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Filing Taxes Self Employed

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Filing Taxes Self Employed

Filing taxes self employed 15. Filing taxes self employed   Selling Your Home Table of Contents Reminder Introduction Useful Items - You may want to see: Main Home Figuring Gain or LossSelling Price Amount Realized Adjusted Basis Amount of Gain or Loss Dispositions Other Than Sales Determining Basis Excluding the GainMaximum Exclusion Ownership and Use Tests Reduced Maximum Exclusion Business Use or Rental of Home Reporting the SaleSeller-financed mortgage. Filing taxes self employed More information. Filing taxes self employed Special SituationsException for sales to related persons. Filing taxes self employed Recapturing (Paying Back) a Federal Mortgage Subsidy Reminder Home sold with undeducted points. Filing taxes self employed  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of the sale. Filing taxes self employed See Mortgage ending early under Points in chapter 23. Filing taxes self employed Introduction This chapter explains the tax rules that apply when you sell your main home. Filing taxes self employed In most cases, your main home is the one in which you live most of the time. Filing taxes self employed If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Filing taxes self employed See Excluding the Gain , later. Filing taxes self employed Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Filing taxes self employed If you have gain that cannot be excluded, it is taxable. Filing taxes self employed Report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040). Filing taxes self employed You may also have to complete Form 4797, Sales of Business Property. Filing taxes self employed See Reporting the Sale , later. Filing taxes self employed If you have a loss on the sale, you generally cannot deduct it on your return. Filing taxes self employed However, you may need to report it. Filing taxes self employed See Reporting the Sale , later. Filing taxes self employed The following are main topics in this chapter. Filing taxes self employed Figuring gain or loss. Filing taxes self employed Basis. Filing taxes self employed Excluding the gain. Filing taxes self employed Ownership and use tests. Filing taxes self employed Reporting the sale. Filing taxes self employed Other topics include the following. Filing taxes self employed Business use or rental of home. Filing taxes self employed Recapturing a federal mortgage subsidy. Filing taxes self employed Useful Items - You may want to see: Publication 523 Selling Your Home 530 Tax Information for Homeowners 547 Casualties, Disasters, and Thefts Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 8828 Recapture of Federal Mortgage Subsidy 8949 Sales and Other Dispositions of Capital Assets Main Home This section explains the term “main home. Filing taxes self employed ” Usually, the home you live in most of the time is your main home and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. Filing taxes self employed To exclude gain under the rules of this chapter, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. Filing taxes self employed Land. Filing taxes self employed   If you sell the land on which your main home is located, but not the house itself, you cannot exclude any gain you have from the sale of the land. Filing taxes self employed However, if you sell vacant land used as part of your main home and that is adjacent to it, you may be able to exclude the gain from the sale under certain circumstances. Filing taxes self employed See Vacant land under Main Home in Publication 523 for more information. Filing taxes self employed Example. Filing taxes self employed You buy a piece of land and move your main home to it. Filing taxes self employed Then you sell the land on which your main home was located. Filing taxes self employed This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. Filing taxes self employed More than one home. Filing taxes self employed   If you have more than one home, you can exclude gain only from the sale of your main home. Filing taxes self employed You must include in income gain from the sale of any other home. Filing taxes self employed If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time during the year. Filing taxes self employed Example 1. Filing taxes self employed You own two homes, one in New York and one in Florida. Filing taxes self employed From 2009 through 2013, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. Filing taxes self employed In the absence of facts and circumstances indicating otherwise, the New York home is your main home. Filing taxes self employed You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. Filing taxes self employed Example 2. Filing taxes self employed You own a house, but you live in another house that you rent. Filing taxes self employed The rented house is your main home. Filing taxes self employed Example 3. Filing taxes self employed You own two homes, one in Virginia and one in New Hampshire. Filing taxes self employed In 2009 and 2010, you lived in the Virginia home. Filing taxes self employed In 2011 and 2012, you lived in the New Hampshire home. Filing taxes self employed In 2013, you lived again in the Virginia home. Filing taxes self employed Your main home in 2009, 2010, and 2013 is the Virginia home. Filing taxes self employed Your main home in 2011 and 2012 is the New Hampshire home. Filing taxes self employed You would be eligible to exclude gain from the sale of either home (but not both) in 2013. Filing taxes self employed Property used partly as your main home. Filing taxes self employed   If you use only part of the property as your main home, the rules discussed in this publication apply only to the gain or loss on the sale of that part of the property. Filing taxes self employed For details, see Business Use or Rental of Home , later. Filing taxes self employed Figuring Gain or Loss To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. Filing taxes self employed Subtract the adjusted basis from the amount realized to get your gain or loss. Filing taxes self employed     Selling price     − Selling expenses       Amount realized       Amount realized     − Adjusted basis       Gain or loss   Selling Price The selling price is the total amount you receive for your home. Filing taxes self employed It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale. Filing taxes self employed Payment by employer. Filing taxes self employed   You may have to sell your home because of a job transfer. Filing taxes self employed If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. Filing taxes self employed Your employer will include it as wages in box 1 of your Form W-2, and you will include it in your income on Form 1040, line 7. Filing taxes self employed Option to buy. Filing taxes self employed   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. Filing taxes self employed If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Filing taxes self employed Report this amount on Form 1040, line 21. Filing taxes self employed Form 1099-S. Filing taxes self employed   If you received Form 1099-S, Proceeds From Real Estate Transactions, box 2 (Gross proceeds) should show the total amount you received for your home. Filing taxes self employed   However, box 2 will not include the fair market value of any services or property other than cash or notes you received or will receive. Filing taxes self employed Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. Filing taxes self employed Amount Realized The amount realized is the selling price minus selling expenses. Filing