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2012 1040 Ez

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2012 1040 Ez

2012 1040 ez Index A Adjusted basis: Adoption tax benefits, Adoption Tax Benefits Assessment for local improvements, Assessments for Local Improvements Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Credit for qualified electric vehicles, Vehicle Credits Decreases to, Decreases to Basis Depreciation, Depreciation Easements, Easements Employer-provided child care, Employer-Provided Child Care Example, Adjustments to Basis Example Gain from sale of home, Postponed Gain From Sale of Home Gas-guzzler tax, Gas-Guzzler Tax Increases to, Increases to Basis Section 179 deduction, Section 179 Deduction Subsidies for energy conservation, Exclusion of Subsidies for Energy Conservation Measures Adoption tax benefits, Adoption Tax Benefits Allocating basis, Allocating the Basis Assistance (see Tax help) Assumption of mortgage, Assumption of mortgage. 2012 1040 ez B Business acquired, Trade or Business Acquired Business assets, Business Assets Businesses exchanged, Exchange of business property. 2012 1040 ez C Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Change to business use, Property Changed to Business or Rental Use Community property, Community Property Constructing assets, Constructing assets. 2012 1040 ez Copyrights, Copyrights. 2012 1040 ez Cost basis: Allocating basis, Allocating the Basis Assumption of mortgage, Assumption of mortgage. 2012 1040 ez Capitalized costs, Activities subject to the rules. 2012 1040 ez , Deducting vs. 2012 1040 ez Capitalizing Costs Loans, low or no interest, Loans with low or no interest. 2012 1040 ez Real estate taxes, Real estate taxes. 2012 1040 ez Real property, Real Property Settlement costs (fees), Settlement costs. 2012 1040 ez D Decreases to basis, Decreases to Basis Demolition of building, Demolition of building. 2012 1040 ez Depreciation, Depreciation E Easements, Easements Employer-provided child care, Employer-Provided Child Care Exchanges: Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partial business use of property, Partial Business Use of Property Taxable, Taxable Exchanges F Fair market value, Fair market value (FMV). 2012 1040 ez Franchises, Franchises, trademarks, and trade names. 2012 1040 ez Free tax services, How To Get Tax Help G Gain from sale of home, Postponed Gain From Sale of Home Gifts, property received, Property Received as a Gift Group of assets acquired, Group of Assets Acquired H Help (see Tax help) I Inherited property, Inherited Property Intangible assets, Intangible Assets Involuntary exchanges, Involuntary Conversions L Land and buildings, Land and Buildings Loans, low or no interest, Loans with low or no interest. 2012 1040 ez M More information (see Tax help) N Nontaxable exchanges: Like-kind, Like-Kind Exchanges Partial, Partially Nontaxable Exchange P Partially nontaxable exchanges, Partially Nontaxable Exchange Patents, Patents. 2012 1040 ez Points, Points. 2012 1040 ez Property changed to business use, Property Changed to Business or Rental Use Property received as a gift, Property Received as a Gift Property received for services: Bargain purchases, Bargain Purchases Fair market value, Property Received for Services Restricted property, Restricted Property Property transferred from a spouse, Property Transferred From a Spouse Publications (see Tax help) R Real estate taxes, Real estate taxes. 2012 1040 ez Real property, Real Property S Settlement costs (fees), Settlement costs. 2012 1040 ez Special-use valuation, Special-use valuation. 2012 1040 ez Spouse, property transferred from, Property Transferred From a Spouse Stocks and bonds, Stocks and Bonds Subdivided lots, Subdivided lots. 2012 1040 ez T Tax help, How To Get Tax Help Taxable exchanges, Taxable Exchanges Taxpayer Advocate, Contacting your Taxpayer Advocate. 2012 1040 ez Trade or business acquired, Trade or Business Acquired Trademarks and trade  names, Franchises, trademarks, and trade names. 2012 1040 ez Trading property (see Exchanges), Taxable Exchanges TTY/TDD information, How To Get Tax Help U Uniform capitalization rules: Activities subject to the rules, Activities subject to the rules. 2012 1040 ez Exceptions, Exceptions. 2012 1040 ez Prev  Up     Home   More Online Publications
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The 2012 1040 Ez

