File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

Tax Credit For Students

Free Online Tax Filing State FederalHow To File 2010 Taxes In 2013Free 2008 Tax Software2011 Tax Return2010 1040ez FormHow To File A 1040x OnlineHow To Amend 2012 TaxesHow Can I File My 2009 Taxes Online For FreeCan I File My 2012 TaxesHow To File Taxes OnlineHow To Do 1040xTurbo Tax Form 1040xFile State Tax Return For FreeIrs 1040xIrs Amended Return FormHr Tax CutFile 2006 Tax ReturnFile State Return OnlyIrs 1040ez Instructions 2012Free Federal And State TaxFile My 2010 Taxes Online2011 Tax PrepBack Tax ReliefInstructions For 1040ez FormDefinition Amended Tax ReturnH & R Block 1040xCan I File 2012 Taxes NowH And R Block Active DutyFree State TaxsTax Forms 20122013 1040ez Form Instructions2011 Tax Forms IrsFreetaxusa 2009Instructions On How To Fill Out 1040ez1040 Ez OnlineH&r Block Free FilingDownload Irs Form 1040 2010How To File Amended Tax Return 2012Can You File 2012 Taxes NowHr Block Free Online Filing

Tax Credit For Students

Tax credit for students 1. Tax credit for students   Gain or Loss Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Sales and ExchangesGain or Loss From Sales and Exchanges Abandonments Foreclosures and RepossessionsAmount realized on a nonrecourse debt. Tax credit for students Amount realized on a recourse debt. Tax credit for students Involuntary ConversionsCondemnations Nontaxable ExchangesLike-Kind Exchanges Other Nontaxable Exchanges Transfers to Spouse Rollover of Gain From Publicly Traded Securities Gains on Sales of Qualified Small Business Stock Exclusion of Gain From Sale of DC Zone Assets Topics - This chapter discusses: Sales and exchanges Abandonments Foreclosures and repossessions Involuntary conversions Nontaxable exchanges Transfers to spouse Rollovers and exclusions for certain capital gains Useful Items - You may want to see: Publication 523 Selling Your Home 537 Installment Sales 547 Casualties, Disasters, and Thefts 550 Investment Income and Expenses 551 Basis of Assets 908 Bankruptcy Tax Guide 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 1040 U. Tax credit for students S. Tax credit for students Individual Income Tax Return 1040X Amended U. Tax credit for students S. Tax credit for students Individual Income Tax Return 1099-A Acquisition or Abandonment of Secured Property 1099-C Cancellation of Debt 4797 Sales of Business Property 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets Although the discussions in this chapter may at times refer mainly to individuals, many of the rules discussed also apply to taxpayers other than individuals. Tax credit for students However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. Tax credit for students See chapter 5 for information about getting publications and forms. Tax credit for students Sales and Exchanges A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. Tax credit for students An exchange is a transfer of property for other property or services. Tax credit for students The following discussions describe the kinds of transactions that are treated as sales or exchanges and explain how to figure gain or loss. Tax credit for students Sale or lease. Tax credit for students    Some agreements that seem to be leases may really be conditional sales contracts. Tax credit for students The intention of the parties to the agreement can help you distinguish between a sale and a lease. Tax credit for students   There is no test or group of tests to prove what the parties intended when they made the agreement. Tax credit for students You should consider each agreement based on its own facts and circumstances. Tax credit for students For more information, see chapter 3 in Publication 535, Business Expenses. Tax credit for students Cancellation of a lease. Tax credit for students    Payments received by a tenant for the cancellation of a lease are treated as an amount realized from the sale of property. Tax credit for students Payments received by a landlord (lessor) for the cancellation of a lease are essentially a substitute for rental payments and are taxed as ordinary income in the year in which they are received. Tax credit for students Copyright. Tax credit for students    Payments you receive for granting the exclusive use of (or right to exploit) a copyright throughout its life in a particular medium are treated as received from the sale of property. Tax credit for students It does not matter if the payments are a fixed amount or a percentage of receipts from the sale, performance, exhibition, or publication of the copyrighted work, or an amount based on the number of copies sold, performances given, or exhibitions made. Tax credit for students Nor does it matter if the payments are made over the same period as that covering the grantee's use of the copyrighted work. Tax credit for students   If the copyright was used in your trade or business and you held it longer than a year, the gain or loss may be a section 1231 gain or loss. Tax credit for students For more information, see Section 1231 Gains and Losses in chapter 3. Tax credit for students Easement. Tax credit for students   The amount received for granting an easement is subtracted from the basis of the property. Tax credit for students If only a specific part of the entire tract of property is affected by the easement, only the basis of that part is reduced by the amount received. Tax credit for students If it is impossible or impractical to separate the basis of the part of the property on which the easement is granted, the basis of the whole property is reduced by the amount received. Tax credit for students   Any amount received that is more than the basis to be reduced is a taxable gain. Tax credit for students The transaction is reported as a sale of property. Tax credit for students   If you transfer a perpetual easement for consideration and do not keep any beneficial interest in the part of the property affected by the easement, the transaction will be treated as a sale of property. Tax credit for students However, if you make a qualified conservation contribution of a restriction or easement granted in perpetuity, it is treated as a charitable contribution and not a sale or exchange, even though you keep a beneficial interest in the property affected by the easement. Tax credit for students   If you grant an easement on your property (for example, a right-of-way over it) under condemnation or threat of condemnation, you are considered to have made a forced sale, even though you keep the legal title. Tax credit for students Although you figure gain or loss on the easement in the same way as a sale of property, the gain or loss is treated as a gain or loss from a condemnation. Tax credit for students See Gain or Loss From Condemnations, later. Tax credit for students Property transferred to satisfy debt. Tax credit for students   A transfer of property to satisfy a debt is an exchange. Tax credit for students Note's maturity date extended. Tax credit for students   The extension of a note's maturity date is not treated as an exchange of an outstanding note for a new and different note. Tax credit for students Also, it is not considered a closed and completed transaction that would result in a gain or loss. Tax credit for students However, an extension will be treated as a taxable exchange of the outstanding note for a new and materially different note if the changes in the terms of the note are significant. Tax credit for students Each case must be determined by its own facts. Tax credit for students For more information, see Regulations section 1. Tax credit for students 1001-3. Tax credit for students Transfer on death. Tax credit for students   The transfer of property of a decedent to an executor or administrator of the estate, or to the heirs or beneficiaries, is not a sale or exchange or other disposition. Tax credit for students No taxable gain or deductible loss results from the transfer. Tax credit for students Bankruptcy. Tax credit for students   Generally, a transfer (other than by sale or exchange) of property from a debtor to a bankruptcy estate is not treated as a disposition. Tax credit for students Consequently, the transfer generally does not result in gain or loss. Tax credit for students For more information, see Publication 908, Bankruptcy Tax Guide. Tax credit for students Gain or Loss From Sales and Exchanges You usually realize gain or loss when property is sold or exchanged. Tax credit for students A gain is the amount you realize from a sale or exchange of property that is more than its adjusted basis. Tax credit for students A loss is the adjusted basis of the property that is more than the amount you realize. Tax credit for students   Table 1-1. Tax credit for students How To Figure Whether You Have a Gain or Loss IF your. Tax credit for students . Tax credit for students . Tax credit for students THEN you have a. Tax credit for students . Tax credit for students . Tax credit for students Adjusted basis is more than the amount realized, Loss. Tax credit for students Amount realized is more than the adjusted basis, Gain. Tax credit for students Basis. Tax credit for students   You must know the basis of your property to determine whether you have a gain or loss from its sale or other disposition. Tax credit for students The basis of property you buy is usually its cost. Tax credit for students However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. Tax credit for students See Basis Other Than Cost in Publication 551, Basis of Assets. Tax credit for students Special rules apply to property acquired from a decedent who died in 2010 and the executor made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent. Tax credit for students See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for details. Tax credit for students Adjusted basis. Tax credit for students   The adjusted basis of property is your original cost or other basis plus (increased by) certain additions and minus (decreased by) certain deductions. Tax credit for students Increases include costs of any improvements having a useful life of more than 1 year. Tax credit for students Decreases include depreciation and casualty losses. Tax credit for students For more details and additional examples, see Adjusted Basis in Publication 551. Tax credit for students Amount realized. Tax credit for students   The amount you realize from a sale or exchange is the total of all money you receive plus the fair market value (defined below) of all property or services you receive. Tax credit for students The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Tax credit for students Fair market value. Tax credit for students   Fair market value (FMV) is the price at which the property would change hands between a buyer and a seller when both have reasonable knowledge of all the necessary facts and neither is being forced to buy or sell. Tax credit for students If parties with adverse interests place a value on property in an arm's-length transaction, that is strong evidence of FMV. Tax credit for students If there is a stated price for services, this price is treated as the FMV unless there is evidence to the contrary. Tax credit for students Example. Tax credit for students You used a building in your business that cost you $70,000. Tax credit for students You made certain permanent improvements at a cost of $20,000 and deducted depreciation totaling $10,000. Tax credit for students You sold the building for $100,000 plus property having an FMV of $20,000. Tax credit for students The buyer assumed your real estate taxes of $3,000 and a mortgage of $17,000 on the building. Tax credit for students The selling expenses were $4,000. Tax credit for students Your gain on the sale is figured as follows. Tax credit for students Amount realized:     Cash $100,000   FMV of property received 20,000   Real estate taxes assumed by buyer 3,000   Mortgage assumed by  buyer 17,000   Total 140,000   Minus: Selling expenses 4,000 $136,000 Adjusted basis:     Cost of building $70,000   Improvements 20,000   Total $90,000   Minus: Depreciation 10,000   Adjusted basis   $80,000 Gain on sale $56,000 Amount recognized. Tax credit for students   Your gain or loss realized from a sale or exchange of property is usually a recognized gain or loss for tax purposes. Tax credit for students Recognized gains must be included in gross income. Tax credit for students Recognized losses are deductible from gross income. Tax credit for students However, your gain or loss realized from certain exchanges of property is not recognized for tax purposes. Tax credit for students See Nontaxable Exchanges, later. Tax credit for students Also, a loss from the sale or other disposition of property held for personal use is not deductible, except in the case of a casualty or theft. Tax credit for students Interest in property. Tax credit for students   The amount you realize from the disposition of a life interest in property, an interest in property for a set number of years, or an income interest in a trust is a recognized gain under certain circumstances. Tax credit for students If you received the interest as a gift, inheritance, or in a transfer from a spouse or former spouse incident to a divorce, the amount realized is a recognized gain. Tax credit for students Your basis in the property is disregarded. Tax credit for students This rule does not apply if all interests in the property are disposed of at the same time. Tax credit for students Example 1. Tax credit for students Your father dies and leaves his farm to you for life with a remainder interest to your younger brother. Tax credit for students You decide to sell your life interest in the farm. Tax credit for students The entire amount you receive is a recognized gain. Tax credit for students Your basis in the farm is disregarded. Tax credit for students Example 2. Tax credit for students The facts are the same as in Example 1, except that your brother joins you in selling the farm. Tax credit for students The entire interest in the property is sold, so your basis in the farm is not disregarded. Tax credit for students Your gain or loss is the difference between your share of the sales price and your adjusted basis in the farm. Tax credit for students Canceling a sale of real property. Tax credit for students   If you sell real property under a sales contract that allows the buyer to return the property for a full refund and the buyer does so, you may not have to recognize gain or loss on the sale. Tax credit for students If the buyer returns the property in the year of sale, no gain or loss is recognized. Tax credit for students This cancellation of the sale in the same year it occurred places both you and the buyer in the same positions you were in before the sale. Tax credit for students If the buyer returns the property in a later tax year, you must recognize gain (or loss, if allowed) in the year of the sale. Tax credit for students When the property is returned in a later year, you acquire a new basis in the property. Tax credit for students That basis is equal to the amount you pay to the buyer. Tax credit for students Bargain Sale If you sell or exchange property for less than fair market value with the intent of making a gift, the transaction is partly a sale or exchange and partly a gift. Tax credit for students You have a gain if the amount realized is more than your adjusted basis in the property. Tax credit for students However, you do not have a loss if the amount realized is less than the adjusted basis of the property. Tax credit for students Bargain sales to charity. Tax credit for students   A bargain sale of property to a charitable organization is partly a sale or exchange and partly a charitable