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Filing 2010 Taxes In 2013

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Filing 2010 Taxes In 2013

Filing 2010 taxes in 2013 5. Filing 2010 taxes in 2013   Manufacturers Taxes Table of Contents Importer. Filing 2010 taxes in 2013 Use considered sale. Filing 2010 taxes in 2013 Lease considered sale. Filing 2010 taxes in 2013 Bonus goods. Filing 2010 taxes in 2013 Taxable Event ExemptionsRequirements for Exempt Sales Credits or Refunds Sport Fishing EquipmentRelated person. Filing 2010 taxes in 2013 Bows, Quivers, Broadheads, and Points Arrow ShaftsExemption for certain wooden arrows. Filing 2010 taxes in 2013 CoalExported. Filing 2010 taxes in 2013 Taxable TiresQualifying intercity or local bus. Filing 2010 taxes in 2013 Qualifying school bus. Filing 2010 taxes in 2013 Gas Guzzler TaxVehicles not subject to tax. Filing 2010 taxes in 2013 Imported automobiles. Filing 2010 taxes in 2013 VaccinesConditions to allowance. Filing 2010 taxes in 2013 Taxable Medical Devices The following discussion of manufacturers taxes applies to the tax on: Sport fishing equipment; Fishing rods and fishing poles; Electric outboard motors; Fishing tackle boxes; Bows, quivers, broadheads, and points; Arrow shafts; Coal; Taxable tires; Gas guzzler automobiles; and Vaccines. Filing 2010 taxes in 2013 Manufacturer. Filing 2010 taxes in 2013   The term “manufacturer” includes a producer or importer. Filing 2010 taxes in 2013 A manufacturer is any person who produces a taxable article from new or raw material, or from scrap, salvage, or junk material, by processing or changing the form of an article or by combining or assembling two or more articles. Filing 2010 taxes in 2013 If you furnish the materials and keep title to those materials and to the finished article, you are considered the manufacturer even though another person actually manufactures the taxable article. Filing 2010 taxes in 2013   A manufacturer who sells a taxable article in knockdown (unassembled) condition is liable for the tax. Filing 2010 taxes in 2013 The person who buys these component parts and assembles a taxable article may also be liable for tax as a further manufacturer depending on the labor, material, and overhead required to assemble the completed article if the article is assembled for business use. Filing 2010 taxes in 2013 Importer. Filing 2010 taxes in 2013   An importer is a person who brings a taxable article into the United States, or withdraws a taxable article from a customs bonded warehouse for sale or use in the United States. Filing 2010 taxes in 2013 Sale. Filing 2010 taxes in 2013   A sale is the transfer of the title to, or the substantial incidents of ownership in, an article to a buyer for consideration that may consist of money, services, or other things. Filing 2010 taxes in 2013 Use considered sale. Filing 2010 taxes in 2013   A manufacturer who uses a taxable article is liable for the tax in the same manner as if it were sold. Filing 2010 taxes in 2013 Lease considered sale. Filing 2010 taxes in 2013   The lease of an article (including any renewal or extension of the lease) by the manufacturer is generally considered a taxable sale. Filing 2010 taxes in 2013 However, for the gas guzzler tax, only the first lease (excluding any renewal or extension) of the automobile by the manufacturer is considered a sale. Filing 2010 taxes in 2013 Manufacturers taxes based on sale price. Filing 2010 taxes in 2013   The manufacturers taxes imposed on the sale of sport fishing equipment, electric outboard motors, and bows are based on the sale price of the article. Filing 2010 taxes in 2013 The taxes imposed on coal are based either on the sale price or the weight. Filing 2010 taxes in 2013   The price for which an article is sold includes the total consideration paid for the article, whether that consideration is in the form of money, services, or other things. Filing 2010 taxes in 2013 However, you include certain charges made when a taxable article is sold and you exclude others. Filing 2010 taxes in 2013 To figure the price on which you base the tax, use the following rules. Filing 2010 taxes in 2013 Include both the following charges in the price. Filing 2010 taxes in 2013 Any charge for coverings or containers (regardless of their nature). Filing 2010 taxes in 2013 Any charge incident to placing the article in a condition packed ready for shipment. Filing 2010 taxes in 2013 Exclude all the following amounts from the price. Filing 2010 taxes in 2013 The manufacturers excise tax, whether or not it is stated as a separate charge. Filing 2010 taxes in 2013 The transportation charges pursuant to the sale. Filing 2010 taxes in 2013 The cost of transportation of goods to a warehouse before their bona fide sale is not excludable. Filing 2010 taxes in 2013 Delivery, insurance, installation, retail dealer preparation charges, and other charges you incur in placing the article in the hands of the purchaser under a bona fide sale. Filing 2010 taxes in 2013 Discounts, rebates, and similar allowances actually granted to the purchaser. Filing 2010 taxes in 2013 Local advertising charges. Filing 2010 taxes in 2013 A charge made separately when the article is sold and that qualifies as a charge for “local advertising” may, within certain limits, be excluded from the sale price. Filing 2010 taxes in 2013 Charges for warranty paid at the purchaser's option. Filing 2010 taxes in 2013 However, a charge for a warranty of an article that the manufacturer requires the purchaser to pay to obtain the article is included in the sale price on which the tax is figured. Filing 2010 taxes in 2013 Bonus goods. Filing 2010 taxes in 2013   Allocate the sale price if you give free nontaxable goods with the purchase of taxable merchandise. Filing 2010 taxes in 2013 Figure the tax only on the sale price attributable to the taxable articles. Filing 2010 taxes in 2013 Example. Filing 2010 taxes in 2013 A manufacturer sells a quantity of taxable articles and gives the purchaser certain nontaxable articles as a bonus. Filing 2010 taxes in 2013 The sale price of the shipment is $1,500. Filing 2010 taxes in 2013 The normal sale price is $2,000: $1,500 for the taxable articles and $500 for the nontaxable articles. Filing 2010 taxes in 2013 Since the taxable items represent 75% of the normal sale price, the tax is based on 75% of the actual sale price, or $1,125 (75% of $1,500). Filing 2010 taxes in 2013 The remaining $375 is allocated to the nontaxable articles. Filing 2010 taxes in 2013 Taxable Event Tax attaches when the title to the article sold passes from the manufacturer to the buyer. Filing 2010 taxes in 2013 When the title passes depends on the intention of the parties as gathered from the contract of sale. Filing 2010 taxes in 2013 In the absence of expressed intention, the legal rules of presumption followed in the jurisdiction where the sale occurs determine when title passes. Filing 2010 taxes in 2013 If the taxable article is used by the manufacturer, the tax attaches at the time use begins. Filing 2010 taxes in 2013 The manufacturer is liable for the tax. Filing 2010 taxes in 2013 Partial payments. Filing 2010 taxes in 2013   The tax applies to each partial payment received when taxable articles are: Leased, Sold conditionally, Sold on installment with chattel mortgage, or Sold on installment with title to pass in the future. Filing 2010 taxes in 2013 To figure the tax, multiply the partial payment by the tax rate in effect at the time of the payment. Filing 2010 taxes in 2013 Exemptions The following sales by the manufacturer are exempt from the manufacturers tax. Filing 2010 taxes in 2013 Sale of an article to a state or local government for the exclusive use of the state or local government. Filing 2010 taxes in 2013 This exemption does not apply to the taxes on coal, gas guzzlers, and vaccines. Filing 2010 taxes in 2013 State is defined in Definitions in chapter 1. Filing 2010 taxes in 2013 Sale of an article to a nonprofit educational organization for its exclusive use. Filing 2010 taxes in 2013 This exemption does not apply to the taxes on coal, gas guzzlers, and vaccines. Filing 2010 taxes in 2013 Nonprofit educational organization is defined under Communications Tax in chapter 4. Filing 2010 taxes in 2013 Sale of an article to a qualified blood collector organization. Filing 2010 taxes in 2013 This exemption does not apply to gas guzzlers, recreational equipment, and vaccines. Filing 2010 taxes in 2013 Qualified blood collector organizations are defined under Communications Tax in chapter 4. Filing 2010 taxes in 2013 Sale of an article for use by the purchaser as supplies for vessels. Filing 2010 taxes in 2013 This exemption does not apply to the taxes on coal and vaccines. Filing 2010 taxes in 2013 Supplies for vessels means ships' stores, sea stores, or legitimate equipment on vessels of war of the United States or any foreign nation, vessels employed in the fisheries or whaling business, or vessels actually engaged in foreign trade. Filing 2010 taxes in 2013 Sale of an article for use by the purchaser for further manufacture, or for resale by the purchaser to a second purchaser