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Unemployment Tax Forms

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Unemployment Tax Forms

Unemployment tax forms 6. Unemployment tax forms   Basis of Assets Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Cost BasisReal Property Allocating the Basis Uniform Capitalization Rules Adjusted BasisIncreases to Basis Decreases to Basis Basis Other Than CostTaxable Exchanges Involuntary Conversions Nontaxable Exchanges Property Received as a Gift Property Transferred From a Spouse Inherited Property Property Distributed From a Partnership or Corporation Introduction Your basis is the amount of your investment in property for tax purposes. Unemployment tax forms Use basis to figure the gain or loss on the sale, exchange, or other disposition of property. Unemployment tax forms Also use basis to figure depreciation, amortization, depletion, and casualty losses. Unemployment tax forms If you use property for both business or investment purposes and for personal purposes, you must allocate the basis based on the use. Unemployment tax forms Only the basis allocated to the business or investment use of the property can be depreciated. Unemployment tax forms Your original basis in property is adjusted (increased or decreased) by certain events. Unemployment tax forms For example, if you make improvements to the property, increase your basis. Unemployment tax forms If you take deductions for depreciation, or casualty losses, or claim certain credits, reduce your basis. Unemployment tax forms Keep accurate records of all items that affect the basis of your assets. Unemployment tax forms For information on keeping records, see chapter 1. Unemployment tax forms Topics - This chapter discusses: Cost basis Adjusted basis Basis other than cost Useful Items - You may want to see: Publication 535 Business Expenses 544 Sales and Other Dispositions of Assets 551 Basis of Assets 946 How To Depreciate Property See chapter 16 for information about getting publications and forms. Unemployment tax forms Cost Basis The basis of property you buy is usually its cost. Unemployment tax forms Cost is the amount you pay in cash, debt obligations, other property, or services. Unemployment tax forms Your cost includes amounts you pay for sales tax, freight, installation, and testing. Unemployment tax forms The basis of real estate and business assets will include other items, discussed later. Unemployment tax forms Basis generally does not include interest payments. Unemployment tax forms However, see Carrying charges and Capitalized interest in chapter 4 of Publication 535. Unemployment tax forms You also may have to capitalize (add to basis) certain other costs related to buying or producing property. Unemployment tax forms Under the uniform capitalization rules, discussed later, you may have to capitalize direct costs and certain indirect costs of producing property. Unemployment tax forms Loans with low or no interest. Unemployment tax forms   If you buy property on a time-payment plan that charges little or no interest, the basis of your property is your stated purchase price minus the amount considered to be unstated interest. Unemployment tax forms You generally have unstated interest if your interest rate is less than the applicable federal rate. Unemployment tax forms See the discussion of unstated interest in Publication 537, Installment Sales. Unemployment tax forms Real Property Real property, also called real estate, is land and generally anything built on, growing on, or attached to land. Unemployment tax forms If you buy real property, certain fees and other expenses you pay are part of your cost basis in the property. Unemployment tax forms Some of these expenses are discussed next. Unemployment tax forms Lump sum purchase. Unemployment tax forms   If you buy improvements, such as buildings, and the land on which they stand for a lump sum, allocate your cost basis between the land and improvements. Unemployment tax forms Allocate the cost basis according to the respective fair market values (FMVs) of the land and improvements at the time of purchase. Unemployment tax forms Figure the basis of each asset by multiplying the lump sum by a fraction. Unemployment tax forms The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. Unemployment tax forms Fair market value (FMV). Unemployment tax forms   FMV is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Unemployment tax forms Sales of similar property on or about the same date may help in figuring the FMV of the property. Unemployment tax forms If you are not certain of the FMV of the land and improvements, you can allocate the basis according to their assessed values for real estate tax purposes. Unemployment tax forms Real estate taxes. Unemployment tax forms   If you pay the real estate taxes the seller owed on real property you bought, and the seller did not reimburse you, treat those taxes as part of your basis. Unemployment tax forms   If you reimburse the seller for taxes the seller paid for you, you generally can deduct that amount as a tax expense. Unemployment tax forms Whether or not you reimburse the seller, do not include that amount in the basis of your property. Unemployment tax forms Settlement costs. Unemployment tax forms   Your basis includes the settlement fees and closing costs for buying the property. Unemployment tax forms See Publication 551 for a detailed list of items you can and cannot include in basis. Unemployment tax forms   Do not include fees and costs for getting a loan on the property. Unemployment tax forms Also, do not include amounts placed in escrow for the future payment of items such as taxes and insurance. Unemployment tax forms Points. Unemployment tax forms   If you pay points to get a loan (including a mortgage, second mortgage, or line-of-credit), do not add the points to the basis of the related property. Unemployment tax forms You may be able to deduct the points currently or over the term of the loan. Unemployment tax forms For more information about deducting points, see Points in chapter 4 of Publication 535. Unemployment tax forms Assumption of a mortgage. Unemployment tax forms   If you buy property and assume (or buy the property subject to) an existing mortgage, your basis includes the amount you pay for the property plus the amount you owe on the mortgage. Unemployment tax forms Example. Unemployment tax forms If you buy a farm for $100,000 cash and assume a mortgage of $400,000, your basis is $500,000. Unemployment tax forms Constructing assets. Unemployment tax forms   If you build property or have assets built for you, your expenses for this construction are part of your basis. Unemployment tax forms Some of these expenses include the following costs: Land, Labor and materials, Architect's fees, Building permit charges, Payments to contractors, Payments for rental equipment, and Inspection fees. Unemployment tax forms   In addition, if you use your own employees, farm materials, and equipment to build an asset, do not deduct the following expenses. Unemployment tax forms You must capitalize them (include them in the asset's basis). Unemployment tax forms Employee wages paid for the construction work, reduced by any employment credits allowed. Unemployment tax forms Depreciation on equipment you own while it is used in the construction. Unemployment tax forms Operating and maintenance costs for equipment used in the construction. Unemployment tax forms The cost of business supplies and materials used in the construction. Unemployment tax forms    Do not include the value of your own labor, or any other labor you did not pay for, in the basis of any property you construct. Unemployment tax forms Allocating the Basis In some instances, the rules for determining basis apply to a group of assets acquired in the same transaction or to property that consists of separate items. Unemployment tax forms To determine the basis of these assets or separate items, there must be an allocation of basis. Unemployment tax forms Group of assets acquired. Unemployment tax forms   If you buy multiple assets for a lump sum, allocate the amount you pay among the assets. Unemployment tax forms Use this allocation to figure your basis for depreciation and gain or loss on a later disposition of any of these assets. Unemployment tax forms You and the seller may agree in the sales contract to a specific allocation of the purchase price among the assets. Unemployment tax forms If this allocation is based on the value of each asset and you and the seller have adverse tax interests, the allocation generally will be accepted. Unemployment tax forms Farming business acquired. Unemployment tax forms   If you buy a group of assets that makes up a farming business, there are special rules you must use to allocate the purchase price among the assets. Unemployment tax forms Generally, reduce the purchase price by any cash received. Unemployment tax forms Allocate the remaining purchase price to the other business assets received in proportion to (but not more than) their FMV and in a certain order. Unemployment tax forms See Trade or Business Acquired under Allocating the Basis in Publication 551 for more information. Unemployment tax forms Transplanted embryo. Unemployment tax forms   If you buy a cow that is pregnant with a transplanted embryo, allocate to the basis of the cow the part of the purchase price equal to the FMV of the cow without the implant. Unemployment tax forms Allocate the rest of the purchase price to the basis of the calf. Unemployment tax forms Neither the cost allocated to the cow nor the cost allocated to the calf is deductible as a current business expense. Unemployment tax forms Uniform Capitalization Rules Under the uniform capitalization rules, you must include certain direct and indirect costs in the basis of property you produce or in your inventory costs, rather than claim them as a current deduction. Unemployment tax forms You