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Filing Late Taxes For 2011

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Filing Late Taxes For 2011

Filing late taxes for 2011 22. Filing late taxes for 2011   Taxes Table of Contents IntroductionIndian tribal government. Filing late taxes for 2011 Useful Items - You may want to see: Tests To Deduct Any Tax Income TaxesState and Local Income Taxes Foreign Income Taxes General Sales TaxesMotor vehicles. Filing late taxes for 2011 Real Estate TaxesReal estate taxes for prior years. Filing late taxes for 2011 Examples. Filing late taxes for 2011 Form 1099-S. Filing late taxes for 2011 Real Estate-Related Items You Cannot Deduct Personal Property Taxes Taxes and Fees You Cannot Deduct Where To Deduct Introduction This chapter discusses which taxes you can deduct if you itemize deductions on Schedule A (Form 1040). Filing late taxes for 2011 It also explains which taxes you can deduct on other schedules or forms and which taxes you cannot deduct. Filing late taxes for 2011 This chapter covers the following topics. Filing late taxes for 2011 Income taxes (federal, state, local, and foreign). Filing late taxes for 2011 General sales taxes (state and local). Filing late taxes for 2011 Real estate taxes (state, local, and foreign). Filing late taxes for 2011 Personal property taxes (state and local). Filing late taxes for 2011 Taxes and fees you cannot deduct. Filing late taxes for 2011 Use Table 22-1 as a guide to determine which taxes you can deduct. Filing late taxes for 2011 The end of the chapter contains a section that explains which forms you use to deduct different types of taxes. Filing late taxes for 2011 Business taxes. Filing late taxes for 2011   You can deduct certain taxes only if they are ordinary and necessary expenses of your trade or business or of producing income. Filing late taxes for 2011 For information on these taxes, see Publication 535, Business Expenses. Filing late taxes for 2011 State or local taxes. Filing late taxes for 2011   These are taxes imposed by the 50 states, U. Filing late taxes for 2011 S. Filing late taxes for 2011 possessions, or any of their political subdivisions (such as a county or city), or by the District of Columbia. Filing late taxes for 2011 Indian tribal government. Filing late taxes for 2011   An Indian tribal government recognized by the Secretary of the Treasury as performing substantial government functions will be treated as a state for purposes of claiming a deduction for taxes. Filing late taxes for 2011 Income taxes, real estate taxes, and personal property taxes imposed by that Indian tribal government (or by any of its subdivisions that are treated as political subdivisions of a state) are deductible. Filing late taxes for 2011 General sales taxes. Filing late taxes for 2011   These are taxes imposed at one rate on retail sales of a broad range of classes of items. Filing late taxes for 2011 Foreign taxes. Filing late taxes for 2011   These are taxes imposed by a foreign country or any of its political subdivisions. Filing late taxes for 2011 Useful Items - You may want to see: Publication 514 Foreign Tax Credit for Individuals 530 Tax Information for Homeowners Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule E (Form 1040) Supplemental Income and Loss 1116 Foreign Tax Credit Tests To Deduct Any Tax The following two tests must be met for you to deduct any tax. Filing late taxes for 2011 The tax must be imposed on you. Filing late taxes for 2011 You must pay the tax during your tax year. Filing late taxes for 2011 The tax must be imposed on you. Filing late taxes for 2011   In general, you can deduct only taxes imposed on you. Filing late taxes for 2011   Generally, you can deduct property taxes only if you are an owner of the property. Filing late taxes for 2011 If your spouse owns the property and pays the real estate taxes, the taxes are deductible on your spouse's separate return or on your joint return. Filing late taxes for 2011 You must pay the tax during your tax year. Filing late taxes for 2011   If you are a cash basis taxpayer, you can deduct only those taxes you actually paid during your tax year. Filing late taxes for 2011 If you pay your taxes by check, the day you mail or deliver the check is the date of payment, provided the check is honored by the financial institution. Filing late taxes for 2011 If you use a pay-by-phone account (such as a credit card or electronic funds withdrawal), the date reported on the statement of the financial institution showing when payment was made is the date of payment. Filing late taxes for 2011 If you contest a tax liability and are a cash basis taxpayer, you can deduct the tax only in the year you actually pay it (or transfer money or other property to provide for satisfaction of the contested liability). Filing late taxes for 2011 See Publication 538, Accounting Periods and Methods, for details. Filing late taxes for 2011    If you use an accrual method of accounting, see Publication 538 for more information. Filing late taxes for 2011 Income Taxes This section discusses the deductibility of state and local income taxes (including employee contributions to state benefit funds) and foreign income taxes. Filing late taxes for 2011 State and Local Income Taxes You can deduct state and local income taxes. Filing late taxes for 2011 However, you can elect to deduct state and local general sales taxes instead of state and local income taxes. Filing late taxes for 2011 See General Sales Taxes , later. Filing late taxes for 2011 Exception. Filing late taxes for 2011    You cannot deduct state and local income taxes you pay on income that is exempt from federal income tax, unless the exempt income is interest income. Filing late taxes for 2011 For example, you cannot deduct the part of a state's income tax that is on a cost-of-living allowance exempt from federal income tax. Filing late taxes for 2011 What To Deduct Your deduction may be for withheld taxes, estimated tax payments, or other tax payments as follows. Filing late taxes for 2011 Withheld taxes. Filing late