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Can I Still E File My 2011 Taxes

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Can I Still E File My 2011 Taxes

Can i still e file my 2011 taxes 16. Can i still e file my 2011 taxes   Reporting Gains and Losses Table of Contents What's New Introduction Useful Items - You may want to see: Reporting Capital Gains and Losses Exception 1. Can i still e file my 2011 taxes Exception 2. Can i still e file my 2011 taxes File Form 1099-B or Form 1099-S with the IRS. Can i still e file my 2011 taxes Capital Losses Capital Gain Tax Rates What's New Maximum capital gain rates. Can i still e file my 2011 taxes . Can i still e file my 2011 taxes  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Can i still e file my 2011 taxes Introduction This chapter discusses how to report capital gains and losses from sales, exchanges, and other dispositions of investment property on Form 8949 and Schedule D (Form 1040). Can i still e file my 2011 taxes The discussion includes the following topics. Can i still e file my 2011 taxes How to report short-term gains and losses. Can i still e file my 2011 taxes How to report long-term gains and losses. Can i still e file my 2011 taxes How to figure capital loss carryovers. Can i still e file my 2011 taxes How to figure your tax on a net capital gain. Can i still e file my 2011 taxes If you sell or otherwise dispose of property used in a trade or business or for the production of income, see Publication 544, Sales and Other Dispositions of Assets, before completing Schedule D (Form 1040). Can i still e file my 2011 taxes Useful Items - You may want to see: Publication 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income 8582 Passive Activity Loss Limitations 8949 Sales and Other Dispositions of Capital Assets Schedule D (Form 1040) Capital Gains and Losses Reporting Capital Gains and Losses Generally, report capital gains and losses on Form 8949. Can i still e file my 2011 taxes Complete Form 8949 before you complete line 1b, 2, 3, 8b, 9, or 10 of Schedule D (Form 1040). Can i still e file my 2011 taxes Use Form 8949 to report: The sale or exchange of a capital asset not reported on another form or schedule; Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit; and Nonbusiness bad debts. Can i still e file my 2011 taxes Use Schedule D (Form 1040): To figure the overall gain or loss from transactions reported on Form 8949; To report a gain from Form 6252 or Part I of Form 4797; To report a gain or loss from Form 4684, 6781, or 8824; To report capital gain distributions not reported directly on Form 1040 or Form 1040A; To report a capital loss carryover from the previous tax year to the current tax year; To report your share of a gain or (loss) from a partnership, S corporation, estate, or trust; To report transactions reported to you on a Form 1099-B (or substitute statement) showing basis was reported to the IRS and to which none of the Form 8949 adjustments or codes apply; and To report undistributed long-term capital gains from Form 2439. Can i still e file my 2011 taxes On Form 8949, enter all sales and exchanges of capital assets, including stocks, bonds, etc. Can i still e file my 2011 taxes , and real estate (if not reported on Form 4684, 4797, 6252, 6781, 8824, or line 1a or 8a of Schedule D). Can i still e file my 2011 taxes Include these transactions even if you did not receive a Form 1099-B or 1099-S (or substitute statement) for the transaction. Can i still e file my 2011 taxes Report short-term gains or losses in Part I. Can i still e file my 2011 taxes Report long-term gains or losses in Part II. Can i still e file my 2011 taxes Use as many Forms 8949 as you need. Can i still e file my 2011 taxes Exceptions to filing Form 8949 and Schedule D (Form 1040). Can i still e file my 2011 taxes   There are certain situations where you may not have to file Form 8949 and/or Schedule D (Form 1040). Can i still e file my 2011 taxes Exception 1. Can i still e file my 2011 taxes   You do not have to file Form 8949 or Schedule D (Form 1040) if you have no capital losses and your only capital gains are capital gain distributions from Form(s) 1099-DIV, box 2a (or substitute statements). Can i still e file my 2011 taxes (If any Form(s) 1099-DIV (or substitute statements) you receive have an amount in box 2b (unrecaptured section 1250 gain), box 2c (section 1202 gain), or box 2d (collectibles (28%) gain), you do not qualify for this exception. Can i still e file my 2011 taxes ) If you qualify for this exception, report your capital gain distributions directly on line 13 of Form 1040 (and check the box on line 13). Can i still e file my 2011 taxes Also use the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 instructions to figure your tax. Can i still e file my 2011 taxes You can report your capital gain distributions on line 10 of Form 1040A, instead of on Form 1040, if none of the Forms 1099-DIV (or substitute statements) you received have an amount in box 2b, 2c, or 2d, and you do not have to file Form 1040. Can i still e file my 2011 taxes Exception 2. Can i still e file my 2011 taxes   You must file Schedule D (Form 1040), but generally do not have to file Form 8949, if Exception 1 does not apply and your only capital gains and losses are: Capital gain distributions; A capital loss carryover; A gain from Form 2439 or 6252 or Part I of Form 4797; A gain or loss from Form 4684, 6781, or 8824; A gain or loss from a partnership, S corporation, estate, or trust; or Gains and losses from transactions for which you received a Form 1099-B (or substitute statement) that shows the basis was reported to the IRS and for which you do not need to make any adjustments in column (g) of Form 8949 or enter any codes in column (f) of Form 8949. Can i still e file my 2011 taxes Installment sales. Can i still e file my 2011 taxes   You cannot use the installment method to report a gain from the sale of stock or securities traded on an established securities market. Can i still e file my 2011 taxes You must report the entire gain in the year of sale (the year in which the trade date occurs). Can i still e file my 2011 taxes Passive activity gains and losses. Can i still e file my 2011 taxes    If you have gains or losses from a passive activity, you may also have to report them on Form 8582. Can i still e file my 2011 taxes In some cases, the loss may be limited under the passive activity rules. Can i still e file my 2011 taxes Refer to Form 8582 and its instructions for more information about reporting capital gains and losses from a passive activity. Can i still e file my 2011 taxes Form 1099-B transactions. Can i still e file my 2011 taxes   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B or substitute statement from the broker. Can i still e file my 2011 taxes Use the Form 1099-B or the substitute statement to complete Form 8949. Can i still e file my 2011 taxes If you sold a covered security in 2013, your broker should send you a Form 1099-B (or substitute statement) that shows your basis. Can i still e file my 2011 taxes This will help you complete Form 8949. Can i still e file my 2011 taxes Generally, a covered security is a security you acquired after 2010. Can i still e file my 2011 taxes   Report the gross proceeds shown in box 2a of Form 1099-B as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Can i still e file my 2011 taxes However, if the broker advises you, in box 2a of Form 1099-B, that gross proceeds (sales price) less commissions and option premiums were reported to the IRS, enter that net sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Can i still e file my 2011 taxes    Include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Can i still e file my 2011 taxes If you include an expense of sale in column (g), enter “E” in column (f). Can i still e file my 2011 taxes Form 1099-CAP transactions. Can i still e file my 2011 taxes   If a corporation in which you own stock has had a change in control or a substantial change in capital structure, you should receive Form 1099-CAP or a substitute statement from the corporation. Can i still e file my 2011 taxes Use the Form 1099-CAP or substitute statement to fill in Form 8949. Can i still e file my 2011 taxes If your computations show that you would have a loss because of the change, do not enter any amounts on Form 8949 or Schedule D (Form 1040). Can i still e file my 2011 taxes You cannot claim a loss on Schedule D (Form 1040) as a result of this transaction. Can i still e file my 2011 taxes   Report the aggregate amount received shown in box 2 of Form 1099-CAP as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Can i still e file my 2011 taxes Form 1099-S transactions. Can i still e file my 2011 taxes   If you sold or traded reportable real estate, you generally should receive from the real estate reporting