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1040x For 2009

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1040x For 2009

1040x for 2009 13. 1040x for 2009   Basis of Property Table of Contents Introduction Useful Items - You may want to see: Cost BasisReal Property Adjusted BasisIncreases to Basis Decreases to Basis Basis Other Than CostProperty Received for Services Taxable Exchanges Involuntary Conversions Nontaxable Exchanges Property Transferred From a Spouse Property Received as a Gift Inherited Property Property Changed From Personal to Business or Rental Use Stocks and Bonds Introduction This chapter discusses how to figure your basis in property. 1040x for 2009 It is divided into the following sections. 1040x for 2009 Cost basis. 1040x for 2009 Adjusted basis. 1040x for 2009 Basis other than cost. 1040x for 2009 Your basis is the amount of your investment in property for tax purposes. 1040x for 2009 Use the basis to figure gain or loss on the sale, exchange, or other disposition of property. 1040x for 2009 Also use it to figure deductions for depreciation, amortization, depletion, and casualty losses. 1040x for 2009 If you use property for both business or investment purposes and for personal purposes, you must allocate the basis based on the use. 1040x for 2009 Only the basis allocated to the business or investment use of the property can be depreciated. 1040x for 2009 Your original basis in property is adjusted (increased or decreased) by certain events. 1040x for 2009 For example, if you make improvements to the property, increase your basis. 1040x for 2009 If you take deductions for depreciation or casualty losses, or claim certain credits, reduce your basis. 1040x for 2009 Keep accurate records of all items that affect the basis of your property. 1040x for 2009 For more information on keeping records, see chapter 1. 1040x for 2009 Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 525 Taxable and Nontaxable Income 535 Business Expenses 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 551 Basis of Assets 946 How To Depreciate Property Cost Basis The basis of property you buy is usually its cost. 1040x for 2009 The cost is the amount you pay in cash, debt obligations, other property, or services. 1040x for 2009 Your cost also includes amounts you pay for the following items: Sales tax, Freight, Installation and testing, Excise taxes, Legal and accounting fees (when they must be capitalized), Revenue stamps, Recording fees, and Real estate taxes (if you assume liability for the seller). 1040x for 2009 In addition, the basis of real estate and business assets may include other items. 1040x for 2009 Loans with low or no interest. 1040x for 2009    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 any amount considered to be unstated interest. 1040x for 2009 You generally have unstated interest if your interest rate is less than the applicable federal rate. 1040x for 2009   For more information, see Unstated Interest and Original Issue Discount (OID) in Publication 537. 1040x for 2009 Real Property Real property, also called real estate, is land and generally anything built on, growing on, or attached to land. 1040x for 2009 If you buy real property, certain fees and other expenses you pay are part of your cost basis in the property. 1040x for 2009 Lump sum purchase. 1040x for 2009   If you buy buildings and the land on which they stand for a lump sum, allocate the cost basis among the land and the buildings. 1040x for 2009 Allocate the cost basis according to the respective fair market values (FMVs) of the land and buildings at the time of purchase. 1040x for 2009 Figure the basis of each asset by multiplying the lump sum by a fraction. 1040x for 2009 The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. 1040x for 2009    If you are not certain of the FMVs of the land and buildings, you can allocate the basis according to their assessed values for real estate tax purposes. 1040x for 2009 Fair market value (FMV). 1040x for 2009   FMV is the price at which the 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 the necessary facts. 1040x for 2009 Sales of similar property on or about the same date may be helpful in figuring the FMV of the property. 1040x for 2009 Assumption of mortgage. 1040x for 2009   If you buy property and assume (or buy the property subject to) an existing mortgage on the property, your basis includes the amount you pay for the property plus the amount to be paid on the mortgage. 1040x for 2009 Settlement costs. 1040x for 2009   Your basis includes the settlement fees and closing costs you paid for buying the property. 1040x for 2009 (A fee for buying property is a cost that must be paid even if you buy the property for cash. 1040x for 2009 ) Do not include fees and costs for getting a loan on the property in your basis. 1040x for 2009   The following are some of the settlement fees or closing costs you can include in the basis of your property. 1040x for 2009 Abstract fees (abstract of title fees). 1040x for 2009 Charges for installing utility services. 1040x for 2009 Legal fees (including fees for the title search and preparation of the sales contract and deed). 1040x for 2009 Recording fees. 1040x for 2009 Survey fees. 1040x for 2009 Transfer taxes. 1040x for 2009 Owner's title insurance. 1040x for 2009 Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions. 1040x for 2009   Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance. 1040x for 2009   The following are some of the settlement fees and closing costs you cannot include in the basis of property. 1040x for 2009 Casualty insurance premiums. 1040x for 2009 Rent for occupancy of the property before closing. 1040x for 2009 Charges for utilities or other services related to occupancy of the property before closing. 1040x for 2009 Charges connected with getting a loan, such as points (discount points, loan origination fees), mortgage insurance premiums, loan assumption fees, cost of a credit report, and fees for an appraisal required by a lender. 1040x for 2009 Fees for refinancing a mortgage. 1040x for 2009 Real estate taxes. 1040x for 2009   If you pay 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. 1040x for 2009 You cannot deduct them as an expense. 1040x for 2009    If you reimburse the seller for taxes the seller paid for you, you can usually deduct that amount as an expense in the year of purchase. 