taxes for 2011   You can deduct state and local income taxes withheld from your salary in the year they are withheld. Filing late taxes for 2011 Your Form(s) W-2 will show these amounts. Filing late taxes for 2011 Forms W-2G, 1099-G, 1099-R, and 1099-MISC may also show state and local income taxes withheld. Filing late taxes for 2011 Estimated tax payments. Filing late taxes for 2011   You can deduct estimated tax payments you made during the year to a state or local government. Filing late taxes for 2011 However, you must have a reasonable basis for making the estimated tax payments. Filing late taxes for 2011 Any estimated state or local tax payments that are not made in good faith at the time of payment are not deductible. Filing late taxes for 2011 For example, you made an estimated state income tax payment. Filing late taxes for 2011 However, the estimate of your state tax liability shows that you will get a refund of the full amount of your estimated payment. Filing late taxes for 2011 You had no reasonable basis to believe you had any additional liability for state income taxes and you cannot deduct the estimated tax payment. Filing late taxes for 2011 Refund applied to taxes. Filing late taxes for 2011   You can deduct any part of a refund of prior-year state or local income taxes that you chose to have credited to your 2013 estimated state or local income taxes. Filing late taxes for 2011    Do not reduce your deduction by either of the following items. Filing late taxes for 2011 Any state or local income tax refund (or credit) you expect to receive for 2013. Filing late taxes for 2011 Any refund of (or credit for) prior-year state and local income taxes you actually received in 2013. Filing late taxes for 2011   However, part or all of this refund (or credit) may be taxable. Filing late taxes for 2011 See Refund (or credit) of state or local income taxes , later. Filing late taxes for 2011 Separate federal returns. Filing late taxes for 2011   If you and your spouse file separate state, local, and federal income tax returns, you each can deduct on your federal return only the amount of your own state and local income tax that you paid during the tax year. Filing late taxes for 2011 Joint state and local returns. Filing late taxes for 2011   If you and your spouse file joint state and local returns and separate federal returns, each of you can deduct on your separate federal return a part of the total state and local income taxes paid during the tax year. Filing late taxes for 2011 You can deduct only the amount of the total taxes that is proportionate to your gross income compared to the combined gross income of you and your spouse. Filing late taxes for 2011 However, you cannot deduct more than the amount you actually paid during the year. Filing late taxes for 2011 You can avoid this calculation if you and your spouse are jointly and individually liable for the full amount of the state and local income taxes. Filing late taxes for 2011 If so, you and your spouse can deduct on your separate federal returns the amount you each actually paid. Filing late taxes for 2011 Joint federal return. Filing late taxes for 2011   If you file a joint federal return, you can deduct the total of the state and local income taxes both of you paid. Filing late taxes for 2011 Contributions to state benefit funds. Filing late taxes for 2011    As an employee, you can deduct mandatory contributions to state benefit funds withheld from your wages that provide protection against loss of wages. Filing late taxes for 2011 For example, certain states require employees to make contributions to state funds providing disability or unemployment insurance benefits. Filing late taxes for 2011 Mandatory payments made to the following state benefit funds are deductible as state income taxes on Schedule A (Form 1040), line 5. Filing late taxes for 2011 Alaska Unemployment Compensation Fund. Filing late taxes for 2011 California Nonoccupational Disability Benefit Fund. Filing late taxes for 2011 New Jersey Nonoccupational Disability Benefit Fund. Filing late taxes for 2011 New Jersey Unemployment Compensation Fund. Filing late taxes for 2011 New York Nonoccupational Disability Benefit Fund. Filing late taxes for 2011 Pennsylvania Unemployment Compensation Fund. Filing late taxes for 2011 Rhode Island Temporary Disability Benefit Fund. Filing late taxes for 2011 Washington State Supplemental Workmen's Compensation Fund. Filing late taxes for 2011    Employee contributions to private or voluntary disability plans are not deductible. Filing late taxes for 2011 Refund (or credit) of state or local income taxes. Filing late taxes for 2011   If you receive a refund of (or credit for) state or local income taxes in a year after the year in which you paid them, you may have to include the refund in income on Form 1040, line 10, in the year you receive it. Filing late taxes for 2011 This includes refunds resulting from taxes that were overwithheld, applied from a prior year return, not figured correctly, or figured again because of an amended return. Filing late taxes for 2011 If you did not itemize your deductions in the previous year, do not include the refund in income. Filing late taxes for 2011 If you deducted the taxes in the previous year, include all or part of the refund on Form 1040, line 10, in the year you receive the refund. Filing late taxes for 2011 For a discussion of how much to include, see Recoveries in chapter 12. Filing late taxes for 2011 Foreign Income Taxes Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. Filing late taxes for 2011 S. Filing late taxes for 2011 possession. Filing late taxes for 2011 However, you cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. Filing late taxes for 2011 S. Filing late taxes for 2011 tax under the foreign earned income exclusion or the foreign housing exclusion. Filing late taxes for 2011 For information on these exclusions, see Publication 54, Tax Guide for U. Filing late taxes for 2011 S. Filing late taxes for 2011 Citizens and Resident Aliens Abroad. Filing late taxes for 2011 For information on the