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File 2012 State Taxes Online Free

File 2012 state taxes online free 3. File 2012 state taxes online free   Farm Income Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Schedule F (Form 1040) Sales of Farm ProductsSchedule F. File 2012 state taxes online free Form 4797. File 2012 state taxes online free Sales Caused by Weather-Related Conditions Rents (Including Crop Shares)Crop Shares Agricultural Program PaymentsCommodity Credit Corporation (CCC) Loans Conservation Reserve Program (CRP) Crop Insurance and Crop Disaster Payments Feed Assistance and Payments Cost-Sharing Exclusion (Improvements) Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 Tobacco Quota Buyout Program Payments Other Payments Payment to More Than One Person Income From CooperativesPatronage Dividends Per-Unit Retain Certificates Cancellation of DebtGeneral Rule Exceptions Exclusions Income From Other SourcesSod. File 2012 state taxes online free Granting the right to remove deposits. File 2012 state taxes online free Income Averaging for FarmersElected Farm Income (EFI) How To Figure the Tax Effect on Other Tax Determinations Tax for Certain Children Who Have Unearned Income Alternative Minimum Tax (AMT) Schedule J Introduction You may receive income from many sources. File 2012 state taxes online free You must report the income from all the different sources on your tax return, unless it is excluded by law. File 2012 state taxes online free Where you report the income on your tax return depends on its source. File 2012 state taxes online free This chapter discusses farm income you report on Schedule F (Form 1040), Profit or Loss From Farming. File 2012 state taxes online free For information on where to report other income, see the Instructions for Form 1040, U. File 2012 state taxes online free S. File 2012 state taxes online free Individual Income Tax Return. File 2012 state taxes online free Accounting method. File 2012 state taxes online free   The rules discussed in this chapter assume you use the cash method of accounting. File 2012 state taxes online free Under the cash method, you generally include an item of income in gross income in the year you receive it. File 2012 state taxes online free See Cash Method in chapter 2. File 2012 state taxes online free   If you use an accrual method of accounting, different rules may apply to your situation. File 2012 state taxes online free See Accrual Method in chapter 2. File 2012 state taxes online free Topics - This chapter discusses: Schedule F Sales of farm products Rents (including crop shares) Agricultural program payments Income from cooperatives Cancellation of debt Income from other sources Income averaging for farmers Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 550 Investment Income and Expenses 908 Bankruptcy Tax Guide 925 Passive Activity and At-Risk Rules 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness Sch E (Form 1040) Supplemental Income and Loss Sch J (Form 1040) Income Averaging for Farmers and Fishermen 1099-G Certain Government Payments 1099-PATR Taxable Distributions Received From Cooperatives 4797 Sales of Business Property 4835 Farm Rental Income and Expenses See chapter 16 for information about getting publications and forms. File 2012 state taxes online free Schedule F (Form 1040) Individuals, trusts, and partnerships report farm income on Schedule F (Form 1040), Profit or Loss From Farming. File 2012 state taxes online free Use this schedule to figure the net profit or loss from regular farming operations. File 2012 state taxes online free Income from farming reported on Schedule F includes amounts you receive from cultivating, operating, or managing a farm for gain or profit, either as owner or tenant. File 2012 state taxes online free This includes income from operating a stock, dairy, poultry, fish, fruit, or truck farm and income from operating a plantation, ranch, range, or orchard. File 2012 state taxes online free It also includes income from the sale of crop shares if you materially participate in producing the crop. File 2012 state taxes online free See Rents (Including Crop Shares) , later. File 2012 state taxes online free Income received from operating a nursery, which specializes in growing ornamental plants, is considered to be income from farming. File 2012 state taxes online free Income reported on Schedule F does not include gains or losses from sales or other dispositions of the following farm assets. File 2012 state taxes online free Land. File 2012 state taxes online free Depreciable farm equipment. File 2012 state taxes online free Buildings and structures. File 2012 state taxes online free Livestock held for draft, breeding, sport, or dairy purposes. File 2012 state taxes online free Gains and losses from most dispositions of farm assets are discussed in chapters 8 and 9. File 2012 state taxes online free Gains and losses from casualties, thefts, and condemnations are discussed in chapter 11. File 2012 state taxes online free Sales of Farm Products Where to report. File 2012 state taxes online free    Table 3-1 shows where to report the sale of farm products on your tax return. File 2012 state taxes online free Schedule F. File 2012 state taxes online free   Amounts received from the sales of products you raised on your farm for sale (or bought for resale), such as livestock, produce, or grains, are reported on Schedule F. File 2012 state taxes online free This includes money and the fair market value of any property or services you receive. File 2012 state taxes online free When you sell farm products bought for resale, your profit or loss is the difference between your selling price (money plus the fair market value of any property) and your basis in the item (usually the cost). File 2012 state taxes online free See chapter 6 for information on the basis of assets. File 2012 state taxes online free You generally report these amounts on Schedule F for the year you receive payment. File 2012 state taxes online free Example. File 2012 state taxes online free In 2012, you bought 20 feeder calves for $11,000 for resale. File 2012 state taxes online free You sold them in 2013 for $21,000. File 2012 state taxes online free You report the $21,000 sales price on Schedule F, line 1b, subtract your $11,000 basis on line 1d, and report the resulting $10,000 profit on line 1e. File 2012 state taxes online free Form 4797. File 2012 state taxes online free   Sales of livestock held for draft, breeding, sport, or dairy purposes may result in ordinary or capital gains or losses, depending on the circumstances. File 2012 state taxes online free In either case, you should always report these sales on Form 4797 instead of Schedule F. File 2012 state taxes online free See Livestock under Ordinary or Capital Gain or Loss in chapter 8. File 2012 state taxes online free Animals you do not hold primarily for sale are considered business assets of your farm. File 2012 state taxes online free Table 3-1. File 2012 state taxes online free Where To Report Sales of Farm Products Item Sold Schedule F Form 4797 Farm products raised for sale X   Farm products bought for resale X   Farm assets not held primarily for sale, such as livestock held for draft, breeding, sport, or dairy purposes (bought or raised)   X Sale by agent. File 2012 state taxes online free   If your agent sells your farm products, you have constructive receipt of the income when your agent receives payment and you must include the net proceeds from the sale in gross income for the year the agent receives payment. File 2012 state taxes online free This applies even if your agent pays you in a later year. File 2012 state taxes online free For a discussion on constructive receipt of income, see Cash Method under Accounting Methods in chapter 2. File 2012 state taxes online free Sales Caused by Weather-Related Conditions If you sell or exchange more livestock, including poultry, than you normally would in a year because of a drought, flood, or other weather-related condition, you may be able to postpone reporting the gain from the additional animals until the next year. File 2012 state taxes online free You must meet all the following conditions to qualify. File 2012 state taxes online free Your principal trade or business is farming. File 2012 state taxes online free You use the cash method of accounting. File 2012 state taxes online free You can show that, under your usual business practices, you would not have sold or exchanged the additional animals this year except for the weather-related condition. File 2012 state taxes online free The weather-related condition caused an area to be designated as eligible for assistance by the federal government. File 2012 state taxes online free Sales or exchanges made before an area became eligible for federal assistance qualify if the weather-related condition that caused the sale or exchange also caused the area to be designated as eligible for federal assistance. File 2012 state taxes online free The designation can be made by the President, the Department of Agriculture (or any of its agencies), or by other federal departments or agencies. File 2012 state taxes online free A weather-related sale or exchange of livestock (other than poultry) held for draft, breeding, or dairy purposes may be an involuntary conversion. File 2012 state taxes online free See Other Involuntary Conversions in chapter 11. File 2012 state taxes online free Usual business practice. File 2012 state taxes online free   You must determine the number of animals you would have sold had you followed your usual business practice in the absence of the weather-related condition. File 2012 state taxes online free Do this by considering all the facts and circumstances, but do not take into account your sales in any earlier year for which you postponed the gain. File 2012 state taxes online free If you have not yet established a usual business practice, rely on the usual business practices of similarly situated farmers in your general region. File 2012 state taxes online free Connection with affected area. File 2012 state taxes online free   The livestock does not have to be raised or sold in an area affected by a weather-related condition for the postponement to apply. File 2012 state taxes online free However, the sale must occur solely because of a weather-related condition that affected the water, grazing, or other requirements of the livestock. File 2012 state taxes online free This requirement generally will not be met if the costs of feed, water, or other requirements of the livestock affected by the weather-related condition are not substantial in relation to the total costs of holding the livestock. File 2012 state taxes online free Classes of livestock. File 2012 state taxes online free   You must figure the amount to be postponed separately for each generic class of animals—for example, hogs, sheep, and cattle. File 2012 state taxes online free Do not separate animals into classes based on age, sex, or breed. File 2012 state taxes online free Amount to be postponed. File 2012 state taxes online free   Follow these steps to figure the amount of gain to be postponed for each class of animals. File 2012 state taxes online free Divide the total income realized from the sale of all livestock in the class during the tax year by the total number of such livestock sold. File 2012 state taxes online free For this purpose, do not treat any postponed gain from the previous year as income received from the sale of livestock. File 2012 state taxes online free Multiply the result in (1) by the excess number of such livestock sold solely because of weather-related conditions. File 2012 state taxes online free Example. File 2012 state taxes online free You are a calendar year taxpayer and you normally sell 100 head of beef cattle a year. File 2012 state taxes online free As a result of drought, you sold 135 head during 2012. File 2012 state taxes online free You realized $70,200 from the sale. File 2012 state taxes online free On August 9, 2012, as a result of drought, the affected area was declared a disaster area eligible for federal assistance. File 2012 state taxes online free The income you can postpone until 2013 is $18,200 [($70,200 ÷ 135) × 35]. File 2012 state taxes online free How to postpone gain. File 2012 state taxes online free   To postpone gain, attach a statement to your tax return for the year of the sale. File 2012 state taxes online free The statement must include your name and address and give the following information for each class of livestock for which you are postponing gain. File 2012 state taxes online free A statement that you are postponing gain under Internal Revenue Code (IRC) section 451(e). File 2012 state taxes online free Evidence of the weather-related conditions that forced the early sale or exchange of the livestock and the date, if known, on which an area was designated as eligible for assistance by the federal government because of weather-related conditions. File 2012 state taxes online free A statement explaining the relationship of the area affected by the weather-related condition to your early sale or exchange of the livestock. File 2012 state taxes online free The number of animals sold in each of the 3 preceding years. File 2012 state taxes online free The number of animals you would have sold in the tax year had you followed your normal business practice in the absence of weather-related conditions. File 2012 state taxes online free The total number of animals sold and the number sold because of weather-related conditions during the tax year. File 2012 state taxes online free A computation, as described above, of the income to be postponed for each class of livestock. File 2012 state taxes online free   Generally, you must file the statement and the return by the due date of the return, including extensions. File 2012 state taxes online free However, for sales or exchanges treated as an involuntary conversion from weather-related sales of livestock in an area eligible for federal assistance (discussed in chapter 11), you can file this statement at any time during the replacement period. File 2012 state taxes online free For other sales or exchanges, if you timely filed your return for the year without postponing gain, you can still postpone gain by filing an amended return within 6 months of the due date of the return (excluding extensions). File 2012 state taxes online free Attach the statement to the amended return and write “Filed pursuant to section 301. File 2012 state taxes online free 9100-2” at the top of the amended return. File 2012 state taxes online free File the amended return at the same address