taxes self employed Selling expenses. Filing taxes self employed   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. Filing taxes self employed ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. Filing taxes self employed This adjusted basis must be determined before you can figure gain or loss on the sale of your home. Filing taxes self employed For information on how to figure your home's adjusted basis, see Determining Basis , later. Filing taxes self employed Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. Filing taxes self employed Gain on sale. Filing taxes self employed   If the amount realized is more than the adjusted basis, the difference is a gain and, except for any part you can exclude, in most cases is taxable. Filing taxes self employed Loss on sale. Filing taxes self employed   If the amount realized is less than the adjusted basis, the difference is a loss. Filing taxes self employed A loss on the sale of your main home cannot be deducted. Filing taxes self employed Jointly owned home. Filing taxes self employed   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. Filing taxes self employed Separate returns. Filing taxes self employed   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. Filing taxes self employed Your ownership interest is generally determined by state law. Filing taxes self employed Joint owners not married. Filing taxes self employed   If you and a joint owner other than your spouse sell your jointly owned home, each of you must figure your own gain or loss according to your ownership interest in the home. Filing taxes self employed Each of you applies the rules discussed in this chapter on an individual basis. Filing taxes self employed Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. Filing taxes self employed Foreclosure or repossession. Filing taxes self employed   If your home was foreclosed on or repossessed, you have a disposition. Filing taxes self employed See Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, to determine if you have ordinary income, gain, or loss. Filing taxes self employed Abandonment. Filing taxes self employed   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. Filing taxes self employed Trading (exchanging) homes. Filing taxes self employed   If you trade your old home for another home, treat the trade as a sale and a purchase. Filing taxes self employed Example. Filing taxes self employed You owned and lived in a home with an adjusted basis of $41,000. Filing taxes self employed A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. Filing taxes self employed This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 – $41,000). Filing taxes self employed If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed). Filing taxes self employed Transfer to spouse. Filing taxes self employed   If you transfer your home to your spouse or you transfer it to your former spouse incident to your divorce, you in most cases have no gain or loss. Filing taxes self employed This is true even if you receive cash or other consideration for the home. Filing taxes self employed As a result, the rules in this chapter do not apply. Filing taxes self employed More information. Filing taxes self employed   If you need more information, see Transfer to spouse in Publication 523 and Property Settlements in Publication 504, Divorced or Separated Individuals. Filing taxes self employed Involuntary conversion. Filing taxes self employed   You have a disposition when your home is destroyed or condemned and you receive other property or money in payment, such as insurance or a condemnation award. Filing taxes self employed This is treated as a sale and you may be able to exclude all or part of any gain from the destruction or condemnation of your home, as explained later under Special Situations . Filing taxes self employed Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. Filing taxes self employed Your basis in your home is determined by how you got the home. Filing taxes self employed Generally, your basis is its cost if you bought it or built it. Filing taxes self employed If you got it in some other way (inheritance, gift, etc. Filing taxes self employed ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. Filing taxes self employed While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. Filing taxes self employed The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home. Filing taxes self employed See Adjusted Basis , later. Filing taxes self employed You can find more information on basis and adjusted basis in chapter 13 of this publication and in Publication 523. Filing taxes self employed Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. Filing taxes self employed Purchase. Filing taxes self employed   If you bought your home, your basis is its cost to you. Filing taxes self employed This includes the purchase price and certain settlement or closing costs. Filing taxes self employed In most cases, your purchase price includes your down payment and any debt, such as a first or second mortgage or notes you gave the seller in payment for the home. Filing taxes self employed If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed in Publication 523. Filing taxes self employed Settlement fees or closing costs. Filing taxes self employed   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. Filing taxes self employed You can include in your basis some of the settlement fees and closing costs you paid for buying the home, but not the fees and costs for getting a mortgage loan. Filing taxes self employed A fee paid for buying the home is any fee you would have had to pay even if you paid cash for the home (that is, without the need for financing). Filing taxes self employed    Chapter 13 lists some of the settlement fees and closing costs that you can include in the basis of property, including your home. Filing taxes self employed It also lists some settlement costs that cannot be included in basis. Filing taxes self employed   Also see Publication 523 for additional items and a discussion of basis other than cost. Filing taxes self employed Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. Filing taxes self employed To figure your adjusted basis, you can use Worksheet 1 in Publication 523. Filing taxes self employed Do not use Worksheet 1 if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent. Filing taxes self employed Increases to basis. Filing taxes self employed   These include the following. Filing taxes self employed Additions and other improvements that have a useful life of more than 1 year. Filing taxes self employed Special assessments for local improvements. Filing taxes self employed Amounts you spent after a casualty to restore damaged property. Filing taxes self employed Improvements. Filing taxes self employed   These add to the value of your home, prolong its useful life, or adapt it to new uses. Filing taxes self employed You add the cost of additions and other improvements to the basis of your property. Filing taxes self employed   For example, putting a recreation room or another bathroom in your unfinished basement, putting up a new fence, putting in new plumbing or wiring, putting on a new roof, or paving your unpaved driveway are improvements. Filing taxes self employed An addition to your house, such as a new deck, a sunroom, or a new garage, is also an improvement. Filing taxes self employed Repairs. Filing taxes self employed   These maintain your home in good condition but do not add to its value or prolong its life. Filing taxes self employed You do not add their cost to the basis of your property. Filing taxes self employed   Examples of repairs include repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes. Filing taxes self employed Decreases to basis. Filing taxes self employed   These include the following. Filing taxes self employed Discharge of qualified principal residence indebtedness that was excluded from income. Filing taxes self employed Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. Filing taxes self employed For details, see Publication 4681. Filing taxes self employed Gain you postponed from the sale of a previous home before May 7, 1997. Filing taxes self employed Deductible casualty losses. Filing taxes self employed Insurance payments you received or expect to receive for casualty losses. Filing taxes self employed Payments you received for granting an easement or right-of-way. Filing taxes self employed Depreciation allowed or allowable if you used your home for business or rental purposes. Filing taxes self employed Energy-related credits allowed for expenditures made on the residence. Filing taxes self employed (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. Filing taxes self employed ) Adoption credit you claimed for improvements added to the basis of your home. Filing taxes self employed Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. Filing taxes self employed Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. Filing taxes self employed An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home. Filing taxes self employed District of Columbia first-time homebuyer credit (allowed on the purchase of a principal residence in the District of Columbia beginning on August 5, 1997 and before January 1, 2012). Filing taxes self employed General sales taxes (allowed beginning 2004 and ending before 2014) claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home. Filing taxes self employed Discharges of qualified principal residence indebtedness. Filing taxes self employed   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. Filing taxes self employed This exclusion applies to discharges made after 2006 and before 2014. Filing taxes self employed If you choose to exclude this income, you must reduce (but not below zero) the basis of the principal residence by the amount excluded from your gross income. Filing taxes self employed   File Form 982 with your tax return. Filing taxes self employed See the form's instructions for detailed information. Filing taxes self employed Recordkeeping. Filing taxes self employed You should keep records to prove your home's adjusted basis. Filing taxes self employed Ordinarily, you must keep records for 3 years after the due date for filing your return for the tax year in which you sold your home. Filing taxes self employed But if you sold a home before May 7, 1997, and postponed tax on any gain, the basis of that home affects the basis of the new home you bought. Filing taxes self employed Keep records proving the basis of both homes as long as they are needed for tax purposes. Filing taxes self employed The records you should keep include: Proof of the home's purchase price and purchase expenses, Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis, Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain, Any Form 982 you filed to report any discharge of qualified principal residence indebtedness, Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997, and Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations. Filing taxes self employed Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. Filing taxes self employed This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. Filing taxes self employed To qualify, you must meet the ownership and use tests described later. Filing taxes self employed You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. Filing taxes self employed You can use Worksheet 2 in Publication 523 to figure the amount of your exclusion and your taxable gain, if any. Filing taxes self employed If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. Filing taxes self employed See Publication 505, Tax Withholding and Estimated Tax. Filing taxes self employed Maximum Exclusion You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. Filing taxes self employed You meet the ownership test. Filing taxes self employed You meet the use test. Filing taxes self employed During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Filing taxes self employed For details on gain allocated to periods of nonqualified use, see Periods of nonqualified use , later. Filing taxes self employed You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . Filing taxes self employed Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Filing taxes self employed This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Filing taxes self employed Exception. Filing taxes self employed   If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclusion in some cases. Filing taxes self employed However, the maximum amount you may be able to exclude will be reduced. Filing taxes self employed See Reduced Maximum Exclusion , later. Filing taxes self employed Example 1—home owned and occupied for at least 2 years. Filing taxes self employed Mya bought and moved into her main home in September 2011. Filing taxes self employed She sold the home at a gain in October 2013. Filing taxes self employed During the 5-year period ending on the date of sale in October 2013, she owned and lived in the home for more than 2 years. Filing taxes self employed She meets the ownership and use tests. Filing taxes self employed Example 2—ownership test met but use test not met. Filing taxes self employed Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. Filing taxes self employed He later sold the home for a gain. Filing taxes self employed He owned the home during the entire 5-year period ending on the date of sale. Filing taxes self employed He meets the ownership test but not the use test. Filing taxes self employed He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). Filing taxes self employed Period of Ownership and Use The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time. Filing taxes self employed You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale. Filing taxes self employed Temporary absence. Filing taxes self employed   Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use. Filing taxes self employed The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. Filing taxes self employed Example 1. Filing taxes self employed David Johnson, who is single, bought and moved into his home on February 1, 2011. Filing taxes self employed Each year during 2011 and 2012, David left his home for a 2-month summer vacation. Filing taxes self employed David sold the house on March 1, 2013. Filing taxes self employed Although the total time David used his home is less than 2 years (21 months), he meets the requirement and may exclude gain. Filing taxes self employed The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years. Filing taxes self employed Example 2. Filing taxes self employed Professor Paul Beard, who is single, bought and moved into a house on August 18, 2010. Filing taxes self employed He lived in it as his main home continuously until January 5, 2012, when he went abroad for a 1-year sabbatical leave. Filing taxes self employed On February 6, 2013, 1 month after returning from the leave, Paul sold the house at a gain. Filing taxes self employed Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. Filing taxes self employed He cannot exclude any part of his gain, because he did not use the residence for the required 2 years. Filing taxes self employed Ownership and use tests met at different times. Filing taxes self employed   You can meet the ownership and use tests