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

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Snapshot of Estate and Trust Income Tax Statistics

The U.S. Income Tax Return for Estates and Trusts (Form 1041) is used to report the income, deductions, gains, and losses of estates and trusts, as well as distributions to beneficiaries and income tax liability. Entities are classified into types based on their purpose. These types include:

  • decedent's estates
  • simple trusts
  • complex trusts
  • qualified disability trusts
  • electing small business trust (ESBT)
  • grantor type trust
  • bankruptcy estates
  • pooled income funds

For information about selected terms and concepts, a description of the data sources and limitations, and links to recent revisions of Form 1041, please visit Income from Trusts and Estates Study Metadata.
 

Statistical Tables   SOI Bulletin Articles       Other IRS Data
 

 


Statistical Tables

The following tables are available as Microsoft Excel®  files.  A free Excel viewer is available for download, if needed.

Fiduciary Returns - Sources of Income, Deductions, and Tax Liability, by Tax Status and Size of Gross Income

Fiduciary Returns - Sources of Income, Deductions, and Tax Liability, by Type of Entity

Fiduciary Income and Deductions, by State and Entity Type

 

Archive - Fiduciary Income Tax Returns
 

To make customized tables using this data, please visit the Statistics of Income Tax Stats Table Wizard.

 

Projections

For selected tax returns, including the Form 1041, IRS's Office of Research produces annual forecasts of the number of returns that will be filed in future years.
    Projections of Returns to be Filed in Future Calendar Years


 

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SOI Bulletin Articles

The following are available as PDF files.  A free Adobe® reader is available for download, if needed.

 

  • Fiduciary Income Tax Returns

               2003-2004          1997          1982

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Other SOI Data on Trusts

Form 5227 is an information return filed by split-interest trusts, those who make distributions to both charitable and noncharitable beneficiaries, while providing tax benefits to their donor.  Certain charitable trusts, those treated as private foundations except that they are not exempt from income taxes, annually file Form 990-PF.

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Other IRS Data and Related Links

For tax administration data on this topic, as well as other types of taxes, choose from the links below.

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Page Last Reviewed or Updated: 06-Jan-2014

