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File tax extension electronically for free 8. File tax extension electronically for free   Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Sales and ExchangesDetermining Gain or Loss Like-Kind Exchanges Transfer to Spouse Ordinary or Capital Gain or LossCapital Assets Noncapital Assets Hedging (Commodity Futures) Livestock Converted Wetland and Highly Erodible Cropland Timber Sale of a Farm Foreclosure or Repossession Abandonment Introduction This chapter explains how to figure, and report on your tax return, your gain or loss on the disposition of your property or debt and whether such gain or loss is ordinary or capital. File tax extension electronically for free Ordinary gain is taxed at the same rates as wages and interest income while capital gain is generally taxed at lower rates. File tax extension electronically for free Dispositions discussed in this chapter include sales, exchanges, foreclosures, repossessions, canceled debts, hedging transactions, and elections to treat cutting of timber as a sale or exchange. File tax extension electronically for free Topics - This chapter discusses: Sales and exchanges Ordinary or capital gain or loss Useful Items - You may want to see: Publication 334 Tax Guide for Small Business 523 Selling Your Home 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Sch D (Form 1040) Capital Gains and Losses Sch F (Form 1040) Profit or Loss From Farming 1099-A Acquisition or Abandonment of Secured Property 1099-C Cancellation of Debt 4797 Sales of Business Property 8949 Sales and Other Dispositions of Capital Assets See chapter 16 for information about getting publications and forms. File tax extension electronically for free Sales and Exchanges If you sell, exchange, or otherwise dispose of your property, you usually have a gain or a loss. File tax extension electronically for free This section explains certain rules for determining whether any gain you have is taxable, and whether any loss you have is deductible. File tax extension electronically for free A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. File tax extension electronically for free An exchange is a transfer of property for other property or services. File tax extension electronically for free Determining Gain or Loss You usually realize a gain or loss when you sell or exchange property. File tax extension electronically for free If the amount you realize from a sale or exchange of property is more than its adjusted basis, you will have a gain. File tax extension electronically for free If the adjusted basis of the property is more than the amount you realize, you will have a loss. File tax extension electronically for free Basis and adjusted basis. File tax extension electronically for free   The basis of property you buy is usually its cost. File tax extension electronically for free The adjusted basis of property is basis plus certain additions and minus certain deductions. File tax extension electronically for free See chapter 6 for more information about basis and adjusted basis. File tax extension electronically for free Amount realized. File tax extension electronically for free   The amount you realize from a sale or exchange is the total of all money you receive plus the fair market value (FMV) (defined in chapter 6) of all property or services you receive. File tax extension electronically for free The amount you realize also includes any of your liabilities assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. File tax extension electronically for free   If the liabilities relate to an exchange of multiple properties, see Multiple Property Exchanges in chapter 1 of Publication 544. File tax extension electronically for free Amount recognized. File tax extension electronically for free   Your gain or loss realized from a sale or exchange of certain property is usually a recognized gain or loss for tax purposes. File tax extension electronically for free A recognized gain is a gain you must include in gross income and report on your income tax return. File tax extension electronically for free A recognized loss is a loss you deduct from gross income. File tax extension electronically for free However, your gain or loss realized from the exchange of certain property may not be recognized for tax purposes. File tax extension electronically for free See Like-Kind Exchanges next. File tax extension electronically for free Also, a loss from the disposition of property held for personal use is not deductible. File tax extension electronically for free Like-Kind Exchanges Certain exchanges of property are not taxable. File tax extension electronically for free This means any gain from the exchange is not recognized, and any loss cannot be deducted. File tax extension electronically for free Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. File tax extension electronically for free The exchange of property for the same kind of property is the most common type of nontaxable exchange. File tax extension electronically for free To qualify for treatment as a like-kind exchange, the property traded and the property received must be both of the following. File tax extension electronically for free Qualifying property. File tax extension electronically for free Like-kind property. File tax extension electronically for free These two requirements are discussed later. File tax extension electronically for free Multiple-party transactions. File tax extension electronically for free   The like-kind exchange rules also apply to property exchanges that involve three and four-party transactions. File tax extension electronically for free Any part of these multiple-party transactions can qualify as a like-kind exchange if it meets all the requirements described in this section. File tax extension electronically for free Receipt of title from third party. File tax extension electronically for free   If you receive property in a like-kind exchange and the other party who transfers the property to you does not give you the title, but a third party does, you can still treat this transaction as a like-kind exchange if it meets all the requirements. File tax extension electronically for free Basis of property received. File tax extension electronically for free   If you receive property in a like-kind exchange, the basis of the property will be the same as the basis of the property you gave up. File tax extension electronically for free See chapter 6 for more information. File tax extension electronically for free Money paid. File tax extension electronically for free   If, in addition to giving up like-kind property, you pay money in a like-kind exchange, you still have no recognized gain or loss. File tax extension electronically for free The basis of the property received is the basis of the property given up, increased by the money paid. File tax extension electronically for free Example. File tax extension electronically for free You traded an old tractor with an adjusted basis of $15,000 for a new one. File tax extension electronically for free The new tractor costs $300,000. File tax extension electronically for free You were allowed $80,000 for the old tractor and paid $220,000 cash. File tax extension electronically for free You have no recognized gain or loss on the transaction regardless of the adjusted basis of your old tractor and the basis of the new tractor is $235,000, the adjusted basis of the old tractor plus the cash paid ($15,000 + $220,000). File tax extension electronically for free If you had sold the old tractor to a third party for $80,000 and bought a new one, you would have a recognized gain or loss on the sale of your old tractor equal to the difference between the amount realized and the adjusted basis of the old tractor. File tax extension electronically for free In this case, the taxable gain would be $65,000 ($80,000 − $15,000) and the basis of the new tractor would be $300,000. File tax extension electronically for free Reporting the exchange. File tax extension electronically for free   Report the exchange of like-kind property, even though no gain or loss is recognized, on Form 8824, Like-Kind Exchanges. File tax extension electronically for free The Instructions for Form 8824 explain how to report the details of the exchange. File tax extension electronically for free   If you have any recognized gain because you received money or unlike property, report it on Schedule D (Form 1040) or Form 4797, whichever applies. File tax extension electronically for free You may also have to report the recognized gain as ordinary income because of depreciation recapture on Form 4797. File tax extension electronically for free See chapter 9 for more information. File tax extension electronically for free Qualifying property. File tax extension electronically for free   In a like-kind exchange, both the property you give up and the property you receive must be held by you for investment or for productive use in your trade or business. File tax extension electronically for free Machinery, buildings, land, trucks, breeding livestock, rental houses, and certain mutual ditch, reservoir, or irrigation company stock are examples of property that may qualify. File tax extension electronically for free Nonqualifying property. File tax extension electronically for free   The rules for like-kind exchanges do not apply to exchanges of the following property. File tax extension electronically for free Property you use for personal purposes, such as your home and family car. File tax extension electronically for free Stock in trade or other property held primarily for sale, such as crops and produce. File tax extension electronically for free Stocks, bonds, or notes. File tax extension electronically for free However, see Qualifying property above. File tax extension electronically for free Other securities or evidences of indebtedness, such as accounts receivable. File tax extension electronically for free Partnership interests. File tax extension electronically for free However, you may have a nontaxable exchange under other rules. File tax extension electronically for free See Other Nontaxable Exchanges in chapter 1 of Publication 544. File tax extension electronically for free Like-kind property. File tax extension electronically for free   To qualify as a nontaxable exchange, the properties exchanged must be of like kind. File tax extension electronically for free Like-kind properties are properties of the same nature or character, even if they differ in grade or quality. File tax extension electronically for free Generally, real property exchanged for real property qualifies as an exchange of like-kind property. File tax extension electronically for free For example, an exchange of city property for farm property or improved property for unimproved property is a like-kind exchange. File tax extension electronically for free   An exchange of a tractor for a new tractor is an exchange of like-kind property, and so is an exchange of timber land for crop acreage. File tax extension electronically for free An exchange of a tractor for acreage, however, is not an exchange of like-kind property. File tax extension electronically for free The exchange of livestock of one sex for livestock of the other sex is not a like-kind exchange. File tax extension electronically for free For example, the exchange of a bull for a cow is not a like-kind exchange. File tax extension electronically for free An exchange of the assets of a business for the assets of a similar business cannot be treated as an exchange of one property for another property. File tax extension electronically for free    Note. File tax extension electronically for free Whether you engaged in a like-kind exchange depends on an analysis of each asset involved in the exchange. File tax extension electronically for free Personal property. File tax extension electronically for free   Depreciable tangible personal property can be either like kind or like class to qualify for nontaxable exchange treatment. File tax extension electronically for free Like-class properties are depreciable tangible personal properties within the same General Asset Class