person a Form 1099-S showing the gross proceeds. Can i still e file my 2011 taxes    “Reportable real estate” is defined as any present or future ownership interest in any of the following: Improved or unimproved land, including air space; Inherently permanent structures, including any residential, commercial, or industrial building; A condominium unit and its accessory fixtures and common elements, including land; and Stock in a cooperative housing corporation (as defined in section 216 of the Internal Revenue Code). Can i still e file my 2011 taxes   A “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. Can i still e file my 2011 taxes   Your Form 1099-S will show the gross proceeds from the sale or exchange in box 2. Can i still e file my 2011 taxes See the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040) for how to report these transactions and include them in Part I or Part II of Form 8949 as appropriate. Can i still e file my 2011 taxes However, report like-kind exchanges on Form 8824 instead. Can i still e file my 2011 taxes   It is unlawful for any real estate reporting person to separately charge you for complying with the requirement to file Form 1099-S. Can i still e file my 2011 taxes Nominees. Can i still e file my 2011 taxes   If you receive gross proceeds as a nominee (that is, the gross proceeds are in your name but actually belong to someone else), see the Instructions for Form 8949 for how to report these amounts on Form 8949. Can i still e file my 2011 taxes File Form 1099-B or Form 1099-S with the IRS. Can i still e file my 2011 taxes   If you received gross proceeds as a nominee in 2013, you must file a Form 1099-B or Form 1099-S for those proceeds with the IRS. Can i still e file my 2011 taxes Send the Form 1099-B or Form 1099-S with a Form 1096, Annual Summary and Transmittal of U. Can i still e file my 2011 taxes S. Can i still e file my 2011 taxes Information Returns, to your Internal Revenue Service Center by February 28, 2014 (March 31, 2014, if you file Form 1099-B or Form 1099-S electronically). Can i still e file my 2011 taxes Give the actual owner of the proceeds Copy B of the Form 1099-B or Form 1099-S by February 18, 2014. Can i still e file my 2011 taxes On Form 1099-B, you should be listed as the “Payer. Can i still e file my 2011 taxes ” The other owner should be listed as the “Recipient. Can i still e file my 2011 taxes ” On Form 1099-S, you should be listed as the “Filer. Can i still e file my 2011 taxes ” The other owner should be listed as the “Transferor. Can i still e file my 2011 taxes ” You do not have to file a Form 1099-B or Form 1099-S to show proceeds for your spouse. Can i still e file my 2011 taxes For more information about the reporting requirements and the penalties for failure to file (or furnish) certain information returns, see the General Instructions for Certain Information Returns. Can i still e file my 2011 taxes If you are filing electronically see Publication 1220. Can i still e file my 2011 taxes Sale of property bought at various times. Can i still e file my 2011 taxes   If you sell a block of stock or other property that you bought at various times, report the short-term gain or loss from the sale on one row in Part I of Form 8949, and the long-term gain or loss on one row in Part II of Form 8949. Can i still e file my 2011 taxes Write “Various” in column (b) for the “Date acquired. Can i still e file my 2011 taxes ” Sale expenses. Can i still e file my 2011 taxes    On Form 8949, include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Can i still e file my 2011 taxes If you include an expense of sale in column (g), enter “E” in column (f). Can i still e file my 2011 taxes   For more information about adjustments to basis, see chapter 13. Can i still e file my 2011 taxes Short-term gains and losses. Can i still e file my 2011 taxes   Capital gain or loss on the sale or trade of investment property held 1 year or less is a short-term capital gain or loss. Can i still e file my 2011 taxes You report it in Part I of Form 8949. Can i still e file my 2011 taxes   You combine your share of short-term capital gain or loss from partnerships, S corporations, estates, and trusts, and any short-term capital loss carryover, with your other short-term capital gains and losses to figure your net short-term capital gain or loss on line 7 of Schedule D (Form 1040). Can i still e file my 2011 taxes Long-term gains and losses. Can i still e file my 2011 taxes    A capital gain or loss on the sale or trade of investment property held more than 1 year is a long-term capital gain or loss. Can i still e file my 2011 taxes You report it in Part II of Form 8949. Can i still e file my 2011 taxes   You report the following in Part II of Schedule D (Form 1040): Undistributed long-term capital gains from a mutual fund (or other regulated investment company) or real estate investment trust (REIT); Your share of long-term capital gains or losses from partnerships, S corporations, estates, and trusts; All capital gain distributions from mutual funds and REITs not reported directly on line 10 of Form 1040A or line 13 of Form 1040; and Long-term capital loss carryovers. Can i still e file my 2011 taxes    The result after combining these items with your other long-term capital gains and losses is your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Can i still e file my 2011 taxes Total net gain or loss. Can i still e file my 2011 taxes   To figure your total net gain or loss, combine your net short-term capital gain or loss (Schedule D (Form 1040), line 7) with your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Can i still e file my 2011 taxes Enter the result on Schedule D (Form 1040), Part III, line 16. Can i still e file my 2011 taxes If your losses are more than your gains, see Capital Losses , next. Can i still e file my 2011 taxes If both lines 15 and 16 of your Schedule D (Form 1040) are gains and your taxable income on your Form 1040 is more than zero, see Capital Gain Tax Rates , later. Can i still e file my 2011 taxes Capital Losses If your capital losses are more than your capital gains, you can claim a capital loss deduction. Can i still e file my 2011 taxes Report the amount of the deduction on line 13 of Form 1040, in parentheses. Can i still e file my 2011 taxes Limit on deduction. Can i still e file my 2011 taxes   Your allowable capital loss deduction, figured on Schedule D (Form 1040), is the lesser of: $3,000 ($1,500 if you are married and file a separate return); or Your total net loss as shown on line 16 of Schedule D (Form 1040). Can i still e file my 2011 taxes   You can use your total net loss to reduce your income dollar for dollar, up to the $3,000 limit. Can i still e file my 2011 taxes Capital loss carryover. Can i still e file my 2011 taxes   If you have a total net loss on line 16 of Schedule D (Form 1040) that is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you had incurred it in that next year. Can i still e file my 2011 taxes If part of the loss is still unused, you can carry it over to later years until it is completely used up. Can i still e file my 2011 taxes   When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and whether or not you filed a return for the current year. Can i still e file my 2011 taxes   When you carry over a loss, it remains long term or short term. Can i still e file my 2011 taxes A long-term capital loss you carry over to the next tax year will reduce that year's long-term capital gains before it reduces that year's short-term capital gains. Can i still e file my 2011 taxes Figuring your carryover. Can i still e file my 2011 taxes   The amount of your capital loss carryover is the amount of your total net loss that is more than the lesser of: Your allowable capital loss deduction for the year; or Your taxable income increased by your allowable capital loss deduction for the year and your deduction for personal exemptions. Can i still e file my 2011 taxes   If your deductions are more than your gross income for the tax year, use your negative taxable income in computing the amount in item (2). Can i still e file my 2011 taxes    Complete the Capital Loss Carryover Worksheet in the Instructions for Schedule D or Publication 550 to determine the part of your capital loss that you can carry over. Can i still e file my 2011 taxes Example. Can i still e file my 2011 taxes Bob and Gloria sold securities in 2013. Can i still e file my 2011 taxes The sales resulted in a capital loss of $7,000. Can i still e file my 2011 taxes They had no other capital transactions. Can i still e file my 2011 taxes Their taxable income was $26,000. Can i still e file my 2011 taxes On their joint 2013 return, they can deduct $3,000. Can i still e file my 2011 taxes The unused part of the loss, $4,000 ($7,000 − $3,000), can be carried over to 2014. Can i still e file