2012 1040 ez 3. 2012 1040 ez   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. 2012 1040 ez How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. 2012 1040 ez However, in some cases you may have a gain that is not taxable or a loss that is not deductible. 2012 1040 ez This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. 2012 1040 ez Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. 2012 1040 ez What Is a Disposition of Property? A disposition of property includes the following transactions. 2012 1040 ez You sell property for cash or other property. 2012 1040 ez You exchange property for other property. 2012 1040 ez You receive money as a tenant for the cancellation of a lease. 2012 1040 ez You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. 2012 1040 ez You transfer property to satisfy a debt. 2012 1040 ez You abandon property. 2012 1040 ez Your bank or other financial institution forecloses on your mortgage or repossesses your property. 2012 1040 ez Your property is damaged, destroyed, or stolen, and you receive property or money in payment. 2012 1040 ez Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. 2012 1040 ez For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. 2012 1040 ez For details about other dispositions, see chapter 1 in Publication 544. 2012 1040 ez Nontaxable exchanges. 2012 1040 ez   Certain exchanges of property are not taxable. 2012 1040 ez This means any gain from the exchange is not recognized and you cannot deduct any loss. 2012 1040 ez Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. 2012 1040 ez Like-kind exchanges. 2012 1040 ez   A like-kind exchange is the exchange of property for the same kind of property. 2012 1040 ez It is the most common type of nontaxable exchange. 2012 1040 ez To be a like-kind exchange, the property traded and the property received must be both of the following. 2012 1040 ez Business or investment property. 2012 1040 ez Like property. 2012 1040 ez   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. 2012 1040 ez For more information about like-kind exchanges, see chapter 1 in Publication 544. 2012 1040 ez Installment sales. 2012 1040 ez   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. 2012 1040 ez If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. 2012 1040 ez   For more information about installment sales, see Publication 537, Installment Sales. 2012 1040 ez Sale of a business. 2012 1040 ez   The sale of a business usually is not a sale of one asset. 2012 1040 ez Instead, all the assets of the business are sold. 2012 1040 ez Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. 2012 1040 ez   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. 2012 1040 ez Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. 2012 1040 ez The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. 2012 1040 ez   For more information about the sale of a business, see chapter 2 of Publication 544. 2012 1040 ez How Do I Figure a Gain or Loss? Table 3-1. 2012 1040 ez How To Figure a Gain or Loss IF your. 2012 1040 ez . 2012 1040 ez . 2012 1040 ez THEN you have a. 2012 1040 ez . 2012 1040 ez . 2012 1040 ez Adjusted basis is more than the amount realized Loss. 2012 1040 ez Amount realized is more than the adjusted basis Gain. 2012 1040 ez Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. 2012 1040 ez You need to know these definitions to figure your gain or loss. 2012 1040 ez Basis. 2012 1040 ez   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. 2012 1040 ez However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. 2012 1040 ez For more information about basis, see Publication 551, Basis of Assets. 2012 1040 ez Adjusted basis. 2012 1040 ez   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. 2012 1040 ez In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. 2012 1040 ez Amount realized. 2012 1040 ez   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. 2012 1040 ez The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. 2012 1040 ez Fair market value. 2012 1040 ez   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. 2012 1040 ez Amount recognized. 2012 1040 ez   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. 2012 1040 ez Recognized gains must be included in gross income. 2012 1040 ez Recognized losses are deductible from gross income. 2012 1040 ez However, a gain or loss realized from certain exchanges of property is not recognized. 2012 1040 ez See  Nontaxable exchanges, earlier. 2012 1040 ez Also, you cannot deduct a loss from the disposition of property held for personal use. 2012 1040 ez Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. 2012 1040 ez You must do this to figure your net capital gain or loss. 2012 1040 ez Generally, you will have a capital gain or loss if you dispose of a capital asset. 2012 1040 ez For the most part, everything you own and use for personal purposes or investment is a capital asset. 2012 1040 ez Certain property you use in your business is not a capital asset. 2012 1040 ez A gain or loss from a disposition of this property is an ordinary gain or loss. 2012 1040 ez However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. 2012 1040 ez These gains and losses are called section 1231 gains and losses. 2012 1040 ez For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. 2012 1040 ez Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. 2012 1040 ez Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. 2012 1040 ez The time you own property before disposing of it is called the holding period. 2012 1040 ez Table 3-2. 2012 1040 ez Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. 2012 1040 ez . 2012 1040 ez . 2012 1040 ez THEN you have a. 2012 1040 ez . 2012 1040 ez . 2012 1040 ez 1 year or less Short-term capital gain or loss. 2012 1040 ez More than 1 year Long-term capital gain or loss. 2012 1040 ez For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. 2012 1040 ez Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. 2012 1040 ez The instructions for the forms explain how to fill them out. 2012 1040 ez Dispositions of business property and depreciable property. 2012 1040 ez   Use Form 4797. 2012 1040 ez If you have taxable gain, you may also have to use Schedule D (Form 1040). 2012 1040 ez Like-kind exchanges. 2012 1040 ez   Use Form 8824, Like-Kind Exchanges. 2012 1040 ez You may also have to use Form 4797 and Schedule D (Form 1040). 2012 1040 ez Installment sales. 2012 1040 ez   Use Form 6252, Installment Sale Income. 2012 1040 ez You may also have to use Form 4797 and Schedule D (Form 1040). 2012 1040 ez Casualties and thefts. 2012 1040 ez   Use Form 4684, Casualties and Thefts. 2012 1040 ez You may also have to use Form 4797. 2012 1040 ez Condemned property. 2012 1040 ez   Use Form 4797. 2012 1040 ez You may also have to use Schedule D (Form 1040). 2012 1040 ez Prev  Up  Next   Home   More Online Publications