or Product Class. File tax extension electronically for free Property classified in any General Asset Class may not be classified within a Product Class. File tax extension electronically for free Assets that are not in the same class will qualify as like-kind property if they are of the same nature or character. File tax extension electronically for free General Asset Classes. File tax extension electronically for free   General Asset Classes describe the types of property frequently used in many businesses. File tax extension electronically for free They include, but are not limited to, the following property. File tax extension electronically for free Office furniture, fixtures, and equipment (asset class 00. File tax extension electronically for free 11). File tax extension electronically for free Information systems, such as computers and peripheral equipment (asset class 00. File tax extension electronically for free 12). File tax extension electronically for free Data handling equipment except computers (asset class 00. File tax extension electronically for free 13). File tax extension electronically for free Automobiles and taxis (asset class 00. File tax extension electronically for free 22). File tax extension electronically for free Light general purpose trucks (asset class 00. File tax extension electronically for free 241). File tax extension electronically for free Heavy general purpose trucks (asset class 00. File tax extension electronically for free 242). File tax extension electronically for free Tractor units for use over-the-road (asset class 00. File tax extension electronically for free 26). File tax extension electronically for free Trailers and trailer-mounted containers (asset class 00. File tax extension electronically for free 27). File tax extension electronically for free Industrial steam and electric generation and/or distribution systems (asset class 00. File tax extension electronically for free 4). File tax extension electronically for free Product Classes. File tax extension electronically for free   Product Classes include property listed in a 6-digit product class in sectors 31 through 33 of the North American Industry Classification System (NAICS) of the Executive Office of the President, Office of Management and Budget, United States, (NAICS Manual). File tax extension electronically for free The latest version of the manual can be accessed at www. File tax extension electronically for free census. File tax extension electronically for free gov/eos/www/naics/. File tax extension electronically for free Copies of the printed manual may be purchased from the National Technical Information Service (NTIS) at  www. File tax extension electronically for free ntis. File tax extension electronically for free gov/products/naics. File tax extension electronically for free aspx or by calling 1-800-553-NTIS (1-800-553-6847) or (703) 605-6000. File tax extension electronically for free A CD-ROM version with search and retrieval software is also available from NTIS. File tax extension electronically for free    NAICS class 333111, Farm Machinery and Equipment Manufacturing, includes most machinery and equipment used in a farming business. File tax extension electronically for free Partially nontaxable exchange. File tax extension electronically for free   If, in addition to like-kind property, you receive money or unlike property in an exchange on which you realize gain, you have a partially nontaxable exchange. File tax extension electronically for free You are taxed on the gain you realize, but only to the extent of the money and the FMV of the unlike property you receive. File tax extension electronically for free A loss is not deductible. File tax extension electronically for free Example 1. File tax extension electronically for free You trade farmland that cost $30,000 for $10,000 cash and other land to be used in farming with a FMV of $50,000. File tax extension electronically for free You have a realized gain of $30,000 ($50,000 FMV of new land + $10,000 cash − $30,000 basis of old farmland = $30,000 realized gain). File tax extension electronically for free However, only $10,000, the cash received, is recognized (included in income). File tax extension electronically for free Example 2. File tax extension electronically for free Assume the same facts as in Example 1, except that, instead of money, you received a tractor with a FMV of $10,000. File tax extension electronically for free Your recognized gain is still limited to $10,000, the value of the tractor (the unlike property). File tax extension electronically for free Example 3. File tax extension electronically for free Assume in Example 1 that the FMV of the land you received was only $15,000. File tax extension electronically for free Your $5,000 loss is not recognized. File tax extension electronically for free Unlike property given up. File tax extension electronically for free   If, in addition to like-kind property, you give up unlike property, you must recognize gain or loss on the unlike property you give up. File tax extension electronically for free The gain or loss is the difference between the FMV of the unlike property and the adjusted basis of the unlike property. File tax extension electronically for free Like-kind exchanges between related persons. File tax extension electronically for free   Special rules apply to like-kind exchanges between related persons. File tax extension electronically for free These rules affect both direct and indirect exchanges. File tax extension electronically for free Under these rules, if either person disposes of the property within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. File tax extension electronically for free The gain or loss on the original exchange must be recognized as of the date of the later disposition. File tax extension electronically for free The 2-year holding period begins on the date of the last transfer of property that was part of the like-kind exchange. File tax extension electronically for free Related persons. File tax extension electronically for free   Under these rules, related persons include, for example, you and a member of your family (spouse, brother, sister, parent, child, etc. File tax extension electronically for free ), you and a corporation in which you have more than 50% ownership, you and a partnership in which you directly or indirectly own more than a 50% interest of the capital or profits, and two partnerships in which you directly or indirectly own more than 50% of the capital interests or profits. File tax extension electronically for free   For the complete list of related persons, see Related persons in chapter 2 of Publication 544. File tax extension electronically for free Example. File tax extension electronically for free You used a grey pickup truck in your farming business. File tax extension electronically for free Your sister used a red pickup truck in her landscaping business. File tax extension electronically for free In December 2012, you exchanged your grey pickup truck, plus $200, for your sister's red pickup truck. File tax extension electronically for free At that time, the FMV of the grey pickup truck was $7,000 and its adjusted basis was $6,000. File tax extension electronically for free The FMV of the red pickup truck was $7,200 and its adjusted basis was $1,000. File tax extension electronically for free You realized a gain of $1,000 (the $7,200 FMV of the red pickup truck, minus the grey pickup truck's $6,000 adjusted basis, minus the $200 you paid). File tax extension electronically for free Your sister realized a gain of $6,200 (the $7,000 FMV of the grey pickup truck plus the $200 you paid, minus the $1,000 adjusted basis of the red pickup truck). File tax extension electronically for free However, because this was a like-kind exchange, you recognized no gain. File tax extension electronically for free Your basis in the red pickup truck was $6,200 (the $6,000 adjusted basis of the grey pickup truck plus the $200 you paid). File tax extension electronically for free She recognized gain only to the extent of the money she received, $200. File tax extension electronically for free Her basis in the grey pickup truck was $1,000 (the $1,000 adjusted basis of the red pickup truck minus the $200 received, plus the $200 gain recognized). File tax extension electronically for free In 2013, you sold the red pickup truck to a third party for $7,000. File tax extension electronically for free Because you sold it within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. File tax extension electronically for free On your tax return for 2013, you must report your $1,000 gain on the 2012 exchange. File tax extension electronically for free You also report a loss on the sale as $200 (the adjusted basis of the red pickup truck, $7,200 (its $6,200 basis plus the $1,000 gain recognized), minus the $7,000 realized from the sale). File tax extension electronically for free In addition, your sister must report on her tax return for 2013 the $6,000 balance of her gain on the 2012 exchange. File tax extension electronically for free Her adjusted basis in the grey pickup truck is increased to $7,000 (its $1,000 basis plus the $6,000 gain recognized). File tax extension electronically for free Exceptions to the rules for related persons. File tax extension electronically for free   The following property dispositions are excluded from these rules. File tax extension electronically for free Dispositions due to the death of either related person. File tax extension electronically for free Involuntary conversions. File tax extension electronically for free Dispositions where it is established to the satisfaction of the IRS that neither the exchange nor the disposition has, as a main purpose, the avoidance of federal income tax. File tax extension electronically for free Multiple property exchanges. File tax extension electronically for free   Under the like-kind exchange rules, you must generally make a property-by-property comparison to figure your recognized gain and the basis of the property you receive in the exchange. File tax extension electronically for free However, for exchanges of multiple properties, you do not make a property-by-property comparison if you do either of the following. File tax extension electronically for free Transfer and receive properties in two or more exchange groups. File tax extension electronically for free Transfer or receive more than one property within a single exchange group. File tax extension electronically for free   For more information, see Multiple Property Exchanges in chapter 1 of Publication 544. File tax extension electronically for free Deferred exchange. File tax extension electronically for free   A deferred exchange for like-kind property may qualify for nonrecognition of gain or loss. File tax extension electronically for free A deferred exchange is an exchange in which you transfer property you use in business or hold for investment and later receive like-kind property you will use in business or hold for investment. File tax extension electronically for free The property you receive is replacement property. File tax extension electronically for free The transaction must be an exchange of property for property rather than a transfer of property for money used to buy replacement property. File tax extension electronically for free In addition, the replacement property will not be treated as like-kind property unless certain identification and receipt requirements are met. File tax extension electronically for free   For more information see Deferred Exchanges in chapter 1 of Publication 544. File tax extension electronically for free Transfer to Spouse No gain or loss is recognized on a transfer of property from an individual to (or in trust for the benefit of) a spouse, or a former spouse if incident to divorce. File tax extension electronically for free This rule does not apply if the recipient is a nonresident alien. File tax extension electronically for free Nor does this rule apply to a transfer in trust to the extent the liabilities assumed and the liabilities on the property are more than the property's adjusted