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Turbotax Home & Business Federal E File State 2011 Old Version

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Turbotax Home & Business Federal E File State 2011 Old Version

Turbotax home & business federal e file state 2011 old version 15. Turbotax home & business federal e file state 2011 old version   Selling Your Home Table of Contents Reminder Introduction Useful Items - You may want to see: Main Home Figuring Gain or LossSelling Price Amount Realized Adjusted Basis Amount of Gain or Loss Dispositions Other Than Sales Determining Basis Excluding the GainMaximum Exclusion Ownership and Use Tests Reduced Maximum Exclusion Business Use or Rental of Home Reporting the SaleSeller-financed mortgage. Turbotax home & business federal e file state 2011 old version More information. Turbotax home & business federal e file state 2011 old version Special SituationsException for sales to related persons. Turbotax home & business federal e file state 2011 old version Recapturing (Paying Back) a Federal Mortgage Subsidy Reminder Home sold with undeducted points. Turbotax home & business federal e file state 2011 old version  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of the sale. Turbotax home & business federal e file state 2011 old version See Mortgage ending early under Points in chapter 23. Turbotax home & business federal e file state 2011 old version Introduction This chapter explains the tax rules that apply when you sell your main home. Turbotax home & business federal e file state 2011 old version In most cases, your main home is the one in which you live most of the time. Turbotax home & business federal e file state 2011 old version If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Turbotax home & business federal e file state 2011 old version See Excluding the Gain , later. Turbotax home & business federal e file state 2011 old version Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Turbotax home & business federal e file state 2011 old version If you have gain that cannot be excluded, it is taxable. Turbotax home & business federal e file state 2011 old version Report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040). Turbotax home & business federal e file state 2011 old version You may also have to complete Form 4797, Sales of Business Property. Turbotax home & business federal e file state 2011 old version See Reporting the Sale , later. Turbotax home & business federal e file state 2011 old version If you have a loss on the sale, you generally cannot deduct it on your return. Turbotax home & business federal e file state 2011 old version However, you may need to report it. Turbotax home & business federal e file state 2011 old version See Reporting the Sale , later. Turbotax home & business federal e file state 2011 old version The following are main topics in this chapter. Turbotax home & business federal e file state 2011 old version Figuring gain or loss. Turbotax home & business federal e file state 2011 old version Basis. Turbotax home & business federal e file state 2011 old version Excluding the gain. Turbotax home & business federal e file state 2011 old version Ownership and use tests. Turbotax home & business federal e file state 2011 old version Reporting the sale. Turbotax home & business federal e file state 2011 old version Other topics include the following. Turbotax home & business federal e file state 2011 old version Business use or rental of home. Turbotax home & business federal e file state 2011 old version Recapturing a federal mortgage subsidy. Turbotax home & business federal e file state 2011 old version Useful Items - You may want to see: Publication 523 Selling Your Home 530 Tax Information for Homeowners 547 Casualties, Disasters, and Thefts Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 8828 Recapture of Federal Mortgage Subsidy 8949 Sales and Other Dispositions of Capital Assets Main Home This section explains the term “main home. Turbotax home & business federal e file state 2011 old version ” Usually, the home you live in most of the time is your main home and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. Turbotax home & business federal e file state 2011 old version To exclude gain under the rules of this chapter, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. Turbotax home & business federal e file state 2011 old version Land. Turbotax home & business federal e file state 2011 old version   If you sell the land on which your main home is located, but not the house itself, you cannot exclude any gain you have from the sale of the land. Turbotax home & business federal e file state 2011 old version However, if you sell vacant land used as part of your main home and that is adjacent to it, you may be able to exclude the gain from the sale under certain circumstances. Turbotax home & business federal e file state 2011 old version See Vacant land under Main Home in Publication 523 for more information. Turbotax home & business federal e file state 2011 old version Example. Turbotax home & business federal e file state 2011 old version You buy a piece of land and move your main home to it. Turbotax home & business federal e file state 2011 old version Then you sell the land on which your main home was located. Turbotax home & business federal e file state 2011 old version This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. Turbotax home & business federal e file state 2011 old version More than one home. Turbotax home & business federal e file state 2011 old version   If you have more than one home, you can exclude gain only from the sale of your main home. Turbotax home & business federal e file state 2011 old version You must include in income gain from the sale of any other home. Turbotax home & business federal e file state 2011 old version If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time during the year. Turbotax home & business federal e file state 2011 old version Example 1. Turbotax home & business federal e file state 2011 old version You own two homes, one in New York and one in Florida. Turbotax home & business federal e file state 2011 old version From 2009 through 2013, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. Turbotax home & business federal e file state 2011 old version In the absence of facts and circumstances indicating otherwise, the New York home is your main home. Turbotax home & business federal e file state 2011 old version You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. Turbotax home & business federal e file state 2011 old version Example 2. Turbotax home & business federal e file state 2011 old version You own a house, but you live in another house that you rent. Turbotax home & business federal e file state 2011 old version The rented house is your main home. Turbotax home & business federal e file state 2011 old version Example 3. Turbotax home & business federal e file state 2011 old version You own two homes, one in Virginia and one in New Hampshire. Turbotax home & business federal e file state 2011 old version In 2009 and 2010, you lived in the Virginia home. Turbotax home & business federal e file state 2011 old version In 2011 and 2012, you lived in the New Hampshire home. Turbotax home & business federal e file state 2011 old version In 2013, you lived again in the Virginia home. Turbotax home & business federal e file state 2011 old version Your main home in 2009, 2010, and 2013 is the Virginia home. Turbotax home & business federal e file state 2011 old version Your main home in 2011 and 2012 is the New Hampshire home. Turbotax home & business federal e file state 2011 old version You would be eligible to exclude gain from the sale of either home (but not both) in 2013. Turbotax home & business federal e file state 2011 old version Property used partly as your main home. Turbotax home & business federal e file state 2011 old version   If you use only part of the property as your main home, the rules discussed in this publication apply only to the gain or loss on the sale of that part of the property. Turbotax home & business federal e file state 2011 old version For details, see Business Use or Rental of Home , later. Turbotax home & business federal e file state 2011 old version Figuring Gain or Loss To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. Turbotax home & business federal e file state 2011 old version Subtract the adjusted basis from the amount realized to get your gain or loss. Turbotax home & business federal e file state 2011 old version     Selling price     − Selling expenses       Amount realized       Amount realized     − Adjusted basis       Gain or loss   Selling Price The selling price is the total amount you receive for your home. Turbotax home & business federal e file state 2011 old version It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale. Turbotax home & business federal e file state 2011 old version Payment by employer. Turbotax home & business federal e file state 2011 old version   You may have to sell your home because of a job transfer. Turbotax home & business federal e file state 2011 old version If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. Turbotax home & business federal e file state 2011 old version Your employer will include it as wages in box 1 of your Form W-2, and you will include it in your income on Form 1040, line 7. Turbotax home & business federal e file state 2011 old version Option to buy. Turbotax home & business federal e file state 2011 old version   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. Turbotax home & business federal e file state 2011 old version If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Turbotax home & business federal e file state 2011 