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Where Can I File My 2010 Taxes For Free

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Where Can I File My 2010 Taxes For Free

Where can i file my 2010 taxes for free Index A Accelerated Cost Recovery System (ACRS), MACRS Depreciation (see also Modified Accelerated Cost Recovery System (MACRS)) Effective date, Depreciation Methods Accounting methods Accrual method, Accrual method. Where can i file my 2010 taxes for free Cash method, Cash method. Where can i file my 2010 taxes for free Change of method, Changing your accounting method. Where can i file my 2010 taxes for free Constructive receipt of income, Cash method. Where can i file my 2010 taxes for free , More information. Where can i file my 2010 taxes for free Accrual method taxpayers, Accrual method. Where can i file my 2010 taxes for free ACRS (Accelerated Cost Recovery System) Effective date, Depreciation Methods Active participation, Active participation. Where can i file my 2010 taxes for free Activities not for profit, Duplex. Where can i file my 2010 taxes for free Additions to property, Additions or improvements to property. Where can i file my 2010 taxes for free (see also Improvements) Basis, Increases to basis. Where can i file my 2010 taxes for free , Additions or improvements. Where can i file my 2010 taxes for free MACRS recovery period, Additions or improvements to property. Where can i file my 2010 taxes for free Adjusted basis MACRS depreciation, Adjusted Basis Adjusted gross income (AGI) Modified (see Modified adjusted gross income (MAGI)) Advance rent, Advance rent. Where can i file my 2010 taxes for free Security deposits, Security deposits. Where can i file my 2010 taxes for free Advertising, Types of Expenses Allocation of expenses Change of property to rental use, Payments added to capital account. Where can i file my 2010 taxes for free How to divide expenses, Dividing Expenses Part of property rented, Renting Part of Property, How to divide expenses. Where can i file my 2010 taxes for free Personal use of rental property, Personal use of rental property. Where can i file my 2010 taxes for free , Personal Use of Dwelling Unit (Including Vacation Home) Alternative Depreciation System (ADS) Election of, Electing ADS MACRS, MACRS Depreciation, Table 2-2d. Where can i file my 2010 taxes for free Alternative minimum tax (AMT) Accelerated depreciation methods, Alternative minimum tax (AMT). Where can i file my 2010 taxes for free Amended returns, Filing an amended return. Where can i file my 2010 taxes for free Apartments Basement apartments, Examples. Where can i file my 2010 taxes for free Dwelling units, Dwelling unit. Where can i file my 2010 taxes for free Appraisal fees, Settlement fees and other costs. Where can i file my 2010 taxes for free Assessments for maintenance, Assessments for local improvements. Where can i file my 2010 taxes for free Assessments, local (see Local assessments) Assistance (see Tax help) Assumption of mortgage, Assumption of a mortgage. Where can i file my 2010 taxes for free Attorneys' fees, Settlement fees and other costs. Where can i file my 2010 taxes for free , Increases to basis. Where can i file my 2010 taxes for free Automobiles MACRS recovery periods, Property Classes Under GDS B Basis Adjusted basis, Adjusted Basis Assessments for local improvements, Assessments for local improvements. Where can i file my 2010 taxes for free Basis other than cost, Basis Other Than Cost Cost basis, Cost Basis Decreases to, Decreases to basis. Where can i file my 2010 taxes for free Deductions Capitalization of costs vs. Where can i file my 2010 taxes for free , Deducting vs. Where can i file my 2010 taxes for free capitalizing costs. Where can i file my 2010 taxes for free Not greater than basis, Cost or Other Basis Fully Recovered Fair market value, Fair market value. Where can i file my 2010 taxes for free Increases to, Increases to basis. Where can i file my 2010 taxes for free MACRS depreciable basis, Basis of Depreciable Property Property changed to rental use, Basis of Property Changed to Rental Use C Capital expenditures Deductions vs. Where can i file my 2010 taxes for free effect on basis, Deducting vs. Where can i file my 2010 taxes for free capitalizing costs. Where can i file my 2010 taxes for free Local benefit taxes, Local benefit taxes. Where can i file my 2010 taxes for free Mortgages, payments to obtain, Expenses paid to obtain a mortgage. Where can i file my 2010 taxes for free Cars MACRS recovery periods, Property Classes Under GDS Cash method taxpayers, Cash method. Where can i file my 2010 taxes for free Casualty losses, Exception for Rental Real Estate With Active Participation Change of accounting method, Changing your accounting method. Where can i file my 2010 taxes for free Charitable contributions Use of property, Donation of use of the property. Where can i file my 2010 taxes for free Cleaning and maintenance, Types of Expenses Closing costs, Settlement fees and other costs. Where can i file my 2010 taxes for free Commissions, Types of Expenses Computers MACRS recovery periods, Property Classes Under GDS Condominiums, Condominiums, Dwelling unit. Where can i file my 2010 taxes for free Constructive receipt of income, Cash method. Where can i file my 2010 taxes for free , More information. Where can i file my 2010 taxes for free Cooperative housing, Cooperative apartments. Where can i file my 2010 taxes for free , Cooperatives, Dwelling unit. Where can i file my 2010 taxes for free Cost basis, Cost Basis Credit reports, Settlement fees and other costs. Where can i file my 2010 taxes for free Credits Residential energy credits, Decreases to basis. Where can i file my 2010 taxes for free D Days of personal use, What is a day of personal use? Days used for repairs and maintenance, Days used for repairs and maintenance. Where can i file my 2010 taxes for free Deductions Capitalizing costs vs. Where can i file my 2010 taxes for free effect on basis, Deducting vs. Where can i file my 2010 taxes for free capitalizing costs. Where can i file my 2010 taxes for free Depreciation (see Depreciation) Limitations on, Form 4562. Where can i file my 2010 taxes for free Passive activity losses (see Passive activity) Depreciation, Depreciation of Rental Property, Changing your accounting method. Where can i file my 2010 taxes for free Alternative Depreciation System (ADS) (see Modified Accelerated Cost Recovery System (MACRS)) Basis (see Basis) Change of accounting method, Changing your accounting method. Where can i file my 2010 taxes for free Change of property to rental use, Property Changed to Rental Use Claiming correct amount of, Claiming the Correct Amount of Depreciation Declining balance method, Depreciation Methods Duration of property expected to last more than one year, What Rental Property Can Be Depreciated? Eligible property, What Rental Property Can Be Depreciated? First-year expensing, Section 179 deduction. Where can i file my 2010 taxes for free MACRS (see Modified Accelerated Cost Recovery System (MACRS)) Methods, Depreciation Methods, Figuring Your Depreciation Deduction Ownership of property, What Rental Property Can Be Depreciated?, Property you own. Where can i file my 2010 taxes for free Rental expense, Depreciation. Where can i file my 2010 taxes for free Rented property, Rented property. Where can i file my 2010 taxes for free Section 179 deduction, Section 179 deduction. Where can i file my 2010 taxes for free Special depreciation allowances, Claiming the Special Depreciation Allowance Straight line method, Depreciation Methods Useful life, What Rental Property Can Be Depreciated?, Property having a determinable useful life. Where can i file my 2010 taxes for free Vacant rental property, Vacant rental property. Where can i file my 2010 taxes for free Discount, bonds and notes issued at (see Original issue discount (OID)) Dividing of expenses (see Allocation of expenses) Dwelling units Definition, Dwelling unit. Where can i file my 2010 taxes for free Fair rental price, Fair rental price. Where can i file my 2010 taxes for free Personal use of, Personal Use of Dwelling Unit (Including Vacation Home), What is a day of personal use? E Easements, Decreases to basis. Where can i file my 2010 taxes for free Equipment rental expense, Rental of equipment. Where can i file my 2010 taxes for free F Fair market value (FMV), Fair market value. Where can i file my 2010 taxes for free Fair rental price, Dividing Expenses, Fair rental price. Where can i file my 2010 taxes for free Fees Loan origination fees, Points, Settlement fees and other costs. Where can i file my 2010 taxes for free Points (see Points) Settlement fees and other costs, Settlement fees and other costs. Where can i file my 2010 taxes for free Tax return preparation fees, Legal and other professional fees. Where can i file my 2010 taxes for free First-year expensing, Section 179 deduction. Where can i file my 2010 taxes for free Form 1040 Not rented for profit income, Where to report. Where can i file my 2010 taxes for free Part of property rented, Renting Part of Property Rental income and expenses, Reporting Rental Income, Expenses, and Losses Schedule E, Schedule E (Form 1040) Form 1098 Mortgage interest, Form 1098, Mortgage Interest Statement. Where can i file my 2010 taxes for free Form 4684 Casualties and thefts, How to report. Where can i file my 2010 taxes for free Form 4797 Sales of business property, How to report. Where can i file my 2010 taxes for free Form 8582 Passive activity losses, Form 8582. Where can i file my 2010 taxes for free , Form 8582 not required. Where can i file my 2010 taxes for free Free tax services, Free help with your tax return. Where can i file my 2010 taxes for free G Gains and losses At-risk rules, At-Risk Rules Casualty and theft losses, Exception for Rental Real Estate With Active Participation Limits on rental losses, Form 4562. Where can i file my 2010 taxes for free Passive activity losses, Passive Activity Limits Rental real estate activities, Exception for Rental Real Estate With Active Participation Sale of rental property, Sale or exchange of rental property. Where can i file my 2010 taxes for free , How to report. Where can i file my 2010 taxes for free General depreciation system (GDS) (see Modified Accelerated Cost Recovery System (MACRS)) H Help (see Tax help) Home Main home, Main home. Where can i file my 2010 taxes for free Use as rental property (see Use of home) I Improvements, Table 1-1. Where can i file my 2010 taxes for free Examples of Improvements (see also Repairs) Assessments for local improvements, Assessments for local improvements. Where can i file my 2010 taxes for free Basis, Increases to basis. Where can i file my 2010 taxes for free , Additions or improvements. Where can i file my 2010 taxes for free Depreciation of rented property, Rented property. Where can i file my 2010 taxes for free MACRS recovery period, Additions or improvements to property. Where can i file my 2010 taxes for free Insurance, Types of Expenses Casualty or theft loss payments, Decreases to basis. Where can i file my 2010 taxes for free Change of property to rental use, Property Changed to Rental Use Fire insurance premiums, cost basis, Settlement fees and other costs. Where can i file my 2010 taxes for free Part of property rented, Renting Part of Property Premiums paid in advance, Insurance premiums paid in advance. Where can i file my 2010 taxes for free Title insurance, cost basis, Settlement fees and other costs. Where can i file my 2010 taxes for free Interest payments, Interest expense. Where can i file my 2010 taxes for free (see also Mortgages) Loan origination fees, Points Rental expenses, Types of Expenses L Land Cost basis, Separating cost of land and buildings. Where can i file my 2010 taxes for free Depreciation, Land. Where can i file my 2010 taxes for free Leases Cancellation payments, Canceling a lease. Where can i file my 2010 taxes for free Equipment leasing, Rental of equipment. Where can i file my 2010 taxes for free Limits Passive activity losses and credits, Passive Activity Limits Rental losses, Limits on Rental Losses Loans Assumption fees, Settlement fees and other costs. Where can i file my 2010 taxes for free Charges connected with getting or refinancing, cost basis, Settlement fees and other costs. Where can i file my 2010 taxes for free Low or no interest, Loans with low or no interest. Where can i file my 2010 taxes for free Origination fees, Points Local assessments, Assessments for local improvements. Where can i file my 2010 taxes for free Losses (see Gains and losses) M Missing children, photographs of, Reminders Modified Accelerated Cost Recovery System (MACRS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Additions or improvements to property, Additions or improvements to property. Where can i file my 2010 taxes for free Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Basis other than cost, Basis Other Than Cost Conventions, Conventions Cost basis, Cost Basis Depreciable basis, Basis of Depreciable Property Effective date, Depreciation Methods Excluded property, Excluded Property General Depreciation System (GDS), MACRS Depreciation, Property Classes Under GDS, Figuring Your Depreciation Deduction Nonresidential rental property, Property Classes Under GDS Property used in rental activities (Table 2-1), Table 2-1. Where can i file my 2010 taxes for free MACRS Recovery Periods for Property Used in Rental Activities Recovery periods, Table 2-1. Where can i file my 2010 taxes for free MACRS Recovery Periods for Property Used in Rental Activities, 5-, 7-, or 15-year property. Where can i file my 2010 taxes for free Residential rental property, Property Classes Under GDS, Residential rental property. Where can i file my 2010 taxes for free Special depreciation allowances, Claiming the Special Depreciation Allowance Modified adjusted gross income (MAGI), Modified adjusted gross income (MAGI). Where