The File Ez 1040 Free

File ez 1040 free Index A Acknowledgment of contributions, Acknowledgment of Charitable Contributions of $250 or More Adverse determination, Adverse determination. File ez 1040 free Affordable Care Act Hospitals, What's New, New Requirements for section 501(c)(3) Hospitals Under the Affordable Care Act. File ez 1040 free Aged, home for, Home for the aged. File ez 1040 free Agricultural organization, Agricultural and Horticultural Organizations Airport, Other organizations. File ez 1040 free Alumni association, Alumni association. File ez 1040 free Amateur athletic organizations, Amateur Athletic Organizations Animals, prevention of cruelty to, Prevention of Cruelty to Children or Animals Appeal procedures, Appeal Procedures Application procedures, Application Procedures, Required Inclusions Bylaws, Bylaws. File ez 1040 free Conformed copy, Conformed copy. File ez 1040 free Description of activities, Description of activities. File ez 1040 free Employer identification number, Required Inclusions Financial data, Financial data. File ez 1040 free Organizing documents, Organizing documents. File ez 1040 free Aquatic resources, Agricultural and Horticultural Organizations Articles of organization, Articles of Organization Assistance (see Tax help) Athletic organization, Athletic organization. File ez 1040 free , Amateur Athletic Organizations Attorney's fees, Acceptance of attorneys' fees. File ez 1040 free Attribution, special rules, Special rules of attribution. File ez 1040 free B Black lung benefit trust, 501(c)(21) - Black Lung Benefit Trusts Board of trade, Board of trade. File ez 1040 free Bureau defined, Bureau defined. File ez 1040 free Burial benefit insurance, Burial and funeral benefit insurance organization. File ez 1040 free Business income, unrelated, Unrelated Business Income Tax Return Business league, 501(c)(6) - Business Leagues, etc. File ez 1040 free C Cemetery company, 501(c)(13) - Cemetery Companies Chamber of commerce, Chamber of commerce. File ez 1040 free Change in legal structure, Organizational Changes and Exempt Status Charitable contributions, Acknowledgment of Charitable Contributions of $250 or More, Contributions to 501(c)(3) Organizations Charitable organization, Section 501(c)(3) Organizations, Charitable Organizations Charitable risk pools, Charitable Risk Pools Child care organization, Child care organizations. File ez 1040 free Children, prevention of cruelty to, Prevention of Cruelty to Children or Animals Church, Churches. File ez 1040 free Integrated auxiliaries, Integrated auxiliaries. File ez 1040 free Civic leagues, 501(c)(4) - Civic Leagues and Social Welfare Organizations Clinic, Clinic. File ez 1040 free CO-OP Health Insurance Issuers, 501(c)(29) - CO-OP Health Insurance Issuers College bookstore, restaurant, College book stores, cafeterias, restaurants, etc. File ez 1040 free Comments, Comments and suggestions. File ez 1040 free Community association, Other organizations. File ez 1040 free Community nursing bureau, Community nursing bureau. File ez 1040 free Community trust, Community Trusts Contributions, charitable, Acknowledgment of Charitable Contributions of $250 or More, Contributions to 501(c)(3) Organizations Court appeals, Appeal to Courts Credit union, 501(c)(14) - Credit Unions and Other Mutual Financial Organizations D Determination letter, Rulings and Determination Letters Disclosures, required, Disclosure of Quid Pro Quo Contributions Dues used for lobbying, Dues Used for Lobbying or Political Activities Nondeductible contributions, Solicitation of Nondeductible Contributions Quid pro quo contributions, Disclosure of Quid Pro Quo Contributions Services available from government, Penalties. File ez 1040 free Dispositions of donated property, Donee Information Return Disqualified persons, Disqualified persons. File ez 1040 free Domestic fraternal society, Domestic Fraternal Societies (501(c)(10)) Donor advised funds Excess benefit transaction, Donor advised fund transactions occurring after August 17, 2006. File ez 1040 free Dues used for political or legislative activities, Dues Used for Lobbying or Political Activities, Deduction not allowed for dues used for political or legislative activities. File ez 1040 free E Educational organizations, Educational Organizations, Educational organizations. File ez 1040 free Employees' association, 501(c)(4), 501(c)(9), and 501(c)(17) - Employees' Associations Employment taxes, Employment Tax Returns Endowment fund, Endowment funds. File ez 1040 free Estimated tax, Estimated tax. File ez 1040 free Excess benefit transaction, Excess Benefit Transaction, Supporting organization transactions occurring after July 25, 2006. File ez 1040 free Disqualified person, Tax on Disqualified Persons, Disqualified Person Controlled entity, 35%, 35% controlled entity. File ez 1040 free Family members, Family members. File ez 1040 free Substantial influence, Persons not considered to have substantial influence. File ez 1040 free Disregarded