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Www irs gov 2011freeefile 6. Www irs gov 2011freeefile   Basis of Assets Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Cost BasisReal Property Allocating the Basis Uniform Capitalization Rules Adjusted BasisIncreases to Basis Decreases to Basis Basis Other Than CostTaxable Exchanges Involuntary Conversions Nontaxable Exchanges Property Received as a Gift Property Transferred From a Spouse Inherited Property Property Distributed From a Partnership or Corporation Introduction Your basis is the amount of your investment in property for tax purposes. Www irs gov 2011freeefile Use basis to figure the gain or loss on the sale, exchange, or other disposition of property. Www irs gov 2011freeefile Also use basis to figure depreciation, amortization, depletion, and casualty losses. Www irs gov 2011freeefile If you use property for both business or investment purposes and for personal purposes, you must allocate the basis based on the use. Www irs gov 2011freeefile Only the basis allocated to the business or investment use of the property can be depreciated. Www irs gov 2011freeefile Your original basis in property is adjusted (increased or decreased) by certain events. Www irs gov 2011freeefile For example, if you make improvements to the property, increase your basis. Www irs gov 2011freeefile If you take deductions for depreciation, or casualty losses, or claim certain credits, reduce your basis. Www irs gov 2011freeefile Keep accurate records of all items that affect the basis of your assets. Www irs gov 2011freeefile For information on keeping records, see chapter 1. Www irs gov 2011freeefile Topics - This chapter discusses: Cost basis Adjusted basis Basis other than cost Useful Items - You may want to see: Publication 535 Business Expenses 544 Sales and Other Dispositions of Assets 551 Basis of Assets 946 How To Depreciate Property See chapter 16 for information about getting publications and forms. Www irs gov 2011freeefile Cost Basis The basis of property you buy is usually its cost. Www irs gov 2011freeefile Cost is the amount you pay in cash, debt obligations, other property, or services. Www irs gov 2011freeefile Your cost includes amounts you pay for sales tax, freight, installation, and testing. Www irs gov 2011freeefile The basis of real estate and business assets will include other items, discussed later. Www irs gov 2011freeefile Basis generally does not include interest payments. Www irs gov 2011freeefile However, see Carrying charges and Capitalized interest in chapter 4 of Publication 535. Www irs gov 2011freeefile You also may have to capitalize (add to basis) certain other costs related to buying or producing property. Www irs gov 2011freeefile Under the uniform capitalization rules, discussed later, you may have to capitalize direct costs and certain indirect costs of producing property. Www irs gov 2011freeefile Loans with low or no interest. Www irs gov 2011freeefile   If you buy property on a time-payment plan that charges little or no interest, the basis of your property is your stated purchase price minus the amount considered to be unstated interest. Www irs gov 2011freeefile You generally have unstated interest if your interest rate is less than the applicable federal rate. Www irs gov 2011freeefile See the discussion of unstated interest in Publication 537, Installment Sales. Www irs gov 2011freeefile Real Property Real property, also called real estate, is land and generally anything built on, growing on, or attached to land. Www irs gov 2011freeefile If you buy real property, certain fees and other expenses you pay are part of your cost basis in the property. Www irs gov 2011freeefile Some of these expenses are discussed next. Www irs gov 2011freeefile Lump sum purchase. Www irs gov 2011freeefile   If you buy improvements, such as buildings, and the land on which they stand for a lump sum, allocate your cost basis between the land and improvements. Www irs gov 2011freeefile Allocate the cost basis according to the respective fair market values (FMVs) of the land and improvements at the time of purchase. Www irs gov 2011freeefile Figure the basis of each asset by multiplying the lump sum by a fraction. Www irs gov 2011freeefile The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. Www irs gov 2011freeefile Fair market value (FMV). Www irs gov 2011freeefile   FMV is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Www irs gov 2011freeefile Sales of similar property on or about the same date may help in figuring the FMV of the property. Www irs gov 2011freeefile If you are not certain of the FMV of the land and improvements, you can allocate the basis according to their assessed values for real estate tax purposes. Www irs gov 2011freeefile Real estate taxes. Www irs gov 2011freeefile   If you pay the real estate taxes the seller owed on real property you bought, and the seller did not reimburse you, treat those taxes as part of your basis. Www irs gov 2011freeefile   If you reimburse the seller for taxes the seller paid for you, you generally can deduct that amount as a tax expense. Www irs gov 2011freeefile Whether or not you reimburse the seller, do not include that amount in the basis of your property. Www irs gov 2011freeefile Settlement costs. Www irs gov 2011freeefile   Your basis includes the settlement fees and closing costs for buying the property. Www irs gov 2011freeefile See Publication 551 for a detailed list of items you can and cannot include in basis. Www irs gov 2011freeefile   Do not include fees and costs for getting a loan on the property. Www irs gov 2011freeefile Also, do not include amounts placed in escrow for the future payment of items such as taxes and insurance. Www irs gov 2011freeefile Points. Www irs gov 2011freeefile   If you pay points to get a loan (including a mortgage, second mortgage, or line-of-credit), do not add the points to the basis of the related property. Www irs gov 2011freeefile You may be able to deduct the points currently or over the term of the loan. Www irs gov 2011freeefile For more information about deducting points, see Points in chapter 4 of Publication 535. Www irs gov 2011freeefile Assumption of a mortgage. Www irs gov 2011freeefile   If you buy property and assume (or buy the property subject to) an existing mortgage, your basis includes the amount you pay for the property plus the amount you owe on the mortgage. Www irs gov 2011freeefile Example. Www irs gov 2011freeefile If you buy a farm for $100,000 cash and assume a mortgage of $400,000, your basis is $500,000. Www irs gov 2011freeefile Constructing assets. Www irs gov 2011freeefile   If you build property or have assets built for you, your expenses for this construction are part of your basis. Www irs gov 