my 2011 taxes If their capital loss had been $2,000, their capital loss deduction would have been $2,000. Can i still e file my 2011 taxes They would have no carryover. Can i still e file my 2011 taxes Use short-term losses first. Can i still e file my 2011 taxes   When you figure your capital loss carryover, use your short-term capital losses first, even if you incurred them after a long-term capital loss. Can i still e file my 2011 taxes If you have not reached the limit on the capital loss deduction after using the short-term capital losses, use the long-term capital losses until you reach the limit. Can i still e file my 2011 taxes Decedent's capital loss. Can i still e file my 2011 taxes    A capital loss sustained by a decedent during his or her last tax year (or carried over to that year from an earlier year) can be deducted only on the final income tax return filed for the decedent. Can i still e file my 2011 taxes The capital loss limits discussed earlier still apply in this situation. Can i still e file my 2011 taxes The decedent's estate cannot deduct any of the loss or carry it over to following years. Can i still e file my 2011 taxes Joint and separate returns. Can i still e file my 2011 taxes   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. Can i still e file my 2011 taxes However, if you and your spouse once filed a joint return and are now filing separate returns, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. Can i still e file my 2011 taxes Capital Gain Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Can i still e file my 2011 taxes These lower rates are called the maximum capital gain rates. Can i still e file my 2011 taxes The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Can i still e file my 2011 taxes For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Can i still e file my 2011 taxes See Table 16-1 for details. Can i still e file my 2011 taxes If you figure your tax using the maximum capital gain rate and the regular tax computation results in a lower tax, the regular tax computation applies. Can i still e file my 2011 taxes Example. Can i still e file my 2011 taxes All of your net capital gain is from selling collectibles, so the capital gain rate would be 28%. Can i still e file my 2011 taxes If you are otherwise subject to a rate lower than 28%, the 28% rate does not apply. Can i still e file my 2011 taxes Investment interest deducted. Can i still e file my 2011 taxes   If you claim a deduction for investment interest, you may have to reduce the amount of your net capital gain that is eligible for the capital gain tax rates. Can i still e file my 2011 taxes Reduce it by the amount of the net capital gain you choose to include in investment income when figuring the limit on your investment interest deduction. Can i still e file my 2011 taxes This is done on the Schedule D Tax Worksheet or the Qualified Dividends and Capital Gain Tax Worksheet. Can i still e file my 2011 taxes For more information about the limit on investment interest, see Interest Expenses in chapter 3 of Publication 550. Can i still e file my 2011 taxes Table 16-1. Can i still e file my 2011 taxes What Is Your Maximum Capital Gain Rate? IF your net capital gain is from . Can i still e file my 2011 taxes . Can i still e file my 2011 taxes . Can i still e file my 2011 taxes THEN your  maximum capital gain rate is . Can i still e file my 2011 taxes . Can i still e file my 2011 taxes . Can i still e file my 2011 taxes a collectibles gain 28% an eligible gain on qualified small business stock minus the section 1202 exclusion 28% an unrecaptured section 1250 gain 25% other gain1 and the regular tax rate that would apply is 39. Can i still e file my 2011 taxes 6% 20% other gain1 and the regular tax rate that would apply is 25%, 28%, 33%, or 35% 15% other gain1 and the regular tax rate that would apply is 10% or 15% 0% 1 Other gain means any gain that is not collectibles gain, gain on qualified small business stock, or unrecaptured section 1250 gain. Can i still e file my 2011 taxes     Collectibles gain or loss. Can i still e file my 2011 taxes   This is gain or loss from the sale or trade of a work of art, rug, antique, metal (such as gold, silver, and platinum bullion), gem, stamp, coin, or alcoholic beverage held more than 1 year. Can i still e file my 2011 taxes   Collectibles gain includes gain from sale of an interest in a partnership, S corporation, or trust due to unrealized appreciation of collectibles. Can i still e file my 2011 taxes Gain on qualified small business stock. Can i still e file my 2011 taxes    If you realized a gain from qualified small business stock that you held more than 5 years, you generally can exclude some or all of your gain under section 1202. Can i still e file my 2011 taxes The eligible gain minus your section 1202 exclusion is a 28% rate gain. Can i still e file my 2011 taxes See Gains on Qualified Small Business Stock in chapter 4 of Publication 550. Can i still e file my 2011 taxes Unrecaptured section 1250 gain. Can i still e file my 2011 taxes    Generally, this is any part of your capital gain from selling section 1250 property (real property) that is due to depreciation (but not more than your net section 1231 gain), reduced by any net loss in the 28% group. Can i still e file my 2011 taxes Use the Unrecaptured Section 1250 Gain Worksheet in the Schedule D (Form 1040) instructions to figure your unrecaptured section 1250 gain. Can i still e file my 2011 taxes For more information about section 1250 property and section 1231 gain, see chapter 3 of Publication 544. Can i still e file my 2011 taxes Tax computation using maximum capital gain rates. Can i still e file my 2011 taxes   Use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet (whichever applies) to figure your tax if you have qualified dividends or net capital gain. Can i still e file my 2011 taxes You have net capital gain if Schedule D (Form 1040), lines 15 and 16, are both gains. Can i still e file my 2011 taxes Schedule D Tax Worksheet. Can i still e file my 2011 taxes   Use the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions to figure your tax if: You have to file Schedule D (Form 1040); and Schedule D (Form 1040), line 18 (28% rate gain) or line 19 (unrecaptured section 1250 gain), is more than zero. Can i still e file my 2011 taxes Qualified Dividends and Capital Gain Tax Worksheet. Can i still e file my 2011 taxes   If you do not have to use the Schedule D Tax Worksheet (as explained above) and any of the following apply, use the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040 or Form 1040A (whichever you file) to figure your tax. Can i still e file my 2011 taxes You received qualified dividends. Can i still e file my 2011 taxes (See Qualified Dividends in chapter 8. Can i still e file my 2011 taxes ) You do not have to file Schedule D (Form 1040) and you received capital gain distributions. Can i still e file my 2011 taxes (See Exceptions to filing Form 8949 and Schedule D (Form 1040) , earlier. Can i still e file my 2011 taxes ) Schedule D (Form 1040), lines 15 and 16, are both more than zero. Can i still e file my 2011 taxes Alternative minimum tax. Can i still e file my 2011 taxes   These capital gain rates are also used in figuring alternative minimum tax. Can i still e file my 2011 taxes Prev  Up  Next   Home   More Online Publications
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Should I itemize?

You should itemize deductions if your total deductions are more than the standard deduction amount. Also, if your standard deduction is zero, you should itemize any deductions you have if:

  • You are married and filing a separate return, and your spouse itemizes deductions,
  • You are filing a tax return for a short tax year because of a change in your annual accounting period, or
  • You are a nonresident or dual-status alien during the year. You are considered a dual-status alien if you were both a nonresident and resident alien during the year.

NOTE: If you are a nonresident alien who is married to a U.S. citizen or resident at the end of the year, you can choose to be treated as a U.S. resident. (See Publication 519, U.S. Tax Guide for Aliens.) If you make this choice, you can take the standard deduction.

When to itemize

You may benefit from itemizing your deductions on Schedule A (Form 1040) if you:

  • Do not qualify for the standard deduction, or the amount you can claim is limited,
  • Had large uninsured medical and dental expenses during the year,
  • Paid interest and taxes on your home,
  • Had large unreimbursed employee business expenses or other miscellaneous deductions,
  • Had large uninsured casualty or theft losses,
  • Made large contributions to qualified charities, or
  • Have total itemized deductions that are more than the standard deduction to which you otherwise are entitled.

