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Where To File My 2011 Tax Return

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Where To File My 2011 Tax Return

Where to file my 2011 tax return Publication 537 - Main Content Table of Contents What Is an Installment Sale?Special rule. Where to file my 2011 tax return General RulesFiguring Installment Sale Income Reporting Installment Sale Income Other RulesElecting Out of the Installment Method Payments Received or Considered Received Escrow Account Depreciation Recapture Income Sale to a Related Person Like-Kind Exchange Contingent Payment Sale Single Sale of Several Assets Sale of a Business Unstated Interest and Original Issue Discount (OID) Disposition of an Installment Obligation Repossession Interest on Deferred Tax Reporting an Installment SaleRelated person. Where to file my 2011 tax return Several assets. Where to file my 2011 tax return Special situations. Where to file my 2011 tax return Schedule D (Form 1040). Where to file my 2011 tax return Form 4797. Where to file my 2011 tax return How To Get Tax Help What Is an Installment Sale? An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Where to file my 2011 tax return The rules for installment sales do not apply if you elect not to use the installment method (see Electing Out of the Installment Method under Other Rules, later) or the transaction is one for which the installment method may not apply. Where to file my 2011 tax return The installment sales method cannot be used for the following. Where to file my 2011 tax return Sale of inventory. Where to file my 2011 tax return   The regular sale of inventory of personal property does not qualify as an installment sale even if you receive a payment after the year of sale. Where to file my 2011 tax return See Sale of a Business under Other Rules, later. Where to file my 2011 tax return Dealer sales. Where to file my 2011 tax return   Sales of personal property by a person who regularly sells or otherwise disposes of the same type of personal property on the installment plan are not installment sales. Where to file my 2011 tax return This rule also applies to real property held for sale to customers in the ordinary course of a trade or business. Where to file my 2011 tax return However, the rule does not apply to an installment sale of property used or produced in farming. Where to file my 2011 tax return Special rule. Where to file my 2011 tax return   Dealers of time-shares and residential lots can treat certain sales as installment sales and report them under the installment method if they elect to pay a special interest charge. Where to file my 2011 tax return For more information, see section 453(l). Where to file my 2011 tax return Stock or securities. Where to file my 2011 tax return   You cannot use the installment method to report gain from the sale of stock or securities traded on an established securities market. Where to file my 2011 tax return You must report the entire gain on the sale in the year in which the trade date falls. Where to file my 2011 tax return Installment obligation. Where to file my 2011 tax return   The buyer's obligation to make future payments to you can be in the form of a deed of trust, note, land contract, mortgage, or other evidence of the buyer's debt to you. Where to file my 2011 tax return General Rules If a sale qualifies as an installment sale, the gain must be reported under the installment method unless you elect out of using the installment method. Where to file my 2011 tax return See Electing Out of the Installment Method under Other Rules, later, for information on recognizing the entire gain in the year of sale. Where to file my 2011 tax return Sale at a loss. Where to file my 2011 tax return   If your sale results in a loss, you cannot use the installment method. Where to file my 2011 tax return If the loss is on an installment sale of business or investment property, you can deduct it only in the tax year of sale. Where to file my 2011 tax return Unstated interest. Where to file my 2011 tax return   If your sale calls for payments in a later year and the sales contract provides for little or no interest, you may have to figure unstated interest, even if you have a loss. Where to file my 2011 tax return See Unstated Interest and Original Issue Discount (OID) under Other Rules, later. Where to file my 2011 tax return Figuring Installment Sale Income You can use the following discussions or Form 6252 to help you determine gross profit, contract price, gross profit percentage, and installment sale income. Where to file my 2011 tax return Each payment on an installment sale usually consists of the following three parts. Where to file my 2011 tax return Interest income. Where to file my 2011 tax return Return of your adjusted basis in the property. Where to file my 2011 tax return Gain on the sale. Where to file my 2011 tax return In each year you receive a payment, you must include in income both the interest part and the part that is your gain on the sale. Where to file my 2011 tax return You do not include in income the part that is the return of your basis in the property. Where to file my 2011 tax return Basis is the amount of your investment in the property for installment sale purposes. Where to file my 2011 tax return Interest Income You must report interest as ordinary income. Where to file my 2011 tax return Interest is generally not included in a down payment. Where to file my 2011 tax return However, you may have to treat part of each later payment as interest, even if it is not called interest in your agreement with the buyer. Where to file my 2011 tax return Interest provided in the agreement is called stated interest. Where to file my 2011 tax return If the agreement does not provide for enough stated interest, there may be unstated interest or original issue discount. Where to file my 2011 tax return See Unstated Interest and Original Issue Discount (OID) under Other Rules, later. Where to file my 2011 tax return Adjusted Basis and Installment Sale Income (Gain on Sale) After you have determined how much of each payment to treat as interest, you treat the rest of each payment as if it were made up of two parts. Where to file my 2011 tax return A tax-free return of your adjusted basis in the property, and Your gain (referred to as installment sale income on Form 6252). Where to file my 2011 tax return Figuring adjusted basis for installment sale purposes. Where to file my 2011 tax return   You can use Worksheet A to figure your adjusted basis in the property for installment sale purposes. Where to file my 2011 tax return When you have completed the worksheet, you will also have determined the gross profit percentage necessary to figure your installment sale income (gain) for this year. Where to file my 2011 tax return Worksheet A. Where to file my 2011 tax return Figuring Adjusted Basis and Gross Profit Percentage 1. Where to file my 2011 tax return Enter the selling price for the property   2. Where to file my 2011 tax return Enter your adjusted basis for the property     3. Where to file my 2011 tax return Enter your selling expenses     4. Where to file my 2011 tax return Enter any depreciation recapture     5. Where to file my 2011 tax return Add lines 2, 3, and 4. Where to file my 2011 tax return  This is your adjusted basis for installment sale purposes   6. Where to file my 2011 tax return Subtract line 5 from line 1. Where to file my 2011 tax return If zero or less, enter -0-. Where to file my 2011 tax return  This is your gross profit     If the amount entered on line 6 is zero, stop here. Where to file my 2011 tax return You cannot use the installment method. Where to file my 2011 tax return   7. Where to file my 2011 tax return Enter the contract price for the property   8. Where to file my 2011 tax return Divide line 6 by line 7. Where to file my 2011 tax return This is your gross profit percentage   Selling price. Where to file my 2011 tax return   The selling price is the total cost of the property to the buyer and includes any of the following. Where to file my 2011 tax return Any money you are to receive. Where to file my 2011 tax return The fair market value (FMV) of any property you are to receive (FMV is discussed in Property Used As a Payment under Other Rules, later). Where to file my 2011 tax return Any existing mortgage or other debt the buyer pays, assumes, or takes (a note, mortgage, or any other liability, such as a lien, accrued interest, or taxes you owe on the property). Where to file my 2011 tax return Any of your selling expenses the buyer pays. Where to file my 2011 tax return   Do not include stated interest, unstated interest, any amount recomputed or recharacterized as interest, or original issue discount. Where to file my 2011 tax return Adjusted basis for installment sale purposes. Where to file my 2011 tax return   Your adjusted basis is the total of the following three items. Where to file my 2011 tax return Adjusted basis. Where to file my 2011 tax return Selling expenses. Where to file my 2011 tax return Depreciation recapture. Where to file my 2011 tax return Adjusted basis. Where to file my 2011 tax return   Basis is your investment in the property for installment sale purposes. Where to file my 2011 tax return The way you figure basis depends on how you acquire the property. Where to file my 2011 tax return The basis of property you buy is generally its cost. Where to file my 2011 tax return The basis of property you inherit, receive as a gift, build yourself, or receive in a tax-free exchange is figured differently. Where to file my 2011 tax return   While you own property, various events may change your original basis. Where to file my 2011 tax return Some events, such as adding rooms or making permanent improvements, increase basis. Where to file my 2011 tax return Others, such as deductible casualty losses or depreciation previously allowed or allowable, decrease basis. Where to file my 2011 tax return The result is adjusted basis. Where to file my 2011 tax return   For more information on how to figure basis and adjusted basis, see Publication 551. Where to file my 2011 tax return For more information regarding your basis in property you inherited from someone who died in 2010 and whose executor filed Form 8939, Allocation of Increase In Basis for Property Acquired From a Decedent, see Publication 4895. Where to file my 2011 tax return Selling expenses. Where to file my 2011 tax return   Selling expenses relate to the sale of the property. Where to file my 2011 tax return They include commissions, attorney fees, and any other expenses paid on the sale. Where to file my 2011 tax return Selling expenses are added to the basis of the sold property. Where to file my 2011 tax return Depreciation recapture. Where to file my 2011 tax return   If the property you sold was depreciable property, you may need to recapture part of the gain on the sale as ordinary income. Where to file my 2011 tax return See Depreciation Recapture Income under Other Rules, later. Where to file my 2011 tax return Gross profit. Where to file my 2011 tax return   Gross profit is the total gain you report on the installment method. Where to file my 2011 tax return   To figure your gross profit, subtract your adjusted basis for installment sale purposes from the selling price. Where to file my 2011 tax return If the property you sold was your home, subtract from the gross profit any gain you can exclude. Where to file my 2011 tax return See Sale of Your Home , later, under Reporting Installment Sale Income. Where to file my 2011 tax return Contract price. Where to file my 2011 tax return   Contract price equals: The selling price, minus The mortgages, debts, and other liabilities assumed or taken by the buyer, plus The amount by which the mortgages, debts, and other liabilities assumed or taken by the buyer exceed your adjusted basis for installment sale purposes. Where to file my 2011 tax return Gross profit percentage. Where to file my 2011 tax return   A certain percentage of each payment (after subtracting interest) is reported as installment sale income. Where to file my 2011 tax return This percentage is called the gross profit percentage and is figured by dividing your gross profit from the sale by the contract price. Where to file my 2011 tax return   The gross profit percentage generally remains the same for each payment you receive. Where to file my 2011 tax return However, see the Example under Selling Price Reduced, later, for a situation where the gross profit percentage changes. Where to file my 2011 tax return Example. Where to file my 2011 tax return You sell property at a contract price of $6,000 and your gross profit is $1,500. Where to file my 2011 tax return Your gross profit percentage is 25% ($1,500 ÷ $6,000). Where to file my 2011 tax return After subtracting interest, you report 25% of each payment, including the down payment, as installment sale income from the sale for the tax year you receive the payment. Where to file my 2011 tax return The remainder (balance) of each payment is the tax-free return of your adjusted basis. Where to file my 2011 tax return Amount to report as installment sale income. Where to file my 2011 tax return   Multiply the payments you receive each year (less interest) by the gross profit percentage. Where to file my 2011 tax return The result is your installment sale income for the tax year. Where to file my 2011 tax return In certain circumstances, you may be treated as having received a payment, even though you received nothing directly. Where to file my 2011 tax return A receipt of property or the assumption of a mortgage on the property sold may be treated as a payment. Where to file my 2011 tax return For a detailed discussion, see Payments Received or Considered Received under Other Rules, later. Where to file my 2011 tax return Selling Price Reduced If the selling price is reduced at a later date, the gross profit on the sale also will change. Where to file my 2011 tax return You then must refigure the gross profit percentage for the remaining payments. Where to file my 2011 tax return Refigure your gross profit using Worksheet B. Where to file my 2011 tax return You will spread any remaining gain over future installments. Where to file my 2011 tax return Worksheet B. Where to file my 2011 tax return New Gross Profit Percentage — Selling Price Reduced 1. Where to file my 2011 