you filed the original return. File 2012 state taxes online free Once you have filed the statement, you can cancel your postponement of gain only with the approval of the IRS. File 2012 state taxes online free Rents (Including Crop Shares) The rent you receive for the use of your farmland is generally rental income, not farm income. File 2012 state taxes online free However, if you materially participate in farming operations on the land, the rent is farm income. File 2012 state taxes online free See Landlord Participation in Farming in chapter 12. File 2012 state taxes online free Pasture income and rental. File 2012 state taxes online free   If you pasture someone else's livestock and take care of them for a fee, the income is from your farming business. File 2012 state taxes online free You must enter it as Other income on Schedule F. File 2012 state taxes online free If you simply rent your pasture for a flat cash amount without providing services, report the income as rent on Part I of Schedule E (Form 1040), Supplemental Income and Loss. File 2012 state taxes online free Crop Shares You must include rent you receive in the form of crop shares in income in the year you convert the shares to money or the equivalent of money. File 2012 state taxes online free It does not matter whether you use the cash method of accounting or an accrual method of accounting. File 2012 state taxes online free If you materially participate in operating a farm from which you receive rent in the form of crop shares or livestock, the rental income is included in self-employment income. File 2012 state taxes online free See Landlord Participation in Farming in chapter 12. File 2012 state taxes online free Report the rental income on Schedule F. File 2012 state taxes online free If you do not materially participate in operating the farm, report this income on Form 4835 and carry the net income or loss to Schedule E (Form 1040). File 2012 state taxes online free The income is not included in self-employment income. File 2012 state taxes online free Crop shares you use to feed livestock. File 2012 state taxes online free   Crop shares you receive as a landlord and feed to your livestock are considered converted to money when fed to the livestock. File 2012 state taxes online free You must include the fair market value of the crop shares in income at that time. File 2012 state taxes online free You are entitled to a business expense deduction for the livestock feed in the same amount and at the same time you include the fair market value of the crop share as rental income. File 2012 state taxes online free Although these two transactions cancel each other for figuring adjusted gross income on Form 1040, they may be necessary to figure your self-employment tax. File 2012 state taxes online free See  chapter 12. File 2012 state taxes online free Crop shares you give to others (gift). File 2012 state taxes online free   Crop shares you receive as a landlord and give to others are considered converted to money when you make the gift. File 2012 state taxes online free You must report the fair market value of the crop share as income, even though someone else receives payment for the crop share. File 2012 state taxes online free Example. File 2012 state taxes online free A tenant farmed part of your land under a crop-share arrangement. File 2012 state taxes online free The tenant harvested and delivered the crop in your name to an elevator company. File 2012 state taxes online free Before selling any of the crop, you instructed the elevator company to cancel your warehouse receipt and make out new warehouse receipts in equal amounts of the crop in the names of your children. File 2012 state taxes online free They sell their crop shares in the following year and the elevator company makes payments directly to your children. File 2012 state taxes online free In this situation, you are considered to have received rental income and then made a gift of that income. File 2012 state taxes online free You must include the fair market value of the crop shares in your income for the tax year you gave the crop shares to your children. File 2012 state taxes online free Crop share loss. File 2012 state taxes online free   If you are involved in a rental or crop-share lease arrangement, any loss from these activities may be subject to the limits under the passive loss rules. File 2012 state taxes online free See Publication 925 for information on these rules. File 2012 state taxes online free Agricultural Program Payments You must include in income most government payments, such as those for approved conservation practices, direct payments, and counter-cyclical payments, whether you receive them in cash, materials, services, or commodity certificates. File 2012 state taxes online free However, you can exclude from income some payments you receive under certain cost-sharing conservation programs. File 2012 state taxes online free See Cost-Sharing Exclusion (Improvements) , later. File 2012 state taxes online free Report the agricultural program payment on the appropriate line of Schedule F, Part I. File 2012 state taxes online free Report the full amount even if you return a government check for cancellation, refund any of the payment you receive, or the government collects all or part of the payment from you by reducing the amount of some other payment or Commodity Credit Corporation (CCC) loan. File 2012 state taxes online free However, you can deduct the amount you refund or return or that reduces some other payment or loan to you. File 2012 state taxes online free Claim the deduction on Schedule F for the year of repayment or reduction. File 2012 state taxes online free Commodity Credit Corporation (CCC) Loans Generally, you do not report loans you receive as income. File 2012 state taxes online free However, if you pledge part or all of your production to secure a CCC loan, you can treat the loan as if it were a sale of the crop and report the loan proceeds as income in the year you receive them. File 2012 state taxes online free You do not need approval from the IRS to adopt this method of reporting CCC loans. File 2012 state taxes online free Once you report a CCC loan as income for the year received, you generally must report all CCC loans in that year and later years in the same way. File 2012 state taxes online free However, you can obtain for your tax year an automatic consent to change your method of accounting for loans received from the CCC, from including the loan amount in gross income for the tax year in which the loan is received to treating the loan amount as a loan. File 2012 state taxes online free For more information, see Part I of the Instructions for Form 3115 and Revenue Procedure 2008-52. File 2012 state taxes online free Revenue Procedure 2008-52, 2008-36 I. File 2012 state taxes online free R. File 2012 state taxes online free B. File 2012 state taxes online free 587, is available at  www. File 2012 state taxes online free irs. File 2012 state taxes online free gov/irb/2008-36_IRB/ar09. File 2012 state taxes online free html. File 2012 state taxes online free You can request income tax withholding from CCC loan payments you receive. File 2012 state taxes online free Use Form W-4V, Voluntary Withholding Request. File 2012 state taxes online free See chapter 16 for information about ordering the form. File 2012 state taxes online free To elect to report a CCC loan as income, include the loan proceeds as income on Schedule F, line 7a, for the year you receive it. File 2012 state taxes online free Attach a statement to your return showing the details of the loan. File 2012 state taxes online free You must file the statement and the return by the due date of the return, including extensions. File 2012 state taxes online free 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 return (excluding extensions). File 2012 state taxes online free Attach the statement to the amended return and write “Filed pursuant to section 301. File 2012 state taxes online free 9100-2” at the top of the return. File 2012 state taxes online free File the amended return at the same address you filed the original return. File 2012 state taxes online free When you make this election, the amount you report as income becomes your basis in the commodity. File 2012 state taxes online free See chapter 6 for information on the basis of assets. File 2012 state taxes online free If you later repay the loan, redeem the pledged commodity, and sell it, you report as income at the time of sale the sale proceeds minus your basis in the commodity. File 2012 state taxes online free If the sale proceeds are less than your basis in the commodity, you can report the difference as a loss on Schedule F. File 2012 state taxes online free If you forfeit the pledged crops to the CCC in full payment of the loan, the forfeiture is treated for tax purposes as a sale of the crops. File 2012 state taxes online free If you did not report the loan proceeds as income for the year you received them, you must include them in your income for the year of the forfeiture. File 2012 state taxes online free Form 1099-A. File 2012 state taxes online free   If you forfeit pledged crops to the CCC in full payment of a loan, you may receive a Form 1099-A, Acquisition or Abandonment of Secured Property. File 2012 state taxes online free “CCC” should be shown in box 6. File 2012 state taxes online free The amount of any CCC loan outstanding when you forfeited your commodity should also be indicated on the form. File 2012 state taxes online free Market Gain Under the CCC nonrecourse marketing assistance loan program, your repayment amount for a loan secured by your pledge of an eligible commodity is generally based on the lower of the loan rate or the prevailing world market price for the commodity on the date of repayment. File 2012 state taxes online free If you repay the loan when the world price is lower, the difference between that repayment amount and the original loan amount is market gain. File 2012 state taxes online free Whether you use cash or CCC certificates to repay the loan, you will receive a Form 1099-G showing the market gain you realized. File 2012 state taxes online free Market gain should be reported as follows. File 2012 state taxes online free If you elected to include the CCC loan in income in the year you received it, do not include the market gain in income. File 2012 state taxes online free However, adjust the basis of the commodity for the amount of the market gain. File 2012 state taxes online free If you did not include the CCC loan in income in the year received, include the market gain in your income. File 2012 state taxes online free The following examples show how to report market gain. File 2012 state taxes online free Example 1. File 2012 state taxes online free Mike Green is a cotton farmer. File 2012 state taxes online free He uses the cash method of accounting and files his tax return on a calendar year basis. File 2012 state taxes online free He has deducted all expenses incurred in producing the cotton and has a zero basis in the commodity. File 2012 state taxes online free In 2012, Mike pledged 1,000 pounds of cotton as collateral for a CCC loan of $2,000 (a loan rate of $2. File 2012 state taxes online free 00 per pound). File 2012 state taxes online free In 2013, he repaid the loan and redeemed the cotton for $1,500 when the world price was $1. File 2012 state taxes online free 50 per pound (lower than the loan amount). File 2012 state taxes online free Later in 2013, he sold the cotton for $2,500. File 2012 state taxes online free The market gain on the redemption was $. File 2012 state taxes online free 50 ($2. File 2012 state taxes online free 00 – $1. File 2012 state taxes online free 50) per pound. File 2012 state taxes online free Mike realized total market gain of $500 ($. File 2012 state taxes online free 50 x 1,000 pounds). File 2012 state taxes online free How he reports this market gain and figures his gain or loss from the sale of the cotton depends on whether he included CCC loans in income in 2012. File 2012 state taxes online free Included CCC loan. File 2012 state taxes online free   Mike reported the $2,000 CCC loan as income for 2012 on Schedule F, line 1b, so he is treated as if he sold the cotton for $2,000 when he pledged it and repurchased the cotton for $1,500 when he redeemed it. File 2012 state taxes online free The $500 market gain is not recognized on the redemption. File 2012 state taxes online free He reports it for 2013 as an agricultural program payment on Schedule F, line 4a, but does not include it as a taxable amount on line 4b. File 2012 state taxes online free   Mike's basis in the cotton after he redeemed it was $1,500, which is the redemption (repurchase) price paid for the cotton. File 2012 state taxes online free His gain from the sale is $1,000 ($2,500 – $1,500). File 2012 state taxes online free He reports the $1,000 gain as income for 2013 on Schedule F, line 1b. File 2012 state taxes online free Excluded CCC loan. File 2012 state taxes online free   Mike has income of $500 from market gain in 2013. File 2012 state taxes online free He reports it on Schedule F, lines 4a and 4b. File 2012 state taxes online free His basis in the cotton is zero, so his gain from its sale is $2,500. File 2012 state taxes online free He reports the $2,500 gain as income for 2013 on Schedule F, line 1b. File 2012 state taxes online free Example 2. File 2012 state taxes online free The facts are the same as in Example 1 except that, instead of selling the cotton for $2,500 after redeeming it, Mike entered into an option-to-purchase contract with a cotton buyer before redeeming the cotton. File 2012 state taxes online free Under that contract, Mike authorized the cotton buyer to pay the CCC loan on Mike's behalf. File 2012 state taxes online free In 2013, the cotton buyer repaid the loan for $1,500 and immediately exercised his option, buying the cotton for $1,500. File 2012 state taxes online free How Mike reports the $500 market gain on the redemption of the cotton and figures his gain or loss from its sale depends on whether he included CCC loans in income in 2012. File 2012 state taxes online free Included CCC loan. File 2012 state taxes online free   As in Example 1, Mike is treated as though he sold the cotton for $2,000 when he pledged it and repurchased the cotton for $1,500 when the cotton buyer redeemed it for him. File 2012 state taxes online free The $500 market gain is not recognized on the redemption. File 2012 state taxes online free Mike reports it for 2013 as an agricultural program payment on Schedule F, line 4a, but does not include it as