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Page Last Reviewed or Updated: 12-Nov-2013

The Can I Still E File My 2011 Taxes

Can i still e file my 2011 taxes 5. Can i still e file my 2011 taxes   Business Income Table of Contents Introduction Kinds of IncomeBartering for Property or Services Real Estate Rents Personal Property Rents Interest and Dividend Income Canceled Debt Other Income Items That Are Not IncomeAmount you can exclude. Can i still e file my 2011 taxes Short-term lease. Can i still e file my 2011 taxes Retail space. Can i still e file my 2011 taxes Qualified long-term real property. Can i still e file my 2011 taxes Guidelines for Selected Occupations Accounting for Your Income Introduction This chapter primarily explains business income and how to account for it on your tax return, what items are not considered income, and gives guidelines for selected occupations. Can i still e file my 2011 taxes If there is a connection between any income you receive and your business, the income is business income. Can i still e file my 2011 taxes A connection exists if it is clear that the payment of income would not have been made if you did not have the business. Can i still e file my 2011 taxes You can have business income even if you are not involved in the activity on a regular full-time basis. Can i still e file my 2011 taxes Income from work you do on the side in addition to your regular job can be business income. Can i still e file my 2011 taxes You report most business income, such as income from selling your products or services, on Schedule C or C-EZ. Can i still e file my 2011 taxes But you report the income from the sale of business assets, such as land and office buildings, on other forms instead of Schedule C or C-EZ. Can i still e file my 2011 taxes For information on selling business assets, see chapter 3. Can i still e file my 2011 taxes Nonemployee compensation. Can i still e file my 2011 taxes Business income includes amounts you received in your business that were properly shown on Forms 1099-MISC. Can i still e file my 2011 taxes This includes amounts reported as nonemployee compensation in box 7 of the form. Can i still e file my 2011 taxes You can find more information in the instructions on the back of the Form 1099-MISC you received. Can i still e file my 2011 taxes Kinds of Income You must report on your tax return all income you receive from your business unless it is excluded by law. Can i still e file my 2011 taxes In most cases, your business income will be in the form of cash, checks, and credit card charges. Can i still e file my 2011 taxes But business income can be in other forms, such as property or services. Can i still e file my 2011 taxes These and other types of income are explained next. Can i still e file my 2011 taxes If you are a U. Can i still e file my 2011 taxes S. Can i still e file my 2011 taxes citizen who has business income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt from tax under U. Can i still e file my 2011 taxes S. Can i still e file my 2011 taxes law. Can i still e file my 2011 taxes If you live outside the United States, you may be able to exclude part or all of your foreign-source business income. Can i still e file my 2011 taxes For details, see Publication 54, Tax Guide for U. Can i still e file my 2011 taxes S. Can i still e file my 2011 taxes Citizens and Resident Aliens Abroad. Can i still e file my 2011 taxes Bartering for Property or Services Bartering is an exchange of property or services. Can i still e file my 2011 taxes You must include in your gross receipts, at the time received, the fair market value of property or services you receive in exchange for something else. Can i still e file my 2011 taxes If you exchange services with another person and you both have agreed ahead of time on the value of the services, that value will be accepted as the fair market value unless the value can be shown to be otherwise. Can i still e file my 2011 taxes Example 1. Can i still e file my 2011 taxes You are a self-employed lawyer. Can i still e file my 2011 taxes You perform legal services for a client, a small corporation. Can i still e file my 2011 taxes In payment for your services, you receive shares of stock in the corporation. Can i still e file my 2011 taxes You must include the fair market value of the shares in income. Can i still e file my 2011 taxes Example 2. Can i still e file my 2011 taxes You are an artist and create a work of art to compensate your landlord for the rent-free use of your apartment. Can i still e file my 2011 taxes You must include the fair rental value of the apartment in your gross receipts. Can i still e file my 2011 taxes Your landlord must include the fair market value of the work of art in his or her rental income. Can i still e file my 2011 taxes Example 3. Can i still e file my 2011 taxes You are a self-employed accountant. Can i still e file my 2011 taxes Both you and a house painter are members of a barter club, an organization that each year gives its members a directory of members and the services each member provides. Can i still e file my 2011 taxes Members get in touch with other members directly and bargain for the value of the services to be performed. Can i still e file my 2011 taxes In return for accounting services you provided for the house painter's business, the house painter painted your home. Can i still e file my 2011 taxes You must include in gross receipts the fair market value of the services you received from the house painter. Can i still e file my 2011 taxes The house painter must include the fair market value of your accounting services in his or her gross receipts. Can i still e file my 2011 taxes Example 4. Can i still e file my 2011 taxes You are a member of a barter club that uses credit units to credit or debit members' accounts for goods or services provided or received. Can i still e file my 2011 taxes As soon as units are credited to your account, you can use them to buy goods or services or sell or transfer the units to other members. Can i still e file my 2011 taxes You must include the value of credit units you received in your gross receipts for the tax year in which the units are credited to your account. Can i still e file my 2011 taxes The dollar value of units received for services by an employee of the club, who can use the units in the same manner as other members, must be included in the employee's gross income for the tax year in which received. Can i still e file my 2011 taxes It is wages subject to social security and Medicare taxes (FICA), federal unemployment taxes (FUTA), and income tax withholding. Can i still e file my 2011 taxes See Publication 15 (Circular E), Employer's Tax Guide. Can i still e file my 2011 taxes Example 5. Can i still e file my 2011 taxes You operate a plumbing business and use the cash method of accounting. Can i still e file my 2011 taxes You join a barter club and agree to provide plumbing services to any member for a specified number of hours. Can i still e file my 2011 taxes Each member has access to a directory that lists the members of the club and the services available. Can i still e file my 2011 taxes Members contact each other directly and request services to be performed. Can i still e file my 2011 taxes You are not required to provide services unless requested by another member, but you can use as many of the offered services as you wish without paying a fee. Can i still e file my 2011 taxes You must include the fair market value of any services you receive from club members in your gross receipts when you receive them even if you have not provided any services to club members. Can i still e file my 2011 taxes Information returns. Can i still e file my 2011 taxes   If you are involved in a bartering transaction, you may have to file either of the following forms. Can i still e file my 2011 taxes Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. Can i still e file my 2011 taxes Form 1099-MISC, Miscellaneous Income. Can i still e file my 2011 taxes For information about these forms, see the General Instructions for Certain Information Returns. Can i still e file my 2011 taxes Real Estate Rents If you are a real estate dealer who receives income from renting real property or an owner of a hotel, motel, etc. Can i still e file my 2011 taxes , who provides services (maid services, etc. Can i still e file my 2011 taxes ) for guests, report the rental income and expenses on Schedule C or C-EZ. Can i still e file my 2011 taxes If you are not a real estate dealer or the kind of owner described in the preceding sentence, report the rental income and expenses on Schedule E. Can i still e file my 2011 taxes For more information, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes). Can i still e file my 2011 taxes Real estate dealer. Can i still e file my 2011 taxes   You are a real estate dealer if you are engaged in the business of selling real estate to customers with the purpose of making a profit from those sales. Can i still e file my 2011 taxes Rent you receive from real estate held for sale to customers is subject to SE tax. Can i still e file my 2011 taxes However, rent you receive from real estate held for speculation or investment is not subject to SE tax. Can i still e file my 2011 taxes Trailer park owner. Can i still e file my 2011 taxes   Rental income from a trailer park is subject to SE tax if you are a self-employed trailer park owner who provides trailer lots and facilities and substantial services for the convenience of your tenants. Can i still e file my 2011 taxes    You generally are considered to provide substantial services for tenants if they are primarily for the tenants' convenience and