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Taxact login tax return taxact login page 15. Taxact login tax return taxact login page   Venta de su Vivienda Table of Contents Recordatorio Introduction Useful Items - You may want to see: Vivienda Principal Cómo Calcular las Pérdidas o Ganancias Precio de Venta Cantidad Recibida Base Ajustada Cantidad de Pérdidas o Ganancias Enajenaciones que no Sean Ventas Cómo Determinar la Base Cómo Excluir las GananciasExclusión Máxima Requisitos de Propietario y de Uso Exclusión Máxima Reducida Uso Comercial o Alquiler de Vivienda Cómo Declarar la VentaHipoteca financiada por el vendedor. Taxact login tax return taxact login page Información adicional. Taxact login tax return taxact login page Situaciones EspecialesExcepción para ventas a personas emparentadas o vinculadas. Taxact login tax return taxact login page Recuperación (Devolución) de un Subsidio Hipotecario Federal Recordatorio Venta de vivienda con puntos no deducidos. Taxact login tax return taxact login page  Si no ha deducido todos los puntos que pagó para asegurar una hipoteca sobre su vivienda anterior, tal vez pueda deducir los puntos restantes en el año de la venta. Taxact login tax return taxact login page Consulte Hipoteca que termina antes del plazo de vigencia convenido bajo Puntos en el capítulo 23. Taxact login tax return taxact login page Introduction Este capítulo explica las reglas tributarias que son aplicables cuando vende su vivienda principal. Taxact login tax return taxact login page En la mayoría de los casos, su vivienda principal es aquélla en la que vive la mayor parte del tiempo. Taxact login tax return taxact login page Si vendió su vivienda principal en el año 2013, es posible que pueda excluir de sus ingresos todas las ganancias hasta un máximo de $250,000 ($500,000 en una declaración conjunta, en la mayoría de los casos). Taxact login tax return taxact login page Consulte Cómo Excluir las Ganancias , más adelante. Taxact login tax return taxact login page Generalmente, si puede excluir todas las ganancias, no es necesario que declare dicha venta en su declaración de impuestos. Taxact login tax return taxact login page Si tiene ganancias que no se pueden excluir, éstas son tributables. Taxact login tax return taxact login page Declare estas ganancias en el Formulario 8949, Sales and Other Dispositions of Capital Assets (Ventas y otras enajenaciones de bienes de capital), en inglés, y en el Anexo D (Formulario 1040). Taxact login tax return taxact login page Es posible que también tenga que llenar el Formulario 4797, Sales of Business Property (Ventas de propiedad comercial), en inglés. Taxact login tax return taxact login page Consulte Cómo Declarar la Venta , más adelante. Taxact login tax return taxact login page Si tiene pérdidas de la venta, generalmente no puede deducirlas en su declaración. Taxact login tax return taxact login page Sin embargo, podría verse obligado a declararlas. Taxact login tax return taxact login page Consulte Cómo Declarar la Venta , más adelante. Taxact login tax return taxact login page Los temas principales de este capítulo son los siguientes: Cómo calcular las pérdidas o ganancias. Taxact login tax return taxact login page Cómo determinar la base. Taxact login tax return taxact login page Cómo excluir las ganancias. Taxact login tax return taxact login page Requisitos de propiedad y de uso. Taxact login tax return taxact login page Cómo declarar la venta. Taxact login tax return taxact login page Otros temas incluyen lo siguiente: Uso comercial o alquiler de vivienda. Taxact login tax return taxact login page Recuperación de un subsidio hipotecario federal. Taxact login tax return taxact login page Useful Items - You may want to see: Publicación 523 Selling Your Home (Venta de su vivienda), en inglés 530 Tax Information for Homeowners (Información tributaria para propietarios de vivienda), en inglés 547(SP) Hechos Fortuitos, Desastres y Robos Formulario (e Instrucciones) Anexo D (Formulario 1040) Capital Gains and Losses (Ganancias y pérdidas de capital), en inglés 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (Reducción de atributos tributarios debido a la liquidación de deudas), en inglés 8828 Recapture of Federal Mortgage Subsidy (Recuperación del subsidio hipotecario federal), en inglés 8949 Sales and Other Dispositions of Capital Assets (Ventas y otras enajenaciónes de bienes de capital), en inglés Vivienda Principal Esta sección explica el término “vivienda principal”. Taxact login tax return taxact login page Generalmente, la vivienda en que usted vive la mayor parte del tiempo es su vivienda principal y puede ser un(a): Casa, Casa flotante, Casa rodante, Apartamento de cooperativa o Condominio. Taxact login tax return taxact login page Para excluir ganancias según las reglas del presente capítulo, en la mayoría de los casos tiene que haber sido propietario y habitado la propiedad como vivienda principal durante un mínimo de 2 años durante el período de 5 años que termina en la fecha de la venta. Taxact login tax return taxact login page Terreno. Taxact login tax return taxact login page   Si vende el terreno en que se encuentra ubicada su vivienda principal, pero no la casa misma, no puede excluir ganancias provenientes de la venta del terreno. Taxact login tax return taxact login page Sin embargo, si vende terrenos baldíos usados como parte de su vivienda principal y contiguos a la misma, tal vez pueda excluir la ganancia proveniente de la venta de dichos terrenos en ciertos casos. Taxact login tax return taxact login page Vea Vacant land (Terreno baldío), bajo Main Home (Vivienda principal) en la Publicación 523, en inglés, para más información. Taxact login tax return taxact login page Ejemplo. Taxact login tax return taxact login page Compra un terreno y traslada su vivienda principal ahí. Taxact login tax return taxact login page Luego, vende el terreno en que se encuentra ubicada su vivienda principal. Taxact login tax return taxact login page Esta venta no se considera venta de su vivienda principal y no puede excluir las ganancias provenientes de la venta del terreno. Taxact login tax return taxact login page Más de una vivienda. Taxact login tax return taxact login page   Si es propietario de más de una vivienda, solamente puede excluir las ganancias de la venta de su vivienda principal. Taxact login tax return taxact login page Tiene que incluir en sus ingresos las ganancias procedentes de la venta de cualquier otra vivienda. Taxact login tax return taxact login page Si es propietario de dos viviendas y vive en ambas, su vivienda principal generalmente es aquella en que vive la mayor parte del tiempo durante el año. Taxact login tax return taxact login page Ejemplo 1. Taxact login tax return taxact login page Usted es propietario de dos casas, una en Nueva York y otra en Florida. Taxact login tax return taxact login page Entre 2009 y 2013, usted vive en la casa de Nueva York por 7 meses y en la residencia de Florida durante 5 meses de cada año. Taxact login tax return taxact login page En la ausencia de hechos y circunstancias que indiquen lo contrario, la casa de Nueva York es su vivienda principal. Taxact login tax return taxact login page Usted califica para la exclusión de la ganancia de la venta de la casa de Nueva York, pero no por la casa en Florida en el 2013. Taxact login tax return taxact login page Ejemplo 2. Taxact login tax return taxact login page Usted es propietario de una casa, pero vive en otra casa que alquila. Taxact login tax return taxact login page La casa alquilada es su vivienda principal. Taxact login tax return taxact login page Ejemplo 3. Taxact login tax return taxact login page Usted es propietario de dos casas, una en Virginia y otra en New Hampshire. Taxact login tax return taxact login page En 2009 y 2010, usted vivió en la casa de Virginia. Taxact login tax return taxact login page En 2011 y 2012, vivió en la casa de New Hampshire. Taxact login tax return taxact login page En 2013, vivió otra vez en la casa de Virginia. Taxact login tax return taxact login page Su residencia principal en 2009, 2010 y 2013 es la residencia de Virginia. Taxact login tax return taxact login page En 2011 y 2012, su residencia principal es la residencia de New Hampshire. Taxact login tax return taxact login page Usted reúne los requisitos para la exclusión de la ganancia de la venta de cualesquiera de las casas (pero no ambas) en el 2013. Taxact login tax return taxact login page Propiedad usada parcialmente como su vivienda principal. Taxact login tax return taxact login page   Si usa solamente una parte de la propiedad como vivienda principal, las reglas que se abordan en este capítulo son aplicables sólo a las pérdidas o ganancias de la venta de esa parte de la propiedad. Taxact login tax return taxact login page Para obtener detalles, consulte Uso Comercial o Alquiler de Vivienda , más adelante. Taxact login tax return taxact login page Cómo Calcular las Pérdidas o Ganancias Para calcular las pérdidas o ganancias procedentes de la venta de su vivienda principal, tiene que saber cuál es el precio de venta, la cantidad recibida y la base ajustada. Taxact login tax return taxact login page Reste la base ajustada de la cantidad recibida para obtener el total de pérdidas o ganancias. Taxact login tax return taxact login page     Precio de venta     − Gastos de venta       Cantidad recibida       Cantidad recibida     − Base ajustada       Pérdidas o ganancias   Precio de Venta El precio de venta es la cantidad total que recibe por su vivienda. Taxact login tax return taxact login page Esto incluye dinero y el valor justo de mercado de cualquier otro bien o servicio que reciba y todos los pagarés, hipotecas u otras deudas que adquiere el comprador como parte de la venta. Taxact login tax return taxact login page Pago efectuado por su empleador. Taxact login tax return taxact login page   Es posible que tenga que vender su vivienda debido a un traslado de trabajo. Taxact login tax return taxact login page Si su empleador le paga las pérdidas originadas por la venta o gastos de venta, no incluya el pago como parte del precio de venta. Taxact login tax return taxact login page Su empleador incluirá el pago como salario en el recuadro 1 del Formulario W-2 y usted lo incluirá en los ingresos en la línea 7 del Formulario 1040. Taxact login tax return taxact login page Opción de compra. Taxact login tax return taxact login page   Si otorga una opción de compra para su vivienda y esa opción se ejecuta, sume al precio de venta de la vivienda la cantidad que reciba por la opción. Taxact login tax return taxact login page Si la opción no se ejecuta, tiene que declarar la cantidad como ingreso ordinario en el año en que venza la opción. Taxact login tax return taxact login page Declare esta cantidad en la línea 21 del Formulario 1040. Taxact login tax return taxact login page Formulario 1099-S. Taxact login tax return taxact login page   Si recibió el Formulario 1099-S, Proceeds From Real Estate Transactions (Utilidades de transacciones de bienes raíces), en inglés, el recuadro 2 Gross Proceeds (Utilidades brutas) debe mostrar la cantidad total que recibió por su vivienda. Taxact login tax return taxact login page   Sin embargo, el recuadro 2 no incluirá el valor justo de mercado de servicios o bienes que no sean dinero en efectivo o pagarés que haya recibido o recibirá. Taxact login tax return taxact login page En lugar de esto, el recuadro 4 estará marcado para indicar que ha recibido (o que se anticipa que va a recibir) estos bienes. Taxact login tax return taxact login page Cantidad Recibida La cantidad recibida corresponde al precio de venta menos los gastos de venta. Taxact login tax return taxact login page Gastos de venta. Taxact login tax return taxact login page   Los gastos de venta incluyen: Comisiones, Cargos por publicidad, Honorarios legales y Cargos de préstamo pagados por el vendedor, como tarifas por colocación de préstamos o “puntos”. Taxact login tax return taxact login page Base Ajustada Durante el período en el que haya sido propietario de su vivienda, es posible que haya realizado ajustes (aumentos o disminuciones) a la base. Taxact login tax return taxact login page Esta base ajustada se tiene que determinar antes de poder calcular las pérdidas o ganancias de la venta de su vivienda. Taxact login tax return taxact login page Para obtener información sobre cómo calcular la base ajustada de su vivienda, consulte Cómo Determinar la Base , más adelante. Taxact login tax return taxact login page Cantidad de Pérdidas o Ganancias Para calcular la cantidad de pérdidas o ganancias, compare la cantidad recibida con la base ajustada. Taxact login tax return taxact login page Ganancias de la venta. Taxact login tax return taxact login page   Si la cantidad recibida es mayor que la base ajustada, la diferencia es una ganancia y, a excepción de cualquier parte que pueda excluir, dicha ganancia suele ser tributable. Taxact login tax return taxact login page Pérdidas de la venta. Taxact login tax return taxact login page   Si la cantidad recibida es menor que la base ajustada, la diferencia es una pérdida. Taxact login tax return taxact login page Las pérdidas provenientes de la venta de su vivienda principal no se pueden deducir. Taxact login tax return taxact login page Vivienda de propiedad conjunta. Taxact login tax return taxact login page   Si usted y su cónyuge venden su vivienda de propiedad conjunta y presentan una declaración conjunta, debe calcular sus pérdidas o ganancias como si fueran un solo contribuyente. Taxact login tax return taxact login page Declaraciones por separado. Taxact login tax return taxact login page   Si usted y su cónyuge presentan declaraciones por separado, cada uno tiene que calcular sus propias pérdidas o ganancias conforme a su participación en la propiedad de la vivienda. Taxact login tax return taxact login page Generalmente, dicha participación está determinada por la ley estatal. Taxact login tax return taxact login page Copropietarios no casados. Taxact login tax return taxact login page   Si usted y un copropietario que no sea su cónyuge venden su vivienda de propiedad conjunta, cada uno tiene que calcular sus propias pérdidas o ganancias conforme a su participación en la propiedad de la vivienda. Taxact login tax return taxact login page Cada uno debe aplicar las reglas que se abordan en este capítulo de manera individual. Taxact login tax return taxact login page Enajenaciones que no Sean Ventas Hay ciertas reglas especiales para otras enajenaciones de su vivienda principal. Taxact login tax return taxact login page Ejecución hipotecaria o embargo de bienes. Taxact login tax return taxact login page   Si su vivienda estuvo sujeta a juicio hipotecario o embargo, ésto se considera enajenación de la vivienda principal. Taxact login tax return taxact login page Consulte la Publicación 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (Deudas canceladas, ejecuciones hipotecarias, embargo y abandonos), en inglés, para calcular si tiene ingreso ordinario, pérdidas o ganancias. Taxact login tax return taxact login page Abandono. Taxact login tax return taxact login page   Si abandona su vivienda, vea la Publicación 4681, en inglés, para determinar si usted tiene ingresos ordinarios, ganancia o pérdida. Taxact login tax return taxact login page Intercambio de viviendas. Taxact login tax return taxact login page   Si intercambia su antigua vivienda por otra, trate el intercambio como una compraventa. Taxact login tax return taxact login page Ejemplo. Taxact login tax return taxact login page Usted habitaba y era propietario de una vivienda que tenía una base ajustada de $41,000. Taxact login tax return taxact login page Un agente de bienes raíces aceptó su antigua vivienda por un valor de $50,000 como pago parcial para la compra de una nueva vivienda con un valor de $80,000. Taxact login tax return taxact login page Esta transacción se trata como venta de su antigua vivienda por $50,000 con una ganancia de $9,000 ($50,000 – $41,000). Taxact login tax return taxact login page Si el agente de bienes raíces le hubiese concedido $27,000 y hubiese asumido su hipoteca por pagar de $23,000 sobre su antigua vivienda, el precio de venta aún sería $50,000 (los $27,000 concedidos para el intercambio más la hipoteca de $23,000 que asumió). Taxact login tax return taxact login page Traspaso a cónyuge. Taxact login tax return taxact login page   Si traspasa su vivienda a su cónyuge, o lo traspasa a su ex cónyuge por causa de divorcio, en la mayoría de los casos no hay pérdidas ni ganancias. Taxact login tax return taxact login page Esto es cierto aun si recibe dinero en efectivo u otra compensación por su vivienda. Taxact login tax return taxact login page Por lo tanto, no son aplicables las reglas de este capítulo. Taxact login tax return taxact login page Información adicional. Taxact login tax return taxact login page   Si necesita más información, consulte Transfer to spouse (Traspaso a cónyuge) en la Publicación 523, y Property Settlements (Liquidaciones de bienes) en la Publicación 504, Divorced or Separated Individuals (Personas divorciadas o separadas), ambas en inglés. Taxact login tax return taxact login page Conversión involuntaria. Taxact login tax return taxact login page   Si su vivienda es destruida o expropiada, y usted recibe dinero u otros bienes a cambio, como el pago de un seguro o indemnización por causa de expropiación forzosa, esto es una enajenación. Taxact login tax return taxact login page Esto se considera una venta y quizás pueda excluir la totalidad o parte de la ganancia proveniente de la destrucción o expropiación de su vivienda, según se explica más adelante, bajo Situaciones Especiales . Taxact login tax return taxact login page Cómo Determinar la Base Debe saber cuál es la base de su vivienda para poder calcular toda pérdida o ganancia al momento de la venta. Taxact login