for use by the second purchaser for further manufacture. Filing 2010 taxes in 2013 This exemption does not apply to the tax on coal and tires. Filing 2010 taxes in 2013 Use for further manufacture means use in the manufacture or production of an article subject to the manufacturers excise taxes. Filing 2010 taxes in 2013 If you buy articles tax free and resell or use them other than in the manufacture of another article, you are liable for the tax on their resale or use just as if you had manufactured and sold them. Filing 2010 taxes in 2013 Sale of an article for export or for resale by the purchaser to a second purchaser for export. Filing 2010 taxes in 2013 The article may be exported to a foreign country or to a possession of the United States. Filing 2010 taxes in 2013 A vaccine shipped to a possession of the United States is not considered to be exported. Filing 2010 taxes in 2013 If an article is sold tax free for export and the manufacturer does not receive proof of export, described later, the manufacturer is liable for the tax. Filing 2010 taxes in 2013 Sales of articles of native Indian handicraft, such as bows and arrow shafts, manufactured by Indians on reservations, in Indian schools, or under U. Filing 2010 taxes in 2013 S. Filing 2010 taxes in 2013 jurisdiction in Alaska. Filing 2010 taxes in 2013 For tire exemptions, see section 4221(e)(2). Filing 2010 taxes in 2013 Requirements for Exempt Sales The following requirements must be met for a sale to be exempt from the manufacturers tax. Filing 2010 taxes in 2013 Registration requirements. Filing 2010 taxes in 2013   The manufacturer, first purchaser, and second purchaser in the case of resales must be registered. Filing 2010 taxes in 2013 See the Form 637 instructions for more information. Filing 2010 taxes in 2013 Exceptions to registration requirements. Filing 2010 taxes in 2013   Registration is not required for: State or local governments, Foreign purchasers of articles sold or resold for export, The United States, or Parties to a sale of supplies for vessels and aircraft. Filing 2010 taxes in 2013 Certification requirement. Filing 2010 taxes in 2013   If the purchaser is required to be registered, the purchaser must give the manufacturer its registration number and certify the exempt purpose for which the article will be used. Filing 2010 taxes in 2013 The information must be in writing and may be noted on the purchase order or other document furnished by the purchaser to the seller in connection with the sale. Filing 2010 taxes in 2013   For a sale to a state or local government, an exemption certificate must be signed by an officer or employee authorized by the state or local government. Filing 2010 taxes in 2013 See Regulations section 48. Filing 2010 taxes in 2013 4221-5(c) for the certificate requirements. Filing 2010 taxes in 2013   For sales for use as supplies for vessels and aircraft, if the manufacturer and purchaser are not registered, the owner or agent of the vessel must provide an exemption certificate to the manufacturer before or at the time of sale. Filing 2010 taxes in 2013 See Regulations section 48. Filing 2010 taxes in 2013 4221-4(d) for the certificate requirements. Filing 2010 taxes in 2013 Proof of export requirement. Filing 2010 taxes in 2013   Within 6 months of the date of sale or shipment by the manufacturer, whichever is earlier, the manufacturer must receive proof of exportation. Filing 2010 taxes in 2013 See Regulations section 48. Filing 2010 taxes in 2013 4221-3(d) for evidence that qualifies as proof of exportation. Filing 2010 taxes in 2013 Proof of resale for further manufacture requirement. Filing 2010 taxes in 2013   Within 6 months of the date of sale or shipment by the manufacturer, whichever is earlier, the manufacturer must receive proof that the article has been resold for use in further manufacture. Filing 2010 taxes in 2013 See Regulations section 48. Filing 2010 taxes in 2013 4221-2(c) for evidence that qualifies as proof of resale. Filing 2010 taxes in 2013 Information to be furnished to purchaser. Filing 2010 taxes in 2013   The manufacturer must indicate to the purchaser that the articles normally would be subject to tax and are being sold tax free for an exempt purpose because the purchaser has provided the required certificate. Filing 2010 taxes in 2013 Credits or Refunds The manufacturer may be eligible to obtain a credit or refund of the manufacturers tax for certain uses, sales, exports, and price readjustments. Filing 2010 taxes in 2013 The claim must set forth in detail the facts upon which the claim is based. Filing 2010 taxes in 2013 Uses, sales, and exports. Filing 2010 taxes in 2013   A credit or refund (without interest) of the manufacturers taxes may be allowable if a tax-paid article is, by any person: Exported, Used or sold for use as supplies for vessels (except for coal and vaccines), Sold to a state or local government for its exclusive use (except for coal, gas guzzlers, and vaccines), Sold to a nonprofit educational organization for its exclusive use (except for coal, gas guzzlers, and vaccines), Sold to a qualified blood collector organization for its exclusive use (except for gas guzzlers, recreational equipment, and vaccines), or Used for further manufacture of another article subject to the manufacturers taxes (except for coal). Filing 2010 taxes in 2013 Export. Filing 2010 taxes in 2013   If a tax-paid article is exported, the exporter or shipper may claim a credit or refund if the manufacturer waives its right to claim the credit or refund. Filing 2010 taxes in 2013 In the case of a tax-paid article used to make another taxable article, the subsequent manufacturer may claim the credit or refund. Filing 2010 taxes in 2013 Price readjustments. Filing 2010 taxes in 2013   In addition, a credit or refund (without interest) may be allowable for a tax-paid article for which the price is readjusted by reason of return or repossession of the article or a bona fide discount, rebate, or allowance for taxes based on price. Filing 2010 taxes in 2013 Conditions to allowance. Filing 2010 taxes in 2013   To claim a credit or refund in the case of export; supplies for vessels; or sales to a state or local government, nonprofit educational organization, or qualified blood collector organization; the person who paid the tax must certify on the claim that one of the following applies and that the claimant has the required supporting information. Filing 2010 taxes in 2013 The claimant sold the article at a tax-excluded price. Filing 2010 taxes in 2013 The person has repaid, or agreed to repay, the tax to the ultimate vendor of the article. Filing 2010 taxes in 2013 The person has obtained the written consent of the ultimate vendor to make the claim. Filing 2010 taxes in 2013 The ultimate vendor generally is the seller making the sale that gives rise to the overpayment of tax. Filing 2010 taxes in 2013 Claim for further manufacture. Filing 2010 taxes in 2013   To claim a credit or refund for further manufacture, the claimant must include a statement that contains the following. Filing 2010 taxes in 2013 The name and address of the manufacturer and the date of payment. Filing 2010 taxes in 2013 An identification of the article for which the credit or refund is claimed. Filing 2010 taxes in 2013 The amount of tax paid on the article and the date on which it was paid. Filing 2010 taxes in 2013 Information indicating that the article was used as material in the manufacture or production of, or as a component part of, a second article manufactured or produced by the manufacturer, or was sold on or in connection with, or with the sale of a second article manufactured or produced by the manufacturer. Filing 2010 taxes in 2013 An identification of the second article. Filing 2010 taxes in 2013   For claims by the exporter or shipper, the claim must contain the proof of export and a statement signed by the person that paid the tax waiving the right to claim a credit or refund. Filing 2010 taxes in 2013 The statement must include the amount of tax paid, the date of payment, and the office to which it was paid. Filing 2010 taxes in 2013 Claim for price readjustment. Filing 2010 taxes in 2013   To claim a credit or refund for a price readjustment, the person who paid the tax must include with the claim, a statement that contains the following. Filing 2010 taxes in 2013 A description of the circumstances that gave rise to the price readjustment. Filing 2010 taxes in 2013 An identification of the article whose price was readjusted. Filing 2010 taxes in 2013 The price at which the article was sold. Filing 2010 taxes in 2013 The amount of tax paid on the article and the date on which it was paid. Filing 2010 taxes in 2013 The name and address of the purchaser. Filing 2010 taxes in 2013 The amount repaid to the purchaser or credited to the purchaser's account. Filing 2010 taxes in 2013 Sport Fishing Equipment A tax of 10% of the sale price is imposed on many articles of sport fishing equipment sold by the manufacturer. Filing 2010 taxes in 2013 This includes any parts or accessories sold on or in connection with the sale of those articles. Filing 2010 taxes in 2013 Pay this tax