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Ez Form 2014

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Ez Form 2014

Ez form 2014 Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Ez form 2014 They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Ez form 2014 CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Ez form 2014 Opening a CCF account. Ez form 2014   If you are a U. Ez form 2014 S. Ez form 2014 citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Ez form 2014 However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Ez form 2014 This agreement will establish the following. Ez form 2014 Agreement vessels. Ez form 2014 Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Ez form 2014 Planned use of withdrawals. Ez form 2014 Use of CCF funds to acquire, build, or rebuild a vessel. Ez form 2014 CCF depository. Ez form 2014 Where your CCF funds will be held. Ez form 2014    You can request an application kit or get additional information from NMFS at the following address. Ez form 2014 NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Ez form 2014 nmfs. Ez form 2014 noaa. Ez form 2014 gov/mb/financial_services/ccf. Ez form 2014 htm. Ez form 2014    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Ez form 2014 204). Ez form 2014 Their fax number is (301) 713-1939. Ez form 2014 Eligible vessels. Ez form 2014   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Ez form 2014 For each type, certain requirements must be met. Ez form 2014 Vessel weighing 5 tons or more. Ez form 2014   To be considered eligible, the vessel must meet all the following requirements. Ez form 2014 Be built or rebuilt in the United States. Ez form 2014 Be documented under the laws of the United States. Ez form 2014 Be used commercially in the fisheries of the United States. Ez form 2014 Be operated in the foreign or domestic commerce of the United States. Ez form 2014 Vessel weighing less than 5 tons. Ez form 2014   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Ez form 2014 Be built or rebuilt in the United States. Ez form 2014 Be owned by a U. Ez form 2014 S. Ez form 2014 citizen. Ez form 2014 Have a home port in the United States. Ez form 2014 Be used commercially in the fisheries of the United States. Ez form 2014 Deferring tax on CCF deposits and earnings. Ez form 2014   You can use a CCF account to defer income tax by taking the following actions. Ez form 2014 Making deposits to your CCF account from taxable income. Ez form 2014 Excluding from income deposits assigned to certain accounts (discussed later). Ez form 2014 Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Ez form 2014 Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Ez form 2014    Reporting requirements. Ez form 2014 Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Ez form 2014 This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Ez form 2014 For more information, contact the NMFS at the address or phone number given earlier. Ez form 2014 Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Ez form 2014 Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Ez form 2014 Capital account. Ez form 2014   The capital account consists primarily of amounts attributable to the following items. Ez form 2014 Allowable depreciation deductions for agreement vessels. Ez form 2014 Any nontaxable return of capital from either (a) or (b), below. Ez form 2014 The sale or other disposition of agreement vessels. Ez form 2014 Insurance or indemnity proceeds attributable to agreement vessels. Ez form 2014 Any tax-exempt interest earned on state or local bonds in your CCF account. Ez form 2014 Capital gain account. Ez form 2014   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Ez form 2014 Any capital gain from either of the following sources. Ez form 2014 The sale or other disposition of agreement vessels held for more than 6 months. Ez form 2014 Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Ez form 2014 Any capital gain from assets held in your CCF account for more than 6 months. Ez form 2014 Ordinary income account. Ez form 2014   The ordinary income account consists of amounts attributable to the following items. Ez form 2014 Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Ez form 2014 Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Ez form 2014 The sale or other disposition of agreement vessels held for 6 months or less. Ez form 2014 Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Ez form 2014 Any capital gain from assets held in your CCF account for 6 months or less. Ez form 2014 Any ordinary income (such as depreciation recapture) from either of the following sources. Ez form 2014 The sale or other disposition of agreement vessels. Ez form 2014 Insurance or indemnity proceeds attributable to agreement vessels. Ez form 2014 Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Ez form 2014 Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Ez form 2014 Capital gains. Ez form 2014   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Ez form 2014 This treatment applies to either of the following transactions. Ez form 2014 The sale or other disposition of an agreement vessel. Ez form 2014 The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Ez form 2014 Depreciation recapture. Ez form 2014   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Ez form 2014 This treatment applies to either of the following transactions. Ez form 2014 The sale or other disposition of an agreement vessel. Ez form 2014 The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Ez form 2014 Earnings from operations. Ez form 2014   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Ez form 2014 You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Ez form 2014 Next to line 43, write “CCF” and the amount of the deposits. Ez form 2014 Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Ez form 2014 If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Ez form 2014 When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Ez form 2014 Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Ez form 2014 Self-employment tax. Ez form 2014   You must use your net profit or loss from your fishing business to figure your self-employment tax. Ez form 2014 Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Ez form 2014    Partnerships and S corporations. Ez form 2014 The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Ez form 2014   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Ez form 2014 Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Ez form 2014 However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Ez form 2014 Capital gains. Ez form 2014   Do not report any capital gains from the sale of capital assets held in your CCF account. Ez form 2014 This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Ez form 2014 However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Ez form 2014 ” Interest and dividends. Ez form 2014   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Ez form 2014 However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Ez form 2014 ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Ez form 2014 ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Ez form 2014 ” Tax-exempt interest. Ez form 2014   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Ez form 2014 You are not required to report this interest on Form 1040, line 8b. Ez form 2014 Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Ez form 2014 Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Ez form 2014 Acquiring, building, or rebuilding qualified vessels (defined next). Ez form 2014 Making principal payments on the mortgage of a qualified vessel. Ez form 2014 NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Ez form 2014 NMFS will approve amounts withdrawn to purchase trawl nets. Ez form 2014 Qualified vessel. Ez form 2014   This is any vessel that meets all of the following requirements. Ez form 2014 The vessel was built or rebuilt in the United States. Ez form 2014 The vessel is documented under the laws of the United States. Ez form 2014 The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Ez form 2014 How to determine the source of qualified withdrawals. Ez form 2014   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Ez form 2014 The capital account. Ez form 2014 The capital gain account. Ez form 2014 The ordinary income account. Ez form 2014 Excluding qualified withdrawals from tax. Ez form 2014   Do not report on your income tax return any qualified withdrawals from your CCF account. Ez form 2014 Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Ez form 2014 Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Ez form 2014 Qualified withdrawals are defined under Qualified Withdrawals, earlier. Ez form 2014 Examples. Ez form 2014   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Ez form 2014 Amounts remaining in a CCF account upon termination of your agreement with NMFS. Ez form 2014 Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Ez form 2014 Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Ez form 2014 You will generally be given 3 years to revise your plans to cover this excess balance. Ez form 2014 Amounts you leave in your account for more than 25 years. Ez form 2014 There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Ez form 2014 How to determine the source of nonqualified withdrawals. Ez form 2014    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Ez form 2014 The ordinary income account. Ez form 2014 The capital gain account. Ez form 2014 The capital account. Ez form 2014 Paying tax on nonqualified withdrawals. Ez form 2014   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Ez form 2014 However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Ez form 2014    Partnerships and S corporations. Ez form 2014 Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Ez form 2014 Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Ez form 2014 Interest. Ez form 2014   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Ez form 2014 The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Ez form 2014 The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Ez form 2014 The interest rate on the nonqualified withdrawal is simple interest. Ez form 2014 The rate is subject to change annually and is published in the Federal Register. Ez form 2014    You also can call NMFS at (301) 713-2393 (ext. Ez form 2014 204) to get the current interest rate. Ez form 2014 Interest deduction. Ez form 2014   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Ez form 2014 Reporting the additional tax and interest. Ez form 2014   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Ez form 2014 Include the tax and interest on Form 1040, line 63 (for 2005). Ez form 2014 To the left of line 63, write in the amount of tax and interest and “CCF. Ez form 2014 ” Tax benefit rule. Ez form 2014   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Ez form 2014 The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Ez form 2014 That part is allowed as a net operating loss deduction. Ez form 2014 More Information This section briefly discussed the CCF program. Ez form 2014 For more detailed information, see the following legislative authorities. Ez form 2014 Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Ez form 2014 S. Ez form 2014 C. Ez form 2014 1177). Ez form 2014 Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Ez form 2014 F. Ez form 2014 R. Ez form 2014 , Part 259). Ez form 2014 Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Ez form 2014 F. Ez form 2014 R. Ez form 2014 , Part 3). Ez form 2014 Section 7518 of the Internal Revenue Code (IRC 7518). Ez form 2014 The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. Ez form 2014 Also, see their web page at www. Ez form 2014 nmfs. Ez form 2014 noaa. Ez form 2014 gov/mb/financial_services/ccf. Ez form 2014 htm. Ez form 2014 How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Ez form 2014 By selecting the method that is best for you, you will have quick and easy access to tax help. Ez form 2014 Contacting your Taxpayer Advocate. Ez form 2014   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Ez form 2014   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Ez form 2014 While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Ez form 2014   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. Ez form 2014 irs. Ez form 2014 gov/advocate. Ez form 2014   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Ez form 2014 Free tax services. Ez form 2014   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Ez form 2014 It contains a list of free tax publications and an index of tax topics. Ez form 2014 It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Ez form 2014 Internet. Ez form 2014 You can access the IRS website 24 hours a day, 7 days a week, at www. Ez form 2014 irs. Ez form 2014 gov to: E-file your return. Ez form 2014 Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Ez form 2014 Check the status of your refund. Ez form 2014 Click on Where's My Refund. Ez form 2014 Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Ez form 2014 Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Ez form 2014 Download forms, instructions, and publications. Ez form 2014 Order IRS products online. Ez form 2014 Research your tax questions online. Ez form 2014 Search publications online by topic or keyword. Ez form 2014 View Internal Revenue Bulletins (IRBs) published in the last few years. Ez form 2014 Figure your withholding allowances using our Form W-4 calculator. Ez form 2014 Sign up to receive local and national tax news by email. Ez form 2014 Get information on starting and operating a small business. Ez form 2014 Phone. Ez form 2014 Many services are available by phone. Ez form 2014 Ordering forms, instructions, and publications. Ez form 2014 Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. Ez form 2014 You should receive your order within 10 days. Ez form 2014 Asking tax questions. Ez form 2014 Call the IRS with your tax questions at 1-800-829-1040. Ez form 2014 Solving problems. Ez form 2014 You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Ez form 2014 An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Ez form 2014 Call your local Taxpayer Assistance Center for an appointment. Ez form 2014 To find the number, go to www. Ez form 2014 irs. Ez form 2014 gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Ez form 2014 TTY/TDD equipment. Ez form 2014 If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Ez form 2014 TeleTax topics. Ez form 2014 Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. Ez form 2014 Refund information. Ez form 2014 If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. Ez form 2014 Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Ez form 2014 Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Ez form 2014 Evaluating the quality of our telephone services. Ez form 2014 To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Ez form 2014 One method is for a second IRS representative to sometimes listen in on or record telephone calls. Ez form 2014 Another is to ask some callers to complete a short survey at the end of the call. Ez form 2014 Walk-in. Ez form 2014 Many products and services are available on a walk-in basis. Ez form 2014 Products. Ez form 2014 You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Ez form 2014 Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Ez form 2014 Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Ez form 2014 Services. Ez form 2014 You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Ez form 2014 An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Ez form 2014 If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Ez form 2014 No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Ez form 2014 A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Ez form 2014 To find the number, go to www. Ez form 2014 irs. Ez form 2014 gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Ez form 2014 Mail. Ez form 2014 You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. Ez form 2014 National Distribution Center P. Ez form 2014 O. Ez form 2014 Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. Ez form 2014 You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. Ez form 2014 The first release ships in late December and the final release ships in late February. Ez form 2014 Current-year forms, instructions, and publications. Ez form 2014 Prior-year forms, instructions, and publications. Ez form 2014 Tax Map: an electronic research tool and finding aid. Ez form 2014 Tax law frequently asked questions (FAQs). Ez form 2014 Tax Topics from the IRS telephone response system. Ez form 2014 Fill-in, print, and save features for most tax forms. Ez form 2014 Internal Revenue Bulletins. Ez form 2014 Toll-free and email technical support. Ez form 2014 Buy the CD-ROM from National Technical Information Service (NTIS) at www. Ez form 2014 irs. Ez form 2014 gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). Ez form 2014 CD-ROM for small businesses. Ez form 2014 Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. Ez form 2014 This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. Ez form 2014 All the business tax forms, instructions, and publications needed to successfully manage a business. Ez form 2014 Tax law changes. Ez form 2014 IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. Ez form 2014 Web links to various government agencies, business associations, and IRS organizations. Ez form 2014 “Rate the Product” survey—your opportunity to suggest changes for future editions. Ez form 2014 An updated version of this CD is available each year in early April. Ez form 2014 You can get a free copy by calling 1-800-829-3676 or by visiting www. Ez form 2014 irs. Ez form 2014 gov/smallbiz. Ez form 2014 Prev  Up  Next   Home   More Online Publications
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The Ez Form 2014

Ez form 2014 14. Ez form 2014   Sale of Property Table of Contents Reminder Introduction Useful Items - You may want to see: Sales and TradesWhat Is a Sale or Trade? How To Figure Gain or Loss Nontaxable Trades Transfers Between Spouses Related Party Transactions Capital Gains and LossesCapital or Ordinary Gain or Loss Capital Assets and Noncapital Assets Holding Period Nonbusiness Bad Debts Wash Sales Rollover of Gain From Publicly Traded Securities Reminder Foreign income. Ez form 2014  If you are a U. Ez form 2014 S. Ez form 2014 citizen who sells property located outside the United States, you must report all gains and losses from the sale of that property on your tax return unless it is exempt by U. Ez form 2014 S. Ez form 2014 law. Ez form 2014 This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the payer. Ez form 2014 Introduction This chapter discusses the tax consequences of selling or trading investment property. Ez form 2014 It explains the following. Ez form 2014 What a sale or trade is. Ez form 2014 Figuring gain or loss. Ez form 2014 Nontaxable trades. Ez form 2014 Related party transactions. Ez form 2014 Capital gains or losses. Ez form 2014 Capital assets and noncapital assets. Ez form 2014 Holding period. Ez form 2014 Rollover of gain from publicly traded securities. Ez form 2014 Other property transactions. Ez form 2014   Certain transfers of property are not discussed here. Ez form 2014 They are discussed in other IRS publications. Ez form 2014 These include the following. Ez form 2014 Sales of a main home, covered in chapter 15. Ez form 2014 Installment sales, covered in Publication 537, Installment Sales. Ez form 2014 Transactions involving business property, covered in Publication 544, Sales and Other Dispositions of Assets. Ez form 2014 Dispositions of an interest