1040x for 2009 Do not include that amount in the basis of your property. 1040x for 2009 If you did not reimburse the seller, you must reduce your basis by the amount of those taxes. 1040x for 2009 Points. 1040x for 2009   If you pay points to get a loan (including a mortgage, second mortgage, line of credit, or a home equity loan), do not add the points to the basis of the related property. 1040x for 2009 Generally, you deduct the points over the term of the loan. 1040x for 2009 For more information on how to deduct points, see chapter 23. 1040x for 2009 Points on home mortgage. 1040x for 2009   Special rules may apply to points you and the seller pay when you get a mortgage to buy your main home. 1040x for 2009 If certain requirements are met, you can deduct the points in full for the year in which they are paid. 1040x for 2009 Reduce the basis of your home by any seller-paid points. 1040x for 2009 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 (increases and decreases) to the cost basis or basis other than cost (discussed later) of the property. 1040x for 2009 The result is the adjusted basis. 1040x for 2009 Increases to Basis Increase the basis of any property by all items properly added to a capital account. 1040x for 2009 Examples of items that increase basis are shown in Table 13-1. 1040x for 2009 These include the items discussed below. 1040x for 2009 Improvements. 1040x for 2009   Add to your basis in property the cost of improvements having a useful life of more than 1 year, that increase the value of the property, lengthen its life, or adapt it to a different use. 1040x for 2009 For example, improvements include putting a recreation room in your unfinished basement, adding another bathroom or bedroom, putting up a fence, putting in new plumbing or wiring, installing a new roof, or paving your driveway. 1040x for 2009 Assessments for local improvements. 1040x for 2009   Add to the basis of property assessments for improvements such as streets and sidewalks if they increase the value of the property assessed. 1040x for 2009 Do not deduct them as taxes. 1040x for 2009 However, you can deduct as taxes assessments for maintenance or repairs, or for meeting interest charges related to the improvements. 1040x for 2009 Example. 1040x for 2009 Your city changes the street in front of your store into an enclosed pedestrian mall and assesses you and other affected property owners for the cost of the conversion. 1040x for 2009 Add the assessment to your property's basis. 1040x for 2009 In this example, the assessment is a depreciable asset. 1040x for 2009 Decreases to Basis Decrease the basis of any property by all items that represent a return of capital for the period during which you held the property. 1040x for 2009 Examples of items that decrease basis are shown in Table 13-1. 1040x for 2009 These include the items discussed below. 1040x for 2009 Table 13-1. 1040x for 2009 Examples of Adjustments to Basis Increases to Basis Decreases to Basis • Capital improvements: • Exclusion from income of   Putting an addition on your home subsidies for energy conservation   Replacing an entire roof measures   Paving your driveway     Installing central air conditioning • Casualty or theft loss deductions   Rewiring your home and insurance reimbursements       • Assessments for local improvements:     Water connections     Extending utility service lines to the property • Postponed gain from the sale of a home   Sidewalks • Alternative motor vehicle credit  (Form 8910)   Roads       • Alternative fuel vehicle refueling     property credit (Form 8911)           • Residential energy credits (Form 5695)       • Casualty losses: • Depreciation and section 179 deduction   Restoring damaged property     • Nontaxable corporate distributions • Legal fees:     Cost of defending and perfecting a title • Certain canceled debt excluded from   Fees for getting a reduction of an assessment income     • Zoning costs • Easements           • Adoption tax benefits Casualty and theft losses. 1040x for 2009   If you have a casualty or theft loss, decrease the basis in your property by any insurance proceeds or other reimbursement and by any deductible loss not covered by insurance. 1040x for 2009    You must increase your basis in the property by the amount you spend on repairs that restore the property to its pre-casualty condition. 1040x for 2009   For more information on casualty and theft losses, see chapter 25. 1040x for 2009 Depreciation and section 179 deduction. 1040x for 2009   Decrease the basis of your qualifying business property by any section 179 deduction you take and the depreciation you deducted, or could have deducted (including any special depreciation allowance), on your tax returns under the method of depreciation you selected. 1040x for 2009   For more information about depreciation and the section 179 deduction, see Publication 946 and the Instructions for Form 4562. 1040x for 2009 Example. 1040x for 2009 You owned a duplex used as rental property that cost you $40,000, of which $35,000 was allocated to the building and $5,000 to the land. 1040x for 2009 You added an improvement to the duplex that cost $10,000. 1040x for 2009 In February last year, the duplex was damaged by fire. 1040x for 2009 Up to that time, you had been allowed depreciation of $23,000. 1040x for 2009 You sold some salvaged material for $1,300 and collected $19,700 from your insurance company. 1040x for 2009 You deducted a casualty loss of $1,000 on your income tax return for last year. 1040x for 2009 You spent $19,000 of the insurance proceeds for restoration of the duplex, which was completed this year. 1040x for 2009 You must use the duplex's adjusted basis after the restoration to determine depreciation for the rest of the property's recovery period. 1040x for 2009 Figure the adjusted basis of the duplex as follows: Original cost of duplex $35,000 Addition to duplex 10,000 Total cost of duplex $45,000 Minus: Depreciation 23,000 Adjusted basis before casualty $22,000 Minus: Insurance proceeds $19,700     Deducted casualty loss 1,000     Salvage proceeds 1,300 22,000 Adjusted basis after casualty $-0- Add: Cost of restoring duplex 19,000 Adjusted basis after restoration $19,000 Note. 1040x for 2009 Your basis in the land is its original cost of $5,000. 1040x for 2009 Easements. 