contribution. Tax credit for students If a charitable deduction for the contribution is allowable, you must allocate your adjusted basis in the property between the part sold and the part contributed based on the fair market value of each. Tax credit for students The adjusted basis of the part sold is figured as follows. Tax credit for students Adjusted basis of entire property × Amount realized (fair market value of part sold)   Fair market value of entire property   Based on this allocation rule, you will have a gain even if the amount realized is not more than your adjusted basis in the property. Tax credit for students This allocation rule does not apply if a charitable contribution deduction is not allowable. Tax credit for students   See Publication 526, Charitable Contributions, for information on figuring your charitable contribution. Tax credit for students Example. Tax credit for students You sold property with a fair market value of $10,000 to a charitable organization for $2,000 and are allowed a deduction for your contribution. Tax credit for students Your adjusted basis in the property is $4,000. Tax credit for students Your gain on the sale is $1,200, figured as follows. Tax credit for students Sales price $2,000 Minus: Adjusted basis of part sold ($4,000 × ($2,000 ÷ $10,000)) 800 Gain on the sale $1,200 Property Used Partly for Business or Rental Generally, if you sell or exchange property you used partly for business or rental purposes and partly for personal purposes, you must figure the gain or loss on the sale or exchange as though you had sold two separate pieces of property. Tax credit for students You must subtract depreciation you took or could have taken from the basis of the business or rental part. Tax credit for students However, see the special rule below for a home used partly for business or rental. Tax credit for students You must allocate the selling price, selling expenses, and the basis of the property between the business or rental part and the personal part. Tax credit for students Gain or loss on the business or rental part of the property may be a capital gain or loss or an ordinary gain or loss, as discussed in chapter 3 under Section 1231 Gains and Losses. Tax credit for students Any gain on the personal part of the property is a capital gain. Tax credit for students You cannot deduct a loss on the personal part. Tax credit for students Home used partly for business or rental. Tax credit for students    If you use property partly as a home and partly for business or to produce rental income, the computation and treatment of any gain on the sale depends partly on whether the business or rental part of the property is part of your home or separate from it. Tax credit for students See Property Used Partly for Business or Rental, in Publication 523. Tax credit for students Property Changed to Business or Rental Use You cannot deduct a loss on the sale of property you purchased or constructed for use as your home and used as your home until the time of sale. Tax credit for students You can deduct a loss on the sale of property you acquired for use as your home but changed to business or rental property and used as business or rental property at the time of sale. Tax credit for students However, if the adjusted basis of the property at the time of the change was more than its fair market value, the loss you can deduct is limited. Tax credit for students Figure the loss you can deduct as follows. Tax credit for students Use the lesser of the property's adjusted basis or fair market value at the time of the change. Tax credit for students Add to (1) the cost of any improvements and other increases to basis since the change. Tax credit for students Subtract from (2) depreciation and any other decreases to basis since the change. Tax credit for students Subtract the amount you realized on the sale from the result in (3). Tax credit for students If the amount you realized is more than the result in (3), treat this result as zero. Tax credit for students The result in (4) is the loss you can deduct. Tax credit for students Example. Tax credit for students You changed your main home to rental property 5 years ago. Tax credit for students At the time of the change, the adjusted basis of your home was $75,000 and the fair market value was $70,000. Tax credit for students This year, you sold the property for $55,000. Tax credit for students You made no improvements to the property but you have depreciation expense of $12,620 over the 5 prior years. Tax credit for students Although your loss on the sale is $7,380 [($75,000 − $12,620) − $55,000], the amount you can deduct as a loss is limited to $2,380, figured as follows. Tax credit for students Lesser of adjusted basis or fair market value at time of the change $70,000 Plus: Cost of any improvements and any other additions to basis after the change -0-   70,000 Minus: Depreciation and any other decreases to basis after the change 12,620   57,380 Minus: Amount you realized from the sale 55,000 Deductible loss $2,380 Gain. Tax credit for students   If you have a gain on the sale, you generally must recognize the full amount of the gain. Tax credit for students You figure the gain by subtracting your adjusted basis from your amount realized, as described earlier. Tax credit for students   You may be able to exclude all or part of the gain if you owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. Tax credit for students However, you may not be able to exclude the part of the gain allocated to any period of nonqualified use. Tax credit for students   For more information, see Business Use or Rental of Home in Publication 523. Tax credit for students In addition, special rules apply if the home sold was acquired in a like-kind exchange. Tax credit for students See Special Situations in Publication 523. Tax credit for students Also see Like-Kind Exchanges, later. Tax credit for students Abandonments The abandonment of property is a disposition of property. Tax credit for students You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. Tax credit for students Generally, abandonment is not treated as a sale or exchange of the property. Tax credit for students If the amount you realize (if any) is more than your adjusted basis, then you have a gain. Tax credit for students If your adjusted basis is more than the amount you realize (if any), then you have a loss. Tax credit for students Loss from abandonment of business or investment property is deductible as a loss. Tax credit for students A loss from an abandonment of business or investment property that is not treated as a sale or exchange generally is an ordinary loss. Tax credit for students This rule also applies to leasehold improvements the lessor made for the lessee that were abandoned. Tax credit for students If the property is foreclosed on or repossessed in lieu of abandonment, gain or loss is figured as discussed later under Foreclosure and Repossessions. Tax credit for students The abandonment loss is deducted in the tax year in which the loss is sustained. Tax credit for students If the abandoned property is secured by debt, special rules apply. Tax credit for students The tax consequences of abandonment of property that is secured by debt depend on whether you are personally liable for the debt (recourse debt) or you are not personally liable for the debt (nonrecourse debt). Tax credit for students For more information, including examples, see chapter 3 of Publication 4681. Tax credit for students You cannot deduct any loss from abandonment of your home or other property held for personal use only. Tax credit for students Cancellation of debt. Tax credit for students   If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you may realize ordinary income equal to the canceled debt. Tax credit for students This income is separate from any loss realized from abandonment of the property. Tax credit for students   You must report this income on your tax return unless one of the following applies. Tax credit for students The cancellation is intended as a gift. Tax credit for students The debt is qualified farm debt. Tax credit for students The debt is qualified real property business debt. Tax credit for students You are insolvent or bankrupt. Tax credit for students The debt is qualified principal residence indebtedness. Tax credit for students File Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), to report the income exclusion. Tax credit for students For more information, including other exceptions and exclusion, see Publication 4681. Tax credit for students Forms 1099-A and 1099-C. Tax credit for students   If you abandon property that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your loss from the abandonment. Tax credit for students However, if your debt is canceled and the lender must file Form 1099-C, the lender may include the information about the abandonment on that form instead of on Form 1099-A, and send you Form 1099-C only. Tax credit for students The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Tax credit for students For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Tax credit for students Foreclosures and Repossessions If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Tax credit for students The foreclosure or repossession is treated as a sale or exchange from which you may realize gain or loss. Tax credit for students This is true even if you voluntarily return the property to the lender. Tax credit for students You also may realize ordinary income from cancellation of debt if the loan balance is more than the fair market value of the property. Tax credit for students Buyer's (borrower's) gain or loss. Tax credit for students   You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale or exchange. Tax credit for students The gain or loss is the difference between your adjusted basis in the transferred property and the amount realized. Tax credit for students See Gain or Loss From Sales and Exchanges, earlier. Tax credit for students You can use Table 1-2 to figure your gain or loss from a foreclosure or repossession. Tax credit for students Amount realized on a nonrecourse debt. Tax credit for students   If you are not personally liable for repaying the debt (nonrecourse debt) secured by the transferred property, the amount you realize includes the full debt canceled by the transfer. Tax credit for students The full canceled debt is included even if the fair market value of the property is less than the canceled debt. Tax credit for students Example 1. Tax credit for students Chris bought a new car for $15,000. Tax credit for students He paid $2,000 down and borrowed the remaining $13,000 from the dealer's credit company. Tax credit for students Chris is not personally liable for the loan (nonrecourse debt), but pledges the new car as security. Tax credit for students The credit company repossessed the car because he stopped making loan payments. Tax credit for students The balance due after taking into account the payments Chris made was $10,000. Tax credit for students The fair market value of the car when repossessed was $9,000. Tax credit for students The amount Chris realized on the repossession is $10,000. Tax credit for students That is the outstanding amount of the debt canceled by the repossession, even though the car's fair market value is less than $10,000. Tax credit for students Chris figures his gain or loss on the repossession by comparing the amount realized ($10,000) with his adjusted basis ($15,000). Tax credit for students He has a $5,000 nondeductible loss. Tax credit for students Example 2. Tax credit for students Abena paid $200,000 for her home. Tax credit for students She paid $15,000 down and borrowed the remaining $185,000 from a bank. Tax credit for students Abena is not personally liable for the loan (nonrecourse debt), but pledges the house as security. Tax credit for students The bank foreclosed on the loan because Abena stopped making payments. Tax credit for students When the bank foreclosed on the loan, the balance due was $180,000, the fair market value of the house was $170,000, and Abena's adjusted basis was $175,000 due to a casualty loss she had deducted. Tax credit for students The amount Abena realized on the foreclosure is $180,000, the balance due and debt canceled by the foreclosure. Tax credit for students She figures her gain or loss by comparing the amount realized ($180,000) with her adjusted basis ($175,000). Tax credit for students She has a $5,000 realized gain. Tax credit for students Amount realized on a recourse debt. Tax credit for students   If you are personally liable for the debt (recourse debt), the amount realized on the foreclosure or repossession includes the lesser of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The fair market value of the transferred property. Tax credit for students You are treated as receiving ordinary income from the canceled debt for the part of the debt that is more than the fair market value. Tax credit for students The amount realized does not include the canceled debt that is your income from cancellation of debt. Tax credit for students See Cancellation of debt, below. Tax credit for students Seller's (lender's) gain or loss on repossession. Tax credit for students   If you finance a buyer's purchase of property and later acquire an interest in it through foreclosure or repossession, you may have a gain or loss on the acquisition. Tax credit for students For more information, see Repossession in Publication 537. Tax credit for students    Table 1-2. Tax credit for students Worksheet for Foreclosures and Repossessions Part 1. Tax credit for students Use Part 1 to figure your ordinary income from the cancellation of debt upon foreclosure or repossession. Tax credit for students Complete this part only  if you were personally liable for the debt. Tax credit for students Otherwise,  go to Part 2. Tax credit for students   1. Tax credit for students Enter the amount of outstanding debt immediately before the transfer of   property reduced by any amount for which you remain personally liable after   the transfer of property   2. Tax credit for students Enter the fair market value of the transferred property   3. Tax credit for students Ordinary income from cancellation of debt upon foreclosure or    repossession. Tax credit for students * Subtract line 2 from line 1. Tax credit for students   If less than zero, enter zero   Part 2. Tax credit for students Figure your gain or loss from foreclosure or repossession. Tax credit for students   4. Tax credit for students If you completed Part 1, enter the smaller of line 1 or line 2. Tax credit for students   If you did not complete Part 1, enter the outstanding debt immediately before   the transfer of property   5. Tax credit for students Enter any proceeds you received from the foreclosure sale   6. Tax credit for students Add lines 4 and 5   7. Tax credit for students Enter the adjusted basis of the transferred property   8. Tax credit for students Gain or loss from foreclosure or repossession. Tax credit for students Subtract line 7  from line 6   * The income may not be taxable. Tax credit for students See Cancellation of debt. Tax credit for students Cancellation of debt. Tax credit for students   If property that is repossessed or foreclosed on secures a debt for which you are personally liable (recourse debt), you generally must report as ordinary income the amount by which the canceled debt is more than the fair market value of the property. Tax credit for students This income is separate from any gain or loss realized from the foreclosure or repossession. Tax credit for students Report the income from cancellation of a debt related to a business or