basis. File tax extension electronically for free Any transfer of property to a spouse or former spouse on which gain or loss is not recognized is not considered a sale or exchange. File tax extension electronically for free The recipient's basis in the property will be the same as the adjusted basis of the giver immediately before the transfer. File tax extension electronically for free This carryover basis rule applies whether the adjusted basis of the transferred property is less than, equal to, or greater than either its FMV at the time of transfer or any consideration paid by the recipient. File tax extension electronically for free This rule applies for determining loss as well as gain. File tax extension electronically for free Any gain recognized on a transfer in trust increases the basis. File tax extension electronically for free For more information on transfers of property incident to divorce, see Property Settlements in Publication 504, Divorced or Separated Individuals. File tax extension electronically for free Ordinary or Capital Gain or Loss Generally, you will have a capital gain or loss if you sell or exchange a capital asset (defined below). File tax extension electronically for free You may also have a capital gain if your section 1231 transactions result in a net gain. File tax extension electronically for free See Section 1231 Gains and Losses in  chapter 9. File tax extension electronically for free To figure your net capital gain or loss, you must classify your gains and losses as either ordinary or capital (and your capital gains or losses as either short-term or long-term). File tax extension electronically for free Your net capital gains may be taxed at a lower tax rate than ordinary income. File tax extension electronically for free See Capital Gains Tax Rates , later. File tax extension electronically for free Your deduction for a net capital loss may be limited. File tax extension electronically for free See Treatment of Capital Losses , later. File tax extension electronically for free Capital Assets Almost everything you own and use for personal purposes or investment is a capital asset. File tax extension electronically for free The following items are examples of capital assets. File tax extension electronically for free A home owned and occupied by you and your family. File tax extension electronically for free Household furnishings. File tax extension electronically for free A car used for pleasure. File tax extension electronically for free If your car is used both for pleasure and for farm business, it is partly a capital asset and partly a noncapital asset, defined later. File tax extension electronically for free Stocks and bonds. File tax extension electronically for free However, there are special rules for gains on qualified small business stock. File tax extension electronically for free For more information on this subject, see Gains on Qualified Small Business Stock and Losses on Section 1244 (Small Business) Stock in chapter 4 of Publication 550. File tax extension electronically for free Personal-use property. File tax extension electronically for free   Gain from a sale or exchange of personal-use property is a capital gain and is taxable. File tax extension electronically for free Loss from the sale or exchange of personal-use property is not deductible. File tax extension electronically for free You can deduct a loss relating to personal-use property only if it results from a casualty or theft. File tax extension electronically for free For information on casualties and thefts, see chapter 11. File tax extension electronically for free Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. File tax extension electronically for free The time you own an asset before disposing of it is the holding period. File tax extension electronically for free If you hold a capital asset 1 year or less, the gain or loss resulting from its disposition is short term. File tax extension electronically for free Report it in Part I of Schedule D (Form 1040). File tax extension electronically for free If you hold a capital asset longer than 1 year, the gain or loss resulting from its disposition is long term. File tax extension electronically for free Report it in Part II of Schedule D (Form 1040). File tax extension electronically for free Holding period. File tax extension electronically for free   To figure if you held property longer than 1 year, start counting on the day after the day you acquired the property. File tax extension electronically for free The day you disposed of the property is part of your holding period. File tax extension electronically for free Example. File tax extension electronically for free If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. File tax extension electronically for free If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. File tax extension electronically for free Inherited property. File tax extension electronically for free   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. File tax extension electronically for free This rule does not apply to livestock used in a farm business. File tax extension electronically for free See Holding period under Livestock , later. File tax extension electronically for free Nonbusiness bad debt. File tax extension electronically for free   A nonbusiness bad debt is a short-term capital loss, deductible in the year the debt becomes worthless. File tax extension electronically for free See chapter 4 of Publication 550. File tax extension electronically for free Nontaxable exchange. File tax extension electronically for free   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. File tax extension electronically for free That is, it begins on the same day as your holding period for the old property. File tax extension electronically for free Gift. File tax extension electronically for free   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. File tax extension electronically for free Real property. File tax extension electronically for free   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, on the day after you took possession of it and assumed the burdens and privileges of ownership. File tax extension electronically for free   However, taking possession of real property under an option agreement is not enough to start the holding period. File tax extension electronically for free The holding period cannot start until there is an actual contract of sale. File tax extension electronically for free The holding period of the seller cannot end before that time. File tax extension electronically for free Figuring Net Gain or Loss The totals for short-term capital gains and losses and the totals for long-term capital gains and losses must be figured separately. File tax extension electronically for free Net short-term capital gain or loss. File tax extension electronically for free   Combine your short-term capital gains and losses. File tax extension electronically for free Do this by adding all of your short-term capital gains. File tax extension electronically for free Then add all of your short-term capital losses. File tax extension electronically for free Subtract the lesser total from the greater. File tax extension electronically for free The difference is your net short-term capital gain or loss. File tax extension electronically for free Net long-term capital gain or loss. File tax extension electronically for free   Follow the same steps to combine your long-term capital gains and losses. File tax extension electronically for free The result is your net long-term capital gain or loss. File tax extension electronically for free Net gain. File tax extension electronically for free   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. File tax extension electronically for free However, part of your gain (but not more than your net capital gain) may be taxed at a lower rate than the rate of tax on your ordinary income. File tax extension electronically for free See Capital Gains Tax Rates , later. File tax extension electronically for free Net loss. File tax extension electronically for free   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. File tax extension electronically for free But there are limits on how much loss you can deduct and when you can deduct it. File tax extension electronically for free See Treatment of Capital Losses next. File tax extension electronically for free Treatment of Capital Losses If your capital losses are more than your capital gains, you must claim the difference even if you do not have ordinary income to offset it. File tax extension electronically for free For taxpayers other than corporations, the yearly limit on the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). File tax extension electronically for free If your other income is low, you may not be able to use the full $3,000. File tax extension electronically for free The part of the $3,000 you cannot use becomes part of your capital loss carryover (discussed next). File tax extension electronically for free Capital loss carryover. File tax extension electronically for free   Generally, you have a capital loss carryover if either of the following situations applies to you. File tax extension electronically for free Your net loss on Schedule D (Form 1040), is more than the yearly limit. File tax extension electronically for free Your taxable income without your deduction for exemptions is less than zero. File tax extension electronically for free If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carry over to 2014. File tax extension electronically for free    To figure your capital loss carryover from 2013 to 2014, you will need a copy of your 2013 Form 1040 and Schedule D (Form 1040). File tax extension electronically for free Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. File tax extension electronically for free These lower rates are called the maximum capital gains rates. File tax extension electronically for free The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. File tax extension electronically for free See Schedule D (Form 1040) and the Instructions for Schedule D (Form 1040). File tax extension electronically for free Also see Publication 550. File tax extension electronically for free Noncapital Assets Noncapital assets include property such as inventory and depreciable property used in a trade or business. File tax extension electronically for free A list of properties that are not capital assets is provided in the Instructions for Schedule D (Form 1040). File tax extension electronically for free Property held for sale in the ordinary course of your farm business. File tax extension electronically for free   Property you hold mainly for sale to customers, such as livestock, poultry, livestock products, and crops, is a noncapital asset. File tax extension electronically for free Gain or loss from sales or other dispositions of this property is reported on Schedule F (Form 1040) (not on Schedule D (Form 1040) or Form 4797). File tax extension electronically for free The treatment of this property is discussed in chapter 3. File tax extension electronically for free Land and depreciable properties. File tax extension electronically for free   Land and depreciable property you use in farming are not capital assets. File tax extension electronically for free Noncapital assets also include livestock held for draft, breeding, dairy, or sporting purposes. File tax extension electronically for free However, your gains and losses from sales and exchanges of your farmland and depreciable properties must be considered together with certain other transactions to determine whether the gains and losses are treated as capital or ordinary gains and losses. File tax extension electronically for free The sales of these business assets are reported on Form 4797. File tax extension electronically for free See chapter 9 for more information. File tax extension electronically for free Hedging (Commodity Futures) Hedging transactions are transactions that you enter into in the normal course of business primarily to manage the risk of interest rate or price changes, or currency fluctuations, with respect to borrowings, ordinary