with Form 720. Filing 2010 taxes in 2013 No tax deposits are required. Filing 2010 taxes in 2013 Sport fishing equipment includes all the following items. Filing 2010 taxes in 2013 Fishing rods and poles (and component parts), fishing reels, fly fishing lines, and other fishing lines not over 130 pounds test, fishing spears, spear guns, and spear tips. Filing 2010 taxes in 2013 Items of terminal tackle, including leaders, artificial lures, artificial baits, artificial flies, fishing hooks, bobbers, sinkers, snaps, drayles, and swivels (but not including natural bait or any item of terminal tackle designed for use and ordinarily used on fishing lines not described in (1)). Filing 2010 taxes in 2013 The following items of fishing supplies and accessories: fish stringers, creels, bags, baskets, and other containers designed to hold fish, portable bait containers, fishing vests, landing nets, gaff hooks, fishing hook disgorgers, and dressing for fishing lines and artificial flies. Filing 2010 taxes in 2013 Fishing tip-ups and tilts. Filing 2010 taxes in 2013 Fishing rod belts, fishing rodholders, fishing harnesses, fish fighting chairs, fishing outriggers, and fishing downriggers. Filing 2010 taxes in 2013 See Revenue Ruling 88-52 in Cumulative Bulletin 1988-1 for a more complete description of the items of taxable equipment. Filing 2010 taxes in 2013 Fishing rods and fishing poles. Filing 2010 taxes in 2013   The tax on fishing rods and fishing poles (and component parts) is 10% of the sales price not to exceed $10 per article. Filing 2010 taxes in 2013 The tax is paid by the manufacturer, producer, or importer. Filing 2010 taxes in 2013 Fishing tackle boxes. Filing 2010 taxes in 2013   The tax on fishing tackle boxes is 3% of the sales price. Filing 2010 taxes in 2013 The tax is paid by the manufacturer, producer, or importer. Filing 2010 taxes in 2013 Electric outboard boat motors. Filing 2010 taxes in 2013   A tax of 3% of the sale price is imposed on the sale by the manufacturer of electric outboard motors. Filing 2010 taxes in 2013 This includes any parts or accessories sold on or in connection with the sale of those articles. Filing 2010 taxes in 2013 Certain equipment resale. Filing 2010 taxes in 2013   The tax on the sale of sport fishing equipment is imposed a second time under the following circumstances. Filing 2010 taxes in 2013 If the manufacturer sells a taxable article to any person, the manufacturer is liable for the tax. Filing 2010 taxes in 2013 If the purchaser or any other person then sells it to a person who is related (discussed next) to the manufacturer, that related person is liable for a second tax on any subsequent sale of the article. Filing 2010 taxes in 2013 The second tax, however, is not imposed if the constructive sale price rules under section 4216(b) apply to the sale by the manufacturer. Filing 2010 taxes in 2013   If the second tax is imposed, a credit for tax previously paid by the manufacturer is available provided the related person can document the tax paid. Filing 2010 taxes in 2013 The documentation requirement is generally satisfied only through submission of copies of actual records of the person that previously paid the tax. Filing 2010 taxes in 2013 Related person. Filing 2010 taxes in 2013   For the tax on sport fishing equipment, a person is a related person of the manufacturer if that person and the manufacturer have a relationship described in section 465(b)(3)(C). Filing 2010 taxes in 2013 Bows, Quivers, Broadheads, and Points The tax on bows is 11% (. Filing 2010 taxes in 2013 11) of the sales price. Filing 2010 taxes in 2013 The tax is paid by the manufacturer, producer, or importer. Filing 2010 taxes in 2013 It applies to bows having a peak draw weight of 30 pounds or more. Filing 2010 taxes in 2013 The tax is also imposed on the sale of any part or accessory suitable for inclusion in or attachment to a taxable bow and any quiver, broadhead, or point suitable for use with arrows described below. Filing 2010 taxes in 2013 Pay this tax with Form 720. Filing 2010 taxes in 2013 No tax deposits are required. Filing 2010 taxes in 2013 Arrow Shafts The tax on arrow shafts is listed on Form 720. Filing 2010 taxes in 2013 The tax is paid by the manufacturer, producer, or importer of any arrow shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow that after its assembly meets either of the following conditions. Filing 2010 taxes in 2013 It measures 18 inches or more in overall length. Filing 2010 taxes in 2013 It measures less than 18 inches in overall length but is suitable for use with a taxable bow, described earlier. Filing 2010 taxes in 2013 Exemption for certain wooden arrows. Filing 2010 taxes in 2013   After October 3, 2008, the tax does not apply to any shaft made of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) and used in the manufacture of any arrow that after its assembly meets both of the following conditions. Filing 2010 taxes in 2013 It measures 5/16 of an inch or less in diameter. Filing 2010 taxes in 2013 It is not suitable for use with a taxable bow, described earlier. Filing 2010 taxes in 2013 Pay this tax with Form 720. Filing 2010 taxes in 2013 No tax deposits are required. Filing 2010 taxes in 2013 Coal A tax is imposed on the first sale of coal mined in the United States. Filing 2010 taxes in 2013 The producer of the coal is liable for the tax. Filing 2010 taxes in 2013 The producer is the person who has vested ownership of the coal under state law immediately after the coal is severed from the ground. Filing 2010 taxes in 2013 Determine vested ownership without regard to any contractual arrangement for the sale or other disposition of the coal or the payment of any royalties between the producer and third parties. Filing 2010 taxes in 2013 A producer includes any person who extracts coal from coal waste refuse piles (or from the silt waste product that results from the wet washing of coal). Filing 2010 taxes in 2013 The tax is not imposed on coal extracted from a riverbed by dredging if it can be shown that the coal has been taxed previously. Filing 2010 taxes in 2013 Tax rates. Filing 2010 taxes in 2013   The tax on underground-mined coal is the lower of: $1. Filing 2010 taxes in 2013 10 a ton, or 4. Filing 2010 taxes in 2013 4% of the sale price. Filing 2010 taxes in 2013   The tax on surface-mined coal is the lower of: 55 cents a ton, or 4. Filing 2010 taxes in 2013 4% of the sale price. Filing 2010 taxes in 2013   Coal will be taxed at the 4. Filing 2010 taxes in 2013 4% rate if the selling price is less than $25 a ton for underground-mined coal and less than $12. Filing 2010 taxes in 2013 50 a ton for surface-mined coal. Filing 2010 taxes in 2013 Apply the tax proportionately if a sale or use includes a portion of a ton. Filing 2010 taxes in 2013 Example. Filing 2010 taxes in 2013 If you sell 21,000 pounds (10. Filing 2010 taxes in 2013 5 tons) of coal from an underground mine for $525, the price per ton is $50. Filing 2010 taxes in 2013 The tax is $1. Filing 2010 taxes in 2013 10 × 10. Filing 2010 taxes in 2013 5 tons ($11. Filing 2010 taxes in 2013 55). Filing 2010 taxes in 2013 Coal production. Filing 2010 taxes in 2013   Coal is produced from surface mines if all geological matter (trees, earth, rock) above the coal is removed before the coal is mined. Filing 2010 taxes in 2013 Treat coal removed by auger and coal reclaimed from coal waste refuse piles as produced from a surface mine. Filing 2010 taxes in 2013   Treat coal as produced from an underground mine when the coal is not produced from a surface mine. Filing 2010 taxes in 2013 In some cases, a single mine may yield coal from both surface mining and underground mining. Filing 2010 taxes in 2013 Determine if the coal is from a surface mine or an underground mine for each ton of coal produced and not on a mine-by-mine basis. Filing 2010 taxes in 2013 Determining tonnage or selling price. Filing 2010 taxes in 2013   The producer pays the tax on coal at the time of sale or use. Filing 2010 taxes in 2013 In figuring the selling price for applying the tax, the point of sale is f. Filing 2010 taxes in 2013 o. Filing 2010 taxes in 2013 b. Filing 2010 taxes in 2013 (free on board) mine or f. Filing 2010 taxes in 2013 o. Filing 2010 taxes in 2013 b. Filing 2010 taxes in 2013 cleaning plant if you clean the coal before selling it. Filing 2010 taxes in 2013 This applies even if you sell the coal for a delivered price. Filing 2010 taxes in 2013 The f. Filing 2010 taxes in 2013 o. Filing 2010 taxes in 2013 b. Filing 2010 taxes in 2013 mine or f. Filing 2010 taxes in 2013 o. Filing 2010 taxes in 2013 b. Filing 2010 taxes in 2013 cleaning plant is the point at which you figure the number of tons sold for applying the applicable tonnage rate, and the point at which you figure the sale price for applying the 4. Filing 2010 taxes in 2013 4% rate. Filing 2010 taxes in 2013   The tax applies to the full amount of coal sold. Filing 2010 taxes in 2013 However, the IRS allows a calculated reduction of the taxable weight of the coal for the weight of the moisture in excess of the coal's inherent moisture content. Filing 2010 taxes in 2013 Include in the sale price