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Freefilefillableforms 6. Freefilefillableforms   Basis of Assets Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Cost BasisReal Property Allocating the Basis Uniform Capitalization Rules Adjusted BasisIncreases to Basis Decreases to Basis Basis Other Than CostTaxable Exchanges Involuntary Conversions Nontaxable Exchanges Property Received as a Gift Property Transferred From a Spouse Inherited Property Property Distributed From a Partnership or Corporation Introduction Your basis is the amount of your investment in property for tax purposes. Freefilefillableforms Use basis to figure the gain or loss on the sale, exchange, or other disposition of property. Freefilefillableforms Also use basis to figure depreciation, amortization, depletion, and casualty losses. Freefilefillableforms If you use property for both business or investment purposes and for personal purposes, you must allocate the basis based on the use. Freefilefillableforms Only the basis allocated to the business or investment use of the property can be depreciated. Freefilefillableforms Your original basis in property is adjusted (increased or decreased) by certain events. Freefilefillableforms For example, if you make improvements to the property, increase your basis. Freefilefillableforms If you take deductions for depreciation, or casualty losses, or claim certain credits, reduce your basis. Freefilefillableforms Keep accurate records of all items that affect the basis of your assets. Freefilefillableforms For information on keeping records, see chapter 1. Freefilefillableforms Topics - This chapter discusses: Cost basis Adjusted basis Basis other than cost Useful Items - You may want to see: Publication 535 Business Expenses 544 Sales and Other Dispositions of Assets 551 Basis of Assets 946 How To Depreciate Property See chapter 16 for information about getting publications and forms. Freefilefillableforms Cost Basis The basis of property you buy is usually its cost. Freefilefillableforms Cost is the amount you pay in cash, debt obligations, other property, or services. Freefilefillableforms Your cost includes amounts you pay for sales tax, freight, installation, and testing. Freefilefillableforms The basis of real estate and business assets will include other items, discussed later. Freefilefillableforms Basis generally does not include interest payments. Freefilefillableforms However, see Carrying charges and Capitalized interest in chapter 4 of Publication 535. Freefilefillableforms You also may have to capitalize (add to basis) certain other costs related to buying or producing property. Freefilefillableforms Under the uniform capitalization rules, discussed later, you may have to capitalize direct costs and certain indirect costs of producing property. Freefilefillableforms Loans with low or no interest. Freefilefillableforms   If you buy property on a time-payment plan that charges little or no interest, the basis of your property is your stated purchase price minus the amount considered to be unstated interest. Freefilefillableforms You generally have unstated interest if your interest rate is less than the applicable federal rate. Freefilefillableforms See the discussion of unstated interest in Publication 537, Installment Sales. Freefilefillableforms Real Property Real property, also called real estate, is land and generally anything built on, growing on, or attached to land. Freefilefillableforms If you buy real property, certain fees and other expenses you pay are part of your cost basis in the property. Freefilefillableforms Some of these expenses are discussed next. Freefilefillableforms Lump sum purchase. Freefilefillableforms   If you buy improvements, such as buildings, and the land on which they stand for a lump sum, allocate your cost basis between the land and improvements. Freefilefillableforms Allocate the cost basis according to the respective fair market values (FMVs) of the land and improvements at the time of purchase. Freefilefillableforms Figure the basis of each asset by multiplying the lump sum by a fraction. Freefilefillableforms The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. Freefilefillableforms Fair market value (FMV). Freefilefillableforms   FMV is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Freefilefillableforms Sales of similar property on or about the same date may help in figuring the FMV of the property. Freefilefillableforms If you are not certain of the FMV of the land and improvements, you can allocate the basis according to their assessed values for real estate tax purposes. Freefilefillableforms Real estate taxes. Freefilefillableforms   If you pay the real estate taxes the seller owed on real property you bought, and the seller did not reimburse you, treat those taxes as part of your basis. Freefilefillableforms   If you reimburse the seller for taxes the seller paid for you, you generally can deduct that amount as a tax expense. Freefilefillableforms Whether or not you reimburse the seller, do not include that amount in the basis of your property. Freefilefillableforms Settlement costs. Freefilefillableforms   Your basis includes the settlement fees and closing costs for buying the property. Freefilefillableforms See Publication 551 for a detailed list of items you can and cannot include in basis. Freefilefillableforms   Do not include fees and costs for getting a loan on the property. Freefilefillableforms Also, do not include amounts placed in escrow for the future payment of items such as taxes and insurance. Freefilefillableforms Points. Freefilefillableforms   If you pay points to get a loan (including a mortgage, second mortgage, or line-of-credit), do not add the points to the basis of the related property. Freefilefillableforms You may be able to deduct the points currently or over the term of the loan. Freefilefillableforms For more information about deducting points, see Points in chapter 4 of Publication 535. Freefilefillableforms Assumption of a mortgage. Freefilefillableforms   If you buy property and assume (or buy the property subject to) an existing mortgage, your basis includes the amount you pay for the property plus the amount you owe on the mortgage. Freefilefillableforms Example. Freefilefillableforms If you buy a farm for $100,000 cash and assume a mortgage of $400,000, your basis is $500,000. Freefilefillableforms Constructing assets. Freefilefillableforms   If you build property or have assets built for you, your expenses for this construction are part of your basis. Freefilefillableforms Some of these expenses include the following costs: Land, Labor and materials, Architect's fees, Building permit charges, Payments to contractors, Payments for rental equipment, and Inspection fees. Freefilefillableforms   In addition, if you use your own employees, farm materials, and equipment to build an asset, do not deduct the following expenses. Freefilefillableforms You must capitalize them (include them in the asset's basis). Freefilefillableforms Employee wages paid for the construction work, reduced by any employment credits allowed. Freefilefillableforms Depreciation on equipment you own while it is used in the construction. Freefilefillableforms Operating and maintenance costs for equipment used in the construction. Freefilefillableforms The cost of business supplies and materials used in the construction. Freefilefillableforms    Do not include the value of your own labor, or any other labor you did not pay