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File tax return 9. File tax return   Dispositions of Property Used in Farming Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Section 1231 Gains and LossesNonrecaptured section 1231 losses. File tax return Depreciation RecaptureSection 1245 Property Section 1250 Property Installment Sale Other Dispositions Other GainsExceptions. File tax return Amount to report as ordinary income. File tax return Applicable percentage. File tax return Amount to report as ordinary income. File tax return Applicable percentage. File tax return Introduction When you dispose of property used in your farm business, your taxable gain or loss is usually treated as ordinary income (which is taxed at the same rates as wages and interest income) or capital gain (which is generally taxed at lower rates) under the rules for section 1231 transactions. File tax return When you dispose of depreciable property (section 1245 property or section 1250 property) at a gain, you may have to recognize all or part of the gain as ordinary income under the depreciation recapture rules. File tax return Any gain remaining after applying the depreciation recapture rules is a section 1231 gain, which may be taxed as a capital gain. File tax return Gains and losses from property used in farming are reported on Form 4797, Sales of Business Property. File tax return Table 9-1 contains examples of items reported on Form 4797 and refers to the part of that form on which they first should be reported. File tax return Topics - This chapter discusses: Section 1231 gains and losses Depreciation recapture Other gains Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property See chapter 16 for information about getting publications and forms. File tax return Section 1231 Gains and Losses Section 1231 gains and losses are the taxable gains and losses from section 1231 transactions (explained below). File tax return Their treatment as ordinary or capital gains depends on whether you have a net gain or a net loss from all of your section 1231 transactions in the tax year. File tax return Table 9-1. File tax return Where to First Report Certain Items on Form 4797 Type of property Held 1 year  or less Held more than  1 year 1 Depreciable trade or business property:       a Sold or exchanged at a gain Part II Part III (1245, 1250)   b Sold or exchanged at a loss Part II Part I 2 Farmland held less than 10 years for which soil, water, or land clearing expenses were deducted:       a Sold at a gain Part II Part III (1252)   b Sold at a loss Part II Part I 3 All other farmland Part II Part I 4 Disposition of cost-sharing payment property described in section 126 Part II Part III (1255) 5 Cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 24 mos. File tax return Held 24 mos. File tax return  or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised cattle and horses sold at a gain Part II Part I 6 Livestock other than cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 12 mos. File tax return Held 12 mos. File tax return   or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised livestock sold at a gain Part II Part I If you have a gain from a section 1231 transaction, first determine whether any of the gain is ordinary income under the depreciation recapture rules (explained later). File tax return Do not take that gain into account as section 1231 gain. File tax return Section 1231 transactions. File tax return   Gain or loss on the following transactions is subject to section 1231 treatment. File tax return Sale or exchange of cattle and horses. File tax return The cattle and horses must be held for draft, breeding, dairy, or sporting purposes and held for 24 months or longer. File tax return Sale or exchange of other livestock. File tax return This livestock must be held for draft, breeding, dairy, or sporting purposes and held for 12 months or longer. File tax return Other livestock includes hogs, mules, sheep, goats, donkeys, and other fur-bearing animals. File tax return Other livestock does not include poultry. File tax return Sale or exchange of depreciable personal property. File tax return This property must be used in your business and held longer than 1 year. File tax return Generally, property held for the production of rents or royalties is considered to be used in a trade or business. File tax return Examples of depreciable personal property include farm machinery and trucks. File tax return It also includes amortizable section 197 intangibles. File tax return Sale or exchange of real estate. File tax return This property must be used in your business and held longer than 1 year. File tax return Examples are your farm or ranch (including barns and sheds). File tax return Sale or exchange of unharvested crops. File tax return The crop and land must be sold, exchanged, or involuntarily converted at the same time and to the same person, and the land must have been held longer than 1 year. File tax return You cannot keep any right or option to reacquire the land directly or indirectly (other than a right customarily incident to a mortgage or other security transaction). File tax return Growing crops sold with a leasehold on the land, even if sold to the same person in a single