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Amend Taxes 2010

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Amend Taxes 2010

Amend taxes 2010 22. Amend taxes 2010   Impuestos Table of Contents IntroductionGobierno tribal de indios estadounidenses. Amend taxes 2010 Useful Items - You may want to see: Requisitos para Deducir Todo Impuesto Impuestos sobre los IngresosImpuestos Estatales y Locales sobre los Ingresos Impuestos Extranjeros sobre los Ingresos Impuestos Generales sobre las VentasVehículos de motor. Amend taxes 2010 Impuestos sobre Bienes RaícesImpuestos sobre bienes raíces de años anteriores. Amend taxes 2010 Ejemplos. Amend taxes 2010 Formulario 1099-S. Amend taxes 2010 Cantidades Relacionadas con Bienes Raíces que no Puede Deducir Impuestos sobre Bienes Muebles Impuestos y Cargos que no Puede Deducir Dónde se Anotan las Deducciones Introduction Este capítulo trata de los impuestos que puede deducir si detalla sus deducciones en el Anexo A (Formulario 1040). Amend taxes 2010 También explica cuáles impuestos puede deducir en otros anexos o formularios y cuáles impuestos no puede deducir. Amend taxes 2010 Este capítulo trata sobre los siguientes temas: Impuestos sobre los ingresos (federales, estatales, locales, y extranjeros). Amend taxes 2010 Impuestos generales sobre ventas (estatales y locales). Amend taxes 2010 Impuestos sobre bienes raíces (estatales, locales, y extranjeros). Amend taxes 2010 Impuestos sobre bienes muebles (estatales y locales). Amend taxes 2010 Impuestos y cargos que usted no puede deducir. Amend taxes 2010 Use la Tabla 22-1 como guía para determinar cuáles impuestos se pueden deducir. Amend taxes 2010 Hay una sección al final del capítulo que le explica cuál formulario debe usar para deducir diferentes tipos de impuestos. Amend taxes 2010 Impuestos de negocio. Amend taxes 2010   Puede deducir ciertos impuestos solamente si son gastos ordinarios y necesarios de su ocupación o negocio o si los incurre para generar ingresos. Amend taxes 2010 Para información sobre estos impuestos, vea la Publicación 535, Business Expenses (Gastos de negocio), en inglés. Amend taxes 2010 Impuestos estatales o locales. Amend taxes 2010   Éstos son impuestos gravados por los 50 estados, posesiones (territorios no autónomos) de los EE. Amend taxes 2010 UU. Amend taxes 2010 o cualquiera de sus subdivisiones políticas (tal como un condado o una ciudad) o por el Distrito de Columbia. Amend taxes 2010 Gobierno tribal de indios estadounidenses. Amend taxes 2010   Un gobierno tribal de indios estadounidenses, al que el Secretario del Tesoro reconoce que desempeña funciones gubernamentales sustanciales, se considera un estado para el propósito de reclamar una deducción tributaria. Amend taxes 2010 Los impuestos sobre los ingresos, impuestos sobre bienes raíces e impuestos sobre bienes muebles gravados por dicho gobierno tribal de indios estadounidenses (o por cualquiera de sus subdivisiones tratadas como si fueran subdivisiones políticas de un estado) son deducibles. Amend taxes 2010 Impuestos generales sobre las ventas. Amend taxes 2010   Estos son impuestos que se gravan a tasa fija sobre ventas al por menor. Amend taxes 2010 Dichos impuestos corresponden a una amplia gama de diferentes tipos de artículos. Amend taxes 2010 Impuestos extranjeros. Amend taxes 2010   Éstos son impuestos que grava un país extranjero o cualesquiera de sus subdivisiones políticas. Amend taxes 2010 Useful Items - You may want to see: Publicación 514 Foreign Tax Credit for Individuals (Crédito por impuestos extranjeros para personas físicas), en inglés 530 Tax Information for Homeowners (Información tributaria para propietarios de vivienda), en inglés Formularios (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés Anexo E (Formulario 1040) Supplemental Income and Loss (Ingresos y pérdidas suplementarios), en inglés 1116 Foreign Tax Credit (Crédito por impuestos extranjeros), en inglés Requisitos para Deducir Todo Impuesto Para que un impuesto sea deducible, se tienen que cumplir los dos requisitos siguientes: Se le tiene que gravar el impuesto a usted. Amend taxes 2010 Usted tiene que pagar el impuesto durante su año tributario. Amend taxes 2010 Se le tiene que gravar el impuesto a usted. Amend taxes 2010   En general, sólo puede deducir los impuestos que se le gravan a usted. Amend taxes 2010   Generalmente, puede deducir impuestos sobre bienes muebles sólo si usted es el dueño de la propiedad. Amend taxes 2010 Si su cónyuge es dueño de la propiedad y paga impuestos sobre bienes raíces correspondientes a la misma, los impuestos se pueden deducir en la declaración separada de su cónyuge o en su declaración conjunta. Amend taxes 2010 Tiene que pagar el impuesto durante su año tributario. Amend taxes 2010   Si es un contribuyente que usa el método contable a base de efectivo para pagar sus impuestos, puede deducir sólo aquellos impuestos que de hecho pagó durante su año tributario. Amend taxes 2010 Si paga sus impuestos con cheque, el día en que envía o entrega el cheque se considera la fecha de pago, con tal de que el cheque sea aceptado por la institución financiera. Amend taxes 2010 Si utiliza una cuenta para pagar por teléfono (como una tarjeta de crédito o retiro de fondos electrónico), la fecha de pago será la fecha en el estado de cuentas de la institución financiera indicando cuándo se hizo el pago. Amend taxes 2010 Si usted disputa una obligación tributaria y es un contribuyente que usa el método a base de efectivo para pagar sus impuestos, puede deducir el impuesto únicamente en el año en que de hecho lo paga (o transfiere dinero u otros bienes para cumplir con la obligación en disputa). Amend taxes 2010 Vea la Publicación 538, Accounting Periods and Methods (Períodos y métodos contables), en inglés, para más detalles. Amend taxes 2010    Si usa el método contable a base de lo devengado, vea la Publicación 538, en inglés, para más información. Amend taxes 2010 Impuestos sobre los Ingresos Esta sección explica cuáles impuestos estatales y locales sobre los ingresos (incluyendo aportaciones del empleado a fondos estatales de beneficios) y cuáles impuestos sobre ingresos extranjeros se pueden deducir. Amend taxes 2010 Impuestos Estatales y Locales sobre los Ingresos Puede deducir los impuestos estatales o locales sobre los ingresos. Amend taxes 2010 Sin embargo, puede eligir deducir los impuestos generales estatales y locales sobre ventas en vez de deducir los impuestos estatales y locales sobre los ingresos. Amend taxes 2010 Vea Impuestos Generales sobre las Ventas , mas adelante. Amend taxes 2010 Excepción. Amend taxes 2010    No puede deducir impuestos estatales y locales que pague sobre ingresos exentos del impuesto federal sobre el ingreso, a menos que el ingreso exento del impuesto sea ingreso de intereses. Amend taxes 2010 Por ejemplo, no puede deducir la parte del impuesto estatal sobre el ingreso que se grava sobre un subsidio por costo de vida exento del impuesto federal sobre el ingreso. Amend taxes 2010 Qué Deducir Su deducción puede ser por impuestos retenidos, pagos de impuesto estimado u otros pagos de impuestos conforme a lo siguiente: Impuestos retenidos. Amend taxes 2010   Puede deducir los impuestos estatales y locales sobre el ingreso retenidos de su sueldo en el año en que son retenidos. Amend taxes 2010 Sus Formularios W-2 indicarán la cantidad. Amend taxes 2010 Los Formularios W-2G, 1099-G, 1099-R, y 1099-MISC también pueden indicar los impuestos sobre los ingresos estatales y locales retenidos. Amend taxes 2010 Pagos de impuesto estimado. Amend taxes 2010   Puede deducir los pagos de impuesto estimado que hizo durante el año a un gobierno estatal o local. Amend taxes 2010 Sin embargo, tendrá que tener una base razonable para hacer los pagos de impuesto estimado. Amend taxes 2010 Todo pago de impuesto estimado estatal o local que no haya sido hecho de buena fe en el momento del pago no es deducible. Amend taxes 2010 Por ejemplo, usted hizo un pago estimado del impuesto estatal sobre el ingreso. Amend taxes 2010 No obstante, el cálculo aproximado de su obligación tributaria estatal resulta en que va a recibir un reembolso de todo su pago estimado. Amend taxes 2010 Usted no tenía ninguna base razonable para creer que podría adeudar algún impuesto estatal sobre el ingreso adicional y no puede deducir el pago de impuesto estimado. Amend taxes 2010 Reembolso aplicado a los impuestos. Amend taxes 2010   Puede deducir toda parte de un reembolso de impuestos estatales y locales sobre el ingreso de un año anterior que haya elegido utilizar para pagar sus impuestos estimados estatales o locales sobre el ingreso del año 2013. Amend taxes 2010    No reste de la deducción ninguno de los siguientes artículos: Todo reembolso de (o crédito por) el impuesto estatal o local sobre el ingreso (o crédito) que espere recibir para el año 2013. Amend taxes 2010 Todo reembolso de (o crédito por) impuestos estatales y locales sobre los ingresos de un año anterior que de hecho haya recibido en 2013. Amend taxes 2010   Sin embargo, todo o parte de este reembolso (o crédito) puede ser tributable. Amend taxes 2010 Vea Reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso , más adelante. Amend taxes 2010 Declaraciones federales separadas. Amend taxes 2010   Si usted y su cónyuge presentan declaraciones separadas del impuesto estatal, local y federal sobre el ingreso, cada uno puede deducir en su declaración federal sólo la cantidad de su propio impuesto estatal y local sobre el ingreso que pagó durante el año tributario. Amend taxes 2010 Declaraciones conjuntas estatales y locales. Amend taxes 2010   Si usted y su cónyuge presentan declaraciones conjuntas estatales y locales y declaraciones federales separadas, cada uno puede deducir en su declaración federal separada parte del total de los impuestos estatales y locales sobre el ingreso pagados durante el año tributario. Amend taxes 2010 Puede deducir sólo la cantidad del total de los impuestos que esté en proporción con sus ingresos brutos, comparados con la suma de los ingresos brutos de usted y los de su cónyuge. Amend taxes 2010 Sin embargo, no puede deducir más de la cantidad que realmente pagó durante el año. Amend taxes 2010 Puede evitar este cálculo si usted y su cónyuge son responsables, conjuntamente y por separado, de pagar la cantidad completa de impuestos estatales y locales sobre el ingreso. Amend taxes 2010 De ser así, ambos pueden deducir en sus declaraciones federales separadas la cantidad que de hecho pagó cada uno. Amend taxes 2010 Declaración conjunta federal. Amend taxes 2010   Si ustedes presentan una declaración conjunta federal, pueden deducir el total de los impuestos estatales y locales sobre el ingreso que pagaron ustedes dos. Amend taxes 2010 Aportaciones a fondos de beneficios estatales. Amend taxes 2010    Como empleado, puede deducir aportaciones obligatorias hechas a fondos de beneficios estatales y retenidas de su salario que proveen protección contra la pérdida de salario. Amend taxes 2010 Por ejemplo, algunos estados requieren que los empleados hagan aportaciones a fondos estatales que proveen beneficios del seguro por incapacidad o desempleo. Amend taxes 2010 Los pagos obligatorios hechos a los siguientes fondos de beneficios estatales se pueden deducir como impuestos estatales sobre el ingreso en la línea 5 del Anexo A (Formulario 1040). Amend taxes 2010 Fondo de Compensación por Desempleo de Alaska. Amend taxes 2010 Fondo de Beneficios por Incapacidad no Laboral de California. Amend taxes 2010 Fondo de Beneficios por Incapacidad no Laboral de Nueva Jersey. Amend taxes 2010 Fondo de Compensación por Desempleo de Nueva Jersey. Amend taxes 2010 Fondo de Beneficios por Incapacidad no Laboral de Nueva York. Amend taxes 2010 Fondo de Compensación por Desempleo de Pennsylvania. Amend taxes 2010 Fondo de Beneficios Temporales por Incapacidad de Rhode Island. Amend taxes 2010 Fondo de Compensación Suplementaria del Seguro Obrero del Estado de Washington. Amend taxes 2010    Las