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2012 Federal And State Tax Forms

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2012 Federal And State Tax Forms

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

The 2012 Federal And State Tax Forms

2012 federal and state tax forms 27. 2012 federal and state tax forms   Beneficios Tributarios para Estudios Relacionados con el Trabajo Table of Contents Qué Hay de Nuevo Introduction Useful Items - You may want to see: Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la DeducciónEstudios Requeridos por el Empleador o por Ley Estudios para Mantener o Mejorar Destrezas Estudios para Satisfacer los Requisitos Mínimos Estudios que lo Capacitan para un Nuevo Oficio o Negocio Qué Gastos se Pueden Deducir Reembolso no reclamado. 2012 federal and state tax forms Gastos de Transporte Gastos de Viaje No se Permiten Beneficios Dobles Reembolsos Cómo Deducir Gastos de NegociosPersonas que Trabajan por Cuenta Propia Empleados Artistas del Espectáculo y Funcionarios a los que se les Pagan Honorarios Gastos de Trabajo Relacionados con un Impedimento Documentación Qué Hay de Nuevo Tarifa estándar por milla. 2012 federal and state tax forms  Por lo general, si reclama una deducción de negocios por estudios relacionados con el trabajo y maneja su automóvil a la escuela y de vuelta a casa, la cantidad que puede deducir por las millas recorridas desde el 1 de enero de 2013 al 31 de diciembre de 2013 es 56½ centavos por milla. 2012 federal and state tax forms Vea Gastos de Transporte bajo Qué Gastos se Pueden Deducir, para más información. 2012 federal and state tax forms Introduction Este capítulo explica los gastos de estudios relacionados con el trabajo que tal vez pueda deducir como gastos de negocios. 2012 federal and state tax forms Para reclamar tal deducción, tiene que: Detallar las deducciones en el Anexo A (Formulario 1040) si es empleado; Presentar el Anexo C (Formulario 1040), Anexo C-EZ (Formulario 1040) o el Anexo F (Formulario 1040) si trabaja por cuenta propia y Tener gastos de estudios calificados explicados bajo Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción . 2012 federal and state tax forms Si es empleado y puede detallar las deducciones, tal vez pueda reclamar una deducción por los gastos pagados por estudios que se relacionen con el trabajo. 2012 federal and state tax forms Su deducción será la cantidad total de sus gastos de estudios relacionados con el trabajo que reúnen los requisitos más otros gastos relacionados con el trabajo y ciertos gastos misceláneos (con la excepción de los gastos del trabajo relacionados con el impedimento de personas discapacitadas) que sea mayor que el 2% de sus ingresos brutos ajustados (AGI, por sus siglas en inglés). 2012 federal and state tax forms Vea el capítulo 28. 2012 federal and state tax forms Si trabaja por cuenta propia, deduciría los gastos de estudios relacionados con el trabajo que reúnen los requisitos directamente de sus ingresos del trabajo por cuenta propia. 2012 federal and state tax forms Los gastos de estudios relacionados con el trabajo también podrían darle derecho a otros beneficios tributarios, tales como el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje (vea el capítulo 35). 2012 federal and state tax forms Es posible que tenga derecho a estos beneficios incluso si no cumple los requisitos indicados anteriormente. 2012 federal and state tax forms Asimismo, debe tomar en consideración que es posible que sus gastos de estudios relacionados con el trabajo le podrían dar derecho a reclamar más de un beneficio tributario. 2012 federal and state tax forms Por lo general, puede reclamar cualquier cantidad de beneficios siempre que utilice diferentes gastos para calcular cada uno de ellos. 2012 federal and state tax forms Cuando calcule sus impuestos, tal vez desee comparar estos beneficios tributarios para elegir el (los) método(s) mediante el (los) cual(es) obtenga el menor impuesto por pagar. 2012 federal and state tax forms Useful Items - You may want to see: Publicación 463 Travel, Entertainment, Gift, and Car Expenses (Gastos de viaje, entretenimiento, regalos y automóvil), en inglés 970 Tax Benefits for Education (Beneficios tributarios por estudios), en inglés Formulario (e Instrucciones) 2106 Employee Business Expenses (Gastos de negocios del empleado), en inglés 2106-EZ Unreimbursed Employee Business Expenses (Gastos de negocios del empleado no reembolsados), en inglés Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción Puede deducir como gastos de negocio los costos de estudios relacionados con el trabajo si éstos reúnen los requisitos de la deducción. 2012 federal and state tax forms Éstos son estudios que cumplen al menos uno de los dos siguientes requisitos: Su empleador o la ley requiere dichos estudios para mantener su sueldo, situación o trabajo actual. 2012 federal and state tax forms Los estudios requeridos tienen que servir para un propósito comercial legítimo (bona fide) de su empleador. 2012 federal and state tax forms Los estudios mantienen o mejoran las destrezas necesarias en su trabajo actual. 2012 federal and state tax forms No obstante, aun si sus estudios cumplen uno o ambos de los requisitos anteriores, no se considera que dichos estudios estén relacionados con el trabajo ni que reúnen los requisitos de la deducción si: Se requieren para satisfacer los requisitos mínimos de educación de su oficio o negocio actual o Forman parte de un programa de estudios que lo capacitará para un nuevo oficio o negocio. 2012 federal and state tax forms Puede deducir los costos de los estudios relacionados con el trabajo que reúnen los requisitos de la deducción como gasto de negocios incluso si, al completar dichos estudios, tiene la posibilidad de obtener un título universitario. 2012 federal and state tax forms Utilice la Figura 27-A, más adelante, para verificar rápidamente si sus estudios reúnen los requisitos. 