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Free electronic federal tax filing 10. Free electronic federal tax filing   Installment Sales Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Installment Sale of a Farm Installment MethodWhen to elect out. Free electronic federal tax filing Revoking the election. Free electronic federal tax filing More information. Free electronic federal tax filing Figuring Installment Sale Income Payments Received or Considered Received ExampleSection 1231 gains. Free electronic federal tax filing Summary. Free electronic federal tax filing Introduction An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Free electronic federal tax filing If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. Free electronic federal tax filing This method of reporting gain is called the installment method. Free electronic federal tax filing You cannot use the installment method to report a loss. Free electronic federal tax filing You can choose to report all of your gain in the year of sale. Free electronic federal tax filing Installment obligation. Free electronic federal tax filing   The buyer's obligation to make future payments to you can be in the form of a deed of trust, note, land contract, mortgage, or other evidence of the buyer's debt to you. Free electronic federal tax filing Topics - This chapter discusses: The general rules that apply to using the installment method Installment sale of a farm Useful Items - You may want to see: Publication 523 Selling Your Home 535 Business Expenses 537 Installment Sales 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income See chapter 16 for information about getting publications and forms. Free electronic federal tax filing Installment Sale of a Farm The installment sale of a farm for one overall price under a single contract is not the sale of a single asset. Free electronic federal tax filing It generally includes the sale of real property and personal property reportable on the installment method. Free electronic federal tax filing It may also include the sale of property for which you must maintain an inventory, which cannot be reported on the installment method. Free electronic federal tax filing See Inventory , later. Free electronic federal tax filing The selling price must be allocated to determine the amount received for each class of asset. Free electronic federal tax filing The tax treatment of the gain or loss on the sale of each class of assets is determined by its classification as a capital asset, as property used in the business, or as property held for sale and by the length of time the asset was held. Free electronic federal tax filing (See chapter 8 for a discussion of capital assets and chapter 9 for a discussion of property used in the business. Free electronic federal tax filing ) Separate computations must be made to figure the gain or loss for each class of asset sold. Free electronic federal tax filing See Sale of a Farm in chapter 8. Free electronic federal tax filing If you report the sale of property on the installment method, any depreciation recapture under section 1245 or 1250 of the Internal Revenue Code is generally taxable as ordinary income in the year of sale. Free electronic federal tax filing See Depreciation recapture , later. Free electronic federal tax filing This applies even if no payments are received in that year. Free electronic federal tax filing Installment Method An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Free electronic federal tax filing A farmer who is not required to maintain an inventory can use the installment method to report gain from the sale of property used or produced in farming. Free electronic federal tax filing See Inventory , later, for information on the sale of farm property where inventory items are included in the assets sold. Free electronic federal tax filing If a sale qualifies as an installment sale, the gain must be reported under the installment method unless you elect out of using the installment method. Free electronic federal tax filing Electing out of the installment method. Free electronic federal tax filing   If you elect not to use the installment method, you generally report the entire gain in the year of sale, even though you do not receive all the sale proceeds in that year. Free electronic federal tax filing   To make this election, do not report your sale on Form 6252. Free electronic federal tax filing Instead, report it on Schedule D (Form 1040), Form 4797, or both. Free electronic federal tax filing When to elect out. Free electronic federal tax filing   Make this election by the due date, including extensions, for filing your tax return for the year the sale takes place. Free electronic federal tax filing   However, if you timely file your tax return for the year the sale takes place without making the election, you still can make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Free electronic federal tax filing Write “Filed pursuant to section 301. Free electronic federal tax filing 9100-2” at the top of the amended return and file it where the original return was filed. Free electronic federal tax filing Revoking the election. Free electronic federal tax filing   Once made, the election can be revoked only with IRS approval. Free electronic federal tax filing A revocation is retroactive. Free electronic federal tax filing More information. Free electronic federal tax filing   See Electing Out of the Installment Method in Publication 537 for more information. Free electronic federal tax filing Inventory. Free electronic federal tax filing   The sale of farm inventory items cannot be reported on the installment method. Free electronic federal tax filing All gain or loss on their sale must be reported in the year of sale, even if you receive payment in later years. Free electronic federal tax filing   If inventory items are included in an installment sale, you may have an agreement stating which payments are for inventory and which are for the other assets being sold. Free electronic federal tax filing If you do not, each payment must be allocated between the inventory and the other assets sold. Free electronic federal tax filing Sale at a loss. Free electronic federal tax filing   If your sale results in a loss, you cannot use the installment method. Free electronic federal tax filing If the loss is on an installment sale of business assets, you can deduct it only in the tax year of sale. Free electronic federal tax filing Figuring Installment Sale Income Each payment on an installment sale usually consists of the following three parts. Free electronic federal tax filing Interest income. Free electronic federal tax filing Return of your adjusted basis in the property. Free electronic federal tax filing Gain on the sale. Free electronic federal tax filing In each year you receive a payment, you must include in income both the interest part and the part that is your gain on the sale. Free electronic federal tax filing You do not include in income the part that is the return of your basis in the property. Free electronic federal tax filing Basis is the amount of your investment in the property for installment sale purposes. Free electronic federal tax filing Interest income. Free electronic federal tax filing   You must report interest as ordinary income. Free electronic federal tax filing Interest is generally not included in a down payment. Free electronic federal tax filing However, you may have to treat part of each later payment as interest, even if it is not called interest in your agreement with the buyer. Free electronic federal tax filing Interest provided in the agreement is called stated interest. Free electronic federal tax filing If the agreement does not provide for enough stated interest, there may be unstated interest or original issue discount. Free electronic federal tax filing See Unstated interest , later. Free electronic federal tax filing    You must continue to report the interest income on payments you receive in subsequent years as interest income. Free electronic federal tax filing Adjusted basis and installment sale income (gain on sale). Free electronic federal tax filing   After you have determined how much of each payment to treat as interest, you treat the rest of each payment as if it were made up of two parts. Free electronic federal tax filing A tax-free return of your adjusted basis in the property, and Your gain (referred to as “installment sale income” on Form 6252). Free electronic federal tax filing Figuring adjusted basis for installment sale purposes. Free electronic federal tax filing   You can use Worksheet 10-1 to figure your adjusted basis in the property for installment sale purposes. Free electronic federal tax filing When you have completed the worksheet, you will also have determined the gross profit percentage necessary to figure your installment sale income (gain) for this year. Free electronic federal tax filing    Worksheet 10-1. Free electronic federal tax filing Figuring Adjusted Basis and Gross Profit Percentage 1. Free electronic federal tax filing Enter the selling price for the property   2. Free electronic federal tax filing Enter your adjusted basis for the property     3. Free electronic federal tax filing Enter your selling expenses     4. Free electronic federal tax filing Enter any depreciation recapture     5. Free electronic federal tax filing Add lines 2, 3, and 4. Free electronic federal tax filing  This is your adjusted basis  for installment sale purposes   6. Free electronic federal tax filing Subtract line 5 from line 1. Free electronic federal tax filing If zero or less, enter -0-. Free electronic federal tax filing  This is your gross profit     If the amount entered on line 6 is zero, Stop