benefits, Disregarded benefits. File ez 1040 free Donor advised funds, Donor advised fund transactions occurring after August 17, 2006. File ez 1040 free , Exception. File ez 1040 free Excise tax, Excise tax on excess benefit transactions. File ez 1040 free Initial contracts, Special Exception for Initial Contracts Reasonable compensation, Reasonable Compensation. File ez 1040 free Rebuttable presumption, Rebuttable presumption that a transaction is not an excess benefit transaction. File ez 1040 free Excise tax Black lung benefit trust, Excise taxes. File ez 1040 free Lobbying expenditures, Tax on excess expenditures to influence legislation. File ez 1040 free , Tax on disqualifying lobbying expenditures. File ez 1040 free Political expenditures, Excise taxes on political expenditures. File ez 1040 free Private foundations, Excise taxes on private foundations. File ez 1040 free , Excise Taxes on Private Foundations Exempt function, Political Organization Income Tax Return Exempt purposes, Section 501(c)(3) Organizations Exemption for terrorist organization, Non-exemption for terrorist organizations. File ez 1040 free Extensions of time, Extensions of time for filing. File ez 1040 free F Facts and circumstances test, Facts and circumstances test. File ez 1040 free Fair market value, estimate of, Good faith estimate of fair market value (FMV). File ez 1040 free Filing requirements, Annual Information Returns Annual information returns, Annual Information Returns Donee information return, Donee Information Return Due date, Political Organization Income Tax Return Employment tax, Employment Tax Returns Excise tax, Excise taxes on private foundations. File ez 1040 free , Excise Taxes on Private Foundations Political organization, Political Organization Income Tax Return Private foundations, Form 990-PF Unrelated business income, Unrelated Business Income Tax Return Form 990-N, Annual Electronic Filing Requirement for Small Tax-Exempt Organizations Forms, Forms Required 1023, Forms Required, Administrative Remedies, 270-day period. File ez 1040 free , Information required for subordinate organizations. File ez 1040 free , Annual Information Return, Form 1023. File ez 1040 free , Organizations Not Required To File Form 1023, Private Schools, When to file application. File ez 1040 free , Lobbying Expenditures, Volunteer fire companies. File ez 1040 free 1024, Forms Required, Application made under wrong paragraph of section 501(c). File ez 1040 free , Annual Information Return, 501(c)(4) - Civic Leagues and Social Welfare Organizations, 501(c)(6) - Business Leagues, etc. File ez 1040 free , 501(c)(7) - Social and Recreation Clubs, 501(c)(8) and 501(c)(10) - Fraternal Beneficiary Societies and Domestic Fraternal Societies, Fraternal Beneficiary Societies (501(c)(8)), Domestic Fraternal Societies (501(c)(10)), Local Employees' Associations (501(c)(4)), Voluntary Employees' Beneficiary Associations (501(c)(9)), Supplemental Unemployment Benefit Trusts (501(c)(17)), 501(c)(13) - Cemetery Companies, 501(c)(19) - Veterans' Organizations, 501(c)(20) - Group Legal Services Plan Organizations, 501(c)(2) - Title-Holding Corporations for Single Parent Corporations, 501(c)(25) - Title-Holding Corporations or Trusts for Multiple Parent Corporations 1040, Effect on employees. File ez 1040 free 1065, Annual Information Returns 1120–POL, Political Organization Income Tax Return 1128, Central organizations. File ez 1040 free 2848, Power of attorney. File ez 1040 free , Representation. File ez 1040 free 4720, Tax on excess expenditures to influence legislation. File ez 1040 free 5578, Certification. File ez 1040 free 5768, Making the election. File ez 1040 free 6069, Tax treatment of donations. File ez 1040 free 8274, FICA tax exemption election. File ez 1040 free 8282, Dispositions of donated property. File ez 1040 free 8283, Form 8283. File ez 1040 free 8300, Report of Cash Received 8718, Forms Required, Power of attorney. File ez 1040 free 8821, Representation. File ez 1040 free 8871, Reporting Requirements for a Political Organization, Annual Information Return 8872, Reporting Requirements for a Political Organization, Annual Information Return 990, Keeping the Group Exemption Letter in Force, Forms 990 and 990-EZ, Annual Information Return, Making the election. File ez 1040 free 990-BL, Annual Information Returns, 990-EZ, Forms 990 and 990-EZ, Form 990-EZ. File ez 1040 free 990-PF, Form 990-PF, Excise taxes on private foundations. File ez 1040 free , Excise Taxes on Private Foundations 990-T, Unrelated Business Income Tax Return SS-4, Required Inclusions, Employer identification number. File ez 1040 free W–2, Revoking the election. File ez 1040 free Fraternal beneficiary society, Fraternal Beneficiary Societies (501(c)(8)) Fraternal societies, Organizations subject to requirements. File ez 1040 free , 501(c)(8) and 501(c)(10) - Fraternal Beneficiary Societies and Domestic Fraternal Societies Free tax services, Free help with your tax return. File ez 1040 