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Ohio State Tax Forms 2011

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Ohio State Tax Forms 2011

Ohio state tax forms 2011 11. Ohio state tax forms 2011   Casualties, Thefts, and Condemnations Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Casualties and TheftsDeductible losses. Ohio state tax forms 2011 Nondeductible losses. Ohio state tax forms 2011 Family pet. Ohio state tax forms 2011 Progressive deterioration. Ohio state tax forms 2011 Decline in market value of stock. Ohio state tax forms 2011 Mislaid or lost property. Ohio state tax forms 2011 Farming Losses How To Figure a Loss Deduction Limits on Losses of Personal-Use Property When Loss Is Deductible Proof of Loss Figuring a Gain Other Involuntary ConversionsCondemnation Irrigation Project Livestock Losses Tree Seedlings Postponing GainException. Ohio state tax forms 2011 Related persons. Ohio state tax forms 2011 Replacement Property Replacement Period How To Postpone Gain Disaster Area LossesWho is eligible. Ohio state tax forms 2011 Covered disaster area. Ohio state tax forms 2011 Reporting Gains and Losses Introduction This chapter explains the tax treatment of casualties, thefts, and condemnations. Ohio state tax forms 2011 A casualty occurs when property is damaged, destroyed, or lost due to a sudden, unexpected, or unusual event. Ohio state tax forms 2011 A theft occurs when property is stolen. Ohio state tax forms 2011 A condemnation occurs when private property is legally taken for public use without the owner's consent. Ohio state tax forms 2011 A casualty, theft, or condemnation may result in a deductible loss or taxable gain on your federal income tax return. Ohio state tax forms 2011 You may have a deductible loss or a taxable gain even if only a portion of your property was affected by a casualty, theft, or condemnation. Ohio state tax forms 2011 An involuntary conversion occurs when you receive money or other property as reimbursement for a casualty, theft, condemnation, disposition of property under threat of condemnation, or certain other events discussed in this chapter. Ohio state tax forms 2011 If an involuntary conversion results in a gain and you buy qualified replacement property within the specified replacement period, you can postpone reporting the gain on your income tax return. Ohio state tax forms 2011 For more information, see Postponing Gain , later. Ohio state tax forms 2011 Topics - This chapter discusses: Casualties and thefts How to figure a loss or gain Other involuntary conversions Postponing gain Disaster area losses Reporting gains and losses Drought involving property connected with a trade or business or a transaction entered into for profit Useful Items - You may want to see: Publication 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 584-B Business Casualty, Disaster, and Theft Loss Workbook Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch D (Form 1040) Capital Gains and Losses Sch F (Form 1040) Profit or Loss From Farming 4684 Casualties and Thefts 4797 Sales of Business Property See chapter 16 for information about getting publications and forms. Ohio state tax forms 2011 Casualties and Thefts If your property is destroyed, damaged, or stolen, you may have a deductible loss. Ohio state tax forms 2011 If the insurance or other reimbursement is more than the adjusted basis of the destroyed, damaged, or stolen property, you may have a taxable gain. Ohio state tax forms 2011 Casualty. Ohio state tax forms 2011   A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. Ohio state tax forms 2011 A sudden event is one that is swift, not gradual or progressive. Ohio state tax forms 2011 An unexpected event is one that is ordinarily unanticipated and unintended. Ohio state tax forms 2011 An unusual event is one that is not a day-to-day occurrence and that is not typical of the activity in which you were engaged. Ohio state tax forms 2011 Deductible losses. Ohio state tax forms 2011   Deductible casualty losses can result from a number of different causes, including the following. Ohio state tax forms 2011 Airplane crashes. Ohio state tax forms 2011 Car, truck, or farm equipment accidents not resulting from your willful act or willful negligence. Ohio state tax forms 2011 Earthquakes. Ohio state tax forms 2011 Fires (but see Nondeductible losses next for exceptions). Ohio state tax forms 2011 Floods. Ohio state tax forms 2011 Freezing. Ohio state tax forms 2011 Government-ordered demolition or relocation of a home that is unsafe to use because of a disaster as discussed under Disaster Area Losses, in Publication 547. Ohio state tax forms 2011 Lightning. Ohio state tax forms 2011 Storms, including hurricanes and tornadoes. Ohio state tax forms 2011 Terrorist attacks. Ohio state tax forms 2011 Vandalism. Ohio state tax forms 2011 Volcanic eruptions. Ohio state tax forms 2011 Nondeductible losses. Ohio state tax forms 2011   A casualty loss is not deductible if the damage or destruction is caused by the following. Ohio state tax forms 2011 Accidentally breaking articles such as glassware or china under normal conditions. Ohio state tax forms 2011 A family pet (explained below). Ohio state tax forms 2011 A fire if you willfully set it, or pay someone else to set it. Ohio state tax forms 2011 A car, truck, or farm equipment accident if your willful negligence or willful act caused it. Ohio state tax forms 2011 The same is true if the willful act or willful negligence of someone acting for you caused the accident. Ohio state tax forms 2011 Progressive deterioration (explained below). Ohio state tax forms 2011 Family pet. Ohio state tax forms 2011   Loss of property due to damage by a family pet is not deductible as a casualty loss unless the requirements discussed above under Casualty are met. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 You keep your horse in your yard. Ohio state tax forms 2011 The ornamental fruit trees in your yard were damaged when your horse stripped the bark from them. Ohio state tax forms 2011 Some of the trees were completely girdled and died. Ohio state tax forms 2011 Because the damage was not unexpected or unusual, the loss is not deductible. Ohio state tax forms 2011 Progressive deterioration. Ohio state tax forms 2011   Loss of property due to progressive deterioration is not deductible as a casualty loss. Ohio state tax forms 2011 This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. Ohio state tax forms 2011 Examples of damage due to progressive deterioration include damage from rust, corrosion, or termites. Ohio state tax forms 2011 However, weather-related conditions or disease may cause another type of involuntary conversion. Ohio state tax forms 2011 See Other Involuntary Conversions , later. Ohio state tax forms 2011 Theft. Ohio state tax forms 2011   A theft is the taking and removing of money or property with the intent to deprive the owner of it. Ohio state tax forms 2011 The taking of property must be illegal under the law of the state where it occurred and it must have been done with criminal intent. Ohio state tax forms 2011 You do not need to show a conviction for theft. Ohio state tax forms 2011   Theft includes the taking of money or property by the following means: Blackmail, Burglary, Embezzlement, Extortion, Kidnapping for ransom, Larceny, Robbery, or Threats. Ohio state tax forms 2011 The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. Ohio state tax forms 2011 Decline in market value of stock. Ohio state tax forms 2011   You cannot deduct as a theft loss the decline in market value of stock acquired on the open market for investment if the decline is caused by disclosure of accounting fraud or other illegal misconduct by the officers or directors of the corporation that issued the stock. Ohio state tax forms 2011 However, you can deduct as a capital loss the loss you sustain when you sell or exchange the stock or the stock becomes completely worthless. Ohio state tax forms 2011 You report a capital loss on Schedule D (Form 1040). Ohio state tax forms 2011 For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. Ohio state tax forms 2011 Mislaid or lost property. Ohio state tax forms 2011   The simple disappearance of money or property is not a theft. Ohio state tax forms 2011 However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. Ohio state tax forms 2011 The diamond falls from the ring and is never found. Ohio state tax forms 2011 The loss of the diamond is a casualty. Ohio state tax forms 2011 Farming Losses You can deduct certain casualty or theft losses that occur in the business of farming. Ohio state tax forms 2011 The following is a discussion of some losses you can deduct and some you cannot deduct. Ohio state tax forms 2011 Livestock or produce bought for resale. Ohio state tax forms 2011   Casualty or theft losses of livestock or produce bought for resale are deductible if you report your income on the cash method. Ohio state tax forms 2011 If you report your income on an accrual method, take casualty and theft losses on property bought for resale by omitting the item from the closing inventory for the year of the loss. Ohio state tax forms 2011 You cannot take a separate deduction. Ohio state tax forms 2011 Livestock, plants, produce, and crops raised for sale. Ohio state tax forms 2011   Losses of livestock, plants, produce, and crops raised for sale are generally not deductible if you report your income on the cash method. Ohio state tax forms 2011 You have already deducted the cost of raising these items as farm expenses, so their basis is equal to zero. Ohio state tax forms 2011   For plants with a preproductive period of more than 2 years, you may have a deductible loss if you have a tax basis in the plants. Ohio state tax forms 2011 You usually have a tax basis if you capitalized the expenses associated with these plants under the uniform capitalization rules. Ohio state tax forms 2011 The uniform capitalization rules are discussed in chapter 6. Ohio state tax forms 2011   If you report your income on an accrual method, casualty or theft losses are deductible only if you included the items in your inventory at the beginning of your tax year. Ohio state tax forms 2011 You get the deduction by omitting the item from your inventory at the close of your tax year. Ohio state tax forms 2011 You cannot take a separate casualty or theft deduction. Ohio state tax forms 2011 Income loss. Ohio state tax forms 2011   A loss of future income is not deductible. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 A severe flood destroyed your crops. Ohio state tax forms 2011 Because you are a cash method taxpayer and already deducted the cost of raising the crops as farm expenses, this loss is not deductible, as explained above under Livestock, plants, produce, and crops raised for sale . Ohio state tax forms 2011 You estimate that the crop loss will reduce your farm income by $25,000. Ohio state tax forms 2011 This loss of future income is also not deductible. Ohio state tax forms 2011 Loss of timber. Ohio state tax forms 2011   If you sell timber downed as a result of a casualty, treat the proceeds from the sale as a reimbursement. Ohio state tax forms 2011 If you use the proceeds to buy qualified replacement property, you can postpone reporting the gain. Ohio state tax forms 2011 See Postponing Gain , later. Ohio state tax forms 2011 Property used in farming. Ohio state tax forms 2011   Casualty and theft losses of property used in your farm business usually result in deductible losses. Ohio state tax forms 2011 If a fire or storm destroyed your barn, or you lose by casualty or theft an animal you bought for draft, breeding, dairy, or sport, you may have a deductible loss. Ohio state tax forms 2011 See How To Figure a Loss , later. Ohio state tax forms 2011 Raised draft, breeding, dairy, or sporting animals. Ohio state tax forms 2011   Generally, losses of raised draft, breeding, dairy, or sporting animals do not result in deductible casualty or theft losses because you have no basis in the animals. Ohio state tax forms 2011 However, you may have a basis in the animal and therefore may be able to claim a deduction if either of the following situations applies to you. Ohio state tax forms 2011 You use inventories to determine your income and you included the animals in your inventory. Ohio state tax forms 2011 You capitalized the expenses associated with the animals under the uniform capitalization rules and therefore have a tax basis in the animals subject to a casualty or theft. Ohio state tax forms 2011 When you include livestock in inventory, its last inventory value is its basis. Ohio state tax forms 2011 When you lose an inventoried animal held for draft, breeding, dairy, or sport by casualty or theft during the year, decrease ending inventory by the amount you included in inventory for the animal. Ohio state tax forms 2011 You cannot take a separate deduction. Ohio state tax forms 2011 How To Figure a Loss How you figure a deductible casualty or theft loss depends on whether the loss was to farm or personal-use property and whether the property was stolen or partly or completely destroyed. Ohio state tax forms 2011 Farm property. Ohio state tax forms 2011   Farm property is the property you use in your farming business. Ohio state tax forms 2011 If your farm property was completely destroyed or stolen, your loss is figured as follows:      Your adjusted basis in the property     MINUS     Any salvage value     MINUS     Any insurance or other reimbursement you  receive or expect to receive      You can use the schedules in Publication 584-B to list your stolen, damaged, or destroyed business property and to figure your loss. Ohio state tax forms 2011   If your farm property was partially damaged, use the steps shown under Personal-use property next to figure your casualty loss. Ohio state tax forms 2011 However, the deduction limits, discussed later, do not apply to farm property. Ohio state tax forms 2011 Personal-use property. Ohio state tax forms 2011   Personal-use property is property used by you or your family members for personal purposes and not used in your farm business or for income-producing purposes. Ohio state tax forms 2011 The following items are examples of personal-use property: Your main home. Ohio state tax forms 2011 Furniture and