recover these costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Unemployment tax forms Generally, you are subject to the uniform capitalization rules if you do any of the following: Produce real or tangible personal property, or Acquire property for resale. Unemployment tax forms However, this rule does not apply to personal property if your average annual gross receipts for the 3-tax-year period ending with the year preceding the current tax year are $10 million or less. Unemployment tax forms You produce property if you construct, build, install, manufacture, develop, improve, or create the property. Unemployment tax forms You are not subject to the uniform capitalization rules if the property is produced for personal use. Unemployment tax forms In a farming business, you produce property if you raise or grow any agricultural or horticultural commodity, including plants and animals. Unemployment tax forms Plants. Unemployment tax forms   A plant produced in a farming business includes the following items: A fruit, nut, or other crop-bearing tree; An ornamental tree; A vine; A bush; Sod; and The crop or yield of a plant that will have more than one crop or yield. Unemployment tax forms Animals. Unemployment tax forms   An animal produced in a farming business includes any stock, poultry or other bird, and fish or other sea life. Unemployment tax forms The direct and indirect costs of producing plants or animals include preparatory costs and preproductive period costs. Unemployment tax forms Preparatory costs include the acquisition costs of the seed, seedling, plant, or animal. Unemployment tax forms For plants, preproductive period costs include the costs of items such as irrigation, pruning, frost protection, spraying, and harvesting. Unemployment tax forms For animals, preproductive period costs include the costs of items such as feed, maintaining pasture or pen areas, breeding, veterinary services, and bedding. Unemployment tax forms Exceptions. Unemployment tax forms   In a farming business, the uniform capitalization rules do not apply to: Any animal, Any plant with a preproductive period of 2 years or less, or Any costs of replanting certain plants lost or damaged due to casualty. Unemployment tax forms   Exceptions (1) and (2) do not apply to a corporation, partnership, or tax shelter required to use an accrual method of accounting. Unemployment tax forms See Accrual Method Required under Accounting Methods in chapter 2. Unemployment tax forms   In addition, you can elect not to use the uniform capitalization rules for plants with a preproductive period of more than 2 years. Unemployment tax forms If you make this election, special rules apply. Unemployment tax forms This election cannot be made by a corporation, partnership, or tax shelter required to use an accrual method of accounting. Unemployment tax forms This election also does not apply to any costs incurred for the planting, cultivation, maintenance, or development of any citrus or almond grove (or any part thereof) within the first 4 years the trees were planted. Unemployment tax forms    If you elect not to use the uniform capitalization rules, you must use the alternative depreciation system for all property used in any of your farming businesses and placed in service in any tax year during which the election is in effect. Unemployment tax forms See chapter 7, for additional information on depreciation. Unemployment tax forms Example. Unemployment tax forms You grow trees that have a preproductive period of more than 2 years. Unemployment tax forms The trees produce an annual crop. Unemployment tax forms You are an individual and the uniform capitalization rules apply to your farming business. Unemployment tax forms You must capitalize the direct costs and an allocable part of indirect costs incurred due to the production of the trees. Unemployment tax forms You are not required to capitalize the costs of producing the annual crop because its preproductive period is 2 years or less. Unemployment tax forms Preproductive period of more than 2 years. Unemployment tax forms   The preproductive period of plants grown in commercial quantities in the United States is based on their nationwide weighted average preproductive period. Unemployment tax forms Plants producing the crops or yields shown in Table 6-1 have a nationwide weighted average preproductive period of more than 2 years. Unemployment tax forms Other plants (not shown in Table 6-1) may also have a nationwide weighted average preproductive period of more than 2 years. Unemployment tax forms More information. Unemployment tax forms   For more information on the uniform capitalization rules that apply to property produced in a farming business, see Regulations section 1. Unemployment tax forms 263A-4. Unemployment tax forms Table 6-1. Unemployment tax forms Plants With a Preproductive Period of More Than 2 Years Plants producing the following crops or yields have a nationwide weighted average preproductive period of more than 2 years. Unemployment tax forms Almonds Apples Apricots Avocados Blueberries Cherries Chestnuts Coffee beans Currants Dates Figs Grapefruit Grapes Guavas Kiwifruit Kumquats Lemons Limes Macadamia nuts Mangoes Nectarines Olives Oranges Peaches Pears Pecans Persimmons Pistachio nuts Plums Pomegranates Prunes Tangelos Tangerines Tangors Walnuts Adjusted Basis Before figuring gain or loss on a sale, exchange, or other disposition of property or figuring allowable depreciation, depletion, or amortization, you must usually make certain adjustments to the cost basis or basis other than cost (discussed later) of the property. Unemployment tax forms The adjustments to the original basis are increases or decreases to the cost basis or other basis which result in the adjusted basis of the property. Unemployment tax forms Increases to Basis Increase the basis of any property by all items properly added to a capital account. Unemployment tax forms These include the cost of any improvements having a useful life of more than 1 year. Unemployment tax forms The following costs increase the basis of property. Unemployment tax forms The cost of extending utility service lines to property. Unemployment tax forms Legal fees, such as the cost of defending and perfecting title. Unemployment tax forms Legal fees for seeking a decrease in an assessment levied against property to pay for local improvements. Unemployment tax forms Assessments for items such as paving roads and building ditches that increase the value of the property assessed. Unemployment tax forms Do not deduct these expenses as taxes. Unemployment tax forms However, you can deduct as taxes amounts assessed for maintenance or repairs, or for meeting interest charges related to the improvements. Unemployment tax forms If you make additions or improvements to business property, depreciate the basis of each addition or improvement as separate depreciable property using the rules that would apply to the original property if you had placed it in service at the same time you placed the addition or improvement in service. Unemployment tax forms See chapter 7. Unemployment tax forms Deducting vs. Unemployment tax forms capitalizing costs. Unemployment tax forms   Do not add to your basis costs you can deduct as current expenses. Unemployment tax forms For example, amounts paid for incidental repairs or maintenance are deductible as business expenses and are not added to basis. Unemployment tax forms However, you can elect either to deduct or to capitalize certain other costs. Unemployment tax forms See chapter 7 in Publication 535. Unemployment tax forms Decreases to Basis The following are some items that reduce the basis of property. Unemployment tax forms Section 179 deduction. Unemployment tax forms Deductions previously allowed or allowable for amortization, depreciation, and depletion. Unemployment tax forms Alternative motor vehicle credit. Unemployment tax forms See Form 8910. Unemployment tax forms Alternative fuel vehicle refueling property credit. Unemployment tax forms See Form 8911. Unemployment tax forms Residential energy efficient property credits. Unemployment tax forms See Form 5695. Unemployment tax forms Investment credit (part or all) taken. Unemployment tax forms Casualty and theft losses and insurance reimbursements. Unemployment tax forms Payments you receive for granting an easement. Unemployment tax forms Exclusion from income of subsidies for energy conservation measures. Unemployment tax forms Certain canceled debt excluded from income. Unemployment tax forms Rebates from a manufacturer or seller. Unemployment tax forms Patronage dividends received from a cooperative association as a result of a purchase of property. Unemployment tax forms See Patronage Dividends in chapter 3. Unemployment tax forms Gas-guzzler tax. Unemployment tax forms See Form 6197. Unemployment tax forms Some of these items are discussed next. Unemployment tax forms For a more detailed list of items that decrease basis, see section 1016 of the Internal Revenue Code and Publication 551. Unemployment tax forms Depreciation and section 179 deduction. Unemployment tax forms   The adjustments you must make to the basis of the property if you take the section 179 deduction or depreciate the property are explained next. Unemployment tax forms For more information on these deductions, see chapter 7. Unemployment tax forms Section 179 deduction. Unemployment tax forms   If you take the section 179 expense deduction for all or part of the cost of qualifying business property, decrease the basis of the property by the deduction. Unemployment tax forms Depreciation. Unemployment tax forms   Decrease the basis of property by the depreciation you deducted or could have deducted on your tax returns under the method of depreciation you chose. Unemployment tax forms If you took less depreciation than you could have under the method chosen, decrease the basis by the amount you could have taken under that