old version Report this amount on Form 1040, line 21. Turbotax home & business federal e file state 2011 old version Form 1099-S. Turbotax home & business federal e file state 2011 old version   If you received Form 1099-S, Proceeds From Real Estate Transactions, box 2 (Gross proceeds) should show the total amount you received for your home. Turbotax home & business federal e file state 2011 old version   However, box 2 will not include the fair market value of any services or property other than cash or notes you received or will receive. Turbotax home & business federal e file state 2011 old version Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. Turbotax home & business federal e file state 2011 old version Amount Realized The amount realized is the selling price minus selling expenses. Turbotax home & business federal e file state 2011 old version Selling expenses. Turbotax home & business federal e file state 2011 old version   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. Turbotax home & business federal e file state 2011 old version ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. Turbotax home & business federal e file state 2011 old version This adjusted basis must be determined before you can figure gain or loss on the sale of your home. Turbotax home & business federal e file state 2011 old version For information on how to figure your home's adjusted basis, see Determining Basis , later. Turbotax home & business federal e file state 2011 old version Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. Turbotax home & business federal e file state 2011 old version Gain on sale. Turbotax home & business federal e file state 2011 old version   If the amount realized is more than the adjusted basis, the difference is a gain and, except for any part you can exclude, in most cases is taxable. Turbotax home & business federal e file state 2011 old version Loss on sale. Turbotax home & business federal e file state 2011 old version   If the amount realized is less than the adjusted basis, the difference is a loss. Turbotax home & business federal e file state 2011 old version A loss on the sale of your main home cannot be deducted. Turbotax home & business federal e file state 2011 old version Jointly owned home. Turbotax home & business federal e file state 2011 old version   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. Turbotax home & business federal e file state 2011 old version Separate returns. Turbotax home & business federal e file state 2011 old version   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. Turbotax home & business federal e file state 2011 old version Your ownership interest is generally determined by state law. Turbotax home & business federal e file state 2011 old version Joint owners not married. Turbotax home & business federal e file state 2011 old version   If you and a joint owner other than your spouse sell your jointly owned home, each of you must figure your own gain or loss according to your ownership interest in the home. Turbotax home & business federal e file state 2011 old version Each of you applies the rules discussed in this chapter on an individual basis. Turbotax home & business federal e file state 2011 old version Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. Turbotax home & business federal e file state 2011 old version Foreclosure or repossession. Turbotax home & business federal e file state 2011 old version   If your home was foreclosed on or repossessed, you have a disposition. Turbotax home & business federal e file state 2011 old version See Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, to determine if you have ordinary income, gain, or loss. Turbotax home & business federal e file state 2011 old version Abandonment. Turbotax home & business federal e file state 2011 old version   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. Turbotax home & business federal e file state 2011 old version Trading (exchanging) homes. Turbotax home & business federal e file state 2011 old version   If you trade your old home for another home, treat the trade as a sale and a purchase. Turbotax home & business federal e file state 2011 old version Example. Turbotax home & business federal e file state 2011 old version You owned and lived in a home with an adjusted basis of $41,000. Turbotax home & business federal e file state 2011 old version A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. Turbotax home & business federal e file state 2011 old version This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 – $41,000). Turbotax home & business federal e file state 2011 old version If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed). Turbotax home & business federal e file state 2011 old version Transfer to spouse. Turbotax home & business federal e file state 2011 old version   If you transfer your home to your spouse or you transfer it to your former spouse incident to your divorce, you in most cases have no gain or loss. Turbotax home & business federal e file state 2011 old version This is true even if you receive cash or other consideration for the home. Turbotax home & business federal e file state 2011 old version As a result, the rules in this chapter do not apply. Turbotax home & business federal e file state 2011 old version More information. Turbotax home & business federal e file state 2011 old version   If you need more information, see Transfer to spouse in Publication 523 and Property Settlements in Publication 504, Divorced or Separated Individuals. Turbotax home & business federal e file state 2011 old version Involuntary conversion. Turbotax home & business federal e file state 2011 old version   You have a disposition when your home is destroyed or condemned and you receive other property or money in payment, such as insurance or a condemnation award. Turbotax home & business federal e file state 2011 old version This is treated as a sale and you may be able to exclude all or part of any gain from the destruction or condemnation of your home, as explained later under Special Situations . Turbotax home & business federal e file state 2011 old version Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. Turbotax home & business federal e file state 2011 old version Your basis in your home is determined by how you got the home. Turbotax home & business federal e file state 2011 old version Generally, your basis is its cost if you bought it or built it. Turbotax home & business federal e file state 2011 old version If you got it in some other way (inheritance, gift, etc. Turbotax home & business federal e file state 2011 old version ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. Turbotax home & business federal e file state 2011 old version While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. Turbotax home & business federal e file state 2011 old version The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home. Turbotax home & business federal e file state 2011 old version See Adjusted Basis , later. Turbotax home & business federal e file state 2011 old version You can find more information on basis and adjusted basis in chapter 13 of this publication and in Publication 523. Turbotax home & business federal e file state 2011 old version Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. Turbotax home & business federal e file state 2011 old version Purchase. Turbotax home & business federal e file state 2011 old version   If you bought your home, your basis is its cost to you. Turbotax home & business federal e file state 2011 old version This includes the purchase price and certain settlement or closing costs. Turbotax home & business federal e file state 2011 old version In most cases, your purchase price includes your down payment and any debt, such as a first or second mortgage or notes you gave the seller in payment for the home. Turbotax home & business federal e file state 2011 old version If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed in Publication 523. Turbotax home & business federal e file state 2011 old version Settlement fees or closing costs. Turbotax home & business federal e file state 2011 old version   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. Turbotax home & business federal e file state 2011 old version You can include in your basis some of the settlement fees and closing costs you paid for buying the home, but not the fees and costs for getting a mortgage loan. Turbotax home & business federal e file state 2011 old version A fee paid for buying the home is any fee you would have had to pay even if you paid cash for the home (that is, without the need for financing). Turbotax home & business federal e file state 2011 old version    Chapter 13 lists some of the settlement fees and closing costs that you can include in the basis of property, including your home. Turbotax home & business federal e file state 2011 old version It also lists some settlement costs that cannot be included in basis. Turbotax home & business federal e file state 2011 old version   Also see Publication 523 for additional items and a discussion of basis other than cost. Turbotax home & business federal e file state 2011 old version Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. Turbotax home & business federal e file state 2011 old version To figure your adjusted basis, you can use Worksheet 1 in Publication 523. Turbotax home & business federal e file state 2011 old version Do not use Worksheet 1 if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent. Turbotax home & business federal e file state 2011 old version Increases to basis. Turbotax home & business federal e file state 2011 old version   These include the following. Turbotax home & business federal e file state 2011 old version