for, in the basis of any property you construct. Freefilefillableforms Allocating the Basis In some instances, the rules for determining basis apply to a group of assets acquired in the same transaction or to property that consists of separate items. Freefilefillableforms To determine the basis of these assets or separate items, there must be an allocation of basis. Freefilefillableforms Group of assets acquired. Freefilefillableforms   If you buy multiple assets for a lump sum, allocate the amount you pay among the assets. Freefilefillableforms Use this allocation to figure your basis for depreciation and gain or loss on a later disposition of any of these assets. Freefilefillableforms You and the seller may agree in the sales contract to a specific allocation of the purchase price among the assets. Freefilefillableforms If this allocation is based on the value of each asset and you and the seller have adverse tax interests, the allocation generally will be accepted. Freefilefillableforms Farming business acquired. Freefilefillableforms   If you buy a group of assets that makes up a farming business, there are special rules you must use to allocate the purchase price among the assets. Freefilefillableforms Generally, reduce the purchase price by any cash received. Freefilefillableforms Allocate the remaining purchase price to the other business assets received in proportion to (but not more than) their FMV and in a certain order. Freefilefillableforms See Trade or Business Acquired under Allocating the Basis in Publication 551 for more information. Freefilefillableforms Transplanted embryo. Freefilefillableforms   If you buy a cow that is pregnant with a transplanted embryo, allocate to the basis of the cow the part of the purchase price equal to the FMV of the cow without the implant. Freefilefillableforms Allocate the rest of the purchase price to the basis of the calf. Freefilefillableforms Neither the cost allocated to the cow nor the cost allocated to the calf is deductible as a current business expense. Freefilefillableforms Uniform Capitalization Rules Under the uniform capitalization rules, you must include certain direct and indirect costs in the basis of property you produce or in your inventory costs, rather than claim them as a current deduction. Freefilefillableforms You recover these costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Freefilefillableforms Generally, you are subject to the uniform capitalization rules if you do any of the following: Produce real or tangible personal property, or Acquire property for resale. Freefilefillableforms However, this rule does not apply to personal property if your average annual gross receipts for the 3-tax-year period ending with the year preceding the current tax year are $10 million or less. Freefilefillableforms You produce property if you construct, build, install, manufacture, develop, improve, or create the property. Freefilefillableforms You are not subject to the uniform capitalization rules if the property is produced for personal use. Freefilefillableforms In a farming business, you produce property if you raise or grow any agricultural or horticultural commodity, including plants and animals. Freefilefillableforms Plants. Freefilefillableforms   A plant produced in a farming business includes the following items: A fruit, nut, or other crop-bearing tree; An ornamental tree; A vine; A bush; Sod; and The crop or yield of a plant that will have more than one crop or yield. Freefilefillableforms Animals. Freefilefillableforms   An animal produced in a farming business includes any stock, poultry or other bird, and fish or other sea life. Freefilefillableforms The direct and indirect costs of producing plants or animals include preparatory costs and preproductive period costs. Freefilefillableforms Preparatory costs include the acquisition costs of the seed, seedling, plant, or animal. Freefilefillableforms For plants, preproductive period costs include the costs of items such as irrigation, pruning, frost protection, spraying, and harvesting. Freefilefillableforms For animals, preproductive period costs include the costs of items such as feed, maintaining pasture or pen areas, breeding, veterinary services, and bedding. Freefilefillableforms Exceptions. Freefilefillableforms   In a farming business, the uniform capitalization rules do not apply to: Any animal, Any plant with a preproductive period of 2 years or less, or Any costs of replanting certain plants lost or damaged due to casualty. Freefilefillableforms   Exceptions (1) and (2) do not apply to a corporation, partnership, or tax shelter required to use an accrual method of accounting. Freefilefillableforms See Accrual Method Required under Accounting Methods in chapter 2. Freefilefillableforms   In addition, you can elect not to use the uniform capitalization rules for plants with a preproductive period of more than 2 years. Freefilefillableforms If you make this election, special rules apply. Freefilefillableforms This election cannot be made by a corporation, partnership, or tax shelter required to use an accrual method of accounting. Freefilefillableforms This election also does not apply to any costs incurred for the planting, cultivation, maintenance, or development of any citrus or almond grove (or any part thereof) within the first 4 years the trees were planted. Freefilefillableforms    If you elect not to use the uniform capitalization rules, you must use the alternative depreciation system for all property used in any of your farming businesses and placed in service in any tax year during which the election is in effect. Freefilefillableforms See chapter 7, for additional information on depreciation. Freefilefillableforms Example. Freefilefillableforms You grow trees that have a preproductive period of more than 2 years. Freefilefillableforms The trees produce an annual crop. Freefilefillableforms You are an individual and the uniform capitalization rules apply to your farming business. Freefilefillableforms You must capitalize the direct costs and an allocable part of indirect costs incurred due to the production of the trees. Freefilefillableforms You are not required to capitalize the costs of producing the annual crop because its preproductive period is 2 years or less. Freefilefillableforms Preproductive period of more than 2 years. Freefilefillableforms   The preproductive period of plants grown in commercial quantities in the United States is based on their nationwide weighted average preproductive period. Freefilefillableforms Plants producing the crops or yields shown in Table 6-1 have a nationwide weighted average preproductive period of more than 2 years. Freefilefillableforms Other plants (not shown in Table 6-1) may also have a nationwide weighted average preproductive period of more than 2 years. Freefilefillableforms More information. Freefilefillableforms   For more information on the uniform capitalization rules that apply to property produced in a farming business, see Regulations section 1. Freefilefillableforms 263A-4. Freefilefillableforms Table 6-1. Freefilefillableforms Plants With a Preproductive Period of More Than 2 Years Plants producing the following crops or yields have a nationwide weighted average preproductive period of more than 2 years. Freefilefillableforms Almonds Apples Apricots Avocados Blueberries Cherries Chestnuts Coffee beans Currants Dates Figs Grapefruit Grapes Guavas Kiwifruit Kumquats Lemons Limes Macadamia nuts Mangoes Nectarines