aportaciones del empleado a planes de incapacidad privados o voluntarios no son deducibles. Amend taxes 2010 Reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso. Amend taxes 2010   Si recibe un reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso en un año siguiente al año en que los pagó, puede verse obligado a incluir el reembolso en sus ingresos del año en que lo reciba, anotándolo en la línea 10 del Formulario 1040. Amend taxes 2010 Esto incluye los reembolsos resultantes de impuestos que han sido retenidos en exceso, aplicados de una declaración de un año anterior, que no han sido calculados correctamente, o que han sido calculados nuevamente, debido a una declaración enmendada. Amend taxes 2010 Si no detalló sus deducciones en el año anterior, no incluya el reembolso en los ingresos. Amend taxes 2010 Si dedujo los impuestos en el año anterior, incluya todo o parte del reembolso en la línea 10 del Formulario 1040 en el año en que reciba el reembolso. Amend taxes 2010 Para obtener una explicación de cuánto incluir, vea Recuperaciones de Fondos en el capítulo 12. Amend taxes 2010 Impuestos Extranjeros sobre los Ingresos Generalmente, puede tomar una deducción o un crédito por los impuestos sobre los ingresos que le grava un país extranjero o una posesión (territorio no autónomo) de los Estados Unidos. Amend taxes 2010 Sin embargo, no puede tomar una deducción ni un crédito por impuestos sobre los ingresos gravados a usted por otros países, que usted pagó sobre ingresos exentos del impuesto de los EE. Amend taxes 2010 UU. Amend taxes 2010 , conforme a la exclusión de ingresos ganados en el extranjero o la exclusión por concepto de vivienda en el extranjero. Amend taxes 2010 Para información sobre estas exclusiones, vea la Publicación 54, Tax Guide for U. Amend taxes 2010 S. Amend taxes 2010 Citizens and Resident Aliens Abroad (Guía tributaria para ciudadanos y residentes extranjeros de los EE. Amend taxes 2010 UU. Amend taxes 2010 en el extranjero), en inglés. Amend taxes 2010 Para información sobre el crédito por impuestos extranjeros, vea la Publicación 514, en inglés. Amend taxes 2010 Impuestos Generales sobre las Ventas Puede optar por deducir impuestos generales estatales y locales sobre ventas, en lugar de impuestos estatales y locales sobre los ingresos, como deducción detallada en la línea 5b del Anexo A (Formulario 1040). Amend taxes 2010 Usted puede calcular la deducción de impuestos sobre las ventas usando los gastos reales o las tablas correspondientes a impuestos estatales y locales. Amend taxes 2010 Gastos reales. Amend taxes 2010   Normalmente, puede deducir los impuestos generales estatales y locales reales sobre las ventas (incluidos los impuestos de uso compensatorio) si la tasa de impuestos era igual a la tasa del impuesto general sobre las ventas. Amend taxes 2010 No obstante, los impuestos sobre las ventas de comida, ropa, suministros médicos y vehículos motorizados son deducibles como impuestos generales sobre las ventas aun si la tasa de impuestos era inferior a la tasa del impuesto general sobre las ventas. Amend taxes 2010 Si pagó impuestos sobre la venta de un vehículo motorizado a una tasa superior a la tasa del impuesto general sobre las ventas, puede deducir sólo la cantidad de impuestos que hubiera pagado conforme a la tasa del impuesto general sobre las ventas correspondientes a dicho vehículo. Amend taxes 2010 Si usa el método basado en los gastos reales, tiene que tener recibos para demostrar los impuestos generales pagados sobre las ventas. Amend taxes 2010 No incluya impuestos sobre las ventas pagado en los artículos utilizados en su actividad comercial o empresarial. Amend taxes 2010 Vehículos de motor. Amend taxes 2010   Para propósitos de esta sección, los vehículos de motor incluyen: automóviles, motocicletas, casas rodantes, vehículos recreativos, vehículos utilitarios deportivos, camiones, camionetas y vehículos para uso fuera de la carretera. Amend taxes 2010 Esto también incluye los impuestos sobre las ventas en un vehículo arrendado, pero no en los vehículos utilizados en su actividad comercial o empresarial. Amend taxes 2010 Tablas de las tarifas opcionales para impuestos sobre las ventas. Amend taxes 2010   En vez de usar los gastos reales, puede calcular la deducción por impuestos generales estatales y locales sobre las ventas consultando las tablas de tarifas para el impuesto estatal y local sobre las ventas en las Instrucciones del Anexo A (Formulario1040). Amend taxes 2010 Además, tal vez pueda añadir los impuestos generales estatales y locales sobre las ventas pagados sobre ciertos artículos específicos. Amend taxes 2010   Su cantidad correspondiente de las tarifas está basada en el estado donde vive, sus ingresos y el número de exenciones reclamadas en su declaración de impuestos. Amend taxes 2010 Sus ingresos son el ingreso bruto ajustado más todo artículo no sujeto a impuestos, como los siguientes: Intereses exentos de impuestos. Amend taxes 2010 Beneficios para veteranos. Amend taxes 2010 Paga por combate no tributable. Amend taxes 2010 Compensación del seguro obrero. Amend taxes 2010 La parte no sujeta a impuestos de los beneficios del Seguro Social y de la jubilación de empleados ferroviarios. Amend taxes 2010 La parte no sujeta a impuestos de una cuenta IRA, pensión o distribuciones de una anualidad, a excepción de las reinversiones. Amend taxes 2010 Pagos de beneficios de asistencia pública. Amend taxes 2010   Si vivió en diferentes estados del país durante el mismo año tributario, tiene que prorratear la cantidad de las tarifas correspondiente a cada estado en el que vivió según las fechas en que vivió que en cada estado. Amend taxes 2010 Vea las instrucciones de la línea 5 del Anexo A (Formulario 1040) para detalles adicionales. Amend taxes 2010 Impuestos sobre Bienes Raíces Los impuestos sobre bienes raíces deducibles son todos los impuestos estatales, locales o extranjeros sobre bienes raíces que se graven para el bienestar general del público. Amend taxes 2010 Puede deducir dichos impuestos sólo si se basan en el valor tasado de los bienes raíces y son cobrados uniformemente contra todos los bienes dentro de la jurisdicción de las autoridades tributarias. Amend taxes 2010 Los impuestos sobre bienes raíces deducibles no suelen incluir impuestos cobrados por beneficios locales ni mejoras que aumentan el valor de los bienes. Amend taxes 2010 Tampoco incluyen cargos detallados por servicios (tal como la recogida de basura) que se les cobran a bienes específicos o ciertas personas, aunque se les pague el cargo a las autoridades tributarias. Amend taxes 2010 Para más información sobre impuestos y cargos que no son deducibles, vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir , más adelante. Amend taxes 2010 Inquilinos-accionistas de una sociedad anónima de cooperativa de viviendas. Amend taxes 2010   Normalmente, si es inquilino-accionista de una sociedad anónima de cooperativa de viviendas, puede deducir la cantidad pagada a dicha sociedad anónima que corresponda a su parte de los impuestos sobre bienes raíces que dicha sociedad anónima pagó, o en los que incurrió por la vivienda de usted. Amend taxes 2010 La sociedad anónima debería proporcionarle un estado de cuentas en el cual indica la parte de los impuestos que le corresponde. Amend taxes 2010 Para más información, vea las Special Rules for Cooperatives (Reglas especiales para cooperativas), en la Publicación 530, en inglés. Amend taxes 2010 División de los impuestos sobre bienes raíces entre compradores y vendedores. Amend taxes 2010   Si compró o vendió bienes raíces durante el año, los impuestos sobre bienes raíces tienen que ser divididos entre el comprador y el vendedor. Amend taxes 2010   El comprador y el vendedor tienen que dividir los impuestos de bienes raíces basándose en el número de días del año tributario para bienes raíces (el período relacionado con el impuesto gravado) que cada uno fue dueño de la propiedad. Amend taxes 2010 Al vendedor se le trata como si hubiese pagado los impuestos hasta la fecha de la venta, pero sin incluir dicha fecha. Amend taxes 2010 Al comprador se le trata como si hubiese pagado los impuestos a partir de la fecha de la venta. Amend taxes 2010 Esto corresponde independientemente de las fechas de gravamen bajo la ley local. Amend taxes 2010 Generalmente, esta información se incluye en el estado de liquidación proporcionado al cierre. Amend taxes 2010    Si usted (el vendedor) no puede deducir los impuestos hasta que se paguen debido a su uso del método contable a base de efectivo, y el comprador de su propiedad es personalmente responsable de pagar el impuesto, se considera que usted ha pagado su parte del impuesto en el momento de la venta. Amend taxes 2010 Esto le permite deducir su parte del impuesto hasta la fecha de venta aunque de hecho no lo haya pagado. Amend taxes 2010 Sin embargo, también tiene que incluir la cantidad de dicho impuesto en el precio de venta de la propiedad. Amend taxes 2010 El comprador tiene que incluir la misma cantidad en su costo de la propiedad. Amend taxes 2010   Calcule su deducción tributaria sobre cada propiedad comprada o vendida durante el año tributario para bienes raíces conforme a lo siguiente: Hoja de Trabajo 22-1. Amend taxes 2010 Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces 1. Amend taxes 2010 Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces   2. Amend taxes 2010 Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad   3. Amend taxes 2010 Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Amend taxes 2010 4. Amend taxes 2010 Multiplique la línea 1 por la línea 3. Amend taxes 2010 Ésta es su deducción. Amend taxes 2010 Anótela en la línea 6 del Anexo A (Formulario 1040). Amend taxes 2010   Nota: Repita los pasos 1 al 4 para cada propiedad que compró o vendió durante el año tributario para bienes raíces. Amend taxes 2010 La deducción total es la suma de las cantidades de la línea 4 para todas las propiedades. Amend taxes 2010 Impuestos sobre bienes raíces de años anteriores. Amend taxes 2010   No divida impuestos morosos entre el comprador y el vendedor si dichos impuestos corresponden a un año tributario de bienes raíces anterior al año en que se vendió la propiedad. Amend taxes 2010 Aunque el comprador acuerde pagar los impuestos morosos, el mismo no los puede deducir y tiene que sumarlos al costo de la propiedad. Amend taxes 2010 El vendedor puede deducir estos impuestos pagados por el comprador. Amend taxes 2010 Sin embargo, el vendedor tiene que incluirlos en el precio de venta. Amend taxes 2010 Ejemplos. Amend taxes 2010   Los siguientes ejemplos demuestran cómo se dividen los impuestos sobre bienes raíces entre el comprador y el vendedor. Amend taxes 2010 Ejemplo 1. Amend taxes 2010 El año tributario de bienes raíces de José y María Blanco, tanto para su antigua vivienda como para su nueva vivienda, es el año natural. Amend taxes 2010 El plazo para pagar vence el 1 de agosto. Amend taxes 2010 El impuesto sobre su antigua vivienda, vendida el 7 de mayo, era $620. Amend taxes 2010 El impuesto sobre su nueva vivienda, comprada el 3 de mayo, es $732. Amend taxes 2010 Se considera que José y María han pagado una parte proporcional de los impuestos para bienes raíces sobre la antigua vivienda aunque de hecho no se los pagaron a las autoridades tributarias. Amend taxes 2010 Por otro lado, pueden declarar sólo una parte proporcional de los impuestos que pagaron sobre su nueva propiedad, aunque pagaron la cantidad completa. Amend taxes 2010 José y María fueron dueños de su antigua vivienda durante 126 días del año tributario para bienes raíces (del 1 de enero al 6 de mayo, el día antes de la venta). Amend taxes 2010 Calculan su deducción tributaria sobre su antigua vivienda conforme a lo siguiente: Hoja de Trabajo 22-1. Amend taxes 2010 Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Antigua Vivienda 1. Amend taxes 2010 Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $620 2. Amend taxes 2010 Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 126 3. Amend taxes 2010 Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Amend taxes 2010 3452 4. Amend taxes 2010 Multiplique la línea 1 por la línea 3. Amend taxes 2010 Ésta es su deducción. Amend taxes 2010 Anótela en la línea 6 del Anexo A (Formulario 1040). Amend taxes 2010 $214 Como los compradores de su antigua vivienda pagaron todos los impuestos, José y María también incluyen los $214 en el precio de venta de la antigua vivienda. Amend taxes 2010 Los compradores suman los $214 al costo de su vivienda. Amend taxes 2010 José y María fueron dueños de su nueva vivienda durante el año tributario para bienes raíces por 243 días (del 3 de mayo al 31 de diciembre, incluyendo la fecha de compra). Amend taxes 2010 Calculan su deducción tributaria sobre su nueva vivienda conforme a lo siguiente: Hoja de Trabajo 22-1. Amend taxes 2010 Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Nueva Vivienda 1. Amend taxes 2010 Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $732 2. Amend taxes 2010 Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 243 3. Amend taxes 2010 Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Amend taxes 2010 6658 4. Amend taxes 2010 Multiplique la línea 1 por la línea 3. Amend taxes 2010 Ésta es su deducción. Amend taxes 2010 Anótela en la línea 6 del Anexo A (Formulario 1040). Amend taxes 2010 $487 Como José y María pagaron todos los impuestos sobre la nueva vivienda, suman $245 ($732 pagados menos una deducción de $487) a su costo de la nueva vivienda. Amend taxes 2010 Los vendedores suman estos $245 a su precio de venta y deducen los $245 como impuesto sobre los bienes raíces. Amend taxes 2010 La deducción por el impuesto sobre bienes raíces de José y María por sus antiguas y nuevas viviendas es la suma de $214 y $487, o sea $701. Amend taxes 2010 Anotarán esta cantidad en la línea 6 del Anexo A (Formulario 1040). Amend taxes 2010 Ejemplo 2. Amend taxes 2010 Jorge y Helena Moreno compraron una nueva casa el 3 de mayo del año 2013. Amend taxes 2010 Su año tributario de bienes raíces para la nueva casa es el año natural. Amend taxes 2010 Los impuestos sobre bienes raíces para el año 2012 fueron gravados en el estado donde viven los Moreno el 1 de enero del año 2013. Amend taxes 2010 El plazo para pagar los impuestos venció el 31 de mayo del año 2013 y el 31 de octubre del año 2013. Amend taxes 2010 Los Moreno acordaron pagar todos los impuestos morosos después de la fecha de compra. Amend taxes 2010 Los impuestos sobre bienes raíces para el año 2012 fueron $680. Amend taxes 2010 Pagaron $340 el 31 de mayo del año 2012 y $340 el 31 de octubre del año 2013. Amend taxes 2010 Estos impuestos fueron para el año tributario de bienes raíces de 2012. Amend taxes 2010 Los Moreno no pueden deducirlos ya que no fueron dueños de la propiedad hasta el año 2013. Amend taxes 2010 En lugar de ello, tienen que añadir $680 al costo de su nueva vivienda. Amend taxes 2010 En enero del año 2014, los Moreno reciben su estado de cuenta del impuesto sobre bienes raíces del año 2013 por $752 y pagarán esta cantidad en el año 2014. Amend taxes 2010 Los Moreno fueron dueños de su nueva vivienda por 243 días (desde el 3 de mayo hasta el 31 de diciembre) durante el año tributario para bienes raíces de 2013. Amend taxes 2010 Calcularán su deducción tributaria para el año 2014 conforme a lo siguiente: Hoja de Trabajo 22-1. Amend taxes 2010 Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Nueva Vivienda 1. Amend taxes 2010 Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $752 2. Amend taxes 2010 Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 243 3. Amend taxes 2010 Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Amend taxes 2010 6658 4. Amend taxes 2010 Multiplique la línea 1 por la línea 3. Amend taxes 2010 Ésta es su deducción. Amend taxes 2010 Anótela en la línea 6 del Anexo A (Formulario 1040). Amend taxes 2010 $501 Los impuestos restantes de $251 (los $752 pagados menos una deducción de $501) que fueron pagados en el año 2014, junto con los $680 que fueron pagados en el año 2013, se suman al costo de su nueva vivienda. Amend taxes 2010 Debido a que se considera que los impuestos hasta la fecha de venta han sido pagados por el vendedor en la fecha de venta, éste tiene derecho a una deducción tributaria de $931 para el año 2013. Amend taxes 2010 Ésta es la suma de los $680 del año 2012 y los $251 por los 122 días durante los cuales fue dueño de la vivienda en el año 2013. Amend taxes 2010 El vendedor también tiene que incluir los $931 en el precio de venta cuando calcule la ganancia o pérdida en la venta. Amend taxes 2010 El vendedor debería ponerse en contacto con los Moreno en enero del año 2014 para averiguar cuánto impuesto sobre bienes raíces se debe pagar para el año 2013. Amend taxes 2010 Formulario 1099-S. Amend taxes 2010   Para ciertas ventas o intercambios de bienes raíces, la persona encargada del cierre de la venta (generalmente el agente a cargo del cierre) prepara el Formulario 1099-S, Proceeds From Real Estate Transactions (Ganancias procedentes de transacciones de bienes raíces), en inglés, para declarar cierta información al IRS y al vendedor de la propiedad. Amend taxes 2010 El recuadro 2 del Formulario 1099-S es para las utilidades brutas de la venta y debería incluir la parte de la obligación tributaria por bienes raíces correspondiente al vendedor que el comprador pagará a partir de la fecha de la venta. Amend taxes 2010 El comprador incluye estos impuestos en la base del costo de la propiedad y el vendedor deduce esta cantidad como un impuesto pagado y lo incluye en el precio de venta de la propiedad. Amend taxes 2010   Para una transacción de bienes raíces que incluya una vivienda, todo impuesto sobre bienes raíces que el vendedor haya pagado por adelantado pero que es la obligación del comprador aparece en el recuadro 5 del Formulario 1099-S. Amend taxes 2010 El comprador deduce esta cantidad como un impuesto sobre bienes raíces y el vendedor reduce esa misma cantidad de su deducción del impuesto sobre bienes raíces (o la incluye en el ingreso). Amend taxes 2010 Vea Reembolso (o rebaja) , más adelante. Amend taxes 2010 Impuestos depositados en plica. Amend taxes 2010   Si su pago hipotecario mensual incluye una cantidad depositada en plica (puesta bajo la custodia de un tercero) para impuestos sobre bienes raíces, es posible que no pueda deducir toda la cantidad que fue depositada en plica. Amend taxes 2010 Puede deducir sólo el impuesto sobre bienes raíces que el tercero de hecho les pagó a las autoridades tributarias. Amend taxes 2010 Si el tercero no le avisa de la cantidad de impuesto sobre bienes raíces pagada en nombre suyo, póngase en contacto con el tercero o las autoridades tributarias para averiguar la cantidad que debe usar en su declaración. Amend taxes 2010 Tenencia en su totalidad. Amend taxes 2010   Si usted y su cónyuge tuvieron propiedad conyugal en su totalidad y presentan declaraciones federales separadas, cada uno de ustedes puede deducir sólo los impuestos que cada uno de ustedes pagó sobre la propiedad. Amend taxes 2010 Personas divorciadas. Amend taxes 2010   Si su acuerdo de divorcio o separación declara que usted tiene que pagar los impuestos sobre bienes raíces por una vivienda cuyos dueños son usted y su cónyuge, una parte de sus pagos podría ser deducible como pensión para el cónyuge divorciado y otra parte como impuestos sobre bienes raíces. Amend taxes 2010 Vea Impuestos y seguro en el capítulo 18 para más información. Amend taxes 2010 Asignaciones para la vivienda para ministros de una orden religiosa y personal militar. Amend taxes 2010   Si es ministro de la iglesia o miembro de los servicios militares y recibe una asignación para su vivienda que puede excluir de sus ingresos, aún puede deducir todos los impuestos sobre bienes raíces que pague sobre su vivienda. Amend taxes 2010 Reembolso (o rebaja). Amend taxes 2010   Si recibió un reembolso o una rebaja en el año tributario 2013 sobre bienes raíces que pagó ese año, tiene que reducir su deducción por la cantidad que se le ha reembolsado. Amend taxes 2010 Si recibió un reembolso o una rebaja en el año tributario 2013 sobre bienes raíces que dedujo en un año anterior (ya sea como deducción detallada o como aumento en la deducción estándar), generalmente tiene que incluir el reembolso o la rebaja en los ingresos del año en que lo reciba. Amend taxes 2010 Sin embargo, la cantidad que se incluye en los ingresos se limita a la cantidad de la deducción que disminuyó su impuesto en el año anterior. Amend taxes 2010 Para más información, vea Recuperación de Fondos en el capítulo 12. Amend taxes 2010 Tabla 22-1. Amend taxes 2010 ¿Qué Impuestos Puede Deducir? Tipo de Impuestos Puede Deducir No Puede Deducir Honorarios y Cargos Honorarios y cargos que son gastos de su ocupación o negocio o de la generación de ingresos. Amend taxes 2010 Honorarios y cargos que no son gastos de su ocupación o negocio o de la generación de ingresos, tales como cargos de licencias para conducir, inspección de vehículos, estacionamiento o cargos por servicios de agua (vea Impuestos y Cargos que no Puede Deducir ). Amend taxes 2010     Multas y sanciones. Amend taxes 2010 Impuestos sobre los Ingresos Impuestos estatales y locales sobre los ingresos. Amend taxes 2010 Impuestos federales sobre los ingresos. Amend taxes 2010   Impuestos extranjeros sobre los ingresos. Amend taxes 2010 Aportaciones del empleado a planes de seguro por incapacidad privados o voluntarios. Amend taxes 2010   Aportaciones del empleado a fondos estatales, tal como se indica bajo Aportaciones a fondos de beneficios estatales . Amend taxes 2010 Impuestos generales estatales y locales sobre las ventas si opta por deducir impuestos estatales y locales sobre los ingresos. Amend taxes 2010 Impuestos Generales sobre las Ventas Impuestos generales estatales y locales sobre las ventas, incluyendo los impuestos de uso compensatorio. Amend taxes 2010 Impuestos estatales y locales sobre los ingresos si opta por deducir impuestos generales estatales y locales sobre las ventas. Amend taxes 2010 Otros Impuestos Impuestos que son gastos de su ocupación o negocio. Amend taxes 2010 Impuestos federales sobre artículos de uso y consumo, tal como el impuesto sobre gasolina, que no son gastos de su ocupación o negocio o de la generación de ingresos. Amend taxes 2010   Impuestos sobre bienes que generan ingresos del alquiler o de regalías. Amend taxes 2010 Impuestos per cápita. Amend taxes 2010   Impuestos sobre una profesión u ocupación. Amend taxes 2010 Vea el capítulo 28. Amend taxes 2010     La mitad del impuesto sobre el trabajo por cuenta propia pagado. Amend taxes 2010   Impuestos sobre Bienes Muebles Impuestos estatales y locales sobre bienes muebles. Amend taxes 2010 Aranceles de aduanas que no son gastos de su ocupación o negocio o de la generación de ingresos. Amend taxes 2010 Impuestos sobre Bienes Raíces Impuestos estatales y locales sobre bienes raíces. Amend taxes 2010 Impuestos sobre bienes raíces que se tratan como si hubiesen sido gravados a otra persona (vea División de los impuestos sobre bienes raíces entre compradores y vendedores ). Amend taxes 2010   Impuestos extranjeros sobre bienes raíces. Amend taxes 2010 Impuestos para beneficios locales (con excepciones). Amend taxes 2010 Vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir . Amend taxes 2010   La parte de los impuestos sobre bienes raíces del inquilino pagada por una sociedad anónima cooperativa de viviendas. Amend taxes 2010 Cargos por la recogida de basura y desperdicios (hay excepciones). Amend taxes 2010 Vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir . Amend taxes 2010     Aumento del alquiler debido a impuestos sobre bienes raíces más altos. Amend taxes 2010     Cuotas de la asociación de propietarios de viviendas. Amend taxes 2010 Cantidades Relacionadas con Bienes Raíces que no Puede Deducir Los pagos de los siguientes no suelen ser deducibles como impuestos sobre bienes raíces: Impuestos por beneficios locales. Amend taxes 2010 Cargos detallados por servicios (tales como cargos por la recogida de basura y desperdicios). Amend taxes 2010 Impuestos de traspaso (impuestos de timbre). Amend taxes 2010 Aumentos del alquiler ocasionados por aumentos en los impuestos sobre bienes raíces. Amend taxes 2010 Cuotas de la asociación de propietarios de vivienda. Amend taxes 2010 Impuestos por beneficios locales. Amend taxes 2010   Los impuestos deducibles sobre bienes raíces no suelen incluir impuestos gravados por beneficios locales y mejoras que tienden a aumentar el valor de la propiedad. Amend taxes 2010 Estos incluyen impuestos por mejoras de calles, aceras o banquetas, cañerías principales, alcantarillado, instalaciones de estacionamiento público y mejoras parecidas. Amend taxes 2010 Debe aumentar la base de su propiedad por la cantidad pagada. Amend taxes 2010   Los impuestos sobre beneficios locales se pueden deducir únicamente si son por mantenimiento, reparaciones o cargos de intereses relacionados con aquellos beneficios. Amend taxes 2010 Si sólo una parte de los impuestos es por mantenimiento, reparaciones o intereses, tiene que poder determinar cuánta fue la cantidad de dicha parte para reclamar la deducción. Amend taxes 2010 Si no puede determinar qué parte del impuesto es por mantenimiento, reparaciones o intereses, ninguna parte de éste es deducible. Amend taxes 2010    Los impuestos sobre beneficios locales podrían incluirse en su factura del impuesto sobre bienes raíces. Amend taxes 2010 Si las autoridades tributarias (o prestamista hipotecario) no le proveen una copia de su factura del impuesto sobre bienes raíces, pídala. Amend taxes 2010 Debe usar las reglas indicadas anteriormente para determinar si puede deducir el impuesto sobre beneficios locales. Amend taxes 2010 Comuníquese con las autoridades tributarias si necesita información adicional sobre un cargo específico indicado en su factura del impuesto sobre bienes raíces. Amend taxes 2010 Cargos detallados por servicios. Amend taxes 2010    Un cargo detallado por servicios sobre una propiedad o persona específica no es un impuesto, aun si el cargo se paga a las autoridades tributarias. Amend taxes 2010 Por ejemplo, no puede deducir el cargo como un impuesto sobre bienes raíces si es: Un cargo unitario por el abastecimiento de un servicio (tal como un cargo de $5 que se cobra por cada 1,000 galones de agua que use), Un cargo periódico por un servicio residencial (tal como un cargo de $20 al mes o $240 al año que se le cobra a cada propietario de viviendas por la recogida de basura) o Un cargo fijo que se cobra por un solo servicio provisto por su gobierno (tal como un cargo de $30 por cortar el césped por haberla dejado crecer más de lo permitido conforme al reglamento local). Amend taxes 2010    Tiene que revisar su factura del impuesto sobre bienes raíces para determinar si algún cargo detallado no deducible, como los que se enumeran anteriormente, se ha incluido en la factura. Amend taxes 2010 Si las autoridades tributarias (o el prestamista hipotecario) no le proveen una copia de su factura del impuesto sobre bienes raíces, pídala. Amend taxes 2010 Excepción. Amend taxes 2010   Los cargos que se utilizan para mantener o mejorar servicios (tal como la recogida de basura o la protección policial o contra incendios) son deducibles como impuestos sobre bienes raíces si: Los cargos se gravan a una tasa similar para todos los bienes en la jurisdicción que impone el impuesto, Los fondos recaudados no tienen designación específica; en vez de ello, están mezclados con fondos fiscales generales y Los fondos utilizados para mantener y mejorar servicios no se limitan a la cantidad de dichos cargos recaudados ni están determinados por dicha cantidad. Amend taxes 2010 Impuestos de traspaso (impuestos de timbre). Amend taxes 2010   No se pueden deducir los impuestos de traspaso ni impuestos similares, ni los cargos sobre la venta de una vivienda personal. Amend taxes 2010 Si los paga el vendedor, son gastos de la venta y reducen la cantidad generada por la venta. Amend taxes 2010 Si los paga el comprador, se incluyen en la base del costo de los bienes. Amend taxes 2010 Aumento del alquiler debido a impuestos sobre bienes raíces más altos. Amend taxes 2010   Si su arrendador aumenta su alquiler en forma de recargo tributario (surcharge) debido a un aumento de los impuestos sobre bienes raíces, no puede deducir dicho aumento como impuesto. Amend taxes 2010 Cuotas de la asociación de propietarios de vivienda. Amend taxes 2010   Estos cargos no se pueden deducir porque son gravados por la asociación de propietarios de vivienda y no por el gobierno estatal o local. Amend taxes 2010 Impuestos sobre Bienes Muebles El impuesto sobre bienes muebles es deducible si es un impuesto estatal o local que: Se cobra sobre bienes muebles, Se basa únicamente en el valor de los bienes muebles y Se cobra anualmente, aunque se pague más o menos una vez al año. Amend taxes 2010 Se puede considerar que un impuesto que reúna los requisitos anteriores ha sido cobrado sobre bienes muebles aunque sea para el ejercicio de un privilegio. Amend taxes 2010 Por ejemplo, un impuesto anual basado en el valor reúne los requisitos como impuesto sobre bienes muebles, aunque se denomine un cargo de registro y sea para el privilegio de registrar automóviles o utilizarlos en las carreteras. Amend taxes 2010 Si el impuesto se basa parcialmente en el valor y parcialmente en otros criterios, puede reunir los requisitos en parte. Amend taxes 2010 Ejemplo. Amend taxes 2010 El estado en el que vive cobra un impuesto anual del 1% del valor, más 50 centavos por quintal (cien libras de peso) de un vehículo por el registro del mismo. Amend taxes 2010 Usted pagó $32 basados en el valor ($1,500) y peso (3,400 libras) de su automóvil. Amend taxes 2010 Puede deducir $15 (1% x $1,500) como un impuesto sobre bienes muebles, ya que esa parte se basa en el valor. Amend taxes 2010 Los $17 restantes ($0. Amend taxes 2010 50 x 34), basados en el peso, no se pueden deducir. Amend taxes 2010 Impuestos y Cargos que no Puede Deducir Muchos impuestos del gobierno federal, estatal y local no son deducibles porque no pertenecen a las categorías mencionadas anteriormente. Amend taxes 2010 Otros impuestos y cargos, tales como los impuestos federales sobre los ingresos, no son deducibles debido a que la ley tributaria prohibe específicamente la deducción de éstos. Amend taxes 2010 Vea la Tabla 22-1. Amend taxes 2010 Los impuestos y cargos que generalmente no se pueden deducir incluyen los siguientes: Impuestos sobre la nómina. Amend taxes 2010 Esto incluye los impuestos del Seguro Social, Medicare e impuestos sobre la jubilación ferroviaria retenidos de su paga. Amend taxes 2010 No obstante, una mitad del impuesto que usted paga sobre el trabajo por cuenta propia es deducible. Amend taxes 2010 Asimismo, es posible que los impuestos del Seguro Social y otros impuestos laborales sobre la nómina que usted paga sobre el salario de un empleado doméstico se puedan incluir en los gastos médicos deducibles o en los gastos del cuidado de hijos que le permitan reclamar el crédito por gastos del cuidado de menores y dependientes. Amend taxes 2010 Para más información, vea los capítulos 21 y 32. Amend taxes 2010 Impuestos sobre caudales hereditarios, herencias, legados o sucesiones. Amend taxes 2010 No obstante, puede deducir la parte del impuesto sobre la herencia atribuible al ingreso proveniente de un difunto si usted, como beneficiario, tiene que incluir dicho ingreso en su propio ingreso bruto. Amend taxes 2010 En este caso, deduzca el impuesto sobre la herencia como deducción miscelánea no sujeta al límite del 2% del ingreso bruto ajustado. Amend taxes 2010 Para más información, vea la Publicación 559, Survivors, Executors, and Administrators (Sobrevivientes, albaceas y administradores), en inglés. Amend taxes 2010 Impuestos federales sobre los ingresos. Amend taxes 2010 Incluye impuestos sobre los ingresos retenidos de su paga. Amend taxes 2010 Multas y sanciones. Amend taxes 2010 No puede deducir multas y sanciones pagadas a un gobierno por la violación de alguna ley, incluidas cantidades afines de garantía que haya perdido. Amend taxes 2010 Impuestos sobre donaciones. Amend taxes 2010 Cargos por licencias. Amend taxes 2010 No puede deducir cargos por licencias para propósitos personales (cargos por licencia matrimonial, licencias para conducir y permiso para perros). Amend taxes 2010 Impuestos per cápita. Amend taxes 2010 No puede deducir los impuestos per cápita estatales o locales. Amend taxes 2010 Muchos impuestos y cargos que no se enumeraron anteriormente tampoco pueden ser deducidos, a menos que sean gastos ordinarios y necesarios de una actividad comercial o una actividad que genere ingresos. Amend taxes 2010 Para otros cargos que no se pueden deducir, vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir , anteriormente. Amend taxes 2010 Dónde se Anotan las Deducciones Los impuestos se deducen en los siguientes anexos: Impuestos estatales y locales sobre los ingresos. Amend taxes 2010    Estos impuestos se deducen en la línea 5 del Anexo A (Formulario 1040), aunque su única fuente de ingresos sea de negocios, alquileres o regalías. Amend taxes 2010 Marque el recuadro a en la línea 5. Amend taxes 2010 Impuestos generales sobre las ventas. Amend taxes 2010   Los impuestos sobre las ventas se deducen en la línea 5 del Anexo A (Formulario 1040). Amend taxes 2010 Usted tiene que marcar el recuadro b en la línea 5. Amend taxes 2010 Si elige deducir estos impuestos, no puede deducir impuestos estatales y locales sobre los ingresos en el recuadro a de la línea 5 del Anexo A (Formulario 1040). Amend taxes 2010 Impuestos extranjeros sobre los ingresos. Amend taxes 2010   Por lo general, los impuestos que paga a un país extranjero o una posesión (territorio no autónomo) estadounidense pueden ser reclamados como una deducción detallada en la línea 8 del Anexo A (Formulario 1040) o como un crédito a su favor para su impuesto sobre el ingreso de los EE. Amend taxes 2010 UU. Amend taxes 2010 en la línea 47 del Formulario 1040. Amend taxes 2010 Para reclamar el crédito, es posible que tenga que llenar y adjuntar el Formulario 1116, en inglés. Amend taxes 2010 Para más información, vea el capítulo 37 de esta publicación, las Instrucciones del Formulario 1040 o la Publicación 514, estos dos últimos en inglés. Amend taxes 2010 Impuestos sobre bienes raíces e impuestos sobre bienes muebles. Amend taxes 2010    Los impuestos sobre bienes raíces e impuestos sobre bienes muebles se anotan en las líneas 6 y 7, respectivamente, del Anexo A (Formulario 1040), a menos que se paguen sobre bienes utilizados en su negocio. Amend taxes 2010 En tal caso, se anotan en el Anexo C, Anexo C-EZ o Anexo F (Formulario 1040). Amend taxes 2010 Los impuestos sobre propiedad que genere ingresos de alquiler o de regalías se anotan en el Anexo E (Formulario 1040). Amend taxes 2010 Impuestos sobre el trabajo por cuenta propia. Amend taxes 2010    Deduzca la mitad de su impuesto sobre el trabajo por cuenta propia en la línea 27 del Formulario 1040. Amend taxes 2010 Otros impuestos. Amend taxes 2010    Todos los demás impuestos deducibles se anotan en la línea 8 del Anexo A (Formulario 1040). Amend taxes 2010 Prev  Up  Next   Home   More Online Publications
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Can I Claim My Expenses as Miscellaneous Itemized Deductions on Schedule A (Form 1040)?

You may be able to deduct certain expenses related to producing or collecting taxable income. This topic addresses many of these expenses. It does not address employment related expenses other than expenses for job search, work clothes, uniforms and union dues.

For more information regarding employment related expenses, refer to Publication 529, Miscellaneous Deductions.

Estimated Completion Time: 10 minutes. However: 5 minutes of inactivity will end the interview and you will be forced to start over.

