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

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Mississippi Department of Agriculture and Commerce

Website: Mississippi Department of Agriculture and Commerce

Address: Mississippi Department of Agriculture and Commerce
Bureau of Regulatory Services Consumer Protection
PO Box 1609
Jackson, MS 39215

Phone Number: 601-359-1148

Mississippi Office of the Attorney General

Website: Mississippi Office of the Attorney General

Address: Mississippi Office of the Attorney General
Consumer Protection Division
PO Box 22947
Jackson, MS 39225-2947

Phone Number: 601-359-4230

Toll-free: 1-800-281-4418 (MS)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Banking and Consumer Finance

Website: Department of Banking and Consumer Finance

Address: Department of Banking and Consumer Finance
901 Woolfolk Building, Suite A
501 N. West St.
Jackson, MS 39201

Phone Number: 601-359-1031

Toll-free: 1-800-844-2499 (MS)

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
PO Box 79
Jackson, MS 39205-0079

Phone Number: 601-359-3569

Toll-free: 1-800-562-2957 (MS)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Secretary of State

Website: Secretary of State

Address: Secretary of State
Securities Division
PO Box 136
Jackson, MS 39205-0136

Phone Number: 601-359-1334

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Service Commission

Website: Public Service Commission

Address: Public Service Commission
P.O. Box 1174
Jackson, MS 39215

Phone Number: 601-961-5430 (Central District) 601-961-5440 (Southern District) 601-961-5450 (Northern District)

Toll-free: 1-800-356-6429 (Southern District) 1-800-356-6430 (Central District) 1-800-356-6428 (Northern District)

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The File Tax Extension Free

File tax extension free Publication 535 - Introductory Material Table of Contents IntroductionOrdering forms and publications. File tax extension free Tax questions. File tax extension free Future Developments What's New for 2013 What's New for 2014 Reminders Introduction This publication discusses common business expenses and explains what is and is not deductible. File tax extension free The general rules for deducting business expenses are discussed in the opening chapter. File tax extension free The chapters that follow cover specific expenses and list other publications and forms you may need. File tax extension free Comments and suggestions. File tax extension free   We welcome your comments about this publication and your suggestions for future editions. File tax extension free   You can send your comments to: Internal Revenue Service Tax Forms and Publications SE:W:CAR:MP:TFP 1111 Constitution Ave. File tax extension free NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. File tax extension free Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. File tax extension free   You can send us comments from www. File tax extension free irs. File tax extension free gov/formspubs/. File tax extension free Click on “More Information” and then on “Give us feedback. File tax extension free ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax publications. File tax extension free Ordering forms and publications. File tax extension free   Visit www. File tax extension free irs. File tax extension free gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. File tax extension free Internal Revenue Service 1201 N. File tax extension free Mitsubishi Motorway Bloomington, IL 61705-6613 We cannot answer tax questions sent to either the “Comments and suggestions” or “Ordering forms and publications” address. File tax extension free Tax questions. File tax extension free   If you have a tax-related question, please go to Help With Tax Questions on IRS. File tax extension free gov. File tax extension free If you've looked around our site and still didn't find the answer to your general tax question, please call our toll-free tax assistance line at 1-800-829-1040 for individual tax questions or 1-800-829-4933 for business tax questions. File tax extension free Future Developments For the latest information about developments related to Publication 535, such as legislation enacted after it was published, go to www. File tax extension free irs. File tax extension free gov/pub535. File tax extension free What's New for 2013 The following items highlight some changes in the tax law for 2013. File tax extension free Optional safe harbor method to determine the business use of a home deduction. File tax extension free  Beginning in 2013, you can use the optional safe harbor method to determine the deduction for the business use of your home. File tax extension free For more information, see chapter 1. File tax extension free Standard mileage rate. File tax extension free  Beginning in 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. File tax extension free 5 cents per mile. File tax extension free For more information, see chapter 11. File tax extension free Additional Medicare Tax. File tax extension free  Beginning in 2013, a 0. File tax extension free 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 if single, head of household, or qualifying widow(er) with dependent child. File tax extension free Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. File tax extension free RRTA compensation should be separately compared to the threshold. File tax extension free For more information, see chapter 5 or visit www. File tax extension free irs. File tax extension free gov and enter the following words in the search box: Additional Medicare Tax. File tax extension free Retiree drug subsidy. File tax extension free  Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). File tax extension free For more information, visit www. File tax extension free irs. File tax extension free gov and enter the following words in the search box: Retiree drug subsidy. File tax extension free What's New for 2014 The following item highlights a change in the tax law for 2014. File tax extension free Standard mileage rate. File tax extension free  Beginning in 2014, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56 cents per mile. File tax extension free Film and television productions costs. File tax extension free  The election to expense film and television production costs does not apply to productions that begin in 2014. File tax extension free For more information, see chapter 7. File tax extension free Reminders The following reminders and other items may help you file your tax return. File tax extension free IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. File tax extension free The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. File tax extension free You can use one of the following IRS e-file options. File tax extension free Use an authorized IRS e-file provider. File tax extension free Use a personal computer. File tax extension free Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. File tax extension free For details on these fast filing methods, see your income tax package. File tax extension free Form 1099 MISC. File tax extension free  File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year in the course of your trade or business at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, and crop insurance proceeds. File tax extension free See the Instructions for Form 1099-MISC for more information and additional reporting requirements. File tax extension free Photographs of missing children. File tax extension free  The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children. File tax extension free Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. File tax extension free You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) (24-hours a day, 7 days a week) if you recognize a child. File tax extension free Prev  Up  Next   Home   More Online Publications