Additions and other improvements that have a useful life of more than 1 year. Turbotax home & business federal e file state 2011 old version Special assessments for local improvements. Turbotax home & business federal e file state 2011 old version Amounts you spent after a casualty to restore damaged property. Turbotax home & business federal e file state 2011 old version Improvements. Turbotax home & business federal e file state 2011 old version   These add to the value of your home, prolong its useful life, or adapt it to new uses. Turbotax home & business federal e file state 2011 old version You add the cost of additions and other improvements to the basis of your property. Turbotax home & business federal e file state 2011 old version   For example, putting a recreation room or another bathroom in your unfinished basement, putting up a new fence, putting in new plumbing or wiring, putting on a new roof, or paving your unpaved driveway are improvements. Turbotax home & business federal e file state 2011 old version An addition to your house, such as a new deck, a sunroom, or a new garage, is also an improvement. Turbotax home & business federal e file state 2011 old version Repairs. Turbotax home & business federal e file state 2011 old version   These maintain your home in good condition but do not add to its value or prolong its life. Turbotax home & business federal e file state 2011 old version You do not add their cost to the basis of your property. Turbotax home & business federal e file state 2011 old version   Examples of repairs include repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes. Turbotax home & business federal e file state 2011 old version Decreases to basis. Turbotax home & business federal e file state 2011 old version   These include the following. Turbotax home & business federal e file state 2011 old version Discharge of qualified principal residence indebtedness that was excluded from income. Turbotax home & business federal e file state 2011 old version Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. Turbotax home & business federal e file state 2011 old version For details, see Publication 4681. Turbotax home & business federal e file state 2011 old version Gain you postponed from the sale of a previous home before May 7, 1997. Turbotax home & business federal e file state 2011 old version Deductible casualty losses. Turbotax home & business federal e file state 2011 old version Insurance payments you received or expect to receive for casualty losses. Turbotax home & business federal e file state 2011 old version Payments you received for granting an easement or right-of-way. Turbotax home & business federal e file state 2011 old version Depreciation allowed or allowable if you used your home for business or rental purposes. Turbotax home & business federal e file state 2011 old version Energy-related credits allowed for expenditures made on the residence. Turbotax home & business federal e file state 2011 old version (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. Turbotax home & business federal e file state 2011 old version ) Adoption credit you claimed for improvements added to the basis of your home. Turbotax home & business federal e file state 2011 old version Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. Turbotax home & business federal e file state 2011 old version Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. Turbotax home & business federal e file state 2011 old version An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home. Turbotax home & business federal e file state 2011 old version District of Columbia first-time homebuyer credit (allowed on the purchase of a principal residence in the District of Columbia beginning on August 5, 1997 and before January 1, 2012). Turbotax home & business federal e file state 2011 old version General sales taxes (allowed beginning 2004 and ending before 2014) claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home. Turbotax home & business federal e file state 2011 old version Discharges of qualified principal residence indebtedness. Turbotax home & business federal e file state 2011 old version   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. Turbotax home & business federal e file state 2011 old version This exclusion applies to discharges made after 2006 and before 2014. Turbotax home & business federal e file state 2011 old version If you choose to exclude this income, you must reduce (but not below zero) the basis of the principal residence by the amount excluded from your gross income. Turbotax home & business federal e file state 2011 old version   File Form 982 with your tax return. Turbotax home & business federal e file state 2011 old version See the form's instructions for detailed information. Turbotax home & business federal e file state 2011 old version Recordkeeping. Turbotax home & business federal e file state 2011 old version You should keep records to prove your home's adjusted basis. Turbotax home & business federal e file state 2011 old version Ordinarily, you must keep records for 3 years after the due date for filing your return for the tax year in which you sold your home. Turbotax home & business federal e file state 2011 old version But if you sold a home before May 7, 1997, and postponed tax on any gain, the basis of that home affects the basis of the new home you bought. Turbotax home & business federal e file state 2011 old version Keep records proving the basis of both homes as long as they are needed for tax purposes. Turbotax home & business federal e file state 2011 old version The records you should keep include: Proof of the home's purchase price and purchase expenses, Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis, Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain, Any Form 982 you filed to report any discharge of qualified principal residence indebtedness, Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997, and Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations. Turbotax home & business federal e file state 2011 old version Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. Turbotax home & business federal e file state 2011 old version This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. Turbotax home & business federal e file state 2011 old version To qualify, you must meet the ownership and use tests described later. Turbotax home & business federal e file state 2011 old version You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. Turbotax home & business federal e file state 2011 old version You can use Worksheet 2 in Publication 523 to figure the amount of your exclusion and your taxable gain, if any. Turbotax home & business federal e file state 2011 old version If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. Turbotax home & business federal e file state 2011 old version See Publication 505, Tax Withholding and Estimated Tax. Turbotax home & business federal e file state 2011 old version Maximum Exclusion You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. Turbotax home & business federal e file state 2011 old version You meet the ownership test. Turbotax home & business federal e file state 2011 old version You meet the use test. Turbotax home & business federal e file state 2011 old version During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Turbotax home & business federal e file state 2011 old version For details on gain allocated to periods of nonqualified use, see Periods of nonqualified use , later. Turbotax home & business federal e file state 2011 old version You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . Turbotax home & business federal e file state 2011 old version Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Turbotax home & business federal e file state 2011 old version This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Turbotax home & business federal e file state 2011 old version Exception. Turbotax home & business federal e file state 2011 old version   If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclusion in some cases. Turbotax home & business federal e file state 2011 old version However, the maximum amount you may be able to exclude will be reduced. Turbotax home & business federal e file state 2011 old version See Reduced Maximum Exclusion , later. Turbotax home & business federal e file state 2011 old version Example 1—home owned and occupied for at least 2 years. Turbotax home & business federal e file state 2011 old version Mya bought and moved into her main home in September 2011. Turbotax home & business federal e file state 2011 old version She sold the home at a gain in October 2013. Turbotax home & business federal e file state 2011 old version During the 5-year period ending on the date of sale in October 2013, she owned and lived in the home for more than 2 years. Turbotax home & business federal e file state 2011 old version She meets the ownership and use tests. Turbotax home & business federal e file state 2011 old version Example 2—ownership test met but use test not met. Turbotax home & business federal e file state 2011 old version Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. Turbotax home & business federal e file state 2011 old version He later sold the home for a gain. Turbotax home & business federal e file state 2011 old version He owned the home during the entire 5-year period ending on the date of sale. Turbotax home & business federal e file state 2011 old version He meets the ownership test but not the use test. Turbotax home & business federal e file state 2011 old version He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). Turbotax home & business federal e file state 2011 old version Period of Ownership and Use