electronics used in your main home and not used in a home office or for business purposes. Ohio state tax forms 2011 Clothing and jewelry. Ohio state tax forms 2011 An automobile used for nonbusiness purposes. Ohio state tax forms 2011 You figure the casualty or theft loss on this property by taking the following steps. Ohio state tax forms 2011 Determine your adjusted basis in the property before the casualty or theft. Ohio state tax forms 2011 Determine the decrease in fair market value of the property as a result of the casualty or theft. Ohio state tax forms 2011 From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you receive or expect to receive. Ohio state tax forms 2011 You must apply the deduction limits, discussed later, to determine your deductible loss. Ohio state tax forms 2011    You can use Publication 584 to list your stolen or damaged personal-use property and figure your loss. Ohio state tax forms 2011 It includes schedules to help you figure the loss on your home, its contents, and your motor vehicles. Ohio state tax forms 2011 Adjusted basis. Ohio state tax forms 2011   Adjusted basis is your basis (usually cost) increased or decreased by various events, such as improvements and casualty losses. Ohio state tax forms 2011 For more information about adjusted basis, see chapter 6. Ohio state tax forms 2011 Decrease in fair market value (FMV). Ohio state tax forms 2011   The decrease in FMV is the difference between the property's value immediately before the casualty or theft and its value immediately afterward. Ohio state tax forms 2011 FMV is defined in chapter 10 under Payments Received or Considered Received . Ohio state tax forms 2011 Appraisal. Ohio state tax forms 2011   To figure the decrease in FMV because of a casualty or theft, you generally need a competent appraisal. Ohio state tax forms 2011 But other measures, such as the cost of cleaning up or making repairs (discussed next) can be used to establish decreases in FMV. Ohio state tax forms 2011   An appraisal to determine the difference between the FMV of the property immediately before a casualty or theft and immediately afterward should be made by a competent appraiser. Ohio state tax forms 2011 The appraiser must recognize the effects of any general market decline that may occur along with the casualty. Ohio state tax forms 2011 This information is needed to limit any deduction to the actual loss resulting from damage to the property. Ohio state tax forms 2011 Cost of cleaning up or making repairs. Ohio state tax forms 2011   The cost of cleaning up after a casualty is not part of a casualty loss. Ohio state tax forms 2011 Neither is the cost of repairing damaged property after a casualty. Ohio state tax forms 2011 But you can use the cost of cleaning up or making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions. Ohio state tax forms 2011 The repairs are actually made. Ohio state tax forms 2011 The repairs are necessary to bring the property back to its condition before the casualty. Ohio state tax forms 2011 The amount spent for repairs is not excessive. Ohio state tax forms 2011 The repairs fix the damage only. Ohio state tax forms 2011 The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. Ohio state tax forms 2011 Related expenses. Ohio state tax forms 2011   The incidental expenses due to a casualty or theft, such as expenses for the treatment of personal injuries, temporary housing, or a rental car, are not part of your casualty or theft loss. Ohio state tax forms 2011 However, they may be deductible as farm business expenses if the damaged or stolen property is farm property. Ohio state tax forms 2011 Separate computations for more than one item of property. Ohio state tax forms 2011   Generally, if a single casualty or theft involves more than one item of property, you must figure your loss separately for each item of property. Ohio state tax forms 2011 Then combine the losses to determine your total loss. Ohio state tax forms 2011    There is an exception to this rule for personal-use real property. Ohio state tax forms 2011 See Exception for personal-use real property, later. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 A fire on your farm damaged a tractor and the barn in which it was stored. Ohio state tax forms 2011 The tractor had an adjusted basis of $3,300. Ohio state tax forms 2011 Its FMV was $28,000 just before the fire and $10,000 immediately afterward. Ohio state tax forms 2011 The barn had an adjusted basis of $28,000. Ohio state tax forms 2011 Its FMV was $55,000 just before the fire and $25,000 immediately afterward. Ohio state tax forms 2011 You received insurance reimbursements of $2,100 on the tractor and $26,000 on the barn. Ohio state tax forms 2011 Figure your deductible casualty loss separately for the two items of property. Ohio state tax forms 2011     Tractor Barn 1) Adjusted basis $3,300 $28,000 2) FMV before fire $28,000 $55,000 3) FMV after fire 10,000 25,000 4) Decrease in FMV  (line 2 − line 3) $18,000 $30,000 5) Loss (lesser of line 1 or line 4) $3,300 $28,000 6) Minus: Insurance 2,100 26,000 7) Deductible casualty loss $1,200 $2,000 8) Total deductible casualty loss $3,200 Exception for personal-use real property. Ohio state tax forms 2011   In figuring a casualty loss on personal-use real property, the entire property (including any improvements, such as buildings, trees, and shrubs) is treated as one item. Ohio state tax forms 2011 Figure the loss using the smaller of the following. Ohio state tax forms 2011 The decrease in FMV of the entire property. Ohio state tax forms 2011 The adjusted basis of the entire property. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 You bought a farm in 1990 for $160,000. Ohio state tax forms 2011 The adjusted basis of the residential part is now $128,000. Ohio state tax forms 2011 In 2013, a windstorm blew down shade trees and three ornamental trees planted at a cost of $7,500 on the residential part. Ohio state tax forms 2011 The adjusted basis of the residential part includes the $7,500. Ohio state tax forms 2011 The fair market value (FMV) of the residential part immediately before the storm was $400,000, and $385,000 immediately after the storm. Ohio state tax forms 2011 The trees were not covered by insurance. Ohio state tax forms 2011 1) Adjusted basis $128,000 2) FMV before the storm $400,000 3) FMV after the storm 385,000 4) Decrease in FMV (line 2 − line 3) $15,000 5) Loss before insurance (lesser of line 1 or line 4) $15,000 6) Minus: Insurance -0- 7) Amount of loss $15,000 Insurance and other reimbursements. Ohio state tax forms 2011   If you receive an insurance or other type of reimbursement, you must subtract the reimbursement when you figure your loss. Ohio state tax forms 2011 You do not have a casualty or theft loss to the extent you are reimbursed. Ohio state tax forms 2011   If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. Ohio state tax forms 2011 You must reduce your loss even if you do not receive payment until a later tax year. Ohio state tax forms 2011    Do not subtract from your loss any insurance payments you receive for living expenses if you lose the use of your main home or are denied access to it because of a casualty. Ohio state tax forms 2011 You may have to include a portion of these payments in your income. Ohio state tax forms 2011 See Insurance payments for living expenses in Publication 547 for details. Ohio state tax forms 2011 Disaster relief. Ohio state tax forms 2011   Food, medical supplies, and other forms of assistance you receive do not reduce your casualty loss, unless they are replacements for lost or destroyed property. Ohio state tax forms 2011 Excludable cash gifts you receive also do not reduce your casualty loss if there are no limits on how you can use the money. Ohio state tax forms 2011   Generally, disaster relief grants received under the Robert T. Ohio state tax forms 2011 Stafford Disaster Relief and Emergency Assistance Act are not included in your income. Ohio state tax forms 2011 See Federal disaster relief grants , later, under Disaster Area Losses . Ohio state tax forms 2011   Qualified disaster relief payments for expenses you incurred as a result of a federally declared disaster are not taxable income to you. Ohio state tax forms 2011 See Qualified disaster relief payments , later, under Disaster Area Losses . Ohio state tax forms 2011 Reimbursement received after deducting loss. Ohio state tax forms 2011   If you figure your casualty or theft loss using your expected reimbursement, you may have to adjust your tax return for the tax year in which you get your actual reimbursement. Ohio state tax forms 2011 Actual reimbursement less than expected. Ohio state tax forms 2011   If you later receive less reimbursement than you expected, include that difference as a loss with your other losses (if any) on your return for the year in which you can reasonably expect no more reimbursement. Ohio state tax forms 2011 Actual reimbursement more than expected. Ohio state tax forms 2011   If you later receive more reimbursement than you expected after you have claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. Ohio state tax forms 2011 However, if any part of your original deduction did not reduce your tax for the earlier year, do not include that part of the reimbursement in your income. Ohio state tax forms 2011 Do not refigure your tax for the year you claimed the deduction. Ohio state tax forms 2011 See Recoveries in Publication 525 to find out how much extra reimbursement to include in income. Ohio state tax forms 2011 If the total of all the reimbursements you receive is more than your adjusted basis in the destroyed or stolen property, you will have a gain on the casualty or theft. Ohio state tax forms 2011 See Figuring a Gain in Publication 547 for information on how to treat a gain from the reimbursement you receive because of a casualty or theft. Ohio state tax forms 2011 Actual reimbursement same as expected. Ohio state tax forms 2011   If you receive exactly the reimbursement you expected to receive, you do not have to include any of the reimbursement in your income and you cannot deduct any additional loss. Ohio state tax forms 2011 Lump-sum reimbursement. Ohio state tax forms 2011   If you have a casualty or theft loss of several assets at the same time without an allocation of reimbursement to specific assets, divide the lump-sum reimbursement among the assets according to the fair market value of each asset at the time of the loss. Ohio state tax forms 2011 Figure the gain or loss separately for each asset that has a separate basis. Ohio state tax forms 2011 Adjustments to basis. Ohio state tax forms 2011   If you have a casualty or theft loss, you must decrease your basis in the property by any insurance or other reimbursement you receive and by any deductible loss. Ohio state tax forms 2011 The result is your adjusted basis in the property. Ohio state tax forms 2011 Amounts you spend on repairs to restore your property to its pre-casualty condition increase your adjusted basis. Ohio state tax forms 2011 See Adjusted Basis in chapter 6 for more information. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 You built a new silo for $25,000. Ohio state tax forms 2011 This is the basis in your silo because that is the total cost you incurred to build it. Ohio state tax forms 2011 During the year, a tornado damaged your silo and your allowable casualty loss deduction was $1,000. Ohio state tax forms 2011 In addition, your insurance company reimbursed you $4,000 for the damage and you spent $6,000 to restore the silo to its pre-casualty condition. Ohio state tax forms 2011 Your adjusted basis in the silo after the casualty is $26,000 ($25,000 - $1,000 - $4,000 + $6,000). Ohio state tax forms 2011 Deduction Limits on Losses of Personal-Use Property Casualty and theft losses of property held for personal use may be deductible if you itemize deductions on Schedule A (Form 1040). Ohio state tax forms 2011 There are two limits on the deduction for casualty or theft loss of personal-use property. Ohio state tax forms 2011 You figure these limits on Form 4684. Ohio state tax forms 2011 $100 rule. Ohio state tax forms 2011   You must reduce each casualty or theft loss on personal-use property by $100. Ohio state tax forms 2011 This rule applies after you have subtracted any reimbursement. Ohio state tax forms 2011 10% rule. Ohio state tax forms 2011   You must further reduce the total of all your casualty or theft losses on personal-use property by 10% of your adjusted gross income. Ohio state tax forms 2011 Apply this rule after you reduce each loss by $100. Ohio state tax forms 2011 Adjusted gross income is on line 38 of Form 1040. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 In June, you discovered that your house had been burglarized. Ohio state tax forms 2011 Your loss after insurance reimbursement was $2,000. Ohio state tax forms 2011 Your adjusted gross income for the year you discovered the burglary is $57,000. Ohio state tax forms 2011 Figure your theft loss deduction as follows: 1. Ohio state tax forms 2011 Loss after insurance $2,000 2. Ohio state tax forms 2011 Subtract $100 100 3. Ohio state tax forms 2011 Loss after $100 rule $1,900 4. Ohio state tax forms 2011 Subtract 10% (. Ohio state tax forms 2011 10) × $57,000 AGI $5,700 5. Ohio state tax forms 2011 Theft loss deduction -0- You do not have a theft loss deduction because your loss ($1,900) is less than 10% of your adjusted gross income ($5,700). Ohio state tax forms 2011    If you have a casualty or theft gain in addition to a loss, you will have to make a special computation before you figure your 10% limit. Ohio state tax forms 2011 See 10% Rule in Publication 547. Ohio state tax forms 2011 When Loss Is Deductible Generally, you can deduct casualty losses that are not reimbursable only in the tax year in which they occur. Ohio state tax forms 2011 You generally can deduct theft losses that are not reimbursable only in the year you discover your property was stolen. Ohio state tax forms 2011 However, losses in federally declared disaster areas are subject to different rules. Ohio state tax forms 2011 See Disaster Area Losses , later, for an exception. Ohio state tax forms 2011 If you are not sure whether part of your casualty or theft loss will be reimbursed, do not deduct that part until the tax year when you become reasonably certain that it will not be reimbursed. Ohio state tax forms 2011 Leased property. Ohio state tax forms 2011   If you lease property from someone else, you can deduct a loss on the property in the year your liability for the loss is fixed. Ohio state tax forms 2011 This is true even if the loss occurred or the liability was paid in a different year. Ohio state tax forms 2011 You are not entitled to a deduction until your liability under the lease can be determined with reasonable accuracy. Ohio state tax forms 2011 Your liability can be determined when a claim for recovery is settled, adjudicated, or abandoned. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 Robert leased a tractor from First Implement, Inc. Ohio state tax forms 2011 , for use in his farm business. Ohio state tax forms 2011 The tractor was destroyed by a tornado in June 2012. Ohio state tax forms 2011 The loss was not insured. Ohio state tax forms 2011 First Implement billed Robert for the fair market value of the tractor on the date of the loss. Ohio state tax forms 2011 Robert disagreed with the bill and refused to pay it. Ohio state tax forms 2011 First Implement later filed suit in court against Robert. Ohio state tax forms 2011 In 2013, Robert and First Implement agreed to settle the suit for $20,000, and the court entered a judgment in favor of First Implement. Ohio state tax forms 2011 Robert paid $20,000 in June 2013. Ohio state tax forms 2011 He can claim the $20,000 as a loss on his 2013 tax return. Ohio state tax forms 2011 Net operating loss (NOL). Ohio state tax forms 2011   If your deductions, including casualty or theft loss deductions, are more than your income for the year, you may have an NOL. Ohio state tax forms 2011 An NOL can be carried back or carried forward and deducted from income in other years. Ohio state tax forms 2011 See Publication 536 for more information on NOLs. Ohio state tax forms 2011 Proof of Loss To deduct a casualty or theft loss, you must be able to prove that there was a casualty or theft. Ohio state tax forms 2011 You must have records to support the amount you claim for the loss. Ohio state tax forms 2011 Casualty loss proof. Ohio state tax forms 2011   For a casualty loss, your records should show all the following information. Ohio state tax forms 2011 The type of casualty (car accident, fire, storm, etc. Ohio state tax forms 2011 ) and when it occurred. Ohio state tax forms 2011 That the loss was a direct result of the casualty. Ohio state tax forms 2011 That you were the owner of the property or, if you leased the property from someone else, that you were contractually liable to the owner for the damage. Ohio state tax forms 2011 Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. Ohio state tax forms 2011 Theft loss proof. Ohio state tax forms 2011   For a theft loss, your records should show all the following information. Ohio state tax forms 2011 When you discovered your property was missing. Ohio state tax forms 2011 That your property was stolen. Ohio state tax forms 2011 That you were the owner of the property. Ohio state tax forms 2011 Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. Ohio state tax forms 2011 Figuring a Gain A casualty or theft may result in a taxable gain. Ohio state tax forms 2011 If you receive an insurance payment or other reimbursement that is more than your adjusted basis in the destroyed, damaged, or stolen property, you have a gain from the casualty or theft. Ohio state tax forms 2011 You generally report your gain as income in the year you receive the reimbursement. Ohio state tax forms 2011 However, depending on the type of property you receive, you may not have to report your gain. Ohio state tax forms 2011 See Postponing Gain , later. Ohio state tax forms 2011 Your gain is figured as follows: The amount you receive, minus Your adjusted basis in the property at the time of the casualty or theft. Ohio state tax forms 2011 Even if the decrease in FMV of your property is smaller than the adjusted basis of your property, use your adjusted basis to figure the gain. Ohio state tax forms 2011 Amount you receive. Ohio state tax forms 2011   The amount you receive includes any money plus the value of any property you receive, minus any expenses you have in obtaining reimbursement. Ohio state tax forms 2011 It also includes any reimbursement used to pay off a mortgage or other lien on the damaged, destroyed, or stolen property. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 A tornado severely damaged your barn. Ohio state tax forms 2011 The adjusted basis of the barn was $25,000. Ohio state tax forms 2011 Your insurance company reimbursed you $40,000 for the damaged barn. Ohio state tax forms 2011 However, you had legal expenses of $2,000 to collect that insurance. Ohio state tax forms 2011 Your insurance minus your expenses to collect the insurance is more than your adjusted basis in the barn, so you have a gain. Ohio state tax forms 2011 1) Insurance reimbursement $40,000 2) Legal expenses 2,000 3) Amount received  (line 1 − line 2) $38,000 4) Adjusted basis 25,000 5) Gain on casualty (line 3 − line 4) $13,000 Other Involuntary Conversions In addition to casualties and thefts, other events cause involuntary conversions of property. Ohio state tax forms 2011 Some of these are discussed in the following paragraphs. Ohio state tax forms 2011 Gain or loss from an involuntary conversion of your property is usually recognized for tax purposes. Ohio state tax forms 2011 You report the gain or deduct the loss on your tax return for the year you realize it. Ohio state tax forms 2011 However, depending on the type of property you receive, you may not have to report your gain on the involuntary conversion. Ohio state tax forms 2011 See Postponing Gain , later. Ohio state tax forms 2011 Condemnation Condemnation is the process by which private property is legally taken for public use without the owner's consent. Ohio state tax forms 2011 The property may be taken by the federal government, a state government, a political subdivision, or a private organization that has the power to legally take property. Ohio state tax forms 2011 The owner receives a condemnation award (money or property) in exchange for the property taken. Ohio state tax forms 2011 A condemnation is a forced sale, the owner being the seller and the condemning authority being the buyer. Ohio state tax forms 2011 Threat of condemnation. Ohio state tax forms 2011   Treat the sale of your property under threat of condemnation as a condemnation, provided you have reasonable grounds to believe that your property will be condemned. Ohio state tax forms 2011 Main home condemned. Ohio state tax forms 2011   If you have a gain because your main home is condemned, you generally can exclude the gain from your income as if you had sold or exchanged your home. Ohio state tax forms 2011 For information on this exclusion, see Publication 523. Ohio state tax forms 2011 If your gain is more than the amount you can exclude, but you buy replacement property, you may be able to postpone reporting the excess gain. Ohio state tax forms 2011 See Postponing Gain , later. Ohio state tax forms 2011 (You cannot deduct a loss from the condemnation of your main home. Ohio state tax forms 2011 ) More information. Ohio state tax forms 2011   For information on how to figure the gain or loss on condemned property, see chapter 1 in Publication 544. Ohio state tax forms 2011 Also see Postponing Gain , later, to find out if you can postpone reporting the gain. Ohio state tax forms 2011 Irrigation Project The sale or other disposition of property located within an irrigation project to conform to the acreage limits of federal reclamation laws is an involuntary conversion. Ohio state tax forms 2011 Livestock Losses Diseased livestock. Ohio state tax forms 2011   If your livestock die from disease, or are destroyed, sold, or exchanged because of disease, even though the disease is not of epidemic proportions, treat these occurrences as involuntary conversions. Ohio state tax forms 2011 If the livestock were raised or purchased for resale, follow the rules for livestock discussed earlier under Farming Losses . Ohio state tax forms 2011 Otherwise, figure the gain or loss from these conversions using the rules discussed under Determining Gain or Loss in chapter 8. Ohio state tax forms 2011 If you replace the livestock, you may be able to postpone reporting the gain. Ohio state tax forms 2011 See Postponing Gain below. Ohio state tax forms 2011 Reporting dispositions of diseased livestock. Ohio state tax forms 2011   If you choose to postpone reporting gain on the disposition of diseased livestock, you must attach a statement to your return explaining that the livestock were disposed of because of disease. Ohio state tax forms 2011 You must also include other information on this statement. Ohio state tax forms 2011 See How To Postpone Gain , later, under Postponing Gain . Ohio state tax forms 2011 Weather-related sales of livestock. Ohio state tax forms 2011   If you sell or exchange livestock (other than poultry) held for draft, breeding, or dairy purposes solely because of drought, flood, or other weather-related conditions, treat the sale or exchange as an involuntary conversion. Ohio state tax forms 2011 Only livestock sold in excess of the number you normally would sell under usual business practice, in the absence of weather-related conditions, are considered involuntary conversions. Ohio state tax forms 2011 Figure the gain or loss using the rules discussed under Determining Gain or Loss in chapter 8. Ohio state tax forms 2011 If you replace the livestock, you may be able to postpone reporting the gain. Ohio state tax forms 2011 See Postponing Gain below. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 It is your usual business practice to sell five of your dairy animals during the year. Ohio state tax forms 2011 This year you sold 20 dairy animals because of drought. Ohio state tax forms 2011 The sale of 15 animals is treated as an involuntary conversion. Ohio state tax forms 2011    If you do not replace the livestock, you may be able to report the gain in the following year's income. Ohio state tax forms 2011 This rule also applies to other livestock (including poultry). Ohio state tax forms 2011 See Sales Caused by Weather-Related Conditions in chapter 3. Ohio state tax forms 2011 Tree Seedlings If, because of an abnormal drought, the failure of planted tree seedlings is greater than normally anticipated, you may have a deductible loss. Ohio state tax forms 2011 Treat the loss as a loss from an involuntary conversion. Ohio state tax forms 2011 The loss equals the previously capitalized reforestation costs you had to duplicate on replanting. Ohio state tax forms 2011 You deduct the loss on the return for the year the seedlings died. Ohio state tax forms 2011 Postponing Gain Do not report a gain if you receive reimbursement in the form of property similar or related in service or use to the destroyed, stolen, or other involuntarily converted property. Ohio state tax forms 2011 Your basis in the new property is generally the same as your adjusted basis in the property it replaces. Ohio state tax forms 2011 You must ordinarily report the gain on your stolen, destroyed, or other involuntarily converted property if you receive money or unlike property as reimbursement. Ohio state tax forms 2011 However, you can choose to postpone reporting the gain if you purchase replacement property similar or related in service or use to your destroyed, stolen, or other involuntarily converted property within a specific replacement period. Ohio state tax forms 2011 If you have a gain on damaged property, you can postpone reporting the gain if you spend the reimbursement to restore the property. Ohio state tax forms 2011 To postpone reporting all the gain, the cost of your replacement property must be at least as much as the reimbursement you receive. Ohio state tax forms 2011 If the cost of the replacement property is less than the reimbursement, you must include the gain in your income up to the amount of the unspent reimbursement. Ohio state tax forms 2011 Example 1. Ohio state tax forms 2011 In 1985, you constructed a barn to store farm equipment at a cost of $20,000. Ohio state tax forms 2011 In 1987, you added a silo to the barn at a cost of $15,000 to store grain. Ohio state tax forms 2011 In May of this year, the property was worth $100,000. Ohio state tax forms 2011 In June the barn and silo were destroyed by a tornado. Ohio state tax forms 2011 At the time of the tornado, you had an adjusted basis of $0 in the property. Ohio state tax forms 2011 You received $85,000 from the insurance company. Ohio state tax forms 2011 You had a gain of $85,000 ($85,000 – $0). Ohio state tax forms 2011 You spent $80,000 to rebuild the barn and silo. Ohio state tax forms 2011 Since this is less than the insurance proceeds received, you must include $5,000 ($85,000 – $80,000) in your income. Ohio state tax forms 2011 Example 2. Ohio state tax forms 2011 In 1970, you bought a cabin in the mountains for your personal use at a cost of $18,000. Ohio state tax forms 2011 You made no further improvements or additions to it. Ohio state tax forms 2011 When a storm destroyed the cabin this January, the cabin was worth $250,000. Ohio state tax forms 2011 You received $146,000 from the insurance company in March. Ohio state tax forms 2011 You had a gain of $128,000 ($146,000 − $18,000). Ohio state tax forms 2011 You spent $144,000 to rebuild the cabin. Ohio state tax forms 2011 Since this is less than the insurance proceeds received, you must include $2,000 ($146,000 − $144,000) in your income. Ohio state tax forms 2011 Buying replacement property from a related person. Ohio state tax forms 2011   You cannot postpone reporting a gain from a casualty, theft, or other involuntary conversion if you buy the replacement property from a related person (discussed later). Ohio state tax forms 2011 This rule applies to the following taxpayers. Ohio state tax forms 2011 C corporations. Ohio state tax forms 2011 Partnerships in which more than 50% of the capital or profits interest is owned by C corporations. Ohio state tax forms 2011 Individuals, partnerships (other than those in (2) above), and S corporations if