because you sold it within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. Where to file state taxes On your tax return for 2013, you must report your $1,000 gain on the 2012 exchange. Where to file state taxes You also report a loss on the sale as $200 (the adjusted basis of the red pickup truck, $7,200 (its $6,200 basis plus the $1,000 gain recognized), minus the $7,000 realized from the sale). Where to file state taxes In addition, your sister must report on her tax return for 2013 the $6,000 balance of her gain on the 2012 exchange. Where to file state taxes Her adjusted basis in the grey pickup truck is increased to $7,000 (its $1,000 basis plus the $6,000 gain recognized). Where to file state taxes Exceptions to the rules for related persons. Where to file state taxes   The following property dispositions are excluded from these rules. Where to file state taxes Dispositions due to the death of either related person. Where to file state taxes Involuntary conversions. Where to file state taxes Dispositions where it is established to the satisfaction of the IRS that neither the exchange nor the disposition has, as a main purpose, the avoidance of federal income tax. Where to file state taxes Multiple property exchanges. Where to file state taxes   Under the like-kind exchange rules, you must generally make a property-by-property comparison to figure your recognized gain and the basis of the property you receive in the exchange. Where to file state taxes However, for exchanges of multiple properties, you do not make a property-by-property comparison if you do either of the following. Where to file state taxes Transfer and receive properties in two or more exchange groups. Where to file state taxes Transfer or receive more than one property within a single exchange group. Where to file state taxes   For more information, see Multiple Property Exchanges in chapter 1 of Publication 544. Where to file state taxes Deferred exchange. Where to file state taxes   A deferred exchange for like-kind property may qualify for nonrecognition of gain or loss. Where to file state taxes A deferred exchange is an exchange in which you transfer property you use in business or hold for investment and later receive like-kind property you will use in business or hold for investment. Where to file state taxes The property you receive is replacement property. Where to file state taxes The transaction must be an exchange of property for property rather than a transfer of property for money used to buy replacement property. Where to file state taxes In addition, the replacement property will not be treated as like-kind property unless certain identification and receipt requirements are met. Where to file state taxes   For more information see Deferred Exchanges in chapter 1 of Publication 544. Where to file state taxes Transfer to Spouse No gain or loss is recognized on a transfer of property from an individual to (or in trust for the benefit of) a spouse, or a former spouse if incident to divorce. Where to file state taxes This rule does not apply if the recipient is a nonresident alien. Where to file state taxes Nor does this rule apply to a transfer in trust to the extent the liabilities assumed and the liabilities on the property are more than the property's adjusted basis. Where to file state taxes Any transfer of property to a spouse or former spouse on which gain or loss is not recognized is not considered a sale or exchange. Where to file state taxes The recipient's basis in the property will be the same as the adjusted basis of the giver immediately before the transfer. Where to file state taxes This carryover basis rule applies whether the adjusted basis of the transferred property is less than, equal to, or greater than either its FMV at the time of transfer or any consideration paid by the recipient. Where to file state taxes This rule applies for determining loss as well as gain. Where to file state taxes Any gain recognized on a transfer in trust increases the basis. Where to file state taxes For more information on transfers of property incident to divorce, see Property Settlements in Publication 504, Divorced or Separated Individuals. Where to file state taxes Ordinary or Capital Gain or Loss Generally, you will have a capital gain or loss if you sell or exchange a capital asset (defined below). Where to file state taxes You may also have a capital gain if your section 1231 transactions result in a net gain. Where to file state taxes See Section 1231 Gains and Losses in  chapter 9. Where to file state taxes To figure your net capital gain or loss, you must classify your gains and losses as either ordinary or capital (and your capital gains or losses as either short-term or long-term). Where to file state taxes Your net capital gains may be taxed at a lower tax rate than ordinary income. Where to file state taxes See Capital Gains Tax Rates , later. Where to file state taxes Your deduction for a net capital loss may be limited. Where to file state taxes See Treatment of Capital Losses , later. Where to file state taxes Capital Assets Almost everything you own and use for personal purposes or investment is a capital asset. Where to file state taxes The following items are examples of capital assets. Where to file state taxes A home owned and occupied by you and your family. Where to file state taxes Household furnishings. Where to file state taxes A car used for pleasure. Where to file state taxes If your car is used both for pleasure and for farm business, it is partly a capital asset and partly a noncapital asset, defined later. Where to file state taxes Stocks and bonds. Where to file state taxes However, there are special rules for gains on qualified small business stock. Where to file state taxes For more information on this subject, see Gains on Qualified Small Business Stock and Losses on Section 1244 (Small Business) Stock in chapter 4 of Publication 550. Where to file state taxes Personal-use property. Where to file state taxes   Gain from a sale or exchange of personal-use property is a capital gain and is taxable. Where to file state taxes Loss from the sale or exchange of personal-use property is not deductible. Where to file state taxes You can deduct a loss relating to personal-use property only if it results from a casualty or theft. Where to file state taxes For information on casualties and thefts, see chapter 11. Where to file state taxes Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. Where to file state taxes The time you own an asset before disposing of it is the holding period. Where to file state taxes If you hold a capital asset 1 year or less, the gain or loss resulting from its disposition is short term. Where to file state taxes Report it in Part I of Schedule D (Form 1040). Where to file state taxes If you hold a capital asset longer than 1 year, the gain or loss resulting from its disposition is long term. Where to file state taxes Report it in Part II of Schedule D (Form 1040). Where to file state taxes Holding period. Where to file state taxes   To figure if you held property longer than 1 year, start counting on the day after the day you acquired the property. Where to file state taxes The day you disposed of the property is part of your holding period. Where to file state taxes Example. Where to file state taxes If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. Where to file state taxes If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. Where to file state taxes Inherited property. Where to file state taxes   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. Where to file state taxes This rule does not apply to livestock used in a farm business. Where to file state taxes See Holding period under Livestock , later. Where to file state taxes Nonbusiness bad debt. Where to file state taxes   A nonbusiness bad debt is a short-term capital loss, deductible in the year the debt becomes worthless. Where to file state taxes See chapter 4 of Publication 550. Where to file state taxes Nontaxable exchange. Where to file state taxes   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. Where to file state taxes That is, it begins on the same day as your holding period for the old property. Where to file state taxes Gift. Where to file state taxes   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. Where to file state taxes Real property. Where to file state taxes   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, on the day after you took possession of it and assumed the burdens and privileges of ownership. Where to file state taxes   However, taking possession of real property under an option agreement is not enough to start the holding period. Where to file state taxes The holding period cannot start until there is an actual contract of sale. Where to file state taxes The holding period of the seller cannot end before that time. Where to file state taxes Figuring Net Gain or Loss The totals for short-term capital gains and losses and the totals for long-term capital gains and losses must be figured separately. Where to file state taxes Net short-term capital gain or loss. Where to file state taxes   Combine your short-term capital gains and losses. Where to file state taxes Do this by adding all of your short-term capital gains. Where to file state taxes Then add all of your short-term capital losses. Where to file state taxes Subtract the lesser total from the greater. Where to file state taxes The difference is your net short-term capital gain or loss. Where to file state taxes Net long-term capital gain or loss. Where to file state taxes   Follow the same steps to combine your long-term capital gains and losses. Where to file state taxes The result is your net long-term capital gain or loss. Where to file state taxes Net gain. Where to file state taxes   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. Where to file state taxes However, part of your gain (but not more than your net capital gain) may be taxed at a lower rate than the rate of tax on your ordinary income. Where to file state taxes See Capital Gains Tax