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Compare tax software Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. Compare tax software Publication 946, How To Depreciate Property, contains information on depreciation. Compare tax software However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Compare tax software The new provisions are in the Supplement to Publication 946, which is reprinted below. Compare tax software Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Compare tax software The new law made several changes in the tax rules explained in the publication. Compare tax software Some of the changes apply to property placed in service during 2001. Compare tax software This supplemental publication describes those changes and explains what you should do if you are affected by them. Compare tax software The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. Compare tax software The new law contains the following provisions. Compare tax software 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. Compare tax software An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Compare tax software A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Compare tax software An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Compare tax software If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. Compare tax software If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. Compare tax software See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. Compare tax software Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Compare tax software The allowance is an additional deduction of 30% of the property's depreciable basis. Compare tax software To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Compare tax software See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Compare tax software The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Compare tax software There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Compare tax software In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Compare tax software Example 1. Compare tax software On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Compare tax software You did not elect to claim a section 179 deduction. Compare tax software You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Compare tax software You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Compare tax software Example 2. Compare tax software The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. Compare tax software You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Compare tax software You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Compare tax software Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Compare tax software It is new property of one of the following types. Compare tax software Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Compare tax software See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Compare tax software Water utility property. Compare tax software See 25-year property on page 22 in Publication 946. Compare tax software Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Compare tax software (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Compare tax software ) Qualified leasehold improvement property (defined later). Compare tax software It meets the following tests (explained later under Tests To Be Met). Compare tax software Acquisition date test. Compare tax software Placed in service date test. Compare tax software Original use test. Compare tax software It is not excepted property (explained later under Excepted Property). Compare tax software Qualified leasehold improvement property. Compare tax software    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. Compare tax software The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Compare tax software That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Compare tax software The improvement is placed in service more than 3 years after the date the building was first placed in service. Compare tax software   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Compare tax software The enlargement of the building. Compare tax software Any elevator or escalator. Compare tax software Any structural component benefiting a common area. Compare tax software The internal structural framework of the building. Compare tax software   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. Compare tax software However, a binding commitment between related persons is not treated as a lease. Compare tax software Related persons. Compare tax software   For this purpose, the following are related persons. Compare tax software Members of an affiliated group. Compare tax software The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). Compare tax software An executor and a beneficiary of the same estate. Compare tax software Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Compare tax software Acquisition date test. Compare tax software    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. Compare tax software   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. Compare tax software Placed in service date test. Compare tax software   Generally, the property must be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Compare tax software   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Compare tax software Original use test. Compare tax software   The original use of the property must have begun with you after September 10, 2001. Compare tax software “Original use” means the first use to which the property is put, whether or not by you. Compare tax software Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Compare tax software Excepted Property The following property does not qualify for the special depreciation allowance. Compare tax software Property used by any person before September 11, 2001. Compare tax software Property required to be depreciated using ADS. Compare tax software This includes listed property used 50% or less in a qualified business use. Compare tax software Qualified New York Liberty Zone leasehold improvement property (defined next). Compare tax software Qualified New York Liberty Zone leasehold improvement property. Compare tax software   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Compare tax software The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Compare tax software The improvement is placed in service after September 10, 2001, and before January 1, 2007. Compare tax software No written binding contract for the improvement was in effect before September 11, 2001. Compare tax software Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Compare tax software If you make this election for any property, it applies to all property in the same property class placed in service during the year. Compare tax software To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Compare tax software When to make election. Compare tax software   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Compare tax software   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Compare tax software Attach the election statement to the amended return. Compare tax software At the top of the election statement, write “Filed pursuant to section 301. Compare tax software 9100–2. Compare tax software ” Revoking an election. Compare tax software   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Compare tax software A request to revoke the election is subject to a user fee. Compare tax software Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. Compare tax software The rules apply to returns for the following years. Compare tax software 2000 fiscal years that end after September 10, 2001. Compare tax software 2001 calendar and fiscal years. Compare tax software Claiming the allowance. Compare tax software   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. Compare tax software File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. Compare tax software Write “Filed Pursuant to Rev. Compare tax software Proc. Compare tax software 2002–33” at the top of the amended return. Compare tax software File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Compare tax software Your return must be filed by the due date (including extensions). Compare tax software Write “Automatic Change Filed Under Rev. Compare tax software Proc. Compare tax software 2002–33” on the appropriate line of Form 3115. Compare tax software You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. Compare tax software For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. Compare tax software Example 1. Compare tax software You are an individual and you use the calendar year. Compare tax software You placed qualified property in service for your business in December 2001. Compare tax software You filed your 2001 income tax return before April 15, 2002. Compare tax software You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Compare tax software You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Compare tax software Proc. Compare tax software 2002–33” at the top of the amended return. Compare tax software You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Compare tax software Example 2. Compare tax software The facts concerning your 2001 return are the same as in Example 1. Compare tax software In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Compare tax software You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Compare tax software Proc. Compare tax software 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Compare tax software You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Compare tax software Electing not to claim the allowance. Compare tax software   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. Compare tax software The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Compare tax software The statement can be either attached to or written on the return. Compare tax software You can, for example, write “not deducting 30%” on Form 4562. Compare tax software Deemed election. Compare tax software   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. Compare tax software You will be treated as making the election if you meet both of the following conditions. Compare tax software You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. Compare tax software You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Compare tax software See Claiming the allowance, earlier. Compare tax software Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. Compare tax software Generally, the limit is increased from $3,060 to $7,660. Compare tax software However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). Compare