normally are not provided to maintain the lots in a condition for occupancy. Can i still e file my 2011 taxes Services are substantial if the compensation for the services makes up a material part of the tenants' rental payments. Can i still e file my 2011 taxes   Examples of services that are not normally provided for the tenants' convenience include supervising and maintaining a recreational hall provided by the park, distributing a monthly newsletter to tenants, operating a laundry facility, and helping tenants buy or sell their trailers. Can i still e file my 2011 taxes   Examples of services that are normally provided to maintain the lots in a condition for tenant occupancy include city sewerage, electrical connections, and roadways. Can i still e file my 2011 taxes Hotels, boarding houses, and apartments. Can i still e file my 2011 taxes   Rental income you receive for the use or occupancy of hotels, boarding houses, or apartment houses is subject to SE tax if you provide services for the occupants. Can i still e file my 2011 taxes   Generally, you are considered to provide services for the occupants if the services are primarily for their convenience and are not services normally provided with the rental of rooms for occupancy only. Can i still e file my 2011 taxes An example of a service that is not normally provided for the convenience of the occupants is maid service. Can i still e file my 2011 taxes However, providing heat and light, cleaning stairways and lobbies, and collecting trash are services normally provided for the occupants' convenience. Can i still e file my 2011 taxes Prepaid rent. Can i still e file my 2011 taxes   Advance payments received under a lease that does not put any restriction on their use or enjoyment are income in the year you receive them. Can i still e file my 2011 taxes This is true no matter what accounting method or period you use. Can i still e file my 2011 taxes Lease bonus. Can i still e file my 2011 taxes   A bonus you receive from a lessee for granting a lease is an addition to the rent. Can i still e file my 2011 taxes Include it in your gross receipts in the year received. Can i still e file my 2011 taxes Lease cancellation payments. Can i still e file my 2011 taxes   Report payments you receive from your lessee for canceling a lease in your gross receipts in the year received. Can i still e file my 2011 taxes Payments to third parties. Can i still e file my 2011 taxes   If your lessee makes payments to someone else under an agreement to pay your debts or obligations, include the payments in your gross receipts when the lessee makes the payments. Can i still e file my 2011 taxes A common example of this kind of income is a lessee's payment of your property taxes on leased real property. Can i still e file my 2011 taxes Settlement payments. Can i still e file my 2011 taxes   Payments you receive in settlement of a lessee's obligation to restore the leased property to its original condition are income in the amount that the payments exceed the adjusted basis of the leasehold improvements destroyed, damaged, removed, or disconnected by the lessee. Can i still e file my 2011 taxes Personal Property Rents If you are in the business of renting personal property (equipment, vehicles, formal wear, etc. Can i still e file my 2011 taxes ), include the rental amount you receive in your gross receipts on Schedule C or C-EZ. Can i still e file my 2011 taxes Prepaid rent and other payments described in the preceding Real Estate Rents discussion can also be received for renting personal property. Can i still e file my 2011 taxes If you receive any of those payments, include them in your gross receipts as explained in that discussion. Can i still e file my 2011 taxes Interest and Dividend Income Interest and dividends may be considered business income. Can i still e file my 2011 taxes Interest. Can i still e file my 2011 taxes   Interest received on notes receivable that you have accepted in the ordinary course of business is business income. Can i still e file my 2011 taxes Interest received on loans is business income if you are in the business of lending money. Can i still e file my 2011 taxes Uncollectible loans. Can i still e file my 2011 taxes   If a loan payable to you becomes uncollectible during the tax year and you use an accrual method of accounting, you must include in gross income interest accrued up to the time the loan became uncollectible. Can i still e file my 2011 taxes If the accrued interest later becomes uncollectible, you may be able to take a bad debt deduction. Can i still e file my 2011 taxes See Bad Debts in chapter 8. Can i still e file my 2011 taxes Unstated interest. Can i still e file my 2011 taxes   If little or no interest is charged on an installment sale, you may have to treat a part of each payment as unstated interest. Can i still e file my 2011 taxes See Unstated Interest and Original Issue Discount (OID) in Publication 537, Installment Sales. Can i still e file my 2011 taxes Dividends. Can i still e file my 2011 taxes   Generally, dividends are business income to dealers in securities. Can i still e file my 2011 taxes For most sole proprietors and statutory employees, however, dividends are nonbusiness income. Can i still e file my 2011 taxes If you hold stock as a personal investment separately from your business activity, the dividends from the stock are nonbusiness income. Can i still e file my 2011 taxes   If you receive dividends from business insurance premiums you deducted in an earlier year, you must report all or part of the dividend as business income on your return. Can i still e file my 2011 taxes To find out how much you have to report, see   Recovery of items previously deducted under Other Income, later. Can i still e file my 2011 taxes Canceled Debt The following explains the general rule for including canceled debt in income and the exceptions to the general rule. Can i still e file my 2011 taxes General Rule Generally, if your debt is canceled or forgiven, other than as a gift or bequest to you, you must include the canceled amount in your gross income for tax purposes. Can i still e file my 2011 taxes Report the canceled amount on line 6 of Schedule C if you incurred the debt in your business. Can i still e file my 2011 taxes If the debt is a nonbusiness debt, report the canceled amount on line 21 of Form 1040. Can i still e file my 2011 taxes Exceptions The following discussion covers some exceptions to the general rule for canceled debt. Can i still e file my 2011 taxes Price reduced after purchase. Can i still e file my 2011 taxes   If you owe a debt to the seller for property you bought and the seller reduces the amount you owe, you generally do not have income from the reduction. Can i still e file my 2011 taxes Unless you are bankrupt or insolvent, treat the amount of the reduction as a purchase price adjustment and reduce your basis in the property. Can i still e file my 2011 taxes Deductible debt. Can i still e file my 2011 taxes   You do not realize income from a canceled debt to the extent the payment of the debt would have led to a deduction. Can i still e file my 2011 taxes Example. Can i still e file my 2011 taxes You get accounting services for your business on credit. Can i still e file my 2011 taxes Later, you have trouble paying your business debts, but you are not bankrupt or insolvent. Can i still e file my 2011 taxes Your accountant forgives part of the amount you owe for the accounting services. Can i still e file my 2011 taxes How you treat the canceled debt depends on your method of accounting. Can i still e file my 2011 taxes Cash method — You do not include the canceled debt in income because payment of the debt would have been deductible as a business expense. Can i still e file my 2011 taxes Accrual method — You include the canceled debt in income because the expense was deductible when you incurred the debt. Can i still e file my 2011 taxes   For information on the cash and accrual methods of accounting, see chapter 2. Can i still e file my 2011 taxes Exclusions Do not include canceled debt in income in the following situations. Can i still e file my 2011 taxes However, you may be required to file Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. Can i still e file my 2011 taxes For more information, see Form 982. Can i still e file my 2011 taxes The cancellation takes place in a bankruptcy case under title 11 of the U. Can i still e file my 2011 taxes S. Can i still e file my 2011 taxes Code (relating to bankruptcy). Can i still e file my 2011 taxes See Publication 908, Bankruptcy Tax Guide. Can i still e file my 2011 taxes The cancellation takes place when you are insolvent. Can i still e file my 2011 taxes You can exclude the canceled debt to the extent you are insolvent. Can i still e file my 2011 taxes See Publication 908. Can i still e file my 2011 taxes The canceled debt is a qualified farm debt owed to a qualified person. Can i still e file my 2011 taxes See chapter 3 in Publication 225, Farmer's Tax Guide. Can i still e file my 2011 taxes The canceled debt is a qualified real property business debt. Can i still e file my 2011 taxes This situation is explained later. Can i still e file my 2011 taxes The canceled debt is qualified principal residence indebtedness which is discharged after 2006. Can i still e file my 2011 taxes See Form 982. Can i still e file my 2011 taxes If a canceled debt is excluded from income because it takes place in a bankruptcy case, the exclusions in situations 2 through 5 do not apply. Can i still e file my 2011 taxes If it takes place when you are insolvent, the exclusions in situations 3 and 4 do not apply to the extent you are insolvent. Can i still e file