can i file my 2010 taxes for free Mortgages, Expenses paid to obtain a mortgage. Where can i file my 2010 taxes for free Assumption of, cost basis, Assumption of a mortgage. Where can i file my 2010 taxes for free Change of property to rental use, Property Changed to Rental Use End of, OID, Loan or mortgage ends. Where can i file my 2010 taxes for free Interest, Interest expense. Where can i file my 2010 taxes for free , Property Changed to Rental Use, Renting Part of Property Mortgage insurance premiums, Settlement fees and other costs. Where can i file my 2010 taxes for free Part of property rented, Renting Part of Property N Nonresidential real property, Property Classes Under GDS Not-for-profit activities, Duplex. Where can i file my 2010 taxes for free O Original issue discount (OID), Points, Loan or mortgage ends. Where can i file my 2010 taxes for free P Part interest Expenses, Part interest. Where can i file my 2010 taxes for free Income, Part interest. Where can i file my 2010 taxes for free Passive activity Maximum special allowance, Maximum special allowance. Where can i file my 2010 taxes for free Personal property Rental income from, Property or services. Where can i file my 2010 taxes for free Personal use of rental property, Payments added to capital account. Where can i file my 2010 taxes for free , Personal Use of Dwelling Unit (Including Vacation Home) (see also Property changed to rental use) Placed-in-service date, Placed in Service Points, Types of Expenses, Points, Settlement fees and other costs. Where can i file my 2010 taxes for free Pre-rental expenses, Pre-rental expenses. Where can i file my 2010 taxes for free Principal residence (see Home) Profit, property not rented for, Duplex. Where can i file my 2010 taxes for free Property changed to rental use, Payments added to capital account. Where can i file my 2010 taxes for free Basis, Basis of Property Changed to Rental Use Publications (see Tax help) R Real estate professionals, Real estate professionals. Where can i file my 2010 taxes for free Real estate taxes, Real estate taxes. Where can i file my 2010 taxes for free Real property trades or businesses, Real property trades or businesses. Where can i file my 2010 taxes for free Recordkeeping requirements Travel and transportation expenses, Local transportation expenses. Where can i file my 2010 taxes for free , Travel expenses. Where can i file my 2010 taxes for free Recovery periods, Property Classes Under GDS Rent, Settlement fees and other costs. Where can i file my 2010 taxes for free Advance rent, Advance rent. Where can i file my 2010 taxes for free Fair price, Fair rental price. Where can i file my 2010 taxes for free Rental expenses, Rental Expenses Advertising, Types of Expenses Allocation between rental and personal uses, Dividing Expenses Change of property to rental use, Property Changed to Rental Use Cleaning and maintenance, Types of Expenses Commissions, Types of Expenses Depreciation, Depreciation. Where can i file my 2010 taxes for free Dwelling unit used as home, Dwelling Unit Used as a Home Equipment rental, Rental of equipment. Where can i file my 2010 taxes for free Home, property also used as, Rental of property also used as your home. Where can i file my 2010 taxes for free Improvements, Table 1-1. Where can i file my 2010 taxes for free Examples of Improvements Insurance, Types of Expenses, Insurance premiums paid in advance. Where can i file my 2010 taxes for free Interest payments, Types of Expenses, Interest expense. Where can i file my 2010 taxes for free Local transportation expenses, Types of Expenses, Local transportation expenses. Where can i file my 2010 taxes for free Part of property rented, Renting Part of Property Points, Types of Expenses, Points Pre-rental expenses, Pre-rental expenses. Where can i file my 2010 taxes for free Rental payments, Types of Expenses Repairs, Types of Expenses, Repairs and Improvements Sale of property, Vacant while listed for sale. Where can i file my 2010 taxes for free Tax return preparation fees, Legal and other professional fees. Where can i file my 2010 taxes for free Taxes, Types of Expenses Tenant, paid by, Expenses paid by tenant. Where can i file my 2010 taxes for free Travel expenses, Types of Expenses Utilities, Types of Expenses Vacant rental property, Vacant rental property. Where can i file my 2010 taxes for free Rental income Advance rent, Advance rent. Where can i file my 2010 taxes for free Cancellation of lease payments, Canceling a lease. Where can i file my 2010 taxes for free Dwelling unit used as home, Dwelling Unit Used as a Home Lease with option to buy, Lease with option to buy. Where can i file my 2010 taxes for free Not rented for profit, Not Rented for Profit Part interest, Part interest. Where can i file my 2010 taxes for free Property received from tenant, Property or services. Where can i file my 2010 taxes for free Reporting, Accrual method. Where can i file my 2010 taxes for free , Which Forms To Use Security deposit, Security deposits. Where can i file my 2010 taxes for free Services received from tenant, Property or services. Where can i file my 2010 taxes for free Uncollected rent, Uncollected rent. Where can i file my 2010 taxes for free Used as home, Rental of property also used as your home. Where can i file my 2010 taxes for free Rental losses, Exception for Rental Real Estate With Active Participation (see also Gains and losses) (see also Passive activity) Repairs, Types of Expenses, Repairs and Improvements (see also Improvements) Assessments for maintenance, Assessments for local improvements. Where can i file my 2010 taxes for free Personal use of rental property exception for days used for repairs and maintenance, Days used for repairs and maintenance. Where can i file my 2010 taxes for free S Sale of property Expenses, Vacant while listed for sale. Where can i file my 2010 taxes for free Gain or loss, Sale or exchange of rental property. Where can i file my 2010 taxes for free , How to report. Where can i file my 2010 taxes for free Main home, Sale of main home used as rental property. Where can i file my 2010 taxes for free Section 179 deductions, Section 179 deduction. Where can i file my 2010 taxes for free Security deposits, Security deposits. Where can i file my 2010 taxes for free Settlement fees, Settlement fees and other costs. Where can i file my 2010 taxes for free Shared equity financing agreements, Shared equity financing agreement. Where can i file my 2010 taxes for free Special depreciation allowances, Claiming the Special Depreciation Allowance Spouse Material participation, Participating spouse. Where can i file my 2010 taxes for free Standard mileage rates, Local transportation expenses. Where can i file my 2010 taxes for free Surveys, Settlement fees and other costs. Where can i file my 2010 taxes for free T Tables and figures Improvements, examples of (Table 1-1), Table 1-1. Where can i file my 2010 taxes for free Examples of Improvements MACRS optional tables (Table 2-2d), Table 2-2d. Where can i file my 2010 taxes for free MACRS optional tables (Tables 2-2a, 2-2b, and 2-2c), Tables 2-2a, 2-2b, and 2-2c. Where can i file my 2010 taxes for free MACRS recovery periods for property used in rental activities (Table 2-1), Table 2-1. Where can i file my 2010 taxes for free MACRS Recovery Periods for Property Used in Rental Activities Tax credits Residential energy credits, effect on basis, Decreases to basis. Where can i file my 2010 taxes for free Tax help, How To Get Tax Help Tax return preparation fees, Legal and other professional fees. Where can i file my 2010 taxes for free Taxes Deduction of, Types of Expenses Local benefit taxes, Local benefit taxes. Where can i file my 2010 taxes for free Real estate taxes, Real estate taxes. Where can i file my 2010 taxes for free Transfer taxes, Settlement fees and other costs. Where can i file my 2010 taxes for free Theft losses, Theft. Where can i file my 2010 taxes for free Title insurance, Settlement fees and other costs. Where can i file my 2010 taxes for free Transfer taxes, Settlement fees and other costs. Where can i file my 2010 taxes for free Travel and transportation expenses Local transportation expenses, Types of Expenses, Local transportation expenses. Where can i file my 2010 taxes for free Recordkeeping, Travel expenses. Where can i file my 2010 taxes for free Rental expenses, Types of Expenses Standard mileage rate, Local transportation expenses. Where can i file my 2010 taxes for free U Uncollected rent Income, Uncollected rent. Where can i file my 2010 taxes for free Use of home Before or after renting, Days used as a main home before or after renting. Where can i file my 2010 taxes for free Change to rental use, Property Changed to Rental Use Days of personal use, What is a day of personal use? Fair rental price, Fair rental price. Where can i file my 2010 taxes for free Passive activity rules exception, Exception for Personal Use of Dwelling Unit Personal use as dwelling unit, Personal Use of Dwelling Unit (Including Vacation Home) Utilities, Types of Expenses, Increases to basis. Where can i file my 2010 taxes for free V Vacant rental property, Vacant rental property. Where can i file my 2010 taxes for free Vacation homes Dwelling unit, Dwelling unit. Where can i file my 2010 taxes for free Fair rental price, Fair rental price. Where can i file my 2010 taxes for free Personal use of, Personal Use of Dwelling Unit (Including Vacation Home) Valuation Fair market value, Fair market value. Where can i file my 2010 taxes for free Prev  Up     Home   More Online Publications
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The Where Can I File My 2010 Taxes For Free

Where can i file my 2010 taxes for free 8. Where can i file my 2010 taxes for free   Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Sales and ExchangesDetermining Gain or Loss Like-Kind Exchanges Transfer to Spouse Ordinary or Capital Gain or LossCapital Assets Noncapital Assets Hedging (Commodity Futures) Livestock Converted Wetland and Highly Erodible Cropland Timber Sale of a Farm Foreclosure or Repossession Abandonment Introduction This chapter explains how to figure, and report on your tax return, your gain or loss on the disposition of your property or debt and whether such gain or loss is ordinary or capital. Where can i file my 2010 taxes for free Ordinary gain is taxed at the same rates as wages and interest income while capital gain is generally taxed at lower rates. Where can i file my 2010 taxes for free Dispositions discussed in this chapter include sales, exchanges, foreclosures, repossessions, canceled debts, hedging transactions, and elections to treat cutting of timber as a sale or exchange. Where can i file my 2010 taxes for free Topics - This chapter discusses: Sales and exchanges Ordinary or capital gain or loss Useful Items - You may want to see: Publication 334 Tax Guide for Small Business 523 Selling Your Home 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Sch D (Form 1040) Capital Gains and Losses Sch F (Form 1040) Profit or Loss From Farming 1099-A Acquisition or Abandonment of Secured Property 1099-C Cancellation of Debt 4797 Sales of Business Property 8949 Sales and Other Dispositions of Capital Assets See chapter 16 for information about getting publications and forms. Where can i file my 2010 taxes for free Sales and Exchanges If you sell, exchange, or otherwise dispose of your property, you usually have a gain or a loss. Where can i file my 2010 taxes for free This section explains certain rules for determining whether any gain you have is taxable, and whether any loss you have is deductible. Where can i file my 2010 taxes for free A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. Where can i file my 2010 taxes for free An exchange is a transfer of property for other property or services. Where can i file my 2010 taxes for free Determining Gain or Loss You usually realize a gain or loss when you sell or exchange property. Where can i file my 2010 taxes for free If the amount you realize from a sale or exchange of property is more than its adjusted basis, you will have a gain. Where can i file my 2010 taxes for free If the adjusted basis of the property is more than the amount you realize, you will have a loss. Where can i file my 2010 taxes for free Basis and adjusted basis. Where can i file my 2010 taxes for free   The basis of property you buy is usually its cost. Where can i file my 2010 taxes for free The adjusted basis of property is basis plus certain additions and minus certain deductions. Where can i file my 2010 taxes for free See chapter 6 for more information about basis and adjusted basis. Where can i file my 2010 taxes for free Amount realized. Where can i file my 2010 taxes for free   The amount you realize from a sale or exchange is the total of all money you receive plus the fair market value (FMV) (defined in chapter 6) of all property or services you receive. Where can i file my 2010 taxes for free The amount you realize also includes any of your liabilities assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Where can i file my 2010 taxes for free   If the liabilities relate to an exchange of multiple properties, see Multiple Property Exchanges in chapter 1 of Publication 544. Where can i file my 2010 taxes for free Amount recognized. Where can i file my 2010 taxes for free   Your gain or loss realized from a sale or exchange of certain property is usually a recognized gain or loss for tax purposes. Where can i file my 2010 taxes for free A recognized gain is a gain you must include in gross income and report on your income tax return. Where can i file my 2010 taxes for free A recognized loss is a loss you deduct from gross income. Where can i file my 2010 taxes for free However, your gain or loss realized from the exchange of certain property may not be recognized for tax purposes. Where can i file my 2010 taxes for free See Like-Kind Exchanges next. Where can i file my 