Olives Oranges Peaches Pears Pecans Persimmons Pistachio nuts Plums Pomegranates Prunes Tangelos Tangerines Tangors Walnuts Adjusted Basis Before figuring gain or loss on a sale, exchange, or other disposition of property or figuring allowable depreciation, depletion, or amortization, you must usually make certain adjustments to the cost basis or basis other than cost (discussed later) of the property. Freefilefillableforms The adjustments to the original basis are increases or decreases to the cost basis or other basis which result in the adjusted basis of the property. Freefilefillableforms Increases to Basis Increase the basis of any property by all items properly added to a capital account. Freefilefillableforms These include the cost of any improvements having a useful life of more than 1 year. Freefilefillableforms The following costs increase the basis of property. Freefilefillableforms The cost of extending utility service lines to property. Freefilefillableforms Legal fees, such as the cost of defending and perfecting title. Freefilefillableforms Legal fees for seeking a decrease in an assessment levied against property to pay for local improvements. Freefilefillableforms Assessments for items such as paving roads and building ditches that increase the value of the property assessed. Freefilefillableforms Do not deduct these expenses as taxes. Freefilefillableforms However, you can deduct as taxes amounts assessed for maintenance or repairs, or for meeting interest charges related to the improvements. Freefilefillableforms If you make additions or improvements to business property, depreciate the basis of each addition or improvement as separate depreciable property using the rules that would apply to the original property if you had placed it in service at the same time you placed the addition or improvement in service. Freefilefillableforms See chapter 7. Freefilefillableforms Deducting vs. Freefilefillableforms capitalizing costs. Freefilefillableforms   Do not add to your basis costs you can deduct as current expenses. Freefilefillableforms For example, amounts paid for incidental repairs or maintenance are deductible as business expenses and are not added to basis. Freefilefillableforms However, you can elect either to deduct or to capitalize certain other costs. Freefilefillableforms See chapter 7 in Publication 535. Freefilefillableforms Decreases to Basis The following are some items that reduce the basis of property. Freefilefillableforms Section 179 deduction. Freefilefillableforms Deductions previously allowed or allowable for amortization, depreciation, and depletion. Freefilefillableforms Alternative motor vehicle credit. Freefilefillableforms See Form 8910. Freefilefillableforms Alternative fuel vehicle refueling property credit. Freefilefillableforms See Form 8911. Freefilefillableforms Residential energy efficient property credits. Freefilefillableforms See Form 5695. Freefilefillableforms Investment credit (part or all) taken. Freefilefillableforms Casualty and theft losses and insurance reimbursements. Freefilefillableforms Payments you receive for granting an easement. Freefilefillableforms Exclusion from income of subsidies for energy conservation measures. Freefilefillableforms Certain canceled debt excluded from income. Freefilefillableforms Rebates from a manufacturer or seller. Freefilefillableforms Patronage dividends received from a cooperative association as a result of a purchase of property. Freefilefillableforms See Patronage Dividends in chapter 3. Freefilefillableforms Gas-guzzler tax. Freefilefillableforms See Form 6197. Freefilefillableforms Some of these items are discussed next. Freefilefillableforms For a more detailed list of items that decrease basis, see section 1016 of the Internal Revenue Code and Publication 551. Freefilefillableforms Depreciation and section 179 deduction. Freefilefillableforms   The adjustments you must make to the basis of the property if you take the section 179 deduction or depreciate the property are explained next. Freefilefillableforms For more information on these deductions, see chapter 7. Freefilefillableforms Section 179 deduction. Freefilefillableforms   If you take the section 179 expense deduction for all or part of the cost of qualifying business property, decrease the basis of the property by the deduction. Freefilefillableforms Depreciation. Freefilefillableforms   Decrease the basis of property by the depreciation you deducted or could have deducted on your tax returns under the method of depreciation you chose. Freefilefillableforms If you took less depreciation than you could have under the method chosen, decrease the basis by the amount you could have taken under that method. Freefilefillableforms If you did not take a depreciation deduction, reduce the basis by the full amount of the depreciation you could have taken. Freefilefillableforms   If you deducted more depreciation than you should have, decrease your basis by the amount you should have deducted plus the part of the excess depreciation you deducted that actually reduced your tax liability for any year. Freefilefillableforms   See chapter 7 for information on figuring the depreciation you should have claimed. Freefilefillableforms   In decreasing your basis for depreciation, take into account the amount deducted on your tax returns as depreciation and any depreciation you must capitalize under the uniform capitalization rules. Freefilefillableforms Casualty and theft losses. Freefilefillableforms   If you have a casualty or theft loss, decrease the basis of the property by any insurance or other reimbursement. Freefilefillableforms Also, decrease it by any deductible loss not covered by insurance. Freefilefillableforms See chapter 11 for information about figuring your casualty or theft loss. Freefilefillableforms   You must increase your basis in the property by the amount you spend on clean-up costs (such as debris removal) and repairs that restore the property to its pre-casualty condition. Freefilefillableforms To make this determination, compare the repaired property to the property before the casualty. Freefilefillableforms Easements. Freefilefillableforms   The amount you receive for granting an easement is usually considered to be proceeds from the sale of an interest in the real property. Freefilefillableforms It reduces the basis of the affected part of the property. Freefilefillableforms If the amount received is more than the basis of the part of the property affected by the easement, reduce your basis in that part to zero and treat the excess as a recognized gain. Freefilefillableforms See Easements and rights-of-way in chapter 3. Freefilefillableforms Exclusion from income of subsidies for energy conservation measures. Freefilefillableforms   You can exclude from gross income any subsidy you received from a public utility company for the purchase or installation of an energy conservation measure for a dwelling unit. Freefilefillableforms Reduce the basis of the property by the excluded amount. Freefilefillableforms Canceled debt excluded from income. Freefilefillableforms   If a debt you owe is canceled or forgiven, other than as a gift or bequest, you generally must include the canceled amount in your gross income for tax purposes. Freefilefillableforms A debt includes any indebtedness for which you are liable or which attaches to property you hold. Freefilefillableforms   You can exclude your canceled debt from income if the debt is any of the