during different 2-year periods. Filing taxes self employed However, you must meet both tests during the 5-year period ending on the date of the sale. Filing taxes self employed Example. Filing taxes self employed Beginning in 2002, Helen Jones lived in a rented apartment. Filing taxes self employed The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. Filing taxes self employed In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. Filing taxes self employed On July 12, 2013, while still living in her daughter's home, she sold her condominium. Filing taxes self employed Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2008, to July 12, 2013, the date she sold the condominium. Filing taxes self employed She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). Filing taxes self employed She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). Filing taxes self employed The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use. Filing taxes self employed Cooperative apartment. Filing taxes self employed   If you sold stock as a tenant-stockholder in a cooperative housing corporation, the ownership and use tests are met if, during the 5-year period ending on the date of sale, you: Owned the stock for at least 2 years, and Lived in the house or apartment that the stock entitles you to occupy as your main home for at least 2 years. Filing taxes self employed Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. Filing taxes self employed Exception for individuals with a disability. Filing taxes self employed   There is an exception to the use test if: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home. Filing taxes self employed Under this exception, you are considered to live in your home during any time within the 5-year period that you own the home and live in a facility (including a nursing home) licensed by a state or political subdivision to care for persons in your condition. Filing taxes self employed If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. Filing taxes self employed Previous home destroyed or condemned. Filing taxes self employed   For the ownership and use tests, you add the time you owned and lived in a previous home that was destroyed or condemned to the time you owned and lived in the replacement home on whose sale you wish to exclude gain. Filing taxes self employed This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home. Filing taxes self employed Otherwise, you must have owned and lived in the same home for 2 of the 5 years before the sale to qualify for the exclusion. Filing taxes self employed Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Filing taxes self employed   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on “qualified official extended duty” as a member of the uniformed services or Foreign Service of the United States, or as an employee of the intelligence community. Filing taxes self employed You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve outside the United States either as an employee of the Peace Corps on "qualified official extended duty" or as an enrolled volunteer or volunteer leader of the Peace Corps. Filing taxes self employed This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale. Filing taxes self employed   If this helps you qualify to exclude gain, you can choose to have the 5-year test period suspended by filing a return for the year of sale that does not include the gain. Filing taxes self employed For more information about the suspension of the 5-year test period, see Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps in Publication 523. Filing taxes self employed Married Persons If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. Filing taxes self employed (But see Special rules for joint returns , next. Filing taxes self employed ) Special rules for joint returns. Filing taxes self employed   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Filing taxes self employed You are married and file a joint return for the year. Filing taxes self employed Either you or your spouse meets the ownership test. Filing taxes self employed Both you and your spouse meet the use test. Filing taxes self employed During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home. Filing taxes self employed If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. Filing taxes self employed For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. Filing taxes self employed Example 1—one spouse sells a home. Filing taxes self employed Emily sells her home in June 2013 for a gain of $300,000. Filing taxes self employed She marries Jamie later in the year. Filing taxes self employed She meets the ownership and use tests, but Jamie does not. Filing taxes self employed Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. Filing taxes self employed The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. Filing taxes self employed Example 2—each spouse sells a home. Filing taxes self employed The facts are the same as in Example 1 except that Jamie also sells a home in 2013 for a gain of $200,000 before he marries Emily. Filing taxes self employed He meets the ownership and use tests on his home, but Emily does not. Filing taxes self employed Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. Filing taxes self employed However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Filing taxes self employed Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. Filing taxes self employed The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home. Filing taxes self employed Sale of main home by surviving spouse. Filing taxes self employed   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. Filing taxes self employed   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Filing taxes self employed The sale or exchange took place after 2008. Filing taxes self employed The sale or exchange took place no more than 2 years after the date of death of your spouse. Filing taxes self employed You have not remarried. Filing taxes self employed You and your spouse met the use test at the time of your spouse's death. Filing taxes self employed You or your spouse met the ownership test at the time of your spouse's death. Filing taxes self employed Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. Filing taxes self employed Example. Filing taxes self employed   Harry owned and used a house as his main home since 2009. Filing taxes self employed Harry and Wilma married on July 1, 2013, and from that date they use Harry's house as their main home. Filing taxes self employed Harry died on August 15, 2013, and Wilma inherited the property. Filing taxes self employed Wilma sold the property on September 3, 2013, at which time she had not remarried. Filing taxes self employed Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death. Filing taxes self employed Home transferred from spouse. Filing taxes self employed   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. Filing taxes self employed Use of home after divorce. Filing taxes self employed   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. Filing taxes self employed Reduced Maximum Exclusion If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. Filing taxes self employed This applies to those who: Fail to meet the ownership and use tests, or Have used the exclusion within 2 years of selling their current home. Filing taxes self employed In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. Filing taxes self employed A change in place of employment. Filing taxes self employed Health. Filing taxes self employed Unforeseen circumstances. Filing taxes self employed Unforeseen circumstances. Filing taxes self employed   