2010 taxes for free Also, a loss from the disposition of property held for personal use is not deductible. Where can i file my 2010 taxes for free Like-Kind Exchanges Certain exchanges of property are not taxable. Where can i file my 2010 taxes for free This means any gain from the exchange is not recognized, and any loss cannot be deducted. Where can i file my 2010 taxes for free Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Where can i file my 2010 taxes for free The exchange of property for the same kind of property is the most common type of nontaxable exchange. Where can i file my 2010 taxes for free To qualify for treatment as a like-kind exchange, the property traded and the property received must be both of the following. Where can i file my 2010 taxes for free Qualifying property. Where can i file my 2010 taxes for free Like-kind property. Where can i file my 2010 taxes for free These two requirements are discussed later. Where can i file my 2010 taxes for free Multiple-party transactions. Where can i file my 2010 taxes for free   The like-kind exchange rules also apply to property exchanges that involve three and four-party transactions. Where can i file my 2010 taxes for free Any part of these multiple-party transactions can qualify as a like-kind exchange if it meets all the requirements described in this section. Where can i file my 2010 taxes for free Receipt of title from third party. Where can i file my 2010 taxes for free   If you receive property in a like-kind exchange and the other party who transfers the property to you does not give you the title, but a third party does, you can still treat this transaction as a like-kind exchange if it meets all the requirements. Where can i file my 2010 taxes for free Basis of property received. Where can i file my 2010 taxes for free   If you receive property in a like-kind exchange, the basis of the property will be the same as the basis of the property you gave up. Where can i file my 2010 taxes for free See chapter 6 for more information. Where can i file my 2010 taxes for free Money paid. Where can i file my 2010 taxes for free   If, in addition to giving up like-kind property, you pay money in a like-kind exchange, you still have no recognized gain or loss. Where can i file my 2010 taxes for free The basis of the property received is the basis of the property given up, increased by the money paid. Where can i file my 2010 taxes for free Example. Where can i file my 2010 taxes for free You traded an old tractor with an adjusted basis of $15,000 for a new one. Where can i file my 2010 taxes for free The new tractor costs $300,000. Where can i file my 2010 taxes for free You were allowed $80,000 for the old tractor and paid $220,000 cash. Where can i file my 2010 taxes for free You have no recognized gain or loss on the transaction regardless of the adjusted basis of your old tractor and the basis of the new tractor is $235,000, the adjusted basis of the old tractor plus the cash paid ($15,000 + $220,000). Where can i file my 2010 taxes for free If you had sold the old tractor to a third party for $80,000 and bought a new one, you would have a recognized gain or loss on the sale of your old tractor equal to the difference between the amount realized and the adjusted basis of the old tractor. Where can i file my 2010 taxes for free In this case, the taxable gain would be $65,000 ($80,000 − $15,000) and the basis of the new tractor would be $300,000. Where can i file my 2010 taxes for free Reporting the exchange. Where can i file my 2010 taxes for free   Report the exchange of like-kind property, even though no gain or loss is recognized, on Form 8824, Like-Kind Exchanges. Where can i file my 2010 taxes for free The Instructions for Form 8824 explain how to report the details of the exchange. Where can i file my 2010 taxes for free   If you have any recognized gain because you received money or unlike property, report it on Schedule D (Form 1040) or Form 4797, whichever applies. Where can i file my 2010 taxes for free You may also have to report the recognized gain as ordinary income because of depreciation recapture on Form 4797. Where can i file my 2010 taxes for free See chapter 9 for more information. Where can i file my 2010 taxes for free Qualifying property. Where can i file my 2010 taxes for free   In a like-kind exchange, both the property you give up and the property you receive must be held by you for investment or for productive use in your trade or business. Where can i file my 2010 taxes for free Machinery, buildings, land, trucks, breeding livestock, rental houses, and certain mutual ditch, reservoir, or irrigation company stock are examples of property that may qualify. Where can i file my 2010 taxes for free Nonqualifying property. Where can i file my 2010 taxes for free   The rules for like-kind exchanges do not apply to exchanges of the following property. Where can i file my 2010 taxes for free Property you use for personal purposes, such as your home and family car. Where can i file my 2010 taxes for free Stock in trade or other property held primarily for sale, such as crops and produce. Where can i file my 2010 taxes for free Stocks, bonds, or notes. Where can i file my 2010 taxes for free However, see Qualifying property above. Where can i file my 2010 taxes for free Other securities or evidences of indebtedness, such as accounts receivable. Where can i file my 2010 taxes for free Partnership interests. Where can i file my 2010 taxes for free However, you may have a nontaxable exchange under other rules. Where can i file my 2010 taxes for free See Other Nontaxable Exchanges in chapter 1 of Publication 544. Where can i file my 2010 taxes for free Like-kind property. Where can i file my 2010 taxes for free   To qualify as a nontaxable exchange, the properties exchanged must be of like kind. Where can i file my 2010 taxes for free Like-kind properties are properties of the same nature or character, even if they differ in grade or quality. Where can i file my 2010 taxes for free Generally, real property exchanged for real property qualifies as an exchange of like-kind property. Where can i file my 2010 taxes for free For example, an exchange of city property for farm property or improved property for unimproved property is a like-kind exchange. Where can i file my 2010 taxes for free   An exchange of a tractor for a new tractor is an exchange of like-kind property, and so is an exchange of timber land for crop acreage. Where can i file my 2010 taxes for free An exchange of a tractor for acreage, however, is not an exchange of like-kind property. Where can i file my 2010 taxes for free The exchange of livestock of one sex for livestock of the other sex is not a like-kind exchange. Where can i file my 2010 taxes for free For example, the exchange of a bull for a cow is not a like-kind exchange. Where can i file my 2010 taxes for free An exchange of the assets of a business for the assets of a similar business cannot be treated as an exchange of one property for another property. Where can i file my 2010 taxes for free    Note. Where can i file my 2010 taxes for free Whether you engaged in a like-kind exchange depends on an analysis of each asset involved in the exchange. Where can i file my 2010 taxes for free Personal property. Where can i file my 2010 taxes for free   Depreciable tangible personal property can be either like kind or like class to qualify for nontaxable exchange treatment. Where can i file my 2010 taxes for free Like-class properties are depreciable tangible personal properties within the same General Asset Class or Product Class. Where can i file my 2010 taxes for free Property classified in any General Asset Class may not be classified within a Product Class. Where can i file my 2010 taxes for free Assets that are not in the same class will qualify as like-kind property if they are of the same nature or character. Where can i file my 2010 taxes for free General Asset Classes. Where can i file my 2010 taxes for free   General Asset Classes describe the types of property frequently used in many businesses. Where can i file my 2010 taxes for free They include, but are not limited to, the following property. Where can i file my 2010 taxes for free Office furniture, fixtures, and equipment (asset class 00. Where can i file my 2010 taxes for free 11). Where can i file my 2010 taxes for free Information systems, such as computers and peripheral equipment (asset class 00. Where can i file my 2010 taxes for free 12). Where can i file my 2010 taxes for free Data handling equipment except computers (asset class 00. Where can i file my 2010 taxes for free 13). Where can i file my 2010 taxes for free Automobiles and taxis (asset class 00. Where can i file my 2010 taxes for free 22). Where can i file my 2010 taxes for free Light general purpose trucks (asset class 00. Where can i file my 2010 taxes for free 241). Where can i file my 2010 taxes for free Heavy general purpose trucks (asset class 00. Where can i file my 2010 taxes for free 242). Where can i file my 2010 taxes for free Tractor units for use over-the-road (asset class 00. Where can i file my 2010 taxes for free 26). Where can i file my 2010 taxes for free Trailers and trailer-mounted containers (asset class 00. Where can i file my 2010 taxes for free 27). Where can i file my 2010 taxes for free Industrial steam and electric generation and/or distribution systems (asset class 00. Where can i file my 2010 taxes for free 4). Where can i file my 2010 taxes for free Product Classes. Where can i file my 2010 taxes for free   Product Classes include property listed in a 6-digit product class in sectors 31 through 33 of the North American Industry Classification System (NAICS) of the Executive Office of the President, Office of Management and Budget, United States, (NAICS Manual). Where can i file my 2010 taxes for free The latest version of the manual can be accessed at www. Where can i file my 2010 taxes for free census. Where can i file my 2010 taxes for free gov/eos/www/naics/. Where can i file my 2010 taxes for free Copies of the printed manual may be purchased from the National Technical Information Service (NTIS) at  www. Where can i file my 2010 taxes for free ntis. Where can i file my 2010 taxes for free gov/products/naics. Where can i file my 2010 taxes for free aspx or by calling 1-800-553-NTIS (1-800-553-6847) or (703) 605-6000. Where can i file my 2010 taxes for free A CD-ROM version with search and retrieval software is also available from NTIS. Where can i file my 2010 taxes for free    NAICS class 333111, Farm Machinery and Equipment Manufacturing, includes most machinery and equipment used in a farming business. Where can i file my 2010 taxes for free Partially nontaxable exchange. Where can i file my 2010 taxes for free   If, in addition to like-kind property, you receive money or unlike property in an exchange on which you realize gain, you have a partially nontaxable exchange. Where can i file my 2010 taxes for free You are taxed on the gain you realize, but only to the extent of the money and the FMV of the unlike property you receive. Where can i file my 2010 taxes for free A loss is not deductible. Where can i file my 2010 taxes for free Example 1. Where can i file my 2010 taxes for free You trade farmland that cost $30,000 for $10,000 cash and other land to be used in farming with a FMV of $50,000. Where can i file my 2010 taxes for free You have a realized gain of $30,000 ($50,000 FMV of new land + $10,000 cash − $30,000 basis of old farmland = $30,000 realized gain). Where can i file my 2010 taxes for free However, only $10,000, the cash received, is recognized (included in income). Where can i file my 2010 taxes for free Example 2. Where can i file my 2010 taxes for free Assume the same facts as in Example 1, except that, instead of money, you received a tractor with a FMV of $10,000. Where can i file my 2010 taxes for free Your recognized gain is still limited to $10,000, the value of the tractor (the unlike property). Where can i file my 2010 taxes for free Example 3. Where can i file my 2010 taxes for free Assume in Example 1 that the FMV of the land you received was only $15,000. Where can i file my 2010 taxes for free Your $5,000 loss is not recognized. Where can i file my 2010 taxes for free Unlike property given up. Where can i file my 2010 taxes for free   If, in addition to like-kind property, you give up unlike property, you must recognize gain or loss on the unlike property you give up. Where can i file my 2010 taxes for free The gain or loss is the difference between the FMV of the unlike property and the adjusted basis of the unlike property. Where can i file my 2010 taxes for free Like-kind exchanges between related persons. Where can i file my 2010 taxes for free   Special rules apply to like-kind exchanges between related persons. Where can i file my 2010 taxes for free These rules affect both direct and indirect exchanges. Where can i file my 2010 taxes for free Under these rules, if either person disposes of the property within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. Where can i file my 2010 taxes for free The gain or loss on the original exchange must be recognized as of the date of the later disposition. Where can i file my 2010 taxes for free The 2-year holding period begins on the date of the last transfer of property that was part of the like-kind exchange. Where can i file my 2010 taxes for free Related persons. Where can i file my 2010 taxes for free   Under these rules, related persons include, for example, you and a member of your family (spouse, brother, sister, parent, child, etc. Where can i file my 2010 taxes for free ), you and a corporation in which you have more than 50% ownership, you and a partnership in which you directly or indirectly own more than a 50% interest of the capital or profits, and two partnerships in which you directly or indirectly own more than 50% of the capital interests or profits. Where