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Myfreetaxes

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Myfreetaxes

Myfreetaxes Publication 523 - Main Content Table of Contents Main HomeVacant land. Myfreetaxes Factors used to determine main home. Myfreetaxes Figuring Gain or LossSelling Price Amount Realized Adjusted Basis Amount of Gain or Loss Dispositions Other Than Sales Determining BasisCost As Basis Basis Other Than Cost Adjusted Basis Excluding the GainMaximum Exclusion Ownership and Use Tests Reduced Maximum Exclusion Nonqualified Use Business Use or Rental of HomeUnrecaptured section 1250 gain. Myfreetaxes Property Used Partly for Business or Rental Reporting the SaleSeller-financed mortgage. Myfreetaxes Individual taxpayer identification number (ITIN). Myfreetaxes More information. Myfreetaxes Comprehensive Examples Special SituationsException for sales to related persons. Myfreetaxes Deducting Taxes in the Year of SaleForm 1099-S. Myfreetaxes More information. Myfreetaxes Recapturing (Paying Back) a Federal Mortgage Subsidy Recapture of First-Time Homebuyer CreditExample. Myfreetaxes Worksheets How To Get Tax HelpLow Income Taxpayer Clinics Main Home This section explains the term “main home. Myfreetaxes ” Usually, the home you live in most of the time is your main home and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. Myfreetaxes To exclude gain under the rules in this publication, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. Myfreetaxes Land. Myfreetaxes   If you sell the land on which your main home is located, but not the house itself, you cannot exclude any gain you have from the sale of the land. Myfreetaxes Example. Myfreetaxes You buy a piece of land and move your main home to it. Myfreetaxes Then, you sell the land on which your main home was located. Myfreetaxes This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. Myfreetaxes Vacant land. Myfreetaxes   The sale of vacant land is not a sale of your main home unless: The vacant land is adjacent to land containing your home, You owned and used the vacant land as part of your main home, The separate sale of your home satisfies the requirements for exclusion and occurs within 2 years before or 2 years after the date of the sale of the vacant land, and The other requirements for excluding gain from the sale of a main home have been satisfied with respect to the vacant land. Myfreetaxes If these requirements are met, the sale of the home and the sale of the vacant land are treated as one sale and only one maximum exclusion can be applied to any gain. Myfreetaxes See Excluding the Gain , later. Myfreetaxes The destruction of your home is treated as a sale of your home. Myfreetaxes As a result, you may be able to meet these requirements if you sell vacant land used as a part of your main home within 2 years from the date of the destruction of your main home. Myfreetaxes For information, see Publication 547. Myfreetaxes More than one home. Myfreetaxes   If you have more than one home, you can exclude gain only from the sale of your main home. Myfreetaxes You must include in income the gain from the sale of any other home. Myfreetaxes If you have two homes and live in each of them, your main home is ordinarily the one you live in most of the time during the year. Myfreetaxes Example 1. Myfreetaxes You own two homes, one in New York and one in Florida. Myfreetaxes From 2009 through 2013, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. Myfreetaxes In the absence of facts and circumstances indicating otherwise, the New York home is your main home. Myfreetaxes You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. Myfreetaxes Example 2. Myfreetaxes You own a house, but you live in another house that you rent. Myfreetaxes The rented house is your main home. Myfreetaxes Example 3. Myfreetaxes You own two homes, one in Virginia and one in New Hampshire. Myfreetaxes In 2009 and 2010, you lived in the Virginia home. Myfreetaxes In 2011 and 2012, you lived in the New Hampshire home. Myfreetaxes In 2013, you lived again in the Virginia home. Myfreetaxes Your main home in 2009, 2010, and 2013 is the Virginia home. Myfreetaxes Your main home in 2011 and 2012 is the New Hampshire home. Myfreetaxes You would be eligible to exclude gain from the sale of either home (but not both) in 2013. Myfreetaxes Factors used to determine main home. Myfreetaxes   In addition to the amount of time you live in each home, other factors are relevant in determining which home is your main home. Myfreetaxes Those factors include the following. Myfreetaxes Your place of employment. Myfreetaxes The location of your family members' main home. Myfreetaxes Your mailing address for bills and correspondence. Myfreetaxes The address listed on your: Federal and state tax returns, Driver's license, Car registration, and Voter registration card. Myfreetaxes The location of the banks you use. Myfreetaxes The location of recreational clubs and religious organizations of which you are a member. Myfreetaxes Property used partly as your main home. Myfreetaxes   If you use only part of the property as your main home, the rules discussed in this publication apply only to the gain or loss on the sale of that part of the property. Myfreetaxes For details, see Business Use or Rental of Home , later. Myfreetaxes Figuring Gain or Loss To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. Myfreetaxes Subtract the adjusted basis from the amount realized to get your gain or loss. Myfreetaxes     Selling price     − Selling expenses       Amount realized     − Adjusted basis       Gain or loss   Gain. Myfreetaxes   Gain is the excess of the amount realized over the adjusted basis of the property. Myfreetaxes Loss. Myfreetaxes   Loss is the excess of the adjusted basis over the amount realized for the property. Myfreetaxes Selling Price The selling price is the total amount you receive for your home. Myfreetaxes It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale. Myfreetaxes Personal property. Myfreetaxes   The selling price of your home does not include amounts you received for personal property sold with your home. Myfreetaxes Personal property is property that is not a permanent part of the home. Myfreetaxes Examples are furniture, draperies, rugs, a washer and dryer, and lawn equipment. Myfreetaxes Separately stated amounts you received for these items should not be shown on Form 1099-S (discussed later). Myfreetaxes Any gains from sales of personal property must be included in your income, but not as part of the sale of your home. Myfreetaxes Payment by employer. Myfreetaxes   You may have to sell your home because of a job transfer. Myfreetaxes If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. Myfreetaxes Your employer will include it as wages in box 1 of your Form W-2 and you will include it in your income on Form 1040, line 7, or on Form 1040NR, line 8. Myfreetaxes Option to buy. Myfreetaxes   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. Myfreetaxes If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Myfreetaxes Report this amount on Form 1040, line 21, or on Form 1040NR, line 21. Myfreetaxes Form 1099-S. Myfreetaxes   If you received Form 1099-S, box 2 (gross proceeds) should show the total amount you received for your home. Myfreetaxes   However, box 2 will not include the fair market value of any services or property other than cash or notes you received or will receive. Myfreetaxes Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. Myfreetaxes Amount Realized The amount realized is the selling price minus selling expenses. Myfreetaxes Selling expenses. Myfreetaxes   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. Myfreetaxes ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. Myfreetaxes This adjusted basis must be determined before you can figure gain or loss on the sale of your home. Myfreetaxes For information on how to figure your home's adjusted basis, see Determining Basis , later. Myfreetaxes Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. Myfreetaxes Gain on sale. Myfreetaxes   If the amount realized is more than the adjusted basis, the difference is a gain and, except for any part you can exclude, generally is taxable. Myfreetaxes Loss on sale. Myfreetaxes   If the amount realized is less than the adjusted basis, the difference is a loss. Myfreetaxes Generally, a loss on the sale of your main home cannot be deducted. Myfreetaxes Jointly owned home. Myfreetaxes   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. Myfreetaxes Separate returns. Myfreetaxes   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. Myfreetaxes Your ownership interest is generally determined by state law. Myfreetaxes Joint owners not married. Myfreetaxes   If you and a joint owner other than your spouse sell your jointly owned home, each of you must figure your own gain or loss according to your ownership interest in the home. Myfreetaxes Each of you applies the rules discussed in this publication on an individual basis. Myfreetaxes Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. Myfreetaxes Foreclosure or repossession. Myfreetaxes   If your home was foreclosed on or repossessed, you have a disposition. Myfreetaxes See Publication 4681 to determine if you have ordinary income, gain, or loss. Myfreetaxes More information. Myfreetaxes   If part of a home is used for business or rental purposes, see Foreclosures and Repossessions in chapter 1 of Publication 544 for more information. Myfreetaxes Publication 544 has examples of how to figure gain or loss on a foreclosure or repossession. Myfreetaxes Abandonment. Myfreetaxes   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. Myfreetaxes Trading (exchanging) homes. Myfreetaxes   If you trade your home for another home, treat the trade as a sale and a purchase. Myfreetaxes Example. Myfreetaxes You owned and lived in a home with an adjusted basis of $41,000. Myfreetaxes A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. Myfreetaxes This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 − $41,000). Myfreetaxes If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed). Myfreetaxes Transfer to spouse. Myfreetaxes   If you transfer your home to your spouse or you transfer it to your former spouse incident to your divorce, you in most cases have no gain or loss (unless the Exception, discussed next, applies). Myfreetaxes This is true even if you receive cash or other consideration for the home. Myfreetaxes As a result, the rules explained in this publication do not apply. Myfreetaxes   If you owned your home jointly with your spouse and transfer your interest in the home to your spouse, or to your former spouse incident to your divorce, the same rule applies. Myfreetaxes You have no gain or loss. Myfreetaxes Exception. Myfreetaxes   These transfer rules do not apply if your spouse or former spouse is a nonresident alien. Myfreetaxes In that case, you generally will have a gain or loss. Myfreetaxes More information. Myfreetaxes    See Property Settlements in Publication 504, Divorced or Separated Individuals, for more information. Myfreetaxes Involuntary conversion. Myfreetaxes   You have a disposition when your home is destroyed or condemned and you receive other property or money in payment, such as insurance or a condemnation award. Myfreetaxes This is treated as a sale and you may be able to exclude all or part of any gain from the destruction or condemnation of your home, as explained later under Special Situations (see Home destroyed or condemned ). Myfreetaxes Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. Myfreetaxes Your basis in your home is determined by how you got the home. Myfreetaxes Generally, your basis is its cost if you bought it or built it. Myfreetaxes If you got it in some other way (inheritance, gift, etc. Myfreetaxes ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. Myfreetaxes While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. Myfreetaxes The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home. Myfreetaxes To figure your adjusted basis, you can use Worksheet 1, near the end of this publication. Myfreetaxes Filled-in examples of that worksheet are included in the Comprehensive Examples , later. Myfreetaxes Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. Myfreetaxes Purchase. Myfreetaxes   If you bought your home, your basis is its cost to you. Myfreetaxes This includes the purchase price and certain settlement or closing costs. Myfreetaxes In most cases, your purchase price includes your down payment and any debt, such as a first or second mortgage or notes you gave the seller in payment for the home. Myfreetaxes If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed later. Myfreetaxes Seller-paid points. Myfreetaxes   If the person who sold you your home paid points on your loan, you may have to reduce your home's basis by the amount of the points, as shown in the following chart. Myfreetaxes    IF you bought your home. Myfreetaxes . Myfreetaxes . Myfreetaxes THEN reduce your home's basis by the seller-paid points. Myfreetaxes . Myfreetaxes . Myfreetaxes after 1990 but before April 4, 1994 only if you deducted them as home mortgage interest in the year paid. Myfreetaxes after April 3, 1994 even if you did not deduct them. Myfreetaxes Settlement fees or closing costs. Myfreetaxes   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. Myfreetaxes You can include in your basis some of the settlement fees and closing costs you paid for buying the home, but not the fees and costs for getting a mortgage loan. Myfreetaxes A fee paid for buying the home is any fee you would have had to pay even if you paid cash for the home (that is, without the need for financing). Myfreetaxes   Settlement fees do not include amounts placed in escrow for the future payment of items such as taxes and insurance. Myfreetaxes   Some of the settlement fees or closing costs that you can include in your basis are: Abstract fees (abstract of title fees), Charges for installing utility services, Legal fees (including fees for the title search and preparing the sales contract and deed), Recording fees, Survey fees, Transfer or stamp taxes, Owner's title insurance, and Any amounts the seller owes that you agree to pay, such as: Certain real estate taxes (discussed later), Back interest, Recording or mortgage fees, Charges for improvements or repairs, and Sales commissions. Myfreetaxes   Some settlement fees and closing costs you cannot include in your basis are: Fire insurance premiums, Rent for occupancy of the house before closing, Charges for utilities or other services related to occupancy of the house before closing, Any fee or cost that you deducted as a moving expense (allowed for certain fees and costs before 1994), Charges connected with getting a mortgage loan, such as: Mortgage insurance premiums (including funding fees connected with loans guaranteed by the Department of Veterans Affairs), Loan assumption fees, Cost of a credit report, Fee for an appraisal required by a lender, and Fees for refinancing a mortgage. Myfreetaxes Real estate taxes. Myfreetaxes   Real estate taxes for the year you bought your home may affect your basis, as shown in the following chart. Myfreetaxes    IF. Myfreetaxes . Myfreetaxes . Myfreetaxes AND. Myfreetaxes . Myfreetaxes . Myfreetaxes THEN the taxes. Myfreetaxes . Myfreetaxes . Myfreetaxes you pay taxes that the seller owed on the home up to the date of sale the seller does not reimburse you are added to the basis of your home. Myfreetaxes the seller reimburses you do not affect the basis of your home. Myfreetaxes the seller pays taxes for you (taxes owed beginning on the date of sale) you do not reimburse the seller are subtracted from the basis of your home. Myfreetaxes you reimburse the seller do not affect the basis of your home. Myfreetaxes Construction. Myfreetaxes   If you contracted to have your house built on land you own, your basis is: The cost of the land, plus The amount it cost you to complete the house, including: The cost of labor and materials, Any amounts paid to a contractor, Any architect's fees, Building permit charges, Utility meter and connection charges, and Legal fees directly connected with building the house. Myfreetaxes   Your cost includes your down payment and any debt such as a first or second mortgage or notes you gave the seller or builder. Myfreetaxes It also includes certain settlement or closing costs. Myfreetaxes You may have to reduce your basis by points the seller paid for you. Myfreetaxes For more information, see Seller-paid points and Settlement fees or closing costs , earlier. Myfreetaxes Built by you. Myfreetaxes   If you built all or part of your house yourself, its basis is the total amount it cost you to complete it. Myfreetaxes Do not include in the cost of the house: The value of your own labor, or The value of any other labor you did not pay for. Myfreetaxes Temporary housing. Myfreetaxes   If a builder gave you temporary housing while your home was being finished, you must reduce your basis by the part of the contract price that was for the temporary housing. Myfreetaxes To figure the amount of the reduction, multiply the contract price by a fraction. Myfreetaxes The numerator is the value of the temporary housing, and the denominator is the sum of the value of the temporary housing plus the value of the new home. Myfreetaxes Cooperative apartment. Myfreetaxes   If you are a tenant-stockholder in a cooperative housing corporation, your basis in the cooperative apartment used as your home is usually the cost of your stock in the corporation. Myfreetaxes This may include your share of a mortgage on the apartment building. Myfreetaxes Condominium. Myfreetaxes   To determine your basis in a condominium apartment used as your home, use the same rules as for any other home. Myfreetaxes Basis Other Than Cost You must use a basis other than cost, such as adjusted basis or fair market value, if you received your home as a gift, inheritance, a trade, or from your spouse. Myfreetaxes These situations are discussed in the following pages. Myfreetaxes Also, the instructions for Worksheet 1 (near the end of the publication) address each of these issues. Myfreetaxes Other special rules may apply in certain situations. Myfreetaxes If you converted the property, or some part of it, to business or rental use, see Property Changed to Business or Rental Use, in Publication 551. Myfreetaxes Home received as gift. Myfreetaxes   Use the following chart to find the basis of a home you received as a gift. Myfreetaxes IF the donor's adjusted basis at the time of the gift was. Myfreetaxes . Myfreetaxes . Myfreetaxes THEN your basis is. Myfreetaxes . Myfreetaxes . Myfreetaxes more than the fair market value of the home at that time the same as the donor's adjusted basis at the time of the gift. Myfreetaxes   Exception: If using the donor's adjusted basis results in a loss when you sell the home, you must use the fair market value of the home at the time of the gift as your basis. Myfreetaxes If using the fair market value results in a gain, you have neither gain nor loss. Myfreetaxes equal to or less than the fair market value at that time, and you received the gift before 1977 the smaller of the: • donor's adjusted basis, plus  any federal gift tax paid on  the gift, or • the home's fair market value  at the time of the gift. Myfreetaxes equal to or less than the fair