1040x for 2009   The amount you receive for granting an easement is generally considered to be proceeds from the sale of an interest in real property. 1040x for 2009 It reduces the basis of the affected part of the property. 1040x for 2009 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. 1040x for 2009   If the gain is on a capital asset, see chapter 16 for information about how to report it. 1040x for 2009 If the gain is on property used in a trade or business, see Publication 544 for information about how to report it. 1040x for 2009 Exclusion of subsidies for energy conservation measures. 1040x for 2009   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. 1040x for 2009 Reduce the basis of the property for which you received the subsidy by the excluded amount. 1040x for 2009 For more information about this subsidy, see chapter 12. 1040x for 2009 Postponed gain from sale of home. 1040x for 2009    If you postponed gain from the sale of your main home under rules in effect before May 7, 1997, you must reduce the basis of the home you acquired as a replacement by the amount of the postponed gain. 1040x for 2009 For more information on the rules for the sale of a home, see chapter 15. 1040x for 2009 Basis Other Than Cost There are many times when you cannot use cost as basis. 1040x for 2009 In these cases, the fair market value or the adjusted basis of the property can be used. 1040x for 2009 Fair market value (FMV) and adjusted basis were discussed earlier. 1040x for 2009 Property Received for Services If you receive property for your services, include the FMV of the property in income. 1040x for 2009 The amount you include in income becomes your basis. 1040x for 2009 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. 1040x for 2009 Restricted property. 1040x for 2009   If you receive property for your services and the property is subject to certain restrictions, your basis in the property is its FMV when it becomes substantially vested. 1040x for 2009 However, this rule does not apply if you make an election to include in income the FMV of the property at the time it is transferred to you, less any amount you paid for it. 1040x for 2009 Property is substantially vested when it is transferable or when it is not subject to a substantial risk of forfeiture (you do not have a good chance of losing it). 1040x for 2009 For more information, see Restricted Property in Publication 525. 1040x for 2009 Bargain purchases. 1040x for 2009   A bargain purchase is a purchase of an item for less than its FMV. 1040x for 2009 If, as compensation for services, you buy goods or other property at less than FMV, include the difference between the purchase price and the property's FMV in your income. 1040x for 2009 Your basis in the property is its FMV (your purchase price plus the amount you include in income). 1040x for 2009   If the difference between your purchase price and the FMV is a qualified employee discount, do not include the difference in income. 1040x for 2009 However, your basis in the property is still its FMV. 1040x for 2009 See Employee Discounts in Publication 15-B. 1040x for 2009 Taxable Exchanges A taxable exchange is one in which the gain is taxable or the loss is deductible. 1040x for 2009 A taxable gain or deductible loss also is known as a recognized gain or loss. 1040x for 2009 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. 1040x for 2009 Involuntary Conversions If you receive replacement property as a result of an involuntary conversion, such as a casualty, theft, or condemnation, figure the basis of the replacement property using the basis of the converted property. 1040x for 2009 Similar or related property. 1040x for 2009   If you receive replacement property similar or related in service or use to the converted property, the replacement property's basis is the same as the converted property's basis on the date of the conversion, with the following adjustments. 1040x for 2009 Decrease the basis by the following. 1040x for 2009 Any loss you recognize on the involuntary conversion. 1040x for 2009 Any money you receive that you do not spend on similar property. 1040x for 2009 Increase the basis by the following. 1040x for 2009 Any gain you recognize on the involuntary conversion. 1040x for 2009 Any cost of acquiring the replacement property. 1040x for 2009 Money or property not similar or related. 1040x for 2009    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 conversion. 1040x for 2009 Example. 1040x for 2009 The state condemned your property. 1040x for 2009 The adjusted basis of the property was $26,000 and the state paid you $31,000 for it. 1040x for 2009 You realized a gain of $5,000 ($31,000 − $26,000). 1040x for 2009 You bought replacement property similar in use to the converted property for $29,000. 1040x for 2009 You recognize a gain of $2,000 ($31,000 − $29,000), the unspent part of the payment from the state. 1040x for 2009 Your unrecognized gain is $3,000, the difference between the $5,000 realized gain and the $2,000 recognized gain. 1040x for 2009 The basis of the replacement property is figured as follows: Cost of replacement property $29,000 Minus: Gain not recognized 3,000 Basis of replacement property $26,000 Allocating the basis. 1040x for 2009   If you buy more than one piece of replacement property, allocate your basis among the properties based on their respective costs. 1040x for 2009 Basis for depreciation. 1040x for 2009   Special rules apply in determining and depreciating the basis of MACRS property acquired in an involuntary conversion. 1040x for 2009 For information, see What Is the Basis of Your Depreciable Property? in chapter 1 of Publication 946. 1040x for 2009 Nontaxable Exchanges A nontaxable exchange is an exchange in which you are not taxed on any gain and you cannot deduct any loss. 1040x for 2009 If you receive property in a nontaxable exchange, its basis is generally the same as the basis of the property you transferred. 1040x for 2009 See Nontaxable Trades in chapter 14. 1040x for 2009 Like-Kind Exchanges The exchange of property for the same kind of property is the most common type of nontaxable exchange. 1040x for 2009 To qualify as a like-kind exchange, the property traded and the property received must be both of the following. 1040x for 2009 Qualifying property. 1040x for 2009 Like-kind property. 