can i file my 2010 taxes for free   For the complete list of related persons, see Related persons in chapter 2 of Publication 544. Where can i file my 2010 taxes for free Example. Where can i file my 2010 taxes for free You used a grey pickup truck in your farming business. Where can i file my 2010 taxes for free Your sister used a red pickup truck in her landscaping business. Where can i file my 2010 taxes for free In December 2012, you exchanged your grey pickup truck, plus $200, for your sister's red pickup truck. Where can i file my 2010 taxes for free At that time, the FMV of the grey pickup truck was $7,000 and its adjusted basis was $6,000. Where can i file my 2010 taxes for free The FMV of the red pickup truck was $7,200 and its adjusted basis was $1,000. Where can i file my 2010 taxes for free You realized a gain of $1,000 (the $7,200 FMV of the red pickup truck, minus the grey pickup truck's $6,000 adjusted basis, minus the $200 you paid). Where can i file my 2010 taxes for free Your sister realized a gain of $6,200 (the $7,000 FMV of the grey pickup truck plus the $200 you paid, minus the $1,000 adjusted basis of the red pickup truck). Where can i file my 2010 taxes for free However, because this was a like-kind exchange, you recognized no gain. Where can i file my 2010 taxes for free Your basis in the red pickup truck was $6,200 (the $6,000 adjusted basis of the grey pickup truck plus the $200 you paid). Where can i file my 2010 taxes for free She recognized gain only to the extent of the money she received, $200. Where can i file my 2010 taxes for free Her basis in the grey pickup truck was $1,000 (the $1,000 adjusted basis of the red pickup truck minus the $200 received, plus the $200 gain recognized). Where can i file my 2010 taxes for free In 2013, you sold the red pickup truck to a third party for $7,000. Where can i file my 2010 taxes for free Because you sold it within 2 years after the exchange, the exchange is disqualified from nonrecognition treatment. Where can i file my 2010 taxes for free On your tax return for 2013, you must report your $1,000 gain on the 2012 exchange. Where can i file my 2010 taxes for free You also report a loss on the sale as $200 (the adjusted basis of the red pickup truck, $7,200 (its $6,200 basis plus the $1,000 gain recognized), minus the $7,000 realized from the sale). Where can i file my 2010 taxes for free In addition, your sister must report on her tax return for 2013 the $6,000 balance of her gain on the 2012 exchange. Where can i file my 2010 taxes for free Her adjusted basis in the grey pickup truck is increased to $7,000 (its $1,000 basis plus the $6,000 gain recognized). Where can i file my 2010 taxes for free Exceptions to the rules for related persons. Where can i file my 2010 taxes for free   The following property dispositions are excluded from these rules. Where can i file my 2010 taxes for free Dispositions due to the death of either related person. Where can i file my 2010 taxes for free Involuntary conversions. Where can i file my 2010 taxes for free Dispositions where it is established to the satisfaction of the IRS that neither the exchange nor the disposition has, as a main purpose, the avoidance of federal income tax. Where can i file my 2010 taxes for free Multiple property exchanges. Where can i file my 2010 taxes for free   Under the like-kind exchange rules, you must generally make a property-by-property comparison to figure your recognized gain and the basis of the property you receive in the exchange. Where can i file my 2010 taxes for free However, for exchanges of multiple properties, you do not make a property-by-property comparison if you do either of the following. Where can i file my 2010 taxes for free Transfer and receive properties in two or more exchange groups. Where can i file my 2010 taxes for free Transfer or receive more than one property within a single exchange group. Where can i file my 2010 taxes for free   For more information, see Multiple Property Exchanges in chapter 1 of Publication 544. Where can i file my 2010 taxes for free Deferred exchange. Where can i file my 2010 taxes for free   A deferred exchange for like-kind property may qualify for nonrecognition of gain or loss. Where can i file my 2010 taxes for free A deferred exchange is an exchange in which you transfer property you use in business or hold for investment and later receive like-kind property you will use in business or hold for investment. Where can i file my 2010 taxes for free The property you receive is replacement property. Where can i file my 2010 taxes for free The transaction must be an exchange of property for property rather than a transfer of property for money used to buy replacement property. Where can i file my 2010 taxes for free In addition, the replacement property will not be treated as like-kind property unless certain identification and receipt requirements are met. Where can i file my 2010 taxes for free   For more information see Deferred Exchanges in chapter 1 of Publication 544. Where can i file my 2010 taxes for free Transfer to Spouse No gain or loss is recognized on a transfer of property from an individual to (or in trust for the benefit of) a spouse, or a former spouse if incident to divorce. Where can i file my 2010 taxes for free This rule does not apply if the recipient is a nonresident alien. Where can i file my 2010 taxes for free Nor does this rule apply to a transfer in trust to the extent the liabilities assumed and the liabilities on the property are more than the property's adjusted basis. Where can i file my 2010 taxes for free Any transfer of property to a spouse or former spouse on which gain or loss is not recognized is not considered a sale or exchange. Where can i file my 2010 taxes for free The recipient's basis in the property will be the same as the adjusted basis of the giver immediately before the transfer. Where can i file my 2010 taxes for free This carryover basis rule applies whether the adjusted basis of the transferred property is less than, equal to, or greater than either its FMV at the time of transfer or any consideration paid by the recipient. Where can i file my 2010 taxes for free This rule applies for determining loss as well as gain. Where can i file my 2010 taxes for free Any gain recognized on a transfer in trust increases the basis. Where can i file my 2010 taxes for free For more information on transfers of property incident to divorce, see Property Settlements in Publication 504, Divorced or Separated Individuals. Where can i file my 2010 taxes for free Ordinary or Capital Gain or Loss Generally, you will have a capital gain or loss if you sell or exchange a capital asset (defined below). Where can i file my 2010 taxes for free You may also have a capital gain if your section 1231 transactions result in a net gain. Where can i file my 2010 taxes for free See Section 1231 Gains and Losses in  chapter 9. Where can i file my 2010 taxes for free To figure your net capital gain or loss, you must classify your gains and losses as either ordinary or capital (and your capital gains or losses as either short-term or long-term). Where can i file my 2010 taxes for free Your net capital gains may be taxed at a lower tax rate than ordinary income. Where can i file my 2010 taxes for free See Capital Gains Tax Rates , later. Where can i file my 2010 taxes for free Your deduction for a net capital loss may be limited. Where can i file my 2010 taxes for free See Treatment of Capital Losses , later. Where can i file my 2010 taxes for free Capital Assets Almost everything you own and use for personal purposes or investment is a capital asset. Where can i file my 2010 taxes for free The following items are examples of capital assets. Where can i file my 2010 taxes for free A home owned and occupied by you and your family. Where can i file my 2010 taxes for free Household furnishings. Where can i file my 2010 taxes for free A car used for pleasure. Where can i file my 2010 taxes for free If your car is used both for pleasure and for farm business, it is partly a capital asset and partly a noncapital asset, defined later. Where can i file my 2010 taxes for free Stocks and bonds. Where can i file my 2010 taxes for free However, there are special rules for gains on qualified small business stock. Where can i file my 2010 taxes for free For more information on this subject, see Gains on Qualified Small Business Stock and Losses on Section 1244 (Small Business) Stock in chapter 4 of Publication 550. Where can i file my 2010 taxes for free Personal-use property. Where can i file my 2010 taxes for free   Gain from a sale or exchange of personal-use property is a capital gain and is taxable. Where can i file my 2010 taxes for free Loss from the sale or exchange of personal-use property is not deductible. Where can i file my 2010 taxes for free You can deduct a loss relating to personal-use property only if it results from a casualty or theft. Where can i file my 2010 taxes for free For information on casualties and thefts, see chapter 11. Where can i file my 2010 taxes for free Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. Where can i file my 2010 taxes for free The time you own an asset before disposing of it is the holding period. Where can i file my 2010 taxes for free If you hold a capital asset 1 year or less, the gain or loss resulting from its disposition is short term. Where can i file my 2010 taxes for free Report it in Part I of Schedule D (Form 1040). Where can i file my 2010 taxes for free If you hold a capital asset longer than 1 year, the gain or loss resulting from its disposition is long term. Where can i file my 2010 taxes for free Report it in Part II of Schedule D (Form 1040). Where can i file my 2010 taxes for free Holding period. Where can i file my 2010 taxes for free   To figure if you held property longer than 1 year, start counting on the day after the day you acquired the property. Where can i file my 2010 taxes for free The day you disposed of the property is part of your holding period. Where can i file my 2010 taxes for free Example. Where can i file my 2010 taxes for free If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. Where can i file my 2010 taxes for free If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. Where can i file my 2010 taxes for free Inherited property. Where can i file my 2010 taxes for free   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. Where can i file my 2010 taxes for free This rule does not apply to livestock used in a farm business. Where can i file my 2010 taxes for free See Holding period under Livestock , later. Where can i file my 2010 taxes for free Nonbusiness bad debt. Where can i file my 2010 taxes for free   A nonbusiness bad debt is a short-term capital loss, deductible in the year the debt becomes worthless. Where can i file my 2010 taxes for free See chapter 4 of Publication 550. Where can i file my 2010 taxes for free Nontaxable exchange. Where can i file my 2010 taxes for free   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. Where can i file my 2010 taxes for free That is, it begins on the same day as your holding period for the old property. Where can i file my 2010 taxes for free Gift. Where can i file my 2010 taxes for free   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. Where can i file my 2010 taxes for free Real property. Where can i file my 2010 taxes for free   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, on the day after you took possession of it and assumed the burdens and privileges of ownership. Where can i file my 2010 taxes for free   However, taking possession of real property under an option agreement is not enough to start the holding period. Where can i file my 2010 taxes for free The holding period cannot start until there is an actual contract of sale. Where can i file my 2010 taxes for free The holding period of the seller cannot end before that time. Where can i file my 2010 taxes for free Figuring Net Gain or Loss The totals for short-term capital gains and losses and the totals for long-term capital gains and losses must be figured separately. Where can i file my 2010 taxes for free Net short-term capital gain or loss. Where can i file my 2010 taxes for free   Combine your short-term capital gains and losses. Where can i file my 2010 taxes for free Do this by adding all of your short-term capital gains. Where can i file my 2010 taxes for free Then add all of your short-term capital losses. Where can i file my 2010 taxes for free Subtract the lesser total from the greater. Where can i file my 2010 taxes for free The difference is your net short-term capital gain or loss. Where can i file my 2010 taxes for free Net long-term capital gain or loss. Where can i file my 2010 taxes for free   Follow the same steps to combine your long-term capital gains and losses. Where can i file my 2010 taxes for free The result is your net long-term capital gain or loss. Where can i file my 2010 taxes for free Net gain. Where can i file my 2010 taxes for free   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. Where can i file my 2010 taxes for free However, part of your gain (but not more than your net capital gain) may be taxed at a lower rate than the rate of tax on your ordinary income. Where can i file my 2010 taxes for free See Capital Gains Tax Rates , later. Where can i file my 2010 taxes for free Net loss. Where can i file my 2010 taxes for free   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. Where can i file my 2010 taxes for free But there are limits on how much loss you can deduct and when you can deduct it. Where can i file my 2010 taxes for free See Treatment of Capital Losses next. Where can i file my 2010 taxes for free Treatment of Capital Losses If your capital losses are more than your capital gains, you must claim the difference even if you do not have ordinary income to offset it. Where can i file my 2010 taxes for free For taxpayers other than