The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying your main home. Filing taxes self employed   See Publication 523 for more information and to use Worksheet 3 to figure your reduced maximum exclusion. Filing taxes self employed Business Use or Rental of Home You may be able to exclude gain from the sale of a home you have used for business or to produce rental income. Filing taxes self employed But you must meet the ownership and use tests. Filing taxes self employed Periods of nonqualified use. Filing taxes self employed   In most cases, gain from the sale or exchange of your main home will not qualify for the exclusion to the extent that the gains are allocated to periods of nonqualified use. Filing taxes self employed Nonqualified use is any period after 2008 during which neither you nor your spouse (or your former spouse) used the property as a main home with the following exceptions. Filing taxes self employed Exceptions. Filing taxes self employed   A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty: As a member of the uniformed services; As a member of the Foreign Service of the United States; or As an employee of the intelligence community; and Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS. Filing taxes self employed The gain resulting from the sale of the property is allocated between qualified and nonqualified use periods based on the amount of time the property was held for qualified and nonqualified use. Filing taxes self employed Gain from the sale or exchange of a main home allocable to periods of qualified use will continue to qualify for the exclusion for the sale of your main home. Filing taxes self employed Gain from the sale or exchange of property allocable to nonqualified use will not qualify for the exclusion. Filing taxes self employed Calculation. Filing taxes self employed   To figure the portion of the gain allocated to the period of nonqualified use, multiply the gain by the following fraction:   Total nonqualified use during the period of ownership after 2008      Total period of ownership     This calculation can be found in Worksheet 2, line 10, in Publication 523. Filing taxes self employed Example 1. Filing taxes self employed On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. Filing taxes self employed She moved in on that date and lived in it until May 31, 2009, when she moved out of the house and put it up for rent. Filing taxes self employed The house was rented from June 1, 2009, to March 31, 2011. Filing taxes self employed Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. Filing taxes self employed Amy moved back into the house on April 1, 2011, and lived there until she sold it on January 31, 2013, for a gain of $200,000. Filing taxes self employed During the 5-year period ending on the date of the sale (January 31, 2008-January 31, 2013), Amy owned and lived in the house for more than 2 years as shown in the following table. Filing taxes self employed Five Year Period Used as  Home Used as  Rental 1/31/08 – 5/31/09 16 months       6/1/09 – 3/31/11   22 months 4/1/11 – 1/31/13 22 months         38 months 22 months During the period Amy owned the house (2,080 days), her period of nonqualified use was 668 days. Filing taxes self employed Amy divides 668 by 2,080 and obtains a decimal (rounded to at least three decimal places) of 0. Filing taxes self employed 321. Filing taxes self employed To figure her gain attributable to the period of nonqualified use, she multiplies $190,000 (the gain not attributable to the $10,000 depreciation deduction) by 0. Filing taxes self employed 321. Filing taxes self employed Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain. Filing taxes self employed Example 2. Filing taxes self employed William owned and used a house as his main home from 2007 through 2010. Filing taxes self employed On January 1, 2011, he moved to another state. Filing taxes self employed He rented his house from that date until April 30, 2013, when he sold it. Filing taxes self employed During the 5-year period ending on the date of sale (May 1, 2008-April 30, 2013), William owned and lived in the house for more than 2 years. Filing taxes self employed He must report the sale on Form 4797 because it was rental property at the time of sale. Filing taxes self employed Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. Filing taxes self employed Because he met the ownership and use tests, he can exclude gain up to $250,000. Filing taxes self employed However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next. Filing taxes self employed Depreciation after May 6, 1997. Filing taxes self employed   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. Filing taxes self employed If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed. Filing taxes self employed See Publication 544 for more information. Filing taxes self employed Property used partly for business or rental. Filing taxes self employed   If you used property partly as a home and partly for business or to produce rental income, see Publication 523. Filing taxes self employed Reporting the Sale Do not report the 2013 sale of your main home on your tax return unless: You have a gain and do not qualify to exclude all of it, You have a gain and choose not to exclude it, or You received Form 1099-S. Filing taxes self employed If any of these conditions apply, report the entire gain or loss. Filing taxes self employed For details on how to report the gain or loss, see the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949. Filing taxes self employed If you used the home for business or to produce rental income, you may have to use Form 4797 to report the sale of the business or rental part (or the sale of the entire property if used entirely for business or rental). Filing taxes self employed See Business Use or Rental of Home in Publication 523 and the Instructions for Form 4797. Filing taxes self employed Installment sale. Filing taxes self employed    Some sales are made under arrangements that provide for part or all of the selling price to be paid in a later year. Filing taxes self employed These sales are called “installment sales. Filing taxes self employed ” If you finance the buyer's purchase of your home yourself instead of having the buyer get a loan or mortgage from a bank, you probably have an installment sale. Filing taxes self employed You may be able to report the part of the gain you cannot exclude on the installment basis. Filing taxes self employed    Use Form 6252, Installment Sale Income, to report the sale. Filing taxes self employed Enter your exclusion on line 15 of Form 6252. Filing taxes self employed Seller-financed mortgage. Filing taxes self employed   If you sell your home and hold a note, mortgage, or other financial agreement, the payments you receive in most cases consist of both interest and principal. Filing taxes self employed You must separately report as interest income the interest you receive as part of each payment. Filing taxes self employed If the buyer of your home uses the property as a main or second home, you must also report the name, address, and social security number (SSN) of the buyer on line 1 of Schedule B (Form 1040A or 1040). Filing taxes self employed The buyer must give you his or her SSN, and you must give the buyer your SSN. Filing taxes self employed Failure to meet these requirements may result in a $50 penalty for each failure. Filing taxes self employed If either you or the buyer does not have and is not eligible to get an SSN, see Social Security Number in chapter 1. Filing taxes self employed More information. Filing taxes self employed   For more information on installment sales, see Publication 537, Installment