2012 federal and state tax forms Estudios Requeridos por el Empleador o por Ley Una vez que haya cumplido los requisitos mínimos de educación para su trabajo, es posible que su empleador o la ley le exija seguir sus estudios. 2012 federal and state tax forms Se considera que dichos estudios adicionales son estudios relacionados con el trabajo que reúnen los requisitos si se cumplen los tres siguientes requisitos: Se requieren para que mantenga su sueldo, situación o trabajo actual; El requisito sirve un propósito legítimo (bona fide) comercial de su empleador y Los estudios no forman parte de un programa que lo capacitará para un nuevo oficio o negocio. 2012 federal and state tax forms Si completa más estudios de los requeridos por su empleador o la ley, estos estudios adicionales sólo pueden ser estudios relacionados con el trabajo que reúnen los requisitos de la deducción si mantienen o mejoran las destrezas requeridas en su trabajo actual. 2012 federal and state tax forms Vea Estudios para Mantener o Mejorar Destrezas , más adelante. 2012 federal and state tax forms Ejemplo. 2012 federal and state tax forms Usted es un maestro que ha cumplido los requisitos mínimos para enseñar. 2012 federal and state tax forms Su empleador le exige que tome un curso universitario adicional cada año para poder seguir con su puesto actual de maestro. 2012 federal and state tax forms Si los cursos no lo capacitarán para un nuevo oficio o negocio, entonces serán estudios relacionados con el trabajo que reúnen los requisitos, incluso si en el futuro recibe una maestría y un aumento de sueldo debido a estos estudios adicionales. 2012 federal and state tax forms Estudios para Mantener o Mejorar Destrezas Si su empleador o la ley no requiere estudios, éstos pueden ser estudios relacionados con el trabajo que reúnen los requisitos de la deducción sólo si mantienen o mejoran las destrezas necesarias en su trabajo actual. 2012 federal and state tax forms Éstos pueden incluir cursos de actualización, cursos sobre avances profesionales y cursos académicos o vocacionales. 2012 federal and state tax forms Ejemplo. 2012 federal and state tax forms Usted repara televisores, radios y sistemas estereofónicos para la tienda XYZ. 2012 federal and state tax forms Para mantenerse al corriente de los últimos avances en su profesión, toma cursos especiales de servicios de radio y sistemas estereofónicos. 2012 federal and state tax forms Estos cursos mantienen y mejoran las destrezas requeridas en su trabajo. 2012 federal and state tax forms Mantenimiento de destrezas versus capacitación para un empleo nuevo. 2012 federal and state tax forms   Los estudios para mantener o mejorar destrezas que se requieren en su trabajo actual no son estudios que reúnen los requisitos de la deducción si también lo capacitarán para un nuevo oficio o negocio. 2012 federal and state tax forms Estudios durante ausencia temporal. 2012 federal and state tax forms   Si deja de trabajar durante un año o menos para cursar estudios con el fin de mantener o mejorar las destrezas necesarias en su trabajo actual y luego regresa a su trabajo y desempeña las mismas labores generales, su ausencia se considera temporal. 2012 federal and state tax forms Los estudios cursados durante una ausencia temporal son estudios relacionados con el trabajo que cumplen los requisitos de la deducción si mantienen o mejoran las destrezas necesarias en su trabajo actual. 2012 federal and state tax forms Ejemplo. 2012 federal and state tax forms Deja su trabajo de investigación en biología para convertirse en estudiante de posgrado de biología a tiempo completo durante un año. 2012 federal and state tax forms Si regresa a trabajar en investigación en biología después de concluir los cursos, los estudios se relacionan con su trabajo actual incluso si no regresa a trabajar para el mismo empleador. 2012 federal and state tax forms Estudios durante ausencia indefinida. 2012 federal and state tax forms   Si deja de trabajar durante más de un año, su ausencia del trabajo se considera indefinida. 2012 federal and state tax forms Se considera que los estudios cursados durante una ausencia indefinida, aun si mantienen o mejoran las destrezas necesarias en el trabajo del cual se ausenta, lo capacitan para un nuevo oficio o negocio. 2012 federal and state tax forms Por lo tanto, no son estudios relacionados con el trabajo que reúnan los requisitos de la deducción. 2012 federal and state tax forms Estudios para Satisfacer los Requisitos Mínimos Los estudios necesarios para cumplir los requisitos mínimos de educación para su oficio o negocio actual no son estudios relacionados con el trabajo que reúnan los requisitos de la deducción. 2012 federal and state tax forms Los requisitos mínimos de educación se determinan a través de: Leyes y reglamentos; Normas de su profesión, oficio o negocio y Su empleador. 2012 federal and state tax forms Una vez que haya cumplido los requisitos mínimos de educación vigentes cuando se le contrató, no tiene que cumplir nuevos requisitos mínimos de educación. 2012 federal and state tax forms Esto significa que si los requisitos mínimos cambian después de que haya sido contratado, los estudios necesarios para satisfacer los nuevos requisitos pueden ser estudios que reúnen los requisitos de la deducción. 2012 federal and state tax forms No ha cumplido los requisitos mínimos de educación de su oficio o negocio sólo porque ya está realizando el trabajo. 2012 federal and state tax forms Ejemplo 1. 2012 federal and state tax forms Es estudiante de ingeniería a tiempo completo. 2012 federal and state tax forms Aunque no ha recibido su título o certificación, trabaja a tiempo parcial como ingeniero en una empresa que lo contratará como ingeniero a tiempo completo después de que finalice sus estudios universitarios. 