tax return Enter the reduced selling  price for the property   2. Where to file my 2011 tax return Enter your adjusted  basis for the  property     3. Where to file my 2011 tax return Enter your selling  expenses     4. Where to file my 2011 tax return Enter any depreciation  recapture     5. Where to file my 2011 tax return Add lines 2, 3, and 4. Where to file my 2011 tax return   6. Where to file my 2011 tax return Subtract line 5 from line 1. Where to file my 2011 tax return  This is your adjusted  gross profit   7. Where to file my 2011 tax return Enter any installment sale  income reported in  prior year(s)   8. Where to file my 2011 tax return Subtract line 7 from line 6   9. Where to file my 2011 tax return Future installments   10. Where to file my 2011 tax return Divide line 8 by line 9. Where to file my 2011 tax return  This is your new gross profit percentage*   * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. Where to file my 2011 tax return Example. Where to file my 2011 tax return In 2011, you sold land with a basis of $40,000 for $100,000. Where to file my 2011 tax return Your gross profit was $60,000. Where to file my 2011 tax return You received a $20,000 down payment and the buyer's note for $80,000. Where to file my 2011 tax return The note provides for four annual payments of $20,000 each, plus 8% interest, beginning in 2012. Where to file my 2011 tax return Your gross profit percentage is 60%. Where to file my 2011 tax return You reported a gain of $12,000 on each payment received in 2011 and 2012. Where to file my 2011 tax return In 2013, you and the buyer agreed to reduce the purchase price to $85,000 and payments during 2013, 2014, and 2015 are reduced to $15,000 for each year. Where to file my 2011 tax return The new gross profit percentage, 46. Where to file my 2011 tax return 67%, is figured on Example—Worksheet B. Where to file my 2011 tax return You will report a gain of $7,000 (46. Where to file my 2011 tax return 67% of $15,000) on each of the $15,000 installments due in 2013, 2014, and 2015. Where to file my 2011 tax return Example — Worksheet B. Where to file my 2011 tax return New Gross Profit Percentage — Selling Price Reduced 1. Where to file my 2011 tax return Enter the reduced selling  price for the property 85,000 2. Where to file my 2011 tax return Enter your adjusted  basis for the  property 40,000   3. Where to file my 2011 tax return Enter your selling  expenses -0-   4. Where to file my 2011 tax return Enter any depreciation  recapture -0-   5. Where to file my 2011 tax return Add lines 2, 3, and 4. Where to file my 2011 tax return 40,000 6. Where to file my 2011 tax return Subtract line 5 from line 1. Where to file my 2011 tax return  This is your adjusted  gross profit 45,000 7. Where to file my 2011 tax return Enter any installment sale  income reported in  prior year(s) 24,000 8. Where to file my 2011 tax return Subtract line 7 from line 6 21,000 9. Where to file my 2011 tax return Future installments 45,000 10. Where to file my 2011 tax return Divide line 8 by line 9. Where to file my 2011 tax return  This is your new gross profit percentage* 46. Where to file my 2011 tax return 67% * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. Where to file my 2011 tax return Reporting Installment Sale Income Generally, you will use Form 6252 to report installment sale income from casual sales of real or personal property during the tax year. Where to file my 2011 tax return You also will have to report the installment sale income on Schedule D (Form 1040), Capital Gains and Losses, or Form 4797, or both. Where to file my 2011 tax return See Schedule D (Form 1040) and Form 4797 , later. Where to file my 2011 tax return If the property was your main home, you may be able to exclude part or all of the gain. Where to file my 2011 tax return See Sale of Your Home , later. Where to file my 2011 tax return Form 6252 Use Form 6252 to report an installment sale in the year it takes place and to report payments received, or considered received because of related party resales, in later years. Where to file my 2011 tax return Attach it to your tax return for each year. Where to file my 2011 tax return Form 6252 will help you determine the gross profit, contract price, gross profit percentage, and installment sale income. Where to file my 2011 tax return Which parts to complete. Where to file my 2011 tax return   Which part to complete depends on whether you are filing the form for the year of sale or a later year. Where to file my 2011 tax return Year of sale. Where to file my 2011 tax return   Complete lines 1 through 4, Part I, and Part II. Where to file my 2011 tax return If you sold property to a related party during the year, also complete Part III. Where to file my 2011 tax return Later years. Where to file my 2011 tax return   Complete lines 1 through 4 and Part II for any year in which you receive a payment from an installment sale. Where to file my 2011 tax return   If you sold a marketable security to a related party after May 14, 1980, and before January 1, 1987, complete Form 6252 for each year of the installment agreement, even if you did not receive a payment. Where to file my 2011 tax return (After December 31, 1986, the installment method is not available for the sale of marketable securities. Where to file my 2011 tax return ) Complete lines 1 through 4 and Part II for any year in which you receive a payment from the sale. Where to file my 2011 tax return Complete Part III unless you received the final payment during the tax year. Where to file my 2011 tax return   If you sold property other than a marketable security to a related party after May 14, 1980, complete Form 6252 for the year of sale and for 2 years after the year of sale, even if you did not receive a payment. Where to file my 2011 tax return Complete lines 1 through 4 and Part II for any year during this 2-year period in which you receive a payment from the sale. Where to file my 2011 tax return Complete Part III for the 2 years after the year of sale unless you received the final payment during the tax year. Where to file my 2011 tax return Schedule D (Form 1040) Enter the gain figured on Form 6252 (line 26) for personal-use property (capital assets) on Schedule D (Form 1040), as a short-term gain (line 4) or long-term gain (line 11). Where to file my 2011 tax return If your gain from the installment sale qualifies for long-term capital gain treatment in the year of sale, it will continue to qualify in later tax years. Where to file my 2011 tax return Your gain is long-term if you owned the property for more than 1 year when you sold it. Where to file my 2011 tax return Form 4797 An installment sale of property used in your business or that earns rent or royalty income may result in a capital gain, an ordinary gain, or both. Where to file my 2011 tax return All or part of any gain from the disposition of the property may be ordinary gain from depreciation recapture. Where to file my 2011 tax return For trade or business property held for more than 1 year, enter the amount from line 26 of Form 6252 on Form 4797, line 4. Where to file my 2011 tax return If the property was held 1 year or less or you have an ordinary gain from the sale of a noncapital asset (even if the holding period is more than 1 year), enter this amount on Form 4797, line 10, and write “From Form 6252. Where to file my 2011 tax return ” Sale of Your Home If you sell your home, you may be able to exclude all or part of the gain on the sale. Where to file my 2011 tax return See Publication 523 for information about excluding the gain. Where to file my 2011 tax return If the sale is an installment sale, any gain you exclude is not included in gross profit when figuring your gross profit percentage. Where to file my 2011 tax return Seller-financed mortgage. Where to file my 2011 tax return   If you finance the sale of your home to an individual, both you and the buyer may have to follow special reporting procedures. Where to file my 2011 tax return   When you report interest income received from a buyer who uses the property as a personal residence, write the buyer's name, address, and social security number (SSN) on line 1 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Where to file my 2011 tax return   When deducting the mortgage interest, the buyer must write your name, address, and SSN on line 11 of Schedule A (Form 1040), Itemized Deductions. Where to file my 2011 tax return   If either person fails to include the other person's SSN, a $50 penalty will be assessed. Where to file my 2011 tax return Other Rules The rules discussed in this part of the publication apply only in certain circumstances or to certain types of property. Where to file my 2011 tax return The following topics are discussed. Where to file my 2011 tax return Electing out of the installment method. Where to file my 2011 tax return Payments received or considered received. Where to file my 2011 tax return Escrow account. Where to file my 2011 tax return Depreciation recapture income. Where to file my 2011 tax return Sale to a related person. Where to file my 2011 tax return Like-kind exchange. Where to file my 2011 tax return Contingent payment sale. Where to file my 2011 tax return Single sale of several assets. Where to file my 2011 tax return Sale of a business. Where to file my 2011 tax return Unstated interest and original issue discount. Where to file my 2011 tax return Disposition of an installment obligation. Where to file my 2011 tax return Repossession. Where to file my 2011 tax return Interest on deferred tax. Where to file my 2011 tax return Electing Out of the Installment Method If you elect not to use the installment method, you generally report the entire gain in the year of sale, even though you do not receive all the sale proceeds in that year. Where to file my 2011 tax return To figure the amount of gain to report, use the fair market value (FMV) of the buyer's installment obligation that represents the buyer's debt to you. Where to file my 2011 tax return Notes, mortgages, and land contracts are examples of obligations that are included at FMV. Where to file my 2011 tax return You must figure the FMV of the buyer's installment obligation, whether or not you would actually be able to sell it. Where to file my 2011 tax return If you use the cash method of accounting, the FMV of the obligation will never be considered to be less than the FMV of the property sold (minus any other consideration received). Where to file my 2011 tax return Example. Where to file my 2011 tax return You sold a parcel of land for $50,000. Where to file my 2011 tax return You received a $10,000 down payment and will receive the balance over the next 10 years at $4,000 a year, plus 8% interest. Where to file my 2011 tax return The buyer gave you a note for $40,000. Where to file my 2011 tax return The note had an FMV of $40,000. Where to file my 2011 tax return You paid a commission of 6%, or $3,000, to a broker for negotiating the sale. Where to file my 2011 tax return The land cost $25,000, and you owned it for more than one year. Where to file my 2011 tax return You decide to elect out of the installment method and report the entire gain in the year of sale. Where to file my 2011 tax return Gain realized:     Selling price $50,000 Minus: Property's adj. Where to file my 2011 tax return basis $25,000     Commission 3,000 28,000 Gain realized $22,000 Gain recognized in year of sale:   Cash $10,000 Market value of note 40,000 Total realized in year of sale $50,000 Minus: Property's adj. Where to file my 2011 tax return basis $25,000     Commission 3,000 28,000 Gain recognized $22,000 The recognized gain of $22,000 is long-term capital gain. Where to file my 2011 tax return You include the entire gain in income in the year of sale, so you do not include in income any principal payments you receive in later tax years. Where to file my 2011 tax return The interest on the note is ordinary income and is reported as interest income each year. Where to file my 2011 tax return How to elect out. Where to file my 2011 tax return   To make this election, do not report your sale on Form 6252. Where to file my 2011 tax return Instead, report it on Form 8949, Sales and Other Dispositions of Capital Assets, Form 4797, or both. Where to file my 2011 tax return When to elect out. Where to file my 2011 tax return   Make this election by the due date, including extensions, for filing your tax return for the year the sale takes place. Where to file my 2011 tax return Automatic six-month extension. Where to file my 2011 tax return   If you timely file your tax return without making the election, you still can make the election by filing an amended return within 6 months of the due date of your return (excluding extensions). Where to file my 2011 tax return Write “Filed pursuant to section 301. Where to file my 2011 tax return 9100-2” at the top of the amended return and file it where the original return was filed. Where to file my 2011 tax return Revoking the election. Where to file my 2011 tax return   Once made, the election can be revoked only with IRS approval. Where to file my 2011 tax return A revocation is retroactive. Where to file my 2011 tax return You will not be allowed to revoke the election if either of the following applies. Where to file my 2011 tax return One of the purposes is to avoid federal income tax. Where to file my 2011 tax return The tax year in which any payment was received has closed. Where to file my 2011 tax return Payments Received or Considered Received You must figure your gain each year on the payments you receive, or are treated as receiving, from an installment sale. Where to file my 2011 tax return In certain situations, you are considered to have received a payment, even though the buyer does not pay you directly. Where to file my 2011 tax return These situations occur when the buyer assumes or pays any of your debts, such as a loan, or pays any of your expenses, such as a sales commission. Where to file my 2011 tax return However, as discussed later, the buyer's assumption of your debt is treated as a recovery of your basis rather than as a payment in many cases. Where to file my 2011 tax return Buyer Pays Seller's Expenses If the buyer pays any of your expenses related to the sale of your property, it is considered a payment to you in the year of sale. Where to file my 2011 tax return Include these expenses