The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time. Turbotax home & business federal e file state 2011 old version You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale. Turbotax home & business federal e file state 2011 old version Temporary absence. Turbotax home & business federal e file state 2011 old version   Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use. Turbotax home & business federal e file state 2011 old version The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. Turbotax home & business federal e file state 2011 old version Example 1. Turbotax home & business federal e file state 2011 old version David Johnson, who is single, bought and moved into his home on February 1, 2011. Turbotax home & business federal e file state 2011 old version Each year during 2011 and 2012, David left his home for a 2-month summer vacation. Turbotax home & business federal e file state 2011 old version David sold the house on March 1, 2013. Turbotax home & business federal e file state 2011 old version Although the total time David used his home is less than 2 years (21 months), he meets the requirement and may exclude gain. Turbotax home & business federal e file state 2011 old version The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years. Turbotax home & business federal e file state 2011 old version Example 2. Turbotax home & business federal e file state 2011 old version Professor Paul Beard, who is single, bought and moved into a house on August 18, 2010. Turbotax home & business federal e file state 2011 old version He lived in it as his main home continuously until January 5, 2012, when he went abroad for a 1-year sabbatical leave. Turbotax home & business federal e file state 2011 old version On February 6, 2013, 1 month after returning from the leave, Paul sold the house at a gain. Turbotax home & business federal e file state 2011 old version Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. Turbotax home & business federal e file state 2011 old version He cannot exclude any part of his gain, because he did not use the residence for the required 2 years. Turbotax home & business federal e file state 2011 old version Ownership and use tests met at different times. Turbotax home & business federal e file state 2011 old version   You can meet the ownership and use tests during different 2-year periods. Turbotax home & business federal e file state 2011 old version However, you must meet both tests during the 5-year period ending on the date of the sale. Turbotax home & business federal e file state 2011 old version Example. Turbotax home & business federal e file state 2011 old version Beginning in 2002, Helen Jones lived in a rented apartment. Turbotax home & business federal e file state 2011 old version The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. Turbotax home & business federal e file state 2011 old version In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. Turbotax home & business federal e file state 2011 old version On July 12, 2013, while still living in her daughter's home, she sold her condominium. Turbotax home & business federal e file state 2011 old version Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2008, to July 12, 2013, the date she sold the condominium. Turbotax home & business federal e file state 2011 old version She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). Turbotax home & business federal e file state 2011 old version She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). Turbotax home & business federal e file state 2011 old version The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use. Turbotax home & business federal e file state 2011 old version Cooperative apartment. Turbotax home & business federal e file state 2011 old version   If you sold stock as a tenant-stockholder in a cooperative housing corporation, the ownership and use tests are met if, during the 5-year period ending on the date of sale, you: Owned the stock for at least 2 years, and Lived in the house or apartment that the stock entitles you to occupy as your main home for at least 2 years. Turbotax home & business federal e file state 2011 old version Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. Turbotax home & business federal e file state 2011 old version Exception for individuals with a disability. Turbotax home & business federal e file state 2011 old version   There is an exception to the use test if: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home. Turbotax home & business federal e file state 2011 old version Under this exception, you are considered to live in your home during any time within the 5-year period that you own the home and live in a facility (including a nursing home) licensed by a state or political subdivision to care for persons in your condition. Turbotax home & business federal e file state 2011 old version If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. Turbotax home & business federal e file state 2011 old version Previous home destroyed or condemned. Turbotax home & business federal e file state 2011 old version   For the ownership and use tests, you add the time you owned and lived in a previous home that was destroyed or condemned to the time you owned and lived in the replacement home on whose sale you wish to exclude gain. Turbotax home & business federal e file state 2011 old version This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home. Turbotax home & business federal e file state 2011 old version Otherwise, you must have owned and lived in the same home for 2 of the 5 years before the sale to qualify for the exclusion. Turbotax home & business federal e file state 2011 old version Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Turbotax home & business federal e file state 2011 old version   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on “qualified official extended duty” as a member of the uniformed services or Foreign Service of the United States, or as an employee of the intelligence community. Turbotax home & business federal e file state 2011 old version You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve outside the United States either as an employee of the Peace Corps on "qualified official extended duty" or as an enrolled volunteer or volunteer leader of the Peace Corps. Turbotax home & business federal e file state 2011 old version This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale. Turbotax home & business federal e file state 2011 old version   If this helps you qualify to exclude gain, you can choose to have the 5-year test period suspended by filing a return for the year of sale that does not include the gain. Turbotax home & business federal e file state 2011 old version For more information about the suspension of the 5-year test period, see Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps in Publication 523. Turbotax home & business federal e file state 2011 old version Married Persons If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. Turbotax home & business federal e file state 2011 old version (But see Special rules for joint returns , next. Turbotax home & business federal e file state 2011 old version ) Special rules for joint returns. Turbotax home & business federal e file state 2011 old version   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Turbotax home & business federal e file state 2011 old version You are married and file a joint return for the year. Turbotax home & business federal e file state 2011 old version Either you or your spouse meets the ownership test. Turbotax home & business federal e file state 2011 old version Both you and your spouse meet the use test. Turbotax home & business federal e file state 2011 old version During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home. Turbotax home & business federal e file state 2011 old version If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. Turbotax home & business federal e file state 2011 old version For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. Turbotax home & business federal e file state 2011 old version Example 1—one spouse sells a home. Turbotax home & business federal e file state 2011 old version Emily sells her home in June 2013 for a gain of $300,000. Turbotax home & business federal e file state 2011 old version She marries Jamie later in the year. Turbotax home & business federal e file state 2011 old version She meets the ownership and use tests, but Jamie does not. Turbotax home & business federal e file state 2011 old version Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. Turbotax home & business federal e file state 2011 old version The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. Turbotax home & business federal e file state 2011 old version Example 2—each spouse sells a home. Turbotax home & business federal e file state 2011 old version The facts are the same as in Example 1 except that Jamie also sells a home in 2013 for a gain of $200,000 before he marries Emily. Turbotax home & business federal e file state 2011 old version He meets the ownership and use tests on his home, but Emily does not. Turbotax home & business federal e file state 2011 old version Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. Turbotax home & business federal e file state 2011 old version However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Turbotax home & business federal e file state 2011 old version Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. Turbotax home & business federal e file state 2011 old version The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home. Turbotax home & business federal e file state 2011 old version Sale of main home by surviving spouse. Turbotax home & business federal e file state 2011 old version   