foreign tax credit, see Publication 514. Filing late taxes for 2011 General Sales Taxes You can elect to deduct state and local general sales taxes, instead of state and local income taxes, as an itemized deduction on Schedule A (Form 1040), line 5b. Filing late taxes for 2011 You can use either your actual expenses or the state and local sales tax tables to figure your sales tax deduction. Filing late taxes for 2011 Actual expenses. Filing late taxes for 2011   Generally, you can deduct the actual state and local general sales taxes (including compensating use taxes) if the tax rate was the same as the general sales tax rate. Filing late taxes for 2011 However, sales taxes on food, clothing, medical supplies, and motor vehicles are deductible as a general sales tax even if the tax rate was less than the general sales tax rate. Filing late taxes for 2011 If you paid sales tax on a motor vehicle at a rate higher than the general sales tax rate, you can deduct only the amount of tax that you would have paid at the general sales tax rate on that vehicle. Filing late taxes for 2011 If you use the actual expenses method, you must have receipts to show the general sales taxes paid. Filing late taxes for 2011 Do not include sales taxes paid on items used in your trade or business. Filing late taxes for 2011 Motor vehicles. Filing late taxes for 2011   For purposes of this section, motor vehicles include cars, motorcycles, motor homes, recreational vehicles, sport utility vehicles, trucks, vans, and off-road vehicles. Filing late taxes for 2011 This also includes sales taxes on a leased motor vehicle, but not on vehicles used in your trade or business. Filing late taxes for 2011 Optional sales tax tables. Filing late taxes for 2011   Instead of using your actual expenses, you can figure your state and local general sales tax deduction using the state and local sales tax tables in the Instructions for Schedule A (Form 1040). Filing late taxes for 2011 You may also be able to add the state and local general sales taxes paid on certain specified items. Filing late taxes for 2011   Your applicable table amount is based on the state where you live, your income, and the number of exemptions claimed on your tax return. Filing late taxes for 2011 Your income is your adjusted gross income plus any nontaxable items such as the following. Filing late taxes for 2011 Tax-exempt interest. Filing late taxes for 2011 Veterans' benefits. Filing late taxes for 2011 Nontaxable combat pay. Filing late taxes for 2011 Workers' compensation. Filing late taxes for 2011 Nontaxable part of social security and railroad retirement benefits. Filing late taxes for 2011 Nontaxable part of IRA, pension, or annuity distributions, excluding rollovers. Filing late taxes for 2011 Public assistance payments. Filing late taxes for 2011 If you lived in different states during the same tax year, you must prorate your applicable table amount for each state based on the days you lived in each state. Filing late taxes for 2011 See the Instructions for Schedule A (Form 1040), line 5, for details. Filing late taxes for 2011 Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real property levied for the general public welfare. Filing late taxes for 2011 You can deduct these taxes only if they are based on the assessed value of the real property and charged uniformly against all property under the jurisdiction of the taxing authority. Filing late taxes for 2011 Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. Filing late taxes for 2011 They also do not include itemized charges for services (such as trash collection) assessed against specific property or certain people, even if the charge is paid to the taxing authority. Filing late taxes for 2011 For more information about taxes and charges that are not deductible, see Real Estate-Related Items You Cannot Deduct , later. Filing late taxes for 2011 Tenant-shareholders in a cooperative housing corporation. Filing late taxes for 2011   Generally, if you are a tenant-stockholder in a cooperative housing corporation, you can deduct the amount paid to the corporation that represents your share of the real estate taxes the corporation paid or incurred for your dwelling unit. Filing late taxes for 2011 The corporation should provide you with a statement showing your share of the taxes. Filing late taxes for 2011 For more information, see Special Rules for Cooperatives in Publication 530. Filing late taxes for 2011 Division of real estate taxes between buyers and sellers. Filing late taxes for 2011   If you bought or sold real estate during the year, the real estate taxes must be divided between the buyer and the seller. Filing late taxes for 2011   The buyer and the seller must divide the real estate taxes according to the number of days in the real property tax year (the period to which the tax is imposed relates) that each owned the property. Filing late taxes for 2011 The seller is treated as paying the taxes up to, but not including, the date of sale. Filing late taxes for 2011 The buyer is treated as paying the taxes beginning with the date of sale. Filing late taxes for 2011 This applies regardless of the lien dates under local law. Filing late taxes for 2011 Generally, this information is included on the settlement statement provided at the closing. Filing late taxes for 2011    If you (the seller) cannot deduct taxes until they are paid because you use the cash method of accounting, and the buyer of your property is personally liable for the tax, you are considered to have paid your part of the tax at the time of the sale. Filing late taxes for 2011 This lets you deduct the part of the tax to the date of sale even though you did not actually pay it. Filing late taxes for 2011 However, you must also include the amount of that tax in the selling price of the property. Filing late taxes for 2011 The buyer must include the same amount in his or her cost of the property. Filing late taxes for 2011   You figure your deduction for taxes on each property bought or sold during the real property tax year as follows. Filing late taxes for 2011 