method. Unemployment tax forms If you did not take a depreciation deduction, reduce the basis by the full amount of the depreciation you could have taken. Unemployment tax forms   If you deducted more depreciation than you should have, decrease your basis by the amount you should have deducted plus the part of the excess depreciation you deducted that actually reduced your tax liability for any year. Unemployment tax forms   See chapter 7 for information on figuring the depreciation you should have claimed. Unemployment tax forms   In decreasing your basis for depreciation, take into account the amount deducted on your tax returns as depreciation and any depreciation you must capitalize under the uniform capitalization rules. Unemployment tax forms Casualty and theft losses. Unemployment tax forms   If you have a casualty or theft loss, decrease the basis of the property by any insurance or other reimbursement. Unemployment tax forms Also, decrease it by any deductible loss not covered by insurance. Unemployment tax forms See chapter 11 for information about figuring your casualty or theft loss. Unemployment tax forms   You must increase your basis in the property by the amount you spend on clean-up costs (such as debris removal) and repairs that restore the property to its pre-casualty condition. Unemployment tax forms To make this determination, compare the repaired property to the property before the casualty. Unemployment tax forms Easements. Unemployment tax forms   The amount you receive for granting an easement is usually considered to be proceeds from the sale of an interest in the real property. Unemployment tax forms It reduces the basis of the affected part of the property. Unemployment tax forms If the amount received is more than the basis of the part of the property affected by the easement, reduce your basis in that part to zero and treat the excess as a recognized gain. Unemployment tax forms See Easements and rights-of-way in chapter 3. Unemployment tax forms Exclusion from income of subsidies for energy conservation measures. Unemployment tax forms   You can exclude from gross income any subsidy you received from a public utility company for the purchase or installation of an energy conservation measure for a dwelling unit. Unemployment tax forms Reduce the basis of the property by the excluded amount. Unemployment tax forms Canceled debt excluded from income. Unemployment tax forms   If a debt you owe is canceled or forgiven, other than as a gift or bequest, you generally must include the canceled amount in your gross income for tax purposes. Unemployment tax forms A debt includes any indebtedness for which you are liable or which attaches to property you hold. Unemployment tax forms   You can exclude your canceled debt from income if the debt is any of the following. Unemployment tax forms Debt canceled in a bankruptcy case or when you are insolvent. Unemployment tax forms Qualified farm debt. Unemployment tax forms Qualified real property business debt (provided you are not a C corporation). Unemployment tax forms Qualified principal residence indebtedness. Unemployment tax forms Discharge of certain indebtedness of a qualified individual because of Midwestern disasters. Unemployment tax forms If you exclude canceled debt described in (1) or (2), you may have to reduce the basis of your depreciable and nondepreciable property. Unemployment tax forms If you exclude canceled debt described in (3), you must only reduce the basis of your depreciable property by the excluded amount. Unemployment tax forms   For more information about canceled debt in a bankruptcy case, see Publication 908, Bankruptcy Tax Guide. Unemployment tax forms For more information about insolvency and canceled debt that is qualified farm debt or qualified principal residence indebtedness, see chapter 3. Unemployment tax forms For more information about qualified real property business debt, see Publication 334, Tax Guide for Small Business. Unemployment tax forms For more information about canceled debt in Midwestern disaster areas, see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. Unemployment tax forms Basis Other Than Cost There are times when you cannot use cost as basis. Unemployment tax forms In these situations, the fair market value or the adjusted basis of property may be used. Unemployment tax forms Examples are discussed next. Unemployment tax forms Property changed from personal to business or rental use. Unemployment tax forms   When you hold property for personal use and then change it to business use or use it to produce rent, you must figure its basis for depreciation. Unemployment tax forms An example of changing property from personal to business use would be changing the use of your pickup truck that you originally purchased for your personal use to use in your farming business. Unemployment tax forms   The basis for depreciation is the lesser of: The FMV of the property on the date of the change, or Your adjusted basis on the date of the change. Unemployment tax forms   If you later sell or dispose of this property, the basis you use will depend on whether you are figuring a gain or loss. Unemployment tax forms The basis for figuring a gain is your adjusted basis in the property when you sell the property. Unemployment tax forms Figure the basis for a loss starting with the smaller of your adjusted basis or the FMV of the property at the time of the change to business or rental use. Unemployment tax forms Then make adjustments (increases and decreases) for the period after the change in the property's use, as discussed earlier under Adjusted Basis . Unemployment tax forms Property received for services. Unemployment tax forms   If you receive property for services, include the property's FMV in income. Unemployment tax forms The amount you include in income becomes your basis. Unemployment tax forms If the services were performed for a price agreed on beforehand, it will be accepted as the FMV of the property if there is no evidence to the contrary. Unemployment tax forms Example. Unemployment tax forms George Smith is an accountant and also operates a farming business. Unemployment tax forms George agreed to do some accounting work for his neighbor in exchange for a dairy cow. Unemployment tax forms The accounting work and the cow are each worth $1,500. Unemployment tax forms George must include $1,500 in income for his accounting services. Unemployment tax forms George's basis in the cow is $1,500. Unemployment tax forms Taxable Exchanges A taxable exchange is one in which the gain is taxable, or the loss is deductible. Unemployment tax forms A taxable gain or deductible loss also is known as a recognized gain or loss. Unemployment tax forms A taxable exchange occurs when you receive cash or get property that is not similar or related in use to the property exchanged. Unemployment tax forms If you receive property in exchange for other property in a taxable exchange, the basis of the property you receive is usually its FMV at the time of the exchange. Unemployment tax forms Example. Unemployment tax forms You trade a tract of farmland with an adjusted basis of $2,000 for a tractor that has an FMV of $6,000. Unemployment tax forms You must report a taxable gain of $4,000 for the land. Unemployment tax forms The tractor has a basis of $6,000. Unemployment tax forms Involuntary Conversions If you receive property as a result of an involuntary conversion, such as a casualty, theft, or condemnation, figure the basis of the replacement property you receive using the basis of the converted property. Unemployment tax forms Similar or related property. Unemployment tax forms   If the replacement property is similar or related in service or use to the converted property, the replacement property's basis is the same as the old property's basis on the date of the conversion. Unemployment tax forms However, make the following adjustments. Unemployment tax forms Decrease the basis by the following amounts. Unemployment tax forms Any loss you recognize on the involuntary conversion. Unemployment tax forms Any money you receive that you do not spend on similar property. Unemployment tax forms Increase the basis by the following amounts. Unemployment tax forms Any gain you recognize on the involuntary conversion. Unemployment tax forms Any cost of acquiring the replacement property. Unemployment tax forms Money or property not similar or related. Unemployment tax forms   If you receive money or property not similar or related in service or use to the converted property and you buy replacement property similar or related in service or use to the converted property, the basis of the replacement property is its cost decreased by the gain not recognized on the involuntary conversion. Unemployment tax forms Allocating the basis. Unemployment tax forms   If you buy more than one piece of replacement property, allocate your basis among the properties based on their respective costs. Unemployment tax forms Basis for depreciation. Unemployment tax forms   Special rules apply in determining and depreciating the basis of MACRS property acquired in an involuntary conversion. Unemployment tax forms For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. Unemployment tax forms For more information about involuntary conversions, see chapter 11. Unemployment tax forms Nontaxable Exchanges A nontaxable exchange is an exchange in which you are not taxed on any gain and you cannot deduct any loss. Unemployment tax forms A nontaxable gain or loss also is known as an unrecognized gain or loss. Unemployment tax forms If you receive property in a nontaxable exchange, its basis is usually the same as the basis of the property you transferred. Unemployment tax forms Like-Kind Exchanges The exchange of property for the same kind of property is the most common type of nontaxable exchange. Unemployment tax forms For an exchange to qualify as a like-kind exchange, you must hold for business or investment