following. Freefilefillableforms Debt canceled in a bankruptcy case or when you are insolvent. Freefilefillableforms Qualified farm debt. Freefilefillableforms Qualified real property business debt (provided you are not a C corporation). Freefilefillableforms Qualified principal residence indebtedness. Freefilefillableforms Discharge of certain indebtedness of a qualified individual because of Midwestern disasters. Freefilefillableforms If you exclude canceled debt described in (1) or (2), you may have to reduce the basis of your depreciable and nondepreciable property. Freefilefillableforms If you exclude canceled debt described in (3), you must only reduce the basis of your depreciable property by the excluded amount. Freefilefillableforms   For more information about canceled debt in a bankruptcy case, see Publication 908, Bankruptcy Tax Guide. Freefilefillableforms For more information about insolvency and canceled debt that is qualified farm debt or qualified principal residence indebtedness, see chapter 3. Freefilefillableforms For more information about qualified real property business debt, see Publication 334, Tax Guide for Small Business. Freefilefillableforms For more information about canceled debt in Midwestern disaster areas, see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. Freefilefillableforms Basis Other Than Cost There are times when you cannot use cost as basis. Freefilefillableforms In these situations, the fair market value or the adjusted basis of property may be used. Freefilefillableforms Examples are discussed next. Freefilefillableforms Property changed from personal to business or rental use. Freefilefillableforms   When you hold property for personal use and then change it to business use or use it to produce rent, you must figure its basis for depreciation. Freefilefillableforms An example of changing property from personal to business use would be changing the use of your pickup truck that you originally purchased for your personal use to use in your farming business. Freefilefillableforms   The basis for depreciation is the lesser of: The FMV of the property on the date of the change, or Your adjusted basis on the date of the change. Freefilefillableforms   If you later sell or dispose of this property, the basis you use will depend on whether you are figuring a gain or loss. Freefilefillableforms The basis for figuring a gain is your adjusted basis in the property when you sell the property. Freefilefillableforms Figure the basis for a loss starting with the smaller of your adjusted basis or the FMV of the property at the time of the change to business or rental use. Freefilefillableforms Then make adjustments (increases and decreases) for the period after the change in the property's use, as discussed earlier under Adjusted Basis . Freefilefillableforms Property received for services. Freefilefillableforms   If you receive property for services, include the property's FMV in income. Freefilefillableforms The amount you include in income becomes your basis. Freefilefillableforms If the services were performed for a price agreed on beforehand, it will be accepted as the FMV of the property if there is no evidence to the contrary. Freefilefillableforms Example. Freefilefillableforms George Smith is an accountant and also operates a farming business. Freefilefillableforms George agreed to do some accounting work for his neighbor in exchange for a dairy cow. Freefilefillableforms The accounting work and the cow are each worth $1,500. Freefilefillableforms George must include $1,500 in income for his accounting services. Freefilefillableforms George's basis in the cow is $1,500. Freefilefillableforms Taxable Exchanges A taxable exchange is one in which the gain is taxable, or the loss is deductible. Freefilefillableforms A taxable gain or deductible loss also is known as a recognized gain or loss. Freefilefillableforms A taxable exchange occurs when you receive cash or get property that is not similar or related in use to the property exchanged. Freefilefillableforms If you receive property in exchange for other property in a taxable exchange, the basis of the property you receive is usually its FMV at the time of the exchange. Freefilefillableforms Example. Freefilefillableforms You trade a tract of farmland with an adjusted basis of $2,000 for a tractor that has an FMV of $6,000. Freefilefillableforms You must report a taxable gain of $4,000 for the land. Freefilefillableforms The tractor has a basis of $6,000. Freefilefillableforms Involuntary Conversions If you receive property as a result of an involuntary conversion, such as a casualty, theft, or condemnation, figure the basis of the replacement property you receive using the basis of the converted property. Freefilefillableforms Similar or related property. Freefilefillableforms   If the replacement property is similar or related in service or use to the converted property, the replacement property's basis is the same as the old property's basis on the date of the conversion. Freefilefillableforms However, make the following adjustments. Freefilefillableforms Decrease the basis by the following amounts. Freefilefillableforms Any loss you recognize on the involuntary conversion. Freefilefillableforms Any money you receive that you do not spend on similar property. Freefilefillableforms Increase the basis by the following amounts. Freefilefillableforms Any gain you recognize on the involuntary conversion. Freefilefillableforms Any cost of acquiring the replacement property. Freefilefillableforms Money or property not similar or related. Freefilefillableforms   If you receive money or property not similar or related in service or use to the converted property and you buy replacement property similar or related in service or use to the converted property, the basis of the replacement property is its cost decreased by the gain not recognized on the involuntary conversion. Freefilefillableforms Allocating the basis. Freefilefillableforms   If you buy more than one piece of replacement property, allocate your basis among the properties based on their respective costs. Freefilefillableforms Basis for depreciation. Freefilefillableforms   Special rules apply in determining and depreciating the basis of MACRS property acquired in an involuntary conversion. Freefilefillableforms For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. Freefilefillableforms For more information about involuntary conversions, see chapter 11. Freefilefillableforms Nontaxable Exchanges A nontaxable exchange is an exchange in which you are not taxed on any gain and you cannot deduct any loss. Freefilefillableforms A nontaxable gain or loss also is known as an unrecognized gain or loss. Freefilefillableforms If you receive property in a nontaxable exchange, its basis is usually the same as the basis of the property you transferred. Freefilefillableforms Like-Kind Exchanges The exchange of property for the same kind of property is the most common type of nontaxable exchange. Freefilefillableforms For an exchange to qualify as a like-kind exchange, you must hold for business or investment purposes both the property you transfer and the property you receive. Freefilefillableforms There must also be an exchange of like-kind property. Freefilefillableforms For more information, see Like-Kind Exchanges in  chapter 8. Freefilefillableforms The basis of the property you receive generally is the same as the adjusted basis of the property you gave up. Freefilefillableforms