any additional charge for a freeze-conditioning additive in figuring the tax. Filing 2010 taxes in 2013   Do not include in the sales price the excise tax imposed on coal. Filing 2010 taxes in 2013 Coal used by the producer. Filing 2010 taxes in 2013   The tax on coal applies if the coal is used by the producer in other than a mining process. Filing 2010 taxes in 2013 A mining process means the same for this purpose as for percentage depletion. Filing 2010 taxes in 2013 For example, the tax does not apply if, before selling the coal, you break it, clean it, size it, or apply any other process considered mining under the rules for depletion. Filing 2010 taxes in 2013 In this case, the tax applies only when you sell the coal. Filing 2010 taxes in 2013 The tax does not apply to coal used as fuel in the coal drying process since it is considered to be used in a mining process. Filing 2010 taxes in 2013 However, the tax does apply when you use the coal as fuel or as an ingredient in making coke since the coal is not used in a mining process. Filing 2010 taxes in 2013   You must use a constructive sale price to figure the tax under the 4. Filing 2010 taxes in 2013 4% rate if you use the coal in other than a mining process. Filing 2010 taxes in 2013 Base your constructive sale price on sales of a like kind and grade of coal by you or other producers made f. Filing 2010 taxes in 2013 o. Filing 2010 taxes in 2013 b. Filing 2010 taxes in 2013 mine or cleaning plant. Filing 2010 taxes in 2013 Normally, you use the same constructive price used to figure your percentage depletion deduction. Filing 2010 taxes in 2013 Blending. Filing 2010 taxes in 2013   If you blend surface-mined coal with underground-mined coal during the cleaning process, you must figure the excise tax on the sale of the blended, cleaned coal. Filing 2010 taxes in 2013 Figure the tax separately for each type of coal in the blend. Filing 2010 taxes in 2013 Base the tax on the amount of each type in the blend if you can determine the proportion of each type of coal contained in the final blend. Filing 2010 taxes in 2013 Base the tax on the ratio of each type originally put into the cleaning process if you cannot determine the proportion of each type of coal in the blend. Filing 2010 taxes in 2013 However, the tax is limited to 4. Filing 2010 taxes in 2013 4% of the sale price per ton of the blended coal. Filing 2010 taxes in 2013 Exemption from tax. Filing 2010 taxes in 2013   The tax does not apply to sales of lignite and imported coal. Filing 2010 taxes in 2013 The only other exemption from the tax on the sale of coal is for coal exported as discussed next. Filing 2010 taxes in 2013 Exported. Filing 2010 taxes in 2013   The tax does not apply to the sale of coal if the coal is in the stream of export when sold by the producer and the coal is actually exported. Filing 2010 taxes in 2013   Coal is in the stream of export when sold by the producer if the sale is a step in the exportation of the coal to its ultimate destination in a foreign country. Filing 2010 taxes in 2013 For example, coal is in the stream of export when: The coal is loaded on an export vessel and title is transferred from the producer to a foreign purchaser, or The producer sells the coal to an export broker in the United States under terms of a contract showing that the coal is to be shipped to a foreign country. Filing 2010 taxes in 2013   Proof of export includes any of the following items. Filing 2010 taxes in 2013 A copy of the export bill of lading issued by the delivering carrier. Filing 2010 taxes in 2013 A certificate signed by the export carrier's agent or representative showing actual exportation of the coal. Filing 2010 taxes in 2013 A certificate of landing signed by a customs officer of the foreign country to which the coal is exported. Filing 2010 taxes in 2013 If the foreign country does not have a customs administrator, a statement of the foreign consignee showing receipt of the coal. Filing 2010 taxes in 2013 Taxable Tires Taxable tires are divided into three categories for reporting and figuring the tax as described below. Filing 2010 taxes in 2013 A tax is imposed on taxable tires sold by the manufacturer, producer, or importer at the rate of $. Filing 2010 taxes in 2013 0945 ($. Filing 2010 taxes in 2013 04725 in the case of a biasply tire or super single tire) for each 10 pounds of the maximum rated load capacity over 3,500 pounds. Filing 2010 taxes in 2013 The three categories for reporting the tax and the tax rate are listed below. Filing 2010 taxes in 2013 Taxable tires other than biasply or super single tires at $. Filing 2010 taxes in 2013 0945. Filing 2010 taxes in 2013 Taxable tires, biasply or super single tires (other than super single tires designed for steering) at $. Filing 2010 taxes in 2013 04725. Filing 2010 taxes in 2013 Taxable tires, super single tires designed for steering at $. Filing 2010 taxes in 2013 0945. Filing 2010 taxes in 2013 A taxable tire is any tire of the type used on highway vehicles if wholly or partially made of rubber and if marked according to federal regulations for highway use. Filing 2010 taxes in 2013 A biasply tire is a pneumatic tire on which the ply cords that extend to the beads are laid at alternate angles substantially less than 90 degrees to the centerline of the tread. Filing 2010 taxes in 2013 A super single tire is a tire greater than 13 inches in cross section width designed to replace 2 tires in a dual fitment. Filing 2010 taxes in 2013 Special rule, manufacturer's retail stores. Filing 2010 taxes in 2013   The excise tax on taxable tires is imposed at the time the taxable tires are delivered to the manufacturer-owned retail stores, not at the time of sale. Filing 2010 taxes in 2013 Tires on imported articles. Filing 2010 taxes in 2013   The importer of an article equipped with taxable tires is treated as the manufacturer of the tires and is liable for the taxable tire excise tax when the article is sold (except in the case of an automobile bus chassis or body with tires). Filing 2010 taxes in 2013 Tires exempt from tax. Filing 2010 taxes in 2013   The tax on taxable tires does not apply to the following items. Filing 2010 taxes in 2013 Domestically recapped or retreaded tires if the tires have been sold previously in the United States and were taxable tires at the time of sale. Filing 2010 taxes in 2013 Tire carcasses not suitable for commercial use. Filing 2010 taxes in 2013 Tires for use on qualifying intercity, local, and school buses. Filing 2010 taxes in 2013 For tax-free treatment, the registration requirements discussed earlier under Requirements for Exempt Sales apply. Filing 2010 taxes in 2013 Tires sold for the exclusive use of the Department of Defense or the Coast Guard. Filing 2010 taxes in 2013 Tires of a type used exclusively on mobile machinery. Filing 2010 taxes in 2013 A taxable tire used on mobile machinery is not exempt from tax. Filing 2010 taxes in 2013 Qualifying intercity or local bus. Filing 2010 taxes in 2013   This is any bus used mainly (more than 50%) to transport the general public for a fee and that either operates on a schedule along regular routes or seats at least 20 adults (excluding the driver). Filing 2010 taxes in 2013 Qualifying school bus. Filing 2010 taxes in 2013   This is any bus substantially all the use (85% or more) of which is to transport students and employees of schools. Filing 2010 taxes in 2013 Credit or refund. Filing 2010 taxes in 2013   A credit or refund (without interest) is allowable on tax-paid tires if the tires have been: Exported; Sold to a state or local government for its exclusive use; Sold to a nonprofit educational organization for its exclusive use (as defined under Communications Tax in chapter 4); Sold to a qualified blood collector organization (as defined under Communications Tax in chapter 4) for its exclusive use in connection with a vehicle the organization certifies will be primarily used in the collection, storage, or transportation of blood; Used or sold for use as supplies for vessels; or Sold in connection with qualified intercity, local, or school buses. Filing 2010 taxes in 2013   Also, a credit or refund (without interest) is allowable on tax-paid tires sold by any person on, or in connection with, any other article that is sold or used in an activity listed above. Filing 2010 taxes in 2013   The person who paid the tax is eligible to make the claim. Filing 2010 taxes in 2013 Gas Guzzler Tax Tax is imposed on the sale by the manufacturer of automobiles of a model type that has a fuel economy standard as measured by the Environmental Protection Agency (EPA) of less than 22. Filing 2010 taxes in 2013 5 miles per gallon. Filing 2010 taxes in 2013 If you import an automobile for personal use, you may be liable for this tax. Filing 2010 taxes in 2013 Figure the tax on Form 6197, as discussed later. Filing 2010 taxes in 2013 The tax rate is based on fuel economy rating. Filing 2010 taxes in 2013 The tax rates for the gas guzzler tax are shown on Form 6197. Filing 2010 taxes in 2013 A person that lengthens an existing automobile is the manufacturer of an automobile. Filing 2010 taxes in 2013 Automobiles. Filing 