2011freeefile Some of these expenses include the following costs: Land, Labor and materials, Architect's fees, Building permit charges, Payments to contractors, Payments for rental equipment, and Inspection fees. Www irs gov 2011freeefile   In addition, if you use your own employees, farm materials, and equipment to build an asset, do not deduct the following expenses. Www irs gov 2011freeefile You must capitalize them (include them in the asset's basis). Www irs gov 2011freeefile Employee wages paid for the construction work, reduced by any employment credits allowed. Www irs gov 2011freeefile Depreciation on equipment you own while it is used in the construction. Www irs gov 2011freeefile Operating and maintenance costs for equipment used in the construction. Www irs gov 2011freeefile The cost of business supplies and materials used in the construction. Www irs gov 2011freeefile    Do not include the value of your own labor, or any other labor you did not pay for, in the basis of any property you construct. Www irs gov 2011freeefile Allocating the Basis In some instances, the rules for determining basis apply to a group of assets acquired in the same transaction or to property that consists of separate items. Www irs gov 2011freeefile To determine the basis of these assets or separate items, there must be an allocation of basis. Www irs gov 2011freeefile Group of assets acquired. Www irs gov 2011freeefile   If you buy multiple assets for a lump sum, allocate the amount you pay among the assets. Www irs gov 2011freeefile Use this allocation to figure your basis for depreciation and gain or loss on a later disposition of any of these assets. Www irs gov 2011freeefile You and the seller may agree in the sales contract to a specific allocation of the purchase price among the assets. Www irs gov 2011freeefile If this allocation is based on the value of each asset and you and the seller have adverse tax interests, the allocation generally will be accepted. Www irs gov 2011freeefile Farming business acquired. Www irs gov 2011freeefile   If you buy a group of assets that makes up a farming business, there are special rules you must use to allocate the purchase price among the assets. Www irs gov 2011freeefile Generally, reduce the purchase price by any cash received. Www irs gov 2011freeefile Allocate the remaining purchase price to the other business assets received in proportion to (but not more than) their FMV and in a certain order. Www irs gov 2011freeefile See Trade or Business Acquired under Allocating the Basis in Publication 551 for more information. Www irs gov 2011freeefile Transplanted embryo. Www irs gov 2011freeefile   If you buy a cow that is pregnant with a transplanted embryo, allocate to the basis of the cow the part of the purchase price equal to the FMV of the cow without the implant. Www irs gov 2011freeefile Allocate the rest of the purchase price to the basis of the calf. Www irs gov 2011freeefile Neither the cost allocated to the cow nor the cost allocated to the calf is deductible as a current business expense. Www irs gov 2011freeefile Uniform Capitalization Rules Under the uniform capitalization rules, you must include certain direct and indirect costs in the basis of property you produce or in your inventory costs, rather than claim them as a current deduction. Www irs gov 2011freeefile You recover these costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Www irs gov 2011freeefile Generally, you are subject to the uniform capitalization rules if you do any of the following: Produce real or tangible personal property, or Acquire property for resale. Www irs gov 2011freeefile However, this rule does not apply to personal property if your average annual gross receipts for the 3-tax-year period ending with the year preceding the current tax year are $10 million or less. Www irs gov 2011freeefile You produce property if you construct, build, install, manufacture, develop, improve, or create the property. Www irs gov 2011freeefile You are not subject to the uniform capitalization rules if the property is produced for personal use. Www irs gov 2011freeefile In a farming business, you produce property if you raise or grow any agricultural or horticultural commodity, including plants and animals. Www irs gov 2011freeefile Plants. Www irs gov 2011freeefile   A plant produced in a farming business includes the following items: A fruit, nut, or other crop-bearing tree; An ornamental tree; A vine; A bush; Sod; and The crop or yield of a plant that will have more than one crop or yield. Www irs gov 2011freeefile Animals. Www irs gov 2011freeefile   An animal produced in a farming business includes any stock, poultry or other bird, and fish or other sea life. Www irs gov 2011freeefile The direct and indirect costs of producing plants or animals include preparatory costs and preproductive period costs. Www irs gov 2011freeefile Preparatory costs include the acquisition costs of the seed, seedling, plant, or animal. Www irs gov 2011freeefile For plants, preproductive period costs include the costs of items such as irrigation, pruning, frost protection, spraying, and harvesting. Www irs gov 2011freeefile For animals, preproductive period costs include the costs of items such as feed, maintaining pasture or pen areas, breeding, veterinary services, and bedding. Www irs gov 2011freeefile Exceptions. Www irs gov 2011freeefile   In a farming business, the uniform capitalization rules do not apply to: Any animal, Any plant with a preproductive period of 2 years or less, or Any costs of replanting certain plants lost or damaged due to casualty. Www irs gov 2011freeefile   Exceptions (1) and (2) do not apply to a corporation, partnership, or tax shelter required to use an accrual method of accounting. Www irs gov 2011freeefile See Accrual Method Required under Accounting Methods in chapter 2. Www irs gov 2011freeefile   In addition, you can elect not to use the uniform capitalization rules for plants with a preproductive period of more than 2 years. Www irs gov 2011freeefile If you make this election, special rules apply. Www irs gov 2011freeefile This election cannot be made by a corporation, partnership, or tax shelter required to use an accrual method of accounting. Www irs gov 2011freeefile This election also does not apply to any costs incurred for the planting, cultivation, maintenance, or development of any citrus or almond grove (or any part thereof) within the first 4 years the trees were planted. Www irs gov 2011freeefile    If you elect not to use the uniform capitalization rules, you must use the alternative depreciation system for all property used in any of your farming businesses and placed in service in any tax year during which the election is in effect. Www irs gov 2011freeefile See chapter 