the total realized gain for the tax year on all involuntarily converted properties on which there are realized gains is more than $100,000. Ohio state tax forms 2011 For involuntary conversions described in (3) above, gains cannot be offset by any losses when determining whether the total gain is more than $100,000. Ohio state tax forms 2011 If the property is owned by a partnership, the $100,000 limit applies to the partnership and each partner. Ohio state tax forms 2011 If the property is owned by an S corporation, the $100,000 limit applies to the S corporation and each shareholder. Ohio state tax forms 2011 Exception. Ohio state tax forms 2011   This rule does not apply if the related person acquired the property from an unrelated person within the period of time allowed for replacing the involuntarily converted property. Ohio state tax forms 2011 Related persons. Ohio state tax forms 2011   Under this rule, related persons include, for example, a parent and child, a brother and sister, a corporation and an individual who owns more than 50% of its outstanding stock, and two partnerships in which the same C corporations own more than 50% of the capital or profits interests. Ohio state tax forms 2011 For more information on related persons, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Ohio state tax forms 2011 Death of a taxpayer. Ohio state tax forms 2011   If a taxpayer dies after having a gain, but before buying replacement property, the gain must be reported for the year in which the decedent realized the gain. Ohio state tax forms 2011 The executor of the estate or the person succeeding to the funds from the involuntary conversion cannot postpone reporting the gain by buying replacement property. Ohio state tax forms 2011 Replacement Property You must buy replacement property for the specific purpose of replacing your property. Ohio state tax forms 2011 Your replacement property must be similar or related in service or use to the property it replaces. Ohio state tax forms 2011 You do not have to use the same funds you receive as reimbursement for your old property to acquire the replacement property. Ohio state tax forms 2011 If you spend the money you receive for other purposes, and borrow money to buy replacement property, you can still choose to postpone reporting the gain if you meet the other requirements. Ohio state tax forms 2011 Property you acquire by gift or inheritance does not qualify as replacement property. Ohio state tax forms 2011 Owner-user. Ohio state tax forms 2011   If you are an owner-user, similar or related in service or use means that replacement property must function in the same way as the property it replaces. Ohio state tax forms 2011 Examples of property that functions in the same way as the property it replaces are a home that replaces another home, a dairy cow that replaces another dairy cow, and farm land that replaces other farm land. Ohio state tax forms 2011 A grinding mill that replaces a tractor does not qualify. Ohio state tax forms 2011 Neither does a breeding or draft animal that replaces a dairy cow. Ohio state tax forms 2011 Soil or other environmental contamination. Ohio state tax forms 2011   If, because of soil or other environmental contamination, it is not feasible for you to reinvest your insurance money or other proceeds from destroyed or damaged livestock in property similar or related in service or use to the livestock, you can treat other property (including real property) used for farming purposes, as property similar or related in service or use to the destroyed or damaged livestock. Ohio state tax forms 2011 Weather-related conditions. Ohio state tax forms 2011   If, because of drought, flood, or other weather-related conditions, it is not feasible for you to reinvest the insurance money or other proceeds in property similar or related in service or use to the livestock, you can treat other property (excluding real property) used for farming purposes, as property similar or related in service or use to the livestock you disposed of. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 Each year you normally sell 25 cows from your beef herd. Ohio state tax forms 2011 However, this year you had to sell 50 cows. Ohio state tax forms 2011 This is because a severe drought significantly reduced the amount of hay and pasture yield needed to feed your herd for the rest of the year. Ohio state tax forms 2011 Because, as a result of the severe drought, it is not feasible for you to use the proceeds from selling the extra cows to buy new cows, you can treat other property (excluding real property) used for farming purposes, as property similar or related in service or use to the cows you sold. Ohio state tax forms 2011 Standing crop destroyed by casualty. Ohio state tax forms 2011   If a storm or other casualty destroyed your standing crop and you use the insurance money to acquire either another standing crop or a harvested crop, this purchase qualifies as replacement property. Ohio state tax forms 2011 The costs of planting and raising a new crop qualify as replacement costs for the destroyed crop only if you use the crop method of accounting (discussed in chapter 2). Ohio state tax forms 2011 In that case, the costs of bringing the new crop to the same level of maturity as the destroyed crop qualify as replacement costs to the extent they are incurred during the replacement period. Ohio state tax forms 2011 Timber loss. Ohio state tax forms 2011   Standing timber you bought with the proceeds from the sale of timber downed as a result of a casualty, such as high winds, earthquakes, or volcanic eruptions, qualifies as replacement property. Ohio state tax forms 2011 If you bought the standing timber within the replacement period, you can postpone reporting the gain. Ohio state tax forms 2011 Business or income-producing property located in a federally declared disaster area. Ohio state tax forms 2011   If your destroyed business or income-producing property was located in a federally declared disaster area, any tangible replacement property you acquire for use in any business is treated as similar or related in service or use to the destroyed property. Ohio state tax forms 2011 For more information, see Disaster Area Losses in Publication 547. Ohio state tax forms 2011 Substituting replacement property. Ohio state tax forms 2011   Once you have acquired qualified replacement property that you designate as replacement property in a statement attached to your tax return, you cannot substitute other qualified replacement property. Ohio state tax forms 2011 This is true even if you acquire the other property within the replacement period. Ohio state tax forms 2011 However, if you discover that the original replacement property was not qualified replacement property, you can, within the replacement period, substitute the new qualified replacement property. Ohio state tax forms 2011 Basis of replacement property. Ohio state tax forms 2011   You must reduce the basis of your replacement property (its cost) by the amount of postponed gain. Ohio state tax forms 2011 In this way, tax on the gain is postponed until you dispose of the replacement property. Ohio state tax forms 2011 Replacement Period To postpone reporting your gain, you must buy replacement property within a specified period of time. Ohio state tax forms 2011 This is the replacement period. Ohio state tax forms 2011 The replacement period begins on the date your property was damaged, destroyed, stolen, sold, or exchanged. Ohio state tax forms 2011 The replacement period generally ends 2 years after the close of the first tax year in which you realize any part of your gain from the involuntary conversion. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 You are a calendar year taxpayer. Ohio state tax forms 2011 While you were on vacation, farm equipment that cost $2,200 was stolen from your farm. Ohio state tax forms 2011 You discovered the theft when you returned to your farm on November 11, 2012. Ohio state tax forms 2011 Your insurance company investigated the theft and did not settle your claim until January 5, 2013, when they paid you $3,000. Ohio state tax forms 2011 You first realized a gain from the reimbursement for the theft during 2013, so you have until December 31, 2015, to replace the property. Ohio state tax forms 2011 Main home in disaster area. Ohio state tax forms 2011   For your main home (or its contents) located in a federally declared disaster area, the replacement period ends 4 years after the close of the first tax year in which you realize any part of your gain from the involuntary conversion. Ohio state tax forms 2011 See Disaster Area Losses , later. Ohio state tax forms 2011 Property in the Midwestern disaster areas. Ohio state tax forms 2011   For property located in the Midwestern disaster areas (defined in Table 4 in the 2008 Publication 547) that was destroyed, damaged, stolen, or condemned, the replacement period ends 5 years after the close of the first tax year in which any part of your gain is realized. Ohio state tax forms 2011 This 5-year replacement period applies only if substantially all of the use of the replacement property is in the Midwestern disaster areas. Ohio state tax forms 2011 Property in the Kansas disaster area. Ohio state tax forms 2011   For property located in the Kansas disaster area that was destroyed, damaged, stolen, or condemned after May 3, 2007, as a result of the Kansas storms and tornadoes, the replacement period ends 5 years after the close of the first tax year in which any part of your gain is realized. Ohio state tax forms 2011 This 5-year replacement period applies only if substantially all of the use of the replacement property is in the Kansas disaster area. Ohio state tax forms 2011 Property in the Hurricane Katrina disaster area. Ohio state tax forms 2011   For property located in the Hurricane Katrina disaster area that was destroyed, damaged, stolen, or condemned after August 24, 2005, as a result of Hurricane Katrina, the replacement period ends 5 years after the close of the first tax year in which any part of your gain is realized. Ohio state tax forms 2011 This 5-year replacement period applies only if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. Ohio state tax forms 2011 Weather-related sales of livestock in an area eligible for federal assistance. Ohio state tax forms 2011   For the sale or exchange of livestock due to drought, flood, or other weather-related conditions in an area eligible for federal assistance, the replacement period ends 4 years after the close of the first tax year in which you realize any part of your gain from the sale or exchange. Ohio state tax forms 2011 The IRS may extend the replacement period on a regional basis if the weather-related conditions continue for longer than 3 years. Ohio state tax forms 2011   For information on extensions of the replacement period because of persistent drought, see Notice 2006-82, 2006-39 I. Ohio state tax forms 2011 R. Ohio state tax forms 2011 B. Ohio state tax forms 2011 529, available at  www. Ohio state tax forms 2011 irs. Ohio state tax forms 2011 gov/irb/2006-39_IRB/ar11. Ohio state tax forms 2011 html. Ohio state tax forms 2011 For a list of counties for which exceptional, extreme, or severe drought was reported during the 12 months ending August 31, 2013, see Notice 2013-62, available at IRS. Ohio state tax forms 2011 gov. Ohio state tax forms 2011 Condemnation. Ohio state tax forms 2011   The replacement period for a condemnation begins on the earlier of the following dates. Ohio state tax forms 2011 The date on which you disposed of the condemned property. Ohio state tax forms 2011 The date on which the threat of condemnation began. Ohio state tax forms 2011 The replacement period generally ends 2 years after the close of the first tax year in which any part of the gain on the condemnation is realized. Ohio state tax forms 2011 But see Main home in disaster area , Property in the Midwestern disaster areas , Property in the Kansas disaster area , and Property in the Hurricane Katrina disaster area , earlier, for exceptions. Ohio state tax forms 2011 Business or investment real property. Ohio state tax forms 2011   If real property held for use in a trade or business or for investment (not including property held primarily for sale) is condemned, the replacement period ends 3 years after the close of the first tax year in which any part of the gain on the condemnation is realized. Ohio state tax forms 2011 Extension. Ohio state tax forms 2011   You can apply for an extension of the replacement period. Ohio state tax forms 2011 Send your written application to the Internal Revenue Service Center where you file your tax return. Ohio state tax forms 2011 See your tax return instructions for the address. Ohio state tax forms 2011 Include all the details about your need for an extension. Ohio state tax forms 2011 Make your application before the end of the replacement period. Ohio state tax forms 2011 However, you can file an application within a reasonable time after the replacement period ends if you can show a good reason for the delay. Ohio state tax forms 2011 You will get an extension of the replacement period if you can show reasonable cause for not making the replacement within the regular period. Ohio state tax forms 2011 How To Postpone Gain You postpone reporting your gain by reporting your choice on your tax return for the year you have the gain. Ohio state tax forms 2011 You have the gain in the year you receive insurance proceeds or other reimbursements that result in a gain. Ohio state tax forms 2011 Required statement. Ohio state tax forms 2011   You should attach a statement to your return for the year you have the gain. Ohio state tax forms 2011 This statement should include all the following information. Ohio state tax forms 2011 The date and details of the casualty, theft, or other involuntary conversion. Ohio state tax forms 2011 The insurance or other reimbursement you received. Ohio state tax forms 2011 How you figured the gain. Ohio state tax forms 2011 Replacement property acquired before return filed. Ohio state tax forms 2011   If you acquire replacement property before you file your return for the year you have the gain, your statement should also include detailed information about all the following items. Ohio