here. Free electronic federal tax filing You cannot use the installment method. Free electronic federal tax filing   7. Free electronic federal tax filing Enter the contract price for the property   8. Free electronic federal tax filing Divide line 6 by line 7. Free electronic federal tax filing This is your gross profit percentage   Selling price. Free electronic federal tax filing   The selling price is the total cost of the property to the buyer and includes the following. Free electronic federal tax filing Any money you are to receive. Free electronic federal tax filing The fair market value (FMV) of any property you are to receive (FMV is discussed at Property used as a payment under Payments Received or Considered Received ). Free electronic federal tax filing Any existing mortgage or other debt the buyer pays, assumes, or takes (a note, mortgage, or any other liability, such as a lien, accrued interest, or taxes you owe on the property). Free electronic federal tax filing Any of your selling expenses the buyer pays. Free electronic federal tax filing Do not include stated interest, unstated interest, any amount recomputed or recharacterized as interest, or original issue discount. Free electronic federal tax filing Adjusted basis for installment sale purposes. Free electronic federal tax filing   Your adjusted basis is the total of the following three items. Free electronic federal tax filing Adjusted basis. Free electronic federal tax filing Selling expenses. Free electronic federal tax filing Depreciation recapture. Free electronic federal tax filing Adjusted basis. Free electronic federal tax filing   Basis is your investment in the property for installment sale purposes. Free electronic federal tax filing The way you figure basis depends on how you acquire the property. Free electronic federal tax filing The basis of property you buy is generally its cost. Free electronic federal tax filing The basis of property you inherit, receive as a gift, build yourself, or receive in a tax-free exchange is figured differently. Free electronic federal tax filing   While you own property, various events may change your original basis. Free electronic federal tax filing Some events, such as adding rooms or making permanent improvements, increase basis. Free electronic federal tax filing Others, such as deductible casualty losses or depreciation previously allowed or allowable, decrease basis. Free electronic federal tax filing The result is adjusted basis. Free electronic federal tax filing See chapter 6 and Publication 551, Basis of Assets, for more information. Free electronic federal tax filing Selling expenses. Free electronic federal tax filing   Selling expenses relate to the sale of the property. Free electronic federal tax filing They include commissions, attorney fees, and any other expenses paid on the sale. Free electronic federal tax filing Selling expenses are added to the basis of the sold property. Free electronic federal tax filing Depreciation recapture. Free electronic federal tax filing   If the property you sold was depreciable property, you may need to recapture part of the gain on the sale as ordinary income. Free electronic federal tax filing See Depreciation Recapture in chapter 9 and Depreciation Recapture Income in Publication 537. Free electronic federal tax filing Gross profit. Free electronic federal tax filing   Gross profit is the total gain you report on the installment method. Free electronic federal tax filing   To figure your gross profit, subtract your adjusted basis for installment sale purposes from the selling price. Free electronic federal tax filing If the property you sold was your home, subtract from the gross profit any gain you can exclude. Free electronic federal tax filing Contract price. Free electronic federal tax filing   Contract price equals: The selling price, minus The mortgages, debts, and other liabilities assumed or taken by the buyer, plus The amount by which the mortgages, debts, and other liabilities assumed or taken by the buyer exceed your adjusted basis for installment sale purposes. Free electronic federal tax filing Gross profit percentage. Free electronic federal tax filing   A certain percentage of each payment (after subtracting interest) is reported as installment sale income. Free electronic federal tax filing This percentage is called the gross profit percentage and is figured by dividing your gross profit from the sale by the contract price. Free electronic federal tax filing   The gross profit percentage generally remains the same for each payment you receive. Free electronic federal tax filing However, see the example under Selling price reduced , later, for a situation where the gross profit percentage changes. Free electronic federal tax filing Amount to report as installment sale income. Free electronic federal tax filing   Multiply the payments you receive each year (less interest) by the gross profit percentage. Free electronic federal tax filing The result is your installment sales income for the tax year. Free electronic federal tax filing In certain circumstances, you may be treated as having received a payment, even though you received nothing directly. Free electronic federal tax filing A receipt of property or the assumption of a mortgage on the property sold may be treated as a payment. Free electronic federal tax filing For a detailed discussion, see Payments Received or Considered Received , later. Free electronic federal tax filing Selling price reduced. Free electronic federal tax filing   If the selling price is reduced at a later date, the gross profit on the sale also will change. Free electronic federal tax filing You then must refigure the gross profit percentage for the remaining payments. Free electronic federal tax filing Refigure your gross profit using Worksheet 10-2. Free electronic federal tax filing New Gross Profit Percentage — Selling Price Reduced. Free electronic federal tax filing You will spread any remaining gain over future installments. Free electronic federal tax filing    Worksheet 10-2. Free electronic federal tax filing New Gross Profit Percentage — Selling Price Reduced 1. Free electronic federal tax filing Enter the reduced selling  price for the property   2. Free electronic federal tax filing Enter your adjusted  basis for the  property     3. Free electronic federal tax filing Enter your selling  expenses     4. Free electronic federal tax filing Enter any depreciation  recapture     5. Free electronic federal tax filing Add lines 2, 3, and 4. Free electronic federal tax filing   6. Free electronic federal tax filing Subtract line 5 from line 1. Free electronic federal tax filing  This is your adjusted  gross profit   7. Free electronic federal tax filing Enter any installment sale  income reported in  prior year(s)   8. Free electronic federal tax filing Subtract line 7 from line 6   9. Free electronic federal tax filing Future installments     10. Free electronic federal tax filing Divide line 8 by line 9. Free electronic federal tax filing  This is your new  gross profit percentage*. Free electronic federal tax filing   * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. Free electronic federal tax filing Example. Free electronic federal tax filing In 2011, you sold land with a basis of $40,000 for $100,000. Free electronic federal tax filing Your gross profit was $60,000. Free electronic federal tax filing You received a $20,000 down payment and the buyer's note for $80,000. Free electronic federal tax filing The note provides for monthly payments of $1,953 each, figured at 8% interest, amortized over four years, beginning in January 2012. Free electronic federal tax filing Your gross profit percentage was 60%. Free electronic federal tax filing You received the down payment of $20,000 in 2011 and total payments of $23,436 in 2012, of which $17,675 was principal and $5,761 was interest according to the amortization schedule. Free electronic federal tax filing You reported a gain of $12,000 on the down payment received in 2011 and $10,605 ($17,675 X 60% (. Free electronic federal tax filing 60)) in 2012. Free electronic federal tax filing In January 2013, you and the buyer agreed to reduce the purchase price to $85,000 and payments during 2013, 2014, and 2015 are reduced to $1,483 a month amortized over the remaining three years. Free electronic federal tax filing The new gross profit percentage, 47. Free electronic federal tax filing 32%, is figured in Example — Worksheet 10-2. Free electronic federal tax filing Example — Worksheet 10-2. Free electronic federal tax filing New Gross Profit Percentage — Selling Price Reduced 1. Free electronic federal tax filing Enter the reduced selling  price for the property 85,000 2. Free electronic federal tax filing Enter your adjusted  basis for the  property 40,000   3. Free electronic federal tax filing Enter your selling  expenses -0-   4. Free electronic federal tax filing Enter any depreciation  recapture -0-   5. Free electronic federal tax filing Add lines 2, 3, and 4. Free electronic federal tax filing 40,000 6. Free electronic federal tax filing Subtract line 5 from line 1. Free electronic federal tax filing  This is your adjusted  gross profit 45,000 7. Free electronic federal tax filing Enter any installment sale  income reported in  prior year(s) 22,605 8. Free electronic federal tax filing Subtract line 7 from line 6 22,395 9. Free electronic federal tax filing Future installments   47,325 10. Free electronic federal tax filing Divide line 8 by line 9. Free electronic federal tax filing  This is your new  gross profit percentage*. Free electronic federal tax filing 47. Free electronic federal tax filing 32% * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. Free