transaction, are not included. File tax return Distributive share of partnership gains and losses. File tax return Your distributive share must be from the sale or exchange of property listed above and held longer than 1 year (or for the required period for certain livestock). File tax return Cutting or disposal of timber. File tax return Special rules apply if you owned the timber longer than 1 year and elect to treat timber cutting as a sale or exchange, or you enter into a cutting contract, as described in chapter 8 under Timber . File tax return Condemnation. File tax return The condemned property (defined in chapter 11) must have been held longer than 1 year. File tax return It must be business property or a capital asset held in connection with a trade or business or a transaction entered into for profit, such as investment property. File tax return It cannot be property held for personal use. File tax return Casualty or theft. File tax return The casualty or theft must have affected business property, property held for the production of rents or royalties, or investment property (such as notes and bonds). File tax return You must have held the property longer than 1 year. File tax return However, if your casualty or theft losses are more than your casualty or theft gains, neither the gains nor the losses are taken into account in the section 1231 computation. File tax return Section 1231 does not apply to personal casualty gains and losses. File tax return See chapter 11 for information on how to treat those gains and losses. File tax return If the property is not held for the required holding period, the transaction is not subject to section 1231 treatment, and any gain or loss is ordinary income reported in Part II of Form 4797. File tax return See Table 9-1. File tax return Property for sale to customers. File tax return   A sale, exchange, or involuntary conversion of property held mainly for sale to customers is not a section 1231 transaction. File tax return If you will get back all, or nearly all, of your investment in the property by selling it rather than by using it up in your business, it is property held mainly for sale to customers. File tax return Treatment as ordinary or capital. File tax return   To determine the treatment of section 1231 gains and losses, combine all of your section 1231 gains and losses for the year. File tax return If you have a net section 1231 loss, it is an ordinary loss. File tax return If you have a net section 1231 gain, it is ordinary income up to your nonrecaptured section 1231 losses from previous years, explained next. File tax return The rest, if any, is long-term capital gain. File tax return Nonrecaptured section 1231 losses. File tax return   Your nonrecaptured section 1231 losses are your net section 1231 losses for the previous 5 years that have not been applied against a net section 1231 gain by treating the gain as ordinary income. File tax return These losses are applied against your net section 1231 gain beginning with the earliest loss in the 5-year period. File tax return Example. File tax return In 2013, Ben has a $2,000 net section 1231 gain. File tax return To figure how much he has to report as ordinary income and long-term capital gain, he must first determine his section 1231 gains and losses from the previous 5-year period. File tax return From 2008 through 2012 he had the following section 1231 gains and losses. File tax return Year Amount 2008 -0- 2009 -0- 2010 ($2,500) 2011 -0- 2012 $1,800   Ben uses this information to figure how to report his net section 1231 gain for 2013 as shown below. File tax return 1) Net section 1231 gain (2013) $2,000 2) Net section 1231 loss (2010) ($2,500)   3) Net section 1231 gain (2012) 1,800   4) Remaining net section 1231 loss from prior 5 years ($700)   5) Gain treated as  ordinary income $700 6) Gain treated as long-term  capital gain $1,300 His remaining net section 1231 loss from 2010 is completely recaptured in 2013. File tax return Depreciation Recapture If you dispose of depreciable or amortizable property at a gain, you may have to treat all or part of the gain (even if it is otherwise nontaxable) as ordinary income. File tax return To figure any gain that must be reported as ordinary income, you must keep permanent records of the facts necessary to figure the depreciation or amortization allowed or allowable on your property. File tax return For more information, see chapter 3 of Publication 544. File tax return Section 1245 Property A gain on the disposition of section 1245 property is treated as ordinary income to the extent of depreciation allowed or allowable. File tax return Any recognized gain that is more than the part that is ordinary income is a section 1231 gain. File tax return See Treatment as ordinary or capital under Section 1231 Gains and Losses , earlier. File tax return Section 1245 property includes any property that is or has been subject to an allowance for depreciation or amortization and that is any of the following types of property. File tax return Personal property (either tangible or intangible). File tax return Other tangible property (except buildings and their structural components) used as any of the following. File tax return See Buildings and structural