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Vita Tax Program 2012 Locations

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Vita tax program 2012 locations 15. Vita tax program 2012 locations   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. Vita tax program 2012 locations More information. Vita tax program 2012 locations Special SituationsException for sales to related persons. Vita tax program 2012 locations Recapturing (Paying Back) a Federal Mortgage Subsidy Reminder Home sold with undeducted points. Vita tax program 2012 locations  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. Vita tax program 2012 locations See Mortgage ending early under Points in chapter 23. Vita tax program 2012 locations Introduction This chapter explains the tax rules that apply when you sell your main home. Vita tax program 2012 locations In most cases, your main home is the one in which you live most of the time. Vita tax program 2012 locations 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). Vita tax program 2012 locations See Excluding the Gain , later. Vita tax program 2012 locations Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Vita tax program 2012 locations If you have gain that cannot be excluded, it is taxable. Vita tax program 2012 locations Report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040). Vita tax program 2012 locations You may also have to complete Form 4797, Sales of Business Property. Vita tax program 2012 locations See Reporting the Sale , later. Vita tax program 2012 locations If you have a loss on the sale, you generally cannot deduct it on your return. Vita tax program 2012 locations However, you may need to report it. Vita tax program 2012 locations See Reporting the Sale , later. Vita tax program 2012 locations The following are main topics in this chapter. Vita tax program 2012 locations Figuring gain or loss. Vita tax program 2012 locations Basis. Vita tax program 2012 locations Excluding the gain. Vita tax program 2012 locations Ownership and use tests. Vita tax program 2012 locations Reporting the sale. Vita tax program 2012 locations Other topics include the following. Vita tax program 2012 locations Business use or rental of home. Vita tax program 2012 locations Recapturing a federal mortgage subsidy. Vita tax program 2012 locations 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. Vita tax program 2012 locations ” 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations Land. Vita tax program 2012 locations   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. Vita tax program 2012 locations 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. Vita tax program 2012 locations See Vacant land under Main Home in Publication 523 for more information. Vita tax program 2012 locations Example. Vita tax program 2012 locations You buy a piece of land and move your main home to it. Vita tax program 2012 locations Then you sell the land on which your main home was located. Vita tax program 2012 locations This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. Vita tax program 2012 locations More than one home. Vita tax program 2012 locations   If you have more than one home, you can exclude gain only from the sale of your main home. Vita tax program 2012 locations You must include in income gain from the sale of any other home. Vita tax program 2012 locations 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. Vita tax program 2012 locations Example 1. Vita tax program 2012 locations You own two homes, one in New York and one in Florida. Vita tax program 2012 locations 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. Vita tax program 2012 locations In the absence of facts and circumstances indicating otherwise, the New York home is your main home. Vita tax program 2012 locations You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. Vita tax program 2012 locations Example 2. Vita tax program 2012 locations You own a house, but you live in another house that you rent. Vita tax program 2012 locations The rented house is your main home. Vita tax program 2012 locations Example 3. Vita tax program 2012 locations You own two homes, one in Virginia and one in New Hampshire. Vita tax program 2012 locations In 2009 and 2010, you lived in the Virginia home. Vita tax program 2012 locations In 2011 and 2012, you lived in the New Hampshire home. Vita tax program 2012 locations In 2013, you lived again in the Virginia home. Vita tax program 2012 locations Your main home in 2009, 2010, and 2013 is the Virginia home. Vita tax program 2012 locations Your main home in 2011 and 2012 is the New Hampshire home. Vita tax program 2012 locations You would be eligible to exclude gain from the sale of either home (but not both) in 2013. Vita tax program 2012 locations Property used partly as your main home. Vita tax program 2012 locations   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. Vita tax program 2012 locations For details, see Business Use or Rental of Home , later. Vita tax program 2012 locations 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. Vita tax program 2012 locations Subtract the adjusted basis from the amount realized to get your gain or loss. Vita tax program 2012 locations     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. Vita tax program 2012 locations 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. Vita tax program 2012 locations Payment by employer. Vita tax program 2012 locations   You may have to sell your home because of a job transfer. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations Option to buy. Vita tax program 2012 locations   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. Vita tax program 2012 locations If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Vita tax program 2012 locations Report this amount on Form 1040, line 21. Vita tax program 2012 locations Form 1099-S. Vita tax program 2012 locations   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. Vita tax program 2012 locations   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. Vita tax program 2012 locations Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. Vita tax program 2012 locations Amount Realized The amount realized is the selling price minus selling expenses. Vita tax program 2012 locations Selling expenses. Vita tax program 2012 locations   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. Vita tax program 2012 locations ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. Vita tax program 2012 locations This adjusted basis must be determined before you can figure gain or loss on the sale of your home. Vita tax program 2012 locations For information on how to figure your home's adjusted basis, see Determining Basis , later. Vita tax program 2012 locations Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. Vita tax program 2012 locations Gain on sale. Vita tax program 2012 locations   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. Vita tax program 2012 locations Loss on sale. Vita tax program 2012 locations   If the amount realized is less than the adjusted basis, the difference is a loss. Vita tax program 2012 locations A loss on the sale of your main home cannot be deducted. Vita tax program 2012 locations Jointly owned home. Vita tax program 2012 locations   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. Vita tax program 2012 locations Separate returns. Vita tax program 2012 locations   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. Vita tax program 2012 locations Your ownership interest is generally determined by state law. Vita tax program 2012 locations Joint owners not married. Vita tax program 2012 locations   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. Vita tax program 2012 locations Each of you applies the rules discussed in this chapter on an individual basis. Vita tax program 2012 locations Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. Vita tax program 2012 locations Foreclosure or repossession. Vita tax program 2012 locations   If your home was foreclosed on or repossessed, you have a disposition. Vita tax program 2012 locations See Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, to determine if you have ordinary income, gain, or loss. Vita tax program 2012 locations Abandonment. Vita tax program 2012 locations   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. Vita tax program 2012 locations Trading (exchanging) homes. Vita tax program 2012 locations   If you trade your old home for another home, treat the trade as a sale and a purchase. Vita tax program 2012 locations Example. Vita tax program 2012 locations You owned and lived in a home with an adjusted basis of $41,000. Vita tax program 2012 locations 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. Vita tax program 2012 locations This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 – $41,000). Vita tax program 2012 locations 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). Vita tax program 2012 locations Transfer to spouse. Vita tax program 2012 locations   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. Vita tax program 2012 locations This is true even if you receive cash or other consideration for the home. Vita tax program 2012 locations As a result, the rules in this chapter do not apply. Vita tax program 2012 locations More information. Vita tax program 2012 locations   If you need more information, see Transfer to spouse in Publication 523 and Property Settlements in Publication 504, Divorced or Separated Individuals. Vita tax program 2012 locations Involuntary conversion. Vita tax program 2012 locations   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. Vita tax program 2012 locations 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 . Vita tax program 2012 locations Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. Vita tax program 2012 locations Your basis in your home is determined by how you got the home. Vita tax program 2012 locations Generally, your basis is its cost if you bought it or built it. Vita tax program 2012 locations If you got it in some other way (inheritance, gift, etc. Vita tax program 2012 locations ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. Vita tax program 2012 locations While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. Vita tax program 2012 locations 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. Vita tax program 2012 locations See Adjusted Basis , later. Vita tax program 2012 locations You can find more information on basis and adjusted basis in chapter 13 of this publication and in Publication 523. Vita tax program 2012 locations Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. Vita tax program 2012 locations Purchase. Vita tax program 2012 locations   If you bought your home, your basis is its cost to you. Vita tax program 2012 locations This includes the purchase price and certain settlement or closing costs. Vita tax program 2012 locations 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. Vita tax program 2012 locations If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed in Publication 523. Vita tax program 2012 locations Settlement fees or closing costs. Vita tax program 2012 locations   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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). Vita tax program 2012 locations    Chapter 13 lists some of the settlement fees and closing costs that you can include in the basis of property, including your home. Vita tax program 2012 locations It also lists some settlement costs that cannot be included in basis. Vita tax program 2012 locations   Also see Publication 523 for additional items and a discussion of basis other than cost. Vita tax program 2012 locations Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. Vita tax program 2012 locations To figure your adjusted basis, you can use Worksheet 1 in Publication 523. Vita tax program 2012 locations 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. Vita