7, for additional information on depreciation. Www irs gov 2011freeefile Example. Www irs gov 2011freeefile You grow trees that have a preproductive period of more than 2 years. Www irs gov 2011freeefile The trees produce an annual crop. Www irs gov 2011freeefile You are an individual and the uniform capitalization rules apply to your farming business. Www irs gov 2011freeefile You must capitalize the direct costs and an allocable part of indirect costs incurred due to the production of the trees. Www irs gov 2011freeefile You are not required to capitalize the costs of producing the annual crop because its preproductive period is 2 years or less. Www irs gov 2011freeefile Preproductive period of more than 2 years. Www irs gov 2011freeefile   The preproductive period of plants grown in commercial quantities in the United States is based on their nationwide weighted average preproductive period. Www irs gov 2011freeefile Plants producing the crops or yields shown in Table 6-1 have a nationwide weighted average preproductive period of more than 2 years. Www irs gov 2011freeefile Other plants (not shown in Table 6-1) may also have a nationwide weighted average preproductive period of more than 2 years. Www irs gov 2011freeefile More information. Www irs gov 2011freeefile   For more information on the uniform capitalization rules that apply to property produced in a farming business, see Regulations section 1. Www irs gov 2011freeefile 263A-4. Www irs gov 2011freeefile Table 6-1. Www irs gov 2011freeefile Plants With a Preproductive Period of More Than 2 Years Plants producing the following crops or yields have a nationwide weighted average preproductive period of more than 2 years. Www irs gov 2011freeefile Almonds Apples Apricots Avocados Blueberries Cherries Chestnuts Coffee beans Currants Dates Figs Grapefruit Grapes Guavas Kiwifruit Kumquats Lemons Limes Macadamia nuts Mangoes Nectarines Olives Oranges Peaches Pears Pecans Persimmons Pistachio nuts Plums Pomegranates Prunes Tangelos Tangerines Tangors Walnuts Adjusted Basis Before figuring gain or loss on a sale, exchange, or other disposition of property or figuring allowable depreciation, depletion, or amortization, you must usually make certain adjustments to the cost basis or basis other than cost (discussed later) of the property. Www irs gov 2011freeefile The adjustments to the original basis are increases or decreases to the cost basis or other basis which result in the adjusted basis of the property. Www irs gov 2011freeefile Increases to Basis Increase the basis of any property by all items properly added to a capital account. Www irs gov 2011freeefile These include the cost of any improvements having a useful life of more than 1 year. Www irs gov 2011freeefile The following costs increase the basis of property. Www irs gov 2011freeefile The cost of extending utility service lines to property. Www irs gov 2011freeefile Legal fees, such as the cost of defending and perfecting title. Www irs gov 2011freeefile Legal fees for seeking a decrease in an assessment levied against property to pay for local improvements. Www irs gov 2011freeefile Assessments for items such as paving roads and building ditches that increase the value of the property assessed. Www irs gov 2011freeefile Do not deduct these expenses as taxes. Www irs gov 2011freeefile However, you can deduct as taxes amounts assessed for maintenance or repairs, or for meeting interest charges related to the improvements. Www irs gov 2011freeefile If you make additions or improvements to business property, depreciate the basis of each addition or improvement as separate depreciable property using the rules that would apply to the original property if you had placed it in service at the same time you placed the addition or improvement in service. Www irs gov 2011freeefile See chapter 7. Www irs gov 2011freeefile Deducting vs. Www irs gov 2011freeefile capitalizing costs. Www irs gov 2011freeefile   Do not add to your basis costs you can deduct as current expenses. Www irs gov 2011freeefile For example, amounts paid for incidental repairs or maintenance are deductible as business expenses and are not added to basis. Www irs gov 2011freeefile However, you can elect either to deduct or to capitalize certain other costs. Www irs gov 2011freeefile See chapter 7 in Publication 535. Www irs gov 2011freeefile Decreases to Basis The following are some items that reduce the basis of property. Www irs gov 2011freeefile Section 179 deduction. Www irs gov 2011freeefile Deductions previously allowed or allowable for amortization, depreciation, and depletion. Www irs gov 2011freeefile Alternative motor vehicle credit. Www irs gov 2011freeefile See Form 8910. Www irs gov 2011freeefile Alternative fuel vehicle refueling property credit. Www irs gov 2011freeefile See Form 8911. Www irs gov 2011freeefile Residential energy efficient property credits. Www irs gov 2011freeefile See Form 5695. Www irs gov 2011freeefile Investment credit (part or all) taken. Www irs gov 2011freeefile Casualty and theft losses and insurance reimbursements. Www irs gov 2011freeefile Payments you receive for granting an easement. Www irs gov 2011freeefile Exclusion from income of subsidies for energy conservation measures. Www irs gov 2011freeefile Certain canceled debt excluded from income. Www irs gov 2011freeefile Rebates from a manufacturer or seller. Www irs gov 2011freeefile Patronage dividends received from a cooperative association as a result of a purchase of property. Www irs gov 2011freeefile See Patronage Dividends in chapter 3. Www irs gov 2011freeefile Gas-guzzler tax. Www irs gov 2011freeefile See Form 6197. Www irs gov 2011freeefile Some of these items are discussed next. Www irs gov 2011freeefile For a more detailed list of items that decrease basis, see section 1016 of the Internal Revenue Code and Publication 551. Www irs gov 2011freeefile Depreciation and section 179 deduction. Www irs gov 2011freeefile   The adjustments you must make to the basis of the property if you take the section 179 deduction or depreciate the property are explained next. Www irs gov 2011freeefile For more information on these deductions, see chapter 7. Www irs gov 2011freeefile Section 179 deduction. Www irs gov 2011freeefile   If you take the section 179 expense deduction for all or part of the cost of qualifying business property, decrease the basis of the property by the deduction. Www irs gov 2011freeefile Depreciation. Www irs gov 2011freeefile   Decrease the basis of property by the depreciation you deducted or could have deducted on your tax returns under the method of depreciation you chose. Www irs gov 2011freeefile If you took less depreciation than you could have under the method chosen, decrease the basis by the amount you could