components below. File tax return An integral part of manufacturing, production, or extraction, or of furnishing certain services. File tax return A research facility in any of the activities in (a). File tax return A facility in any of the activities in (a) above, for the bulk storage of fungible commodities (discussed later). File tax return That part of real property (not included in (2)) with an adjusted basis reduced by (but not limited to) the following. File tax return Amortization of certified pollution control facilities. File tax return The section 179 expense deduction. File tax return Deduction for clean-fuel vehicles and certain refueling property. File tax return Expenditures to remove architectural and transportation barriers to the handicapped and elderly. File tax return Certain reforestation expenditures (as described under Reforestation Costs in chapter 7. File tax return Single purpose agricultural (livestock) or horticultural structures. File tax return Storage facilities (except buildings and their structural components) used in distributing petroleum or any primary product of petroleum. File tax return Buildings and structural components. File tax return   Section 1245 property does not include buildings and structural components. File tax return The term building includes a house, barn, warehouse, or garage. File tax return The term structural component includes walls, floors, windows, doors, central air conditioning systems, light fixtures, etc. File tax return   Do not treat a structure that is essentially machinery or equipment as a building or structural component. File tax return Also, do not treat a structure that houses property used as an integral part of an activity as a building or structural component if the structure's use is so closely related to the property's use that the structure can be expected to be replaced when the property it initially houses is replaced. File tax return   The fact that the structure is specially designed to withstand the stress and other demands of the property and cannot be used economically for other purposes indicates it is closely related to the use of the property it houses. File tax return Structures such as oil and gas storage tanks, grain storage bins, and silos are not treated as buildings, but as section 1245 property. File tax return Facility for bulk storage of fungible commodities. File tax return   This is a facility used mainly for the bulk storage of fungible commodities. File tax return Bulk storage means storage of a commodity in a large mass before it is used. File tax return For example, if a facility is used to store oranges that have been sorted and boxed, it is not used for bulk storage. File tax return To be fungible, a commodity must be such that one part may be used in place of another. File tax return Gain Treated as Ordinary Income The gain treated as ordinary income on the sale, exchange, or involuntary conversion of section 1245 property, including a sale and leaseback transaction, is the lesser of the following amounts. File tax return The depreciation (which includes any section 179 deduction claimed) and amortization allowed or allowable on the property. File tax return The gain realized on the disposition (the amount realized from the disposition minus the adjusted basis of the property). File tax return For any other disposition of section 1245 property, ordinary income is the lesser of (1) above or the amount by which its fair market value (FMV) is more than its adjusted basis. File tax return For details, see chapter 3 of Publication 544. File tax return Use Part III of Form 4797 to figure the ordinary income part of the gain. File tax return Depreciation claimed on other property or claimed by other taxpayers. File tax return   Depreciation and amortization include the amounts you claimed on the section 1245 property as well as the following depreciation and amortization amounts. File tax return Amounts you claimed on property you exchanged for, or converted to, your section 1245 property in a like-kind exchange or involuntary conversion. File tax return For details on exchanges of property that are not taxable, see Like-Kind Exchanges in chapter 8. File tax return Amounts a previous owner of the section 1245 property claimed if your basis is determined with reference to that person's adjusted basis (for example, the donor's depreciation deductions on property you received as a gift and part of the transfer is a sale or exchange). File tax return Example. File tax return Jeff Free paid $120,000 for a tractor in 2012. File tax return On February 23, 2013, he traded it for a chopper and paid an additional $30,000. File tax return To figure his depreciation deduction on the chopper for the current year, Jeff continues to use the basis of the tractor as he would have before the trade. File tax return Jeff can also depreciate the additional $30,000 for the chopper. File tax return Depreciation and amortization. File tax return   Depreciation and amortization deductions that must be recaptured as ordinary income include (but are not limited to) the following items. File tax return See Depreciation Recapture in chapter 3 of Publication 544 for more details. File tax return Ordinary depreciation