state tax forms 2011 The replacement property. Ohio state tax forms 2011 The postponed gain. Ohio state tax forms 2011 The basis adjustment that reflects the postponed gain. Ohio state tax forms 2011 Any gain you are reporting as income. Ohio state tax forms 2011 Replacement property acquired after return filed. Ohio state tax forms 2011   If you intend to buy replacement property after you file your return for the year you realize gain, your statement should also say that you are choosing to replace the property within the required replacement period. Ohio state tax forms 2011   You should then attach another statement to your return for the year in which you buy the replacement property. Ohio state tax forms 2011 This statement should contain detailed information on the replacement property. Ohio state tax forms 2011 If you acquire part of your replacement property in one year and part in another year, you must attach a statement to each year's return. Ohio state tax forms 2011 Include in the statement detailed information on the replacement property bought in that year. Ohio state tax forms 2011 Reporting weather-related sales of livestock. Ohio state tax forms 2011   If you choose to postpone reporting the gain on weather-related sales or exchanges of livestock, show all the following information on a statement attached to your return for the tax year in which you first realize any of the gain. Ohio state tax forms 2011 Evidence of the weather-related conditions that forced the sale or exchange of the livestock. Ohio state tax forms 2011 The gain realized on the sale or exchange. Ohio state tax forms 2011 The number and kind of livestock sold or exchanged. Ohio state tax forms 2011 The number of livestock of each kind you would have sold or exchanged under your usual business practice. Ohio state tax forms 2011   Show all the following information and the preceding information on the return for the year in which you replace the livestock. Ohio state tax forms 2011 The dates you bought the replacement property. Ohio state tax forms 2011 The cost of the replacement property. Ohio state tax forms 2011 Description of the replacement property (for example, the number and kind of the replacement livestock). Ohio state tax forms 2011 Amended return. Ohio state tax forms 2011   You must file an amended return (Form 1040X) for the tax year of the gain in either of the following situations. Ohio state tax forms 2011 You do not acquire replacement property within the replacement period, plus extensions. Ohio state tax forms 2011 On this amended return, you must report the gain and pay any additional tax due. Ohio state tax forms 2011 You acquire replacement property within the required replacement period, plus extensions, but at a cost less than the amount you receive from the casualty, theft, or other involuntary conversion. Ohio state tax forms 2011 On this amended return, you must report the part of the gain that cannot be postponed and pay any additional tax due. Ohio state tax forms 2011 Disaster Area Losses Special rules apply to federally declared disaster area losses. Ohio state tax forms 2011 A federally declared disaster is a disaster that occurred in an area declared by the President to be eligible for federal assistance under the Robert T. Ohio state tax forms 2011 Stafford Disaster Relief and Emergency Assistance Act. Ohio state tax forms 2011 It includes a major disaster or emergency declaration under the act. Ohio state tax forms 2011 A list of the areas warranting public or individual assistance (or both) under the Act is available at the Federal Emergency Management Agency (FEMA) web site at www. Ohio state tax forms 2011 fema. Ohio state tax forms 2011 gov. Ohio state tax forms 2011 This part discusses the special rules for when to deduct a disaster area loss and what tax deadlines may be postponed. Ohio state tax forms 2011 For other special rules, see Disaster Area Losses in Publication 547. Ohio state tax forms 2011 When to deduct the loss. Ohio state tax forms 2011   You generally must deduct a casualty loss in the year it occurred. Ohio state tax forms 2011 However, if you have a deductible loss from a disaster that occurred in an area warranting public or individual assistance (or both), you can choose to deduct that loss on your return or amended return for the tax year immediately preceding the tax year in which the disaster happened. Ohio state tax forms 2011 If you make this choice, the loss is treated as having occurred in the preceding year. Ohio state tax forms 2011    Claiming a qualifying disaster loss on the previous year's return may result in a lower tax for that year, often producing or increasing a cash refund. Ohio state tax forms 2011   You must make the choice to take your casualty loss for the disaster in the preceding year by the later of the following dates. Ohio state tax forms 2011 The due date (without extensions) for filing your tax return for the tax year in which the disaster actually occurred. Ohio state tax forms 2011 The due date (with extensions) for the return for the preceding tax year. Ohio state tax forms 2011 Federal disaster relief grants. Ohio state tax forms 2011   Do not include post-disaster relief grants received under the Robert T. Ohio state tax forms 2011 Stafford Disaster Relief and Emergency Assistance Act in your income if the grant payments are made to help you meet necessary expenses or serious needs for medical, dental, housing, personal property, transportation, or funeral expenses. Ohio state tax forms 2011 Do not deduct casualty losses or medical expenses to the extent they are specifically reimbursed by these disaster relief grants. Ohio state tax forms 2011 If the casualty loss was specifically reimbursed by the grant and you received the grant after the year in which you deducted the casualty loss, see Reimbursement received after deducting loss , earlier. Ohio state tax forms 2011 Unemployment assistance payments under the Act are taxable unemployment compensation. Ohio state tax forms 2011 Qualified disaster relief payments. Ohio state tax forms 2011   Qualified disaster relief payments are not included in the income of individuals to the extent any expenses compensated by these payments are not otherwise compensated for by insurance or other reimbursement. Ohio state tax forms 2011 These payments are not subject to income tax, self-employment tax, or employment taxes (social security, Medicare, and federal unemployment taxes). Ohio state tax forms 2011 No withholding applies to these payments. Ohio state tax forms 2011   Qualified disaster relief payments include payments you receive (regardless of the source) for the following expenses. Ohio state tax forms 2011 Reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a federally declared disaster. Ohio state tax forms 2011 Reasonable and necessary expenses incurred for the repair or rehabilitation of a personal residence due to a federally declared disaster. Ohio state tax forms 2011 (A personal residence can be a rented residence or one you own. Ohio state tax forms 2011 ) Reasonable and necessary expenses incurred for the repair or replacement of the contents of a personal residence due to a federally declared disaster. Ohio state tax forms 2011   Qualified disaster relief payments include amounts paid by a federal, state, or local government in connection with a federally declared disaster to individuals affected by the disaster. Ohio state tax forms 2011    Qualified disaster relief payments do not include: Payments for expenses otherwise paid for by insurance or other reimbursements, or Income replacement payments, such as payments of lost wages, lost business income, or unemployment compensation. Ohio state tax forms 2011 Qualified disaster mitigation payments. Ohio state tax forms 2011   Qualified disaster mitigation payments made under the Robert T. Ohio state tax forms 2011 Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on April 15, 2005) are not included in income. Ohio state tax forms 2011 These are payments you, as a property owner, receive to reduce the risk of future damage to your property. Ohio state tax forms 2011 You cannot increase your basis in property, or take a deduction or credit, for expenditures made with respect to those payments. Ohio state tax forms 2011 Sale of property under hazard mitigation program. Ohio state tax forms 2011   Generally, if you sell or otherwise transfer property, you must recognize any gain or loss for tax purposes unless the property is your main home. Ohio state tax forms 2011 You report the gain or deduct the loss on your tax return for the year you realize it. Ohio state tax forms 2011 (You cannot deduct a loss on personal-use property unless the loss resulted from a casualty, as discussed earlier. Ohio state tax forms 2011 ) However, if you sell or otherwise transfer property to the Federal Government, a state or local government, or an Indian tribal government under a hazard mitigation program, you can choose to postpone reporting the gain if you buy qualifying replacement property within a certain period of time. Ohio state tax forms 2011 See Postponing Gain , earlier, for the rules that apply. Ohio state tax forms 2011 Other federal assistance programs. Ohio state tax forms 2011    For more information about other federal assistance programs, see Crop Insurance and Crop Disaster Payments and Feed Assistance and Payments in chapter 3 earlier. Ohio state tax forms 2011 Postponed tax deadlines. Ohio state tax forms 2011   The IRS may postpone for up to 1 year certain tax deadlines of taxpayers who are affected by a federally declared disaster. Ohio state tax forms 2011 The tax deadlines the IRS may postpone include those for filing income, excise, and employment tax returns, paying income, excise, and employment taxes, and making contributions to a traditional IRA or Roth IRA. Ohio state tax forms 2011   If any tax deadline is postponed, the IRS will publicize the postponement in your area and publish a news release, revenue ruling, revenue procedure, notice, announcement, or other guidance in the Internal Revenue Bulletin (IRB). Ohio state tax forms 2011 Go to http://www. Ohio state tax forms 2011 irs. Ohio state tax forms 2011 gov/uac/Tax-Relief-in-Disaster-Situations to find out if a tax deadline has been postponed for your area. Ohio state tax forms 2011 Who is eligible. Ohio state tax forms 2011   If the IRS postpones a tax deadline, the following taxpayers are eligible for the postponement. Ohio state tax forms 2011 Any individual whose main home is located in a covered disaster area (defined next). Ohio state tax forms 2011 Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. Ohio state tax forms 2011 Any individual who is a relief worker affiliated with a recognized government or philanthropic organization and who is assisting in a covered disaster area. Ohio state tax forms 2011 Any individual, business entity, or sole proprietorship whose records are needed to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. Ohio state tax forms 2011 The main home or principal place of business does not have to be located in the covered disaster area. Ohio state tax forms 2011 Any estate or trust that has tax records necessary to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. Ohio state tax forms 2011 The spouse on a joint return with a taxpayer who is eligible for postponements. Ohio state tax forms 2011 Any individual, business entity, or sole proprietorship not located in a covered disaster area, but whose necessary records to meet a postponed tax deadline are located in the covered disaster area. Ohio state tax forms 2011 Any individual visiting the covered disaster area who was killed or injured as a result of the disaster. Ohio state tax forms 2011 Any other person determined by the IRS to be affected by a federally declared disaster. Ohio state tax forms 2011 Covered disaster area. Ohio state tax forms 2011   This is an area of a federally declared disaster area in which the IRS has decided to postpone tax deadlines for up to 1 year. Ohio state tax forms 2011 Abatement of interest and penalties. Ohio state tax forms 2011   The IRS may abate the interest and penalties on the underpaid income tax for the length of any postponement of tax deadlines. Ohio state tax forms 2011 Reporting Gains and Losses You will have to file one or more of the following forms to report your gains or losses from involuntary conversions. Ohio state tax forms 2011 Form 4684. Ohio state tax forms 2011   Use this form to report your gains and losses from casualties and thefts. Ohio state tax forms 2011 Form 4797. Ohio state tax forms 2011   Use this form to report involuntary conversions (other than from casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. Ohio state tax forms 2011 Also use this form if you have a gain from a casualty or theft on trade, business or income-producing property held for more than 1 year and you have to recapture some or all of your gain as ordinary income. Ohio state tax forms 2011 Form 8949. Ohio state tax forms 2011   Use this form to report gain from an involuntary conversion (other than from casualty or theft) of personal-use property. Ohio state tax forms 2011 Schedule A (Form 1040). Ohio state tax forms 2011   Use this form to deduct your losses from casualties and thefts of personal-use property and income-producing property, that you reported on Form 4684. Ohio state tax forms 2011 Schedule D (Form 1040). Ohio state tax forms 2011   Use this form to carry over the following gains. Ohio state tax forms 2011 Net gain shown on Form 4797 from an involuntary conversion of business property held for more than 1 year. Ohio state tax forms 2011 Net gain shown on Form 4684 from the casualty or theft of personal-use property. Ohio state tax forms 2011    Also use this form to figure the overall gain or loss from transactions reported on Form 8949. Ohio state tax forms 2011 Schedule F (Form 1040). Ohio state tax forms 2011   Use this form to deduct your losses from casualty or theft of livestock or produce bought for sale under Other expenses in Part II, line 32, if you use the cash method of accounting and have not otherwise deducted these losses. Ohio state tax forms 2011 Prev  Up  Next   Home   More Online Publications
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Understanding Your CP295 Notice