property, or ordinary obligations. File tax extension electronically for free Ordinary property or obligations are those that cannot produce capital gain or loss if sold or exchanged. File tax extension electronically for free A commodity futures contract is a standardized, exchange-traded contract for the sale or purchase of a fixed amount of a commodity at a future date for a fixed price. File tax extension electronically for free The holder of an option on a futures contract has the right (but not the obligation) for a specified period of time to enter into a futures contract to buy or sell at a particular price. File tax extension electronically for free A forward contract is generally similar to a futures contract except that the terms are not standardized and the contract is not exchange traded. File tax extension electronically for free Businesses may enter into commodity futures contracts or forward contracts and may acquire options on commodity futures contracts as either of the following. File tax extension electronically for free Hedging transactions. File tax extension electronically for free Transactions that are not hedging transactions. File tax extension electronically for free Futures transactions with exchange-traded commodity futures contracts that are not hedging transactions, generally, result in capital gain or loss and are subject to the mark-to-market rules discussed in Publication 550. File tax extension electronically for free There is a limit on the amount of capital losses you can deduct each year. File tax extension electronically for free Hedging transactions are not subject to the mark-to-market rules. File tax extension electronically for free If, as a farmer-producer, to protect yourself from the risk of unfavorable price fluctuations, you enter into commodity forward contracts, futures contracts, or options on futures contracts and the contracts cover an amount of the commodity within your range of production, the transactions are generally considered hedging transactions. File tax extension electronically for free They can take place at any time you have the commodity under production, have it on hand for sale, or reasonably expect to have it on hand. File tax extension electronically for free The gain or loss on the termination of these hedges is generally ordinary gain or loss. File tax extension electronically for free Farmers who file their income tax returns on the cash method report any profit or loss on the hedging transaction on Schedule F, line 8. File tax extension electronically for free Gains or losses from hedging transactions that hedge supplies of a type regularly used or consumed in the ordinary course of your trade or business may be ordinary gains or losses. File tax extension electronically for free Examples include fuel and feed. File tax extension electronically for free If you have numerous transactions in the commodity futures market during the year, you must be able to show which transactions are hedging transactions. File tax extension electronically for free Clearly identify a hedging transaction on your books and records before the end of the day you entered into the transaction. File tax extension electronically for free It may be helpful to have separate brokerage accounts for your hedging and speculation transactions. File tax extension electronically for free Retain the identification of each hedging transaction with your books and records. File tax extension electronically for free Also, identify the item(s) or aggregate risk that is being hedged in your records. File tax extension electronically for free Although the identification of the hedging transaction must be made before the end of the day it was entered into, you have 35 days after entering into the transaction to identify the hedged item(s) or risk. File tax extension electronically for free For more information on the tax treatment of futures and options contracts, see Commodity Futures and Section 1256 Contracts Marked to Market in Publication 550. File tax extension electronically for free Accounting methods for hedging transactions. File tax extension electronically for free   The accounting method you use for a hedging transaction must clearly reflect income. File tax extension electronically for free This means that your accounting method must reasonably match the timing of income, deduction, gain, or loss from a hedging transaction with the timing of income, deduction, gain, or loss from the item or items being hedged. File tax extension electronically for free There are requirements and limits on the method you can use for certain hedging transactions. File tax extension electronically for free See Regulations section 1. File tax extension electronically for free 446-4(e) for those requirements and limits. File tax extension electronically for free   Hedging transactions must be accounted for under the rules stated above unless the transaction is subject to mark-to-market accounting under section 475 or you use an accounting method other than the following methods. File tax extension electronically for free Cash method. File tax extension electronically for free Farm-price method. File tax extension electronically for free Unit-livestock-price method. File tax extension electronically for free   Once you adopt a method, you must apply it consistently and must have IRS approval before changing it. File tax extension electronically for free   Your books and records must describe the accounting method used for each type of hedging transaction. File tax extension electronically for free They must also contain any additional identification necessary to verify the application of the accounting method you used for the transaction. File tax extension electronically for free You must make the additional identification no more than 35 days after entering into the hedging transaction. File tax extension electronically for free Example of a hedging transaction. File tax extension electronically for free   You file your income tax returns on the cash method. File tax extension electronically for free On July 2 you anticipate a yield of 50,000 bushels of corn this year. File tax extension electronically for free The December futures price is $5. File tax extension electronically for free 75 a bushel, but there are indications that by harvest time the price will drop. File tax extension electronically for free To protect yourself against a drop in the price, you enter into the following hedging transaction. File tax extension electronically for free You sell ten December futures contracts of 5,000 bushels each for a total of 50,000 bushels of corn at $5. File tax extension electronically for free 75 a bushel. File tax extension electronically for free   The price did not drop as anticipated but rose to $6 a bushel. File tax extension electronically for free In November, you sell your crop at a local elevator for $6 a bushel. File tax extension electronically for free You also close out your futures position by buying ten December contracts for $6 a bushel. File tax extension electronically for free You paid a broker's commission of $1,400 ($70 per contract) for the complete in and out position in the futures market. File tax extension electronically for free   The result is that the price of corn rose 25 cents a bushel and the actual selling price is $6 a bushel. File tax extension electronically for free Your loss on the hedge is 25 cents a bushel. File tax extension electronically for free In effect, the net selling price of your corn is $5. File tax extension electronically for free 75 a bushel. File tax extension electronically for free   Report the results of your futures transactions and your sale of corn separately on Schedule F. File tax extension electronically for free See the instructions for the 2013 Schedule F (Form 1040). File tax extension electronically for free   The loss on your futures transactions is $13,900, figured as follows. File tax extension electronically for free July 2 - Sold December corn futures (50,000 bu. File tax extension electronically for free @$5. File tax extension electronically for free 75) $287,500 November 6 - Bought December corn futures (50,000 bu. File tax extension electronically for free @$6 plus $1,400 broker's commission) 301,400 Futures loss ($13,900) This loss is reported as a negative figure on Schedule F, Part I, line 8, as other income. File tax extension electronically for free   The proceeds from your corn sale at the local elevator are $300,000 (50,000 bu. File tax extension electronically for free × $6). File tax extension electronically for free Report it on Schedule F, Part I, line 2, as income from sales of products you raised. File tax extension electronically for free   Assume you were right and the price went down 25 cents a bushel. File tax extension electronically for free In effect, you would still net $5. File tax extension electronically for free 75 a bushel, figured as follows. File tax extension electronically for free Sold cash corn, per bushel $5. File tax extension electronically for free 50 Gain on hedge, per bushel . File tax extension electronically for free 25 Net price, per bushel $5. File tax extension electronically for free 75       The gain on your futures transactions would have been $11,100, figured as follows. File tax extension electronically for free July 2 - Sold December corn futures (50,000 bu. File tax extension electronically for free @$5. File tax extension electronically for free 75) $287,500 November 6 - Bought December corn futures (50,000 bu. File tax extension electronically for free @$5. File tax extension electronically for free 50 plus $1,400 broker's commission) 276,400 Futures gain $11,100 The $11,100 is reported on Schedule F, Part I, line 8, as other income. File tax extension electronically for free   The proceeds from the sale of your corn at the local elevator, $275,000, are reported on Schedule F, Part I, line 2, as income from sales of products you raised. File tax extension electronically for free Livestock This part discusses the sale or exchange of livestock used in your farm business. File tax extension electronically for free Gain or loss from the sale or exchange of this livestock may qualify as a section 1231 gain or loss. File tax extension electronically for free However, any part of the gain that is ordinary income from the recapture of depreciation is not included as section 1231 gain. File tax extension electronically for free See chapter 9 for more information on section 1231 gains and losses and the recapture of depreciation under section 1245. File tax extension electronically for free The rules discussed here do not apply to the sale of livestock held primarily for sale to customers. File tax extension electronically for free The sale of this livestock is reported on Schedule F. File tax extension electronically for free See chapter 3. File tax extension electronically for free Also, special rules apply to sales or exchanges caused by weather-related conditions. File tax extension electronically for free See chapter 3. File tax extension electronically for free Holding period. File tax extension electronically for free   The sale or exchange of livestock used in your farm business (defined below) qualifies as a section 1231 transaction if you held the livestock for 12 months or more (24 months or more for horses and cattle). File tax extension electronically for free Livestock. File tax extension electronically for free   For section 1231 transactions, livestock includes cattle, hogs, horses, mules, donkeys, sheep, goats, fur-bearing animals, and other mammals. File tax extension electronically for free Also, for section 1231 transactions, livestock does not include chickens, turkeys, pigeons, geese, emus, ostriches, rheas, or other birds, fish, frogs, reptiles, etc. File tax extension electronically for free Livestock used in farm business. File tax extension electronically for free   If livestock is held primarily for draft, breeding, dairy, or sporting purposes, it is used in your farm business. File tax extension electronically for free The purpose for which an animal is held ordinarily is determined by a