rental activity as business or rental income. Tax credit for students    You can use Table 1-2 to figure your income from cancellation of debt. Tax credit for students   You must report this income on your tax return unless one of the following applies. Tax credit for students The cancellation is intended as a gift. Tax credit for students The debt is qualified farm debt. Tax credit for students The debt is qualified real property business debt. Tax credit for students You are insolvent or bankrupt. Tax credit for students The debt is qualified principal residence indebtedness. Tax credit for students File Form 982 to report the income exclusion. Tax credit for students Example 1. Tax credit for students Assume the same facts as in Example 1 under Amount realized on a nonrecourse debt, earlier, except Chris is personally liable for the car loan (recourse debt). Tax credit for students In this case, the amount he realizes is $9,000. Tax credit for students This is the lesser of the canceled debt ($10,000) or the car's fair market value ($9,000). Tax credit for students Chris figures his gain or loss on the repossession by comparing the amount realized ($9,000) with his adjusted basis ($15,000). Tax credit for students He has a $6,000 nondeductible loss. Tax credit for students He also is treated as receiving ordinary income from cancellation of debt. Tax credit for students That income is $1,000 ($10,000 − $9,000). Tax credit for students This is the part of the canceled debt not included in the amount realized. Tax credit for students Example 2. Tax credit for students Assume the same facts as in Example 2 under Amount realized on a nonrecourse debt, earlier, except Abena is personally liable for the loan (recourse debt). Tax credit for students In this case, the amount she realizes is $170,000. Tax credit for students This is the lesser of the canceled debt ($180,000) or the fair market value of the house ($170,000). Tax credit for students Abena figures her gain or loss on the foreclosure by comparing the amount realized ($170,000) with her adjusted basis ($175,000). Tax credit for students She has a $5,000 nondeductible loss. Tax credit for students She also is treated as receiving ordinary income from cancellation of debt. Tax credit for students (The debt is not exempt from tax as discussed under Cancellation of debt, above. Tax credit for students ) That income is $10,000 ($180,000 − $170,000). Tax credit for students This is the part of the canceled debt not included in the amount realized. Tax credit for students Forms 1099-A and 1099-C. Tax credit for students   A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A showing the information you need to figure your gain or loss. Tax credit for students However, if the lender also cancels part of your debt and must file Form 1099-C, the lender may include the information about the foreclosure or repossession on that form instead of on Form 1099-A and send you Form 1099-C only. Tax credit for students The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Tax credit for students For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Tax credit for students Involuntary Conversions An involuntary conversion occurs when your property is destroyed, stolen, condemned, or disposed of under the threat of condemnation and you receive other property or money in payment, such as insurance or a condemnation award. Tax credit for students Involuntary conversions are also called involuntary exchanges. Tax credit for students Gain or loss from an involuntary conversion of your property is usually recognized for tax purposes unless the property is your main home. Tax credit for students You report the gain or deduct the loss on your tax return for the year you realize it. Tax credit for students You cannot deduct a loss from an involuntary conversion of property you held for personal use unless the loss resulted from a casualty or theft. Tax credit for students However, depending on the type of property you receive, you may not have to report a gain on an involuntary conversion. Tax credit for students Generally, you do not report the gain if you receive property that is similar or related in service or use to the converted property. Tax credit for students Your basis for the new property is the same as your basis for the converted property. Tax credit for students This means that the gain is deferred until a taxable sale or exchange occurs. Tax credit for students If you receive money or property that is not similar or related in service or use to the involuntarily converted property and you buy qualifying replacement property within a certain period of time, you can elect to postpone reporting the gain on the property purchased. Tax credit for students This publication explains the treatment of a gain or loss from a condemnation or disposition under the threat of condemnation. Tax credit for students If you have a gain or loss from the destruction or theft of property, see Publication 547. Tax credit for students Condemnations A condemnation is the process by which private property is legally taken for public use without the owner's consent. Tax credit for students 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 it. Tax credit for students The owner receives a condemnation award (money or property) in exchange for the property taken. Tax credit for students A condemnation is like a forced sale, the owner being the seller and the condemning authority being the buyer. Tax credit for students Example. Tax credit for students A local government authorized to acquire land for public parks informed you that it wished to acquire your property. Tax credit for students After the local government took action to condemn your property, you went to court to keep it. Tax credit for students But, the court decided in favor of the local government, which took your property and paid you an amount fixed by the court. Tax credit for students This is a condemnation of private property for public use. Tax credit for students Threat of condemnation. Tax credit for students   A threat of condemnation exists if a representative of a government body or a public official authorized to acquire property for public use informs you that the government body or official has decided to acquire your property. Tax credit for students You must have reasonable grounds to believe that, if you do not sell voluntarily, your property will be condemned. Tax credit for students   The sale of your property to someone other than the condemning authority will also qualify as an involuntary conversion, provided you have reasonable grounds to believe that your property will be condemned. Tax credit for students If the buyer of this property knows at the time of purchase that it will be condemned and sells it to the condemning authority, this sale also qualifies as an involuntary conversion. Tax credit for students Reports of condemnation. Tax credit for students   A threat of condemnation exists if you learn of a decision to acquire your property for public use through a report in a newspaper or other news medium, and this report is confirmed by a representative of the government body or public official involved. Tax credit for students You must have reasonable grounds to believe that they will take necessary steps to condemn your property if you do not sell voluntarily. Tax credit for students If you relied on oral statements made by a government representative or public official, the Internal Revenue Service (IRS) may ask you to get written confirmation of the statements. Tax credit for students Example. Tax credit for students Your property lies along public utility lines. Tax credit for students The utility company has the authority to condemn your property. Tax credit for students The company informs you that it intends to acquire your property by negotiation or condemnation. Tax credit for students A threat of condemnation exists when you receive the notice. Tax credit for students Related property voluntarily sold. Tax credit for students   A voluntary sale of your property may be treated as a forced sale that qualifies as an involuntary conversion if the property had a substantial economic relationship to property of yours that was condemned. Tax credit for students A substantial economic relationship exists if together the properties were one economic unit. Tax credit for students You also must show that the condemned property could not reasonably or adequately be replaced. Tax credit for students You can elect to postpone reporting the gain by buying replacement property. Tax credit for students See Postponement of Gain, later. Tax credit for students Gain or Loss From Condemnations If your property was condemned or disposed of under the threat of condemnation, figure your gain or loss by comparing the adjusted basis of your condemned property with your net condemnation award. Tax credit for students If your net condemnation award is more than the adjusted basis of the condemned property, you have a gain. Tax credit for students You can postpone reporting gain from a condemnation if you buy replacement property. Tax credit for students If only part of your property is condemned, you can treat the cost of restoring the remaining part to its former usefulness as the cost of replacement property. Tax credit for students See Postponement of Gain, later. Tax credit for students If your net condemnation award is less than your adjusted basis, you have a loss. Tax credit for students If your loss is from property you held for personal use, you cannot deduct it. Tax credit for students You must report any deductible loss in the tax year it happened. Tax credit for students You can use Part 2 of Table 1-3 to figure your gain or loss from a condemnation award. Tax credit for students Main home condemned. Tax credit for students   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. Tax credit for students You may be able to exclude up to $250,000 of the gain (up to $500,000 if married filing jointly). Tax credit for students For information on this exclusion, see Publication 523. Tax credit for students If your gain is more than you can exclude but you buy replacement property, you may be able to postpone reporting the rest of the gain. Tax credit for students See Postponement of Gain, later. Tax credit for students Table 1-3. Tax credit for students Worksheet for Condemnations Part 1. Tax credit for students Gain from severance damages. Tax credit for students  If you did not receive severance damages, skip Part 1 and go to Part 2. Tax credit for students   1. Tax credit for students Enter gross severance damages received   2. Tax credit for students Enter your expenses in getting severance damages   3. Tax credit for students Subtract line 2 from line 1. Tax credit for students If less than zero, enter -0-   4. Tax credit for students Enter any special assessment on remaining property taken out of your award   5. Tax credit for students Net severance damages. Tax credit for students Subtract line 4 from line 3. Tax credit for students If less than zero, enter -0-   6. Tax credit for students Enter the adjusted basis of the remaining property   7. Tax credit for students Gain from severance damages. Tax credit for students Subtract line 6 from line 5. Tax credit for students If less than zero, enter -0-   8. Tax credit for students Refigured adjusted basis of the remaining property. Tax credit for students Subtract line 5 from line 6. Tax credit for students If less than zero, enter -0-   Part 2. Tax credit for students Gain or loss from condemnation award. Tax credit for students   9. Tax credit for students Enter the gross condemnation award received   10. Tax credit for students Enter your expenses in getting the condemnation award   11. Tax credit for students If you completed Part 1, and line 4 is more than line 3, subtract line 3 from line 4. Tax credit for students If you did not complete Part 1, but a special assessment was taken out of your award, enter that amount. Tax credit for students Otherwise, enter -0-   12. Tax credit for students Add lines 10 and 11   13. Tax credit for students Net condemnation award. Tax credit for students Subtract line 12 from line 9   14. Tax credit for students Enter the adjusted basis of the condemned property   15. Tax credit for students Gain from condemnation award. Tax credit for students If line 14 is more than line 13, enter -0-. Tax credit for students Otherwise, subtract line 14 from  line 13 and skip line 16   16. Tax credit for students Loss from condemnation award. Tax credit for students Subtract line 13 from line 14     (Note: You cannot deduct the amount on line 16 if the condemned property was held for personal use. Tax credit for students )   Part 3. Tax credit for students Postponed gain from condemnation. Tax credit for students  (Complete only if line 7 or line 15 is more than zero and you bought qualifying replacement property or made expenditures to restore the usefulness of your remaining property. Tax credit for students )   17. Tax credit for students If you completed Part 1, and line 7 is more than zero, enter the amount from line 5. Tax credit for students Otherwise, enter -0-   18. Tax credit for students If line 15 is more than zero, enter the amount from line 13. Tax credit for students Otherwise, enter -0-   19. Tax credit for students Add lines 17 and 18. Tax credit for students If the condemned property was your main home, subtract from this total the gain you excluded from your income and enter the result   20. Tax credit for students Enter the total cost of replacement property and any expenses to restore the usefulness of your remaining property   21. Tax credit for students Subtract line 20 from line 19. Tax credit for students If less than zero, enter -0-   22. Tax credit for students If you completed Part 1, add lines 7 and 15. Tax credit for students Otherwise, enter the amount from line 15. Tax credit for students If the condemned property was your main home, subtract from this total the gain you excluded from your income and enter the result   23. Tax credit for students Recognized gain. Tax credit for students Enter the smaller of line 21 or line 22. Tax credit for students   24. Tax credit for students Postponed gain. Tax credit for students Subtract line 23 from line 22. Tax credit for students If less than zero, enter -0-   Condemnation award. Tax credit for students   A condemnation award is the money you are paid or the value of other property you receive for your condemned property. Tax credit for students The award is also the amount you are paid for the sale of your property under threat of condemnation. Tax credit for students Payment of your debts. Tax credit for students   Amounts taken out of the award to pay your debts are considered paid to you. Tax credit for students Amounts the government pays directly to the holder of a mortgage or lien against your property are part of your award, even if the debt attaches to the property and is not your personal liability. Tax credit for students Example. Tax credit for students The state condemned your property for public use. Tax credit for students The award was set at $200,000. Tax credit for students The state paid you only $148,000 because it paid $50,000 to your mortgage holder and $2,000 accrued real estate taxes. Tax credit for students You are considered to have received the entire $200,000 as a condemnation award. Tax credit for students Interest on award. Tax credit for students   If the condemning authority pays you interest for its delay in paying your award, it is not part of the condemnation award. Tax credit for students You must report the interest separately as ordinary income. Tax credit for students Payments to