in a passive activity, covered in Publication 925, Passive Activity and At-Risk Rules. Ez form 2014    Publication 550, Investment Income and Expenses (Including Capital Gains and Losses), provides a more detailed discussion about sales and trades of investment property. Ez form 2014 Publication 550 includes information about the rules covering nonbusiness bad debts, straddles, section 1256 contracts, puts and calls, commodity futures, short sales, and wash sales. Ez form 2014 It also discusses investment-related expenses. Ez form 2014 Useful Items - You may want to see: Publication 550 Investment Income and Expenses Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 8949 Sales and Other Dispositions of Capital Assets 8824 Like-Kind Exchanges Sales and Trades If you sold property such as stocks, bonds, or certain commodities through a broker during the year, you should receive, for each sale, a Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or substitute statement, from the broker. Ez form 2014 Generally, you should receive the statement by February 15 of the next year. Ez form 2014 It will show the gross proceeds from the sale. Ez form 2014 If you sold a covered security in 2013, your 1099-B (or substitute statement) will show your basis. Ez form 2014 Generally, a covered security is a security you acquired after 2010, with certain exceptions. Ez form 2014 See the Instructions for Form 8949. Ez form 2014 The IRS will also get a copy of Form 1099-B from the broker. Ez form 2014 Use Form 1099-B (or substitute statement received from your broker) to complete Form 8949. Ez form 2014 What Is a Sale or Trade? This section explains what is a sale or trade. Ez form 2014 It also explains certain transactions and events that are treated as sales or trades. Ez form 2014 A sale is generally a transfer of property for money or a mortgage, note, or other promise to pay money. Ez form 2014 A trade is a transfer of property for other property or services and may be taxed in the same way as a sale. Ez form 2014 Sale and purchase. Ez form 2014   Ordinarily, a transaction is not a trade when you voluntarily sell property for cash and immediately buy similar property to replace it. Ez form 2014 The sale and purchase are two separate transactions. Ez form 2014 But see Like-kind exchanges under Nontaxable Trades, later. Ez form 2014 Redemption of stock. Ez form 2014   A redemption of stock is treated as a sale or trade and is subject to the capital gain or loss provisions unless the redemption is a dividend or other distribution on stock. Ez form 2014 Dividend versus sale or trade. Ez form 2014   Whether a redemption is treated as a sale, trade, dividend, or other distribution depends on the circumstances in each case. Ez form 2014 Both direct and indirect ownership of stock will be considered. Ez form 2014 The redemption is treated as a sale or trade of stock if: The redemption is not essentially equivalent to a dividend (see chapter 8), There is a substantially disproportionate redemption of stock, There is a complete redemption of all the stock of the corporation owned by the shareholder, or The redemption is a distribution in partial liquidation of a corporation. Ez form 2014 Redemption or retirement of bonds. Ez form 2014   A redemption or retirement of bonds or notes at their maturity is generally treated as a sale or trade. Ez form 2014   In addition, a significant modification of a bond is treated as a trade of the original bond for a new bond. Ez form 2014 For details, see Regulations section 1. Ez form 2014 1001-3. Ez form 2014 Surrender of stock. Ez form 2014   A surrender of stock by a dominant shareholder who retains ownership of more than half of the corporation's voting shares is treated as a contribution to capital rather than as an immediate loss deductible from taxable income. Ez form 2014 The surrendering shareholder must reallocate his or her basis in the surrendered shares to the shares he or she retains. Ez form 2014 Worthless securities. Ez form 2014    Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that became completely worthless during the tax year are treated as though they were sold on the last day of the tax year. Ez form 2014 This affects whether your capital loss is long term or short term. Ez form 2014 See Holding Period , later. Ez form 2014   Worthless securities also include securities that you abandon after March 12, 2008. Ez form 2014 To abandon a security, you must permanently surrender and relinquish all rights in the security and receive no consideration in exchange for it. Ez form 2014 All the facts and circumstances determine whether the transaction is properly characterized as an abandonment or other type of transaction, such as an actual sale or exchange, contribution to capital, dividend, or gift. Ez form 2014    If you are a cash basis taxpayer and make payments on a negotiable promissory note that you issued for stock that became worthless, you can deduct these payments as losses in the years you actually make the payments. Ez form 2014 Do not deduct them in the year the stock became worthless. Ez form 2014 How to report loss. Ez form 2014    Report worthless securities in Part I or Part II, whichever applies, of Form 8949. Ez form 2014 In column (a), enter “Worthless. Ez form 2014 ”    Report your worthless securities transactions on Form 8949 with the correct box checked for these transactions. Ez form 2014 See Form 8949 and the Instructions for Form 8949. Ez form 2014 For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in chapter 16. Ez form 2014 See also Schedule D (Form 1040), Form 8949, and their separate instructions. Ez form 2014 Filing a claim for refund. Ez form 2014   If you do not claim a loss for a worthless security on your original return for the year it becomes worthless, you can file a claim for a credit or refund due to the loss. Ez form 2014 You must use Form 1040X, Amended U. Ez form 2014 S. Ez form 2014 Individual Income Tax Return, to amend your return for the year the security became worthless. Ez form 2014 You must file it within 7 years from the date your original return for that year had to be filed, or 2 years from the date you paid the tax, whichever is later. Ez form 2014 For more information about filing a claim, see Amended Returns and Claims for Refund in chapter 1. Ez form 2014 How To Figure Gain or Loss You figure gain or loss on a sale or trade of property by comparing the amount you realize with the adjusted basis of the property. Ez form 2014 Gain. Ez form 2014   If the amount you realize from a sale or trade is more than the adjusted basis of the property you transfer, the difference is a gain. Ez form 2014 Loss. Ez form 2014   If the adjusted basis of the property you transfer is more than the amount you realize, the difference is a loss. Ez form 2014 Adjusted basis. Ez form 2014   The adjusted basis of property is your original cost or other original basis properly adjusted (increased or decreased) for certain items. Ez form 2014 See chapter 13 for more information about determining the adjusted basis of property. Ez form 2014 Amount realized. Ez form 2014   The amount you realize from a sale or trade of property is everything you receive for the property minus your expenses of sale (such as redemption fees, sales commissions, sales charges, or exit fees). Ez form 2014 Amount realized includes the money you receive plus the fair market value of any property or services you receive. Ez form 2014 If you received a note or other debt instrument for the property, see How To Figure Gain or Loss in chapter 4 of Publication 550 to figure the amount realized. Ez form 2014 If you finance the buyer's purchase of your property and the debt instrument does not provide for adequate stated interest, the unstated interest that you must report as ordinary income will reduce the amount realized from the sale. Ez form 2014 For more information, see Publication 537. Ez form 2014 Fair market value. Ez form 2014   Fair market value is the price at which the property would change hands between a buyer and a seller, neither being forced to buy or sell and both having reasonable knowledge of all the relevant facts. Ez form 2014 Example. Ez form 2014 You trade A Company stock with an adjusted basis of $7,000 for B Company stock with a fair market value of $10,000, which is your amount realized. Ez form 2014 Your gain is $3,000 ($10,000 − $7,000). Ez form 2014 Debt paid off. Ez form 2014    A debt against the property, or against you, that is paid off as a part of the transaction, or that is assumed by the buyer, must be included in the amount realized. Ez form 2014 This is true even if neither you nor the buyer is personally liable for the debt. Ez form 2014 For example, if you sell or trade property that is subject to a nonrecourse loan, the amount you realize generally includes the full amount of the note assumed by the buyer even if the amount of the note is more than the fair market value of the property. Ez form 2014 Example. Ez form 2014 You sell stock that you had pledged as security for a bank loan of $8,000. Ez form 2014 Your basis in the stock is $6,000. Ez form 2014 The buyer pays off your bank loan and pays you $20,000 in cash. Ez form 2014 The amount realized is $28,000 ($20,000 + $8,000). Ez form 2014 Your gain is $22,000 ($28,000 − $6,000). Ez form 2014 Payment of cash. Ez form 2014   If you trade property and cash for other property, the amount you realize is the fair market value of the property you receive. Ez form 2014 Determine your gain or loss by subtracting the cash you pay plus the adjusted basis of the property you trade in from the amount you realize. Ez form 2014 If the result is a positive number, it is a gain. Ez form 2014 If the result is a negative number, it is a loss. Ez form 2014 No gain or loss. Ez form 2014   You may have to use a basis for figuring gain that