Rates , later. Where to file state taxes Net loss. Where to file state taxes   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. Where to file state taxes But there are limits on how much loss you can deduct and when you can deduct it. Where to file state taxes See Treatment of Capital Losses next. Where to file state taxes Treatment of Capital Losses If your capital losses are more than your capital gains, you must claim the difference even if you do not have ordinary income to offset it. Where to file state taxes For taxpayers other than corporations, the yearly limit on the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). Where to file state taxes If your other income is low, you may not be able to use the full $3,000. Where to file state taxes The part of the $3,000 you cannot use becomes part of your capital loss carryover (discussed next). Where to file state taxes Capital loss carryover. Where to file state taxes   Generally, you have a capital loss carryover if either of the following situations applies to you. Where to file state taxes Your net loss on Schedule D (Form 1040), is more than the yearly limit. Where to file state taxes Your taxable income without your deduction for exemptions is less than zero. Where to file state taxes If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carry over to 2014. Where to file state taxes    To figure your capital loss carryover from 2013 to 2014, you will need a copy of your 2013 Form 1040 and Schedule D (Form 1040). Where to file state taxes Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Where to file state taxes These lower rates are called the maximum capital gains rates. Where to file state taxes The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Where to file state taxes See Schedule D (Form 1040) and the Instructions for Schedule D (Form 1040). Where to file state taxes Also see Publication 550. Where to file state taxes Noncapital Assets Noncapital assets include property such as inventory and depreciable property used in a trade or business. Where to file state taxes A list of properties that are not capital assets is provided in the Instructions for Schedule D (Form 1040). Where to file state taxes Property held for sale in the ordinary course of your farm business. Where to file state taxes   Property you hold mainly for sale to customers, such as livestock, poultry, livestock products, and crops, is a noncapital asset. Where to file state taxes Gain or loss from sales or other dispositions of this property is reported on Schedule F (Form 1040) (not on Schedule D (Form 1040) or Form 4797). Where to file state taxes The treatment of this property is discussed in chapter 3. Where to file state taxes Land and depreciable properties. Where to file state taxes   Land and depreciable property you use in farming are not capital assets. Where to file state taxes Noncapital assets also include livestock held for draft, breeding, dairy, or sporting purposes. Where to file state taxes However, your gains and losses from sales and exchanges of your farmland and depreciable properties must be considered together with certain other transactions to determine whether the gains and losses are treated as capital or ordinary gains and losses. Where to file state taxes The sales of these business assets are reported on Form 4797. Where to file state taxes See chapter 9 for more information. Where to file state taxes Hedging (Commodity Futures) Hedging transactions are transactions that you enter into in the normal course of business primarily to manage the risk of interest rate or price changes, or currency fluctuations, with respect to borrowings, ordinary property, or ordinary obligations. Where to file state taxes Ordinary property or obligations are those that cannot produce capital gain or loss if sold or exchanged. Where to file state taxes A commodity futures contract is a standardized, exchange-traded contract for the sale or purchase of a fixed amount of a commodity at a future date for a fixed price. Where to file state taxes The holder of an option on a futures contract has the right (but not the obligation) for a specified period of time to enter into a futures contract to buy or sell at a particular price. Where to file state taxes A forward contract is generally similar to a futures contract except that the terms are not standardized and the contract is not exchange traded. Where to file state taxes Businesses may enter into commodity futures contracts or forward contracts and may acquire options on commodity futures contracts as either of the following. Where to file state taxes Hedging transactions. Where to file state taxes Transactions that are not hedging transactions. Where to file state taxes Futures transactions with exchange-traded commodity futures contracts that are not hedging transactions, generally, result in capital gain or loss and are subject to the mark-to-market rules discussed in Publication 550. Where to file state taxes There is a limit on the amount of capital losses you can deduct each year. Where to file state taxes Hedging transactions are not subject to the mark-to-market rules. Where to file state taxes If, as a farmer-producer, to protect yourself from the risk of unfavorable price fluctuations, you enter into commodity forward contracts, futures contracts, or options on futures contracts and the contracts cover an amount of the commodity within your range of production, the transactions are generally considered hedging transactions. Where to file state taxes They can take place at any time you have the commodity under production, have it on hand for sale, or reasonably expect to have it on hand. Where to file state taxes The gain or loss on the termination of these hedges is generally ordinary gain or loss. Where to file state taxes Farmers who file their income tax returns on the cash method report any profit or loss on the hedging transaction on Schedule F, line 8. Where to file state taxes Gains or losses from hedging transactions that hedge supplies of a type regularly used or consumed in the ordinary course of your trade or business may be ordinary gains or losses. Where to file state taxes Examples include fuel and feed. Where to file state taxes If you have numerous transactions in the commodity futures market during the year, you must be able to show which transactions are hedging transactions. Where to file state taxes Clearly identify a hedging transaction on your books and records before the end of the day you entered into the transaction. Where to file state taxes It may be helpful to have separate brokerage accounts for your hedging and speculation transactions. Where to file state taxes Retain the identification of each hedging transaction with your books and records. Where to file state taxes Also, identify the item(s) or aggregate risk that is being hedged in your records. Where to file state taxes Although the identification of the hedging transaction must be made before the end of the day it was entered into, you have 35 days after entering into the transaction to identify the hedged item(s) or risk. Where to file state taxes For more information on the tax treatment of futures and options contracts, see Commodity Futures and Section 1256 Contracts Marked to Market in Publication 550. Where to file state taxes Accounting methods for hedging transactions. Where to file state taxes   The accounting method you use for a hedging transaction must clearly reflect income. Where to file state taxes This means that your accounting method must reasonably match the timing of income, deduction, gain, or loss from a hedging transaction with the timing of income, deduction, gain, or loss from the item or items being hedged. Where to file state taxes There are requirements and limits on the method you can use for certain hedging transactions. Where to file state taxes See Regulations section 1. Where to file state taxes 446-4(e) for those requirements and limits. Where to file state taxes   Hedging transactions must be accounted for under the rules stated above unless the transaction is subject to mark-to-market accounting under section 475 or you use an accounting method other than the following methods. Where to file state taxes Cash method. Where to file state taxes Farm-price method. Where to file state taxes Unit-livestock-price method. Where to file state taxes   Once you adopt a method, you must apply it consistently and must have IRS approval before changing it. Where to file state taxes   Your books and records must describe the accounting method used for each type of hedging transaction. Where to file state taxes They must also contain any additional identification necessary to verify the application of the accounting method you used for the transaction. Where to file state taxes You must make the additional identification no more than 35 days after entering into the hedging transaction. Where to file state taxes Example of a hedging transaction. Where to file state taxes   You file your income tax returns on the cash method. Where to file state taxes On July 2 you anticipate a yield of 50,000 bushels of corn this year. Where to file state taxes The December futures price is $5. Where to file state taxes 75 a bushel, but there are indications that by harvest time the price will drop. Where to file state taxes To protect yourself against a drop in the price, you enter into the following hedging transaction. Where to file state taxes You sell ten December futures contracts of 5,000 bushels each for a total of 50,000 bushels of corn at $5. Where to file state taxes 75 a bushel. Where to file state taxes   The price did not drop as anticipated but rose to $6 a bushel. Where to file state taxes In November, you sell your crop at a local elevator for $6 a bushel. Where to file state taxes You also close out your futures position by buying ten December contracts for $6 a bushel. Where to file state taxes You paid a broker's commission of $1,400 ($70 per contract) for the complete in and out position in the futures market. Where to file state taxes   The result is that the