have taken under that method. Www irs gov 2011freeefile If you did not take a depreciation deduction, reduce the basis by the full amount of the depreciation you could have taken. Www irs gov 2011freeefile   If you deducted more depreciation than you should have, decrease your basis by the amount you should have deducted plus the part of the excess depreciation you deducted that actually reduced your tax liability for any year. Www irs gov 2011freeefile   See chapter 7 for information on figuring the depreciation you should have claimed. Www irs gov 2011freeefile   In decreasing your basis for depreciation, take into account the amount deducted on your tax returns as depreciation and any depreciation you must capitalize under the uniform capitalization rules. Www irs gov 2011freeefile Casualty and theft losses. Www irs gov 2011freeefile   If you have a casualty or theft loss, decrease the basis of the property by any insurance or other reimbursement. Www irs gov 2011freeefile Also, decrease it by any deductible loss not covered by insurance. Www irs gov 2011freeefile See chapter 11 for information about figuring your casualty or theft loss. Www irs gov 2011freeefile   You must increase your basis in the property by the amount you spend on clean-up costs (such as debris removal) and repairs that restore the property to its pre-casualty condition. Www irs gov 2011freeefile To make this determination, compare the repaired property to the property before the casualty. Www irs gov 2011freeefile Easements. Www irs gov 2011freeefile   The amount you receive for granting an easement is usually considered to be proceeds from the sale of an interest in the real property. Www irs gov 2011freeefile It reduces the basis of the affected part of the property. Www irs gov 2011freeefile If the amount received is more than the basis of the part of the property affected by the easement, reduce your basis in that part to zero and treat the excess as a recognized gain. Www irs gov 2011freeefile See Easements and rights-of-way in chapter 3. Www irs gov 2011freeefile Exclusion from income of subsidies for energy conservation measures. Www irs gov 2011freeefile   You can exclude from gross income any subsidy you received from a public utility company for the purchase or installation of an energy conservation measure for a dwelling unit. Www irs gov 2011freeefile Reduce the basis of the property by the excluded amount. Www irs gov 2011freeefile Canceled debt excluded from income. Www irs gov 2011freeefile   If a debt you owe is canceled or forgiven, other than as a gift or bequest, you generally must include the canceled amount in your gross income for tax purposes. Www irs gov 2011freeefile A debt includes any indebtedness for which you are liable or which attaches to property you hold. Www irs gov 2011freeefile   You can exclude your canceled debt from income if the debt is any of the following. Www irs gov 2011freeefile Debt canceled in a bankruptcy case or when you are insolvent. Www irs gov 2011freeefile Qualified farm debt. Www irs gov 2011freeefile Qualified real property business debt (provided you are not a C corporation). Www irs gov 2011freeefile Qualified principal residence indebtedness. Www irs gov 2011freeefile Discharge of certain indebtedness of a qualified individual because of Midwestern disasters. Www irs gov 2011freeefile If you exclude canceled debt described in (1) or (2), you may have to reduce the basis of your depreciable and nondepreciable property. Www irs gov 2011freeefile If you exclude canceled debt described in (3), you must only reduce the basis of your depreciable property by the excluded amount. Www irs gov 2011freeefile   For more information about canceled debt in a bankruptcy case, see Publication 908, Bankruptcy Tax Guide. Www irs gov 2011freeefile For more information about insolvency and canceled debt that is qualified farm debt or qualified principal residence indebtedness, see chapter 3. Www irs gov 2011freeefile For more information about qualified real property business debt, see Publication 334, Tax Guide for Small Business. Www irs gov 2011freeefile For more information about canceled debt in Midwestern disaster areas, see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. Www irs gov 2011freeefile Basis Other Than Cost There are times when you cannot use cost as basis. Www irs gov 2011freeefile In these situations, the fair market value or the adjusted basis of property may be used. Www irs gov 2011freeefile Examples are discussed next. Www irs gov 2011freeefile Property changed from personal to business or rental use. Www irs gov 2011freeefile   When you hold property for personal use and then change it to business use or use it to produce rent, you must figure its basis for depreciation. Www irs gov 2011freeefile An example of changing property from personal to business use would be changing the use of your pickup truck that you originally purchased for your personal use to use in your farming business. Www irs gov 2011freeefile   The basis for depreciation is the lesser of: The FMV of the property on the date of the change, or Your adjusted basis on the date of the change. Www irs gov 2011freeefile   If you later sell or dispose of this property, the basis you use will depend on whether you are figuring a gain or loss. Www irs gov 2011freeefile The basis for figuring a gain is your adjusted basis in the property when you sell the property. Www irs gov 2011freeefile Figure the basis for a loss starting with the smaller of your adjusted basis or the FMV of the property at the time of the change to business or rental use. Www irs gov 2011freeefile Then make adjustments (increases and decreases) for the period after the change in the property's use, as discussed earlier under Adjusted Basis . Www irs gov 2011freeefile Property received for services. Www irs gov 2011freeefile   If you receive property for services, include the property's FMV in income. Www irs gov 2011freeefile The amount you include in income becomes your basis. Www irs gov 2011freeefile If the services were performed for a price agreed on beforehand, it will be accepted as the FMV of the property if there is no evidence to the contrary. Www irs gov 2011freeefile Example. Www irs gov 2011freeefile George Smith is an accountant and also operates a farming business. Www irs gov 2011freeefile George agreed to do some accounting work for his neighbor in exchange for a dairy cow. Www irs gov 2011freeefile The accounting work and the cow are each worth $1,500. Www irs gov 2011freeefile George must include $1,500 in income for his accounting services. Www irs gov 2011freeefile George's basis in the cow is $1,500. Www irs gov 2011freeefile Taxable Exchanges A taxable exchange is one in which the gain is taxable, or the