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The Amend Taxes 2010

Amend taxes 2010 Publication 523 - Main Content Table of Contents Main HomeVacant land. Amend taxes 2010 Factors used to determine main home. Amend taxes 2010 Figuring Gain or LossSelling Price Amount Realized Adjusted Basis Amount of Gain or Loss Dispositions Other Than Sales Determining BasisCost As Basis Basis Other Than Cost Adjusted Basis Excluding the GainMaximum Exclusion Ownership and Use Tests Reduced Maximum Exclusion Nonqualified Use Business Use or Rental of HomeUnrecaptured section 1250 gain. Amend taxes 2010 Property Used Partly for Business or Rental Reporting the SaleSeller-financed mortgage. Amend taxes 2010 Individual taxpayer identification number (ITIN). Amend taxes 2010 More information. Amend taxes 2010 Comprehensive Examples Special SituationsException for sales to related persons. Amend taxes 2010 Deducting Taxes in the Year of SaleForm 1099-S. Amend taxes 2010 More information. Amend taxes 2010 Recapturing (Paying Back) a Federal Mortgage Subsidy Recapture of First-Time Homebuyer CreditExample. Amend taxes 2010 Worksheets How To Get Tax HelpLow Income Taxpayer Clinics Main Home This section explains the term “main home. Amend taxes 2010 ” Usually, the home you live in most of the time is your main home and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. Amend taxes 2010 To exclude gain under the rules in this publication, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. Amend taxes 2010 Land. Amend taxes 2010   If you sell the land on which your main home is located, but not the house itself, you cannot exclude any gain you have from the sale of the land. Amend taxes 2010 Example. Amend taxes 2010 You buy a piece of land and move your main home to it. Amend taxes 2010 Then, you sell the land on which your main home was located. Amend taxes 2010 This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. Amend taxes 2010 Vacant land. Amend taxes 2010   The sale of vacant land is not a sale of your main home unless: The vacant land is adjacent to land containing your home, You owned and used the vacant land as part of your main home, The separate sale of your home satisfies the requirements for exclusion and occurs within 2 years before or 2 years after the date of the sale of the vacant land, and The other requirements for excluding gain from the sale of a main home have been satisfied with respect to the vacant land. Amend taxes 2010 If these requirements are met, the sale of the home and the sale of the vacant land are treated as one sale and only one maximum exclusion can be applied to any gain. Amend taxes 2010 See Excluding the Gain , later. Amend taxes 2010 The destruction of your home is treated as a sale of your home. Amend taxes 2010 As a result, you may be able to meet these requirements if you sell vacant land used as a part of your main home within 2 years from the date of the destruction of your main home. Amend taxes 2010 For information, see Publication 547. Amend taxes 2010 More than one home. Amend taxes 2010   If you have more than one home, you can exclude gain only from the sale of your main home. Amend taxes 2010 You must include in income the gain from the sale of any other home. Amend taxes 2010 If you have two homes and live in each of them, your main home is ordinarily the one you live in most of the time during the year. Amend taxes 2010 Example 1. Amend taxes 2010 You own two homes, one in New York and one in Florida. Amend taxes 2010 From 2009 through 2013, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. Amend taxes 2010 In the absence of facts and circumstances indicating otherwise, the New York home is your main home. Amend taxes 2010 You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. Amend taxes 2010 Example 2. Amend taxes 2010 You own a house, but you live in another house that you rent. Amend taxes 2010 The rented house is your main home. Amend taxes 2010 Example 3. Amend taxes 2010 You own two homes, one in Virginia and one in New Hampshire. Amend taxes 2010 In 2009 and 2010, you lived in the Virginia home. Amend taxes 2010 In 2011 and 2012, you lived in the New Hampshire home. Amend taxes 2010 In 2013, you lived again in the Virginia home. Amend taxes 2010 Your main home in 2009, 2010, and 2013 is the Virginia home. Amend taxes 2010 Your main home in 2011 and 2012 is the New Hampshire home. Amend taxes 2010 You would be eligible to exclude gain from the sale of either home (but not both) in 2013. Amend taxes 2010 Factors used to determine main home. Amend taxes 2010   In addition to the amount of time you live in each home, other factors are relevant in determining which home is your main home. Amend taxes 2010 Those factors include the following. Amend taxes 2010 Your place of employment. Amend taxes 2010 The location of your family members' main home. Amend taxes 2010 Your mailing address for bills and correspondence. Amend taxes 2010 The address listed on your: Federal and state tax returns, Driver's license, Car registration, and Voter registration card. Amend taxes 2010 The location of the banks you use. Amend taxes 2010 The location of recreational clubs and religious organizations of which you are a member. Amend taxes 2010 Property used partly as your main home. Amend taxes 2010   If you use only part of the property as your main home, the rules discussed in this publication apply only to the gain or loss on the sale of that part of the property. Amend taxes 2010 For details, see Business Use or Rental of Home , later. Amend taxes 2010 Figuring Gain or Loss To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. Amend taxes 2010 Subtract the adjusted basis from the amount realized to get your gain or loss. Amend taxes 2010     Selling price     − Selling expenses       Amount realized     − Adjusted basis       Gain or loss   Gain. Amend taxes 2010   Gain is the excess of the amount realized over the adjusted basis of the property. Amend taxes 2010 Loss. Amend taxes 2010   Loss is the excess of the adjusted basis over the amount realized for the property. Amend taxes 2010 Selling Price The selling price is the total amount you receive for your home. Amend taxes 2010 It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale. Amend taxes 2010 Personal property. Amend taxes 2010   The selling price of your home does not include amounts you received for personal property sold with your home. Amend taxes 2010 Personal property is property that is not a permanent part of the home. Amend taxes 2010 Examples are furniture, draperies, rugs, a washer and dryer, and lawn equipment. Amend taxes 2010 Separately stated amounts you received for these items should not be shown on Form 1099-S (discussed later). Amend taxes 2010 Any gains from sales of personal property must be included in your income, but not as part of the sale of your home. Amend taxes 2010 Payment by employer. Amend taxes 2010   You may have to sell your home because of a job transfer. Amend taxes 2010 If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. Amend taxes 2010 Your employer will include it as wages in box 1 of your Form W-2 and you will include it in your income on Form 1040, line 7, or on Form 1040NR, line 8. Amend taxes 2010 Option to buy. Amend taxes 2010   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. Amend taxes 2010 If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Amend taxes 2010 Report this amount on Form 1040, line 21, or on Form 1040NR, line 21. Amend taxes 2010 Form 1099-S. Amend taxes 2010   If you received Form 1099-S, box 2 (gross proceeds) should show the total amount you received for your home. Amend taxes 2010   However, box 2 will not include the fair market value of any services or property other than cash or notes you received or will receive. Amend taxes 2010 Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. Amend taxes 2010 Amount Realized The amount realized is the selling price minus selling expenses. Amend taxes 2010 Selling expenses. Amend taxes 2010   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. Amend taxes 2010 ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. Amend taxes 2010 This adjusted basis must be determined before you can figure gain or loss on the sale of your home. Amend taxes 2010 For information on how to figure your home's adjusted basis, see Determining Basis , later. Amend taxes 2010 Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. Amend taxes 2010 Gain on sale. Amend taxes 2010   If the amount realized is more than the adjusted basis, the difference is a gain and, except for any part you can exclude, generally is taxable. Amend taxes 2010 Loss on sale. Amend taxes 2010   If the amount realized is less than the adjusted basis, the difference is a loss. Amend taxes 2010 Generally, a loss on the sale of your main home cannot be deducted. Amend taxes 2010 Jointly owned home. Amend taxes 2010   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. Amend taxes 2010 Separate returns. Amend taxes 2010   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. Amend taxes 2010 Your ownership interest is generally determined by state law. Amend taxes 2010 Joint owners not married. Amend taxes 2010   If you and a joint owner other than your spouse sell your jointly owned home, each of you must figure your own gain or loss according to your ownership interest in the home. Amend taxes 2010 Each of you applies the rules discussed in this publication on an individual basis. Amend taxes 2010 Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. Amend taxes 2010 Foreclosure or repossession. Amend taxes 2010   If your home was foreclosed on or repossessed, you have a disposition. Amend taxes 2010 See Publication 4681 to determine if you have ordinary income, gain, or loss. Amend taxes 2010 More information. Amend taxes 2010   If part of a home is used for business or rental purposes, see Foreclosures and Repossessions in chapter 1 of Publication 544 for more information. Amend taxes 2010 Publication 544 has examples of how to figure gain or loss on a foreclosure or repossession. Amend taxes 2010 Abandonment. Amend taxes 2010   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. Amend taxes 2010 Trading (exchanging) homes. Amend taxes 2010   If you trade your home for another home, treat the trade as a sale and a purchase. Amend taxes 2010 Example. Amend taxes 2010 You owned and lived in a home with an adjusted basis of $41,000. Amend taxes 2010 A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. Amend taxes 2010 This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 − $41,000). Amend taxes 2010 If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed). Amend taxes 2010 Transfer to spouse. Amend taxes 2010   If you transfer your home to your spouse or you transfer it to your former spouse incident to your divorce, you in most cases have no gain or loss (unless the Exception, discussed next, applies). Amend taxes 2010 This is true even if you receive cash or other consideration for the home. Amend taxes 2010 As a result, the rules explained in this publication do not apply. Amend taxes 2010   If you owned your home jointly with your spouse and transfer your interest in the home to your spouse, or to your former spouse incident to your divorce, the same rule applies. Amend taxes 2010 You have no gain or loss. Amend taxes 2010 Exception. Amend taxes 2010   These transfer rules do not apply if your spouse or former spouse is a nonresident alien. Amend taxes 2010 In that case, you generally will have a gain or loss. Amend taxes 2010 More information. Amend taxes 2010    See Property Settlements in Publication 504, Divorced or Separated Individuals, for more information. Amend taxes 2010 Involuntary conversion. Amend taxes 2010   You have a disposition when your home is destroyed or condemned and you receive other property or money in payment, such as insurance or a condemnation award. Amend taxes 2010 This is treated as a sale and you may be able to exclude all or part of any gain from the destruction or condemnation of your home, as explained later under Special Situations (see Home destroyed or condemned ). Amend taxes 2010 Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. Amend taxes 2010 Your basis in your home is determined by how you got the home. Amend taxes 2010 Generally, your basis is its cost if you bought it or built it. Amend taxes 2010 If you got it in some other way (inheritance, gift, etc. Amend taxes 2010 ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. Amend taxes 2010 While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. Amend taxes 2010 The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home. Amend taxes 2010 To figure your adjusted basis, you can use Worksheet 1, near the end of this publication. Amend taxes 2010 Filled-in examples of that worksheet are included in the Comprehensive Examples , later. Amend taxes 2010 Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. Amend taxes 2010 Purchase. Amend taxes 2010   If you bought your home, your basis is its cost to you. Amend taxes 2010 This includes the purchase price and certain settlement or closing costs. Amend taxes 2010 In most cases, your purchase price includes your down payment and any debt, such as a first or second mortgage or notes you gave the seller in payment for the home. Amend taxes 2010 If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed later. Amend taxes 2010 Seller-paid points. Amend taxes 2010   If the person who sold you your home paid points on your loan, you may have to reduce your home's basis by the amount of the points, as shown in the following chart. Amend taxes 2010    IF you bought your home. Amend taxes 2010 . Amend taxes 2010 . Amend taxes 2010 THEN reduce your home's basis by the seller-paid points. Amend taxes 2010 . Amend taxes 2010 . Amend taxes 2010 after 1990 but before April 4, 1994 only if you deducted them as home mortgage interest in the year paid. Amend taxes 2010 after April 3, 1994 even if you did not deduct them. Amend taxes 2010 Settlement fees or closing costs. Amend taxes 2010   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. Amend taxes 2010 You can include in your basis some of the settlement fees and closing costs you paid for buying the home, but not the fees and costs for getting a mortgage loan. Amend taxes 2010 A fee paid for buying the home is any fee you would have had to pay even if you paid cash for the home (that is, without the need for financing). Amend taxes 2010   Settlement fees do not include amounts placed in escrow for the future payment of items such as taxes and insurance. Amend taxes 2010   Some of the settlement fees or closing costs that you can include in your basis are: Abstract fees (abstract of title fees), Charges for installing utility services, Legal fees (including fees for the title search and preparing the sales contract and deed), Recording fees, Survey fees, Transfer or stamp taxes, Owner's title insurance, and Any amounts the seller owes that you agree to pay, such as: Certain real estate taxes (discussed later), Back interest, Recording or mortgage fees, Charges for improvements or repairs, and Sales commissions. Amend taxes 2010   Some settlement fees and closing costs you cannot include in your basis are: Fire insurance premiums, Rent for occupancy of the house before closing, Charges for utilities or other services related to occupancy of the house before closing, Any fee or cost that you deducted as a moving expense (allowed for certain fees and costs before 1994), Charges connected with getting a mortgage loan, such as: Mortgage insurance premiums (including funding fees connected with loans guaranteed by the Department of Veterans Affairs), Loan assumption fees, Cost of a credit report, Fee for an appraisal required by a lender, and Fees for refinancing a mortgage. Amend taxes 2010 Real estate taxes. Amend taxes 2010   Real estate taxes for the year you bought your home may affect your basis, as shown in the following chart. Amend taxes 2010    IF. Amend taxes 2010 . Amend taxes 2010 . Amend taxes 2010 AND. Amend taxes 2010 . Amend taxes 2010 . Amend taxes 2010 THEN the taxes. Amend taxes 2010 . Amend taxes 2010 . Amend taxes 2010 you pay taxes that the seller owed on the home up to the date of sale the seller does not reimburse you are added to the basis of your home. Amend taxes 2010 the seller reimburses you do not affect the basis of your home. Amend taxes 2010 the seller pays taxes for you (taxes owed beginning on the date of sale) you do not reimburse the seller are subtracted from the basis