price of corn rose 25 cents a bushel and the actual selling price is $6 a bushel. Where to file state taxes Your loss on the hedge is 25 cents a bushel. Where to file state taxes In effect, the net selling price of your corn is $5. Where to file state taxes 75 a bushel. Where to file state taxes   Report the results of your futures transactions and your sale of corn separately on Schedule F. Where to file state taxes See the instructions for the 2013 Schedule F (Form 1040). Where to file state taxes   The loss on your futures transactions is $13,900, figured as follows. Where to file state taxes July 2 - Sold December corn futures (50,000 bu. Where to file state taxes @$5. Where to file state taxes 75) $287,500 November 6 - Bought December corn futures (50,000 bu. Where to file state taxes @$6 plus $1,400 broker's commission) 301,400 Futures loss ($13,900) This loss is reported as a negative figure on Schedule F, Part I, line 8, as other income. Where to file state taxes   The proceeds from your corn sale at the local elevator are $300,000 (50,000 bu. Where to file state taxes × $6). Where to file state taxes Report it on Schedule F, Part I, line 2, as income from sales of products you raised. Where to file state taxes   Assume you were right and the price went down 25 cents a bushel. Where to file state taxes In effect, you would still net $5. Where to file state taxes 75 a bushel, figured as follows. Where to file state taxes Sold cash corn, per bushel $5. Where to file state taxes 50 Gain on hedge, per bushel . Where to file state taxes 25 Net price, per bushel $5. Where to file state taxes 75       The gain on your futures transactions would have been $11,100, figured as follows. Where to file state taxes July 2 - Sold December corn futures (50,000 bu. Where to file state taxes @$5. Where to file state taxes 75) $287,500 November 6 - Bought December corn futures (50,000 bu. Where to file state taxes @$5. Where to file state taxes 50 plus $1,400 broker's commission) 276,400 Futures gain $11,100 The $11,100 is reported on Schedule F, Part I, line 8, as other income. Where to file state taxes   The proceeds from the sale of your corn at the local elevator, $275,000, are reported on Schedule F, Part I, line 2, as income from sales of products you raised. Where to file state taxes Livestock This part discusses the sale or exchange of livestock used in your farm business. Where to file state taxes Gain or loss from the sale or exchange of this livestock may qualify as a section 1231 gain or loss. Where to file state taxes However, any part of the gain that is ordinary income from the recapture of depreciation is not included as section 1231 gain. Where to file state taxes See chapter 9 for more information on section 1231 gains and losses and the recapture of depreciation under section 1245. Where to file state taxes The rules discussed here do not apply to the sale of livestock held primarily for sale to customers. Where to file state taxes The sale of this livestock is reported on Schedule F. Where to file state taxes See chapter 3. Where to file state taxes Also, special rules apply to sales or exchanges caused by weather-related conditions. Where to file state taxes See chapter 3. Where to file state taxes Holding period. Where to file state taxes   The sale or exchange of livestock used in your farm business (defined below) qualifies as a section 1231 transaction if you held the livestock for 12 months or more (24 months or more for horses and cattle). Where to file state taxes Livestock. Where to file state taxes   For section 1231 transactions, livestock includes cattle, hogs, horses, mules, donkeys, sheep, goats, fur-bearing animals, and other mammals. Where to file state taxes Also, for section 1231 transactions, livestock does not include chickens, turkeys, pigeons, geese, emus, ostriches, rheas, or other birds, fish, frogs, reptiles, etc. Where to file state taxes Livestock used in farm business. Where to file state taxes   If livestock is held primarily for draft, breeding, dairy, or sporting purposes, it is used in your farm business. Where to file state taxes The purpose for which an animal is held ordinarily is determined by a farmer's actual use of the animal. Where to file state taxes An animal is not held for draft, breeding, dairy, or sporting purposes merely because it is suitable for that purpose, or because it is held for sale to other persons for use by them for that purpose. Where to file state taxes However, a draft, breeding, or sporting purpose may be present if an animal is disposed of within a reasonable time after it is prevented from its intended use or made undesirable as a result of an accident, disease, drought, or unfitness of the animal. Where to file state taxes Example 1. Where to file state taxes You discover an animal that you intend to use for breeding purposes is sterile. Where to file state taxes You dispose of it within a reasonable time. Where to file state taxes This animal was held for breeding purposes. Where to file state taxes Example 2. Where to file state taxes You retire and sell your entire herd, including young animals that you would have used for breeding or dairy purposes had you remained in business. Where to file state taxes These young animals were held for breeding or dairy purposes. Where to file state taxes Also, if you sell young animals to reduce your breeding or dairy herd because of drought, these animals are treated as having been held for breeding or dairy purposes. Where to file state taxes See Sales Caused by Weather-Related Conditions in chapter 3. Where to file state taxes Example 3. Where to file state taxes You are in the business of raising hogs for slaughter. Where to file state taxes Customarily, before selling your sows, you obtain a single litter of pigs that you will raise for sale. Where to file state taxes You sell the brood sows after obtaining the litter. Where to file state taxes Even though you hold these brood sows for ultimate sale to customers in the ordinary course of your business, they are considered to be held for breeding purposes. Where to file state taxes Example 4. Where to file state taxes You are in the business of raising registered cattle for sale to others for use as breeding cattle. Where to file state taxes The business practice is to breed the cattle before sale to establish their fitness as registered breeding cattle. Where to file state taxes Your use of the young cattle for breeding purposes is ordinary and necessary for selling them as registered breeding cattle. Where to file state taxes Such use does not demonstrate that you are holding the cattle for breeding purposes. Where to file state taxes However, those cattle you held as additions or replacements to your own breeding herd to produce calves are considered to be held for breeding purposes, even though they may not actually have produced calves. Where to file state taxes The same applies to hog and sheep breeders. Where to file state taxes Example 5. Where to file state taxes You breed, raise, and train horses for racing purposes. Where to file state taxes Every year you cull horses from your racing stable. Where to file state taxes In 2013, you decided that to prevent your racing stable from getting too large to be effectively operated, you must cull six horses that had been raced at public tracks in 2012. Where to file state taxes These horses are all considered held for sporting purposes. Where to file state taxes Figuring gain or loss on the cash method. Where to file state taxes   Farmers or ranchers who use the cash method of accounting figure their gain or loss on the sale of livestock used in their farming business as follows. Where to file state taxes Raised livestock. Where to file state taxes   Gain on the sale of raised livestock is generally the gross sales price reduced by any expenses of the sale. Where to file state taxes Expenses of sale include sales commissions, freight or hauling from farm to commission company, and other similar expenses. Where to file state taxes The basis of the animal sold is zero if the costs of raising it were deducted during the years the animal was being raised. Where to file state taxes However, see Uniform Capitalization Rules in chapter 6. Where to file state taxes Purchased livestock. Where to file state taxes   The gross sales price minus your adjusted basis and any expenses of sale is the gain or loss. Where to file state taxes Example. Where to file state taxes A farmer sold a breeding cow on January 8, 2013, for $1,250. Where to file state taxes Expenses of the sale were $125. Where to file state taxes The cow was bought July 2, 2009, for $1,300. Where to file state taxes Depreciation (not less than the amount allowable) was $867. Where to file state taxes Gross sales price $1,250 Cost (basis) $1,300   Minus: Depreciation deduction 867   Unrecovered cost (adjusted basis) $ 433   Expense of sale 125 558 Gain realized $ 692 Converted Wetland and Highly Erodible Cropland Special rules apply to dispositions of land converted to farming use after March 1, 1986. Where to file state taxes Any gain realized on the disposition of converted wetland or highly erodible cropland is treated as ordinary income. Where to file state taxes Any loss on the disposition of such property is treated as a long-term capital loss. Where to file state taxes Converted wetland. Where to file state taxes   This is generally land that was drained or filled to make the production of agricultural commodities possible. Where to file state taxes It includes converted wetland held by the person who originally converted it or held by any other person who used the converted wetland at any time after conversion for farming. Where to file state taxes   A wetland (before conversion) is land that meets all the following conditions. Where to file state taxes It is mostly soil that, in its undrained condition, is saturated, flooded, or ponded long enough during a growing season to develop an oxygen-deficient state that supports the growth and regeneration of plants growing in water. Where to file state taxes It is