2010 taxes in 2013   An automobile (including limousines) means any four-wheeled vehicle that is: Rated at an unloaded gross vehicle weight of 6,000 pounds or less, Propelled by an engine powered by gasoline or diesel fuel, and Intended for use mainly on public streets, roads, and highways. Filing 2010 taxes in 2013 Vehicles not subject to tax. Filing 2010 taxes in 2013   For the gas guzzler tax, the following vehicles are not considered automobiles. Filing 2010 taxes in 2013 Limousines with a gross unloaded vehicle weight of more than 6,000 pounds. Filing 2010 taxes in 2013 Vehicles operated exclusively on a rail or rails. Filing 2010 taxes in 2013 Vehicles sold for use and used primarily: As ambulances or combination ambulance-hearses, For police or other law enforcement purposes by federal, state, or local governments, or For firefighting purposes. Filing 2010 taxes in 2013 Vehicles treated under 49 U. Filing 2010 taxes in 2013 S. Filing 2010 taxes in 2013 C. Filing 2010 taxes in 2013 32901 (1978) as non-passenger automobiles. Filing 2010 taxes in 2013 This includes limousines manufactured primarily to transport more than 10 persons. Filing 2010 taxes in 2013   The manufacturer can sell a vehicle described in item (3) tax free only when the sale is made directly to a purchaser for the described emergency use and the manufacturer and purchaser (other than a state or local government) are registered. Filing 2010 taxes in 2013   Treat an Indian tribal government as a state only if the police or other law enforcement purposes are an essential tribal government function. Filing 2010 taxes in 2013 Model type. Filing 2010 taxes in 2013   Model type is a particular class of automobile as determined by EPA regulations. Filing 2010 taxes in 2013 Fuel economy. Filing 2010 taxes in 2013   Fuel economy is the average number of miles an automobile travels on a gallon of gasoline (or diesel fuel) rounded to the nearest 0. Filing 2010 taxes in 2013 1 mile as figured by the EPA. Filing 2010 taxes in 2013 Imported automobiles. Filing 2010 taxes in 2013   The tax also applies to automobiles that do not have a prototype-based fuel economy rating assigned by the EPA. Filing 2010 taxes in 2013 An automobile imported into the United States without a certificate of conformity to United States emission standards and that has no assigned fuel economy rating must be either: Converted by installation of emission controls to conform in all material respects to an automobile already certified for sale in the United States, or Modified by installation of emission control components and individually tested to demonstrate emission compliance. Filing 2010 taxes in 2013   An imported automobile that has been converted to conform to an automobile already certified for sale in the United States may use the fuel economy rating assigned to that certified automobile. Filing 2010 taxes in 2013   A fuel economy rating is not generally available for modified imported automobiles because the EPA does not require a highway fuel economy test on them. Filing 2010 taxes in 2013 A separate highway fuel economy test would be required to devise a fuel economy rating (otherwise the automobile is presumed to fall within the lowest fuel economy rating category). Filing 2010 taxes in 2013   For more information about fuel economy ratings for imported automobiles, see Revenue Ruling 86-20 and Revenue Procedure 86-9 in Cumulative Bulletin 1986-1, and Revenue Procedure 87-10 in Cumulative Bulletin 1987-1. Filing 2010 taxes in 2013 Exemptions. Filing 2010 taxes in 2013   No one is exempt from the gas guzzler tax, including the federal government, state and local governments, qualified blood collector organizations, and nonprofit educational organizations. Filing 2010 taxes in 2013 However, see Vehicles not subject to tax, earlier. Filing 2010 taxes in 2013 Form 6197. Filing 2010 taxes in 2013   Use Form 6197 to figure your tax liability for each quarter. Filing 2010 taxes in 2013 Attach Form 6197 to your Form 720 for the quarter. Filing 2010 taxes in 2013 See the Form 6197 instructions for more information and the one-time filing rules. Filing 2010 taxes in 2013 Credit or refund. Filing 2010 taxes in 2013   If the manufacturer paid the tax on a vehicle that is used or resold for an emergency use (see item (3) under Vehicles not subject to tax), the manufacturer can claim a credit or refund. Filing 2010 taxes in 2013 For information about how to file for credits or refunds, see the Instructions for Form 720 or Form 8849. Filing 2010 taxes in 2013 Vaccines Tax is imposed on certain vaccines sold by the manufacturer in the United States. Filing 2010 taxes in 2013 A taxable vaccine means any of the following vaccines. Filing 2010 taxes in 2013 Any vaccine containing diphtheria toxoid. Filing 2010 taxes in 2013 Any vaccine containing tetanus toxoid. Filing 2010 taxes in 2013 Any vaccine containing pertussis bacteria, extracted or partial cell bacteria, or specific pertussis antigens. Filing 2010 taxes in 2013 Any vaccine containing polio virus. Filing 2010 taxes in 2013 Any vaccine against measles. Filing 2010 taxes in 2013 Any vaccine against mumps. Filing 2010 taxes in 2013 Any vaccine against rubella. Filing 2010 taxes in 2013 Any vaccine against hepatitis A. Filing 2010 taxes in 2013 Any vaccine against hepatitis B. Filing 2010 taxes in 2013 Any vaccine against chicken pox. Filing 2010 taxes in 2013 Any vaccine against rotavirus gastroenteritis. Filing 2010 taxes in 2013 Any HIB vaccine. Filing 2010 taxes in 2013 Any conjugate vaccine against streptococcus pneumoniae. Filing 2010 taxes in 2013 Any trivalent vaccine against influenza or any other vaccine against influenza. Filing 2010 taxes in 2013 Any meningococcal vaccine. Filing 2010 taxes in 2013 Any vaccine against the human papillomavirus. Filing 2010 taxes in 2013 The effective date for the tax on any vaccine against influenza, other than trivalent influenza vaccines, is the later of August 1, 2013, or the date the Secretary of Health and Human Services lists a vaccine against seasonal influenza for purposes of compensation for any vaccine-related injury or death through the Vaccine Injury Compensation Trust Fund. Filing 2010 taxes in 2013 The tax is $. Filing 2010 taxes in 2013 75 per dose of each taxable vaccine. Filing 2010 taxes in 2013 The tax per dose on a vaccine that contains more than one taxable vaccine is $. Filing 2010 taxes in 2013 75 times the number of taxable vaccines. Filing 2010 taxes in 2013 Taxable use. Filing 2010 taxes in 2013   Any manufacturer (including a governmental entity) that uses a taxable vaccine before it is sold will be liable for the tax in the same manner as if the vaccine was sold by the manufacturer. Filing 2010 taxes in 2013 Credit or refund. Filing 2010 taxes in 2013   A credit or refund (without interest) is available if the vaccine is: Returned to the person who paid the tax (other than for resale), or Destroyed. Filing 2010 taxes in 2013 The claim for a credit or refund must be filed within 6 months after the vaccine is returned or destroyed. Filing 2010 taxes in 2013 Conditions to allowance. Filing 2010 taxes in 2013   To claim a credit or refund, the person who paid the tax must have repaid or agreed to repay the tax to the ultimate purchaser of the vaccine or obtained the written consent of such purchaser to allowance of the credit or refund. Filing 2010 taxes in 2013 Taxable Medical Devices Taxable medical devices. Filing 2010 taxes in 2013   The tax on the sale of certain medical devices by the manufacturer, producer, or importer of the device is 2. Filing 2010 taxes in 2013 3% (. Filing 2010 taxes in 2013 023) of the sales price. Filing 2010 taxes in 2013 A taxable medical device is a device that is listed as a device with the Food and Drug Administration (FDA) under section 510(j) of the Federal Food, Drug, and Cosmetic Act and 21 CFR part 807, pursuant to FDA requirements. Filing 2010 taxes in 2013 There are specific exemptions for eyeglasses, contact lenses, and hearing aids. Filing 2010 taxes in 2013 There is also an exemption for devices that are determined by the Secretary to be of a type that are generally purchased by the general public at retail for individual use (this exemption is known as the retail exemption). Filing 2010 taxes in 2013 See T. Filing 2010 taxes in 2013 D. Filing 2010 taxes in 2013 9604 for information on how to determine whether a device falls within the retail exemption, and examples of how a taxpayer might evaluate a given device. Filing 2010 taxes in 2013 More information. Filing 2010 taxes in 2013   For more information on the medical device tax, see section 4191, T. Filing 2010 taxes in 2013 D. Filing 2010 taxes in 2013 9604, and Notice 2012-77. Filing 2010 taxes in 2013 You can find T. Filing 2010 taxes in 2013 D. Filing 2010 taxes in 2013 9604 and Notice 2012-77 on pages 730 and 781, respectively, of I. Filing 2010 taxes in 2013 R. Filing 2010 taxes in 2013 B. Filing 2010 taxes in 2013 2012-52 at www. Filing 2010 taxes in 2013 irs. Filing 2010 taxes in 2013 gov/pub/irs-irbs/irb12-52. Filing 2010 taxes in 2013 pdf. Filing 2010 taxes in 2013 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