free Funeral benefit insurance, Burial and funeral benefit insurance organization. File ez 1040 free G Gifts and contributions, public charity, Gifts, contributions, and grants distinguished from gross receipts. File ez 1040 free Good faith determinations, What's New, New organization. File ez 1040 free Governmental unit, Governmental units. File ez 1040 free Grant Distinguished from gross receipts, Grants. File ez 1040 free Exclusion for unusual grant, Unusual grants. File ez 1040 free , Unusual grants. File ez 1040 free From public charity, Grants from public charities. File ez 1040 free , Grants from public charities. File ez 1040 free Grantor and contributor, reliance on ruling, Reliance by grantors and contributors. File ez 1040 free Gross receipts from nonmembership sources, Gross receipts from nonmembership sources. File ez 1040 free Group exemption letter, Group Exemption Letter H Health coverage organization, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations Help (see Tax help) High-risk health coverage organization, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations Home for the aged, Home for the aged. File ez 1040 free Homeowners' association, Homeowners' associations. File ez 1040 free Horticultural organization, Agricultural and Horticultural Organizations Hospital, Hospital. File ez 1040 free , Hospitals and medical research organizations. File ez 1040 free I Inactive organization, Organizational Changes and Exempt Status Industrial development, Other organizations. File ez 1040 free Instrumentalities, Instrumentalities. File ez 1040 free Insurance, organizations providing, Organizations Providing Insurance L Labor organization, Organizations subject to requirements. File ez 1040 free , Labor Organizations Law, public interest, Public-interest law firms. File ez 1040 free Legislative activity, Lobbying Expenditures, Legislative activity. File ez 1040 free Listed transaction, Prohibited tax shelter transaction. File ez 1040 free Literary organizations, Literary Organizations Loans, organizations providing, Organization providing loans. File ez 1040 free Lobbying expenditures, Lobbying Expenditures Local benevolent life insurance associations, Local Life Insurance Associations Local employees' association, Local Employees' Associations (501(c)(4)) Lodge system, Lodge system. File ez 1040 free M Medical research organization, Medical research organization. File ez 1040 free Medicare and Medicaid payments, Medicare and Medicaid payments. File ez 1040 free Membership fee, Membership fees. File ez 1040 free , Membership fees distinguished from gross receipts. File ez 1040 free Modification of exemption, Revocation or Modification of Exemption Mutual financial organization, 501(c)(14) - Credit Unions and Other Mutual Financial Organizations Mutual or cooperative association, Mutual or Cooperative Associations N Nursing bureau, Community nursing bureau. File ez 1040 free O One-third support test, One-third support test. File ez 1040 free Organization assets, Dedication and Distribution of Assets Dedication, Dedication. File ez 1040 free Distribution, Distribution. File ez 1040 free Organizational changes, Organizational Changes and Exempt Status P Penalties, Penalties for failure to file. File ez 1040 free Failure to allow public inspection, Penalties Failure to disclose, Penalty for failure to disclose. File ez 1040 free , Penalties. File ez 1040 free , Penalty. File ez 1040 free Failure to file, Penalties for failure to file. File ez 1040 free Perpetual care organization, Perpetual care organization. File ez 1040 free Political activity, Dues Used for Lobbying or Political Activities, Political activity. File ez 1040 free , Political activity. File ez 1040 free Political organization Income tax return, Political Organization Income Tax Return Taxable income, Political Organization Income Tax Return Power of attorney, Power of attorney. File ez 1040 free Preferred stock, Common and preferred stock. File ez 1040 free Prevention of cruelty to children or animals, Prevention of Cruelty to Children or Animals Private delivery service, Private delivery service. File ez 1040 free Private foundations, Private Foundations Private operating foundation, Private Operating Foundations Private school, Private Schools, Racially Nondiscriminatory Policy Prohibited tax shelter transactions Entity managers, Entity manager. File ez 1040 free Entity managers excise tax, Manager Level Tax Listed transaction, Prohibited tax shelter transaction. File ez 1040 free Prohibited reportable transactions, Prohibited tax shelter transaction. File ez 1040 free Subsequently listed transaction, Subsequently listed transaction. File ez 1040 free Tax-exempt entities, Tax-exempt entities. File ez 1040 free Public charity Gifts and contributions, Gifts, contributions, and grants distinguished from gross receipts. File ez 1040 free Grant from, Grants from public charities. File ez 1040 free Section 509(a)(1), Section 509(a)(1) Organizations Section 