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. Turbotax home & business federal e file state 2011 old version   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Turbotax home & business federal e file state 2011 old version The sale or exchange took place after 2008. Turbotax home & business federal e file state 2011 old version The sale or exchange took place no more than 2 years after the date of death of your spouse. Turbotax home & business federal e file state 2011 old version You have not remarried. Turbotax home & business federal e file state 2011 old version You and your spouse met the use test at the time of your spouse's death. Turbotax home & business federal e file state 2011 old version You or your spouse met the ownership test at the time of your spouse's death. Turbotax home & business federal e file state 2011 old version Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. Turbotax home & business federal e file state 2011 old version Example. Turbotax home & business federal e file state 2011 old version   Harry owned and used a house as his main home since 2009. Turbotax home & business federal e file state 2011 old version Harry and Wilma married on July 1, 2013, and from that date they use Harry's house as their main home. Turbotax home & business federal e file state 2011 old version Harry died on August 15, 2013, and Wilma inherited the property. Turbotax home & business federal e file state 2011 old version Wilma sold the property on September 3, 2013, at which time she had not remarried. Turbotax home & business federal e file state 2011 old version Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death. Turbotax home & business federal e file state 2011 old version Home transferred from spouse. Turbotax home & business federal e file state 2011 old version   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. Turbotax home & business federal e file state 2011 old version Use of home after divorce. Turbotax home & business federal e file state 2011 old version   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. Turbotax home & business federal e file state 2011 old version Reduced Maximum Exclusion If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. Turbotax home & business federal e file state 2011 old version This applies to those who: Fail to meet the ownership and use tests, or Have used the exclusion within 2 years of selling their current home. Turbotax home & business federal e file state 2011 old version In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. Turbotax home & business federal e file state 2011 old version A change in place of employment. Turbotax home & business federal e file state 2011 old version Health. Turbotax home & business federal e file state 2011 old version Unforeseen circumstances. Turbotax home & business federal e file state 2011 old version Unforeseen circumstances. Turbotax home & business federal e file state 2011 old version   The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying your main home. Turbotax home & business federal e file state 2011 old version   See Publication 523 for more information and to use Worksheet 3 to figure your reduced maximum exclusion. Turbotax home & business federal e file state 2011 old version Business Use or Rental of Home You may be able to exclude gain from the sale of a home you have used for business or to produce rental income. Turbotax home & business federal e file state 2011 old version But you must meet the ownership and use tests. Turbotax home & business federal e file state 2011 old version Periods of nonqualified use. Turbotax home & business federal e file state 2011 old version   In most cases, gain from the sale or exchange of your main home will not qualify for the exclusion to the extent that the gains are allocated to periods of nonqualified use. Turbotax home & business federal e file state 2011 old version Nonqualified use is any period after 2008 during which neither you nor your spouse (or your former spouse) used the property as a main home with the following exceptions. Turbotax home & business federal e file state 2011 old version Exceptions. Turbotax home & business federal e file state 2011 old version   A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty: As a member of the uniformed services; As a member of the Foreign Service of the United States; or As an employee of the intelligence community; and Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS. Turbotax home & business federal e file state 2011 old version The gain resulting from the sale of the property is allocated between qualified and nonqualified use periods based on the amount of time the property was held for qualified and nonqualified use. Turbotax home & business federal e file state 2011 old version Gain from the sale or exchange of a main home allocable to periods of qualified use will continue to qualify for the exclusion for the sale of your main home. Turbotax home & business federal e file state 2011 old version Gain from the sale or exchange of property allocable to nonqualified use will not qualify for the exclusion. Turbotax home & business federal e file state 2011 old version Calculation. Turbotax home & business federal e file state 2011 old version   To figure the portion of the gain allocated to the period of nonqualified use, multiply the gain by the following fraction:   Total nonqualified use during the period of ownership after 2008      Total period of ownership     This calculation can be found in Worksheet 2, line 10, in Publication 523. Turbotax home & business federal e file state 2011 old version Example 1. Turbotax home & business federal e file state 2011 old version On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. Turbotax home & business federal e file state 2011 old version She moved in on that date and lived in it until May 31, 2009, when she moved out of the house and put it up for rent. Turbotax home & business federal e file state 2011 old version The house was rented from June 1, 2009, to March 31, 2011. Turbotax home & business federal e file state 2011 old version Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. Turbotax home & business federal e file state 2011 old version Amy moved back into the house on April 1, 2011, and lived there until she sold it on January 31, 2013, for a gain of $200,000. Turbotax home & business federal e file state 2011 old version During the 5-year period ending on the date of the sale (January 31, 2008-January 31, 2013), Amy owned and lived in the house for more than 2 years as shown in the following table. Turbotax home & business federal e file state 2011 old version Five Year Period Used as  Home Used as  Rental 1/31/08 – 5/31/09 16 months       6/1/09 – 3/31/11   22 months 4/1/11 – 1/31/13 22 months         38 months 22 months During the period Amy owned the house (2,080 days), her period of nonqualified use was 668 days. Turbotax home & business federal e file state 2011 old version Amy divides 668 by 2,080 and obtains a decimal (rounded to at least three decimal places) of 0. Turbotax home & business federal e file state 2011 old version 321. Turbotax home & business federal e file state 2011 old version To figure her gain attributable to the period of nonqualified use, she multiplies $190,000 (the gain not attributable to the $10,000 depreciation deduction) by 0. Turbotax home & business federal e file state 2011 old version 321. Turbotax home & business federal e file state 2011 old version Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain. Turbotax home & business federal e file state 2011 old version Example 2. Turbotax home & business federal e file state 2011 old version William owned and used a house as his main home from 2007 through 2010. Turbotax home & business federal e file state 2011 old version On January 1, 2011, he moved to another state. Turbotax home & business federal e file state 2011 old version He rented his house from that date until April 30, 2013, when he sold it. Turbotax home & business federal e file state 2011 old version During the 5-year period ending on the date of sale (May 1, 2008-April 30, 2013), William owned and lived in the house for more than 2 years. Turbotax home & business federal e file state 2011 old version He must report the sale on Form 4797 because it was rental property at the time of sale. Turbotax home & business federal e file state 2011 old version Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. Turbotax home & business federal e file state 2011 old version Because he met the ownership and use tests, he can exclude gain up to $250,000. Turbotax home & business federal e file state 2011 old version However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next. Turbotax home & business federal e file state 2011 old version Depreciation after May 6, 1997. Turbotax home & business federal e file state 2011 old version   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. Turbotax home & business federal e file state 2011 old version If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed. Turbotax home & business federal e file state 2011 old version See Publication 544 for more information. Turbotax home & business federal e file state 2011 old version Property used partly for business or rental. Turbotax home & business federal e file state 2011 old version   If you used property partly as a home and partly for business or to produce rental income, see Publication 523. Turbotax home & business federal e file state 2011 old version Reporting the Sale Do not report the 2013 sale of your main home on your tax return unless: You have a gain and do not qualify to exclude all of it, You have a gain and choose not to exclude it, or You received Form 1099-S. Turbotax home & business