Sales. Filing taxes self employed Special Situations The situations that follow may affect your exclusion. Filing taxes self employed Sale of home acquired in a like-kind exchange. Filing taxes self employed   You cannot claim the exclusion if: You acquired your home in a like-kind exchange (also known as a section 1031 exchange), or your basis in your home is determined by reference to the basis of the home in the hands of the person who acquired the property in a like-kind exchange (for example, you received the home from that person as a gift), and You sold the home during the 5-year period beginning with the date your home was acquired in the like-kind exchange. Filing taxes self employed Gain from a like-kind exchange is not taxable at the time of the exchange. Filing taxes self employed This means that gain will not be taxed until you sell or otherwise dispose of the property you receive. Filing taxes self employed To defer gain from a like-kind exchange, you must have exchanged business or investment property for business or investment property of a like kind. Filing taxes self employed For more information about like-kind exchanges, see Publication 544, Sales and Other Dispositions of Assets. Filing taxes self employed Home relinquished in a like-kind exchange. Filing taxes self employed   If you use your main home partly for business or rental purposes and then exchange the home for another property, see Publication 523. Filing taxes self employed Expatriates. Filing taxes self employed   You cannot claim the exclusion if the expatriation tax applies to you. Filing taxes self employed The expatriation tax applies to certain U. Filing taxes self employed S. Filing taxes self employed citizens who have renounced their citizenship (and to certain long-term residents who have ended their residency). Filing taxes self employed For more information about the expatriation tax, see Expatriation Tax in chapter 4 of Publication 519, U. Filing taxes self employed S. Filing taxes self employed Tax Guide for Aliens. Filing taxes self employed Home destroyed or condemned. Filing taxes self employed   If your home was destroyed or condemned, any gain (for example, because of insurance proceeds you received) qualifies for the exclusion. Filing taxes self employed   Any part of the gain that cannot be excluded (because it is more than the maximum exclusion) can be postponed under the rules explained in: Publication 547, in the case of a home that was destroyed, or Publication 544, chapter 1, in the case of a home that was condemned. Filing taxes self employed Sale of remainder interest. Filing taxes self employed   Subject to the other rules in this chapter, you can choose to exclude gain from the sale of a remainder interest in your home. Filing taxes self employed If you make this choice, you cannot choose to exclude gain from your sale of any other interest in the home that you sell separately. Filing taxes self employed Exception for sales to related persons. Filing taxes self employed   You cannot exclude gain from the sale of a remainder interest in your home to a related person. Filing taxes self employed Related persons include your brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Filing taxes self employed ), and lineal descendants (children, grandchildren, etc. Filing taxes self employed ). Filing taxes self employed Related persons also include certain corporations, partnerships, trusts, and exempt organizations. Filing taxes self employed Recapturing (Paying Back) a Federal Mortgage Subsidy If you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. Filing taxes self employed You recapture the benefit by increasing your federal income tax for the year of the sale. Filing taxes self employed You may have to pay this recapture tax even if you can exclude your gain from income under the rules discussed earlier; that exclusion does not affect the recapture tax. Filing taxes self employed Loans subject to recapture rules. Filing taxes self employed   The recapture applies to loans that: Came from the proceeds of qualified mortgage bonds, or Were based on mortgage credit certificates. Filing taxes self employed The recapture also applies to assumptions of these loans. Filing taxes self employed When recapture applies. Filing taxes self employed   Recapture of the federal mortgage subsidy applies only if you meet both of the following conditions. Filing taxes self employed You sell or otherwise dispose of your home at a gain within the first 9 years after the date you close your mortgage loan. Filing taxes self employed Your income for the year of disposition is more than that year's adjusted qualifying income for your family size for that year (related to the income requirements a person must meet to qualify for the federally subsidized program). Filing taxes self employed When recapture does not apply. Filing taxes self employed   Recapture does not apply in any of the following situations. Filing taxes self employed Your mortgage loan was a qualified home improvement loan (QHIL) of not more than $15,000 used for alterations, repairs, and improvements that protect or improve the basic livability or energy efficiency of your home. Filing taxes self employed Your mortgage loan was a QHIL of not more than $150,000 in the case of a QHIL used to repair damage from Hurricane Katrina to homes in the hurricane disaster area; a QHIL funded by a qualified mortgage bond that is a qualified Gulf Opportunity Zone Bond; or a QHIL for an owner-occupied home in the Gulf Opportunity Zone (GO Zone), Rita GO Zone, or Wilma GO Zone. Filing taxes self employed For more information, see Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. Filing taxes self employed Also see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. Filing taxes self employed The home is disposed of as a result of your death. Filing taxes self employed You dispose of the home more than 9 years after the date you closed your mortgage loan. Filing taxes self employed You transfer the home to your spouse, or to your former spouse incident to a divorce, where no gain is included in your income. Filing taxes self employed You dispose of the home at a loss. Filing taxes self employed Your home is destroyed by a casualty, and you replace it on its original site within 2 years after the end of the tax year when the destruction happened. Filing taxes self employed The replacement period is extended for main homes destroyed in a federally declared disaster area, a Midwestern disaster area, the Kansas disaster area, and the Hurricane Katrina disaster area. Filing taxes self employed For more information, see Replacement Period in Publication 547. Filing taxes self employed You refinance your mortgage loan (unless you later meet the conditions listed previously under When recapture applies ). Filing taxes self employed Notice of amounts. Filing taxes self employed   At or near the time of settlement of your mortgage loan, you should receive a notice that provides the federally subsidized amount and other information you will need to figure your recapture tax. Filing taxes self employed How to figure and report the recapture. Filing taxes self employed    The recapture tax is figured on Form 8828. Filing taxes self employed If you sell your home and your mortgage is subject to recapture rules, you must file Form 8828 even if you do not owe a recapture tax. Filing taxes self employed Attach Form 8828 to your Form 1040. Filing taxes self employed For more information, see Form 8828 and its instructions. Filing taxes self employed Prev  Up  Next   Home   More Online Publications
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Understanding your CP16 Notice