market value at that time, and you received the gift after 1976 the same as the donor's adjusted basis, plus the part of any federal gift tax paid that is due to the net increase in value of the home (explained next). Myfreetaxes Fair market value. Myfreetaxes   The fair market value of property at the time of the gift is the value of the property as appraised for purposes of the federal gift tax. Myfreetaxes If the gift was not subject to the federal gift tax, the fair market value is the value as appraised for the purposes of a state gift tax. Myfreetaxes Part of federal gift tax due to net increase in value. Myfreetaxes   Figure the part of the federal gift tax paid that is due to the net increase in value of the home by multiplying the total federal gift tax paid by a fraction. Myfreetaxes The numerator of the fraction is the net increase in the value of the home, and the denominator is the value of the home for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. Myfreetaxes The net increase in the value of the home is its fair market value minus the donor's adjusted basis immediately before the gift. Myfreetaxes Home acquired from a decedent who died before or after 2010. Myfreetaxes   If you inherited your home from a decedent who died before or after 2010, your basis is the fair market value of the property on the date of the decedent's death (or the later alternate valuation date chosen by the personal representative of the estate). Myfreetaxes If an estate tax return was filed or required to be filed, the value of the property listed on the estate tax return is your basis. Myfreetaxes If a federal estate tax return did not have to be filed, your basis in the home is the same as its appraised value at the date of death, for purposes of state inheritance or transmission taxes. Myfreetaxes Surviving spouse. Myfreetaxes   If you are a surviving spouse and you owned your home jointly, your basis in the home will change. Myfreetaxes The new basis for the interest your spouse owned will be its fair market value on the date of death (or alternate valuation date). Myfreetaxes The basis in your interest will remain the same. Myfreetaxes Your new basis in the home is the total of these two amounts. Myfreetaxes   If you and your spouse owned the home either as tenants by the entirety or as joint tenants with right of survivorship, you will each be considered to have owned one-half of the home. Myfreetaxes Example. Myfreetaxes Your jointly owned home (owned as joint tenants with right of survivorship) had an adjusted basis of $50,000 on the date of your spouse's death, and the fair market value on that date was $100,000. Myfreetaxes Your new basis in the home is $75,000 ($25,000 for one-half of the adjusted basis plus $50,000 for one-half of the fair market value). Myfreetaxes Community property. Myfreetaxes   In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), each spouse is usually considered to own half of the community property. Myfreetaxes When either spouse dies, the total fair market value of the community property becomes the basis of the entire property, including the part belonging to the surviving spouse. Myfreetaxes For this to apply, at least half the value of the community property interest must be includible in the decedent's gross estate, whether or not the estate must file a return. Myfreetaxes   For more information about community property, see Publication 555, Community Property. Myfreetaxes    If you are selling a home in which you acquired an interest from a decedent who died in 2010, see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, to determine your basis. Myfreetaxes Home received as trade. Myfreetaxes   If you acquired your home as a trade for other property, in most cases, the basis of your home is the fair market value (at the time of the trade) of the property you gave up. Myfreetaxes If you traded one home for another, you have made a sale and purchase. Myfreetaxes In that case, you may have a gain. Myfreetaxes See Trading (exchanging) homes under Dispositions Other Than Sales, earlier, for an example of figuring the gain. Myfreetaxes Home received from spouse. Myfreetaxes   If you received your home from your spouse or from your former spouse incident to your divorce, your basis in the home depends on the date of the transfer. Myfreetaxes Transfers after July 18, 1984. Myfreetaxes   If you received the home after July 18, 1984, there was no gain or loss on the transfer. Myfreetaxes In most cases, your basis in this home is the same as your spouse's (or former spouse's) adjusted basis just before you received it. Myfreetaxes This rule applies even if you received the home in exchange for cash, the release of marital rights, the assumption of liabilities, or other considerations. Myfreetaxes   If you owned a home jointly with your spouse and your spouse transferred his or her interest in the home to you, in most cases, your basis in the half interest received from your spouse is the same as your spouse's adjusted basis just before the transfer. Myfreetaxes This also applies if your former spouse transferred his or her interest in the home to you incident to your divorce. Myfreetaxes Your basis in the half interest you already owned does not change. Myfreetaxes Your new basis in the home is the total of these two amounts. Myfreetaxes Transfers before July 19, 1984. Myfreetaxes   If you received your home before July 19, 1984, in exchange for your release of marital rights, in most cases, your basis in the home is generally its fair market value at the time you received it. Myfreetaxes More information. Myfreetaxes   For more information on property received from a spouse or former spouse, see Property Settlements in Publication 504. Myfreetaxes Involuntary conversion. Myfreetaxes   If your home is destroyed or condemned, you may receive insurance proceeds or a condemnation award. Myfreetaxes If you acquired a replacement home with these proceeds, the basis is its cost decreased by any gain not recognized on the conversion under the rules explained in: Publication 547, in the case of a home that was destroyed, or Chapter 1 of Publication 544, in the case of a home that was condemned. Myfreetaxes Example. Myfreetaxes A fire destroyed your home that you owned and used for only 6 months. Myfreetaxes The home had an adjusted basis of $80,000 and the insurance company paid you $130,000 for the loss. Myfreetaxes Your gain is $50,000 ($130,000 − $80,000). Myfreetaxes You bought a replacement home for $100,000. Myfreetaxes The part of your gain that is taxable is $30,000 ($130,000 − $100,000), the unspent part of the payment from the insurance company. Myfreetaxes The rest of the gain ($20,000) is not taxable, so that amount reduces your basis in the new home. Myfreetaxes The basis of the new home is figured as follows. Myfreetaxes Cost of replacement home $100,000 Minus: Gain not recognized 20,000 Basis of the replacement home $80,000 More information. Myfreetaxes   For more information about basis, see Publication 551. Myfreetaxes Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. Myfreetaxes To figure your adjusted basis, you can use Worksheet 1, found toward the end of this publication. Myfreetaxes Filled-in examples of that worksheet are included in Comprehensive Examples , later. Myfreetaxes Recordkeeping. Myfreetaxes You should keep records to prove your home's adjusted basis. Myfreetaxes Ordinarily, you must keep records for 3 years after the due date for filing your return for the tax year in which you sold your home. Myfreetaxes But if you sold a home before May 7, 1997, and postponed tax on any gain, the basis of that home affects the basis of the new home you bought. Myfreetaxes Keep records proving the basis of both homes as long as they are needed for tax purposes. Myfreetaxes The records you should keep include: Proof of the home's purchase price and purchase expenses; Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis; Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain; Any Form 982 you filed to exclude any discharge of qualified principal residence indebtedness; Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997; and Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations. Myfreetaxes Increases to Basis These include the following. Myfreetaxes Additions and other improvements that have a useful life of more than 1 year. Myfreetaxes Special assessments for local improvements. Myfreetaxes Amounts you spent after a casualty to restore damaged property. Myfreetaxes Improvements. Myfreetaxes   These add to the value of your home, prolong its useful life, or adapt it to new uses. Myfreetaxes You add the cost of additions and other improvements to the basis of your property. Myfreetaxes   The following chart lists some other examples of improvements. Myfreetaxes Examples of Improvements That Increase Basis Additions Bedroom Bathroom Deck Garage Porch Patio Heating & Air Conditioning Heating system Central air conditioning Furnace Duct work Central humidifier Filtration system Lawn & Grounds Landscaping Driveway Walkway Fence  Retaining wall Sprinkler system Swimming pool  Miscellaneous Storm windows, doors New roof Central vacuum Wiring upgrades Satellite dish Security system  Plumbing Septic system Water heater Soft water system Filtration system  Interior Improvements Built-in appliances  Kitchen modernization  Flooring Wall-to-wall carpeting  Insulation Attic Walls Floors Pipes and duct work Improvements no longer part of home. Myfreetaxes   Your home's adjusted basis does not include the cost of any improvements that are replaced and are no longer part of the home. Myfreetaxes Example. Myfreetaxes You put wall-to-wall carpeting in your home 15 