farmer's actual use of the animal. File tax extension electronically for free An animal is not held for draft, breeding, dairy, or sporting purposes merely because it is suitable for that purpose, or because it is held for sale to other persons for use by them for that purpose. File tax extension electronically for free However, a draft, breeding, or sporting purpose may be present if an animal is disposed of within a reasonable time after it is prevented from its intended use or made undesirable as a result of an accident, disease, drought, or unfitness of the animal. File tax extension electronically for free Example 1. File tax extension electronically for free You discover an animal that you intend to use for breeding purposes is sterile. File tax extension electronically for free You dispose of it within a reasonable time. File tax extension electronically for free This animal was held for breeding purposes. File tax extension electronically for free Example 2. File tax extension electronically for free You retire and sell your entire herd, including young animals that you would have used for breeding or dairy purposes had you remained in business. File tax extension electronically for free These young animals were held for breeding or dairy purposes. File tax extension electronically for free Also, if you sell young animals to reduce your breeding or dairy herd because of drought, these animals are treated as having been held for breeding or dairy purposes. File tax extension electronically for free See Sales Caused by Weather-Related Conditions in chapter 3. File tax extension electronically for free Example 3. File tax extension electronically for free You are in the business of raising hogs for slaughter. File tax extension electronically for free Customarily, before selling your sows, you obtain a single litter of pigs that you will raise for sale. File tax extension electronically for free You sell the brood sows after obtaining the litter. File tax extension electronically for free Even though you hold these brood sows for ultimate sale to customers in the ordinary course of your business, they are considered to be held for breeding purposes. File tax extension electronically for free Example 4. File tax extension electronically for free You are in the business of raising registered cattle for sale to others for use as breeding cattle. File tax extension electronically for free The business practice is to breed the cattle before sale to establish their fitness as registered breeding cattle. File tax extension electronically for free Your use of the young cattle for breeding purposes is ordinary and necessary for selling them as registered breeding cattle. File tax extension electronically for free Such use does not demonstrate that you are holding the cattle for breeding purposes. File tax extension electronically for free However, those cattle you held as additions or replacements to your own breeding herd to produce calves are considered to be held for breeding purposes, even though they may not actually have produced calves. File tax extension electronically for free The same applies to hog and sheep breeders. File tax extension electronically for free Example 5. File tax extension electronically for free You breed, raise, and train horses for racing purposes. File tax extension electronically for free Every year you cull horses from your racing stable. File tax extension electronically for free In 2013, you decided that to prevent your racing stable from getting too large to be effectively operated, you must cull six horses that had been raced at public tracks in 2012. File tax extension electronically for free These horses are all considered held for sporting purposes. File tax extension electronically for free Figuring gain or loss on the cash method. File tax extension electronically for free   Farmers or ranchers who use the cash method of accounting figure their gain or loss on the sale of livestock used in their farming business as follows. File tax extension electronically for free Raised livestock. File tax extension electronically for free   Gain on the sale of raised livestock is generally the gross sales price reduced by any expenses of the sale. File tax extension electronically for free Expenses of sale include sales commissions, freight or hauling from farm to commission company, and other similar expenses. File tax extension electronically for free The basis of the animal sold is zero if the costs of raising it were deducted during the years the animal was being raised. File tax extension electronically for free However, see Uniform Capitalization Rules in chapter 6. File tax extension electronically for free Purchased livestock. File tax extension electronically for free   The gross sales price minus your adjusted basis and any expenses of sale is the gain or loss. File tax extension electronically for free Example. File tax extension electronically for free A farmer sold a breeding cow on January 8, 2013, for $1,250. File tax extension electronically for free Expenses of the sale were $125. File tax extension electronically for free The cow was bought July 2, 2009, for $1,300. File tax extension electronically for free Depreciation (not less than the amount allowable) was $867. File tax extension electronically for free Gross sales price $1,250 Cost (basis) $1,300   Minus: Depreciation deduction 867   Unrecovered cost (adjusted basis) $ 433   Expense of sale 125 558 Gain realized $ 692 Converted Wetland and Highly Erodible Cropland Special rules apply to dispositions of land converted to farming use after March 1, 1986. File tax extension electronically for free Any gain realized on the disposition of converted wetland or highly erodible cropland is treated as ordinary income. File tax extension electronically for free Any loss on the disposition of such property is treated as a long-term capital loss. File tax extension electronically for free Converted wetland. File tax extension electronically for free   This is generally land that was drained or filled to make the production of agricultural commodities possible. File tax extension electronically for free It includes converted wetland held by the person who originally converted it or held by any other person who used the converted wetland at any time after conversion for farming. File tax extension electronically for free   A wetland (before conversion) is land that meets all the following conditions. File tax extension electronically for free It is mostly soil that, in its undrained condition, is saturated, flooded, or ponded long enough during a growing season to develop an oxygen-deficient state that supports the growth and regeneration of plants growing in water. File tax extension electronically for free It is saturated by surface or groundwater at a frequency and duration sufficient to support mostly plants that are adapted for life in saturated soil. File tax extension electronically for free It supports, under normal circumstances, mostly plants that grow in saturated soil. File tax extension electronically for free Highly erodible cropland. File tax extension electronically for free   This is cropland subject to erosion that you used at any time for farming purposes other than grazing animals. File tax extension electronically for free Generally, highly erodible cropland is land currently classified by the Department of Agriculture as Class IV, VI, VII, or VIII under its classification system. File tax extension electronically for free Highly erodible cropland also includes land that would have an excessive average annual erosion rate in relation to the soil loss tolerance level, as determined by the Department of Agriculture. File tax extension electronically for free Successor. File tax extension electronically for free   Converted wetland or highly erodible cropland is also land held by any person whose basis in the land is figured by reference to the adjusted basis of a person in whose hands the property was converted wetland or highly erodible cropland. File tax extension electronically for free Timber Standing timber you held as investment property is a capital asset. File tax extension electronically for free Gain or loss from its sale is capital gain or loss reported on Form 8949 and Schedule D (Form 1040), as applicable. File tax extension electronically for free If you held the timber primarily for sale to customers, it is not a capital asset. File tax extension electronically for free Gain or loss on its sale is ordinary business income or loss. File tax extension electronically for free It is reported on Schedule F, line 1 (purchased timber) or line 2 (raised timber). File tax extension electronically for free See the Instructions for Schedule F (Form 1040). File tax extension electronically for free Farmers who cut timber on their land and sell it as logs, firewood, or pulpwood usually have no cost or other basis for that timber. File tax extension electronically for free Amounts realized from these sales, and the expenses incurred in cutting, hauling, etc. File tax extension electronically for free , are ordinary farm income and expenses reported on Schedule F. File tax extension electronically for free Different rules apply if you owned the timber longer than 1 year and elect to treat timber cutting as a sale or exchange or you enter into a cutting contract, discussed below. File tax extension electronically for free Timber considered cut. File tax extension electronically for free   Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. File tax extension electronically for free This is true whether the timber is cut under contract or whether you cut it yourself. File tax extension electronically for free Christmas trees. File tax extension electronically for free   Evergreen trees, such as Christmas trees, that are more than 6 years old when severed from their roots and sold for ornamental purposes are included in the term timber. File tax extension electronically for free They qualify for both rules discussed below. File tax extension electronically for free Election to treat cutting as a sale or exchange. File tax extension electronically for free   Under the general rule, the cutting of timber results in no gain or loss. File tax extension electronically for free It is not until a sale or exchange occurs that gain or loss is realized. File tax extension electronically for free But if you owned or had a contractual right to cut timber, you can elect to treat the cutting of timber as a section 1231 transaction in the year it is cut. File tax extension electronically for free Even though the cut timber is not actually sold or exchanged, you report your gain or loss on the cutting for the year the timber is cut. File tax extension electronically for free Any later sale results in ordinary business income or loss. File tax extension electronically for free See the example below. File tax extension electronically for free   To elect this treatment, you must: Own or hold a contractual right to cut the timber for a period of more than 1 year before it is cut, and Cut the timber for sale or use in your trade or business. File tax extension electronically for free Making the election. File tax extension electronically for free   You make the election on your return for the year the cutting takes place by including in income the gain or loss on the cutting and including a computation of your gain or loss. File tax extension electronically for free You do not have to make the election in the first year you cut the timber. File tax extension electronically for free You can make it in any year to which the election would apply. File tax extension electronically for free If the timber is partnership property, the election is made on the partnership return. File tax extension electronically for free This election cannot be made on an amended return. File tax extension electronically for free   Once you have made the election, it remains in effect for all later years unless you revoke it. File tax extension electronically for free Election under section 631(a) may be revoked. File tax extension electronically for free   If you previously elected for any tax year