electronic federal tax filing You will report installment sale income of $6,878 (47. Free electronic federal tax filing 32% of $14,535) in 2013, $7,449 (47. Free electronic federal tax filing 32% of $15,742) in 2014, and $8,067 (47. Free electronic federal tax filing 32% of $17,048) in 2015. Free electronic federal tax filing Form 6252. Free electronic federal tax filing   Use Form 6252 to report an installment sale in the year it takes place and to report payments received, or considered received because of related party resales, in later years. Free electronic federal tax filing Attach it to your tax return for each year. Free electronic federal tax filing Disposition of Installment Obligation If you are using the installment method and you dispose of the installment obligation, generally you will have a gain or loss to report. Free electronic federal tax filing It is considered gain or loss on the sale of the property for which you received the installment obligation. Free electronic federal tax filing Cancellation. Free electronic federal tax filing   If an installment obligation is canceled or otherwise becomes unenforceable, it is treated as a disposition other than a sale or exchange. Free electronic federal tax filing Your gain or loss is the difference between your basis in the obligation and its fair market value (FMV) at the time you cancel it. Free electronic federal tax filing If the parties are related, the FMV of the obligation is considered to be no less than its full face value. Free electronic federal tax filing Transfer due to death. Free electronic federal tax filing   The transfer of an installment obligation (other than to a buyer) as a result of the death of the seller is not a disposition. Free electronic federal tax filing Any unreported gain from the installment obligation is not treated as gross income to the decedent. Free electronic federal tax filing No income is reported on the decedent's return due to the transfer. Free electronic federal tax filing Whoever receives the installment obligation as a result of the seller's death is taxed on the installment payments the same as the seller would have been had the seller lived to receive the payments. Free electronic federal tax filing   However, if the installment obligation is canceled, becomes unenforceable, or is transferred to the buyer because of the death of the holder of the obligation, it is a disposition. Free electronic federal tax filing The estate must figure its gain or loss on the disposition. Free electronic federal tax filing If the holder and the buyer were related, the FMV of the installment obligation is considered to be no less than its full face value. Free electronic federal tax filing More information. Free electronic federal tax filing   For more information on the disposition of an installment obligation, see Publication 537. Free electronic federal tax filing Sale of depreciable property. Free electronic federal tax filing   You generally cannot report gain from the sale of depreciable property to a related person on the installment method. Free electronic federal tax filing See Sale to a Related Person in Publication 537. Free electronic federal tax filing   You cannot use the installment method to report any depreciation recapture income up to the gain on the sale. Free electronic federal tax filing However, report any gain greater than the recapture income on the installment method. Free electronic federal tax filing   The recapture income reported in the year of sale is included in your installment sale basis to determine your gross profit on the installment sale. Free electronic federal tax filing   Figure your depreciation recapture income (including the section 179 deduction and the section 179A deduction recapture) in Part III of Form 4797. Free electronic federal tax filing Report the depreciation recapture income in Part II of Form 4797 as ordinary income in the year of sale. Free electronic federal tax filing    If you sell depreciable business property, prepare Form 4797 first in order to figure the amount to enter on line 12 of Part I, Form 6252. Free electronic federal tax filing See the Form 6252 instructions for details. Free electronic federal tax filing   For more information on the section 179 deduction, see Section 179 Expense Deduction in chapter 7. Free electronic federal tax filing For more information on depreciation recapture, see Depreciation Recapture in  chapter 9. Free electronic federal tax filing Payments Received or Considered Received You must figure your gain each year on the payments you receive, or are treated as receiving, from an installment sale. Free electronic federal tax filing In certain situations, you are considered to have received a payment, even though the buyer does not pay you directly. Free electronic federal tax filing These situations occur when the buyer assumes or pays any of your debts, such as a loan, or pays any of your expenses, such as a sales commission. Free electronic federal tax filing However, as discussed later, the buyer's assumption of your debt is treated as a recovery of basis, rather than as a payment, in many cases. Free electronic federal tax filing Buyer pays seller's expenses. Free electronic federal tax filing   If the buyer pays any of your expenses related to the sale of your property, it is considered a payment to you in the year of sale. Free electronic federal tax filing Include these expenses in the selling and contract prices when figuring the gross profit percentage. Free electronic federal tax filing Buyer assumes mortgage. Free electronic federal tax filing   If the buyer assumes or pays off your mortgage, or otherwise takes the property subject to the mortgage, the following rules apply. Free electronic federal tax filing Mortgage less than basis. Free electronic federal tax filing   If the buyer assumes a mortgage that is not more than your installment sale basis in the property, it is not considered a payment to you. Free electronic federal tax filing It is considered a recovery of your basis. Free electronic federal tax filing The contract price is the selling price minus the mortgage. Free electronic federal tax filing Example. Free electronic federal tax filing You sell property with an adjusted basis of $19,000. Free electronic federal tax filing You have selling expenses of $1,000. Free electronic federal tax filing The buyer assumes your existing mortgage of $15,000 and agrees to pay you $10,000 (a cash down payment of $2,000 and $2,000 (plus 8% interest) in each of the next 4 years). Free electronic federal tax filing The selling price is $25,000 ($15,000 + $10,000). Free electronic federal tax filing Your gross profit is $5,000 ($25,000 − $20,000 installment sale basis). Free electronic federal tax filing The contract price is $10,000 ($25,000 − $15,000 mortgage). Free electronic federal tax filing Your gross profit percentage is 50% ($5,000 ÷ $10,000). Free electronic federal tax filing You report half of each $2,000 payment received as gain from the sale. Free electronic federal tax filing You also report all interest you receive as ordinary income. Free electronic federal tax filing Mortgage more than basis. Free electronic federal tax filing   If the buyer assumes a mortgage that is more than your installment sale basis in the property, you recover your entire basis. Free electronic federal tax filing The part of the mortgage greater than your basis is treated as a payment received in the year of sale. Free electronic federal tax filing   To figure the contract price, subtract the mortgage from the selling price. Free electronic federal tax filing This is the total amount (other than interest) you will receive directly from the buyer. Free electronic federal tax filing Add to this amount the payment you are considered to have received (the difference between the mortgage and your installment sale basis). Free electronic federal tax filing The contract price is then the same as your gross profit from the sale. Free electronic federal tax filing    If the mortgage the buyer assumes is equal to or more than your installment sale basis, the gross profit percentage always will be 100%. Free electronic federal tax filing Example. Free electronic federal tax filing The selling price for your property is $9,000. Free electronic federal tax filing The buyer will pay you $1,000 annually (plus 8% interest) over the next 3 years and assume an existing mortgage of $6,000. Free electronic federal tax filing Your adjusted basis in the property is $4,400. Free electronic federal tax filing You have selling expenses of $600, for a total installment sale basis of $5,000. Free electronic federal tax filing The part of the mortgage that is more than your installment sale basis is $1,000 ($6,000 − $5,000). Free electronic federal tax filing This amount is included in the contract price and treated as a payment received in the year of sale. Free electronic federal tax filing The contract price is $4,000: Selling price $9,000 Minus: Mortgage (6,000) Amount actually received $3,000 Add difference:   Mortgage $6,000   Minus: Installment sale basis 5,000 1,000 Contract price $4,000   Your gross profit on the sale is also $4,000: Selling price $9,000 Minus: Installment sale basis (5,000) Gross profit $4,000   Your gross profit percentage is 100%. Free electronic federal tax filing Report 100% of each payment (less interest) as gain from the sale. Free electronic federal tax filing Treat the $1,000 difference between the mortgage and your installment sale basis as a payment and report 100% of it as gain in the year of sale. Free electronic federal tax filing Buyer assumes other debts. Free electronic federal tax filing   If the buyer assumes any other debts, such as a loan