loss is deductible. Www irs gov 2011freeefile A taxable gain or deductible loss also is known as a recognized gain or loss. Www irs gov 2011freeefile A taxable exchange occurs when you receive cash or get property that is not similar or related in use to the property exchanged. Www irs gov 2011freeefile If you receive property in exchange for other property in a taxable exchange, the basis of the property you receive is usually its FMV at the time of the exchange. Www irs gov 2011freeefile Example. Www irs gov 2011freeefile You trade a tract of farmland with an adjusted basis of $2,000 for a tractor that has an FMV of $6,000. Www irs gov 2011freeefile You must report a taxable gain of $4,000 for the land. Www irs gov 2011freeefile The tractor has a basis of $6,000. Www irs gov 2011freeefile Involuntary Conversions If you receive property as a result of an involuntary conversion, such as a casualty, theft, or condemnation, figure the basis of the replacement property you receive using the basis of the converted property. Www irs gov 2011freeefile Similar or related property. Www irs gov 2011freeefile   If the replacement property is similar or related in service or use to the converted property, the replacement property's basis is the same as the old property's basis on the date of the conversion. Www irs gov 2011freeefile However, make the following adjustments. Www irs gov 2011freeefile Decrease the basis by the following amounts. Www irs gov 2011freeefile Any loss you recognize on the involuntary conversion. Www irs gov 2011freeefile Any money you receive that you do not spend on similar property. Www irs gov 2011freeefile Increase the basis by the following amounts. Www irs gov 2011freeefile Any gain you recognize on the involuntary conversion. Www irs gov 2011freeefile Any cost of acquiring the replacement property. Www irs gov 2011freeefile Money or property not similar or related. Www irs gov 2011freeefile   If you receive money or property not similar or related in service or use to the converted property and you buy replacement property similar or related in service or use to the converted property, the basis of the replacement property is its cost decreased by the gain not recognized on the involuntary conversion. Www irs gov 2011freeefile Allocating the basis. Www irs gov 2011freeefile   If you buy more than one piece of replacement property, allocate your basis among the properties based on their respective costs. Www irs gov 2011freeefile Basis for depreciation. Www irs gov 2011freeefile   Special rules apply in determining and depreciating the basis of MACRS property acquired in an involuntary conversion. Www irs gov 2011freeefile For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. Www irs gov 2011freeefile For more information about involuntary conversions, see chapter 11. Www irs gov 2011freeefile Nontaxable Exchanges A nontaxable exchange is an exchange in which you are not taxed on any gain and you cannot deduct any loss. Www irs gov 2011freeefile A nontaxable gain or loss also is known as an unrecognized gain or loss. Www irs gov 2011freeefile If you receive property in a nontaxable exchange, its basis is usually the same as the basis of the property you transferred. Www irs gov 2011freeefile Like-Kind Exchanges The exchange of property for the same kind of property is the most common type of nontaxable exchange. Www irs gov 2011freeefile For an exchange to qualify as a like-kind exchange, you must hold for business or investment purposes both the property you transfer and the property you receive. Www irs gov 2011freeefile There must also be an exchange of like-kind property. Www irs gov 2011freeefile For more information, see Like-Kind Exchanges in  chapter 8. Www irs gov 2011freeefile The basis of the property you receive generally is the same as the adjusted basis of the property you gave up. Www irs gov 2011freeefile Example 1. Www irs gov 2011freeefile You traded a truck you used in your farming business for a new smaller truck to use in farming. Www irs gov 2011freeefile The adjusted basis of the old truck was $10,000. Www irs gov 2011freeefile The FMV of the new truck is $30,000. Www irs gov 2011freeefile Because this is a nontaxable exchange, you do not recognize any gain, and your basis in the new truck is $10,000, the same as the adjusted basis of the truck you traded. Www irs gov 2011freeefile Example 2. Www irs gov 2011freeefile You trade a field cultivator (adjusted basis of $8,000) for a planter (FMV of $9,000). Www irs gov 2011freeefile You use both the field cultivator and the planter in your farming business. Www irs gov 2011freeefile The basis of the planter you receive is $8,000, the same as the field cultivator traded Exchange expenses. Www irs gov 2011freeefile   Exchange expenses generally are the closing costs that you pay. Www irs gov 2011freeefile They include such items as brokerage commissions, attorney fees, and deed preparation fees. Www irs gov 2011freeefile Add them to the basis of the like-kind property you receive. Www irs gov 2011freeefile Property plus cash. Www irs gov 2011freeefile   If you trade property in a like-kind exchange and also pay money, the basis of the property you receive is the adjusted basis of the property you gave up plus the money you paid. Www irs gov 2011freeefile Example. Www irs gov 2011freeefile You trade in a truck (adjusted basis of $3,000) for another truck (FMV of $7,500) and pay $4,000. Www irs gov 2011freeefile Your basis in the new truck is $7,000 (the $3,000 adjusted basis of the old truck plus the $4,000 cash). Www irs gov 2011freeefile Special rules for related persons. Www irs gov 2011freeefile   If a like-kind exchange takes place directly or indirectly between related persons and either party disposes of the property within 2 years after the exchange, the exchange no longer qualifies for like-kind exchange treatment. Www irs gov 2011freeefile Each person must report any gain or loss not recognized on the original exchange unless the loss is not deductible under the related party rules. Www irs gov 2011freeefile Each person reports it on the tax return filed for the year in which the later disposition occurred. Www irs gov 2011freeefile If this rule applies, the basis of the property received in the original exchange will be its FMV. Www irs gov 2011freeefile For more information, see chapter 8. Www irs gov 2011freeefile Exchange of business property. Www irs gov 2011freeefile   Exchanging the property of one business for the property of another business generally is a multiple property exchange. Www irs gov 2011freeefile For information on figuring basis, see Multiple Property Exchanges in chapter 1 of Publication 544. Www irs gov 2011freeefile Basis for depreciation. Www irs gov 2011freeefile   Special rules