my 2011 taxes Debt. Can i still e file my 2011 taxes   For purposes of this discussion, debt includes any debt for which you are liable or which attaches to property you hold. Can i still e file my 2011 taxes Qualified real property business debt. Can i still e file my 2011 taxes   You can elect to exclude (up to certain limits) the cancellation of qualified real property business debt. Can i still e file my 2011 taxes If you make the election, you must reduce the basis of your depreciable real property by the amount excluded. Can i still e file my 2011 taxes Make this reduction at the beginning of your tax year following the tax year in which the cancellation occurs. Can i still e file my 2011 taxes However, if you dispose of the property before that time, you must reduce its basis immediately before the disposition. Can i still e file my 2011 taxes Cancellation of qualified real property business debt. Can i still e file my 2011 taxes   Qualified real property business debt is debt (other than qualified farm debt) that meets all the following conditions. Can i still e file my 2011 taxes It was incurred or assumed in connection with real property used in a trade or business. Can i still e file my 2011 taxes It was secured by such real property. Can i still e file my 2011 taxes It was incurred or assumed at either of the following times. Can i still e file my 2011 taxes Before January 1, 1993. Can i still e file my 2011 taxes After December 31, 1992, if incurred or assumed to acquire, construct, or substantially improve the real property. Can i still e file my 2011 taxes It is debt to which you choose to apply these rules. Can i still e file my 2011 taxes   Qualified real property business debt includes refinancing of debt described in (3) earlier, but only to the extent it does not exceed the debt being refinanced. Can i still e file my 2011 taxes   You cannot exclude more than either of the following amounts. Can i still e file my 2011 taxes The excess (if any) of: The outstanding principal of qualified real property business debt (immediately before the cancellation), over The fair market value (immediately before the cancellation) of the business real property that is security for the debt, reduced by the outstanding principal amount of any other qualified real property business debt secured by this property immediately before the cancellation. Can i still e file my 2011 taxes The total adjusted bases of depreciable real property held by you immediately before the cancellation. Can i still e file my 2011 taxes These adjusted bases are determined after any basis reduction due to a cancellation in bankruptcy, insolvency, or of qualified farm debt. Can i still e file my 2011 taxes Do not take into account depreciable real property acquired in contemplation of the cancellation. Can i still e file my 2011 taxes Election. Can i still e file my 2011 taxes   To make this election, complete Form 982 and attach it to your income tax return for the tax year in which the cancellation occurs. Can i still e file my 2011 taxes You must file your return by the due date (including extensions). Can i still e file my 2011 taxes If you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Can i still e file my 2011 taxes For more information, see When To File in the form instructions. Can i still e file my 2011 taxes Other Income The following discussion explains how to treat other types of business income you may receive. Can i still e file my 2011 taxes Restricted property. Can i still e file my 2011 taxes   Restricted property is property that has certain restrictions that affect its value. Can i still e file my 2011 taxes If you receive restricted stock or other property for services performed, the fair market value of the property in excess of your cost is included in your income on Schedule C or C-EZ when the restriction is lifted. Can i still e file my 2011 taxes However, you can choose to be taxed in the year you receive the property. Can i still e file my 2011 taxes For more information on including restricted property in income, see Publication 525, Taxable and Nontaxable Income. Can i still e file my 2011 taxes Gains and losses. Can i still e file my 2011 taxes   Do not report on Schedule C or C-EZ a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Can i still e file my 2011 taxes Instead, you must report these gains and losses on other forms. Can i still e file my 2011 taxes For more information, see chapter 3. Can i still e file my 2011 taxes Promissory notes. Can i still e file my 2011 taxes   Report promissory notes and other evidences of debt issued to you in a sale or exchange of property that is stock in trade or held primarily for sale to customers on Schedule C or C-EZ. Can i still e file my 2011 taxes In general, you report them at their stated principal amount (minus any unstated interest) when you receive them. Can i still e file my 2011 taxes Lost income payments. Can i still e file my 2011 taxes   If you reduce or stop your business activities, report on Schedule C or C-EZ any payment you receive for the lost income of your business from insurance or other sources. Can i still e file my 2011 taxes Report it on Schedule C or C-EZ even if your business is inactive when you receive the payment. Can i still e file my 2011 taxes Damages. Can i still e file my 2011 taxes   You must include in gross income compensation you receive during the tax year as a result of any of the following injuries connected with your business. Can i still e file my 2011 taxes Patent infringement. Can i still e file my 2011 taxes Breach of contract or fiduciary duty. Can i still e file my 2011 taxes Antitrust injury. Can i still e file my 2011 taxes Economic injury. Can i still e file my 2011 taxes   You may be entitled to a deduction against the income if it compensates you for actual economic injury. Can i still e file my 2011 taxes Your deduction is the smaller of the following amounts. Can i still e file my 2011 taxes The amount you receive or accrue for damages in the tax year reduced by the amount you pay or incur in the tax year to recover that amount. Can i still e file my 2011 taxes Your loss from the injury that you have not yet deducted. Can i still e file my 2011 taxes Punitive damages. Can i still e file my 2011 taxes   You must also include punitive damages in income. Can i still e file my 2011 taxes Kickbacks. Can i still e file my 2011 taxes   If you receive any kickbacks, include them in your income on Schedule C or C-EZ. Can i still e file my 2011 taxes However, do not include them if you properly treat them as a reduction of a related expense item, a capital expenditure, or cost of goods sold. Can i still e file my 2011 taxes Recovery of items previously deducted. Can i still e file my 2011 taxes   If you recover a bad debt or any other item deducted in a previous year, include the recovery in income on Schedule C or C-EZ. Can i still e file my 2011 taxes However, if all or part of the deduction in earlier years did not reduce your tax, you can exclude the part that did not reduce your tax. Can i still e file my 2011 taxes If you exclude part of the recovery from income, you must include with your return a computation showing how you figured the exclusion. Can i still e file my 2011 taxes Example. Can i still e file my 2011 taxes Joe Smith, a sole proprietor, had gross income of $8,000, a bad debt deduction of $300, and other allowable deductions of $7,700. Can i still e file my 2011 taxes He also had 2 personal exemptions for a total of $7,800. Can i still e file my 2011 taxes He would not pay income tax even if he did not deduct the bad debt. Can i still e file my 2011 taxes Therefore, he will not report as income any part of the $300 he may recover in any future year. Can i still e file my 2011 taxes Exception for depreciation. Can i still e file my 2011 taxes   This rule does not apply to depreciation. Can i still e file my 2011 taxes You recover depreciation using the rules explained next. Can i still e file my 2011 taxes Recapture of depreciation. Can i still e file my 2011 taxes   In the following situations, you have to recapture the depreciation deduction. Can i still e file my 2011 taxes This means you include in income part or all of the depreciation you deducted in previous years. Can i still e file my 2011 taxes Listed property. Can i still e file my 2011 taxes   If your business use of listed property (explained in chapter 8 under Depreciation ) falls to 50% or less in a tax year after the tax year you placed the property in service, you may have to recapture part of the depreciation deduction. Can i still e file my 2011 taxes You do this by including in income on Schedule C part of the depreciation you deducted in previous years. Can i still e file my 2011 taxes Use Part IV of Form 4797, Sales of Business Property, to figure the amount to include on Schedule C. Can i still e file my 2011 taxes For more information, see What is the Business-Use Requirement? in chapter 5 of Publication 946, How To Depreciate Property. Can i still e file my 2011 taxes That chapter explains how to determine whether property is used more than 50% in your business. Can i still e file my 2011 taxes Section 179 property. Can i still e file my 2011 taxes   If you take a section 179 deduction (explained in chapter 8 under Depreciation ) for an asset and before the end of the asset's recovery period the percentage of business use drops to 50% or less, you must recapture part of the section 179 deduction. Can i still e file my 2011 taxes You do this by including in income on Schedule C part of the deduction you took. Can i still e file my 2011 taxes Use Part IV of Form 4797 to figure the amount to include on Schedule C. Can i