Example 1. Freefilefillableforms You traded a truck you used in your farming business for a new smaller truck to use in farming. Freefilefillableforms The adjusted basis of the old truck was $10,000. Freefilefillableforms The FMV of the new truck is $30,000. Freefilefillableforms Because this is a nontaxable exchange, you do not recognize any gain, and your basis in the new truck is $10,000, the same as the adjusted basis of the truck you traded. Freefilefillableforms Example 2. Freefilefillableforms You trade a field cultivator (adjusted basis of $8,000) for a planter (FMV of $9,000). Freefilefillableforms You use both the field cultivator and the planter in your farming business. Freefilefillableforms The basis of the planter you receive is $8,000, the same as the field cultivator traded Exchange expenses. Freefilefillableforms   Exchange expenses generally are the closing costs that you pay. Freefilefillableforms They include such items as brokerage commissions, attorney fees, and deed preparation fees. Freefilefillableforms Add them to the basis of the like-kind property you receive. Freefilefillableforms Property plus cash. Freefilefillableforms   If you trade property in a like-kind exchange and also pay money, the basis of the property you receive is the adjusted basis of the property you gave up plus the money you paid. Freefilefillableforms Example. Freefilefillableforms You trade in a truck (adjusted basis of $3,000) for another truck (FMV of $7,500) and pay $4,000. Freefilefillableforms Your basis in the new truck is $7,000 (the $3,000 adjusted basis of the old truck plus the $4,000 cash). Freefilefillableforms Special rules for related persons. Freefilefillableforms   If a like-kind exchange takes place directly or indirectly between related persons and either party disposes of the property within 2 years after the exchange, the exchange no longer qualifies for like-kind exchange treatment. Freefilefillableforms Each person must report any gain or loss not recognized on the original exchange unless the loss is not deductible under the related party rules. Freefilefillableforms Each person reports it on the tax return filed for the year in which the later disposition occurred. Freefilefillableforms If this rule applies, the basis of the property received in the original exchange will be its FMV. Freefilefillableforms For more information, see chapter 8. Freefilefillableforms Exchange of business property. Freefilefillableforms   Exchanging the property of one business for the property of another business generally is a multiple property exchange. Freefilefillableforms For information on figuring basis, see Multiple Property Exchanges in chapter 1 of Publication 544. Freefilefillableforms Basis for depreciation. Freefilefillableforms   Special rules apply in determining and depreciating the basis of MACRS property acquired in a like-kind transaction. Freefilefillableforms For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. Freefilefillableforms Partially Nontaxable Exchanges A partially nontaxable exchange is an exchange in which you receive unlike property or money in addition to like-kind property. Freefilefillableforms The basis of the property you receive is the same as the adjusted basis of the property you gave up with the following adjustments. Freefilefillableforms Decrease the basis by the following amounts. Freefilefillableforms Any money you receive. Freefilefillableforms Any loss you recognize on the exchange. Freefilefillableforms Increase the basis by the following amounts. Freefilefillableforms Any additional costs you incur. Freefilefillableforms Any gain you recognize on the exchange. Freefilefillableforms If the other party to the exchange assumes your liabilities, treat the debt assumption as money you received in the exchange. Freefilefillableforms Example 1. Freefilefillableforms You trade farmland (basis of $100,000) for another tract of farmland (FMV of $110,000) and $30,000 cash. Freefilefillableforms You realize a gain of $40,000. Freefilefillableforms This is the FMV of the land received plus the cash minus the basis of the land you traded ($110,000 + $30,000 − $100,000). Freefilefillableforms Include your gain in income (recognize gain) only to the extent of the cash received. Freefilefillableforms Your basis in the land you received is figured as follows. Freefilefillableforms Basis of land traded $100,000 Minus: Cash received (adjustment 1(a)) − 30,000   $70,000 Plus: Gain recognized (adjustment 2(b)) + 30,000 Basis of land received $100,000 Example 2. Freefilefillableforms You trade a truck (adjusted basis of $22,750) for another truck (FMV of $20,000) and $10,000 cash. Freefilefillableforms You realize a gain of $7,250. Freefilefillableforms This is the FMV of the truck received plus the cash minus the adjusted basis of the truck you traded ($20,000 + $10,000 − $22,750). Freefilefillableforms You include all the gain in your income (recognize gain) because the gain is less than the cash you received. Freefilefillableforms Your basis in the truck you received is figured as follows. Freefilefillableforms Adjusted basis of truck traded $22,750 Minus: Cash received (adjustment 1(a)) −10,000   $12,750 Plus: Gain recognized (adjustment 2(b)) + 7,250 Basis of truck received $20,000 Allocation of basis. Freefilefillableforms   If you receive like-kind and unlike properties in the exchange, allocate the basis first to the unlike property, other than money, up to its FMV on the date of the exchange. Freefilefillableforms The rest is the basis of the like-kind property. Freefilefillableforms Example. Freefilefillableforms You traded a tractor with an adjusted basis of $15,000 for another tractor that had an FMV of $12,500. Freefilefillableforms You also received $1,000 cash and a truck that had an FMV of $3,000. Freefilefillableforms The truck is unlike property. Freefilefillableforms You realized a gain of $1,500. Freefilefillableforms This is the FMV of the tractor received plus the FMV of the truck received plus the cash minus the adjusted basis of the tractor you traded ($12,500 + $3,000 + $1,000 − $15,000). Freefilefillableforms You include in income (recognize) all $1,500 of the gain because it is less than the FMV of the unlike property plus the cash received. Freefilefillableforms Your basis in the properties you received is figured as follows. Freefilefillableforms Adjusted basis of old tractor $15,000 Minus: Cash received (adjustment 1(a)) − 1,000   $14,000 Plus: Gain recognized (adjustment 2(b)) + 1,500 Total basis of properties received $15,500 Allocate the total basis of $15,500 first to the unlike property—the truck ($3,000). Freefilefillableforms This is the truck's FMV. Freefilefillableforms The rest ($12,500) is the basis of the tractor. Freefilefillableforms Sale and Purchase If you sell property and buy similar property in two mutually dependent transactions, you may have to treat the sale and purchase as a single nontaxable exchange. Freefilefillableforms Example. Freefilefillableforms You used a tractor on your farm for 3 years. Freefilefillableforms Its adjusted basis is $22,000 and its FMV is $40,000. Freefilefillableforms You are interested in a new tractor, which sells for $60,000. Freefilefillableforms Ordinarily, you would trade your old tractor for the new one and pay the dealer $20,000. Freefilefillableforms Your basis for depreciating the new tractor would then be $42,000 ($20,000 + $22,000, the adjusted basis of your old tractor). Freefilefillableforms