File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

Form 1040x More:label_form_201040x More:taxes

Free Online Tax Software 20101040x For DummiesFree State Tax File OnlineIrs Vita Sites1040 Easy Form1040ez Form 2013 Pdf1080 Ez FormFree Federal State Tax Filing2012 Ez Tax FormFree State FilingFiling Income Tax ReturnIrs.gov/1040xIrs E File 2011Irs 1040x Amended ReturnVa Form 10 10ezFree Tax Filing OnlineIrs 1040ez FormsH&r Block 2011 TaxesE File State Income TaxFederal Income Tax Forms 1040ez2012 Amended Tax ReturnTax Act Online FreeFree Tax FilingState 1040ez Tax FormAmend My Taxes OnlineIncome Tax Return2012 Tax Returns2011 Federal 1040ez FormFile My 2011 Taxes Online FreeFree Tax Filing For Low IncomeFile Taxes For 2010 Online FreeE File State Taxes Only FreeFree Tax Return OnlineForm 1040 XFree State And Federal Tax EfileAmend 2013 Tax ReturnFree Online Tax Filing State And FederalHow Long Does An Amended Tax Return TakeEfile 1040nr1040

Form 1040x More:label_form_201040x More:taxes

Form 1040x more:label_form_201040x more:taxes 7. Form 1040x more:label_form_201040x more:taxes   Ingresos de Intereses Table of Contents Recordatorio Introduction Useful Items - You may want to see: Información General SSN para una cuenta conjunta. Form 1040x more:label_form_201040x more:taxes Cuenta de custodia para su hijo. Form 1040x more:label_form_201040x more:taxes Multa por no facilitar un SSN. Form 1040x more:label_form_201040x more:taxes Cómo se declara la retención adicional. Form 1040x more:label_form_201040x more:taxes Cuenta de ahorros con uno de los padres como fideicomisario. Form 1040x more:label_form_201040x more:taxes Intereses que no se declaran en el Formulario 1099-INT. Form 1040x more:label_form_201040x more:taxes Nominatarios. Form 1040x more:label_form_201040x more:taxes Cantidad incorrecta. Form 1040x more:label_form_201040x more:taxes Requisito de declarar ciertos datos. Form 1040x more:label_form_201040x more:taxes Intereses Sujetos a ImpuestosIntereses sujetos a la multa por retiro prematuro de fondos. Form 1040x more:label_form_201040x more:taxes Préstamo para invertir en un certificado de depósito. Form 1040x more:label_form_201040x more:taxes Bonos de Ahorro de los Estados Unidos Programa de Bonos de Ahorro para Estudios Letras, Pagarés y Bonos del Tesoro de los Estados Unidos Bonos que se Venden Entre las Fechas de Pago de los Intereses Seguros Obligaciones del Gobierno Estatal o Local Descuento de la Emisión Original (OID) Cuándo Se Deben Declarar los Ingresos de InteresesRecibo implícito. Form 1040x more:label_form_201040x more:taxes Cómo se Declaran los Ingresos de InteresesAnexo B (Formulario 1040A o Formulario 1040). Form 1040x more:label_form_201040x more:taxes Cómo declarar los intereses exentos de impuesto. Form 1040x more:label_form_201040x more:taxes Intereses de bonos de ahorro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes declarados anteriormente. Form 1040x more:label_form_201040x more:taxes Recordatorio Ingresos de fuentes en el extranjero. Form 1040x more:label_form_201040x more:taxes  Si es ciudadano estadounidense y recibió ingresos de intereses desde fuentes que se encuentran fuera de los Estados Unidos (ingresos de origen extranjero), tiene que declarar esos ingresos en su declaración de impuestos a no ser que los mismos estén exentos de impuestos de acuerdo con la ley de los Estados Unidos. Form 1040x more:label_form_201040x more:taxes Esto es aplicable aun cuando resida dentro o fuera de los Estados Unidos o no haya recibido un Formulario 1099 de un pagador en el extranjero. Form 1040x more:label_form_201040x more:taxes Introduction Este capítulo trata de los siguientes temas: Las diferentes clases de ingresos de intereses. Form 1040x more:label_form_201040x more:taxes Qué intereses están sujetos a impuestos y qué intereses no están sujetos a impuestos. Form 1040x more:label_form_201040x more:taxes Cuándo se deben declarar los ingresos por concepto de intereses y Cómo se declaran los ingresos de intereses en su declaración de impuestos. Form 1040x more:label_form_201040x more:taxes Por regla general, los intereses que usted reciba o que se abonen a su cuenta y puedan ser retirados constituyen ingreso tributable. Form 1040x more:label_form_201040x more:taxes Las excepciones a esta regla se explican más adelante en este capítulo. Form 1040x more:label_form_201040x more:taxes Puede deducir los gastos en los que haya incurrido al producir esos ingresos en el Anexo A del Formulario 1040 si detalla las deducciones. Form 1040x more:label_form_201040x more:taxes Vea Préstamo para invertir en un certificado de depósito , más adelante, y el capítulo 28 . Form 1040x more:label_form_201040x more:taxes Useful Items - You may want to see: Publicación 537 Installment Sales (Ventas a plazos), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversiones), en inglés 1212 Guide to Original Issue Discount (OID) Instruments (Guía para documentos relacionados con la emisión original de descuento (OID, por sus siglas en inglés)), en inglés Formulario (e Instrucciones) Anexo B (Formulario 1040A o 1040) Interest and Ordinary Dividends (Intereses y dividendos ordinarios), en inglés 8815 Exclusion of Interest From Series EE and I U. Form 1040x more:label_form_201040x more:taxes S. Form 1040x more:label_form_201040x more:taxes Savings Bonds Issued After 1989 (Exclusión de los intereses provenientes de bonos de ahorros estadounidenses calificados de las Series EE e I emitidos después de 1989), en inglés 8818 Optional Form To Record Redemption of Series EE and I U. Form 1040x more:label_form_201040x more:taxes S. Form 1040x more:label_form_201040x more:taxes Savings Bonds Issued After 1989 (Formulario opcional para documentar el rescate de bonos de ahorros de las Series EE e I emitidos después de 1989), en inglés Información General A continuación, se tratan algunos temas de interés general: Documentación. Form 1040x more:label_form_201040x more:taxes Debe guardar una lista en la que se indiquen la fuente y cantidades de intereses recibidos durante el año. Form 1040x more:label_form_201040x more:taxes Guarde también los documentos que reciba en los cuales aparezcan sus ingresos de intereses (por ejemplo, los Formularios 1099-INT) como una parte importante de sus archivos. Form 1040x more:label_form_201040x more:taxes Impuestos sobre ingresos no derivados del trabajo de determinados hijos. Form 1040x more:label_form_201040x more:taxes   Una parte de los ingresos no derivados del trabajo que haya recibido un hijo en el año 2013 podría estar sujeta a la misma tasa impositiva que la de sus padres. Form 1040x more:label_form_201040x more:taxes En ese caso, tiene que completar el Formulario 8615, Tax for Certain Children Who Have Unearned Income (Impuesto para determinados hijos con ingresos no derivados del trabajo), en inglés, y adjuntarlo a la declaración de impuestos del menor en cuestión. Form 1040x more:label_form_201040x more:taxes Si no le corresponde, no se requiere el Formulario 8615 y los ingresos del menor están sujetos a la tasa impositiva que le corresponde. Form 1040x more:label_form_201040x more:taxes   Ciertos padres determinados pueden optar por incluir los intereses y dividendos del menor en su declaración de impuestos si se satisfacen ciertos requisitos. Form 1040x more:label_form_201040x more:taxes Si usted es uno de dichos padres, utilice el Formulario 8814, Parents' Election To Report Child's Interest and Dividends (Elección del padre o de la madre de declarar los intereses y dividendos del hijo), en inglés, para tal propósito. Form 1040x more:label_form_201040x more:taxes   Para más información acerca del impuesto sobre los ingresos no derivados del trabajo de hijos menores y la elección de los padres, vea el capítulo 31. Form 1040x more:label_form_201040x more:taxes Beneficiario de un caudal hereditario o fideicomiso. Form 1040x more:label_form_201040x more:taxes   Los ingresos por concepto de intereses que recibe como beneficiario de un caudal hereditario o fideicomiso suelen considerarse ingreso tributable. Form 1040x more:label_form_201040x more:taxes Usted debería recibir del fiduciario un Anexo K-1 (Formulario 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Form 1040x more:label_form_201040x more:taxes (Participación en los ingresos, deducciones, créditos, etc. Form 1040x more:label_form_201040x more:taxes , correspondiente al beneficiario), en inglés. Form 1040x more:label_form_201040x more:taxes La copia Anexo K-1 (Formulario 1041), en inglés, y las instrucciones afines le informarán en dónde se deben anotar los ingresos en el Formulario 1040. Form 1040x more:label_form_201040x more:taxes Número de Seguro Social. Form 1040x more:label_form_201040x more:taxes   Tiene que facilitar su nombre y número de Seguro Social (SSN, por sus siglas en inglés) o número de identificación personal del contribuyente del Servicio de Impuestos Internos (ITIN, por sus siglas en inglés) a todo individuo que esté obligado por las leyes federales de impuestos a hacer una declaración, informe u otro documento pertinente a su caso. Form 1040x more:label_form_201040x more:taxes Esto incluye a quienes pagan intereses. Form 1040x more:label_form_201040x more:taxes Si no le provee su SSN