corporations, the yearly limit on the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). Where can i file my 2010 taxes for free If your other income is low, you may not be able to use the full $3,000. Where can i file my 2010 taxes for free The part of the $3,000 you cannot use becomes part of your capital loss carryover (discussed next). Where can i file my 2010 taxes for free Capital loss carryover. Where can i file my 2010 taxes for free   Generally, you have a capital loss carryover if either of the following situations applies to you. Where can i file my 2010 taxes for free Your net loss on Schedule D (Form 1040), is more than the yearly limit. Where can i file my 2010 taxes for free Your taxable income without your deduction for exemptions is less than zero. Where can i file my 2010 taxes for free If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carry over to 2014. Where can i file my 2010 taxes for free    To figure your capital loss carryover from 2013 to 2014, you will need a copy of your 2013 Form 1040 and Schedule D (Form 1040). Where can i file my 2010 taxes for free Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Where can i file my 2010 taxes for free These lower rates are called the maximum capital gains rates. Where can i file my 2010 taxes for free The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Where can i file my 2010 taxes for free See Schedule D (Form 1040) and the Instructions for Schedule D (Form 1040). Where can i file my 2010 taxes for free Also see Publication 550. Where can i file my 2010 taxes for free Noncapital Assets Noncapital assets include property such as inventory and depreciable property used in a trade or business. Where can i file my 2010 taxes for free A list of properties that are not capital assets is provided in the Instructions for Schedule D (Form 1040). Where can i file my 2010 taxes for free Property held for sale in the ordinary course of your farm business. Where can i file my 2010 taxes for free   Property you hold mainly for sale to customers, such as livestock, poultry, livestock products, and crops, is a noncapital asset. Where can i file my 2010 taxes for free Gain or loss from sales or other dispositions of this property is reported on Schedule F (Form 1040) (not on Schedule D (Form 1040) or Form 4797). Where can i file my 2010 taxes for free The treatment of this property is discussed in chapter 3. Where can i file my 2010 taxes for free Land and depreciable properties. Where can i file my 2010 taxes for free   Land and depreciable property you use in farming are not capital assets. Where can i file my 2010 taxes for free Noncapital assets also include livestock held for draft, breeding, dairy, or sporting purposes. Where can i file my 2010 taxes for free However, your gains and losses from sales and exchanges of your farmland and depreciable properties must be considered together with certain other transactions to determine whether the gains and losses are treated as capital or ordinary gains and losses. Where can i file my 2010 taxes for free The sales of these business assets are reported on Form 4797. Where can i file my 2010 taxes for free See chapter 9 for more information. Where can i file my 2010 taxes for free Hedging (Commodity Futures) Hedging transactions are transactions that you enter into in the normal course of business primarily to manage the risk of interest rate or price changes, or currency fluctuations, with respect to borrowings, ordinary property, or ordinary obligations. Where can i file my 2010 taxes for free Ordinary property or obligations are those that cannot produce capital gain or loss if sold or exchanged. Where can i file my 2010 taxes for free A commodity futures contract is a standardized, exchange-traded contract for the sale or purchase of a fixed amount of a commodity at a future date for a fixed price. Where can i file my 2010 taxes for free The holder of an option on a futures contract has the right (but not the obligation) for a specified period of time to enter into a futures contract to buy or sell at a particular price. Where can i file my 2010 taxes for free A forward contract is generally similar to a futures contract except that the terms are not standardized and the contract is not exchange traded. Where can i file my 2010 taxes for free Businesses may enter into commodity futures contracts or forward contracts and may acquire options on commodity futures contracts as either of the following. Where can i file my 2010 taxes for free Hedging transactions. Where can i file my 2010 taxes for free Transactions that are not hedging transactions. Where can i file my 2010 taxes for free Futures transactions with exchange-traded commodity futures contracts that are not hedging transactions, generally, result in capital gain or loss and are subject to the mark-to-market rules discussed in Publication 550. Where can i file my 2010 taxes for free There is a limit on the amount of capital losses you can deduct each year. Where can i file my 2010 taxes for free Hedging transactions are not subject to the mark-to-market rules. Where can i file my 2010 taxes for free If, as a farmer-producer, to protect yourself from the risk of unfavorable price fluctuations, you enter into commodity forward contracts, futures contracts, or options on futures contracts and the contracts cover an amount of the commodity within your range of production, the transactions are generally considered hedging transactions. Where can i file my 2010 taxes for free They can take place at any time you have the commodity under production, have it on hand for sale, or reasonably expect to have it on hand. Where can i file my 2010 taxes for free The gain or loss on the termination of these hedges is generally ordinary gain or loss. Where can i file my 2010 taxes for free Farmers who file their income tax returns on the cash method report any profit or loss on the hedging transaction on Schedule F, line 8. Where can i file my 2010 taxes for free Gains or losses from hedging transactions that hedge supplies of a type regularly used or consumed in the ordinary course of your trade or business may be ordinary gains or losses. Where can i file my 2010 taxes for free Examples include fuel and feed. Where can i file my 2010 taxes for free If you have numerous transactions in the commodity futures market during the year, you must be able to show which transactions are hedging transactions. Where can i file my 2010 taxes for free Clearly identify a hedging transaction on your books and records before the end of the day you entered into the transaction. Where can i file my 2010 taxes for free It may be helpful to have separate brokerage accounts for your hedging and speculation transactions. Where can i file my 2010 taxes for free Retain the identification of each hedging transaction with your books and records. Where can i file my 2010 taxes for free Also, identify the item(s) or aggregate risk that is being hedged in your records. Where can i file my 2010 taxes for free Although the identification of the hedging transaction must be made before the end of the day it was entered into, you have 35 days after entering into the transaction to identify the hedged item(s) or risk. Where can i file my 2010 taxes for free For more information on the tax treatment of futures and options contracts, see Commodity Futures and Section 1256 Contracts Marked to Market in Publication 550. Where can i file my 2010 taxes for free Accounting methods for hedging transactions. Where can i file my 2010 taxes for free   The accounting method you use for a hedging transaction must clearly reflect income. Where can i file my 2010 taxes for free This means that your accounting method must reasonably match the timing of income, deduction, gain, or loss from a hedging transaction with the timing of income, deduction, gain, or loss from the item or items being hedged. Where can i file my 2010 taxes for free There are requirements and limits on the method you can use for certain hedging transactions. Where can i file my 2010 taxes for free See Regulations section 1. Where can i file my 2010 taxes for free 446-4(e) for those requirements and limits. Where can i file my 2010 taxes for free   Hedging transactions must be accounted for under the rules stated above unless the transaction is subject to mark-to-market accounting under section 475 or you use an accounting method other than the following methods. Where can i file my 2010 taxes for free Cash method. Where can i file my 2010 taxes for free Farm-price method. Where can i file my 2010 taxes for free Unit-livestock-price method. Where can i file my 2010 taxes for free   Once you adopt a method, you must apply it consistently and must have IRS approval before changing it. Where can i file my 2010 taxes for free   Your books and records must describe the accounting method used for each type of hedging transaction. Where can i file my 2010 taxes for free They must also contain any additional identification necessary to verify the application of the accounting method you used for the transaction. Where can i file my 2010 taxes for free You must make the additional identification no more than 35 days after entering into the hedging transaction. Where can i file my 2010 taxes for free Example of a hedging transaction. Where can i file my 2010 taxes for free   You file your income tax returns on the cash method. Where can i file my 2010 taxes for free On July 2 you anticipate a yield of 50,000 bushels of corn this year. Where can i file my 2010 taxes for free The December futures price is $5. Where can i file my 2010 taxes for free 75 a bushel, but there are indications that by harvest time the price will drop. Where can i file my 2010 taxes for free To protect yourself against a drop in the price, you enter into the following hedging transaction. Where can i file my 2010 taxes for free You sell ten December futures contracts of 5,000 bushels each for a total of 50,000 bushels of corn at $5. Where can i file my 2010 taxes for free 75 a bushel. Where can i file my 2010 taxes for free   The price did not drop as anticipated but rose to $6 a bushel. Where can i file my 2010 taxes for free In November, you sell your crop at a local elevator for $6 a bushel. Where can i file my 2010 taxes for free You also close out your futures position by buying ten December contracts for $6 a bushel. Where can i file my 2010 taxes for free You paid a broker's commission of $1,400 ($70 per contract) for the complete in and out position in the futures market. Where can i file my 2010 taxes for free   The result is that the price of corn rose 25 cents a bushel and the actual selling price is $6 a bushel. Where can i file my 2010 taxes for free Your loss on the hedge is 25 cents a bushel. Where can i file my 2010 taxes for free In effect, the net selling price of your corn is $5. Where can i file my 2010 taxes for free 75 a bushel. Where can i file my 2010 taxes for free   Report the results of your futures transactions and your sale of corn separately on Schedule F. Where can i file my 2010 taxes for free See the instructions for the 2013 Schedule F (Form 1040). Where can i file my 2010 taxes for free   The loss on your futures transactions is $13,900, figured as follows. Where can i file my 2010 taxes for free July 2 - Sold December corn futures (50,000 bu. Where can i file my 2010 taxes for free @$5. Where can i file my 2010 taxes for free 75) $287,500 November 6 - Bought December corn futures (50,000 bu. Where can i file my 2010 taxes for free @$6 plus $1,400 broker's commission) 301,400 Futures loss ($13,900) This loss is reported as a negative figure on Schedule F, Part I, line 8, as other income. Where can i file my 2010 taxes for free   The proceeds from your corn sale at the local elevator are $300,000 (50,000 bu. Where can i file my 2010 taxes for free × $6). Where can i file my 2010 taxes for free Report it on Schedule F, Part I, line 2, as income from sales of products you raised. Where can i file my 2010 taxes for free   Assume you were right and the price went down 25 cents a bushel. Where can i file my 2010 taxes for free In effect, you would still net $5. Where can i file my 2010 taxes for free 75 a bushel, figured as follows. Where can i file my 2010 taxes for free Sold cash corn, per bushel $5. Where can i file my 2010 taxes for free 50 Gain on hedge, per bushel . Where can i file my 2010 taxes for free 25 Net price, per bushel $5. Where can i file my 2010 taxes for free 75       The gain on your futures transactions would have been $11,100, figured as follows. Where can i file my 2010 taxes for free July 2 - Sold December corn futures (50,000 bu. Where can i file my 2010 taxes for free @$5. Where can i file my 2010 taxes for free 75) $287,500 November 6 - Bought December corn futures (50,000 bu. Where can i file my 2010 taxes for free @$5. Where can i file my 2010 taxes for free 50 plus $1,400 broker's commission) 276,400 Futures gain $11,100 The $11,100 is reported on Schedule F, Part I, line 8, as other income. Where can i file my 2010 taxes for free   The proceeds from the sale of your corn at the local elevator, $275,000, are reported on Schedule F, Part I, line 2, as income from sales of products you raised. Where can i file my 2010 taxes for free Livestock This part discusses the sale or exchange of livestock used in your farm business. Where can i file my 2010 taxes for free Gain or loss from the sale or exchange of this livestock may qualify as a section 1231 gain or loss. Where can i file my 2010 taxes for free However, any part of the gain that is ordinary income from the recapture of depreciation is not included as section 1231 gain. Where can i file my 2010 taxes for free See chapter 9 for more information on section 1231 gains and losses and the recapture of depreciation under section 1245. Where can i file my 2010 taxes for free The rules discussed here do not apply to the sale of livestock held primarily for sale to customers. Where