or back taxes, it may be considered a payment to you in the year of sale. Free electronic federal tax filing   If the buyer assumes the debt instead of paying it off, only part of it may have to be treated as a payment. Free electronic federal tax filing Compare the debt to your installment sale basis in the property being sold. Free electronic federal tax filing If the debt is less than your installment sale basis, none of it is treated as a payment. Free electronic federal tax filing If it is more, only the difference is treated as a payment. Free electronic federal tax filing If the buyer assumes more than one debt, any part of the total that is more than your installment sale basis is considered a payment. Free electronic federal tax filing These rules are the same as the rules discussed earlier under Buyer assumes mortgage . Free electronic federal tax filing However, they apply only to the following types of debt the buyer assumes. Free electronic federal tax filing Those acquired from ownership of the property you are selling, such as a mortgage, lien, overdue interest, or back taxes. Free electronic federal tax filing Those acquired in the ordinary course of your business, such as a balance due for inventory you purchased. Free electronic federal tax filing   If the buyer assumes any other type of debt, such as a personal loan or your legal fees relating to the sale, it is treated as if the buyer had paid off the debt at the time of the sale. Free electronic federal tax filing The value of the assumed debt is then considered a payment to you in the year of sale. Free electronic federal tax filing Property used as a payment. Free electronic federal tax filing   If you receive property rather than money from the buyer, it is still considered a payment in the year received. Free electronic federal tax filing However, see Trading property for like-kind property , later. Free electronic federal tax filing Generally, the amount of the payment is the property's FMV on the date you receive it. Free electronic federal tax filing Exception. Free electronic federal tax filing   If the property the buyer gives you is payable on demand or readily tradable (see examples later), the amount you should consider as payment in the year received is: The FMV of the property on the date you receive it if you use the cash method of accounting, The face amount of the obligation on the date you receive it if you use an accrual method of accounting, or The stated redemption price at maturity less any original issue discount (OID) or, if there is no OID, the stated redemption price at maturity appropriately discounted to reflect total unstated interest. Free electronic federal tax filing See Unstated interest , later. Free electronic federal tax filing Examples. Free electronic federal tax filing If you receive a note from the buyer as payment, and the note stipulates that you can demand payment from the buyer at any time, the note is payable on demand. Free electronic federal tax filing If you receive marketable securities from the buyer as payment, and you can sell the securities on an established securities market (such as the New York Stock Exchange) at any time, the securities are readily tradable. Free electronic federal tax filing In these examples, use the above rules to determine the amount you should consider as payment in the year received. Free electronic federal tax filing Debt not payable on demand. Free electronic federal tax filing   Any evidence of debt you receive from the buyer that is not payable on demand is not considered a payment. Free electronic federal tax filing This is true even if the debt is guaranteed by a third party, including a government agency. Free electronic federal tax filing Fair market value (FMV). Free electronic federal tax filing   This is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having a reasonable knowledge of all the necessary facts. Free electronic federal tax filing Third-party note. Free electronic federal tax filing   If the property the buyer gives you is a third-party note (or other obligation of a third party), you are considered to have received a payment equal to the note's FMV. Free electronic federal tax filing Because the FMV of the note is itself a payment on your installment sale, any payments you later receive from the third party are not considered payments on the sale. Free electronic federal tax filing The excess of the note's face value over its FMV is interest. Free electronic federal tax filing Exclude this interest in determining the selling price of the property. Free electronic federal tax filing However, see Exception under Property used as a payment , earlier. Free electronic federal tax filing Example. Free electronic federal tax filing You sold real estate in an installment sale. Free electronic federal tax filing As part of the down payment, the buyer assigned to you a $50,000, 8% third-party note. Free electronic federal tax filing The FMV of the third-party note at the time of the sale was $30,000. Free electronic federal tax filing This amount, not $50,000, is a payment to you in the year of sale. Free electronic federal tax filing The third-party note had an FMV equal to 60% of its face value ($30,000 ÷ $50,000), so 60% of each principal payment you receive on this note is a nontaxable return of capital. Free electronic federal tax filing The remaining 40% is interest taxed as ordinary income. Free electronic federal tax filing Bond. Free electronic federal tax filing   A bond or other evidence of debt you receive from the buyer that is payable on demand or readily tradable in an established securities market is treated as a payment in the year you receive it. Free electronic federal tax filing For more information on the amount you should treat as a payment, see Exception under Property used as a payment , earlier. Free electronic federal tax filing   If you receive a government or corporate bond for a sale before October 22, 2004, and the bond has interest coupons attached or can be readily traded in an established securities market, you are considered to have received payment equal to the bond's FMV. Free electronic federal tax filing However, see Exception under Property used as a payment , earlier. Free electronic federal tax filing Buyer's note. Free electronic federal tax filing   The buyer's note (unless payable on demand) is not considered payment on the sale. Free electronic federal tax filing However, its full face value is included when figuring the selling price and the contract price. Free electronic federal tax filing Payments you receive on the note are used to figure your gain in the year received. Free electronic federal tax filing Sale to a related person. Free electronic federal tax filing   If you sell depreciable property to a related person and the sale is an installment sale, you may not be able to report the sale using the installment method. Free electronic federal tax filing For information on these rules, see the Instructions for Form 6252 and Sale to a Related Person in Publication 537. Free electronic federal tax filing Trading property for like-kind property. Free electronic federal tax filing   If you trade business or investment property solely for the same kind of property to be held as business or investment property, you can postpone reporting the gain. Free electronic federal tax filing See Like-Kind Exchanges in chapter 8 for a discussion of like-kind property. Free electronic federal tax filing   If, in addition to like-kind property, you receive an installment obligation in the exchange, the following rules apply to determine installment sale income each year. Free electronic federal tax filing The contract price is reduced by the FMV of the like-kind property received in the trade. Free electronic federal tax filing The gross profit is reduced by any gain on the trade that can be postponed. Free electronic federal tax filing Like-kind property received in the trade is not considered payment on the installment obligation. Free electronic federal tax filing Unstated interest. Free electronic federal tax filing   An installment sale contract may provide that each deferred payment on the sale will include interest or that there will be an interest payment in addition to the principal payment. Free electronic federal tax filing Interest provided in the contract is called stated interest. Free electronic federal tax filing   If an installment sale contract does not provide for adequate stated interest, part of the stated principal amount of the contract may be recharacterized as interest. Free electronic federal tax filing If Internal Revenue Code section 483 applies to the contract, this interest is called unstated interest. Free electronic federal tax filing   If Internal Revenue Code section 1274 applies to the contract, this interest is called original issue discount (OID). Free electronic federal tax filing   Generally, if a buyer gives a debt in consideration for personal use property, the unstated interest rules do not apply. Free electronic federal tax filing Therefore, the buyer cannot deduct the unstated interest. Free electronic federal tax filing The seller must report the unstated interest as income. Free electronic federal tax filing Personal-use property is any property in which substantially all of its use by the buyer is not in connection with a trade or business or an investment activity. Free electronic federal tax filing   If the debt is subject to the Internal Revenue Code section 483 rules and is also subject to the below-market loan rules, such as a gift loan, compensation-related loan or corporation-shareholder loan, then both parties are subject to the below-market loan rules rather than the unstated interest