ending before October 23, 2004, to treat the cutting of timber as a sale or exchange under section 631(a), you may revoke this election without the consent of the IRS for any tax year ending after October 22, 2004. File tax extension electronically for free The prior election (and revocation) is disregarded for purposes of making a subsequent election. File tax extension electronically for free See Form T (Timber), Forest Activities Schedule, for more information. File tax extension electronically for free Gain or loss. File tax extension electronically for free   Your gain or loss on the cutting of standing timber is the difference between its adjusted basis for depletion and its FMV on the first day of your tax year in which it is cut. File tax extension electronically for free   Your adjusted basis for depletion of cut timber is based on the number of units (board feet, log scale, or other units) of timber cut during the tax year and considered to be sold or exchanged. File tax extension electronically for free Your adjusted basis for depletion is also based on the depletion unit of timber in the account used for the cut timber, and should be figured in the same manner as shown in section 611 and Regulations section 1. File tax extension electronically for free 611-3. File tax extension electronically for free   Depletion of timber is discussed in chapter 7. File tax extension electronically for free Example. File tax extension electronically for free   In April 2013, you owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. File tax extension electronically for free It had an adjusted basis for depletion of $40 per MBF. File tax extension electronically for free You are a calendar year taxpayer. File tax extension electronically for free On January 1, 2013, the timber had a FMV of $350 per MBF. File tax extension electronically for free It was cut in April for sale. File tax extension electronically for free On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. File tax extension electronically for free You report the difference between the FMV and your adjusted basis for depletion as a gain. File tax extension electronically for free This amount is reported on Form 4797 along with your other section 1231 gains and losses to figure whether it is treated as a capital gain or as ordinary gain. File tax extension electronically for free You figure your gain as follows. File tax extension electronically for free FMV of timber January 1, 2013 $1,400,000 Minus: Adjusted basis for depletion 160,000 Section 1231 gain $1,240,000   The FMV becomes your basis in the cut timber, and a later sale of the cut timber, including any by-product or tree tops, will result in ordinary business income or loss. File tax extension electronically for free Outright sales of timber. File tax extension electronically for free   Outright sales of timber by landowners qualify for capital gains treatment using rules similar to the rules for certain disposal of timber under a contract with retained economic interest (defined later). File tax extension electronically for free However, for outright sales, the date of disposal is not deemed to be the date the timber is cut because the landowner can elect to treat the payment date as the date of disposal (see Date of disposal below). File tax extension electronically for free Cutting contract. File tax extension electronically for free   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. File tax extension electronically for free You are the owner of the timber. File tax extension electronically for free You held the timber longer than 1 year before its disposal. File tax extension electronically for free You kept an economic interest in the timber. File tax extension electronically for free   You have kept an economic interest in standing timber if, under the cutting contract, the expected return on your investment is conditioned on the cutting of the timber. File tax extension electronically for free   The difference between the amount realized from the disposal of the timber and its adjusted basis for depletion is treated as gain or loss on its sale. File tax extension electronically for free Include this amount on Form 4797 along with your other section 1231 gains or losses. File tax extension electronically for free Date of disposal. File tax extension electronically for free   The date of disposal is the date the timber is cut. File tax extension electronically for free However, for outright sales by landowners or if you receive payment under the contract before the timber is cut, you can elect to treat the date of payment as the date of disposal. File tax extension electronically for free   This election applies only to figure the holding period of the timber. File tax extension electronically for free It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). File tax extension electronically for free   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. File tax extension electronically for free The statement must identify the advance payments subject to the election and the contract under which they were made. File tax extension electronically for free   If you timely filed your return for the year you received payment without making the election, you can still make the election by filing an amended return within 6 months after the due date for that year's return (excluding extensions). File tax extension electronically for free Attach the statement to the amended return and write “Filed pursuant to section 301. File tax extension electronically for free 9100-2” at the top of the statement. File tax extension electronically for free File the amended return at the same address the original return was filed. File tax extension electronically for free Owner. File tax extension electronically for free   An owner is any person who owns an interest in the timber, including a sublessor and the holder of a contract to cut the timber. File tax extension electronically for free You own an interest in timber if you have the right to cut it for sale on your own account or for use in your business. File tax extension electronically for free Tree stumps. File tax extension electronically for free   Tree stumps are a capital asset if they are on land held by an investor who is not in the timber or stump business as a buyer, seller, or processor. File tax extension electronically for free Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. File tax extension electronically for free However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. File tax extension electronically for free Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. File tax extension electronically for free   See Form T (Timber) and its separate instructions for more information about dispositions of timber. File tax extension electronically for free Sale of a Farm The sale of your farm will usually involve the sale of both nonbusiness property (your home) and business property (the land and buildings used in the farm operation and perhaps machinery and livestock). File tax extension electronically for free If you have a gain from the sale, you may be allowed to exclude the gain on your home. File tax extension electronically for free For more information, see Publication 523, Selling Your Home. File tax extension electronically for free The gain on the sale of your business property is taxable. File tax extension electronically for free A loss on the sale of your business property to an unrelated person is deducted as an ordinary loss. File tax extension electronically for free Your taxable gain or loss on the sale of property used in your farm business is taxed under the rules for section 1231 transactions. File tax extension electronically for free See chapter 9. File tax extension electronically for free Losses from personal-use property, other than casualty or theft losses, are not deductible. File tax extension electronically for free If you receive payments for your farm in installments, your gain is taxed over the period of years the payments are received, unless you elect not to use the installment method of reporting the gain. File tax extension electronically for free See chapter 10 for information about installment sales. File tax extension electronically for free When you sell your farm, the gain or loss on each asset is figured separately. File tax extension electronically for free The tax treatment of gain or loss on the sale of each asset is determined by the classification of the asset. File tax extension electronically for free Each of the assets sold must be classified as one of the following. File tax extension electronically for free Capital asset held 1 year or less. File tax extension electronically for free Capital asset held longer than 1 year. File tax extension electronically for free Property (including real estate) used in your business and held 1 year or less (including draft, breeding, dairy, and sporting animals held less than the holding periods discussed earlier under Livestock ). File tax extension electronically for free Property (including real estate) used in your business and held longer than 1 year (including only draft, breeding, dairy, and sporting animals held for the holding periods discussed earlier). File tax extension electronically for free Property held primarily for sale or which is of the kind that would be included in inventory if on hand at the end of your tax year. File tax extension electronically for free Allocation of consideration paid for a farm. File tax extension electronically for free   The sale of a farm for a lump sum is considered a sale of each individual asset rather than a single asset. File tax extension electronically for free The residual method is required only if the group of assets sold constitutes a trade or business. File tax extension electronically for free This method determines gain or loss from the transfer of each asset. File tax extension electronically for free It also determines the buyer's basis in the business assets. File tax extension electronically for free For more information, see Sale of a Business in chapter 2 of Publication 544. File tax extension electronically for free Property used in farm operation. File tax extension electronically for free   The rules for excluding the gain on the sale of your home, described later under Sale of your home , do not apply to the property used for your farming business. File tax extension electronically for free Recognized gains and losses on business property must be reported on your return for the year of the sale. File tax extension electronically for free If the property was held longer than 1 year, it may qualify for section 1231 treatment (see chapter 9). File tax extension electronically for free Example. File tax extension electronically for free You sell your farm, including your main home, which you have owned since December 2001. File tax extension electronically for free You realize gain on the sale as follows. File tax extension electronically for free   Farm   Farm   With Home Without   Home Only Home Selling price $382,000 $158,000 $224,000 Cost (or other basis) 240,000 110,000 130,000 Gain $142,000 $48,000 $94,000 You must report the $94,000 gain from the sale of the property used in your farm business. File tax extension electronically for free All or a part of that gain may have to be reported as ordinary income from the recapture of depreciation or soil and water conservation expenses. File tax extension electronically for free Treat the balance as section 1231 gain. File tax extension electronically for free The $48,000 gain from the sale of your home is not taxable as long as you meet the requirements explained later under Sale of your home . File tax extension electronically for free Partial sale. File tax extension electronically for free   If you sell only part of your farm, you must report any recognized gain or loss on the sale of that part on your tax return for the year of the sale. File tax extension electronically for free You cannot wait until you have sold enough of the farm to recover its entire cost before reporting gain or loss. File tax extension electronically for free For a detailed discussion on