federal e file state 2011 old version If any of these conditions apply, report the entire gain or loss. Turbotax home & business federal e file state 2011 old version For details on how to report the gain or loss, see the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949. Turbotax home & business federal e file state 2011 old version If you used the home for business or to produce rental income, you may have to use Form 4797 to report the sale of the business or rental part (or the sale of the entire property if used entirely for business or rental). Turbotax home & business federal e file state 2011 old version See Business Use or Rental of Home in Publication 523 and the Instructions for Form 4797. Turbotax home & business federal e file state 2011 old version Installment sale. Turbotax home & business federal e file state 2011 old version    Some sales are made under arrangements that provide for part or all of the selling price to be paid in a later year. Turbotax home & business federal e file state 2011 old version These sales are called “installment sales. Turbotax home & business federal e file state 2011 old version ” If you finance the buyer's purchase of your home yourself instead of having the buyer get a loan or mortgage from a bank, you probably have an installment sale. Turbotax home & business federal e file state 2011 old version You may be able to report the part of the gain you cannot exclude on the installment basis. Turbotax home & business federal e file state 2011 old version    Use Form 6252, Installment Sale Income, to report the sale. Turbotax home & business federal e file state 2011 old version Enter your exclusion on line 15 of Form 6252. Turbotax home & business federal e file state 2011 old version Seller-financed mortgage. Turbotax home & business federal e file state 2011 old version   If you sell your home and hold a note, mortgage, or other financial agreement, the payments you receive in most cases consist of both interest and principal. Turbotax home & business federal e file state 2011 old version You must separately report as interest income the interest you receive as part of each payment. Turbotax home & business federal e file state 2011 old version If the buyer of your home uses the property as a main or second home, you must also report the name, address, and social security number (SSN) of the buyer on line 1 of Schedule B (Form 1040A or 1040). Turbotax home & business federal e file state 2011 old version The buyer must give you his or her SSN, and you must give the buyer your SSN. Turbotax home & business federal e file state 2011 old version Failure to meet these requirements may result in a $50 penalty for each failure. Turbotax home & business federal e file state 2011 old version If either you or the buyer does not have and is not eligible to get an SSN, see Social Security Number in chapter 1. Turbotax home & business federal e file state 2011 old version More information. Turbotax home & business federal e file state 2011 old version   For more information on installment sales, see Publication 537, Installment Sales. Turbotax home & business federal e file state 2011 old version Special Situations The situations that follow may affect your exclusion. Turbotax home & business federal e file state 2011 old version Sale of home acquired in a like-kind exchange. Turbotax home & business federal e file state 2011 old version   You cannot claim the exclusion if: You acquired your home in a like-kind exchange (also known as a section 1031 exchange), or your basis in your home is determined by reference to the basis of the home in the hands of the person who acquired the property in a like-kind exchange (for example, you received the home from that person as a gift), and You sold the home during the 5-year period beginning with the date your home was acquired in the like-kind exchange. Turbotax home & business federal e file state 2011 old version Gain from a like-kind exchange is not taxable at the time of the exchange. Turbotax home & business federal e file state 2011 old version This means that gain will not be taxed until you sell or otherwise dispose of the property you receive. Turbotax home & business federal e file state 2011 old version To defer gain from a like-kind exchange, you must have exchanged business or investment property for business or investment property of a like kind. Turbotax home & business federal e file state 2011 old version For more information about like-kind exchanges, see Publication 544, Sales and Other Dispositions of Assets. Turbotax home & business federal e file state 2011 old version Home relinquished in a like-kind exchange. Turbotax home & business federal e file state 2011 old version   If you use your main home partly for business or rental purposes and then exchange the home for another property, see Publication 523. Turbotax home & business federal e file state 2011 old version Expatriates. Turbotax home & business federal e file state 2011 old version   You cannot claim the exclusion if the expatriation tax applies to you. Turbotax home & business federal e file state 2011 old version The expatriation tax applies to certain U. Turbotax home & business federal e file state 2011 old version S. Turbotax home & business federal e file state 2011 old version citizens who have renounced their citizenship (and to certain long-term residents who have ended their residency). Turbotax home & business federal e file state 2011 old version For more information about the expatriation tax, see Expatriation Tax in chapter 4 of Publication 519, U. Turbotax home & business federal e file state 2011 old version S. Turbotax home & business federal e file state 2011 old version Tax Guide for Aliens. Turbotax home & business federal e file state 2011 old version Home destroyed or condemned. Turbotax home & business federal e file state 2011 old version   If your home was destroyed or condemned, any gain (for example, because of insurance proceeds you received) qualifies for the exclusion. Turbotax home & business federal e file state 2011 old version   Any part of the gain that cannot be excluded (because it is more than the maximum exclusion) can be postponed under the rules explained in: Publication 547, in the case of a home that was destroyed, or Publication 544, chapter 1, in the case of a home that was condemned. Turbotax home & business federal e file state 2011 old version Sale of remainder interest. Turbotax home & business federal e file state 2011 old version   Subject to the other rules in this chapter, you can choose to exclude gain from the sale of a remainder interest in your home. Turbotax home & business federal e file state 2011 old version If you make this choice, you cannot choose to exclude gain from your sale of any other interest in the home that you sell separately. Turbotax home & business federal e file state 2011 old version Exception for sales to related persons. Turbotax home & business federal e file state 2011 old version   You cannot exclude gain from the sale of a remainder interest in your home to a related person. Turbotax home & business federal e file state 2011 old version Related persons include your brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Turbotax home & business federal e file state 2011 old version ), and lineal descendants (children, grandchildren, etc. Turbotax home & business federal e file state 2011 old version ). Turbotax home & business federal e file state 2011 old version Related persons also include certain corporations, partnerships, trusts, and exempt organizations. Turbotax home & business federal e file state 2011 old version Recapturing (Paying Back) a Federal Mortgage Subsidy If you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. Turbotax home & business federal e file state 2011 old version You recapture the benefit by increasing your federal income tax for the year of the sale. Turbotax home & business federal e file state 2011 old version You may have to pay this recapture tax even if you can exclude your gain from income under the rules discussed earlier; that exclusion does not affect the recapture tax. Turbotax home & business federal e file state 2011 old version Loans subject to recapture rules. Turbotax home & business federal e file state 2011 old version   The recapture applies to loans that: Came from the proceeds of qualified mortgage bonds, or Were based on mortgage credit certificates. Turbotax home & business federal e file state 2011 old version The recapture also applies to assumptions of these loans. Turbotax home & business federal e file state 2011 old version When recapture applies. Turbotax home & business federal e file state 2011 old version   Recapture of the federal mortgage subsidy applies only if you meet both of the following conditions. Turbotax home & business federal e file state 2011 old version You sell or otherwise dispose of your home at a gain within the first 9 years after the date you close your mortgage loan. Turbotax home & business federal e file state 2011 old version Your income for the year of disposition is more than that year's adjusted qualifying income for your family size for that year (related to the income requirements a person must meet to qualify for the federally subsidized program). Turbotax home & business federal e file state 2011 old version When recapture does not apply. Turbotax home & business federal e file state 2011 old version   Recapture does not apply in any of the following situations. Turbotax home & business federal e file state 2011 old version Your mortgage loan was a qualified home improvement loan (QHIL) of not more than $15,000 used for alterations, repairs, and improvements that protect or improve the basic livability or energy