rules. Free electronic federal tax filing   Unstated interest reduces the stated selling price of the property and the buyer's basis in the property. Free electronic federal tax filing It increases the seller's interest income and the buyer's interest expense. Free electronic federal tax filing   In general, an installment sale contract provides for adequate stated interest if the stated interest rate (based on an appropriate compounding period) is at least equal to the applicable federal rate (AFR). Free electronic federal tax filing    The AFRs are published monthly in the Internal Revenue Bulletin (IRB). Free electronic federal tax filing You can get this information by contacting an IRS office. Free electronic federal tax filing IRBs are also available at IRS. Free electronic federal tax filing gov. Free electronic federal tax filing More information. Free electronic federal tax filing   For more information, see Unstated Interest and Original Issue Discount (OID) in Publication 537. Free electronic federal tax filing Example. Free electronic federal tax filing You sell property at a contract price of $6,000 and your gross profit is $1,500. Free electronic federal tax filing Your gross profit percentage is 25% ($1,500 ÷ $6,000). Free electronic federal tax filing After subtracting interest, you report 25% of each payment, including the down payment, as installment sale income from the sale for the tax year you receive the payment. Free electronic federal tax filing The remainder (balance) of each payment is the tax-free return of your adjusted basis. Free electronic federal tax filing Example On January 3, 2013, you sold your farm, including the home, farm land and buildings. Free electronic federal tax filing You received $50,000 down and the buyer's note for $200,000. Free electronic federal tax filing In addition, the buyer assumed an outstanding $50,000 mortgage on the farm land. Free electronic federal tax filing The total selling price was $300,000. Free electronic federal tax filing The note payments of $25,000 each, plus adequate interest, are due every July 1 and January 1, beginning in July 2013. Free electronic federal tax filing Your selling expenses were $15,000. Free electronic federal tax filing Adjusted basis and depreciation. Free electronic federal tax filing   The adjusted basis and depreciation claimed on each asset sold are as follows:   Depreciation Adjusted Asset Claimed Basis Home* -0- $33,743 Farm land -0- 73,610 Buildings $31,500 35,130 * Owned and used as main home for at least 2 of the 5 years prior to the sale Gain on each asset. Free electronic federal tax filing   The following schedule shows the assets included in the sale, each asset's selling price based on its respective value, the selling expense allocated to each asset, the adjusted basis of each asset, and the gain on each asset. Free electronic federal tax filing The selling expense for each asset is 5% of the selling price ($15,000 selling expense ÷ $300,000 selling price). Free electronic federal tax filing   Selling Selling Adjusted     Price Expense Basis Gain Home* $60,000 $3,000 $33,743 $23,257 Farm land  165,000  8,250  73,610  83,140 Buildings 75,000 3,750 35,130 36,120   $300,000 $15,000 $142,483 $142,517 * Owned and used as main home for at least 2 of the 5 years prior to the sale Depreciation recapture. Free electronic federal tax filing   The buildings are section 1250 property. Free electronic federal tax filing There is no depreciation recapture income for them because they were depreciated using the straight line method. Free electronic federal tax filing See chapter 9 for more information on depreciation recapture. Free electronic federal tax filing   Special rules may apply when you sell section 1250 assets depreciated under the straight line method. Free electronic federal tax filing See the Unrecaptured Section 1250 Gain Worksheet in the Instructions for Schedule D (Form 1040). Free electronic federal tax filing See chapter 3 of Publication 544, Sales and Other Dispositions of Assets, for more information on section 1250 assets. Free electronic federal tax filing Installment sale basis and gross profit. Free electronic federal tax filing   The following table shows each asset reported on the installment method, its selling price, installment sale basis, and gross profit. Free electronic federal tax filing     Installment     Selling Sale Gross   Price Basis Profit Farm land $165,000 $73,610 $83,140 Buildings 75,000 35,130 36,120   $240,000 $108,740 $119,260 Section 1231 gains. Free electronic federal tax filing   The gain on the farm land and buildings is reported as section 1231 gains. Free electronic federal tax filing See Section 1231 Gains and Losses in chapter 9. Free electronic federal tax filing Contract price and gross profit percentage. Free electronic federal tax filing   The contract price is $250,000 for the part of the sale reported on the installment method. Free electronic federal tax filing This is the selling price ($300,000) minus the mortgage assumed ($50,000). Free electronic federal tax filing   Gross profit percentage for the sale is 47. Free electronic federal tax filing 70% ($119,260 gross profit ÷ $250,000 contract price). Free electronic federal tax filing The gross profit percentage for each asset is figured as follows:   Percent Farm land ($83,140 ÷ $250,000) 33. Free electronic federal tax filing 256 Buildings ($36,120 ÷ $250,000) 14. Free electronic federal tax filing 448 Total 47. Free electronic federal tax filing 70 Figuring the gain to report on the installment method. Free electronic federal tax filing   One hundred percent (100%) of each payment is reported on the installment method. Free electronic federal tax filing The total amount received on the sale in 2013 is $75,000 ($50,000 down payment + $25,000 payment on July 1). Free electronic federal tax filing The installment sale part of the total payments received in 2013 is also $75,000. Free electronic federal tax filing Figure the gain to report for each asset by multiplying its gross profit percentage times $75,000. Free electronic federal tax filing   Income Farm land—33. Free electronic federal tax filing 256% × $75,000 $24,942 Buildings—14. Free electronic federal tax filing 448% × $75,000 10,836 Total installment income for 2013 $35,778 Reporting the sale. Free electronic federal tax filing   Report the installment sale on Form 6252. Free electronic federal tax filing Then report the amounts from Form 6252 on Form 4797 and Schedule D (Form 1040). Free electronic federal tax filing Attach a separate page to Form 6252 that shows the computations in the example. Free electronic federal tax filing If you sell depreciable business property, prepare Form 4797 first in order to figure the amount to enter on line 12 of Part I, Form 6252. Free electronic federal tax filing Section 1231 gains. Free electronic federal tax filing   The gains on the farm land and buildings are section 1231 gains. Free electronic federal tax filing They may be reported as either capital or ordinary gain depending on the net balance when combined with other section 1231 losses. Free electronic federal tax filing A net 1231 gain is capital gain and a net 1231 loss is an ordinary loss. Free electronic federal tax filing Installment income for years after 2013. Free electronic federal tax filing   You figure installment income for the years after 2013 by applying the same gross profit percentages to the payments you receive each year. Free electronic federal tax filing If you receive $50,000 during the year, the entire $50,000 is considered received on the installment sale (100% × $50,000). Free electronic federal tax filing You realize income as follows:   Income Farm land—33. Free electronic federal tax filing 256% × $50,000 $16,628 Buildings—14. Free electronic federal tax filing 448% × $50,000 7,224 Total installment income $23,852   In this example, no gain ever is recognized from the sale of your home. Free electronic federal tax filing You will combine your section 1231 gains from this sale with section 1231 gains and losses from other sales in each of the later years to determine whether to report them as ordinary or capital gains. Free electronic federal tax filing The interest received with each payment will be included in full as ordinary income. Free electronic federal tax filing Summary. Free electronic federal tax filing   The installment income (rounded to the nearest dollar) from the sale of the farm is reported as follows: Selling price $190,000 Minus: Installment basis (108,740) Gross profit $81,260     Gain reported in 2012 (year of sale) $35,778 Gain reported in 2013:   $50,000 × 47. Free electronic federal tax filing 70% 23,850 Gain reported in 2014:   $50,000 × 47. Free electronic federal tax filing 70% 23,850 Gain reported in 2015:   $50,000 × 47. Free electronic federal tax filing 70% 23,850 Gain reported in 2016:   $25,000 × 47. Free electronic federal tax filing 70% 11,925 Total gain reported $119,253 Prev  Up  Next   Home   More Online Publications
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Better Business Bureaus (BBBs) are nonprofit organizations that encourage honest advertising and selling practices and are supported primarily by local businesses. They offer a variety of consumer services, including consumer education materials; business reports, particularly unanswered or unsettled complaints or other problems; mediation and arbitration services; and information about charities and other organizations that are seeking public donations. They also provide ratings (A, B, C, D, or F) of local companies to express the BBB's confidence that the company operates in a trustworthy manner and demonstrates a willingness to resolve customer concerns.