purposes both the property you transfer and the property you receive. Unemployment tax forms There must also be an exchange of like-kind property. Unemployment tax forms For more information, see Like-Kind Exchanges in  chapter 8. Unemployment tax forms The basis of the property you receive generally is the same as the adjusted basis of the property you gave up. Unemployment tax forms Example 1. Unemployment tax forms You traded a truck you used in your farming business for a new smaller truck to use in farming. Unemployment tax forms The adjusted basis of the old truck was $10,000. Unemployment tax forms The FMV of the new truck is $30,000. Unemployment tax forms Because this is a nontaxable exchange, you do not recognize any gain, and your basis in the new truck is $10,000, the same as the adjusted basis of the truck you traded. Unemployment tax forms Example 2. Unemployment tax forms You trade a field cultivator (adjusted basis of $8,000) for a planter (FMV of $9,000). Unemployment tax forms You use both the field cultivator and the planter in your farming business. Unemployment tax forms The basis of the planter you receive is $8,000, the same as the field cultivator traded Exchange expenses. Unemployment tax forms   Exchange expenses generally are the closing costs that you pay. Unemployment tax forms They include such items as brokerage commissions, attorney fees, and deed preparation fees. Unemployment tax forms Add them to the basis of the like-kind property you receive. Unemployment tax forms Property plus cash. Unemployment tax forms   If you trade property in a like-kind exchange and also pay money, the basis of the property you receive is the adjusted basis of the property you gave up plus the money you paid. Unemployment tax forms Example. Unemployment tax forms You trade in a truck (adjusted basis of $3,000) for another truck (FMV of $7,500) and pay $4,000. Unemployment tax forms Your basis in the new truck is $7,000 (the $3,000 adjusted basis of the old truck plus the $4,000 cash). Unemployment tax forms Special rules for related persons. Unemployment tax forms   If a like-kind exchange takes place directly or indirectly between related persons and either party disposes of the property within 2 years after the exchange, the exchange no longer qualifies for like-kind exchange treatment. Unemployment tax forms Each person must report any gain or loss not recognized on the original exchange unless the loss is not deductible under the related party rules. Unemployment tax forms Each person reports it on the tax return filed for the year in which the later disposition occurred. Unemployment tax forms If this rule applies, the basis of the property received in the original exchange will be its FMV. Unemployment tax forms For more information, see chapter 8. Unemployment tax forms Exchange of business property. Unemployment tax forms   Exchanging the property of one business for the property of another business generally is a multiple property exchange. Unemployment tax forms For information on figuring basis, see Multiple Property Exchanges in chapter 1 of Publication 544. Unemployment tax forms Basis for depreciation. Unemployment tax forms   Special rules apply in determining and depreciating the basis of MACRS property acquired in a like-kind transaction. Unemployment tax forms For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. Unemployment tax forms Partially Nontaxable Exchanges A partially nontaxable exchange is an exchange in which you receive unlike property or money in addition to like-kind property. Unemployment tax forms The basis of the property you receive is the same as the adjusted basis of the property you gave up with the following adjustments. Unemployment tax forms Decrease the basis by the following amounts. Unemployment tax forms Any money you receive. Unemployment tax forms Any loss you recognize on the exchange. Unemployment tax forms Increase the basis by the following amounts. Unemployment tax forms Any additional costs you incur. Unemployment tax forms Any gain you recognize on the exchange. Unemployment tax forms If the other party to the exchange assumes your liabilities, treat the debt assumption as money you received in the exchange. Unemployment tax forms Example 1. Unemployment tax forms You trade farmland (basis of $100,000) for another tract of farmland (FMV of $110,000) and $30,000 cash. Unemployment tax forms You realize a gain of $40,000. Unemployment tax forms This is the FMV of the land received plus the cash minus the basis of the land you traded ($110,000 + $30,000 − $100,000). Unemployment tax forms Include your gain in income (recognize gain) only to the extent of the cash received. Unemployment tax forms Your basis in the land you received is figured as follows. Unemployment tax forms Basis of land traded $100,000 Minus: Cash received (adjustment 1(a)) − 30,000   $70,000 Plus: Gain recognized (adjustment 2(b)) + 30,000 Basis of land received $100,000 Example 2. Unemployment tax forms You trade a truck (adjusted basis of $22,750) for another truck (FMV of $20,000) and $10,000 cash. Unemployment tax forms You realize a gain of $7,250. Unemployment tax forms This is the FMV of the truck received plus the cash minus the adjusted basis of the truck you traded ($20,000 + $10,000 − $22,750). Unemployment tax forms You include all the gain in your income (recognize gain) because the gain is less than the cash you received. Unemployment tax forms Your basis in the truck you received is figured as follows. Unemployment tax forms Adjusted basis of truck traded $22,750 Minus: Cash received (adjustment 1(a)) −10,000   $12,750 Plus: Gain recognized (adjustment 2(b)) + 7,250 Basis of truck received $20,000 Allocation of basis. Unemployment tax forms   If you receive like-kind and unlike properties in the exchange, allocate the basis first to the unlike property, other than money, up to its FMV on the date of the exchange. Unemployment tax forms The rest is the basis of the like-kind property. Unemployment tax forms Example. Unemployment tax forms You traded a tractor with an adjusted basis of $15,000 for another tractor that had an FMV of $12,500. Unemployment tax forms You also received $1,000 cash and a truck that had an FMV of $3,000. Unemployment tax forms The truck is unlike property. Unemployment tax forms You realized a gain of $1,500. Unemployment tax forms This is the FMV of the tractor received plus the FMV of the truck received plus the cash minus the adjusted basis of the tractor you traded ($12,500 + $3,000 + $1,000 − $15,000). Unemployment tax forms You include in income (recognize) all $1,500 of the gain because it is less than the FMV of the unlike property plus the cash received. Unemployment tax forms Your basis in the properties you received is figured as follows. Unemployment tax forms Adjusted basis of old tractor $15,000 Minus: Cash received (adjustment 1(a)) − 1,000   $14,000 Plus: Gain recognized (adjustment 2(b)) + 1,500 Total basis of properties received $15,500 Allocate the total basis of $15,500 first to the unlike property—the truck ($3,000). Unemployment tax forms This is the truck's FMV. Unemployment tax forms The rest ($12,500) is the basis of the tractor. Unemployment tax forms Sale and Purchase If you sell property and buy similar property in two mutually dependent transactions, you may have to treat the sale and purchase as a single nontaxable exchange. Unemployment tax forms Example. Unemployment tax forms You used a tractor on your farm for 3 years. Unemployment tax forms Its adjusted basis is $22,000 and its FMV is $40,000. Unemployment tax forms You are interested in a new tractor, which sells for $60,000. Unemployment tax forms Ordinarily, you would trade your old tractor for the new one and pay the dealer $20,000. Unemployment tax forms Your basis for depreciating the new tractor would then be $42,000 ($20,000 + $22,000, the adjusted basis of your old tractor). Unemployment tax forms However, you want a higher basis for depreciating the new tractor, so you agree to pay the dealer $60,000 for the new tractor if he will pay you $40,000 for your old tractor. Unemployment tax forms Because the two transactions are dependent on each other, you are treated as having exchanged your old tractor for the new one and paid $20,000 ($60,000 − $40,000). Unemployment tax forms Your basis for depreciating the new tractor is $42,000, the same as if you traded the old tractor. Unemployment tax forms Property Received as a Gift To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you. Unemployment tax forms You also must know its FMV at the time it was given to you and any gift tax paid on it. Unemployment tax forms FMV equal to or greater than donor's adjusted basis. Unemployment tax forms   If the FMV of the property is equal to or greater than the donor's adjusted basis, your basis is the donor's adjusted basis when you received the gift. Unemployment tax forms Increase your basis by all or part of any gift tax paid, depending on the date of the gift. Unemployment tax forms   Also, for figuring gain or loss from a sale or other disposition of the property, or for figuring depreciation, depletion, or amortization deductions on business property, you must increase or decrease your basis (the donor's adjusted basis) by any required adjustments to basis while you held the property. Unemployment tax forms See Adjusted Basis , earlier. Unemployment tax forms   If you received a gift during the tax year, increase your basis in the gift (the donor's adjusted basis) by the part of the gift tax paid on it due to the net increase in value of the gift. Unemployment tax forms Figure the increase by multiplying the gift tax paid by the following fraction. Unemployment tax forms Net increase in value of the gift Amount of the gift   The net increase in value of the gift is the FMV of the gift minus the donor's adjusted basis. Unemployment tax forms The amount of the gift is its value