tax return taxact login page La base de su vivienda se determina dependiendo de cómo la obtuvo. Taxact login tax return taxact login page Generalmente, la base es el costo de la vivienda si la compró o construyó. Taxact login tax return taxact login page Si la obtuvo de alguna otra manera (herencia, regalo, etc. Taxact login tax return taxact login page ), la base, por lo general, es el valor justo de mercado cuando la recibió o la base ajustada del dueño anterior. Taxact login tax return taxact login page Mientras fue propietario de su vivienda, es posible que realizara ajustes (aumentos o disminuciones) a la base de su vivienda. Taxact login tax return taxact login page El resultado de estos ajustes es la base ajustada de la vivienda, la cual se usa para calcular las pérdidas o ganancias de la venta de la misma. Taxact login tax return taxact login page Consulte Base Ajustada , más adelante. Taxact login tax return taxact login page Puede obtener más información sobre la base y la base ajustada en el capítulo 13 de esta publicación y en la Publicación 523, en inglés. Taxact login tax return taxact login page Costo como Base El costo de la propiedad es la cantidad que pagó por ella en efectivo o a través de obligaciones de deuda, otros bienes o servicios. Taxact login tax return taxact login page Compra. Taxact login tax return taxact login page   Si compró una vivienda, la base es lo que a usted le cuesta. Taxact login tax return taxact login page Esto incluye el precio de compra y ciertos costos de cierre. Taxact login tax return taxact login page En la mayoría de los casos, el precio de compra incluye su pago inicial o enganche y toda deuda que haya entregado al vendedor en pago por la vivienda, como una primera o segunda hipoteca o pagarés. Taxact login tax return taxact login page Si construye una vivienda o contrata a terceros para construirla, su precio de compra puede incluir los costos de construcción, como se explica en la Publicación 523, en inglés. Taxact login tax return taxact login page Gastos de transacción o costos de cierre. Taxact login tax return taxact login page   Al momento de comprar su vivienda, es posible que haya tenido costos de cierre además del precio del contrato de la propiedad. Taxact login tax return taxact login page Puede incluir en la base algunos de los gastos de transacción y costos de cierre que pagó por la compra de la vivienda, pero no puede incluir en la base los cargos y costos por la obtención de un préstamo hipotecario. Taxact login tax return taxact login page Un cargo que se paga por la compra de la vivienda es todo cargo que hubiera tenido que pagar aún si hubiera pagado por ella en efectivo (es decir, sin tener que financiarla). Taxact login tax return taxact login page   El capítulo 13 indica algunos de los gastos de transacción y costos de cierre que puede incluir en la base de su propiedad, incluida su vivienda. Taxact login tax return taxact login page Asimismo, indica algunos de los costos de cierre que no se pueden incluir en la base. Taxact login tax return taxact login page   Además, consulte la Publicación 523, en inglés, para información adicional y una definición de la base distinta a la del costo. Taxact login tax return taxact login page Base Ajustada La base ajustada es su costo u otra base a la que se le restan o suman ciertas cantidades. Taxact login tax return taxact login page Para calcular su base ajustada, puede utilizar la Hoja de Trabajo 1 de la Publicación 523, en inglés. Taxact login tax return taxact login page No utilice la Hoja de Trabajo 1 si adquirió participación en su vivienda de un difunto que falleció en 2010 y cuyo albacea ha presentado el Formulario 8939, Allocation of Increase in Basis for Property Acquired From a Decedent (Distribución del aumento en la base de propiedad adquirida de un difunto), en inglés. Taxact login tax return taxact login page Aumentos a la base. Taxact login tax return taxact login page   Incluyen lo siguiente: Ampliación y otras mejoras que tengan una vida útil superior a 1 año. Taxact login tax return taxact login page Tasaciones especiales para mejoras locales. Taxact login tax return taxact login page Toda cantidad que usted haya gastado después de un hecho fortuito para restaurar la propiedad dañada. Taxact login tax return taxact login page Mejoras. Taxact login tax return taxact login page   Éstas agregan valor a su vivienda, prolongan su vida útil o la adaptan para nuevos usos. Taxact login tax return taxact login page Debe sumar a la base de la propiedad el costo de las ampliaciones y otras mejoras realizadas. Taxact login tax return taxact login page   Por ejemplo, instalar una sala de recreación u otro baño en su sótano sin mejoras, levantar una cerca nueva, instalar nueva plomería o cablería, colocar un nuevo techo o pavimentar la entrada al garaje son actividades que constituyen mejoras. Taxact login tax return taxact login page Una ampliación a su vivienda, como una nueva terraza, un solario o un garaje, también constituye una mejora. Taxact login tax return taxact login page Reparaciones. Taxact login tax return taxact login page   Éstas mantienen su vivienda en buenas condiciones, pero no le agregan valor ni prolongan su vida útil. Taxact login tax return taxact login page No sume el costo a la base de su propiedad. Taxact login tax return taxact login page   Pintar el interior y exterior de su casa, reparar canaletas o pisos, reparar goteras o yeso y reemplazar ventanas rotas son ejemplos de reparaciones. Taxact login tax return taxact login page Disminuciones a la base. Taxact login tax return taxact login page   Incluyen lo siguiente: Liquidaciones de la deuda calificada sobre la vivienda principal excluidas de ingreso. Taxact login tax return taxact login page La cancelación parcial o completa del ingreso por una deuda que se excluyó debido a su quiebra o insolvencia. Taxact login tax return taxact login page Para obtener más detalles, vea la Publicación 4681, en inglés. Taxact login tax return taxact login page Ganancias aplazadas provenientes de la venta de una vivienda anterior antes del 7 de mayo de 1997. Taxact login tax return taxact login page Pérdidas fortuitas deducibles. Taxact login tax return taxact login page Pagos de seguro que haya recibido o que espera recibir por pérdidas fortuitas. Taxact login tax return taxact login page Pagos que haya recibido por otorgar una servidumbre o un derecho de paso. Taxact login tax return taxact login page Depreciación permitida o permisible si usó su vivienda para fines comerciales o de alquiler. Taxact login tax return taxact login page Créditos relacionados con la eficiencia energética, permitidos por gastos incurridos en el hogar. Taxact login tax return taxact login page Reste del aumento a la base, que de otra manera se permitiría por gastos en la vivienda, por la cantidad del crédito permitido por dichos gastos. Taxact login tax return taxact login page Crédito tributario por adopción que haya declarado por mejoras agregadas a la base de su vivienda. Taxact login tax return taxact login page Pagos no tributables de un programa de asistencia para adopción de su empleador que haya utilizado para mejoras realizadas agregadas a la base de su vivienda. Taxact login tax return taxact login page Subsidio por ahorro de energía excluido de su ingreso bruto porque lo recibió (directa o indirectamente) de alguno de los servicios públicos después de 1992 para comprar o instalar un medio de ahorro de energía. Taxact login tax return taxact login page Un medio de ahorro de energía es una instalación o modificación principalmente diseñada para reducir el consumo de electricidad o gas natural, o para mejorar el uso de la demanda de energía de una vivienda. Taxact login tax return taxact login page Crédito tributario para el comprador de su primera vivienda en el Distrito de Columbia (permisible para la compra de una primera vivienda en el Distrito de Columbia a partir del 5 de agosto de 1997 y antes del 1 de enero del 2012). Taxact login tax return taxact login page Impuesto general de ventas (permitido a partir del 2004 y antes del 2014) reclamado como una deducción detallada en el Anexo A (Formulario 1040) que fue impuesto por la compra de bienes muebles, tales como una casa flotante usada como su hogar or casa móvil. Taxact login tax return taxact login page Liquidaciones de la deuda calificada sobre la vivienda principal. Taxact login tax return taxact login page   Quizás pueda excluir de los ingresos brutos una liquidación de la deuda calificada sobre una vivienda principal. Taxact login tax return taxact login page Esta exclusión corresponde a liquidaciones efectuadas después de 2006 y antes de 2014. Taxact login tax return taxact login page Si opta por excluir estos ingresos, tiene que restar de la base de la vivienda principal (pero no por debajo de cero) la cantidad excluida de los ingresos brutos. Taxact login tax return taxact login page   Presente el Formulario 982, en inglés, junto con la declaración de impuestos. Taxact login tax return taxact login page Vea las instrucciones del mismo para información detallada. Taxact login tax return taxact login page Documentación. Taxact login tax return taxact login page Debe mantener documentación para demostrar la base ajustada de su vivienda. Taxact login tax return taxact login page Normalmente, tiene que conservar dicha documentación durante 3 años después de la fecha de vencimiento para presentar la declaración del año tributario en el que vendió su vivienda. Taxact login tax return taxact login page Sin embargo, si vendió su vivienda antes del 7 de mayo de 1997 y aplazó el impuesto sobre las ganancias, la base de esa vivienda afecta la base de la nueva vivienda que compró. Taxact login tax return taxact login page Conserve la documentación que demuestre la base de ambas viviendas todo el tiempo que sea necesario para efectos de impuestos. Taxact login tax return taxact login page La documentación que debe conservar incluye: Comprobante del precio de compra y gastos de compra de la vivienda; Comprobantes y otra documentación de todas las mejoras, ampliaciones y otros elementos que afecten la base ajustada de la vivienda; Toda hoja de trabajo y otros cálculos que haya usado para calcular la base ajustada de la vivienda que vendió, las ganancias o pérdidas de la venta, la exclusión y las ganancias tributables; Todo Formulario 982, en inglés, que haya presentado para declarar una liquidación de la deuda calificada sobre la vivienda principal; Todo Formulario 2119, Sale of Your Home (Venta de su vivienda), en inglés, que haya presentado para aplazar la ganancia proveniente de la venta de una vivienda anterior antes del 7 de mayo de 1997 y Toda hoja de trabajo que haya usado para preparar el Formulario 2119, como la Adjusted Basis of Home Sold Worksheet (Hoja de trabajo de base ajustada de vivienda vendida) o Capital Improvements Worksheet (Hoja de trabajo de mejoras de capital) de las Instrucciones del Formulario 2119, en inglés, u otra fuente de cálculos. Taxact login tax return taxact login page Cómo Excluir las Ganancias Es posible que reúna los requisitos para excluir de su ingreso la totalidad o parte de las ganancias obtenidas de la venta de su vivienda principal. Taxact login tax return taxact login page Esto significa que, si reúne los requisitos, no tendrá que pagar impuestos sobre las ganancias hasta el límite descrito bajo Exclusión Máxima , presentado a continuación. Taxact login tax return taxact login page Para tener derecho a esta opción, tiene que satisfacer los requisitos de propietario y de uso que se describen más adelante. Taxact login tax return taxact login page Puede optar por no declarar la exclusión, incluyendo las ganancias obtenidas de la venta en los ingresos brutos en su declaración de impuestos para el año de la venta. Taxact login tax return taxact login page Puede utilizar la Hoja de Trabajo 2 de la Publicación 523 para calcular la cantidad de la exclusión y ganancia tributable, si la hubiera. Taxact login tax return taxact login page Si obtiene alguna ganancia tributable de la venta de su vivienda, podría verse obligado a aumentar la retención del impuesto o pagar impuestos estimados. Taxact login tax return taxact login page Vea la Publicación 505, Tax Withholding and Estimated Tax (Retención del impuesto e impuesto estimado), en inglés. Taxact login tax return taxact login page Exclusión Máxima Puede excluir hasta $250,000 de las ganancias (aparte de las ganancias asignadas a períodos de uso no calificadas) de la venta de su vivienda principal si se cumplen todas las siguientes condiciones: Usted reúne los requisitos de propietario. Taxact login tax return taxact login page Usted reúne los requisitos de uso. Taxact login tax return taxact login page Durante el período de 2 años inmediatamente anterior a la fecha de la venta no excluyó ganancias obtenidas de la venta de otra vivienda. Taxact login tax return taxact login page Para detalles sobre ganancias asignadas a períodos de uso no calificados, vea Períodos de uso no calificado, más adelante. Taxact login tax return taxact login page Tal vez pueda excluir hasta $500,000 de las ganancias (aparte de las ganancias asignadas a períodos de uso no calificadas) obtenidas de la venta de su vivienda principal si está casado, presenta una declaración conjunta y reúne los requisitos enumerados en el tema sobre las reglas especiales correspondientes a declaraciones conjuntas, bajo Personas Casadas , más adelante. Taxact login tax return taxact login page Requisitos de Propietario y de Uso Para reclamar una exclusión, tiene que satisfacer los requisitos de propietario y de uso. Taxact login tax return taxact login page Esto significa que durante el período de 5 años inmediatamente anterior a la fecha de la venta, usted tiene que haber: Sido propietario de la vivienda durante un mínimo de 2 años (requisito de propietario) y Vivido en la vivienda como su vivienda principal durante un mínimo de 2 años (requisito de uso). Taxact login tax return taxact login page Excepción. Taxact login tax return taxact login page   Si fue propietario y vivió en la propiedad como su vivienda principal por menos de 2 años, en algunos casos aún puede reclamar una exclusión. Taxact login tax return taxact login page Sin embargo, la cantidad máxima que podría excluir sería menor. Taxact login tax return taxact login page Consulte Exclusión Máxima Reducida , más adelante. Taxact login tax return taxact login page Ejemplo 1 —posesión y ocupación de la vivienda durante 2 años. Taxact login tax return taxact login page Amanda compró su vivienda principal y se mudó a ésta en septiembre del año 2011. Taxact login tax return taxact login page Vendió la vivienda con ganancias en octubre de 2013. Taxact login tax return taxact login page Durante el período de 5 años que finalizó en la fecha de la venta en octubre de 2013, ella fue propietaria de la vivienda y vivió en ella más de 2 años. Taxact login tax return taxact login page Por lo tanto, satisface los requisitos de propietario y de uso. Taxact login tax return taxact login page Ejemplo 2 —satisfacción del requisito de propiedad, pero no de uso. Taxact login tax return taxact login page Daniel compró una vivienda, vivió en ella durante 6 meses, se mudó y nunca volvió a vivir en la casa. Taxact login tax return taxact login page Luego la vendió con ganancias. Taxact login tax return taxact login page Fue propietario de la vivienda durante el período completo de 5 años inmediatamente anterior a la fecha de la venta. Taxact login tax return taxact login page Él satisface el requisito de propietario, pero no el de uso. Taxact login tax return taxact login page No puede excluir ninguna parte de sus ganancias procedentes de la venta, a menos que haya reunido los requisitos para una exclusión máxima reducida (como se explica más adelante). Taxact login tax return taxact login page Período de Propietario y de Uso Los 2 años de propietario y de uso requeridos durante el período de 5 años inmediatamente anterior a la fecha de la venta no tienen que ser continuos ni ocurrir simultáneamente. Taxact login tax return taxact login page Satisface los requisitos si puede demostrar que fue propietario y vivió en la propiedad como su vivienda principal durante 24 meses completos o 730 días (365 × 2) durante el período de 5 años inmediatamente anterior a la fecha de la venta. Taxact login tax return taxact login page Ausencia temporal. Taxact login tax return taxact login page   Las ausencias temporales breves por vacaciones u otras ausencias estacionales, aun si alquila la propiedad durante estas ausencias, se consideran períodos de uso. Taxact login tax return taxact login page En los siguientes ejemplos, se supone que la exclusión máxima reducida (explicada más adelante) no es aplicable a las ventas. Taxact login tax return taxact login page Ejemplo 1. Taxact login tax return taxact login page David Gallegos, soltero, compró una vivienda y se mudó a ella el 1 de febrero de 2011. Taxact login tax return taxact login page En 2011 y 2012, David se ausentó de su casa en el verano por dos meses mientras se tomaba unas vacaciones. Taxact login tax return taxact login page Vendió la casa el 1 de marzo del año 2013. Taxact login tax return taxact login page Aunque el período total en el que David usó su casa es menos de 2 años (21 meses), puede excluir toda ganancia hasta $250,000 ya que cumple con los requisitos. Taxact login tax return taxact login page Las vacaciones de 2 meses son ausencias cortas temporales y se cuentan como períodos de uso al determinar si David usó la casa los 2 años exigidos. Taxact login tax return taxact login page Ejemplo 2. Taxact login tax return taxact login page El profesor Pablo Barba, soltero, compró una casa y se mudó a ella el 18 de agosto de 2010. Taxact login tax return taxact login page Vivió en ella como su vivienda principal en forma continua hasta el 5 de enero de 2012, fecha en que viajó