installment sales, see Publication 544. File tax extension electronically for free Adjusted basis of the part sold. File tax extension electronically for free   This is the properly allocated part of your original cost or other basis of the entire farm plus or minus necessary adjustments for improvements, depreciation, etc. File tax extension electronically for free , on the part sold. File tax extension electronically for free If your home is on the farm, you must properly adjust the basis to exclude those costs from your farm asset costs, as discussed below under Sale of your home . File tax extension electronically for free Example. File tax extension electronically for free You bought a 600-acre farm for $700,000. File tax extension electronically for free The farm included land and buildings. File tax extension electronically for free The purchase contract designated $600,000 of the purchase price to the land. File tax extension electronically for free You later sold 60 acres of land on which you had installed a fence. File tax extension electronically for free Your adjusted basis for the part of your farm sold is $60,000 (1/10 of $600,000), plus any unrecovered cost (cost not depreciated) of the fence on the 60 acres at the time of sale. File tax extension electronically for free Use this amount to determine your gain or loss on the sale of the 60 acres. File tax extension electronically for free Assessed values for local property taxes. File tax extension electronically for free   If you paid a flat sum for the entire farm and no other facts are available for properly allocating your original cost or other basis between the land and the buildings, you can use the assessed values for local property taxes for the year of purchase to allocate the costs. File tax extension electronically for free Example. File tax extension electronically for free Assume that in the preceding example there was no breakdown of the $700,000 purchase price between land and buildings. File tax extension electronically for free However, in the year of purchase, local taxes on the entire property were based on assessed valuations of $420,000 for land and $140,000 for improvements, or a total of $560,000. File tax extension electronically for free The assessed valuation of the land is 3/4 (75%) of the total assessed valuation. File tax extension electronically for free Multiply the $700,000 total purchase price by 75% to figure basis of $525,000 for the 600 acres of land. File tax extension electronically for free The unadjusted basis of the 60 acres you sold would then be $52,500 (1/10 of $525,000). File tax extension electronically for free Sale of your home. File tax extension electronically for free   Your home is a capital asset and not property used in the trade or business of farming. File tax extension electronically for free If you sell a farm that includes a house you and your family occupy, you must determine the part of the selling price and the part of the cost or other basis allocable to your home. File tax extension electronically for free Your home includes the immediate surroundings and outbuildings relating to it that are not used for business purposes. File tax extension electronically for free   If you use part of your home for business, you must make an appropriate adjustment to the basis for depreciation allowed or allowable. File tax extension electronically for free For more information on basis, see chapter 6. File tax extension electronically for free More information. File tax extension electronically for free   For more information on selling your home, see Publication 523. File tax extension electronically for free Gain from condemnation. File tax extension electronically for free   If you have a gain from a condemnation or sale under threat of condemnation, you may use the preceding rules for excluding the gain, rather than the rules discussed under Postponing Gain in chapter 11. File tax extension electronically for free However, any gain that cannot be excluded (because it is more than the limit) may be postponed under the rules discussed under Postponing Gain in chapter 11. File tax extension electronically for free Foreclosure or Repossession If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. File tax extension electronically for free The foreclosure or repossession is treated as a sale or exchange from which you may realize gain or loss. File tax extension electronically for free This is true even if you voluntarily return the property to the lender. File tax extension electronically for free You may also realize ordinary income from cancellation of debt if the loan balance is more than the FMV of the property. File tax extension electronically for free Buyer's (borrower's) gain or loss. File tax extension electronically for free   You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale or exchange. File tax extension electronically for free The gain or loss is the difference between your adjusted basis in the transferred property and the amount realized. File tax extension electronically for free See Determining Gain or Loss , earlier. File tax extension electronically for free Worksheet 8-1. File tax extension electronically for free Worksheet for Foreclosures andRepossessions Part 1. File tax extension electronically for free Use Part 1 to figure your ordinary income from the cancellation of debt upon foreclosure or repossession. File tax extension electronically for free Complete this part only if you were personally liable for the debt. File tax extension electronically for free Otherwise, go to Part 2. File tax extension electronically for free   1. File tax extension electronically for free Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable after the transfer of property   2. File tax extension electronically for free Enter the Fair Market Value of the transferred property   3. File tax extension electronically for free Ordinary income from cancellation of debt upon foreclosure or repossession. File tax extension electronically for free * Subtract line 2 from line 1. File tax extension electronically for free If zero or less, enter -0-   Part 2. File tax extension electronically for free Figure your gain or loss from foreclosure or repossession. File tax extension electronically for free   4. File tax extension electronically for free If you completed Part 1, enter the smaller of line 1 or line 2. File tax extension electronically for free If you did not complete Part 1, enter the outstanding debt immediately before the transfer of property   5. File tax extension electronically for free Enter any proceeds you received from the foreclosure sale   6. File tax extension electronically for free Add lines 4 and 5   7. File tax extension electronically for free Enter the adjusted basis of the transferred property   8. File tax extension electronically for free Gain or loss from foreclosure or repossession. File tax extension electronically for free Subtract line 7  from line 6   * The income may not be taxable. File tax extension electronically for free See Cancellation of debt . File tax extension electronically for free    You can use Worksheet 8-1 to figure your gain or loss from a foreclosure or repossession. File tax extension electronically for free Amount realized on a nonrecourse debt. File tax extension electronically for free   If you are not personally liable for repaying the debt (nonrecourse debt) secured by the transferred property, the amount you realize includes the full amount of the debt canceled by the transfer. File tax extension electronically for free The full canceled debt is included in the amount realized even if the fair market value of the property is less than the canceled debt. File tax extension electronically for free Example 1. File tax extension electronically for free Ann paid $200,000 for land used in her farming business. File tax extension electronically for free She paid $15,000 down and borrowed the remaining $185,000 from a bank. File tax extension electronically for free Ann is not personally liable for the loan (nonrecourse debt), but pledges the land as security. File tax extension electronically for free The bank foreclosed on the loan 2 years after Ann stopped making payments. File tax extension electronically for free When the bank foreclosed, the balance due on the loan was $180,000 and the FMV of the land was $170,000. File tax extension electronically for free The amount Ann realized on the foreclosure was $180,000, the debt canceled by the foreclosure. File tax extension electronically for free She figures her gain or loss on Form 4797, Part I, by comparing the amount realized ($180,000) with her adjusted basis ($200,000). File tax extension electronically for free She has a $20,000 deductible loss. File tax extension electronically for free Example 2. File tax extension electronically for free Assume the same facts as in Example 1 except the FMV of the land was $210,000. File tax extension electronically for free The result is the same. File tax extension electronically for free The amount Ann realized on the foreclosure is $180,000, the debt canceled by the foreclosure. File tax extension electronically for free Because her adjusted basis is $200,000, she has a deductible loss of $20,000, which she reports on Form 4797, Part I. File tax extension electronically for free Amount realized on a recourse debt. File tax extension electronically for free   If you are personally liable for the debt (recourse debt), the amount realized on the foreclosure or repossession includes the lesser of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The fair market value of the transferred property. File tax extension electronically for free   You are treated as receiving ordinary income from the canceled debt for the part of the debt that is more than the fair market value. File tax extension electronically for free The amount realized does not include the canceled debt that is your income from cancellation of debt. File tax extension electronically for free See Cancellation of debt , later. File tax extension electronically for free Example 3. File tax extension electronically for free Assume the same facts as in Example 1 above except Ann is personally liable for the loan (recourse debt). File tax extension electronically for free In this case, the amount she realizes is $170,000. File tax extension electronically for free This is the canceled debt ($180,000) up to the FMV of the land ($170,000). File tax extension electronically for free Ann figures her gain or loss on the foreclosure by comparing the amount realized ($170,000) with her adjusted basis ($200,000). File tax extension electronically for free She has a $30,000 deductible loss, which she figures on Form 4797, Part I. File tax extension electronically for free She is also treated as receiving ordinary income from cancellation of debt. File tax extension electronically for free That income is $10,000 ($180,000 − $170,000). File tax extension electronically for free This is the part of the canceled debt not included in the amount realized. File tax extension electronically for free She reports this as other income on Schedule F, line 8. File tax extension electronically for free Seller's (lender's) gain or loss on repossession. File tax extension electronically for free   If you finance a buyer's purchase of property and later acquire an interest in it through foreclosure or repossession, you may have a gain or loss on the acquisition. File tax extension electronically for free For more information, see Repossession in Publication 537, Installment Sales. File tax extension electronically for free Cancellation of debt. File tax extension electronically for free   If property that is repossessed or foreclosed upon secures a debt for which you are personally liable (recourse debt), you generally must report as ordinary income the amount by which the canceled debt is more than the FMV of the property. File tax extension electronically for free This income is separate from any gain or loss realized from the foreclosure or repossession. File tax extension electronically for free Report the income from cancellation of a business debt on