saturated by surface or groundwater at a frequency and duration sufficient to support mostly plants that are adapted for life in saturated soil. Where to file state taxes It supports, under normal circumstances, mostly plants that grow in saturated soil. Where to file state taxes Highly erodible cropland. Where to file state taxes   This is cropland subject to erosion that you used at any time for farming purposes other than grazing animals. Where to file state taxes Generally, highly erodible cropland is land currently classified by the Department of Agriculture as Class IV, VI, VII, or VIII under its classification system. Where to file state taxes Highly erodible cropland also includes land that would have an excessive average annual erosion rate in relation to the soil loss tolerance level, as determined by the Department of Agriculture. Where to file state taxes Successor. Where to file state taxes   Converted wetland or highly erodible cropland is also land held by any person whose basis in the land is figured by reference to the adjusted basis of a person in whose hands the property was converted wetland or highly erodible cropland. Where to file state taxes Timber Standing timber you held as investment property is a capital asset. Where to file state taxes Gain or loss from its sale is capital gain or loss reported on Form 8949 and Schedule D (Form 1040), as applicable. Where to file state taxes If you held the timber primarily for sale to customers, it is not a capital asset. Where to file state taxes Gain or loss on its sale is ordinary business income or loss. Where to file state taxes It is reported on Schedule F, line 1 (purchased timber) or line 2 (raised timber). Where to file state taxes See the Instructions for Schedule F (Form 1040). Where to file state taxes Farmers who cut timber on their land and sell it as logs, firewood, or pulpwood usually have no cost or other basis for that timber. Where to file state taxes Amounts realized from these sales, and the expenses incurred in cutting, hauling, etc. Where to file state taxes , are ordinary farm income and expenses reported on Schedule F. Where to file state taxes Different rules apply if you owned the timber longer than 1 year and elect to treat timber cutting as a sale or exchange or you enter into a cutting contract, discussed below. Where to file state taxes Timber considered cut. Where to file state taxes   Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. Where to file state taxes This is true whether the timber is cut under contract or whether you cut it yourself. Where to file state taxes Christmas trees. Where to file state taxes   Evergreen trees, such as Christmas trees, that are more than 6 years old when severed from their roots and sold for ornamental purposes are included in the term timber. Where to file state taxes They qualify for both rules discussed below. Where to file state taxes Election to treat cutting as a sale or exchange. Where to file state taxes   Under the general rule, the cutting of timber results in no gain or loss. Where to file state taxes It is not until a sale or exchange occurs that gain or loss is realized. Where to file state taxes But if you owned or had a contractual right to cut timber, you can elect to treat the cutting of timber as a section 1231 transaction in the year it is cut. Where to file state taxes Even though the cut timber is not actually sold or exchanged, you report your gain or loss on the cutting for the year the timber is cut. Where to file state taxes Any later sale results in ordinary business income or loss. Where to file state taxes See the example below. Where to file state taxes   To elect this treatment, you must: Own or hold a contractual right to cut the timber for a period of more than 1 year before it is cut, and Cut the timber for sale or use in your trade or business. Where to file state taxes Making the election. Where to file state taxes   You make the election on your return for the year the cutting takes place by including in income the gain or loss on the cutting and including a computation of your gain or loss. Where to file state taxes You do not have to make the election in the first year you cut the timber. Where to file state taxes You can make it in any year to which the election would apply. Where to file state taxes If the timber is partnership property, the election is made on the partnership return. Where to file state taxes This election cannot be made on an amended return. Where to file state taxes   Once you have made the election, it remains in effect for all later years unless you revoke it. Where to file state taxes Election under section 631(a) may be revoked. Where to file state taxes   If you previously elected for any tax year ending before October 23, 2004, to treat the cutting of timber as a sale or exchange under section 631(a), you may revoke this election without the consent of the IRS for any tax year ending after October 22, 2004. Where to file state taxes The prior election (and revocation) is disregarded for purposes of making a subsequent election. Where to file state taxes See Form T (Timber), Forest Activities Schedule, for more information. Where to file state taxes Gain or loss. Where to file state taxes   Your gain or loss on the cutting of standing timber is the difference between its adjusted basis for depletion and its FMV on the first day of your tax year in which it is cut. Where to file state taxes   Your adjusted basis for depletion of cut timber is based on the number of units (board feet, log scale, or other units) of timber cut during the tax year and considered to be sold or exchanged. Where to file state taxes Your adjusted basis for depletion is also based on the depletion unit of timber in the account used for the cut timber, and should be figured in the same manner as shown in section 611 and Regulations section 1. Where to file state taxes 611-3. Where to file state taxes   Depletion of timber is discussed in chapter 7. Where to file state taxes Example. Where to file state taxes   In April 2013, you owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. Where to file state taxes It had an adjusted basis for depletion of $40 per MBF. Where to file state taxes You are a calendar year taxpayer. Where to file state taxes On January 1, 2013, the timber had a FMV of $350 per MBF. Where to file state taxes It was cut in April for sale. Where to file state taxes On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. Where to file state taxes You report the difference between the FMV and your adjusted basis for depletion as a gain. Where to file state taxes This amount is reported on Form 4797 along with your other section 1231 gains and losses to figure whether it is treated as a capital gain or as ordinary gain. Where to file state taxes You figure your gain as follows. Where to file state taxes FMV of timber January 1, 2013 $1,400,000 Minus: Adjusted basis for depletion 160,000 Section 1231 gain $1,240,000   The FMV becomes your basis in the cut timber, and a later sale of the cut timber, including any by-product or tree tops, will result in ordinary business income or loss. Where to file state taxes Outright sales of timber. Where to file state taxes   Outright sales of timber by landowners qualify for capital gains treatment using rules similar to the rules for certain disposal of timber under a contract with retained economic interest (defined later). Where to file state taxes However, for outright sales, the date of disposal is not deemed to be the date the timber is cut because the landowner can elect to treat the payment date as the date of disposal (see Date of disposal below). Where to file state taxes Cutting contract. Where to file state taxes   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. Where to file state taxes You are the owner of the timber. Where to file state taxes You held the timber longer than 1 year before its disposal. Where to file state taxes You kept an economic interest in the timber. Where to file state taxes   You have kept an economic interest in standing timber if, under the cutting contract, the expected return on your investment is conditioned on the cutting of the timber. Where to file state taxes   The difference between the amount realized from the disposal of the timber and its adjusted basis for depletion is treated as gain or loss on its sale. Where to file state taxes Include this amount on Form 4797 along with your other section 1231 gains or losses. Where to file state taxes Date of disposal. Where to file state taxes   The date of disposal is the date the timber is cut. Where to file state taxes However, for outright sales by landowners or if you receive payment under the contract before the timber is cut, you can elect to treat the date of payment as the date of disposal. Where to file state taxes   This election applies only to figure the holding period of the timber. Where to file state taxes It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). Where to file state taxes   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. Where to file state taxes The statement must identify the advance payments subject to the election and the contract under which they were made. Where to file state taxes   If you timely filed your return for the year you received payment without making the election, you can still make the election by filing an amended return within 6 months after the due date for that year's return (excluding extensions). Where to file state taxes Attach the statement to the amended return and write “Filed pursuant to section 301. Where to file state taxes 9100-2” at the top of the statement. Where to file state taxes File the amended return at the same address the original return was filed. Where to file state taxes Owner. Where to file state taxes   An owner is any person who owns an interest in the timber, including a sublessor and the holder of a contract to cut the timber. Where to file state taxes You own an interest in timber if you have the right to cut it for sale on your own account or for use in your