a taxable amount on line 4b. File 2012 state taxes online free   Also, as in Example 1, Mike's basis in the cotton when the cotton buyer redeemed it for him was $1,500. File 2012 state taxes online free Mike has no gain or loss on its sale to the cotton buyer for that amount. File 2012 state taxes online free Excluded CCC loan. File 2012 state taxes online free   As in Example 1, Mike has income of $500 from market gain in 2013. File 2012 state taxes online free He reports it on Schedule F, lines 4a and 4b. File 2012 state taxes online free His basis in the cotton is zero, so his gain from its sale is $1,500. File 2012 state taxes online free He reports the $1,500 gain as income for 2013 on Schedule F, line 1b. File 2012 state taxes online free Conservation Reserve Program (CRP) Under the Conservation Reserve Program (CRP), if you own or operate highly erodible or other specified cropland, you may enter into a long-term contract with the USDA, agreeing to convert to a less intensive use of that cropland. File 2012 state taxes online free You must include the annual rental payments and any one-time incentive payment you receive under the program on Schedule F, lines 4a and 4b. File 2012 state taxes online free Cost-share payments you receive may qualify for the cost-sharing exclusion. File 2012 state taxes online free See Cost-Sharing Exclusion (Improvements) , later. File 2012 state taxes online free CRP payments are reported to you on Form 1099-G. File 2012 state taxes online free Individuals who are receiving Social Security retirement or disability benefits may exclude CRP payments when calculating self-employment tax. File 2012 state taxes online free See the instructions for Schedule SE (Form 1040). File 2012 state taxes online free Crop Insurance and Crop Disaster Payments You must include in income any crop insurance proceeds you receive as the result of physical crop damage or reduction of crop revenue, or both. File 2012 state taxes online free You generally include them in the year you receive them. File 2012 state taxes online free Treat as crop insurance proceeds the crop disaster payments you receive from the federal government as the result of destruction or damage to crops, or the inability to plant crops, because of drought, flood, or any other natural disaster. File 2012 state taxes online free You can request income tax withholding from crop disaster payments you receive from the federal government. File 2012 state taxes online free Use Form W-4V, Voluntary Withholding Request. File 2012 state taxes online free See chapter 16 for information about ordering the form. File 2012 state taxes online free Election to postpone reporting until the following year. File 2012 state taxes online free   You can postpone reporting some or all crop insurance proceeds as income until the year following the year the physical damage occurred if you meet all the following conditions. File 2012 state taxes online free You use the cash method of accounting. File 2012 state taxes online free You receive the crop insurance proceeds in the same tax year the crops are damaged. File 2012 state taxes online free You can show that under your normal business practice you would have included income from the damaged crops in any tax year following the year the damage occurred. File 2012 state taxes online free   Deferral is not permitted for proceeds received from revenue insurance policies. File 2012 state taxes online free   To postpone reporting some or all crop insurance proceeds received in 2013, report the amount you received on Schedule F, line 6a, but do not include it as a taxable amount on line 6b. File 2012 state taxes online free Check the box on line 8c and attach a statement to your tax return. File 2012 state taxes online free The statement must include your name and address and contain the following information. File 2012 state taxes online free A statement that you are making an election under IRC section 451(d) and Regulations section 1. File 2012 state taxes online free 451-6. File 2012 state taxes online free The specific crop or crops physically destroyed or damaged. File 2012 state taxes online free A statement that under your normal business practice you would have included income from some or all of the destroyed or damaged crops in gross income for a tax year following the year the crops were destroyed or damaged. File 2012 state taxes online free The cause of the physical destruction or damage and the date or dates it occurred. File 2012 state taxes online free The total payments you received from insurance carriers, itemized for each specific crop, and the date you received each payment. File 2012 state taxes online free The name of each insurance carrier from whom you received payments. File 2012 state taxes online free   One election covers all crops representing a single trade or business. File 2012 state taxes online free If you have more than one farming business, make a separate election for each one. File 2012 state taxes online free For example, if you operate two separate farms on which you grow different crops and you keep separate books for each farm, you should make two separate elections to postpone reporting insurance proceeds you receive for crops grown on each of your farms. File 2012 state taxes online free   An election is binding for the year unless the IRS approves your request to change it. File 2012 state taxes online free To request IRS approval to change your election, write to the IRS at the following address giving your name, address, identification number, the year you made the election, and your reasons for wanting to change it. File 2012 state taxes online free Ogden Submission Processing Center P. File 2012 state taxes online free O. File 2012 state taxes online free Box 9941 Ogden, UT 84409 Feed Assistance and Payments The Disaster Assistance Act of 1988 authorizes programs to provide feed assistance, reimbursement payments, and other benefits to qualifying livestock producers if the Secretary of Agriculture determines that, because of a natural disaster, a livestock emergency exists. File 2012 state taxes online free These programs include partial reimbursement for the cost of purchased feed and for certain transportation expenses. File 2012 state taxes online free They also include the donation or sale at a below-market price of feed owned by the Commodity Credit Corporation. File 2012 state taxes online free Include in income: The market value of donated feed, The difference between the market value and the price you paid for feed you buy at below-market prices, and Any cost reimbursement you receive. File 2012 state taxes online free You must include these benefits in income in the year you receive them. File 2012 state taxes online free You cannot postpone reporting them under the rules explained earlier for weather-related sales of livestock or crop insurance proceeds. File 2012 state taxes online free Report the benefits on Schedule F, Part I, as agricultural program payments. File 2012 state taxes online free You can usually take a current deduction for the same amount as a feed expense. File 2012 state taxes online free Cost-Sharing Exclusion (Improvements) You can exclude from your income part or all of a payment you receive under certain federal or state cost-sharing conservation, reclamation, and restoration programs. File 2012 state taxes online free A payment is any economic benefit you get as a result of an improvement. File 2012 state taxes online free However, this exclusion applies only to that part of a payment that meets all three of the following tests. File 2012 state taxes online free It was for a capital expense. File 2012 state taxes online free You cannot exclude any part of a payment for an expense you can deduct in the year you pay or incur it. File 2012 state taxes online free You must include the payment for a deductible expense in income, and you can take any offsetting deduction. File 2012 state taxes online free See chapter 5 for information on deducting soil and water conservation expenses. File 2012 state taxes online free It does not substantially increase your annual income from the property for which it is made. File 2012 state taxes online free An increase in annual income is substantial if it is more than the greater of the following amounts. File 2012 state taxes online free 10% of the average annual income derived from the affected property before receiving the improvement. File 2012 state taxes online free $2. File 2012 state taxes online free 50 times the number of affected acres. File 2012 state taxes online free The Secretary of Agriculture certified that the payment was primarily made for conserving soil and water resources, protecting or restoring the environment, improving forests, or providing a habitat for wildlife. File 2012 state taxes online free Qualifying programs. File 2012 state taxes online free   If the three tests listed above are met, you can exclude part or all of the payments from the following programs. File 2012 state taxes online free The rural clean water program authorized by the Federal Water Pollution Control Act. File 2012 state taxes online free The rural abandoned mine program authorized by the Surface Mining Control and Reclamation Act of 1977. File 2012 state taxes online free The water bank program authorized by the Water Bank Act. File 2012 state taxes online free The emergency conservation measures program authorized by title IV of the Agricultural Credit Act of 1978. File 2012 state taxes online free The agricultural conservation program authorized by the Soil Conservation and Domestic Allotment Act. File 2012 state taxes online free The great plains conservation program authorized by the Soil Conservation and Domestic Policy Act. File 2012 state taxes online free The resource conservation and development program authorized by the Bankhead-Jones Farm Tenant Act and by the Soil Conservation and Domestic Allotment Act. File 2012 state taxes online free Certain small watershed programs, listed later. File 2012 state taxes online free Any program of a state, possession of the United States, a political subdivision of any of these, or of the District of Columbia under which payments are made to individuals primarily for conserving soil, protecting or restoring the environment, improving forests, or providing a habitat for wildlife. File 2012 state taxes online free Several state programs have been approved. File 2012 state taxes online free For information about the status of those programs, contact the state offices of the Farm Service Agency (FSA) and the Natural Resources and Conservation Service (NRCS). File 2012 state taxes online free Small watershed programs. File 2012 state taxes online free   If the three tests listed earlier are met, you can exclude part or all of the payments you receive under the following programs for improvements made in connection with a watershed. File 2012 state taxes online free The programs under the Watershed Protection and Flood Prevention Act. File 2012 state taxes online free The flood prevention projects under the Flood Control Act of 1944. File 2012 state taxes online free The Emergency Watershed Protection Program under the Flood Control Act of 1950. File 2012 state taxes online free Certain programs under the Colorado River Basin Salinity Control Act. File 2012 state taxes online free The Wetlands Reserve Program authorized by the Food Security Act of 1985, the Federal Agriculture Improvement and Reform Act of 1996 and the Farm Security and Rural Investment Act of 2002. File 2012 state taxes online free The Environmental Quality Incentives Program (EQIP) authorized by the Federal Agriculture Improvement and Reform Act of 1996. File 2012 state taxes online free The Wildlife Habitat Incentives Program (WHIP) authorized by the Federal Agriculture Improvement and Reform Act of 1996. File 2012 state taxes online free The Soil and Water Conservation Assistance Program authorized by the Agricultural Risk Protection Act of 2000. File 2012 state taxes online free The Agricultural Management Assistance Program authorized by the Agricultural Risk Protection Act of 2000. File 2012 state taxes online free The Conservation Reserve Program authorized by the Food Security Act of 1985 and the Federal Agriculture Improvement and Reform Act of 1996. File 2012 state taxes online free The Forest Land Enhancement Program authorized under the Farm Security and Rural Investment Act of 2002. File 2012 state taxes online free The Conservation Security Program authorized by the Food Security Act of 1985. File 2012 state taxes online free The Forest Health Protection Program (FHPP) authorized by the Cooperative Forestry Assistance Act of 1978. File 2012 state taxes online free Income realized. File 2012 state taxes online free   The gross income you realize upon getting an improvement under these cost-sharing programs is the value of the improvement reduced by the sum of the excludable portion and your share of the cost of the improvement (if any). File 2012 state taxes online free Value of the improvement. File 2012 state taxes online free   You determine the value of the improvement by multiplying its fair market value (defined in chapter 6) by a fraction. File 2012 state taxes online free The numerator of the fraction is the total cost of the improvement (all amounts paid either by you or by the government for the improvement) reduced by the sum of the following items. File 2012 state taxes online free Any government payments under a program not listed earlier. File 2012 state taxes online free Any part of a government payment under a program listed earlier that the Secretary of Agriculture has not certified as primarily for conservation. File 2012 state taxes online free Any government payment to you for rent or for your services. File 2012 state taxes online free The denominator of the fraction is the total cost of the improvement. File 2012 state taxes online free Excludable portion. File 2012 state taxes online free   The excludable portion is the present fair market value of the right to receive annual income from the affected acreage of the greater of the following amounts. File 2012 state taxes online free 10% of the prior average annual income from the affected acreage. File 2012 state taxes online free The prior average annual income is the average of the gross receipts from the affected acreage for the last 3 tax years before the tax year in which you started to install the improvement. File 2012 state taxes online free $2. File 2012 state taxes online free 50 times the number of affected acres. File 2012 state taxes online free The calculation of present fair market value of the right to