for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. Unemployment tax forms Example. Unemployment tax forms In 2013, you received a gift of property from your mother that had an FMV of $50,000. Unemployment tax forms Her adjusted basis was $20,000. Unemployment tax forms The amount of the gift for gift tax purposes was $36,000 ($50,000 minus the $14,000 annual exclusion). Unemployment tax forms She paid a gift tax of $7,320. Unemployment tax forms Your basis, $26,076, is figured as follows. Unemployment tax forms Fair market value $50,000 Minus: Adjusted basis −20,000 Net increase in value $30,000 Gift tax paid $7,320 Multiplied by ($30,000 ÷ $36,000) × . Unemployment tax forms 83 Gift tax due to net increase in value $6,076 Adjusted basis of property to your mother +20,000 Your basis in the property $26,076 Note. Unemployment tax forms If you received a gift before 1977, your basis in the gift (the donor's adjusted basis) includes any gift tax paid on it. Unemployment tax forms However, your basis cannot exceed the FMV of the gift when it was given to you. Unemployment tax forms FMV less than donor's adjusted basis. Unemployment tax forms   If the FMV of the property at the time of the gift is less than the donor's adjusted basis, your basis depends on whether you have a gain or a loss when you dispose of the property. Unemployment tax forms Your basis for figuring gain is the donor's adjusted basis plus or minus any required adjustments to basis while you held the property. Unemployment tax forms Your basis for figuring loss is its FMV when you received the gift plus or minus any required adjustments to basis while you held the property. Unemployment tax forms (See Adjusted Basis , earlier. Unemployment tax forms )   If you use the donor's adjusted basis for figuring a gain and get a loss, and then use the FMV for figuring a loss and get a gain, you have neither gain nor loss on the sale or other disposition of the property. Unemployment tax forms Example. Unemployment tax forms You received farmland as a gift from your parents when they retired from farming. Unemployment tax forms At the time of the gift, the land had an FMV of $80,000. Unemployment tax forms Your parents' adjusted basis was $100,000. Unemployment tax forms After you received the land, no events occurred that would increase or decrease your basis. Unemployment tax forms If you sell the land for $120,000, you will have a $20,000 gain because you must use the donor's adjusted basis at the time of the gift ($100,000) as your basis to figure a gain. Unemployment tax forms If you sell the land for $70,000, you will have a $10,000 loss because you must use the FMV at the time of the gift ($80,000) as your basis to figure a loss. Unemployment tax forms If the sales price is between $80,000 and $100,000, you have neither gain nor loss. Unemployment tax forms For instance, if the sales price was $90,000 and you tried to figure a gain using the donor's adjusted basis ($100,000), you would get a $10,000 loss. Unemployment tax forms If you then tried to figure a loss using the FMV ($80,000), you would get a $10,000 gain. Unemployment tax forms Business property. Unemployment tax forms   If you hold the gift as business property, your basis for figuring any depreciation, depletion, or amortization deductions is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you hold the property. Unemployment tax forms Property Transferred From a Spouse The basis of property transferred to you or transferred in trust for your benefit by your spouse is the same as your spouse's adjusted basis. Unemployment tax forms The same rule applies to a transfer by your former spouse if the transfer is incident to divorce. Unemployment tax forms However, for property transferred in trust, adjust your basis for any gain recognized by your spouse or former spouse if the liabilities assumed plus the liabilities to which the property is subject are more than the adjusted basis of the property transferred. Unemployment tax forms The transferor must give you the records needed to determine the adjusted basis and holding period of the property as of the date of the transfer. Unemployment tax forms For more information, see Property Settlements in Publication 504, Divorced or Separated Individuals. Unemployment tax forms Inherited Property Your basis in property you inherited from a decedent, who died before January 1, 2010, or after December 31, 2010, is generally one of the following: The FMV of the property at the date of the decedent's death. Unemployment tax forms If a federal estate return is filed, you can use its appraised value. Unemployment tax forms The FMV on the alternate valuation date, if the personal representative for the estate elects to use alternate valuation. Unemployment tax forms For information on the alternate valuation, see the Instructions for Form 706. Unemployment tax forms The decedent's adjusted basis in land to the extent of the value that is excluded from the decedent's taxable estate as a qualified conservation easement. Unemployment tax forms If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes. Unemployment tax forms Special-use valuation method. Unemployment tax forms   Under certain conditions, when a person dies, the executor or personal representative of that person's estate may elect to value qualified real property at other than its FMV. Unemployment tax forms If so, the executor or personal representative values the qualified real property based on its use as a farm or other closely held business. Unemployment tax forms If the executor or personal representative elects this method of valuation for estate tax purposes, this value is the basis of the property for the qualified heirs. Unemployment tax forms The qualified heirs should be able to get the necessary value from the executor or personal representative of the estate. Unemployment tax forms   If you are a qualified heir who received special-use valuation property, increase your basis by any gain recognized by the estate or trust because of post-death appreciation. Unemployment tax forms Post-death appreciation is the property's FMV on the date of distribution minus the property's FMV either on the date of the individual's death or on the alternate valuation date. Unemployment tax forms Figure all FMVs without regard to the special-use valuation. Unemployment tax forms   You may be liable for an additional estate tax if, within 10 years after the death of the decedent, you transfer the property or the property stops being used as a farm. Unemployment tax forms This tax does not apply if you dispose of the property in a like-kind exchange or in an involuntary conversion in which all of the proceeds are reinvested in qualified replacement property. Unemployment tax forms The tax also does not apply if you transfer the property to a member of your family and certain requirements are met. Unemployment tax forms   You can elect to increase your basis in special-use valuation property if it becomes subject to the additional estate tax. Unemployment tax forms To increase your basis, you must make an irrevocable election and pay interest on the additional estate tax figured from the date 9 months after the decedent's death until the date of payment of the additional estate tax. Unemployment tax forms If you meet these requirements, increase your basis in the property to its FMV on the date of the decedent's death or the alternate valuation date. Unemployment tax forms The increase in your basis is considered to have occurred immediately before the event that resulted in the additional estate tax. Unemployment tax forms   You make the election by filing, with Form 706-A, United States Additional Estate Tax Return, a statement that: Contains your (and the estate's) name, address, and taxpayer identification number; Identifies the election as an election under section 1016(c) of the Internal Revenue Code; Specifies the property for which you are making the election; and Provides any additional information required by the Form 706-A instructions. Unemployment tax forms   For more information, see Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, Form 706-A, and the related instructions. Unemployment tax forms Property inherited from a decedent who died in 2010. Unemployment tax forms   If you inherited property from a decedent who died in 2010, different rules may apply. Unemployment tax forms See Publication 4895, Tax Treatment of Property Acquired From a Decendent Dying in 2010, for details. Unemployment tax forms Property Distributed From a Partnership or Corporation The following rules apply to determine a partner's basis and a shareholder's basis in property distributed respectively from a partnership to the partner with respect to the partner's interest in the partnership and from a corporation to the shareholder with respect to the shareholder's ownership of stock in the corporation. Unemployment tax forms Partner's basis. Unemployment tax forms   Unless there is a complete liquidation of a partner's interest, the basis of property (other than money) distributed by a partnership to the partner is its adjusted basis to the partnership immediately before the distribution. Unemployment tax forms However, the basis of the property to the partner cannot be more than the adjusted basis of his or her interest in the partnership reduced by any money received in the same transaction. Unemployment tax forms For more information, see Partner's Basis for Distributed Property in Publication 541, Partnerships. Unemployment tax forms Shareholder's basis. Unemployment tax forms   The basis of property distributed by a corporation to a shareholder is its fair market value. Unemployment tax forms For more information about corporate distributions, see Distributions to Shareholders in Publication 542, Corporations. Unemployment tax forms Prev  Up  Next   Home   More Online Publications
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Total Information Processing Support Services (TIPSS-4)