We charged you a penalty on your Form 5500.


What you need to do

  • Pay the amount due to avoid additional penalty and interest charges.

Answers to Common Questions

What steps can I take if I can't pay the full amount?
Visit our website under the payment tab for more information about payment options.

What if I don't pay the amount by the due date?
Additional penalties and interest will accrue.

Can I request the penalty be removed or reduced?
If you believe a penalty should be reconsidered, mail a signed statement to the address on your notice. Identify which penalty you want reconsidered and why. We'll review the information and let you know if we accept your explanation.


  • Understanding your notice

    Your notice may look different from the sample because the information contained in your notice is tailored to your situation.

    Notice CP295, Page 1

    Notice CP295, Page 2

    Notice CP295, Page 3

    Notice CP295, Page 4

Page Last Reviewed or Updated: 19-Dec-2013

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The Ohio State Tax Forms 2011

Ohio state tax forms 2011 Publication 907 - Main Content Table of Contents IncomeDependent Care Benefits Social Security and Railroad Retirement Benefits Disability Pensions Military and Government Disability Pensions Other Payments Itemized DeductionsMedical Expenses Impairment-Related Work Expenses Tax CreditsChild and Dependent Care Credit Credit for the Elderly or the Disabled Earned Income Credit Household Employers Business Tax Incentives How To Get Tax Help Income All income is taxable unless it is specifically excluded by law. Ohio state tax forms 2011 The following discussions highlight some income items (both taxable and nontaxable) that are of particular interest to people with disabilities and those who care for people with disabilities. Ohio state tax forms 2011 Dependent Care Benefits Dependent care benefits include: Amounts your employer paid directly to either you or your care provider for the care of your qualifying person(s) while you worked, The fair market value of care in a daycare facility provided or sponsored by your employer, and Pre-tax contributions you made under a dependent care flexible spending arrangement. Ohio state tax forms 2011 Exclusion or deduction. Ohio state tax forms 2011   If your employer provides dependent care benefits under a qualified plan, you may be able to exclude these benefits from your income. Ohio state tax forms 2011 Your employer can tell you whether your benefit plan qualifies. Ohio state tax forms 2011 To claim the exclusion, you must complete Part III of Form 2441, Child and Dependent Care Expenses. Ohio state tax forms 2011 You cannot use Form 1040EZ. Ohio state tax forms 2011   If you are self-employed and receive benefits from a qualified dependent care benefit plan, you are treated as both employer and employee. Ohio state tax forms 2011 Therefore, you would not get an exclusion from wages. Ohio state tax forms 2011 Instead, you would get a deduction on Form 1040, Schedule C, line 14; Schedule E, line 19 or 28; or Schedule F, line 15. Ohio state tax forms 2011 To claim the deduction, you must use Form 2441. Ohio state tax forms 2011   The amount you can exclude or deduct is limited to the smallest of: The total amount of dependent care benefits you received during the year, The total amount of qualified expenses you incurred during the year, Your earned income, Your spouse's earned income, or $5,000 ($2,500 if married filing separately). Ohio state tax forms 2011 Statement for employee. Ohio state tax forms 2011   Your employer must give you a Form W-2 (or similar statement), showing in box 10 the total amount of dependent care benefits provided to you during the year under a qualified plan. Ohio state tax forms 2011 Your employer will also include any dependent care benefits over $5,000 in your wages shown on your Form W-2 in box 1. Ohio state tax forms 2011 Qualifying person(s). Ohio state tax forms 2011   A qualifying person is: A qualifying child who is under age 13 whom you can claim as a dependent. Ohio state tax forms 2011 If the child turned 13 during the year, the child is a qualifying person for the part of the year he or she was under age 13. Ohio state tax forms 2011 Your disabled spouse who is not physically or mentally able to care for himself or herself. Ohio state tax forms 2011 Any disabled person who was not physically or mentally able to care for himself or herself whom you can claim as a dependent (or could claim as a dependent except that the person had gross income of $3,900 or more or filed a joint return). Ohio state tax forms 2011 Any disabled person who was not physically or mentally able to care for himself or herself whom you could claim as a dependent except that you (or your spouse if filing jointly) could be claimed as a dependent on another taxpayer's 2013 return. Ohio state tax forms 2011 For information about excluding benefits on Form 1040, Form 1040NR, or Form 1040A, see Form 2441 and its instructions. Ohio state tax forms 2011 Social Security and Railroad Retirement Benefits If you received social security or equivalent Tier 1 railroad retirement (RRTA) benefits during the year, part of the amount you received may be taxable. Ohio state tax forms 2011 Are any of your benefits taxable?   If the only income you received during the year was your social security or equivalent Tier 1 railroad retirement (RRTA) benefits, your benefits generally are not taxable. Ohio state tax forms 2011   If you received income during the year in addition to social security or equivalent Tier 1 railroad retirement (RRTA) benefits, part of your benefits may be taxable if all of your other income, including tax-exempt interest, plus half of your benefits are more than: $25,000 if you are single, head of household, or qualifying widow(er), $25,000 if you are married filing separately and lived apart from your spouse for all of 2013, $32,000 if you are married filing jointly, or $-0- if you are married filing separately and lived with your spouse at any time during 2013. Ohio state tax forms 2011   For more information, see the instructions for Form 1040, lines 20a and 20b, or Form 1040A, lines 14a and 14b. Ohio state tax forms 2011 Publication 915, Social Security and Equivalent Railroad Retirement Benefits, contains more detailed information. Ohio state tax forms 2011 Supplemental security income (SSI) payments. Ohio state tax forms 2011   Social security benefits do not include SSI payments, which are not taxable. Ohio state tax forms 2011 Do not include these payments in your income. Ohio state tax forms 2011 Disability Pensions If you retired on disability, you must include in income any disability pension you receive under a plan that is paid for by your employer. Ohio state tax forms 2011 You must report your taxable disability payments as wages on line 7 of Form 1040 or Form 1040A until you reach minimum retirement age. Ohio state tax forms 2011 Minimum retirement age generally is the age at which you can first receive a pension or annuity if you are not disabled. Ohio state tax forms 2011 You may be entitled to a tax credit if you were permanently and totally disabled when you retired. Ohio state tax forms 2011 For information on this credit, see Publication 524, Credit for the Elderly or the Disabled. Ohio state tax forms 2011 Beginning on the day after you reach minimum retirement age, payments you receive are taxable as a pension or annuity. Ohio state tax forms 2011 Report the payments on lines 16a and 16b of Form 1040 or on lines 12a and 12b of Form 1040A. Ohio state tax forms 2011 For more information on pensions and annuities, see Publication 575, Pension and Annuity Income. Ohio state tax forms 2011 Retirement and profit-sharing plans. Ohio state tax forms 2011   If you receive payments from a retirement or profit-sharing plan that does not provide for disability retirement, do not treat the payments as a disability pension. Ohio state tax forms 2011 The payments must be reported as a pension or annuity. Ohio state tax forms 2011 Accrued leave payment. Ohio state tax forms 2011   If you retire on disability, any lump-sum payment you receive for accrued annual leave is a salary payment. Ohio state tax forms 2011 The payment is not a disability payment. Ohio state tax forms 2011 Include it in your income in the tax year you receive it. Ohio state tax forms 2011 See Publication 525, Taxable and Nontaxable Income, for more information. Ohio state tax forms 2011 Military and Government Disability Pensions Generally, you must report disability pensions as income, but do not include certain military and government disability pensions. Ohio state tax forms 2011 For information about military and government disability pensions, see Publication 525. Ohio state tax forms 2011 VA disability benefits. Ohio state tax forms 2011   Do not include disability benefits you receive from the Department of Veterans Affairs (VA) in your gross income. Ohio state tax forms 2011 If you are a military retiree and do not receive your disability benefits from the VA, see Publication 525 for more information. Ohio state tax forms 2011   Do not include in your income any veterans' benefits paid under any law, regulation, or administrative practice administered by the VA. Ohio state tax forms 2011 These include: Education, training, and subsistence allowances, Disability compensation and pension payments for disabilities paid either to veterans or their families, Grants for homes designed for wheelchair living, Grants for motor vehicles for veterans who lost their sight or the use of their limbs, Veterans' insurance proceeds and dividends paid either to veterans or their beneficiaries, including the proceeds of a veteran's endowment policy paid before death, Interest on insurance dividends left on deposit with the VA, Benefits under a dependent-care assistance program, The death gratuity paid to a survivor of a member of the Armed Forces who died after September 10, 2001, or Payments made under the VA's compensated work therapy program. Ohio state tax forms 2011 Other Payments You may receive other payments that are related to your disability. Ohio state tax forms 2011 The following payments are not taxable. Ohio state tax forms 2011 Benefit payments from a public welfare fund, such as payments due to blindness. Ohio state tax forms 2011 Workers' compensation for an occupational sickness or injury if paid under a workers' compensation act or similar law. Ohio state tax forms 2011 Compensatory (but not punitive) damages for physical injury or physical sickness. Ohio state tax forms 2011 Disability benefits under a “no-fault” car insurance policy for loss of income or earning capacity as a result of injuries. Ohio state tax forms 2011 Compensation for permanent loss or loss of use of a part or function of your body, or for your permanent disfigurement. Ohio state tax forms 2011 Long-Term Care Insurance Long-term care insurance contracts generally are treated as accident and health insurance contracts. Ohio state tax forms 2011 Amounts you receive from them (other than policyholder dividends or premium refunds) generally are excludable from income as amounts received for personal injury or sickness. Ohio state tax forms 2011 More detailed information can be found in Publication 525. Ohio state tax forms 2011 Accelerated Death Benefits You can exclude from income accelerated death benefits you receive on the life of an insured individual if certain requirements are met. Ohio state tax forms 2011 Accelerated death