tax software Table 1 shows the maximum deduction amounts for 2001. Compare tax software Table 1. Compare tax software Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Compare tax software 11 Placed in Service After Sept. Compare tax software 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. Compare tax software Election not to claim the allowance. Compare tax software   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. Compare tax software New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Compare tax software They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. Compare tax software Area defined. Compare tax software   The New York Liberty Zone is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York, New York. Compare tax software Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. Compare tax software The allowance is an additional deduction of 30% of the property's depreciable basis. Compare tax software To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Compare tax software See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Compare tax software The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Compare tax software There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Compare tax software In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Compare tax software You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Compare tax software Qualified property is eligible for only one special depreciation allowance. Compare tax software Example 1. Compare tax software On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. Compare tax software You did not elect to claim a section 179 deduction. Compare tax software You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Compare tax software You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Compare tax software Example 2. Compare tax software The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. Compare tax software (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Compare tax software You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Compare tax software You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Compare tax software Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. Compare tax software It is one of the following types of property. Compare tax software Used property depreciated under MACRS with a recovery period of 20 years or less. Compare tax software See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Compare tax software Used water utility property. Compare tax software See 25-year property on page 22 in Publication 946. Compare tax software Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Compare tax software (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Compare tax software ) Certain nonresidential real property and residential rental property (defined later). Compare tax software It meets the following tests (explained later under Tests to be met). Compare tax software Acquisition date test. Compare tax software Placed in service date test. Compare tax software Substantial use test. Compare tax software Original use test. Compare tax software It is not excepted property (explained later under Excepted property). Compare tax software Nonresidential real property and residential rental property. Compare tax software   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. Compare tax software Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. Compare tax software   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. Compare tax software Otherwise, the property is considered damaged real property. Compare tax software For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. Compare tax software Tests to be met. Compare tax software   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Compare tax software Acquisition date test. Compare tax software   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. Compare tax software   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Compare tax software   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. Compare tax software Placed in service date test. Compare tax software   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). Compare tax software   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Compare tax software Substantial use test. Compare tax software   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. Compare tax software Original use test. Compare tax software   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Compare tax software   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Compare tax software Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. Compare tax software Excepted property. Compare tax software   The following property does not qualify for the special Liberty Zone depreciation allowance. Compare tax software Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Compare tax software Property required to be depreciated using ADS. Compare tax software This includes listed property used 50% or less in a qualified business use. Compare tax software Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Compare tax software Example. Compare tax software In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Compare tax software New office furniture with a MACRS recovery period of 7 years. Compare tax software A used computer with a MACRS recovery period of 5 years. Compare tax software The computer had not previously been used within the Liberty Zone. Compare tax software Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Compare tax software Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. Compare tax software Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Compare tax software If you make this election for any property, it applies to all property in the same property class placed in service during the year. Compare tax software To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Compare tax software When to make the election. Compare tax software   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Compare tax software   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Compare tax software Attach the election statement to the amended return. Compare tax software At the top of the election statement, write “Filed pursuant to section 301. Compare tax software 9100–2. Compare tax software ” Revoking an election. Compare tax software   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Compare tax software A request to revoke the election is subject to a user fee. Compare tax software Returns filed before June 1, 2002. Compare tax software   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. Compare tax software Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Compare tax software For tax years beginning in 2000, that limit was $20,000. Compare tax software For tax years beginning in 2001 and 2002, that limit is generally $24,000. Compare tax software If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. Compare tax software Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Compare tax software The increase is the smaller of the following amounts. Compare tax software $35,000. Compare tax software The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Compare tax software If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. Compare tax software Qualified property. Compare tax software   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. Compare tax software Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Compare tax software Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Compare tax software For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. Compare tax software Example 1. Compare tax software In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Compare tax software Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). Compare tax software Example 2. Compare tax software In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Compare tax software Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). Compare tax software Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. Compare tax software However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. Compare tax software Example. Compare tax software In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Compare tax software Your increased dollar limit is $59,000 ($35,000 + $24,000). Compare tax software Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). Compare tax software Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. Compare tax software Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. Compare tax software This rule applies to returns for the following years. Compare tax software 2000 fiscal years that end after September 10, 2001. Compare tax software 2001 calendar and fiscal years. Compare tax software On the amended return, write “Filed Pursuant to Rev. Compare tax software Proc. Compare tax software 2002–33. Compare tax software ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Compare tax software This means that it is depreciated over a recovery period of 5 years. Compare tax software For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Compare tax software The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Compare tax software Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Compare tax software Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. Compare tax software Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Compare tax software Your 2001 calendar or fiscal year return. Compare tax software On the amended return, write “Filed Pursuant to Rev. Compare tax software Proc. Compare tax software 2002–33. Compare tax software ” Table 2. Compare tax software Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. Compare tax software See the text for definitions and examples. Compare tax software Do not rely on this chart alone. Compare tax software IF you want to. Compare tax software . Compare tax software . Compare tax software THEN you. Compare tax software . Compare tax software . Compare tax software BY. Compare tax software . Compare tax software . Compare tax software claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. Compare tax software elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). Compare tax software deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. Compare tax software use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. Compare tax software 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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Sale of Assets Financed with Tax-Exempt Bonds by State and Local Governments and 501(c)(3) Organizations