South Dakota Office of the Attorney General

Website: South Dakota Office of the Attorney General

Address: South Dakota Office of the Attorney General
Consumer Protection
1302 E. Hwy. 14, Suite 3
Pierre, SD 57501-8503

Phone Number: 605-773-4400

Toll-free: 1-800-300-1986 (SD)

TTY: 605-773-6585

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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 Labor and Regulation

Website: Department of Labor and Regulation

Address: Department of Labor and Regulation
Division of Banking
217 1/2 W. Missouri Ave.
Pierre, SD 57501

Phone Number: 605-773-3421

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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 Labor and Regulation

Website: Department of Labor and Regulation

Address: Department of Labor and Regulation
Division of Insurance
445 E. Capitol Ave.
Pierre, SD 57501

Phone Number: 605-773-3563

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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.

Department of Labor and Regulation

Website: Department of Labor and Regulation

Address: Department of Labor and Regulation
Division of Securities
445 E. Capitol Ave.
Pierre, SD 57501-3185

Phone Number: 605-773-4823

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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 Utilities Commission

Website: Public Utilities Commission

Address: Public Utilities Commission
Consumer Affairs
500 E. Capitol Ave.
Pierre, SD 57501-5070

Phone Number: 605-773-3201

Toll-free: 1-800-332-1782

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The Filing 2010 Taxes In 2013