years ago. Myfreetaxes Later, you replaced that carpeting with new wall-to-wall carpeting. Myfreetaxes The cost of the old carpeting you replaced is no longer part of your home's adjusted basis. Myfreetaxes Repairs. Myfreetaxes   These maintain your home in good condition but do not add to its value or prolong its life. Myfreetaxes You do not add their cost to the basis of your property. Myfreetaxes Examples. Myfreetaxes Repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes are examples of repairs. Myfreetaxes Exception. Myfreetaxes   The entire job is considered an improvement if items that would otherwise be considered repairs are done as part of an extensive remodeling or restoration of your home. Myfreetaxes For example, if you have a casualty and your home is damaged, increase your basis by the amount you spend on repairs that restore the property to its pre-casualty condition. Myfreetaxes Decreases to Basis These include the following. Myfreetaxes Discharge of qualified principal residence indebtedness that was excluded from income (but not below zero). Myfreetaxes For details, see Publication 4681. Myfreetaxes Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. Myfreetaxes For details, see Publication 4681. Myfreetaxes Gain you postponed from the sale of a previous home before May 7, 1997. Myfreetaxes Deductible casualty losses. Myfreetaxes Insurance payments you received or expect to receive for casualty losses. Myfreetaxes Payments you received for granting an easement or right-of-way. Myfreetaxes Depreciation allowed or allowable if you used your home for business or rental purposes. Myfreetaxes Energy-related credits allowed for expenditures made on the residence. Myfreetaxes (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. Myfreetaxes ) Adoption credit you claimed for improvements added to the basis of your home. Myfreetaxes Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. Myfreetaxes Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. Myfreetaxes An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home. Myfreetaxes District of Columbia first-time homebuyer credit allowed on the purchase of a principal residence in the District of Columbia. Myfreetaxes General sales taxes claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home. Myfreetaxes Discharges of qualified principal residence indebtedness. Myfreetaxes   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. Myfreetaxes This exclusion applies to discharges made after 2006 and before 2014. Myfreetaxes If you choose to exclude this income, you must reduce (but not below zero) the basis of your principal residence by the amount excluded from gross income. Myfreetaxes   File Form 982 with your tax return. Myfreetaxes See the form's instructions for detailed information. Myfreetaxes    A decrease in basis due to a discharge of qualified principal residence indebtedness that is excluded from income occurs only if you retain ownership of the principal residence after a discharge. Myfreetaxes In most cases, this would occur in a refinancing or a restructuring of the mortgage. Myfreetaxes Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. Myfreetaxes This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. Myfreetaxes To qualify, you must meet the ownership and use tests described later. Myfreetaxes You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. Myfreetaxes This choice can be made (or revoked) at any time before the expiration of a 3-year period beginning on the due date of your return (not including extensions) for the year of the sale. Myfreetaxes You can use Worksheet 2 (near the end of this publication) to figure the amount of your exclusion and your taxable gain, if any. Myfreetaxes If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. Myfreetaxes See Publication 505, Tax Withholding and Estimated Tax. Myfreetaxes Maximum Exclusion You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. Myfreetaxes You meet the ownership test. Myfreetaxes You meet the use test. Myfreetaxes During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Myfreetaxes For details on gain allocated to periods of nonqualified use, see Nonqualified Use , later. Myfreetaxes If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed. Myfreetaxes You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . Myfreetaxes Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Myfreetaxes This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Myfreetaxes Exception. Myfreetaxes   If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclusion in some cases. Myfreetaxes However, the maximum amount you may be able to exclude will be reduced. Myfreetaxes See Reduced Maximum Exclusion , later. Myfreetaxes Example 1—home owned and occupied for at least 2 years. Myfreetaxes Mya bought and moved into her main home in September 2011. Myfreetaxes She sold the home at a gain in October 2013. Myfreetaxes During the 5-year period ending on the date of sale in October 2013, she owned and lived in the home for more than 2 years. Myfreetaxes She meets the ownership and use tests. Myfreetaxes Example 2—ownership test met but use test not met. Myfreetaxes Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. Myfreetaxes He later sold the home for a gain in June 2013. Myfreetaxes He owned the home during the entire 5-year period ending on the date of sale. Myfreetaxes He meets the ownership test but not the use test. Myfreetaxes He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). Myfreetaxes Period of Ownership and Use The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time. Myfreetaxes You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale. Myfreetaxes Example. Myfreetaxes Naomi bought and moved into a house in July 2009. Myfreetaxes She lived there for 13 months and then moved in with a friend. Myfreetaxes She later moved back into her house and lived there for 12 months until she sold it in August 2013. Myfreetaxes Naomi meets the ownership and use tests because, during the 5-year period ending on the date of sale, she owned the house for more than 2 years and lived in it for a total of 25 (13 + 12) months. Myfreetaxes Temporary absence. Myfreetaxes   Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use. Myfreetaxes The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. Myfreetaxes Example 1. Myfreetaxes David Johnson, who is single, bought and moved into his home on February 1, 2011. Myfreetaxes Each year during 2011 and 2012, David left his home for a 2-month summer vacation. Myfreetaxes David sold the house on March 1, 2013. Myfreetaxes Although the total time David lived in his home is less than 2 years (21 months), he meets the use requirement and may exclude gain. Myfreetaxes The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years. Myfreetaxes Example 2. Myfreetaxes Professor Paul Beard, who is single, bought and moved into a house in December 2010, went abroad for a 1-year sabbatical leave in January 2012, returned to the house in January 2013, and sold it at a gain in February 2013. Myfreetaxes Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. Myfreetaxes He cannot exclude any part of his gain because he did not use the residence for the required 2 years. Myfreetaxes Ownership and use tests met at different times. Myfreetaxes   You can meet the ownership and use tests during different 2-year periods. Myfreetaxes However, you must meet both tests during the 5-year period ending on the date of the sale. Myfreetaxes Example. Myfreetaxes Beginning in 2002, Helen Jones lived in a rented apartment. Myfreetaxes The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. Myfreetaxes In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. Myfreetaxes On July 12, 2013, while still living in her daughter's home, she sold her condominium. Myfreetaxes Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2008, to July 12, 2013, the date she sold the condominium. Myfreetaxes She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). Myfreetaxes She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). Myfreetaxes The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use. Myfreetaxes Cooperative apartment. Myfreetaxes   If you sold stock as a tenant-shareholder in a cooperative housing corporation, the ownership and use tests are met if, during the 5-year period ending on the date of sale, you: Owned the stock for at least 2 years, and Lived in the house or apartment that the stock entitled you to occupy as your main home for at least 2 years. Myfreetaxes Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. Myfreetaxes Exception for individuals with a disability. Myfreetaxes   There is an exception to the use test if: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home. Myfreetaxes Under this exception, you are considered to live in your home during any time within the 5-year period that you own the home and live in a facility (including a nursing home) licensed by a state or political subdivision to care for persons in your condition. Myfreetaxes   If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. Myfreetaxes Previous home destroyed or condemned. Myfreetaxes   For the ownership and use tests, you add the time you owned and lived in a previous home that was destroyed or condemned to the time you owned and lived in the replacement home on whose sale you wish to exclude gain. Myfreetaxes This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home (see Involuntary Conversions in Publication 551). Myfreetaxes Otherwise, you must have owned and lived in the same home for 2 of the 5 years before the sale to qualify for the exclusion. Myfreetaxes Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Myfreetaxes   