of your home. Amend taxes 2010 you reimburse the seller do not affect the basis of your home. Amend taxes 2010 Construction. Amend taxes 2010   If you contracted to have your house built on land you own, your basis is: The cost of the land, plus The amount it cost you to complete the house, including: The cost of labor and materials, Any amounts paid to a contractor, Any architect's fees, Building permit charges, Utility meter and connection charges, and Legal fees directly connected with building the house. Amend taxes 2010   Your cost includes your down payment and any debt such as a first or second mortgage or notes you gave the seller or builder. Amend taxes 2010 It also includes certain settlement or closing costs. Amend taxes 2010 You may have to reduce your basis by points the seller paid for you. Amend taxes 2010 For more information, see Seller-paid points and Settlement fees or closing costs , earlier. Amend taxes 2010 Built by you. Amend taxes 2010   If you built all or part of your house yourself, its basis is the total amount it cost you to complete it. Amend taxes 2010 Do not include in the cost of the house: The value of your own labor, or The value of any other labor you did not pay for. Amend taxes 2010 Temporary housing. Amend taxes 2010   If a builder gave you temporary housing while your home was being finished, you must reduce your basis by the part of the contract price that was for the temporary housing. Amend taxes 2010 To figure the amount of the reduction, multiply the contract price by a fraction. Amend taxes 2010 The numerator is the value of the temporary housing, and the denominator is the sum of the value of the temporary housing plus the value of the new home. Amend taxes 2010 Cooperative apartment. Amend taxes 2010   If you are a tenant-stockholder in a cooperative housing corporation, your basis in the cooperative apartment used as your home is usually the cost of your stock in the corporation. Amend taxes 2010 This may include your share of a mortgage on the apartment building. Amend taxes 2010 Condominium. Amend taxes 2010   To determine your basis in a condominium apartment used as your home, use the same rules as for any other home. Amend taxes 2010 Basis Other Than Cost You must use a basis other than cost, such as adjusted basis or fair market value, if you received your home as a gift, inheritance, a trade, or from your spouse. Amend taxes 2010 These situations are discussed in the following pages. Amend taxes 2010 Also, the instructions for Worksheet 1 (near the end of the publication) address each of these issues. Amend taxes 2010 Other special rules may apply in certain situations. Amend taxes 2010 If you converted the property, or some part of it, to business or rental use, see Property Changed to Business or Rental Use, in Publication 551. Amend taxes 2010 Home received as gift. Amend taxes 2010   Use the following chart to find the basis of a home you received as a gift. Amend taxes 2010 IF the donor's adjusted basis at the time of the gift was. Amend taxes 2010 . Amend taxes 2010 . Amend taxes 2010 THEN your basis is. Amend taxes 2010 . Amend taxes 2010 . Amend taxes 2010 more than the fair market value of the home at that time the same as the donor's adjusted basis at the time of the gift. Amend taxes 2010   Exception: If using the donor's adjusted basis results in a loss when you sell the home, you must use the fair market value of the home at the time of the gift as your basis. Amend taxes 2010 If using the fair market value results in a gain, you have neither gain nor loss. Amend taxes 2010 equal to or less than the fair market value at that time, and you received the gift before 1977 the smaller of the: • donor's adjusted basis, plus  any federal gift tax paid on  the gift, or • the home's fair market value  at the time of the gift. Amend taxes 2010 equal to or less than the fair market value at that time, and you received the gift after 1976 the same as the donor's adjusted basis, plus the part of any federal gift tax paid that is due to the net increase in value of the home (explained next). Amend taxes 2010 Fair market value. Amend taxes 2010   The fair market value of property at the time of the gift is the value of the property as appraised for purposes of the federal gift tax. Amend taxes 2010 If the gift was not subject to the federal gift tax, the fair market value is the value as appraised for the purposes of a state gift tax. Amend taxes 2010 Part of federal gift tax due to net increase in value. Amend taxes 2010   Figure the part of the federal gift tax paid that is due to the net increase in value of the home by multiplying the total federal gift tax paid by a fraction. Amend taxes 2010 The numerator of the fraction is the net increase in the value of the home, and the denominator is the value of the home for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. Amend taxes 2010 The net increase in the value of the home is its fair market value minus the donor's adjusted basis immediately before the gift. Amend taxes 2010 Home acquired from a decedent who died before or after 2010. Amend taxes 2010   If you inherited your home from a decedent who died before or after 2010, your basis is the fair market value of the property on the date of the decedent's death (or the later alternate valuation date chosen by the personal representative of the estate). Amend taxes 2010 If an estate tax return was filed or required to be filed, the value of the property listed on the estate tax return is your basis. Amend taxes 2010 If a federal estate tax return did not have to be filed, your basis in the home is the same as its appraised value at the date of death, for purposes of state inheritance or transmission taxes. Amend taxes 2010 Surviving spouse. Amend taxes 2010   If you are a surviving spouse and you owned your home jointly, your basis in the home will change. Amend taxes 2010 The new basis for the interest your spouse owned will be its fair market value on the date of death (or alternate valuation date). Amend taxes 2010 The basis in your interest will remain the same. Amend taxes 2010 Your new basis in the home is the total of these two amounts. Amend taxes 2010   If you and your spouse owned the home either as tenants by the entirety or as joint tenants with right of survivorship, you will each be considered to have owned one-half of the home. Amend taxes 2010 Example. Amend taxes 2010 Your jointly owned home (owned as joint tenants with right of survivorship) had an adjusted basis of $50,000 on the date of your spouse's death, and the fair market value on that date was $100,000. Amend taxes 2010 Your new basis in the home is $75,000 ($25,000 for one-half of the adjusted basis plus $50,000 for one-half of the fair market value). Amend taxes 2010 Community property. Amend taxes 2010   In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), each spouse is usually considered to own half of the community property. Amend taxes 2010 When either spouse dies, the total fair market value of the community property becomes the basis of the entire property, including the part belonging to the surviving spouse. Amend taxes 2010 For this to apply, at least half the value of the community property interest must be includible in the decedent's gross estate, whether or not the estate must file a return. Amend taxes 2010   For more information about community property, see Publication 555, Community Property. Amend taxes 2010    If you are selling a home in which you acquired an interest from a decedent who died in 2010, see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, to determine your basis. Amend taxes 2010 Home received as trade. Amend taxes 2010   If you acquired your home as a trade for other property, in most cases, the basis of your home is the fair market value (at the time of the trade) of the property you gave up. Amend taxes 2010 If you traded one home for another, you have made a sale and purchase. Amend taxes 2010 In that case, you may have a gain. Amend taxes 2010 See Trading (exchanging) homes under Dispositions Other Than Sales, earlier, for an example of figuring the gain. Amend taxes 2010 Home received from spouse. Amend taxes 2010   If you received your home from your spouse or from your former spouse incident to your divorce, your basis in the home depends on the date of the transfer. Amend taxes 2010 Transfers after July 18, 1984. Amend taxes 2010   If you received the home after July 18, 1984, there was no gain or loss on the transfer. Amend taxes 2010 In most cases, your basis in this home is the same as your spouse's (or former spouse's) adjusted basis just before you received it. Amend taxes 2010 This rule applies even if you received the home in exchange for cash, the release of marital rights, the assumption of liabilities, or other considerations. Amend taxes 2010   If you owned a home jointly with your spouse and your spouse transferred his or her interest in the home to you, in most cases, your basis in the half interest received from your spouse is the same as your spouse's adjusted basis just before the transfer. Amend taxes 2010 This also applies if your former spouse transferred his or her interest in the home to you incident to your divorce. Amend taxes 2010 Your basis in the half interest you already owned does not change. Amend taxes 2010 Your new basis in the home is the total of these two amounts. Amend taxes 2010 Transfers before July 19, 1984. Amend taxes 2010   If you received your home before July 19, 1984, in exchange for your release of marital rights, in most cases, your basis in the home is generally its fair market value at the time you received it. Amend taxes 2010 More information. Amend taxes 2010   For more information on property received from a spouse or former spouse, see Property Settlements in Publication 504. Amend taxes 2010 Involuntary conversion. Amend taxes 2010   If your home is destroyed or condemned, you may receive insurance proceeds or a condemnation award. Amend taxes 2010 If you acquired a replacement home with these proceeds, the basis is its cost decreased by any gain not recognized on the conversion under the rules explained in: Publication 547, in the case of a home that was destroyed, or Chapter 1 of Publication 544, in the case of a home that was condemned. Amend taxes 2010 Example. Amend taxes 2010 A fire destroyed your home that you owned and used for only 6 months. Amend taxes 2010 The home had an adjusted basis of $80,000 and the insurance company paid you $130,000 for the loss. Amend taxes 2010 Your gain is $50,000 ($130,000 − $80,000). Amend taxes 2010 You bought a replacement home for $100,000. Amend taxes 2010 The part of your gain that is taxable is $30,000 ($130,000 − $100,000), the unspent part of the payment from the insurance company. Amend taxes 2010 The rest of the gain ($20,000) is not taxable, so that amount reduces your basis in the new home. Amend taxes 2010 The basis of the new home is figured as follows. Amend taxes 2010 Cost of replacement home $100,000 Minus: Gain not recognized 20,000 Basis of the replacement home $80,000 More information. Amend taxes 2010   For more information about basis, see Publication 551. Amend taxes 2010 Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. Amend taxes 2010 To figure your adjusted basis, you can use Worksheet 1, found toward the end of this publication. Amend taxes 2010 Filled-in examples of that worksheet are included in Comprehensive Examples , later. Amend taxes 2010 Recordkeeping. Amend taxes 2010 You should keep records to prove your home's adjusted basis. Amend taxes 2010 Ordinarily, you must keep records for 3 years after the due date for filing your return for the tax year in which you sold your home. Amend taxes 2010 But if you sold a home before May 7, 1997, and postponed tax on any gain, the basis of that home affects the basis of the new home you bought. Amend taxes 2010 Keep records proving the basis of both homes as long as they are needed for tax purposes. Amend taxes 2010 The records you should keep include: Proof of the home's purchase price and purchase expenses; Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis; Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain; Any Form 982 you filed to exclude any discharge of qualified principal residence indebtedness; Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997; and Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations. Amend taxes 2010 Increases to Basis These include the following. Amend taxes 2010 Additions and other improvements that have a useful life of more than 1 year. Amend taxes 2010 Special assessments for local improvements. Amend taxes 2010 Amounts you spent after a casualty to restore damaged property. Amend taxes 2010 Improvements. Amend taxes 2010   These add to the value of your home, prolong its useful life, or adapt it to new uses. Amend taxes 2010 You add the cost of additions and other improvements to the basis of your property. Amend taxes 2010   The following chart lists some other examples of improvements. Amend taxes 2010 Examples of Improvements That Increase Basis Additions Bedroom Bathroom Deck Garage Porch Patio Heating & Air Conditioning Heating system Central air conditioning Furnace Duct work Central humidifier Filtration system Lawn & Grounds Landscaping Driveway Walkway Fence  Retaining wall Sprinkler system Swimming pool  Miscellaneous Storm windows, doors New roof Central vacuum Wiring upgrades Satellite dish Security system  Plumbing Septic system Water heater Soft water system Filtration system  Interior Improvements Built-in appliances  Kitchen modernization  Flooring Wall-to-wall carpeting  Insulation Attic Walls Floors Pipes and duct work Improvements no longer part of home. Amend taxes 2010   Your home's adjusted basis does not include the cost of any improvements that are replaced and are no longer part of the home. Amend taxes 2010 Example. Amend taxes 2010 You put wall-to-wall carpeting in your home 15 years ago. Amend taxes 2010 Later, you replaced that carpeting with new wall-to-wall carpeting. Amend taxes 2010 The cost of the old carpeting you replaced is no longer part of your home's adjusted basis. Amend taxes 2010 Repairs. Amend taxes 2010   These maintain your home in good condition but do not add to its value or prolong its life. Amend taxes 2010 You do not add their cost to the basis of your property. Amend taxes 2010 Examples. Amend taxes 2010 Repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes are examples of repairs. Amend taxes 2010 Exception. Amend taxes 2010   The entire job is considered an improvement if items that would otherwise be considered repairs are done as part of an extensive remodeling or restoration of your home. Amend taxes 2010 For example, if you have a casualty and your home is damaged, increase your basis by the amount you spend on repairs that restore the property to its pre-casualty condition. Amend taxes 2010 Decreases to Basis These include the following. Amend taxes 2010 Discharge of qualified principal residence indebtedness that was excluded from income (but not below zero). Amend taxes 2010 For details, see Publication 4681. Amend taxes 2010 Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. Amend taxes 2010 For details, see Publication 4681. Amend taxes 2010 Gain you postponed from the sale of a previous home before May 7, 1997. Amend taxes 2010 Deductible casualty losses. Amend taxes 2010 Insurance payments you received or expect to receive for casualty losses. Amend taxes 2010 Payments you received for granting an easement or right-of-way. Amend taxes 2010 Depreciation allowed or allowable if you used your home for business or rental purposes. Amend taxes 2010 Energy-related credits allowed for expenditures made on the residence. Amend taxes 2010 (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. Amend taxes 2010 ) Adoption credit you claimed for improvements added to the basis of your home. Amend taxes 2010 Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. Amend taxes 2010 Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. Amend taxes 2010 An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home. Amend taxes 2010 District of Columbia first-time homebuyer credit allowed on the purchase of a principal residence in the District of Columbia. Amend taxes 2010 General sales taxes claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home. Amend taxes 2010 Discharges of qualified principal residence indebtedness. Amend taxes 2010   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. Amend taxes 2010 This