tax program 2012 locations Increases to basis. Vita tax program 2012 locations   These include the following. Vita tax program 2012 locations Additions and other improvements that have a useful life of more than 1 year. Vita tax program 2012 locations Special assessments for local improvements. Vita tax program 2012 locations Amounts you spent after a casualty to restore damaged property. Vita tax program 2012 locations Improvements. Vita tax program 2012 locations   These add to the value of your home, prolong its useful life, or adapt it to new uses. Vita tax program 2012 locations You add the cost of additions and other improvements to the basis of your property. Vita tax program 2012 locations   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. Vita tax program 2012 locations An addition to your house, such as a new deck, a sunroom, or a new garage, is also an improvement. Vita tax program 2012 locations Repairs. Vita tax program 2012 locations   These maintain your home in good condition but do not add to its value or prolong its life. Vita tax program 2012 locations You do not add their cost to the basis of your property. Vita tax program 2012 locations   Examples of repairs include repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes. Vita tax program 2012 locations Decreases to basis. Vita tax program 2012 locations   These include the following. Vita tax program 2012 locations Discharge of qualified principal residence indebtedness that was excluded from income. Vita tax program 2012 locations Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. Vita tax program 2012 locations For details, see Publication 4681. Vita tax program 2012 locations Gain you postponed from the sale of a previous home before May 7, 1997. Vita tax program 2012 locations Deductible casualty losses. Vita tax program 2012 locations Insurance payments you received or expect to receive for casualty losses. Vita tax program 2012 locations Payments you received for granting an easement or right-of-way. Vita tax program 2012 locations Depreciation allowed or allowable if you used your home for business or rental purposes. Vita tax program 2012 locations Energy-related credits allowed for expenditures made on the residence. Vita tax program 2012 locations (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. Vita tax program 2012 locations ) Adoption credit you claimed for improvements added to the basis of your home. Vita tax program 2012 locations Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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). Vita tax program 2012 locations 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. Vita tax program 2012 locations Discharges of qualified principal residence indebtedness. Vita tax program 2012 locations   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. Vita tax program 2012 locations This exclusion applies to discharges made after 2006 and before 2014. Vita tax program 2012 locations 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. Vita tax program 2012 locations   File Form 982 with your tax return. Vita tax program 2012 locations See the form's instructions for detailed information. Vita tax program 2012 locations Recordkeeping. Vita tax program 2012 locations You should keep records to prove your home's adjusted basis. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations Keep records proving the basis of both homes as long as they are needed for tax purposes. Vita tax program 2012 locations 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. Vita tax program 2012 locations Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. Vita tax program 2012 locations 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. Vita tax program 2012 locations To qualify, you must meet the ownership and use tests described later. Vita tax program 2012 locations 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. Vita tax program 2012 locations You can use Worksheet 2 in Publication 523 to figure the amount of your exclusion and your taxable gain, if any. Vita tax program 2012 locations If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. Vita tax program 2012 locations See Publication 505, Tax Withholding and Estimated Tax. Vita tax program 2012 locations 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. Vita tax program 2012 locations You meet the ownership test. Vita tax program 2012 locations You meet the use test. Vita tax program 2012 locations During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Vita tax program 2012 locations For details on gain allocated to periods of nonqualified use, see Periods of nonqualified use , later. Vita tax program 2012 locations 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 . Vita tax program 2012 locations Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Vita tax program 2012 locations 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). Vita tax program 2012 locations Exception. Vita tax program 2012 locations   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. Vita tax program 2012 locations However, the maximum amount you may be able to exclude will be reduced. Vita tax program 2012 locations See Reduced Maximum Exclusion , later. Vita tax program 2012 locations Example 1—home owned and occupied for at least 2 years. Vita tax program 2012 locations Mya bought and moved into her main home in September 2011. Vita tax program 2012 locations She sold the home at a gain in October 2013. Vita tax program 2012 locations 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. Vita tax program 2012 locations She meets the ownership and use tests. Vita tax program 2012 locations Example 2—ownership test met but use test not met. Vita tax program 2012 locations Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. Vita tax program 2012 locations He later sold the home for a gain. Vita tax program 2012 locations He owned the home during the entire 5-year period ending on the date of sale. Vita