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Free State Tax Program

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Free State Tax Program

Free state tax program 3. Free state tax program   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. Free state tax program How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. Free state tax program However, in some cases you may have a gain that is not taxable or a loss that is not deductible. Free state tax program This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. Free state tax program Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. Free state tax program What Is a Disposition of Property? A disposition of property includes the following transactions. Free state tax program You sell property for cash or other property. Free state tax program You exchange property for other property. Free state tax program You receive money as a tenant for the cancellation of a lease. Free state tax program You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. Free state tax program You transfer property to satisfy a debt. Free state tax program You abandon property. Free state tax program Your bank or other financial institution forecloses on your mortgage or repossesses your property. Free state tax program Your property is damaged, destroyed, or stolen, and you receive property or money in payment. Free state tax program Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. Free state tax program For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. Free state tax program For details about other dispositions, see chapter 1 in Publication 544. Free state tax program Nontaxable exchanges. Free state tax program   Certain exchanges of property are not taxable. Free state tax program This means any gain from the exchange is not recognized and you cannot deduct any loss. Free state tax program Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Free state tax program Like-kind exchanges. Free state tax program   A like-kind exchange is the exchange of property for the same kind of property. Free state tax program It is the most common type of nontaxable exchange. Free state tax program To be a like-kind exchange, the property traded and the property received must be both of the following. Free state tax program Business or investment property. Free state tax program Like property. Free state tax program   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. Free state tax program For more information about like-kind exchanges, see chapter 1 in Publication 544. Free state tax program Installment sales. Free state tax program   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Free state tax program If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. Free state tax program   For more information about installment sales, see Publication 537, Installment Sales. Free state tax program Sale of a business. Free state tax program   The sale of a business usually is not a sale of one asset. Free state tax program Instead, all the assets of the business are sold. Free state tax program Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Free state tax program   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. Free state tax program Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Free state tax program The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Free state tax program   For more information about the sale of a business, see chapter 2 of Publication 544. Free state tax program How Do I Figure a Gain or Loss? Table 3-1. Free state tax program How To Figure a Gain or Loss IF your. Free state tax program . Free state tax program . Free state tax program THEN you have a. Free state tax program . Free state tax program . Free state tax program Adjusted basis is more than the amount realized Loss. Free state tax program Amount realized is more than the adjusted basis Gain. Free state tax program Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. Free state tax program You need to know these definitions to figure your gain or loss. Free state tax program Basis. Free state tax program   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. Free state tax program However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. Free state tax program For more information about basis, see Publication 551, Basis of Assets. Free state tax program Adjusted basis. Free state tax program   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. Free state tax program In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. Free state tax program Amount realized. Free state tax program   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. Free state tax program The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Free state tax program Fair market value. Free state tax program   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Free state tax program Amount recognized. Free state tax program   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. Free state tax program Recognized gains must be included in gross income. Free state tax program Recognized losses are deductible from gross income. Free state tax program However, a gain or loss realized from certain exchanges of property is not recognized. Free state tax program See  Nontaxable exchanges, earlier. Free state tax program Also, you cannot deduct a loss from the disposition of property held for personal use. Free state tax program Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. Free state tax program You must do this to figure your net capital gain or loss. Free state tax program Generally, you will have a capital gain or loss if you dispose of a capital asset. Free state tax program For the most part, everything you own and use for personal purposes or investment is a capital asset. Free state tax program Certain property you use in your business is not a capital asset. Free state tax program A gain or loss from a disposition of this property is an ordinary gain or loss. Free state tax program However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. Free state tax program These gains and losses are called section 1231 gains and losses. Free state tax program For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. Free state tax program Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. Free state tax program Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. Free state tax program The time you own property before disposing of it is called the holding period. Free state tax program Table 3-2. Free state tax program Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Free state tax program . Free state tax program . Free state tax program THEN you have a. Free state tax program . Free state tax program . Free state tax program 1 year or less Short-term capital gain or loss. Free state tax program More than 1 year Long-term capital gain or loss. Free state tax program For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. Free state tax program Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. Free state tax program The instructions for the forms explain how to fill them out. Free state tax program Dispositions of business property and depreciable property. Free state tax program   Use Form 4797. Free state tax program If you have taxable gain, you may also have to use Schedule D (Form 1040). Free state tax program Like-kind exchanges. Free state tax program   Use Form 8824, Like-Kind Exchanges. Free state tax program You may also have to use Form 4797 and Schedule D (Form 1040). Free state tax program Installment sales. Free state tax program   Use Form 6252, Installment Sale Income. Free state tax program You may also have to use Form 4797 and Schedule D (Form 1040). Free state tax program Casualties and thefts. Free state tax program   Use Form 4684, Casualties and Thefts. Free state tax program You may also have to use Form 4797. Free state tax program Condemned property. Free state tax program   Use Form 4797. Free state tax program You may also have to use Schedule D (Form 1040). Free state tax program Prev  Up  Next   Home   More Online Publications
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The Free State Tax Program

Free state tax program 7. Free state tax program   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Free state tax program Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. Free state tax program You must determine gross profit before you can deduct any business expenses. Free state tax program These expenses are discussed in chapter 8. Free state tax program If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. Free state tax program Businesses that sell products. Free state tax program   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Free state tax program Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Free state tax program Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Free state tax program   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Free state tax program The result is the gross profit from your business. Free state tax program Businesses that sell services. Free state tax program   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. Free state tax program Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Free state tax program Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Free state tax program Illustration. Free state tax program   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Free state tax program Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. Free state tax program Gross receipts. Free state tax program   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Free state tax program You may find it helpful to use cash registers to keep track of receipts. Free state tax program You should also use a proper invoicing system and keep a separate bank account for your business. Free state tax program Sales tax collected. Free state tax program   Check to make sure your records show the correct sales tax collected. Free state tax program   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. Free state tax program   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. Free state tax program Inventory at beginning of year. Free state tax program   Compare this figure with last year's ending inventory. Free state tax program The two amounts should usually be the same. Free state tax program Purchases. Free state tax program   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. Free state tax program ) be sure to remove them from the cost of goods sold. Free state tax program For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Free state tax program Inventory at end of year. Free state tax program   Check to make sure your procedures for taking inventory are adequate. Free state tax program These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Free state tax program   Use inventory forms and adding machine tapes as the only evidence for your inventory. Free state tax program Inventory forms are available at office supply stores. Free state tax program These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Free state tax program Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Free state tax program These forms will help satisfy you that the total inventory is accurate. Free state tax program They will also provide you with a permanent record to support its validity. Free state tax program   Inventories are discussed in chapter 2. Free state tax program Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Free state tax program First, divide gross profit by net receipts. Free state tax program The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Free state tax program Next, compare this percentage to your markup policy. Free state tax program Little or no difference between these two percentages shows that your gross profit figure is accurate. Free state tax program A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Free state tax program You should determine the reason for the difference. Free state tax program Example. Free state tax program   Joe Able operates a retail business. Free state tax program On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Free state tax program The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Free state tax program His cost of goods sold is $200,000. Free state tax program This results in a gross profit of $100,000 ($300,000 − $200,000). Free state tax program To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Free state tax program The resulting 331/3% confirms his markup percentage of 331/3%. Free state tax program Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. Free state tax program The result is gross business income. Free state tax program If you use Schedule C-EZ, include the income on line 1 of the schedule. Free state tax program Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. Free state tax program Prev  Up  Next   Home   More Online Publications