2012 federal and state tax forms Aunque sus cursos universitarios de ingeniería mejoran sus destrezas en su trabajo actual, también se requieren para cumplir los requisitos laborales mínimos para contratar a un ingeniero a tiempo completo. 2012 federal and state tax forms Estos estudios no son estudios relacionados con el trabajo que reúnen los requisitos de la deducción. 2012 federal and state tax forms Ejemplo 2. 2012 federal and state tax forms Es contador y ha cumplido con los requisitos mínimos de educación de su empleador. 2012 federal and state tax forms Posteriormente, éste cambia los requisitos mínimos de educación y requiere que tome cursos universitarios para mantener su trabajo. 2012 federal and state tax forms Estos cursos adicionales pueden ser estudios relacionados con el trabajo que reúnen los requisitos de la deducción porque ya ha cumplido los requisitos mínimos vigentes al momento de su contratación. 2012 federal and state tax forms Requisitos para los Docentes Por lo general, los estados o distritos escolares establecen los requisitos mínimos de educación para los docentes. 2012 federal and state tax forms El requisito es el título universitario o la cantidad mínima de horas de estudio universitario que suele exigirse para la contratación de una persona para dicho cargo. 2012 federal and state tax forms Si no existen requisitos, habrá cumplido los requisitos mínimos de educación cuando pase a ser miembro del cuerpo docente. 2012 federal and state tax forms La determinación de si usted es miembro del cuerpo docente de una institución educativa tiene que ser hecha en base de las prácticas particulares de dicha institución. 2012 federal and state tax forms Por lo general, se le considerará miembro del cuerpo docente si se da una o más de las siguientes condiciones: Es profesor titular o catedrático. 2012 federal and state tax forms Sus años de servicio se acreditan para obtener el cargo académico o cátedra. 2012 federal and state tax forms Tiene un voto en las decisiones del cuerpo docente. 2012 federal and state tax forms Su institución académica hace aportaciones en nombre suyo a un plan de jubilación que no sea el Seguro Social o un programa similar. 2012 federal and state tax forms Ejemplo 1. 2012 federal and state tax forms La ley en el estado donde vive exige que los maestros novatos de escuela secundaria tengan un título universitario, incluidos 10 cursos de educación profesional. 2012 federal and state tax forms Asimismo, para mantener su trabajo, un maestro tiene que realizar un quinto año de capacitación dentro de un plazo de 10 años a partir de la fecha de contratación. 2012 federal and state tax forms Si la escuela empleadora certifica ante el Departamento de Educación estatal que no puede encontrar maestros calificados, la escuela puede contratar a personas con sólo 3 años de estudios universitarios. 2012 federal and state tax forms No obstante, para mantener su trabajo, estos maestros tienen que obtener un título universitario y completar los cursos de educación profesional requeridos dentro de un plazo de 3 años. 2012 federal and state tax forms De acuerdo con lo anterior, el título universitario, incluya o no los 10 cursos de educación profesional, se considera el requisito mínimo de educación para calificar como maestro en el estado donde vive. 2012 federal and state tax forms Si posee toda la educación requerida, a excepción del quinto año, ha cumplido los requisitos mínimos de educación. 2012 federal and state tax forms El quinto año de capacitación se considera estudios relacionados con el trabajo que reúnen los requisitos de la deducción a menos que forme parte de un programa de estudios que lo capacitará para un nuevo oficio o negocio. 2012 federal and state tax forms Figura 27–A. 2012 federal and state tax forms ¿Reúnen los Requisitos sus Estudios Relacionados con el Trabajo? Please click here for the text description of the image. 2012 federal and state tax forms Figura 27−A. 2012 federal and state tax forms ¿Reúnen los requisitos sus estudios relacionados con el trabajo? Ejemplo 2. 2012 federal and state tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que tiene título universitario y sólo seis cursos de educación profesional. 2012 federal and state tax forms Los cuatro cursos adicionales pueden ser estudios relacionados con el trabajo que reúnen los requisitos de la deducción. 2012 federal and state tax forms Aunque no tiene todos los cursos requeridos, ya ha cumplido los requisitos mínimos de educación. 2012 federal and state tax forms Ejemplo 3. 2012 federal and state tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que lo han contratado con sólo 3 años de estudios universitarios. 2012 federal and state tax forms Los cursos que tome para lograr un título (incluso en el campo de enseñanza) no son estudios relacionados con el trabajo que reúnen los requisitos de la deducción. 2012 federal and state tax forms Éstos se requieren para cumplir los requisitos mínimos de educación para trabajar como maestro. 2012 federal and state tax forms Ejemplo 4. 2012 federal and state tax forms Tiene un título universitario y trabaja como instructor temporal en una universidad. 2012 federal and state tax forms Al mismo tiempo, toma cursos de posgrado para obtener un título superior. 2012 federal and state tax forms Las reglas de la universidad estipulan que puede pasar a ser miembro del cuerpo docente sólo si obtiene un posgrado. 2012 federal and state tax forms Además, puede mantener su trabajo como instructor sólo si demuestra un avance satisfactorio para obtener este título. 2012 federal and state tax forms No ha cumplido los requisitos mínimos de educación para ser miembro del cuerpo docente. 2012 federal and state tax forms Los cursos de posgrado no son estudios relacionados con el trabajo que reúnen los requisitos de la deducción. 2012 federal and state tax forms Licencia en un nuevo estado. 