efficiency of your home. Turbotax home & business federal e file state 2011 old version Your mortgage loan was a QHIL of not more than $150,000 in the case of a QHIL used to repair damage from Hurricane Katrina to homes in the hurricane disaster area; a QHIL funded by a qualified mortgage bond that is a qualified Gulf Opportunity Zone Bond; or a QHIL for an owner-occupied home in the Gulf Opportunity Zone (GO Zone), Rita GO Zone, or Wilma GO Zone. Turbotax home & business federal e file state 2011 old version For more information, see Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. Turbotax home & business federal e file state 2011 old version Also see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. Turbotax home & business federal e file state 2011 old version The home is disposed of as a result of your death. Turbotax home & business federal e file state 2011 old version You dispose of the home more than 9 years after the date you closed your mortgage loan. Turbotax home & business federal e file state 2011 old version You transfer the home to your spouse, or to your former spouse incident to a divorce, where no gain is included in your income. Turbotax home & business federal e file state 2011 old version You dispose of the home at a loss. Turbotax home & business federal e file state 2011 old version Your home is destroyed by a casualty, and you replace it on its original site within 2 years after the end of the tax year when the destruction happened. Turbotax home & business federal e file state 2011 old version The replacement period is extended for main homes destroyed in a federally declared disaster area, a Midwestern disaster area, the Kansas disaster area, and the Hurricane Katrina disaster area. Turbotax home & business federal e file state 2011 old version For more information, see Replacement Period in Publication 547. Turbotax home & business federal e file state 2011 old version You refinance your mortgage loan (unless you later meet the conditions listed previously under When recapture applies ). Turbotax home & business federal e file state 2011 old version Notice of amounts. Turbotax home & business federal e file state 2011 old version   At or near the time of settlement of your mortgage loan, you should receive a notice that provides the federally subsidized amount and other information you will need to figure your recapture tax. Turbotax home & business federal e file state 2011 old version How to figure and report the recapture. Turbotax home & business federal e file state 2011 old version    The recapture tax is figured on Form 8828. Turbotax home & business federal e file state 2011 old version If you sell your home and your mortgage is subject to recapture rules, you must file Form 8828 even if you do not owe a recapture tax. Turbotax home & business federal e file state 2011 old version Attach Form 8828 to your Form 1040. Turbotax home & business federal e file state 2011 old version For more information, see Form 8828 and its instructions. Turbotax home & business federal e file state 2011 old version Prev  Up  Next   Home   More Online Publications
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The Turbotax Home & Business Federal E File State 2011 Old Version

Turbotax home & business federal e file state 2011 old version 12. Turbotax home & business federal e file state 2011 old version   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Turbotax home & business federal e file state 2011 old version Free help with your tax return. Turbotax home & business federal e file state 2011 old version   You can get free help preparing your return nationwide from IRS-certified volunteers. Turbotax home & business federal e file state 2011 old version The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Turbotax home & business federal e file state 2011 old version The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Turbotax home & business federal e file state 2011 old version Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Turbotax home & business federal e file state 2011 old version In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Turbotax home & business federal e file state 2011 old version To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Turbotax home & business federal e file state 2011 old version gov, download the IRS2Go app, or call 1-800-906-9887. Turbotax home & business federal e file state 2011 old version   As part of the TCE program, AARP offers the Tax-Aide counseling program. Turbotax home & business federal e file state 2011 old version To find the nearest AARP Tax-Aide site, visit AARP's website at www. Turbotax home & business federal e file state 2011 old version aarp. Turbotax home & business federal e file state 2011 old version org/money/taxaide or call 1-888-227-7669. Turbotax home & business federal e file state 2011 old version For more information on these programs, go to IRS. Turbotax home & business federal e file state 2011 old version gov and enter “VITA” in the search box. Turbotax home & business federal e file state 2011 old version Internet. Turbotax home & business federal e file state 2011 old version    IRS. Turbotax home & business federal e file state 2011 old version gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Turbotax home & business federal e file state 2011 old version Download the free IRS2Go app from the iTunes app store or from Google Play. Turbotax home & business federal e file state 2011 old version Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Turbotax home & business federal e file state 2011 old version Check the status of your 2013 refund with the Where's My Refund? application on IRS. Turbotax home & business federal e file state 2011 old version gov or download the IRS2Go app and select the Refund Status option. Turbotax home & business federal e file state 2011 old version The IRS issues more than 9 out of 10 refunds in less than 21 days. Turbotax home & business federal e file state 2011 old version Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Turbotax home & business federal e file state 2011 old version You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Turbotax home & business federal e file state 2011 old version The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Turbotax home & business federal e file state 2011 old version Use the Interactive Tax Assistant (ITA) to research your tax questions. Turbotax home & business federal e file state 2011 old version No need to wait on the phone or stand in line. Turbotax home & business federal e file state 2011 old version The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Turbotax home & business federal e file state 2011 old version When you reach the response screen, you can print the entire interview and the final response for your records. Turbotax home & business federal e file state 2011 old version New subject areas are added on a regular basis. Turbotax home & business federal e file state 2011 old version  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Turbotax home & business federal e file state 2011 old version gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Turbotax home & business federal e file state 2011 old version You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Turbotax home & business federal e file state 2011 old version The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Turbotax home & business federal e file state 2011 old version When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Turbotax home & business federal e file state 2011 old version Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Turbotax home & business federal e file state 2011 old version You can also ask the IRS to mail a return or an account transcript to you. Turbotax home & business federal e file state 2011 old version Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Turbotax home & business federal e file state 2011 old version gov or by calling 1-800-908-9946. Turbotax home & business federal e file state 2011 old version Tax return and tax account transcripts are generally available for the current year and the past three years. Turbotax home & business federal e file state 2011 old version Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Turbotax home & business federal e file state 2011 old version Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Turbotax home & business federal e file state 2011 old version If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Turbotax home & business federal e file state 2011 old version Check the status of your amended return using Where's My Amended Return? Go to IRS. Turbotax home & business federal e file state 2011 old version gov and enter Where's My Amended Return? in the search box. Turbotax home & business federal e file state 2011 old version You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Turbotax home & business federal e file state 2011 old version It can take up to 3 weeks from the date you mailed it to show up in our system. Turbotax home & business federal e file state 2011 old version Make a payment using one of several safe and convenient electronic payment options available on IRS. Turbotax home & business federal e file state 2011 old version gov. Turbotax home & business federal e file state 2011 old version Select the Payment tab on the front page of IRS. Turbotax home & business federal e file state 2011 old version gov for more information. Turbotax home & business federal e file state 2011 old version Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Turbotax home & business federal e file state 2011 old version Figure your income tax withholding with the IRS Withholding Calculator on IRS. Turbotax home & business federal e file state 2011 old version