al extranjero para disfrutar de un año sabático. Taxact login tax return taxact login page El 6 de febrero de 2013, un mes después de regresar de la ausencia, vendió la casa con ganancias. Taxact login tax return taxact login page Dado que su ausencia no fue una ausencia temporal breve, no puede incluir el período de ausencia para satisfacer el requisito de uso de 2 años. Taxact login tax return taxact login page No puede excluir parte alguna de sus ganancias porque no usó ese domicilio por los 2 años exigidos. Taxact login tax return taxact login page Satisfacción de los requisitos de propietario y de uso durante períodos diferentes. Taxact login tax return taxact login page   Puede satisfacer los requisitos de propietario y de uso durante períodos diferentes de 2 años. Taxact login tax return taxact login page Sin embargo, tiene que satisfacer ambos requisitos durante el período de 5 años inmediatamente anterior a la fecha de la venta. Taxact login tax return taxact login page Ejemplo. Taxact login tax return taxact login page A partir del 2002, Elena Jara vivía en un apartamento alquilado. Taxact login tax return taxact login page Posteriormente, el edificio de apartamentos se transformó en condominios y compró su mismo apartamento el 3 de diciembre de 2010. Taxact login tax return taxact login page En el año 2011, Elena se enfermó y el 14 de abril de ese año se mudó a la casa de su hija. Taxact login tax return taxact login page El 12 de julio de 2013, mientras aún vivía en casa de su hija, Elena vendió su condominio. Taxact login tax return taxact login page Elena puede excluir las ganancias provenientes de la venta de su condominio porque satisfizo los requisitos de propietario y de uso durante el período de 5 años del 13 de julio de 2008 al 12 de julio de 2013, fecha en que vendió su condominio. Taxact login tax return taxact login page Ella fue propietaria del condominio desde el 3 de diciembre del año 2010 hasta el 12 de julio del año 2013 (más de 2 años). Taxact login tax return taxact login page Vivió en la propiedad desde el 13 de julio del año 2008 (inicio del período de 5 años) hasta el 14 de abril del año 2011 (más de 2 años). Taxact login tax return taxact login page El tiempo que Elena vivió en la casa de su hija durante el período de 5 años se puede contar para el período de propietario y el tiempo que vivió en su apartamento alquilado durante esos 5 años se puede contar para el período de uso. Taxact login tax return taxact login page Apartamento de cooperativa. Taxact login tax return taxact login page   Si, como inquilino-accionista, vendió acciones en una cooperativa de viviendas, los requisitos de propietario y de uso se satisfacen siempre y cuando durante el período de 5 años inmediatamente anterior a la fecha de la venta usted: Haya sido propietario de las acciones durante un mínimo de 2 años y Haya vivido en la casa o apartamento que sus acciones le dan derecho a ocupar como su vivienda principal durante un mínimo de 2 años. Taxact login tax return taxact login page Excepciones a los Requisitos de Propietario y de Uso Los siguientes temas abordan excepciones a los requisitos de propietario y de uso para ciertos contribuyentes. Taxact login tax return taxact login page Excepción para personas incapacitadas. Taxact login tax return taxact login page   Existe una excepción al requisito de uso si: Queda física o mentalmente incapacitado para cuidarse a sí mismo y Fue propietario y vivió en su casa como su vivienda principal por un total mínimo de un año durante el período de 5 años antes de la venta de su vivienda. Taxact login tax return taxact login page Conforme a esta excepción, se considera que vive en la vivienda durante todo momento en el período de 5 años en que haya sido propietario de ella y haya vivido en un establecimiento (incluido un hogar de ancianos) con licencia emitida por un estado o subdivisión política para cuidar personas en esa situación. Taxact login tax return taxact login page Si satisface esta excepción al requisito de uso, aún tiene que satisfacer el requisito de propietario de 2 de los 5 años para reclamar la exclusión. Taxact login tax return taxact login page Vivienda anterior destruida o expropiada. Taxact login tax return taxact login page   Para fines de los requisitos de propietario y de uso, debe sumar el tiempo que fue propietario y vivió en una vivienda anterior destruida o expropiada y el tiempo que fue propietario y vivió en la vivienda de reemplazo de cuya venta desea excluir las ganancias. Taxact login tax return taxact login page Esta regla es aplicable si alguna parte de la base de la vivienda que vendió dependía de la base de aquélla destruida o expropiada. Taxact login tax return taxact login page De lo contrario, tiene que haber sido propietario y vivido en la misma vivienda durante 2 de los 5 años anteriores a la venta, lo cual le permitirá reunir los requisitos para la exclusión. Taxact login tax return taxact login page Miembros de los servicios uniformados o del Servicio Diplomático, empleados de los servicios de inteligencia o empleados o voluntarios del Cuerpo de Paz. Taxact login tax return taxact login page   Puede optar por suspender el período del requisito de 5 años de propietario y uso durante todo período en el que usted o su cónyuge preste “servicio prolongado en forma oficial y calificada” como miembro de los servicios uniformados o del Servicio Diplomático de los Estados Unidos o como empleado de los servicios de inteligencia. Taxact login tax return taxact login page Puede optar por suspender el período del requisito de 5 años de propietario y uso durante el período que usted o su cónyuge preste “servicio prolongado en forma oficial y calificada” en el extranjero como empleado o voluntario inscrito o voluntario líder del Cuerpo de Paz. Taxact login tax return taxact login page Esto significa que podría satisfacer el requisito de uso de 2 años aún cuando, debido a su servicio, no haya vivido realmente en su casa por lo menos los 2 años requeridos de los 5 años que terminan en la fecha de la venta. Taxact login tax return taxact login page   Si esto le ayuda a reunir los requisitos para excluir ganancias, puede optar por suspender el período obligatorio de 5 años, presentando una declaración para el año de venta que no incluya las ganancias. Taxact login tax return taxact login page   Para más información sobre la suspensión del período de 5 años, vea Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps (Miembros de los servicios uniformados o del Servicio Diplomático, empleados de los servicios de inteligencia o empleados o voluntarios del Cuerpo de Paz), en la Publicación 523, en inglés. Taxact login tax return taxact login page Personas Casadas Si usted y su cónyuge presentan una declaración conjunta para el año de la venta y uno de ustedes satisface los requisitos de propiedad y de uso, pueden excluir hasta $250,000 de la ganancia procedente de dicha venta. Taxact login tax return taxact login page (Sin embargo, consulte Reglas especiales para declaraciones conjuntas , que aparece a continuación). Taxact login tax return taxact login page Reglas especiales para declaraciones conjuntas. Taxact login tax return taxact login page   Puede excluir hasta $500,000 de la totalidad de la ganancia sobre la venta de su vivienda principal si se cumple lo siguiente: Está casado y presenta una declaración conjunta para el año. Taxact login tax return taxact login page Usted o su cónyuge cumple el requisito de propietario. Taxact login tax return taxact login page Usted y su cónyuge cumplen el requisito de uso. Taxact login tax return taxact login page Durante el período de 2 años que termina en la fecha de la venta, ni usted ni su cónyuge excluyó ganancia alguna proveniente de la venta de otra vivienda. Taxact login tax return taxact login page Si uno de los dos cónyuges no satisface estos requisitos, la exclusión máxima que el matrimonio puede declarar es el total de las exclusiones máximas a las que tendría derecho cada cónyuge si no estuviese casado y las cantidades se calculasen por separado. Taxact login tax return taxact login page Para este fin, se considera que cada cónyuge era dueño de la propiedad durante el período en el que uno de los dos fue dueño de la misma. Taxact login tax return taxact login page Ejemplo 1 —uno de los cónyuges vende una vivienda. Taxact login tax return taxact login page Emilia vende su vivienda en junio de 2013 con una ganancia de $300,000. Taxact login tax return taxact login page Posteriormente en ese año, se casa con Jaime. Taxact login tax return taxact login page Ella satisface los requisitos de propiedad y de uso, pero Jaime no. Taxact login tax return taxact login page Emilia puede excluir hasta $250,000 de las ganancias en una declaración por separado o conjunta para el año 2013. Taxact login tax return taxact login page La exclusión máxima de $500,000 para ciertas declaraciones conjuntas no es aplicable en este caso, ya que Jaime no cumple el requisito de uso. Taxact login tax return taxact login page Ejemplo 2 —cada cónyuge vende una vivienda. Taxact login tax return taxact login page El caso es igual al del Ejemplo 1 , excepto que Jaime también vende una vivienda en el año 2013 con una ganancia de $200,000 antes de casarse con Emilia. Taxact login tax return taxact login page Él satisface los requisitos de propietario y de uso en su vivienda pero Emilia no. Taxact login tax return taxact login page Emilia puede excluir $250,000 de las ganancias y Jaime puede excluir $200,000 de las ganancias de la venta de sus propias viviendas. Taxact login tax return taxact login page Sin embargo, Emilia no puede utilizar la exclusión no usada de Jaime para excluir más de $250,000 de las ganancias. Taxact login tax return taxact login page Por lo tanto, Emilia y Jaime tienen que reconocer $50,000 de las ganancias de la venta de la vivienda de Emilia. Taxact login tax return taxact login page La exclusión máxima de $500,000 para ciertas declaraciones conjuntas no es aplicable en este caso, ya que Emilia y Jaime ambos no cumplen el requisito de uso para el mismo hogar. Taxact login tax return taxact login page Venta de la vivienda principal por el cónyuge sobreviviente. Taxact login tax return taxact login page   Si su cónyuge murió y usted no se volvió a casar antes de la fecha de la venta, se considera que ha sido propietario y ha vivido en la propiedad como su vivienda principal durante todo el período en que su cónyuge fue propietario y vivió en ella como vivienda principal. Taxact login tax return taxact login page   Si reúne todos los siguientes requisitos, puede tener el derecho de excluir hasta $500,000 procedentes de toda ganancia de la venta o del intercambio de su vivienda principal: La venta o el intercambio se realizó después de 2008. Taxact login tax return taxact login page La venta o el intercambio se realizó dentro de los 2 años después de la fecha del fa- llecimiento de su cónyuge. Taxact login tax return taxact login page No se ha vuelto a casar. Taxact login tax return taxact login page Usted y su cónyuge reunían el requisito de uso en la fecha del fallecimiento de su cónyuge. Taxact login tax return taxact login page Usted o su cónyuge reunían el requisito de propietario en la fecha del fallecimiento de su cónyuge. Taxact login tax return taxact login page Ni usted ni su cónyuge excluyó ganancia alguna procedente de la venta de otra vivienda durante los últimos 2 años. Taxact login tax return taxact login page Ejemplo. Taxact login tax return taxact login page   Geraldo es dueño de una casa y habita en la misma como su vivienda principal desde 2009. Taxact login tax return taxact login page Geraldo y Wilma se casaron el 1 de julio de 2013, y desde esa fecha habitan en la casa de Geraldo considerándola su vivienda principal. Taxact login tax return taxact login page Geraldo falleció el 15 de agosto de 2013 y Wilma heredó la propiedad. Taxact login tax return taxact login page Wilma vendió la propiedad el 3 de septiembre de 2013, fecha en la cual no se había vuelto a casar. Taxact login tax return taxact login page Aunque Wilma fue dueña de la casa y habitó en la misma menos de 2 años, se considera que ha cumplido los requisitos de propiedad y de uso porque el período correspondiente a su propiedad y uso de la casa abarca el período en el que Geraldo fue dueño de la misma y habitó en ella antes de fallecer. Taxact login tax return taxact login page Vivienda traspasada por cónyuge. Taxact login tax return taxact login page   Si su cónyuge le traspasó su vivienda (o ex cónyuge si el traspaso se relaciona con su divorcio), se considera que ha sido propietario durante todo el período en que su cónyuge fue propietario. Taxact login tax return taxact login page Uso de vivienda después del divorcio. Taxact login tax return taxact login page   Se considera que ha usado la propiedad como su vivienda principal durante todo el período en que: Usted fue su propietario y Se permita que el cónyuge o ex cónyuge viva en ella conforme a un instrumento de divorcio o separación y éste la usa como vivienda principal. Taxact login tax return taxact login page Exclusión Máxima Reducida Si no reúne los requisitos para reclamar la exclusión de $250,000 o $500,000, aún puede tener derecho a una exclusión reducida. Taxact login tax return taxact login page Esto corresponde a aquellas personas que: No satisfagan los requisitos de propietario y de uso o Hayan reclamado la exclusión dentro de 2 años de vender su vivienda actual. Taxact login tax return taxact login page En los dos casos, para tener derecho a una exclusión reducida, la venta de su vivienda principal tiene que deberse a uno de los siguientes motivos: Un cambio del lugar de empleo. Taxact login tax return taxact login page Salud. Taxact login tax return taxact login page Circunstancias imprevistas. Taxact login tax return taxact login page Circunstancias imprevistas. Taxact login tax return taxact login page   Se considera que la venta de su vivienda principal es por una circunstancia imprevista si el motivo principal de venta es un hecho que usted no hubiera podido anticipar razonablemente antes de comprar y ocupar su vivienda principal. Taxact login tax return taxact login page   Vea la Publicación 523, en inglés, para más información y para utilizar la Worksheet 3 (Hoja de trabajo 3) para calcular la exclusión máxima reducida. Taxact login tax return taxact login page Uso Comercial o Alquiler de Vivienda Tal vez pueda excluir sus ganancias provenientes de la venta de una vivienda que haya utilizado para fines comerciales o para producir ingresos de alquiler. Taxact login tax return taxact login page Sin embargo, tiene que satisfacer los requisitos de propietario y de uso. Taxact login tax return taxact login page Períodos de uso no calificado. Taxact login tax return taxact login page   En la mayoría de los casos, la ganancia de la venta o intercambio de su vivienda principal no calificará para su exclusión en la medida en que las ganancias se asignan a los períodos de uso no calificado. Taxact login tax return taxact login page Se considera que el uso no calificado es todo período a partir del 2008 en que ni usted ni su cónyuge (o su ex cónyuge) usó la propiedad como vivienda principal con las siguientes excepciones. Taxact login tax return taxact login page Excepciones. Taxact login tax return taxact login page   Un período de uso no calificado no incluye: Cualquier parte del período de 5 años que termine en la fecha de la venta o intercambio después de la última fecha que usted o su cónyuge usó la vivienda como vivienda principal. Taxact login tax return taxact login page Cualquier período (que no exceda de un período de 10 años en su totalidad) durante el cual usted (o su cónyuge) están prestando servicio prolongado en forma oficial y calificada: Como miembro de los servicios uniformados, Como miembro del Servicio Diplomático de los Estados Unidos o Como empleado de los servicios de inteligencia, y Cualquier otro período de ausencia temporal (que no exceda de un período de 2 años en su totalidad) debido a un cambio de empleo, condición de salud o tales circunstancias imprevistas que hayan sido especificados por el IRS. Taxact login tax return taxact login page La ganancia resultante de la venta de la propiedad se divide entre períodos de uso calificado y no calificado a base de la cantidad de tiempo que la propiedad sirvió para uso calificado y no calificado. Taxact login tax return taxact login page La ganancia derivada de la venta o intercambio de una vivienda principal asignada a períodos de uso calificado todavía calificará para la exclusión de la venta de su vivienda principal. Taxact login tax return taxact login page La ganancia derivada de la venta o intercambio de una vivienda principal asignada a períodos de uso no calificado no reunirá los requisitos para la exclusión. Taxact login tax return taxact login page Cálculos. Taxact login tax return taxact login page   Para calcular la parte de la ganancia que se le asignará al período de uso no calificado, multiplique la ganancia por la siguiente fracción:   Total de uso no calificado durante el período de propietario a partir del 2008      Total del período de propietario   Este cálculo se puede encontrar en la Hoja de Trabajo 2, línea 10, en la Publicación 523, en inglés. Taxact login tax return taxact login page Ejemplo 1. Taxact login tax return taxact login page El 23 de mayo de 2007, Amelia (soltera en cada año de este ejemplo) compró una casa. Taxact login tax return taxact login page Se mudó a la casa en esa fecha y vivió ahí hasta el 31 de mayo de 2009, fecha en la que se mudó de la casa y la puso en alquiler. Taxact login tax return taxact login page La casa estuvo alquilada desde el 1 de junio de 2009 al 31 de marzo de 2011. Taxact login tax return taxact login page Amelia reclamó deducciónes por depreciación del 2009 al 2011 por un total de $10,000. Taxact login tax return taxact login page