relocate. Tax credit for students   Payments you receive to relocate and replace housing because you have been displaced from your home, business, or farm as a result of federal or federally assisted programs are not part of the condemnation award. Tax credit for students Do not include them in your income. Tax credit for students Replacement housing payments used to buy new property are included in the property's basis as part of your cost. Tax credit for students Net condemnation award. Tax credit for students   A net condemnation award is the total award you received, or are considered to have received, for the condemned property minus your expenses of obtaining the award. Tax credit for students If only a part of your property was condemned, you also must reduce the award by any special assessment levied against the part of the property you retain. Tax credit for students This is discussed later under Special assessment taken out of award. Tax credit for students Severance damages. Tax credit for students    Severance damages are not part of the award paid for the property condemned. Tax credit for students They are paid to you if part of your property is condemned and the value of the part you keep is decreased because of the condemnation. Tax credit for students   For example, you may receive severance damages if your property is subject to flooding because you sell flowage easement rights (the condemned property) under threat of condemnation. Tax credit for students Severance damages also may be given to you if, because part of your property is condemned for a highway, you must replace fences, dig new wells or ditches, or plant trees to restore your remaining property to the same usefulness it had before the condemnation. Tax credit for students   The contracting parties should agree on the specific amount of severance damages in writing. Tax credit for students If this is not done, all proceeds from the condemning authority are considered awarded for your condemned property. Tax credit for students   You cannot make a completely new allocation of the total award after the transaction is completed. Tax credit for students However, you can show how much of the award both parties intended for severance damages. Tax credit for students The severance damages part of the award is determined from all the facts and circumstances. Tax credit for students Example. Tax credit for students You sold part of your property to the state under threat of condemnation. Tax credit for students The contract you and the condemning authority signed showed only the total purchase price. Tax credit for students It did not specify a fixed sum for severance damages. Tax credit for students However, at settlement, the condemning authority gave you closing papers showing clearly the part of the purchase price that was for severance damages. Tax credit for students You may treat this part as severance damages. Tax credit for students Treatment of severance damages. Tax credit for students   Your net severance damages are treated as the amount realized from an involuntary conversion of the remaining part of your property. Tax credit for students Use them to reduce the basis of the remaining property. Tax credit for students If the amount of severance damages is based on damage to a specific part of the property you kept, reduce the basis of only that part by the net severance damages. Tax credit for students   If your net severance damages are more than the basis of your retained property, you have a gain. Tax credit for students You may be able to postpone reporting the gain. Tax credit for students See Postponement of Gain, later. Tax credit for students    You can use Part 1 of Table 1-3 to figure any gain from severance damages and to refigure the adjusted basis of the remaining part of your property. Tax credit for students Net severance damages. Tax credit for students   To figure your net severance damages, you first must reduce your severance damages by your expenses in obtaining the damages. Tax credit for students You then reduce them by any special assessment (described later) levied against the remaining part of the property and retained out of the award by the condemning authority. Tax credit for students The balance is your net severance damages. Tax credit for students Expenses of obtaining a condemnation award and severance damages. Tax credit for students   Subtract the expenses of obtaining a condemnation award, such as legal, engineering, and appraisal fees, from the total award. Tax credit for students Also, subtract the expenses of obtaining severance damages, which may include similar expenses, from the severance damages paid to you. Tax credit for students If you cannot determine which part of your expenses is for each part of the condemnation proceeds, you must make a proportionate allocation. Tax credit for students Example. Tax credit for students You receive a condemnation award and severance damages. Tax credit for students One-fourth of the total was designated as severance damages in your agreement with the condemning authority. Tax credit for students You had legal expenses for the entire condemnation proceeding. Tax credit for students You cannot determine how much of your legal expenses is for each part of the condemnation proceeds. Tax credit for students You must allocate one-fourth of your legal expenses to the severance damages and the other three-fourths to the condemnation award. Tax credit for students Special assessment retained out of award. Tax credit for students   When only part of your property is condemned, a special assessment levied against the remaining property may be retained by the governing body out of your condemnation award. Tax credit for students An assessment may be levied if the remaining part of your property benefited by the improvement resulting from the condemnation. Tax credit for students Examples of improvements that may cause a special assessment are widening a street and installing a sewer. Tax credit for students   To figure your net condemnation award, you must reduce the amount of the award by the assessment retained out of the award. Tax credit for students Example. Tax credit for students To widen the street in front of your home, the city condemned a 25-foot deep strip of your land. Tax credit for students You were awarded $5,000 for this and spent $300 to get the award. Tax credit for students Before paying the award, the city levied a special assessment of $700 for the street improvement against your remaining property. Tax credit for students The city then paid you only $4,300. Tax credit for students Your net award is $4,000 ($5,000 total award minus $300 expenses in obtaining the award and $700 for the special assessment retained). Tax credit for students If the $700 special assessment was not retained out of the award and you were paid $5,000, your net award would be $4,700 ($5,000 − $300). Tax credit for students The net award would not change, even if you later paid the assessment from the amount you received. Tax credit for students Severance damages received. Tax credit for students   If severance damages are included in the condemnation proceeds, the special assessment retained out of the severance damages is first used to reduce the severance damages. Tax credit for students Any balance of the special assessment is used to reduce the condemnation award. Tax credit for students Example. Tax credit for students You were awarded $4,000 for the condemnation of your property and $1,000 for severance damages. Tax credit for students You spent $300 to obtain the severance damages. Tax credit for students A special assessment of $800 was retained out of the award. Tax credit for students The $1,000 severance damages are reduced to zero by first subtracting the $300 expenses and then $700 of the special assessment. Tax credit for students Your $4,000 condemnation award is reduced by the $100 balance of the special assessment, leaving a $3,900 net condemnation award. Tax credit for students Part business or rental. Tax credit for students   If you used part of your condemned property as your home and part as business or rental property, treat each part as a separate property. Tax credit for students Figure your gain or loss separately because gain or loss on each part may be treated differently. Tax credit for students   Some examples of this type of property are a building in which you live and operate a grocery, and a building in which you live on the first floor and rent out the second floor. Tax credit for students Example. Tax credit for students You sold your building for $24,000 under threat of condemnation to a public utility company that had the authority to condemn. Tax credit for students You rented half the building and lived in the other half. Tax credit for students You paid $25,000 for the building and spent an additional $1,000 for a new roof. Tax credit for students You claimed allowable depreciation of $4,600 on the rental half. Tax credit for students You spent $200 in legal expenses to obtain the condemnation award. Tax credit for students Figure your gain or loss as follows. Tax credit for students     Resi- dential Part Busi- ness Part 1) Condemnation award received $12,000 $12,000 2) Minus: Legal expenses, $200 100 100 3) Net condemnation award $11,900 $11,900 4) Adjusted basis:       ½ of original cost, $25,000 $12,500 $12,500   Plus: ½ of cost of roof, $1,000 500 500   Total $13,000 $13,000 5) Minus: Depreciation   4,600 6) Adjusted basis, business part   $8,400 7) (Loss) on residential property ($1,100)   8) Gain on business property $3,500 The loss on the residential part of the property is not deductible. Tax credit for students Postponement of Gain Do not report the gain on condemned property if you receive only property that is similar or related in service or use to the condemned property. Tax credit for students Your basis for the new property is the same as your basis for the old. Tax credit for students Money or unlike property received. Tax credit for students   You ordinarily must report the gain if you receive money or unlike property. Tax credit for students You can elect to postpone reporting the gain if you buy property that is similar or related in service or use to the condemned property within the replacement period, discussed later. Tax credit for students You also can elect to postpone reporting the gain if you buy a controlling interest (at least 80%) in a corporation owning property that is similar or related in service or use to the condemned property. Tax credit for students See Controlling interest in a corporation, later. Tax credit for students   To postpone reporting all the gain, you must buy replacement property costing at least as much as the amount realized for the condemned property. Tax credit for students If the cost of the replacement property is less than the amount realized, you must report the gain up to the unspent part of the amount realized. Tax credit for students   The basis of the replacement property is its cost, reduced by the postponed gain. Tax credit for students Also, if your replacement property is stock in a corporation that owns property similar or related in service or use, the corporation generally will reduce its basis in its assets by the amount by which you reduce your basis in the stock. Tax credit for students See Controlling interest in a corporation, later. Tax credit for students You can use Part 3 of Table 1-3 to figure the gain you must report and your postponed gain. Tax credit for students Postponing gain on severance damages. Tax credit for students   If you received severance damages for part of your property because another part was condemned and you buy replacement property, you can elect to postpone reporting gain. Tax credit for students See Treatment of severance damages, earlier. Tax credit for students You can postpone reporting all your gain if the replacement property costs at least as much as your net severance damages plus your net condemnation award (if resulting in gain). Tax credit for students   You also can make this election if you spend the severance damages, together with other money you received for the condemned property (if resulting in gain), to acquire nearby property that will allow you to continue your business. Tax credit for students If suitable nearby property is not available and you are forced to sell the remaining property and relocate in order to continue your business, see Postponing gain on the sale of related property, next. Tax credit for students   If you restore the remaining property to its former usefulness, you can treat the cost of restoring it as the cost of replacement property. Tax credit for students Postponing gain on the sale of related property. Tax credit for students   If you sell property that is related to the condemned property and then buy replacement property, you can elect to postpone reporting gain on the sale. Tax credit for students You must meet the requirements explained earlier under Related property voluntarily sold. Tax credit for students You can postpone reporting all your gain if the replacement property costs at least as much as the amount realized from the sale plus your net condemnation award (if resulting in gain) plus your net severance damages, if any (if resulting in gain). Tax credit for students Buying replacement property from a related person. Tax credit for students   Certain taxpayers cannot postpone reporting gain from a condemnation if they buy the replacement property from a related person. Tax credit for students For information on related persons, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2. Tax credit for students   This rule applies to the following taxpayers. Tax credit for students C corporations. Tax credit for students Partnerships in which more than 50% of the capital or profits interest is owned by  C corporations. Tax credit for students All others (including individuals, partnerships (other than those in (2)), and S corporations) if the total realized gain for the tax year on all involuntarily converted properties on which there is realized gain of more than $100,000. Tax credit for students   For taxpayers described in (3) above, gains cannot be offset with any losses when determining whether the total gain is more than $100,000. Tax credit for students If the property is owned by a partnership, the $100,000 limit applies to the partnership and each partner. Tax credit for students If the property is owned by an S corporation, the $100,000 limit applies to the S corporation and each shareholder. Tax credit for students Exception. Tax credit for students   This rule does not apply if the related person acquired the property from an unrelated person within the replacement period. Tax credit for students Advance payment. Tax credit for students   If you pay a contractor in advance to build your replacement property, you have not bought replacement property unless it is finished before the end of the replacement period (discussed later). Tax credit for students Replacement property. Tax credit for students   To postpone reporting gain, you must buy replacement property for the specific purpose of replacing your condemned property. Tax credit for students You do not have to use the actual funds from the condemnation award to acquire the replacement property. Tax credit for students Property you acquire by gift or inheritance does not qualify as replacement property. Tax credit for students Similar or related in service or use. Tax credit for students   Your replacement property must be similar or related in service or use to the property it replaces. Tax credit for students   If the condemned property is real property you held