We sent you this notice to tell you about changes we made to your return that affect your refund. We made these changes because we believe there was a miscalculation. Our records show you owe other tax debts and we applied all or part of your refund to them.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Read your notice carefully — it will explain the changes we made to your tax return.
  • Correct the copy of your tax return that you kept for your records.
  • Contact us within 60 days of the date of your notice if you disagree with the changes we made.

You may want to...


Answers to Common Questions

How can I find out what caused my tax return to change?
Please contact us at the number listed on your notice for specific information concerning your tax return.

What should I do if I disagree with the changes you made?
If you disagree, contact us at the toll free number listed on the top right corner of your notice.

If you contact us in writing within 60 days of the date of this notice, we'll reverse the change we made to your account. However, if you're unable to provide us additional information that justifies the reversal and we believe the reversal is in error, we'll forward your case for audit your case. This step gives you formal appeal rights, including the right to appeal our decision in court before you have to pay the additional tax. After we forward your case, the audit staff will contact you within five to six weeks to fully explain the audit process and your rights. If you don't contact us within the 60 day period, you'll lose your right to appeal our decision before paying the tax.

If you don't contact us within 60 days, the change won't be reversed and you must pay the additional tax. You may then file a claim for refund. You must submit the claim within three years of the date you filed the tax return, or within two years of the date of your last payment for this tax.

What if I disagree with the debt my refund was applied to?
You will need to contact us using the number provided on your notice to discuss your account information.