Amelia se mudó a su casa nuevamente el 1 de abril de 2011 y vivió en ella hasta que la vendió el 31 de enero de 2013 por una ganancia de $200,000. Taxact login tax return taxact login page Durante el período de 5 años que termina en la fecha de la venta (31 de enero de 2008 – 31 de enero de 2013), Amelia fue la propietaria y vivió en la casa durante más de 2 años, como se indica en la siguiente tabla. Taxact login tax return taxact login page Período de  5 años Usada como Vivienda Principal Usada como Vivienda de Alquiler 31/01/08 – 31/05/09 16 meses       01/06/09 – 31/03/11   22 meses 01/04/11 – 31/01/13 22 meses         38 meses 22 meses Durante el período que Amelia fue propietaria de la casa (2,080 días), el período de uso no calificado fue de 668 días. Taxact login tax return taxact login page Amelia divide 668 entre 2,080 y obtiene un decimal (redondeado al menos tres decimales) de 0. Taxact login tax return taxact login page 321. Taxact login tax return taxact login page Para calcular la ganancia atribuible al período de uso no calificado, se multiplica $190,000 (la ganancia no es atribuible a la deducción por depreciación $10,000) por 0. Taxact login tax return taxact login page 321. Taxact login tax return taxact login page Debido a que la ganancia atribuible a los períodos no calificados es $60,990, Amelia puede excluir $129,010 de su ganancia. Taxact login tax return taxact login page Ejemplo 2. Taxact login tax return taxact login page Guillermo fue propietario de una casa y la usó como su vivienda principal de 2007 a 2010. Taxact login tax return taxact login page El 1 de enero de 2011, se mudó a otro estado. Taxact login tax return taxact login page Alquiló su casa desde esa fecha hasta el 30 de abril de 2013, fecha en que la vendió. Taxact login tax return taxact login page Durante el período de 5 años que termina en la fecha de la venta (1 de mayo de 2008 – 30 de abril de 2013), Guillermo fue el propietario de esa casa y vivió en ella durante más de 2 años. Taxact login tax return taxact login page Tiene que declarar la venta en el Formulario 4797, en inglés, debido a que la casa era una propiedad de alquiler en la fecha de venta. Taxact login tax return taxact login page Ya que el período de uso no calificado no incluye cualquier parte del período de 5 años después de la última fecha que Guillermo vivió en su vivienda, él no tiene un período de uso no calificado. Taxact login tax return taxact login page Puesto que cumplió los requisitos de propietario y de uso, puede excluir ganancias de hasta $250,000. Taxact login tax return taxact login page No obstante, no puede excluir la parte de las ganancias equivalente a la depreciación que reclamó o que pudo haber reclamado por alquilar la casa, como se explica a continuación. Taxact login tax return taxact login page Depreciación después del 6 de mayo de 1997. Taxact login tax return taxact login page   Si tenía derecho a declarar deducciones por depreciación porque usó su vivienda para fines comerciales o como propiedad de alquiler, no puede excluir aquella parte de sus ganancias que sea equivalente a cualquier depreciación permitida o permisible como deducción para los períodos después del 6 de mayo de 1997. Taxact login tax return taxact login page Si puede demostrar mediante documentación adecuada u otras pruebas que la depreciación permitida era menor que la cantidad permisible, puede limitar la cantidad de ganancias obtenidas de modo que dicha cantidad sea igual a la cantidad de depreciación. Taxact login tax return taxact login page Vea la Publicación 544, en inglés, para información adicional. Taxact login tax return taxact login page Propiedad usada parcialmente para fines comerciales o de alquiler. Taxact login tax return taxact login page   Si usó la propiedad en parte como vivienda principal y en parte para fines comerciales o para producir ingresos de alquiler, consulte la Publicación 523, en inglés. Taxact login tax return taxact login page Cómo Declarar la Venta No declare la venta de su vivienda principal del año 2013 en su declaración de impuestos, a menos que: Tenga ganancias y no reúna los requisitos para excluir la totalidad de éstas Tenga ganancias y opte por no excluirlas o Haya recibido un Formulario 1099-S. Taxact login tax return taxact login page Si algunas de estas situaciones aplican, informe la ganancia total o pérdidas. Taxact login tax return taxact login page Para detalles de cómo informar las pérdidas o ganancias, vea las Instrucciones para el Anexo D del Formulario 1040 y las Instrucciones del Formulario 8949, en inglés. Taxact login tax return taxact login page Si usted usó la vivienda para propósitos de negocios o para sacar ingresos por el alquiler, usted posiblemente tenga que usar el Formulario 4797 para informar la venta de la parte de la propiedad usada para negocios o alquiler (o la venta de la propiedad entera, si se usó exclusivamente para negocios o alquiler). Taxact login tax return taxact login page Consulte la sección Business Use or Rental of Home (Uso de vivienda como negocio o para alquiler), en inglés, en la Publicación 523, y las Instrucciones del Formulario 4797. Taxact login tax return taxact login page Ventas a plazos. Taxact login tax return taxact login page    Algunas ventas se realizan según acuerdos que estipulan que parte o la totalidad del precio de venta se debe pagar en un año posterior. Taxact login tax return taxact login page Estas ventas se denominan “ventas a plazos”. Taxact login tax return taxact login page Si financia la compra del comprador de su casa, en lugar de que éste solicite un préstamo o hipoteca a un banco, probablemente tenga una venta a plazos. Taxact login tax return taxact login page Tal vez pueda declarar la parte de las ganancias que no puede excluir sobre la base a plazos. Taxact login tax return taxact login page    Use el Formulario 6252, Installment Sale Income (Ingresos de venta a plazos), en inglés, para declarar la venta. Taxact login tax return taxact login page Anote la exclusión en la línea 15 del Formulario 6252. Taxact login tax return taxact login page Hipoteca financiada por el vendedor. Taxact login tax return taxact login page   Si vende su vivienda y tiene un pagaré, hipoteca u otro acuerdo financiero, en la mayoría de los casos los pagos que reciba constan de intereses y capital. Taxact login tax return taxact login page Tiene que declarar por separado como ingreso de intereses los intereses que reciba como parte de cada pago. Taxact login tax return taxact login page Si el comprador de su vivienda usa la propiedad como vivienda principal o segunda vivienda, también tiene que declarar el nombre, la dirección y el número de Seguro Social (SSN, por sus siglas en inglés) del comprador en la línea 1 del Anexo B (Formulario 1040A o 1040). Taxact login tax return taxact login page El comprador tiene que darle su SSN y usted tiene que darle el suyo al comprador. Taxact login tax return taxact login page Si no satisface estos requisitos, es posible que tenga que pagar una multa de $50 por cada incumplimiento. Taxact login tax return taxact login page Si usted o el comprador no tiene un SSN y no reúne los requisitos para obtener uno, vea Número de Seguro Social , en el capítulo 1. Taxact login tax return taxact login page Información adicional. Taxact login tax return taxact login page   Para obtener más información acerca de las ventas a plazos, consulte la Publicación 537, Installment Sales (Ventas a plazos), en inglés. Taxact login tax return taxact login page Situaciones Especiales Las siguientes situaciones especiales pueden afectar su exclusión. Taxact login tax return taxact login page Venta de vivienda adquirida a través de un intercambio de bienes del mismo tipo. Taxact login tax return taxact login page   No puede reclamar la exclusión si: Adquirió su vivienda a través de un intercambio de bienes del mismo tipo (también conocido como intercambio conforme a la sección 1031) o la base de su vivienda se determina según la base de la vivienda de la persona que la adquirió mediante un intercambio de bienes del mismo tipo (por ejemplo, recibió la vivienda de dicha persona como un regalo) y Vendió la vivienda durante el período de 5 años a partir de la fecha en que se adquirió por medio del intercambio de bienes del mismo tipo. Taxact login tax return taxact login page Las ganancias provenientes de un intercambio de bienes del mismo tipo no están sujetas al impuesto en la fecha de dicho intercambio. Taxact login tax return taxact login page Esto quiere decir que las ganancias no se tributarán hasta que venda o enajene de otra manera la propiedad que haya recibido. Taxact login tax return taxact login page Para diferir ganancias provenientes de un intercambio de bienes del mismo tipo, tiene que haber intercambiado bienes comerciales o de inversión por bienes comerciales o de inversión del mismo tipo. Taxact login tax return taxact login page Para más información sobre los intercambios de bienes del mismo tipo, vea la Publicación 544, Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de bienes), en inglés. Taxact login tax return taxact login page Vivienda cedida a través de intercambio de bienes del mismo tipo. Taxact login tax return taxact login page   Si usa su vivienda principal en parte para propósitos comerciales o de alquiler y luego intercambia la misma por otra propiedad, vea la Publicación 523, en inglés. Taxact login tax return taxact login page Expatriados. Taxact login tax return taxact login page   No puede reclamar la exclusión si el impuesto de expatriación es aplicable en su caso. Taxact login tax return taxact login page El impuesto de expatriación corresponde a determinados ciudadanos estadounidenses que han renunciado a su ciudadanía (y a determinados residentes de largo plazo que han terminado su residencia). Taxact login tax return taxact login page Consulte la sección titulada Expatriation Tax (Impuesto de expatriación) en el capítulo 4 de la Publicación 519, U. Taxact login tax return taxact login page S. Taxact login tax return taxact login page Tax Guide for Aliens (Guía tributaria de los Estados Unidos para extranjeros), en inglés, para obtener más información acerca del impuesto de expatriación. Taxact login tax return taxact login page Vivienda destruida o expropiada. Taxact login tax return taxact login page   Si su vivienda fue destruida o expropiada, toda ganancia (por ejemplo, debido a pagos del seguro que recibió) procedente de aquel acontecimiento reúne los requisitos para la exclusión. Taxact login tax return taxact login page   Toda parte de las ganancias que no se pueda excluir (por superar el límite de exclusión máxima), se puede aplazar según las reglas que se explican en las siguientes publicaciones: Publicación 547(SP) en el caso de una vivienda que fue destruida o Capítulo 1 de la Publicación 544, en inglés, en el caso de una vivienda que fue expropiada. Taxact login tax return taxact login page Venta de participación restante. Taxact login tax return taxact login page   Sujeto a otras reglas del presente capítulo, puede optar por excluir ganancias procedentes de la venta de una participación restante en su vivienda. Taxact login tax return taxact login page Si elige esta opción, no puede excluir ganancias de la venta de ninguna otra participación en la vivienda que venda por separado. Taxact login tax return taxact login page Excepción para ventas a personas emparentadas o vinculadas. Taxact login tax return taxact login page   No puede excluir ganancias procedentes de la venta de una participación restante en su vivienda a una persona emparentada o vinculada. Taxact login tax return taxact login page Las personas emparentadas incluyen a sus hermanos y hermanas, medios hermanos y medias hermanas, cónyuges, antecesores (padres, abuelos, etc. Taxact login tax return taxact login page ) y descendientes directos (hijos, nietos, etc. Taxact login tax return taxact login page ). Taxact login tax return taxact login page Las personas vinculadas también incluyen a ciertas sociedades anónimas, sociedades colectivas, fideicomisos y organizaciones exentas de impuestos. Taxact login tax return taxact login page Recuperación (Devolución) de un Subsidio Hipotecario Federal Si financió su vivienda a través de un programa de subsidio federal (préstamos de bonos hipotecarios calificados exentos de impuestos o préstamos con certificados de crédito hipotecario), es posible que tenga que devolver la totalidad o parte del beneficio que recibió de ese programa cuando venda o enajene su vivienda. Taxact login tax return taxact login page Puede recuperar el beneficio al aumentar su impuesto federal sobre el ingreso para el año de la venta. Taxact login tax return taxact login page Es posible que tenga que pagar este impuesto de recuperación aun si puede excluir sus ganancias del ingreso según las reglas explicadas anteriormente; esa exclusión no afecta el impuesto de recuperación. Taxact login tax return taxact login page Préstamos sujetos a reglas de recuperación. Taxact login tax return taxact login page   La recuperación es aplicable a préstamos que: Se originaron de las utilidades de bonos hipotecarios calificados o Se basaron en certificados de crédito hipotecario. Taxact login tax return taxact login page La recuperación también se aplica a las asunciones de estos préstamos. Taxact login tax return taxact login page Cuándo es aplicable la recuperación. Taxact login tax return taxact login page   La recuperación del subsidio hipotecario federal es aplicable solamente si satisface las dos condiciones siguientes: Dentro de los primeros 9 años después de la fecha de cierre de su préstamo hipotecario, vende o enajena su vivienda, gene- rando ganancias. Taxact login tax return taxact login page Su ingreso para el año de la enajenación es mayor que el ingreso calificado ajustado de ese año para el tamaño de su familia (en relación a los requisitos de ingresos que tiene que satisfacer una persona para tener derecho a participar en el programa de subsidio federal). Taxact login tax return taxact login page Cuándo no es aplicable la recuperación. Taxact login tax return taxact login page   La recuperación no es aplicable si le corresponde una de las siguientes situaciones: Su préstamo hipotecario fue un préstamo calificado para mejoras de vivienda (QHIL, por sus siglas en inglés) de no más de $15,000 y se usó para hacer modificaciones, reparaciones y mejoras que protejan o mejoren la habitabilidad y la eficiencia energética de su vivienda. Taxact login tax return taxact login page Su préstamo hipotecario fue un préstamo calificado para mejoras de vivienda de no más de $150,000 para un QHIL que se utiliza con el fin de reparar daños ocasionados a viviendas por el huracán Katrina en la zona de desastre del huracán; para un QHIL financiado por un bono hipotecario calificado, el cual es un Bono de la Zona de Oportunidad del Golfo; o para un QHIL para una vivienda habitada por su dueño en la Zona de Oportunidad del Golfo (Zona GO), Zona GO de Rita o Zona GO de Wilma. Taxact login tax return taxact login page Vea la Publicación 4492(SP), Información para los Contribuyentes Afectados por los Huracanes Katrina, Rita y Wilma, para información adicional. Taxact login tax return taxact login page Asimismo, vea la Publicación 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas (Información para contribuyentes afectados de la zona de desastre del Medio Oeste), en inglés, para más información. Taxact login tax return taxact login page La vivienda se enajena como consecuencia de su muerte. Taxact login tax return taxact login page Enajena su vivienda más de 9 años después de la fecha de cierre de su préstamo hipotecario. Taxact login tax return taxact login page Traspasa la vivienda a su cónyuge o a su ex cónyuge por motivos de divorcio, situación en la que no hay ganancias incluidas en sus ingresos. Taxact login tax return taxact login page Enajena la vivienda con pérdidas. Taxact login tax return taxact login page Su vivienda resulta destruida por un hecho fortuito y usted la repone en su lugar original dentro de 2 años después del cierre del año tributario en que se produjo la destrucción. Taxact login tax return taxact login page El período de reemplazo se aumenta para viviendas principales destruidas si su vivienda estaba ubicada en la zona de desastre de Kansas, una de las zonas de desastre del Medio Oeste, la zona del Huracán Katrina u otra zona de desastre declarada como tal por el gobierno federal. Taxact login tax return taxact login page Para más información, vea Plazo de Reposición, en la Publicación 547(SP). Taxact login tax return taxact login page Refinancia su préstamo hipotecario (a menos que posteriormente satisfaga todas las condiciones anteriores indicadas bajo Cuándo es aplicable la recuperación ). Taxact login tax return taxact login page Aviso de cantidades. Taxact login tax return taxact login page   En la fecha de liquidación de su préstamo hipotecario, o en una fecha cercana, deberá recibir un aviso que esta- blezca la cantidad de subsidio federal y cualquier otra información que necesite para calcular su impuesto de recuperación. Taxact login tax return taxact login page Cómo calcular y declarar la recuperación. Taxact login tax return taxact login page    El impuesto de recuperación se calcula en el Formulario 8828, en inglés. Taxact login tax return taxact login page Si vende su vivienda y su hipoteca está sujeta a las reglas de recuperación, tiene que presentar el Formulario 8828 aún si no adeuda un impuesto de recuperación. Taxact login tax return taxact login page Adjunte el Formulario 8828 al Formulario 1040. Taxact login tax return taxact login page Para obtener más información, vea el Formulario 8828 y las instrucciones correspondientes, en inglés. Taxact login tax return taxact login page Prev  Up  Next   Home   More Online Publications
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Understanding Your CP211D Notice