apply in determining and depreciating the basis of MACRS property acquired in a like-kind transaction. Www irs gov 2011freeefile For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. Www irs gov 2011freeefile Partially Nontaxable Exchanges A partially nontaxable exchange is an exchange in which you receive unlike property or money in addition to like-kind property. Www irs gov 2011freeefile The basis of the property you receive is the same as the adjusted basis of the property you gave up with the following adjustments. Www irs gov 2011freeefile Decrease the basis by the following amounts. Www irs gov 2011freeefile Any money you receive. Www irs gov 2011freeefile Any loss you recognize on the exchange. Www irs gov 2011freeefile Increase the basis by the following amounts. Www irs gov 2011freeefile Any additional costs you incur. Www irs gov 2011freeefile Any gain you recognize on the exchange. Www irs gov 2011freeefile If the other party to the exchange assumes your liabilities, treat the debt assumption as money you received in the exchange. Www irs gov 2011freeefile Example 1. Www irs gov 2011freeefile You trade farmland (basis of $100,000) for another tract of farmland (FMV of $110,000) and $30,000 cash. Www irs gov 2011freeefile You realize a gain of $40,000. Www irs gov 2011freeefile This is the FMV of the land received plus the cash minus the basis of the land you traded ($110,000 + $30,000 − $100,000). Www irs gov 2011freeefile Include your gain in income (recognize gain) only to the extent of the cash received. Www irs gov 2011freeefile Your basis in the land you received is figured as follows. Www irs gov 2011freeefile Basis of land traded $100,000 Minus: Cash received (adjustment 1(a)) − 30,000   $70,000 Plus: Gain recognized (adjustment 2(b)) + 30,000 Basis of land received $100,000 Example 2. Www irs gov 2011freeefile You trade a truck (adjusted basis of $22,750) for another truck (FMV of $20,000) and $10,000 cash. Www irs gov 2011freeefile You realize a gain of $7,250. Www irs gov 2011freeefile This is the FMV of the truck received plus the cash minus the adjusted basis of the truck you traded ($20,000 + $10,000 − $22,750). Www irs gov 2011freeefile You include all the gain in your income (recognize gain) because the gain is less than the cash you received. Www irs gov 2011freeefile Your basis in the truck you received is figured as follows. Www irs gov 2011freeefile Adjusted basis of truck traded $22,750 Minus: Cash received (adjustment 1(a)) −10,000   $12,750 Plus: Gain recognized (adjustment 2(b)) + 7,250 Basis of truck received $20,000 Allocation of basis. Www irs gov 2011freeefile   If you receive like-kind and unlike properties in the exchange, allocate the basis first to the unlike property, other than money, up to its FMV on the date of the exchange. Www irs gov 2011freeefile The rest is the basis of the like-kind property. Www irs gov 2011freeefile Example. Www irs gov 2011freeefile You traded a tractor with an adjusted basis of $15,000 for another tractor that had an FMV of $12,500. Www irs gov 2011freeefile You also received $1,000 cash and a truck that had an FMV of $3,000. Www irs gov 2011freeefile The truck is unlike property. Www irs gov 2011freeefile You realized a gain of $1,500. Www irs gov 2011freeefile This is the FMV of the tractor received plus the FMV of the truck received plus the cash minus the adjusted basis of the tractor you traded ($12,500 + $3,000 + $1,000 − $15,000). Www irs gov 2011freeefile You include in income (recognize) all $1,500 of the gain because it is less than the FMV of the unlike property plus the cash received. Www irs gov 2011freeefile Your basis in the properties you received is figured as follows. Www irs gov 2011freeefile Adjusted basis of old tractor $15,000 Minus: Cash received (adjustment 1(a)) − 1,000   $14,000 Plus: Gain recognized (adjustment 2(b)) + 1,500 Total basis of properties received $15,500 Allocate the total basis of $15,500 first to the unlike property—the truck ($3,000). Www irs gov 2011freeefile This is the truck's FMV. Www irs gov 2011freeefile The rest ($12,500) is the basis of the tractor. Www irs gov 2011freeefile Sale and Purchase If you sell property and buy similar property in two mutually dependent transactions, you may have to treat the sale and purchase as a single nontaxable exchange. Www irs gov 2011freeefile Example. Www irs gov 2011freeefile You used a tractor on your farm for 3 years. Www irs gov 2011freeefile Its adjusted basis is $22,000 and its FMV is $40,000. Www irs gov 2011freeefile You are interested in a new tractor, which sells for $60,000. Www irs gov 2011freeefile Ordinarily, you would trade your old tractor for the new one and pay the dealer $20,000. Www irs gov 2011freeefile Your basis for depreciating the new tractor would then be $42,000 ($20,000 + $22,000, the adjusted basis of your old tractor). Www irs gov 2011freeefile However, you want a higher basis for depreciating the new tractor, so you agree to pay the dealer $60,000 for the new tractor if he will pay you $40,000 for your old tractor. Www irs gov 2011freeefile Because the two transactions are dependent on each other, you are treated as having exchanged your old tractor for the new one and paid $20,000 ($60,000 − $40,000). Www irs gov 2011freeefile Your basis for depreciating the new tractor is $42,000, the same as if you traded the old tractor. Www irs gov 2011freeefile Property Received as a Gift To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you. Www irs gov 2011freeefile You also must know its FMV at the time it was given to you and any gift tax paid on it. Www irs gov 2011freeefile FMV equal to or greater than donor's adjusted basis. Www irs gov 2011freeefile   If the FMV of the property is equal to or greater than the donor's adjusted basis, your basis is the donor's adjusted basis when you received the gift. Www irs gov 2011freeefile Increase your basis by all or part of any gift tax paid, depending on the date of the gift. Www irs gov 2011freeefile   Also, for figuring gain or loss from a sale or other disposition of the property, or for figuring depreciation, depletion, or amortization deductions on business property, you must increase or decrease your basis (the donor's adjusted basis) by any required adjustments to basis while you held the property. Www irs gov 2011freeefile See Adjusted Basis , earlier. Www irs gov 2011freeefile   If you received a gift during the tax year, increase your basis in the gift (the donor's adjusted basis) by the part of the gift tax paid on it due to the net increase in value of the gift. Www irs gov 2011freeefile Figure the increase by multiplying the gift tax paid by the following fraction. Www irs gov 2011freeefile Net increase in value of the gift Amount of the gift   The net increase