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040ez 3. 040ez   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. 040ez How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. 040ez However, in some cases you may have a gain that is not taxable or a loss that is not deductible. 040ez This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. 040ez Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. 040ez What Is a Disposition of Property? A disposition of property includes the following transactions. 040ez You sell property for cash or other property. 040ez You exchange property for other property. 040ez You receive money as a tenant for the cancellation of a lease. 040ez You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. 040ez You transfer property to satisfy a debt. 040ez You abandon property. 040ez Your bank or other financial institution forecloses on your mortgage or repossesses your property. 040ez Your property is damaged, destroyed, or stolen, and you receive property or money in payment. 040ez Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. 040ez For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. 040ez For details about other dispositions, see chapter 1 in Publication 544. 040ez Nontaxable exchanges. 040ez   Certain exchanges of property are not taxable. 040ez This means any gain from the exchange is not recognized and you cannot deduct any loss. 040ez Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. 040ez Like-kind exchanges. 040ez   A like-kind exchange is the exchange of property for the same kind of property. 040ez It is the most common type of nontaxable exchange. 040ez To be a like-kind exchange, the property traded and the property received must be both of the following. 040ez Business or investment property. 040ez Like property. 040ez   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. 040ez For more information about like-kind exchanges, see chapter 1 in Publication 544. 040ez Installment sales. 040ez   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. 040ez If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. 040ez   For more information about installment sales, see Publication 537, Installment Sales. 040ez Sale of a business. 040ez   The sale of a business usually is not a sale of one asset. 040ez Instead, all the assets of the business are sold. 040ez Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. 040ez   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. 040ez Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. 040ez The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. 040ez   For more information about the sale of a business, see chapter 2 of Publication 544. 040ez How Do I Figure a Gain or Loss? Table 3-1. 040ez How To Figure a Gain or Loss IF your. 040ez . 040ez . 040ez THEN you have a. 040ez . 040ez . 040ez Adjusted basis is more than the amount realized Loss. 040ez Amount realized is more than the adjusted basis Gain. 040ez Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. 040ez You need to know these definitions to figure your gain or loss. 040ez Basis. 040ez   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. 040ez However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. 040ez For more information about basis, see Publication 551, Basis of Assets. 040ez Adjusted basis. 040ez   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. 040ez In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. 040ez Amount realized. 040ez   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. 040ez The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. 040ez Fair market value. 040ez   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. 040ez Amount recognized. 040ez   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. 040ez Recognized gains must be included in gross income. 040ez Recognized losses are deductible from gross income. 040ez However, a gain or loss realized from certain exchanges of property is not recognized. 040ez See  Nontaxable exchanges, earlier. 040ez Also, you cannot deduct a loss from the disposition of property held for personal use. 040ez Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. 040ez You must do this to figure your net capital gain or loss. 040ez Generally, you will have a capital gain or loss if you dispose of a capital asset. 040ez For the most part, everything you own and use for personal purposes or investment is a capital asset. 040ez Certain property you use in your business is not a capital asset. 040ez A gain or loss from a disposition of this property is an ordinary gain or loss. 040ez However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. 040ez These gains and losses are called section 1231 gains and losses. 040ez For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. 040ez Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. 040ez Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. 040ez The time you own property before disposing of it is called the holding period. 040ez Table 3-2. 040ez Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. 040ez . 040ez . 040ez THEN you have a. 040ez . 040ez . 040ez 1 year or less Short-term capital gain or loss. 040ez More than 1 year Long-term capital gain or loss. 040ez For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. 040ez Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. 040ez The instructions for the forms explain how to fill them out. 040ez Dispositions of business property and depreciable property. 040ez   Use Form 4797. 040ez If you have taxable gain, you may also have to use Schedule D (Form 1040). 040ez Like-kind exchanges. 040ez   Use Form 8824, Like-Kind Exchanges. 040ez You may also have to use Form 4797 and Schedule D (Form 1040). 040ez Installment sales. 040ez   Use Form 6252, Installment Sale Income. 040ez You may also have to use Form 4797 and Schedule D (Form 1040). 040ez Casualties and thefts. 040ez   Use Form 4684, Casualties and Thefts. 040ez You may also have to use Form 4797. 040ez Condemned property. 040ez   Use Form 4797. 040ez You may also have to use Schedule D (Form 1040). 040ez Prev  Up  Next   Home   More Online Publications