deductions. File tax return Section 179 deduction (see chapter 7). File tax return Any special depreciation allowance. File tax return Amortization deductions for all the following costs. File tax return Acquiring a lease. File tax return Lessee improvements. File tax return Pollution control facilities. File tax return Reforestation expenses. File tax return Section 197 intangibles. File tax return Qualified disaster expenses. File tax return Franchises, trademarks, and trade names acquired before August 11, 1993. File tax return Example. File tax return You file your returns on a calendar year basis. File tax return In February 2011, you bought and placed in service for 100% use in your farming business a light-duty truck (5-year property) that cost $10,000. File tax return You used the half-year convention and your MACRS deductions for the truck were $1,500 in 2011 and $2,550 in 2012. File tax return You did not claim the section 179 expense deduction for the truck. File tax return You sold it in May 2013 for $7,000. File tax return The MACRS deduction in 2013, the year of sale, is $893 (½ of $1,785). File tax return Figure the gain treated as ordinary income as follows. File tax return 1) Amount realized $7,000 2) Cost (February 2011) $10,000   3) Depreciation allowed or allowable (MACRS deductions: $1,500 + $2,550 + $893) 4,943   4) Adjusted basis (subtract line 3 from line 2) $5,057 5) Gain realized (subtract line 4 from line 1) 1,943 6) Gain treated as ordinary income (lesser of line 3 or line 5) $1,943 Depreciation allowed or allowable. File tax return   You generally use the greater of the depreciation allowed or allowable when figuring the part of gain to report as ordinary income. File tax return If, in prior years, you have consistently taken proper deductions under one method, the amount allowed for your prior years will not be increased even though a greater amount would have been allowed under another proper method. File tax return If you did not take any deduction at all for depreciation, your adjustments to basis for depreciation allowable are figured by using the straight line method. File tax return This treatment applies only when figuring what part of the gain is treated as ordinary income under the rules for section 1245 depreciation recapture. File tax return Disposition of plants and animals. File tax return   If you elect not to use the uniform capitalization rules (see chapter 6), you must treat any plant you produce as section 1245 property. File tax return If you have a gain on the property's disposition, you must recapture the pre-productive expenses you would have capitalized if you had not made the election by treating the gain, up to the amount of these expenses, as ordinary income. File tax return For section 1231 transactions, show these expenses as depreciation on Form 4797, Part III, line 22. File tax return For plant sales that are reported on Schedule F (1040), Profit or Loss From Farming, this recapture rule does not change the reporting of income because the gain is already ordinary income. File tax return You can use the farm-price method or the unit-livestock-price method discussed in  chapter 2 to figure these expenses. File tax return Example. File tax return Janet Maple sold her apple orchard in 2013 for $80,000. File tax return Her adjusted basis at the time of sale was $60,000. File tax return She bought the orchard in 2006, but the trees did not produce a crop until 2009. File tax return Her pre-productive expenses were $6,000. File tax return She elected not to use the uniform capitalization rules. File tax return Janet must treat $6,000 of the gain as ordinary income. File tax return Section 1250 Property Section 1250 property includes all real property subject to an allowance for depreciation that is not and never has been section 1245 property. File tax return It includes buildings and structural components that are not section 1245 property (discussed earlier). File tax return It includes a leasehold of land or section 1250 property subject to an allowance for depreciation. File tax return A fee simple interest in land is not section 1250 property because, like land, it is not depreciable. File tax return Gain on the disposition of section 1250 property is treated as ordinary income to the extent of additional depreciation allowed or allowable. File tax return To determine the additional depreciation on section 1250 property, see Depreciation Recapture in chapter 3 of Publication 544. File tax return You will not have additional depreciation if any of the following apply to the property disposed of. File tax return You figured depreciation for the property using the straight line method or any other method that does not result in depreciation that is more than the amount figured by the straight line method and you have held the property longer than 1 year. File tax return You chose the alternate ACRS (straight line) method for the property, which was a type of 15-, 18-, or 19-year real property covered by the section 1250 rules. File tax return The property was nonresidential real property placed in service after 1986 (or after July 31, 1986, if the choice to use MACRS was made) and you held it longer than 1 year. File tax return These properties