receive annual income is too complex to discuss in this publication. File 2012 state taxes online free You may need to consult your tax advisor for assistance. File 2012 state taxes online free Example. File 2012 state taxes online free One hundred acres of your land was reclaimed under a rural abandoned mine program contract with the Natural Resources Conservation Service of the USDA. File 2012 state taxes online free The total cost of the improvement was $500,000. File 2012 state taxes online free The USDA paid $490,000. File 2012 state taxes online free You paid $10,000. File 2012 state taxes online free The value of the cost-sharing improvement is $15,000. File 2012 state taxes online free The present fair market value of the right to receive the annual income described in (1) above is $1,380, and the present fair market value of the right to receive the annual income described in (2) is $1,550. File 2012 state taxes online free The excludable portion is the greater amount, $1,550. File 2012 state taxes online free You figure the amount to include in gross income as follows: Value of cost-sharing improvement $15,000 Minus: Your share $10,000     Excludable portion 1,550 11,550 Amount included in income $ 3,450 Effects of the exclusion. File 2012 state taxes online free   When you figure the basis of property you acquire or improve using cost-sharing payments excluded from income, subtract the excluded payments from your capital costs. File 2012 state taxes online free Any payment excluded from income is not part of your basis. File 2012 state taxes online free In the example above, the increase in basis is $500,000 – $490,000 + $3,450 = $13,450. File 2012 state taxes online free   In addition, you cannot take depreciation, amortization, or depletion deductions for the part of the cost of the property for which you receive cost-sharing payments you exclude from income. File 2012 state taxes online free How to report the exclusion. File 2012 state taxes online free   Attach a statement to your tax return (or amended return) for the tax year you receive the last government payment for the improvement. File 2012 state taxes online free The statement must include the following information. File 2012 state taxes online free The dollar amount of the cost funded by the government payment. File 2012 state taxes online free The value of the improvement. File 2012 state taxes online free The amount you are excluding. File 2012 state taxes online free   Report the total cost-sharing payments you receive on Schedule F, line 4a, and the taxable amount on line 4b. File 2012 state taxes online free Recapture. File 2012 state taxes online free   If you dispose of the property within 20 years after you received the excluded payments, you must treat as ordinary income part or all of the cost-sharing payments you excluded. File 2012 state taxes online free In the above example, if the 100 acres were sold within 20 years of the exclusion for a gain of $2,000, $1,550 of that amount would be included in ordinary income. File 2012 state taxes online free You must report the recapture on Form 4797. File 2012 state taxes online free See Section 1255 property under Other Gains in chapter 9. File 2012 state taxes online free Electing not to exclude payments. File 2012 state taxes online free   You can elect not to exclude all or part of any payments you receive under these programs. File 2012 state taxes online free If you make this election for all of these payments, none of the above restrictions and rules apply. File 2012 state taxes online free You must make this election by the due date, including extensions, for filing your return. File 2012 state taxes online free In the example above, an election not to exclude payments results in $5,000 included in income and a $15,000 increase in basis. File 2012 state taxes online free 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 return (excluding extensions). File 2012 state taxes online free Write “Filed pursuant to section 301. File 2012 state taxes online free 9100-2” at the top of the amended return and file it at the same address you filed the original return. File 2012 state taxes online free Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 The Farm Security and Rural Investment Act of 2002 created two new types of payments—direct and counter-cyclical payments. File 2012 state taxes online free You must include these payments on Schedule F, lines 4a and 4b. File 2012 state taxes online free The Food, Conservation, and Energy Act of 2008 provides for direct and counter-cyclical payments (DCP) as well as Average Crop Revenue Election (ACRE) payments. File 2012 state taxes online free You must include these payments on Schedule F, lines 6a and 6b. File 2012 state taxes online free The American Taxpayer Relief Act of 2012, enacted on January 2, 2013, amends the Food, Conservation, and Energy Act of 2008 and provided a one-year extension for these payments. File 2012 state taxes online free Tobacco Quota Buyout Program Payments The Fair and Equitable Tobacco Reform Act of 2004, title VI of the American Jobs Creation Act of 2004, terminated the tobacco marketing quota program and the tobacco price support program. File 2012 state taxes online free As a result, the USDA offered to enter into contracts with eligible tobacco quota holders and growers to provide compensation for the lost value of the quotas and related price support. File 2012 state taxes online free If you are an eligible tobacco quota holder, your contract entitles you to receive total payments of $7 per pound of quota in 10 equal annual payments in fiscal years 2005 through 2014. File 2012 state taxes online free If you are an eligible tobacco grower, your contract entitles you to receive total payments of up to $3 per pound of quota in 10 equal annual payments in fiscal years 2005 through 2014. File 2012 state taxes online free Tobacco Quota Holders Contract payments you receive are considered proceeds from a sale of your tobacco quota as of the date on which you and the USDA enter into the contract. File 2012 state taxes online free Your taxable gain or loss is the total amount received for your quota reduced by any amount treated as interest (discussed below), over your adjusted basis. File 2012 state taxes online free The gain or loss is capital or ordinary depending on how you used the quota. File 2012 state taxes online free See Capital or ordinary gain or loss , later. File 2012 state taxes online free Report the entire gain on your income tax return for the tax year that includes the date you entered into the contract if you elect not to use the installment method. File 2012 state taxes online free Adjusted basis. File 2012 state taxes online free   The adjusted basis of your quota is determined differently depending on how you obtained the quota. File 2012 state taxes online free The basis of a quota derived from an original grant by the federal government is zero. File 2012 state taxes online free The basis of a purchased quota is the purchase price. File 2012 state taxes online free The basis of a quota received as a gift is generally the same as the donor's basis. File 2012 state taxes online free However, under certain circumstances, the basis is increased by the amount of gift taxes paid. File 2012 state taxes online free If the basis is greater than the fair market value of the quota at the time of the gift, the basis for determining loss is the fair market value. File 2012 state taxes online free The basis of an inherited quota is generally the fair market value of the quota at the time of the decedent's death. File 2012 state taxes online free Reduction of basis. File 2012 state taxes online free   You are required to reduce the basis of your tobacco quota by the following amounts. File 2012 state taxes online free Deductions you took for amortization, depletion, or depreciation. File 2012 state taxes online free Amounts you previously deducted as a loss because of a reduction in the number of pounds of tobacco allowable under the quota. File 2012 state taxes online free The entire cost of a purchased quota you deducted in an earlier year (which reduces your basis to zero). File 2012 state taxes online free Amount treated as interest. File 2012 state taxes online free   You must reduce your tobacco quota buyout program payment by the amount treated as interest. File 2012 state taxes online free The interest is reportable as ordinary income. File 2012 state taxes online free If payments total $3,000 or less, your total quota buyout program payment does not include any amount treated as interest and you are not required to reduce the total payment you receive. File 2012 state taxes online free   In all other cases, a portion of each payment may be treated as interest for federal tax purposes. File 2012 state taxes online free You may be required to reduce your total quota buyout program payment before you calculate your gain or loss. File 2012 state taxes online free For more information, see Notice 2005-57, 2005-32 I. File 2012 state taxes online free R. File 2012 state taxes online free B. File 2012 state taxes online free 267, available at www. File 2012 state taxes online free irs. File 2012 state taxes online free gov/irb/2005-32_IRB/ar13. File 2012 state taxes online free html. File 2012 state taxes online free Installment method. File 2012 state taxes online free   You may use the installment method to report a gain if you receive at least one payment after the close of your tax year. File 2012 state taxes online free Under the installment method, a portion of the gain is taken into account in each year in which a payment is received. File 2012 state taxes online free See chapter 10 for more information. File 2012 state taxes online free Capital or ordinary gain or loss. File 2012 state taxes online free   Whether your gain or loss is ordinary or capital depends on how you used the quota. File 2012 state taxes online free Quota used in the trade or business of farming. File 2012 state taxes online free   If you used the quota in the trade or business of farming and you held it for more than one year, you report the transaction as a section 1231 transaction on Form 4797. File 2012 state taxes online free See Section 1231 transactions in the Instructions for Form 4797 for detailed information on reporting section 1231 transactions. File 2012 state taxes online free Quota held for investment. File 2012 state taxes online free   If you held the quota for investment purposes, any gain or loss is capital gain or loss. File 2012 state taxes online free The same result also applies if you held the quota for the production of income, though not connected with a trade or business. File 2012 state taxes online free Gain treated as ordinary income. File 2012 state taxes online free   If you previously deducted any of the following items, some or all of the capital gain must be recharacterized and reported as ordinary income. File 2012 state taxes online free Any resulting capital gain is taxed as ordinary income up to the amount previously deducted. File 2012 state taxes online free The cost of acquiring a quota. File 2012 state taxes online free Amounts for amortization, depletion, or depreciation. File 2012 state taxes online free Amounts to reflect a reduction in the quota pounds. File 2012 state taxes online free   You should include the ordinary income on your return for the tax year even if you use the installment method to report the remainder of the gain. File 2012 state taxes online free Self-employment income. File 2012 state taxes online free   The tobacco quota buyout payments are not self-employment income. File 2012 state taxes online free Income averaging for farmers. File 2012 state taxes online free   The gain or loss resulting from the quota payments does not qualify for income averaging. File 2012 state taxes online free A tobacco quota is considered an interest in land. File 2012 state taxes online free Income averaging is not available for gain or loss arising from the sale or other disposition of land. File 2012 state taxes online free Involuntary conversion. File 2012 state taxes online free   The buyout of the tobacco quota is not an involuntary conversion. File 2012 state taxes online free Form 1099-S. File 2012 state taxes online free   A tobacco quota is considered an interest in land, so the USDA will generally report the total amount you receive under a contract on Form 1099-S, Proceeds From Real Estate Transactions, if the amount is $600 or more. File 2012 state taxes online free The USDA will generally report any portion of a payment treated as interest of $600 or more to you on Form 1099-INT, Interest Income, for the year in which the payment is made. File 2012 state taxes online free Like-kind exchange of quota. File 2012 state taxes online free   You may postpone reporting the gain or loss from tobacco quota buyout payments by entering into a like-kind exchange if you comply with the requirements of section 1031 and the regulations thereunder. File 2012 state taxes online free See Notice 2005-57 for more information. File 2012 state taxes online free Tobacco Growers Contract payments you receive are determined by reference to the amount of quota under which you produced (or planted) quota tobacco during the 2002, 2003, and 2004 tobacco marketing years and are prorated based on the number of years that you produced (or planted) quota tobacco during those years. File 2012 state taxes online free Taxation of payments to tobacco growers. File 2012 state taxes online free   Payments to growers replace ordinary income that would have been earned had the tobacco marketing quota and price support programs continued. File 2012 state taxes online free Individuals will generally report the payments as an Agricultural program payment on Schedule F. File 2012 state taxes online free If you are a landowner who does not materially participate in the operation or management of the farm and are receiving the grower payment because your farm rental income is based on the tobacco grown by a tenant, the grower payment should be reported on Form 4835. File 2012 state taxes online free Self-employment income. File 2012 state taxes online free   Payments to growers generally represent self-employment income. File 2012 state taxes online free If the grower is an individual carrying on a trade or business and deriving income (other than farm rental income properly reported on Form 4835) from that trade or business, the payments are net earnings from self-employment. File 2012 state taxes online free Income averaging for farmers. File 2012 state taxes online free   Payments to growers who are individuals qualify