benefits are amounts received under a life insurance contract before the death of the insured. Ohio state tax forms 2011 These benefits also include amounts received on the sale or assignment of the contract to a viatical settlement provider. Ohio state tax forms 2011 This exclusion applies only if the insured was a terminally ill individual or a chronically ill individual. Ohio state tax forms 2011 For more information, see Publication 525. Ohio state tax forms 2011 Itemized Deductions If you file Form 1040, you generally can either claim the standard deduction or itemize your deductions. Ohio state tax forms 2011 You must use Schedule A (Form 1040) to itemize your deductions. Ohio state tax forms 2011 See your form instructions for information on the standard deduction and the deductions you can itemize. Ohio state tax forms 2011 The following discussions highlight some itemized deductions that are of particular interest to persons with disabilities. Ohio state tax forms 2011 Medical Expenses When figuring your deduction for medical expenses, you can generally include medical and dental expenses you pay for yourself, your spouse, and your dependents. Ohio state tax forms 2011 Medical expenses are the cost of diagnosis, cure, mitigation, treatment, or prevention of disease and the costs for treatments affecting any part or function of the body. Ohio state tax forms 2011 They include the costs of equipment, supplies, diagnostic devices, and transportation for needed medical care and payments for medical insurance. Ohio state tax forms 2011 You can deduct only the amount of your medical and dental expenses that is more than 10% (7. Ohio state tax forms 2011 5% if either you or your spouse was born before January 2, 1949) of your adjusted gross income shown on Form 1040, line 38. Ohio state tax forms 2011 The following list highlights some of the medical expenses you can include in figuring your medical expense deduction. Ohio state tax forms 2011 For more detailed information, see Publication 502, Medical and Dental Expenses (Including the Health Coverage Tax Credit). Ohio state tax forms 2011 Artificial limbs, contact lenses, eyeglasses, and hearing aids. Ohio state tax forms 2011 The part of the cost of Braille books and magazines that is more than the price of regular printed editions. Ohio state tax forms 2011 Cost and repair of special telephone equipment for hearing-impaired persons. Ohio state tax forms 2011 Cost and maintenance of a wheelchair or a three-wheel motor vehicle commercially known as an “autoette. Ohio state tax forms 2011 ” Cost and care of a guide dog or other animal aiding a person with a physical disability. Ohio state tax forms 2011 Costs for a school that furnishes special education if a principal reason for using the school is its resources for relieving a mental or physical disability. Ohio state tax forms 2011 This includes the cost of teaching Braille and lip reading and the cost of remedial language training to correct a condition caused by a birth defect. Ohio state tax forms 2011 Premiums for qualified long-term care insurance, up to certain amounts. Ohio state tax forms 2011 Improvements to a home that do not increase its value if the main purpose is medical care. Ohio state tax forms 2011 An example is constructing entrance or exit ramps. Ohio state tax forms 2011 Improvements that increase a home's value, if the main purpose is medical care, may be partly included as a medical expense. Ohio state tax forms 2011 See Publication 502 for more information. Ohio state tax forms 2011 Impairment-Related Work Expenses If you are disabled, you can take a business deduction for expenses that are necessary for you to be able to work. Ohio state tax forms 2011 If you take a business deduction for these impairment-related work expenses, they are not subject to the 10% (7. Ohio state tax forms 2011 5% if you or your spouse is age 65 or older) limit that applies to medical expenses. Ohio state tax forms 2011 You are disabled if you have: A physical or mental disability (for example, blindness or deafness) that functionally limits your being employed, or A physical or mental impairment (including, but not limited to, a sight or hearing impairment) that substantially limits one or more of your major life activities, such as performing manual tasks, walking, speaking, breathing, learning, or working. Ohio state tax forms 2011 Impairment-related expenses defined. Ohio state tax forms 2011   Impairment-related expenses are those ordinary and necessary business expenses that are: Necessary for you to do your work satisfactorily, For goods and services not required or used, other than incidentally, in your personal activities, and Not specifically covered under other income tax laws. Ohio state tax forms 2011 Publication 502 contains more detailed information. Ohio state tax forms 2011 Tax Credits This discussion highlights three tax credits that may be of interest to people with disabilities and those who care for people with disabilities. Ohio state tax forms 2011 Child and Dependent Care Credit If you pay someone to care for either your dependent under age 13 or your spouse or dependent who is not able to care for himself or herself, you may be able to get a credit of up to 35% of your expenses. Ohio state tax forms 2011 To qualify, you must pay these expenses so you can work or look for work. Ohio state tax forms 2011 The care must be provided for: Your qualifying child who is your dependent and who was under age 13 when the care was provided, Your spouse who was not physically or mentally able to care for himself or herself and lived with you for more than half the year, or A person who was not physically or mentally able to care for himself or herself, lived with you for more than half the year, and either: Was your dependent, or Would have been your dependent except that: He or she received gross income of $3,900 or more, He or she filed a joint return, or You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2013 return. Ohio state tax forms 2011 You can claim the credit on Form 1040 or 1040A. Ohio state tax forms 2011 You cannot claim the credit on Form 1040EZ or Form 1040NR-EZ. Ohio state tax forms 2011 You figure the credit on Form 2441. Ohio state tax forms 2011 For more information, see the instructions for Form 1040, line 48, or Form 1040A, line 29. Ohio state tax forms 2011 Publication 503, Child and Dependent Care Expenses, contains more detailed information. Ohio state tax forms 2011 Credit for the Elderly or the Disabled You may be able to claim this credit if you are a U. Ohio state tax forms 2011 S. Ohio state tax forms 2011 citizen or a resident alien and either of the following apply. Ohio state tax forms 2011 You were 65 or older at the end of 2013, You were under 65 at the end of 2013, and retired on permanent or total disability. Ohio state tax forms 2011 You can claim the credit on Form 1040 or 1040A. Ohio state tax forms 2011 You figure the credit on Schedule R. Ohio state tax forms 2011 For more information, see the instructions for Form 1040, line 53, or Form 1040A, line 30. Ohio state tax forms 2011 Publication 524, Credit for the Elderly or the Disabled, contains more detailed information. Ohio state tax forms 2011 Earned Income Credit This credit is based on the amount of your earned income. Ohio state tax forms 2011 You can get the credit if your adjusted gross income for 2013 is less than: $14,340 ($19,680 for married filing jointly) if you do not have a qualifying child, $37,870 ($43,210 for married filing jointly) if you have one qualifying child, $43,038 ($48,378 for married filing jointly) if you have two qualifying children, or $46,227 ($51,567 for married filing jointly) if you have three or more qualifying children. Ohio state tax forms 2011 To figure the credit, use the worksheet in the instructions for Form 1040, 1040A, or 1040EZ. Ohio state tax forms 2011 If you have a qualifying child, also complete Schedule EIC, Earned Income Credit, and attach it to your Form 1040 or 1040A. Ohio state tax forms 2011 You cannot use Form 1040EZ if you have a qualifying child. Ohio state tax forms 2011 Qualifying child. Ohio state tax forms 2011   To be a qualifying child, your child must be younger than you (or your spouse if married filing jointly) and under age 19 or a full-time student under age 24 at the end of 2013, or permanently and totally disabled at any time during 2013, regardless of age. Ohio state tax forms 2011 Earned income. Ohio state tax forms 2011   If you are retired on disability, benefits you receive under your employer's disability retirement plan are considered earned income until you reach minimum retirement age. Ohio state tax forms 2011 However, payments you received from a disability insurance policy that you paid the premiums for are not earned income. Ohio state tax forms 2011 More information. Ohio state tax forms 2011   For more information, including all the requirements to claim the earned income credit, see the instructions for Form 1040, line 64a; Form 1040A, line 38a; or Form 1040EZ, line 8a. Ohio state tax forms 2011 Publication 596, Earned Income Credit (EIC), contains more detailed information. Ohio state tax forms 2011 Household Employers If you pay someone to work in your home, such as a babysitter or housekeeper, you may be a household employer who has to pay employment taxes. Ohio state tax forms 2011 A person you hire through an agency is not your employee if the agency controls what work is done and how it is done. Ohio state tax forms 2011 This control could include setting the fee, requiring regular reports, and providing rules of conduct and appearance. Ohio state tax forms 2011 In this case you do not have to pay employment taxes on the amount you pay. Ohio state tax forms 2011 But if you control what work is done and how it is done, the worker is your employee. Ohio state tax forms 2011 If you possess the right to discharge a worker, that worker is generally considered to be your employee. Ohio state tax forms 2011 If a worker is your employee, it does not matter that you hired the worker through an agency or from a list provided by an agency. Ohio state tax forms 2011 To find out if you have to pay employment taxes, see Publication 926, Household Employer's Tax Guide For Wages Paid in 2013. Ohio state tax forms 2011 Business Tax Incentives If you own or operate a business, or you are looking for work, you should be aware of the following tax incentives for businesses to help persons with disabilities. Ohio state tax forms 2011 Deduction for costs of removing barriers to the disabled and the elderly—This is a deduction a business can take for making a facility or public transportation vehicle more accessible to and usable by persons who are disabled or elderly. Ohio state tax forms 2011 For more information, see chapter 7 of Publication 535, Business Expenses. Ohio state tax forms 2011 Disabled access credit—This is a nonrefundable tax credit for an eligible small business that pays or incurs expenses to provide access to persons with disabilities. Ohio state tax forms 2011 The expenses must be to enable the eligible small business to comply with the Americans With Disabilities Act of 1990. Ohio state tax forms 2011 See Form 8826, Disabled Access Credit, for more information. Ohio state tax forms 2011 Work opportunity credit—This credit provides businesses with an incentive to hire individuals from targeted groups that have a particularly high unemployment rate or other special employment needs. Ohio state tax forms 2011 One targeted group