1040x for 2009 The basis of the property you receive is generally the same as the adjusted basis of the property you gave up. 1040x for 2009 If you trade property in a like-kind exchange and also pay money, the basis of the property received is the adjusted basis of the property you gave up increased by the money you paid. 1040x for 2009 Qualifying property. 1040x for 2009   In a like-kind exchange, you must hold for investment or for productive use in your trade or business both the property you give up and the property you receive. 1040x for 2009 Like-kind property. 1040x for 2009   There must be an exchange of like-kind property. 1040x for 2009 Like-kind properties are properties of the same nature or character, even if they differ in grade or quality. 1040x for 2009 The exchange of real estate for real estate and personal property for similar personal property are exchanges of like-kind property. 1040x for 2009 Example. 1040x for 2009 You trade in an old truck used in your business with an adjusted basis of $1,700 for a new one costing $6,800. 1040x for 2009 The dealer allows you $2,000 on the old truck, and you pay $4,800. 1040x for 2009 This is a like-kind exchange. 1040x for 2009 The basis of the new truck is $6,500 (the adjusted basis of the old one, $1,700, plus the amount you paid, $4,800). 1040x for 2009 If you sell your old truck to a third party for $2,000 instead of trading it in and then buy a new one from the dealer, you have a taxable gain of $300 on the sale (the $2,000 sale price minus the $1,700 adjusted basis). 1040x for 2009 The basis of the new truck is the price you pay the dealer. 1040x for 2009 Partially nontaxable exchanges. 1040x for 2009   A partially nontaxable exchange is an exchange in which you receive unlike property or money in addition to like-kind property. 1040x for 2009 The basis of the property you receive is the same as the adjusted basis of the property you gave up, with the following adjustments. 1040x for 2009 Decrease the basis by the following amounts. 1040x for 2009 Any money you receive. 1040x for 2009 Any loss you recognize on the exchange. 1040x for 2009 Increase the basis by the following amounts. 1040x for 2009 Any additional costs you incur. 1040x for 2009 Any gain you recognize on the exchange. 1040x for 2009 If the other party to the exchange assumes your liabilities, treat the debt assumption as money you received in the exchange. 1040x for 2009 Allocation of basis. 1040x for 2009   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. 1040x for 2009 The rest is the basis of the like-kind property. 1040x for 2009 More information. 1040x for 2009   See Like-Kind Exchanges in chapter 1 of Publication 544 for more information. 1040x for 2009 Basis for depreciation. 1040x for 2009   Special rules apply in determining and depreciating the basis of MACRS property acquired in a like-kind exchange. 1040x for 2009 For information, see What Is the Basis of Your Depreciable Property? in chapter 1 of Publication 946. 1040x for 2009 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. 1040x for 2009 The same rule applies to a transfer by your former spouse that is incident to divorce. 1040x for 2009 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. 1040x for 2009 If the property transferred to you is a series E, series EE, or series I U. 1040x for 2009 S. 1040x for 2009 savings bond, the transferor must include in income the interest accrued to the date of transfer. 1040x for 2009 Your basis in the bond immediately after the transfer is equal to the transferor's basis increased by the interest income includible in the transferor's income. 1040x for 2009 For more information on these bonds, see chapter 7. 1040x for 2009 At the time of the transfer, 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. 1040x for 2009 For more information about the transfer of property from a spouse, see chapter 14. 1040x for 2009 Property Received as a Gift To figure the basis of property you receive as a gift, you must know its adjusted basis to the donor just before it was given to you, its FMV at the time it was given to you, and any gift tax paid on it. 1040x for 2009 FMV less than donor's adjusted basis. 1040x for 2009   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. 1040x for 2009 Your basis for figuring gain is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you held the property. 1040x for 2009 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. 1040x for 2009 See Adjusted Basis , earlier. 1040x for 2009 Example. 1040x for 2009 You received an acre of land as a gift. 1040x for 2009 At the time of the gift, the land had an FMV of $8,000. 1040x for 2009 The donor's adjusted basis was $10,000. 1040x for 2009 After you received the property, no events occurred to increase or decrease your basis. 1040x for 2009 If you later sell the property for $12,000, you will have a $2,000 gain because you must use the donor's adjusted basis at the time of the gift ($10,000) as your basis to figure gain. 1040x for 2009 If you sell the property for $7,000, you will have a $1,000 loss because you must use the FMV at the time of the gift ($8,000) as your basis to figure loss. 1040x for 2009 If the sales price is between $8,000 and $10,000, you have neither gain nor loss. 1040x for 2009 Business property. 1040x for 2009   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. 1040x for 2009 FMV equal to or greater than donor's adjusted basis. 1040x for 2009   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 at the time you received the gift. 1040x for 2009 Increase your basis by all or part of any gift tax paid, depending on the date of the gift, explained later. 1040x for 2009   Also, for figuring gain or loss from a sale or other disposition 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. 1040x for 2009 See Adjusted Basis , earlier. 1040x for 2009   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. 1040x for 2009 Figure the increase by multiplying the gift tax paid by a fraction. 1040x for 2009 The numerator of the fraction is the net increase in value of the gift and the denominator is the amount of the gift. 1040x for 2009   The net increase in value of the gift is the FMV of the gift minus the donor's adjusted basis. 1040x for 2009 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. 1040x for 2009 Example. 1040x for 2009 In 2013, you received a gift of property from your mother that had an FMV of $50,000. 