business. Where to file state taxes Tree stumps. Where to file state taxes   Tree stumps are a capital asset if they are on land held by an investor who is not in the timber or stump business as a buyer, seller, or processor. Where to file state taxes Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. Where to file state taxes However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. Where to file state taxes Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. Where to file state taxes   See Form T (Timber) and its separate instructions for more information about dispositions of timber. Where to file state taxes Sale of a Farm The sale of your farm will usually involve the sale of both nonbusiness property (your home) and business property (the land and buildings used in the farm operation and perhaps machinery and livestock). Where to file state taxes If you have a gain from the sale, you may be allowed to exclude the gain on your home. Where to file state taxes For more information, see Publication 523, Selling Your Home. Where to file state taxes The gain on the sale of your business property is taxable. Where to file state taxes A loss on the sale of your business property to an unrelated person is deducted as an ordinary loss. Where to file state taxes Your taxable gain or loss on the sale of property used in your farm business is taxed under the rules for section 1231 transactions. Where to file state taxes See chapter 9. Where to file state taxes Losses from personal-use property, other than casualty or theft losses, are not deductible. Where to file state taxes If you receive payments for your farm in installments, your gain is taxed over the period of years the payments are received, unless you elect not to use the installment method of reporting the gain. Where to file state taxes See chapter 10 for information about installment sales. Where to file state taxes When you sell your farm, the gain or loss on each asset is figured separately. Where to file state taxes The tax treatment of gain or loss on the sale of each asset is determined by the classification of the asset. Where to file state taxes Each of the assets sold must be classified as one of the following. Where to file state taxes Capital asset held 1 year or less. Where to file state taxes Capital asset held longer than 1 year. Where to file state taxes Property (including real estate) used in your business and held 1 year or less (including draft, breeding, dairy, and sporting animals held less than the holding periods discussed earlier under Livestock ). Where to file state taxes Property (including real estate) used in your business and held longer than 1 year (including only draft, breeding, dairy, and sporting animals held for the holding periods discussed earlier). Where to file state taxes Property held primarily for sale or which is of the kind that would be included in inventory if on hand at the end of your tax year. Where to file state taxes Allocation of consideration paid for a farm. Where to file state taxes   The sale of a farm for a lump sum is considered a sale of each individual asset rather than a single asset. Where to file state taxes The residual method is required only if the group of assets sold constitutes a trade or business. Where to file state taxes This method determines gain or loss from the transfer of each asset. Where to file state taxes It also determines the buyer's basis in the business assets. Where to file state taxes For more information, see Sale of a Business in chapter 2 of Publication 544. Where to file state taxes Property used in farm operation. Where to file state taxes   The rules for excluding the gain on the sale of your home, described later under Sale of your home , do not apply to the property used for your farming business. Where to file state taxes Recognized gains and losses on business property must be reported on your return for the year of the sale. Where to file state taxes If the property was held longer than 1 year, it may qualify for section 1231 treatment (see chapter 9). Where to file state taxes Example. Where to file state taxes You sell your farm, including your main home, which you have owned since December 2001. Where to file state taxes You realize gain on the sale as follows. Where to file state taxes   Farm   Farm   With Home Without   Home Only Home Selling price $382,000 $158,000 $224,000 Cost (or other basis) 240,000 110,000 130,000 Gain $142,000 $48,000 $94,000 You must report the $94,000 gain from the sale of the property used in your farm business. Where to file state taxes All or a part of that gain may have to be reported as ordinary income from the recapture of depreciation or soil and water conservation expenses. Where to file state taxes Treat the balance as section 1231 gain. Where to file state taxes The $48,000 gain from the sale of your home is not taxable as long as you meet the requirements explained later under Sale of your home . Where to file state taxes Partial sale. Where to file state taxes   If you sell only part of your farm, you must report any recognized gain or loss on the sale of that part on your tax return for the year of the sale. Where to file state taxes You cannot wait until you have sold enough of the farm to recover its entire cost before reporting gain or loss. Where to file state taxes For a detailed discussion on installment sales, see Publication 544. Where to file state taxes Adjusted basis of the part sold. Where to file state taxes   This is the properly allocated part of your original cost or other basis of the entire farm plus or minus necessary adjustments for improvements, depreciation, etc. Where to file state taxes , on the part sold. Where to file state taxes If your home is on the farm, you must properly adjust the basis to exclude those costs from your farm asset costs, as discussed below under Sale of your home . Where to file state taxes Example. Where to file state taxes You bought a 600-acre farm for $700,000. Where to file state taxes The farm included land and buildings. Where to file state taxes The purchase contract designated $600,000 of the purchase price to the land. Where to file state taxes You later sold 60 acres of land on which you had installed a fence. Where to file state taxes Your adjusted basis for the part of your farm sold is $60,000 (1/10 of $600,000), plus any unrecovered cost (cost not depreciated) of the fence on the 60 acres at the time of sale. Where to file state taxes Use this amount to determine your gain or loss on the sale of the 60 acres. Where to file state taxes Assessed values for local property taxes. Where to file state taxes   If you paid a flat sum for the entire farm and no other facts are available for properly allocating your original cost or other basis between the land and the buildings, you can use the assessed values for local property taxes for the year of purchase to allocate the costs. Where to file state taxes Example. Where to file state taxes Assume that in the preceding example there was no breakdown of the $700,000 purchase price between land and buildings. Where to file state taxes However, in the year of purchase, local taxes on the entire property were based on assessed valuations of $420,000 for land and $140,000 for improvements, or a total of $560,000. Where to file state taxes The assessed valuation of the land is 3/4 (75%) of the total assessed valuation. Where to file state taxes Multiply the $700,000 total purchase price by 75% to figure basis of $525,000 for the 600 acres of land. Where to file state taxes The unadjusted basis of the 60 acres you sold would then be $52,500 (1/10 of $525,000). Where to file state taxes Sale of your home. Where to file state taxes   Your home is a capital asset and not property used in the trade or business of farming. Where to file state taxes If you sell a farm that includes a house you and your family occupy, you must determine the part of the selling price and the part of the cost or other basis allocable to your home. Where to file state taxes Your home includes the immediate surroundings and outbuildings relating to it that are not used for business purposes. Where to file state taxes   If you use part of your home for business, you must make an appropriate adjustment to the basis for depreciation allowed or allowable. Where to file state taxes For more information on basis, see chapter 6. Where to file state taxes More information. Where to file state taxes   For more information on selling your home, see Publication 523. Where to file state taxes Gain from condemnation. Where to file state taxes   If you have a gain from a condemnation or sale under threat of condemnation, you may use the preceding rules for excluding the gain, rather than the rules discussed under Postponing Gain in chapter 11. Where to file state taxes However, any gain that cannot be excluded (because it is more than the limit) may be postponed under the rules discussed under Postponing Gain in chapter 11. Where to file state taxes Foreclosure or Repossession If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Where to file state taxes The foreclosure or repossession is treated as a sale or exchange from which you may realize gain or loss. Where to file state taxes This is true even if you voluntarily return the property to the lender. Where to file state taxes You may also realize ordinary income from cancellation of debt if the loan balance is more than the FMV of the property. Where to file state taxes Buyer's (borrower's) gain or loss. Where to file state taxes   You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale or exchange. Where to file state taxes The gain or loss is the difference between your adjusted basis in the transferred property and the amount realized. Where to file state taxes See Determining Gain or Loss , earlier. Where to file state taxes Worksheet 8-1. Where to file state taxes Worksheet for Foreclosures andRepossessions Part 1. Where to file state taxes Use Part 1 to figure your ordinary income from the cancellation of debt upon foreclosure or repossession. Where to file state taxes