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on qualified official extended duty (defined later) as a member of the uniformed services or Foreign Service of the United States, or as an employee of the intelligence community. Myfreetaxes You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve outside the United States either as an employee of the Peace Corps on qualified official extended duty (defined later) or as an enrolled volunteer or volunteer leader of the Peace Corps. Myfreetaxes This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale. Myfreetaxes   If this helps you qualify to exclude gain, you can choose to have the 5-year test period suspended by filing a return for the year of sale that does not include the gain. Myfreetaxes Example. Myfreetaxes John bought and moved into a home in 2005. Myfreetaxes He lived in it as his main home for 2½ years. Myfreetaxes For the next 6 years, he did not live in it because he was on qualified official extended duty with the Army. Myfreetaxes He then sold the home at a gain in 2013. Myfreetaxes To meet the use test, John chooses to suspend the 5-year test period for the 6 years he was on qualified official extended duty. Myfreetaxes This means he can disregard those 6 years. Myfreetaxes Therefore, John's 5-year test period consists of the 5 years before he went on qualified official extended duty. Myfreetaxes He meets the ownership and use tests because he owned and lived in the home for 2½ years during this test period. Myfreetaxes Period of suspension. Myfreetaxes   The period of suspension cannot last more than 10 years. Myfreetaxes Together, the 10-year suspension period and the 5-year test period can be as long as, but no more than, 15 years. Myfreetaxes You cannot suspend the 5-year period for more than one property at a time. Myfreetaxes You can revoke your choice to suspend the 5-year period at any time. Myfreetaxes Example. Myfreetaxes Mary bought a home on April 1, 1997. Myfreetaxes She used it as her main home until August 31, 2000. Myfreetaxes On September 1, 2000, she went on qualified official extended duty with the Navy. Myfreetaxes She did not live in the house again before selling it on July 31, 2013. Myfreetaxes Mary chooses to use the entire 10-year suspension period. Myfreetaxes Therefore, the suspension period would extend back from July 31, 2013, to August 1, 2003, and the 5-year test period would extend back to August 1, 1998. Myfreetaxes During that period, Mary owned the house all 5 years and lived in it as her main home from August 1, 1998, until August 31, 2000, a period of more than 24 months. Myfreetaxes She meets the ownership and use tests because she owned and lived in the home for at least 2 years during this test period. Myfreetaxes Uniformed services. Myfreetaxes   The uniformed services are: The Armed Forces (the Army, Navy, Air Force, Marine Corps, and Coast Guard), The commissioned corps of the National Oceanic and Atmospheric Administration, and The commissioned corps of the Public Health Service. Myfreetaxes Foreign Service member. Myfreetaxes   For purposes of the choice to suspend the 5-year test period for ownership and use, you are a member of the Foreign Service if you are any of the following. Myfreetaxes A Chief of mission. Myfreetaxes An Ambassador at large. Myfreetaxes A member of the Senior Foreign Service. Myfreetaxes A Foreign Service officer. Myfreetaxes Part of the Foreign Service personnel. Myfreetaxes Employee of the intelligence community. Myfreetaxes   For purposes of the choice to suspend the 5-year test period for ownership and use, you are an employee of the intelligence community if you are an employee of any of the following. Myfreetaxes The Office of the Director of National Intelligence. Myfreetaxes The Central Intelligence Agency. Myfreetaxes The National Security Agency. Myfreetaxes The Defense Intelligence Agency. Myfreetaxes The National Geospatial-Intelligence Agency. Myfreetaxes The National Reconnaissance Office and any other office within the Department of Defense for the collection of specialized national intelligence through reconnaissance programs. Myfreetaxes Any of the intelligence elements of the Army, the Navy, the Air Force, the Marine Corps, the Federal Bureau of Investigation, the Department of Treasury, the Department of Energy, and the Coast Guard. Myfreetaxes The Bureau of Intelligence and Research of the Department of State. Myfreetaxes Any of the elements of the Department of Homeland Security concerned with the analyses of foreign intelligence information. Myfreetaxes Qualified official extended duty. Myfreetaxes   You are on qualified official extended duty if you are on extended duty while: Serving at a duty station at least 50 miles from your main home, or Living in Government quarters under Government orders. Myfreetaxes   You are on extended duty when you are called or ordered to active duty for a period of more than 90 days or for an indefinite period. Myfreetaxes Married Persons If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. Myfreetaxes (But see Special rules for joint returns, next. Myfreetaxes ) Special rules for joint returns. Myfreetaxes   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Myfreetaxes You are married and file a joint return for the year. Myfreetaxes Either you or your spouse meets the ownership test. Myfreetaxes Both you and your spouse meet the use test. Myfreetaxes During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home. Myfreetaxes If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. Myfreetaxes For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. Myfreetaxes Example 1—one spouse sells a home. Myfreetaxes Emily sells her home in June 2013 for a gain of $300,000. Myfreetaxes She marries Jamie later in the year. Myfreetaxes She meets the ownership and use tests, but Jamie does not. Myfreetaxes Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. Myfreetaxes The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. Myfreetaxes Example 2—each spouse sells a home. Myfreetaxes The facts are the same as in Example 1 except that Jamie also sells a home in 2013 for a gain of $200,000 before he marries Emily. Myfreetaxes He meets the ownership and use tests on his home, but Emily does not. Myfreetaxes Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. Myfreetaxes However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Myfreetaxes Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. Myfreetaxes The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home. Myfreetaxes Sale of main home by surviving spouse. Myfreetaxes   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. Myfreetaxes   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Myfreetaxes The sale or exchange took place after 2008. Myfreetaxes The sale or exchange took place no more than 2 years after the date of death of your spouse. Myfreetaxes You have not remarried. Myfreetaxes You and your spouse met the use test at the time of your spouse's death. Myfreetaxes You or your spouse met the ownership test at the time of your spouse's death. Myfreetaxes Neither you nor your spouse excluded gain from the sale of another home during the last 2 years before the date of death. Myfreetaxes The ownership and use tests were described earlier. Myfreetaxes Example. Myfreetaxes Harry owned and used a house as his main home since 2009. Myfreetaxes Harry and Wilma married on July 1, 2013, and from that date they used Harry's house as their main home. Myfreetaxes Harry died on August 15, 2013, and Wilma inherited the property. Myfreetaxes Wilma sold the property on September 1, 2013, at which time she had not remarried. Myfreetaxes Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death. Myfreetaxes Home transferred from spouse. Myfreetaxes   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. Myfreetaxes Use of home after divorce. Myfreetaxes   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. Myfreetaxes Reduced Maximum Exclusion If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. Myfreetaxes This applies to those who: Fail to meet the ownership and use tests, or Have used the exclusion within 2 years of selling their current home. Myfreetaxes In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. Myfreetaxes A change in place of employment. Myfreetaxes Health. Myfreetaxes Unforeseen circumstances. Myfreetaxes Qualified individual. Myfreetaxes   For purposes of the reduced maximum exclusion, a qualified individual is any of the following. Myfreetaxes You. Myfreetaxes Your spouse. Myfreetaxes A co-owner of the home. Myfreetaxes A person whose main home is the same as yours. Myfreetaxes Primary reason for sale. Myfreetaxes   One of the three reasons above will be considered to be the primary reason you sold your home if either (1) or (2) is true. Myfreetaxes You qualify under a “safe harbor. Myfreetaxes ” This is a specific set of facts and circumstances that, if applicable, qualifies you to claim a reduced maximum exclusion. Myfreetaxes Safe harbors corresponding to the reasons listed above are described later. Myfreetaxes A safe harbor does not apply, but you can establish, based on facts and circumstances, that the primary reason for the sale is a change in place of employment, health, or unforeseen circumstances. Myfreetaxes  Factors that may be relevant in determining your primary reason for sale include whether: Your sale and the circumstances causing it were close in time, The circumstances causing your sale occurred during the time you owned and used the property as your main home, The circumstances causing your sale were not reasonably foreseeable when you began using the property as your main home, Your financial ability to maintain the