tax program 2012 locations He meets the ownership test but not the use test. Vita tax program 2012 locations He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations Temporary absence. Vita tax program 2012 locations   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. Vita tax program 2012 locations The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. Vita tax program 2012 locations Example 1. Vita tax program 2012 locations David Johnson, who is single, bought and moved into his home on February 1, 2011. Vita tax program 2012 locations Each year during 2011 and 2012, David left his home for a 2-month summer vacation. Vita tax program 2012 locations David sold the house on March 1, 2013. Vita tax program 2012 locations Although the total time David used his home is less than 2 years (21 months), he meets the requirement and may exclude gain. Vita tax program 2012 locations 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. Vita tax program 2012 locations Example 2. Vita tax program 2012 locations Professor Paul Beard, who is single, bought and moved into a house on August 18, 2010. Vita tax program 2012 locations He lived in it as his main home continuously until January 5, 2012, when he went abroad for a 1-year sabbatical leave. Vita tax program 2012 locations On February 6, 2013, 1 month after returning from the leave, Paul sold the house at a gain. Vita tax program 2012 locations Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. Vita tax program 2012 locations He cannot exclude any part of his gain, because he did not use the residence for the required 2 years. Vita tax program 2012 locations Ownership and use tests met at different times. Vita tax program 2012 locations   You can meet the ownership and use tests during different 2-year periods. Vita tax program 2012 locations However, you must meet both tests during the 5-year period ending on the date of the sale. Vita tax program 2012 locations Example. Vita tax program 2012 locations Beginning in 2002, Helen Jones lived in a rented apartment. Vita tax program 2012 locations The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. Vita tax program 2012 locations In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. Vita tax program 2012 locations On July 12, 2013, while still living in her daughter's home, she sold her condominium. Vita tax program 2012 locations 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. Vita tax program 2012 locations She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). Vita tax program 2012 locations She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). Vita tax program 2012 locations 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. Vita tax program 2012 locations Cooperative apartment. Vita tax program 2012 locations   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. Vita tax program 2012 locations Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. Vita tax program 2012 locations Exception for individuals with a disability. Vita tax program 2012 locations   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. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations Previous home destroyed or condemned. Vita tax program 2012 locations   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. Vita tax program 2012 locations This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home. Vita tax program 2012 locations 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. Vita tax program 2012 locations Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Vita tax program 2012 locations   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. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations   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. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations (But see Special rules for joint returns , next. Vita tax program 2012 locations ) Special rules for joint returns. Vita tax program 2012 locations   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Vita tax program 2012 locations You are married and file a joint return for the year. Vita tax program 2012 locations Either you or your spouse meets the ownership test. Vita tax program 2012 locations Both you and your spouse meet the use test. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. Vita tax program 2012 locations Example 1—one spouse sells a home. Vita tax program 2012 locations Emily sells her home in June 2013 for a gain of $300,000. Vita tax program 2012 locations She marries Jamie later in the year. Vita tax program 2012 locations She meets the ownership and use tests, but Jamie does not. Vita tax program 2012 locations Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. Vita tax program 2012 locations The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. Vita tax program 2012 locations Example 2—each spouse sells a home. Vita tax program 2012 locations 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. Vita tax program 2012 locations He meets the ownership and use tests on his home, but Emily does not. Vita tax program 2012 locations Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. Vita tax program 2012 locations However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Vita tax program 2012 locations Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. Vita tax program 2012 locations 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. Vita tax program 2012 locations Sale of main home by surviving spouse. Vita tax program 2012 locations   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. Vita tax program 2012 locations   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. Vita tax program 2012 locations The sale or exchange took place after 2008. Vita tax program 2012 locations The sale or exchange took place no more than 2 years after the date of death of your spouse. Vita tax program 2012 locations You have not remarried. Vita tax program 2012 locations You and your spouse met the use test at the time of your spouse's