2012 federal and state tax forms   Una vez que haya cumplido los requisitos mínimos de educación para maestros de su estado, se considera que ha cumplido los requisitos mínimos de educación en todos los estados. 2012 federal and state tax forms Esto se aplica incluso si tiene que cursar estudios adicionales para recibir la licencia en otro estado. 2012 federal and state tax forms Los estudios adicionales que necesite son estudios relacionados con el trabajo que reúnen los requisitos para la deducción. 2012 federal and state tax forms Ya ha cumplido los requisitos mínimos de educación para enseñar. 2012 federal and state tax forms Enseñar en otro estado no constituye un nuevo oficio o negocio. 2012 federal and state tax forms Ejemplo. 2012 federal and state tax forms Posee una licencia permanente para enseñar en el Estado A y ha trabajado como maestro en ese estado durante varios años. 2012 federal and state tax forms Se muda al Estado B y lo contratan inmediatamente como maestro. 2012 federal and state tax forms Sin embargo, tiene que realizar ciertos cursos prescritos para obtener una licencia permanente para enseñar en el Estado B. 2012 federal and state tax forms Estos cursos adicionales son estudios relacionados con el trabajo que reúnen los requisitos de la deducción debido a que el puesto de maestro en el Estado B implica el mismo tipo de trabajo general para el cual reunía los requisitos en el Estado A. 2012 federal and state tax forms Estudios que lo Capacitan para un Nuevo Oficio o Negocio Los estudios que forman parte de un programa de estudios a fin de capacitarlo para un nuevo oficio o negocio no están relacionados con el trabajo y no reúnen los requisitos de la deducción. 2012 federal and state tax forms Esto es aplicable incluso si no tiene intención de ingresar en ese oficio o negocio. 2012 federal and state tax forms Si es empleado, un cambio de deberes que implique el mismo tipo de trabajo general no es un nuevo oficio o negocio. 2012 federal and state tax forms Ejemplo 1. 2012 federal and state tax forms Es contador. 2012 federal and state tax forms Su empleador le exige que saque un título en derecho corriendo con sus propios gastos. 2012 federal and state tax forms Se inscribe en una escuela de derecho con la intención de cursar el plan de estudios típico para lograr un título en derecho. 2012 federal and state tax forms Aun si su intención no es ser abogado, los estudios no reúnen los requisitos de la deducción debido a que el título en derecho lo capacitará para un nuevo oficio o negocio. 2012 federal and state tax forms Ejemplo 2. 2012 federal and state tax forms Es médico de medicina general. 2012 federal and state tax forms Toma un curso de dos semanas para revisar los avances en diversos campos especializados de la medicina. 2012 federal and state tax forms El curso no lo capacita para una nueva profesión. 2012 federal and state tax forms Se considera que está relacionado con el trabajo y reúne los requisitos de la deducción porque mantiene o mejora las destrezas requeridas en su profesión actual. 2012 federal and state tax forms Ejemplo 3. 2012 federal and state tax forms Durante su trabajo en la práctica privada de psiquiatría, ingresa a un programa para estudiar y capacitarse en un instituto de psicoanálisis acreditado. 2012 federal and state tax forms El programa lo capacitará para practicar el psicoanálisis. 2012 federal and state tax forms La formación en psicoanálisis no lo capacitará para una nueva profesión. 2012 federal and state tax forms Está relacionada con el trabajo y reúne los requisitos de la deducción porque mantiene o mejora las destrezas necesarias en su profesión actual. 2012 federal and state tax forms Curso de preparación para el examen de reválida de derecho o para el examen para contadores públicos autorizados Los cursos de preparación para el examen de reválida para ejercer la abogacía o el examen para contadores públicos autorizados (CPA, por sus siglas en inglés) no son estudios relacionados con el trabajo que cumplan los requisitos. 2012 federal and state tax forms Forman parte de un programa de estudios que puede capacitarlo para una nueva profesión. 2012 federal and state tax forms Deberes Magisteriales y Afines Todos los deberes magisteriales y deberes afines se consideran relativamente el mismo tipo de trabajo. 2012 federal and state tax forms Un cambio de deberes de cualquiera de las siguientes maneras no se considera un cambio a una nueva ocupación: Maestro de escuela primaria a maestro de escuela secundaria. 2012 federal and state tax forms Maestro de una asignatura, como biología, a maestro de otra asignatura, como arte. 2012 federal and state tax forms Maestro a consejero académico. 2012 federal and state tax forms Maestro a administrador escolar. 2012 federal and state tax forms Qué Gastos se Pueden Deducir Si sus estudios satisfacen los requisitos descritos anteriormente en Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción , por lo general, puede deducir sus gastos de estudios como gastos de negocios. 2012 federal and state tax forms Si no trabaja por cuenta propia, puede deducir gastos de negocios sólo si detalla sus deducciones. 2012 federal and state tax forms No puede deducir gastos relacionados con ingresos exentos ni excluidos de impuestos. 2012 federal and state tax forms Gastos deducibles. 2012 federal and state tax forms   Se pueden deducir los siguientes gastos de estudios: Matrícula, libros, útiles escolares, cuotas de laboratorio y artículos similares. 2012 federal and state tax forms Ciertos costos de transporte y viajes. 2012 federal and state tax forms Otros gastos de estudios, como costos de investigación y de procesamiento de palabras (mecanografía) al escribir un ensayo o tésis como parte de un programa de estudios. 2012 federal and state tax forms Gastos no deducibles. 