The TIPSS-4 Office is located at:

Internal Revenue Service
Oxon Hill, Maryland

TIPSS-4 Hotline Number: 240-613-8430

TIPSS-4 e-mail

 

NOTE:

TIPSS-4 SB (TIRNO-09-R-00013) was awarded on June 23, 2011.

TIPSS-4 ITS (TIRNO-09-R-00012) was awarded on December 28, 2010.


TIPSS-4 Offers 2 - Contract Vehicles
 

 

Information Technology Services (ITS) Contract
(Full and Open)

Small Business (SB) Contract
(Set-Aside)

TIPSS-3 Contract no longer available. For historic information only.


 

 


Mission
: We are committed Information Technology (IT) Procurement professionals responsible to facilitate and ensure the success of all customers. We deliver quality and cost-effective contractual and technical service to successfully plan, acquire, and manage our customer’s IT investments.

Vision: To be the preferred single-source provider of high-quality cost-effective Information Technology acquisition services for all our customers IT requirements.



Goal 1
: Increase Customer Awareness and Confidence:
Ensure that all customers’ needs are met in a timely, accurate, cost-effective, and professional manner.

Goal 2: Workforce Development:
Build and sustain a workforce that is trained, knowledgeable, and well-versed in the latest developments in the IT and acquisition fields.

Goal 3: Create & Streamline Business Processes:
Implement an ongoing review of processes and procedures to ensure continuous improvement focused on exemplary customer service.

NOTE: The ordering process from TIPSS-3 is unchanged to TIPSS-4.

What’s New?

Competitive Action Status Report
A listing of all competitions issued under the TIPSS-4 ITS Contract. This report shows what stage the competition is in the process.

Forecast Report
A listing of upcoming TIPSS-4 ITS RTCP Releases. This report will show the fiscal year and quarter of the anticipated release date.


 

 

 