can i file my 2010 taxes for free The sale of this livestock is reported on Schedule F. Where can i file my 2010 taxes for free See chapter 3. Where can i file my 2010 taxes for free Also, special rules apply to sales or exchanges caused by weather-related conditions. Where can i file my 2010 taxes for free See chapter 3. Where can i file my 2010 taxes for free Holding period. Where can i file my 2010 taxes for free   The sale or exchange of livestock used in your farm business (defined below) qualifies as a section 1231 transaction if you held the livestock for 12 months or more (24 months or more for horses and cattle). Where can i file my 2010 taxes for free Livestock. Where can i file my 2010 taxes for free   For section 1231 transactions, livestock includes cattle, hogs, horses, mules, donkeys, sheep, goats, fur-bearing animals, and other mammals. Where can i file my 2010 taxes for free Also, for section 1231 transactions, livestock does not include chickens, turkeys, pigeons, geese, emus, ostriches, rheas, or other birds, fish, frogs, reptiles, etc. Where can i file my 2010 taxes for free Livestock used in farm business. Where can i file my 2010 taxes for free   If livestock is held primarily for draft, breeding, dairy, or sporting purposes, it is used in your farm business. Where can i file my 2010 taxes for free The purpose for which an animal is held ordinarily is determined by a farmer's actual use of the animal. Where can i file my 2010 taxes for free An animal is not held for draft, breeding, dairy, or sporting purposes merely because it is suitable for that purpose, or because it is held for sale to other persons for use by them for that purpose. Where can i file my 2010 taxes for free However, a draft, breeding, or sporting purpose may be present if an animal is disposed of within a reasonable time after it is prevented from its intended use or made undesirable as a result of an accident, disease, drought, or unfitness of the animal. Where can i file my 2010 taxes for free Example 1. Where can i file my 2010 taxes for free You discover an animal that you intend to use for breeding purposes is sterile. Where can i file my 2010 taxes for free You dispose of it within a reasonable time. Where can i file my 2010 taxes for free This animal was held for breeding purposes. Where can i file my 2010 taxes for free Example 2. Where can i file my 2010 taxes for free You retire and sell your entire herd, including young animals that you would have used for breeding or dairy purposes had you remained in business. Where can i file my 2010 taxes for free These young animals were held for breeding or dairy purposes. Where can i file my 2010 taxes for free Also, if you sell young animals to reduce your breeding or dairy herd because of drought, these animals are treated as having been held for breeding or dairy purposes. Where can i file my 2010 taxes for free See Sales Caused by Weather-Related Conditions in chapter 3. Where can i file my 2010 taxes for free Example 3. Where can i file my 2010 taxes for free You are in the business of raising hogs for slaughter. Where can i file my 2010 taxes for free Customarily, before selling your sows, you obtain a single litter of pigs that you will raise for sale. Where can i file my 2010 taxes for free You sell the brood sows after obtaining the litter. Where can i file my 2010 taxes for free Even though you hold these brood sows for ultimate sale to customers in the ordinary course of your business, they are considered to be held for breeding purposes. Where can i file my 2010 taxes for free Example 4. Where can i file my 2010 taxes for free You are in the business of raising registered cattle for sale to others for use as breeding cattle. Where can i file my 2010 taxes for free The business practice is to breed the cattle before sale to establish their fitness as registered breeding cattle. Where can i file my 2010 taxes for free Your use of the young cattle for breeding purposes is ordinary and necessary for selling them as registered breeding cattle. Where can i file my 2010 taxes for free Such use does not demonstrate that you are holding the cattle for breeding purposes. Where can i file my 2010 taxes for free However, those cattle you held as additions or replacements to your own breeding herd to produce calves are considered to be held for breeding purposes, even though they may not actually have produced calves. Where can i file my 2010 taxes for free The same applies to hog and sheep breeders. Where can i file my 2010 taxes for free Example 5. Where can i file my 2010 taxes for free You breed, raise, and train horses for racing purposes. Where can i file my 2010 taxes for free Every year you cull horses from your racing stable. Where can i file my 2010 taxes for free In 2013, you decided that to prevent your racing stable from getting too large to be effectively operated, you must cull six horses that had been raced at public tracks in 2012. Where can i file my 2010 taxes for free These horses are all considered held for sporting purposes. Where can i file my 2010 taxes for free Figuring gain or loss on the cash method. Where can i file my 2010 taxes for free   Farmers or ranchers who use the cash method of accounting figure their gain or loss on the sale of livestock used in their farming business as follows. Where can i file my 2010 taxes for free Raised livestock. Where can i file my 2010 taxes for free   Gain on the sale of raised livestock is generally the gross sales price reduced by any expenses of the sale. Where can i file my 2010 taxes for free Expenses of sale include sales commissions, freight or hauling from farm to commission company, and other similar expenses. Where can i file my 2010 taxes for free The basis of the animal sold is zero if the costs of raising it were deducted during the years the animal was being raised. Where can i file my 2010 taxes for free However, see Uniform Capitalization Rules in chapter 6. Where can i file my 2010 taxes for free Purchased livestock. Where can i file my 2010 taxes for free   The gross sales price minus your adjusted basis and any expenses of sale is the gain or loss. Where can i file my 2010 taxes for free Example. Where can i file my 2010 taxes for free A farmer sold a breeding cow on January 8, 2013, for $1,250. Where can i file my 2010 taxes for free Expenses of the sale were $125. Where can i file my 2010 taxes for free The cow was bought July 2, 2009, for $1,300. Where can i file my 2010 taxes for free Depreciation (not less than the amount allowable) was $867. Where can i file my 2010 taxes for free Gross sales price $1,250 Cost (basis) $1,300   Minus: Depreciation deduction 867   Unrecovered cost (adjusted basis) $ 433   Expense of sale 125 558 Gain realized $ 692 Converted Wetland and Highly Erodible Cropland Special rules apply to dispositions of land converted to farming use after March 1, 1986. Where can i file my 2010 taxes for free Any gain realized on the disposition of converted wetland or highly erodible cropland is treated as ordinary income. Where can i file my 2010 taxes for free Any loss on the disposition of such property is treated as a long-term capital loss. Where can i file my 2010 taxes for free Converted wetland. Where can i file my 2010 taxes for free   This is generally land that was drained or filled to make the production of agricultural commodities possible. Where can i file my 2010 taxes for free It includes converted wetland held by the person who originally converted it or held by any other person who used the converted wetland at any time after conversion for farming. Where can i file my 2010 taxes for free   A wetland (before conversion) is land that meets all the following conditions. Where can i file my 2010 taxes for free It is mostly soil that, in its undrained condition, is saturated, flooded, or ponded long enough during a growing season to develop an oxygen-deficient state that supports the growth and regeneration of plants growing in water. Where can i file my 2010 taxes for free It is saturated by surface or groundwater at a frequency and duration sufficient to support mostly plants that are adapted for life in saturated soil. Where can i file my 2010 taxes for free It supports, under normal circumstances, mostly plants that grow in saturated soil. Where can i file my 2010 taxes for free Highly erodible cropland. Where can i file my 2010 taxes for free   This is cropland subject to erosion that you used at any time for farming purposes other than grazing animals. Where can i file my 2010 taxes for free Generally, highly erodible cropland is land currently classified by the Department of Agriculture as Class IV, VI, VII, or VIII under its classification system. Where can i file my 2010 taxes for free Highly erodible cropland also includes land that would have an excessive average annual erosion rate in relation to the soil loss tolerance level, as determined by the Department of Agriculture. Where can i file my 2010 taxes for free Successor. Where can i file my 2010 taxes for free   Converted wetland or highly erodible cropland is also land held by any person whose basis in the land is figured by reference to the adjusted basis of a person in whose hands the property was converted wetland or highly erodible cropland. Where can i file my 2010 taxes for free Timber Standing timber you held as investment property is a capital asset. Where can i file my 2010 taxes for free Gain or loss from its sale is capital gain or loss reported on Form 8949 and Schedule D (Form 1040), as applicable. Where can i file my 2010 taxes for free If you held the timber primarily for sale to customers, it is not a capital asset. Where can i file my 2010 taxes for free Gain or loss on its sale is ordinary business income or loss. Where can i file my 2010 taxes for free It is reported on Schedule F, line 1 (purchased timber) or line 2 (raised timber). Where can i file my 2010 taxes for free See the Instructions for Schedule F (Form 1040). Where can i file my 2010 taxes for free Farmers who cut timber on their land and sell it as logs, firewood, or pulpwood usually have no cost or other basis for that timber. Where can i file my 2010 taxes for free Amounts realized from these sales, and the expenses incurred in cutting, hauling, etc. Where can i file my 2010 taxes for free , are ordinary farm income and expenses reported on Schedule F. Where can i file my 2010 taxes for free Different rules apply if you owned the timber longer than 1 year and elect to treat timber cutting as a sale or exchange or you enter into a cutting contract, discussed below. Where can i file my 2010 taxes for free Timber considered cut. Where can i file my 2010 taxes for free   Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. Where can i file my 2010 taxes for free This is true whether the timber is cut under contract or whether you cut it yourself. Where can i file my 2010 taxes for free Christmas trees. Where can i file my 2010 taxes for free   Evergreen trees, such as Christmas trees, that are more than 6 years old when severed from their roots and sold for ornamental purposes are included in the term timber. Where can i file my 2010 taxes for free They qualify for both rules discussed below. Where can i file my 2010 taxes for free Election to treat cutting as a sale or exchange. Where can i file my 2010 taxes for free   Under the general rule, the cutting of timber results in no gain or loss. Where can i file my 2010 taxes for free It is not until a sale or exchange occurs that gain or loss is realized. Where can i file my 2010 taxes for free But if you owned or had a contractual right to cut timber, you can elect to treat the cutting of timber as a section 1231 transaction in the year it is cut. Where can i file my 2010 taxes for free Even though the cut timber is not actually sold or exchanged, you report your gain or loss on the cutting for the year the timber is cut. Where can i file my 2010 taxes for free Any later sale results in ordinary business income or loss. Where can i file my 2010 taxes for free See the example below. Where can i file my 2010 taxes for free   To elect this treatment, you must: Own or hold a contractual right to cut the timber for a period of more than 1 year before it is cut, and Cut the timber for sale or use in your trade or business. Where can i file my 2010 taxes for free Making the election. Where can i file my 2010 taxes for free   You make the election on your return for the year the cutting takes place by including in income the gain or loss on the cutting and including a computation of your gain or loss. Where can i file my 2010 taxes for free You do not have to make the election in the first year you cut the timber. Where can i file my 2010 taxes for free You can make it in any year to which the election would apply. Where can i file my 2010 taxes for free If the timber is partnership property, the election is made on the partnership return. Where can i file my 2010 taxes for free This election cannot be made on an amended return. Where can i file my 2010 taxes for free   Once you have made the election, it remains in effect for all later years unless you revoke it. Where can i file my 2010 taxes for free Election under section 631(a) may be revoked. Where can i file my 2010 taxes for free   If you previously elected for any tax year ending before October 23, 2004, to treat the cutting of timber as a sale or exchange under section 631(a), you may revoke this election without the consent of the IRS for any tax year ending after October 22, 2004. Where can i file my 2010 taxes for free The prior election (and revocation) is disregarded for purposes of making a subsequent election. Where can i file my 2010 taxes for free See Form T (Timber), Forest Activities Schedule, for more information. Where can i file my 2010 taxes for free Gain or loss. Where can i file my 2010 taxes for free   Your gain or loss on the cutting of standing timber is the difference between its adjusted basis for