property became materially impaired, The suitability of the property as your main home materially changed, and During the time you owned the property, you used it as your home. Myfreetaxes Change in Place of Employment You may qualify for a reduced exclusion if the primary reason for the sale of your main home is a change in the location of employment of a qualified individual. Myfreetaxes Employment. Myfreetaxes   For this purpose, employment includes the start of work with a new employer or continuation of work with the same employer. Myfreetaxes It also includes the start or continuation of self-employment. Myfreetaxes Distance safe harbor. Myfreetaxes   A change in place of employment is considered to be the reason you sold your home if: The change occurred during the period you owned and used the property as your main home, and The new place of employment is at least 50 miles farther from the home you sold than was the former place of employment (or, if there was no former place of employment, the distance between your new place of employment and the home sold is at least 50 miles). Myfreetaxes Example. Myfreetaxes Justin was unemployed and living in a townhouse in Florida he had owned and used as his main home since 2012. Myfreetaxes He got a job in North Carolina and sold his townhouse in 2013. Myfreetaxes Because the distance between Justin's new place of employment and the home he sold is at least 50 miles, the sale satisfies the conditions of the distance safe harbor. Myfreetaxes Justin's sale of his home is considered to be because of a change in place of employment, and he is entitled to claim a reduced maximum exclusion of gain from the sale. Myfreetaxes Health The sale of your main home is because of health if your primary reason for the sale is: To obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual, or To obtain or provide medical or personal care for a qualified individual suffering from a disease, illness, or injury. Myfreetaxes The sale of your home is not because of health if the sale merely benefits a qualified individual's general health or well-being. Myfreetaxes For purposes of this reason, a qualified individual includes, in addition to the individuals listed earlier under Qualified individual , any of the following family members of these individuals. Myfreetaxes Parent, grandparent, stepmother, stepfather. Myfreetaxes Child, grandchild, stepchild, adopted child, eligible foster child. Myfreetaxes Brother, sister, stepbrother, stepsister, half-brother, half-sister. Myfreetaxes Mother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law. Myfreetaxes Uncle, aunt, nephew, niece, or cousin. Myfreetaxes Example. Myfreetaxes In 2012, Chase and Lauren, spouses, bought a house that they used as their main home. Myfreetaxes Lauren's father has a chronic disease and is unable to care for himself. Myfreetaxes In 2013, Chase and Lauren sold their home in order to move into Lauren's father's house to provide care for him. Myfreetaxes Because the primary reason for the sale of their home was to provide care for Lauren's father, Chase and Lauren are entitled to a reduced maximum exclusion. Myfreetaxes Doctor's recommendation safe harbor. Myfreetaxes   Health is considered to be the reason you sold your home if, for one or more of the reasons listed at the beginning of this discussion, a doctor recommends a change of residence. Myfreetaxes Unforeseen Circumstances The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying that home. Myfreetaxes You are not considered to have an unforeseen circumstance if the primary reason you sold your home was that you preferred to get a different home or because your finances improved. Myfreetaxes Specific event safe harbors. Myfreetaxes   Unforeseen circumstances are considered to be the reason for selling your home if any of the following events occurred while you owned and used the property as your main home. Myfreetaxes An involuntary conversion of your home, such as when your home is destroyed or condemned. Myfreetaxes Natural or man-made disasters or acts of war or terrorism resulting in a casualty to your home, whether or not your loss is deductible. Myfreetaxes In the case of qualified individuals (listed earlier under Qualified individual ): Death, Unemployment (if the individual is eligible for unemployment compensation), A change in employment or self-employment status that results in the individual's inability to pay reasonable basic living expenses (listed under Reasonable basic living expenses , later) for his or her household, Divorce or legal separation under a decree of divorce or separate maintenance, or Multiple births resulting from the same pregnancy. Myfreetaxes An event the IRS determined to be an unforeseen circumstance in published guidance of general applicability. Myfreetaxes For example, the IRS determined the September 11, 2001, terrorist attacks to be an unforeseen circumstance. Myfreetaxes Reasonable basic living expenses. Myfreetaxes   Reasonable basic living expenses for your household include the following. Myfreetaxes Amounts spent for food. Myfreetaxes Amounts spent for clothing. Myfreetaxes Housing and related expenses. Myfreetaxes Medical expenses. Myfreetaxes Transportation expenses. Myfreetaxes Tax payments. Myfreetaxes Court-ordered payments. Myfreetaxes Expenses reasonably necessary to produce income. Myfreetaxes   Any of these amounts spent to maintain an affluent or luxurious standard of living are not reasonable basic living expenses. Myfreetaxes Nonqualified Use Gain from the sale or exchange of the main home is not excludable from income if it is allocable to periods of nonqualified use. Myfreetaxes Nonqualified use means any period after 2008 where neither you nor your spouse (or your former spouse) used the property as a main home, with certain exceptions (see next). Myfreetaxes Exceptions. Myfreetaxes   A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty: As a member of the uniformed services; As a member of the Foreign Service of the United States; or As an employee of the intelligence community; and Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS. Myfreetaxes Calculation. Myfreetaxes   To figure the portion of the gain allocated to the period of nonqualified use, multiply the gain (net of any depreciation allowed or allowable on the property for periods after May 6, 1997) by the following fraction:   Total nonqualified use during the period of ownership after 2008     Total period of ownership     This calculation can be found in Worksheet 2, line 10, later in this publication. Myfreetaxes   For examples of this calculation, see Business Use or Rental of Home , next. Myfreetaxes Business Use or Rental of Home You may be able to exclude gain from the sale of a home you have used for business or to produce rental income if you meet the ownership and use tests. Myfreetaxes Example 1. Myfreetaxes On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. Myfreetaxes She moved in on that date and lived in it until May 31, 2009, when she moved out of the house and put it up for rent. Myfreetaxes The house was rented from June 1, 2009, to March 31, 2011. Myfreetaxes Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. Myfreetaxes Amy moved back into the house on April 1, 2011, and lived there until she sold it on January 31, 2013, for a gain of $200,000. Myfreetaxes During the 5-year period ending on the date of the sale (January 31, 2008–January 31, 2013), Amy owned and lived in the house for more than 2 years as shown in the following table. Myfreetaxes Five-Year Period Used as Home Used as Rental 1/31/08 – 5/31/09 16 months   6/01/09 – 3/31/11   22 months 4/01/11 – 1/31/13 22 months     38 months 22 months       During the period Amy owned the house (2,080 days), her period of nonqualified use was 668 days. Myfreetaxes Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain, as shown on Worksheet 2. Myfreetaxes Example 2. Myfreetaxes William owned and used a house as his main home from 2007 through 2010. Myfreetaxes On January 1, 2011, he moved to another state. Myfreetaxes He rented his house from that date until April 30, 2013, when he sold it. Myfreetaxes During the 5-year period ending on the date of sale (May 1, 2008-April 30, 2013), William owned and lived in the house for more than 2 years. Myfreetaxes Because it was rental property at the time of the sale, he must report the sale on Form 4797. Myfreetaxes Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. Myfreetaxes Because he met the ownership and use tests, he can exclude gain up to $250,000. Myfreetaxes However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next. Myfreetaxes Depreciation after May 6, 1997. Myfreetaxes   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. Myfreetaxes If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed. Myfreetaxes Unrecaptured section 1250 gain. Myfreetaxes   This is the part of any long-term capital gain from the sale of your home that is due to depreciation and cannot be excluded. Myfreetaxes To figure the amount of unrecaptured section 1250 gain to be reported on Schedule D (Form 1040), you must also take into account certain gains or losses from the sale of property other than your home. Myfreetaxes Use the Unrecaptured Section 1250 Gain Worksheet in the Schedule D instructions for this purpose. Myfreetaxes Worksheet 2. Myfreetaxes Taxable Gain on Sale of Home—Completed Example 1 for Amy Part 1. Myfreetaxes Gain or (Loss) on Sale       1. Myfreetaxes   Selling price of home 1. Myfreetaxes     2. Myfreetaxes   Selling expenses (including commissions, advertising and legal fees, and seller-paid loan charges) 2. Myfreetaxes     3. Myfreetaxes   Subtract line 2 from line 1. Myfreetaxes