Worksheet 22-1. Filing late taxes for 2011 Figuring Your Real Estate Tax Deduction 1. Filing late taxes for 2011 Enter the total real estate taxes for the real property tax year   2. Filing late taxes for 2011 Enter the number of days in the real property tax year that you owned the property   3. Filing late taxes for 2011 Divide line 2 by 365 (for leap years, divide line 2 by 366) . Filing late taxes for 2011 4. Filing late taxes for 2011 Multiply line 1 by line 3. Filing late taxes for 2011 This is your deduction. Filing late taxes for 2011 Enter it on Schedule A (Form 1040), line 6   Note. Filing late taxes for 2011 Repeat steps 1 through 4 for each property you bought or sold during the real property tax year. Filing late taxes for 2011 Your total deduction is the sum of the line 4 amounts for all of the properties. Filing late taxes for 2011 Real estate taxes for prior years. Filing late taxes for 2011   Do not divide delinquent taxes between the buyer and seller if the taxes are for any real property tax year before the one in which the property is sold. Filing late taxes for 2011 Even if the buyer agrees to pay the delinquent taxes, the buyer cannot deduct them. Filing late taxes for 2011 The buyer must add them to the cost of the property. Filing late taxes for 2011 The seller can deduct these taxes paid by the buyer. Filing late taxes for 2011 However, the seller must include them in the selling price. Filing late taxes for 2011 Examples. Filing late taxes for 2011   The following examples illustrate how real estate taxes are divided between buyer and seller. Filing late taxes for 2011 Example 1. Filing late taxes for 2011 Dennis and Beth White's real property tax year for both their old home and their new home is the calendar year, with payment due August 1. Filing late taxes for 2011 The tax on their old home, sold on May 7, was $620. Filing late taxes for 2011 The tax on their new home, bought on May 3, was $732. Filing late taxes for 2011 Dennis and Beth are considered to have paid a proportionate share of the real estate taxes on the old home even though they did not actually pay them to the taxing authority. Filing late taxes for 2011 On the other hand, they can claim only a proportionate share of the taxes they paid on their new property even though they paid the entire amount. Filing late taxes for 2011 Dennis and Beth owned their old home during the real property tax year for 126 days (January 1 to May 6, the day before the sale). Filing late taxes for 2011 They figure their deduction for taxes on their old home as follows. Filing late taxes for 2011 Worksheet 22-1. Filing late taxes for 2011 Figuring Your Real Estate Tax Deduction — Taxes on Old Home 1. Filing late taxes for 2011 Enter the total real estate taxes for the real property tax year $620 2. Filing late taxes for 2011 Enter the number of days in the real property tax year that you owned the property 126 3. Filing late taxes for 2011 Divide line 2 by 365 (for leap years, divide line 2 by 366) . Filing late taxes for 2011 3452 4. Filing late taxes for 2011 Multiply line 1 by line 3. Filing late taxes for 2011 This is your deduction. Filing late taxes for 2011 Enter it on Schedule A (Form 1040), line 6 $214 Since the buyers of their old home paid all of the taxes, Dennis and Beth also include the $214 in the selling price of the old home. Filing late taxes for 2011 (The buyers add the $214 to their cost of the home. Filing late taxes for 2011 ) Dennis and Beth owned their new home during the real property tax year for 243 days (May 3 to December 31, including their date of purchase). Filing late taxes for 2011 They figure their deduction for taxes on their new home as follows. Filing late taxes for 2011 Worksheet 22-1. Filing late taxes for 2011 Figuring Your Real Estate Tax Deduction — Taxes on New Home 1. Filing late taxes for 2011 Enter the total real estate taxes for the real property tax year $732 2. Filing late taxes for 2011 Enter the number of days in the real property tax year that you owned the property 243 3. Filing late taxes for 2011 Divide line 2 by 365 (for leap years, divide line 2 by 366) . Filing late taxes for 2011 6658 4. Filing late taxes for 2011 Multiply line 1 by line 3. Filing late taxes for 2011 This is your deduction. Filing late taxes for 2011 Enter it on Schedule A (Form 1040), line 6 $487 Since Dennis and Beth paid all of the taxes on the new home, they add $245 ($732 paid less $487 deduction) to their cost of the new home. Filing late taxes for 2011 (The sellers add this $245 to their selling price and deduct the $245 as a real estate tax. Filing late taxes for 2011 ) Dennis and Beth's real estate tax deduction for their old and new homes is the sum of $214 and $487, or $701. Filing late taxes for 2011 They will enter this amount on Schedule A (Form 1040), line 6. Filing late taxes for 2011 Example 2. Filing late taxes for 2011 George and Helen Brown bought a new home on May 3, 2013. Filing late taxes for 2011 Their real property tax year for the new home is the calendar year. Filing late taxes for 2011 Real estate taxes for 2012 were assessed in their state on January 1, 2013. Filing late taxes for 2011 The taxes became due on May 31, 2013, and October 31, 2013. Filing late taxes for 2011 The Browns agreed to pay all taxes due after the date of purchase. Filing late taxes for 2011 Real estate taxes for 2012 were $680. Filing late taxes for 2011 They paid $340 on May 31, 2013, and $340 on October 31, 2013. Filing late taxes for 2011 These taxes were for the 2012 real property tax year. Filing late taxes for 2011 The Browns cannot deduct them since they did not own the property until 2013. Filing late taxes for 2011 Instead, they must add $680 to the cost of their new home. Filing late taxes for 2011 In January 2014, the Browns receive their 2013 property tax statement for $752, which they will pay in 2014. Filing late taxes for 2011 The Browns owned their new home during the 2013 real property tax year for 243 days (May 3 to December 31). Filing late taxes for 2011 They will figure their 2014 deduction for taxes as follows. Filing