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Tax Information for Parents

1040 Central
1040 Central has been updated for the last few weeks of Filing Season 2014.

Child and Dependent Care Information
If you paid someone to care for a child or a dependent so you could work, you may be able to reduce your federal income tax by claiming the credit for child and dependent care expenses on your tax return.

EITC Home Page--It’s easier than ever to find out if you qualify for EITC
If you worked but earned less than $51,567 during 2013, you may qualify for EITC. The Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. You must file a return and claim the credit to receive it. Find out more about EITC and links to helpful tools and resources.

Child Tax Credit
This credit is for people who have a qualifying child. It can be claimed in addition to the credit for child and dependent care expenses

Tax Benefits for Education Information
Tax credits, deductions and savings plans can help taxpayers with their expenses for higher education. You could save money from the cost of tuition, books and fees or deduct interest you pay on a qualified student loan.

Adoption Taxpayer Identification Number
Information for those needing a taxpayer identification number for a child who has been placed in their home pending final adoption.

Adoption Tax Credit Information
You may be able to take a tax credit of up to $12,970 for qualified expenses paid to adopt an eligible child. The credit may be allowed for the adoption of a child with special needs even if you do not have any qualified expenses. See the Form 8839 Instructions for more information.

Filing Requirements for Children with Investment Income
Under certain circumstances a child’s investment income is taxed at the parent’s tax rate. A parent may be able to choose to include the child's income on the parent's return rather than file a return for the child.

Did you know life events like marriage, birth and divorce may have a significant tax impact?
Organized by type of life event this page provides resources that explain the tax impacts of each.

Page Last Reviewed or Updated: 28-Mar-2014

The File State Tax Return Only

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