for farm income averaging. File 2012 state taxes online free Form 1099-G. File 2012 state taxes online free   If the amount received in a taxable year is $600 or more, the amount will generally be reported by the USDA on a Form 1099-G. File 2012 state taxes online free Other Payments You must include most other government program payments in income. File 2012 state taxes online free Fertilizer and Lime Include in income the value of fertilizer or lime you receive under a government program. File 2012 state taxes online free How to claim the offsetting deduction is explained under Fertilizer and Lime in chapter 4. File 2012 state taxes online free Improvements If government payments are based on improvements, such as a pollution control facility, you must include them in income. File 2012 state taxes online free You must also capitalize the full cost of the improvement. File 2012 state taxes online free Since you have included the payments in income, they do not reduce your basis. File 2012 state taxes online free However, see Cost-Sharing Exclusion (Improvements) , earlier, for additional information. File 2012 state taxes online free National Tobacco Growers' Settlement Trust Fund Payments If you are a producer, landowner, or tobacco quota owner who receives money from the National Tobacco Growers' Settlement Trust Fund, you must report those payments as income. File 2012 state taxes online free You should receive a Form 1099-MISC, Miscellaneous Income, that shows the payment amount. File 2012 state taxes online free If you produce a tobacco crop, report the payments as income from farming on your Schedule F. File 2012 state taxes online free If you are a landowner or tobacco quota owner who leases tobacco-related property but you do not produce the crop, report the payments as farm rental income on Form 4835. File 2012 state taxes online free Payment to More Than One Person The USDA reports program payments to the IRS. File 2012 state taxes online free It reports a program payment intended for more than one person as having been paid to the person whose identification number is on record for that payment (payee of record). File 2012 state taxes online free If you, as the payee of record, receive a program payment belonging to someone else, such as your landlord, the amount belonging to the other person is a nominee distribution. File 2012 state taxes online free You should file Form 1099-G to report the identity of the actual recipient to the IRS. File 2012 state taxes online free You should also give this information to the recipient. File 2012 state taxes online free You can avoid the inconvenience of unnecessary inquiries about the identity of the recipient if you file this form. File 2012 state taxes online free Report the total amount reported to you as the payee of record on Schedule F, line 4a or 6a. File 2012 state taxes online free However, do not report as a taxable amount on line 4b or 6b any amount belonging to someone else. File 2012 state taxes online free See chapter 16 for information about ordering Form 1099-G. File 2012 state taxes online free Income From Cooperatives If you buy farm supplies through a cooperative, you may receive income from the cooperative in the form of patronage dividends (refunds). File 2012 state taxes online free If you sell your farm products through a cooperative, you may receive either patronage dividends or a per-unit retain certificate, explained later, from the cooperative. File 2012 state taxes online free Form 1099-PATR. File 2012 state taxes online free   The cooperative will report the income to you on Form 1099-PATR or a similar form and send a copy to the IRS. File 2012 state taxes online free Form 1099-PATR may also show an alternative minimum tax adjustment that you must include on Form 6251, Alternative Minimum Tax—Individuals, if you are required to file the form. File 2012 state taxes online free For information on the alternative minimum tax, see the Instructions for Form 6251. File 2012 state taxes online free Patronage Dividends You generally report patronage dividends as income on Schedule F, lines 3a and 3b, for the tax year you receive them. File 2012 state taxes online free They include the following items. File 2012 state taxes online free Money paid as a patronage dividend, including cash advances received (for example, from a marketing cooperative). File 2012 state taxes online free The stated dollar value of qualified written notices of allocation. File 2012 state taxes online free The fair market value of other property. File 2012 state taxes online free Do not report as income on line 3b any patronage dividends you receive from expenditures that were not deductible, such as buying personal or family items, capital assets, or depreciable property. File 2012 state taxes online free You must reduce the cost or other basis of these items by the amount of such patronage dividends received. File 2012 state taxes online free Personal items include fuel purchased for personal use, basic local telephone service, and personal long distance calls. File 2012 state taxes online free If you cannot determine what the dividend is for, report it as income on lines 3a and 3b. File 2012 state taxes online free Qualified written notice of allocation. File 2012 state taxes online free   If you receive a qualified written notice of allocation as part of a patronage dividend, you must generally include its stated dollar value in your income on Schedule F, lines 3a and 3b, in the year you receive it. File 2012 state taxes online free A written notice of allocation is qualified if at least 20% of the patronage dividend is paid in money or by qualified check and either of the following conditions is met. File 2012 state taxes online free The notice must be redeemable in cash for at least 90 days after it is issued, and you must have received a written notice of your right of redemption at the same time as the written notice of allocation. File 2012 state taxes online free You must have agreed to include the stated dollar value in income in the year you receive the notice by doing one of the following. File 2012 state taxes online free Signing and giving a written agreement to the cooperative. File 2012 state taxes online free Getting or keeping membership in the cooperative after it adopted a bylaw providing that membership constitutes agreement. File 2012 state taxes online free The cooperative must notify you in writing of this bylaw and give you a copy. File 2012 state taxes online free Endorsing and cashing a qualified check paid as part of the same patronage dividend. File 2012 state taxes online free You must cash the check by the 90th day after the close of the payment period for the cooperative's tax year for which the patronage dividend was paid. File 2012 state taxes online free Qualified check. File 2012 state taxes online free   A qualified check is any instrument that is redeemable in money and meets both of the following requirements. File 2012 state taxes online free It is part of a patronage dividend that also includes a qualified written notice of allocation for which you met condition 2(c), above. File 2012 state taxes online free It is imprinted with a statement that endorsing and cashing it constitutes the payee's consent to include in income the stated dollar value of any written notices of allocation paid as part of the same patronage dividend. File 2012 state taxes online free Loss on redemption. File 2012 state taxes online free   You can deduct on Schedule F, Part II, any loss incurred on the redemption of a qualified written notice of allocation you received in the ordinary course of your farming business. File 2012 state taxes online free The loss is the difference between the stated dollar amount of the qualified written notice you included in income and the amount you received when you redeemed it. File 2012 state taxes online free Nonqualified notice of allocation. File 2012 state taxes online free   Do not include the stated dollar value of any nonqualified notice of allocation in income when you receive it. File 2012 state taxes online free Your basis in the notice is zero. File 2012 state taxes online free You must include in income for the tax year of disposition any amount you receive from its sale, redemption, or other disposition. File 2012 state taxes online free Report that amount, up to the stated dollar value of the notice, on Schedule F, lines 3a and 3b. File 2012 state taxes online free However, do not include that amount in your income if the notice resulted from buying or selling capital assets or depreciable property or from buying personal items, as explained in the following discussions. File 2012 state taxes online free   If the amount you receive is more than the stated dollar value of the notice, report the excess as the type of income it represents. File 2012 state taxes online free For example, if it represents interest income, report it on your return as interest. File 2012 state taxes online free Buying or selling capital assets or depreciable property. File 2012 state taxes online free   Do not include in income patronage dividends from buying capital assets or depreciable property used in your business. File 2012 state taxes online free You must, however, reduce the basis of these assets by the dividends. File 2012 state taxes online free This reduction is taken into account as of the first day of the tax year in which the dividends are received. File 2012 state taxes online free If the dividends are more than your unrecovered basis, reduce the unrecovered basis to zero and include the difference on Schedule F, line 3a, for the tax year you receive them. File 2012 state taxes online free   This rule and the exceptions explained below also apply to amounts you receive from the sale, redemption, or other disposition of a nonqualified notice of allocation that resulted from buying or selling capital assets or depreciable property. File 2012 state taxes online free Example. File 2012 state taxes online free On July 1, 2012, Mr. File 2012 state taxes online free Brown, a patron of a cooperative association, bought a machine for his dairy farm business from the association for $2,900. File 2012 state taxes online free The machine has a life of 7 years under MACRS (as provided in the Table of Class Lives and Recovery Periods in Appendix B of Publication 946, Depreciation and Amortization). File 2012 state taxes online free Mr. File 2012 state taxes online free Brown files his return on a calendar year basis. File 2012 state taxes online free For 2012, he claimed a depreciation deduction of $311, using the 10. File 2012 state taxes online free 71% depreciation rate from the 150% declining balance, half-year convention table (shown in Table A-14 in Appendix A of Publication 946). File 2012 state taxes online free On July 2, 2013, the cooperative association paid Mr. File 2012 state taxes online free Brown a $300 cash patronage dividend for buying the machine. File 2012 state taxes online free Mr. File 2012 state taxes online free Brown adjusts the basis of the machine and figures his depreciation deduction for 2013 (and later years) as follows. File 2012 state taxes online free Cost of machine on July 1, 2012 $2,900 Minus: 2012 depreciation $311     2013 cash dividend 300 611 Adjusted basis for  depreciation for 2013: $2,289 Depreciation rate: 1 ÷ 6½ (remaining recovery period as of 1/1/2012) = 15. File 2012 state taxes online free 38% × 1. File 2012 state taxes online free 5 = 23. File 2012 state taxes online free 07% Depreciation deduction for 2013 ($2,289 × 23. File 2012 state taxes online free 07%) $528 Exceptions. File 2012 state taxes online free   If the dividends are for buying or selling capital assets or depreciable property you did not own at any time during the year you received the dividends, you must include them on Schedule F, lines 3a and 3b, unless one of the following rules applies. File 2012 state taxes online free If the dividends relate to a capital asset you held for more than 1 year for which a loss was or would have been deductible, treat them as gain from the sale or exchange of a capital asset held for more than 1 year. File 2012 state taxes online free If the dividends relate to a capital asset for which a loss was not or would not have been deductible, do not report them as income (ordinary or capital gain). File 2012 state taxes online free   If the dividends are for selling capital assets or depreciable property during the year you received the dividends, treat them as an additional amount received on the sale. File 2012 state taxes online free Personal purchases. File 2012 state taxes online free   Because you cannot deduct the cost of personal, living, or family items, such as supplies, equipment, or services not related to the production of farm income, you can omit from the taxable amount of patronage dividends on Schedule F, line 3b, any dividends from buying those items (and you must reduce the cost or other basis of those items by the amount of the dividends). File 2012 state taxes online free This rule also applies to amounts you receive from the sale, redemption, or other disposition of a nonqualified written notice of allocation resulting from these purchases. File 2012 state taxes online free Per-Unit Retain Certificates A per-unit retain certificate is any written notice that shows the stated dollar amount of a per-unit retain allocation made to you by the cooperative. File 2012 state taxes online free A per-unit retain allocation is an amount paid to patrons for products sold for them that is fixed without regard to the net earnings of the cooperative. File 2012 state taxes online free These allocations can be paid in money, other property, or qualified certificates. File 2012 state taxes online free Per-unit retain certificates issued by a cooperative generally receive the same tax treatment as patronage dividends, discussed earlier. File 2012 state taxes online free Qualified certificates. File 2012 state taxes online free   Qualified per-unit retain certificates are those issued to patrons who have agreed to include the stated dollar amount of these certificates in income in the year of receipt. File 2012 state taxes online free The agreement may be made in writing or by getting or keeping membership in a cooperative whose bylaws or charter states that membership constitutes agreement. File 2012 state taxes online free If you receive qualified per-unit retain certificates, include the stated dollar amount of the certificates in income on Schedule F, lines 3a and 3b, for the tax year you receive them. File 2012 state taxes online free Nonqualified certificates. File 2012 state taxes online free   