late taxes for 2011 Worksheet 22-1. Filing late taxes for 2011 Figuring Your Real Estate Tax Deduction — Taxes on New Home 1. Filing late taxes for 2011 Enter the total real estate taxes for the real property tax year $752 2. Filing late taxes for 2011 Enter the number of days in the real property tax year that you owned the property 243 3. Filing late taxes for 2011 Divide line 2 by 365 (for leap years, divide line 2 by 366) . Filing late taxes for 2011 6658 4. Filing late taxes for 2011 Multiply line 1 by line 3. Filing late taxes for 2011 This is your deduction. Filing late taxes for 2011 Claim it on Schedule A (Form 1040), line 6 $501 The remaining $251 ($752 paid less $501 deduction) of taxes paid in 2014, along with the $680 paid in 2013, is added to the cost of their new home. Filing late taxes for 2011 Because the taxes up to the date of sale are considered paid by the seller on the date of sale, the seller is entitled to a 2013 tax deduction of $931. Filing late taxes for 2011 This is the sum of the $680 for 2012 and the $251 for the 122 days the seller owned the home in 2013. Filing late taxes for 2011 The seller must also include the $931 in the selling price when he or she figures the gain or loss on the sale. Filing late taxes for 2011 The seller should contact the Browns in January 2014 to find out how much real estate tax is due for 2013. Filing late taxes for 2011 Form 1099-S. Filing late taxes for 2011   For certain sales or exchanges of real estate, the person responsible for closing the sale (generally the settlement agent) prepares Form 1099-S, Proceeds From Real Estate Transactions, to report certain information to the IRS and to the seller of the property. Filing late taxes for 2011 Box 2 of Form 1099-S is for the gross proceeds from the sale and should include the portion of the seller's real estate tax liability that the buyer will pay after the date of sale. Filing late taxes for 2011 The buyer includes these taxes in the cost basis of the property, and the seller both deducts this amount as a tax paid and includes it in the sales price of the property. Filing late taxes for 2011   For a real estate transaction that involves a home, any real estate tax the seller paid in advance but that is the liability of the buyer appears on Form 1099-S, box 5. Filing late taxes for 2011 The buyer deducts this amount as a real estate tax, and the seller reduces his or her real estate tax deduction (or includes it in income) by the same amount. Filing late taxes for 2011 See Refund (or rebate) , later. Filing late taxes for 2011 Taxes placed in escrow. Filing late taxes for 2011   If your monthly mortgage payment includes an amount placed in escrow (put in the care of a third party) for real estate taxes, you may not be able to deduct the total amount placed in escrow. Filing late taxes for 2011 You can deduct only the real estate tax that the third party actually paid to the taxing authority. Filing late taxes for 2011 If the third party does not notify you of the amount of real estate tax that was paid for you, contact the third party or the taxing authority to find the proper amount to show on your return. Filing late taxes for 2011 Tenants by the entirety. Filing late taxes for 2011   If you and your spouse held property as tenants by the entirety and you file separate federal returns, each of you can deduct only the taxes each of you paid on the property. Filing late taxes for 2011 Divorced individuals. Filing late taxes for 2011   If your divorce or separation agreement states that you must pay the real estate taxes for a home owned by you and your spouse, part of your payments may be deductible as alimony and part as real estate taxes. Filing late taxes for 2011 See Taxes and insurance in chapter 18 for more information. Filing late taxes for 2011 Ministers' and military housing allowances. Filing late taxes for 2011   If you are a minister or a member of the uniformed services and receive a housing allowance that you can exclude from income, you still can deduct all of the real estate taxes you pay on your home. Filing late taxes for 2011 Refund (or rebate). Filing late taxes for 2011   If you received a refund or rebate in 2013 of real estate taxes you paid in 2013, you must reduce your deduction by the amount refunded to you. Filing late taxes for 2011 If you received a refund or rebate in 2013 of real estate taxes you deducted in an earlier year (either as an itemized deduction or an increase to your standard deduction), you generally must include the refund or rebate in income in the year you receive it. Filing late taxes for 2011 However, the amount you include in income is limited to the amount of the deduction that reduced your tax in the earlier year. Filing late taxes for 2011 For more information, see Recoveries in chapter 12. Filing late taxes for 2011 Table 22-1. Filing late taxes for 2011 Which Taxes Can You Deduct? Type of Tax You Can Deduct You Cannot Deduct Fees and Charges Fees and charges that are expenses of your trade or business or of producing income. Filing late taxes for 2011 Fees and charges that are not expenses of your trade or business or of producing income, such as fees for driver's licenses, car inspections, parking, or charges for water bills (see Taxes and Fees You Cannot Deduct ). Filing late taxes for 2011     Fines and penalties. Filing late taxes for 2011 Income Taxes State and local income taxes. Filing late taxes for 2011 Federal income taxes. Filing late taxes for 2011   Foreign income taxes. Filing late taxes for 2011     Employee contributions to state funds listed under Contributions to state benefit funds . Filing late taxes for 2011 Employee contributions to private or voluntary disability plans. Filing late taxes for 2011     State and local general sales taxes if you choose to deduct state and local income taxes. Filing late taxes for 2011 General Sales Taxes State and local general sales taxes, including compensating use taxes. Filing late taxes for 2011 State and local income taxes if you choose to deduct state and local general sales taxes. Filing late taxes for 2011 