in the selling and contract prices when figuring the gross profit percentage. Where to file my 2011 tax return Buyer Assumes Mortgage If the buyer assumes or pays off your mortgage, or otherwise takes the property subject to the mortgage, the following rules apply. Where to file my 2011 tax return Mortgage not more than basis. Where to file my 2011 tax return   If the buyer assumes a mortgage that is not more than your installment sale basis in the property, it is not considered a payment to you. Where to file my 2011 tax return It is considered a recovery of your basis. Where to file my 2011 tax return The contract price is the selling price minus the mortgage. Where to file my 2011 tax return Example. Where to file my 2011 tax return You sell property with an adjusted basis of $19,000. Where to file my 2011 tax return You have selling expenses of $1,000. Where to file my 2011 tax return The buyer assumes your existing mortgage of $15,000 and agrees to pay you $10,000 (a cash down payment of $2,000 and $2,000 (plus 12% interest) in each of the next 4 years). Where to file my 2011 tax return The selling price is $25,000 ($15,000 + $10,000). Where to file my 2011 tax return Your gross profit is $5,000 ($25,000 − $20,000 installment sale basis). Where to file my 2011 tax return The contract price is $10,000 ($25,000 − $15,000 mortgage). Where to file my 2011 tax return Your gross profit percentage is 50% ($5,000 ÷ $10,000). Where to file my 2011 tax return You report half of each $2,000 payment received as gain from the sale. Where to file my 2011 tax return You also report all interest you receive as ordinary income. Where to file my 2011 tax return Mortgage more than basis. Where to file my 2011 tax return   If the buyer assumes a mortgage that is more than your installment sale basis in the property, you recover your entire basis. Where to file my 2011 tax return The part of the mortgage greater than your basis is treated as a payment received in the year of sale. Where to file my 2011 tax return   To figure the contract price, subtract the mortgage from the selling price. Where to file my 2011 tax return This is the total amount (other than interest) you will receive directly from the buyer. Where to file my 2011 tax return Add to this amount the payment you are considered to have received (the difference between the mortgage and your installment sale basis). Where to file my 2011 tax return The contract price is then the same as your gross profit from the sale. Where to file my 2011 tax return    If the mortgage the buyer assumes is equal to or more than your installment sale basis, the gross profit percentage always will be 100%. Where to file my 2011 tax return Example. Where to file my 2011 tax return The selling price for your property is $9,000. Where to file my 2011 tax return The buyer will pay you $1,000 annually (plus 8% interest) over the next 3 years and assume an existing mortgage of $6,000. Where to file my 2011 tax return Your adjusted basis in the property is $4,400. Where to file my 2011 tax return You have selling expenses of $600, for a total installment sale basis of $5,000. Where to file my 2011 tax return The part of the mortgage that is more than your installment sale basis is $1,000 ($6,000 − $5,000). Where to file my 2011 tax return This amount is included in the contract price and treated as a payment received in the year of sale. Where to file my 2011 tax return The contract price is $4,000: Selling price $9,000 Minus: Mortgage (6,000) Amount actually received $3,000 Add difference:   Mortgage $6,000   Minus: Installment sale basis 5,000 1,000 Contract price $4,000       Your gross profit on the sale is also $4,000: Selling price $9,000 Minus: Installment sale basis (5,000) Gross profit $4,000 Your gross profit percentage is 100%. Where to file my 2011 tax return Report 100% of each payment (less interest) as gain from the sale. Where to file my 2011 tax return Treat the $1,000 difference between the mortgage and your installment sale basis as a payment and report 100% of it as gain in the year of sale. Where to file my 2011 tax return Mortgage Canceled If the buyer of your property is the person who holds the mortgage on it, your debt is canceled, not assumed. Where to file my 2011 tax return You are considered to receive a payment equal to the outstanding canceled debt. Where to file my 2011 tax return Example. Where to file my 2011 tax return Mary Jones loaned you $45,000 in 2009 in exchange for a note and a mortgage in a tract of land you owned. Where to file my 2011 tax return On April 4, 2013, she bought the land for $70,000. Where to file my 2011 tax return At that time, $30,000 of her loan to you was outstanding. Where to file my 2011 tax return She agreed to forgive this $30,000 debt and to pay you $20,000 (plus interest) on August 1, 2013, and $20,000 on August 1, 2014. Where to file my 2011 tax return She did not assume an existing mortgage. Where to file my 2011 tax return She canceled the $30,000 debt you owed her. Where to file my 2011 tax return You are considered to have received a $30,000 payment at the time of the sale. Where to file my 2011 tax return Buyer Assumes Other Debts If the buyer assumes any other debts, such as a loan or back taxes, it may be considered a payment to you in the year of sale. Where to file my 2011 tax return If the buyer assumes the debt instead of paying it off, only part of it may have to be treated as a payment. Where to file my 2011 tax return Compare the debt to your installment sale basis in the property being sold. Where to file my 2011 tax return If the debt is less than your installment sale basis, none of it is treated as a payment. Where to file my 2011 tax return If it is more, only the difference is treated as a payment. Where to file my 2011 tax return If the buyer assumes more than one debt, any part of the total that is more than your installment sale basis is considered a payment. Where to file my 2011 tax return These rules are the same as the rules discussed earlier under Buyer Assumes Mortgage . Where to file my 2011 tax return However, they apply only to the following types of debt the buyer assumes. Where to file my 2011 tax return Those acquired from ownership of the property you are selling, such as a mortgage, lien, overdue interest, or back taxes. Where to file my 2011 tax return Those acquired in the ordinary course of your business, such as a balance due for inventory you purchased. Where to file my 2011 tax return If the buyer assumes any other type of debt, such as a personal loan or your legal fees relating to the sale, it is treated as if the buyer had paid off the debt at the time of the sale. Where to file my 2011 tax return The value of the assumed debt is then considered a payment to you in the year of sale. Where to file my 2011 tax return Property Used As a Payment If you receive property other than money from the buyer, it is still considered a payment in the year received. Where to file my 2011 tax return However, see Like-Kind Exchange , later. Where to file my 2011 tax return Generally, the amount of the payment is the property's FMV on the date you receive it. Where to file my 2011 tax return Exception. Where to file my 2011 tax return   If the property the buyer gives you is payable on demand or readily tradable, the amount you should consider as payment in the year received is: The FMV of the property on the date you receive it if you use the cash method of accounting, The face amount of the obligation on the date you receive it if you use the accrual method of accounting, or The stated redemption price at maturity less any original issue discount (OID) or, if there is no OID, the stated redemption price at maturity appropriately discounted to reflect total unstated interest. Where to file my 2011 tax return See Unstated Interest and Original Issue Discount (OID) , later. Where to file my 2011 tax return Debt not payable on demand. Where to file my 2011 tax return   Any evidence of debt you receive from the buyer not payable on demand is not considered a payment. Where to file my 2011 tax return This is true even if the debt is guaranteed by a third party, including a government agency. Where to file my 2011 tax return Fair market value (FMV). Where to file my 2011 tax return   This is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having a reasonable knowledge of all the necessary facts. Where to file my 2011 tax return Third-party note. Where to file my 2011 tax return   If the property the buyer gives you is a third-party note (or other obligation of a third party), you are considered to have received a payment equal to the note's FMV. Where to file my 2011 tax return Because the FMV of the note is itself a payment on your installment sale, any payments you later receive from the third party are not considered payments on the sale. Where to file my 2011 tax return The excess of the note's face value over its FMV is interest. Where to file my 2011 tax return Exclude this interest in determining the selling price of the property. Where to file my 2011 tax return However, see Exception under Property Used As a Payment, earlier. Where to file my 2011 tax return Example. Where to file my 2011 tax return You sold real estate in an installment sale. Where to file my 2011 tax return As part of the down payment, the buyer assigned to you a $50,000, 8% interest third-party note. Where to file my 2011 tax return The FMV of the third-party note at the time of the sale was $30,000. Where to file my 2011 tax return This amount, not $50,000, is a payment to you in the year of sale. Where to file my 2011 tax return The third-party note had an FMV equal to 60% of its face value ($30,000 ÷ $50,000), so 60% of each principal payment you receive on this note is a nontaxable return of capital. Where to file my 2011 tax return The remaining 40% is interest taxed as ordinary income. Where to file my 2011 tax return Bond. Where to file my 2011 tax return   A bond or other evidence of debt you receive from the buyer that is payable on demand or readily tradable in an established securities market is treated as a payment in the year you receive it. Where to file my 2011 tax return For more information on the amount you should treat as a payment, see Exception under Property Used As a Payment, earlier. Where to file my 2011 tax return    If you receive a government or corporate bond for a sale before October 22, 2004, and the bond has interest coupons attached or can be readily traded in an established securities market, you are considered to have received payment equal to the bond's FMV. Where to file my 2011 tax return However, see Exception under Property Used As a Payment, earlier. Where to file my 2011 tax return Buyer's note. Where to file my 2011 tax return   The buyer's note (unless payable on demand) is not considered payment on the sale. Where to file my 2011 tax return However, its full face value is included when figuring the selling price and the contract price. Where to file my 2011 tax return Payments you receive on the note are used to figure your gain in the year received. Where to file my 2011 tax return Installment Obligation Used as Security (Pledge Rule) If you use an installment obligation to secure any debt, the net proceeds from the debt may be treated as a payment on the installment obligation. Where to file my 2011 tax return This is known as the pledge rule, and it applies if the selling price of the property is over $150,000. Where to file my 2011 tax return It does not apply to the following dispositions. Where to file my 2011 tax return Sales of property used or produced in farming. Where to file my 2011 tax return Sales of personal-use property. Where to file my 2011 tax return Qualifying sales of time-shares and residential lots. Where to file my 2011 tax return The net debt proceeds are the gross debt minus the direct expenses of getting the debt. Where to file my 2011 tax return The amount treated as a payment is considered received on the later of the following dates. Where to file my 2011 tax return The date the debt becomes secured. Where to file my 2011 tax return The date you receive the debt proceeds. Where to file my 2011 tax return A debt is secured by an installment obligation to the extent that payment of principal or interest on the debt is directly secured (under the terms of the loan or any underlying arrangement) by any interest in the installment obligation. Where to file my 2011 tax return For sales after December 16, 1999, payment on a debt is treated as directly secured by an interest in an installment obligation to the extent an arrangement allows you to satisfy all or part of the debt with the installment obligation. Where to file my 2011 tax return Limit. Where to file my 2011 tax return   The net debt proceeds treated as a payment on the pledged installment obligation cannot be more than the excess of item (1) over item (2), below. Where to file my 2011 tax return The total contract price on the installment sale. Where to file my 2011 tax return Any payments received on the installment obligation before the date the net debt proceeds are treated as a payment. Where to file my 2011 tax return Installment payments. Where to file my 2011 tax return   The pledge rule accelerates the reporting of the installment obligation payments. Where to file my 2011 tax return Do not report payments received on the obligation after it has been pledged until the payments received exceed the amount reported under the pledge rule. Where to file my 2011 tax return Exception. Where to file my 2011 tax return   The pledge rule does not apply to pledges made after December 17, 1987, to refinance a debt under the following circumstances. Where to file my 2011 tax return The debt was outstanding on December 17, 1987. Where to file my 2011 tax return The debt was secured by that installment sale obligation on that date and at all times thereafter until the refinancing occurred. Where to file my 2011 tax return   A refinancing as a result of the creditor's calling of the debt is treated as a continuation of the original debt so long as a person other than the creditor or a person related to the creditor provides the refinancing. Where to file my 2011 tax return   This exception applies only to refinancing that does not exceed the principal of the original debt immediately before the refinancing. Where to file my 2011 tax return Any excess is treated