for productive use in your trade or business or for investment (other than property held mainly for sale), like-kind property to be held either for productive use in trade or business or for investment will be treated as property similar or related in service or use. Tax credit for students For a discussion of like-kind property, see Like-Kind Property under Like-Kind Exchanges, later. Tax credit for students Owner-user. Tax credit for students   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. Tax credit for students Example. Tax credit for students Your home was condemned and you invested the proceeds from the condemnation in a grocery store. Tax credit for students Your replacement property is not similar or related in service or use to the condemned property. Tax credit for students To be similar or related in service or use, your replacement property must also be used by you as your home. Tax credit for students Owner-investor. Tax credit for students   If you are an owner-investor, similar or related in service or use means that any replacement property must have the same relationship of services or uses to you as the property it replaces. Tax credit for students You decide this by determining all the following information. Tax credit for students Whether the properties are of similar service to you. Tax credit for students The nature of the business risks connected with the properties. Tax credit for students What the properties demand of you in the way of management, service, and relations to your tenants. Tax credit for students Example. Tax credit for students You owned land and a building you rented to a manufacturing company. Tax credit for students The building was condemned. Tax credit for students During the replacement period, you had a new building built on other land you already owned. Tax credit for students You rented out the new building for use as a wholesale grocery warehouse. Tax credit for students The replacement property is also rental property, so the two properties are considered similar or related in service or use if there is a similarity in all the following areas. Tax credit for students Your management activities. Tax credit for students The amount and kind of services you provide to your tenants. Tax credit for students The nature of your business risks connected with the properties. Tax credit for students Leasehold replaced with fee simple property. Tax credit for students   Fee simple property you will use in your trade or business or for investment can qualify as replacement property that is similar or related in service or use to a condemned leasehold if you use it in the same business and for the identical purpose as the condemned leasehold. Tax credit for students   A fee simple property interest generally is a property interest that entitles the owner to the entire property with unconditional power to dispose of it during his or her lifetime. Tax credit for students A leasehold is property held under a lease, usually for a term of years. Tax credit for students Outdoor advertising display replaced with real property. Tax credit for students   You can elect to treat an outdoor advertising display as real property. Tax credit for students If you make this election and you replace the display with real property in which you hold a different kind of interest, your replacement property can qualify as like-kind property. Tax credit for students For example, real property bought to replace a destroyed billboard and leased property on which the billboard was located qualify as property of a like-kind. Tax credit for students   You can make this election only if you did not claim a section 179 deduction for the display. Tax credit for students You cannot cancel this election unless you get the consent of the IRS. Tax credit for students   An outdoor advertising display is a sign or device rigidly assembled and permanently attached to the ground, a building, or any other permanent structure used to display a commercial or other advertisement to the public. Tax credit for students Substituting replacement property. Tax credit for students   Once you designate certain property as replacement property on your tax return, you cannot substitute other qualified property. Tax credit for students But, if your previously designated replacement property does not qualify, you can substitute qualified property if you acquire it within the replacement period. Tax credit for students Controlling interest in a corporation. Tax credit for students   You can replace property by acquiring a controlling interest in a corporation that owns property similar or related in service or use to your condemned property. Tax credit for students You have controlling interest if you own stock having at least 80% of the combined voting power of all classes of stock entitled to vote and at least 80% of the total number of shares of all other classes of stock of the corporation. Tax credit for students Basis adjustment to corporation's property. Tax credit for students   The basis of property held by the corporation at the time you acquired control must be reduced by your postponed gain, if any. Tax credit for students You are not required to reduce the adjusted basis of the corporation's properties below your adjusted basis in the corporation's stock (determined after reduction by your postponed gain). Tax credit for students   Allocate this reduction to the following classes of property in the order shown below. Tax credit for students Property that is similar or related in service or use to the condemned property. Tax credit for students Depreciable property not reduced in (1). Tax credit for students All other property. Tax credit for students If two or more properties fall in the same class, allocate the reduction to each property in proportion to the adjusted basis of all the properties in that class. Tax credit for students The reduced basis of any single property cannot be less than zero. Tax credit for students Main home replaced. Tax credit for students   If your gain from a condemnation of your main home is more than you can exclude from your income (see Main home condemned under Gain or Loss From Condemnations, earlier), you can postpone reporting the rest of the gain by buying replacement property that is similar or related in service or use. Tax credit for students The replacement property must cost at least as much as the amount realized from the condemnation minus the excluded gain. Tax credit for students   You must reduce the basis of your replacement property by the postponed gain. Tax credit for students Also, if you postpone reporting any part of your gain under these rules, you are treated as having owned and used the replacement property as your main home for the period you owned and used the condemned property as your main home. Tax credit for students Example. Tax credit for students City authorities condemned your home that you had used as a personal residence for 5 years prior to the condemnation. Tax credit for students The city paid you a condemnation award of $400,000. Tax credit for students Your adjusted basis in the property was $80,000. Tax credit for students You realize a gain of $320,000 ($400,000 − $80,000). Tax credit for students You purchased a new home for $100,000. Tax credit for students You can exclude $250,000 of the realized gain from your gross income. Tax credit for students The amount realized is then treated as being $150,000 ($400,000 − $250,000) and the gain realized is $70,000 ($150,000 amount realized − $80,000 adjusted basis). Tax credit for students You must recognize $50,000 of the gain ($150,000 amount realized − $100,000 cost of new home). Tax credit for students The remaining $20,000 of realized gain is postponed. Tax credit for students Your basis in the new home is $80,000 ($100,000 cost − $20,000 gain postponed). Tax credit for students Replacement period. Tax credit for students   To postpone reporting your gain from a condemnation, you must buy replacement property within a certain period of time. Tax credit for students This is the replacement period. Tax credit for students   The replacement period for a condemnation begins on the earlier of the following dates. Tax credit for students The date on which you disposed of the condemned property. Tax credit for students The date on which the threat of condemnation began. Tax credit for students   The replacement period generally ends 2 years after the end of the first tax year in which any part of the gain on the condemnation is realized. Tax credit for students However, see the exceptions below. Tax credit for students Three-year replacement period for certain property. Tax credit for students   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 end of the first tax year in which any part of the gain on the condemnation is realized. Tax credit for students However, this 3-year replacement period cannot be used if you replace the condemned property by acquiring control of a corporation owning property that is similar or related in service or use. Tax credit for students Five-year replacement period for certain property. Tax credit for students   The replacement period ends 5 years after the end of the first tax year in which any part of the gain is realized on the compulsory or involuntary conversion of the following qualified property. Tax credit for students Property in any Midwestern disaster area compulsorily or involuntarily converted on or after the applicable disaster date as a result of severe storms, tornadoes, or flooding, but only if substantially all of the use of the replacement property is in a Midwestern disaster area. Tax credit for students Property in the Kansas disaster area compulsorily or involuntarily converted after May 3, 2007, but only if substantially all of the use of the replacement property is in the Kansas disaster area. Tax credit for students Property in the Hurricane Katrina disaster area compulsorily or involuntarily converted after August 24, 2005, as a result of Hurricane Katrina, but only if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. Tax credit for students Extended replacement period for taxpayers affected by other federally declared disasters. Tax credit for students    If you are affected by a federally declared disaster, the IRS may grant disaster relief by extending the periods to perform certain tax-related acts for 2013, including the replacement period, by up to one year. Tax credit for students For more information visit www. Tax credit for students irs. Tax credit for students gov/uac/Tax-Relief-in-Disaster-Situations. Tax credit for students Weather-related sales of livestock in an area eligible for federal assistance. Tax credit for students   Generally, if the sale or exchange of livestock is 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. Tax credit for students    If the weather-related conditions continue for longer than 3 years, the replacement period may be extended on a regional basis until the end of your first drought-free year for the applicable region. Tax credit for students See Notice 2006-82. Tax credit for students You can find Notice 2006-82 on page 529 of Internal Revenue Bulletin 2006-39 at www. Tax credit for students irs. Tax credit for students gov/irb/2006-39_IRB/ar13. Tax credit for students html. Tax credit for students    Each year, the IRS publishes a list of counties, districts, cities, or parishes for which exceptional, extreme, or severe drought was reported during the preceding 12 months. Tax credit for students If you qualified for a 4-year replacement period for livestock sold or exchanged on account of drought and your replacement period is scheduled to expire at the end of 2013 (or at the end of the tax year that includes August 31, 2013), see Notice 2013-62. Tax credit for students You can find Notice 2013-62 on page 466 of Internal Revenue Bulletin 2013-45 at www. Tax credit for students irs. Tax credit for students gov/irb/2013-45_IRB/ar04. Tax credit for students html. Tax credit for students The replacement period will be extended under Notice 2006-82 if the applicable region is on the list included in Notice 2013-62. Tax credit for students Determining when gain is realized. Tax credit for students   If you are a cash basis taxpayer, you realize gain when you receive payments that are more than your basis in the property. Tax credit for students If the condemning authority makes deposits with the court, you realize gain when you withdraw (or have the right to withdraw) amounts that are more than your basis. Tax credit for students   This applies even if the amounts received are only partial or advance payments and the full award has not yet been determined. Tax credit for students A replacement will be too late if you wait for a final determination that does not take place in the applicable replacement period after you first realize gain. Tax credit for students   For accrual basis taxpayers, gain (if any) accrues in the earlier year when either of the following occurs. Tax credit for students All events have occurred that fix the right to the condemnation award and the amount can be determined with reasonable accuracy. Tax credit for students All or part of the award is actually or constructively received. Tax credit for students For example, if you have an absolute right to a part of a condemnation award when it is deposited with the court, the amount deposited accrues in the year the deposit is made even though the full amount of the award is still contested. Tax credit for students Replacement property bought before the condemnation. Tax credit for students   If you buy your replacement property after there is a threat of condemnation but before the actual condemnation and you still hold the replacement property at the time of the condemnation, you have bought your replacement property within the replacement period. Tax credit for students Property you acquire before there is a threat of condemnation does not qualify as replacement property acquired within the replacement period. Tax credit for students Example. Tax credit for students On April 3, 2012, city authorities notified you that your property would be condemned. Tax credit for students On June 5, 2012, you acquired property to replace the property to be condemned. Tax credit for students You still had the new property when the city took possession of your old property on September 4, 2013. Tax credit for students You have made a replacement within the replacement period. Tax credit for students Extension. Tax credit for students   You can request an extension of the replacement period from the IRS director for your area. Tax credit for students You should apply before the end of the replacement period. Tax credit for students Your request should explain in detail why you need an extension. Tax credit for students The IRS will consider a request filed within a reasonable time after the replacement period if you can show reasonable cause for the delay. Tax credit for students An extension of the replacement period will be granted if you can show reasonable cause for not making the replacement within the regular period. Tax credit for students   Ordinarily, requests for extensions are granted near the end of the replacement period or the extended replacement period. Tax credit for students Extensions are usually limited to a period of 1 year or less. Tax credit for students The high market value or scarcity of replacement property is not a sufficient reason for granting an extension. Tax credit for students If your replacement property is being built and you clearly show that the replacement or restoration cannot be made within the replacement peri
Print - Click this link to Print this page

