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How To File Your 2012 Tax Return

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How To File Your 2012 Tax Return

How to file your 2012 tax return Publication 551 - Introductory Material Table of Contents What's New Reminder IntroductionOrdering forms and publications. How to file your 2012 tax return Tax questions. How to file your 2012 tax return Useful Items - You may want to see: What's New Property acquired from a decedent who died in 2010. How to file your 2012 tax return  Property acquired from a decedent dying in 2010 will no longer have an automatic increase in basis. How to file your 2012 tax return See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for details. How to file your 2012 tax return Reminder Photographs of missing children. How to file your 2012 tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How to file your 2012 tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How to file your 2012 tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How to file your 2012 tax return Introduction Basis is the amount of your investment in property for tax purposes. How to file your 2012 tax return Use the basis of property to figure depreciation, amortization, depletion, and casualty losses. How to file your 2012 tax return Also use it to figure gain or loss on the sale or other disposition of property. How to file your 2012 tax return You must keep accurate records of all items that affect the basis of property so you can make these computations. How to file your 2012 tax return This publication is divided into the following sections. How to file your 2012 tax return Cost Basis Adjusted Basis Basis Other Than Cost The basis of property you buy is usually its cost. How to file your 2012 tax return You may also have to capitalize (add to basis) certain other costs related to buying or producing the property. How to file your 2012 tax return Your original basis in property is adjusted (increased or decreased) by certain events. How to file your 2012 tax return If you make improvements to the property, increase your basis. How to file your 2012 tax return If you take deductions for depreciation or casualty losses, reduce your basis. How to file your 2012 tax return You cannot determine your basis in some assets by cost. How to file your 2012 tax return This includes property you receive as a gift or inheritance. How to file your 2012 tax return It also applies to property received in an involuntary conversion and certain other circumstances. How to file your 2012 tax return Comments and suggestions. How to file your 2012 tax return   We welcome your comments about this publication and your suggestions for future editions. How to file your 2012 tax return   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. How to file your 2012 tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How to file your 2012 tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How to file your 2012 tax return   You can email us at taxforms@irs. How to file your 2012 tax return gov. How to file your 2012 tax return Please put “Publications Comment” on the subject line. How to file your 2012 tax return You can also send us comments from www. How to file your 2012 tax return irs. How to file your 2012 tax return gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. How to file your 2012 tax return ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How to file your 2012 tax return Ordering forms and publications. How to file your 2012 tax return   Visit www. How to file your 2012 tax return irs. How to file your 2012 tax return gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 business days after your request is received. How to file your 2012 tax return  Internal Revenue Service  1201 N. How to file your 2012 tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How to file your 2012 tax return   If you have a tax question, visit IRS. How to file your 2012 tax return gov or call 1-800-829-1040. How to file your 2012 tax return We cannot answer tax questions sent to either of the above addresses. How to file your 2012 tax return Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 525 Taxable and Nontaxable Income 527 Residential Rental Property 530 Tax Information for First-Time Homeowners 535 Business Expenses 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 559 Survivors, Executors, and Administrators 587 Business Use of Your Home 946 How To Depreciate Property Form (and Instructions) 706 United States Estate (and Generation-Skipping Transfer) Tax Return 706-A United States Additional Estate Tax Return 8594 Asset Acquisition Statement See How To Get Tax Help near the end of this publication for information about getting publications and forms. How to file your 2012 tax return Prev  Up  Next   Home   More Online Publications
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IRS Bars Appraisers from Valuing Facade Easements for Federal Tax Purposes for Five Years

IR-2014-31, March 19, 2014

WASHINGTON — The Internal Revenue Service today announced its Office of Professional Responsibility (OPR) has entered into a settlement agreement with a group of appraisers from the same firm accused of aiding in the understatement of federal tax liabilities by overvaluing facade easements for charitable donation purposes.

Under the settlement agreement, the appraisers admitted to violating relevant sections of Circular 230 related to due diligence and submitting accurate documents to the government.

The appraisers agreed to a five-year suspension of valuing facade easements and undertaking any appraisal services that could subject them to penalties under the Internal Revenue Code. The appraisers also agreed to abide by all applicable provisions of Circular 230.

“Appraisers need to understand that they are subject to Circular 230, and must exercise due diligence in the preparation of documents relating to federal tax matters,” said Karen L. Hawkins, Director of OPR. “Taxpayers expect advice rendered with competence and diligence that goes beyond the mere mechanical application of a rule of thumb based on conjecture and unsupported conclusions.”

Failure to comply with terms of the settlement would result in the appraiser’s disqualification, which would include a ban from presenting any evidence or testimony in administrative proceedings before the Department of the Treasury, and renders any appraisal given after disqualification without probative effect.

The appraisers prepared reports valuing facade easements donated over several tax years. On behalf of each donating taxpayer, an appraiser completed Part III, Declaration of Appraiser, of Form 8283, Noncash Charitable Contributions, certifying that the appraiser did not fraudulently or falsely overstate the value of such facade easement. In valuing the facade easements, the appraisers applied a flat percentage diminution, generally 15 percent, to the fair market values of the underlying properties prior to the easement’s donation.

Specifically, the appraisers admitted violating Circular 230, Section 10.22(a)(1), for failing to exercise due diligence in the preparation of documents relating to IRS matters, and Section 10.22(a)(2) for failing to determine the correctness of written representations made to the Department of the Treasury.

OPR’s settlement agreement with the appraisers includes a disclosure authorization that allows this press release.

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Page Last Reviewed or Updated: 19-Mar-2014

The How To File Your 2012 Tax Return

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