death. Vita tax program 2012 locations You or your spouse met the ownership test at the time of your spouse's death. Vita tax program 2012 locations Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. Vita tax program 2012 locations Example. Vita tax program 2012 locations   Harry owned and used a house as his main home since 2009. Vita tax program 2012 locations Harry and Wilma married on July 1, 2013, and from that date they use Harry's house as their main home. Vita tax program 2012 locations Harry died on August 15, 2013, and Wilma inherited the property. Vita tax program 2012 locations Wilma sold the property on September 3, 2013, at which time she had not remarried. Vita tax program 2012 locations 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. Vita tax program 2012 locations Home transferred from spouse. Vita tax program 2012 locations   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. Vita tax program 2012 locations Use of home after divorce. Vita tax program 2012 locations   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. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. Vita tax program 2012 locations A change in place of employment. Vita tax program 2012 locations Health. Vita tax program 2012 locations Unforeseen circumstances. Vita tax program 2012 locations Unforeseen circumstances. Vita tax program 2012 locations   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. Vita tax program 2012 locations   See Publication 523 for more information and to use Worksheet 3 to figure your reduced maximum exclusion. Vita tax program 2012 locations 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. Vita tax program 2012 locations But you must meet the ownership and use tests. Vita tax program 2012 locations Periods of nonqualified use. Vita tax program 2012 locations   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. Vita tax program 2012 locations 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. Vita tax program 2012 locations Exceptions. Vita tax program 2012 locations   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. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations Gain from the sale or exchange of property allocable to nonqualified use will not qualify for the exclusion. Vita tax program 2012 locations Calculation. Vita tax program 2012 locations   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. Vita tax program 2012 locations Example 1. Vita tax program 2012 locations On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. Vita tax program 2012 locations 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. Vita tax program 2012 locations The house was rented from June 1, 2009, to March 31, 2011. Vita tax program 2012 locations Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations Amy divides 668 by 2,080 and obtains a decimal (rounded to at least three decimal places) of 0. Vita tax program 2012 locations 321. Vita tax program 2012 locations 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. Vita tax program 2012 locations 321. Vita tax program 2012 locations Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain. Vita tax program 2012 locations Example 2. Vita tax program 2012 locations William owned and used a house as his main home from 2007 through 2010. Vita tax program 2012 locations On January 1, 2011, he moved to another state. Vita tax program 2012 locations He rented his house from that date until April 30, 2013, when he sold it. Vita tax program 2012 locations 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. Vita tax program 2012 locations He must report the sale on Form 4797 because it was rental property at the time of sale. Vita tax program 2012 locations 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. Vita tax program 2012 locations Because he met the ownership and use tests, he can exclude gain up to $250,000. Vita tax program 2012 locations 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. Vita tax program 2012 locations Depreciation after May 6, 1997. Vita tax program 2012 locations   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. Vita tax program 2012 locations 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. Vita tax program 2012 locations See Publication 544 for more information. Vita tax program 2012 locations Property used partly for business or rental. Vita tax program 2012 locations   If you used property partly as a home and partly for business or to produce rental income, see Publication 523. Vita tax program 2012 locations 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. Vita tax program 2012 locations If any of these conditions apply, report the entire gain or loss. Vita tax program 2012 locations For details on how to report the gain or loss, see the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949. Vita tax program 2012 locations 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). Vita tax program 2012 locations See Business Use or Rental of Home in Publication 523 and the Instructions for Form 4797. Vita tax program 2012 locations Installment sale. Vita tax program 2012 locations    Some sales are made under arrangements that provide for part or all of the selling price to be paid in a later year. Vita tax program 2012 locations These sales are called “installment sales. Vita tax program 2012 locations ” 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. Vita tax program 2012 locations You may be able to report the part of the gain you cannot exclude on the installment basis. Vita tax program 2012 locations    Use Form 6252, Installment Sale Income, to report the sale. Vita tax program 2012 locations Enter your exclusion on line 15 of Form 6252. Vita tax program 2012 locations Seller-financed mortgage. Vita tax program 2012 locations   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. Vita tax program 2012 locations You must separately report as interest income the interest you receive as part of each payment. Vita tax program 2012 locations 