Do not include the stated dollar value of a nonqualified per-unit retain certificate in income when you receive it. File 2012 state taxes online free Your basis in the certificate is zero. File 2012 state taxes online free You must include in income any amount you receive from its sale, redemption, or other disposition. File 2012 state taxes online free Report the amount you receive from the disposition as ordinary income on Schedule F, lines 3a and 3b, for the tax year of disposition. File 2012 state taxes online free Cancellation of Debt This section explains the general rule for including canceled debt in income and the exceptions to the general rule. File 2012 state taxes online free For more information on canceled debt, see Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. File 2012 state taxes online free General Rule Generally, if your debt is canceled or forgiven, other than as a gift or bequest to you, you must include the canceled amount in gross income for tax purposes. File 2012 state taxes online free Discharge of qualified farm indebtedness (defined below) is one of the exceptions to the general rule. File 2012 state taxes online free It is excluded from taxable income (see Exclusions , later). File 2012 state taxes online free Report the canceled amount on Schedule F, line 8, if you incurred the debt in your farming business. File 2012 state taxes online free If the debt is a nonbusiness debt, report the canceled amount as other income on Form 1040, line 21. File 2012 state taxes online free Election to defer income from discharge of indebtedness. File 2012 state taxes online free   You can elect to defer income from a discharge of business indebtedness that occurred after 2008 and before 2011. File 2012 state taxes online free Generally, if the election is made, the deferred income is included in gross income ratably over a 5-year period beginning in 2014 (for calendar year taxpayers) and the exclusions listed below do not apply. File 2012 state taxes online free See IRC section 108(i) and Publication 4681 for details. File 2012 state taxes online free Form 1099-C. File 2012 state taxes online free   If a federal agency, financial institution, credit union, finance company, or credit card company cancels or forgives your debt of $600 or more, you will receive a Form 1099-C, Cancellation of Debt. File 2012 state taxes online free The amount of debt canceled is shown in box 2. File 2012 state taxes online free Exceptions The following discussion covers some exceptions to the general rule for canceled debt. File 2012 state taxes online free These exceptions apply before the exclusions discussed below. File 2012 state taxes online free Price reduced after purchase. File 2012 state taxes online free   If your purchase of property was financed by the seller and the seller reduces the amount of the debt at a time when you are not insolvent and the reduction does not occur in a chapter 11 bankruptcy case, the amount of the debt reduction will be treated as a reduction in the purchase price of the property. File 2012 state taxes online free Reduce your basis in the property by the amount of the reduction in the debt. File 2012 state taxes online free The rules that apply to bankruptcy and insolvency are explained below under Exclusions . File 2012 state taxes online free Deductible debt. File 2012 state taxes online free   You do not realize income from a canceled debt to the extent the payment of the debt would have been a deductible expense. File 2012 state taxes online free This exception applies before the price reduction exception discussed above and the bankruptcy and insolvency exclusions discussed next. File 2012 state taxes online free Example. File 2012 state taxes online free You get accounting services for your farm on credit. File 2012 state taxes online free Later, you have trouble paying your farm debts, but you are not bankrupt or insolvent. File 2012 state taxes online free Your accountant forgives part of the amount you owe for the accounting services. File 2012 state taxes online free How you treat the canceled debt depends on your method of accounting. File 2012 state taxes online free Cash method — You do not include the canceled debt in income because payment of the debt would have been deductible as a business expense. File 2012 state taxes online free Accrual method — You include the canceled debt in income because the expense was deductible when you incurred the debt. File 2012 state taxes online free Exclusions Do not include canceled debt in income in the following situations. File 2012 state taxes online free The cancellation takes place in a bankruptcy case under title 11 of the U. File 2012 state taxes online free S. File 2012 state taxes online free Code. File 2012 state taxes online free The cancellation takes place when you are insolvent. File 2012 state taxes online free The canceled debt is a qualified farm debt. File 2012 state taxes online free The canceled debt is a qualified real property business debt (in the case of a taxpayer other than a C corporation). File 2012 state taxes online free See Publication 334, Tax Guide for Small Business, chapter 5. File 2012 state taxes online free The canceled debt is qualified principal residence indebtedness which is discharged after 2006 and before 2014. File 2012 state taxes online free The exclusions do not apply in the following situations: If a canceled debt is excluded from income because it takes place in a bankruptcy case, the exclusions in situations (2), (3), (4), and (5) do not apply. File 2012 state taxes online free If a canceled debt is excluded from income because it takes place when you are insolvent, the exclusions in situations (3) and (4) do not apply to the extent you are insolvent. File 2012 state taxes online free If a canceled debt is excluded from income because it is qualified principal residence indebtedness, the exclusion in situation (2) does not apply unless you elect to apply situation (2) instead of the exclusion for qualified principal residence indebtedness. File 2012 state taxes online free See Form 982 , later, for information on how to claim an exclusion for a canceled debt. File 2012 state taxes online free Debt. File 2012 state taxes online free   For this discussion, debt includes any debt for which you are liable or that attaches to property you hold. File 2012 state taxes online free Bankruptcy and Insolvency You can exclude a canceled debt from income if you are bankrupt or to the extent you are insolvent. File 2012 state taxes online free Bankruptcy. File 2012 state taxes online free   A bankruptcy case is a case under title 11 of the U. File 2012 state taxes online free S. File 2012 state taxes online free Code if you are under the jurisdiction of the court and the cancellation of the debt is granted by the court or is the result of a plan approved by the court. File 2012 state taxes online free   Do not include debt canceled in a bankruptcy case in your income in the year it is canceled. File 2012 state taxes online free Instead, you must use the amount canceled to reduce your tax attributes, explained below under Reduction of tax attributes . File 2012 state taxes online free Insolvency. File 2012 state taxes online free   You are insolvent to the extent your liabilities are more than the fair market value of your assets immediately before the cancellation of debt. File 2012 state taxes online free   You can exclude canceled debt from gross income up to the amount by which you are insolvent. File 2012 state taxes online free If the canceled debt is more than this amount and the debt qualifies, you can apply the rules for qualified farm debt or qualified real property business debt to the difference. File 2012 state taxes online free Otherwise, you include the difference in gross income. File 2012 state taxes online free Use the amount excluded because of insolvency to reduce any tax attributes, as explained below under Reduction of tax attributes . File 2012 state taxes online free You must reduce the tax attributes under the insolvency rules before applying the rules for qualified farm debt or for qualified real property business debt. File 2012 state taxes online free Example. File 2012 state taxes online free You had a $15,000 debt that was not qualified principal residence debt canceled outside of bankruptcy. File 2012 state taxes online free Immediately before the cancellation, your liabilities totaled $80,000 and your assets totaled $75,000. File 2012 state taxes online free Since your liabilities were more than your assets, you were insolvent to the extent of $5,000 ($80,000 − $75,000). File 2012 state taxes online free You can exclude this amount from income. File 2012 state taxes online free The remaining canceled debt ($10,000) may be subject to the qualified farm debt or qualified real property business debt rules. File 2012 state taxes online free If not, you must include it in income. File 2012 state taxes online free Reduction of tax attributes. File 2012 state taxes online free   If you exclude canceled debt from income in a bankruptcy case or during insolvency, you must use the excluded debt to reduce certain tax attributes. File 2012 state taxes online free Order of reduction. File 2012 state taxes online free   You must use the excluded canceled debt to reduce the following tax attributes in the order listed unless you elect to reduce the basis of depreciable property first, as explained later. File 2012 state taxes online free Net operating loss (NOL). File 2012 state taxes online free Reduce any NOL for the tax year of the debt cancellation, and then any NOL carryover to that year. File 2012 state taxes online free Reduce the NOL or NOL carryover one dollar for each dollar of excluded canceled debt. File 2012 state taxes online free General business credit carryover. File 2012 state taxes online free Reduce the credit carryover to or from the tax year of the debt cancellation. File 2012 state taxes online free Reduce the carryover 331/3 cents for each dollar of excluded canceled debt. File 2012 state taxes online free Minimum tax credit. File 2012 state taxes online free Reduce the minimum tax credit available at the beginning of the tax year following the tax year of the debt cancellation. File 2012 state taxes online free Reduce the credit 331/3 cents for each dollar of excluded canceled debt. File 2012 state taxes online free Capital loss. File 2012 state taxes online free Reduce any net capital loss for the tax year of the debt cancellation, and then any capital loss carryover to that year. File 2012 state taxes online free Reduce the capital loss or loss carryover one dollar for each dollar of excluded canceled debt. File 2012 state taxes online free Basis. File 2012 state taxes online free Reduce the basis of the property you hold at the beginning of the tax year following the tax year of the debt cancellation in the following order. File 2012 state taxes online free Real property (except inventory) used in your trade or business or held for investment that secured the canceled debt. File 2012 state taxes online free Personal property (except inventory and accounts and notes receivable) used in your trade or business or held for investment that secured the canceled debt. File 2012 state taxes online free Other property (except inventory and accounts and notes receivable) used in your trade or business or held for investment. File 2012 state taxes online free Inventory and accounts and notes receivable. File 2012 state taxes online free Other property. File 2012 state taxes online free Reduce the basis one dollar for each dollar of excluded canceled debt. File 2012 state taxes online free However, the reduction cannot be more than the total basis of property and the amount of money you hold immediately after the debt cancellation minus your total liabilities immediately after the cancellation. File 2012 state taxes online free For allocation rules that apply to basis reductions for multiple canceled debts, see Regulations section 1. File 2012 state taxes online free 1017-1(b)(2). File 2012 state taxes online free Also see Electing to reduce the basis of depreciable property
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Today, it’s quick and easy to get a credit card approved, transfer money from one account to another, renew your driver’s license, fill a prescription from your doctor at your local pharmacy, use store loyalty cards, and purchase products online. But you pay for this convenience by providing more opportunities for your personal information to be changed, stolen, or reported inaccurately. Companies can also use the information you have shared to direct their future marketing efforts or can sell the information to other companies. To help protect your privacy, follow these tips:

  • Look for privacy statements on websites, sales materials, and forms you fill out. If a website claims to follow a set of established voluntary standards, read the standards. Don't assume they provide the level of privacy you want.
  • Ask what information will be collected and how it may be used.
  • Only provide the purchase date, model/serial numbers, and your contact information of warranty registration forms.
  • Discuss privacy with others in your home. Everyone, even children, should understand what information is not appropriate to share on the phone, while using a computer, and in other situations.

Check with your state or local consumer agency to find out whether any state laws that help protect your privacy. Some companies and industry groups have also adopted voluntary policies that address privacy concerns.

Creating Secure Passwords

The number of passwords that you need on a daily basis can be overwhelming. It is tempting to use the same password across several sites; however to get the most protection available, you should use different passwords on each site and change your passwords periodically. The goal for creating passwords is to strike a balance between being something that is easy to remember and unique. Some general tips for creating a secure password include:

  • Use a mix of uppercase and lowercase letters, numbers, and special characters.
  • The longer password, the better it is.
  • Don’t use your name, birthday, license plate, favorite sports teams or other facts that are easily guessed.
  • Create a password based on a phrase. For example “A stitch in time saves nine” can be translated into the password “Ast!Ts9”. where each character represents a word in the phrase.
  • If you must use the same password on several websites, add a prefix or suffix. For example, use “Ast!Ts9:4bnk”for your bank account and “Eml: Ast!Ts9” for your email account.