still e file my 2011 taxes See chapter 2 in Publication 946 to find out when you recapture the deduction. Can i still e file my 2011 taxes Sale or exchange of depreciable property. Can i still e file my 2011 taxes   If you sell or exchange depreciable property at a gain, you may have to treat all or part of the gain due to depreciation as ordinary income. Can i still e file my 2011 taxes You figure the income due to depreciation recapture in Part III of Form 4797. Can i still e file my 2011 taxes For more information, see chapter 4 in Publication 544, Sales and Other Dispositions of Assets. Can i still e file my 2011 taxes Items That Are Not Income In some cases the property or money you receive is not income. Can i still e file my 2011 taxes Appreciation. Can i still e file my 2011 taxes   Increases in value of your property are not income until you realize the increases through a sale or other taxable disposition. Can i still e file my 2011 taxes Consignments. Can i still e file my 2011 taxes   Consignments of merchandise to others to sell for you are not sales. Can i still e file my 2011 taxes The title of merchandise remains with you, the consignor, even after the consignee possesses the merchandise. Can i still e file my 2011 taxes Therefore, if you ship goods on consignment, you have no profit or loss until the consignee sells the merchandise. Can i still e file my 2011 taxes Merchandise you have shipped out on consignment is included in your inventory until it is sold. Can i still e file my 2011 taxes   Do not include merchandise you receive on consignment in your inventory. Can i still e file my 2011 taxes Include your profit or commission on merchandise consigned to you in your income when you sell the merchandise or when you receive your profit or commission, depending upon the method of accounting you use. Can i still e file my 2011 taxes Construction allowances. Can i still e file my 2011 taxes   If you enter into a lease after August 5, 1997, you can exclude from income the construction allowance you receive (in cash or as a rent reduction) from your landlord if you receive it under both the following conditions. Can i still e file my 2011 taxes Under a short-term lease of retail space. Can i still e file my 2011 taxes For the purpose of constructing or improving qualified long-term real property for use in your business at that retail space. Can i still e file my 2011 taxes Amount you can exclude. Can i still e file my 2011 taxes   You can exclude the construction allowance to the extent it does not exceed the amount you spent for construction or improvements. Can i still e file my 2011 taxes Short-term lease. Can i still e file my 2011 taxes   A short-term lease is a lease (or other agreement for occupancy or use) of retail space for 15 years or less. Can i still e file my 2011 taxes The following rules apply in determining whether the lease is for 15 years or less. Can i still e file my 2011 taxes Take into account options to renew when figuring whether the lease is for 15 years or less. Can i still e file my 2011 taxes But do not take into account any option to renew at fair market value determined at the time of renewal. Can i still e file my 2011 taxes Two or more successive leases that are part of the same transaction (or a series of related transactions) for the same or substantially similar retail space are treated as one lease. Can i still e file my 2011 taxes Retail space. Can i still e file my 2011 taxes   Retail space is real property leased, occupied, or otherwise used by you as a tenant in your business of selling tangible personal property or services to the general public. Can i still e file my 2011 taxes Qualified long-term real property. Can i still e file my 2011 taxes   Qualified long-term real property is nonresidential real property that is part of, or otherwise present at, your retail space and that reverts to the landlord when the lease ends. Can i still e file my 2011 taxes Exchange of like-kind property. Can i still e file my 2011 taxes   If you exchange your business property or property you hold for investment solely for property of a like kind to be used in your business or to be held for investment, no gain or loss is recognized. Can i still e file my 2011 taxes This means that the gain is not taxable and the loss is not deductible. Can i still e file my 2011 taxes A common type of nontaxable exchange is the trade-in of a business automobile for another business automobile. Can i still e file my 2011 taxes For more information, see Form 8824. Can i still e file my 2011 taxes Leasehold improvements. Can i still e file my 2011 taxes   If a tenant erects buildings or makes improvements to your property, the increase in the value of the property due to the improvements is not income to you. Can i still e file my 2011 taxes However, if the facts indicate that the improvements are a payment of rent to you, then the increase in value would be income. Can i still e file my 2011 taxes Loans. Can i still e file my 2011 taxes   Money borrowed through a bona fide loan is not income. Can i still e file my 2011 taxes Sales tax. Can i still e file my 2011 taxes   State and local sales taxes imposed on the buyer, which you were required to collect and pay over to state or local governments, are not income. Can i still e file my 2011 taxes Guidelines for Selected Occupations This section provides information to determine whether your earnings should be reported on Schedule C (Form 1040) or C-EZ (Form 1040). Can i still e file my 2011 taxes Direct seller. Can i still e file my 2011 taxes   You must report all income you receive as a direct seller on Schedule C or C-EZ. Can i still e file my 2011 taxes This includes any of the following. Can i still e file my 2011 taxes Income from sales—payments you receive from customers for products they buy from you. Can i still e file my 2011 taxes Commissions, bonuses, or percentages you receive for sales and the sales of others who work under you. Can i still e file my 2011 taxes Prizes, awards, and gifts you receive from your selling business. Can i still e file my 2011 taxes You must report this income regardless of whether it is reported to you on an information return. Can i still e file my 2011 taxes   You are a direct seller if you meet all the following conditions. Can i still e file my 2011 taxes You are engaged in one of the following trades or businesses. Can i still e file my 2011 taxes Selling or soliciting the sale of consumer products either in a home or other place that is not a permanent retail establishment, or to any buyer on a buy-sell basis or a deposit-commission basis for resale in a home or other place of business that is not a permanent retail establishment. Can i still e file my 2011 taxes Delivering or distributing newspapers or shopping news (including any services directly related to that trade or business). Can i still e file my 2011 taxes Substantially all your pay (whether paid in cash or not) for services described above is directly related to sales or other output (including performance of services) rather than to the number of hours worked. Can i still e file my 2011 taxes Your services are performed under a written contract between you and the person for whom you perform the services, and the contract provides that you will not be treated as an employee for federal tax purposes. Can i still e file my 2011 taxes Executor or administrator. Can i still e file my 2011 taxes   If you administer a deceased person's estate, your fees are reported on Schedule C or C-EZ if you are one of the following: A professional fiduciary. Can i still e file my 2011 taxes A nonprofessional fiduciary (personal representative) and both of the following apply. Can i still e file my 2011 taxes The estate includes an active trade or business in which you actively participate. Can i still e file my 2011 taxes Your fees are related to the operation of that trade or business. Can i still e file my 2011 taxes A nonprofessional fiduciary of a single estate that requires extensive managerial activities on your part for a long period of time, provided these activities are enough to be considered a trade or business. Can i still e file my 2011 taxes    If the fees do not meet the above requirements, report them on line 21 of Form 1040. Can i still e file my 2011 taxes Fishing crew member. Can i still e file my 2011 taxes    If you are a member of the crew that catches fish or other water life, your earnings are reported on Schedule C or C-EZ if you meet all the requirements shown in chapter 10 under Fishing crew member . Can i still e file my 2011 taxes Insurance agent, former. Can i still e file my 2011 taxes   Termination payments you receive as a former self-employed insurance agent from an insurance company because of services you performed for that company are not reported on Schedule C or C-EZ if all the following conditions are met. Can i still e file my 2011 taxes You received payments after your agreement to perform services for the company ended. Can i still e file my 2011 taxes You did not perform any services for the company after your service agreement ended and before the end of the year in which you received the payment. Can i still e file my 2011 taxes You entered into a covenant not to compete against the company for at least a 1-year period beginning on the date your service agreement ended. Can i still e file my 2011 taxes The amount of the payments depended primarily on policies sold by you or credited to your account during the last year of your service agreement or the extent to which those policies remain in force for some period after your service agreement ended, or both. Can i still e file my 2011 taxes The amount of the