Tax Exempt Bonds (“TEB”) focuses on providing participants in the municipal bond industry with quality service to assist issuers and conduit borrowers in understanding their tax responsibilities. TEB has initiated an outreach and educational services program to increase understanding and compliance with tax law applicable to tax-exempt bonds. As part of this service TEB is providing the following information with respect to the sale of property financed by tax-exempt bonds. Governmental issuers and 501(c)(3) organizations may use this information to establish practices to monitor tax compliance throughout the period that their bonds are outstanding. This information is not intended to be cited as an authoritative source. TEB recommends that issuers and 501(c)(3) organizations review this basic information concerning remedial actions in consultation with their counsel.

For remedial action with respect to exempt facility bonds, see section 1.142-2 of the Income Tax Regulations (the “Regulations”), and for build America bonds, see IRM 7.2.3.1.2.3.

Generally

To raise needed funds, state and local governments and 501(c)(3) organizations may plan to sell property financed with tax-exempt bonds. The sale of such property could cause the bond issue to become taxable. A timely remedial action, if necessary, will help ensure that the interest on the bond issue remains tax-exempt.

There are three basic remedial action options as generally described below:

  • Redemption or defeasance of nonqualified bonds
  • Alternative use of disposition proceeds
  • Alternative use of facility

Governmental Bonds Example

A governmental bond is one that is not a private activity bond. A bond is a private activity bond if both: (i) more than 10% of the proceeds of a bond issue are used for a private business use (the private business use test); and (ii) more than 10% of the debt service on the bonds is directly or indirectly secured by an interest in property or payments with respect to property used for a private business use or derived from payments in respect of property used for a private business use (the private security or payment test). The sale of bond-financed property, a “deliberate action,” may cause the bond issue to meet both of these tests.

Private business use, generally, is use directly or indirectly in a trade or business carried on by any person other than a governmental unit. The result of meeting both the private business use test and the private security or payment test (together, the private business tests) is that the tax-exempt bond issue becomes a taxable private activity bond.

An example of when governmental bonds are likely to meet the private business tests is the sale of a tax-exempt bond financed facility to a corporation. The sale is a deliberate action because the sale was within the issuer’s control. Depending on how much of the proceeds of the bond issue that the issuer used to construct or acquire the facility and how long after the bonds are issued that the sale occurs, the private business use test may be met since the purchaser is not a governmental entity. If the present value of the sales price is greater than 10% of the present value of the debt service on the bonds, the private security or payment test is met. If the revenues from the facility were pledged as security for the payment of debt service on the bonds and are expected to be more than 10% of the present value of the debt service, the private security or payment test is met (regardless of the sales price to the new purchaser). If the bond issue meets both the private business use test and the private security or payment test, the bonds are taxable unless remedial action is taken as described below.

Qualified 501(c)(3) Bonds Example

If the bonds financing the property are qualified 501(c)(3) bonds, the private business use test threshold of 10% is reduced to 5%. The 5% is further reduced by the percentage of proceeds of the bonds used to pay costs of issuance. (Up to 2% of the proceeds may be used for costs of issuance.) Additionally, use of tax-exempt bond financed property in an unrelated trade or business of any 501(c)(3) organization, as described in section 513 of the Internal Revenue Code (the “Code”), is considered private business use and counts toward the 5% limit.

An example of qualified 501(c)(3) bonds likely to meet the private business tests is the sale of tax-exempt bond financed land to a taxable corporation. The sale is a deliberate action because the sale was within the issuer’s (or 501(c)(3) borrower’s) control. Depending on how much of the proceeds of the bond issue that the issuer or 501(c)(3) borrower used to construct or acquire the facility and how long after the bonds are issued that the sale occurs, the private business use test may be met since the purchaser is not a governmental entity or a 501(c)(3) organization. If the parcel of land sold was pledged as security for the payment of debt service on the bonds, the private security or payment test is met if the sales price is more than 5% of the present value of the debt service on the bonds. If the revenues from the facility were pledged as security for the payment of debt service on the bonds and are expected to be more than 5% of the present value of the debt service, the private security or payment test is met (regardless of the sales price to the new purchaser). If the bond issue meets both the private business use test and the private security or payment test, the bonds are taxable unless remedial action is taken as described below.

A qualified 501(c)(3) bond is one where, among other requirements, the tax-exempt bond financed property is owned by a 501(c)(3) organization or a governmental unit. An example of qualified 501(c)(3) bonds failing to meet this requirement is the sale of the tax-exempt bond financed land to a taxable corporation. Accordingly, the bonds are taxable unless remedial action is taken as described below.

Remedial Action under the Treasury Regulations

The Regulations permit an issuer to take remedial action to preclude the sale of tax-exempt bond financed assets from causing the bonds to become taxable bonds. There are five basic conditions that an issuer must meet to qualify to take a remedial action. The conditions are:

  • The issuer must have reasonably expected on the issue date that the bonds would not meet either the applicable private business tests (including the ownership test for qualified 501(c)(3) bonds) or the private loan financing test for the entire term of the bonds.
  • The term of the bonds must not be longer than reasonably necessary for the qualified purposes of the issue (as a guideline, the term is not greater than 120% of the average reasonably expected economic life of the financed property).
  • Generally, the terms of a sale must be a bona fide and arm’s-length arrangement for fair market value.
  • Disposition proceeds must be treated as gross proceeds for arbitrage and rebate purposes. Disposition proceeds are any amounts, including property, derived from the sale, exchange or other disposition of the tax-exempt bond financed property.
  • Except for a remedial action involving the redemption or defeasance of nonqualified bonds, the proceeds must have been spent on a qualified purpose before the date of the deliberate action, that is, the sale of the bond-financed assets.

Redemption or Defeasance of Nonqualified Bonds

Generally, in the case of a sale of bond-financed property, the nonqualified bonds are the portion of the outstanding bonds equal to the percentage of the proceeds of the bond issue that financed that property. For example, if 50% of the proceeds of a bond issue financed the sold property, the nonqualified bonds equal 50% of the outstanding bonds of the issue at the time of the sale.

The first type of remedial action available is the redemption or defeasance of all of the nonqualified bonds within 90 days of the deliberate action. (Generally, proceeds of another issue of tax-exempt bonds may not be used for this redemption.) If the disposition proceeds are all cash, the issuer need not redeem or defease all of the nonqualified bonds, but must use all of the disposition proceeds to redeem a pro rata portion of nonqualified bonds. The redemption must be on the earliest call date after the deliberate action, or if the earliest call date is more than 90 days after the deliberate action, the issuer must establish a defeasance escrow within 90 days of the deliberate action. Defeasance is only permitted as a remedial action if the first call date is no more than 10 ½ years from the issue date of the bonds. The issuer must provide written notice to the Commissioner of the escrow within 90 days of its establishment.