Other Taxes Taxes that are expenses of your trade or business. Filing late taxes for 2011 Federal excise taxes, such as tax on gasoline, that are not expenses of your trade or business or of producing income. Filing late taxes for 2011   Taxes on property producing rent or royalty income. Filing late taxes for 2011 Per capita taxes. Filing late taxes for 2011   Occupational taxes. Filing late taxes for 2011 See chapter 28. Filing late taxes for 2011     One-half of self-employment tax paid. Filing late taxes for 2011   Personal Property Taxes State and local personal property taxes. Filing late taxes for 2011 Customs duties that are not expenses of your trade or business or of producing income. Filing late taxes for 2011 Real Estate Taxes State and local real estate taxes. Filing late taxes for 2011 Real estate taxes that are treated as imposed on someone else (see Division of real estate taxes between buyers and sellers ). Filing late taxes for 2011   Foreign real estate taxes. Filing late taxes for 2011 Taxes for local benefits (with exceptions). Filing late taxes for 2011 See Real Estate-Related Items You Cannot Deduct . Filing late taxes for 2011   Tenant's share of real estate taxes paid by  cooperative housing corporation. Filing late taxes for 2011 Trash and garbage pickup fees (with exceptions). Filing late taxes for 2011 See Real Estate-Related Items You Cannot Deduct . Filing late taxes for 2011     Rent increase due to higher real estate taxes. Filing late taxes for 2011     Homeowners' association charges. Filing late taxes for 2011 Real Estate-Related Items You Cannot Deduct Payments for the following items generally are not deductible as real estate taxes. Filing late taxes for 2011 Taxes for local benefits. Filing late taxes for 2011 Itemized charges for services (such as trash and garbage pickup fees). Filing late taxes for 2011 Transfer taxes (or stamp taxes). Filing late taxes for 2011 Rent increases due to higher real estate taxes. Filing late taxes for 2011 Homeowners' association charges. Filing late taxes for 2011 Taxes for local benefits. Filing late taxes for 2011   Deductible real estate taxes generally do not include taxes charged for local benefits and improvements tending to increase the value of your property. Filing late taxes for 2011 These include assessments for streets, sidewalks, water mains, sewer lines, public parking facilities, and similar improvements. Filing late taxes for 2011 You should increase the basis of your property by the amount of the assessment. Filing late taxes for 2011   Local benefit taxes are deductible only if they are for maintenance, repair, or interest charges related to those benefits. Filing late taxes for 2011 If only a part of the taxes is for maintenance, repair, or interest, you must be able to show the amount of that part to claim the deduction. Filing late taxes for 2011 If you cannot determine what part of the tax is for maintenance, repair, or interest, none of it is deductible. Filing late taxes for 2011    Taxes for local benefits may be included in your real estate tax bill. Filing late taxes for 2011 If your taxing authority (or mortgage lender) does not furnish you a copy of your real estate tax bill, ask for it. Filing late taxes for 2011 You should use the rules above to determine if the local benefit tax is deductible. Filing late taxes for 2011 Contact the taxing authority if you need additional information about a specific charge on your real estate tax bill. Filing late taxes for 2011 Itemized charges for services. Filing late taxes for 2011    An itemized charge for services assessed against specific property or certain people is not a tax, even if the charge is paid to the taxing authority. Filing late taxes for 2011 For example, you cannot deduct the charge as a real estate tax if it is: A unit fee for the delivery of a service (such as a $5 fee charged for every 1,000 gallons of water you use), A periodic charge for a residential service (such as a $20 per month or $240 annual fee charged to each homeowner for trash collection), or A flat fee charged for a single service provided by your government (such as a $30 charge for mowing your lawn because it was allowed to grow higher than permitted under your local ordinance). Filing late taxes for 2011    You must look at your real estate tax bill to determine if any nondeductible itemized charges, such as those listed above, are included in the bill. Filing late taxes for 2011 If your taxing authority (or mortgage lender) does not furnish you a copy of your real estate tax bill, ask for it. Filing late taxes for 2011 Exception. Filing late taxes for 2011   Service charges used to maintain or improve services (such as trash collection or police and fire protection) are deductible as real estate taxes if: The fees or charges are imposed at a like rate against all property in the taxing jurisdiction, The funds collected are not earmarked; instead, they are commingled with general revenue funds, and Funds used to maintain or improve services are not limited to or determined by the amount of these fees or charges collected. Filing late taxes for 2011 Transfer taxes (or stamp taxes). Filing late taxes for 2011   Transfer taxes and similar taxes and charges on the sale of a personal home are not deductible. Filing late taxes for 2011 If they are paid by the seller, they are expenses of the sale and reduce the amount realized on the sale. Filing late taxes for 2011 If paid by the buyer, they are included in the cost basis of the property. Filing late taxes for 2011 Rent increase due to higher real estate taxes. Filing late taxes for 2011   If your landlord increases your rent in the form of a tax surcharge because of increased real estate taxes, you cannot deduct the increase as taxes. Filing late taxes for 2011 Homeowners' association charges. Filing late taxes for 2011   These charges are not deductible because they are imposed by the homeowners' association, rather than the state or local government. Filing late taxes for 2011 Personal Property Taxes Personal property tax is deductible if it is a state or local