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). Vita tax program 2012 locations The buyer must give you his or her SSN, and you must give the buyer your SSN. Vita tax program 2012 locations Failure to meet these requirements may result in a $50 penalty for each failure. Vita tax program 2012 locations If either you or the buyer does not have and is not eligible to get an SSN, see Social Security Number in chapter 1. Vita tax program 2012 locations More information. Vita tax program 2012 locations   For more information on installment sales, see Publication 537, Installment Sales. Vita tax program 2012 locations Special Situations The situations that follow may affect your exclusion. Vita tax program 2012 locations Sale of home acquired in a like-kind exchange. Vita tax program 2012 locations   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. Vita tax program 2012 locations Gain from a like-kind exchange is not taxable at the time of the exchange. Vita tax program 2012 locations This means that gain will not be taxed until you sell or otherwise dispose of the property you receive. Vita tax program 2012 locations 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. Vita tax program 2012 locations For more information about like-kind exchanges, see Publication 544, Sales and Other Dispositions of Assets. Vita tax program 2012 locations Home relinquished in a like-kind exchange. Vita tax program 2012 locations   If you use your main home partly for business or rental purposes and then exchange the home for another property, see Publication 523. Vita tax program 2012 locations Expatriates. Vita tax program 2012 locations   You cannot claim the exclusion if the expatriation tax applies to you. Vita tax program 2012 locations The expatriation tax applies to certain U. Vita tax program 2012 locations S. Vita tax program 2012 locations citizens who have renounced their citizenship (and to certain long-term residents who have ended their residency). Vita tax program 2012 locations For more information about the expatriation tax, see Expatriation Tax in chapter 4 of Publication 519, U. Vita tax program 2012 locations S. Vita tax program 2012 locations Tax Guide for Aliens. Vita tax program 2012 locations Home destroyed or condemned. Vita tax program 2012 locations   If your home was destroyed or condemned, any gain (for example, because of insurance proceeds you received) qualifies for the exclusion. Vita tax program 2012 locations   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. Vita tax program 2012 locations Sale of remainder interest. Vita tax program 2012 locations   Subject to the other rules in this chapter, you can choose to exclude gain from the sale of a remainder interest in your home. Vita tax program 2012 locations 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. Vita tax program 2012 locations Exception for sales to related persons. Vita tax program 2012 locations   You cannot exclude gain from the sale of a remainder interest in your home to a related person. Vita tax program 2012 locations Related persons include your brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Vita tax program 2012 locations ), and lineal descendants (children, grandchildren, etc. Vita tax program 2012 locations ). Vita tax program 2012 locations Related persons also include certain corporations, partnerships, trusts, and exempt organizations. Vita tax program 2012 locations 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. Vita tax program 2012 locations You recapture the benefit by increasing your federal income tax for the year of the sale. Vita tax program 2012 locations 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. Vita tax program 2012 locations Loans subject to recapture rules. Vita tax program 2012 locations   The recapture applies to loans that: Came from the proceeds of qualified mortgage bonds, or Were based on mortgage credit certificates. Vita tax program 2012 locations The recapture also applies to assumptions of these loans. Vita tax program 2012 locations When recapture applies. Vita tax program 2012 locations   Recapture of the federal mortgage subsidy applies only if you meet both of the following conditions. Vita tax program 2012 locations You sell or otherwise dispose of your home at a gain within the first 9 years after the date you close your mortgage loan. Vita tax program 2012 locations 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). Vita tax program 2012 locations When recapture does not apply. Vita tax program 2012 locations   Recapture does not apply in any of the following situations. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations For more information, see Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. Vita tax program 2012 locations Also see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. Vita tax program 2012 locations The home is disposed of as a result of your death. Vita tax program 2012 locations You dispose of the home more than 9 years after the date you closed your mortgage loan. Vita tax program 2012 locations You transfer the home to your spouse, or to your former spouse incident to a divorce, where no gain is included in your income. Vita tax program 2012 locations You dispose of the home at a loss. Vita tax program 2012 locations 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. Vita tax program 2012 locations 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. Vita tax program 2012 locations For more information, see Replacement Period in Publication 547. Vita tax program 2012 locations You refinance your mortgage loan (unless you later meet the conditions listed previously under When recapture applies ). Vita tax program 2012 locations Notice of amounts. Vita tax program 2012 locations   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. Vita tax program 2012 locations How to figure and report the recapture. Vita tax program 2012 locations    The recapture tax is figured on Form 8828. Vita tax program 2012 locations 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. Vita tax program 2012 locations Attach Form 8828 to your Form 1040. Vita tax program 2012 locations For more information, see Form 8828 and its instructions. Vita tax program 2012 locations Prev  Up  Next   Home   More Online Publications