in value of the gift is the FMV of the gift minus the donor's adjusted basis. Www irs gov 2011freeefile The amount of the gift is its value for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. Www irs gov 2011freeefile Example. Www irs gov 2011freeefile In 2013, you received a gift of property from your mother that had an FMV of $50,000. Www irs gov 2011freeefile Her adjusted basis was $20,000. Www irs gov 2011freeefile The amount of the gift for gift tax purposes was $36,000 ($50,000 minus the $14,000 annual exclusion). Www irs gov 2011freeefile She paid a gift tax of $7,320. Www irs gov 2011freeefile Your basis, $26,076, is figured as follows. Www irs gov 2011freeefile Fair market value $50,000 Minus: Adjusted basis −20,000 Net increase in value $30,000 Gift tax paid $7,320 Multiplied by ($30,000 ÷ $36,000) × . Www irs gov 2011freeefile 83 Gift tax due to net increase in value $6,076 Adjusted basis of property to your mother +20,000 Your basis in the property $26,076 Note. Www irs gov 2011freeefile If you received a gift before 1977, your basis in the gift (the donor's adjusted basis) includes any gift tax paid on it. Www irs gov 2011freeefile However, your basis cannot exceed the FMV of the gift when it was given to you. Www irs gov 2011freeefile FMV less than donor's adjusted basis. Www irs gov 2011freeefile   If the FMV of the property at the time of the gift is less than the donor's adjusted basis, your basis depends on whether you have a gain or a loss when you dispose of the property. Www irs gov 2011freeefile Your basis for figuring gain is the donor's adjusted basis plus or minus any required adjustments to basis while you held the property. Www irs gov 2011freeefile Your basis for figuring loss is its FMV when you received the gift plus or minus any required adjustments to basis while you held the property. Www irs gov 2011freeefile (See Adjusted Basis , earlier. Www irs gov 2011freeefile )   If you use the donor's adjusted basis for figuring a gain and get a loss, and then use the FMV for figuring a loss and get a gain, you have neither gain nor loss on the sale or other disposition of the property. Www irs gov 2011freeefile Example. Www irs gov 2011freeefile You received farmland as a gift from your parents when they retired from farming. Www irs gov 2011freeefile At the time of the gift, the land had an FMV of $80,000. Www irs gov 2011freeefile Your parents' adjusted basis was $100,000. Www irs gov 2011freeefile After you received the land, no events occurred that would increase or decrease your basis. Www irs gov 2011freeefile If you sell the land for $120,000, you will have a $20,000 gain because you must use the donor's adjusted basis at the time of the gift ($100,000) as your basis to figure a gain. Www irs gov 2011freeefile If you sell the land for $70,000, you will have a $10,000 loss because you must use the FMV at the time of the gift ($80,000) as your basis to figure a loss. Www irs gov 2011freeefile If the sales price is between $80,000 and $100,000, you have neither gain nor loss. Www irs gov 2011freeefile For instance, if the sales price was $90,000 and you tried to figure a gain using the donor's adjusted basis ($100,000), you would get a $10,000 loss. Www irs gov 2011freeefile If you then tried to figure a loss using the FMV ($80,000), you would get a $10,000 gain. Www irs gov 2011freeefile Business property. Www irs gov 2011freeefile   If you hold the gift as business property, your basis for figuring any depreciation, depletion, or amortization deductions is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you hold the property. Www irs gov 2011freeefile Property Transferred From a Spouse The basis of property transferred to you or transferred in trust for your benefit by your spouse is the same as your spouse's adjusted basis. Www irs gov 2011freeefile The same rule applies to a transfer by your former spouse if the transfer is incident to divorce. Www irs gov 2011freeefile However, for property transferred in trust, adjust your basis for any gain recognized by your spouse or former spouse if the liabilities assumed plus the liabilities to which the property is subject are more than the adjusted basis of the property transferred. Www irs gov 2011freeefile The transferor must give you the records needed to determine the adjusted basis and holding period of the property as of the date of the transfer. Www irs gov 2011freeefile For more information, see Property Settlements in Publication 504, Divorced or Separated Individuals. Www irs gov 2011freeefile Inherited Property Your basis in property you inherited from a decedent, who died before January 1, 2010, or after December 31, 2010, is generally one of the following: The FMV of the property at the date of the decedent's death. Www irs gov 2011freeefile If a federal estate return is filed, you can use its appraised value. Www irs gov 2011freeefile The FMV on the alternate valuation date, if the personal representative for the estate elects to use alternate valuation. Www irs gov 2011freeefile For information on the alternate valuation, see the Instructions for Form 706. Www irs gov 2011freeefile The decedent's adjusted basis in land to the extent of the value that is excluded from the decedent's taxable estate as a qualified conservation easement. Www irs gov 2011freeefile If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes. Www irs gov 2011freeefile Special-use valuation method. Www irs gov 2011freeefile   Under certain conditions, when a person dies, the executor or personal representative of that person's estate may elect to value qualified real property at other than its FMV. Www irs gov 2011freeefile If so, the executor or personal representative values the qualified real property based on its use as a farm or other closely held business. Www irs gov 2011freeefile If the executor or personal representative elects this method of valuation for estate tax purposes, this value is the basis of the property for the qualified heirs. Www irs gov 2011freeefile The qualified heirs should be able to get the necessary value from the executor or personal representative of the estate. Www irs gov 2011freeefile   If you are a qualified heir who received special-use valuation property, increase your basis by any gain recognized by the estate or trust because of post-death appreciation. Www irs gov 2011freeefile Post-death appreciation is the property's FMV on the date of distribution minus the property's FMV either on the date of the individual's death or on the alternate valuation date. Www irs gov 2011freeefile Figure all FMVs without regard to the special-use valuation. Www irs gov 2011freeefile   You may be liable for an additional estate tax if, within 10 years after the death of the decedent, you transfer the property