depletion and its FMV on the first day of your tax year in which it is cut. Where can i file my 2010 taxes for free   Your adjusted basis for depletion of cut timber is based on the number of units (board feet, log scale, or other units) of timber cut during the tax year and considered to be sold or exchanged. Where can i file my 2010 taxes for free Your adjusted basis for depletion is also based on the depletion unit of timber in the account used for the cut timber, and should be figured in the same manner as shown in section 611 and Regulations section 1. Where can i file my 2010 taxes for free 611-3. Where can i file my 2010 taxes for free   Depletion of timber is discussed in chapter 7. Where can i file my 2010 taxes for free Example. Where can i file my 2010 taxes for free   In April 2013, you owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. Where can i file my 2010 taxes for free It had an adjusted basis for depletion of $40 per MBF. Where can i file my 2010 taxes for free You are a calendar year taxpayer. Where can i file my 2010 taxes for free On January 1, 2013, the timber had a FMV of $350 per MBF. Where can i file my 2010 taxes for free It was cut in April for sale. Where can i file my 2010 taxes for free On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. Where can i file my 2010 taxes for free You report the difference between the FMV and your adjusted basis for depletion as a gain. Where can i file my 2010 taxes for free This amount is reported on Form 4797 along with your other section 1231 gains and losses to figure whether it is treated as a capital gain or as ordinary gain. Where can i file my 2010 taxes for free You figure your gain as follows. Where can i file my 2010 taxes for free FMV of timber January 1, 2013 $1,400,000 Minus: Adjusted basis for depletion 160,000 Section 1231 gain $1,240,000   The FMV becomes your basis in the cut timber, and a later sale of the cut timber, including any by-product or tree tops, will result in ordinary business income or loss. Where can i file my 2010 taxes for free Outright sales of timber. Where can i file my 2010 taxes for free   Outright sales of timber by landowners qualify for capital gains treatment using rules similar to the rules for certain disposal of timber under a contract with retained economic interest (defined later). Where can i file my 2010 taxes for free However, for outright sales, the date of disposal is not deemed to be the date the timber is cut because the landowner can elect to treat the payment date as the date of disposal (see Date of disposal below). Where can i file my 2010 taxes for free Cutting contract. Where can i file my 2010 taxes for free   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. Where can i file my 2010 taxes for free You are the owner of the timber. Where can i file my 2010 taxes for free You held the timber longer than 1 year before its disposal. Where can i file my 2010 taxes for free You kept an economic interest in the timber. Where can i file my 2010 taxes for free   You have kept an economic interest in standing timber if, under the cutting contract, the expected return on your investment is conditioned on the cutting of the timber. Where can i file my 2010 taxes for free   The difference between the amount realized from the disposal of the timber and its adjusted basis for depletion is treated as gain or loss on its sale. Where can i file my 2010 taxes for free Include this amount on Form 4797 along with your other section 1231 gains or losses. Where can i file my 2010 taxes for free Date of disposal. Where can i file my 2010 taxes for free   The date of disposal is the date the timber is cut. Where can i file my 2010 taxes for free However, for outright sales by landowners or if you receive payment under the contract before the timber is cut, you can elect to treat the date of payment as the date of disposal. Where can i file my 2010 taxes for free   This election applies only to figure the holding period of the timber. Where can i file my 2010 taxes for free It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). Where can i file my 2010 taxes for free   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. Where can i file my 2010 taxes for free The statement must identify the advance payments subject to the election and the contract under which they were made. Where can i file my 2010 taxes for free   If you timely filed your return for the year you received payment without making the election, you can still make the election by filing an amended return within 6 months after the due date for that year's return (excluding extensions). Where can i file my 2010 taxes for free Attach the statement to the amended return and write “Filed pursuant to section 301. Where can i file my 2010 taxes for free 9100-2” at the top of the statement. Where can i file my 2010 taxes for free File the amended return at the same address the original return was filed. Where can i file my 2010 taxes for free Owner. Where can i file my 2010 taxes for free   An owner is any person who owns an interest in the timber, including a sublessor and the holder of a contract to cut the timber. Where can i file my 2010 taxes for free You own an interest in timber if you have the right to cut it for sale on your own account or for use in your business. Where can i file my 2010 taxes for free Tree stumps. Where can i file my 2010 taxes for free   Tree stumps are a capital asset if they are on land held by an investor who is not in the timber or stump business as a buyer, seller, or processor. Where can i file my 2010 taxes for free Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. Where can i file my 2010 taxes for free However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. Where can i file my 2010 taxes for free Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. Where can i file my 2010 taxes for free   See Form T (Timber) and its separate instructions for more information about dispositions of timber. Where can i file my 2010 taxes for free Sale of a Farm The sale of your farm will usually involve the sale of both nonbusiness property (your home) and business property (the land and buildings used in the farm operation and perhaps machinery and livestock). Where can i file my 2010 taxes for free If you have a gain from the sale, you may be allowed to exclude the gain on your home. Where can i file my 2010 taxes for free For more information, see Publication 523, Selling Your Home. Where can i file my 2010 taxes for free The gain on the sale of your business property is taxable. Where can i file my 2010 taxes for free A loss on the sale of your business property to an unrelated person is deducted as an ordinary loss. Where can i file my 2010 taxes for free Your taxable gain or loss on the sale of property used in your farm business is taxed under the rules for section 1231 transactions. Where can i file my 2010 taxes for free See chapter 9. Where can i file my 2010 taxes for free Losses from personal-use property, other than casualty or theft losses, are not deductible. Where can i file my 2010 taxes for free If you receive payments for your farm in installments, your gain is taxed over the period of years the payments are received, unless you elect not to use the installment method of reporting the gain. Where can i file my 2010 taxes for free See chapter 10 for information about installment sales. Where can i file my 2010 taxes for free When you sell your farm, the gain or loss on each asset is figured separately. Where can i file my 2010 taxes for free The tax treatment of gain or loss on the sale of each asset is determined by the classification of the asset. Where can i file my 2010 taxes for free Each of the assets sold must be classified as one of the following. Where can i file my 2010 taxes for free Capital asset held 1 year or less. Where can i file my 2010 taxes for free Capital asset held longer than 1 year. Where can i file my 2010 taxes for free Property (including real estate) used in your business and held 1 year or less (including draft, breeding, dairy, and sporting animals held less than the holding periods discussed earlier under Livestock ). Where can i file my 2010 taxes for free Property (including real estate) used in your business and held longer than 1 year (including only draft, breeding, dairy, and sporting animals held for the holding periods discussed earlier). Where can i file my 2010 taxes for free Property held primarily for sale or which is of the kind that would be included in inventory if on hand at the end of your tax year. Where can i file my 2010 taxes for free Allocation of consideration paid for a farm. Where can i file my 2010 taxes for free   The sale of a farm for a lump sum is considered a sale of each individual asset rather than a single asset. Where can i file my 2010 taxes for free The residual method is required only if the group of assets sold constitutes a trade or business. Where can i file my 2010 taxes for free This method determines gain or loss from the transfer of each asset. Where can i file my 2010 taxes for free It also determines the buyer's basis in the business assets. Where can i file my 2010 taxes for free For more information, see Sale of a Business in chapter 2 of Publication 544. Where can i file my 2010 taxes for free Property used in farm operation. Where can i file my 2010 taxes for free   The rules for excluding the gain on the sale of your home, described later under Sale of your home , do not apply to the property used for your farming business. Where can i file my 2010 taxes for free Recognized gains and losses on business property must be reported on your return for the year of the sale. Where can i file my 2010 taxes for free If the property was held longer than 1 year, it may qualify for section 1231 treatment (see chapter 9). Where can i file my 2010 taxes for free Example. Where can i file my 2010 taxes for free You sell your farm, including your main home, which you have owned since December 2001. Where can i file my 2010 taxes for free You realize gain on the sale as follows. Where can i file my 2010 taxes for free   Farm   Farm   With Home Without   Home Only Home Selling price $382,000 $158,000 $224,000 Cost (or other basis) 240,000 110,000 130,000 Gain $142,000 $48,000 $94,000 You must report the $94,000 gain from the sale of the property used in your farm business. Where can i file my 2010 taxes for free All or a part of that gain may have to be reported as ordinary income from the recapture of depreciation or soil and water conservation expenses. Where can i file my 2010 taxes for free Treat the balance as section 1231 gain. Where can i file my 2010 taxes for free The $48,000 gain from the sale of your home is not taxable as long as you meet the requirements explained later under Sale of your home . Where can i file my 2010 taxes for free Partial sale. Where can i file my 2010 taxes for free   If you sell only part of your farm, you must report any recognized gain or loss on the sale of that part on your tax return for the year of the sale. Where can i file my 2010 taxes for free You cannot wait until you have sold enough of the farm to recover its entire cost before reporting gain or loss. Where can i file my 2010 taxes for free For a detailed discussion on installment sales, see Publication 544. Where can i file my 2010 taxes for free Adjusted basis of the part sold. Where can i file my 2010 taxes for free   This is the properly allocated part of your original cost or other basis of the entire farm plus or minus necessary adjustments for improvements, depreciation, etc. Where can i file my 2010 taxes for free , on the part sold. Where can i file my 2010 taxes for free If your home is on the farm, you must properly adjust the basis to exclude those costs from your farm asset costs, as discussed below under Sale of your home . Where can i file my 2010 taxes for free Example. Where can i file my 2010 taxes for free You bought a 600-acre farm for $700,000. Where can i file my 2010 taxes for free The farm included land and buildings. Where can i file my 2010 taxes for free The purchase contract designated $600,000 of the purchase price to the land. Where can i file my 2010 taxes for free You later sold 60 acres of land on which you had installed a fence. Where can i file my 2010 taxes for free Your adjusted basis for the part of your farm sold is $60,000 (1/10 of $600,000), plus any unrecovered cost (cost not depreciated) of the fence on the 60 acres at the time of sale. Where can i file my 2010 taxes for free Use this amount to determine your gain or loss on the sale of the 60 acres. Where can i file my 2010 taxes for free Assessed values for local property taxes. Where can i file my 2010 taxes for free   If you paid a flat sum for the entire farm and no other facts are available for properly allocating your original cost or other basis between the land and the buildings, you can use the assessed values for local property taxes for the year of purchase to allocate the costs. Where can i file my 2010 taxes for free Example. Where can i file my 2010 taxes for free Assume that in the preceding example there was no breakdown of the $700,000 purchase price between land and buildings. Where can i file my 2010 taxes for free However, in the year of purchase, local taxes on the entire property were based on assessed valuations of $420,000 for land and $140,000 for improvements, or a total of $560,000. Where can i file my 2010 taxes for free The assessed valuation of the land is 3/4 (75%) of the total assessed valuation. Where can i file my 2010 taxes for free Multiply the $700,000 total purchase price by 75% to figure basis of $525,000 for the 600 acres of land. Where can i file my 2010 taxes for free The unadjusted basis of the 60 acres you sold would then be $52,500 (1/10 of $525,000). Where can i file my 2010 taxes for free Sale of your home. Where can i file my 2010 taxes for free   Your home is a capital asset and not property used