are depreciated using the straight line method. File tax return Installment Sale If you report the sale of property under the installment method, any depreciation recapture under section 1245 or 1250 is taxable as ordinary income in the year of sale. File tax return This applies even if no payments are received in that year. File tax return If the gain is more than the depreciation recapture income, report the rest of the gain using the rules of the installment method. File tax return For this purpose, include the recapture income in your installment sale basis to determine your gross profit on the installment sale. File tax return If you dispose of more than one asset in a single transaction, you must separately figure the gain on each asset so that it may be properly reported. File tax return To do this, allocate the selling price and the payments you receive in the year of sale to each asset. File tax return Report any depreciation recapture income in the year of sale before using the installment method for any remaining gain. File tax return For more information on installment sales, see chapter 10. File tax return Other Dispositions Chapter 3 of Publication 544 discusses the tax treatment of the following transfers of depreciable property. File tax return By gift. File tax return At death. File tax return In like-kind exchanges. File tax return In involuntary conversions. File tax return Publication 544 also explains how to handle a single transaction involving multiple properties. File tax return Other Gains This section discusses gain on the disposition of farmland for which you were allowed either of the following. File tax return Deductions for soil and water conservation expenditures (section 1252 property). File tax return Exclusions from income for certain cost sharing payments (section 1255 property). File tax return Section 1252 property. File tax return   If you disposed of farmland you held more than 1 year and less than 10 years at a gain and you were allowed deductions for soil and water conservation expenses for the land, as discussed in chapter 5, you must treat part of the gain as ordinary income and treat the balance as section 1231 gain. File tax return Exceptions. File tax return   Do not treat gain on the following transactions as gain on section 1252 property. File tax return Disposition of farmland by gift. File tax return Transfer of farm property at death (except for income in respect of a decedent). File tax return For more information, see Regulations section 1. File tax return 1252-2. File tax return Amount to report as ordinary income. File tax return   You report as ordinary income the lesser of the following amounts. File tax return Your gain (determined by subtracting the adjusted basis from the amount realized from a sale, exchange, or involuntary conversion, or the FMV for all other dispositions). File tax return The total deductions allowed for soil and water conservation expenses multiplied by the applicable percentage, discussed next. File tax return Applicable percentage. File tax return   The applicable percentage is based on the length of time you held the land. File tax return If you dispose of your farmland within 5 years after the date you acquired it, the percentage is 100%. File tax return If you dispose of the land within the 6th through 9th year after you acquired it, the applicable percentage is reduced by 20% a year for each year or part of a year you hold the land after the 5th year. File tax return If you dispose of the land 10 or more years after you acquired it, the percentage is 0%, and the entire gain is a section 1231 gain. File tax return Example. File tax return You acquired farmland on January 19, 2005. File tax return On October 3, 2013, you sold the land at a $30,000 gain. File tax return Between January 1 and October 3, 2013, you incur soil and water conservation expenditures of $15,000 for the land that are fully deductible in 2013. File tax return The applicable percentage is 40% since you sold the land within the 8th year after you acquired it. File tax return You treat $6,000 (40% of $15,000) of the $30,000 gain as ordinary income and the $24,000 balance as a section 1231 gain. File tax return Section 1255 property. File tax return   If you receive certain cost-sharing payments on property and you exclude those payments from income (as discussed in chapter 3), you may have to treat part of any gain as ordinary income and treat the balance as a section 1231 gain. File tax return If you chose not to exclude these payments, you will not have to recognize ordinary income under this provision. File tax return Amount to report as ordinary income. File tax return   You report as ordinary income the lesser of the following amounts. File tax return The applicable percentage of the total excluded cost-sharing payments. File tax return The gain on the disposition of the property. File tax return You do not report ordinary income under this rule to the extent the gain is recognized as ordinary income under sections 1231 through 1254, 1256, and 1257. File tax return However, if applicable, gain reported under this rule must be reported regardless of any contrary provisions (including nonrecognition provisions) under any other section. File tax return Applicable percentage. File tax return   The applicable percentage of the excluded cost-sharing payments to be reported as ordinary income is based on the length of time you hold the property after receiving the payments. File tax return If the property is held less than 10 years after you receive the payments, the percentage is 100%. File tax return After 10 years, the percentage is reduced by 10% a year, or part of a year, until the rate is 0%. File tax return Form 4797, Part III. File tax return   Use Form 4797, Part III, to figure the ordinary income part of a gain from the sale, exchange, or involuntary conversion of section 1252 property and section 1255 property. File tax return Prev  Up  Next   Home   More Online Publications