is different from the basis used for figuring loss. Ez form 2014 In this case, you may have neither a gain nor a loss. Ez form 2014 See Basis Other Than Cost in chapter 13. Ez form 2014 Nontaxable Trades This section discusses trades that generally do not result in a taxable gain or deductible loss. Ez form 2014 For more information on nontaxable trades, see chapter 1 of Publication 544. Ez form 2014 Like-kind exchanges. Ez form 2014   If you trade business or investment property for other business or investment property of a like kind, you do not pay tax on any gain or deduct any loss until you sell or dispose of the property you receive. Ez form 2014 To be nontaxable, a trade must meet all six of the following conditions. Ez form 2014 The property must be business or investment property. Ez form 2014 You must hold both the property you trade and the property you receive for productive use in your trade or business or for investment. Ez form 2014 Neither property may be property used for personal purposes, such as your home or family car. Ez form 2014 The property must not be held primarily for sale. Ez form 2014 The property you trade and the property you receive must not be property you sell to customers, such as merchandise. Ez form 2014 The property must not be stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest, including partnership interests. Ez form 2014 However, see Special rules for mutual ditch, reservoir, or irrigation company stock, in chapter 4 of Publication 550 for an exception. Ez form 2014 Also, you can have a nontaxable trade of corporate stocks under a different rule, as discussed later. Ez form 2014 There must be a trade of like property. Ez form 2014 The trade of real estate for real estate, or personal property for similar personal property, is a trade of like property. Ez form 2014 The trade of an apartment house for a store building, or a panel truck for a pickup truck, is a trade of like property. Ez form 2014 The trade of a piece of machinery for a store building is not a trade of like property. Ez form 2014 Real property located in the United States and real property located outside the United States are not like property. Ez form 2014 Also, personal property used predominantly within the United States and personal property used predominantly outside the United States are not like property. Ez form 2014 The property to be received must be identified in writing within 45 days after the date you transfer the property given up in the trade. Ez form 2014 The property to be received must be received by the earlier of: The 180th day after the date on which you transfer the property given up in the trade, or The due date, including extensions, for your tax return for the year in which the transfer of the property given up occurs. Ez form 2014    If you trade property with a related party in a like-kind exchange, a special rule may apply. Ez form 2014 See Related Party Transactions , later in this chapter. Ez form 2014 Also, see chapter 1 of Publication 544 for more information on exchanges of business property and special rules for exchanges using qualified intermediaries or involving multiple properties. Ez form 2014 Partly nontaxable exchange. Ez form 2014   If you receive money or unlike property in addition to like property, and the above six conditions are met, you have a partly nontaxable trade. Ez form 2014 You are taxed on any gain you realize, but only up to the amount of the money and the fair market value of the unlike property you receive. Ez form 2014 You cannot deduct a loss. Ez form 2014 Like property and unlike property transferred. Ez form 2014   If you give up unlike property in addition to the like property, you must recognize gain or loss on the unlike property you give up. Ez form 2014 The gain or loss is the difference between the adjusted basis of the unlike property and its fair market value. Ez form 2014 Like property and money transferred. Ez form 2014   If all of the above conditions (1) – (6) are met, you have a nontaxable trade even if you pay money in addition to the like property. Ez form 2014 Basis of property received. Ez form 2014   To figure the basis of the property received, see Nontaxable Exchanges in chapter 13. Ez form 2014 How to report. Ez form 2014   You must report the trade of like property on Form 8824. Ez form 2014 If you figure a recognized gain or loss on Form 8824, report it on Schedule D (Form 1040), or on Form 4797, Sales of Business Property, whichever applies. Ez form 2014 See the instructions for Line 22 in the Instructions for Form 8824. Ez form 2014   For information on using Form 4797, see chapter 4 of Publication 544. Ez form 2014 Corporate stocks. Ez form 2014   The following trades of corporate stocks generally do not result in a taxable gain or a deductible loss. Ez form 2014 Corporate reorganizations. Ez form 2014   In some instances, a company will give you common stock for preferred stock, preferred stock for common stock, or stock in one corporation for stock in another corporation. Ez form 2014 If this is a result of a merger, recapitalization, transfer to a controlled corporation, bankruptcy, corporate division, corporate acquisition, or other corporate reorganization, you do not recognize gain or loss. Ez form 2014 Stock for stock of the same corporation. Ez form 2014   You can exchange common stock for common stock or preferred stock for preferred stock in the same corporation without having a recognized gain or loss. Ez form 2014 This is true for a trade between two stockholders as well as a trade between a stockholder and the corporation. Ez form 2014 Convertible stocks and bonds. Ez form 2014   You generally will not have a recognized gain or loss if you convert bonds into stock or preferred stock into common stock of the same corporation according to a conversion privilege in the terms of the bond or the preferred stock certificate. Ez form 2014 Property for stock of a controlled corporation. Ez form 2014   If you transfer property to a corporation solely in exchange for stock in that corporation, and immediately after the trade you are in control of the corporation, you ordinarily will not recognize a gain or loss. Ez form 2014 This rule applies both to individuals and to groups who transfer property to a corporation. Ez form 2014 It does not apply if the corporation is an investment company. Ez form 2014   For this purpose, to be in control of a corporation, you or your group of transferors must own, immediately after the exchange, at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of the outstanding shares of each class of nonvoting stock of the corporation. Ez form 2014   If this provision applies to you, you may have to attach to your return a complete statement of all facts pertinent to the exchange. Ez form 2014 For details, see Regulations section 1. Ez form 2014 351-3. Ez form 2014 Additional information. Ez form 2014   For more information on trades of stock, see Nontaxable Trades in chapter 4 of Publication 550. Ez form 2014 Insurance policies and annuities. Ez form 2014   You will not have a recognized gain or loss if the insured or annuitant is the same under both contracts and you trade: A life insurance contract for another life insurance contract or for an endowment or annuity contract or for a qualified long-term care insurance contract, An endowment contract for another endowment contract that provides for regular payments beginning at a date no later than the beginning date under the old contract or for an annuity contract or for a qualified long-term insurance contract, An annuity contract for annuity contract or for a qualified long-term care insurance contract, or A qualified long-term care insurance contract for a qualified long-term care insurance contract. Ez form 2014   You also may not have to recognize gain or loss on an exchange of a portion of an annuity contract for another annuity contract. Ez form 2014 For transfers completed before October 24, 2011, see Revenue Ruling 2003-76 in Internal Revenue Bulletin 2003-33 and Revenue Procedure 2008-24 in Internal Revenue Bulletin 2008-13. Ez form 2014 Revenue Ruling 2003-76 is available at www. Ez form 2014 irs. Ez form 2014 gov/irb/2003-33_IRB/ar11. Ez form 2014 html. Ez form 2014 Revenue Procedure 2008-24 is available at www. Ez form 2014 irs. Ez form 2014 gov/irb/2008-13_IRB/ar13. Ez form 2014 html. Ez form 2014 For transfers completed on or after October 24, 2011, see Revenue Ruling 2003-76, above, and Revenue Procedure 2011-38, in Internal Revenue Bulletin 2011-30. Ez form 2014 Revenue Procedure 2011-38 is available at www. Ez form 2014 irs. Ez form 2014 gov/irb/2011-30_IRB/ar09. Ez form 2014 html. Ez form 2014   For tax years beginning after December 31, 2010, amounts received as an annuity for a period of 10 years or more, or for the lives of one or more individuals, under any portion of an annuity, endowment, or life insurance contract, are treated as a separate contract and are considered partial annuities. Ez form 2014 A portion of an annuity, endowment, or life insurance contract may be annuitized, provided that the annuitization period is for 10 years or more or for the lives of one or more individuals. Ez form 2014 The investment in the contract is allocated between the part of the contract from which amounts are received as an annuity and the part of the contract from which amounts are not received as an annuity. Ez form 2014   Exchanges of contracts not included in this list, such as an annuity contract for an endowment contract, or an annuity or endowment contract for a life insurance contract, are taxable. Ez form 2014 Demutualization of life insurance companies. Ez form 2014   If you received stock in exchange for your equity interest as a policyholder or an annuitant, you generally will not have a recognized gain or loss. Ez form 2014 See Demutualization