However, you want a higher basis for depreciating the new tractor, so you agree to pay the dealer $60,000 for the new tractor if he will pay you $40,000 for your old tractor. Freefilefillableforms Because the two transactions are dependent on each other, you are treated as having exchanged your old tractor for the new one and paid $20,000 ($60,000 − $40,000). Freefilefillableforms Your basis for depreciating the new tractor is $42,000, the same as if you traded the old tractor. Freefilefillableforms Property Received as a Gift To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you. Freefilefillableforms You also must know its FMV at the time it was given to you and any gift tax paid on it. Freefilefillableforms FMV equal to or greater than donor's adjusted basis. Freefilefillableforms   If the FMV of the property is equal to or greater than the donor's adjusted basis, your basis is the donor's adjusted basis when you received the gift. Freefilefillableforms Increase your basis by all or part of any gift tax paid, depending on the date of the gift. Freefilefillableforms   Also, for figuring gain or loss from a sale or other disposition of the property, or for figuring depreciation, depletion, or amortization deductions on business property, you must increase or decrease your basis (the donor's adjusted basis) by any required adjustments to basis while you held the property. Freefilefillableforms See Adjusted Basis , earlier. Freefilefillableforms   If you received a gift during the tax year, increase your basis in the gift (the donor's adjusted basis) by the part of the gift tax paid on it due to the net increase in value of the gift. Freefilefillableforms Figure the increase by multiplying the gift tax paid by the following fraction. Freefilefillableforms Net increase in value of the gift Amount of the gift   The net increase in value of the gift is the FMV of the gift minus the donor's adjusted basis. Freefilefillableforms The amount of the gift is its value for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. Freefilefillableforms Example. Freefilefillableforms In 2013, you received a gift of property from your mother that had an FMV of $50,000. Freefilefillableforms Her adjusted basis was $20,000. Freefilefillableforms The amount of the gift for gift tax purposes was $36,000 ($50,000 minus the $14,000 annual exclusion). Freefilefillableforms She paid a gift tax of $7,320. Freefilefillableforms Your basis, $26,076, is figured as follows. Freefilefillableforms Fair market value $50,000 Minus: Adjusted basis −20,000 Net increase in value $30,000 Gift tax paid $7,320 Multiplied by ($30,000 ÷ $36,000) × . Freefilefillableforms 83 Gift tax due to net increase in value $6,076 Adjusted basis of property to your mother +20,000 Your basis in the property $26,076 Note. Freefilefillableforms If you received a gift before 1977, your basis in the gift (the donor's adjusted basis) includes any gift tax paid on it. Freefilefillableforms However, your basis cannot exceed the FMV of the gift when it was given to you. Freefilefillableforms FMV less than donor's adjusted basis. Freefilefillableforms   If the FMV of the property at the time of the gift is less than the donor's adjusted basis, your basis depends on whether you have a gain or a loss when you dispose of the property. Freefilefillableforms Your basis for figuring gain is the donor's adjusted basis plus or minus any required adjustments to basis while you held the property. Freefilefillableforms Your basis for figuring loss is its FMV when you received the gift plus or minus any required adjustments to basis while you held the property. Freefilefillableforms (See Adjusted Basis , earlier. Freefilefillableforms )   If you use the donor's adjusted basis for figuring a gain and get a loss, and then use the FMV for figuring a loss and get a gain, you have neither gain nor loss on the sale or other disposition of the property. Freefilefillableforms Example. Freefilefillableforms You received farmland as a gift from your parents when they retired from farming. Freefilefillableforms At the time of the gift, the land had an FMV of $80,000. Freefilefillableforms Your parents' adjusted basis was $100,000. Freefilefillableforms After you received the land, no events occurred that would increase or decrease your basis. Freefilefillableforms If you sell the land for $120,000, you will have a $20,000 gain because you must use the donor's adjusted basis at the time of the gift ($100,000) as your basis to figure a gain. Freefilefillableforms If you sell the land for $70,000, you will have a $10,000 loss because you must use the FMV at the time of the gift ($80,000) as your basis to figure a loss. Freefilefillableforms If the sales price is between $80,000 and $100,000, you have neither gain nor loss. Freefilefillableforms For instance, if the sales price was $90,000 and you tried to figure a gain using the donor's adjusted basis ($100,000), you would get a $10,000 loss. Freefilefillableforms If you then tried to figure a loss using the FMV ($80,000), you would get a $10,000 gain. Freefilefillableforms Business property. Freefilefillableforms   If you hold the gift as business property, your basis for figuring any depreciation, depletion, or amortization deductions is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you hold the property. Freefilefillableforms Property Transferred From a Spouse The basis of property transferred to you or transferred in trust for your benefit by your spouse is the same as your spouse's adjusted basis. Freefilefillableforms The same rule applies to a transfer by your former spouse if the transfer is incident to divorce. Freefilefillableforms However, for property transferred in trust, adjust your basis for any gain recognized by your spouse or former spouse if the liabilities assumed plus the liabilities to which the property is subject are more than the adjusted basis of the property transferred. Freefilefillableforms The transferor must give you the records needed to determine the adjusted basis and holding period of the property as of the date of the transfer. Freefilefillableforms For more information, see Property Settlements in Publication 504, Divorced or Separated Individuals. Freefilefillableforms Inherited Property Your basis in property you inherited from a decedent, who died before January 1, 2010, or after December 31, 2010, is generally one of the following: The FMV of the property at the date of the decedent's death. Freefilefillableforms If a federal estate return is filed, you can use its appraised value. Freefilefillableforms The FMV on the alternate valuation date, if the personal representative for the estate elects to use alternate valuation. Freefilefillableforms For information on the alternate valuation, see the Instructions for Form 706. Freefilefillableforms The decedent's adjusted basis in land to the extent of the value that is excluded from the decedent's taxable estate as a qualified conservation easement. Freefilefillableforms If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes. Freefilefillableforms Special-use valuation method. Freefilefillableforms   Under certain conditions, when a person dies, the executor or personal representative of that person's estate may elect to value qualified real property at other than its FMV. Freefilefillableforms If so, the executor or personal representative values the qualified real property based on its use as a farm or other closely held business. Freefilefillableforms