How can I find out if I am an injured spouse?
Review Form 8379, Injured Spouse Allocation and its instructions.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

If you have any dependent children, remember to claim the Additional Child Tax Credit the next time you file your income tax return. Complete and attach a Form 1040 Schedule 8812, Child Tax Credit to your return to claim this credit.

Page Last Reviewed or Updated: 20-Feb-2014

The Filing Taxes Self Employed

Filing taxes self employed Index A Adjusted basis, Adjusted Basis Assessments For local benefits, Assessments for local benefits. Filing taxes self employed Homeowners association, Homeowners association assessments. Filing taxes self employed Assistance (see Tax help) B Basis, Basis C Certificate, mortgage credit, Who qualifies. Filing taxes self employed Construction, Construction. Filing taxes self employed Cooperatives, Special Rules for Cooperatives, Cooperative apartment. Filing taxes self employed Cost basis, Cost as Basis Credit Mortgage interest, Mortgage Interest Credit D Deduction Home mortgage interest, Deductible Mortgage Interest Real estate taxes, Deductible Real Estate Taxes E Emergency Homeowners' Loan Program, Hardest Hit Fund and Emergency Homeowners' Loan Programs Escrow accounts, Escrow accounts. Filing taxes self employed F Fire insurance premiums, Items not added to basis and not deductible. Filing taxes self employed Form 1098, Mortgage Interest Statement 8396, How to claim the credit. Filing taxes self employed , Figuring the Credit Free tax services, Free help with your tax return. Filing taxes self employed G Gift of home, Gift Ground rent, Ground rent. Filing taxes self employed H Help (see Tax help) HFA Hardest Hit Fund, Hardest Hit Fund and Emergency Homeowners' Loan Programs Home Acquisition debt, Home Acquisition Debt Inherited, Inheritance Mortgage interest, Home Mortgage Interest Purchase of, Purchase. Filing taxes self employed Received as gift, Gift Homeowners association assessments, Homeowners association assessments. Filing taxes self employed House payment, Your house payment. Filing taxes self employed Housing allowance, minister or military, Minister's or military housing allowance. Filing taxes self employed I Improvements, Improvements. Filing taxes self employed Inheritance, Inheritance Insurance, Nondeductible payments. Filing taxes self employed , Items not added to basis and not deductible. Filing taxes self employed Interest Home mortgage, Home Mortgage Interest Prepaid, Prepaid interest. Filing taxes self employed K Keeping records, Keeping Records L Late payment charge, Late payment charge on mortgage payment. Filing taxes self employed Local benefits, assessments for, Assessments for local benefits. Filing taxes self employed M MCC (Mortgage credit certificate), Who qualifies. Filing taxes self employed Minister's or military housing allowance, Minister's or military housing allowance. Filing taxes self employed Mortgage credit certificate (MCC), Who qualifies. Filing taxes self employed Mortgage debt forgiveness, Discharges of qualified principal residence indebtedness. Filing taxes self employed Mortgage insurance premiums, Mortgage Insurance Premiums Mortgage interest Credit, Mortgage Interest Credit Deduction, Deductible Mortgage Interest Late payment charge, Late payment charge on mortgage payment. Filing taxes self employed Paid at settlement, Mortgage Interest Paid at Settlement Refund, Refund of home mortgage interest. Filing taxes self employed , Refund of overpaid interest. Filing taxes self employed Statement, Mortgage Interest Statement Mortgage prepayment penalty, Mortgage prepayment penalty. Filing taxes self employed N Nondeductible payments, Nondeductible payments. Filing taxes self employed , Items not added to basis and not deductible. Filing taxes self employed P Points, Points Prepaid interest, Prepaid interest. Filing taxes self employed Publications (see Tax help) R Real estate taxes, Real Estate Taxes Deductible, Deductible Real Estate Taxes Paid at settlement or closing, Real estate taxes paid at settlement or closing. Filing taxes self employed , Real estate taxes. Filing taxes self employed Refund or rebate, Refund or rebate of real estate taxes. Filing taxes self employed Recordkeeping, Keeping Records Refund of Mortgage interest, Refund of home mortgage interest. Filing taxes self employed , Refund of overpaid interest. Filing taxes self employed Real estate taxes, Refund or rebate of real estate taxes. Filing taxes self employed Repairs, Repairs versus improvements. Filing taxes self employed S Sales taxes, Sales Taxes Settlement or closing costs Basis of home, Settlement or closing costs. Filing taxes self employed Mortgage interest, Mortgage Interest Paid at Settlement Real estate taxes, Real estate taxes paid at settlement or closing. Filing taxes self employed , Real estate taxes. Filing taxes self employed Stamp taxes, Transfer taxes (or stamp taxes). Filing taxes self employed Statement, mortgage interest, Mortgage Interest Statement T Tax help, How To Get Tax Help Taxes Real estate, Real Estate Taxes, Refund of real estate taxes. Filing taxes self employed Transfer taxes, Transfer taxes (or stamp taxes). Filing taxes self employed W What you can and cannot deduct, What You Can and Cannot Deduct Prev  Up     Home   More Online Publications