509(a)(2), Section 509(a)(2) Organizations Section 509(a)(3), Section 509(a)(3) Organizations Section 509(a)(4), Section 509(a)(4) Organizations Support test, One-third support test. File ez 1040 free , One-third support test. File ez 1040 free Public inspection Annual return, Annual Information Return Exemption applications, Public Inspection of Exemption Applications, Annual Returns, and Political Organization Reporting Forms Forms 8871 and 8872, Public Inspection of Exemption Applications, Annual Returns, and Political Organization Reporting Forms Public-interest law firm, Public-interest law firms. File ez 1040 free Publications (see Tax help) Publicly supported organization, Publicly supported organizations. File ez 1040 free , Qualifying as Publicly Supported Attraction of public support, Attraction of public support requirement. File ez 1040 free Ten-percent-of-support, Ten-percent-of-support requirement. File ez 1040 free R Racial composition, How to determine racial composition. File ez 1040 free Racially nondiscriminatory policy, Racially Nondiscriminatory Policy Real estate board, Real estate board. File ez 1040 free Recognition of exemption, application, Application for Recognition of Exemption Religious organizations, Religious Organizations Requests other than applications, Miscellaneous Procedures Responsiveness test, Responsiveness test. File ez 1040 free Revocation of exemption, Revocation or Modification of Exemption Ruling letter, Rulings and Determination Letters S Scholarship Private school, Scholarship and loan programs. File ez 1040 free Scholarships, Scholarships. File ez 1040 free School, private, Private Schools Scientific organizations, Scientific Organizations Section 501(c)(3) organizations Amateur athletic, Amateur Athletic Organizations Literary, Literary Organizations Prevention of cruelty, Prevention of Cruelty to Children or Animals Private foundations, Private Foundations and Public Charities Public charities, Public Charities Qualifications, Section 501(c)(3) Organizations Religious, Religious Organizations Scientific, Scientific Organizations Section 501(c)(3) Organizations Charitable, Charitable Organizations Educational, Educational Organizations and Private Schools Single entity, Single entity. File ez 1040 free Social clubs, Organizations subject to requirements. File ez 1040 free , 501(c)(7) - Social and Recreation Clubs Social welfare organization, Organizations subject to requirements. File ez 1040 free , 501(c)(4) - Civic Leagues and Social Welfare Organizations Specified organizations, Specified organizations. File ez 1040 free Sports organization, amateur, Qualified amateur sports organization. File ez 1040 free State-sponsored, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations High-risk health coverage organization, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations Workers' compensation reinsurance organization, 501(c)(27) - Qualified State-Sponsored Workers' Compensation Organizations Stock or commodity exchange, Stock or commodity exchange. File ez 1040 free Suggestions, Comments and suggestions. File ez 1040 free Supplemental unemployment benefit trust, Supplemental Unemployment Benefit Trusts (501(c)(17)) Support, Support. File ez 1040 free , Support from a governmental unit. File ez 1040 free , Support from the general public. File ez 1040 free Support test, One-third support test. File ez 1040 free Facts and circumstances, Facts and circumstances test. File ez 1040 free One-third, One-third support test. File ez 1040 free Public charity, One-third support test. File ez 1040 free Supporting organization, Supporting organization transactions occurring after July 25, 2006. File ez 1040 free T Tax help, Technical advice, Appeals Office Consideration Testing for public safety, Section 509(a)(4) Organizations Title-holding corporation, 501(c)(2) - Title-Holding Corporations for Single Parent Corporations U Unemployment benefit trust, Supplemental Unemployment Benefit Trusts (501(c)(17)) Unrelated business income, Unrelated Business Income Tax Return Unusual grants, Unusual grants. File ez 1040 free , Unusual grants. File ez 1040 free User fee, Power of attorney. File ez 1040 free , User fee. File ez 1040 free V Veterans' organization, 501(c)(19) - Veterans' Organizations Voluntary employees' beneficiary association, Voluntary Employees' Beneficiary Associations (501(c)(9)) Volunteer fire company, Volunteer fire companies. File ez 1040 free W War veterans' organization, 501(c)(19) - Veterans' Organizations Withdrawal of application, Withdrawal of application. File ez 1040 free Withholding information from public, Requests for withholding of information from the public. File ez 1040 free Work Opportunity Tax Credit, Expanded Work Opportunity Tax Credit Available for Hiring Qualified Veterans. File ez 1040 free Workers' compensation reinsurance organization, 501(c)(27) - Qualified State-Sponsored Workers' Compensation Organizations Prev  Up     Home   More Online Publications