Bettendorf, IA

Website: Better Business Bureau

Email: info@dm.bbb.org

Address: Better Business Bureau
2435 Kimberly Rd., Suite 245 S
Bettendorf, IA 52722

Phone Number: 515-243-8137

Toll-free: 1-800-222-1600

Cedar Rapids, IA

Website: Better Business Bureau

Email: info@dm.bbb.org

Address: Better Business Bureau
1239 1st Ave., SE, Suite A
Cedar Rapids, IA 52402

Phone Number: 515-243-8137

Toll-free: 1-800-222-1600

Des Moines, IA

Website: Better Business Bureau

Email: info@dm.bbb.org

Address: Better Business Bureau
505 5th Ave., Suite 950
Des Moines, IA 50309

Phone Number: 515-243-8137

Toll-free: 1-800-222-1600

The Free Electronic Federal Tax Filing

Free electronic federal tax filing Publication 17(SP) - Introductory Material Table of Contents Qué Hay de Nuevo Recordatorios IntroductionIconos. Free electronic federal tax filing Para pedir formularios y publicaciones. Free electronic federal tax filing Preguntas sobre los impuestos. Free electronic federal tax filing Todo material en esta publicación puede ser reimpreso gratuitamente. Free electronic federal tax filing Una referencia a El Impuesto Federal sobre los Ingresos (2013) sería apropiada. Free electronic federal tax filing Las explicaciones y ejemplos en esta publicación representan la interpretación del Servicio de Impuestos Internos (IRS, por sus siglas en inglés) con respecto a: Leyes tributarias promulgadas por el Congreso de los Estados Unidos, Reglamentos del Departamento del Tesoro de los Estados Unidos y Decisiones de los tribunales. Free electronic federal tax filing Sin embargo, la información provista no abarca cada situación y no se presenta con la intención de reemplazar la ley o cambiar su significado. Free electronic federal tax filing Esta publicación abarca ciertos temas sobre los cuales un tribunal puede haber dictado un fallo más favorable para los contribuyentes que la interpretación hecha por el IRS. Free electronic federal tax filing Hasta que estas interpretaciones divergentes sean resueltas por fallos o decretos de un tribunal superior o de alguna otra manera, esta publicación continuará presentando las interpretaciones hechas por el IRS. Free electronic federal tax filing Todos los contribuyentes tienen derechos importantes cuando tratan con el IRS. Free electronic federal tax filing Estos derechos están descritos en la sección titulada Derechos del Contribuyente , al final de esta publicación. Free electronic federal tax filing Qué Hay de Nuevo Esta sección resume ciertos cambios tributarios importantes que entraron en vigor en el año 2013. Free electronic federal tax filing La mayor parte de estos cambios se abordan en más detalle en esta publicación. Free electronic federal tax filing Acontecimientos futuros. Free electronic federal tax filing  Si desea obtener la información más reciente sobre temas de ley tributaria que se explican en esta publicación, incluyendo toda información sobre legislación tributaria, acceda a www. Free electronic federal tax filing irs. Free electronic federal tax filing gov/pub17sp. Free electronic federal tax filing Impuesto Adicional del Medicare. Free electronic federal tax filing  Comenzando en el año 2013, le corresponderá un Impuesto Adicional del Medicare de 0. Free electronic federal tax filing 9% sobre los salarios, la compensación por jubilación ferroviaria (RRTA, por sus siglas en inglés) y el ingreso sobre el trabajo por cuenta propia que están sujetos al impuesto al Medicare. Free electronic federal tax filing El impuesto corresponde si estos ingresos son mayores que: $125,000, si es casado que presenta una declaración por separado, $250,000, si es casado que presenta una declaración conjunta o $200,000, si presenta la declaración utilizando cualquier otro estado civil para efectos de la declaración. Free electronic federal tax filing Si desea más información, vea el Formulario 8959 y sus Instrucciones, disponibles en inglés. Free electronic federal tax filing Impuesto sobre los ingresos netos de inversión. Free electronic federal tax filing  Comenzando en el año 2013, usted podría estar sujeto al impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Free electronic federal tax filing Este impuesto es el 3. Free electronic federal tax filing 8% de la cantidad menor entre (a) su ingreso neto de inversión o (b) la cantidad en exceso de su ingreso bruto ajustado modificado sobre: $125,000, si es casado que presenta una declaración por separado, $250,000, si es casado que presenta una declaración conjunta o si es viudo calificado o $200,000, si presenta la declaración utilizando cualquier otro estado civil para efectos de la declaración. Free electronic federal tax filing Si desea más información, vea el Formulario 8960 y sus Instrucciones, disponibles en inglés. Free electronic federal tax filing Cambio en las tasas tributarias. Free electronic federal tax filing  La tasa tributaria mayor es de 39. Free electronic federal tax filing 6%. Free electronic federal tax filing Si desea más información, vea la Hoja de Trabajo para el Cálculo del Impuesto del Año 2013 o las Tasas Impositivas de 2013 , las cuales se encuentran al final de esta publicación. Free electronic federal tax filing Tasa tributaria sobre las ganancias netas de capital y dividendos calificados. Free electronic federal tax filing  La tasa tributaria máxima de 15% sobre las ganancias netas de capital y los dividendos calificados ha aumentado a 20% para algunos contribuyentes. Free electronic federal tax filing Vea el capítulo 16 . Free electronic federal tax filing Gastos médicos y dentales. Free electronic federal tax filing  Usted puede deducir solamente la parte de sus gastos médicos y dentales que sea mayor que el 10% de su ingreso bruto ajustado (7. Free electronic federal tax filing 5% si usted o su cónyuge tiene 65 años de edad o más). Free electronic federal tax filing Vea el capítulo 21 . Free electronic federal tax filing Aumento de la cantidad de la exención personal para determinados contribuyentes. Free electronic federal tax filing  La exención personal que le corresponde a usted ha aumentado a $3,900. Free electronic federal tax filing Pero, esta cantidad se reduce si su ingreso bruto ajustado es mayor que: $150,000, si es casado que presenta una declaración por separado, $250,000, si es soltero, $275,000, si es cabeza de familia o $300,000, si presenta la declaración utilizando cualquier otro estado civil para efectos de la declaración. Free electronic federal tax filing Vea el capítulo 3 . Free electronic federal tax filing Límite sobre las deducciones detalladas. Free electronic federal tax filing  Usted puede que no tenga derecho de deducir todas sus deducciones detalladas si su ingreso bruto ajustado es mayor que: $150,000, si es casado que presenta una declaración por separado, $250,000, si es soltero, $275,000, si es cabeza de familia o $300,000, si presenta la declaración utilizando cualquier otro estado civil para efectos de la declaración. Free electronic federal tax filing Vea el capítulo 29 . Free electronic federal tax filing Matrimonio entre el mismo sexo. Free electronic federal tax filing  Si tiene un cónyuge de su mismo sexo con quien usted se casó en un estado (o jurisdicción o país extranjero) que reconoce el matrimonio entre personas del mismo sexo, usted y su cónyuge tienen que utilizar el estado civil para efectos de la declaración de casados que presentan una declaración conjunta o casado que presenta la declaración por separado en su declaración del año 2013. Free electronic federal tax filing Utilice uno de estos estados civiles para efectos de la declaración aunque usted y su cónyuge en la actualidad vivan en un estado (o jurisdicción o país extranjero) en donde no se reconozca el matrimonio entre personas del mismo sexo. Free electronic federal tax filing Vea el capítulo 2 . Free electronic federal tax filing Si reúne ciertos requisitos, quizás podría presentar declaraciones enmendadas para cambiar su estado civil para efectos de la declaración para algunos años anteriores. Free electronic federal tax filing Si desea saber más detalles sobre declaraciones enmendadas, vea el capítulo 1 . Free electronic federal tax filing Cuenta flexible de ahorros para gastos médicos (FSA, por sus siglas en inglés). Free electronic federal tax filing  Comenzando con los años del plan después de 2012, usted no puede hacer aportaciones mediante la reducción de salarios mayores de $2,500 a cuentas flexibles de ahorros para gastos médicos (FSA, por sus siglas en inglés). Free electronic federal tax filing Vea el capítulo 5 . Free electronic federal tax filing Créditos tributarios que vencen. Free electronic federal tax filing  El crédito por vehículo eléctrico enchufable y la parte reembolsable del crédito del impuesto mínimo de años anteriores ha vencido. Free electronic federal tax filing Usted no puede reclamar ninguno de éstos en su declaración del año 2013. Free electronic federal tax filing Vea el capítulo 37 . Free electronic federal tax filing Esquemas de inversión de tipo Ponzi. Free electronic federal tax filing  Hay nuevas reglas sobre cómo reclamar una deducción en el Formulario 4684, en inglés, debido a una pérdida por robo por un esquema de inversión de tipo Ponzi. Free electronic federal tax filing Vea el capítulo 25 . Free electronic federal tax filing Método simplificado para la deducción por oficina en el hogar. Free electronic federal tax filing  Si usted puede tomar una deducción por tener una oficina en su hogar, quizás pueda utilizar un método simplificado para calcular dicha deducción. Free electronic federal tax filing Vea la Publicación 587, disponible en inglés. Free electronic federal tax filing Tarifas estándar por milla. Free electronic federal tax filing  Para 