Complete this part only if you were personally liable for the debt. Where to file state taxes Otherwise, go to Part 2. Where to file state taxes   1. Where to file state taxes Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable after the transfer of property   2. Where to file state taxes Enter the Fair Market Value of the transferred property   3. Where to file state taxes Ordinary income from cancellation of debt upon foreclosure or repossession. Where to file state taxes * Subtract line 2 from line 1. Where to file state taxes If zero or less, enter -0-   Part 2. Where to file state taxes Figure your gain or loss from foreclosure or repossession. Where to file state taxes   4. Where to file state taxes If you completed Part 1, enter the smaller of line 1 or line 2. Where to file state taxes If you did not complete Part 1, enter the outstanding debt immediately before the transfer of property   5. Where to file state taxes Enter any proceeds you received from the foreclosure sale   6. Where to file state taxes Add lines 4 and 5   7. Where to file state taxes Enter the adjusted basis of the transferred property   8. Where to file state taxes Gain or loss from foreclosure or repossession. Where to file state taxes Subtract line 7  from line 6   * The income may not be taxable. Where to file state taxes See Cancellation of debt . Where to file state taxes    You can use Worksheet 8-1 to figure your gain or loss from a foreclosure or repossession. Where to file state taxes Amount realized on a nonrecourse debt. Where to file state taxes   If you are not personally liable for repaying the debt (nonrecourse debt) secured by the transferred property, the amount you realize includes the full amount of the debt canceled by the transfer. Where to file state taxes The full canceled debt is included in the amount realized even if the fair market value of the property is less than the canceled debt. Where to file state taxes Example 1. Where to file state taxes Ann paid $200,000 for land used in her farming business. Where to file state taxes She paid $15,000 down and borrowed the remaining $185,000 from a bank. Where to file state taxes Ann is not personally liable for the loan (nonrecourse debt), but pledges the land as security. Where to file state taxes The bank foreclosed on the loan 2 years after Ann stopped making payments. Where to file state taxes When the bank foreclosed, the balance due on the loan was $180,000 and the FMV of the land was $170,000. Where to file state taxes The amount Ann realized on the foreclosure was $180,000, the debt canceled by the foreclosure. Where to file state taxes She figures her gain or loss on Form 4797, Part I, by comparing the amount realized ($180,000) with her adjusted basis ($200,000). Where to file state taxes She has a $20,000 deductible loss. Where to file state taxes Example 2. Where to file state taxes Assume the same facts as in Example 1 except the FMV of the land was $210,000. Where to file state taxes The result is the same. Where to file state taxes The amount Ann realized on the foreclosure is $180,000, the debt canceled by the foreclosure. Where to file state taxes Because her adjusted basis is $200,000, she has a deductible loss of $20,000, which she reports on Form 4797, Part I. Where to file state taxes Amount realized on a recourse debt. Where to file state taxes   If you are personally liable for the debt (recourse debt), the amount realized on the foreclosure or repossession includes the lesser of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The fair market value of the transferred property. Where to file state taxes   You are treated as receiving ordinary income from the canceled debt for the part of the debt that is more than the fair market value. Where to file state taxes The amount realized does not include the canceled debt that is your income from cancellation of debt. Where to file state taxes See Cancellation of debt , later. Where to file state taxes Example 3. Where to file state taxes Assume the same facts as in Example 1 above except Ann is personally liable for the loan (recourse debt). Where to file state taxes In this case, the amount she realizes is $170,000. Where to file state taxes This is the canceled debt ($180,000) up to the FMV of the land ($170,000). Where to file state taxes Ann figures her gain or loss on the foreclosure by comparing the amount realized ($170,000) with her adjusted basis ($200,000). Where to file state taxes She has a $30,000 deductible loss, which she figures on Form 4797, Part I. Where to file state taxes She is also treated as receiving ordinary income from cancellation of debt. Where to file state taxes That income is $10,000 ($180,000 − $170,000). Where to file state taxes This is the part of the canceled debt not included in the amount realized. Where to file state taxes She reports this as other income on Schedule F, line 8. Where to file state taxes Seller's (lender's) gain or loss on repossession. Where to file state taxes   If you finance a buyer's purchase of property and later acquire an interest in it through foreclosure or repossession, you may have a gain or loss on the acquisition. Where to file state taxes For more information, see Repossession in Publication 537, Installment Sales. Where to file state taxes Cancellation of debt. Where to file state taxes   If property that is repossessed or foreclosed upon secures a debt for which you are personally liable (recourse debt), you generally must report as ordinary income the amount by which the canceled debt is more than the FMV of the property. Where to file state taxes This income is separate from any gain or loss realized from the foreclosure or repossession. Where to file state taxes Report the income from cancellation of a business debt on Schedule F, line 8. Where to file state taxes Report the income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. Where to file state taxes    You can use Worksheet 8-1 to figure your income from cancellation of debt. Where to file state taxes   However, income from cancellation of debt is not taxed if any of the following apply. Where to file state taxes The cancellation is intended as a gift. Where to file state taxes The debt is qualified farm debt (see chapter 3). Where to file state taxes The debt is qualified real property business debt (see chapter 5 of Publication 334). Where to file state taxes You are insolvent or bankrupt (see  chapter 3). Where to file state taxes The debt is qualified principal residence indebtedness (see chapter 3). Where to file state taxes   Use Form 982 to report the income exclusion. Where to file state taxes Abandonment The abandonment of property is a disposition of property. Where to file state taxes You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership, but without passing it on to anyone else. Where to file state taxes Business or investment property. Where to file state taxes   Loss from abandonment of business or investment property is deductible as a loss. Where to file state taxes Loss from abandonment of business or investment property that is not treated as a sale or exchange generally is an ordinary loss. Where to file state taxes If your adjusted basis is more than the amount you realize (if any), then you have a loss. Where to file state taxes If the amount you realize (if any) is more than your adjusted basis, then you have a gain. Where to file state taxes This rule also applies to leasehold improvements the lessor made for the lessee. Where to file state taxes However, if the property is foreclosed on or repossessed in lieu of abandonment, gain or loss is figured as discussed earlier under Foreclosure or Repossession . Where to file state taxes   If the abandoned property is secured by debt, special rules apply. Where to file state taxes The tax consequences of abandonment of property that secures a debt depend on whether you are personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). Where to file state taxes For more information, see chapter 3 of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). Where to file state taxes The abandonment loss is deducted in the tax year in which the loss is sustained. Where to file state taxes Report the loss on Form 4797, Part II, line 10. Where to file state taxes Personal-use property. Where to file state taxes   You cannot deduct any loss from abandonment of your home or other property held for personal use. Where to file state taxes Canceled debt. Where to file state taxes   If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. Where to file state taxes This income is separate from any loss realized from abandonment of the property. Where to file state taxes Report income from cancellation of a debt related to a business or rental activity as business or rental income. Where to file state taxes Report income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. Where to file state taxes   However, income from cancellation of debt is not taxed in certain circumstances. Where to file state taxes See Cancellation of debt earlier under Foreclosure or Repossession . Where to file state taxes Forms 1099-A and 1099-C. Where to file state taxes   A lender who acquires an interest in your property in a foreclosure, repossession, or abandonment should send you Form 1099-A showing the information you need to figure your loss from the foreclosure, repossession, or abandonment. Where to file state taxes However, if the lender cancels part of your debt and the lender must file Form 1099-C, the lender may include the information about the foreclosure, repossession, or abandonment on that form instead of Form 1099-A. Where to file state taxes The lender must file Form 1099-C and send you a copy if the canceled debt is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Where to file state taxes For foreclosures, repossessions, abandonments of property, and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Where to file state taxes Prev  Up  Next   Home   More Online Publications
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Foreign Account Tax Compliance Act