payment did not depend to any extent on length of service or overall earnings from services performed for the company (regardless of whether eligibility for the payments depended on length of service). Can i still e file my 2011 taxes Insurance agent, retired. Can i still e file my 2011 taxes   Income paid by an insurance company to a retired self-employed insurance agent based on a percentage of commissions received before retirement is reported on Schedule C or C-EZ. Can i still e file my 2011 taxes Also, renewal commissions and deferred commissions for sales made before retirement are generally reported on Schedule C or C-EZ. Can i still e file my 2011 taxes   However, renewal commissions paid to the survivor of an insurance agent are not reported on Schedule C or C-EZ. Can i still e file my 2011 taxes Newspaper carrier or distributor. Can i still e file my 2011 taxes   You are a direct seller and your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Can i still e file my 2011 taxes You are in the business of delivering or distributing newspapers or shopping news (including directly related services such as soliciting customers and collecting receipts). Can i still e file my 2011 taxes Substantially all your pay for these services directly relates to your sales or other output rather than to the number of hours you work. Can i still e file my 2011 taxes You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Can i still e file my 2011 taxes   This rule applies whether or not you hire others to help you make deliveries. Can i still e file my 2011 taxes It also applies whether you buy the papers from the publisher or are paid based on the number of papers you deliver. Can i still e file my 2011 taxes Newspaper or magazine vendor. Can i still e file my 2011 taxes   If you are 18 or older and you sell newspapers or magazines, your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Can i still e file my 2011 taxes You sell newspapers or magazines to ultimate consumers. Can i still e file my 2011 taxes You sell them at a fixed price. Can i still e file my 2011 taxes Your earnings are based on the difference between the sales price and your cost of goods sold. Can i still e file my 2011 taxes   This rule applies whether or not you are guaranteed a minimum amount of earnings. Can i still e file my 2011 taxes It also applies whether or not you receive credit for unsold newspapers or magazines you return to your supplier. Can i still e file my 2011 taxes Notary public. Can i still e file my 2011 taxes   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ. Can i still e file my 2011 taxes These payments are not subject to self-employment tax (see the instructions for Schedule SE (Form 1040)). Can i still e file my 2011 taxes Public official. Can i still e file my 2011 taxes   Public officials generally do not report what they earn for serving in public office on Schedule C or C-EZ. Can i still e file my 2011 taxes This rule applies to payments received by an elected tax collector from state funds on the basis of a fixed percentage of the taxes collected. Can i still e file my 2011 taxes Public office includes any elective or appointive office of the United States or its possessions, the District of Columbia, a state or its political subdivisions, or a wholly owned instrumentality of any of these. Can i still e file my 2011 taxes   Public officials of state or local governments report their fees on Schedule C or C-EZ if they are paid solely on a fee basis and if their services are eligible for, but not covered by, social security under a federal-state agreement. Can i still e file my 2011 taxes Real estate agent or direct seller. Can i still e file my 2011 taxes   If you are a licensed real estate agent or a direct seller, your earnings are reported on Schedule C or C-EZ if both the following apply. Can i still e file my 2011 taxes Substantially all your pay for services as a real estate agent or direct seller directly relates to your sales or other output rather than to the number of hours you work. Can i still e file my 2011 taxes You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Can i still e file my 2011 taxes Securities dealer. Can i still e file my 2011 taxes   If you are a dealer in options or commodities, your gains and losses from dealing or trading in section 1256 contracts (regulated futures contracts, foreign currency contracts, nonequity options, dealer equity options, and dealer securities futures contracts) or property related to those contracts (such as stock used to hedge options) are reported on Schedule C or C-EZ. Can i still e file my 2011 taxes For more information, see sections 1256 and 1402(i). Can i still e file my 2011 taxes Securities trader. Can i still e file my 2011 taxes   You are a trader in securities if you are engaged in the business of buying and selling securities for your own account. Can i still e file my 2011 taxes As a trader in securities, your gain or loss from the disposition of securities is not reported on Schedule C or C-EZ. Can i still e file my 2011 taxes However, see Securities dealer , earlier, for an exception that applies to section 1256 contracts. Can i still e file my 2011 taxes For more information about securities traders, see Publication 550, Investment Income and Expenses. Can i still e file my 2011 taxes Accounting for Your Income Accounting for your income for income tax purposes differs at times from accounting for financial purposes. Can i still e file my 2011 taxes This section discusses some of the more common differences that may affect business transactions. Can i still e file my 2011 taxes Figure your business income on the basis of a tax year and according to your regular method of accounting (see chapter 2). Can i still e file my 2011 taxes If the sale of a product is an income-producing factor in your business, you usually have to use inventories to clearly show your income. Can i still e file my 2011 taxes Dealers in real estate are not allowed to use inventories. Can i still e file my 2011 taxes For more information on inventories, see chapter 2. Can i still e file my 2011 taxes Income paid to a third party. Can i still e file my 2011 taxes   All income you earn is taxable to you. Can i still e file my 2011 taxes You cannot avoid tax by having the income paid to a third party. Can i still e file my 2011 taxes Example. Can i still e file my 2011 taxes You rent out your property and the rental agreement directs the lessee to pay the rent to your son. Can i still e file my 2011 taxes The amount paid to your son is gross income to you. Can i still e file my 2011 taxes Cash discounts. Can i still e file my 2011 taxes   These are amounts the seller permits you to deduct from the invoice price for prompt payment. Can i still e file my 2011 taxes For income tax purposes, you can use either of the following two methods to account for cash discounts. Can i still e file my 2011 taxes Deduct the cash discount from purchases (see Line 36, Purchases Less Cost of Items Withdrawn for Personal Use in chapter 6). Can i still e file my 2011 taxes Credit the cash discount to a discount income account. Can i still e file my 2011 taxes You must use the chosen method every year for all your purchase discounts. Can i still e file my 2011 taxes   If you use the second method, the credit balance in the account at the end of your tax year is business income. Can i still e file my 2011 taxes Under this method, you do not reduce the cost of goods sold by the cash discounts you received. Can i still e file my 2011 taxes When valuing your closing inventory, you cannot reduce the invoice price of merchandise on hand at the close of the tax year by the average or estimated discounts received on the merchandise. Can i still e file my 2011 taxes Trade discounts. Can i still e file my 2011 taxes   These are reductions from list or catalog prices and usually are not written into the invoice or charged to the customer. Can i still e file my 2011 taxes Do not enter these discounts on your books of account. Can i still e file my 2011 taxes Instead, use only the net amount as the cost of the merchandise purchased. Can i still e file my 2011 taxes For more information, see Trade discounts in chapter 6. Can i still e file my 2011 taxes Payment placed in escrow. Can i still e file my 2011 taxes   If the buyer of your property places part or all of the purchase price in escrow, you do not include any part of it in gross sales until you actually or constructively receive it. Can i still e file my 2011 taxes However, upon completion of the terms of the contract and the escrow agreement, you will have taxable income, even if you do not accept the money until the next year. Can i still e file my 2011 taxes Sales returns and allowances. Can i still e file my 2011 taxes   Credits you allow customers for returned merchandise and any other allowances you make on sales are deductions from gross sales in figuring net sales. Can i still e file my 2011 taxes Advance payments. Can i still e file my 2011 taxes   Special rules dealing with an accrual method of accounting for payments received in advance are discussed in chapter 2 under Accrual Method. Can i still e file my 2011 taxes Insurance proceeds. Can i still e file my 2011 taxes   If you receive insurance or another type of reimbursement for a casualty or theft loss, you must subtract it from the loss when you figure your deduction. Can i still e file my 2011 taxes You cannot deduct the reimbursed part of a casualty or theft loss. Can i still e file my 2011 taxes   For information on casualty or theft losses, see Publication 547, Casualties, Disasters, and Thefts. Can i still e file my 2011 taxes Prev  Up  Next   Home   More Online Publications