Alternative Use of Disposition Proceeds

The second type of remedial action, available when the seller receives only cash, allows the issuer to spend the disposition proceeds within two years of the date of the sale for an alternative qualifying use. The issuer must treat the disposition proceeds as proceeds of the bonds, and must not take any action after the date of the sale to cause either the applicable private business use tests or the private loan financing test to be met. (If the bonds are qualified 501(c)(3) bonds, the disposition proceeds must be used for a qualified purpose under section 145 of the Code.) If the issuer does not expect the full amount of the disposition proceeds to be spent for a qualifying purpose within the two year period, it must use the balance of disposition proceeds to redeem (or defease) nonqualified bonds as allowed for the first type of remedial action described above.

Note: If the proceeds of a governmental bond issue are to be subsequently used by a 501(c)(3) organization, remediation by spending the disposition proceeds for an alternate use requires that the nonqualified bonds satisfy all the requirements for qualified 501(c)(3) bonds beginning on the date of the sale.

Alternative Use of Facility

The third type of remedial action available to the issuer is when the tax-exempt financed facility will be used after the sale for a purpose that is a qualifying purpose for another type of tax-exempt bonds (provided that the purchaser of the facility does not use tax-exempt bond proceeds for its purchase). The nonqualified bonds must satisfy all the requirements for the alternate type of tax-exempt bonds beginning on the date of the sale. The issuer must either apply any disposition proceeds resulting from the sale to pay the debt service on the bonds on the next available payment date or deposit the proceeds into an escrow within 90 days of their receipt. If the issuer must establish an escrow, the investment yield on the disposition proceeds must be restricted to the yield on the bonds and the escrow used to pay debt service on the next available payment date.

Allocation of Disposition Proceeds

For all three remedial actions, if the property was financed by different sources, the issuer must first allocate disposition proceeds to the outstanding bonds in proportion to the principal amounts of the outstanding bonds. If the disposition proceeds are not greater than the principal amount of outstanding bonds allocated to the sold property, the proceeds must first be allocated to the outstanding bonds before allocating to bonds no longer outstanding or to sources not derived from borrowing (such as revenues of the issuer).

Remedial Actions-Examples

The following examples assume that the above-described five conditions for remedial action are satisfied. Also, in these examples, no bond proceeds were used for costs of issuance or to fund a reserve fund.


Example 1. - Disposition proceeds are less than the principal amount of the outstanding bonds allocated to the sold property.

Issuer issues $10 million of bonds to finance the construction of a community center. Issuer later sells the center for $5 million, its fair market value. At this time, all $10 million of the bonds are still outstanding. The issuer may choose to remediate by using all $5 million of disposition proceeds to redeem within 90 days or establish a defeasance escrow for a pro rata portion of the $10 million of nonqualified bonds. The remaining outstanding $5 million of bonds would not be private activity bonds because the issuer has remediated as required by the Regulations.

Or, the issuer could remediate by using the alternative use of disposition proceeds option. Under this option, the issuer must apply the total amount of disposition proceeds, $5 million, to a qualifying alternative use within two years (or use a combination of the alternative use of disposition proceeds and redemption or defeasance options).

The disposition proceeds are considered gross proceeds of the bonds and as such are subject to the applicable yield restriction and arbitrage rebate rules pending their use as described above.

Example 2.- Disposition proceeds are greater than the principal amount of the outstanding bonds allocated to the sold property.

Issuer issues $10 million of bonds to finance a school and land. Issuer subsequently sells a portion of the land for $3 million. At this time, all $10 million of the bonds are still outstanding. The principal amount of outstanding bonds allocated to the sold property is $2 million. If the issuer chooses to remediate by redeeming bonds, it must redeem $2 million of outstanding bonds leaving the issuer with $1 million of gross proceeds.

Or, the issuer could remediate by using the alternative use of disposition proceeds option. If so, the Issuer must apply the total amount of the disposition proceeds, $3 million, to a qualifying use within two years (or use a combination of the alternative use of disposition proceeds and redemption or defeasance options).

The disposition proceeds are considered gross proceeds of the bonds and as such are subject to the applicable yield restriction and arbitrage rebate rules pending their use as described above.

Example 3. - Disposition proceeds are greater than the principal amount of the outstanding bonds allocated to the sold property and the conduit borrower finances the project in part with tax-exempt bond proceeds and in part with an equity contribution.

A 501(c)(3) conduit borrower contributed $4 million of cash from its revenues and used $6 million of tax-exempt bonds to finance a $10 million acquisition of a continuing care facility. Subsequently, the conduit borrower sells the facility for $12 million. At this time, all $6 million of the bonds are still outstanding. Thus the issuer has $6 million of nonqualified bonds. The issuer may remediate by either redeeming all of the $6 million nonqualified bonds or by requiring the conduit borrower to use $12 million of disposition proceeds for an alternative use within two years (provided all requirements of qualified 501(c)(3) bonds are met).

Of the $12 million of disposition proceeds, $6 million are considered gross proceeds of the bonds and as such are subject to the applicable yield restriction and arbitrage rebate rules pending their use as described above.