Page Last Reviewed or Updated: 22-Jan-2014

The Unemployment Tax Forms

Unemployment tax forms 7. Unemployment tax forms   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. Unemployment tax forms Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Unemployment tax forms Useful Items - You may want to see: Forms (and Instructions) 1040 U. Unemployment tax forms S. Unemployment tax forms Individual Income Tax Return 1040A U. Unemployment tax forms S. Unemployment tax forms Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Unemployment tax forms S. Unemployment tax forms Nonresident Alien Income Tax Return 1040NR-EZ U. Unemployment tax forms S. Unemployment tax forms Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Unemployment tax forms What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. Unemployment tax forms Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Unemployment tax forms The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). Unemployment tax forms Under U. Unemployment tax forms S. Unemployment tax forms immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. Unemployment tax forms Extensions of time to file. Unemployment tax forms   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. Unemployment tax forms You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). Unemployment tax forms Use Form 4868 to get the extension to October 15. Unemployment tax forms In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Unemployment tax forms To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Unemployment tax forms Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Unemployment tax forms   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. Unemployment tax forms S. Unemployment tax forms citizens and resident aliens abroad who expect to qualify for special tax treatment). Unemployment tax forms    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. Unemployment tax forms You may be able to file your return electronically. Unemployment tax forms See IRS e-file in your form instructions. Unemployment tax forms Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Unemployment tax forms If you are any of the following, you must file a return. Unemployment tax forms A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Unemployment tax forms (But see Exceptions , later. Unemployment tax forms ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. Unemployment tax forms S. Unemployment tax forms sources, or Your income is exempt from income tax. Unemployment tax forms A nonresident alien individual not engaged in a trade or business in the United States with U. Unemployment tax forms S. Unemployment tax forms income on which the tax liability was not satisfied by the withholding of tax at the source. Unemployment tax forms A representative or agent responsible for filing the return of an individual described in (1) or (2). Unemployment tax forms A fiduciary for a nonresident alien estate or trust. Unemployment tax forms You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. Unemployment tax forms For example, if you have no U. Unemployment tax forms S. Unemployment tax forms business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. Unemployment tax forms For information on what is timely, see When to file for deductions and credits under When To File, later. Unemployment tax forms Exceptions. Unemployment tax forms   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Unemployment tax forms Your only U. Unemployment tax forms S. Unemployment tax forms trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. Unemployment tax forms You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. Unemployment tax forms Even if you have left the United States and filed a Form 1040-C, U. Unemployment tax forms S. Unemployment tax forms Departing Alien Income Tax Return, on departure, you still must file an annual U. Unemployment tax forms S. Unemployment tax forms income tax return. Unemployment tax forms If you are married and both you and your spouse are required to file, you must each file a separate return. Unemployment tax forms Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Unemployment tax forms You do not claim any dependents. Unemployment tax forms You cannot be claimed as a dependent on someone else's U. Unemployment tax forms S. Unemployment tax forms tax return. Unemployment tax forms If you were married, you do not claim an exemption for your spouse. Unemployment tax forms Your taxable income is less than $100,000. Unemployment tax forms The only itemized deduction you can claim is for state and local income taxes. Unemployment tax forms Note. Unemployment tax forms Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. Unemployment tax forms See chapter 5. Unemployment tax forms Your only U. Unemployment tax forms S. Unemployment tax forms source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Unemployment tax forms (If you had taxable interest or dividend income, you cannot use this form. Unemployment tax forms ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Unemployment tax forms You are not claiming any tax credits. Unemployment tax forms This is not an “expatriation return. Unemployment tax forms ” See Expatriation Tax in chapter 4. Unemployment tax forms The only taxes you owe are: The income tax from the Tax Table. Unemployment tax forms The social security and Medicare tax from Form 4137 or Form 8919. Unemployment tax forms You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Unemployment tax forms You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. Unemployment tax forms If you do not meet all of the above conditions, you must file Form 1040NR. Unemployment tax forms When To File If you are an employee and you receive wages subject to U. Unemployment tax forms S. Unemployment tax forms income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Unemployment tax forms For the 2013 calendar year, file your return by April 15, 2014. Unemployment tax forms If you are not an employee who receives wages subject to U. Unemployment tax forms S. Unemployment tax forms income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Unemployment tax forms For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Unemployment tax forms ) Extensions of time to file. Unemployment tax forms   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. Unemployment tax forms For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). Unemployment tax forms You must file the extension by the regular due date of your return. Unemployment tax forms   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). Unemployment tax forms To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Unemployment tax forms Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Unemployment tax forms When to file for deductions and credits. Unemployment tax forms   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Unemployment tax forms For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Unemployment tax forms However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. Unemployment tax forms The allowance of the following credits is not affected by this time requirement. Unemployment tax forms Credit for withheld taxes. Unemployment tax forms Credit for excise tax on certain uses of gasoline and special fuels. Unemployment tax forms Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. Unemployment tax forms Protective return. Unemployment tax forms   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. Unemployment tax forms S. Unemployment tax forms trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Unemployment tax forms By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. Unemployment tax forms You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. Unemployment tax forms   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. Unemployment tax forms To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. Unemployment tax forms   You can follow the same procedure if you believe you have no U. Unemployment tax forms S. Unemployment tax forms tax liability because of a U. Unemployment tax forms S. Unemployment tax forms tax treaty. Unemployment tax forms Be sure to also complete item L on page 5 of Form 1040NR. Unemployment tax forms Waiver of filing deadline. Unemployment tax forms   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. Unemployment tax forms S. Unemployment tax forms income tax return (including a protective return) and you cooperate with the IRS in determining your U. Unemployment tax forms S. Unemployment tax forms income tax liability for the tax year for which you did not file a return. Unemployment tax forms Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Unemployment tax forms  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Unemployment tax forms O. Unemployment tax forms Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Unemployment tax forms S. Unemployment tax forms Virgin Islands. Unemployment tax forms    If you are a bona fide resident of the U. Unemployment tax forms S. Unemployment tax forms Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Unemployment tax forms S. Unemployment tax forms Virgin Islands and file your income tax returns at the following address. Unemployment tax forms Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Unemployment tax forms Thomas, VI 00802   Report all income from U. Unemployment tax forms S. Unemployment tax forms sources, as well as income from other sources, on your return. Unemployment tax forms For information on filing U. Unemployment tax forms S. Unemployment tax forms Virgin Islands returns, contact the U. Unemployment tax forms S. Unemployment tax forms Virgin Islands Bureau of Internal Revenue. Unemployment tax forms   Chapter 8 discusses withholding from U. Unemployment tax forms S. Unemployment tax forms wages of U. Unemployment tax forms S. Unemployment tax forms Virgin Islanders. Unemployment tax forms Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Unemployment tax forms   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. Unemployment tax forms Report all income, including income from U. Unemployment tax forms S. Unemployment tax forms sources, on your return. Unemployment tax forms It is not necessary to file a separate U. Unemployment tax forms S. Unemployment tax forms income tax return. Unemployment tax forms    Bona fide residents of Guam should file their Guam returns at the following address. Unemployment tax forms   