tax that is: Charged on personal property, Based only on the value of the personal property, and Charged on a yearly basis, even if it is collected more or less than once a year. Filing late taxes for 2011 A tax that meets the above requirements can be considered charged on personal property even if it is for the exercise of a privilege. Filing late taxes for 2011 For example, a yearly tax based on value qualifies as a personal property tax even if it is called a registration fee and is for the privilege of registering motor vehicles or using them on the highways. Filing late taxes for 2011 If the tax is partly based on value and partly based on other criteria, it may qualify in part. Filing late taxes for 2011 Example. Filing late taxes for 2011 Your state charges a yearly motor vehicle registration tax of 1% of value plus 50 cents per hundredweight. Filing late taxes for 2011 You paid $32 based on the value ($1,500) and weight (3,400 lbs. Filing late taxes for 2011 ) of your car. Filing late taxes for 2011 You can deduct $15 (1% × $1,500) as a personal property tax because it is based on the value. Filing late taxes for 2011 The remaining $17 ($. Filing late taxes for 2011 50 × 34), based on the weight, is not deductible. Filing late taxes for 2011 Taxes and Fees You Cannot Deduct Many federal, state, and local government taxes are not deductible because they do not fall within the categories discussed earlier. Filing late taxes for 2011 Other taxes and fees, such as federal income taxes, are not deductible because the tax law specifically prohibits a deduction for them. Filing late taxes for 2011 See Table 22-1. Filing late taxes for 2011 Taxes and fees that are generally not deductible include the following items. Filing late taxes for 2011 Employment taxes. Filing late taxes for 2011 This includes social security, Medicare, and railroad retirement taxes withheld from your pay. Filing late taxes for 2011 However, one-half of self-employment tax you pay is deductible. Filing late taxes for 2011 In addition, the social security and other employment taxes you pay on the wages of a household worker may be included in medical expenses that you can deduct or child care expenses that allow you to claim the child and dependent care credit. Filing late taxes for 2011 For more information, see chapters 21 and 32. Filing late taxes for 2011 Estate, inheritance, legacy, or succession taxes. Filing late taxes for 2011 However, you can deduct the estate tax attributable to income in respect of a decedent if you, as a beneficiary, must include that income in your gross income. Filing late taxes for 2011 In that case, deduct the estate tax as a miscellaneous deduction that is not subject to the 2%-of-adjusted-gross-income limit. Filing late taxes for 2011 For more information, see Publication 559, Survivors, Executors, and Administrators. Filing late taxes for 2011 Federal income taxes. Filing late taxes for 2011 This includes income taxes withheld from your pay. Filing late taxes for 2011 Fines and penalties. Filing late taxes for 2011 You cannot deduct fines and penalties paid to a government for violation of any law, including related amounts forfeited as collateral deposits. Filing late taxes for 2011 Gift taxes. Filing late taxes for 2011 License fees. Filing late taxes for 2011 You cannot deduct license fees for personal purposes (such as marriage, driver's, and dog license fees). Filing late taxes for 2011 Per capita taxes. Filing late taxes for 2011 You cannot deduct state or local per capita taxes. Filing late taxes for 2011 Many taxes and fees other than those listed above are also nondeductible, unless they are ordinary and necessary expenses of a business or income producing activity. Filing late taxes for 2011 For other nondeductible items, see Real Estate-Related Items You Cannot Deduct , earlier. Filing late taxes for 2011 Where To Deduct You deduct taxes on the following schedules. Filing late taxes for 2011 State and local income taxes. Filing late taxes for 2011    These taxes are deducted on Schedule A (Form 1040), line 5, even if your only source of income is from business, rents, or royalties. Filing late taxes for 2011 Check box a on line 5. Filing late taxes for 2011 General sales taxes. Filing late taxes for 2011   Sales taxes are deducted on Schedule A (Form 1040), line 5. Filing late taxes for 2011 You must check box b on line 5. Filing late taxes for 2011 If you elect to deduct sales taxes, you cannot deduct state and local income taxes on Schedule A (Form 1040), line 5, box a. Filing late taxes for 2011 Foreign income taxes. Filing late taxes for 2011   Generally, income taxes you pay to a foreign country or U. Filing late taxes for 2011 S. Filing late taxes for 2011 possession can be claimed as an itemized deduction on Schedule A (Form 1040), line 8, or as a credit against your U. Filing late taxes for 2011 S. Filing late taxes for 2011 income tax on Form 1040, line 47. Filing late taxes for 2011 To claim the credit, you may have to complete and attach Form 1116. Filing late taxes for 2011 For more information, see chapter 37, the Form 1040 instructions, or Publication 514. Filing late taxes for 2011 Real estate taxes and personal property taxes. Filing late taxes for 2011    Real estate and personal property taxes are deducted on Schedule A (Form 1040), lines 6 and 7, respectively, unless they are paid on property used in your business, in which case they are deducted on Schedule C, Schedule C-EZ, or Schedule F (Form 1040). Filing late taxes for 2011 Taxes on property that produces rent or royalty income are deducted on Schedule E (Form 1040). Filing late taxes for 2011 Self-employment tax. Filing late taxes for 2011    Deduct one-half of your self-employment tax on Form 1040, line 27. Filing late taxes for 2011 Other taxes. Filing late taxes for 2011    All other deductible taxes are deducted on Schedule A (Form 1040), line 8. Filing late taxes for 2011 Prev  Up  Next   Home   More Online Publications
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Time May be Running Out -- March 31 is an Important Deadline