or the property stops being used as a farm. Www irs gov 2011freeefile This tax does not apply if you dispose of the property in a like-kind exchange or in an involuntary conversion in which all of the proceeds are reinvested in qualified replacement property. Www irs gov 2011freeefile The tax also does not apply if you transfer the property to a member of your family and certain requirements are met. Www irs gov 2011freeefile   You can elect to increase your basis in special-use valuation property if it becomes subject to the additional estate tax. Www irs gov 2011freeefile To increase your basis, you must make an irrevocable election and pay interest on the additional estate tax figured from the date 9 months after the decedent's death until the date of payment of the additional estate tax. Www irs gov 2011freeefile If you meet these requirements, increase your basis in the property to its FMV on the date of the decedent's death or the alternate valuation date. Www irs gov 2011freeefile The increase in your basis is considered to have occurred immediately before the event that resulted in the additional estate tax. Www irs gov 2011freeefile   You make the election by filing, with Form 706-A, United States Additional Estate Tax Return, a statement that: Contains your (and the estate's) name, address, and taxpayer identification number; Identifies the election as an election under section 1016(c) of the Internal Revenue Code; Specifies the property for which you are making the election; and Provides any additional information required by the Form 706-A instructions. Www irs gov 2011freeefile   For more information, see Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, Form 706-A, and the related instructions. Www irs gov 2011freeefile Property inherited from a decedent who died in 2010. Www irs gov 2011freeefile   If you inherited property from a decedent who died in 2010, different rules may apply. Www irs gov 2011freeefile See Publication 4895, Tax Treatment of Property Acquired From a Decendent Dying in 2010, for details. Www irs gov 2011freeefile Property Distributed From a Partnership or Corporation The following rules apply to determine a partner's basis and a shareholder's basis in property distributed respectively from a partnership to the partner with respect to the partner's interest in the partnership and from a corporation to the shareholder with respect to the shareholder's ownership of stock in the corporation. Www irs gov 2011freeefile Partner's basis. Www irs gov 2011freeefile   Unless there is a complete liquidation of a partner's interest, the basis of property (other than money) distributed by a partnership to the partner is its adjusted basis to the partnership immediately before the distribution. Www irs gov 2011freeefile However, the basis of the property to the partner cannot be more than the adjusted basis of his or her interest in the partnership reduced by any money received in the same transaction. Www irs gov 2011freeefile For more information, see Partner's Basis for Distributed Property in Publication 541, Partnerships. Www irs gov 2011freeefile Shareholder's basis. Www irs gov 2011freeefile   The basis of property distributed by a corporation to a shareholder is its fair market value. Www irs gov 2011freeefile For more information about corporate distributions, see Distributions to Shareholders in Publication 542, Corporations. Www irs gov 2011freeefile Prev  Up  Next   Home   More Online Publications
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Www irs gov 2011freeefile Publication 542 - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Photographs of missing children. Www irs gov 2011freeefile  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Www irs gov 2011freeefile Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www irs gov 2011freeefile You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Www irs gov 2011freeefile Introduction This publication discusses the general tax laws that apply to ordinary domestic corporations. Www irs gov 2011freeefile It explains the tax law in plain language so it will be easier to understand. Www irs gov 2011freeefile However, the information given does not cover every situation and is not intended to replace the law or change its meaning. Www irs gov 2011freeefile Note. Www irs gov 2011freeefile This publication is not revised on an annual basis. Www irs gov 2011freeefile To find changes that may affect current year returns, see the instructions for your income tax return for the current year; and Changes to Current Forms and Publications at www. Www irs gov 2011freeefile irs. Www irs gov 2011freeefile gov/formspubs. Www irs gov 2011freeefile Comments and suggestions. Www irs gov 2011freeefile   We welcome your comments about this publication and your suggestions for future editions. Www irs gov 2011freeefile   You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Www irs gov 2011freeefile NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Www irs gov 2011freeefile Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www irs gov 2011freeefile   You can email us at *taxforms@irs. Www irs gov 2011freeefile gov (The asterisk must be included in the address). Www irs gov 2011freeefile Please put “Publications Comment” on the subject line. Www irs gov 2011freeefile You can also send us comments at www. Www irs gov 2011freeefile irs. Www irs gov 2011freeefile gov/formspubs/. Www irs gov 2011freeefile Select “Comment on Tax Forms and Publications” under “Information about. Www irs gov 2011freeefile ” Although we cannot respond individually to each comment, we do appreciate your feedback and will consider your comments as we revise our tax products. Www irs gov 2011freeefile Tax questions. Www irs gov 2011freeefile   If you have a tax question, visit IRS. Www irs gov 2011freeefile gov or call 1-800-829-1040. Www irs gov 2011freeefile We cannot answer tax questions at either of the addresses listed above. Www irs gov 2011freeefile Ordering forms and publications. Www irs gov 2011freeefile   Visit www. Www irs gov 2011freeefile irs. Www irs gov 2011freeefile gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the National Distribution Center at the address shown under How to Get Tax Help, later in this publication. Www irs gov 2011freeefile Additional forms. Www irs gov 2011freeefile   A list of other forms and statements that a corporation may need to file is included at the end of this publication. Www irs gov 2011freeefile Useful Items - You may want to see: Publication 510 Excise Taxes (Including Fuel Tax Credits and Refunds) 535 Business Expenses 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 925 Passive Activity and At-Risk Rules 946 How to Depreciate Property Prev  Up  Next   Home   More Online Publications