1040x for 2009 Her adjusted basis was $20,000. 1040x for 2009 The amount of the gift for gift tax purposes was $36,000 ($50,000 minus the $14,000 annual exclusion). 1040x for 2009 She paid a gift tax of $7,320 on the property. 1040x for 2009 Your basis is $26,076, figured as follows: 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) × . 1040x for 2009 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. 1040x for 2009 If you received a gift before 1977, your basis in the gift (the donor's adjusted basis) includes any gift tax paid on it. 1040x for 2009 However, your basis cannot exceed the FMV of the gift at the time it was given to you. 1040x for 2009 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. 1040x for 2009 The FMV on the alternate valuation date if the personal representative for the estate elects to use alternate valuation. 1040x for 2009 The value under the special-use valuation method for real property used in farming or a closely held business if elected for estate tax purposes. 1040x for 2009 The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement. 1040x for 2009 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. 1040x for 2009 For more information, see the instructions to Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. 1040x for 2009 Property inherited from a decedent who died in 2010. 1040x for 2009   If you inherited property from a decedent who died in 2010, special rules may apply. 1040x for 2009 For more information, see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. 1040x for 2009 Community property. 1040x for 2009   In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), husband and wife are each usually considered to own half the community property. 1040x for 2009 When either spouse dies, the total value of the community property, even the part belonging to the surviving spouse, generally becomes the basis of the entire property. 1040x for 2009 For this rule to apply, at least half the value of the community property interest must be includible in the decedent's gross estate, whether or not the estate must file a return. 1040x for 2009 Example. 1040x for 2009 You and your spouse owned community property that had a basis of $80,000. 1040x for 2009 When your spouse died, half the FMV of the community interest was includible in your spouse's estate. 1040x for 2009 The FMV of the community interest was $100,000. 1040x for 2009 The basis of your half of the property after the death of your spouse is $50,000 (half of the $100,000 FMV). 1040x for 2009 The basis of the other half to your spouse's heirs is also $50,000. 1040x for 2009 For more information about community property, see Publication 555, Community Property. 1040x for 2009 Property Changed From Personal to Business or Rental Use If you hold property for personal use and then change it to business use or use it to produce rent, you can begin to depreciate the property at the time of the change. 1040x for 2009 To do so, you must figure its basis for depreciation at the time of the change. 1040x for 2009 An example of changing property held for personal use to business or rental use would be renting out your former personal residence. 1040x for 2009 Basis for depreciation. 1040x for 2009   The basis for depreciation is the lesser of the following amounts. 1040x for 2009 The FMV of the property on the date of the change. 1040x for 2009 Your adjusted basis on the date of the change. 1040x for 2009 Example. 1040x for 2009 Several years ago, you paid $160,000 to have your house built on a lot that cost $25,000. 1040x for 2009 You paid $20,000 for permanent improvements to the house and claimed a $2,000 casualty loss deduction for damage to the house before changing the property to rental use last year. 1040x for 2009 Because land is not depreciable, you include only the cost of the house when figuring the basis for depreciation. 1040x for 2009 Your adjusted basis in the house when you changed its use was $178,000 ($160,000 + $20,000 − $2,000). 1040x for 2009 On the same date, your property had an FMV of $180,000, of which $15,000 was for the land and $165,000 was for the house. 1040x for 2009 The basis for figuring depreciation on the house is its FMV on the date of the change ($165,000) because it is less than your adjusted basis ($178,000). 1040x for 2009 Sale of property. 1040x for 2009   If you later sell or dispose of property changed to business or rental use, the basis you use will depend on whether you are figuring gain or loss. 1040x for 2009 Gain. 1040x for 2009   The basis for figuring a gain is your adjusted basis in the property when you sell the property. 1040x for 2009 Example. 1040x for 2009 Assume the same facts as in the previous example except that you sell the property at a gain after being allowed depreciation deductions of $37,500. 1040x for 2009 Your adjusted basis for figuring gain is $165,500 ($178,000 + $25,000 (land) − $37,500). 1040x for 2009 Loss. 1040x for 2009   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. 1040x for 2009 Then make adjustments (increases and decreases) for the period after the change in the property's use, as discussed earlier under Adjusted Basis . 1040x for 2009 Example. 1040x for 2009 Assume the same facts as in the previous example, except that you sell the property at a loss after being allowed depreciation deductions of $37,500. 1040x for 2009 In this case, you would start with the FMV on the date of the change to rental use ($180,000), because it is less than the adjusted basis of $203,000 ($178,000 + $25,000 (land)) on that date. 1040x for 2009 Reduce that amount ($180,000) by the depreciation deductions ($37,500). 1040x for 2009 The basis for loss is $142,500 ($180,000 − $37,500). 1040x for 2009 Stocks and Bonds The basis of stocks or bonds you buy generally is the purchase price plus any costs of purchase, such as commissions and recording or transfer fees. 1040x for 2009 If you get stocks or bonds other than by purchase, your basis is usually determined by the FMV or the previous owner's adjusted basis, as discussed earlier. 1040x for 2009 You must adjust the basis of stocks for certain events that occur after purchase. 1040x for 2009 For example, if you receive additional stock from nontaxable stock dividends or stock splits, reduce your basis for each share of stock by dividing the adjusted basis of the old stock by the number of shares of old and new stock. 