exclusion applies to discharges made after 2006 and before 2014. Amend taxes 2010 If you choose to exclude this income, you must reduce (but not below zero) the basis of your principal residence by the amount excluded from gross income. Amend taxes 2010   File Form 982 with your tax return. Amend taxes 2010 See the form's instructions for detailed information. Amend taxes 2010    A decrease in basis due to a discharge of qualified principal residence indebtedness that is excluded from income occurs only if you retain ownership of the principal residence after a discharge. Amend taxes 2010 In most cases, this would occur in a refinancing or a restructuring of the mortgage. Amend taxes 2010 Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. Amend taxes 2010 This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. Amend taxes 2010 To qualify, you must meet the ownership and use tests described later. Amend taxes 2010 You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. Amend taxes 2010 This choice can be made (or revoked) at any time before the expiration of a 3-year period beginning on the due date of your return (not including extensions) for the year of the sale. Amend taxes 2010 You can use Worksheet 2 (near the end of this publication) to figure the amount of your exclusion and your taxable gain, if any. Amend taxes 2010 If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. Amend taxes 2010 See Publication 505, Tax Withholding and Estimated Tax. Amend taxes 2010 Maximum Exclusion You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. Amend taxes 2010 You meet the ownership test. Amend taxes 2010 You meet the use test. Amend taxes 2010 During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Amend taxes 2010 For details on gain allocated to periods of nonqualified use, see Nonqualified Use , later. Amend taxes 2010 If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed. Amend taxes 2010 You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . Amend taxes 2010 Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Amend taxes 2010 This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Amend taxes 2010 Exception. Amend taxes 2010   If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclusion in some cases. Amend taxes 2010 However, the maximum amount you may be able to exclude will be reduced. Amend taxes 2010 See Reduced Maximum Exclusion , later. Amend taxes 2010 Example 1—home owned and occupied for at least 2 years. Amend taxes 2010 Mya bought and moved into her main home in September 2011. Amend taxes 2010 She sold the home at a gain in October 2013. Amend taxes 2010 During the 5-year period ending on the date of sale in October 2013, she owned and lived in the home for more than 2 years. Amend taxes 2010 She meets the ownership and use tests. Amend taxes 2010 Example 2—ownership test met but use test not met. Amend taxes 2010 Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. Amend taxes 2010 He later sold the home for a gain in June 2013. Amend taxes 2010 He owned the home during the entire 5-year period ending on the date of sale. Amend taxes 2010 He meets the ownership test but not the use test. Amend taxes 2010 He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). Amend taxes 2010 Period of Ownership and Use The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time. Amend taxes 2010 You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale. Amend taxes 2010 Example. Amend taxes 2010 Naomi bought and moved into a house in July 2009. Amend taxes 2010 She lived there for 13 months and then moved in with a friend. Amend taxes 2010 She later moved back into her house and lived there for 12 months until she sold it in August 2013. Amend taxes 2010 Naomi meets the ownership and use tests because, during the 5-year period ending on the date of sale, she owned the house for more than 2 years and lived in it for a total of 25 (13 + 12) months. Amend taxes 2010 Temporary absence. Amend taxes 2010   Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use. Amend taxes 2010 The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. Amend taxes 2010 Example 1. Amend taxes 2010 David Johnson, who is single, bought and moved into his home on February 1, 2011. Amend taxes 2010 Each year during 2011 and 2012, David left his home for a 2-month summer vacation. Amend taxes 2010 David sold the house on March 1, 2013. Amend taxes 2010 Although the total time David lived in his home is less than 2 years (21 months), he meets the use requirement and may exclude gain. Amend taxes 2010 The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years. Amend taxes 2010 Example 2. Amend taxes 2010 Professor Paul Beard, who is single, bought and moved into a house in December 2010, went abroad for a 1-year sabbatical leave in January 2012, returned to the house in January 2013, and sold it at a gain in February 2013. Amend taxes 2010 Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. Amend taxes 2010 He cannot exclude any part of his gain because he did not use the residence for the required 2 years. Amend taxes 2010 Ownership and use tests met at different times. Amend taxes 2010   You can meet the ownership and use tests during different 2-year periods. Amend taxes 2010 However, you must meet both tests during the 5-year period ending on the date of the sale. Amend taxes 2010 Example. Amend taxes 2010 Beginning in 2002, Helen Jones lived in a rented apartment. Amend taxes 2010 The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. Amend taxes 2010 In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. Amend taxes 2010 On July 12, 2013, while still living in her daughter's home, she sold her condominium. Amend taxes 2010 Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2008, to July 12, 2013, the date she sold the condominium. Amend taxes 2010 She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). Amend taxes 2010 She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). Amend taxes 2010 The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use. Amend taxes 2010 Cooperative apartment. Amend taxes 2010   If you sold stock as a tenant-shareholder in a cooperative housing corporation, the ownership and use tests are met if, during the 5-year period ending on the date of sale, you: Owned the stock for at least 2 years, and Lived in the house or apartment that the stock entitled you to occupy as your main home for at least 2 years. Amend taxes 2010 Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. Amend taxes 2010 Exception for individuals with a disability. Amend taxes 2010   There is an exception to the use test if: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home. Amend taxes 2010 Under this exception, you are considered to live in your home during any time within the 5-year period that you own the home and live in a facility (including a nursing home) licensed by a state or political subdivision to care for persons in your condition. Amend taxes 2010   If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. Amend taxes 2010 Previous home destroyed or condemned. Amend taxes 2010   For the ownership and use tests, you add the time you owned and lived in a previous home that was destroyed or condemned to the time you owned and lived in the replacement home on whose sale you wish to exclude gain. Amend taxes 2010 This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home (see Involuntary Conversions in Publication 551). Amend taxes 2010 Otherwise, you must have owned and lived in the same home for 2 of the 5 years before the sale to qualify for the exclusion. Amend taxes 2010 Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Amend taxes 2010   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on qualified official extended duty (defined later) as a member of the uniformed services or Foreign Service of the United States, or as an employee of the intelligence community. Amend taxes 2010 You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve outside the United States either as an employee of the Peace Corps on qualified official extended duty (defined later) or as an enrolled volunteer or volunteer leader of the Peace Corps. Amend taxes 2010 This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale. Amend taxes 2010   If this helps you qualify to exclude gain, you can choose to have the 5-year test period suspended by filing a return for the year of sale that does not include the gain. Amend taxes 2010 Example. Amend taxes 2010 John bought and moved into a home in 2005. Amend taxes 2010 He lived in it as his main home for 2½ years. Amend taxes 2010 For the next 6 years, he did not live in it because he was on qualified official extended duty with the Army. Amend taxes 2010 He then sold the home at a gain in 2013. Amend taxes 2010 To meet the use test, John chooses to suspend the 5-year test period for the 6 years he was on qualified official extended duty. Amend taxes 2010 This means he can disregard those 6 years. Amend taxes 2010 Therefore, John's 5-year test period consists of the 5 years before he went on qualified official extended duty. Amend taxes 2010 He meets the ownership and use tests because he owned and lived in the home for 2½ years during this test period. Amend taxes 2010 Period of suspension. Amend taxes 2010   The period of suspension cannot last more than 10 years. Amend taxes 2010 Together, the 10-year suspension period and the 5-year test period can be as long as, but no more than, 15 years. Amend taxes 2010 You cannot suspend the 5-year period for more than one property at a time. Amend taxes 2010 You can revoke your choice to suspend the 5-year period at any time. Amend taxes 2010 Example. Amend taxes 2010 Mary bought a home on April 1, 1997. Amend taxes 2010 She used it as her main home until August 31, 2000. Amend taxes 2010 On September 1, 2000, she went on qualified official extended duty with the Navy. Amend taxes 2010 She did not live in the house again before selling it on July 31, 2013. Amend taxes 2010 Mary chooses to use the entire 10-year suspension period. Amend taxes 2010 Therefore, the suspension period would extend back from July 31, 2013, to August 1, 2003, and the 5-year test period would extend back to August 1, 1998. Amend taxes 2010 During that period, Mary owned the house all 5 years and lived in it as her main home from August 1, 1998, until August 31, 2000, a period of more than 24 months. Amend taxes 2010 She meets the ownership and use tests because she owned and lived in the home for at least 2 years during this test period. Amend taxes 2010 Uniformed services. Amend taxes 2010   The uniformed services are: The Armed Forces (the Army, Navy, Air Force, Marine Corps, and Coast Guard), The commissioned corps of the National Oceanic and Atmospheric Administration, and The commissioned corps of the Public Health Service. Amend taxes 2010 Foreign Service member. Amend taxes 2010   For purposes of the choice to suspend the 5-year test period for ownership and use, you are a member of the Foreign Service if you are any of the following. Amend taxes 2010 A Chief of mission. Amend taxes 2010 An Ambassador at large. Amend taxes 2010 A member of the Senior Foreign Service. Amend taxes 2010 A Foreign Service officer. Amend taxes 2010 Part of the Foreign Service personnel. Amend taxes 2010 Employee of the intelligence community. Amend taxes 2010   For purposes of the choice to suspend the 5-year test period for ownership and use, you are an employee of the intelligence community if you are an employee of any of the following. Amend taxes 2010 The Office of the Director of National Intelligence. Amend taxes 2010 The Central Intelligence Agency. Amend taxes 2010 The National Security Agency. Amend taxes 2010 The Defense Intelligence Agency. Amend taxes 2010 The National Geospatial-Intelligence Agency. Amend taxes 2010 The National Reconnaissance Office and any other office within the Department of Defense for the collection of specialized national intelligence through reconnaissance programs. Amend taxes 2010 Any of the intelligence elements of the Army, the Navy, the Air Force, the Marine Corps, the Federal Bureau of Investigation, the Department of Treasury, the Department of Energy, and the Coast Guard. Amend taxes 2010 The Bureau of Intelligence and Research of the Department of State. Amend taxes 2010 Any of the elements of the Department of Homeland Security concerned with the analyses of foreign intelligence information. Amend taxes 2010 Qualified official extended duty. Amend taxes 2010   You are on qualified official extended duty if you are on extended duty while: Serving at a duty station at least 50 miles from your main home, or Living in Government quarters under Government orders. Amend taxes 2010   You are on extended duty when you are called or ordered to active duty for a period of more than 90 days or for an indefinite period. Amend taxes 2010 Married Persons If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. Amend taxes 2010 (But see Special rules for joint returns, next. Amend taxes 2010 ) Special rules for joint returns. Amend taxes 2010   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Amend taxes 2010 You are married and file a joint return for the year. Amend taxes 2010 Either you or your spouse meets the ownership test. Amend taxes 2010 Both you and your spouse meet the use test. Amend taxes 2010 During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home. Amend taxes 2010 If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. Amend taxes 2010 For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. Amend taxes 2010 Example 1—one spouse sells a home. Amend taxes 2010 Emily sells her home in June 2013 for a gain of $300,000. Amend taxes 2010 She marries Jamie later in the year. Amend taxes 2010 She meets the ownership and use tests, but Jamie does not. Amend taxes 2010 Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. Amend taxes 2010 The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. Amend taxes 2010 Example 2—each spouse sells a home. Amend taxes 2010 The facts are the same as in Example 1 except that Jamie also sells a home in 2013 for a gain of $200,000 before he marries Emily. Amend taxes 2010 He meets the ownership and use tests on his home, but Emily does not. Amend taxes 2010 Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. Amend taxes 2010 However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Amend taxes 2010 Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. Amend taxes 2010 The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home. Amend taxes 2010 Sale of main home by surviving spouse. Amend taxes 2010   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. Amend taxes 2010   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Amend taxes 2010 The sale or exchange took place after 2008. Amend taxes 2010 The sale or exchange took place no more than 2 years after the date of death of your spouse. Amend taxes 2010 You have not remarried. Amend taxes 2010 You and your spouse met the use test at the time of your spouse's death. Amend taxes 2010 You or your spouse met the ownership test at the time of your spouse's death. Amend taxes 2010 Neither you nor your spouse excluded gain from the sale of another home during the last 2 years before the date of death. Amend taxes 2010 The ownership and use tests were described earlier. Amend taxes 2010 Example. Amend taxes 2010 Harry owned and used a house as his main home since 2009. Amend taxes 2010 Harry and Wilma married on July 1, 2013, and from that date they used Harry's house as their main home. Amend taxes 2010 Harry died on August 15, 2013, and Wilma inherited the property. Amend taxes 2010 Wilma sold the property on September 1, 2013, at which time she had not remarried. Amend taxes 2010 Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death. Amend taxes 2010 Home transferred from spouse. Amend taxes 2010   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. Amend taxes 2010 Use of home after divorce. Amend taxes 2010   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. Amend taxes 2010 Reduced Maximum Exclusion If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. Amend taxes 2010 This applies to those who: Fail to meet the ownership and use tests, or Have used the exclusion within 2 years of selling their current home. Amend taxes 2010 In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. Amend taxes 2010 A change in place of employment. Amend taxes 2010 Health. Amend taxes 2010 Unforeseen circumstances. Amend taxes 2010 Qualified individual. Amend taxes 2010   For