Filing 2010 taxes in 2013 3. Filing 2010 taxes in 2013   Reporting Rental Income, Expenses, and Losses Table of Contents Which Forms To UseSchedule E (Form 1040) Schedule C (Form 1040), Profit or Loss From Business Qualified Joint Venture Limits on Rental LossesAt-Risk Rules Passive Activity Limits Casualties and Thefts Example Figuring the net income or loss for a residential rental activity may involve more than just listing the income and deductions on Schedule E (Form 1040). Filing 2010 taxes in 2013 There are activities which do not qualify to use Schedule E, such as when the activity is not engaged in to make a profit or when you provide substantial services in conjunction with the property. Filing 2010 taxes in 2013 There are also the limitations which may need to be applied if you have a net loss on Schedule E. Filing 2010 taxes in 2013 There are two: (1) the limitation based on the amount of investment you have at risk in your rental activity, and (2) the special limits imposed on passive activities. Filing 2010 taxes in 2013 You may also have a gain or loss related to your rental property from a casualty or theft. Filing 2010 taxes in 2013 This is considered separately from the income and expense information you report on Schedule E. Filing 2010 taxes in 2013 Which Forms To Use The basic form for reporting residential rental income and expenses is Schedule E (Form 1040). Filing 2010 taxes in 2013 However, do not use that schedule to report a not-for-profit activity. Filing 2010 taxes in 2013 See Not Rented for Profit , in chapter 4. Filing 2010 taxes in 2013 There are also other rental situations in which forms other than Schedule E would be used. Filing 2010 taxes in 2013 Schedule E (Form 1040) If you rent buildings, rooms, or apartments, and provide basic services such as heat and light, trash collection, etc. Filing 2010 taxes in 2013 , you normally report your rental income and expenses on Schedule E, Part I. Filing 2010 taxes in 2013 List your total income, expenses, and depreciation for each rental property. Filing 2010 taxes in 2013 Be sure to enter the number of fair rental and personal use days on line 2. Filing 2010 taxes in 2013 If you have more than three rental or royalty properties, complete and attach as many Schedules E as are needed to list the properties. Filing 2010 taxes in 2013 Complete lines 1 and 2 for each property. Filing 2010 taxes in 2013 However, fill in lines 23a through 26 on only one Schedule E. Filing 2010 taxes in 2013 On Schedule E, page 1, line 18, enter the depreciation you are claiming for each property. Filing 2010 taxes in 2013 To find out if you need to attach Form 4562, see Form 4562 , later. Filing 2010 taxes in 2013 If you have a loss from your rental real estate activity, you also may need to complete one or both of the following forms. Filing 2010 taxes in 2013 Form 6198, At-Risk Limitations. Filing 2010 taxes in 2013 See At-Risk Rules , later. Filing 2010 taxes in 2013 Also see Publication 925. Filing 2010 taxes in 2013 Form 8582, Passive Activity Loss Limitations. Filing 2010 taxes in 2013 See Passive Activity Limits , later. Filing 2010 taxes in 2013 Page 2 of Schedule E is used to report income or loss from partnerships, S corporations, estates, trusts, and real estate mortgage investment conduits. Filing 2010 taxes in 2013 If you need to use page 2 of Schedule E, be sure to use page 2 of the same Schedule E you used to enter your rental activity on page 1. Filing 2010 taxes in 2013 Also, include the amount from line 26 (Part I) in the “Total income or (loss)” on line 41 (Part V). Filing 2010 taxes in 2013 Form 4562. Filing 2010 taxes in 2013   You must complete and attach Form 4562 for rental activities only if you are claiming: Depreciation, including the special depreciation allowance, on property placed in service during 2013; Depreciation on listed property (such as a car), regardless of when it was placed in service; or Any other car expenses, including the standard mileage rate or lease expenses. Filing 2010 taxes in 2013 Otherwise, figure your depreciation on your own worksheet. Filing 2010 taxes in 2013 You do not have to attach these computations to your return, but you should keep them in your records for future reference. Filing 2010 taxes in 2013   See Publication 946 for information on preparing Form 4562. Filing 2010 taxes in 2013 Schedule C (Form 1040), Profit or Loss From Business Generally, Schedule C is used when you provide substantial services in conjunction with the property or the rental is part of a trade or business as a real estate dealer. Filing 2010 taxes in 2013 Providing substantial services. Filing 2010 taxes in 2013   If you provide substantial services that are primarily for your tenant's convenience, such as regular cleaning, changing linen, or maid service, you report your rental income and expenses on Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business. Filing 2010 taxes in 2013 Use Form 1065, U. Filing 2010 taxes in 2013 S. Filing 2010 taxes in 2013 Return of Partnership Income, if your rental activity is a partnership (including a partnership with your spouse unless it is a qualified joint venture). Filing 2010 taxes in 2013 Substantial services do not include the furnishing of heat and light, cleaning of public areas, trash collection, etc. Filing 2010 taxes in 2013 For information, see Publication 334, Tax Guide for Small Business. Filing 2010 taxes in 2013 Also, you may have to pay self-employment tax on your rental income using Schedule SE (Form 1040), Self-Employment Tax. Filing 2010 taxes in 2013 For a discussion of “substantial services,” see Real Estate Rents in Publication 334, chapter 5. Filing 2010 taxes in 2013 Qualified Joint Venture If you and your spouse each materially participate (see Material participation under Passive Activity Limits, later) as the only members of a jointly owned and operated real estate business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership. Filing 2010 taxes in 2013 This election, in most cases, will not increase the total tax owed on the joint return, but it does give each of you credit for social security earnings on which retirement benefits are based and for Medicare coverage if your rental income is subject to self-employment tax. Filing 2010 taxes in 2013 If you make this election, you must report rental real estate income on Schedule E (or Schedule C if you provide substantial services). Filing 2010 taxes in 2013 You will not be required to file Form 1065 for any year the election is in effect. Filing 2010 taxes in 2013 Rental real estate income generally is not included in net earnings from self-employment subject to self-employment tax and generally is subject to the passive activity limits. Filing 2010 taxes in 2013 If you and your spouse filed a Form 1065 for the year prior to the election, the partnership terminates at the end of the tax year immediately preceding the year the election takes effect. Filing 2010 taxes in 2013 For more information on qualified joint ventures, go to IRS. Filing 2010 taxes in 2013 gov and enter “qualified joint venture” in the search box. Filing 2010 taxes in 2013 Limits on Rental Losses If you have a loss from your rental real estate activity, two sets of rules may limit the amount of loss you can deduct. Filing 2010 taxes in 2013 You must consider these rules in the order shown below. Filing 2010 taxes in 2013 Both are discussed in this section. Filing 2010 taxes in 2013 At-risk rules. Filing 2010 taxes in 2013 These rules are applied first if there is investment in your rental real estate activity for which you are not at risk. Filing 2010 taxes in 2013 This applies only if the real property was placed in service after 1986. Filing 2010 taxes in 2013 Passive activity limits. Filing 2010 taxes in 2013 Generally, rental real estate activities are considered passive activities and losses are not deductible unless you have income from other passive activities to offset them. Filing 2010 taxes in 2013 However, there are exceptions. Filing 2010 taxes in 2013 At-Risk Rules You may be subject to the at-risk rules if you have: A loss from an activity carried on as a trade or business or for the production of income, and Amounts invested in the activity for which you are not fully at risk. Filing 2010 taxes in 2013 Losses from holding real property (other than mineral property) placed in service before 1987 are not subject to the at-risk rules. Filing 2010 taxes in 2013 In most cases, any loss from an activity subject to the at-risk rules is allowed only to the extent of the total amount you have at risk in the activity at the end of the tax year. Filing 2010 taxes in 2013 You are considered at risk in an activity to the extent of cash and the adjusted basis of other property you contributed to the activity and certain amounts borrowed for use in the activity. Filing 2010 taxes in 2013 Any loss that is disallowed because of the at-risk limits is treated as a deduction from the same activity in the next tax year. Filing 2010 taxes in 2013 See Publication 925 for a discussion of the at-risk rules. Filing 2010 taxes in 2013 Form 6198. Filing 2010 taxes in 2013   If you are subject to the at-risk rules, file Form 6198, At-Risk Limitations, with your tax return. Filing 2010 taxes in 2013 Passive Activity Limits In most cases, all rental real estate activities (except those of certain real estate professionals, discussed later) are passive activities. Filing 2010 taxes in 2013 For this purpose, a rental activity is an activity from which you receive income mainly for the use of tangible property, rather than for services. Filing 2010 taxes in 2013 For a discussion of activities that are not considered rental activities, see Rental Activities in Publication 925. Filing 2010 taxes in 2013 Deductions or losses from passive activities are limited. Filing 2010 taxes in 2013 You generally cannot offset income, other than passive income, with losses from passive activities. Filing 2010 taxes in 2013 Nor can you offset taxes on income, other than passive income, with credits resulting from passive activities. Filing 2010 taxes in 2013 Any excess loss or credit is carried forward to the next tax year. Filing 2010 taxes in 2013 Exceptions to the rules for figuring passive activity limits for personal use of a dwelling unit and for rental real estate with active participation are discussed later. Filing 2010 taxes in 2013 For a detailed discussion of these rules, see Publication 925. Filing 2010 taxes in 2013 Real estate professionals. Filing 2010 taxes in 2013   If you are a real estate professional, complete line 43 of Schedule E. Filing 2010 taxes in 2013      You qualify as a real estate professional for the tax year if you meet both of the following requirements. Filing 2010 taxes in 2013 More than half of the personal services you perform in all trades or businesses during the tax year are performed in real property trades or businesses in which you materially participate. Filing 2010 taxes in 2013 You perform more than 750 hours of services during the tax year in real property trades or businesses in which you materially participate. Filing 2010 taxes in 2013 If you qualify as a real estate professional, rental real estate activities in which you materially participated are not passive activities. Filing 2010 taxes in 2013 For purposes of determining whether you materially participated in your rental real estate activities, each interest in rental real estate is a separate activity unless you elect to treat all your interests in rental real estate as one activity. Filing 2010 taxes in 2013   Do not count personal services you perform as an employee in real property trades or businesses unless you are a 5% owner of your employer. Filing 2010 taxes in 2013 You are a 5% owner if you own (or are considered to own) more than 5% of your employer's outstanding stock, or capital or profits interest. Filing 2010 taxes in 2013   Do not count your spouse's personal services to determine whether you met the requirements listed earlier to qualify as a real estate professional. Filing 2010 taxes in 2013 However, you can count your spouse's participation in an activity in determining if you materially participated. Filing 2010 taxes in 2013 Real property trades or businesses. Filing 2010 taxes in 2013   A real property trade or business is a trade or business that does any of the following with real property. Filing 2010 taxes in 2013 Develops or redevelops it. Filing 2010 taxes in 2013 Constructs or reconstructs it. Filing 2010 taxes in 2013 Acquires it. Filing 2010 taxes in 2013 Converts it. Filing 2010 taxes in 2013 Rents or leases it. Filing 2010 taxes in 2013 Operates or manages it. Filing 2010 taxes in 2013 Brokers it. Filing 2010 taxes in 2013 Choice to treat all interests as one activity. Filing 2010 taxes in 2013   If you were a real estate professional and had more than one rental real estate