2012 federal and state tax forms   No puede deducir sus gastos personales o de capital. 2012 federal and state tax forms Por ejemplo, no puede deducir el valor en dólares de un período de vacaciones o permiso anual (vacaciones remuneradas) que toma para asistir a clases. 2012 federal and state tax forms Esta cantidad es un gasto personal. 2012 federal and state tax forms Reembolso no reclamado. 2012 federal and state tax forms   Aun si no reclama reembolsos a los que tiene derecho a recibir de su empleador, no puede deducir los gastos correspondientes a ese reembolso no reclamado. 2012 federal and state tax forms Ejemplo. 2012 federal and state tax forms Su empleador acuerda pagar sus gastos de estudios si usted presenta un vale que muestre sus gastos. 2012 federal and state tax forms Usted no presenta un vale y no se los reembolsan. 2012 federal and state tax forms Como no presentó un vale, no puede deducir los gastos en su declaración de impuestos. 2012 federal and state tax forms Gastos de Transporte Si sus estudios reúnen los requisitos, puede deducir los costos de transporte locales en los que tiene que incurrir para viajar directamente del trabajo a la escuela. 2012 federal and state tax forms Si tiene un trabajo habitual y asiste a la escuela de forma temporal, también puede deducir los costos de regreso de la escuela a su domicilio. 2012 federal and state tax forms Asistencia temporal. 2012 federal and state tax forms   Asiste a la escuela de manera temporal si alguna de las siguientes situaciones corresponde a su caso: Se espera de manera realista que su asistencia a la escuela dure 1 año o menos y en realidad dura 1 año o menos. 2012 federal and state tax forms Al principio, se espera de manera realista que su asistencia a la escuela dure 1 año o menos, pero posteriormente es factible que dure más de 1 año. 2012 federal and state tax forms Su asistencia es temporal hasta la fecha en la que determine que durará más de 1 año. 2012 federal and state tax forms Nota: Si se encuentra en la situación (1) o (2), su asistencia no es temporal si los hechos y las circunstancias indican lo contrario. 2012 federal and state tax forms Asistencia no temporal. 2012 federal and state tax forms   No asiste a la escuela de manera temporal si alguna de las siguientes situaciones le corresponde: Se espera de manera realista que su asistencia a la escuela dure más de 1 año. 2012 federal and state tax forms No importa cuánto tiempo de hecho asista. 2012 federal and state tax forms Al principio, se espera de manera realista que su asistencia a la escuela dure 1 año o menos, pero posteriormente se espera que dure más de 1 año. 2012 federal and state tax forms Su asistencia no es temporal después de la fecha en la que se determine que durará más de 1 año. 2012 federal and state tax forms Gastos de Transporte Deducibles Si trabaja de manera habitual y se dirige directamente de su domicilio a la escuela de manera temporal, puede deducir los costos del viaje de ida y regreso entre su domicilio y la escuela. 2012 federal and state tax forms Esto es aplicable sin importar la ubicación de dicho lugar, la distancia recorrida o si asiste a cursos en dicho lugar en días no laborables. 2012 federal and state tax forms Los gastos de transporte incluyen los costos reales de autobús, metro, taxi u otras tarifas, así como los costos del uso de su automóvil. 2012 federal and state tax forms Los gastos de transporte no incluyen cantidades gastadas por viaje, comidas o alojamiento cuando pasa la noche fuera de su casa. 2012 federal and state tax forms Ejemplo 1. 2012 federal and state tax forms Trabaja habitualmente en una ciudad cercana y viaja directamente del trabajo a su domicilio. 2012 federal and state tax forms Asimismo, asiste a la escuela cada noche entre semana durante 3 meses para tomar un curso que mejore sus destrezas laborales. 2012 federal and state tax forms Dado que asiste a una escuela de forma temporal, puede deducir sus gastos diarios de transporte de ida y regreso entre su domicilio y la escuela. 2012 federal and state tax forms Esto es aplicable independientemente de la distancia recorrida. 2012 federal and state tax forms Ejemplo 2. 2012 federal and state tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, salvo que algunas noches se dirige directamente del trabajo a la escuela y luego a su domicilio. 2012 federal and state tax forms Puede deducir sus gastos de transporte desde su lugar de trabajo habitual a la escuela y luego al domicilio. 2012 federal and state tax forms Ejemplo 3. 2012 federal and state tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que asiste a la escuela durante 9 meses todos los sábados, los cuales no son días laborables. 2012 federal and state tax forms Dado que asiste a la escuela de manera temporal, puede deducir sus gastos de transporte de ida y regreso entre su casa y la escuela. 2012 federal and state tax forms Ejemplo 4. 2012 federal and state tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que asiste a clases dos veces a la semana durante 15 meses. 2012 federal and state tax forms Dado que su asistencia a la escuela no se considera temporal, no puede deducir sus gastos de transporte entre su casa y la escuela. 2012 federal and state tax forms Si se dirige a la escuela directamente desde el trabajo, puede deducir los gastos de transporte de ida desde el trabajo a la escuela. 2012 federal and state tax forms Si del trabajo se dirige a su casa y luego a la escuela y regresa a su casa, sus gastos de transporte no pueden ser mayores que los gastos en los que hubiese incurrido de haber viajado directamente del trabajo a la escuela. 2012 federal and state tax forms Uso de su automóvil. 2012 federal and state tax forms   Si usa su automóvil (propio o arrendado) para viajar a la escuela, puede deducir sus gastos reales o utilizar la tarifa estándar de millaje para calcular la cantidad que puede deducir. 