Gross Proceeds - Example 2 versus Example 3

When the tax-exempt bond financed property is sold for an amount in excess of the principal amount of the outstanding bonds allocated to that property, a different result occurs with respect to that excess amount depending on whether all the bonds of the issue have been redeemed. In Example 3, where the issuer redeemed all of the outstanding bonds, the remaining disposition proceeds are not gross proceeds of the bonds and, therefore, are no longer subject to the federal tax restrictions. This is because the amount of gross proceeds cannot exceed the amount of the outstanding bonds of the issue. Whereas in Example 2, although the issuer has redeemed the nonqualified bonds, the issuer still has bonds of the issue outstanding and thus the additional disposition proceeds are gross proceeds of the bonds and subject to the applicable yield restriction and arbitrage rebate rules pending their use.

Correction of Violations Using TEB Voluntary Closing Agreement Program (VCAP)

If an issuer or conduit borrower discovers that it has sold bond financed assets causing the applicable private business tests to be met but is ineligible to self-correct through a remedial action provision, TEB encourages the issuer to take advantage of its Voluntary Closing Agreement Program (TEB VCAP) to resolve federal tax violations relating to bonds as described in Notice 2008-31 and IRM section 7.2.3.

Page Last Reviewed or Updated: 04-Sep-2013

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Compare tax software 16. Compare tax software   Cómo Declarar Ganancias y Pérdidas Table of Contents Qué Hay de Nuevo Introduction Useful Items - You may want to see: Cómo Declarar Ganancias y Pérdidas de CapitalExcepción 1. Compare tax software Excepción 2. Compare tax software Presente el Formulario 1099-B o el Formulario 1099-S al IRS. Compare tax software Pérdidas de Capital Tasas Impositivas sobre Ganancias de Capital Qué Hay de Nuevo Tasas máximas de ganancias de capital. Compare tax software  Para el año 2013, las tasas máximas de ganancias de capital son del 0%, 15%, 20%, 25% y 28%. Compare tax software Introduction En este capítulo se explica cómo declarar ganancias y pérdidas de capital provenientes de ventas, intercambios y otras enajenaciones de bienes de inversión en el Formulario 8949 y el Anexo D (Formulario 1040). Compare tax software Esta explicación abarca los siguientes temas: Cómo declarar ganancias y pérdidas a corto plazo. Compare tax software Cómo declarar ganancias y pérdidas a largo plazo. Compare tax software Cómo calcular pérdidas de capital que se van a trasladar al año siguiente. Compare tax software Cómo calcular los impuestos sobre una ganancia neta de capital. Compare tax software Si vende o de otro modo enajena bienes utilizados en una ocupación o negocio o en la producción de ingresos, vea la Publicación 544, Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés, antes de completar el Anexo D (Formulario 1040). Compare tax software Useful Items - You may want to see: Publicación 537 Installment Sales (Ventas a plazos), en inglés 544 Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversión), en inglés Formulario (e Instrucciones) 4797 Sales of Business Property (Ventas de bienes comerciales), en inglés 6252 Installment Sale Income (Ingresos de ventas a plazos), en inglés 8582 Passive Activity Loss Limitations (Limitaciones de pérdidas en actividades pasivas), en inglés 8949 Sales and Other Dispositions of Capital Assets (Ventas y otras enajenaciones de activos de capital, en inglés) Anexo D (Formulario 1040) Capital Gains and Losses (Ganancias y pérdidas de capital), en inglés Cómo Declarar Ganancias y Pérdidas de Capital Declare sus ganancias y pérdidas de capital en el Formulario 8949. 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Compare tax software   Una “persona encargada de comunicar transacciones de bienes raíces” puede ser el abogado del comprador, el abogado de usted, una compañía de escrituras de propiedad o de cuentas en depósito, un prestamista hipotecario, el agente corredor bursátil de usted, el agente corredor bursátil del comprador o la persona que adquiera la mayor participación en la propiedad. Compare tax software   El Formulario 1099-S indicará las ganancias brutas de la venta o el intercambio en el recuadro 2. Compare tax software Consulte las Instrucciones para el Formulario 8949 y las Instrucciones para el Anexo D (Formulario 1040) para saber cómo se declaran estas transacciones e incluirlas en la Parte I o Parte II del Formulario 8949, tal como le corresponda a su caso. Compare tax software No obstante, declare los intercambios por bienes del mismo tipo en el Formulario 8824. Compare tax software   Es ilegal que una persona encargada de comunicar transacciones de bienes raíces le cobre un cargo por separado por cumplir con el requisito de presentación del Formulario 1099-S. Compare tax software Nominatarios. Compare tax software   Si recibe ganancias brutas como nominatario (es decir, las ganancias brutas están a nombre suyo pero en realidad pertenecen a otra persona), vea las Instrucciones para el Formulario 8949, para saber cómo declarar estas cantidades en el Formulario 8949. Compare tax software Presente el Formulario 1099-B o el Formulario 1099-S al IRS. Compare tax software   Si recibió ganancias brutas en calidad de nominatario en 2013, tiene que presentar al IRS el Formulario 1099-B o el Formulario 1099-S correspondiente a dichas ganancias. Compare tax software Envíe el Formulario 1099-B o el Formulario 1099-S junto con el Formulario 1096, Annual Summary and Transmittal of U. Compare tax software S. Compare tax software Information Returns (Resumen e informe anual de declaraciones informativas de los Estados Unidos), en inglés, al Centro de Servicio del Servicio de Impuestos Internos que le corresponda a más tardar el 28 de febrero de 2014 (31 de marzo de 2014, si presenta el Formulario 1099-B o el Formulario 1099-S por vía electrónica). Compare tax software Entregue la Copia B del