Department of Revenue and Taxation Government of Guam P. Unemployment tax forms O. Unemployment tax forms Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Unemployment tax forms   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Unemployment tax forms O. Unemployment tax forms Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Unemployment tax forms 570, Tax Guide for Individuals With Income From U. Unemployment tax forms S. Unemployment tax forms Possessions, for information on where to file your return. Unemployment tax forms Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. Unemployment tax forms S. Unemployment tax forms Individual Income Tax Return. Unemployment tax forms Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Unemployment tax forms If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Unemployment tax forms ) to Form 1040X. Unemployment tax forms Print “Amended” across the top. Unemployment tax forms Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. Unemployment tax forms A return filed before the final due date is considered to have been filed on the due date. Unemployment tax forms Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. Unemployment tax forms FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. Unemployment tax forms The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. Unemployment tax forms The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. Unemployment tax forms However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. Unemployment tax forms A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. Unemployment tax forms Filing requirements. Unemployment tax forms   FinCEN Form 105 filing requirements follow. Unemployment tax forms Recipients. Unemployment tax forms   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. Unemployment tax forms Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Unemployment tax forms   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. Unemployment tax forms Travelers. Unemployment tax forms   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. Unemployment tax forms Penalties. Unemployment tax forms   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. Unemployment tax forms Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Unemployment tax forms More information. Unemployment tax forms   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Unemployment tax forms Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. Unemployment tax forms A resident alien of the United States for any part of the tax year. Unemployment tax forms A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. Unemployment tax forms S. Unemployment tax forms income tax treaty. Unemployment tax forms See Effect of Tax Treaties in chapter 1. Unemployment tax forms A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Unemployment tax forms See chapter 1 for information about this election. Unemployment tax forms A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Unemployment tax forms See Publication 570, Tax Guide for Individuals With Income From U. Unemployment tax forms S. Unemployment tax forms Possessions, for a definition of bona fide resident. Unemployment tax forms You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Unemployment tax forms The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Unemployment tax forms Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Unemployment tax forms S. Unemployment tax forms person. Unemployment tax forms You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Unemployment tax forms More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Unemployment tax forms Penalties The law provides penalties for failure to file returns or pay taxes as required. Unemployment tax forms Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Unemployment tax forms You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. Unemployment tax forms If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Unemployment tax forms Filing late. Unemployment tax forms   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Unemployment tax forms The penalty is based on the tax not paid by the due date (without regard to extensions). Unemployment tax forms The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Unemployment tax forms Fraud. Unemployment tax forms   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. Unemployment tax forms Return over 60 days late. Unemployment tax forms   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Unemployment tax forms Exception. Unemployment tax forms   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. Unemployment tax forms Paying tax late. Unemployment tax forms   You will have to pay a failure-to-pay penalty of ½ of 1% (. Unemployment tax forms 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Unemployment tax forms This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. Unemployment tax forms   The monthly rate of the failure-to-pay penalty is half the usual rate (. Unemployment tax forms 25% instead of . Unemployment tax forms 50%) if an installment agreement is in effect for that month. Unemployment tax forms You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Unemployment tax forms   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. Unemployment tax forms If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. Unemployment tax forms   This penalty cannot be more than 25% of your unpaid tax. Unemployment tax forms You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. Unemployment tax forms Combined penalties. Unemployment tax forms   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. Unemployment tax forms However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Unemployment tax forms Accuracy-related penalty. Unemployment tax forms   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. Unemployment tax forms The penalty is equal to 20% of the underpayment. Unemployment tax forms The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. Unemployment tax forms The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Unemployment tax forms Negligence or disregard. Unemployment tax forms   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. Unemployment tax forms Negligence also includes failure to keep adequate books and records. Unemployment tax forms You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Unemployment tax forms   The term “disregard” includes any careless, reckless, or intentional disregard. Unemployment tax forms Adequate disclosure. Unemployment tax forms   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. Unemployment tax forms See Disclosure statement , later. Unemployment tax forms   This exception will not apply to an item that is attributable to a tax shelter. Unemployment tax forms In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Unemployment tax forms Substantial understatement of income tax. Unemployment tax forms   You understate your tax if the tax shown on your return is less than the correct tax. Unemployment tax forms The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Unemployment tax forms However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. Unemployment tax forms   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Unemployment tax forms However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. Unemployment tax forms Substantial authority. Unemployment tax forms   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Unemployment tax forms Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. Unemployment tax forms Disclosure statement. Unemployment tax forms   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Unemployment tax forms You must also have a reasonable basis for treating the item the way you did. Unemployment tax forms   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. Unemployment tax forms   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Unemployment tax forms Transaction lacking economic substance. Unemployment tax forms   For more information on economic substance, see section 7701(o). Unemployment tax forms Foreign financial asset. Unemployment tax forms   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Unemployment tax forms Reasonable cause. Unemployment tax forms   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Unemployment tax forms You must also show that you acted in good faith. Unemployment tax forms This does not apply to a transaction that lacks economic substance. Unemployment tax forms Filing erroneous claim for refund or credit. Unemployment tax forms   You may have to pay a penalty if you file an erroneous claim for refund or credit. Unemployment tax forms The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. Unemployment tax forms However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Unemployment tax forms The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. Unemployment tax forms Frivolous tax submission. Unemployment tax forms   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Unemployment tax forms A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. Unemployment tax forms For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. Unemployment tax forms irs. Unemployment tax forms gov/irb/2010-17_irb/ar13. Unemployment tax forms html. Unemployment tax forms   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. Unemployment tax forms This includes altering or striking out the preprinted language above the space provided for your signature. Unemployment tax forms   This penalty is added to any other penalty provided by law. Unemployment tax forms Fraud. Unemployment tax forms   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. Unemployment tax forms Failure to supply taxpayer identification number. Unemployment tax forms   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. Unemployment tax forms You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. Unemployment tax forms   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Unemployment tax forms The number must be shown on the Form 1099-INT or other statement the bank sends you. Unemployment tax forms If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Unemployment tax forms (You also may be subject to “backup” withholding of income tax. Unemployment tax forms )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. Unemployment tax forms Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. Unemployment tax forms Prev  Up  Next   Home   More Online Publications