2012 federal and state tax forms La tarifa estándar por millas recorridas desde el 1 de enero de 2013 hasta el 31 de diciembre de 2013 es 56½ centavos por milla. 2012 federal and state tax forms Independientemente de los métodos que escoja, también puede deducir cargos de estacionamiento y peajes. 2012 federal and state tax forms Vea el capítulo 26 para obtener información acerca de la deducción de sus gastos reales por el uso de un automóvil. 2012 federal and state tax forms Gastos de Viaje Puede deducir gastos de viajes, comidas (vea Límite del 50% del costo de comidas , más adelante) y alojamiento si viaja de un día a otro principalmente para realizar estudios con derecho a deducción relacionados con el trabajo. 2012 federal and state tax forms Los gastos de viaje para estudios relacionados con el trabajo que reúnen los requisitos de la deducción reciben el mismo trato tributario que los gastos de viaje para otros propósitos de negocios del empleado. 2012 federal and state tax forms Para más información, vea el capítulo 26. 2012 federal and state tax forms No puede deducir gastos de actividades personales, como turismo, visitas o entretenimiento. 2012 federal and state tax forms Viajes principalmente con fines personales. 2012 federal and state tax forms   Si su viaje fuera de casa es principalmente con fines personales, no puede deducir todos sus gastos de viaje, comidas o alojamiento. 2012 federal and state tax forms Sólo puede deducir sus gastos de alojamiento y el 50% de sus gastos de comidas durante el período en el que asista a actividades de educación que reúnen los requisitos. 2012 federal and state tax forms   El determinar si el propósito del viaje es principalmente personal o para estudios depende de los hechos y las circunstancias. 2012 federal and state tax forms Un factor importante es la comparación del tiempo dedicado a actividades personales con el tiempo dedicado a actividades de educación. 2012 federal and state tax forms Si dedica más tiempo a actividades personales, el viaje se considera principalmente para estudios sólo si puede demostrar una razón importante y no personal de por qué viajó a un lugar específico. 2012 federal and state tax forms Ejemplo 1. 2012 federal and state tax forms Juan trabaja en Newark, Nueva Jersey. 2012 federal and state tax forms Viajó a Chicago para tomar un curso de una semana, a solicitud de su empleador, que puede deducir de sus impuestos. 2012 federal and state tax forms Su razón principal para viajar a Chicago fue el curso. 2012 federal and state tax forms Durante su estadía, realizó un viaje de turismo, salió a divertirse con algunos amigos y realizó un viaje adicional por el día a Pleasantville. 2012 federal and state tax forms Dado que el viaje era principalmente de negocios, Juan puede deducir su boleto aéreo de ida y vuelta a Chicago. 2012 federal and state tax forms No puede deducir los gastos de transporte de su viaje a Pleasantville. 2012 federal and state tax forms Sólo puede deducir las comidas (conforme al límite del 50%) y alojamiento relacionados con sus actividades educativas. 2012 federal and state tax forms Ejemplo 2. 2012 federal and state tax forms Susana trabaja en Boston. 2012 federal and state tax forms Asistió a una universidad en Michigan a fin de tomar un curso para su trabajo. 2012 federal and state tax forms El curso está relacionado con el trabajo y reúne los requisitos de la deducción. 2012 federal and state tax forms Tomó un curso, que corresponde a un cuarto de la carga de estudios a tiempo completo. 2012 federal and state tax forms El resto del tiempo lo dedicó a actividades personales. 2012 federal and state tax forms Sus razones para tomar el curso en Michigan fueron personales. 2012 federal and state tax forms El viaje de Susana es principalmente personal, ya que tres cuartos de su tiempo se consideran tiempo personal. 2012 federal and state tax forms No puede deducir el costo de su boleto de tren de ida y regreso a Michigan. 2012 federal and state tax forms Puede deducir un cuarto del costo de las comidas (conforme al límite del 50%) y del alojamiento del período en que asistió a la universidad. 2012 federal and state tax forms Ejemplo 3. 2012 federal and state tax forms David trabaja en Nashville y recientemente viajó a California para asistir a un seminario de 2 semanas. 2012 federal and state tax forms El seminario está relacionado con el trabajo y reúne los requisitos de la deducción. 2012 federal and state tax forms Durante su estadía, dedicó 8 semanas adicionales a actividades personales. 2012 federal and state tax forms Los hechos, incluida la estadía adicional de 8 semanas, demuestran que su finalidad principal era tomarse unas vacaciones. 2012 federal and state tax forms David no puede deducir su boleto de avión de ida y vuelta ni sus comidas y alojamiento durante las 8 semanas. 2012 federal and state tax forms Sólo puede deducir sus gastos por comida (sujeto al límite del 50%) y alojamiento durante las 2 semanas que asistió al seminario. 2012 federal and state tax forms Cruceros y congresos. 2012 federal and state tax forms   Algunos cruceros y congresos ofrecen seminarios o cursos como parte de su itinerario. 2012 federal and state tax forms Aun si los seminarios o cursos están relacionados con el trabajo, su deducción por viaje puede verse limitada. 2012 federal and state tax forms Esto es aplicable a: Viajes en buque transatlántico, crucero u otra forma de transporte marítimo de lujo y Congresos fuera del área de Norteamérica. 2012 federal and state tax forms   Si desea consultar más acerca de los límites de deducciones de gastos de viaje que sean aplicables a cruceros y congresos, vea Luxury Water Travel (Viajes en buques de lujo) y Conventions (Congresos) en el capítulo 1 de la Publicación 463, en inglés. 2012 federal and state tax forms Límite del 50% del costo de comidas. 