IRS Health Care Tax Tip 2014-11, March 25, 2014                                                Español

Time May be Running Out – March 31 is an Important Deadline

Health Care Law Considerations for 2014

For most people, the Affordable Care Act has no effect on the 2013 income tax return they are filing in 2014. However, some people may need to make important decisions by the March 31, 2014 deadline for open enrollment. 

Below are five things about the health care law you may need to consider soon.

  • Currently Insured – No Change: If you already insured, you do not need to do anything more than continue your insurance.
  • Uninsured – Enroll by March 31: The open enrollment period to purchase health care coverage through the Health Insurance Marketplace for 2014 runs through March 31, 2014. When you get health insurance through the marketplace, you may be able to get advance payments of the premium tax credit that will immediately help lower your monthly premium. Learn more at HealthCare.gov.
  • Premium Tax Credit To Lower Your Monthly Premium: If you get insurance through the Marketplace, you may be eligible to claim the premium tax credit. You can elect to have advance payments of the tax credit sent directly to your insurer during 2014 so that the monthly premium you pay is lower, or wait to claim the credit when you file your tax return in 2015. If you choose to have advance payments sent to your insurer, you will have to reconcile the payments on your 2014 tax return, which will be filed in 2015. If you’re already receiving advance payments of the credit, you need to do nothing at this time unless you have a change in circumstance like a change in income or family size. Learn More.
  • Change in Circumstances: If you're receiving advance payments of the premium tax credit to help pay for your insurance coverage, you should report life changes, such as income, marital status or family size changes, to the Marketplace. Reporting changes will help to make sure you have the right coverage and are getting the proper amount of advance payments of the premium tax credit.
  • Individual Shared Responsibility Payment: Starting January 2014, you and your family have been required to have health care coverage or have an exemption from coverage.  Most people already have qualifying health care coverage.  These individuals will not need to do anything more than maintain that coverage throughout 2014. If you can afford coverage but decide not to buy it and remain uninsured, you may have to make an individual shared responsibility payment when you file your 2014 tax return in 2015. Learn More.

 

More Information

Find out more tax-related provisions of the health care law at IRS.gov/aca

Find out more about the Health Insurance Marketplace at HealthCare.gov.

To receive copies of IRS tax tips via email, subscribe at www.irs.gov/uac/Subscribe-to-IRS-Tax-Tips.

Page Last Reviewed or Updated: 26-Mar-2014

 

The Filing Late Taxes For 2011

Filing late taxes for 2011 Index A Accelerated cost recovery system (ACRS):, ACRS Defined Alternate method, Alternate ACRS Method (Modified Straight Line Method) Classes of recovery property, Classes of Recovery Property Deduction, short tax year, ACRS Deduction in Short Tax Year Defined, ACRS Defined Dispositions, Early dispositions of ACRS property other than 15-, 18-, or 19-year real property. Filing late taxes for 2011 Recovery periods, Recovery Periods Unadjusted basis, Unadjusted Basis B Basis: Adjusted, Adjusted basis. Filing late taxes for 2011 Unadjusted, ACRS, Unadjusted Basis C Changing methods, How To Change Methods D Declining balance method, Declining Balance Method Deduction: ACRS, How To Figure the Deduction How to figure, How To Figure the Deduction Dispositions, Dispositions, Dispositions I Income forecast method, Income Forecast Method L Listed property:, Listed Property Defined 5% owner, 5% owner. Filing late taxes for 2011 Computers, related equipment, Computers and Related Peripheral Equipment Defined, Listed Property Defined Entertainment use, Entertainment Use Leased, Leased Property Other transportation property, Other Property Used for Transportation Predominant use test, Predominant Use Test Qualified business use, Qualified Business Use Recordkeeping, What Records Must Be Kept, Adequate Records Related person, Related person. Filing late taxes for 2011 Reporting on Form 4562, Reporting Information on Form 4562 Use by employee, Employees M Methods of figuring depreciation:, Income Forecast Method ACRS, How To Figure the Deduction Declining Balance, Declining Balance Method Income forecast, Income Forecast Method Straight line, Straight Line Method P Passenger automobile: Defined, Passenger Automobile Defined Predominant use test, applying, Applying the Predominant Use Test Property: ACRS, What Can and Cannot Be Depreciated Under ACRS Intangible, Intangible property. Filing late taxes for 2011 R Recapture: Depreciation, Depreciation Recapture Excess depreciation, listed property, Recapture of excess depreciation. Filing late taxes for 2011 Recordkeeping: For listed property, What Records Must Be Kept S Salvage value, Salvage Value Straight line method, Straight Line Method U Useful life, Useful Life V Videocassettes, Videocassettes. Filing late taxes for 2011 Prev  Up     Home   More Online Publications