This is the amount realized 3. Myfreetaxes     4. Myfreetaxes   Adjusted basis of home sold (from Worksheet 1, line 13) 4. Myfreetaxes     5. Myfreetaxes   Gain or (loss) on the sale. Myfreetaxes Subtract line 4 from line 3. Myfreetaxes If this is a loss, stop here 5. Myfreetaxes 200,000   Part 2. Myfreetaxes Exclusion and Taxable Gain       6. Myfreetaxes   Enter any depreciation allowed or allowable on the property for periods after May 6, 1997. Myfreetaxes If none, enter -0- 6. Myfreetaxes 10,000   7. Myfreetaxes   Subtract line 6 from line 5. Myfreetaxes If the result is less than zero, enter -0- 7. Myfreetaxes 190,000   8. Myfreetaxes   Aggregate number of days of nonqualified use after 2008. Myfreetaxes If none, enter -0-. Myfreetaxes  If line 8 is equal to zero, skip to line 12 and enter the amount from line 7 on line 12 8. Myfreetaxes 668   9. Myfreetaxes   Number of days taxpayer owned the property 9. Myfreetaxes 2,080   10. Myfreetaxes   Divide the amount on line 8 by the amount on line 9. Myfreetaxes Enter the result as a decimal (rounded to at least 3 places). Myfreetaxes But do not enter an amount greater than 1. Myfreetaxes 00 10. Myfreetaxes 0. Myfreetaxes 321   11. Myfreetaxes   Gain allocated to nonqualified use. Myfreetaxes (Line 7 multiplied by line 10) 11. Myfreetaxes 60,990   12. Myfreetaxes   Gain eligible for exclusion. Myfreetaxes Subtract line 11 from line 7 12. Myfreetaxes 129,010   13. Myfreetaxes   If you qualify to exclude gain on the sale, enter your maximum exclusion (see Maximum Exclusion ). Myfreetaxes  If you qualify for a reduced maximum exclusion, enter the amount from Worksheet 3, line 7. Myfreetaxes If you do  not qualify to exclude gain, enter -0- 13. Myfreetaxes 250,000   14. Myfreetaxes   Exclusion. Myfreetaxes Enter the smaller of line 12 or line 13 14. Myfreetaxes 129,010   15. Myfreetaxes   Taxable gain. Myfreetaxes Subtract line 14 from line 5. Myfreetaxes Report your taxable gain as described under Reporting the Sale . Myfreetaxes If the amount on line 6 is more than zero, complete line 16 15. Myfreetaxes 70,990   16. Myfreetaxes   Enter the smaller of line 6 or line 15. Myfreetaxes Enter this amount on line 12 of the Unrecaptured Section 1250 Gain  Worksheet in the instructions for Schedule D (Form 1040) 16. Myfreetaxes 10,000 Property Used Partly for Business or Rental If you use property partly as a home and partly for business or to produce rental income, the treatment of any gain on the sale depends partly on whether the business or rental part of the property is part of your home or separate from it. Myfreetaxes Part of Home Used for Business or Rental If the part of your property used for business or to produce rental income is within your home, such as a room used as a home office for a business, you do not need to allocate gain on the sale of the property between the business part of the property and the part used as a home. Myfreetaxes In addition, you do not need to report the sale of the business or rental part on Form 4797. Myfreetaxes This is true whether or not you were entitled to claim any depreciation. Myfreetaxes However, you cannot exclude the part of any gain equal to any depreciation allowed or allowable after May 6, 1997. Myfreetaxes See Depreciation after May 6, 1997, earlier. Myfreetaxes Example 1. Myfreetaxes Ray sold his main home in 2013 at a $30,000 gain. Myfreetaxes He has no gains or losses from the sale of property other than the gain from the sale of his home. Myfreetaxes He meets the ownership and use tests to exclude the gain from his income. Myfreetaxes However, he used part of the home as a business office in 2012 and claimed $500 depreciation. Myfreetaxes Because the business office was part of his home (not separate from it), he does not have to allocate the gain on the sale between the business part of the property and the part used as a home. Myfreetaxes In addition, he does not have to report any part of the gain on Form 4797. Myfreetaxes Because Ray was entitled to take a depreciation deduction, he must recognize $500 of the gain as unrecaptured section 1250 gain. Myfreetaxes He reports his gain, exclusion, and the taxable gain of $500 on Form 8949 and Schedule D (Form 1040). Myfreetaxes Example 2. Myfreetaxes The facts are the same as in Example 1 except that Ray was not entitled to claim depreciation for the business use of his home. Myfreetaxes Since Ray did not claim any depreciation, he can exclude the entire $30,000 gain. Myfreetaxes Separate Part of Property Used for Business or Rental You may have used part of your property as your home and a separate part of it for business or to produce rental income. Myfreetaxes Examples are: A working farm on which your house was located, A duplex in w
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The Myfreetaxes

Myfreetaxes Publication 584SP - Additional Material Table of Contents This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Pasillo de Entrada (Entrance Hall) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Sala de Estar (Living Room) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Comedor (Dining Room) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Cocina (Kitchen) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Cuarto de Trabajo (Den) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Dormitorios (Bedrooms) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Baños (Bathrooms) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Cuarto de Recreación/Juegos (Recreation Room) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Lavadero y Sótano (Laundry and Basement) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Garaje (Garage) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Equipo Deportivo (Sporting Equipment) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Ropa de Hombres (Men's Clothing) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Ropa de Mujeres (Women's Clothing) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Ropa de Niños (Children's Clothing) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Joyería (Jewelry) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Enseres Eléctricos (Electrical Appliances) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Artículos de Hilo (Linens) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Artículos Misceláneos (Miscellaneous) This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes vehículos motorizados This image is too large to be displayed in the current screen. Myfreetaxes Please click the link to view the image. Myfreetaxes Hogar (Excluyendo su contenido) Hoja de Trabajo A. Myfreetaxes Costo u Otra Base (Ajustada) Precaución:Vea Instrucciones de la Hoja de Trabajo A antes de usar esta hoja de trabajo. Myfreetaxes         (a) Parte Personal (b) Parte Comercial/de Alquiler 1. Myfreetaxes   Anote el precio de compra de la vivienda dañada o destruida. Myfreetaxes (Si usted presentó el Formulario 2119 cuando en un principio adquirió dicha vivienda para aplazar ganancias provenientes de la venta de una vivienda anterior antes del 7 de mayo de 1997, anote la base ajustada de la vivienda nueva, usando la cantidad que aparece en dicho Formulario 2119). Myfreetaxes 1. Myfreetaxes     2. Myfreetaxes   Puntos pagados por el vendedor para una vivienda comprada después de 1990. Myfreetaxes No incluya puntos pagados por el vendedor que ya restó para llegar a la cantidad anotada en la línea 1 2. Myfreetaxes     3. Myfreetaxes   Reste la línea 2 de la línea 1 3. Myfreetaxes     4. Myfreetaxes   Cargos por liquidación o costos de cierre. Myfreetaxes (Vea Settlement Costs (Costos de Liquidación) en la Publicación 551, en inglés). Myfreetaxes Si la línea 1 incluye la base ajustada de la vivienda nueva del Formulario 2119, ignore las líneas 4a a la 4g y 5; para entonces pasar a la línea 6. Myfreetaxes         a. Myfreetaxes Honorarios por estudios de escritura 4a. Myfreetaxes       b. Myfreetaxes Honorarios legales (incluyendo honorarios por trámites relacionados con la escritura y la preparación de documentos) 4b. Myfreetaxes       c. Myfreetaxes Estudios topográficos 4c. Myfreetaxes       d. Myfreetaxes Seguro de escritura de propietario 4d. Myfreetaxes       e. Myfreetaxes Impuestos de traspaso o de sello 4e. Myfreetaxes       f. Myfreetaxes Cantidades que el vendedor adeudaba y que usted acordó pagar (impuestos atrasados o intereses, costos de registro o cargos hipotecarios y comisiones sobre las ventas) 4f. Myfreetaxes       g. Myfreetaxes Otros gastos 4g. Myfreetaxes     5. Myfreetaxes   Sume las líneas 4a a la 4g 5. Myfreetaxes     6. Myfreetaxes   Costo de ampliaciones y mejoras. Myfreetaxes (Vea Increases to Basis (Aumentos en la Base) en la Publicación 551, en inglés). Myfreetaxes No incluya ninguna de las ampliaciones o mejoras incluidas en la línea 1 6. Myfreetaxes     7. Myfreetaxes   Tasaciones tributarias especiales pagadas por concepto de mejoras locales, tales como calles y aceras o banquetas 7. Myfreetaxes     8. Myfreetaxes   Otros aumentos en la base 8. Myfreetaxes     9. Myfreetaxes   Sume las líneas 3, 5, 6, 7 y 8 9. Myfreetaxes     10. Myfreetaxes   Depreciación (permitida o permisible) relacionada con el uso comercial o alquiler de la vivienda 10. Myfreetaxes 0   11. Myfreetaxes   Otras disminuciones en la base (Vea Decreases to Basis (Disminuciones en la Base) en la Publicación 551, en inglés). Myfreetaxes 11. Myfreetaxes     12. Myfreetaxes   Sume las líneas 10 y 11 12. Myfreetaxes     13. Myfreetaxes   Costo u otra base (ajustada) de la vivienda dañada o destruida. Myfreetaxes Reste la línea 12 de la línea 9. Myfreetaxes Anote dicha cantidad aquí y en la línea 2 del Anexo 20 13. Myfreetaxes     Instrucciones para la Hoja de Trabajo A. Myfreetaxes Si