ALERT  

Regulations coordinating chapters 3, 4, 61, and section 3406 of the Internal Revenue Code and revising the final FATCA regulations have been posted to the Federal Register for publication.

See below for links to the new final and temporary regulations (and the associated notices of proposed rulemaking by cross-reference). Please note: Clicking any of the Federal Register publication links below will direct you first to an intermediate web page advising that you are leaving the IRS website. Click the button indicating you wish to leave the IRS website. 

Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons, Information Reporting and Backup Withholding on Payments Made to Certain U.S. Persons, and Portfolio Interest Treatment Pages 12725 - 12809 [FR DOC # 2014-03991]

Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities Pages 12811 - 12865 [FR DOC # 2014-03967]

Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities Pages 12867 - 12878 [FR DOC # 2014-03960]

Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons and Revision of Information Reporting and Backup Withholding Regulations Pages 12879 - 12888 [FR DOC # 2014-03990]

The following FATCA Forms and Instructions for 2014 are now available on the IRS.GOV Forms and Publications Website:  

  • Form 1042 - Use the 2013 form.  Learn more.
  • Form 1042-S
  • Form 8966
  • Form W-8BEN - Use the 2013 form.  Learn more.
  • Instructions to Form W-8BEN
  • Form W-8ECI
  • Instructions to Form W-8ECI

Click here to access IRS.GOV Forms and Publications Website.

The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.
  • FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts
  • FATCA focuses on reporting:
 
  • By U.S. taxpayers about certain foreign financial accounts and offshore assets
 
  • By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest
  • The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting.
Individuals
 
Financial Institutions
 
Governments

 
U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938 and attach it to their income tax return, if the total asset value exceeds the appropriate reporting threshold.


Form 8938 reporting is in addition to FBAR reporting.
 

 
   
Foreign
To avoid being withheld upon, a foreign financial institution may register with the IRS, obtain a Global Intermediary Identification Number (GIIN) and report certain information on U.S. accounts to the IRS.

U.S.
U.S. financial institutions and other U.S withholding agents must both withhold 30% on certain payments to foreign entities that do not document their FATCA status and report information about certain non-financial foreign entities.
 