If the executor or personal representative elects this method of valuation for estate tax purposes, this value is the basis of the property for the qualified heirs. Freefilefillableforms The qualified heirs should be able to get the necessary value from the executor or personal representative of the estate. Freefilefillableforms   If you are a qualified heir who received special-use valuation property, increase your basis by any gain recognized by the estate or trust because of post-death appreciation. Freefilefillableforms Post-death appreciation is the property's FMV on the date of distribution minus the property's FMV either on the date of the individual's death or on the alternate valuation date. Freefilefillableforms Figure all FMVs without regard to the special-use valuation. Freefilefillableforms   You may be liable for an additional estate tax if, within 10 years after the death of the decedent, you transfer the property or the property stops being used as a farm. Freefilefillableforms This tax does not apply if you dispose of the property in a like-kind exchange or in an involuntary conversion in which all of the proceeds are reinvested in qualified replacement property. Freefilefillableforms The tax also does not apply if you transfer the property to a member of your family and certain requirements are met. Freefilefillableforms   You can elect to increase your basis in special-use valuation property if it becomes subject to the additional estate tax. Freefilefillableforms To increase your basis, you must make an irrevocable election and pay interest on the additional estate tax figured from the date 9 months after the decedent's death until the date of payment of the additional estate tax. Freefilefillableforms If you meet these requirements, increase your basis in the property to its FMV on the date of the decedent's death or the alternate valuation date. Freefilefillableforms The increase in your basis is considered to have occurred immediately before the event that resulted in the additional estate tax. Freefilefillableforms   You make the election by filing, with Form 706-A, United States Additional Estate Tax Return, a statement that: Contains your (and the estate's) name, address, and taxpayer identification number; Identifies the election as an election under section 1016(c) of the Internal Revenue Code; Specifies the property for which you are making the election; and Provides any additional information required by the Form 706-A instructions. Freefilefillableforms   For more information, see Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, Form 706-A, and the related instructions. Freefilefillableforms Property inherited from a decedent who died in 2010. Freefilefillableforms   If you inherited property from a decedent who died in 2010, different rules may apply. Freefilefillableforms See Publication 4895, Tax Treatment of Property Acquired From a Decendent Dying in 2010, for details. Freefilefillableforms Property Distributed From a Partnership or Corporation The following rules apply to determine a partner's basis and a shareholder's basis in property distributed respectively from a partnership to the partner with respect to the partner's interest in the partnership and from a corporation to the shareholder with respect to the shareholder's ownership of stock in the corporation. Freefilefillableforms Partner's basis. Freefilefillableforms   Unless there is a complete liquidation of a partner's interest, the basis of property (other than money) distributed by a partnership to the partner is its adjusted basis to the partnership immediately before the distribution. Freefilefillableforms However, the basis of the property to the partner cannot be more than the adjusted basis of his or her interest in the partnership reduced by any money received in the same transaction. Freefilefillableforms For more information, see Partner's Basis for Distributed Property in Publication 541, Partnerships. Freefilefillableforms Shareholder's basis. Freefilefillableforms   The basis of property distributed by a corporation to a shareholder is its fair market value. Freefilefillableforms For more information about corporate distributions, see Distributions to Shareholders in Publication 542, Corporations. Freefilefillableforms Prev  Up  Next   Home   More Online Publications
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Freefilefillableforms 13. Freefilefillableforms   How To Get Tax Help Table of Contents Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Freefilefillableforms Free help with your tax return. Freefilefillableforms   You can get free help preparing your return nationwide from IRS-certified volunteers. Freefilefillableforms The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Freefilefillableforms The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Freefilefillableforms Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Freefilefillableforms In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Freefilefillableforms To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Freefilefillableforms gov, download the IRS2Go app, or call 1-800-906-9887. Freefilefillableforms   As part of the TCE program, AARP offers the Tax-Aide counseling program. Freefilefillableforms To find the nearest AARP Tax-Aide site, visit AARP's website at www. Freefilefillableforms aarp. Freefilefillableforms org/money/taxaide or call 1-888-227-7669. Freefilefillableforms For more information on these programs, go to IRS. Freefilefillableforms gov and enter “VITA” in the search box. Freefilefillableforms Internet. Freefilefillableforms    IRS. Freefilefillableforms gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Freefilefillableforms Download the free IRS2Go app from the iTunes app store or from Google Play. Freefilefillableforms Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Freefilefillableforms Check the status of your 2013 refund with the Where's My Refund? application on IRS. Freefilefillableforms gov or download the IRS2Go app and select the Refund Status option. Freefilefillableforms The IRS issues more than 9 out of 10 refunds in less than 21 days. Freefilefillableforms Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Freefilefillableforms You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Freefilefillableforms The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Freefilefillableforms Use the Interactive Tax Assistant (ITA) to research your tax questions. Freefilefillableforms No need to wait on the phone or stand in line. Freefilefillableforms The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Freefilefillableforms When you reach the response screen, you can print the entire interview and the final response for your records. Freefilefillableforms New subject areas are added on a regular basis. Freefilefillableforms  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Freefilefillableforms gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Freefilefillableforms You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Freefilefillableforms The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Freefilefillableforms When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Freefilefillableforms Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Freefilefillableforms You can also ask the IRS to mail a return or an account transcript to you. Freefilefillableforms Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Freefilefillableforms gov or by calling 