2013, la tarifa estándar por milla permitida por el costo de operar su automóvil para uso comercial ha aumentado a 56½ centavos por milla. Free electronic federal tax filing Vea el capítulo 26 . Free electronic federal tax filing Para 2013, la tarifa estándar por milla permitida por el costo de operar su automóvil por razones médicas ha aumentado a 24 centavos por milla. Free electronic federal tax filing Vea el capítulo 21 . Free electronic federal tax filing Para 2013, la tarifa estándar por milla permitida por el costo de operar su automóvil para determinar los gastos de mudanza ha aumentado a 24 centavos por milla. Free electronic federal tax filing Vea la Publicación 521, Moving Expenses (Gastos de mudanza), en inglés. Free electronic federal tax filing Recordatorios A continuación aparecen recordatorios importantes y otros asuntos que le podrían ayudar a presentar su declaración de impuestos del año 2013. Free electronic federal tax filing Muchos de estos asuntos se explican más adelante en esta publicación. Free electronic federal tax filing Anote su número de Seguro Social (SSN, por sus siglas en inglés) en la declaración. Free electronic federal tax filing  Anote su número de Seguro Social (SSN, por sus siglas en inglés) en el espacio correspondiente de la declaración de impuestos. Free electronic federal tax filing Si presentó una declaración conjunta de impuestos en el año 2012 y presenta una declaración conjunta en el año 2013 con el mismo cónyuge, escriba los nombres y números de Seguro Social en el mismo orden en que lo hizo en el año 2012. Free electronic federal tax filing Vea el capítulo 1 . Free electronic federal tax filing Proteja su documentación tributaria contra el robo de identidad. Free electronic federal tax filing  El robo de identidad ocurre cuando otra persona usa la información personal de usted sin su autorización para cometer fraude u otros delitos. Free electronic federal tax filing Dicha información personal podría ser su nombre, número de Seguro Social (SSN, por sus siglas en inglés) u otra información de identificación. Free electronic federal tax filing Un ladrón de identidad puede usar su SSN para obtener un empleo o puede presentar una declaración de impuestos usando su SSN robado para recibir un reembolso. Free electronic federal tax filing Si desea más información sobre el robo de identidad e información sobre cómo reducir su riesgo al robo de identidad, vea el capítulo 1 . Free electronic federal tax filing Números de identificación del contribuyente. Free electronic federal tax filing  Tiene que proveer el número de identificación del contribuyente de cada persona por la cual reclama ciertos beneficios tributarios. Free electronic federal tax filing Este requisito se aplica aun en el caso en que la persona haya nacido en el año 2013. Free electronic federal tax filing Por lo general, este número es el número de Seguro Social de la persona. Free electronic federal tax filing Vea el capítulo 1 . Free electronic federal tax filing Ingreso de fuentes en el extranjero. Free electronic federal tax filing  Si es ciudadano de los Estados Unidos con ingresos provenientes de fuentes en el extranjero (ingresos del extranjero), tiene que declarar todos estos ingresos en su declaración de impuestos, a menos que estén exentos conforme a las leyes estadounidenses. Free electronic federal tax filing Esto es cierto tanto si vive dentro como fuera de los Estados Unidos e independientemente de si recibe o no un Formulario W-2 ó 1099 del pagador extranjero. Free electronic federal tax filing Esto corresponde al ingreso del trabajo (como salarios y propinas) y también al ingreso no derivado del trabajo (como intereses, dividendos, ganancias de capital, pensiones, alquileres y regalías). Free electronic federal tax filing Si reside fuera de los Estados Unidos, es posible que pueda excluir la totalidad o parte de su ingreso del trabajo procedente de fuentes en el extranjero. Free electronic federal tax filing Para más detalles, vea la Publicación 54, Tax Guide for U. Free electronic federal tax filing S. Free electronic federal tax filing Citizens and Resident Aliens Abroad (Guía tributaria para ciudadanos y residentes estadounidenses en el extranjero), en inglés. Free electronic federal tax filing Activos financieros extranjeros. Free electronic federal tax filing  Si tuvo activos financieros extranjeros en el 2013, es posible que tenga que presentar el nuevo Formulario 8938 con su declaración. Free electronic federal tax filing Vea www. Free electronic federal tax filing IRS. Free electronic federal tax filing gov/form8938, en inglés, para más detalles. Free electronic federal tax filing Prórroga automática de 6 meses para presentar la declaración de impuestos. Free electronic federal tax filing  Puede usar el Formulario 4868(SP), Solicitud de Prórroga Automática para Presentar la Declaración del Impuesto sobre el Ingreso Personal de los Estados Unidos (o el Formulario 4868, en inglés), para obtener una prórroga automática de 6 meses para presentar su declaración de impuestos. Free electronic federal tax filing Vea el capítulo 1 . Free electronic federal tax filing Incluya su número de teléfono en la declaración. Free electronic federal tax filing  Para resolver rápidamente cualquier pregunta que necesitemos hacerle para tramitar su declaración, nos gustaría poder llamarlo. Free electronic federal tax filing Anote el número de teléfono donde podamos llamarlo durante el día, al lado del espacio donde firma la declaración de impuestos y donde aparece su ocupación. Free electronic federal tax filing Si usted presenta una declaración conjunta, puede anotar el número de teléfono suyo o el de su cónyuge. Free electronic federal tax filing Pago de los impuestos. Free electronic federal tax filing   Puede pagar sus impuestos a través de la Internet, a través del teléfono o por medio de cheque o giro. Free electronic federal tax filing Puede efectuar una transferencia directa de su cuenta bancaria o utilizar una tarjeta de crédito o débito. Free electronic federal tax filing Si presenta su declaración electrónicamente (por medio de e-file), puede programar un pago electrónico. Free electronic federal tax filing Vea el capítulo 1 . Free electronic federal tax filing Maneras más rápidas de presentar su declaración. Free electronic federal tax filing  El IRS ofrece maneras rápidas y fiables de presentar la información tributaria sin tener que presentar una declaración en papel. Free electronic federal tax filing Puede usar el sistema electrónico e-file del IRS para presentar su declaración de impuestos. Free electronic federal tax filing Vea el capítulo 1 . Free electronic federal tax filing Presentación electrónica gratuita de la declaración. Free electronic federal tax filing  Usted quizás pueda presentar su declaración de impuestos del año 2013 por Internet sin pagar cargo alguno. Free electronic federal tax filing Vea el capítulo 1 . Free electronic federal tax filing Cambio de dirección. Free electronic federal tax filing  Si cambia de dirección, debe notificarle al IRS. Free electronic federal tax filing Vea el tema titulado Cambio de Dirección , en el capítulo 1. Free electronic federal tax filing Reembolsos de una declaración presentada fuera de plazo. Free electronic federal tax filing  Si a usted se le debe un reembolso pero no presentó una declaración, por lo general tendrá que presentar su declaración dentro de 3 años a partir de la fecha en que la declaración venció (incluidas prórrogas) para obtener ese reembolso. Free electronic federal tax filing Vea el capítulo 1 . Free electronic federal tax filing Declaraciones de impuestos frívolas. Free electronic federal tax filing  El IRS ha publicado una lista de posturas identificadas como frívolas. Free electronic federal tax filing La multa por presentar una declaración de impuestos frívola es de $5,000. Free electronic federal tax filing Vea el capítulo 1 . Free electronic federal tax filing Reclamación errónea de reembolso o crédito. Free electronic federal tax filing  Quizás tenga que pagar una multa si reclama erróneamente un reembolso o crédito. Free electronic federal tax filing Vea el capítulo 1 . Free electronic federal tax filing Información sobre la Ley de Confidencialidad de Información y la Ley de Reducción de Trámites. Free electronic federal tax filing   La IRS Restructuring and Reform Act of 1998 (Ley de Reestructuración y Reforma del Servicio de Impuestos Internos de 1998), la Privacy Act of 1974 (Ley de Confidencialidad de Información de 1974) y la Paperwork Reduction Act of 1980 (Ley de Reducción de Trámites de 1980) requieren que, cuando le solicitemos información, le informemos primero sobre cuál es nuestro derecho legal para solicitar esa información, por qué la estamos solicitando, cómo se usará la información, qué podría suceder si no la recibimos y si su respuesta es voluntaria, necesaria para obtener un beneficio u obligatoria conforme a la ley. Free electronic federal tax filing Una explicación completa sobre este tema puede encontrarse en las instrucciones de los formularios. Free electronic federal tax filing Servicio a los contribuyentes. Free electronic federal tax filing  Puede hacer una cita para recibir ayuda en persona en el Centro de Ayuda al Contribuyente más conveniente en el día laborable que más le convenga. Free electronic federal tax filing Vea el tema titulado Cómo Obtener Ayuda con los Impuestos , al final de esta publicación. Free electronic federal tax filing Mandato para preparadores de impuestos sobre el sistema e-file. Free electronic federal tax filing  La mayoría de los preparadores de impuestos remunerados que preparan y presentan declaraciones tienen que presentar electrónicamente por medio del