1040x for 2009 This rule applies only when the additional stock received is identical to the stock held. 1040x for 2009 Also reduce your basis when you receive nontaxable distributions. 1040x for 2009 They are a return of capital. 1040x for 2009 Example. 1040x for 2009 In 2011 you bought 100 shares of XYZ stock for $1,000 or $10 a share. 1040x for 2009 In 2012 you bought 100 shares of XYZ stock for $1,600 or $16 a share. 1040x for 2009 In 2013 XYZ declared a 2-for-1 stock split. 1040x for 2009 You now have 200 shares of stock with a basis of $5 a share and 200 shares with a basis of $8 a share. 1040x for 2009 Other basis. 1040x for 2009   There are other ways to figure the basis of stocks or bonds depending on how you acquired them. 1040x for 2009 For detailed information, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550. 1040x for 2009 Identifying stocks or bonds sold. 1040x for 2009   If you can adequately identify the shares of stock or the bonds you sold, their basis is the cost or other basis of the particular shares of stocks or bonds. 1040x for 2009 If you buy and sell securities at various times in varying quantities and you cannot adequately identify the shares you sell, the basis of the securities you sell is the basis of the securities you acquired first. 1040x for 2009 For more information about identifying securities you sell, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550. 1040x for 2009 Mutual fund shares. 1040x for 2009   If you sell mutual fund shares you acquired at various times and prices and left on deposit in an account kept by a custodian or agent, you can elect to use an average basis. 1040x for 2009 For more information, see Publication 550. 1040x for 2009 Bond premium. 1040x for 2009   If you buy a taxable bond at a premium and elect to amortize the premium, reduce the basis of the bond by the amortized premium you deduct each year. 1040x for 2009 See Bond Premium Amortization in chapter 3 of Publication 550 for more information. 1040x for 2009 Although you cannot deduct the premium on a tax-exempt bond, you must amortize the premium each year and reduce your basis in the bond by the amortized amount. 1040x for 2009 Original issue discount (OID) on debt instruments. 1040x for 2009   You must increase your basis in an OID debt instrument by the OID you include in income for that instrument. 1040x for 2009 See Original Issue Discount (OID) in chapter 7 and Publication 1212, Guide To Original Issue Discount (OID) Instruments. 1040x for 2009 Tax-exempt obligations. 1040x for 2009    OID on tax-exempt obligations is generally not taxable. 1040x for 2009 However, when you dispose of a tax-exempt obligation issued after September 3, 1982, and acquired after March 1, 1984, you must accrue OID on the obligation to determine its adjusted basis. 1040x for 2009 The accrued OID is added to the basis of the obligation to determine your gain or loss. 1040x for 2009 See chapter 4 of Publication 550. 1040x for 2009 Prev  Up  Next   Home   More Online Publications
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The 1040x For 2009

1040x for 2009 Publication 225 - Introductory Material Table of Contents IntroductionOrdering forms and publications. 1040x for 2009 Tax questions. 1040x for 2009 Future Developments What's New for 2013 What's New for 2014 Reminders Introduction You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. 1040x for 2009 A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. 1040x for 2009 It also includes plantations, ranches, ranges, and orchards. 1040x for 2009 This publication explains how the federal tax laws apply to farming. 1040x for 2009 Use this publication as a guide to figure your taxes and complete your farm tax return. 1040x for 2009 If you need more information on a subject, get the specific IRS tax publication covering that subject. 1040x for 2009 We refer to many of these free publications throughout this publication. 1040x for 2009 See chapter 16 for information on ordering these publications. 1040x for 2009 The explanations and examples in this publication reflect the Internal Revenue Service's interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. 1040x for 2009 However, the information given does not cover every situation and is not intended to replace the law or change its meaning. 1040x for 2009 This publication covers subjects on which a court may have made a decision more favorable to taxpayers than the interpretation of the Service. 1040x for 2009 Until these differing interpretations are resolved by higher court decisions, or in some other way, this publication will continue to present the interpretation of the Service. 1040x for 2009 The IRS Mission. 1040x for 2009   Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. 1040x for 2009 Comments and suggestions. 1040x for 2009   We welcome your comments about this publication and your suggestions for future editions. 1040x for 2009   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. 1040x for 2009 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040x for 2009 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040x for 2009   You can email us at taxforms@irs. 1040x for 2009 gov. 1040x for 2009 Please put “Publications Comment” on the subject line. 1040x for 2009 You can also send us comments from www. 1040x for 2009 irs. 1040x for 2009 gov/formspubs/, select “Comment on Tax Forms and Publications” under “More Information. 1040x for 2009 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040x for 2009 Ordering forms and publications. 1040x for 2009   Visit www. 1040x for 2009 irs. 1040x for 2009 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040x for 2009 Internal Revenue Service 1201 N. 1040x for 2009 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040x for 2009   If you have a tax question, check the information available on IRS. 1040x for 2009 gov or call 1-800-829-1040. 1040x for 2009 We cannot answer tax questions sent to either of the above addresses. 1040x for 2009 Comments on IRS enforcement actions. 1040x for 2009   The Small Business and Agricultural Regulatory Enforcement Ombudsman and 10 Regional Fairness Boards were established to receive comments from small business about federal agency enforcement actions. 1040x for 2009 The Ombudsman will annually evaluate the enforcement activities of each agency and rate its responsiveness to small business. 