as a payment on the installment obligation. Where to file my 2011 tax return Escrow Account In some cases, the sales agreement or a later agreement may call for the buyer to establish an irrevocable escrow account from which the remaining installment payments (including interest) are to be made. Where to file my 2011 tax return These sales cannot be reported on the installment method. Where to file my 2011 tax return The buyer's obligation is paid in full when the balance of the purchase price is deposited into the escrow account. Where to file my 2011 tax return When an escrow account is established, you no longer rely on the buyer for the rest of the payments, but on the escrow arrangement. Where to file my 2011 tax return Example. Where to file my 2011 tax return You sell property for $100,000. Where to file my 2011 tax return The sales agreement calls for a down payment of $10,000 and payment of $15,000 in each of the next 6 years to be made from an irrevocable escrow account containing the balance of the purchase price plus interest. Where to file my 2011 tax return You cannot report the sale on the installment method because the full purchase price is considered received in the year of sale. Where to file my 2011 tax return You report the entire gain in the year of sale. Where to file my 2011 tax return Escrow established in a later year. Where to file my 2011 tax return   If you make an installment sale and in a later year an irrevocable escrow account is established to pay the remaining installments plus interest, the amount placed in the escrow account represents payment of the balance of the installment obligation. Where to file my 2011 tax return Substantial restriction. Where to file my 2011 tax return   If an escrow arrangement imposes a substantial restriction on your right to receive the sale proceeds, the sale can be reported on the installment method, provided it otherwise qualifies. Where to file my 2011 tax return For an escrow arrangement to impose a substantial restriction, it must serve a bona fide purpose of the buyer, that is, a real and definite restriction placed on the seller or a specific economic benefit conferred on the buyer. Where to file my 2011 tax return Depreciation Recapture Income If you sell property for which you claimed or could have claimed a depreciation deduction, you must report any depreciation recapture income in the year of sale, whether or not an installment payment was received that year. Where to file my 2011 tax return Figure your depreciation recapture income (including the section 179 deduction and the section 179A deduction recapture) in Part III of Form 4797. Where to file my 2011 tax return Report the recapture income in Part II of Form 4797 as ordinary income in the year of sale. Where to file my 2011 tax return The recapture income is also included in Part I of Form 6252. Where to file my 2011 tax return However, the gain equal to the recapture income is reported in full in the year of the sale. Where to file my 2011 tax return Only the gain greater than the recapture income is reported on the installment method. Where to file my 2011 tax return For more information on depreciation recapture, see chapter 3 in Publication 544. Where to file my 2011 tax return The recapture income reported in the year of sale is included in your installment sale basis in determining your gross profit on the installment sale. Where to file my 2011 tax return Determining gross profit is discussed under General Rules , earlier. Where to file my 2011 tax return Sale to a Related Person If you sell depreciable property to a related person and the sale is an installment sale, you may not be able to report the sale using the installment method. Where to file my 2011 tax return If you sell property to a related person and the related person disposes of the property before you receive all payments with respect to the sale, you may have to treat the amount realized by the related person as received by you when the related person disposes of the property. Where to file my 2011 tax return These rules are explained under Sale of Depreciable Property and under Sale and Later Disposition , later. Where to file my 2011 tax return Sale of Depreciable Property If you sell depreciable property to certain related persons, you generally cannot report the sale using the installment method. Where to file my 2011 tax return Instead, all payments to be received are considered received in the year of sale. Where to file my 2011 tax return However, see Exception , below. Where to file my 2011 tax return Depreciable property for this rule is any property the purchaser can depreciate. Where to file my 2011 tax return Payments to be received include the total of all noncontingent payments and the FMV of any payments contingent as to amount. Where to file my 2011 tax return In the case of contingent payments for which the FMV cannot be reasonably determined, your basis in the property is recovered proportionately. Where to file my 2011 tax return The purchaser cannot increase the basis of the property acquired in the sale before the seller includes a like amount in income. Where to file my 2011 tax return Exception. Where to file my 2011 tax return   You can use the installment method to report a sale of depreciable property to a related person if no significant tax deferral benefit will be derived from the sale. Where to file my 2011 tax return You must show to the satisfaction of the IRS that avoidance of federal income tax was not one of the principal purposes of the sale. Where to file my 2011 tax return Related person. Where to file my 2011 tax return   Related persons include the following. Where to file my 2011 tax return A person and all controlled entities with respect to that person. Where to file my 2011 tax return A taxpayer and any trust in which such taxpayer (or his spouse) is a beneficiary, unless that beneficiary's interest in the trust is a remote contingent interest. Where to file my 2011 tax return Except in the case of a sale or exchange in satisfaction of a pecuniary bequest, an executor of an estate and a beneficiary of that estate. Where to file my 2011 tax return Two or more partnerships in which the same person owns, directly or indirectly, more than 50% of the capital interests or the profits interests. Where to file my 2011 tax return   For information about which entities are controlled entities, see section 1239(c). Where to file my 2011 tax return Sale and Later Disposition Generally, a special rule applies if you sell or exchange property to a related person on the installment method (first disposition) who then sells, exchanges, or gives away the property (second disposition) under the following circumstances. Where to file my 2011 tax return The related person makes the second disposition before making all payments on the first disposition. Where to file my 2011 tax return The related person disposes of the property within 2 years of the first disposition. Where to file my 2011 tax return This rule does not apply if the property involved is marketable securities. Where to file my 2011 tax return Under this rule, you treat part or all of the amount the related person realizes (or the FMV if the disposed property is not sold or exchanged) from the second disposition as if you received it at the time of the second disposition. Where to file my 2011 tax return See Exception , later. Where to file my 2011 tax return Related person. Where to file my 2011 tax return   Related persons include the following. Where to file my 2011 tax return Members of a family, including only brothers and sisters (either whole or half), husband and wife, ancestors, and lineal descendants. Where to file my 2011 tax return A partnership or estate and a partner or beneficiary. Where to file my 2011 tax return A trust (other than a section 401(a) employees trust) and a beneficiary. Where to file my 2011 tax return A trust and an owner of the trust. Where to file my 2011 tax return Two corporations that are members of the same controlled group as defined in section 267(f). Where to file my 2011 tax return The fiduciaries of two different trusts, and the fiduciary and beneficiary of two different trusts, if the same person is the grantor of both trusts. Where to file my 2011 tax return A tax-exempt educational or charitable organization and a person (if an individual, including members of the individual's family) who directly or indirectly controls such an organization. Where to file my 2011 tax return An individual and a corporation when the individual owns, directly or indirectly, more than 50% of the value of the outstanding stock of the corporation. Where to file my 2011 tax return A fiduciary of a trust and a corporation when the trust or the grantor of the trust owns, directly or indirectly, more than 50% in value of the outstanding stock of the corporation. Where to file my 2011 tax return The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Where to file my 2011 tax return Any two S corporations if the same persons own more than 50% in value of the outstanding stock of each corporation. Where to file my 2011 tax return An S corporation and a corporation that is not an S corporation if the same persons own more than 50% in value of the outstanding stock of each corporation. Where to file my 2011 tax return A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital or profits interest in the partnership. Where to file my 2011 tax return An executor and a beneficiary of an estate unless the sale is in satisfaction of a pecuniary bequest. Where to file my 2011 tax return Example 1. Where to file my 2011 tax return In 2012, Harvey Green sold farm land to his son Bob for $500,000, which was to be paid in five equal payments over 5 years, plus adequate stated interest on the balance due. Where to file my 2011 tax return His installment sale basis for the farm land was $250,000 and the property was not subject to any outstanding liens or mortgages. Where to file my 2011 tax return His gross profit percentage is 50% (gross profit of $250,000 ÷ contract price of $500,000). Where to file my 2011 tax return He received $100,000 in 2012 and included $50,000 in income for that year ($100,000 × 0. Where to file my 2011 tax return 50). Where to file my 2011 tax return Bob made no improvements to the property and sold it to Alfalfa Inc. Where to file my 2011 tax return , in 2013 for $600,000 after making the payment for that year. Where to file my 2011 tax return The amount realized from the second disposition is $600,000. Where to file my 2011 tax return Harvey figures his installment sale income for 2013 as follows: Lesser of: 1) Amount realized on second disposition, or 2) Contract price on first disposition $500,000 Subtract: Sum of payments from Bob in 2012 and 2013 - 200,000 Amount treated as received because of second disposition $300,000 Add: Payment from Bob in 2013 + 100,000 Total payments received and treated as received for 2013 $400,000 Multiply by gross profit % × . Where to file my 2011 tax return 50 Installment sale income for 2013 $200,000 Harvey will not include in his installment sale income any principal payments he receives on the installment obligation for 2014, 2015, and 2016 because he has already reported the total payments of $500,000 from the first disposition ($100,000 in 2012 and $400,000 in 2013). Where to file my 2011 tax return Example 2. Where to file my 2011 tax return Assume the facts are the same as Example 1 except that Bob sells the property for only $400,000. Where to file my 2011 tax return The gain for 2013 is figured as follows: Lesser of: 1) Amount realized on second disposition, or 2) Contract price on first disposition $400,000 Subtract: Sum of payments from Bob in 2012 and 2013 − 200,000 Amount treated as received because of second disposition $200,000 Add: Payment from Bob in 2013 + 100,000 Total payments received and treated as received for 2013 $300,000 Multiply by gross profit % × . Where to file my 2011 tax return 50 Installment sale income for 2013 $150,000     Harvey receives a $100,000 payment in 2014 and another in 2015. Where to file my 2011 tax return They are not taxed because he treated the $200,000 from the disposition in 2013 as a payment received and paid tax on the installment sale income. Where to file my 2011 tax return In 2016, he receives the final $100,000 payment. Where to file my 2011 tax return He figures the installment sale income he must recognize in 2016 as follows: Total payments from the first disposition received by the end of 2016 $500,000 Minus the sum of:     Payment from 2012 $100,000   Payment from 2013 100,000   Amount treated as received in 2013 200,000   Total on which gain was previously recognized  − 400,000 Payment on which gain is recognized for 2016  $100,000 Multiply by gross profit % × . Where to file my 2011 tax return 50 Installment sale income for 2016 $ 50,000 Exception. Where to file my 2011 tax return   This rule does not apply to a second disposition, and any later transfer, if you can show to the satisfaction of the IRS that neither the first disposition (to the related person) nor the second disposition had as one of its principal purposes the avoidance of federal income tax. Where to file my 2011 tax return Generally, an involuntary second disposition will qualify under the nontax avoidance exception, such as when a creditor of the related person forecloses on the property or the related person declares bankruptcy. Where to file my 2011 tax return   The nontax avoidance exception also applies to a second disposition that is also an installment sale if the terms of payment under the installment resale are substantially equal to or longer than those for the first installment sale. Where to file my 2011 tax return However, the exception does not apply if the resale terms permit significant deferral of recognition of gain from the first sale. Where to file my 2011 tax return   In addition, any sale or exchange of stock to the issuing corporation is not treated as a first disposition. Where to file my 2011 tax return An involuntary conversion is not treated as a second disposition if the first disposition occurred before the threat of conversion. Where to file my 2011 tax return A transfer after the death of the person making the first disposition or the related person's death, whichever is earlier, is not treated as a second disposition. Where to file my 2011 tax return