Understanding your CP130 Notice

Your tax return filing requirements may have changed: You may no longer need to pay the Alternative Minimum Tax.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Read your notice carefully. It may also suggest additional steps for you to take depending on whether you qualify for the exemption for the Alternative Minimum Tax.

You may want to...


Answers to Common Questions

I completed an amended tax return (Form 1120-X). Do I need to mail it to a specific address?
Write "AMT-EXEMPT" on the top of your Form 1120-X and send it to the same IRS address where you mailed your original tax return.

We are an estate/trust, but the notice only mentions corporations. Are we eligible for the exemption for the Alternative Minimum Tax?
No. Estates/trusts are not corporations and as such are not exempt from the AMT.

How does the Recovery and Reinvestment Tax Act of 2009 affect the Alternative Minimum Tax rules for corporations/trusts/estates?
The Act did not have any affect on the AMT rules for corporations/trust/estates.

I don’t handle tax issues for my corporation. How can I request that you send all future tax notices directly to our accountant?
Complete a Form 8822, Change of Address, and send it to the address shown on the form.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

Page Last Reviewed or Updated: 26-Mar-2014

The Tax Credit For Students

Tax credit for students Publication 584SP - Main Content Table of Contents Cómo Utilizar Este Registro PérdidasCosto u otra base. Tax credit for students Valor justo de mercado. Tax credit for students Excepción en el caso de propiedad inmueble de uso personal. Tax credit for students Más información. Tax credit for students Para pedir formularios y publicaciones. Tax credit for students Preguntas sobre los impuestos. Tax credit for students Cómo Obtener Ayuda con los ImpuestosTalleres para Contribuyentes de Ingresos Bajos (LITC por sus siglas en inglés). Tax credit for students Cómo Utilizar Este Registro Puede utilizar este registro siguiendo estos cinco pasos. Tax credit for students Lea la Publicación 547(SP) para saber más sobre las leyes tributarias relacionadas con hechos fortuitos, desastres y robos. Tax credit for students Familiarícese con las definiciones de costo u otra base y valor justo de mercado, las cuales se explican más adelante. Tax credit for students Llene los Anexos 1 al 20. Tax credit for students Lea las instrucciones del Formulario 4684, en inglés. Tax credit for students Llene el Formulario 4684, en inglés, utilizando la información que usted escribió en los Anexos 1 al 20. Tax credit for students Utilice la tabla que se encuentra a continuación para saber cómo hacer uso de los Anexos 1 al 19 a fin de llenar el Formulario 4684, en inglés. Tax credit for students Utilice lo que se halla en la. Tax credit for students . Tax credit for students . Tax credit for students Y anótelo en el Formulario 4684. Tax credit for students . Tax credit for students . Tax credit for students Columna 1 Línea 1 Columna 2 Línea 2 Columna 3 Línea 3 Columna 4 Línea 4 Columna 5 Línea 5 Columna 6 Línea 6 Columna 7 Línea 7 Columna 8 Línea 8 Columna 9 Línea 9 Pérdidas Generalmente, tiene el derecho de deducir en su declaración de impuesto federal las pérdidas sufridas en su domicilio, sus enseres domésticos y vehículos motorizados. Tax credit for students Sin embargo, no puede deducir una pérdida por hecho fortuito o robo que esté cubierta por seguro a menos que haya presentado oportunamente una reclamación de reembolso al seguro. Tax credit for students Todo reembolso que usted reciba reducirá la cantidad de la pérdida. Tax credit for students Si no presentó una reclamación de reembolso al seguro, puede deducir únicamente la porción de la pérdida que no haya sido protegida por dicho seguro. Tax credit for students Cantidad de la pérdida. Tax credit for students   Calcule la cantidad de su pérdida de la siguiente forma: Determine su costo u otra base en la propiedad antes del hecho fortuito o robo. Tax credit for students Determine la disminución en el valor justo de mercado de la propiedad como resultado del hecho fortuito o robo. Tax credit for students (La disminución del valor justo de mercado es la diferencia entre el valor de la propiedad inmediatamente antes e inmediatamente después del hecho fortuito o robo). Tax credit for students De la cantidad menor de los puntos anteriores (1) y (2), reste todo reembolso del seguro o de otra fuente que usted haya recibido o espere recibir. Tax credit for students   Aplique los límites a la deducción, explicados más adelante, para determinar la cantidad de su pérdida deducible. Tax credit for students Costo u otra base. Tax credit for students   El costo u otra base significa generalmente el costo original más toda mejora realizada a la propiedad. Tax credit for students Si no adquirió la propiedad por medio de una compra, su base se determina según se explica en la Publicación 551, Basis of Assets (Base de los Bienes), en inglés. Tax credit for students Si usted heredó propiedad de alguien que falleció en 2010 y el albacea del caudal hereditario eligió presentar el Formulario 8939, favor de referirse a la información proporcionada por el albacea, o vea la Publicación 4895, Tax Treatment of Property Acquired from a Decedent Dying in 2010 (Trato tributario de la propiedad adquirida de un difunto que falleció en 2010), en inglés. Tax credit for students Valor justo de mercado. Tax credit for students   El valor justo de mercado (FMV, por sus siglas en inglés) es el precio por el cual podría vender su propiedad a una persona dispuesta a comprarla, cuando ninguno de los dos tiene que vender o comprar y ambos están informados de todos los hechos pertinentes. Tax credit for students Al llenar los Anexos 1 al 20, se necesita saber el valor justo de mercado de la propiedad inmediatamente antes e inmediatamente después del desastre, hecho fortuito o robo. Tax credit for students Cálculos separados. Tax credit for students   Generalmente, si un solo hecho fortuito o robo involucra más de un artículo de propiedad, usted tiene que calcular la pérdida de cada artículo por separado. Tax credit for students Luego, sume las pérdidas para determinar la pérdida total de ese hecho fortuito o robo. Tax credit for students Excepción en el caso de propiedad inmueble de uso personal. Tax credit for students   Para calcular una pérdida de bienes inmuebles (bienes raíces) de uso personal, la propiedad entera (incluidas todas las mejoras como edificios, árboles y arbustos) se considera una unidad. Tax credit for students Calcule la pérdida utilizando la menor de las siguientes cantidades: La disminución en el valor justo de mercado de toda la propiedad. Tax credit for students La base ajustada de toda la propiedad. Tax credit for students Límites de la deducción. Tax credit for students   Después de calcular la cantidad de su pérdida según la explicación anterior, tiene que calcular qué cantidad de la pérdida puede deducir. Tax credit for students Esto se hace en la sección A del Formulario 4684, en inglés. Tax credit for students Si la pérdida fue de bienes de uso personal o de su familia, existen dos límites sobre la cantidad que puede deducir como pérdida por hecho fortuito o robo: Tiene que reducir cada pérdida por hecho fortuito o robo por $100 (la regla de $100). Tax credit for students Tiene que reducir además el total de todas sus pérdidas por 10% de su ingreso bruto ajustado (la regla del 10%). Tax credit for students Más información. Tax credit for students   Vea la Publicación 547(SP) para más información sobre los límites de esta deducción. Tax credit for students Cuándo su pérdida es deducible. Tax credit for students   Normalmente, puede deducir una pérdida por hecho fortuito, o aquélla sufrida en una zona de desastre, sólo en el año tributario en el que aconteció el hecho fortuito o desastre. Tax credit for students Normalmente puede deducir una pérdida por robo de propiedad sólo en el año en el que descubrió dicho robo. Tax credit for students No obstante, tiene la opción de deducir las pérdidas sufridas en una zona de desastre en la declaración del año inmediatamente antes del año del desastre si el Presidente de los Estados Unidos ha declarado dicha área como zona de desastre federal. Tax credit for students Para más información, vea el tema Pérdidas en Zonas de Desastre en la Publicación 547(SP). Tax credit for students Comentarios y sugerencias. Tax credit for students   Agradecemos sus comentarios acerca de esta publicación, así como sus sugerencias para ediciones futuras. Tax credit for students   Nos puede escribir a la dirección siguiente:  Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Tax credit for students NW, IR-6526 Washington, DC 20224   Contestamos muchas cartas por teléfono. Tax credit for students Por lo tanto, sería útil que incluyera en la correspondencia su número de teléfono, con el código de área, para llamar durante el día. Tax credit for students   Nos puede enviar correspondencia electrónica (email) a la dirección electrónica taxforms@irs. Tax credit for students gov. Tax credit for students Escriba “Publications Comment” (Comentario sobre una Publicación) en la línea para asunto. Tax credit for students Usted también nos puede enviar comentarios desde la página web en www. Tax credit for students irs. Tax credit for students gov/formspubs, en inglés, seleccionando “Comment on Tax Forms and Publications” (Enviar comentarios sobre los formularios y publicaciones de impuestos), bajo la sección “Information About” (Información sobre). Tax credit for students Aunque no podemos contestar individualmente cada comentario, agradecemos sus comentarios y sugerencias y los tendremos en cuenta para ediciones futuras de nuestros productos tributarios. Tax