Schedule F, line 8. File tax extension electronically for free Report the income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. File tax extension electronically for free    You can use Worksheet 8-1 to figure your income from cancellation of debt. File tax extension electronically for free   However, income from cancellation of debt is not taxed if any of the following apply. File tax extension electronically for free The cancellation is intended as a gift. File tax extension electronically for free The debt is qualified farm debt (see chapter 3). File tax extension electronically for free The debt is qualified real property business debt (see chapter 5 of Publication 334). File tax extension electronically for free You are insolvent or bankrupt (see  chapter 3). File tax extension electronically for free The debt is qualified principal residence indebtedness (see chapter 3). File tax extension electronically for free   Use Form 982 to report the income exclusion. File tax extension electronically for free Abandonment The abandonment of property is a disposition of property. File tax extension electronically for free You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership, but without passing it on to anyone else. File tax extension electronically for free Business or investment property. File tax extension electronically for free   Loss from abandonment of business or investment property is deductible as a loss. File tax extension electronically for free Loss from abandonment of business or investment property that is not treated as a sale or exchange generally is an ordinary loss. File tax extension electronically for free If your adjusted basis is more than the amount you realize (if any), then you have a loss. File tax extension electronically for free If the amount you realize (if any) is more than your adjusted basis, then you have a gain. File tax extension electronically for free This rule also applies to leasehold improvements the lessor made for the lessee. File tax extension electronically for free However, if the property is foreclosed on or repossessed in lieu of abandonment, gain or loss is figured as discussed earlier under Foreclosure or Repossession . File tax extension electronically for free   If the abandoned property is secured by debt, special rules apply. File tax extension electronically for free The tax consequences of abandonment of property that secures a debt depend on whether you are personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). File tax extension electronically for free For more information, see chapter 3 of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). File tax extension electronically for free The abandonment loss is deducted in the tax year in which the loss is sustained. File tax extension electronically for free Report the loss on Form 4797, Part II, line 10. File tax extension electronically for free Personal-use property. File tax extension electronically for free   You cannot deduct any loss from abandonment of your home or other property held for personal use. File tax extension electronically for free Canceled debt. File tax extension electronically for free   If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. File tax extension electronically for free This income is separate from any loss realized from abandonment of the property. File tax extension electronically for free Report income from cancellation of a debt related to a business or rental activity as business or rental income. File tax extension electronically for free Report income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. File tax extension electronically for free   However, income from cancellation of debt is not taxed in certain circumstances. File tax extension electronically for free See Cancellation of debt earlier under Foreclosure or Repossession . File tax extension electronically for free Forms 1099-A and 1099-C. File tax extension electronically for free   A lender who acquires an interest in your property in a foreclosure, repossession, or abandonment should send you Form 1099-A showing the information you need to figure your loss from the foreclosure, repossession, or abandonment. File tax extension electronically for free However, if the lender cancels part of your debt and the lender must file Form 1099-C, the lender may include the information about the foreclosure, repossession, or abandonment on that form instead of Form 1099-A. File tax extension electronically for free The lender must file Form 1099-C and send you a copy if the canceled debt is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. File tax extension electronically for free For foreclosures, repossessions, abandonments of property, and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. File tax extension electronically for free Prev  Up  Next   Home   More Online Publications
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File tax extension electronically for free Publication 561 - Additional Material Table of Contents Tax Publications for Individual Taxpayers and Commonly Used Tax Forms Tax Publications for Individual Taxpayers and Commonly Used Tax Forms. File tax extension electronically for free  Summary: This is a listing of tax publications and commonly used tax forms. File tax extension electronically for free The text states:Tax Publications for Individual Taxpayers. File tax extension electronically for free  See How to Get Tax Help for a variety of ways to get publications, including by computer, phone, and mail. File tax extension electronically for free General Guides. File tax extension electronically for free   1--Your Rights as a Taxpayer 17--Your Federal Income Tax (For Individuals) 334--Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 509--Tax Calendars for 2007 553--Highlights of 2006 Tax Changes 910--IRS Guide to Free Tax Services Specialized Publications. File tax extension electronically for free   3--Armed Forces' Tax Guide 54--Tax Guide for U. File tax extension electronically for free S. File tax extension electronically for free Citizens and Residents Aliens Abroad 225--Farmer's Tax Guide 463--Travel, Entertainment, Gift, and Car Expenses 501--Exemptions, Standard Deduction, and Filing Information 502--Medical and Dental Expenses 503--Child and Dependent Care Expenses 504--Divorced or Separated Individuals 505--Tax Withholding and Estimated Tax 514--Foreign Tax Credit for Individuals 516--U. File tax extension electronically for free S. File tax extension electronically for free Government Civilian Employees Stationed Abroad 517--Social Security and Other Information for Members of the Clergy and Religious Workers 519--U. File tax extension electronically for free S. File tax extension electronically for free Tax Guide for Aliens 520--Scholarships and Fellowships 521--Moving Expenses 523--Selling Your Home 524--Credit for the Elderly or the Disabled 525--Taxable and Nontaxable Income 526--Charitable Contributions 527--Residential Rental Property 529--Miscellaneous Deductions 530--Tax Information for First-Time Homeowners 531--Reporting Tip Income 536--Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 537--Installment Sales 541--Partnerships 544--Sales and Other Dispositions of Assets 547--Casualties, Disasters, and Thefts 550--Investment Income and Expenses 551--Basis of Assets 552--Recordkeeping for Individuals 554--Older Americans' Tax Guide 555--Community Property 556--Examination of Returns, Appeal Rights, and Claims for Refund 559--Survivors, Executors, and Administrators 561--Determining the Value of Donated Property 564--Mutual Fund Distributions 570--Tax Guide for Individuals With Income From U. File tax extension electronically for free S. File tax extension electronically for free Possessions 571--Tax-Sheltered Annuity Plans (403(b) Plans) 575--Pension and Annuity Income 584--Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 587--Business Use of Your Home (Including Use by Daycare Providers) 590--Individual Retirement Arrangements (IRAs) 593--Tax Highlights for U. File tax extension electronically for free S. File tax extension electronically for free Citizens and Residents Going Abroad 594--What You Should Know About the IRS Collection Process 596--Earned Income Credit (EIC) 721--Tax Guide to U. File tax extension electronically for free S. File tax extension electronically for free Civil Service Retirement Benefits 901--U. File tax extension electronically for free S. File tax extension electronically for free Tax Treaties 907--Tax Highlights for Persons with Disabilities 908--Bankruptcy Tax Guide 915--Social Security and Equivalent Railroad Retirement Benefits 919--How Do I Adjust My Tax Withholding? 925--Passive Activity and At-Risk Rules 926--Household Employer's Tax Guide 929--Tax Rules for Children and Dependents 936--Home Mortgage Interest Deduction 946--How to Depreciate Property 947--Practice Before the IRS and Power of Attorney 950--Introduction to Estate and Gift Taxes 967--The IRS Will Figure Your Tax 969--Health Savings Accounts and Other Tax-Favored Health Plans 970--Tax Benefits for Education 971--Innocent Spouse Relief 972--Child Tax Credit 1542--Per Diem Rates 1544--Reporting Cash Payments of Over $10,000 (Received in a Trade or Business) 1546--The Taxpayer Advocate Service of the IRS - How to Get Help With Unresolved Tax Problems Spanish Language Publications. File tax extension electronically for free   1SP--Derechos del Contribuyente 579SP--Cómo Preparar la Declaración de Impuesto Federal 594SP--Que es lo que Debemos Saber sobre el Proceso de Cobro del IRS 596SP--Crédito por Ingreso del Trabajo 850--English-Spanish Glossary of Words and Phrases Used in Publications Issued by the Internal Revenue Service 1544SP--Informe de Pagos en Efectivo en Exceso de $10,000 (Recibidos en una Ocupación o Negocio) Commonly Used Tax Forms. File tax extension electronically for free  See How To Get Tax Help for a variety of ways to get forms, including by computer, fax, phone, and mail. File tax extension electronically for free 1040--U. File tax extension electronically for free S. File tax extension electronically for free Individual Income Tax Return Schedule A&B--Itemized Deductions & Interest and Ordinary Dividends Schedule C--Profit or Loss From Business Schedule C-EZ--Net Profit From Business Schedule D--Capital Gains and Losses Schedule D-1--Continuation Sheet for Schedule D Schedule E--Supplemental Income and Loss Schedule EIC--Earned Income Credit Schedule F--Profit or Loss From Farming Schedule H--Household Employment Taxes Schedule J--Income Averaging for Farmers and Fishermen Schedule R--Credit for the Elderly or the Disabled Schedule SE--Self-Employment Tax 1040A--U. File tax extension electronically for free S. File tax extension electronically for free Individual Income Tax Return Schedule 1--Interest and Ordinary Dividends for Form 1040A Filers Schedule 2--Child and Dependent Care Expenses for Form 1040A Filers Schedule 3--Credit for the Elderly or the Disabled for Form 1040A Filers 1040EZ--Income Tax Return for Single and Joint Filers With No Dependents 1040-ES--Estimated Tax for Individuals 1040X--Amended U. File tax extension electronically for free S. File tax extension electronically for free Individual Income Tax Return 2106--Employee Business Expenses 2106-EZ--Unreimbursed Employee Business Expenses 2210--Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2441--Child and Dependent Care Expenses 2848--Power of Attorney and Declaration of Representative 3903--Moving Expenses 4562--Depreciation and Amortization 4868--Application for Automatic Extension of Time To File U. File tax extension electronically for free S. File tax extension electronically for free Individual Income Tax Return 4952--Investment Interest Expense Deduction 5329--Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 6251--Alternative Minimum Tax--Individuals 8283--Noncash Charitable Contributions 8582--Passive Activity Loss Limitations 8606--Nondeductible IRAs 8812--Additional Child Tax Credit 8822--Change of Address 8829--Expenses for Business Use of Your Home 8863--Education Credits 9465--Installment Agreement Request Prev  Up  Next   Home   More Online Publications