Like-Kind Exchange If you trade business or investment property solely for the same kind of property to be held as business or investment property, you can postpone reporting the gain. Where to file my 2011 tax return These trades are known as like-kind exchanges. Where to file my 2011 tax return The property you receive in a like-kind exchange is treated as if it were a continuation of the property you gave up. Where to file my 2011 tax return You do not have to report any part of your gain if you receive only like-kind property. Where to file my 2011 tax return However, if you also receive money or other property (boot) in the exchange, you must report your gain to the extent of the money and the FMV of the other property received. Where to file my 2011 tax return For more information on like-kind exchanges, see Like-Kind Exchanges in chapter 1 of Publication 544. Where to file my 2011 tax return Installment payments. Where to file my 2011 tax return   If, in addition to like-kind property, you receive an installment obligation in the exchange, the following rules apply to determine the installment sale income each year. Where to file my 2011 tax return The contract price is reduced by the FMV of the like-kind property received in the trade. Where to file my 2011 tax return The gross profit is reduced by any gain on the trade that can be postponed. Where to file my 2011 tax return Like-kind property received in the trade is not considered payment on the installment obligation. Where to file my 2011 tax return Example. Where to file my 2011 tax return In 2013, George Brown trades personal property with an installment sale basis of $400,000 for like-kind property having an FMV of $200,000. Where to file my 2011 tax return He also receives an installment note for $800,000 in the trade. Where to file my 2011 tax return Under the terms of the note, he is to receive $100,000 (plus interest) in 2014 and the balance of $700,000 (plus interest) in 2015. Where to file my 2011 tax return George's selling price is $1,000,000 ($800,000 installment note + $200,000 FMV of like-kind property received). Where to file my 2011 tax return His gross profit is $600,000 ($1,000,000 − $400,000 installment sale basis). Where to file my 2011 tax return The contract price is $800,000 ($1,000,000 − $200,000). Where to file my 2011 tax return The gross profit percentage is 75% ($600,000 ÷ $800,000). Where to file my 2011 tax return He reports no gain in 2013 because the like-kind property he receives is not treated as a payment for figuring gain. Where to file my 2011 tax return He reports $75,000 gain for 2014 (75% of $100,000 payment received) and $525,000 gain for 2015 (75% of $700,000 payment received). Where to file my 2011 tax return Deferred exchanges. Where to file my 2011 tax return   A deferred exchange is one in which you transfer property you use in business or hold for investment and receive like-kind property later that you will use in business or hold for investment. Where to file my 2011 tax return Under this type of exchange, the person receiving your property may be required to place funds in an escrow account or trust. Where to file my 2011 tax return If certain rules are met, these funds will not be considered a payment until you have the right to receive the funds or, if earlier, the end of the exchange period. Where to file my 2011 tax return See Regulations section 1. Where to file my 2011 tax return 1031(k)-1(j)(2) for these rules. Where to file my 2011 tax return Contingent Payment Sale A contingent payment sale is one in which the total selling price cannot be determined by the end of the tax year of sale. Where to file my 2011 tax return This happens, for example, if you sell your business and the selling price includes a percentage of its profits in future years. Where to file my 2011 tax return If the selling price cannot be determined by the end of the tax year, you must use different rules to figure the contract price and the gross profit percentage than those you use for an installment sale with a fixed selling price. Where to file my 2011 tax return For rules on using the installment method for a contingent payment sale, see Regulations section 15a. Where to file my 2011 tax return 453-1(c). Where to file my 2011 tax return Single Sale of Several Assets If you sell different types of assets in a single sale, you must identify each asset to determine whether you can use the installment method to report the sale of that asset. Where to file my 2011 tax return You also have to allocate part of the selling price to each asset. Where to file my 2011 tax return If you sell assets that constitute a trade or business, see Sale of a Business , later. Where to file my 2011 tax return Unless an allocation of the selling price has been agreed to by both parties in an arm's-length transaction, you must allocate the selling price to an asset based on its FMV. Where to file my 2011 tax return If the buyer assumes a debt, or takes the property subject to a debt, you must reduce the FMV of the property by the debt. Where to file my 2011 tax return This becomes the net FMV. Where to file my 2011 tax return A sale of separate and unrelated assets of the same type under a single contract is reported as one transaction for the installment method. Where to file my 2011 tax return However, if an asset is sold at a loss, its disposition cannot be reported on the installment method. Where to file my 2011 tax return It must be reported separately. Where to file my 2011 tax return The remaining assets sold at a gain are reported together. Where to file my 2011 tax return Example. Where to file my 2011 tax return You sold three separate and unrelated parcels of real property (A, B, and C) under a single contract calling for a total selling price of $130,000. Where to file my 2011 tax return The total selling price consisted of a cash payment of $20,000, the buyer's assumption of a $30,000 mortgage on parcel B, and an installment obligation of $80,000 payable in eight annual installments, plus interest at 8% a year. Where to file my 2011 tax return Your installment sale basis for each parcel was $15,000. Where to file my 2011 tax return Your net gain was $85,000 ($130,000 − $45,000). Where to file my 2011 tax return You report the gain on the installment method. Where to file my 2011 tax return The sales contract did not allocate the selling price or the cash payment received in the year of sale among the individual parcels. Where to file my 2011 tax return The FMV of parcels A, B, and C were $60,000, $60,000, and $10,000, respectively. Where to file my 2011 tax return The installment sale basis for parcel C was more than its FMV, so it was sold at a loss and must be treated separately. Where to file my 2011 tax return You must allocate the total selling price and the amounts received in the year of sale between parcel C and the remaining parcels. Where to file my 2011 tax return Of the total $130,000 selling price, you must allocate $120,000 to parcels A and B together and $10,000 to parcel C. Where to file my 2011 tax return You should allocate the cash payment of $20,000 received in the year of sale and the note receivable on the basis of their proportionate net FMV. Where to file my 2011 tax return The allocation is figured as follows:   Parcels   A and B Parcel C FMV $120,000 $10,000 Minus: Mortgage assumed 30,000 -0- Net FMV $ 90,000 $10,000 Proportionate net FMV:     Percentage of total 90% 10% Payments in year of sale:     $20,000 × 90% $18,000   $20,000 × 10%   $2,000 Excess of parcel B mortgage over installment sale basis 15,000 -0- Allocation of payments  received (or considered  received) in year of sale $ 33,000 $ 2,000 You cannot report the sale of parcel C on the installment method because the sale results in a loss. Where to file my 2011 tax return You report this loss of $5,000 ($10,000 selling price − $15,000 installment sale basis) in the year of sale. Where to file my 2011 tax return However, if parcel C was held for personal use, the loss is not deductible. Where to file my 2011 tax return You allocate the installment obligation of $80,000 to the properties sold based on their proportionate net FMVs (90% to parcels A and B, 10% to parcel C). Where to file my 2011 tax return Sale of a Business The installment sale of an entire business for one overall price under a single contract is not the sale of a single asset. Where to file my 2011 tax return Allocation of Selling Price To determine whether any of the gain on the sale of the business can be reported on the installment method, you must allocate the total selling price and the payments received in the year of sale between each of the following classes of assets. Where to file my 2011 tax return Assets sold at a loss. Where to file my 2011 tax return Real and personal property eligible for the installment method. Where to file my 2011 tax return Real and personal property ineligible for the installment method, including: Inventory, Dealer property, and Stocks and securities. Where to file my 2011 tax return Inventory. Where to file my 2011 tax return   The sale of inventories of personal property cannot be reported on the installment method. Where to file my 2011 tax return All gain or loss on their sale must be reported in the year of sale, even if you receive payment in later years. Where to file my 2011 tax return   If inventory items are included in an installment sale, you may have an agreement stating which payments are for inventory and which are for the other assets being sold. Where to file my 2011 tax return If you do not, each payment must be allocated between the inventory and the other assets sold. Where to file my 2011 tax return   Report the amount you receive (or will receive) on the sale of inventory items as ordinary business income. Where to file my 2011 tax return Use your basis in the inventory to figure the cost of goods sold. Where to file my 2011 tax return Deduct the part of the selling expenses allocated to inventory as an ordinary business expense. Where to file my 2011 tax return Residual method. Where to file my 2011 tax return   Except for assets exchanged under the like-kind exchange rules, both the buyer and seller of a business must use the residual method to allocate the sale price to each business asset sold. Where to file my 2011 tax return This method determines gain or loss from the transfer of each asset and the buyer's basis in the assets. Where to file my 2011 tax return   The residual method must be used for any transfer of a group of assets that constitutes a trade or business and for which the buyer's basis is determined only by the amount paid for the assets. Where to file my 2011 tax return This applies to both direct and indirect transfers, such as the sale of a business or the sale of a partnership interest in which the basis of the buyer's share of the partnership assets is adjusted for the amount paid under section 743(b). Where to file my 2011 tax return   A group of assets constitutes a trade or business if goodwill or going concern value could, under any circumstances, attach to the assets or if the use of the assets would constitute an active trade or business under section 355. Where to file my 2011 tax return   The residual method provides for the consideration to be reduced first by cash and general deposit accounts (including checking and savings accounts but excluding certificates of deposit). Where to file my 2011 tax return The consideration remaining after this reduction must be allocated among the various business assets in a certain order. Where to file my 2011 tax return   For asset acquisitions occurring after March 15, 2001, make the allocation among the following assets in proportion to (but not more than) their fair market value on the purchase date in the following order. Where to file my 2011 tax return Certificates of deposit, U. Where to file my 2011 tax return S. Where to file my 2011 tax return Government securities, foreign currency, and actively traded personal property, including stock and securities. Where to file my 2011 tax return Accounts receivable, other debt instruments, and assets that you mark to market at least annually for federal income tax purposes. Where to file my 2011 tax return However, see Regulations section 1. Where to file my 2011 tax return 338-6(b)(2)(iii) for exceptions that apply to debt instruments issued by persons related to a target corporation, contingent debt instruments, and debt instruments convertible into stock or other property. Where to file my 2011 tax return Property of a kind that would properly be included in inventory if on hand at the end of the tax year or property held by the taxpayer primarily for sale to customers in the ordinary course of business. Where to file my 2011 tax return All other assets except section 197 intangibles. Where to file my 2011 tax return Section 197 intangibles except goodwill and going concern value. Where to file my 2011 tax return Goodwill and going concern value (whether or not they qualify as section 197 intangibles). Where to file my 2011 tax return   If an asset described in (1) through (6) is includible in more than one category, include it in the lower number category. Where to file my 2011 tax return For example, if an asset is described in both (4) and (6), include it in (4). Where to file my 2011 tax return Agreement. Where to file my 2011 tax return   The buyer and seller may enter into a written agreement as to the allocation of any consideration or the fair market value of any of the assets. Where to file my 2011 tax return This agreement is binding on both parties unless the IRS determines the amounts are not appropriate. Where to file my 2011 tax return Reporting requirement. Where to file my 2011 tax return   Both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. Where to file my 2011 tax return Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Where to file my 2011 tax return The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Where to file my 2011 tax return Sale of Partnership Interest A partner who sells a partnership interest at a gain may be able to report the sale on the installment method. Where to file my 2011 tax return The sale of a partnership interest is treated as the sale of a single capital asset. Where to file my 2011 tax return The part of any gain or loss from unrealized receivables or inventory items will be treated as ordinary income. Where