usted usa la Hoja de Trabajo A para calcular el costo u otra base (ajustada) de su vivienda, siga estas instrucciones. Myfreetaxes NO utilice esta hoja de trabajo para determinar el costo de su base si adquirió interés de su vivienda por un difunto que falleció en 2010 y el albacea de su caudal hereditario presentó el Formulario 8939. Myfreetaxes SI. Myfreetaxes . Myfreetaxes . Myfreetaxes   ENTONCES. Myfreetaxes . Myfreetaxes . Myfreetaxes usted heredó su vivienda de un difunto que falleció antes o depués del 2010, o de un difunto que falleció en el 2010 pero la albacea de su caudal hereditario no presentó el Formulario 8939. Myfreetaxes 1 omita las líneas 1 a la 4 de la hoja de trabajo. Myfreetaxes 2 encuentre su base utilizando las reglas bajo Inherited Property (Bienes Heredados) en la Publicación 551, en inglés. Myfreetaxes Anote esta cantidad en la línea 5 de la hoja de trabajo. Myfreetaxes 3 llene las líneas 6 a la 13 de la hoja de trabajo. Myfreetaxes usted recibió su vivienda como un regalo (donación) 1 lea Property Received as Gift (Bienes Recibidos como Regalo (Donación)) en la Publicación 551, en inglés, y anote en las líneas 1 y 3 de la hoja de trabajo la base ajustada del donante o el valor justo de mercado de la vivienda en el momento del regalo (donación), lo que proceda. Myfreetaxes 2 si usted puede sumar algún impuesto federal sobre donaciones a su base, anote esa cantidad en la línea 5 de la hoja de trabajo. Myfreetaxes 3 llene el resto de la hoja de trabajo. Myfreetaxes usted recibió su vivienda como un canje por otra propiedad 1 anote en la línea 1 de la hoja de trabajo el valor justo de mercado de la otra propiedad al tiempo del canje. Myfreetaxes (Pero si usted recibió su vivienda como un canje por su vivienda anterior antes del 7 de mayo de 1997, y tuvo una ganancia en que el canje se aplazó utilizando el Formulario 2119, anote en la línea 1 de la hoja de trabajo la base ajustada de la vivienda nueva que aparece en dicho formulario). Myfreetaxes 2 llene el resto de la hoja de trabajo. Myfreetaxes usted construyó su vivienda 1 sume el precio de compra del terreno y el costo de la construcción de la vivienda. Myfreetaxes Anote ese total en la línea 1 de la hoja de trabajo. Myfreetaxes (Sin embargo, si usted presentó un Formulario 2119 para aplazar ganancias en la venta de una vivienda anterior antes del 7 de mayo de 1997, anote en la línea 1 de la hoja de trabajo la base ajustada de la vivienda nueva que aparece en dicho formulario). Myfreetaxes 2 llene el resto de la hoja de trabajo. Myfreetaxes usted recibió su vivienda de su cónyuge después del 18 de julio de 1984 1 ignore las líneas 1 a la 4 de la hoja de trabajo. Myfreetaxes 2 anote en la línea 5 de la hoja de trabajo el costo u otra base (ajustada) de su cónyuge en la vivienda justo antes de que usted la haya recibido. Myfreetaxes 3 llene las líneas 6 a la 13 de la hoja de trabajo, haciendo ajustes a la base solamente por acontecimientos después del traspaso. Myfreetaxes usted fue dueño de una vivienda conjuntamente con su cónyuge, el cual le traspasó su participación en la misma después del 18 de julio de 1984     llene una hoja de trabajo, haciendo los ajustes a la base por acontecimientos tanto antes como después del traspaso. Myfreetaxes   usted recibió su vivienda de su cónyuge antes del 19 de julio de 1984 1 ignore las líneas 1 a la 4 de la hoja de trabajo. Myfreetaxes 2 anote en la línea 5 de la hoja de trabajo el valor justo de mercado de la vivienda cuando usted la recibió. Myfreetaxes 3 llene las líneas 6 a la 13 de la hoja de trabajo, ajustando la base solamente por acontecimientos después del traspaso. Myfreetaxes usted fue dueño de una vivienda conjuntamente con su cónyuge, el cual le traspasó su participación en la misma antes del 19 de julio de 1984 1 llene una hoja de trabajo, las líneas 1 a la 13, ajustando la base solamente por acontecimientos antes del traspaso. Myfreetaxes 2 multiplique la cantidad de la línea 13 de esa hoja de trabajo por 0. Myfreetaxes 5 para obtener la base ajustada de la mitad de su participación a la hora del traspaso. Myfreetaxes 3 multiplique el valor justo de mercado de la vivienda a la hora del traspaso por 0. Myfreetaxes 5. Myfreetaxes Generalmente, el resultado corresponde a la base de la mitad de la participación de su cónyuge. Myfreetaxes 4 sume las cantidades de los pasos 2 y 3 y anote el total en la línea 5 de una segunda hoja de trabajo. Myfreetaxes 5 complete el resto de la segunda hoja de trabajo, ajustando la base solamente por acontecimientos después del traspaso. Myfreetaxes usted fue dueño de su vivienda conjuntamente con alguien (aparte de cónyuges que presenten una declaración conjunta) 1 llene las líneas 1 a la 13 de la hoja de trabajo. Myfreetaxes 2 multiplique la cantidad de la línea 13 para obtener la base ajustada suya por el porcentaje de su parte de su participación de la vivienda. Myfreetaxes Instrucciones para la Hoja de Trabajo A. Myfreetaxes (Continuación) SI. Myfreetaxes . Myfreetaxes . Myfreetaxes   ENTONCES. Myfreetaxes . Myfreetaxes . Myfreetaxes usted fue dueño de su vivienda conjuntamente con su cónyuge que falleció antes de 2010 y antes de un hecho fortuito 1 llene una hoja de trabajo, las líneas 1 a la 13, incluyendo ajustes a la base solamente por acontecimientos antes del fallecimiento de su cónyuge. Myfreetaxes 2 multiplique la cantidad de la línea 13 de esa hoja de trabajo por 0. Myfreetaxes 5 para obtener la base ajustada de la mitad de su participación a la fecha del fallecimiento. Myfreetaxes 3 calcule la base de la mitad de la participación de su cónyuge. Myfreetaxes Esto corresponde a la mitad del valor justo de mercado en la fecha del fallecimiento (o la valoración alternativa usada posteriormente para propósitos de los impuestos de sucesiones o caudales hereditarios). Myfreetaxes (La base de su mitad seguirá siendo la mitad de la base ajustada determinada en el paso 2). Myfreetaxes 4 sume las cantidades de los pasos 2 y 3 y anote el total en la línea 5 de una segunda hoja de trabajo. Myfreetaxes 5 complete las líneas 6 a la 13 de la segunda hoja de trabajo, ajustando la base solamente por acontecimientos después del fallecimiento de su cónyuge. Myfreetaxes usted fue dueño de su vivienda conjuntamente con su cónyuge que falleció antes de 2010 y antes de un hecho fortuito y, su vivienda permanente está en un estado donde rigen las leyes de la comunidad de bienes matrimoniales 1 ignore las líneas 1 a la 4 de la hoja de trabajo. Myfreetaxes 2 anote la cantidad de su base en la línea 5 de la hoja de trabajo. Myfreetaxes Generalmente, esto corresponde al valor justo de mercado de la vivienda al momento del fallecimiento. Myfreetaxes (No obstante, vea Community Property (Comunidad de Bienes Matrimoniales) en la Publicación 551, en inglés, para reglas especiales). Myfreetaxes 3 llene el resto de la hoja de trabajo, ajustando la base solamente por acontecimientos después del fallecimiento de su cónyuge. Myfreetaxes usted fue dueño de su vivienda conjuntamente con alguien (que no sean cónyuges que presenten la declaración conjunta) que falleció antes de 2010 y antes de un hecho fortuito 1 llene las líneas 1 a la 13 de la hoja de trabajo, incluyendo ajustes a la base solamente por acontecimientos antes del fallecimiento del codueño. Myfreetaxes 2 multiplique la cantidad de la línea 13 por el porcentaje de su parte de su participación de la vivienda para obtener la base ajustada suyo en la fecha del fallecimiento. Myfreetaxes 3 multiplique el valor justo del mercado en la fecha del fallecimiento (o use la valuació alterna usada posteriormente para propositos de los impuestos de sucesiones o caudales hereditarios) por el porcentaje que corresponde a la participación del codueño. Myfreetaxes Ésta es la base para el interés parcial del codueño. Myfreetaxes 4 sume las cantidades de los pasos 2 y 3 y anote el total en la línea 5 de una segunda hoja de trabajo. Myfreetaxes 5 complete las líneas 6 a la 13 de la segunda hoja de trabajo incluyendo ajustes a la base solamente por acontecimientos después del fallecimiento del codueño. Myfreetaxes alguna vez su vivienda sufrió daños debido a un hecho fortuito anterior 1 en la línea 8 de la hoja de trabajo, anote toda cantidad que haya gastado para restaurar la vivienda a su estado original antes del hecho fortuito anterior. Myfreetaxes 2 en la línea 11 anote: todo reembolso de seguros que usted haya recibido (o espera recibir) por la pérdida anterior  y toda pérdida por hecho fortuito deducible de años anteriores no cubierta por  su seguro. Myfreetaxes la persona que le vendió su vivienda pagó puntos sobre su préstamo y usted compró su vivienda después de 1990 pero antes del 4 de abril de 1994   en la línea 2 anote los puntos pagados por el vendedor solamente si usted los dedujo como intereses hipotecarios de la vivienda en el año en que fueron pagados (a no ser que haya utilizado los puntos pagados por el vendedor para reducir la cantidad de la línea 1). Myfreetaxes la persona que le vendió su vivienda pagó puntos sobre su préstamo y usted compró su vivienda después del 3 de abril de 1994   en la línea 2 anote los puntos pagados por el vendedor aun si usted no los dedujo (a no ser que haya utilizado los puntos pagados por el vendedor para reducir la cantidad de la línea 1). Myfreetaxes usted usó parte de la propiedad como su vivienda y parte de ella para propósitos comerciales o para generar ingresos de alquiler   usted debe asignar las anotaciones en la Hoja de Trabajo A entre la parte personal (columna (a)) y la parte comercial/de alquiler (columna (b)). Myfreetaxes no corresponde ninguno de los puntos anteriores   llene completamente la hoja de trabajo. Myfreetaxes Prev  Up  Next   Home   More Online Publications