1040x for 2009 If you wish to comment on the enforcement actions of the IRS, you can: Call 1-888-734-3247, Fax your comments to 202-481-5719, Write to Office of the National Ombudsman U. 1040x for 2009 S. 1040x for 2009 Small Business Administration 409 3rd Street, S. 1040x for 2009 W. 1040x for 2009  Washington, DC 20416 Send an email to ombudsman@sba. 1040x for 2009 gov, or Download the appraisal form at  www. 1040x for 2009 sba. 1040x for 2009 gov/ombudsman. 1040x for 2009 Treasury Inspector General for Tax Administration. 1040x for 2009   If you want to confidentially report misconduct, waste, fraud, or abuse by an IRS employee, you can call 1-800-366-4484 (1-800-877-8339 for TTY/TDD users). 1040x for 2009 You can remain anonymous. 1040x for 2009 Farm tax classes. 1040x for 2009   Many state Cooperative Extension Services conduct farm tax workshops in conjunction with the IRS. 1040x for 2009 Contact your county extension office for more information. 1040x for 2009 Rural tax education website. 1040x for 2009   The Rural Tax Education website is a source for information concerning agriculturally related income and deductions and self-employment tax. 1040x for 2009 The website is available for farmers and ranchers, other agricultural producers, Extension educators, and any one interested in learning about the tax side of the agricultural community. 1040x for 2009 Members of the National Farm Income Tax Extension Committee are contributors for the website and the website is hosted by Utah State University Cooperative Extension. 1040x for 2009 You can visit the website at www. 1040x for 2009 ruraltax. 1040x for 2009 org. 1040x for 2009 Future Developments The IRS has created a page on IRS. 1040x for 2009 gov for information about Publication 225, at  www. 1040x for 2009 irs. 1040x for 2009 gov/pub225. 1040x for 2009 Information about recent developments affecting Publication 225 will be posted on that page. 1040x for 2009 What's New for 2013 The following items highlight a number of administrative and tax law changes for 2013. 1040x for 2009 They are discussed in more detail throughout the publication. 1040x for 2009 Standard mileage rate. 1040x for 2009  For 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. 1040x for 2009 5 cents. 1040x for 2009 See chapter 4. 1040x for 2009 Simplified method for business use of home deduction. 1040x for 2009  The IRS now provides a simplified method to determine your expenses for business use of your home. 1040x for 2009 For more information, see Schedule C (Form 1040), Part II, and its instructions. 1040x for 2009 See chapter 4. 1040x for 2009 Increased section 179 expense deduction dollar limits. 1040x for 2009  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000. 1040x for 2009 This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. 1040x for 2009 See chapter 7. 1040x for 2009 Extension of special depreciation allowance for certain qualified property acquired after December 31, 2007. 1040x for 2009  You may be able to take a 50% special depreciation allowance for certain qualified property acquired after December 31, 2007, and placed in service before January 1, 2014. 1040x for 2009 See chapter 7. 1040x for 2009 Expiration of the 3-year recovery period for certain race horses. 1040x for 2009 . 1040x for 2009  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. 1040x for 2009 See chapter 7. 1040x for 2009 Tax rates. 1040x for 2009  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. 1040x for 2009 4% to 12. 1040x for 2009 4%. 1040x for 2009 As a result, the self-employment tax is increased from 13. 1040x for 2009 3% to 15. 1040x for 2009 3%. 1040x for 2009 See chapter 12. 1040x for 2009 Maximum net earnings. 1040x for 2009  The maximum net self-employment earnings subject to the social security part (12. 1040x for 2009 4%) of the self-employment tax increased to $113,700 for 2013. 1040x for 2009 There is no maximum limit on earnings subject to the Medicare part (2. 1040x for 2009 9%). 1040x for 2009 See chapter 12. 1040x for 2009 Net investment income tax. 1040x for 2009  For tax years beginning in 2013, individuals, estates, and trusts may be subject to the net investment income tax (NIIT). 1040x for 2009 If you are a trader in financial instruments and commodities and required to file Schedule C (Form 1040), your investment income (for purposes of the NIIT) may be reduced by your interest and other investment expenses to the extent those expenses are not used to reduce your self-employment income. 1040x for 2009 For information about NIIT and the special rule for traders in financial instruments and commodities, see the Instructions for Form 8960. 1040x for 2009 Social Security and Medicare Tax for 2013. 1040x for 2009  The employee tax rate for social security is 6. 1040x for 2009 2%. 1040x for 2009 The employer tax rate for social security remains unchanged at 6. 1040x for 2009 2%. 1040x for 2009 The social security wage base limit is $113,700. 1040x for 2009 The Medicare tax rate is 1. 1040x for 2009 45% each for the employee and employer, unchanged from 2012. 1040x for 2009 There is no wage base limit for Medicare tax. 1040x for 2009 See chapter 13. 1040x for 2009 Additional Medicare Tax. 1040x for 2009  For tax years beginning in 2013, a 0. 1040x for 2009 9% Additional Medicare Tax applies to your Medicare wages, Railroad Tax Act (RRTA) compensation, and self-employment income above a threshold amount. 1040x for 2009 Use Form 8959, Additional Medicare Tax, to figure this tax. 1040x for 2009 For more information, see the Instructions for Form 8959 and the Instructions for Schedule SE (Form 1040). 1040x for 2009 In addition to withholding Medicare tax at 1. 1040x for 2009 45%, you must withhold a 0. 1040x for 2009 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 1040x for 2009 You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. 1040x for 2009 Additional Medicare Tax is only imposed on the employee. 1040x for 2009 There is no employer share of Additional Medicare Tax. 1040x for 2009 All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. 1040x for 2009 For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. 1040x for 2009 For more information on Additional Medicare Tax, visit IRS. 1040x for 2009 gov and enter “Additional Medicare Tax” in the search box. 1040x for 2009 See chapter 13. 