to file my 2011 tax return (The term “unrealized receivables” includes depreciation recapture income, discussed earlier. Where to file my 2011 tax return ) The gain allocated to the unrealized receivables and the inventory cannot be reported under the installment method. Where to file my 2011 tax return The gain allocated to the other assets can be reported under the installment method. Where to file my 2011 tax return For more information on the treatment of unrealized receivables and inventory, see Publication 541. Where to file my 2011 tax return Example — Sale of a Business On June 4, 2013, you sold the machine shop you had operated since 2005. Where to file my 2011 tax return You received a $100,000 down payment and the buyer's note for $120,000. Where to file my 2011 tax return The note payments are $15,000 each, plus 10% interest, due every July 1 and January 1, beginning in 2014. Where to file my 2011 tax return The total selling price is $220,000. Where to file my 2011 tax return Your selling expenses are $11,000. Where to file my 2011 tax return The selling expenses are divided among all the assets sold, including inventory. Where to file my 2011 tax return Your selling expense for each asset is 5% of the asset's selling price ($11,000 selling expense ÷ $220,000 total selling price). Where to file my 2011 tax return The FMV, adjusted basis, and depreciation claimed on each asset sold are as follows:     Depre- ciation Adj. Where to file my 2011 tax return Asset FMV Claimed Basis Inventory $ 10,000 -0- $ 8,000 Land 42,000 -0- 15,000 Building 48,000 $9,000 36,000 Machine A 71,000 27,200 63,800 Machine B 24,000 12,960 22,040 Truck 6,500 18,624 5,376   $201,500 $67,784 $150,216         Under the residual method, you allocate the selling price to each of the assets based on their FMV ($201,500). Where to file my 2011 tax return The remaining $18,500 ($220,000 - $201,500) is allocated to your section 197 intangible, goodwill. Where to file my 2011 tax return The assets included in the sale, their selling prices based on their FMVs, the selling expense allocated to each asset, the adjusted basis, and the gain for each asset are shown in the following chart. Where to file my 2011 tax return   Sale  Price Sale   Exp. Where to file my 2011 tax return Adj. Where to file my 2011 tax return   Basis Gain Inventory $ 10,000 $ 500 $ 8,000 $ 1,500 Land 42,000 2,100 15,000 24,900 Building 48,000 2,400 36,000 9,600 Mch. Where to file my 2011 tax return A 71,000 3,550 63,800 3,650 Mch. Where to file my 2011 tax return B 24,000 1,200 22,040 760 Truck 6,500 325 5,376 799 Goodwill 18,500 925 -0- 17,575   $220,000 $11,000 $150,216 $58,784 The building was acquired in 2005, the year the business began, and it is section 1250 property. Where to file my 2011 tax return There is no depreciation recapture income because the building was depreciated using the straight line method. Where to file my 2011 tax return All gain on the truck, machine A, and machine B is depreciation recapture income since it is the lesser of the depreciation claimed or the gain on the sale. Where to file my 2011 tax return Figure depreciation recapture in Part III of Form 4797. Where to file my 2011 tax return The total depreciation recapture income reported in Part II of Form 4797 is $5,209. Where to file my 2011 tax return This consists of $3,650 on machine A, $799 on the truck, and $760 on machine B (the gain on each item because it was less than the depreciation claimed). Where to file my 2011 tax return These gains are reported in full in the year of sale and are not included in the installment sale computation. Where to file my 2011 tax return Of the $220,000 total selling price, the $10,000 for inventory assets cannot be reported using the installment method. Where to file my 2011 tax return The selling prices of the truck and machines are also removed from the total selling price because gain on these items is reported in full in the year of sale. Where to file my 2011 tax return The selling price equals the contract price for the installment sale ($108,500). Where to file my 2011 tax return The assets included in the installment sale, their selling price, and their installment sale bases are shown in the following chart. Where to file my 2011 tax return   Selling  Price Install- ment  Sale  Basis Gross  Profit Land $ 42,000 $17,100 $24,900 Building 48,000 38,400 9,600 Goodwill 18,500 925 17,575 Total $108,500 $56,425 $52,075         The gross profit percentage (gross profit ÷ contract price) for the installment sale is 48% ($52,075 ÷ $108,500). Where to file my 2011 tax return The gross profit percentage for each asset is figured as follows: Percentage Land— $24,900 ÷ $108,500 22. Where to file my 2011 tax return 95 Building— $9,600 ÷ $108,500 8. Where to file my 2011 tax return 85 Goodwill— $17,575 ÷ $108,500 16. Where to file my 2011 tax return 20 Total 48. Where to file my 2011 tax return 00 The sale includes assets sold on the installment method and assets for which the gain is reported in full in the year of sale, so payments must be allocated between the installment part of the sale and the part reported in the year of sale. Where to file my 2011 tax return The selling price for the installment sale is $108,500. Where to file my 2011 tax return This is 49. Where to file my 2011 tax return 3% of the total selling price of $220,000 ($108,500 ÷ $220,000). Where to file my 2011 tax return The selling price of assets not reported on the installment method is $111,500. Where to file my 2011 tax return This is 50. Where to file my 2011 tax return 7% ($111,500 ÷ $220,000) of the total selling price. Where to file my 2011 tax return Multiply principal payments by 49. Where to file my 2011 tax return 3% to determine the part of the payment for the installment sale. Where to file my 2011 tax return The balance, 50. Where to file my 2011 tax return 7%, is for the part reported in the year of the sale. Where to file my 2011 tax return The gain on the sale of the inventory, machines, and truck is reported in full in the year of sale. Where to file my 2011 tax return When you receive principal payments in later years, no part of the payment for the sale of these assets is included in gross income. Where to file my 2011 tax return Only the part for the installment sale (49. Where to file my 2011 tax return 3%) is used in the installment sale computation. Where to file my 2011 tax return The only payment received in 2013 is the down payment of $100,000. Where to file my 2011 tax return The part of the payment for the installment sale is $49,300 ($100,000 × 49. Where to file my 2011 tax return 3%). Where to file my 2011 tax return This amount is used in the installment sale computation. Where to file my 2011 tax return Installment income for 2013. Where to file my 2011 tax return   Your installment income for each asset is the gross profit percentage for that asset times $49,300, the installment income received in 2013. Where to file my 2011 tax return Income Land—22. Where to file my 2011 tax return 95% of $49,300 $11,314 Building—8. Where to file my 2011 tax return 85% of $49,300 4,363 Goodwill—16. Where to file my 2011 tax return 2% of $49,300 7,987 Total installment income for 2013 $23,664 Installment income after 2013. Where to file my 2011 tax return   You figure installment income for years after 2013 by applying the same gross profit percentages to 49. Where to file my 2011 tax return 3% of the total payments you receive on the buyer's note during the year. Where to file my 2011 tax return Unstated Interest and Original Issue Discount (OID) An installment sale contract may provide that each deferred payment on the sale will include interest or that there will be an interest payment in addition to the principal payment. Where to file my 2011 tax return Interest provided in the contract is called stated interest. Where to file my 2011 tax return If an installment sale contract does not provide for adequate stated interest, part of the stated principal amount of the contract may be recharacterized as interest. Where to file my 2011 tax return If section 483 applies to the contract, this interest is called unstated interest. Where to file my 2011 tax return If section 1274 applies to the contract, this interest is called original issue discount (OID). Where to file my 2011 tax return An installment sale contract does not provide for adequate stated interest if the stated interest rate is lower than the test rate (defined later). Where to file my 2011 tax return Treatment of unstated interest and OID. Where to file my 2011 tax return   Generally, if a buyer gives a debt in consideration for personal use property, the unstated interest rules do not apply. Where to file my 2011 tax return As a result, the buyer cannot deduct the unstated interest. Where to file my 2011 tax return The seller must report the unstated interest as income. Where to file my 2011 tax return   Personal-use property is any property in which substantially all of its use by the buyer is not in connection with a trade or business or an investment activity. Where to file my 2011 tax return   If the debt is subject to the section 483 rules and is also subject to the below-market loan rules, such as a gift loan, compensation-related loan, or corporation-shareholder loan, then both parties are subject to the below-market loan rules rather than the unstated interest rules. Where to file my 2011 tax return Rules for the seller. Where to file my 2011 tax return   If either section 1274 or section 483 applies to the installment sale contract, you must treat part of the installment sale price as interest, even though interest is not called for in the sales agreement. Where to file my 2011 tax return If either section applies, you must reduce the stated selling price of the property and increase your interest income by this unstated interest. Where to file my 2011 tax return   Include the unstated interest in income based on your regular method of accounting. Where to file my 2011 tax return Include OID in income over the term of the contract. Where to file my 2011 tax return   The OID includible in income each year is based on the constant yield method described in section 1272. Where to file my 2011 tax return (In some cases, the OID on an installment sale contract also may include all or part of the stated interest, especially if the stated interest is not paid at least annually. Where to file my 2011 tax return )   If you do not use the installment method to report the sale, report the entire gain under your method of accounting in the year of sale. Where to file my 2011 tax return Reduce the selling price by any stated principal treated as interest to determine the gain. Where to file my 2011 tax return   Report unstated interest or OID on your tax return, in addition to stated interest. Where to file my 2011 tax return Rules for the buyer. Where to file my 2011 tax return   Any part of the stated selling price of an installment sale contract treated by the buyer as interest reduces the buyer's basis in the property and increases the buyer's interest expense. Where to file my 2011 tax return These rules do not apply to personal-use property (for example, property not used in a trade or business). Where to file my 2011 tax return Adequate stated interest. Where to file my 2011 tax return   An installment sale contract generally provides for adequate stated interest if the contract's stated principal amount is at least equal to the sum of the present values of all principal and interest payments called for under the contract. Where to file my 2011 tax return The present value of a payment is determined based on the test rate of interest, defined next. Where to file my 2011 tax return (If section 483 applies to the contract, payments due within six months after the sale are taken into account at face value. Where to file my 2011 tax return ) In general, an installment sale contract provides for adequate stated interest if the stated interest rate (based on an appropriate compounding period) is at least equal to the test rate of interest. Where to file my 2011 tax return Test rate of interest. Where to file my 2011 tax return   The test rate of interest for a contract is the 3-month rate. Where to file my 2011 tax return The 3-month rate is the lower of the following applicable federal rates (AFRs). Where to file my 2011 tax return The lowest AFR (based on the appropriate compounding period) in effect during the 3-month period ending with the first month in which there is a binding written contract that substantially provides the terms under which the sale or exchange is ultimately completed. Where to file my 2011 tax return The lowest AFR (based on the appropriate compounding period) in effect during the 3-month period ending with the month in which the sale or exchange occurs. Where to file my 2011 tax return Applicable federal rate (AFR). Where to file my 2011 tax return   The AFR depends on the month the binding