1-800-908-9946. Freefilefillableforms Tax return and tax account transcripts are generally available for the current year and the past three years. Freefilefillableforms Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Freefilefillableforms Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Freefilefillableforms If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Freefilefillableforms Check the status of your amended return using Where's My Amended Return? Go to IRS. Freefilefillableforms gov and enter Where's My Amended Return? in the search box. Freefilefillableforms You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Freefilefillableforms It can take up to 3 weeks from the date you mailed it to show up in our system. Freefilefillableforms Make a payment using one of several safe and convenient electronic payment options available on IRS. Freefilefillableforms gov. Freefilefillableforms Select the Payment tab on the front page of IRS. Freefilefillableforms gov for more information. Freefilefillableforms Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Freefilefillableforms Figure your income tax withholding with the IRS Withholding Calculator on IRS. Freefilefillableforms gov. Freefilefillableforms Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Freefilefillableforms Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Freefilefillableforms gov. Freefilefillableforms Request an Electronic Filing PIN by going to IRS. Freefilefillableforms gov and entering Electronic Filing PIN in the search box. Freefilefillableforms Download forms, instructions and publications, including accessible versions for people with disabilities. Freefilefillableforms Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Freefilefillableforms gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Freefilefillableforms An employee can answer questions about your tax account or help you set up a payment plan. Freefilefillableforms Before you visit, check the Office Locator on IRS. Freefilefillableforms gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Freefilefillableforms If you have a special need, such as a disability, you can request an appointment. Freefilefillableforms Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Freefilefillableforms Apply for an Employer Identification Number (EIN). Freefilefillableforms Go to IRS. Freefilefillableforms gov and enter Apply for an EIN in the search box. Freefilefillableforms Read the Internal Revenue Code, regulations, or other official guidance. Freefilefillableforms Read Internal Revenue Bulletins. Freefilefillableforms Sign up to receive local and national tax news and more by email. Freefilefillableforms Just click on “subscriptions” above the search box on IRS. Freefilefillableforms gov and choose from a variety of options. Freefilefillableforms    Phone. Freefilefillableforms You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Freefilefillableforms Download the free IRS2Go app from the iTunes app store or from Google Play. Freefilefillableforms Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Freefilefillableforms gov, or download the IRS2Go app. Freefilefillableforms Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Freefilefillableforms The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Freefilefillableforms Most VITA and TCE sites offer free electronic filing. Freefilefillableforms Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Freefilefillableforms Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Freefilefillableforms Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Freefilefillableforms If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Freefilefillableforms The IRS issues more than 9 out of 10 refunds in less than 21 days. Freefilefillableforms Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Freefilefillableforms Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Freefilefillableforms The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Freefilefillableforms Note, the above information is for our automated hotline. Freefilefillableforms Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Freefilefillableforms Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Freefilefillableforms You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Freefilefillableforms It can take up to 3 weeks from the date you mailed it to show up in our system. Freefilefillableforms Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Freefilefillableforms You should receive your order within 10 business days. Freefilefillableforms Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Freefilefillableforms If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Freefilefillableforms Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Freefilefillableforms The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Freefilefillableforms These individuals can also contact the IRS through relay services such as the Federal Relay Service. Freefilefillableforms    Walk-in. Freefilefillableforms You can find a selection of forms, publications and services — in-person. Freefilefillableforms Products. Freefilefillableforms You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Freefilefillableforms Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Freefilefillableforms Services. Freefilefillableforms You can walk in to your local TAC for face-to-face tax help. Freefilefillableforms An employee can answer questions about your tax account or help you set up a payment plan. Freefilefillableforms Before visiting, use the Office Locator tool on IRS. Freefilefillableforms gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Freefilefillableforms    Mail. Freefilefillableforms You can send your order for forms, instructions, and publications to the address below. Freefilefillableforms You should receive a response within 10 business days after your request is received. Freefilefillableforms Internal Revenue Service 1201 N. Freefilefillableforms Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Freefilefillableforms The Taxpayer Advocate Service (TAS) is your voice at the IRS. Freefilefillableforms Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Freefilefillableforms   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Freefilefillableforms We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Freefilefillableforms You face (or your business is facing) an immediate threat of adverse action. Freefilefillableforms You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Freefilefillableforms   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Freefilefillableforms Here's why we can help: TAS is an independent organization within the IRS. Freefilefillableforms Our advocates know how to work with the IRS. Freefilefillableforms Our services are free and tailored to meet your needs. Freefilefillableforms We have offices in every state, the District of Columbia, and Puerto Rico. Freefilefillableforms   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Freefilefillableforms   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Freefilefillableforms If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Freefilefillableforms Low Income Taxpayer Clinics. Freefilefillableforms   Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals, and tax collection disputes. Freefilefillableforms Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Freefilefillableforms Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Freefilefillableforms Prev  Up  Next   Home   More Online Publications