consists of vocational rehabilitation referrals. Ohio state tax forms 2011 These are individuals who have a physical or mental disability that results in a substantial handicap to employment. Ohio state tax forms 2011 See Form 5884, Work Opportunity Credit. Ohio state tax forms 2011 How To Get Tax Help Go online, use a smart phone, call or walk in to an office near you. Ohio state tax forms 2011 Whether it's help with a tax issue, preparing your tax return or picking up a free publication or form, get the help you need the way you want it. Ohio state tax forms 2011 Free help with your tax return. Ohio state tax forms 2011   Free help in preparing your return is available nationwide from IRS-certified volunteers. Ohio state tax forms 2011 The Volunteer Income Tax Assistance (VITA) program is designed to help low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers. Ohio state tax forms 2011 The Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Ohio state tax forms 2011 Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Ohio state tax forms 2011 Some VITA and TCE sites provide taxpayers the opportunity to prepare their return with the assistance of an IRS-certified volunteer. Ohio state tax forms 2011 To find the nearest VITA or TCE site, visit IRS. Ohio state tax forms 2011 gov or call 1-800-906-9887. Ohio state tax forms 2011   As part of the TCE program, AARP offers the Tax-Aide counseling program. Ohio state tax forms 2011 To find the nearest AARP Tax-Aide site, visit AARP's website at www. Ohio state tax forms 2011 aarp. Ohio state tax forms 2011 org/money/taxaide or call 1-888-227-7669. Ohio state tax forms 2011   For more information on these programs, go to IRS. Ohio state tax forms 2011 gov and enter “VITA” in the search box. Ohio state tax forms 2011 Internet. Ohio state tax forms 2011 IRS. Ohio state tax forms 2011 gov and IRS2Go are ready when you are — every day, every night, 24 hours a day, 7 days a week. Ohio state tax forms 2011 Apply for an Employer Identification Number (EIN). Ohio state tax forms 2011 Go to IRS. Ohio state tax forms 2011 gov and enter Apply for an EIN in the search box. Ohio state tax forms 2011 Request an Electronic Filing PIN by going to IRS. Ohio state tax forms 2011 gov and entering Electronic Filing PIN in the search box. Ohio state tax forms 2011 Check the status of your 2013 refund with Where's My Refund? Go to IRS. Ohio state tax forms 2011 gov or the IRS2Go app, and click on Where's My Refund? You'll get a personalized refund date as soon as the IRS processes your tax return and approves your refund. Ohio state tax forms 2011 If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Ohio state tax forms 2011 Check the status of your amended return. Ohio state tax forms 2011 Go to IRS. Ohio state tax forms 2011 gov and enter Where's My Amended Return in the search box. Ohio state tax forms 2011 Download forms, instructions, and publications, including some accessible versions. Ohio state tax forms 2011 Order free transcripts of your tax returns or tax account using the Order a Transcript tool on IRS. Ohio state tax forms 2011 gov or IRS2Go. Ohio state tax forms 2011 Tax return and tax account transcripts are generally available for the current year and past three years. Ohio state tax forms 2011 Figure your income tax withholding with the IRS Withholding Calculator on IRS. Ohio state tax forms 2011 gov. Ohio state tax forms 2011 Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Ohio state tax forms 2011 Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Ohio state tax forms 2011 gov. Ohio state tax forms 2011 Locate the nearest Taxpayer Assistance Center using the Office Locator tool on IRS. Ohio state tax forms 2011 gov or IRS2Go. Ohio state tax forms 2011 Stop by most business days for face-to-face tax help, no appointment necessary — just walk in. Ohio state tax forms 2011 An employee can explain IRS letters, request adjustments to your tax account or help you set up a payment plan. Ohio state tax forms 2011 Before you visit, check the Office Locator for the address, phone number, hours of operation and the services provided. Ohio state tax forms 2011 If you have an ongoing tax account problem or a special need, such as a disability, you can request an appointment. Ohio state tax forms 2011 Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Ohio state tax forms 2011 Locate the nearest volunteer help site with the VITA Locator Tool on IRS. Ohio state tax forms 2011 gov. Ohio state tax forms 2011 Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Ohio state tax forms 2011 The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. Ohio state tax forms 2011 Most VITA and TCE sites offer free electronic filing and some provide IRS-certified volunteers who can help prepare your tax return. Ohio state tax forms 2011 AARP offers the Tax-Aide counseling program as part of the TCE program. Ohio state tax forms 2011 Visit AARP's website to find the nearest Tax-Aide location. Ohio state tax forms 2011 Research your tax questions. Ohio state tax forms 2011 Search publications and instructions by topic or keyword. Ohio state tax forms 2011 Read the Internal Revenue Code, regulations, or other official guidance. Ohio state tax forms 2011 Read Internal Revenue Bulletins. Ohio state tax forms 2011 Sign up to receive local and national tax news by email. Ohio state tax forms 2011 Phone. Ohio state tax forms 2011 You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Ohio state tax forms 2011 Download the free IRS2Go mobile app from the iTunes app store or from Google Play. Ohio state tax forms 2011 Use it to watch the IRS YouTube channel, get IRS news as soon as it's released to the public, order transcripts of your tax returns or tax account, check your refund status, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Ohio state tax forms 2011 Call to locate the nearest volunteer help site, 1-800-906-9887. Ohio state tax forms 2011 Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Ohio state tax forms 2011 The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. Ohio state tax forms 2011 Most VITA and TCE sites offer free electronic filing. Ohio state tax forms 2011 Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Ohio state tax forms 2011 Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Ohio state tax forms 2011 Call to check the status of your 2013 refund, 1-800-829-1954 or 1-800-829-4477. Ohio state tax forms 2011 The automated Where's My Refund? information is available 24 hours a day, 7 days a week. Ohio state tax forms 2011 If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Ohio state tax forms 2011 Before you call, have your 2013 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Ohio state tax forms 2011 Where's My Refund? can give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Ohio state tax forms 2011 Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. Ohio state tax forms 2011 Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Ohio state tax forms 2011 Call to order forms, instructions and publications, 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions and publications, and prior-year forms and instructions (limited to 5 years). Ohio state tax forms 2011 You should receive your order within 10 business days. Ohio state tax forms 2011 Call to order transcripts of your tax returns or tax account, 1-800-908-9946. Ohio state tax forms 2011 Follow the prompts to provide your Social Security Number or Individual Taxpayer Identification Number, date of birth, street address and ZIP code. Ohio state tax forms 2011 Call for TeleTax topics, 1-800-829-4477, to listen to pre-recorded messages covering various tax topics. Ohio state tax forms 2011 Call to ask tax questions, 1-800-829-1040. Ohio state tax forms 2011 Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Ohio state tax forms 2011 The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Ohio state tax forms 2011 These individuals can also contact the IRS through relay services such as the Federal Relay Service available at www. Ohio state tax forms 2011 gsa. Ohio state tax forms 2011 gov/fedrelay. Ohio state tax forms 2011 Walk-in. Ohio state tax forms 2011 You can find a selection of forms, publications and services — in-person, face-to-face. Ohio state tax forms 2011 Products. Ohio state tax forms 2011 You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Ohio state tax forms 2011 Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Ohio state tax forms 2011 Services. Ohio state tax forms 2011 You can walk in to your local TAC most business days for personal, face-to-face tax help. Ohio state tax forms 2011 An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Ohio state tax forms 2011 If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local TAC where you can talk with an IRS representative face-to-face. Ohio state tax forms 2011 No appointment is necessary—just walk in. Ohio state tax forms 2011 Before visiting, check www. Ohio state tax forms 2011 irs. Ohio state tax forms 2011 gov/localcontacts for hours of operation and services provided. Ohio state tax forms 2011 Mail. Ohio state tax forms 2011 You can send your order for forms, instructions, and publications to the address below. Ohio state tax forms 2011 You should receive a response within 10 business days after your request is received. Ohio state tax forms 2011  Internal Revenue Service 1201 N. Ohio state tax forms 2011 Mitsubishi Motorway Bloomington, IL 61705-6613 The Taxpayer Advocate Service Is Here to Help You. Ohio state tax forms 2011   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Ohio state tax forms 2011 Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Ohio state tax forms 2011 What can TAS do for you?   We can offer you free help with IRS problems that you can't resolve on your own. Ohio state tax forms 2011 We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Ohio state tax forms 2011 You face (or your business is facing) an immediate threat of adverse action. Ohio state tax forms 2011 You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Ohio state tax forms 2011   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Ohio state tax forms 2011 Here's why we can help: TAS is an independent organization within the IRS. Ohio state tax forms 2011 Our advocates know how to work with the IRS. Ohio state tax forms 2011 Our services are free and tailored to meet your needs. Ohio state tax forms 2011 We have offices in every state, the District of Columbia, and Puerto Rico. Ohio state tax forms 2011 How can you reach us?   If you think TAS can help you, call your local advocate, whose number is in your local directory and at www. Ohio state tax forms 2011 irs. Ohio state tax forms 2011 gov/advocate, or call us toll-free at 1-877-777-4778. Ohio state tax forms 2011 How else does TAS help taxpayers?   TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Ohio state tax forms 2011 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Ohio state tax forms 2011 irs. Ohio state tax forms 2011 gov/sams. Ohio state tax forms 2011 Low Income Taxpayer Clinics. Ohio state tax forms 2011   Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals, and tax collection disputes. Ohio state tax forms 2011 Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Ohio state tax forms 2011 Visit www. Ohio state tax forms 2011 TaxpayerAdvocate. Ohio state tax forms 2011 irs. Ohio state tax forms 2011 gov or see IRS Publication 4134, Low Income Taxpayer Clinic List. Ohio state tax forms 2011 Prev  Up  Next   Home   More Online Publications