We denied your request to extend the time to file your Exempt Organization Return for an additional three months because your Form 8868, Application for Extension of Time To File an Exempt Organization Return, Part II, Line 7 didn’t explain the need for additional time OR establish reasons that prevented you from filing by the extended due date.


What you need to do

  • File your required Exempt Organization Return immediately to limit any late filing penalties. If your Exempt Organization Return is filed after the due date of the return (including any extensions), the return is considered late and subject to late filing penalties.
  • We encourage you to use electronic filing – the fastest and easiest way to file.

You may want to

  • Visit www.irs.gov/Charities-&-Non-Profits to learn about approved e-File providers, what types of returns can be filed electronically, and whether you are required to file electronically.

Answers to Common Questions

Q. Where can I go for more information about tax-exempt organizations?

A. For more information on Employee Benefit Plans, see Tax Information for Charities & Other Non-Profits.

Q. Can I get help over the phone?

A. If you have questions and/or need help, you can call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.


Tips for next year

Be sure to sign and mail your Form 8868 with a reason you need an extension on or before the due date of your return.

Page Last Reviewed or Updated: 24-Jan-2014

Printable samples of this notice (PDF)

 

 

How to get help

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

The Taxact Login Tax Return Taxact Login Page

Taxact login tax return taxact login page 4. Taxact login tax return taxact login page   Sales and Trades of Investment Property Table of Contents IntroductionNominees. Taxact login tax return taxact login page Topics - This chapter discusses: Useful Items - You may want to see: What Is a Sale or Trade?Dividend versus sale or trade. Taxact login tax return taxact login page Worthless Securities Constructive Sales of Appreciated Financial Positions Section 1256 Contracts Marked to Market Basis of Investment PropertyCost Basis Basis Other Than Cost Adjusted Basis Stocks and Bonds How To Figure Gain or LossFair market value. Taxact login tax return taxact login page Debt paid off. Taxact login tax return taxact login page Payment of cash. Taxact login tax return taxact login page Special Rules for Mutual Funds Nontaxable TradesLike-Kind Exchanges Corporate Stocks Exchange of Shares In One Mutual Fund For Shares In Another Mutual Fund Insurance Policies and Annuities U. Taxact login tax return taxact login page S. Taxact login tax return taxact login page Treasury Notes or Bonds Transfers Between Spouses Related Party TransactionsGain on Sale or Trade of Depreciable Property Capital Gains and LossesCapital or Ordinary Gain or Loss Holding Period Nonbusiness Bad Debts Short Sales Wash Sales Options Straddles Sales of Stock to ESOPs or Certain Cooperatives Rollover of Gain From Publicly Traded Securities Gains on Qualified Small Business Stock Exclusion of Gain From DC Zone Assets Reporting Capital Gains and LossesException 1. Taxact login tax return taxact login page Exception 2. Taxact login tax return taxact login page Section 1256 contracts and straddles. Taxact login tax return taxact login page Market discount bonds. Taxact login tax return taxact login page File Form 1099-B or Form 1099-S with the IRS. Taxact login tax return taxact login page Capital Losses Capital Gain Tax Rates Special Rules for Traders in SecuritiesHow To Report Introduction This chapter explains the tax treatment of sales and trades of investment property. Taxact login tax return taxact login page Investment property. Taxact login tax return taxact login page   This is property that produces investment income. Taxact login tax return taxact login page Examples include stocks, bonds, and Treasury bills and notes. Taxact login tax return taxact login page Property used in a trade or business is not investment property. Taxact login tax return taxact login page Form 1099-B. Taxact login tax return taxact login page   If you sold property such as stocks, bonds, mutual funds, or certain commodities through a broker during the year, you should receive, for each sale, a Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or substitute statement, from the broker. Taxact login tax return taxact login page You should receive the statement by February 15 of the next year. Taxact login tax return taxact login page It will show the gross proceeds from the sale. Taxact login tax return taxact login page The IRS will also get a copy of Form 1099-B from the broker. Taxact login tax return taxact login page   Use Form 1099-B (or substitute statement received from your broker) to complete Form 8949. Taxact login tax return taxact login page If you sold a covered security in 2013, your broker will send you a Form 1099-B (or substitute statement) that shows your basis. Taxact login tax return taxact login page This will help you complete Form 8949. Taxact login tax return taxact login page Generally, a covered security is a security you acquired after 2010, with certain exceptions explained in the Instructions for Form 8949. Taxact login tax return taxact login page    For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in this chapter. Taxact login tax return taxact login page Also see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). Taxact login tax return taxact login page Nominees. Taxact login tax return taxact login page   If someone receives gross proceeds as a nominee for you, that person will give you a Form 1099-B, which will show gross proceeds received on your behalf. Taxact login tax return taxact login page   If you receive a Form 1099-B that includes gross proceeds belonging to another person, see Nominees , later under Reporting Capital Gains and Losses for more information. Taxact login tax return taxact login page Other property transactions. Taxact login tax return taxact login page   Certain transfers of property are discussed in other IRS publications. Taxact login tax return taxact login page These include: Sale of your main home, discussed in Publication 523, Selling Your Home; Installment sales, covered in Publication 537; Various types of transactions involving business property, discussed in Publication 544, Sales and Other Dispositions of Assets; Transfers of property at death, covered in Publication 559; and Disposition of an interest in a passive activity, discussed in Publication 925. Taxact login tax return taxact login page Topics - This chapter discusses: What Is a Sale or Trade? , Basis of Investment Property , Adjusted Basis , How To Figure Gain or Loss , Nontaxable trades , Transfers Between Spouses , Related Party Transactions , Capital Gains and Losses , Reporting Capital Gains and Losses , and Special Rules for Traders in Securities . Taxact login tax return taxact login page Useful Items - You may want to see: Publication 551 Basis of Assets Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 6781 Gains and Losses From Section 1256 Contracts and Straddles 8582 Passive Activity Loss Limitations 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Taxact login tax return taxact login page What Is a Sale or Trade? This section explains what is a sale or trade. Taxact login tax return taxact login page It also explains certain transactions and events that are treated as sales or trades. Taxact login tax return taxact login page A sale is generally a transfer of property for money or a mortgage, note, or other promise to pay money. Taxact login tax return taxact login page A trade is a transfer of property for other property or services, and may be taxed in the same way as a sale. Taxact login tax return taxact login page Sale and purchase. Taxact login tax return taxact login page   Ordinarily, a transaction is not a trade when you voluntarily sell property for cash and immediately buy similar property to replace it. Taxact login tax return taxact login page The sale and purchase are two separate transactions. Taxact login tax return taxact login page But see Like-Kind Exchanges under Nontaxable Trades, later. Taxact login tax return taxact login page Redemption of stock. Taxact login tax return taxact login page   A redemption of stock is treated as a sale or trade and is subject to the capital gain or loss provisions unless the redemption is a dividend or other distribution on stock. Taxact login tax return taxact login page Dividend versus sale or trade. Taxact login tax return taxact login page   Whether a redemption is treated as a sale, trade, dividend, or other distribution depends on the circumstances in each case. Taxact login tax return taxact login page Both direct and indirect ownership of stock will be considered. Taxact login tax return taxact login page The redemption is treated as a sale or trade of stock if: The redemption is not essentially equivalent to a dividend — see Dividends and Other Distributions in chapter 1, There is a substantially disproportionate redemption of stock, There is a complete redemption of all the stock of the corporation owned by the shareholder, or The redemption is a distribution in partial liquidation of a corporation. Taxact login tax return taxact login page Redemption or retirement of bonds. Taxact login tax return taxact login page   A redemption or retirement of bonds or notes at their maturity generally is treated as a sale or trade. Taxact login tax return taxact login page See Stocks, stock rights, and bonds and Discounted Debt Instruments under Capital or Ordinary Gain or Loss, later. Taxact login tax return taxact login page   In addition, a significant modification of a bond is treated as a trade of the original bond for a new bond. Taxact login tax return taxact login page For details, see Regulations section 1. Taxact login tax return taxact login page 1001-3. Taxact login tax return taxact login page Surrender of stock. Taxact login tax return taxact login page   A surrender of stock by a dominant shareholder who retains ownership of more than half of the corporation's voting shares is treated as a contribution to capital rather than as an immediate loss deductible from taxable income. Taxact login tax return taxact login page The surrendering shareholder must reallocate his or her basis in the surrendered shares to the shares he or she retains. Taxact login tax return taxact login page Trade of investment property for an annuity. Taxact login tax return taxact login page   The transfer of investment property to a corporation, trust, fund, foundation, or other organization, in exchange for a fixed annuity contract that will make guaranteed annual payments to you for life, is a taxable trade. Taxact login tax return taxact login page If the present value of the annuity is more than your basis in the property traded, you have a taxable gain in the year of the trade. Taxact login tax return taxact login page Figure the present value of the annuity according to factors used by commercial insurance companies issuing annuities. Taxact login tax return taxact login page Transfer by inheritance. Taxact login tax return taxact login page   The transfer of property of a decedent to the executor or administrator of the estate, or to the heirs or beneficiaries, is not a sale or other disposition. Taxact login tax return taxact login page No taxable gain or deductible loss results from the transfer. Taxact login tax return taxact login page Termination of certain rights and obligations. Taxact login tax return taxact login page   The cancellation, lapse, expiration, or other termination of a right or obligation (other than a securities futures contract) with respect to property that is a capital asset (or that would be a capital asset if you acquired it) is treated as a sale. Taxact login tax return taxact login page Any gain or loss is treated as a capital gain or loss. Taxact login tax return taxact login page   This rule does not apply to the retirement of a debt instrument. Taxact login tax return taxact login page See Redemption or retirement of bonds , earlier. Taxact login tax return taxact login page Worthless Securities Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that became completely worthless during the tax year are treated as though they were sold on the last day of the tax year. Taxact login tax return taxact login page This affects whether your capital loss is long term or short term. Taxact login tax return taxact login page See Holding Period , later. Taxact login tax return taxact login page Worthless securities also include securities that you abandon after March 12, 2008. Taxact login tax return taxact login page To abandon a security, you must permanently surrender and relinquish all rights in the security and receive no consideration in exchange for it. Taxact login tax return taxact login page All the facts and circumstances determine whether the transaction is properly characterized as an abandonment or other type of transaction, such as an actual sale or exchange, contribution to capital, dividend, or gift. Taxact login tax return taxact login page If you are a cash basis taxpayer and make payments on a negotiable promissory note that you issued for stock that became worthless, you can deduct these payments as losses in the years you actually make the payments. Taxact login tax return taxact login page Do not deduct them in the year the stock became worthless. Taxact login tax return taxact login page How to report loss. Taxact login tax return taxact login page   Report worthless securities in Form 8949, Part I or Part II, whichever applies. Taxact login tax return taxact login page    Report your worthless securities transactions on Form 8949 with the correct box checked for these transactions. Taxact login tax return taxact login page See Form 8949 and the Instructions for Form 8949. Taxact login tax return taxact login page Filing a claim for refund. Taxact login tax return taxact login page   If you do not claim a loss for a worthless security on your original return for the year it becomes worthless, you can file a claim for a credit or refund due to the loss. Taxact login tax return taxact login page You must use Form 1040X, Amended U. Taxact login tax return taxact login page S. Taxact login tax return taxact login page Individual Income Tax Return, to amend your return for the year the security became worthless. Taxact login tax return taxact login page You must file it within 7 years from the date your original return for that year had to be filed, or 2 years from the date you paid the tax, whichever is later. Taxact login tax return taxact login page (Claims not due to worthless securities or bad debts generally must be filed within 3 years from the date a return is filed, or 2 years from the date the tax is paid, whichever is later. Taxact login tax return taxact login page ) For more information about filing a claim, see Publication 556. Taxact login tax return taxact login page Constructive Sales of Appreciated Financial Positions You are treated as having made a constructive sale when you enter into certain transactions involving an appreciated financial position (defined later) in stock, a partnership interest, or certain debt instruments. Taxact login tax return taxact login page You must recognize gain as if the position were disposed of at its fair market value on the date of the constructive sale. Taxact login tax return taxact login page This gives you a new holding period for the position that begins on the date of the constructive sale. Taxact login tax return taxact login page Then, when you close the transaction, you reduce your gain (or increase your loss) by the gain recognized on the constructive sale. Taxact login tax return taxact login page Constructive sale. Taxact login tax return taxact login page   You are treated as having made a constructive sale of an appreciated financial position if you: Enter into a short sale of the same or substantially identical property, Enter into an offsetting notional principal contract relating to the same or substantially identical property, Enter into a futures or forward contract to deliver the same or substantially identical property (including a forward contract that provides for cash settlement), or Acquire the same or substantially identical property (if the appreciated financial position is a short sale, an offsetting notional principal contract, or a futures or forward contract). Taxact login tax return taxact login page   You are also treated as having made a constructive sale of an appreciated financial position if a person related to you enters into a transaction described above with a view toward avoiding the constructive sale treatment. Taxact login tax return taxact login page For this purpose, a related person is any related party described under Related Party Transactions , later in this chapter. Taxact login tax return taxact login page Exception for nonmarketable securities. Taxact login tax return taxact login page   You are not treated as having made a constructive sale solely because you entered into a contract for sale of any stock, debt instrument, or partnership interest that is not a marketable security if it settles within 1 year of the date you enter into it. Taxact login tax return taxact login page Exception for certain closed transactions. Taxact login tax return taxact login page   Do not treat a transaction as a constructive sale if all of the following are true. Taxact login tax return taxact login page You closed the transaction on or before the 30th day after the end of your tax year. Taxact login tax return taxact login page You held the appreciated financial position throughout the 60-day period beginning on the date you closed the transaction. Taxact login tax return taxact login page Your risk of loss was not reduced at any time during that 60-day period by holding certain other positions. Taxact login tax return taxact login page   If a closed transaction is reestablished in a substantially similar position during the 60-day period beginning on the date the first transaction was closed, this exception still applies if the reestablished position is closed before the 30th day after the end of your tax year in which the first transaction was closed and, after that closing, (2) and (3) above are true. Taxact login tax return taxact login page   This exception also applies to successive short sales of an entire appreciated financial position. Taxact login tax return taxact login page For more information, see Revenue Ruling 2003-1 in Internal Revenue Bulletin 2003-3. Taxact login tax return taxact login page This bulletin is available at www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov/pub/irs-irbs/irb03-03. Taxact login tax return taxact login page pdf. Taxact login tax return taxact login page Appreciated financial position. Taxact login tax return taxact login page   This is any interest in stock, a partnership interest, or a debt instrument (including a futures or forward contract, a short sale, or an option) if disposing of the interest would result in a gain. Taxact login tax return taxact login page Exceptions. Taxact login tax return taxact login page   An appreciated financial position does not include the following. Taxact login tax return taxact login page Any position from which all of the appreciation is accounted for under marked-to-market rules, including section 1256 contracts (described later under Section 1256 Contracts Marked to Market ). Taxact login tax return taxact login page Any position in a debt instrument if: The position unconditionally entitles the holder to receive a specified principal amount, The interest payments (or other similar amounts) with respect to the position are payable at a fixed rate or a variable rate described in Regulations section 1. Taxact login tax return taxact login page 860G-1(a)(3), and The position is not convertible, either directly or indirectly, into stock of the issuer (or any related person). Taxact login tax return taxact login page Any hedge with respect to a position described in (2). Taxact login tax return taxact login page Certain trust instruments treated as stock. Taxact login tax return taxact login page   For the constructive sale rules, an interest in an actively traded trust is treated as stock unless substantially all of the value of the property held by the trust is debt that qualifies for the exception to the definition of an appreciated financial position (explained in (2) above). Taxact login tax return taxact login page Sale of appreciated financial position. Taxact login tax return taxact login page   A transaction treated as a constructive sale of an appreciated financial position is not treated as a constructive sale of any other appreciated financial position, as long as you continue to hold the original position. Taxact login tax return taxact login page However, if you hold another appreciated financial position and dispose of the original position before closing the transaction that resulted in the constructive sale, you are treated as if, at the same time, you constructively sold the other appreciated financial position. Taxact login tax return taxact login page Section 1256 Contracts Marked to Market If you hold a section 1256 contract at the end of the tax year, you generally must treat it as sold at its fair market value on the last business day of the tax year. Taxact login tax return taxact login page Section 1256 Contract A section 1256 contract is any: Regulated futures contract, Foreign currency contract, Nonequity option, Dealer equity option, or Dealer securities futures contract. Taxact login tax return taxact login page Exceptions. Taxact login tax return taxact login page   A section 1256 contract does not include: Interest rate swaps, Currency swaps, Basis swaps, Interest rate caps, Interest rate floors, Commodity swaps, Equity swaps, Equity index swaps, Credit default swaps, or Similar agreements. Taxact login tax return taxact login page For more details, including definitions of these terms, see section 1256. Taxact login tax