2012 federal and state tax forms   Sólo puede deducir el 50% del costo de sus comidas cuando viaja fuera de casa para realizar estudios relacionados con el trabajo que reúnan los requisitos de la deducción. 2012 federal and state tax forms No se le pueden haber reembolsado los gastos por las comidas. 2012 federal and state tax forms   Los empleados tienen que usar el Formulario 2106 o el Formulario 2106-EZ para aplicar el límite del 50%. 2012 federal and state tax forms Viajes con Fines Educativos No puede deducir el costo de sus viajes con fines educativos, incluso si están directamente relacionados con los deberes de su trabajo o negocio. 2012 federal and state tax forms Ejemplo. 2012 federal and state tax forms Usted es maestro de francés. 2012 federal and state tax forms Durante una ausencia sabática otorgada para viajar, recorrió Francia para mejorar sus conocimientos del francés. 2012 federal and state tax forms Elige su itinerario y la mayoría de sus actividades con el fin de mejorar sus destrezas lingüísticas en francés. 2012 federal and state tax forms No puede deducir sus gastos de viaje como gastos de estudios. 2012 federal and state tax forms Esto es aplicable aunque haya dedicado la mayor parte del tiempo a aprender francés visitando escuelas y familias francesas, asistiendo a películas u obras de teatro y participando en actividades similares. 2012 federal and state tax forms No se Permiten Beneficios Dobles No se le permite hacer lo siguiente: Deducir los gastos de estudios relacionados con el trabajo como gastos de negocios si deduce estos gastos conforme con cualquier otra disposición de la ley, por ejemplo, la deducción de matrículas y cuotas (vea el capítulo 35). 2012 federal and state tax forms Deducir los gastos de estudios relacionados con el trabajo pagados con fondos de ayuda para los estudios provistos por el empleador, subvención o beca libre de impuestos. 2012 federal and state tax forms Vea Ajustes a Gastos de Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción , a continuación. 2012 federal and state tax forms Ajustes a Gastos de Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción Si paga gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción con determinados fondos exentos de impuestos, no puede reclamar una deducción por estas cantidades. 2012 federal and state tax forms Tiene que reducir la cantidad de los gastos que reúnen los requisitos por la cantidad de tales gastos que le pueden corresponder a la asistencia para estudios exenta de impuestos. 2012 federal and state tax forms Para más información, vea el capítulo 12 de la Publicación 970, en inglés. 2012 federal and state tax forms La asistencia para estudios exenta de impuestos incluye: La parte exenta de impuestos de becas de estudios y becas de investigación (vea el capítulo 1 de la Publicación 970, en inglés); La parte exenta de impuestos de las subvenciones federales Pell (vea el capítulo 1 de la Publicación 970, en inglés); La parte exenta de impuestos de la asistencia para estudios provista por el empleador (vea el capítulo 11 de la Publicación 970, en inglés); Asistencia para estudios destinada a veteranos (vea el capítulo 1 de la Publicación 970, en inglés) y Cualquier otro pago no gravable (libre de impuestos) (que no sean regalos o herencias) que reciba como asistencia para los estudios. 2012 federal and state tax forms Cantidades que no reducen los gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción. 2012 federal and state tax forms   No reduzca los gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción las cantidades pagadas con fondos que el estudiante reciba como: Un pago por servicios, como salarios; Un préstamo; Un regalo; Una herencia o Un retiro de la cuenta de ahorros personal del estudiante. 2012 federal and state tax forms   Tampoco reduzca la cantidad de los gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción por la cantidad de una beca de estudios o beca de investigación declarada como ingreso en la declaración de impuestos del estudiante ni becas que, según lo establecido, no se puedan aplicar a gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción. 2012 federal and state tax forms Reembolsos El trato tributario que dé a los reembolsos depende del acuerdo que tenga con su empleador. 2012 federal and state tax forms Existen dos tipos básicos de acuerdos de reembolso: planes con rendición de cuentas y planes sin rendición de cuentas. 2012 federal and state tax forms Puede determinar el tipo de plan mediante el cual se le reembolsa según la manera en que se declara el reembolso en su Formulario W-2. 2012 federal and state tax forms Para información sobre cómo tratar los reembolsos bajo planes con rendición de cuentas y planes sin rendición de cuentas, vea Reembolsos en el capítulo 26. 2012 federal and state tax forms Cómo Deducir Gastos de Negocios Las personas que trabajan por cuenta propia y los empleados declaran los gastos de negocios de manera diferente. 2012 federal and state tax forms La siguiente información explica qué formularios tiene que usar para deducir como gasto de negocios el costo de sus estudios relacionados con el trabajo que reúnen los requisitos de la deducción. 2012 federal and state tax forms Personas que Trabajan por Cuenta Propia Si trabaja por cuenta propia, declare el costo de sus estudios relacionados con el trabajo que reúnen los requisitos de la deducción en el formulario correspondiente que se utilizó para declarar su ingreso de negocio y gastos (generalmente en el Anexo C, C-EZ o F). 2012 federal and state tax forms Si sus gastos de estudios incluyen gastos de automóvil o camión, viajes o comidas, declare estos gastos de la misma forma en la que declara los demás gastos de negocios para esas partidas. 2012 federal and state tax forms Vea las instrucciones del formulario que presente para obtener información acerca de cómo completarlo. 