Formulario 1099-B o del Formulario 1099-S al verdadero dueño de dichas ganancias a más tardar el 18 de febrero de 2014. Compare tax software En el Formulario 1099-B, usted debe constar como “Payer” (Pagador). Compare tax software El otro dueño debe constar como “Recipient” (Destinatario). Compare tax software En el Formulario 1099-S, usted debe constar como “Filer” (Declarante). Compare tax software El otro dueño debe constar como “Transferor” (Cesionista). Compare tax software No obstante, usted no tiene que presentar el Formulario 1099-B ni el Formulario 1099-S para mostrar las ganancias de su cónyuge. Compare tax software Para más información acerca de los requisitos de presentación de ciertas declaraciones informativas y las multas por no presentar (o facilitar) dichas declaraciones, vea las General Instructions for Certain Information Returns (Instrucciones generales para determinadas declaraciones informativas), en inglés. Compare tax software Si presenta la declaración electrónicamente, vea la Publicación 1220, en inglés. Compare tax software Venta de bienes comprados en diferentes ocasiones. Compare tax software   Si vende un paquete de acciones u otros bienes que haya comprado en diferentes ocasiones, declare la pérdida o ganancia a corto plazo procedente de la venta en una fila de la Parte I del Formulario 8949 y anote la pérdida o ganancia a largo plazo en una fila de la Parte II del Formulario 8949. Compare tax software Escriba “Various” (Varios) en la columna (b) para la “Date acquired” (Fecha de adquisición). Compare tax software Gastos de venta. Compare tax software    En la columna (g) del Formulario 8949, incluya todo gasto de venta, como honorarios de agentes corredores bursátiles, comisiones, impuestos estatales y locales sobre traspasos y primas de opciones, a menos que usted haya declarado el precio neto de ventas en la columna (d). Compare tax software Si usted incluyó un gasto de venta en la columna (g), anote “E” en la columna (f). Compare tax software   Para más información sobre los ajustes a la base, vea el capítulo 13. Compare tax software Ganancias y pérdidas a corto plazo. Compare tax software   Las ganancias o pérdidas de capital sobre la venta o canje de bienes de inversión que haya tenido por 1 año o menos se consideran pérdidas o ganancias de capital a corto plazo. Compare tax software Declárelas en la Parte I del Formulario 8949. Compare tax software   Sume su parte de pérdidas o ganancias de capital a corto plazo provenientes de sociedades colectivas, sociedades anónimas de tipo S, caudales hereditarios y fideicomisos, además de toda pérdida de capital a corto plazo que se haya trasladado de un año anterior, con las demás ganancias y pérdidas de capital a corto plazo para calcular la pérdida o ganancia de capital neta a corto plazo en la línea 7 del Anexo D (Formulario 1040). Compare tax software Ganancias y pérdidas a largo plazo. Compare tax software    Una ganancia o pérdida de capital sobre la venta o canje de bienes de inversión que haya tenido durante más de 1 año se considera ganancia o pérdida de capital a largo plazo. Compare tax software Declárela en la Parte II del Formulario 8949. Compare tax software   Usted debe declarar lo siguiente en la Parte II del Anexo D (Formulario 1040): Ganancias de capital a largo plazo de un fondo mutuo (u otra sociedad inversionista reglamentada) o de una sociedad de inversión inmobiliaria (REIT, por sus siglas en inglés) que no hayan sido distribuidas; Su participación de las ganancias y pérdidas de capital a largo plazo de sociedades colectivas, sociedades anónimas de tipo S, caudales hereditarios y fideicomisos; Toda distribución de ganancia de capital proveniente de fondos mutuos y sociedades de inversión inmobiliaria (REIT) que no se haya declarado directamente en la línea 10 del Formulario 1040A o la línea 13 del Formulario 1040; y Pérdidas de capital a largo plazo trasladadas de un año anterior. Compare tax software    El resultado que se dé después de sumar dichas cantidades con las demás ganancias de capital a largo plazo y restar las pérdidas de capital a largo plazo es la ganancia o pérdida de capital neta a largo plazo (línea 15 del Anexo D (Formulario 1040)). Compare tax software Total de la ganancia o pérdida neta. Compare tax software   Para calcular el total de la ganancia o pérdida neta, sume la ganancia o pérdida de capital neta a corto plazo (línea 7 del Anexo D (Formulario 1040)) con la pérdida o ganancia de capital neta a largo plazo (línea 15 del Anexo D (Formulario 1040)). Compare tax software Anote el resultado en la línea 16 de la Parte III del Anexo D (Formulario 1040). Compare tax software Si tiene pérdidas que sobrepasen las ganancias, vea Pérdidas de Capital , que se encuentra a continuación. Compare tax software Si las líneas 15 y 16 del Anexo D (Formulario 1040) son ganancias y el ingreso sujeto a impuestos en su Formulario 1040 es mayor de cero, vea Tasas Impositivas sobre Ganancias de Capital , más adelante. Compare tax software Pérdidas de Capital Si las pérdidas de capital son mayores que las ganancias de capital, se puede declarar una deducción por pérdida de capital. Compare tax software Declare la cantidad de la deducción en la línea 13 del Formulario 1040, anotándola entre paréntesis. Compare tax software Límite sobre la deducción. Compare tax software   La deducción por ganancia de capital permisible, calculada en el Anexo D (Formulario 1040), es la cantidad que sea menor de las siguientes: $3,000 ($1,500 si es casado y presenta una declaración por separado) o El total de la pérdida neta tal como aparece en la línea 16 del Anexo D (Formulario 1040). Compare tax software   Puede usar el total de la pérdida neta para reducir sus ingresos en una cantidad equivalente, hasta el límite de $3,000. Compare tax software Traslado de pérdida de capital. Compare tax software   Si el total de la pérdida neta en la línea 16 del Anexo D (Formulario 1040) sobrepasa el límite anual de las deducciones de pérdida de capital, puede trasladar al año siguiente la parte sobrante