   
If a jurisdiction enters into an Intergovernmental Agreement (IGA) to implement FATCA, the reporting and other compliance burdens on the financial institutions in the jurisdiction may be simplified. Such financial institutions will not be subject to withholding under FATCA.
 

 

Page Last Reviewed or Updated: 19-Mar-2014

The Where To File State Taxes

Where to file state taxes 12. Where to file state taxes   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Where to file state taxes Free help with your tax return. Where to file state taxes   You can get free help preparing your return nationwide from IRS-certified volunteers. Where to file state taxes The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Where to file state taxes The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Where to file state taxes Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Where to file state taxes In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Where to file state taxes To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Where to file state taxes gov, download the IRS2Go app, or call 1-800-906-9887. Where to file state taxes   As part of the TCE program, AARP offers the Tax-Aide counseling program. Where to file state taxes To find the nearest AARP Tax-Aide site, visit AARP's website at www. Where to file state taxes aarp. Where to file state taxes org/money/taxaide or call 1-888-227-7669. Where to file state taxes For more information on these programs, go to IRS. Where to file state taxes gov and enter “VITA” in the search box. Where to file state taxes Internet. Where to file state taxes    IRS. Where to file state taxes gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Where to file state taxes Download the free IRS2Go app from the iTunes app store or from Google Play. Where to file state taxes Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Where to file state taxes Check the status of your 2013 refund with the Where's My Refund? application on IRS. Where to file state taxes gov or download the IRS2Go app and select the Refund Status option. Where to file state taxes The IRS issues more than 9 out of 10 refunds in less than 21 days. Where to file state taxes Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Where to file state taxes You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Where to file state taxes The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Where to file state taxes Use the Interactive Tax Assistant (ITA) to research your tax questions. Where to file state taxes No need to wait on the phone or stand in line. Where to file state taxes The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Where to file state taxes When you reach the response screen, you can print the entire interview and the final response for your records. Where to file state taxes New subject areas are added on a regular basis. Where to file state taxes  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Where to file state taxes gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Where to file state taxes You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Where to file state taxes The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Where to file state taxes When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Where to file state taxes Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Where to file state taxes You can also ask the IRS to mail a return or an account transcript to you. Where to file state taxes Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Where to file state taxes gov or by calling 1-800-908-9946. Where to file state taxes Tax return and tax account transcripts are generally available for the current year and the past three years. Where to file state taxes Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Where to file state taxes Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Where to file state taxes If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Where to file state taxes Check the status of your amended return using Where's My Amended Return? Go to IRS. Where to file state taxes gov and enter Where's My Amended Return? in the search box. Where to file state taxes You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Where to file state taxes It can take up to 3 weeks from the date you mailed it to show up in our system. Where to file state taxes Make a payment using one of several safe and convenient electronic payment options available on IRS. Where to file state taxes gov. Where to file state taxes Select the Payment tab on the front page of IRS. Where to file state taxes gov for more information. Where to file state taxes Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Where to file state taxes Figure your income tax withholding with the IRS Withholding Calculator on IRS. Where to file state taxes gov. Where to file state taxes Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Where to file state taxes Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Where to file state taxes gov. Where to file state taxes Request an Electronic Filing PIN by going to IRS. Where to file state taxes gov and entering Electronic Filing PIN in the search box. Where to file state taxes Download forms, instructions and publications, including accessible versions for people with disabilities. Where to file state taxes Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Where to file state taxes gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Where to file state taxes An employee can answer questions about your tax account or help you set up a payment plan. Where to file state taxes Before you visit, check the Office Locator on IRS. Where to file state taxes gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Where to file state taxes If you have a special need, such as a disability, you can request an appointment. Where to file state taxes Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Where to file state taxes Apply for an Employer Identification Number (EIN). Where to file state taxes Go to IRS. Where to file state taxes gov and enter Apply for an EIN in the search box. Where to file state taxes Read the Internal Revenue Code, regulations, or other official guidance. Where to file state taxes Read Internal Revenue Bulletins. Where to file state taxes Sign up to receive local and national tax news and more by email. Where to file state taxes Just click on “subscriptions” above the search box on IRS. Where to file state taxes gov and choose from a variety of options. Where to file state taxes Phone. Where to file state taxes    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Where to file state taxes Download the free IRS2Go app from the iTunes app store or from Google Play. Where to file state taxes Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Where to file state taxes gov, or download the IRS2Go app. Where to file state taxes Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Where to file state taxes The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Where to file state taxes Most VITA and TCE sites offer free electronic filing. Where to file state taxes Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Where to file state taxes Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Where to file state taxes Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Where to file state taxes If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Where to file state taxes The IRS issues more than 9 out of 10 refunds in less than 21 days. Where to file state taxes Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Where to file state taxes Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Where to file state taxes The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Where to file state taxes Note, the above information is for our automated hotline. Where to file state taxes Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Where to file state taxes Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Where to file state taxes You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Where to file state taxes It can take up to 3 weeks from the date you mailed it to show up in our system. Where to file state taxes Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Where to file state taxes You should receive your order within 10 business days. Where to file state taxes Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Where to file state taxes If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Where to file state taxes Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Where to file state taxes The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Where to file state taxes These individuals can also contact the IRS through relay services such as the Federal Relay Service. Where to file state taxes Walk-in. Where to file state taxes   You can find a selection of forms, publications and services — in-person. Where to file state taxes Products. Where to file state taxes You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Where to file state taxes Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Where to file state taxes Services. Where to file state taxes You can walk in to your local TAC for face-to-face tax help. Where to file state taxes An employee can answer questions about your tax account or help you set up a payment plan. Where to file state taxes Before visiting, use the Office Locator tool on IRS. Where to file state taxes gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Where to file state taxes   Please contact the office for times when assistance will be available. Where to file state taxes Mail. Where to file state taxes   You can send your order for forms, instructions, and publications to the address below. Where to file state taxes You should receive a response within 10 business days after your request is received. Where to file state taxes Internal Revenue Service 1201 N. Where to file state taxes Mitsubishi Motorway Bloomington, IL 61705-6613   Taxpayer Advocate Service. Where to file state taxes   The Taxpayer Advocate Service Is here to help you. Where to file state taxes The Taxpayer Advocate Service (TAS) is your voice at the IRS. Where to file state taxes Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Where to file state taxes   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Where to file state taxes We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Where to file state taxes You face (or your business is facing) an immediate threat of adverse action. Where to file state taxes You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Where to file state taxes   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Where to file state taxes Here's why we can help: TAS is an independent organization within the IRS. Where to file state taxes Our advocates know how to work with the IRS. Where to file state taxes Our services are free and tailored to meet your needs. Where to file state taxes We have offices in every state, the District of Columbia, and Puerto Rico. Where to file state taxes   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Where to file state taxes  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Where to file state taxes If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Where to file state taxes Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Where to file state taxes Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Where to file state taxes Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Where to file state taxes Prev  Up  Next   Home   More Online Publications