The File 2012 State Taxes Online Free

File 2012 state taxes online free Index A Abandonment, Abandonment Accounting method Accrual, Accrual Method Cash, Cash Method Change in, Changes in Methods of Accounting Crop, Crop method. File 2012 state taxes online free Farm inventory, Farm Inventory Accounting periods, Introduction Accrual method of accounting, Accrual Method Additional Medicare Tax withholding, What's New for 2013, Additional Medicare Tax. File 2012 state taxes online free Adjusted basis for installment sale, Adjusted basis for installment sale purposes. File 2012 state taxes online free Adjusted basis of assets, Adjusted Basis Agricultural activity codes, Schedule F, Reminders Agricultural program payments, Agricultural Program Payments Agricultural structure, defined, Agricultural structure. File 2012 state taxes online free Alternative Depreciation System (ADS), Required use of ADS. File 2012 state taxes online free , ADS election. File 2012 state taxes online free Amortization Going into business, Business Start-Up Costs Reforestation expenses, Reforestation Costs Section 197 intangibles, Section 197 Intangibles Assessments By conservation district, Assessment by Conservation District Depreciable property, Assessment for Depreciable Property Assistance (see Tax help) Automobiles, depreciation, Limits for passenger automobiles. File 2012 state taxes online free B Bankruptcy, Bankruptcy. File 2012 state taxes online free Barter income, Barter income. File 2012 state taxes online free Basis Adjusted, Adjusted basis. File 2012 state taxes online free Installment sale, Adjusted basis for installment sale purposes. File 2012 state taxes online free Involuntary conversion, Basis for depreciation. File 2012 state taxes online free Like-kind exchange, Basis for depreciation. File 2012 state taxes online free Partner's basis, Property Distributed From a Partnership or Corporation Replacement property, Basis of replacement property. File 2012 state taxes online free Shareholder's basis, Property Distributed From a Partnership or Corporation Basis of assets Adjusted basis, Adjusted Basis Allocating to several assets, Allocating the Basis Changed to business use, Property changed from personal to business or rental use. File 2012 state taxes online free Constructing assets, Constructing assets. File 2012 state taxes online free Cost, Cost Basis Decreases, Decreases to Basis Depreciation, What Is the Basis for Depreciation? Exchanges Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partially nontaxable, Partially Nontaxable Exchanges Taxable, Taxable Exchanges Gifts, Property Received as a Gift Increases, Increases to Basis Real property, Real Property Received for services, Property received for services. File 2012 state taxes online free Uniform capitalization rules, Uniform Capitalization Rules Below-market loans, Below-market loans. File 2012 state taxes online free Books and records, Importance of Records Breeding fees, Breeding Fees Business income limit, section 179 expense deduction, Business Income Limit Business use of home, Business Use of Your Home C Canceled debt, Cancellation of Debt Capital assets, Capital Assets Capital expenses, Capital Expenses Car expenses, Truck and Car Expenses Cash method of accounting, Cash Method Casualties and thefts Adjustments to basis, Adjustments to basis. File 2012 state taxes online free Casualty, defined, Casualty. File 2012 state taxes online free Disaster area losses, Disaster Area Losses Leased property, Leased property. File 2012 state taxes online free Livestock, Livestock or produce bought for resale. File 2012 state taxes online free , Raised draft, breeding, dairy, or sporting animals. File 2012 state taxes online free Reimbursement, Insurance and other reimbursements. File 2012 state taxes online free Reporting gains and losses, Reporting Gains and Losses Theft, defined, Theft. File 2012 state taxes online free Change in accounting method, Changes in Methods of Accounting Chickens, purchased, Chickens, seeds, and young plants. File 2012 state taxes online free Christmas trees, Christmas tree cultivation. File 2012 state taxes online free , Christmas trees. File 2012 state taxes online free Club dues, Club dues and membership fees. File 2012 state taxes online free Comments on publication, Comments and suggestions. File 2012 state taxes online free Commodity Futures, Hedging (Commodity Futures) Wages, Noncash wages. File 2012 state taxes online free Commodity Credit Corporation (CCC) Loans, Commodity Credit Corporation (CCC) Loans Market gain, Market Gain Community property, Community property. File 2012 state taxes online free , Community property. File 2012 state taxes online free Computer, software, Computer software. File 2012 state taxes online free Condemnation, Casualties, Thefts, and Condemnations, Condemnation Conservation Cost-sharing exclusion, Conservation Expenses District assessments, Assessment by Conservation District Expenses, Conservation Expenses Plans, Conservation plan. File 2012 state taxes online free Conservation Reserve Program, Conservation Reserve Program (CRP) payments. File 2012 state taxes online free Conservation Reserve Program (CRP), Conservation Reserve Program (CRP) Constructing assets, Constructing assets. File 2012 state taxes online free Constructive receipt of income, Constructive receipt. File 2012 state taxes online free Contamination, Soil or other environmental contamination. File 2012 state taxes online free Contract price, Contract price. File 2012 state taxes online free Converted wetland, Converted Wetland and Highly Erodible Cropland Cooperatives, income from, Income From Cooperatives Cost-sharing exclusion, Cost-Sharing Exclusion (Improvements) Counter-cyclical payments, Direct payments and counter-cyclical payments. File 2012 state taxes online free , Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 Credits Employment, Employment Credits Fuel tax, Fuel tax credit and refund. File 2012 state taxes online free , How To Claim a Credit or Refund, Claiming a Credit Social security and Medicare, Earning credits in 2013. File 2012 state taxes online free Social security coverage, How to become insured under social security. File 2012 state taxes online free State unemployment tax, Tax rate and credit. File 2012 state taxes online free Crew leaders, Crew Leaders Crop Destroyed, Standing crop destroyed by casualty. File 2012 state taxes online free Insurance proceeds, Crop Insurance and Crop Disaster Payments Method of accounting, Crop method. File 2012 state taxes online free Shares, Rents (Including Crop Shares) Unharvested, Cost of raising unharvested crops. File 2012 state taxes online free , Section 1231 transactions. File 2012 state taxes online free , Gain or loss. File 2012 state taxes online free Cropland, highly erodible, Converted Wetland and Highly Erodible Cropland D Damage Casualties and thefts, Casualties and Thefts Crop insurance, Crop Insurance and Crop Disaster Payments Tree seedlings, Tree Seedlings Debt Bad, Nonbusiness bad debt. File 2012 state taxes online free Canceled, Cancellation of Debt, Canceled debt excluded from income. File 2012 state taxes online free , Cancellation of debt. File 2012 state taxes online free , Canceled debt. File 2012 state taxes online free Nonrecourse, Amount realized on a nonrecourse debt. File 2012 state taxes online free Qualified farm, Qualified Farm Debt Qualified principal residence, Qualified Principal Residence Debt Recourse, Amount realized on a recourse debt. File 2012 state taxes online free Depletion, Depletion Depreciation, Claiming the Special Depreciation Allowance ADS election, ADS election. File 2012 state taxes online free Conservation assets, Depreciable conservation assets. File 2012 state taxes online free Deduction, Overview of Depreciation Incorrect amount deducted, How Do You Correct Depreciation Deductions? Limit for automobiles, Limits for passenger automobiles. File 2012 state taxes online free Listed property, Additional Rules for Listed Property Raised livestock, Livestock. File 2012 state taxes online free Recapture, When Do You Recapture MACRS Depreciation?, Depreciation Recapture, Section 1250 Property When to file, Do You Have To File Form 4562? Depreciation allowable, Basis adjustment for depreciation allowed or allowable. File 2012 state taxes online free Depreciation allowed, Basis adjustment for depreciation allowed or allowable. File 2012 state taxes online free Direct payments, Direct payments and counter-cyclical payments. File 2012 state taxes online free , Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 Disaster area losses, Disaster Area Losses Disaster payments, Crop Insurance and Crop Disaster Payments Disaster relief grants, Federal disaster relief grants. File 2012 state taxes online free Disaster relief payments, Qualified disaster relief payments. File 2012 state taxes online free Dispositions, Sale or other disposal of land during 9-year period. File 2012 state taxes online free , Gain on sale of farmland. File 2012 state taxes online free , Introduction Domestic production activities deduction, Domestic Production Activities Deduction Dyed diesel fuel, Dyed Diesel Fuel and Dyed Kerosene Dyed kerosene, Dyed Diesel Fuel and Dyed Kerosene E e-file, Reminders Easement, Easements and rights-of-way. File 2012 state taxes online free , Easements. File 2012 state taxes online free Election ADS depreciation, Electing ADS. File 2012 state taxes online free , ADS election. File 2012 state taxes online free Amortization Business start-up costs, Business Start-Up Costs Reforestation costs, Reforestation Costs Crop method, Election to use crop method. File 2012 state taxes online free Cutting of timber, Election to treat cutting as a sale or exchange. File 2012 state taxes online free Deducting conservation expenses, When to Deduct or Capitalize Not excluding cost-sharing payments, Electing not to exclude payments. File 2012 state taxes online free Out of installment method, Electing out of the installment method. File 2012 state taxes online free Postponing casualty gain, Postponing Gain Postponing reporting crop insurance proceeds, Election to postpone reporting until the following year. File 2012 state taxes online free Section 179 expense deduction, How Do You Elect the Deduction? Electronic filing, Reminders Embryo transplants, Transplanted embryo. File 2012 state taxes online free Employer identification number, Reminders, Employer identification number (EIN). File 2012 state taxes online free Endangered species recovery expenses, Endangered species recovery expenses. File 2012 state taxes online free Environmental contamination, Soil or other environmental contamination. File 2012 state taxes online free Estimated tax Farm gross income, Gross Income From Farming Gross income, Gross Income Penalties, Estimated Tax Penalty for 2013 Exchanges Basis Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partially nontaxable, Partially Nontaxable Exchanges Taxable, Taxable Exchanges Like-kind, Like-Kind Exchanges Nontaxable, Like-Kind Exchanges Excise taxes Credit, Claiming a Credit Diesel fuel, Dyed Diesel Fuel and Dyed Kerosene Farming purposes, Fuels Used in Farming Home use of fuels, Fuels Used for Household Purposes or Other Than as a Fuel for Propulsion Engines Off-highway uses, Fuels Used in Off-Highway Business Use Refund, Claiming a Refund F Fair market value defined, Fair market value (FMV). File 2012 state taxes online free , Fair market value (FMV). File 2012 state taxes online free Family member Business expenses, Special rule for related persons. File 2012 state taxes online free Installment sale, Sale to a related person. File 2012 state taxes online free Like-kind exchange, Like-kind exchanges between related persons. File 2012 state taxes online free Loss on sale or exchange of property, Losses from sales or exchanges between related persons. File 2012 state taxes online free Personal-use property, Personal-use property. File 2012 state taxes online free Social security coverage, Family Employees Farm Business expenses, Farm Business Expenses Business, defined, Business of Farming Defined, Farm defined. File 2012 state taxes online free , Farm. File 2012 state taxes online free Income averaging, Income Averaging for Farmers Rental, Farm rental. File 2012 state taxes online free Sale of, Sale of a Farm Farmer, Farmer. File 2012 state taxes online free Federal unemployment tax (FUTA), Federal Unemployment (FUTA) Tax Fertilizer, Fertilizer and Lime, Fertilizer and Lime Foreclosure, Foreclosure or Repossession Forestation costs, Forestation and reforestation costs. File 2012 state taxes online free Form 1099-A, Form 1099-A. File 2012 state taxes online free , Forms 1099-A and 1099-C. File 2012 state taxes online free 1099-C, Cancellation of Debt, Form 1099-C. File 2012 state taxes online free , Forms 1099-A and 1099-C. File 2012 state taxes online free 1099-G, Market Gain, Payment to More Than One Person 1099-MISC, Reminders, Nonemployee compensation. File 2012 state taxes online free 1099-PATR, Form 1099-PATR. File 2012 state taxes online free 1128, Introduction 2210-F, Estimated Tax Penalty for 2013 3115, Changes in Methods of Accounting 4136, Claiming a Credit 4562, Do You Have To File Form 4562? 