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File tax return Publication 554 - Introductory Material Table of Contents What's New Reminders IntroductionVolunteer Income Tax Assistance and Tax Counseling for the Elderly. File tax return Ordering forms and publications. File tax return Tax questions. File tax return What's New Alternative minimum tax exemption increased. File tax return  The AMT exemption amount has increased to $51,900 ($80,800 if married filing jointly or qualifying widow(er); $40,400 if married filing separately). File tax return Earned income credit. File tax return  The maximum amount of income you can earn and still get the credit has increased. File tax return You may be able to take the credit if you earn less than: $14,340 ($19,680 if married filing jointly), do not have a qualifying child, and are at least 25 years old and under 65, $37,870 ($43,210 if married filing jointly), and you have one qualifying child, $43,038 ($48,378 if married filing jointly), and you have two qualifying children, or $46,227 ($51,567 if married filing jointly), and you have three or more qualifying children. File tax return For more information, see Earned Income Credit , later. File tax return Exemption phaseout. File tax return  You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount. File tax return For 2013, the phaseout begins at $150,000 for married individuals filing separate returns; $250,000 for single individuals; $275,000 for heads of household; and $300,000 for married individuals filing joint returns or qualifying widow(er)s. File tax return For more information, see Phaseout of Exemptions in Publication 501. File tax return Limit on itemized deductions. File tax return   Beginning January 1, 2013, itemized deductions for taxpayers with adjusted gross incomes above $150,000 may be reduced. File tax return See Overall limitation , later. File tax return Medical and dental expenses. File tax return   Beginning January 1, 2013, taxpayers 65 and older can deduct only the part of their medical and dental expenses that exceed 7. File tax return 5% of their adjusted gross income (10% for taxpayers under 65). File tax return Same-sex marriages. File tax return  If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. File tax return For more information, see Publication 501. File tax return Reminders Future developments. File tax return  For the latest information about developments related to Publication 554, such as legislation enacted after it was published, go to www. File tax return irs. File tax return gov/pub554. File tax return Tax return preparers. File tax return  Choose your preparer carefully. File tax return If you pay someone to prepare your return, the preparer is required, under the law, to sign the return and fill in the other blanks in the Paid Preparer's area of your return. File tax return Remember, however, that you are still responsible for the accuracy of every item entered on your return. File tax return If there is any underpayment, you are responsible for paying it, plus any interest and penalty that may be due. File tax return Sale of home by surviving spouse. File tax return  If you are an unmarried widow or widower, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. File tax return For more information, see Sale of Home , later. File tax return Third party designee. File tax return  You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, family member, or any other person you choose. File tax return This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your return. File tax return It also allows your designee to perform certain actions. File tax return See your income tax return instructions for details. File tax return Employment tax withholding. File tax return  Your wages are subject to withholding for income tax, social security tax, and Medicare tax even if you are receiving social security benefits. File tax return Photographs of missing children. File tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. File tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. File tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. File tax return Introduction The purpose of this publication is to provide a general overview of selected topics that are of interest to older taxpayers. File tax return The publication will help you determine if you need to file a return and, if so, what items to report on your return. File tax return Each topic is discussed only briefly, so you will find references