credit for students Para pedir formularios y publicaciones. Tax credit for students   Visite www. Tax credit for students irs. Tax credit for students gov/formspubs para descargar formularios y publicaciones, llame al 1-800-829-3676 para pedir formulario y publicaciones o escriba a la dirección a continuación para recibir una respuesta dentro de los 10 días después de recibir su solicitud. Tax credit for students  Internal Revenue Service 1201 N. Tax credit for students Mitsubishi Motorway Bloomington, IL 61705-6613 Preguntas sobre los impuestos. Tax credit for students   Si tiene una pregunta sobre los impuestos, verifique la información disponible en IRS. Tax credit for students gov/espanol o llame al 1-800-829-1040. Tax credit for students No podemos contestar preguntas sobre impuestos enviadas a ninguna de las dos direcciones anteriores. Tax credit for students Cómo Obtener Ayuda con los Impuestos Puede obtener ayuda con asuntos relacionados con sus impuestos que no hayan sido aún resueltos, pedir gratuitamente publicaciones y formularios, hacer preguntas acerca de los impuestos, así como obtener más información del IRS de varias maneras. Tax credit for students Al seleccionar el método que le resulte mejor, usted tendrá acceso rápido y fácil a ayuda relacionada con los impuestos Ayuda gratuita con la preparación de la declaración de impuestos. Tax credit for students   Existe ayuda gratuita para la preparación de la declaración de impuestos en todo el país con voluntarios certificados por el IRS. Tax credit for students El programa Volunteer Income Tax Assistance (Programa de Ayuda Voluntaria a los Contribuyentes o VITA, por sus siglas en inglés) está diseñado para ayudar a los contribuyentes de recursos bajos a medianos y el programa Tax Counseling for the Elderly (Programa de Asesoramiento para las Personas de Edad Avanzada o TCE, por sus siglas en inglés) está diseñado para ayudar a los contribuyentes de 60 años de edad o más con su declaración de impuestos. Tax credit for students En la mayoría de estos locales usted puede presentar la declaración electrónicamente gratis y los voluntarios le informarán sobre los créditos y deducciones a los que quizás tenga derecho. Tax credit for students Para ubicar un local de ayuda VITA o TCE cerca de usted, visite IRS. Tax credit for students gov o llame al 1-800-906-9887 o 1-800-829-1040. Tax credit for students   Como parte del programa TCE, la Asociación Estadounidense de Personas Jubiladas (AARP, por sus siglas en inglés) ofrece el programa de asesoramiento AARP Tax-Aide (Programa de Ayuda Tributaria de la Asociación Estadounidense de Personas Jubiladas). Tax credit for students Para ubicar el sitio del programa AARP Tax-Aide más cercano, llame al 1-888-227-7669 o visite el sitio web de la AARP, www. Tax credit for students aarp. Tax credit for students org/money/taxaide. Tax credit for students   Para más información sobre estos programas, visite IRS. Tax credit for students gov e ingrese la palabra clave “VITA” en la esquina superior derecha. Tax credit for students Internet. Tax credit for students Puede tener acceso al sitio web del IRS, www. Tax credit for students irs. Tax credit for students gov/espanol las 24 horas del día, 7 días a la semana para: Revisar el estado de su reembolso para el año 2011. Tax credit for students Visite www. Tax credit for students irs. Tax credit for students gov/espanol y pulse sobre el enlace “¿Dónde Está mi Reembolso?” . Tax credit for students Asegúrese de esperar por lo menos 72 horas después de que el IRS acuse recibo de su declaración presentada por vía electrónica o 3 a 4 semanas después de enviar una declaración en papel. Tax credit for students Si presentó el Formulario 8379 junto con su declaración, espere 14 semanas (11 semanas si la presentó electrónicamente). Tax credit for students Tenga a mano su declaración de impuestos del año 2011 para poder facilitar su número de Seguro Social, su estado civil para efectos de la declaración y la cantidad exacta en dólares enteros de su reembolso. Tax credit for students Presentar la declaración por medio del sistema electrónico e-file. Tax credit for students Aprenda sobre programas comerciales para la preparación de la declaración y los servicios e-file gratuitos para los contribuyentes que cumplan los requisitos. Tax credit for students Descargar formularios, incluidos audioformularios, instrucciones y publicaciones. Tax credit for students Pedir productos del IRS a través de Internet. Tax credit for students Buscar información en Internet para aclarar sus preguntas acerca de impuestos. Tax credit for students Buscar publicaciones en Internet por tema o palabra clave. Tax credit for students Utilizar el Código o regulaciones de Impuestos Internos en Internet u otra información oficial. Tax credit for students Ver los Internal Revenue Bulletins (Boletines del IRS o IRB, por sus siglas en inglés) publicados en los últimos años. Tax credit for students Calcular los descuentos de la retención usando nuestra calculadora diseñada para este propósito en el sitio web www. Tax credit for students irs. Tax credit for students gov/espanol. Tax credit for students Saber si se tiene que presentar el Formulario 6251 utilizando el Alternative Minimum Tax (AMT) Assistant (Hoja de Cómputo Electrónica para Calcular el Impuesto Mínimo Alternativo), en inglés, disponible por Internet en www. Tax credit for students irs. Tax credit for students gov/individuals. Tax credit for students Suscribirse para recibir noticias sobre impuestos locales y nacionales por medio de correo electrónico. Tax credit for students Obtener información acerca de cómo abrir y administrar un pequeño negocio. Tax credit for students Teléfono. Tax credit for students Muchos servicios están disponibles por teléfono. Tax credit for students Cómo pedir formularios, instrucciones y publicaciones. Tax credit for students Llame al 1-800-829-3676 (servicio disponible en español) para pedir formularios, instrucciones y publicaciones de este año, así como de años anteriores. Tax credit for students Deberá recibir lo que ha pedido dentro de 10 días. Tax credit for students Cómo hacer preguntas relacionadas con los impuestos. Tax credit for students Llame al IRS para hacer preguntas al 1-800-829-1040. Tax credit for students Cómo resolver problemas. Tax credit for students Puede recibir ayuda en persona para resolver problemas tributarios en días laborables en los IRS Taxpayer Assistance Centers (Centros de Ayuda del IRS para Contribuyentes). Tax credit for students Un funcionario le puede explicar las cartas que le ha enviado el IRS, ayudarle a hacer solicitudes para ajustes a su cuenta o ayudarle a establecer un plan de pagos. Tax credit for students Llame al Centro de Ayuda del IRS para Contribuyentes local para pedir una cita. Tax credit for students Para obtener el número telefónico, visite el sitio web www. Tax credit for students irs. Tax credit for students gov/localcontacts, en inglés, o consulte la guía telefónica bajo United States Government, Internal Revenue Service (Gobierno de los Estados Unidos, Servicio de Impuestos Internos). Tax credit for students Equipo TTY/TDD. Tax credit for students Si tiene acceso a equipo TTY/TDD, llame al 1-800-829-4059 para hacer preguntas relacionadas con los impuestos o para pedir formularios y publicaciones. Tax credit for students Temas TeleTax. Tax credit for students Llame al 1-800-829-4477 y presione el 2 para escuchar mensajes grabados en español sobre varios temas relacionados con los impuestos. Tax credit for students Información sobre los reembolsos. Tax credit for students Usted puede averiguar el estado de su reembolso con la nueva aplicación para teléfonos celulares del IRS. Tax credit for students Descargue la aplicación IRS2Go gratis cuando visite la página Web de la tienda de aplicaciones de iTunes o la del Android Marketplace. Tax credit for students La aplicación IRS2Go es una manera nueva para nosotros proveerle información. Tax credit for students Para averiguar el estado de su reembolso por teléfono, llame al 1-800-829-4477 y presione el 2 para escuchar información automatizada en español, 24 horas al día, 7 días a la semana. Tax credit for students Asegúrese de esperar por lo menos 72 horas después de que el IRS acuse recibo de su declaración presentada por vía electrónica o 3 a 4 semanas después de enviar una declaración en papel. Tax credit for students Si presentó el Formulario 8379 junto con su declaración, espere 14 semanas (11 semanas si la presentó electrónicamente). Tax credit for students Tenga a mano su declaración de impuestos del año 2011 para poder facilitar su número de Seguro Social, su estado civil para efectos de la declaración y la cantidad exacta en dólares enteros de su reembolso. Tax credit for students Si comprueba el estado de su reembolso y no se le da una fecha de envío, espere a la siguiente semana para volver a comprobarlo. Tax credit for students Otra información relacionada con los reembolsos. Tax credit for students Para averiguar el estado del reembolso o de una declaración enmendada correspondiente a un año anterior, llame al 1-800-829-1040. Tax credit for students Cómo evaluar la calidad de nuestros servicios telefónicos. Tax credit for students Para asegurar que las respuestas que reciba de los funcionarios del IRS sean correctas, corteses y profesionales, evaluamos la calidad de nuestros servicios telefónicos de diversas maneras. Tax credit for students Una manera es que un segundo funcionario del IRS escuche o grabe las llamadas telefónicas en el momento en que éstas se llevan a cabo. Tax credit for students Otra manera es pedirles a algunas de las personas que llaman que contesten una breve encuesta al final de la llamada. Tax credit for students Visitas en persona. Tax credit for students