y tratarla como si hubiera incurrido en la misma durante ese próximo año. Compare tax software Si una parte de la pérdida sigue sin usarse, puede trasladarla a años posteriores hasta que se agote. Compare tax software   Cuando calcule una cantidad de pérdida de capital que se trasladará al año siguiente, tiene que tener en cuenta la deducción permisible del año en curso, la haya reclamado o no, e independientemente de si presentó o no una declaración correspondiente al año en curso. Compare tax software   Cuando traslade una pérdida a un año posterior, ésta sigue siendo una pérdida a largo plazo o corto plazo. Compare tax software Una pérdida de capital a largo plazo que usted traslade al año tributario siguiente reducirá las ganancias de capital a largo plazo de dicho año antes de reducir las ganancias de capital a corto plazo de dicho año. Compare tax software Cálculo de la cantidad trasladada al año siguiente. Compare tax software   La cantidad de la pérdida de capital a trasladarse al año siguiente es la cantidad de pérdida neta total que sea mayor que la cantidad menor entre: La deducción por pérdida de capital permisible durante el año o Sus ingresos sujetos a impuestos aumentados por la deducción por pérdida de capital permisible durante el año y la deducción por exenciones personales. Compare tax software   Si las deducciones son mayores que sus ingresos brutos del año tributario, utilice los ingresos negativos sujetos a impuestos al calcular la cantidad en el punto (2). Compare tax software    Complete la Capital Loss Carryover Worksheet (Hoja de trabajo para calcular la pérdida de capital a trasladarse a años posteriores) en las Instrucciones del Anexo D o la Publicación 550, en inglés, para calcular la parte de la pérdida de capital que se pueda trasladar. Compare tax software Ejemplo. Compare tax software Roberto y Gloria vendieron valores bursátiles en 2013. Compare tax software Las ventas dieron por resultado una pérdida de capital de $7,000. Compare tax software No hicieron otras transacciones de capital. Compare tax software Sus ingresos sujetos a impuestos fueron $26,000. Compare tax software En la declaración conjunta de 2013, pueden deducir $3,000. Compare tax software La parte de la pérdida que no usaron, $4,000 ($7,000 − $3,000), se puede trasladar a 2014. Compare tax software Si la pérdida de capital hubiera sido $2,000, la deducción por pérdida de capital también habría sido $2,000. Compare tax software No tendrían cantidad alguna a trasladar al año siguiente. Compare tax software Utilice primero las pérdidas a corto plazo. Compare tax software   Cuando calcule la cantidad a trasladarse al año siguiente, utilice primero las pérdidas de capital a corto plazo, aunque haya incurrido en las mismas después de una pérdida de capital a largo plazo. Compare tax software Si no ha alcanzado el límite de la deducción por pérdidas de capital después de haber utilizado las pérdidas de capital a corto plazo, utilice las pérdidas de capital a largo plazo hasta alcanzar el límite. Compare tax software Pérdida de capital de un difunto. Compare tax software    Una pérdida de capital sufrida por una persona en su último año tributario antes de fallecer (o que se haya traspasado de un año anterior a dicho año) se puede deducir sólo en la última declaración del impuesto sobre el ingreso personal que se presente a nombre del difunto. Compare tax software Los límites de pérdida de capital explicados anteriormente aún corresponden en este caso. Compare tax software El caudal hereditario (patrimonio) del difunto no puede deducir ninguna parte de la pérdida ni trasladarla a años posteriores. Compare tax software Declaraciones conjuntas y separadas. Compare tax software   Si antes usted y su cónyuge presentaban declaraciones por separado y ahora presentan una declaración conjunta, sume las cantidades de pérdida de capital que cada uno de ustedes haya trasladado a un año siguiente. Compare tax software No obstante, si antes usted y su cónyuge presentaban una declaración conjunta y ahora presentan declaraciones por separado, toda pérdida de capital que se haya trasladado a un año siguiente se puede deducir sólo en la declaración del cónyuge que de hecho sufrió la pérdida. Compare tax software Tasas Impositivas sobre Ganancias de Capital Las tasas impositivas correspondientes a una ganancia neta de capital suelen ser más bajas que las que corresponden a otros ingresos. Compare tax software Estas tasas reducidas se conocen como las “tasas máximas de ganancias de capital”. Compare tax software El término “ganancia neta de capital” designa la cantidad por la que la ganancia neta de capital a largo plazo del año supera la pérdida de capital neta a corto plazo. Compare tax software Para el año 2013, las tasas máximas correspondientes a ganancias de capital son 0%, 15%, 20%, 25% y 28%. Compare tax software Vea la Tabla 16-1, para obtener información detallada. Compare tax software Si para calcular el impuesto utiliza las tasas máximas correspondientes a ganancias de capital y el cálculo normal de impuestos le resulta en unos impuestos más bajos, el cálculo normal de impuestos es el que le corresponde. Compare tax software Ejemplo. Compare tax software Su ganancia neta de capital proviene en su totalidad de la venta de artículos coleccionables, por lo tanto, la tasa correspondiente a la ganancia de capital es 28%. Compare tax software Si de otro modo está sujeto a una tasa menor del 28%, la tasa del 28% no corresponde. Compare tax software Deducción de los intereses de inversiones. Compare tax software   Si declara una deducción de intereses de inversiones, tal vez tenga que reducir la cantidad de su ganancia neta de capital que reúna los requisitos para las tasas impositivas sobre ganancias de capital. Compare tax software Réstele la cantidad de la ganancia neta de capital que opte por incluir en los ingresos de inversiones al calcular el límite de la deducción de los mismos. Compare tax software Para hacer esto, se utiliza la Schedule D Tax Worksheet (Hoja de trabajo para los