of Life Insurance Companies in Publication 550. Ez form 2014 U. Ez form 2014 S. Ez form 2014 Treasury notes or bonds. Ez form 2014   You can trade certain issues of U. Ez form 2014 S. Ez form 2014 Treasury obligations for other issues designated by the Secretary of the Treasury, with no gain or loss recognized on the trade. Ez form 2014 See Savings bonds traded in chapter 1 of Publication 550 for more information. Ez form 2014 Transfers Between Spouses Generally, no gain or loss is recognized on a transfer of property from an individual to (or in trust for the benefit of) a spouse, or if incident to a divorce, a former spouse. Ez form 2014 This nonrecognition rule does not apply in the following situations. Ez form 2014 The recipient spouse or former spouse is a nonresident alien. Ez form 2014 Property is transferred in trust and liability exceeds basis. Ez form 2014 Gain must be recognized to the extent the amount of the liabilities assumed by the trust, plus any liabilities on the property, exceed the adjusted basis of the property. Ez form 2014 For other situations, see Transfers Between Spouses in chapter 4 of Publication 550. Ez form 2014 Any transfer of property to a spouse or former spouse on which gain or loss is not recognized is treated by the recipient as a gift and is not considered a sale or exchange. Ez form 2014 The recipient's basis in the property will be the same as the adjusted basis of the giver immediately before the transfer. Ez form 2014 This carryover basis rule applies whether the adjusted basis of the transferred property is less than, equal to, or greater than either its fair market value at the time of transfer or any consideration paid by the recipient. Ez form 2014 This rule applies for purposes of determining loss as well as gain. Ez form 2014 Any gain recognized on a transfer in trust increases the basis. Ez form 2014 A transfer of property is incident to a divorce if the transfer occurs within 1 year after the date on which the marriage ends, or if the transfer is related to the ending of the marriage. Ez form 2014 Related Party Transactions Special rules apply to the sale or trade of property between related parties. Ez form 2014 Gain on sale or trade of depreciable property. Ez form 2014   Your gain from the sale or trade of property to a related party may be ordinary income, rather than capital gain, if the property can be depreciated by the party receiving it. Ez form 2014 See chapter 3 of Publication 544 for more information. Ez form 2014 Like-kind exchanges. Ez form 2014   Generally, if you trade business or investment property for other business or investment property of a like kind, no gain or loss is recognized. Ez form 2014 See Like-kind exchanges , earlier, under Nontaxable Trades. Ez form 2014   This rule also applies to trades of property between related parties, defined next under Losses on sales or trades of property. Ez form 2014 However, if either you or the related party disposes of the like property within 2 years after the trade, you both must report any gain or loss not recognized on the original trade on your return filed for the year in which the later disposition occurs. Ez form 2014 See Related Party Transactions in chapter 4 of Publication 550 for exceptions. Ez form 2014 Losses on sales or trades of property. Ez form 2014   You cannot deduct a loss on the sale or trade of property, other than a distribution in complete liquidation of a corporation, if the transaction is directly or indirectly between you and the following related parties. Ez form 2014 Members of your family. Ez form 2014 This includes only your brothers and sisters, half-brothers and half-sisters, spouse, ancestors (parents, grandparents, etc. Ez form 2014 ), and lineal descendants (children, grandchildren, etc. Ez form 2014 ). Ez form 2014 A partnership in which you directly or indirectly own more than 50% of the capital interest or the profits interest. Ez form 2014 A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock. Ez form 2014 (See Constructive ownership of stock , later. Ez form 2014 ) A tax-exempt charitable or educational organization directly or indirectly controlled, in any manner or by any method, by you or by a member of your family, whether or not this control is legally enforceable. Ez form 2014   In addition, a loss on the sale or trade of property is not deductible if the transaction is directly or indirectly between the following related parties. Ez form 2014 A grantor and fiduciary, or the fiduciary and beneficiary, of any trust. Ez form 2014 Fiduciaries of two different trusts, or the fiduciary and beneficiary of two different trusts, if the same person is the grantor of both trusts. Ez form 2014 A trust fiduciary and a corporation of which more than 50% in value of the outstanding stock is directly or indirectly owned by or for the trust, or by or for the grantor of the trust. Ez form 2014 A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest, or the profits interest, in the partnership. Ez form 2014 Two S corporations if the same persons own more than 50% in value of the outstanding stock of each corporation. Ez form 2014 Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Ez form 2014 An executor and a beneficiary of an estate (except in the case of a sale or trade to satisfy a pecuniary bequest). Ez form 2014 Two corporations that are members of the same controlled group. Ez form 2014 (Under certain conditions, however, these losses are not disallowed but must be deferred. Ez form 2014 ) Two partnerships if the same persons own, directly or indirectly, more than 50% of the capital interests or the profit interests in both partnerships. Ez form 2014 Multiple property sales or trades. Ez form 2014   If you sell or trade to a related party a number of blocks of stock or pieces of property in a lump sum, you must figure the gain or loss separately for each block of stock or piece of property. Ez form 2014 The gain on each item may be taxable. Ez form 2014 However, you cannot deduct the loss on any item. Ez form 2014 Also, you cannot reduce gains from the sales of any of these items by losses on the sales of any of the other items. Ez form 2014 Indirect transactions. Ez form 2014   You cannot deduct your loss on the sale of stock through your broker if, under a prearranged plan, a related party buys the same stock you had owned. Ez form 2014 This does not apply to a trade between related parties through an exchange that is purely coincidental and is not prearranged. Ez form 2014 Constructive ownership of stock. Ez form 2014   In determining whether a person directly or indirectly owns any of the outstanding stock of a corporation, the following rules apply. Ez form 2014 Rule 1. Ez form 2014   Stock directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Ez form 2014 Rule 2. Ez form 2014   An individual is considered to own the stock directly or indirectly owned by or for his or her family. Ez form 2014 Family includes only brothers and sisters, half-brothers and half-sisters, spouse, ancestors, and lineal descendants. Ez form 2014 Rule 3. Ez form 2014   An individual owning, other than by applying rule 2, any stock in a corporation is considered to own the stock directly or indirectly owned by or for his or her partner. Ez form 2014 Rule 4. Ez form 2014   When applying rule 1, 2, or 3, stock constructively owned by a person under rule 1 is treated as actually owned by that person. Ez form 2014 But stock constructively owned by an individual under rule 2 or rule 3 is not treated as owned by that individual for again applying either rule 2 or rule 3 to make another person the constructive owner of the stock. Ez form 2014 Property received from a related party. Ez form 2014    If you sell or trade at a gain property you acquired from a related party, you recognize the gain only to the extent it is more than the loss previously disallowed to the related party. Ez form 2014 This rule applies only if you are the original transferee and you acquired the property by purchase or exchange. Ez form 2014 This rule does not apply if the related party's loss was disallowed because of the wash sale rules described in chapter 4 of Publication 550 under Wash Sales. Ez form 2014   If you sell or trade at a loss property you acquired from a related party, you cannot recognize the loss that was not allowed to the related party. Ez form 2014 Example 1. Ez form 2014 Your brother sells you stock for $7,600. Ez form 2014 His cost basis is $10,000. Ez form 2014 Your brother cannot deduct the loss of $2,400. Ez form 2014 Later, you sell the same stock to an unrelated party for $10,500, realizing a gain of $2,900. Ez form 2014 Your reportable gain is $500 (the $2,900 gain minus the $2,400 loss not allowed to your brother). Ez form 2014 Example 2. Ez form 2014 If, in Example 1, you sold the stock for $6,900 instead of $10,500, your recognized loss is only $700 (your $7,600 basis minus $6,900). Ez form 2014 You cannot deduct the loss that was not allowed to your brother. Ez form 2014 Capital Gains and Losses This section discusses the tax treatment of gains and losses from different types of investment transactions. Ez form 2014 Character of gain or loss. Ez form 2014   You need to classify your gains and losses as either ordinary or capital gains or losses. Ez form 2014 You then need to classify your capital gains and losses as either short term or long term. Ez form 2014 If you have long-term gains and losses, you must identify your 28% rate gains and losses. Ez form 2014 If you have a net capital gain, you must also identify any unrecaptured section 1250 gain. Ez form 2014   The correct classification and identification helps you figure the limit on capital losses and the correct tax on capital gains. Ez form 2014 Reporting capital gains and losses is explained in chapter 16. Ez form 2014 Capital or Ordinary Gain or Loss