sistema e-file. Free electronic federal tax filing Puede ser que su preparador le comunique sobre este requisito y las opciones que están a disposición suya. Free electronic federal tax filing Inspector General del Tesoro para la Administración Tributaria. Free electronic federal tax filing   Si desea denunciar confidencialmente la mala conducta, ineficacia, el fraude o abuso cometido por un empleado del IRS, puede llamar al 1-800-366-4484 (1-800-877-8339 para personas sordas, con limitación auditiva o que tienen impedimentos del habla, y que usen equipo TTY/TDD). Free electronic federal tax filing Puede mantenerse anónimo. Free electronic federal tax filing Fotografías de niños desaparecidos. Free electronic federal tax filing  El IRS se enorgullece en colaborar con el National Center for Missing and Exploited Children (Centro Nacional de Búsqueda de Niños Desaparecidos y Explotados). Free electronic federal tax filing Las fotografías de niños desaparecidos que han sido seleccionadas por el Centro pueden aparacer en esta publicación en páginas que de otra manera estarían en blanco. Free electronic federal tax filing Usted puede ayudar a que estos niños regresen a sus hogares mirando sus fotografías y llamando al número gratuito 1-800-THE-LOST (1-800-843-5678) si reconoce a un niño. Free electronic federal tax filing Introduction Esta publicación abarca las reglas generales para la presentación de una declaración federal de impuestos sobre el ingreso. Free electronic federal tax filing La publicación complementa la información contenida en las instrucciones para el formulario de impuestos. Free electronic federal tax filing Igualmente explica las leyes tributarias para asegurar que usted pague sólo los impuestos que adeuda y nada más. Free electronic federal tax filing Cómo está organizada esta publicación. Free electronic federal tax filing   Esta publicación sigue de cerca el Formulario 1040, U. Free electronic federal tax filing S. Free electronic federal tax filing Individual Income Tax Return (Declaración de impuestos de los Estados Unidos sobre los ingresos personales), disponible en inglés. Free electronic federal tax filing Está dividida en seis partes que abarcan distintas secciones del Formulario 1040. Free electronic federal tax filing Cada parte está subdividida en capítulos que normalmente explican una línea del formulario. Free electronic federal tax filing No se preocupe si presenta el Formulario 1040A o el Formulario 1040EZ. Free electronic federal tax filing Todo lo que está incluido en una línea de cualquiera de ambos formularios se incluye también en el Formulario 1040. Free electronic federal tax filing   La tabla de contenido que aparece al comienzo de esta publicación y el índice que aparece al final le servirán de utilidad para encontrar la información que necesite. Free electronic federal tax filing Qué se incluye en esta publicación. Free electronic federal tax filing   Esta publicación comienza con las reglas para la presentación de una declaración de impuestos. Free electronic federal tax filing La publicación explica: Quién tiene que presentar una declaración, Qué formulario se debe utilizar para declarar los impuestos, Cuándo es la fecha de vencimiento de la declaración, Cómo presentar su declaración usando el sistema electrónico e-file y Otra información general. Free electronic federal tax filing Esta publicación le ayudará a identificar el estado civil para propósitos de la declaración al cual tiene derecho. Free electronic federal tax filing Del mismo modo, le ayudará a determinar si puede reclamar algún dependiente y si los ingresos que recibe están sujetos a impuestos. Free electronic federal tax filing La publicación también explica la deducción estándar, las clases de gastos que quizás pueda deducir y varios créditos que quizás pueda tomar para reducir sus impuestos. Free electronic federal tax filing   A lo largo de la publicación, hay ejemplos que muestran cómo se aplican las leyes tributarias en situaciones típicas. Free electronic federal tax filing También hay organigramas y tablas en la publicación que presentan información tributaria en una manera fácil de entender. Free electronic federal tax filing   Muchos de los temas que se tratan en esta publicación son explicados en mayor detalle en otras publicaciones del IRS. Free electronic federal tax filing Se hace referencia a dichas publicaciones y se indica si están disponibles en español o en inglés. Free electronic federal tax filing Iconos. Free electronic federal tax filing   En la publicación se utilizan pequeños símbolos gráficos, o sea iconos, para llamar su atención a información especial. Free electronic federal tax filing Vea la Tabla 1 , más adelante, para una explicación de cada icono usado en esta publicación. Free electronic federal tax filing Qué no se incluye en esta publicación. Free electronic federal tax filing   Algunos materiales que le podrían ser útiles no se incluyen en esta publicación pero pueden encontrarse en el folleto de instrucciones del formulario de impuestos. Free electronic federal tax filing Esto incluye listas que identifican lo siguiente: Dónde declarar ciertas partidas que aparecen en documentos informativos y Temas tributarios grabados (temas TeleTax). Free electronic federal tax filing   Si opera su propio negocio o si tiene otros ingresos del trabajo por cuenta propia, tales como del cuidado de niños o la venta de artesanía, vea las siguientes publicaciones para más información: Publicación 334, Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) (Guía tributaria para pequeños negocios (para personas que usen el Anexo C o C-EZ)), en inglés. Free electronic federal tax filing Publicación 535, Business Expenses (Gastos de negocios), en inglés. Free electronic federal tax filing Publicación 587, Business Use of Your Home (Including Use by Daycare Providers) (Uso comercial de su vivienda (incluyendo el uso por proveedores del cuidado de niños)), en inglés. Free electronic federal tax filing Ayuda del IRS. Free electronic federal tax filing   Existen muchas maneras en que puede obtener ayuda del IRS. Free electronic federal tax filing Éstas se explican bajo el tema titulado Cómo Obtener Ayuda con los Impuestos , al final de esta publicación. Free electronic federal tax filing Comentarios y sugerencias. Free electronic federal tax filing   Agradeceremos sus comentarios acerca de esta publicación, así como sus sugerencias para ediciones futuras. Free electronic federal tax filing   Puede enviar sus comentarios a la dirección siguiente:  Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free electronic federal tax filing NW, IR-6526 Washington, DC 20224   Contestamos muchas cartas por teléfono. Free electronic federal tax filing Por lo tanto, sería útil que incluyera en la correspondencia su número de teléfono, con el código de área, en donde nos podamos comunicar con usted durante el día. Free electronic federal tax filing   Usted nos puede enviar comentarios desde la página web www. Free electronic federal tax filing irs. Free electronic federal tax filing gov/formspubs, en inglés, seleccionando Comment on Tax Forms and Publications (Enviar comentarios sobre los formularios y publicaciones de impuestos), bajo la sección More Information (Información adicional). Free electronic federal tax filing   Aunque no le podemos contestar individualmente, agradecemos sus comentarios y sugerencias y los tendremos en cuenta para ediciones futuras de nuestros productos tributarios. Free electronic federal tax filing Para pedir formularios y publicaciones. Free electronic federal tax filing   Visite www. Free electronic federal tax filing irs. Free electronic federal tax filing gov/formspubs para descargar formularios y publicaciones, llame al 1-800-829-3676 para pedir formularios y publicaciones o escriba a la dirección indicada a continuación y recibirá una respuesta dentro de 10 días después de que nosotros recibamos su solicitud. Free electronic federal tax filing  Internal Revenue Service 1201 N. Free electronic federal tax filing Mitsubishi Motorway Bloomington, IL 61705-6613 Preguntas sobre los impuestos. Free electronic federal tax filing   Si tiene una pregunta sobre los impuestos, verifique la información disponible en IRS. Free electronic federal tax filing gov/espanol o llame al 1-800-829-1040. Free electronic federal tax filing No podemos contestar preguntas sobre impuestos enviadas a ninguna de las dos direcciones indicadas anteriormente. Free electronic federal tax filing Misión del IRS. Free electronic federal tax filing   Proveerles a los contribuyentes de los Estados Unidos de América un servicio de la más alta calidad al ayudarles a entender y cumplir con sus responsabilidades tributarias y, a la vez, hacer cumplir las leyes tributarias de manera íntegra y justa para todos. Free electronic federal tax filing Tabla 1. Free electronic federal tax filing Leyenda de los Iconos Icono Explicación Partidas que podrían causarle problemas en particular o una alerta sobre legislaciones pendientes que podrían entrar en vigor después de que se imprima esta publicación. Free electronic federal tax filing Un sitio en Internet o una dirección de correo electrónico. Free electronic federal tax filing Una dirección que podría necesitar. Free electronic federal tax filing Documentos que debería mantener en su documentación personal. Free electronic federal tax filing Cálculos que necesite realizar o una hoja de trabajo que pueda tener que completar y conservar para sus archivos. Free electronic federal tax filing Un número de teléfono importante. Free electronic federal tax filing Información que podría necesitar. Free electronic federal tax filing Prev  Up  Next   Home   More Online Publications