purposes of the reduced maximum exclusion, a qualified individual is any of the following. Amend taxes 2010 You. Amend taxes 2010 Your spouse. Amend taxes 2010 A co-owner of the home. Amend taxes 2010 A person whose main home is the same as yours. Amend taxes 2010 Primary reason for sale. Amend taxes 2010   One of the three reasons above will be considered to be the primary reason you sold your home if either (1) or (2) is true. Amend taxes 2010 You qualify under a “safe harbor. Amend taxes 2010 ” This is a specific set of facts and circumstances that, if applicable, qualifies you to claim a reduced maximum exclusion. Amend taxes 2010 Safe harbors corresponding to the reasons listed above are described later. Amend taxes 2010 A safe harbor does not apply, but you can establish, based on facts and circumstances, that the primary reason for the sale is a change in place of employment, health, or unforeseen circumstances. Amend taxes 2010  Factors that may be relevant in determining your primary reason for sale include whether: Your sale and the circumstances causing it were close in time, The circumstances causing your sale occurred during the time you owned and used the property as your main home, The circumstances causing your sale were not reasonably foreseeable when you began using the property as your main home, Your financial ability to maintain the property became materially impaired, The suitability of the property as your main home materially changed, and During the time you owned the property, you used it as your home. Amend taxes 2010 Change in Place of Employment You may qualify for a reduced exclusion if the primary reason for the sale of your main home is a change in the location of employment of a qualified individual. Amend taxes 2010 Employment. Amend taxes 2010   For this purpose, employment includes the start of work with a new employer or continuation of work with the same employer. Amend taxes 2010 It also includes the start or continuation of self-employment. Amend taxes 2010 Distance safe harbor. Amend taxes 2010   A change in place of employment is considered to be the reason you sold your home if: The change occurred during the period you owned and used the property as your main home, and The new place of employment is at least 50 miles farther from the home you sold than was the former place of employment (or, if there was no former place of employment, the distance between your new place of employment and the home sold is at least 50 miles). Amend taxes 2010 Example. Amend taxes 2010 Justin was unemployed and living in a townhouse in Florida he had owned and used as his main home since 2012. Amend taxes 2010 He got a job in North Carolina and sold his townhouse in 2013. Amend taxes 2010 Because the distance between Justin's new place of employment and the home he sold is at least 50 miles, the sale satisfies the conditions of the distance safe harbor. Amend taxes 2010 Justin's sale of his home is considered to be because of a change in place of employment, and he is entitled to claim a reduced maximum exclusion of gain from the sale. Amend taxes 2010 Health The sale of your main home is because of health if your primary reason for the sale is: To obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual, or To obtain or provide medical or personal care for a qualified individual suffering from a disease, illness, or injury. Amend taxes 2010 The sale of your home is not because of health if the sale merely benefits a qualified individual's general health or well-being. Amend taxes 2010 For purposes of this reason, a qualified individual includes, in addition to the individuals listed earlier under Qualified individual , any of the following family members of these individuals. Amend taxes 2010 Parent, grandparent, stepmother, stepfather. Amend taxes 2010 Child, grandchild, stepchild, adopted child, eligible foster child. Amend taxes 2010 Brother, sister, stepbrother, stepsister, half-brother, half-sister. Amend taxes 2010 Mother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law. Amend taxes 2010 Uncle, aunt, nephew, niece, or cousin. Amend taxes 2010 Example. Amend taxes 2010 In 2012, Chase and Lauren, spouses, bought a house that they used as their main home. Amend taxes 2010 Lauren's father has a chronic disease and is unable to care for himself. Amend taxes 2010 In 2013, Chase and Lauren sold their home in order to move into Lauren's father's house to provide care for him. Amend taxes 2010 Because the primary reason for the sale of their home was to provide care for Lauren's father, Chase and Lauren are entitled to a reduced maximum exclusion. Amend taxes 2010 Doctor's recommendation safe harbor. Amend taxes 2010   Health is considered to be the reason you sold your home if, for one or more of the reasons listed at the beginning of this discussion, a doctor recommends a change of residence. Amend taxes 2010 Unforeseen Circumstances The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying that home. Amend taxes 2010 You are not considered to have an unforeseen circumstance if the primary reason you sold your home was that you preferred to get a different home or because your finances improved. Amend taxes 2010 Specific event safe harbors. Amend taxes 2010   Unforeseen circumstances are considered to be the reason for selling your home if any of the following events occurred while you owned and used the property as your main home. Amend taxes 2010 An involuntary conversion of your home, such as when your home is destroyed or condemned. Amend taxes 2010 Natural or man-made disasters or acts of war or terrorism resulting in a casualty to your home, whether or not your loss is deductible. Amend taxes 2010 In the case of qualified individuals (listed earlier under Qualified individual ): Death, Unemployment (if the individual is eligible for unemployment compensation), A change in employment or self-employment status that results in the individual's inability to pay reasonable basic living expenses (listed under Reasonable basic living expenses , later) for his or her household, Divorce or legal separation under a decree of divorce or separate maintenance, or Multiple births resulting from the same pregnancy. Amend taxes 2010 An event the IRS determined to be an unforeseen circumstance in published guidance of general applicability. Amend taxes 2010 For example, the IRS determined the September 11, 2001, terrorist attacks to be an unforeseen circumstance. Amend taxes 2010 Reasonable basic living expenses. Amend taxes 2010   Reasonable basic living expenses for your household include the following. Amend taxes 2010 Amounts spent for food. Amend taxes 2010 Amounts spent for clothing. Amend taxes 2010 Housing and related expenses. Amend taxes 2010 Medical expenses. Amend taxes 2010 Transportation expenses. Amend taxes 2010 Tax payments. Amend taxes 2010 Court-ordered payments. Amend taxes 2010 Expenses reasonably necessary to produce income. Amend taxes 2010   Any of these amounts spent to maintain an affluent or luxurious standard of living are not reasonable basic living expenses. Amend taxes 2010 Nonqualified Use Gain from the sale or exchange of the main home is not excludable from income if it is allocable to periods of nonqualified use. Amend taxes 2010 Nonqualified use means any period after 2008 where neither you nor your spouse (or your former spouse) used the property as a main home, with certain exceptions (see next). Amend taxes 2010 Exceptions. Amend taxes 2010   A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty: As a member of the uniformed services; As a member of the Foreign Service of the United States; or As an employee of the intelligence community; and Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS. Amend taxes 2010 Calculation. Amend taxes 2010   To figure the portion of the gain allocated to the period of nonqualified use, multiply the gain (net of any depreciation allowed or allowable on the property for periods after May 6, 1997) by the following fraction:   Total nonqualified use during the period of ownership after 2008     Total period of ownership     This calculation can be found in Worksheet 2, line 10, later in this publication. Amend taxes 2010   For examples of this calculation, see Business Use or Rental of Home , next. Amend taxes 2010 Business Use or Rental of Home You may be able to exclude gain from the sale of a home you have used for business or to produce rental income if you meet the ownership and use tests. Amend taxes 2010 Example 1. Amend taxes 2010 On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. Amend taxes 2010 She moved in on that date and lived in it until May 31, 2009, when she moved out of the house and put it up for rent. Amend taxes 2010 The house was rented from June 1, 2009, to March 31, 2011. Amend taxes 2010 Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. Amend taxes 2010 Amy moved back into the house on April 1, 2011, and lived there until she sold it on January 31, 2013, for a gain of $200,000. Amend taxes 2010 During the 5-year period ending on the date of the sale (January 31, 2008–January 31, 2013), Amy owned and lived in the house for more than 2 years as shown in the following table. Amend taxes 2010 Five-Year Period Used as Home Used as Rental 1/31/08 – 5/31/09 16 months   6/01/09 – 3/31/11   22 months 4/01/11 – 1/31/13 22 months     38 months 22 months       During the period Amy owned the house (2,080 days), her period of nonqualified use was 668 days. Amend taxes 2010 Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain, as shown on Worksheet 2. Amend taxes 2010 Example 2. Amend taxes 2010 William owned and used a house as his main home from 2007 through 2010. Amend taxes 2010 On January 1, 2011, he moved to another state. Amend taxes 2010 He rented his house from that date until April 30, 2013, when he sold it. Amend taxes 2010 During the 5-year period ending on the date of sale (May 1, 2008-April 30, 2013), William owned and lived in the house for more than 2 years. Amend taxes 2010 Because it was rental property at the time of the sale, he must report the sale on Form 4797. Amend taxes 2010 Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. Amend taxes 2010 Because he met the ownership and use tests, he can exclude gain up to $250,000. Amend taxes 2010 However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next. Amend taxes 2010 Depreciation after May 6, 1997. Amend taxes 2010   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. Amend taxes 2010 If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed. Amend taxes 2010 Unrecaptured section 1250 gain. Amend taxes 2010   This is the part of any long-term capital gain from the sale of your home that is due to depreciation and cannot be excluded. Amend taxes 2010 To figure the amount of unrecaptured section 1250 gain to be reported on Schedule D (Form 1040), you must also take into account certain gains or losses from the sale of property other than your home. Amend taxes 2010 Use the Unrecaptured Section 1250 Gain Worksheet in the Schedule D instructions for this purpose. Amend taxes 2010 Worksheet 2. Amend taxes 2010 Taxable Gain on Sale of Home—Completed Example 1 for Amy Part 1. Amend taxes 2010 Gain or (Loss) on Sale       1. Amend taxes 2010   Selling price of home 1. Amend taxes 2010     2. Amend taxes 2010   Selling expenses (including commissions, advertising and legal fees, and seller-paid loan charges) 2. Amend taxes 2010     3. Amend taxes 2010   Subtract line 2 from line 1. Amend taxes 2010 This is the amount realized 3. Amend taxes 2010     4. Amend taxes 2010   Adjusted basis of home sold (from Worksheet 1, line 13) 4. Amend taxes 2010     5. Amend taxes 2010   Gain or (loss) on the sale. Amend taxes 2010 Subtract line 4 from line 3. Amend taxes 2010 If this is a loss, stop here 5. Amend taxes 2010 200,000   Part 2. Amend taxes 2010 Exclusion and Taxable Gain       6. Amend taxes 2010   Enter any depreciation allowed or allowable on the property for periods after May 6, 1997. Amend taxes 2010 If none, enter -0- 6. Amend taxes 2010 10,000   7. Amend taxes 2010   Subtract line 6 from line 5. Amend taxes 2010 If the result is less than zero, enter -0- 7. Amend taxes 2010 190,000   8. Amend taxes 2010   Aggregate number of days of nonqualified use after 2008. Amend taxes 2010 If none, enter -0-. Amend taxes 2010  If line 8 is equal to zero, skip to line 12 and enter the amount from line 7 on line 12 8. Amend taxes 2010 668   9. Amend taxes 2010   Number of days taxpayer owned the property 9. Amend taxes 2010 2,080   10. Amend taxes 2010   Divide the amount on line 8 by the amount on line 9. Amend taxes 2010 Enter the result as a decimal (rounded to at least 3 places). Amend taxes 2010 But do not enter an amount greater than 1. Amend taxes 2010 00 10. Amend taxes 2010 0. Amend taxes 2010 321   11. Amend taxes 2010   Gain allocated to nonqualified use. Amend taxes 2010 (Line 7 multiplied by line 10) 11. Amend taxes 2010 60,990   12. Amend taxes 2010   Gain eligible for exclusion. Amend taxes 2010 Subtract line 11 from line 7 12. Amend taxes 2010 129,010   13. Amend taxes 2010   If you qualify to exclude gain on the sale, enter your maximum exclusion (see Maximum Exclusion ). Amend taxes 2010  If you qualify for a reduced maximum exclusion, enter the amount from Worksheet 3, line 7. Amend taxes 2010 If you do  not qualify to exclude gain, enter -0- 13. Amend taxes 2010 250,000   14. Amend taxes 2010   Exclusion. Amend taxes 2010 Enter the smaller of line 12 or line 13 14. Amend taxes 2010 129,010   15. Amend taxes 2010   Taxable gain. Amend taxes 2010 Subtract line 14 from line 5. Amend taxes 2010 Report your taxable gain as described under Reporting the Sale . Amend taxes 2010 If the amount on line 6 is more than zero, complete line 16 15. Amend taxes 2010 70,990   16. Amend taxes 2010   Enter the smaller of line 6 or line 15. Amend taxes 2010 Enter this amount on line 12 of the Unrecaptured Section 1250 Gain  Worksheet in the instructions for Schedule D (Form 1040) 16. Amend taxes 2010 10,000 Property Used Partly for Business or Rental If you use property partly as a home and partly for business or to produce rental income, the treatment of any gain on the sale depends partly on whether the business or rental part of the property is part of your home or separate from it. Amend taxes 2010 Part of Home Used for Business or Rental If the part of your property used for business or to produce rental income is within your home, such as a room used as a home office for a business, you do not need to allocate gain on the sale of the property between the business part of the property and the part used as a home. Amend taxes 2010 In addition, you do not need to report the sale of the business or rental part on Form 4797. Amend taxes 2010 This is true whether or not you were entitled to claim any depreciation. Amend taxes 2010 However, you cannot exclude the part of any gain equal to any depreciation allowed or allowable after May 6, 1997. Amend taxes 2010 See Depreciation after May 6, 1997, earlier. Amend taxes 2010 Example 1. Amend taxes 2010 Ray sold his main home in 2013 at a $30,000 gain. Amend taxes 2010 He has no gains or losses from the sale of property other than the gain from the sale of his home. Amend taxes 2010 He meets the ownership and use tests to exclude the gain from his income. Amend taxes 2010 However, he used part of the home as a business office in 2012 and claimed $500 depreciation. Amend taxes 2010 Because the business office was part of his home (not separate from it), he does not have to allocate the gain on the sale between the business part of the property and the part used as a home. Amend taxes 2010 In addition, he does not have to report any part of the gain on Form 4797. Amend taxes 2010 Because Ray was entitled to take a depreciation deduction, he must recognize $500 of the gain as unrecaptured section 1250 gain. Amend taxes 2010 He reports his gain, exclusion, and the taxable gain of $500 on Form 8949 and Schedule D (Form 1040). Amend taxes 2010 Example 2. Amend taxes 2010 The facts are the same as in Example 1 except that Ray was not entitled to claim depreciation for the business use of his home. Amend taxes 2010 Since Ray did not claim any depreciation, he can exclude the entire $30,000 gain. Amend taxes 2010 Separate Part of Property Used for Business or Rental You may have used part of your property as your home and a separate part of it for business or to produce rental income. Amend taxes 2010 Examples are: A working farm on which your house was located, A duplex in w