If you have a taxable gain or a deductible loss from a transaction, it may be either a capital gain or loss or an ordinary gain or loss, depending on the circumstances. Ez form 2014 Generally, a sale or trade of a capital asset (defined next) results in a capital gain or loss. Ez form 2014 A sale or trade of a noncapital asset generally results in ordinary gain or loss. Ez form 2014 Depending on the circumstances, a gain or loss on a sale or trade of property used in a trade or business may be treated as either capital or ordinary, as explained in Publication 544. Ez form 2014 In some situations, part of your gain or loss may be a capital gain or loss and part may be an ordinary gain or loss. Ez form 2014 Capital Assets and Noncapital Assets For the most part, everything you own and use for personal purposes, pleasure, or investment is a capital asset. Ez form 2014 Some examples are: Stocks or bonds held in your personal account, A house owned and used by you and your family, Household furnishings, A car used for pleasure or commuting, Coin or stamp collections, Gems and jewelry, and Gold, silver, or any other metal. Ez form 2014 Any property you own is a capital asset, except the following noncapital assets. Ez form 2014 Property held mainly for sale to customers or property that will physically become a part of the merchandise for sale to customers. Ez form 2014 For an exception, see Capital Asset Treatment for Self-Created Musical Works , later. Ez form 2014 Depreciable property used in your trade or business, even if fully depreciated. Ez form 2014 Real property used in your trade or business. Ez form 2014 A copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property that is: Created by your personal efforts, Prepared or produced for you (in the case of a letter, memorandum, or similar property), or Acquired under circumstances (for example, by gift) entitling you to the basis of the person who created the property or for whom it was prepared or produced. Ez form 2014 For an exception to this rule, see Capital Asset Treatment for Self-Created Musical Works , later. Ez form 2014 Accounts or notes receivable acquired in the ordinary course of a trade or business for services rendered or from the sale of property described in (1). Ez form 2014 U. Ez form 2014 S. Ez form 2014 Government publications that you received from the government free or for less than the normal sales price, or that you acquired under circumstances entitling you to the basis of someone who received the publications free or for less than the normal sales price. Ez form 2014 Certain commodities derivative financial instruments held by commodities derivatives dealers. Ez form 2014 Hedging transactions, but only if the transaction is clearly identified as a hedging transaction before the close of the day on which it was acquired, originated, or entered into. Ez form 2014 Supplies of a type you regularly use or consume in the ordinary course of your trade or business. Ez form 2014 Investment Property Investment property is a capital asset. Ez form 2014 Any gain or loss from its sale or trade is generally a capital gain or loss. Ez form 2014 Gold, silver, stamps, coins, gems, etc. Ez form 2014   These are capital assets except when they are held for sale by a dealer. Ez form 2014 Any gain or loss you have from their sale or trade generally is a capital gain or loss. Ez form 2014 Stocks, stock rights, and bonds. Ez form 2014   All of these (including stock received as a dividend) are capital assets except when held for sale by a securities dealer. Ez form 2014 However, if you own small business stock, see Losses on Section 1244 (Small Business) Stock , later, and Losses on Small Business Investment Company Stock, in chapter 4 of Publication 550. Ez form 2014 Personal Use Property Property held for personal use only, rather than for investment, is a capital asset, and you must report a gain from its sale as a capital gain. Ez form 2014 However, you cannot deduct a loss from selling personal use property. Ez form 2014 Capital Asset Treatment for Self-Created Musical Works You can elect to treat musical compositions and copyrights in musical works as capital assets when you sell or exchange them if: Your personal efforts created the property, or You acquired the property under circumstances (for example, by gift) entitling you to the basis of the person who created the property or for whom it was prepared or produced. Ez form 2014 You must make a separate election for each musical composition (or copyright in a musical work) sold or exchanged during the tax year. Ez form 2014 You must make the election on or before the due date (including extensions) of the income tax return for the tax year of the sale or exchange. Ez form 2014 You must make the election on Form 8949 by treating the sale or exchange as the sale or exchange of a capital asset, according to Form 8949, Schedule D (Form 1040), and their separate instructions. Ez form 2014 For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in chapter 16. Ez form 2014 See also Schedule D (Form 1040), Form 8949, and their separate instructions. Ez form 2014 You can revoke the election if you have IRS approval. Ez form 2014 To get IRS approval, you must submit a request for a letter ruling under the appropriate IRS revenue procedure. Ez form 2014 See, for example, Rev. Ez form 2014 Proc. Ez form 2014 2013-1, corrected by Announcement 2013–9, and amplified and modified by Rev. Ez form 2014 Proc. Ez form 2014 2013–32, available at www. Ez form 2014 irs. Ez form 2014 gov/irb/2013-01_IRB/ar06. Ez form 2014 html. Ez form 2014 Alternatively, you are granted an automatic 6-month extension from the due date of your income tax return (excluding extensions) to revoke the election, provided you timely file your income tax return, and within this 6-month extension period, you file Form 1040X that treats the sale or exchange as the sale or exchange of property that is not a capital asset. Ez form 2014 Discounted Debt Instruments Treat your gain or loss on the sale, redemption, or retirement of a bond or other debt instrument originally issued at a discount or bought at a discount as capital gain or loss, except as explained in the following discussions. Ez form 2014 Short-term government obligations. Ez form 2014   Treat gains on short-term federal, state, or local government obligations (other than tax-exempt obligations) as ordinary income up to your ratable share of the acquisition discount. Ez form 2014 This treatment applies to obligations with a fixed maturity date not more than 1 year from the date of issue. Ez form 2014 Acquisition discount is the stated redemption price at maturity minus your basis in the obligation. Ez form 2014   However, do not treat these gains as income to the extent you previously included the discount in income. Ez form 2014 See Discount on Short-Term Obligations in chapter 1 of Publication 550. Ez form 2014 Short-term nongovernment obligations. Ez form 2014   Treat gains on short-term nongovernment obligations as ordinary income up to your ratable share of original issue discount (OID). Ez form 2014 This treatment applies to obligations with a fixed maturity date of not more than 1 year from the date of issue. Ez form 2014   However, to the extent you previously included the discount in income, you do not have to include it in income again. Ez form 2014 See Discount on Short-Term Obligations in chapter 1 of Publication 550. Ez form 2014 Tax-exempt state and local government bonds. Ez form 2014   If these bonds were originally issued at a discount before September 4, 1982, or you acquired them before March 2, 1984, treat your part of OID as tax-exempt interest. Ez form 2014 To figure your gain or loss on the sale or trade of these bonds, reduce the amount realized by your part of OID. Ez form 2014   If the bonds were issued after September 3, 1982, and acquired after March 1, 1984, increase the adjusted basis by your part of OID to figure gain or loss. Ez form 2014 For more information on the basis of these bonds, see Discounted Debt Instruments in chapter 4 of Publication 550. Ez form 2014   Any gain from market discount is usually taxable on disposition or redemption of tax-exempt bonds. Ez form 2014 If you bought the bonds before May 1, 1993, the gain from market discount is capital gain. Ez form 2014 If you bought the bonds after April 30, 1993, the gain is ordinary income. Ez form 2014   You figure the market discount by subtracting the price you paid for the bond from the sum of the original issue price of the bond and the amount of accumulated OID from the date of issue that represented interest to any earlier holders. Ez form 2014 For more information, see Market Discount Bonds in chapter 1 of Publication 550. Ez form 2014    A loss on the sale or other disposition of a tax-exempt state or local government bond is deductible as a capital loss. Ez form 2014 Redeemed before maturity. Ez form 2014   If a state or local bond issued before June 9, 1980, is redeemed before it matures, the OID is not taxable to you. Ez form 2014   If a state or local bond issued after June 8, 1980, is redeemed before it matures, the part of OID earned while you hold the bond is not taxable to you. Ez form 2014 However, you must report the unearned part of OID as a capital gain. Ez form 2014 Example. Ez form 2014 On July 2, 2002, the date of issue, you bought a 20-year, 6% municipal bond for $800. Ez form 2014 The face amount of the bond was $1,000. Ez form 2014 The $200 discount was OID. Ez form 2014 At the time the bond was issued, the issuer had no intention of redeeming it before it matured. Ez form 2014 The bond was callable at its face amount beginning 10 years after the issue date. Ez form 2014 The issuer redeemed the bond at the end of 11 years (July 2, 2013) for its face amount of $1,000 plus accrued annual interest of $60. Ez form 2014 The OID earned during the time you held the bond, $73, is not taxable. Ez form 2014 The $60 accrued annual interest also is not taxable. Ez form 2014 However, you must report the unearned part of OID ($127) as a capital gain. Ez form 2014 Long-term debt instruments issued after 1954 and before May 28, 1969 (or before July 2, 1982, if a government instrument). Ez form 2014   If you sell, trade, or redeem for a gain one of these debt instruments, the part of your gain that is not more than your ratable share of the OID at the time of the sale or redemption is ordinary income. Ez form 2014 The rest of the gain is capital gain. Ez form 2014 If, however, there was an intention to call the debt instrument before maturity, all of your gain that is not more than the entire OID is treated as ordinary income at the time of the sale. Ez form 2014 This treatment of taxable gain also applies to corporate instruments issued after May 27, 1969, under a written commitment that was binding on May 27, 1969, and at all times thereafter. Ez form 2014 Long-term debt instruments issued after May 27, 1969 (or after July 1, 1982, if a government instrument). Ez form 2014   If you hold one of these debt instruments, you must include a part of OID in your gross income each year you own the instrument. Ez form 2014 Your basis in that debt instrument is increased by the amount of OID that you have included in your gross income. Ez form 2014 See Original Issue Discount (OID) in chapter 7 for information about OID that you must report on your tax return. Ez form 2014   If you sell or trade the debt instrument before maturity, your gain is a capital gain. Ez form 2014 However, if at the time the instrument was originally issued there was an intention to call it before its maturity, your gain generally is ordinary income to the extent of the entire OID reduced by any amounts of OID previously includible in your income. Ez form 2014 In this case, the rest of the gain is capital gain. Ez form 2014 Market discount bonds. Ez form 2014   If the debt instrument has market discount and you chose to include the discount in income as it accrued, increase your basis in the debt instrument by the accrued discount to figure capital gain or loss on its disposition. Ez form 2014 If you did not choose to include the discount in income as it accrued, you must report gain as ordinary interest income up to the instrument's accrued market discount. Ez form 2014 The rest of the gain is capital gain. Ez form 2014 See Market Discount Bonds in chapter 1 of Publication 550. Ez form 2014   A different rule applies to market discount bonds issued before July 19, 1984, and purchased by you before May 1, 1993. Ez form 2014 See Market discount bonds under Discounted Debt Instruments in chapter 4 of Publication 550. Ez form 2014 Retirement of debt instrument. Ez form 2014   Any amount you receive on the retirement of a debt instrument is treated in the same way as if you had sold or traded that instrument. Ez form 2014 Notes of individuals. Ez form 2014   If you hold an obligation of an individual issued with OID after March 1, 1984, you generally must include the OID in your income currently, and your gain or loss on its sale or retirement is generally capital gain or loss. Ez form 2014 An exception to this treatment applies if the obligation is a loan between individuals and all the following requirements are met. Ez form 2014 The lender is not in the business of lending money. Ez form 2014 The amount of the loan, plus the amount of any outstanding prior loans, is $10,000 or less. Ez form 2014 Avoiding federal tax is not one of the principal purposes of the loan. Ez form 2014   If the exception applies, or the obligation was issued before March 2, 1984, you do not include the OID in your income currently. Ez form 2014 When you sell or redeem the obligation, the part of your gain that is not more than your accrued share of OID at that time is ordinary income. Ez form 2014 The rest of the gain, if any, is capital gain. Ez form 2014 Any loss on the sale or redemption is capital loss. Ez form 2014 Deposit in Insolvent or Bankrupt Financial Institution If you lose money you have on deposit in a bank, credit union, or other financial institution that becomes insolvent or bankrupt, you may be able to deduct your loss in one of three ways. Ez form 2014 Ordinary loss. Ez form 2014 Casualty loss. Ez form 2014 Nonbusiness bad debt (short-term capital loss). Ez form 2014  For more information, see Deposit in Insolvent or Bankrupt Financial Institution, in chapter 4 of Publication 550. Ez form 2014 Sale of Annuity The part of any gain on the sale of an annuity contract before its maturity date that is based on interest accumulated on the contract is ordinary income. Ez form 2014 Losses on Section 1244 (Small Business) Stock You can deduct as an ordinary loss, rather than as a capital loss, your loss on the sale, trade, or worthlessness of section 1244 stock. Ez form 2014 Report the loss on Form 4797, line 10. Ez form 2014 Any gain on section 1244 stock is a capital gain if the stock is a capital asset in your hands. Ez form 2014 Report the gain on Form 8949. Ez form 2014 See Losses on Section 1244 (Small Business) Stock in chapter 4 of Publication 550. Ez form 2014 For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in chapter 16. Ez form 2014 See also Schedule D (Form 1040), Form 8949, and their separate instructions. Ez form 2014 Holding Period If you sold or traded investment property, you must determine your holding period for the property. Ez form 2014 Your holding period determines whether any capital gain or loss was a short-term or long-term capital gain or loss. Ez form 2014 Long-term or short-term. Ez form 2014   If you hold investment property more than 1 year, any capital gain or loss is a long-term capital gain or loss. Ez form 2014 If you hold the property 1 year or less, any capital gain or loss is a short-term capital gain or loss. Ez form 2014   To determine how long you held the investment property, begin counting on the date after the day you acquired the property. Ez form 2014 The day you disposed of the property is part of your holding period. Ez form 2014 Example. Ez form 2014 If you bought investment property on February 6, 2012, and sold it on February 6, 2013, your holding period is not more than 1 year and you have a short-term capital gain or loss. Ez form 2014 If you sold it on February 7, 2013, your holding period is more than 1 year and you will have a long-term capital gain or loss. Ez form 2014 Securities traded on established market. Ez form 2014   For securities traded on an established securities market, your holding period begins the day after the trade date you bought the securities, and ends on the trade date you sold them. Ez form 2014    Do not confuse the trade date with the settlement date, which is the date by which the stock must be delivered and payment must be made. Ez form 2014 Example. Ez form 2014 You are a cash method, calendar year taxpayer. Ez form 2014 You sold stock at a gain on December 30, 2013. Ez form 2014 According to the rules of the stock exchange, the sale was closed by delivery of the stock 4 trading days after the sale, on January 6, 2014. Ez form 2014 You received payment of the sales price on that same day. Ez form 2014 Report your gain on your 2013 return, even though you received the payment in 2014. Ez form 2014 The gain is long term or short term depending on whether you held the stock more than 1 year. Ez form 2014 Your holding period ended on December 30. Ez form 2014 If you had sold the stock at a loss, you would also report it on your 2013 return. Ez form 2014 U. Ez form 2014 S. Ez form 2014 Treasury notes and bonds. Ez form 2014   The holding period of U. Ez form 2014 S. Ez form 2014 Treasury notes and bonds sold at auction on the basis of yield starts the day after the Secretary of the Treasury, through news releases, gives notification of acceptance to successful bidders. Ez form 2014 The holding period of U. Ez form 2014 S. Ez form 2014 Treasury notes and bonds sold through an offering on a subscription basis at a specified yield starts the day after the subscription is submitted. Ez form 2014 Automatic investment service. Ez form 2014   In determining your holding period for shares bought by the bank or other agent, full shares are considered bought first and any fractional shares are considered bought last. Ez form 2014 Your holding period starts on the day after the bank's purchase date. Ez form 2014 If a share was bought over more than one purchase date, your holding period for that share is a split holding period. Ez form 2014 A part of the share is considered to have been bought on each date that stock was bought by the bank with the proceeds of available funds. Ez form 2014 Nontaxable trades. Ez form 2014   If you acquire investment property in a trade for other investment property and your basis for the new property is determined, in whole or in part, by your basis in the old property, your holding period for the new property begins on the day following the date you acquired the old property. Ez form 2014 Property received as a gift. Ez form 2014   If you receive a gift of property and your basis is determined by the donor's adjusted basis, your holding period is considered to have started on the same day the donor's holding period started. Ez form 2014   If your basis is determined by the fair market value of the property, your holding period starts on the day after the date of the gift. Ez form 2014 Inherited property. Ez form 2014   Generally, if you inherited investment property, your capital gain or loss on any later disposition of that property is long-term capital gain or loss. Ez form 2014 This is true regardless of how long you actually held the property. Ez form 2014 However, if you inherited property from someone