4797, Form 4797. File 2012 state taxes online free , Recapture. File 2012 state taxes online free , Reporting the exchange. File 2012 state taxes online free 4835, Rents (Including Crop Shares) 5213, Using the presumption later. File 2012 state taxes online free 6252, Form 6252. File 2012 state taxes online free 8822, Reminders 8824, Reporting the exchange. File 2012 state taxes online free 8849, Claiming a Refund 8886, Reminders 940, Form 940. File 2012 state taxes online free 943, Form 943. File 2012 state taxes online free 982, Form 982 I-9, Form I-9. File 2012 state taxes online free SS-4, Reminders, Employer identification number (EIN). File 2012 state taxes online free SS-5, Obtaining a social security number. File 2012 state taxes online free T (Timber), Form T (Timber). File 2012 state taxes online free W-2, Form W-2. File 2012 state taxes online free W-4, Reminders, New hire reporting. File 2012 state taxes online free , Form W-4. File 2012 state taxes online free W-4V, Commodity Credit Corporation (CCC) Loans, Crop Insurance and Crop Disaster Payments W-7, Obtaining an individual taxpayer identification number. File 2012 state taxes online free Free tax services, How To Get Tax Help, Free help with your tax return. File 2012 state taxes online free Fuel tax credit or refund, Fuel tax credit and refund. File 2012 state taxes online free , How To Claim a Credit or Refund G Gains and losses Basis of assets, Cost Basis Capital assets, defined, Capital Assets Casualty, How To Figure a Loss, Figuring a Gain Installment sales, Installment Sales Livestock, Livestock Long- or short-term, Long and Short Term Ordinary or capital, Ordinary or Capital Gain or Loss Sale of farm, Sale of a Farm Section 1231, Section 1231 Gains and Losses Theft, How To Figure a Loss, Figuring a Gain Timber, Timber General asset accounts, How Do You Use General Asset Accounts? Gifts, Crop shares you give to others (gift). File 2012 state taxes online free , Cost related to gifts. File 2012 state taxes online free , Property Received as a Gift, Gift. File 2012 state taxes online free Going into business, Business Start-Up Costs Grants, disaster relief, Federal disaster relief grants. File 2012 state taxes online free Gross profit percentage, Gross profit percentage. File 2012 state taxes online free Gross profit, defined, Gross profit. File 2012 state taxes online free Guarantee, Debt not payable on demand. File 2012 state taxes online free H Health insurance deduction, Self-employed health insurance deduction. File 2012 state taxes online free Hedging, Hedging (Commodity Futures) Help (see Tax help) Highway use tax, Highway use tax. File 2012 state taxes online free Holding period, Holding period. File 2012 state taxes online free Horticultural structure, Horticultural structure. File 2012 state taxes online free I Illegal irrigation subsidy, Illegal federal irrigation subsidy. File 2012 state taxes online free Important dates, Important Dates for 2014 Improvements, Cost-Sharing Exclusion (Improvements) Income Accounting for, Accounting Methods Accrual method of accounting, Income Canceled debt excluded, Cancellation of Debt From farming, Farm Income, Gross income from farming. File 2012 state taxes online free , Gross Income From Farming Gross, Gross Income Not-for-profit farming, Not-for-Profit Farming Pasture, Pasture income and rental. File 2012 state taxes online free Schedule F, Farm Income Withholding of tax, Federal Income Tax Withholding Income averaging (see Farm: Income averaging) Incorrect amount of depreciation deducted, How Do You Correct Depreciation Deductions? Individual taxpayer identification number (ITIN), Obtaining an individual taxpayer identification number. File 2012 state taxes online free Inherited property, Inherited Property Insolvency, Insolvency. File 2012 state taxes online free Installment sales, Form 6252. File 2012 state taxes online free Electing out, Electing out of the installment method. File 2012 state taxes online free Farm, sale of, Installment Sale of a Farm Figuring income, Figuring Installment Sale Income Reporting income, Form 6252. File 2012 state taxes online free Unstated interest, Unstated interest. File 2012 state taxes online free Insurance, Insurance, Self-employed health insurance deduction. File 2012 state taxes online free Intangible property, Section 197 Intangibles Interest Expense, Interest Income, Interest income. File 2012 state taxes online free Unstated, Unstated interest. File 2012 state taxes online free Inventory Items included, Farm Inventory Methods of valuation, Inventory valuation methods. File 2012 state taxes online free Involuntary conversions, Involuntary Conversions, Property acquired in a like-kind exchange or involuntary conversion. File 2012 state taxes online free , Introduction Irrigation Illegal subsidy, Illegal federal irrigation subsidy. File 2012 state taxes online free Project, Irrigation Project L Labor hired, Labor Hired Landlord participation, Landlord Participation in Farming Lease or purchase, Lease or Purchase Life tenant (see Term interests) Like-kind exchanges, Like-Kind Exchanges, Like-Kind Exchanges Lime, Fertilizer and Lime Limits At-risk, At-Risk Limits Business use of home, Deduction limit. File 2012 state taxes online free Capital losses, Treatment of Capital Losses Conservation expenses, Assessment for Depreciable Property, 25% Limit on Deduction Depreciation Business-use, What Is the Business-Use Requirement? Excluded farm debt, Exclusion limit. File 2012 state taxes online free Farm losses, Losses From Operating a Farm Loss of personal-use property, Deduction Limits on Losses of Personal-Use Property Not-for-profit farming, Not-for-Profit Farming Passive activity, Passive Activity Limits Percentage depletion, Taxable income limit. File 2012 state taxes online free Prepaid farm supplies, Deduction limit. File 2012 state taxes online free Reforestation costs, Reforestation Costs Section 179 expense deduction Automobile, Limits for passenger automobiles. File 2012 state taxes online free Business income, Business Income Limit Dollar, Dollar Limits Time to keep records, How Long To Keep Records Listed property Defined, What Is Listed Property? Passenger automobile, Passenger automobiles. File 2012 state taxes online free Rules, Additional Rules for Listed Property Livestock, Section 1231 transactions. File 2012 state taxes online free Casualty and theft losses, Livestock or produce bought for resale. File 2012 state taxes online free Crop shares, Crop shares you use to feed livestock. File 2012 state taxes online free Depreciation, Livestock. File 2012 state taxes online free Diseased, Diseased livestock. File 2012 state taxes online free Feed assistance, Feed Assistance and Payments Immature, Immature livestock. File 2012 state taxes online free Losses, Loss of livestock. File 2012 state taxes online free , Livestock Purchased, Purchased livestock. File 2012 state taxes online free Raised, Raised livestock. File 2012 state taxes online free Sale of, Sales of Farm Products, Livestock Unit-livestock-price, inventory valuation, Unit-livestock-price method. File 2012 state taxes online free Used in a farm business, Livestock used in farm business. File 2012 state taxes online free Weather-related sales, Sales Caused by Weather-Related Conditions, Weather-related sales of livestock. File 2012 state taxes online free Loans, Commodity Credit Corporation (CCC) Loans, Loan expenses. File 2012 state taxes online free Losses At-risk limits, At-Risk Limits Casualty, Casualties, Thefts, and Condemnations Disaster areas, Disaster Area Losses Farming, Farming Losses Growing crops, Loss of growing plants, produce, and crops. 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File 2012 state taxes online free , Reminders Repossessions, Foreclosure or Repossession Right-of-way income, Easements and rights-of-way. File 2012 state taxes online free S Sale of home, Sale of your home. File 2012 state taxes online free Section 179 expense deduction, Section 179 Expense Deduction How to elect, How Do You Elect the Deduction? Listed property, Additional Rules for Listed Property Qualifying property, What Property Qualifies? Recapture, When Must You Recapture the Deduction? Self-employed health insurance, Self-employed health insurance deduction. File 2012 state taxes online free Self-employed health insurance deduction, Self-employed health insurance deduction. File 2012 state taxes online free Self-employment tax Community property, Community property. File 2012 state taxes online free Deduction, Deduction for employer-equivalent portion of self-employment tax. File 2012 state taxes online free How to pay, How To Pay Self-Employment Tax Landlord participation, Landlord Participation in Farming Material participation, Material participation for landlords. File 2012 state taxes online free Maximum net earnings, What's New for 2013 Methods for figuring net earnings, Methods for Figuring Net Earnings Optional method, Farm Optional Method Regular method, Regular Method Rental income, Landlord Participation in Farming Reporting, Reporting Self-Employment Tax Self-employment tax rate, Self-employment tax rate. File 2012 state taxes online free Share farming, Share farmer. File 2012 state taxes online free Tax rates, What's New for 2013 Who must pay, Who Must Pay Self-Employment Tax? Selling expenses, Selling expenses. File 2012 state taxes online free Selling price Defined, Selling price. File 2012 state taxes online free Reduced, Selling price reduced. File 2012 state taxes online free Settlement costs (fees), Settlement costs. 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File 2012 state taxes online free Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. File 2012 state taxes online free Tax shelter At-risk limits, At-Risk Limits Defined, Tax shelter. File 2012 state taxes online free Tax-free exchanges, Like-Kind Exchanges Taxes Excise, Excise Taxes Federal use, Highway use tax. File 2012 state taxes online free General, Taxes Self-employment, Self-Employment Tax State and federal, State and federal income taxes. File 2012 state taxes online free State and local general sales, State and local general sales taxes. File 2012 state taxes online free Withholding, Federal income tax withholding. File 2012 state taxes online free , Social Security and Medicare Taxes, Federal Income Tax Withholding Telephone expense, Telephone expense. File 2012 state taxes online free Tenant house expenses, Tenant House Expenses Term interests, Certain term interests in property. File 2012 state taxes online free Theft losses, Casualties, Thefts, and Condemnations Timber, Timber. File 2012 state taxes online free , Timber Depletion, Timber Tobacco quota buyout payments, Tobacco Quota Buyout Program Payments Tobacco settlement payments, National Tobacco Growers' Settlement Trust Fund Payments Trade-in, Sale and Purchase Travel expenses, Travel Expenses Truck expenses, Truck and Car Expenses Trust fund recovery penalty, Trust fund recovery penalty. File 2012 state taxes online free TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Basis of assets, Uniform Capitalization Rules Inventory, Uniform capitalization rules. File 2012 state taxes online free Unstated interest, Unstated interest. File 2012 state taxes online free W Wages and salaries, Wages and salaries. File 2012 state taxes online free Water conservation, Conservation Expenses Water well, Water well. File 2012 state taxes online free , Water wells. File 2012 state taxes online free Weather-related sales, livestock, Sales Caused by Weather-Related Conditions, Weather-related sales of livestock. File 2012 state taxes online free Withholding Income tax, Federal Income Tax Withholding Social security and Medicare tax, Social Security and Medicare Taxes Prev  Up     Home   More Online Publications