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040ez Index A Adoption Child tax credit, Adopted child. 040ez (see also Child tax credit) Afghanistan, Afghanistan area. 040ez Aliens, Alien Status Amount of exclusion, Amount of Exclusion Arabian peninsula, Arabian peninsula. 040ez Assistance (see Tax help) C Child tax credit, Child Tax Credit Limits Modified adjusted gross income, Modified AGI. 040ez Qualifying child, Qualifying Child Child, qualifying, Qualifying child. 040ez Claims for tax forgiveness, Claims for Tax Forgiveness Codes, W-2, Form W-2 Codes Combat zone Election to include pay for earned income credit, Nontaxable combat pay election. 040ez Exclusion, Combat Zone Exclusion Extension of deadlines, Service That Qualifies for an Extension of Deadline Related forgiveness, Combat Zone Related Forgiveness Community property, Community Property, Residents of community property states. 040ez Contingency operation, Service That Qualifies for an Extension of Deadline Credits Child tax, Child Tax Credit Earned income, Earned Income Credit Excess social security tax withheld, Credit for Excess Social Security Tax Withheld First-time homebuyer, First-Time Homebuyer Credit D Decedents, Forgiveness of Decedent's Tax Liability Deductions, itemized, Itemized Deductions Domicile, Domicile. 040ez Dual-status aliens, Dual-Status Aliens E Earned income credit, Earned Income Credit Social security card, Social security number. 040ez Social security number, Social security number. 040ez Educational expenses, Educational Expenses Employee business expenses, Employee Business Expenses Excess social security tax withholding credit, Credit for Excess Social Security Tax Withheld Excess withholding credit How to take, How to take the credit. 040ez Expenses Employee business, Employee Business Expenses Moving, Moving Expenses Extension of deadlines, Extension of Deadlines Extension of time to file, Extensions F Family, Adopted child. 040ez (see also Child tax credit) Filing returns, Filing Returns First-time homebuyer credit, First-Time Homebuyer Credit Foreclosures Mortgage settlement payouts, Foreclosures Foreign income, Foreign Source Income Foreign moves, Foreign Moves Forms 1040, Foreign Moves, Itemized Deductions, Where To File 1040A, Where To File 1040EZ, Where To File 1040NR, Nonresident Aliens 2106, Employee Business Expenses, Reimbursement. 040ez 2106-EZ, Employee Business Expenses 2848, Signing Returns, Spouse overseas. 040ez 3903, Moving Expenses 4868, Extensions W-2, Form W-2 Codes, Form W-2. 040ez , Nontaxable combat pay election. 040ez Foster care Child tax credit, Qualifying Child Free tax services, Free help with your tax return. 040ez G Gross income, Gross Income H Help (see Tax help) Home Away from, Away from home. 040ez Definition of, Away from home. 040ez Sale of, Sale of Home Homebuyer credit, First-Time Homebuyer Credit Hospitalization, Hospitalized While Serving in a Combat Zone, Hospitalized After Leaving a Combat Zone, Qualified hospitalization. 040ez I Income Foreign source, Foreign Source Income Gross, Gross Income Individual retirement arrangements, Individual Retirement Arrangements Installment agreement Payment deferment, Request for deferment. 040ez Interest rate (maximum), Maximum Rate of Interest Iraq, Arabian peninsula. 040ez Itemized deductions, Itemized Deductions J Joint returns, Joint returns. 040ez , Joint returns. 040ez , Joint returns. 040ez K Kosovo, The Kosovo area. 040ez M Military action related forgiveness, Terrorist or Military Action Related Forgiveness Military Spouses Residency Relief Act Domicile, Military Spouses Residency Relief Act (MSRRA) Miscellaneous itemized deductions, Employee Business Expenses Missing status, Missing status. 040ez , Spouse in missing status. 040ez , Missing status. 040ez Modified adjusted gross income (MAGI) Child tax credit limits, Modified AGI. 040ez Moving expenses, Moving Expenses N Nonresident aliens, Nonresident Aliens P Permanent change of station, Permanent change of station. 040ez Personal representative, Forgiveness of Decedent's Tax Liability Power of attorney, Signing Returns Professional dues, Professional Dues Publications (see Tax help) Q Qualifying child, Qualifying child. 040ez R Reimbursements Employee business expenses, Reimbursement. 040ez Moving and storage, Services or reimbursements provided by the government. 040ez Uniforms, Uniforms Reservists, Armed Forces reservists. 040ez Travel, Armed Forces Reservists Uniforms, Uniforms Resident aliens, Resident Aliens Returns Filing, Filing Returns Signing, Signing Returns S Sale of home, Sale of Home Same-sex marriage, Same-Sex Marriage SCRA violation payouts, Foreclosures Separate returns, Separate returns. 040ez Servicemembers Civil Relief Act, Maximum Rate of Interest Serving in a combat zone, Serving in a Combat Zone Social security numbers (SSNs) Earned income credit, Residency test. 040ez Spouse Deadline extension, Spouses. 040ez Died, Spouse died during the year. 040ez Incapacitated, Spouse incapacitated. 040ez Missing, Spouse in missing status. 040ez Nonresident alien, Treating nonresident alien spouse as resident alien. 040ez Overseas, Spouse overseas. 040ez State bonus payments, State bonus payments. 040ez T Tax forgiven, Combat Zone Related Forgiveness Tax help, How To Get Tax Help Temporary work location, Temporary work location. 040ez Terrorist related forgiveness, Terrorist or Military Action Related Forgiveness Transportation, Armed Forces reservists. 040ez Transportation expenses, Transportation Expenses Travel expenses, Travel Expenses TTY/TDD information, How To Get Tax Help U Uniforms, Uniforms W When to file, When To File Where to file, Where To File Y Yugoslavia, The Kosovo area. 040ez Prev  Up     Home   More Online Publications