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Where to file my 2011 tax return Index A Abandonment, Abandonment Accounting method Accrual, Accrual Method Cash, Cash Method Change in, Changes in Methods of Accounting Crop, Crop method. Where to file my 2011 tax return Farm inventory, Farm Inventory Accounting periods, Introduction Accrual method of accounting, Accrual Method Additional Medicare Tax withholding, What's New for 2013, Additional Medicare Tax. Where to file my 2011 tax return Adjusted basis for installment sale, Adjusted basis for installment sale purposes. Where to file my 2011 tax return Adjusted basis of assets, Adjusted Basis Agricultural activity codes, Schedule F, Reminders Agricultural program payments, Agricultural Program Payments Agricultural structure, defined, Agricultural structure. Where to file my 2011 tax return Alternative Depreciation System (ADS), Required use of ADS. Where to file my 2011 tax return , ADS election. Where to file my 2011 tax return Amortization Going into business, Business Start-Up Costs Reforestation expenses, Reforestation Costs Section 197 intangibles, Section 197 Intangibles Assessments By conservation district, Assessment by Conservation District Depreciable property, Assessment for Depreciable Property Assistance (see Tax help) Automobiles, depreciation, Limits for passenger automobiles. Where to file my 2011 tax return B Bankruptcy, Bankruptcy. Where to file my 2011 tax return Barter income, Barter income. Where to file my 2011 tax return Basis Adjusted, Adjusted basis. Where to file my 2011 tax return Installment sale, Adjusted basis for installment sale purposes. Where to file my 2011 tax return Involuntary conversion, Basis for depreciation. Where to file my 2011 tax return Like-kind exchange, Basis for depreciation. Where to file my 2011 tax return Partner's basis, Property Distributed From a Partnership or Corporation Replacement property, Basis of replacement property. Where to file my 2011 tax return Shareholder's basis, Property Distributed From a Partnership or Corporation Basis of assets Adjusted basis, Adjusted Basis Allocating to several assets, Allocating the Basis Changed to business use, Property changed from personal to business or rental use. Where to file my 2011 tax return Constructing assets, Constructing assets. Where to file my 2011 tax return Cost, Cost Basis Decreases, Decreases to Basis Depreciation, What Is the Basis for Depreciation? Exchanges Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partially nontaxable, Partially Nontaxable Exchanges Taxable, Taxable Exchanges Gifts, Property Received as a Gift Increases, Increases to Basis Real property, Real Property Received for services, Property received for services. Where to file my 2011 tax return Uniform capitalization rules, Uniform Capitalization Rules Below-market loans, Below-market loans. Where to file my 2011 tax return Books and records, Importance of Records Breeding fees, Breeding Fees Business income limit, section 179 expense deduction, Business Income Limit Business use of home, Business Use of Your Home C Canceled debt, Cancellation of Debt Capital assets, Capital Assets Capital expenses, Capital Expenses Car expenses, Truck and Car Expenses Cash method of accounting, Cash Method Casualties and thefts Adjustments to basis, Adjustments to basis. Where to file my 2011 tax return Casualty, defined, Casualty. Where to file my 2011 tax return Disaster area losses, Disaster Area Losses Leased property, Leased property. Where to file my 2011 tax return Livestock, Livestock or produce bought for resale. Where to file my 2011 tax return , Raised draft, breeding, dairy, or sporting animals. Where to file my 2011 tax return Reimbursement, Insurance and other reimbursements. Where to file my 2011 tax return Reporting gains and losses, Reporting Gains and Losses Theft, defined, Theft. Where to file my 2011 tax return Change in accounting method, Changes in Methods of Accounting Chickens, purchased, Chickens, seeds, and young plants. Where to file my 2011 tax return Christmas trees, Christmas tree cultivation. Where to file my 2011 tax return , Christmas trees. Where to file my 2011 tax return Club dues, Club dues and membership fees. Where to file my 2011 tax return Comments on publication, Comments and suggestions. Where to file my 2011 tax return Commodity Futures, Hedging (Commodity Futures) Wages, Noncash wages. Where to file my 2011 tax return Commodity Credit Corporation (CCC) Loans, Commodity Credit Corporation (CCC) Loans Market gain, Market Gain Community property, Community property. Where to file my 2011 tax return , Community property. Where to file my 2011 tax return Computer, software, Computer software. Where to file my 2011 tax return Condemnation, Casualties, Thefts, and Condemnations, Condemnation Conservation Cost-sharing exclusion, Conservation Expenses District assessments, Assessment by Conservation District Expenses, Conservation Expenses Plans, Conservation plan. Where to file my 2011 tax return Conservation Reserve Program, Conservation Reserve Program (CRP) payments. Where to file my 2011 tax return Conservation Reserve Program (CRP), Conservation Reserve Program (CRP) Constructing assets, Constructing assets. Where to file my 2011 tax return Constructive receipt of income, Constructive receipt. Where to file my 2011 tax return Contamination, Soil or other environmental contamination. Where to file my 2011 tax return Contract price, Contract price. Where to file my 2011 tax return Converted wetland, Converted Wetland and Highly Erodible Cropland Cooperatives, income from, Income From Cooperatives Cost-sharing exclusion, Cost-Sharing Exclusion (Improvements) Counter-cyclical payments, Direct payments and counter-cyclical payments. Where to file my 2011 tax return , Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 Credits Employment, Employment Credits Fuel tax, Fuel tax credit and refund. Where to file my 2011 tax return , How To Claim a Credit or Refund, Claiming a Credit Social security and Medicare, Earning credits in 2013. Where to file my 2011 tax return Social security coverage, How to become insured under social security. Where to file my 2011 tax return State unemployment tax, Tax rate and credit. Where to file my 2011 tax return Crew leaders, Crew Leaders Crop Destroyed, Standing crop destroyed by casualty. Where to file my 2011 tax return Insurance proceeds, Crop Insurance and Crop Disaster Payments Method of accounting, Crop method. Where to file my 2011 tax return Shares, Rents (Including Crop Shares) Unharvested, Cost of raising unharvested crops. Where to file my 2011 tax return , Section 1231 transactions. Where to file my 2011 tax return , Gain or loss. Where to file my 2011 tax return Cropland, highly erodible, Converted Wetland and Highly Erodible Cropland D Damage Casualties and thefts, Casualties and Thefts Crop insurance, Crop Insurance and Crop Disaster Payments Tree seedlings, Tree Seedlings Debt Bad, Nonbusiness bad debt. Where to file my 2011 tax return Canceled, Cancellation of Debt, Canceled debt excluded from income. Where to file my 2011 tax return , Cancellation of debt. Where to file my 2011 tax return , Canceled debt. Where to file my 2011 tax return Nonrecourse, Amount realized on a nonrecourse debt. Where to file my 2011 tax return Qualified farm, Qualified Farm Debt Qualified principal residence, Qualified Principal Residence Debt Recourse, Amount realized on a recourse debt. Where to file my 2011 tax return Depletion, Depletion Depreciation, Claiming the Special Depreciation Allowance ADS election, ADS election. Where to file my 2011 tax return Conservation assets, Depreciable conservation assets. Where to file my 2011 tax return Deduction, Overview of Depreciation Incorrect amount deducted, How Do You Correct Depreciation Deductions? Limit for automobiles, Limits for passenger automobiles. Where to file my 2011 tax return Listed property, Additional Rules for Listed Property Raised livestock, Livestock. Where to file my 2011 tax return Recapture, When Do You Recapture MACRS Depreciation?, Depreciation Recapture, Section 1250 Property When to file, Do You Have To File Form 4562? Depreciation allowable, Basis adjustment for depreciation allowed or allowable. Where to file my 2011 tax return Depreciation allowed, Basis adjustment for depreciation allowed or allowable. Where to file my 2011 tax return Direct payments, Direct payments and counter-cyclical payments. Where to file my 2011 tax return , Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 Disaster area losses, Disaster Area Losses Disaster payments, Crop Insurance and Crop Disaster Payments Disaster relief grants, Federal disaster relief grants. Where to file my 2011 tax return Disaster relief payments, Qualified disaster relief payments. Where to file my 2011 tax return Dispositions, Sale or other disposal of land during 9-year period. Where to file my 2011 tax return , Gain on sale of farmland. Where to file my 2011 tax return , Introduction Domestic production activities deduction, Domestic Production Activities Deduction Dyed diesel fuel, Dyed Diesel Fuel and Dyed Kerosene Dyed kerosene, Dyed Diesel Fuel and Dyed Kerosene E e-file, Reminders Easement, Easements and rights-of-way. Where to file my 2011 tax return , Easements. Where to file my 2011 tax return Election ADS depreciation, Electing ADS. Where to file my 2011 tax return , ADS election. Where to file my 2011 tax return Amortization Business start-up costs, Business Start-Up Costs Reforestation costs, Reforestation Costs Crop method, Election to use crop method. Where to file my 2011 tax return Cutting of timber, Election to treat cutting as a sale or exchange. Where to file my 2011 tax return Deducting conservation expenses, When to Deduct or Capitalize Not excluding cost-sharing payments, Electing not to exclude payments. Where to file my 2011 tax return Out of installment method, Electing out of the installment method. Where to file my 2011 tax return Postponing casualty gain, Postponing Gain Postponing reporting crop insurance proceeds, Election to postpone reporting until the following year. Where to file my 2011 tax return Section 179 expense deduction, How Do You Elect the Deduction? Electronic filing, Reminders Embryo transplants, Transplanted embryo. Where to file my 2011 tax return Employer identification number, Reminders, Employer identification number (EIN). Where to file my 2011 tax return Endangered species recovery expenses, Endangered species recovery expenses. Where to file my 2011 tax return Environmental contamination, Soil or other environmental contamination. Where to file my 2011 tax return Estimated tax Farm gross income, Gross Income From Farming Gross income, Gross Income Penalties, Estimated Tax Penalty for 2013 Exchanges Basis Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partially nontaxable, Partially Nontaxable Exchanges Taxable, Taxable Exchanges Like-kind, Like-Kind Exchanges Nontaxable, Like-Kind Exchanges Excise taxes Credit, Claiming a Credit Diesel fuel, Dyed Diesel Fuel and Dyed Kerosene Farming purposes, Fuels Used in Farming Home use of fuels, Fuels Used for Household Purposes or Other Than as a Fuel for Propulsion Engines Off-highway uses, Fuels Used in Off-Highway Business Use Refund, Claiming a Refund F Fair market value defined, Fair market value (FMV). Where to file my 2011 tax return , Fair market value (FMV). Where to file my 2011 tax return Family member Business expenses, Special rule for related persons. Where to file my 2011 tax return Installment sale, Sale to a related person. Where to file my 2011 tax return Like-kind exchange, Like-kind exchanges between related persons. Where to file my 2011 tax return Loss on sale or exchange of property, Losses from sales or exchanges between related persons. Where to file my 2011 tax return Personal-use property, Personal-use property. Where to file my 2011 tax return Social security coverage, Family Employees Farm Business expenses, Farm Business Expenses Business, defined, Business of Farming Defined, Farm defined. Where to file my 2011 tax return , Farm. Where to file my 2011 tax return Income averaging, Income Averaging for Farmers Rental, Farm rental. Where to file my 2011 tax return Sale of, Sale of a Farm Farmer, Farmer. Where to file my 2011 tax return Federal unemployment tax (FUTA), Federal Unemployment (FUTA) Tax Fertilizer, Fertilizer and Lime, Fertilizer and Lime Foreclosure, Foreclosure or Repossession Forestation costs, Forestation and reforestation costs. Where to file my 2011 tax return Form 1099-A, Form 1099-A. Where to file my 2011 tax return , Forms 1099-A and 1099-C. Where to file my 2011 tax return 1099-C, Cancellation of Debt, Form 1099-C. Where to file my 2011 tax return , Forms 1099-A and 1099-C. Where to file my 2011 tax return 1099-G, Market Gain, Payment to More Than One Person 1099-MISC, Reminders, Nonemployee compensation. Where to file my 2011 tax return 1099-PATR, Form 1099-PATR. Where to file my 2011 tax return 1128, Introduction 2210-F, Estimated Tax Penalty for 2013 3115, Changes in Methods of Accounting 4136, Claiming a Credit 4562, Do You Have To File Form 4562? 4797, Form 4797. Where to file my 2011 tax return , Recapture. Where to file my 2011 tax return , Reporting the exchange. Where to file my 2011 tax return 4835, Rents (Including Crop Shares) 5213, Using the presumption later. Where to file my 2011 tax return 6252, Form 6252. Where to file my 2011 tax return 8822, Reminders 8824, Reporting the exchange. Where to file my 2011 tax return 8849, Claiming a Refund 8886, Reminders 940, Form 940. Where to file my 2011 tax return 943, Form 943. Where to file my 2011 tax return 982, Form 982 I-9, Form I-9. Where to file my 2011 tax return SS-4, Reminders, Employer identification number (EIN). Where to file my 2011 tax return SS-5, Obtaining a social security number. Where to file my 2011 tax return T (Timber), Form T (Timber). Where to file my 2011 tax return W-2, Form W-2. Where to file my 2011 tax return W-4, Reminders, New hire reporting. Where to file my 2011 tax return , Form W-4. Where to file my 2011 tax return W-4V, Commodity Credit Corporation (CCC) Loans, Crop Insurance and Crop Disaster Payments W-7, Obtaining an individual taxpayer identification number. Where to file my 2011 tax return Free tax services, How To Get Tax Help, Free help with your tax return. Where to file my 2011 tax return Fuel tax credit or refund, Fuel tax credit and refund. Where to file my 2011 tax return , How To Claim a Credit or Refund G Gains and losses Basis of assets, Cost Basis Capital assets, defined, Capital Assets Casualty, How To Figure a Loss, Figuring a Gain Installment sales, Installment Sales Livestock, Livestock Long- or short-term, Long and Short Term Ordinary or capital, Ordinary or Capital Gain or Loss Sale of farm, Sale of a Farm Section 1231, Section 1231 Gains and Losses Theft, How To Figure a Loss, Figuring a Gain Timber, Timber General asset accounts, How Do You Use General Asset Accounts? Gifts, Crop shares you give to others (gift). Where to file my 2011 tax return , Cost related to gifts. Where to file my 2011 tax return , Property Received as a Gift, Gift. Where to file my 2011 tax return Going into business, Business Start-Up Costs Grants, disaster relief, Federal disaster relief grants. Where to file my 2011 tax return Gross profit percentage, Gross profit percentage. Where to file my 2011 tax return Gross profit, defined, Gross profit. Where to file my 2011 tax return Guarantee, Debt not payable on demand. Where to file my 2011 tax return H Health insurance deduction, Self-employed health insurance deduction. Where to file my 2011 tax return Hedging, Hedging (Commodity Futures) Help (see Tax help) Highway use tax, Highway use tax. Where to file my 2011 tax return Holding period, Holding period. Where to file my 2011 tax return Horticultural structure, Horticultural structure. Where to file my 2011 tax return I Illegal irrigation subsidy, Illegal federal irrigation subsidy. Where to file my 2011 tax return Important dates, Important Dates for 2014 Improvements, Cost-Sharing Exclusion (Improvements) Income Accounting for, Accounting Methods Accrual method of accounting, Income Canceled debt excluded, Cancellation of Debt From farming, Farm Income, Gross income from farming. Where to file my 2011 tax return , Gross Income From Farming Gross, Gross Income Not-for-profit farming, Not-for-Profit Farming Pasture, Pasture income and rental. Where to file my 2011 tax return Schedule F, Farm Income Withholding of tax, Federal Income Tax Withholding Income averaging (see Farm: Income averaging) Incorrect amount of depreciation deducted, How Do You Correct Depreciation Deductions? Individual taxpayer identification number (ITIN), Obtaining an individual taxpayer identification number. Where to file my 2011 tax return Inherited property, Inherited Property Insolvency, Insolvency. Where to file my 2011 tax return Installment sales, Form 6252. Where to file my 2011 tax return Electing out, Electing out of the installment method. Where to file my 2011 tax return Farm, sale of, Installment Sale of a Farm Figuring income, Figuring Installment Sale Income Reporting income, Form 6252. Where to file my 2011 tax return Unstated interest, Unstated interest. Where to file my 2011 tax return Insurance, Insurance, Self-employed health insurance deduction. Where to file my 2011 tax return Intangible property, Section 197 Intangibles Interest Expense, Interest Income, Interest income. Where to file my 2011 tax return Unstated, Unstated interest. Where to file my 2011 tax return Inventory Items included, Farm Inventory Methods of valuation, Inventory valuation methods. Where to file my 2011 tax return Involuntary conversions, Involuntary Conversions, Property acquired in a like-kind exchange or involuntary conversion. Where to file my 2011 tax return , Introduction Irrigation Illegal subsidy, Illegal federal irrigation subsidy. 