2012 federal and state tax forms Empleados Si es empleado, puede deducir el costo de estudios relacionados con el trabajo que reúnen los requisitos de la deducción sólo si: No recibió (y no tuvo derecho a recibir) reembolsos de su empleador; Se le reembolsó conforme a un plan sin rendición de cuentas (la cantidad se incluye en el recuadro 1 del Formulario W-2) o Recibió un reembolso conforme a un plan con rendición de cuentas, pero la cantidad recibida fue menor que sus gastos por los cuales usted reclamó un reembolso. 2012 federal and state tax forms Si le corresponde el punto (1) o (2), puede deducir la totalidad del costo que reúne los requisitos de la deducción. 2012 federal and state tax forms Si le corresponde el punto (3), puede deducir sólo los costos mayores que su reembolso que reúnen los requisitos de la deducción. 2012 federal and state tax forms Para deducir como gasto de negocios el costo de sus estudios relacionados con el trabajo que reúnen los requisitos de la deducción, incluya la cantidad con su deducción para todos los demás gastos de negocios del empleado en la línea 21 del Anexo A (Formulario 1040). 2012 federal and state tax forms (Más adelante se explican las reglas especiales para gastos de ciertos artistas del espectáculo y funcionarios a los que se les pagan honorarios y para gastos de trabajo relacionados con un impedimento). 2012 federal and state tax forms Esta deducción (con la excepción de los gastos del trabajo relacionados con el impedimento de personas discapacitadas) está sujeta al límite de ingreso bruto ajustado del 2% aplicable a la mayoría de las deducciones detalladas misceláneas. 2012 federal and state tax forms Vea el capítulo 28. 2012 federal and state tax forms Formulario 2106 o 2106-EZ. 2012 federal and state tax forms   Para calcular su deducción con respecto a los gastos de negocios del empleado, incluidos los estudios relacionados con el trabajo que reúnen los requisitos de la deducción, por lo general tiene que completar el Formulario 2106 o el Formulario 2106-EZ. 2012 federal and state tax forms No se requiere el formulario. 2012 federal and state tax forms   No complete el Formulario 2106 ni el Formulario 2106-EZ si: Las cantidades incluidas en el recuadro 1 de su Formulario W-2 no se consideran reembolsos y No declara gastos de viaje, transporte, comidas o entretenimiento. 2012 federal and state tax forms   Si cumple los dos requisitos anteriores, anote los gastos directamente en la línea 21 del Anexo A (Formulario 1040). 2012 federal and state tax forms (Más adelante se explican las reglas especiales para gastos de ciertos artistas del espectáculo y funcionarios a los que se les pagan honorarios y para gastos de trabajo relacionados con un impedimento). 2012 federal and state tax forms Uso del Formulario 2106-EZ. 2012 federal and state tax forms   Este formulario es más corto y fácil de usar que el Formulario 2106. 2012 federal and state tax forms Por lo general, puede usar este formulario si: Todos los reembolsos, si los hubiera, se incluyeron en el recuadro 1 de su Formulario W-2 y Utiliza la tarifa estándar por millas si declara gastos de vehículo. 2012 federal and state tax forms   Si no cumple estos dos requisitos, utilice el Formulario 2106. 2012 federal and state tax forms Artistas del Espectáculo y Funcionarios a los que se les Pagan Honorarios Si es artista del espectáculo que reúne los requisitos o funcionario del gobierno estatal (o local) que recibe su pago total o en parte de honorarios, puede deducir el costo de sus estudios relacionado con el trabajo que reúne los requisitos de la deducción como ajuste al ingreso bruto en lugar de una deducción detallada. 2012 federal and state tax forms Incluya el costo de sus estudios relacionados con el trabajo que reúnen los requisitos de la deducción junto con todos los demás gastos de negocios del empleado y anote el total en la línea 24 del Formulario 1040. 2012 federal and state tax forms No tiene que detallar sus deducciones en el Anexo A (Formulario 1040) y, por lo tanto, la deducción no está sujeta al límite de ingreso bruto ajustado del 2%. 2012 federal and state tax forms Tiene que completar el Formulario 2106 o 2106-EZ para calcular su deducción, incluso si cumple los requisitos descritos anteriormente bajo No se requiere el formulario . 2012 federal and state tax forms Para más información acerca de los artistas del espectáculo que reúnen los requisitos, vea el capítulo 6 de la Publicación 463, en inglés. 2012 federal and state tax forms Gastos de Trabajo Relacionados con un Impedimento Si está incapacitado y tiene gastos de trabajo relacionados con un impedimento que sean necesarios para permitirle realizar estudios relacionados con el trabajo, que reúnen los requisitos de la deducción, puede deducir estos gastos en la línea 28 del Anexo A (Formulario 1040). 2012 federal and state tax forms No están sujetos al límite del 2% del ingreso bruto ajustado. 2012 federal and state tax forms Para deducir estos gastos, tiene que completar el Formulario 2106 o 2106-EZ, aun si cumple los requisitos descritos anteriormente en No se requiere el formulario . 2012 federal and state tax forms Para más información acerca de gastos de trabajo relacionados con un impedimento, vea el capítulo 6 de la Publicación 463, en inglés. 2012 federal and state tax forms Documentación Tiene que mantener documentación como comprobante de las deducciones reclamadas en su declaración de impuestos. 2012 federal and state tax forms Por lo general, debe mantener su documentación durante 3 años desde la fecha de presentación de la declaración y de haber reclamado la deducción. 2012 federal and state tax forms Para obtener información específica acerca de cómo mantener documentación de los gastos de negocios, vea Mantenimiento de Documentación en el capítulo 26. 2012 federal and state tax forms Prev  Up  Next   Home   More Online Publications