who died in 2010, see the information below. Ez form 2014 Inherited property from someone who died in 2010. Ez form 2014   If you inherit investment property from a decedent who died in 2010, and the executor of the decedent's estate made the election to file Form 8939, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, to determine your holding period. Ez form 2014 Real property bought. Ez form 2014   To figure how long you have held real property bought under an unconditional contract, begin counting on the day after you received title to it or on the day after you took possession of it and assumed the burdens and privileges of ownership, whichever happened first. Ez form 2014 However, taking delivery or possession of real property under an option agreement is not enough to start the holding period. Ez form 2014 The holding period cannot start until there is an actual contract of sale. Ez form 2014 The holding period of the seller cannot end before that time. Ez form 2014 Real property repossessed. Ez form 2014   If you sell real property but keep a security interest in it, and then later repossess the property under the terms of the sales contract, your holding period for a later sale includes the period you held the property before the original sale and the period after the repossession. Ez form 2014 Your holding period does not include the time between the original sale and the repossession. Ez form 2014 That is, it does not include the period during which the first buyer held the property. Ez form 2014 Stock dividends. Ez form 2014   The holding period for stock you received as a taxable stock dividend begins on the date of distribution. Ez form 2014   The holding period for new stock you received as a nontaxable stock dividend begins on the same day as the holding period of the old stock. Ez form 2014 This rule also applies to stock acquired in a “spin-off,” which is a distribution of stock or securities in a controlled corporation. Ez form 2014 Nontaxable stock rights. Ez form 2014   Your holding period for nontaxable stock rights begins on the same day as the holding period of the underlying stock. Ez form 2014 The holding period for stock acquired through the exercise of stock rights begins on the date the right was exercised. Ez form 2014 Nonbusiness Bad Debts If someone owes you money that you cannot collect, you have a bad debt. Ez form 2014 You may be able to deduct the amount owed to you when you figure your tax for the year the debt becomes worthless. Ez form 2014 Generally, nonbusiness bad debts are bad debts that did not come from operating your trade or business, and are deductible as short-term capital losses. Ez form 2014 To be deductible, nonbusiness bad debts must be totally worthless. Ez form 2014 You cannot deduct a partly worthless nonbusiness debt. Ez form 2014 Genuine debt required. Ez form 2014   A debt must be genuine for you to deduct a loss. Ez form 2014 A debt is genuine if it arises from a debtor-creditor relationship based on a valid and enforceable obligation to repay a fixed or determinable sum of money. Ez form 2014 Basis in bad debt required. Ez form 2014    To deduct a bad debt, you must have a basis in it—that is, you must have already included the amount in your income or loaned out your cash. Ez form 2014 For example, you cannot claim a bad debt deduction for court-ordered child support not paid to you by your former spouse. Ez form 2014 If you are a cash method taxpayer (as most individuals are), you generally cannot take a bad debt deduction for unpaid salaries, wages, rents, fees, interest, dividends, and similar items. Ez form 2014 When deductible. Ez form 2014   You can take a bad debt deduction only in the year the debt becomes worthless. Ez form 2014 You do not have to wait until a debt is due to determine whether it is worthless. Ez form 2014 A debt becomes worthless when there is no longer any chance that the amount owed will be paid. Ez form 2014   It is not necessary to go to court if you can show that a judgment from the court would be uncollectible. Ez form 2014 You must only show that you have taken reasonable steps to collect the debt. Ez form 2014 Bankruptcy of your debtor is generally good evidence of the worthlessness of at least a part of an unsecured and unpreferred debt. Ez form 2014 How to report bad debts. Ez form 2014    Deduct nonbusiness bad debts as short-term capital losses on Form 8949. Ez form 2014    Make sure you report your bad debt(s) (and any other short-term transactions for which you did not receive a Form 1099-B) on Form 8949, Part I, with box C checked. Ez form 2014    For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in chapter 16. Ez form 2014 See also Schedule D (Form 1040), Form 8949, and their separate instructions. Ez form 2014   For each bad debt, attach a statement to your return that contains: A description of the debt, including the amount, and the date it became due, The name of the debtor, and any business or family relationship between you and the debtor, The efforts you made to collect the debt, and Why you decided the debt was worthless. Ez form 2014 For example, you could show that the borrower has declared bankruptcy, or that legal action to collect would probably not result in payment of any part of the debt. Ez form 2014 Filing a claim for refund. Ez form 2014    If you do not deduct a bad debt on your original return for the year it becomes worthless, you can file a claim for a credit or refund due to the bad debt. Ez form 2014 To do this, use Form 1040X to amend your return for the year the debt became worthless. Ez form 2014 You must file it within 7 years from the date your original return for that year had to be filed, or 2 years from the date you paid the tax, whichever is later. Ez form 2014 For more information about filing a claim, see Amended Returns and Claims for Refund in chapter 1. Ez form 2014 Additional information. Ez form 2014   For more information, see Nonbusiness Bad Debts in Publication 550. Ez form 2014 For information on business bad debts, see chapter 10 of Publication 535, Business Expenses. Ez form 2014 Wash Sales You cannot deduct losses from sales or trades of stock or securities in a wash sale. Ez form 2014 A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you: Buy substantially identical stock or securities, Acquire substantially identical stock or securities in a fully taxable trade, Acquire a contract or option to buy substantially identical stock or securities, or Acquire substantially identical stock for your individual retirement account (IRA) or Roth IRA. Ez form 2014 If your loss was disallowed because of the wash sale rules, add the disallowed loss to the cost of the new stock or securities (except in (4) above). Ez form 2014 The result is your basis in the new stock or securities. Ez form 2014 This adjustment postpones the loss deduction until the disposition of the new stock or securities. Ez form 2014 Your holding period for the new stock or securities includes the holding period of the stock or securities sold. Ez form 2014 For more information, see Wash Sales, in chapter 4 of Publication 550. Ez form 2014 Rollover of Gain From Publicly Traded Securities You may qualify for a tax-free rollover of certain gains from the sale of publicly traded securities. Ez form 2014 This means that if you buy certain replacement property and make the choice described in this section, you postpone part or all of your gain. Ez form 2014 You postpone the gain by adjusting the basis of the replacement property as described in Basis of replacement property , later. Ez form 2014 This postpones your gain until the year you dispose of the replacement property. Ez form 2014 You qualify to make this choice if you meet all the following tests. Ez form 2014 You sell publicly traded securities at a gain. Ez form 2014 Publicly traded securities are securities traded on an established securities market. Ez form 2014 Your gain from the sale is a capital gain. Ez form 2014 During the 60-day period beginning on the date of the sale, you buy replacement property. Ez form 2014 This replacement property must be either common stock of, or a partnership interest in a specialized small business investment company (SSBIC). Ez form 2014 This is any partnership or corporation licensed by the Small Business Administration under section 301(d) of the Small Business Investment Act of 1958, as in effect on May 13, 1993. Ez form 2014 Amount of gain recognized. Ez form 2014   If you make the choice described in this section, you must recognize gain only up to the following amount. Ez form 2014 The amount realized on the sale, minus The cost of any common stock or partnership interest in an SSBIC that you bought during the 60-day period beginning on the date of sale (and did not previously take into account on an earlier sale of publicly traded securities). Ez form 2014  If this amount is less than the amount of your gain, you can postpone the rest of your gain, subject to the limit described next. Ez form 2014 If this amount is equal to or more than the amount of your gain, you must recognize the full amount of your gain. Ez form 2014 Limit on gain postponed. Ez form 2014   The amount of gain you can postpone each year is limited to the smaller of: $50,000 ($25,000 if you are married and file a separate return), or $500,000 ($250,000 if you are married and file a separate return), minus the amount of gain you postponed for all earlier years. Ez form 2014 Basis of replacement property. Ez form 2014   You must subtract the amount of postponed gain from the basis of your replacement property. Ez form 2014 How to report and postpone gain. Ez form 2014    See How to report and postpone gain under Rollover of Gain From Publicly Traded Securities in chapter 4 of Publication 550 for details. Ez form 2014 Prev  Up  Next   Home   More Online Publications