impuestos del Anexo D) en las Instrucciones para el Anexo D (Formulario 1040), en inglés, o la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para los impuestos sobre dividendos calificados y ganancias de capital), que se encuentra en las instrucciones por separado correspondientes a los Formularios 1040 y 1040A, en inglés. Compare tax software Para más información acerca del límite de los intereses procedentes de inversiones, vea Interest Expenses (Gastos de intereses) en el capítulo 3 de la Publicación 550, en inglés. Compare tax software Tabla 16-1. Compare tax software ¿Cuál es la Tasa Máxima de Ganancias de Capital que le Corresponde? SI la ganancia neta de capital se deriva de . Compare tax software . Compare tax software . Compare tax software ENTONCES la  tasa máxima de  ganancia de capital es . Compare tax software . Compare tax software . Compare tax software una ganancia producto de artículos coleccionables 28% una ganancia, la cual reúne los requisitos, sobre acciones de pequeños negocios calificados menos la exclusión conforme a la sección 1202 28% una ganancia conforme a la sección 1250 no recuperada 25% otra ganancia1 y la tasa impositiva normal correspondiente es 39. Compare tax software 6% 20% otra ganancia1 y la tasa impositiva normal correspondiente es 25%, 28%, 33% o 35% 15% otra ganancia1 y la tasa impositiva normal correspondiente es 10% o 15% 0% 1 El término “otra ganancia” significa toda ganancia que no sea una ganancia procedente de artículos coleccionables, ganancia sobre acciones de pequeños negocios calificados o una ganancia conforme a la sección 1250 no recuperada. Compare tax software     Ganancia o pérdida procedente de artículos coleccionables. Compare tax software   Ésta es una ganancia o pérdida que se deriva de la venta o canje de una obra de arte, alfombra, antigüedad, metal (como oro, plata y platino en barras), piedra preciosa, estampilla o sello, moneda o bebida alcohólica que haya tenido más de 1 año. Compare tax software   Se considera que una ganancia procedente de artículos coleccionables abarca las ganancias resultantes de la venta de una participación en una sociedad colectiva, sociedad anónima de tipo S o fideicomiso, generadas por una plusvalía no realizada de dichos artículos coleccionables. Compare tax software Ganancia sobre acciones de pequeños negocios calificados. Compare tax software    Si obtuvo una ganancia de acciones de pequeños negocios calificados y fue dueño de dichas acciones durante más de 5 años, normalmente puede excluir de los ingresos una parte o la totalidad de su ganancia bajo la sección 1202. Compare tax software La ganancia que cumple los requisitos, menos la exclusión conforme a la sección 1202, es una ganancia con una tasa de 28%. Compare tax software Vea Gains on Qualified Small Business Stock (Ganancias de acciones de pequeños negocios calificados) en el capítulo 4 de la Publicación 550, en inglés. Compare tax software Ganancia conforme a la sección 1250 no recuperada. Compare tax software    Por lo general, ésta es toda parte de la ganancia de capital que se haya originado por la venta de bienes conforme a la sección 1250 (bienes raíces) debido a depreciación (pero no más que la ganancia neta conforme a la sección 1231) menos toda pérdida neta en el grupo del 28%. Compare tax software Use la Unrecaptured Section 1250 Gain Worksheet (Hoja de trabajo de ganancias no recuperadas conforme a la sección 1250) de las Instrucciones del Anexo D (Formulario 1040), en inglés, para calcular la ganancia no recuperada conforme a la sección 1250. Compare tax software Para más información sobre bienes conforme a la sección 1250 y ganancias conforme a la sección 1231, vea el capítulo 3 de la Publicación 544, en inglés. Compare tax software Cálculo de los impuestos a base de las tasas máximas de ganancias de capital. Compare tax software   Utilice la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para los impuestos sobre dividendos calificados y ganancias de capital) o la Schedule D Tax Worksheet (Hoja de trabajo para los impuestos del Anexo D), la que corresponda, para calcular su impuesto si ha recibido dividendos calificados o ganancia neta de capital. Compare tax software Tiene ganancia neta de capital si las cantidades de las líneas 15 y 16 del Anexo D ambas son ganancias. Compare tax software Hoja de trabajo para los impuestos del Anexo D. Compare tax software   Utilice la Schedule D Tax Worksheet (Hoja de trabajo para los impuestos del Anexo D) que se encuentra en las Instrucciones del Anexo D (Formulario 1040) para calcular el impuesto si se dan las siguientes condiciones: Tiene que presentar el Anexo D (Formulario 1040) y La cantidad de la línea 18 (ganancia a una tasa de 28%) o la línea 19 (ganancia no recuperada conforme a la sección 1250) del Anexo D (Formulario 1040) es mayor de cero. Compare tax software Hoja de trabajo para el impuesto sobre dividendos calificados y ganancias de capital. Compare tax software   Utilice la Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo para el impuesto sobre los dividendos calificados y ganancias de capital) de las instrucciones del Formulario 1040 o Formulario 1040A (el que presente) para calcular el impuesto si no tiene que utilizar la Hoja de trabajo para los impuestos del Anexo D (como se explica anteriormente) y corresponde cualquiera de los siguientes puntos: Recibió dividendos calificados. Compare tax software (Vea Dividendos Calificados en el capítulo 8). Compare tax software No tiene que presentar el Anexo D (Formulario 1040) y recibió distribuciones de ganancias de capital. Compare tax software (Vea Excepciones a la presentación del Formulario 8949 y el Anexo D (Formulario 1040) , anteriormente). Compare tax software Las cantidades de las líneas 15 y 16 del Anexo D (Formulario 1040) son mayores de cero. Compare tax software Impuesto mínimo alternativo. Compare tax software   Estas tasas de ganancias de capital se utilizan también para calcular el impuesto mínimo alternativo. Compare tax software Prev  Up  Next   Home   More Online Publications