Muchos productos y servicios están disponibles en varios lugares públicos. Tax credit for students Productos. Tax credit for students Puede visitar diversas oficinas de correos, bibliotecas y oficinas del IRS para obtener formularios, instrucciones y publicaciones. Tax credit for students Algunas oficinas del IRS, bibliotecas, supermercados, centros para hacer copias, oficinas de gobiernos municipales y de condados, cooperativas de crédito y tiendas de artículos de oficina tienen una colección de productos que se pueden imprimir de un CD o fotocopiar del documento original impreso. Tax credit for students Además, algunas oficinas del IRS así como algunas bibliotecas tienen el Código Tributario del IRS, reglamentaciones, Boletines del IRS y Boletines Cumulativos disponibles para la búsqueda de información. Tax credit for students Servicios. Tax credit for students Usted puede visitar su Taxpayer Assistance Center (Centro de Ayuda para el Contribuyente) local del IRS cada día laborable para recibir ayuda en persona con respecto a todo problema relacionado con los impuestos. Tax credit for students Un funcionario puede explicarle las cartas que le envía el IRS, le puede ayudar a hacer solicitudes para ajustar su cuenta o ayudarle a establecer un plan de pagos. Tax credit for students Si necesita resolver un problema relacionado con los impuestos, tiene preguntas sobre cómo las leyes tributarias son aplicables a su declaración de impuestos personal o se siente más a gusto hablando con alguien en persona, visite su Centro de Ayuda para el Contribuyente a nivel local donde podrá mostrar sus archivos y documentación y hablar con un funcionario del IRS en persona. Tax credit for students No se necesita cita, simplemente venga a hacer su consulta. Tax credit for students Pero si prefiere, puede llamar a su centro local y dejar un mensaje solicitando una cita para resolver un asunto relacionado con su cuenta tributaria. Tax credit for students Un funcionario le llamará dentro de 2 días laborables para hacer una cita en persona con usted. Tax credit for students Si le queda por resolver algún problema complicado relacionado con los impuestos o si tiene alguna necesidad especial, como una discapacidad, puede solicitar una cita. Tax credit for students Los demás asuntos se tramitan sin necesidad de hacer una cita. Tax credit for students Para obtener el número telefónico de la oficina local, visite el sitio web www. Tax credit for students irs. Tax credit for students gov/localcontacts o consulte la guía telefónica bajo United States Government, Internal Revenue Service (Gobierno de los Estados Unidos, Servicio de Impuestos Internos). Tax credit for students Correspondencia. Tax credit for students Puede solicitar formularios, instrucciones y publicaciones enviando una solicitud a la dirección indicada a continuación y le contestaremos dentro de un período de 10 días después de haber recibido su solicitud. Tax credit for students  Internal Revenue Service 1201 N. Tax credit for students Mitsubishi Motorway Bloomington, IL 61705–6613 Servicio del Defensor del Contribuyente. Tax credit for students   El Servicio del Defensor del Contribuyente (TAS por sus siglas en inglés), es su voz ante el IRS. Tax credit for students Nuestro deber es asegurar que a cada contribuyente se le trate de forma justa, y que usted conozca y entienda sus derechos. Tax credit for students Le ofrecemos ayuda gratuita para ayudarle a navegar el proceso, frecuentemente confuso, de resolver problemas tributarios que no ha podido resolver usted mismo. Tax credit for students Tenga presente que lo peor que se puede hacer es no hacer nada. Tax credit for students   El Servicio del Defensor del Contribuyente le puede ayudar si usted no puede resolver su problema con el IRS y además: Si su problema le causa problemas financieros a usted, su familia o su negocio. Tax credit for students Si usted (o su negocio) está enfrentando la amenaza de acción adversa inmediata. Tax credit for students Si usted ha intentado, vez tras vez, comunicarse con el IRS pero nadie le ha respondido, o si el IRS no le ha respondido antes de la fecha prometida. Tax credit for students   Si usted reúne los requisitos para recibir nuestra ayuda, haremos todo lo posible para resolverle su problema. Tax credit for students A usted se le asignará un defensor, quien estará a su lado en cada paso del camino. Tax credit for students Tenemos oficinas en cada estado, el Distrito de Columbia, y Puerto Rico. Tax credit for students Aunque TAS es una sección independiente dentro del IRS, nuestros defensores saben trabajar junto con el IRS para resolver sus provlemas. Tax credit for students ¡Y nuestros servicios son siempre gratuitos!   Como contribuyente, usted tiene derechos que el IRS tiene que respetar cuando trata con usted. Tax credit for students Nuestro kit de herramientas tributarias, disponible en www. Tax credit for students taxpayeradvocate. Tax credit for students irs. Tax credit for students gov/Home/Spanish le puede ayudar a entender estos derechos. Tax credit for students   Si usted cree que el TAS posiblemente le puede ayudar, llame al defensor local, cuyo número de teléfono se halla en el directorio del teléfono, y también en nuestra página Web, en www. Tax credit for students irs. Tax credit for students gov/advocate. Tax credit for students Usted también podría llamarnos gratis al 1-877-777-4778. Tax credit for students   El TAS se ocupa de resolver problemas de gran escala o problemas sistémicos que afectan a muchos contribuyentes. Tax credit for students Si usted conoce alguno de estos asuntos, favor de informarnos del mismo utilizando el Systemic Advocacy Management System (Sistema de administración de la defensa sistémica), en inglés, en el sitio www. Tax credit for students irs. Tax credit for students gov/advocate. Tax credit for students Talleres para Contribuyentes de Ingresos Bajos (LITC por sus siglas en inglés). Tax credit for students   Los Talleres para Contribuyentes de Ingresos Bajos (LITC) son independientes del IRS. Tax credit for students Algunos Talleres sirven a las personas cuyos ingresos estén por debajo de cierto nivel, y quienes necesitan resolver un problema tributaria. Tax credit for students Estos talleres proporcionan gratis, o por una cuota pequeña, representación profesional ante el IRS, en la corte durante auditorias, apelaciones, disputas de cobro de impuestos, y en otros asuntos. Tax credit for students Para esas personas que hablan inglés como segundo idioma, algunos Talleres pueden proveer información en muchos idiomas diferentes sobre los derechos y responsabilidades del contribuyente. Tax credit for students Para más información y para hallar un Taller cerca de usted, vea la página Web de los LITC en www. Tax credit for students irs. Tax credit for students gov/espanol/article/0,,id=219303,00. Tax credit for students html o en la Publicación 4134SP, Lista de Talleres para Contribuyentes de Bajos Ingresos. Tax credit for students Esta publicación también le está disponible en la oficina local del IRS o llamando al 1-800-829-3676. Tax credit for students Servicios Tributarios Gratuitos. Tax credit for students   La Publicación 910, IRS Guide to Free Tax Services, (Guía de servicios gratuitos del IRS, en inglés), es su guía para los servicios y recursos proporcionados por el IRS. Tax credit for students Con ella puede aprender más sobre la información tributaria que el IRS le proporciona gratis, inclusive publicaciones, servicios, y programas de educación y ayuda. Tax credit for students La publicación le brinda también una índice de más de 100 temas tributarios TeleTax (información tributaria grabada) que usted puede escuchar por teléfono. Tax credit for students La mayoría de la información y los servicios enumerados en esta publicación se le proporcionan sin costo a usted. Tax credit for students Si hay una cuota asociada con algún recurso o servicio, esta se indica en la publicación. Tax credit for students   Versiones accesibles de los productos publicadas por el IRS se la hacen disponibles a personas discapacitadas en varios formatos, si ellos las piden. Tax credit for students Discos DVD para productos tributarios. Tax credit for students Usted puede solicitar la Publicación 1796, IRS Tax Products DVD (DVD de productos tributarios del IRS), en inglés, y obtener: Formularios, instrucciones y publicaciones de impuestos del año en curso. Tax credit for students Formularios, instrucciones y publicaciones de impuestos de años anteriores. Tax credit for students Mapa Tributario: una herramienta de búsqueda electrónica y de ayuda. Tax credit for students Preguntas sobre leyes tributarias hechas con frecuencia. Tax credit for students Tax Topics (Temas Tributarios) del sistema telefónico de respuestas del IRS. Tax credit for students Código de Impuestos Internos —Título 26 del Código de los Estados Unidos. Tax credit for students Opciones para completar, imprimir y guardar la mayoría de los formularios de impuestos. Tax credit for students Internal Revenue Bulletins (Boletines del IRS). Tax credit for students Apoyo técnico telefónico gratuito y por correo electrónico. Tax credit for students El CD que se expide dos veces al año. Tax credit for students  — La primera entrega se envía a principios de enero del año 2012. Tax credit for students  — La última entrega se envía a principios de marzo del año 2012. Tax credit for students Compre el DVD del National Technical Information Service (NTIS, por sus siglas en inglés) en la página web www. Tax credit for students irs. Tax credit for students gov/cdorders por $30 (sin costo de tramitación) o llame gratuitamente al 1-877-233-6767 para comprar el DVD por $30 (más un cargo de tramitación de $6). Tax credit for students Prev  Up  Next   Home   More Online Publications