in the trade or business of farming. Where can i file my 2010 taxes for free If you sell a farm that includes a house you and your family occupy, you must determine the part of the selling price and the part of the cost or other basis allocable to your home. Where can i file my 2010 taxes for free Your home includes the immediate surroundings and outbuildings relating to it that are not used for business purposes. Where can i file my 2010 taxes for free   If you use part of your home for business, you must make an appropriate adjustment to the basis for depreciation allowed or allowable. Where can i file my 2010 taxes for free For more information on basis, see chapter 6. Where can i file my 2010 taxes for free More information. Where can i file my 2010 taxes for free   For more information on selling your home, see Publication 523. Where can i file my 2010 taxes for free Gain from condemnation. Where can i file my 2010 taxes for free   If you have a gain from a condemnation or sale under threat of condemnation, you may use the preceding rules for excluding the gain, rather than the rules discussed under Postponing Gain in chapter 11. Where can i file my 2010 taxes for free However, any gain that cannot be excluded (because it is more than the limit) may be postponed under the rules discussed under Postponing Gain in chapter 11. Where can i file my 2010 taxes for free Foreclosure or Repossession If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Where can i file my 2010 taxes for free The foreclosure or repossession is treated as a sale or exchange from which you may realize gain or loss. Where can i file my 2010 taxes for free This is true even if you voluntarily return the property to the lender. Where can i file my 2010 taxes for free You may also realize ordinary income from cancellation of debt if the loan balance is more than the FMV of the property. Where can i file my 2010 taxes for free Buyer's (borrower's) gain or loss. Where can i file my 2010 taxes for free   You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale or exchange. Where can i file my 2010 taxes for free The gain or loss is the difference between your adjusted basis in the transferred property and the amount realized. Where can i file my 2010 taxes for free See Determining Gain or Loss , earlier. Where can i file my 2010 taxes for free Worksheet 8-1. Where can i file my 2010 taxes for free Worksheet for Foreclosures andRepossessions Part 1. Where can i file my 2010 taxes for free Use Part 1 to figure your ordinary income from the cancellation of debt upon foreclosure or repossession. Where can i file my 2010 taxes for free Complete this part only if you were personally liable for the debt. Where can i file my 2010 taxes for free Otherwise, go to Part 2. Where can i file my 2010 taxes for free   1. Where can i file my 2010 taxes for free Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable after the transfer of property   2. Where can i file my 2010 taxes for free Enter the Fair Market Value of the transferred property   3. Where can i file my 2010 taxes for free Ordinary income from cancellation of debt upon foreclosure or repossession. Where can i file my 2010 taxes for free * Subtract line 2 from line 1. Where can i file my 2010 taxes for free If zero or less, enter -0-   Part 2. Where can i file my 2010 taxes for free Figure your gain or loss from foreclosure or repossession. Where can i file my 2010 taxes for free   4. Where can i file my 2010 taxes for free If you completed Part 1, enter the smaller of line 1 or line 2. Where can i file my 2010 taxes for free If you did not complete Part 1, enter the outstanding debt immediately before the transfer of property   5. Where can i file my 2010 taxes for free Enter any proceeds you received from the foreclosure sale   6. Where can i file my 2010 taxes for free Add lines 4 and 5   7. Where can i file my 2010 taxes for free Enter the adjusted basis of the transferred property   8. Where can i file my 2010 taxes for free Gain or loss from foreclosure or repossession. Where can i file my 2010 taxes for free Subtract line 7  from line 6   * The income may not be taxable. Where can i file my 2010 taxes for free See Cancellation of debt . Where can i file my 2010 taxes for free    You can use Worksheet 8-1 to figure your gain or loss from a foreclosure or repossession. Where can i file my 2010 taxes for free Amount realized on a nonrecourse debt. Where can i file my 2010 taxes for free   If you are not personally liable for repaying the debt (nonrecourse debt) secured by the transferred property, the amount you realize includes the full amount of the debt canceled by the transfer. Where can i file my 2010 taxes for free The full canceled debt is included in the amount realized even if the fair market value of the property is less than the canceled debt. Where can i file my 2010 taxes for free Example 1. Where can i file my 2010 taxes for free Ann paid $200,000 for land used in her farming business. Where can i file my 2010 taxes for free She paid $15,000 down and borrowed the remaining $185,000 from a bank. Where can i file my 2010 taxes for free Ann is not personally liable for the loan (nonrecourse debt), but pledges the land as security. Where can i file my 2010 taxes for free The bank foreclosed on the loan 2 years after Ann stopped making payments. Where can i file my 2010 taxes for free When the bank foreclosed, the balance due on the loan was $180,000 and the FMV of the land was $170,000. Where can i file my 2010 taxes for free The amount Ann realized on the foreclosure was $180,000, the debt canceled by the foreclosure. Where can i file my 2010 taxes for free She figures her gain or loss on Form 4797, Part I, by comparing the amount realized ($180,000) with her adjusted basis ($200,000). Where can i file my 2010 taxes for free She has a $20,000 deductible loss. Where can i file my 2010 taxes for free Example 2. Where can i file my 2010 taxes for free Assume the same facts as in Example 1 except the FMV of the land was $210,000. Where can i file my 2010 taxes for free The result is the same. Where can i file my 2010 taxes for free The amount Ann realized on the foreclosure is $180,000, the debt canceled by the foreclosure. Where can i file my 2010 taxes for free Because her adjusted basis is $200,000, she has a deductible loss of $20,000, which she reports on Form 4797, Part I. Where can i file my 2010 taxes for free Amount realized on a recourse debt. Where can i file my 2010 taxes for free   If you are personally liable for the debt (recourse debt), the amount realized on the foreclosure or repossession includes the lesser of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The fair market value of the transferred property. Where can i file my 2010 taxes for free   You are treated as receiving ordinary income from the canceled debt for the part of the debt that is more than the fair market value. Where can i file my 2010 taxes for free The amount realized does not include the canceled debt that is your income from cancellation of debt. Where can i file my 2010 taxes for free See Cancellation of debt , later. Where can i file my 2010 taxes for free Example 3. Where can i file my 2010 taxes for free Assume the same facts as in Example 1 above except Ann is personally liable for the loan (recourse debt). Where can i file my 2010 taxes for free In this case, the amount she realizes is $170,000. Where can i file my 2010 taxes for free This is the canceled debt ($180,000) up to the FMV of the land ($170,000). Where can i file my 2010 taxes for free Ann figures her gain or loss on the foreclosure by comparing the amount realized ($170,000) with her adjusted basis ($200,000). Where can i file my 2010 taxes for free She has a $30,000 deductible loss, which she figures on Form 4797, Part I. Where can i file my 2010 taxes for free She is also treated as receiving ordinary income from cancellation of debt. Where can i file my 2010 taxes for free That income is $10,000 ($180,000 − $170,000). Where can i file my 2010 taxes for free This is the part of the canceled debt not included in the amount realized. Where can i file my 2010 taxes for free She reports this as other income on Schedule F, line 8. Where can i file my 2010 taxes for free Seller's (lender's) gain or loss on repossession. Where can i file my 2010 taxes for free   If you finance a buyer's purchase of property and later acquire an interest in it through foreclosure or repossession, you may have a gain or loss on the acquisition. Where can i file my 2010 taxes for free For more information, see Repossession in Publication 537, Installment Sales. Where can i file my 2010 taxes for free Cancellation of debt. Where can i file my 2010 taxes for free   If property that is repossessed or foreclosed upon secures a debt for which you are personally liable (recourse debt), you generally must report as ordinary income the amount by which the canceled debt is more than the FMV of the property. Where can i file my 2010 taxes for free This income is separate from any gain or loss realized from the foreclosure or repossession. Where can i file my 2010 taxes for free Report the income from cancellation of a business debt on Schedule F, line 8. Where can i file my 2010 taxes for free Report the income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. Where can i file my 2010 taxes for free    You can use Worksheet 8-1 to figure your income from cancellation of debt. Where can i file my 2010 taxes for free   However, income from cancellation of debt is not taxed if any of the following apply. Where can i file my 2010 taxes for free The cancellation is intended as a gift. Where can i file my 2010 taxes for free The debt is qualified farm debt (see chapter 3). Where can i file my 2010 taxes for free The debt is qualified real property business debt (see chapter 5 of Publication 334). Where can i file my 2010 taxes for free You are insolvent or bankrupt (see  chapter 3). Where can i file my 2010 taxes for free The debt is qualified principal residence indebtedness (see chapter 3). Where can i file my 2010 taxes for free   Use Form 982 to report the income exclusion. Where can i file my 2010 taxes for free Abandonment The abandonment of property is a disposition of property. Where can i file my 2010 taxes for free You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership, but without passing it on to anyone else. Where can i file my 2010 taxes for free Business or investment property. Where can i file my 2010 taxes for free   Loss from abandonment of business or investment property is deductible as a loss. Where can i file my 2010 taxes for free Loss from abandonment of business or investment property that is not treated as a sale or exchange generally is an ordinary loss. Where can i file my 2010 taxes for free If your adjusted basis is more than the amount you realize (if any), then you have a loss. Where can i file my 2010 taxes for free If the amount you realize (if any) is more than your adjusted basis, then you have a gain. Where can i file my 2010 taxes for free This rule also applies to leasehold improvements the lessor made for the lessee. Where can i file my 2010 taxes for free However, if the property is foreclosed on or repossessed in lieu of abandonment, gain or loss is figured as discussed earlier under Foreclosure or Repossession . Where can i file my 2010 taxes for free   If the abandoned property is secured by debt, special rules apply. Where can i file my 2010 taxes for free The tax consequences of abandonment of property that secures a debt depend on whether you are personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). Where can i file my 2010 taxes for free For more information, see chapter 3 of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). Where can i file my 2010 taxes for free The abandonment loss is deducted in the tax year in which the loss is sustained. Where can i file my 2010 taxes for free Report the loss on Form 4797, Part II, line 10. Where can i file my 2010 taxes for free Personal-use property. Where can i file my 2010 taxes for free   You cannot deduct any loss from abandonment of your home or other property held for personal use. Where can i file my 2010 taxes for free Canceled debt. Where can i file my 2010 taxes for free   If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. Where can i file my 2010 taxes for free This income is separate from any loss realized from abandonment of the property. Where can i file my 2010 taxes for free Report income from cancellation of a debt related to a business or rental activity as business or rental income. Where can i file my 2010 taxes for free Report income from cancellation of a nonbusiness debt as miscellaneous income on Form 1040. Where can i file my 2010 taxes for free   However, income from cancellation of debt is not taxed in certain circumstances. Where can i file my 2010 taxes for free See Cancellation of debt earlier under Foreclosure or Repossession . Where can i file my 2010 taxes for free Forms 1099-A and 1099-C. Where can i file my 2010 taxes for free   A lender who acquires an interest in your property in a foreclosure, repossession, or abandonment should send you Form 1099-A showing the information you need to figure your loss from the foreclosure, repossession, or abandonment. Where can i file my 2010 taxes for free However, if the lender cancels part of your debt and the lender must file Form 1099-C, the lender may include the information about the foreclosure, repossession, or abandonment on that form instead of Form 1099-A. Where can i file my 2010 taxes for free The lender must file Form 1099-C and send you a copy if the canceled debt is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Where can i file my 2010 taxes for free For foreclosures, repossessions, abandonments of property, and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Where can i file my 2010 taxes for free Prev  Up  Next   Home   More Online Publications