return taxact login page Regulated futures contract. Taxact login tax return taxact login page   This is a contract that: Provides that amounts which must be deposited to, or can be withdrawn from, your margin account depend on daily market conditions (a system of marking to market), and Is traded on, or subject to the rules of, a qualified board of exchange. Taxact login tax return taxact login page A qualified board of exchange is a domestic board of trade designated as a contract market by the Commodity Futures Trading Commission, any board of trade or exchange approved by the Secretary of the Treasury, or a national securities exchange registered with the Securities and Exchange Commission. Taxact login tax return taxact login page Foreign currency contract. Taxact login tax return taxact login page   This is a contract that: Requires delivery of a foreign currency that has positions traded through regulated futures contracts (or settlement of which depends on the value of that type of foreign currency), Is traded in the interbank market, and Is entered into at arm's length at a price determined by reference to the price in the interbank market. Taxact login tax return taxact login page   Bank forward contracts with maturity dates longer than the maturities ordinarily available for regulated futures contracts are considered to meet the definition of a foreign currency contract if the above three conditions are satisfied. Taxact login tax return taxact login page   Special rules apply to certain foreign currency transactions. Taxact login tax return taxact login page These transactions may result in ordinary gain or loss treatment. Taxact login tax return taxact login page For details, see Internal Revenue Code section 988 and Regulations sections 1. Taxact login tax return taxact login page 988-1(a)(7) and 1. Taxact login tax return taxact login page 988-3. Taxact login tax return taxact login page Nonequity option. Taxact login tax return taxact login page   This is any listed option (defined later) that is not an equity option. Taxact login tax return taxact login page Nonequity options include debt options, commodity futures options, currency options, and broad-based stock index options. Taxact login tax return taxact login page A broad-based stock index is based on the value of a group of diversified stocks or securities (such as the Standard and Poor's 500 index). Taxact login tax return taxact login page Warrants based on a stock index that are economically, substantially identical in all material respects to options based on a stock index are treated as options based on a stock index. Taxact login tax return taxact login page Cash-settled options. Taxact login tax return taxact login page   Cash-settled options based on a stock index and either traded on or subject to the rules of a qualified board of exchange are nonequity options if the Securities and Exchange Commission (SEC) determines that the stock index is broad based. Taxact login tax return taxact login page   This rule does not apply to options established before the SEC determines that the stock index is broad based. Taxact login tax return taxact login page Listed option. Taxact login tax return taxact login page   This is any option traded on, or subject to the rules of, a qualified board or exchange (as discussed earlier under Regulated futures contract). Taxact login tax return taxact login page A listed option, however, does not include an option that is a right to acquire stock from the issuer. Taxact login tax return taxact login page Dealer equity option. Taxact login tax return taxact login page   This is any listed option that, for an options dealer: Is an equity option, Is bought or granted by that dealer in the normal course of the dealer's business activity of dealing in options, and Is listed on the qualified board of exchange where that dealer is registered. Taxact login tax return taxact login page   An “options dealer” is any person registered with an appropriate national securities exchange as a market maker or specialist in listed options. Taxact login tax return taxact login page Equity option. Taxact login tax return taxact login page   This is any option: To buy or sell stock, or That is valued directly or indirectly by reference to any stock or narrow-based security index. Taxact login tax return taxact login page  Equity options include options on a group of stocks only if the group is a narrow-based stock index. Taxact login tax return taxact login page Dealer securities futures contract. Taxact login tax return taxact login page   For any dealer in securities futures contracts or options on those contracts, this is a securities futures contract (or option on such a contract) that: Is entered into by the dealer (or, in the case of an option, is purchased or granted by the dealer) in the normal course of the dealer's activity of dealing in this type of contract (or option), and Is traded on a qualified board or exchange (as defined under Regulated futures contract , earlier). Taxact login tax return taxact login page A securities futures contract that is not a dealer securities futures contract is treated as described later under Securities Futures Contracts . Taxact login tax return taxact login page Marked-to-Market Rules A section 1256 contract that you hold at the end of the tax year will generally be treated as sold at its fair market value on the last business day of the tax year, and you must recognize any gain or loss that results. Taxact login tax return taxact login page That gain or loss is taken into account in figuring your gain or loss when you later dispose of the contract, as shown in the example under 60/40 rule, below. Taxact login tax return taxact login page Hedging exception. Taxact login tax return taxact login page   The marked-to-market rules do not apply to hedging transactions. Taxact login tax return taxact login page See Hedging Transactions , later. Taxact login tax return taxact login page 60/40 rule. Taxact login tax return taxact login page   Under the marked-to-market system, 60% of your capital gain or loss will be treated as a long-term capital gain or loss, and 40% will be treated as a short-term capital gain or loss. Taxact login tax return taxact login page This is true regardless of how long you actually held the property. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page On June 22, 2012, you bought a regulated futures contract for $50,000. Taxact login tax return taxact login page On December 31, 2012 (the last business day of your tax year), the fair market value of the contract was $57,000. Taxact login tax return taxact login page You recognized a $7,000 gain on your 2012 tax return, treated as 60% long-term and 40% short-term capital gain. Taxact login tax return taxact login page On February 1, 2013, you sold the contract for $56,000. Taxact login tax return taxact login page Because you recognized a $7,000 gain on your 2012 return, you recognize a $1,000 loss ($57,000 − $56,000) on your 2013 tax return, treated as 60% long-term and 40% short-term capital loss. Taxact login tax return taxact login page Limited partners or entrepreneurs. Taxact login tax return taxact login page   The 60/40 rule does not apply to dealer equity options or dealer securities futures contracts that result in capital gain or loss allocable to limited partners or limited entrepreneurs (defined later under Hedging Transactions ). Taxact login tax return taxact login page Instead, these gains or losses are treated as short term. Taxact login tax return taxact login page Terminations and transfers. Taxact login tax return taxact login page   The marked-to-market rules also apply if your obligation or rights under section 1256 contracts are terminated or transferred during the tax year. Taxact login tax return taxact login page In this case, use the fair market value of each section 1256 contract at the time of termination or transfer to determine the gain or loss. Taxact login tax return taxact login page Terminations or transfers may result from any offsetting, delivery, exercise, assignment, or lapse of your obligation or rights under section 1256 contracts. Taxact login tax return taxact login page Loss carryback election. Taxact login tax return taxact login page   An individual having a net section 1256 contracts loss (defined later), generally can elect to carry this loss back 3 years instead of carrying it over to the next year. Taxact login tax return taxact login page See How To Report , later, for information about reporting this election on your return. Taxact login tax return taxact login page   The loss carried back to any year under this election cannot be more than the net section 1256 contracts gain in that year. Taxact login tax return taxact login page In addition, the amount of loss carried back to an earlier tax year cannot increase or produce a net operating loss for that year. Taxact login tax return taxact login page   The loss is carried to the earliest carryback year first, and any unabsorbed loss amount can then be carried to each of the next 2 tax years. Taxact login tax return taxact login page In each carryback year, treat 60% of the carryback amount as a long-term capital loss and 40% as a short-term capital loss from section 1256 contracts. Taxact login tax return taxact login page   If only a portion of the net section 1256 contracts loss is absorbed by carrying the loss back, the unabsorbed portion can be carried forward, under the capital loss carryover rules, to the year following the loss. Taxact login tax return taxact login page (See Capital Losses under Reporting Capital Gains and Losses, later. Taxact login tax return taxact login page ) Figure your capital loss carryover as if, for the loss year, you had an additional short-term capital gain of 40% of the amount of net section 1256 contracts loss absorbed in the carryback years and an additional long-term capital gain of 60% of the absorbed loss. Taxact login tax return taxact login page In the carryover year, treat any capital loss carryover from losses on section 1256 contracts as if it were a loss from section 1256 contracts for that year. Taxact login tax return taxact login page Net section 1256 contracts loss. Taxact login tax return taxact login page   This loss is the lesser of: The net capital loss for your tax year determined by taking into account only the gains and losses from section 1256 contracts, or The capital loss carryover to the next tax year determined without this election. Taxact login tax return taxact login page Net section 1256 contracts gain. Taxact login tax return taxact login page   This gain is the lesser of: The capital gain net income for the carryback year determined by taking into account only gains and losses from section 1256 contracts, or The capital gain net income for that year. Taxact login tax return taxact login page  Figure your net section 1256 contracts gain for any carryback year without regard to the net section 1256 contracts loss for the loss year or any later tax year. Taxact login tax return taxact login page Traders in section 1256 contracts. Taxact login tax return taxact login page   Gain or loss from the trading of section 1256 contracts is capital gain or loss subject to the marked-to-market rules. Taxact login tax return taxact login page However, this does not apply to contracts held for purposes of hedging property if any loss from the property would be an ordinary loss. Taxact login tax return taxact login page Treatment of underlying property. Taxact login tax return taxact login page   The determination of whether an individual's gain or loss from any property is ordinary or capital gain or loss is made without regard to the fact that the individual is actively engaged in dealing in or trading section 1256 contracts related to that property. Taxact login tax return taxact login page How To Report If you disposed of regulated futures or foreign currency contracts in 2013 (or had unrealized profit or loss on these contracts that were open at the end of 2012 or 2013), you should receive Form 1099-B, or substitute statement, from your broker. Taxact login tax return taxact login page Form 6781. Taxact login tax return taxact login page   Use Part I of Form 6781 to report your gains and losses from all section 1256 contracts that are open at the end of the year or that were closed out during the year. Taxact login tax return taxact login page This includes the amount shown in box 10 of Form 1099-B. Taxact login tax return taxact login page Then enter the net amount of these gains and losses on Schedule D (Form 1040), line 4 or line 11, as appropriate. Taxact login tax return taxact login page Include a copy of Form 6781 with your income tax return. Taxact login tax return taxact login page   If the Form 1099-B you receive includes a straddle or hedging transaction, defined later, it may be necessary to show certain adjustments on Form 6781. Taxact login tax return taxact login page Follow the Form 6781 instructions for completing Part I. Taxact login tax return taxact login page Loss carryback election. Taxact login tax return taxact login page   To carry back your loss under the election procedures described earlier, file Form 1040X or Form 1045, Application for Tentative Refund, for the year to which you are carrying the loss with an amended Form 6781 and an amended Schedule D (Form 1040) attached. Taxact login tax return taxact login page Follow the instructions for completing Form 6781 for the loss year to make this election. Taxact login tax return taxact login page Hedging Transactions The marked-to-market rules, described earlier, do not apply to hedging transactions. Taxact login tax return taxact login page A transaction is a hedging transaction if both of the following conditions are met. Taxact login tax return taxact login page You entered into the transaction in the normal course of your trade or business primarily to manage the risk of: Price changes or currency fluctuations on ordinary property you hold (or will hold), or Interest rate or price changes, or currency fluctuations, on your current or future borrowings or ordinary obligations. Taxact login tax return taxact login page You clearly identified the transaction as being a hedging transaction before the close of the day on which you entered into it. Taxact login tax return taxact login page This hedging transaction exception does not apply to transactions entered into by or for any syndicate. Taxact login tax return taxact login page A syndicate is a partnership, S corporation, or other entity (other than a regular corporation) that allocates more than 35% of its losses to limited partners or limited entrepreneurs. Taxact login tax return taxact login page A limited entrepreneur is a person who has an interest in an enterprise (but not as a limited partner) and who does not actively participate in its management. Taxact login tax return taxact login page However, an interest is not considered held by a limited partner or entrepreneur if the interest holder actively participates (or did so for at least 5 full years) in the management of the entity, or is the spouse, child (including a legally adopted child), grandchild, or parent of an individual who actively participates in the management of the entity. Taxact login tax return taxact login page Hedging loss limit. Taxact login tax return taxact login page   If you are a limited partner or entrepreneur in a syndicate, the amount of a hedging loss you can claim is limited. Taxact login tax return taxact login page A “hedging loss” is the amount by which the allowable deductions in a tax year that resulted from a hedging transaction (determined without regard to the limit) are more than the income received or accrued during the tax year from this transaction. Taxact login tax return taxact login page   Any hedging loss allocated to you for the tax year is limited to your taxable income for that year from the trade or business in which the hedging transaction occurred. Taxact login tax return taxact login page Ignore any hedging transaction items in determining this taxable income. Taxact login tax return taxact login page If you have a hedging loss that is disallowed because of this limit, you can carry it over to the next tax year as a deduction resulting from a hedging transaction. Taxact login tax return taxact login page   If the hedging transaction relates to property other than stock or securities, the limit on hedging losses applies if the limited partner or entrepreneur is an individual. Taxact login tax return taxact login page   The limit on hedging losses does not apply to any hedging loss to the extent that it is more than all your unrecognized gains from hedging transactions at the end of the tax year that are from the trade or business in which the hedging transaction occurred. Taxact login tax return taxact login page The term “unrecognized gain” has the same meaning as defined under Loss Deferral Rules in Straddles, later. Taxact login tax return taxact login page Sale of property used in a hedge. Taxact login tax return taxact login page   Once you identify personal property as being part of a hedging transaction, you must treat gain from its sale or exchange as ordinary income, not capital gain. Taxact login tax return taxact login page Self-Employment Income Gains and losses derived in the ordinary course of a commodity or option dealer's trading in section 1256 contracts and property related to these contracts are included in net earnings from self-employment. Taxact login tax return taxact login page See the Instructions for Schedule SE (Form 1040). Taxact login tax return taxact login page In addition, the rules relating to contributions to self-employment retirement plans apply. Taxact login tax return taxact login page For information on retirement plan contributions, see Publication 560 and Publication 590. Taxact login tax return taxact login page Basis of Investment Property Basis is a way of measuring your investment in property for tax purposes. Taxact login tax return taxact login page You must know the basis of your property to determine whether you have a gain or loss on its sale or other disposition. Taxact login tax return taxact login page Investment property you buy normally has an original basis equal to its cost. Taxact login tax return taxact login page If you get property in some way other than buying it, such as by gift or inheritance, its fair market value may be important in figuring the basis. Taxact login tax return taxact login page Cost Basis The basis of property you buy is usually its cost. Taxact login tax return taxact login page The cost is the amount you pay in cash, debt obligations, or other property or services. Taxact login tax return taxact login page Unstated interest. Taxact login tax return taxact login page   If you buy property on a time-payment plan that charges little or no interest, the basis of your property is your stated purchase price, minus the amount considered to be unstated interest. Taxact login tax return taxact login page You generally have unstated interest if your interest rate is less than the applicable federal rate. Taxact login tax return taxact login page For more information, see Unstated Interest and Original Issue Discount (OID) in Publication 537. Taxact login tax return taxact login page Basis Other Than Cost There are times when you must use a basis other than cost. Taxact login tax return taxact login page In these cases, you may need to know the property's fair market value or the adjusted basis of the previous owner. Taxact login tax return taxact login page Fair market value. Taxact login tax return taxact login page   This is the price at which the property would change hands between a buyer and a seller, neither being forced to buy or sell and both having reasonable knowledge of all the relevant facts. Taxact login tax return taxact login page Sales of similar property, around the same date, may be helpful in figuring fair market value. Taxact login tax return taxact login page Property Received for Services If you receive investment property for services, you must include the property's fair market value in income. Taxact login tax return taxact login page The amount you include in income then becomes your basis in the property. Taxact login tax return taxact login page If the services were performed for a price that was agreed to beforehand, this price will be accepted as the fair market value of the property if there is no evidence to the contrary. Taxact login tax return taxact login page Restricted property. Taxact login tax return taxact login page   If you receive, as payment for services, property that is subject to certain restrictions, your basis in the property generally is its fair market value when it becomes substantially vested. Taxact login tax return taxact login page Property becomes substantially vested when it is transferable or is no longer subject to substantial risk of forfeiture, whichever happens first. Taxact login tax return taxact login page See Restricted Property in Publication 525 for more information. Taxact login tax return taxact login page Bargain purchases. Taxact login tax return taxact login page   If you buy investment property at less than fair market value, as payment for services, you must include the difference in income. Taxact login tax return taxact login page Your basis in the property is the price you pay plus the amount you include in income. Taxact login tax return taxact login page Property Received in Taxable Trades If you received investment property in trade for other property, the basis of the new property is its fair market value at the time of the trade unless you received the property in a nontaxable trade. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page You trade A Company stock for B Company stock having a fair market value of $1,200. Taxact login tax return taxact login page If the adjusted basis of the A Company stock is less than $1,200, you have a taxable gain on the trade. Taxact login tax return taxact login page If the adjusted basis of the A Company stock is more than $1,200, you have a deductible loss on the trade. Taxact login tax return taxact login page The basis of your B Company stock is $1,200. Taxact login tax return taxact login page If you later sell the B Company stock for $1,300, you will have a gain of $100. Taxact login tax return taxact login page Property Received in Nontaxable Trades If you have a nontaxable trade, you do not recognize gain or loss until you dispose of the property you received in the trade. Taxact login tax return taxact login page See Nontaxable Trades , later. Taxact login tax return taxact login page The basis of property you received in a nontaxable or partly nontaxable trade is generally the same as the adjusted basis of the property you gave up. Taxact login tax return taxact login page Increase this amount by any cash you paid, additional costs you had, and any gain recognized. Taxact login tax return taxact login page Reduce this amount by any cash or unlike property you received, any loss recognized, and any liability of yours that was assumed or treated as assumed. Taxact login tax return taxact login page Property Received From Your Spouse If property is transferred to you from your spouse (or former spouse, if the transfer is incident to your divorce), your basis is the same as your spouse's or former spouse's adjusted basis just before the transfer. Taxact login tax return taxact login page See Transfers Between Spouses , later. Taxact login tax return taxact login page Recordkeeping. Taxact login tax return taxact login page The transferor must give you the records necessary to determine the adjusted basis and holding period of the property as of the date of the transfer. Taxact login tax return taxact login page Property Received as a Gift To figure your basis in property that you received as a gift, you must know its adjusted basis to the donor just before it was given to you, its fair market value at the time it was given to you, the amount of any gift tax paid on it, and the date it was given to you. Taxact login tax return taxact login page Fair market value less than donor's adjusted basis. Taxact login tax return taxact login page   If the fair market value of the property at the time of the gift was less than the donor's adjusted basis just before the gift, your basis for gain on its sale or other disposition is the same as the donor's adjusted basis plus or minus any required adjustments to basis during the period you hold the property. Taxact login tax return taxact login page Your basis for loss is its fair market value at the time of the gift plus or minus any required adjustments to basis during the period you hold the property. Taxact login tax return taxact login page No gain or loss. Taxact login tax return taxact login page   If you use the basis for figuring a gain and the result is a loss, and then use the basis for figuring a loss and the result is a gain, you will have neither a gain nor a loss. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page You receive a gift of investment property having an adjusted basis of $10,000 at the time of the gift. Taxact login tax return taxact login page The fair market value at the time of the gift is $9,000. Taxact login tax return taxact login page You later sell the property for $9,500. Taxact login tax return taxact login page You have neither gain nor loss. Taxact login tax return taxact login page Your basis for figuring gain is $10,000, and $9,500 minus $10,000 results in a $500 loss. Taxact login tax return taxact login page Your basis for figuring loss is $9,000, and $9,500 minus $9,000 results in a $500 gain. Taxact login tax return taxact login page Fair market value equal to or more than donor's adjusted basis. Taxact login tax return taxact login page   If the fair market value of the property at the time of the gift was equal to or more than the donor's adjusted basis just before the gift, your basis for gain or loss on its sale or other disposition is the donor's adjusted basis plus or minus any required adjustments to basis during the period you hold the property. Taxact login tax return taxact login page Also, you may be allowed to add to the donor's adjusted basis all or part of any gift tax paid, depending on the date of the gift. Taxact login tax return taxact login page Gift received before 1977. Taxact login tax return taxact login page   If you received property as a gift before 1977, your basis in the property is the donor's adjusted basis increased by the total gift tax paid on the gift. Taxact login tax return taxact login page However, your basis cannot be more than the fair market value of the gift at the time it was given to you. Taxact login tax return taxact login page Example 1. Taxact login tax return taxact login page You were given XYZ Company stock in 1976. Taxact login tax return taxact login page At the time of the gift, the stock had a fair market value of $21,000. Taxact login tax return taxact login page The donor's adjusted basis was $20,000. Taxact login tax return taxact login page The donor paid a gift tax of $500 on the gift. Taxact login tax return taxact login page Your basis for gain or loss is $20,500, the donor's adjusted basis plus the amount of gift tax paid. Taxact login tax return taxact login page Example 2. Taxact login tax return taxact login page The facts are the same as in Example 1 except that the gift tax paid was $1,500. Taxact login tax return taxact login page Your basis is $21,000, the donor's adjusted basis plus the gift tax paid, but limited to the fair market value of the stock at the time of the gift. Taxact login tax return taxact login page Gift received after 1976. Taxact login tax return taxact login page   If you received property as a gift after 1976, your basis is the donor's adjusted basis increased by the part of the gift tax paid that was for the net increase in value of the gift. Taxact login tax return taxact login page You figure this part by multiplying the gift tax paid on the gift by a fraction. Taxact login tax return taxact login page The numerator (top part) is the net increase in value of the gift and the denominator (bottom part) is the amount of the gift. Taxact login tax return taxact login page   The net increase in value of the gift is the fair market value of the gift minus the donor's adjusted basis. Taxact login tax return taxact login page The amount of the gift is its value for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page In 2013, you received a gift of property from your mother. Taxact login tax return taxact login page At the time of the gift, the property had a fair market value of $101,000 and an adjusted basis to her of $40,000. Taxact login tax return taxact login page The amount of the gift for gift tax purposes was $87,000 ($101,000 minus the $14,000 annual exclusion), and your mother paid a gift tax of $21,000. Taxact login tax return taxact login page You figure your basis in the following way: Fair market value $101,000 Minus: Adjusted basis 40,000 Net increase in value of gift $61,000 Gift tax paid $21,000 Multiplied by . Taxact login tax return taxact login page 701 ($61,000 ÷ $87,000) . Taxact login tax return taxact login page 701 Gift tax due to net increase in value $14,721 Plus: Adjusted basis of property to  your mother 40,000 Your basis in the property $54,721 Part sale, part gift. Taxact login tax return taxact login page   If you get property in a transfer that is partly a sale and partly a gift, your basis is the larger of the amount you paid for the property or the transferor's adjusted basis in the property at the time of the transfer. Taxact login tax return taxact login page Add to that amount the amount of any gift tax paid on the gift, as described in the preceding discussion. Taxact login tax return taxact login page For figuring loss, your basis is limited to the property's fair market value at the time of the transfer. Taxact login tax return taxact login page Gift tax information. Taxact login tax return taxact login page   For information on gift tax, see Publication 950, Introduction to Estate and Gift Taxes. Taxact login tax return taxact login page For information on figuring the amount of gift tax to add to your basis, see Property Received as a Gift in Publication 551. Taxact login tax return taxact login page Property Received as Inheritance Before or after 2010. Taxact login tax return taxact login page   If you inherited property from a decedent who died before or after 2010, or who died in 2010 and the executor of the decedent's estate elected not to file Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, your basis in that property generally is its fair market value (its appraised value on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return) on: The date of the decedent's death, or The later alternate valuation date if the estate qualifies for, and elects to use, alternate valuation. Taxact login tax return taxact login page If no Form 706 was filed, use the appraised value on the date of death for state inheritance or transmission taxes. Taxact login tax return taxact login page For stocks and bonds, if no Form 706 was filed and there are no state inheritance or transmission taxes, see the Form 706 instructions for figuring the fair market value of the stocks and bonds on the date of the decedent's death. Taxact login tax return taxact login page Appreciated property you gave the decedent. Taxact login tax return taxact login page   Your basis in certain appreciated property that you inherited is the decedent's adjusted basis in the property immediately before death rather than its fair market value. Taxact login tax return taxact login page This applies to appreciated property that you or your spouse gave the decedent as a gift during the 1-year period ending on the date of death. Taxact login tax return taxact login page Appreciated property is any property whose fair market value on the day you gave it to the decedent was more than its adjusted basis. Taxact login tax return taxact login page More information. Taxact login tax return taxact login page   See Publication 551 for more information on the basis of inherited property, including community property, property held by a surviving tenant in a joint tenancy or tenancy by the entirety, a qualified joint interest, and a farm or closely held business. Taxact login tax return taxact login page Inherited in 2010 and executor elected to file Form 8939. Taxact login tax return taxact login page   If you inherited property from a decedent who died in 2010 and the executor made the election to file Form 8939, see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, to figure your basis. Taxact login tax return taxact login page Adjusted Basis Before you can figure any gain or loss on a sale, exchange, or other disposition of property or figure allowable depreciation, depletion, or amortization, you usually must make certain adjustments (increases and decreases) to the basis of the property. Taxact login tax return taxact login page The result of these adjustments to the basis is the adjusted basis. Taxact login tax return taxact login page Adjustments to the basis of stocks and bonds are explained in the following discussion. Taxact login tax return taxact login page For information about other adjustments to basis, see Publication 551. Taxact login tax return taxact login page Stocks and Bonds The basis of stocks or bonds you own generally is the purchase price plus the costs of purchase, such as commissions and recording or transfer fees. Taxact login tax return taxact login page If you acquired stock or bonds other than by purchase, your basis is usually determined by fair market value or the previous owner's adjusted basis as discussed earlier under Basis Other Than Cost . Taxact login tax return taxact login page The basis of stock must be adjusted for certain events that occur after purchase. Taxact login tax return taxact login page For example, if you receive more stock from nontaxable stock dividends or stock splits, you must reduce the basis of your original stock. Taxact login tax return taxact login page You must also reduce your basis when you receive nondividend distributions (discussed in chapter 1). Taxact login tax return taxact login page These distributions, up to the amount of your basis, are a nontaxable return of capital. Taxact login tax return taxact login page The IRS partners with companies that offer Form 8949 and Schedule D (Form 1040) software that can import trades from many brokerage firms and accounting software to help you keep track of your adjusted basis in securities. Taxact login tax return taxact login page To find out more, go to www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov/Filing/Filing-Options. Taxact login tax return taxact login page Identifying stock or bonds sold. Taxact login tax return taxact login page   If you can adequately identify the shares of stock or the bonds you sold, their basis is the cost or other basis of the particular shares of stock or bonds. Taxact login tax return taxact login page Adequate identification. Taxact login tax return taxact login page   You will make an adequate identification if you show that certificates representing shares of stock from a lot that you bought on a certain date or for a certain price were delivered to your broker or other agent. Taxact login tax return taxact login page Broker holds stock. Taxact login tax return taxact login page   If you have left the stock certificates with your broker or other agent, you will make an adequate identification if you: Tell your broker or other agent the particular stock to be sold or transferred at the time of the sale or transfer, and Receive a written confirmation of this from your broker or other agent within a reasonable time. Taxact login tax return taxact login page  Stock identified this way is the stock sold or transferred even if stock certificates from a different lot are delivered to the broker or other agent. Taxact login tax return taxact login page Single stock certificate. Taxact login tax return taxact login page   If you bought stock in different lots at different times and you hold a single stock certificate for this stock, you will make an adequate identification if you: Tell your broker or other agent the particular stock to be sold or transferred when you deliver the certificate to your broker or other agent, and Receive a written confirmation of this from your broker or other agent within a reasonable time. Taxact login tax return taxact login page   If you sell part of the stock represented by a single certificate directly to the buyer instead of through a broker, you will make an adequate identification if you keep a written record of the particular stock that you intend to sell. Taxact login tax return taxact login page Bonds. Taxact login tax return taxact login page   These methods of identification also apply to bonds sold or transferred. Taxact login tax return taxact login page Identification not possible. Taxact login tax return taxact login page   If you buy and sell securities at various times in varying quantities and you cannot adequately identify the shares you sell, the basis of the securities you sell is the basis of the securities you acquired first. Taxact login tax return taxact login page Except for certain mutual fund shares, discussed later, you cannot use the average price per share to figure gain or loss on the sale of the shares. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page You bought 100 shares of stock of XYZ Corporation in 1998 for $10 a share. Taxact login tax return taxact login page In January 1999 you bought another 200 shares for $11 a share. Taxact login tax return taxact login page In July 1999 you gave your son 50 shares. Taxact login tax return taxact login page In December 2001 you bought 100 shares for $9 a share. Taxact login tax return taxact login page In April 2013 you sold 130 shares. Taxact login tax return taxact login page You cannot identify the shares you disposed of, so you must use the stock you acquired first to figure the basis. Taxact login tax return taxact login page The shares of stock you gave your son had a basis of $500 (50 × $10). Taxact login tax return taxact login page You figure the basis of the 130 shares of stock you sold in 2013 as follows: 50 shares (50 × $10) balance of stock bought in 1998 $ 500 80 shares (80 × $11) stock bought in January 1999 880 Total basis of stock sold in 2013 $1,380 Shares in a mutual fund or REIT. Taxact login tax return taxact login page    The basis of shares in a mutual fund (or other regulated investment company) or a real estate investment trust (REIT) is generally figured in the same way as the basis of other stock and usually includes any commissions or load charges paid for the purchase. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page You bought 100 shares of Fund A for $10 a share. Taxact login tax return taxact login page You paid a $50 commission to the broker for the purchase. Taxact login tax return taxact login page Your cost basis for each share is $10. Taxact login tax return taxact login page 50 ($1,050 ÷ 100). Taxact login tax return taxact login page Commissions and load charges. Taxact login tax return taxact login page   The fees and charges you pay to acquire or redeem shares of a mutual fund are not deductible. Taxact login tax return taxact login page You can usually add acquisition fees and charges to your cost of the shares and thereby increase your basis. Taxact login tax return taxact login page A fee paid to redeem the shares is usually a reduction in the redemption price (sales price). Taxact login tax return taxact login page   You cannot add your entire acquisition fee or load charge to the cost of the mutual fund shares acquired if all of the following conditions apply. Taxact login tax return taxact login page You get a reinvestment right because of the purchase of the shares or the payment of the fee or charge. Taxact login tax return taxact login page You dispose of the shares within 90 days of the purchase date. Taxact login tax return taxact login page You acquire new shares in the same mutual fund or another mutual fund, for which the fee or charge is reduced or waived because of the reinvestment right you got when you acquired the original shares. Taxact login tax return taxact login page   The amount of the original fee or charge in excess of the reduction in (3) is added to the cost of the original shares. Taxact login tax return taxact login page The rest of the original fee or charge is added to the cost basis of the new shares (unless all three conditions above also apply to the purchase of the new shares). Taxact login tax return taxact login page Choosing average basis for mutual fund shares. Taxact login tax return taxact login page   You can choose to use the average basis of mutual fund shares if you acquired the identical shares at various times and prices, or you acquired the shares after 2010 in connection with a dividend reinvestment plan, and left them on deposit in an account kept by a custodian or agent. Taxact login tax return taxact login page The methods you can use to figure average basis are explained later. Taxact login tax return taxact login page Undistributed capital gains. Taxact login tax return taxact login page   If you had to include in your income any undistributed capital gains of the mutual fund or REIT, increase your basis in the stock by the difference between the amount you included and the amount of tax paid for you by the fund or REIT. Taxact login tax return taxact login page See Undistributed capital gains of mutual funds and REITs under Capital Gain Distributions in chapter 1. Taxact login tax return taxact login page Reinvestment right. Taxact login tax return taxact login page   This is the right to acquire mutual fund shares in the same or another mutual fund without paying a fee or load charge, or by paying a reduced fee or load charge. Taxact login tax return taxact login page      The original cost basis of mutual fund shares you acquire by reinvesting your distributions is the amount of the distributions used to purchase each full or fractional share. Taxact login tax return taxact login page This rule applies even if the distribution is an exempt-interest dividend that you do not report as income. Taxact login tax return taxact login page Table 4-1. Taxact login tax return taxact login page This is a worksheet you can use to keep track of the adjusted basis of your mutual fund shares. Taxact login tax return taxact login page Enter the cost per share when you acquire new shares and any adjustments to their basis when the adjustment occurs. Taxact login tax return taxact login page This worksheet will help you figure the adjusted basis when you sell or redeem shares. Taxact login tax return taxact login page Table 4-1. Taxact login tax return taxact login page Mutual Fund Record Mutual Fund Acquired1 Adjustment to Basis Per Share Adjusted2 Basis Per Share Sold or redeemed Date Number of Shares Cost Per Share Date Number of Shares                                                                                                                                                                                                                                                                         1 Include share received from reinvestment of distributions. Taxact login tax return taxact login page 2 Cost plus or minus adjustments. Taxact login tax return taxact login page Automatic investment service. Taxact login tax return taxact login page   If you participate in an automatic investment service, your basis for each share of stock, including fractional shares, bought by the bank or other agent is the purchase price plus a share of the broker's commission. Taxact login tax return taxact login page Dividend reinvestment plans. Taxact login tax return taxact login page   If you participate in a dividend reinvestment plan and receive stock from the corporation at a discount, your basis is the full fair market value of the stock on the dividend payment date. Taxact login tax return taxact login page You must include the amount of the discount in your income. Taxact login tax return taxact login page Public utilities. Taxact login tax return taxact login page   If, before 1986, you excluded from income the value of stock you had received under a qualified public utility reinvestment plan, your basis in that stock is zero. Taxact login tax return taxact login page Stock dividends. Taxact login tax return taxact login page   Stock dividends are distributions made by a corporation of its own stock. Taxact login tax return taxact login page Generally, stock dividends are not taxable to you. Taxact login tax return taxact login page However, see Distributions of Stock and Stock Rights under Dividends and Other Distributions in chapter 1 for some exceptions. Taxact login tax return taxact login page If the stock dividends are not taxable, you must divide your basis for the old stock between the old and new stock. Taxact login tax return taxact login page New and old stock identical. Taxact login tax return taxact login page   If the new stock you received as a nontaxable dividend is identical to the old stock on which the dividend was declared, divide the adjusted basis of the old stock by the number of shares of old and new stock. Taxact login tax return taxact login page The result is your basis for each share of stock. Taxact login tax return taxact login page Example 1. Taxact login tax return taxact login page You owned one share of common stock that you bought for $45. Taxact login tax return taxact login page The corporation distributed two new shares of common stock for each share held. Taxact login tax return taxact login page You then had three shares of common stock. Taxact login tax return taxact login page Your basis in each share is $15 ($45 ÷ 3). Taxact login tax return taxact login page Example 2. Taxact login tax return taxact login page You owned two shares of common stock. Taxact login tax return taxact login page You bought one for $30 and the other for $45. Taxact login tax return taxact login page The corporation distributed two new shares of common stock for each share held. Taxact login tax return taxact login page You had six shares after the distribution—three with a basis of $10 each ($30 ÷ 3) and three with a basis of $15 each ($45 ÷ 3). Taxact login tax return taxact login page New and old stock not identical. Taxact login tax return taxact login page   If the new stock you received as a nontaxable dividend is not identical to the old stock on which it was declared, the basis of the new stock is calculated differently. Taxact login tax return taxact login page Divide the adjusted basis of the old stock between the old and the new stock in the ratio of the fair market value of each lot of stock to the total fair market value of both lots on the date of distribution of the new stock. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page You bought a share of common stock for $100. Taxact login tax return taxact login page Later, the corporation distributed a share of preferred stock for each share of common stock held. Taxact login tax return taxact login page At the date of distribution, your common stock had a fair market value of $150 and the preferred stock had a fair market value of $50. Taxact login tax return taxact login page You figure the basis of the old and new stock by dividing your $100 basis between them. Taxact login tax return taxact login page The basis of your common stock is $75 (($150 ÷ $200) × $100), and the basis of the new preferred stock is $25 (($50 ÷ $200) × $100). Taxact login tax return taxact login page Stock bought at various times. Taxact login tax return taxact login page   Figure the basis of stock dividends received on stock you bought at various times and at different prices by allocating to each lot of stock the share of the stock dividends due to it. Taxact login tax return taxact login page Taxable stock dividends. Taxact login tax return taxact login page   If your stock dividend is taxable when you receive it, the basis of your new stock is its fair market value on the date of distribution. Taxact login tax return taxact login page The basis of your old stock does not change. Taxact login tax return taxact login page Stock splits. Taxact login tax return taxact login page   Figure the basis of stock splits in the same way as stock dividends if identical stock is distributed on the stock held. Taxact login tax return taxact login page Stock rights. Taxact login tax return taxact login page   A stock right is a right to acquire a corporation's stock. Taxact login tax return taxact login page It may be exercised, it may be sold if it has a market value, or it may expire. Taxact login tax return taxact login page Stock rights are rarely taxable when you receive them. Taxact login tax return taxact login page See Distributions of Stock and Stock Rights under Dividends and Other Distributions in chapter 1. Taxact login tax return taxact login page Taxable stock rights. Taxact login tax return taxact login page   If you receive stock rights that are taxable, the basis of the rights is their fair market value at the time of distribution. Taxact login tax return taxact login page The basis of the old stock does not change. Taxact login tax return taxact login page Nontaxable stock rights. Taxact login tax return taxact login page   If you receive nontaxable stock rights and allow them to expire, they have no basis. Taxact login tax return taxact login page   If you exercise or sell the nontaxable stock rights and if, at the time of distribution, the stock rights had a fair market value of 15% or more of the fair market value of the old stock, you must divide the adjusted basis of the old stock between the old stock and the stock rights. Taxact login tax return taxact login page Use a ratio of the fair market value of each to the total fair market value of both at the time of distribution. Taxact login tax return taxact login page   If the fair market value of the stock rights was less than 15%, their basis is zero. Taxact login tax return taxact login page However, you can choose to divide the basis of the old stock between the old stock and the stock rights. Taxact login tax return taxact login page To make the choice, attach a statement to your return for the year in which you received the rights, stating that you choose to divide the basis of the stock. Taxact login tax return taxact login page Basis of new stock. Taxact login tax return taxact login page   If you exercise the stock rights, the basis of the new stock is its cost plus the basis of the stock rights exercised. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page You own 100 shares of ABC Company stock, which cost you $22 per share. Taxact login tax return taxact login page The ABC Company gave you 10 nontaxable stock rights that would allow you to buy 10 more shares at $26 per share. Taxact login tax return taxact login page At the time the stock rights were distributed, the stock had a market value of $30, not including the stock rights. Taxact login tax return taxact login page Each stock right had a market value of $3. Taxact login tax return taxact login page The market value of the stock rights was less than 15% of the market value of the stock, but you chose to divide the basis of your stock between the stock and the rights. Taxact login tax return taxact login page You figure the basis of the rights and the basis of the old stock as follows: 100 shares × $22 = $2,200, basis of old stock   100 shares × $30 = $3,000, market value of old stock   10 rights × $3 = $30, market value of rights   ($3,000 ÷ $3,030) × $2,200 = $2,178. Taxact login tax return taxact login page 22, new basis of old stock   ($30 ÷ $3,030) × $2,200 = $21. Taxact login tax return taxact login page 78, basis of rights   If you sell the rights, the basis for figuring gain or loss is $2. Taxact login tax return taxact login page 18 ($21. Taxact login tax return taxact login page 78 ÷ 10) per right. Taxact login tax return taxact login page If you exercise the rights, the basis of the stock you acquire is the price you pay ($26) plus the basis of the right exercised ($2. Taxact login tax return taxact login page 18), or $28. Taxact login tax return taxact login page 18 per share. Taxact login tax return taxact login page The remaining basis of the old stock is $21. Taxact login tax return taxact login page 78 per share. Taxact login tax return taxact login page Investment property received in liquidation. Taxact login tax return taxact login page   In general, if you receive investment property as a distribution in partial or complete liquidation of a corporation and if you recognize gain or loss when you acquire the property, your basis in the property is its fair market value at the time of the distribution. Taxact login tax return taxact login page S corporation stock. Taxact login tax return taxact login page   You must increase your basis in stock of an S corporation by your pro rata share of the following items. Taxact login tax return taxact login page All income items of the S corporation, including tax-exempt income, that are separately stated and passed through to you as a shareholder. Taxact login tax return taxact login page The nonseparately stated income of the S corporation. Taxact login tax return taxact login page The amount of the deduction for depletion (other than oil and gas depletion) that is more than the basis of the property being depleted. Taxact login tax return taxact login page   You must decrease your basis in stock of an S corporation by your pro rata share of the following items. Taxact login tax return taxact login page Distributions by the S corporation that were not included in your income. Taxact login tax return taxact login page All loss and deduction items of the S corporation that are separately stated and passed through to you. Taxact login tax return taxact login page Any nonseparately stated loss of the S corporation. Taxact login tax return taxact login page Any expense of the S corporation that is not deductible in figuring its taxable income and not properly chargeable to a capital account. Taxact login tax return taxact login page The amount of your deduction for depletion of oil and gas wells to the extent the deduction is not more than your share of the adjusted basis of the wells. Taxact login tax return taxact login page However, your basis in the stock cannot be reduced below zero. Taxact login tax return taxact login page Specialized small business investment company stock or partnership interest. Taxact login tax return taxact login page   If you bought this stock or interest as replacement property for publicly traded securities you sold at a gain, you must reduce the basis of the stock or interest by the amount of any postponed gain on that sale. Taxact login tax return taxact login page See Rollover of Gain From Publicly Traded Securities , later. Taxact login tax return taxact login page Qualified small business stock. Taxact login tax return taxact login page   If you bought this stock as replacement property for other qualified small business stock you sold at a gain, you must reduce the basis of this replacement stock by the amount of any postponed gain on the earlier sale. Taxact login tax return taxact login page See Gains on Qualified Small Business Stock , later. Taxact login tax return taxact login page Short sales. Taxact login tax return taxact login page   If you cannot deduct payments you make to a lender in lieu of dividends on stock used in a short sale, the amount you pay to the lender is a capital expense, and you must add it to the basis of the stock used to close the short sale. Taxact login tax return taxact login page   See Payments in lieu of dividends , later, for information about deducting payments in lieu of dividends. Taxact login tax return taxact login page Premiums on bonds. Taxact login tax return taxact login page   If you buy a bond at a premium, the premium is treated as part of your basis in the bond. Taxact login tax return taxact login page If you choose to amortize the premium paid on a taxable bond, you must reduce the basis of the bond by the amortized part of the premium each year over the life of the bond. Taxact login tax return taxact login page   Although you cannot deduct the premium on a tax-exempt bond, you must amortize it to determine your adjusted basis in the bond. Taxact login tax return taxact login page You must reduce the basis of the bond by the premium you amortized for the period you held the bond. Taxact login tax return taxact login page   See Bond Premium Amortization in chapter 3 for more information. Taxact login tax return taxact login page Market discount on bonds. Taxact login tax return taxact login page   If you include market discount on a bond in income currently, increase the basis of your bond by the amount of market discount you include in your income. Taxact login tax return taxact login page See Market Discount Bonds in chapter 1 for more information. Taxact login tax return taxact login page Bonds purchased at par value. Taxact login tax return taxact login page   A bond purchased at par value (face amount) has no premium or discount. Taxact login tax return taxact login page When you sell or otherwise dispose of the bond, you figure the gain or loss by comparing the bond proceeds to the purchase price of the bond. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page You purchased a bond several years ago for its par value of $10,000. Taxact login tax return taxact login page You sold the bond this year for $10,100. Taxact login tax return taxact login page You have a gain of $100. Taxact login tax return taxact login page However, if you had sold the bond for $9,900, you would have a loss of $100. Taxact login tax return taxact login page Acquisition discount on short-term obligations. Taxact login tax return taxact login page   If you include acquisition discount on a short-term obligation in your income currently, increase the basis of the obligation by the amount of acquisition discount you include in your income. Taxact login tax return taxact login page See Discount on Short-Term Obligations in chapter 1 for more information. Taxact login tax return taxact login page Original issue discount (OID) on debt instruments. Taxact login tax return taxact login page   Increase the basis of a debt instrument by the OID you include in your income. Taxact login tax return taxact login page See Original Issue Discount (OID) in chapter 1. Taxact login tax return taxact login page Discounted tax-exempt obligations. Taxact login tax return taxact login page   OID on tax-exempt obligations is generally not taxable. Taxact login tax return taxact login page However, when you dispose of a tax-exempt obligation issued after September 3, 1982, that you acquired after March 1, 1984, you must accrue OID on the obligation to determine its adjusted basis. Taxact login tax return taxact login page The accrued OID is added to the basis of the obligation to determine your gain or loss. Taxact login tax return taxact login page   For information on determining OID on a long-term obligation, see Debt Instruments Issued After July 1, 1982, and Before 1985 or Debt Instruments Issued After 1984, whichever applies, in Publication 1212 under Figuring OID on Long-Term Debt Instruments. Taxact login tax return taxact login page   If the tax-exempt obligation has a maturity of 1 year or less, accrue OID under the rules for acquisition discount on short-term obligations. Taxact login tax return taxact login page See Discount on Short-Term Obligations in chapter 1. Taxact login tax return taxact login page Stripped tax-exempt obligation. Taxact login tax return taxact login page   If you acquired a stripped tax-exempt bond or coupon after October 22, 1986, you must accrue OID on it to determine its adjusted basis when you dispose of it. Taxact login tax return taxact login page For stripped tax-exempt bonds or coupons acquired after June 10, 1987, part of this OID may be taxable. Taxact login tax return taxact login page You accrue the OID on these obligations in the manner described in chapter 1 under Stripped Bonds and Coupons . Taxact login tax return taxact login page   Increase your basis in the stripped tax-exempt bond or coupon by the taxable and nontaxable accrued OID. Taxact login tax return taxact login page Also increase your basis by the interest that accrued (but was not paid and was not previously reflected in your basis) before the date you sold the bond or coupon. Taxact login tax return taxact login page In addition, for bonds acquired after June 10, 1987, add to your basis any accrued market discount not previously reflected in basis. Taxact login tax return taxact login page How To Figure Gain or Loss You figure gain or loss on a sale or trade of property by comparing the amount you realize with the adjusted basis of the property. Taxact login tax return taxact login page Gain. Taxact login tax return taxact login page   If the amount you realize from a sale or trade is more than the adjusted basis of the property you transfer, the difference is a gain. Taxact login tax return taxact login page Loss. Taxact login tax return taxact login page   If the adjusted basis of the property you transfer is more than the amount you realize, the difference is a loss. Taxact login tax return taxact login page Amount realized. Taxact login tax return taxact login page   The amount you realize from a sale or trade of property is everything you receive for the property minus your expenses of sale (such as redemption fees, sales commissions, sales charges, or exit fees). Taxact login tax return taxact login page Amount realized includes the money you receive plus the fair market value of any property or services you receive. Taxact login tax return taxact login page   If you finance the buyer's purchase of your property and the debt instrument does not provide for adequate stated interest, the unstated interest that you must report as ordinary income will reduce the amount realized from the sale. Taxact login tax return taxact login page For more information, see Publication 537. Taxact login tax return taxact login page   If a buyer of property issues a debt instrument to the seller of the property, the amount realized is determined by reference to the issue price of the debt instrument, which may or may not be the fair market value of the debt instrument. Taxact login tax return taxact login page See Regulations section 1. Taxact login tax return taxact login page 1001-1(g). Taxact login tax return taxact login page However, if the debt instrument was previously issued by a third party (one not part of the sale transaction), the fair market value of the debt instrument is used to determine the amount realized. Taxact login tax return taxact login page Fair market value. Taxact login tax return taxact login page   Fair market value is the price at which property would change hands between a buyer and a seller, neither being forced to buy or sell and both having reasonable knowledge of all the relevant facts. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page You trade A Company stock with an adjusted basis of $7,000 for B Company stock with a fair market value of $10,000, which is your amount realized. Taxact login tax return taxact login page Your gain is $3,000 ($10,000 – $7,000). Taxact login tax return taxact login page If you also receive a note for $6,000 that has an issue price of $6,000, your gain is $9,000 ($10,000 + $6,000 – $7,000). Taxact login tax return taxact login page Debt paid off. Taxact login tax return taxact login page   A debt against the property, or against you, that is paid off as a part of the transaction or that is assumed by the buyer must be included in the amount realized. Taxact login tax return taxact login page This is true even if neither you nor the buyer is personally liable for the debt. Taxact login tax return taxact login page For example, if you sell or trade property that is subject to a nonrecourse loan, the amount you realize generally includes the full amount of the note assumed by the buyer even if the amount of the note is more than the fair market value of the property. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page You sell stock that you had pledged as security for a bank loan of $8,000. Taxact login tax return taxact login page Your basis in the stock is $6,000. Taxact login tax return taxact login page The buyer pays off your bank loan and pays you $20,000 in cash. Taxact login tax return taxact login page The amount realized is $28,000 ($20,000 + $8,000). Taxact login tax return taxact login page Your gain is $22,000 ($28,000 – $6,000). Taxact login tax return taxact login page Payment of cash. Taxact login tax return taxact login page   If you trade property and cash for other property, the amount you realize is the fair market value of the property you receive. Taxact login tax return taxact login page Determine your gain or loss by subtracting the cash you pay and the adjusted basis of the property you trade in from the amount you realize. Taxact login tax return taxact login page If the result is a positive number, it is a gain. Taxact login tax return taxact login page If the result is a negative number, it is a loss. Taxact login tax return taxact login page No gain or loss. Taxact login tax return taxact login page   You may have to use a basis for figuring gain that is different from the basis used for figuring loss. Taxact login tax return taxact login page In this case, you may have neither a gain nor a loss. Taxact login tax return taxact login page See No gain or loss in the discussion on the basis of property you received as a gift under Basis Other Than Cost, earlier. Taxact login tax return taxact login page Special Rules for Mutual Funds To figure your gain or loss when you dispose of mutual fund shares, you need to determine which shares were sold and the basis of those shares. Taxact login tax return taxact login page If your shares in a mutual fund were acquired all on the same day and for the same price, figuring their basis is not difficu