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The Vita Tax Program 2012 Locations

Vita tax program 2012 locations Index A Aircraft, Cars, Boats, and Aircraft Annuities, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Annuity contracts, Certain Life Insurance and Annuity Contracts Antiques, Paintings, Antiques, and Other Objects of Art Appraisals, Appraisals Cost of, Cost of appraisals. Vita tax program 2012 locations IRS review of, Internal Revenue Service Review of Appraisals Qualified appraisal, Qualified Appraisal Appraiser, Qualified appraiser. Vita tax program 2012 locations Art objects, Paintings, Antiques, and Other Objects of Art Valued at $20,000 or more, Art valued at $20,000 or more. Vita tax program 2012 locations Valued at $50,000 or more, Art valued at $50,000 or more. Vita tax program 2012 locations Assistance (see Tax help) B Boats, Cars, Boats, and Aircraft Bonds, Stocks and Bonds Books, Books. Vita tax program 2012 locations Business, interest in, Interest in a Business C Cars, Cars, Boats, and Aircraft Clothing, used, Used Clothing, Deduction over $500 for certain clothing or household items. Vita tax program 2012 locations Coins, Coin collections. Vita tax program 2012 locations Collections, Collections Books, Books. Vita tax program 2012 locations Coins, Coin collections. Vita tax program 2012 locations Stamps, Stamp collections. Vita tax program 2012 locations Comments on publication, Comments and suggestions. Vita tax program 2012 locations Comparable properties, sales of, Sales of Comparable Properties, Selection of Comparable Sales Conservation contribution, Conservation purposes. Vita tax program 2012 locations Cost, Cost or Selling Price of the Donated Property Rate of increase or decrease, Rate of increase or decrease in value. Vita tax program 2012 locations Terms of purchase or sale, Terms of the purchase or sale. Vita tax program 2012 locations D Date of contribution, Date of contribution. Vita tax program 2012 locations Deductions of more than $5,000, Deductions of More Than $5,000 Deductions of more than $500,000, Deductions of More Than $500,000 F Fair market value, What Is Fair Market Value (FMV)? Comparable properties, sales of, Sales of Comparable Properties Cost, Cost or Selling Price of the Donated Property Date of contribution, Date of contribution. Vita tax program 2012 locations Determining FMV, Determining Fair Market Value Opinions of experts, Opinions of Experts Problems in determining FMV, Problems in Determining Fair Market Value Replacement cost, Replacement Cost Form 8283, Form 8283 Formulas, use in valuing property, Determining Fair Market Value Free tax services, How To Get Tax Help Future events, effect on value, Future Events H Help (see Tax help) Historic building, Building in registered historic district. Vita tax program 2012 locations Household goods, Household Goods, Deduction over $500 for certain clothing or household items. Vita tax program 2012 locations I Interest in a business, Interest in a Business Inventory, Inventory IRS review of appraisals, Internal Revenue Service Review of Appraisals Exception, Exception. Vita tax program 2012 locations J Jewelry and gems, Jewelry and Gems L Life insurance, Certain Life Insurance and Annuity Contracts M Market conditions, effect on value, Unusual Market Conditions More information (see Tax help) O Opinions of experts, Opinions of Experts P Paintings, Paintings, Antiques, and Other Objects of Art Partial interest, Partial Interest in Property Not in Trust Past events, effect on value, Using Past Events to Predict the Future Patents, Patents Penalties: Imposed on appraiser, Appraiser penalties. Vita tax program 2012 locations Imposed on taxpayer, Penalty Publications (see Tax help) Publicly traded securities, Publicly traded securities. Vita tax program 2012 locations Q Qualified appraisal, Qualified Appraisal Qualified appraiser, Qualified appraiser. Vita tax program 2012 locations Qualified conservation contribution, Qualified Conservation Contribution R Real estate, Real Estate Remainder interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Replacement cost, Replacement Cost Reversion interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions S Stamps, Stamp collections. Vita tax program 2012 locations Statement of Value, Exception. Vita tax program 2012 locations Stocks, Stocks and Bonds Suggestions for publication, Comments and suggestions. Vita tax program 2012 locations T Tax help, How To Get Tax Help Taxpayer Advocate, Contacting your Taxpayer Advocate. Vita tax program 2012 locations TTY/TDD information, How To Get Tax Help U Used clothing, Used Clothing, Deduction over $500 for certain clothing or household items. Vita tax program 2012 locations V Valuation of property, Valuation of Various Kinds of Property Annuities, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Cars, boats, and aircraft, Cars, Boats, and Aircraft Collections, Collections Household goods, Household Goods Interest in a business, Interest in a Business Inventory, Inventory Jewelry and gems, Jewelry and Gems Life insurance and annuity contracts, Certain Life Insurance and Annuity Contracts Paintings, antiques, art objects, Paintings, Antiques, and Other Objects of Art Partial interest in property, Partial Interest in Property Not in Trust Real estate, Real Estate Remainder interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Reversion interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Stocks and bonds, Stocks and Bonds Terms of years, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Used clothing, Used Clothing Valuation of property: Patents, Patents Prev  Up     Home   More Online Publications