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Where to file my 2011 tax return Reforestation costs, Reforestation Costs Section 179 expense deduction Automobile, Limits for passenger automobiles. Where to file my 2011 tax return Business income, Business Income Limit Dollar, Dollar Limits Time to keep records, How Long To Keep Records Listed property Defined, What Is Listed Property? Passenger automobile, Passenger automobiles. Where to file my 2011 tax return Rules, Additional Rules for Listed Property Livestock, Section 1231 transactions. Where to file my 2011 tax return Casualty and theft losses, Livestock or produce bought for resale. Where to file my 2011 tax return Crop shares, Crop shares you use to feed livestock. Where to file my 2011 tax return Depreciation, Livestock. Where to file my 2011 tax return Diseased, Diseased livestock. Where to file my 2011 tax return Feed assistance, Feed Assistance and Payments Immature, Immature livestock. Where to file my 2011 tax return Losses, Loss of livestock. 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Where to file my 2011 tax return Nondeductible, Other Nondeductible Items Theft, Casualties, Thefts, and Condemnations Lost income payments, Lost income payments. Where to file my 2011 tax return Lost property, Mislaid or lost property. Where to file my 2011 tax return M MACRS property Involuntary conversion, Property acquired in a like-kind exchange or involuntary conversion. Where to file my 2011 tax return Like-kind exchange, Property acquired in a like-kind exchange or involuntary conversion. Where to file my 2011 tax return Nontaxable transfer, Property acquired in a nontaxable transfer. Where to file my 2011 tax return Market gain, reporting, Market Gain Marketing quota penalties, Marketing Quota Penalties Material participation, Landlord Participation in Farming Meals, Meals. Where to file my 2011 tax return Membership fees, Club dues and membership fees. Where to file my 2011 tax return Methods of accounting, Accounting Methods Modified ACRS (MACRS) ADS election, ADS election. 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Where to file my 2011 tax return Not-for-profit farming, Not-for-Profit Farming O Organizational costs, Business start-up and organizational costs. Where to file my 2011 tax return P Partners, limited, Limited partner. Where to file my 2011 tax return Partners, retired, Retired partner. Where to file my 2011 tax return Partners, Spouse, Business Owned and Operated by Spouses. Where to file my 2011 tax return Partnership, Partnership income or loss. Where to file my 2011 tax return Passenger automobile, Passenger automobiles. Where to file my 2011 tax return Pasture income, Pasture income and rental. Where to file my 2011 tax return Patronage dividends, Patronage Dividends Payments considered received, Payments Received or Considered Received Payments received, Payments Received or Considered Received Penalties Estimated tax, Estimated Tax Penalty for 2013 Returns, Estimated Tax Penalty for 2013 Trust fund recovery, Trust fund recovery penalty. Where to file my 2011 tax return Per-unit retain certificates, Per-Unit Retain Certificates Personal expenses, Personal, Living, and Family Expenses Placed in service, Placed in Service, What Is the Placed-in-Service Date? Postponing casualty gain, Postponing Gain Prepaid expense Advance premiums, Advance premiums. Where to file my 2011 tax return Extends useful life, Prepayment. Where to file my 2011 tax return Farm supplies, Prepaid Farm Supplies Livestock feed, Prepaid Livestock Feed Prizes, Prizes. Where to file my 2011 tax return Produce, Sales of Farm Products Property Changed to business use, Property changed from personal to business or rental use. Where to file my 2011 tax return Received for services, Property received for services. Where to file my 2011 tax return Repairs and improvements, How Do You Treat Repairs and Improvements? Section 1231, Section 1231 transactions. Where to file my 2011 tax return Section 1245, Section 1245 Property Section 1250, Section 1250 Property Section 1252, Section 1252 property. Where to file my 2011 tax return Section 1255, Section 1255 property. Where to file my 2011 tax return Tangible personal, Tangible personal property. Where to file my 2011 tax return Publications (see Tax help) Q Qualified disaster relief payments, Qualified disaster relief payments. Where to file my 2011 tax return Qualified farm debt, Qualified Farm Debt Qualified joint venture, Qualified joint venture. Where to file my 2011 tax return Qualified principal residence debt, Qualified Principal Residence Debt R Recapture Amortization, Depreciation and amortization. Where to file my 2011 tax return Basis reductions, Recapture of basis reductions. Where to file my 2011 tax return Certain depreciation, Recapture of certain depreciation. Where to file my 2011 tax return Cost-sharing payments, Recapture. Where to file my 2011 tax return Depreciation, When Do You Recapture MACRS Depreciation?, Depreciation Recapture, Depreciation recapture. Where to file my 2011 tax return Section 1245 property, Section 1245 Property Section 1250 property, Section 1250 Property Section 179 expense deduction, When Must You Recapture the Deduction? Section 179 GO Zone property, Recapture for qualified section 179 GO Zone property. Where to file my 2011 tax return Special depreciation allowance, When Must You Recapture an Allowance Recordkeeping, Importance of Records, Meals. Where to file my 2011 tax return Records on depreciable property, Depreciation Recapture Reforestation costs, Forestation and reforestation costs. Where to file my 2011 tax return , Reforestation Costs Refund Deduction taken, Refund or reimbursement. Where to file my 2011 tax return Fuel tax, Fuel tax credit and refund. Where to file my 2011 tax return , Including the Credit or Refund in Income Reimbursements Casualties and thefts, Casualty and theft losses. Where to file my 2011 tax return , Casualties and Thefts, Insurance and other reimbursements. Where to file my 2011 tax return Deduction taken, Refund or reimbursement. Where to file my 2011 tax return Expenses, Reimbursed expenses. Where to file my 2011 tax return Feed assistance, Feed Assistance and Payments Real estate taxes, Real estate taxes. Where to file my 2011 tax return Reforestation expenses, Qualifying costs. Where to file my 2011 tax return To employees, Reimbursements to employees. Where to file my 2011 tax return Related persons, Special rule for related persons. Where to file my 2011 tax return , Losses from sales or exchanges between related persons. Where to file my 2011 tax return , Special rules for related persons. Where to file my 2011 tax return , Like-kind exchanges between related persons. Where to file my 2011 tax return , Sale to a related person. Where to file my 2011 tax return , Buying replacement property from a related person. Where to file my 2011 tax return , Related persons. Where to file my 2011 tax return Rental income, Rents (Including Crop Shares) Rented property, improvements, Improvements to rented property. Where to file my 2011 tax return Repairs, Repairs and Maintenance Repairs and improvements, How Do You Treat Repairs and Improvements? Repayment of income, Repayment of income. Where to file my 2011 tax return Replacement Period, Replacement Period Property, Replacement Property Reportable transactions. Where to file my 2011 tax return , Reminders Repossessions, Foreclosure or Repossession Right-of-way income, Easements and rights-of-way. Where to file my 2011 tax return S Sale of home, Sale of your home. Where to file my 2011 tax return Section 179 expense deduction, Section 179 Expense Deduction How to elect, How Do You Elect the Deduction? Listed property, Additional Rules for Listed Property Qualifying property, What Property Qualifies? Recapture, When Must You Recapture the Deduction? Self-employed health insurance, Self-employed health insurance deduction. Where to file my 2011 tax return Self-employed health insurance deduction, Self-employed health insurance deduction. Where to file my 2011 tax return Self-employment tax Community property, Community property. Where to file my 2011 tax return Deduction, Deduction for employer-equivalent portion of self-employment tax. Where to file my 2011 tax return How to pay, How To Pay Self-Employment Tax Landlord participation, Landlord Participation in Farming Material participation, Material participation for landlords. Where to file my 2011 tax return Maximum net earnings, What's New for 2013 Methods for figuring net earnings, Methods for Figuring Net Earnings Optional method, Farm Optional Method Regular method, Regular Method Rental income, Landlord Participation in Farming Reporting, Reporting Self-Employment Tax Self-employment tax rate, Self-employment tax rate. Where to file my 2011 tax return Share farming, Share farmer. Where to file my 2011 tax return Tax rates, What's New for 2013 Who must pay, Who Must Pay Self-Employment Tax? Selling expenses, Selling expenses. Where to file my 2011 tax return Selling price Defined, Selling price. Where to file my 2011 tax return Reduced, Selling price reduced. Where to file my 2011 tax return Settlement costs (fees), Settlement costs. Where to file my 2011 tax return Social security and Medicare Credits of coverage, Earning credits in 2013. Where to file my 2011 tax return Withholding of tax, Social Security and Medicare Taxes Social security number, Obtaining a social security number. Where to file my 2011 tax return Software, computer, Computer software. Where to file my 2011 tax return Soil Conservation, Conservation Expenses Contamination, Soil or other environmental contamination. Where to file my 2011 tax return Special depreciation allowance How to elect not to claim, How Can You Elect Not To Claim the Allowance? Recapture, When Must You Recapture an Allowance Standard mileage rate, Standard mileage rate. Where to file my 2011 tax return Start-up costs for businesses, Business start-up and organizational costs. Where to file my 2011 tax return Suggestions for publication, Comments and suggestions. Where to file my 2011 tax return T Tangible personal property, Tangible personal property. Where to file my 2011 tax return Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. Where to file my 2011 tax return Tax shelter At-risk limits, At-Risk Limits Defined, Tax shelter. Where to file my 2011 tax return Tax-free exchanges, Like-Kind Exchanges Taxes Excise, Excise Taxes Federal use, Highway use tax. Where to file my 2011 tax return General, Taxes Self-employment, Self-Employment Tax State and federal, State and federal income taxes. Where to file my 2011 tax return State and local general sales, State and local general sales taxes. Where to file my 2011 tax return Withholding, Federal income tax withholding. Where to file my 2011 tax return , Social Security and Medicare Taxes, Federal Income Tax Withholding Telephone expense, Telephone expense. Where to file my 2011 tax return Tenant house expenses, Tenant House Expenses Term interests, Certain term interests in property. Where to file my 2011 tax return Theft losses, Casualties, Thefts, and Condemnations Timber, Timber. Where to file my 2011 tax return , Timber Depletion, Timber Tobacco quota buyout payments, Tobacco Quota Buyout Program Payments Tobacco settlement payments, National Tobacco Growers' Settlement Trust Fund Payments Trade-in, Sale and Purchase Travel expenses, Travel Expenses Truck expenses, Truck and Car Expenses Trust fund recovery penalty, Trust fund recovery penalty. Where to file my 2011 tax return TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Basis of assets, Uniform Capitalization Rules Inventory, Uniform capitalization rules. Where to file my 2011 tax return Unstated interest, Unstated interest. Where to file my 2011 tax return W Wages and salaries, Wages and salaries. Where to file my 2011 tax return Water conservation, Conservation Expenses Water well, Water well. Where to file my 2011 tax return , Water wells. Where to file my 2011 tax return Weather-related sales, livestock, Sales Caused by Weather-Related Conditions, Weather-related sales of livestock. Where to file my 2011 tax return Withholding Income tax, Federal Income Tax Withholding Social security and Medicare tax, Social Security and Medicare Taxes Prev  Up     Home   More Online Publications