to other free IRS publications that provide more detail on these topics if you need it. File tax return Table I has a list of questions you may have about filing your federal tax return. File tax return To the right of each question is the location of the answer in this publication. File tax return Also, at the back of this publication there is an index to help you search for the topic you need. File tax return While most federal income tax laws apply equally to all taxpayers, regardless of age, there are some provisions that give special treatment to older taxpayers. File tax return The following are some examples. File tax return Higher gross income threshold for filing. File tax return You must be age 65 or older at the end of the year to get this benefit. File tax return You are considered age 65 on the day before your 65th birthday. File tax return Therefore, you are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. File tax return Higher standard deduction. File tax return If you do not itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. File tax return You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. File tax return Credit for the elderly or the disabled. File tax return If you qualify, you may benefit from the credit for the elderly or the disabled. File tax return To determine if you qualify and how to figure this credit, see Credit for the Elderly or the Disabled , later. File tax return Return preparation assistance. File tax return   The IRS wants to make it easier for you to file your federal tax return. File tax return You may find it helpful to visit a Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), or American Association of Retired Persons (AARP) Tax-Aide site near you. File tax return Volunteer Income Tax Assistance and Tax Counseling for the Elderly. File tax return   These programs provide free help for low-income taxpayers and taxpayers age 60 or older to fill in and file their returns. File tax return For the VITA/TCE site nearest you, contact your local IRS office. File tax return For more information, see Free help with your tax return under How To Get Tax Help. File tax return   For the location of an AARP Tax-Aide site in your community, call 1-888-227-7669. File tax return When asked, be ready to press in or speak your 5-digit ZIP code. File tax return Or, you can visit their website on the Internet at www. File tax return aarp. File tax return org/money/taxaide. File tax return Comments and suggestions. File tax return   We welcome your comments about this publication and your suggestions for future editions. File tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. File tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. File tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. File tax return   You can send your comments from www. File tax return irs. File tax return gov/formspubs/. File tax return Click on “More Information” and then on “Comment on Tax Forms and Publications. File tax return ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. File tax return Ordering forms and publications. File tax return   Visit www. File tax return irs. File tax return gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 business days after your request is received. File tax return Internal Revenue Service 1201 N. File tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. File tax return   If you have a tax question, check the information available on IRS. File tax return gov or call 1-800-829-1040. File tax return We cannot answer tax questions sent to either of the above addresses. File tax return Table I. File tax return What You Should Know About Federal Taxes Note. File tax return The following is a list of questions you may have about filling out your federal income tax return. File tax return  To the right of each question is the location of the answer in this publication. File tax return What I Should Know Where To Find the Answer Do I need to file a return? See chapter 1. File tax return Is my income taxable or nontaxable?  If it is nontaxable, must I still report it? See chapter 2. File tax return How do I report benefits I received from the Social Security Administration or the Railroad Retirement Board?  Are these benefits taxable? See Social Security and Equivalent Railroad Retirement Benefits in chapter 2. File tax return Must I report the sale of my home?  If I had a gain, is any part of it taxable? See Sale of Home in chapter 2. File tax return What are some of the items that I can deduct to reduce my income? See chapters 3 and 4. File tax return How do I report the amounts I set aside for my IRA? See Individual Retirement Arrangement (IRA) Contributions and Deductions in chapter 3. File tax return Would it be better for me to claim the standard deduction or itemize my deductions? See chapter 4. File tax return What are some of the credits I can claim to reduce my tax? See chapter 5 for discussions on the credit for the elderly or the disabled, the child and dependent care credit, and the earned income credit. File tax return Must I make estimated tax payments? See chapter 6. File tax return How do I contact the IRS or get more information? See chapter 7. File tax return Prev  Up  Next   Home   More Online Publications