interest during the year, you can choose to treat all the interests as one activity. Filing 2010 taxes in 2013 You can make this choice for any year that you qualify as a real estate professional. Filing 2010 taxes in 2013 If you forgo making the choice for one year, you can still make it for a later year. Filing 2010 taxes in 2013   If you make the choice, it is binding for the tax year you make it and for any later year that you are a real estate professional. Filing 2010 taxes in 2013 This is true even if you are not a real estate professional in any intervening year. Filing 2010 taxes in 2013 (For that year, the exception for real estate professionals will not apply in determining whether your activity is subject to the passive activity rules. Filing 2010 taxes in 2013 )   See the Instructions for Schedule E for information about making this choice. Filing 2010 taxes in 2013 Material participation. Filing 2010 taxes in 2013   Generally, you materially participated in an activity for the tax year if you were involved in its operations on a regular, continuous, and substantial basis during the year. Filing 2010 taxes in 2013 For details, see Publication 925 or the Instructions for Schedule C. Filing 2010 taxes in 2013 Participating spouse. Filing 2010 taxes in 2013   If you are married, determine whether you materially participated in an activity by also counting any participation in the activity by your spouse during the year. Filing 2010 taxes in 2013 Do this even if your spouse owns no interest in the activity or files a separate return for the year. Filing 2010 taxes in 2013 Form 8582. Filing 2010 taxes in 2013    You may have to complete Form 8582 to figure the amount of any passive activity loss for the current tax year for all activities and the amount of the passive activity loss allowed on your tax return. Filing 2010 taxes in 2013 See Form 8582 not required , later in this chapter, to determine if you must complete Form 8582. Filing 2010 taxes in 2013   If you are required to complete Form 8582 and are also subject to the at-risk rules, include the amount from Form 6198, line 21 (deductible loss) in column (b) of Form 8582, Worksheet 1 or 3, as required. Filing 2010 taxes in 2013 Exception for Personal Use of Dwelling Unit If you used the rental property as a home during the year, any income, deductions, gain, or loss allocable to such use shall not be taken into account for purposes of the passive activity loss limitation. Filing 2010 taxes in 2013 Instead, follow the rules explained in chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Filing 2010 taxes in 2013 Exception for Rental Real Estate With Active Participation If you or your spouse actively participated in a passive rental real estate activity, you may be able to deduct up to $25,000 of loss from the activity from your nonpassive income. Filing 2010 taxes in 2013 This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities. Filing 2010 taxes in 2013 Similarly, you may be able to offset credits from the activity against the tax on up to $25,000 of nonpassive income after taking into account any losses allowed under this exception. Filing 2010 taxes in 2013 Example. Filing 2010 taxes in 2013 Jane is single and has $40,000 in wages, $2,000 of passive income from a limited partnership, and $3,500 of passive loss from a rental real estate activity in which she actively participated. Filing 2010 taxes in 2013 $2,000 of Jane's $3,500 loss offsets her passive income. Filing 2010 taxes in 2013 The remaining $1,500 loss can be deducted from her $40,000 wages. Filing 2010 taxes in 2013 The special allowance is not available if you were married, lived with your spouse at any time during the year, and are filing a separate return. Filing 2010 taxes in 2013 Active participation. Filing 2010 taxes in 2013   You actively participated in a rental real estate activity if you (and your spouse) owned at least 10% of the rental property and you made management decisions or arranged for others to provide services (such as repairs) in a significant and bona fide sense. Filing 2010 taxes in 2013 Management decisions that may count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and other similar decisions. Filing 2010 taxes in 2013 Example. Filing 2010 taxes in 2013 Mike is single and had the following income and losses during the tax year:   Salary $42,300     Dividends 300     Interest 1,400     Rental loss (4,000)   The rental loss was from the rental of a house Mike owned. Filing 2010 taxes in 2013 Mike had advertised and rented the house to the current tenant himself. Filing 2010 taxes in 2013 He also collected the rents, which usually came by mail. Filing 2010 taxes in 2013 All repairs were either made or contracted out by Mike. Filing 2010 taxes in 2013 Although the rental loss is from a passive activity, because Mike actively participated in the rental property management he can use the entire $4,000 loss to offset his other income. Filing 2010 taxes in 2013 Maximum special allowance. Filing 2010 taxes in 2013   The maximum special allowance is: $25,000 for single individuals and married individuals filing a joint return for the tax year, $12,500 for married individuals who file separate returns for the tax year and lived apart from their spouses at all times during the tax year, and $25,000 for a qualifying estate reduced by the special allowance for which the surviving spouse qualified. Filing 2010 taxes in 2013   If your modified adjusted gross income (MAGI) is $100,000 or less ($50,000 or less if married filing separately), you can deduct your loss up to the amount specified above. Filing 2010 taxes in 2013 If your MAGI is more than $100,000 (more than $50,000 if married filing separately), your special allowance is limited to 50% of the difference between $150,000 ($75,000 if married filing separately) and your MAGI. Filing 2010 taxes in 2013   Generally, if your MAGI is $150,000 or more ($75,000 or more if you are married filing separately), there is no special allowance. Filing 2010 taxes in 2013 Modified adjusted gross income (MAGI). Filing 2010 taxes in 2013   This is your adjusted gross income from Form 1040, U. Filing 2010 taxes in 2013 S. Filing 2010 taxes in 2013 Individual Income Tax Return, line 38, or Form 1040NR, U. Filing 2010 taxes in 2013 S. Filing 2010 taxes in 2013 Nonresident Alien Income Tax Return, line 37, figured without taking into account: The taxable amount of social security or equivalent tier 1 railroad retirement benefits, The deductible contributions to traditional individual retirement accounts (IRAs) and section 501(c)(18) pension plans, The exclusion from income of interest from Series EE and I U. Filing 2010 taxes in 2013 S. Filing 2010 taxes in 2013 savings bonds used to pay higher educational expenses, The exclusion of amounts received under an employer's adoption assistance program, Any passive activity income or loss included on Form 8582, Any rental real estate loss allowed to real estate professionals, Any overall loss from a publicly traded partnership (see Publicly Traded Partnerships (PTPs) in the Instructions for Form 8582), The deduction allowed for one-half of self-employment tax, The deduction allowed for interest paid on student loans, The deduction for qualified tuition and related fees, and The domestic production activities deduction (see the Instructions for Form 8903). Filing 2010 taxes in 2013 Form 8582 not required. Filing 2010 taxes in 2013   Do not complete Form 8582 if you meet all of the following conditions. Filing 2010 taxes in 2013 Your only passive activities were rental real estate activities in which you actively participated. Filing 2010 taxes in 2013 Your overall net loss from these activities is $25,000 or less ($12,500 or less if married filing separately and you lived apart from your spouse all year). Filing 2010 taxes in 2013 If married filing separately, you lived apart from your spouse all year. Filing 2010 taxes in 2013 You have no prior year unallowed losses from these (or any other passive) activities. Filing 2010 taxes in 2013 You have no current or prior year unallowed credits from passive activities. Filing 2010 taxes in 2013 Your MAGI is $100,000 or less ($50,000 or less if married filing separately and you lived apart from your spouse all year). Filing 2010 taxes in 2013 You do not hold any interest in a rental real estate activity as a limited partner or as a beneficiary of an estate or a trust. Filing 2010 taxes in 2013   If you meet all of the conditions listed above, your rental real estate activities are not limited by the passive activity rules and you do not have to complete Form 8582. Filing 2010 taxes in 2013 On lines 23a through 23e of your Schedule E, enter the applicable amounts. Filing 2010 taxes in 2013 Casualties and Thefts As a result of a casualty or theft, you may have a loss related to your rental property. Filing 2010 taxes in 2013 You may be able to deduct the loss on your income tax return. Filing 2010 taxes in 2013 Casualty. Filing 2010 taxes in 2013   This is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. Filing 2010 taxes in 2013 Such events include a storm, fire, or earthquake. Filing 2010 taxes in 2013 Theft. Filing 2010 taxes in 2013   This is defined as the unlawful taking and removing of your money or property with the intent to deprive you of it. Filing 2010 taxes in 2013 Gain from casualty or theft. Filing 2010 taxes in 2013   It is also possible to have a gain from a casualty or theft if you receive money, including insurance, that is more than your adjusted basis in the property. Filing 2010 taxes in 2013 Generally, you must report this gain. Filing 2010 taxes in 2013 However, under certain circumstances, you may defer paying tax by choosing to postpone reporting the gain. Filing 2010 taxes in 2013 To do this, you generally must buy replacement property within 2 years after the close of the first tax year in which any part of your gain is realized. Filing 2010 taxes in 2013 In certain circumstances, the replacement period can be greater than 2 years; see Replacement Period in Publication 547 for more information. Filing 2010 taxes in 2013 The cost of the replacement property must be equal to or more than the net insurance or other payment you received. Filing 2010 taxes in 2013 More information. Filing 2010 taxes in 2013   For information on business and nonbusiness casualty and theft losses, see Publication 547. Filing 2010 taxes in 2013 How to report. Filing 2010 taxes in 2013    If you had a casualty or theft that involved property used in your rental activity, figure the net gain or loss in Section B of Form 4684, Casualties and Thefts. Filing 2010 taxes in 2013 Follow the Instructions for Form 4684 for where to carry your net gain or loss. Filing 2010 taxes in 2013 Example In February 2008, Marie Pfister bought a rental house for $135,000 (house $120,000 and land $15,000) and immediately began renting it out. Filing 2010 taxes in 2013 In 2013, she rented it all 12 months for a monthly rental fee of $1,125. Filing 2010 taxes in 2013 In addition to her rental income of $13,500 (12 x $1,125), Marie had the following expenses. Filing 2010 taxes in 2013 Mortgage interest $8,000 Fire insurance (1-year policy) 250 Miscellaneous repairs 400 Real estate taxes imposed and paid 500 Maintenance 200 Marie depreciates the residential rental property under MACRS GDS. Filing 2010 taxes in 2013 This means using the straight line method over a recovery period of 27. Filing 2010 taxes in 2013 5 years. Filing 2010 taxes in 2013 She uses Table 2-2d to find her depreciation percentage. Filing 2010 taxes in 2013 Because she placed the property in service in February 2008, she continues to use that row of Table 2-2d. Filing 2010 taxes in 2013 For year 6, the rate is 3. Filing 2010 taxes in 2013 636%. Filing 2010 taxes in 2013 Marie figures her net rental income or loss for the house as follows: Total rental income received  ($1,125 × 12) $13,500 Minus: Expenses     Mortgage interest $8,000   Fire insurance 250   Miscellaneous repairs 400   Real estate taxes 500   Maintenance 200   Total expenses 9,350 Balance $4,150 Minus: Depreciation ($120,000 x 3. Filing 2010 taxes in 2013 636%) 4,363 Net rental (loss) for house ($213)       Marie had a net loss for the year. Filing 2010 taxes in 2013 Because she actively participated in her passive rental real estate activity and her loss was less than $25,000, she can deduct the loss on her return. Filing 2010 taxes in 2013 Marie also meets all of the requirements for not having to file Form 8582. Filing 2010 taxes in 2013 She uses Schedule E, Part I, to report her rental income and expenses. Filing 2010 taxes in 2013 She enters her income, expenses, and depreciation for the house in the column for Property A and enters her loss on line 22. Filing 2010 taxes in 2013 Form 4562 is not required. Filing 2010 taxes in 2013 Prev  Up  Next   Home   More Online Publications