gov. Turbotax home & business federal e file state 2011 old version Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Turbotax home & business federal e file state 2011 old version Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Turbotax home & business federal e file state 2011 old version gov. Turbotax home & business federal e file state 2011 old version Request an Electronic Filing PIN by going to IRS. Turbotax home & business federal e file state 2011 old version gov and entering Electronic Filing PIN in the search box. Turbotax home & business federal e file state 2011 old version Download forms, instructions and publications, including accessible versions for people with disabilities. Turbotax home & business federal e file state 2011 old version Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Turbotax home & business federal e file state 2011 old version gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Turbotax home & business federal e file state 2011 old version An employee can answer questions about your tax account or help you set up a payment plan. Turbotax home & business federal e file state 2011 old version Before you visit, check the Office Locator on IRS. Turbotax home & business federal e file state 2011 old version gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Turbotax home & business federal e file state 2011 old version If you have a special need, such as a disability, you can request an appointment. Turbotax home & business federal e file state 2011 old version Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Turbotax home & business federal e file state 2011 old version Apply for an Employer Identification Number (EIN). Turbotax home & business federal e file state 2011 old version Go to IRS. Turbotax home & business federal e file state 2011 old version gov and enter Apply for an EIN in the search box. Turbotax home & business federal e file state 2011 old version Read the Internal Revenue Code, regulations, or other official guidance. Turbotax home & business federal e file state 2011 old version Read Internal Revenue Bulletins. Turbotax home & business federal e file state 2011 old version Sign up to receive local and national tax news and more by email. Turbotax home & business federal e file state 2011 old version Just click on “subscriptions” above the search box on IRS. Turbotax home & business federal e file state 2011 old version gov and choose from a variety of options. Turbotax home & business federal e file state 2011 old version Phone. Turbotax home & business federal e file state 2011 old version    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Turbotax home & business federal e file state 2011 old version Download the free IRS2Go app from the iTunes app store or from Google Play. Turbotax home & business federal e file state 2011 old version Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Turbotax home & business federal e file state 2011 old version gov, or download the IRS2Go app. Turbotax home & business federal e file state 2011 old version Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Turbotax home & business federal e file state 2011 old version The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Turbotax home & business federal e file state 2011 old version Most VITA and TCE sites offer free electronic filing. Turbotax home & business federal e file state 2011 old version Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Turbotax home & business federal e file state 2011 old version Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Turbotax home & business federal e file state 2011 old version Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Turbotax home & business federal e file state 2011 old version If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Turbotax home & business federal e file state 2011 old version The IRS issues more than 9 out of 10 refunds in less than 21 days. Turbotax home & business federal e file state 2011 old version Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Turbotax home & business federal e file state 2011 old version Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Turbotax home & business federal e file state 2011 old version The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Turbotax home & business federal e file state 2011 old version Note, the above information is for our automated hotline. Turbotax home & business federal e file state 2011 old version Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Turbotax home & business federal e file state 2011 old version Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Turbotax home & business federal e file state 2011 old version You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Turbotax home & business federal e file state 2011 old version It can take up to 3 weeks from the date you mailed it to show up in our system. Turbotax home & business federal e file state 2011 old version Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Turbotax home & business federal e file state 2011 old version You should receive your order within 10 business days. Turbotax home & business federal e file state 2011 old version Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Turbotax home & business federal e file state 2011 old version If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Turbotax home & business federal e file state 2011 old version Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Turbotax home & business federal e file state 2011 old version The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Turbotax home & business federal e file state 2011 old version These individuals can also contact the IRS through relay services such as the Federal Relay Service. Turbotax home & business federal e file state 2011 old version Walk-in. Turbotax home & business federal e file state 2011 old version   You can find a selection of forms, publications and services — in-person. Turbotax home & business federal e file state 2011 old version Products. Turbotax home & business federal e file state 2011 old version You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Turbotax home & business federal e file state 2011 old version Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Turbotax home & business federal e file state 2011 old version Services. Turbotax home & business federal e file state 2011 old version You can walk in to your local TAC for face-to-face tax help. Turbotax home & business federal e file state 2011 old version An employee can answer questions about your tax account or help you set up a payment plan. Turbotax home & business federal e file state 2011 old version Before visiting, use the Office Locator tool on IRS. Turbotax home & business federal e file state 2011 old version gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Turbotax home & business federal e file state 2011 old version   Please contact the office for times when assistance will be available. Turbotax home & business federal e file state 2011 old version Mail. Turbotax home & business federal e file state 2011 old version   You can send your order for forms, instructions, and publications to the address below. Turbotax home & business federal e file state 2011 old version You should receive a response within 10 business days after your request is received. Turbotax home & business federal e file state 2011 old version Internal Revenue Service 1201 N. Turbotax home & business federal e file state 2011 old version Mitsubishi Motorway Bloomington, IL 61705-6613   Taxpayer Advocate Service. Turbotax home & business federal e file state 2011 old version   The Taxpayer Advocate Service Is here to help you. Turbotax home & business federal e file state 2011 old version The Taxpayer Advocate Service (TAS) is your voice at the IRS. Turbotax home & business federal e file state 2011 old version Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Turbotax home & business federal e file state 2011 old version   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Turbotax home & business federal e file state 2011 old version We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Turbotax home & business federal e file state 2011 old version You face (or your business is facing) an immediate threat of adverse action. Turbotax home & business federal e file state 2011 old version You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Turbotax home & business federal e file state 2011 old version   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Turbotax home & business federal e file state 2011 old version Here's why we can help: TAS is an independent organization within the IRS. Turbotax home & business federal e file state 2011 old version Our advocates know how to work with the IRS. Turbotax home & business federal e file state 2011 old version Our services are free and tailored to meet your needs. Turbotax home & business federal e file state 2011 old version We have offices in every state, the District of Columbia, and Puerto Rico. Turbotax home & business federal e file state 2011 old version   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Turbotax home & business federal e file state 2011 old version  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Turbotax home & business federal e file state 2011 old version If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Turbotax home & business federal e file state 2011 old version Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Turbotax home & business federal e file state 2011 old version Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Turbotax home & business federal e file state 2011 old version Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. 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