1040x for 2009 Leave-Based donation programs to aid victims of Hurricane Sandy. 1040x for 2009  Under these programs, employees may donate their vacation, sick, or personal leave in exchange for employer cash payments made before January 1, 2014, to qualified tax-exempt organizations providing relief for the victims of Hurricane Sandy. 1040x for 2009 The donated leave will not be included in the income or wages of the employee. 1040x for 2009 The employer may deduct the cash payments as business expenses or charitable contributions. 1040x for 2009 See chapter 13. 1040x for 2009 Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans extended. 1040x for 2009  The work opportunity tax credit is now available for eligible unemployed veterans who begin work before January 1, 2014. 1040x for 2009 Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. 1040x for 2009 For more information, visit IRS. 1040x for 2009 gov and enter “work opportunity credit” in the search box. 1040x for 2009 See chapter 13. 1040x for 2009 Estimated tax. 1040x for 2009  For tax years beginning in 2013, the Net Investment Income Tax (NIIT) may need to be included when calculating your estimated tax. 1040x for 2009 Also, when figuring your estimated tax, you may need to include the 0. 1040x for 2009 9% Additional Medicare Tax applicable to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above the threshold amount based on your filing status. 1040x for 2009 For more information, see Publication 505. 1040x for 2009 What's New for 2014 Maximum net earnings. 1040x for 2009  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. 1040x for 2009 See chapter 12. 1040x for 2009 Social security and Medicare tax for 2014. 1040x for 2009  The employee and employer tax rates for social security and the maximum amount of wages subject to social security tax for 2014 will be discussed in Publication 51 (Circular A), Agricultural Employer's Tax Guide (For use in 2014). 1040x for 2009 The Medicare tax rate for 2014 will also be discussed in Publication 51 (Circular A) (For use in 2014). 1040x for 2009 There is no limit on the amount of wages subject to Medicare tax. 1040x for 2009 See chapter 13. 1040x for 2009 Reminders The following reminders and other items may help you file your tax return. 1040x for 2009   IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. 1040x for 2009 The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. 1040x for 2009 You can use one of the following IRS e-file options. 1040x for 2009 Use an authorized IRS e-file provider. 1040x for 2009 Use a personal computer. 1040x for 2009 Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. 1040x for 2009 For details on these fast filing methods, see your income tax package. 1040x for 2009 Principal agricultural activity codes. 1040x for 2009  You must enter on line B of Schedule F (Form 1040) a code that identifies your principal agricultural activity. 1040x for 2009 It is important to use the correct code because this information will identify market segments of the public for IRS Taxpayer Education programs. 1040x for 2009 The U. 1040x for 2009 S. 1040x for 2009 Census Bureau also uses this information for its economic census. 1040x for 2009 See the list of Principal Agricultural Activity Codes on page 2 of Schedule F (Form 1040). 1040x for 2009 Publication on employer identification numbers (EIN). 1040x for 2009  Publication 1635, Understanding Your Employer Identification Number, provides general information on employer identification numbers. 1040x for 2009 Topics include how to apply for an EIN and how to complete Form SS-4. 1040x for 2009 Change of address. 1040x for 2009  If you change your home address, you should use Form 8822, Change of Addres, to notify the IRS. 1040x for 2009 If you change your business address, you should use Form 8822-B, Change of Address or Responsible Party — Business, to notify the IRS. 1040x for 2009 Be sure to include your suite, room, or other unit number. 1040x for 2009 Reportable transactions. 1040x for 2009  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. 1040x for 2009 You may have to pay a penalty if you are required to file Form 8886 but do not do so. 1040x for 2009 Reportable transactions include (1) transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, (2) transactions offered to you under conditions of confidentiality and for which you paid an advisor a minimum fee, (3) transactions for which you have or a related party has a right to a full or partial refund of fees if all or part of the intended tax consequences from the transaction are not sustained, (4) transactions that result in losses of at least $2 million in any single year or $4 million in any combination of years, and (5) transactions with asset holding periods of 45 days or less and that result in a tax credit of more than $250,000. 1040x for 2009 For more information, see the Instructions for Form 8886. 1040x for 2009 Form W-4 for 2014. 1040x for 2009  You should make new Forms W-4 available to your employees and encourage them to check their income tax withholding for 2014. 1040x for 2009 Those employees who owed a large amount of tax or received a large refund for 2013 may need to submit a new Form W-4. 1040x for 2009 See Publication 919, How Do I Adjust My Tax Withholding. 1040x for 2009 Form 1099-MISC. 1040x for 2009  Generally, file Form 1099-MISC if you pay at least $600 in rents, services, and other miscellaneous payments in your farming business to an individual (for example, an accountant, an attorney, or a veterinarian) who is not your employee. 1040x for 2009 Limited Liability Company (LLC). 1040x for 2009  For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. 1040x for 2009 Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. 1040x for 2009 An LLC may be classified for federal income tax purposes as a partnership, corporation, or an entity disregarded as separate from its owner by applying the rules in Regulations section 301. 1040x for 2009 7701-3. 1040x for 2009 See Publication 3402 for more details. 1040x for 2009 Photographs of missing children. 1040x for 2009  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040x for 2009 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040x for 2009 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. 1040x for 2009 Prev  Up  Next   Home   More Online Publications