o ITIN al pagador de los intereses, quizás tendría que pagar una multa. Form 1040x more:label_form_201040x more:taxes SSN para una cuenta conjunta. Form 1040x more:label_form_201040x more:taxes   Si los fondos de una cuenta conjunta pertenecen a un solo individuo, anote primero el nombre de tal individuo en la cuenta y déle al pagador el SSN de esa persona. Form 1040x more:label_form_201040x more:taxes (Para información sobre quién tiene posesión legal de los fondos en una cuenta conjunta, vea Cuentas conjuntas , más adelante). Form 1040x more:label_form_201040x more:taxes Si la cuenta conjunta tiene fondos mixtos, anote el SSN del individuo cuyo nombre aparece primero en la cuenta. Form 1040x more:label_form_201040x more:taxes Esto es así ya que sólo un nombre y un SSN se pueden mostrar en el Formulario 1099. Form 1040x more:label_form_201040x more:taxes   Estas reglas corresponden a la posesión conjunta de una cuenta de un matrimonio y a la posesión conjunta de la cuenta por otros individuos. Form 1040x more:label_form_201040x more:taxes Por ejemplo, si abre una cuenta conjunta de ahorros con su hijo, utilizando fondos que pertenezcan únicamente al hijo, anote primero el nombre de éste en la cuenta y provea el SSN del hijo. Form 1040x more:label_form_201040x more:taxes Cuenta de custodia para su hijo. Form 1040x more:label_form_201040x more:taxes   Si su hijo es el dueño legal de una cuenta que se ha registrado en nombre de usted como custodio del hijo o de la hija, déle al pagador el SSN de su hijo. Form 1040x more:label_form_201040x more:taxes Por ejemplo, usted tiene que proveer el SSN de su hijo a quien paga los intereses de la cuenta de su hijo, aun cuando se le paguen los intereses a usted como custodio. Form 1040x more:label_form_201040x more:taxes Multa por no facilitar un SSN. Form 1040x more:label_form_201040x more:taxes   Si no le da su SSN a quien paga los intereses, quizás tenga que pagar una multa. Form 1040x more:label_form_201040x more:taxes Vea Incumplimiento de la entrega del número de Seguro Social , bajo Multas, en el capítulo 1 de esta publicación. Form 1040x more:label_form_201040x more:taxes La retención adicional (backup withholding) también puede corresponder en este caso. Form 1040x more:label_form_201040x more:taxes Retención adicional de impuestos. Form 1040x more:label_form_201040x more:taxes   Por regla general, los ingresos de intereses no están sujetos a la retención normal del impuesto. Form 1040x more:label_form_201040x more:taxes No obstante, pueden estar sujetos a la retención adicional (backup withholding) para asegurar que se le retenga impuesto sobre ese ingreso. Form 1040x more:label_form_201040x more:taxes Según la regla de la retención adicional, el pagador de los intereses tiene que retener un porcentaje conforme a la tasa apropiada de retención, de la cantidad del ingreso que le paga como impuesto sobre los ingresos. Form 1040x more:label_form_201040x more:taxes   También se le puede requerir una retención adicional de impuestos si el Servicio de Impuestos Internos (IRS, por sus siglas en inglés) ha determinado que usted declaró una cantidad inferior de ingresos de intereses o dividendos de lo que en verdad recibió. Form 1040x more:label_form_201040x more:taxes Para más información, vea Retención Adicional , en el capítulo 4. Form 1040x more:label_form_201040x more:taxes Cómo se declara la retención adicional. Form 1040x more:label_form_201040x more:taxes   Si se le deduce retención adicional de impuestos de sus ingresos de intereses, el pagador de los ingresos tiene que enviarle un Formulario 1099-INT para el año, el cual mostrará la cantidad adicional retenida. Form 1040x more:label_form_201040x more:taxes El Formulario 1099-INT indicará toda retención adicional como “ Federal income tax withheld (Impuesto federal sobre los ingresos retenido)”. Form 1040x more:label_form_201040x more:taxes Cuentas conjuntas. Form 1040x more:label_form_201040x more:taxes   Si dos o más individuos tienen bienes (por ejemplo, una cuenta de ahorros o bono de propiedad) en tenencia conjunta (joint tenants) o de propiedad de tenencia conyugal (tenants by the entirety) o de tenencia común (tenants in common), la participación de cada individuo en la propiedad o bien en cuestión se determinará según las leyes locales. Form 1040x more:label_form_201040x more:taxes Ingresos derivados de propiedad regalada a un hijo. Form 1040x more:label_form_201040x more:taxes   Toda propiedad que usted haya regalado a su hijo bajo la Model Gifts of Securities to Minors Act (Ley modelo de regalos de valores bursátiles a hijos menores), la Uniform Gifts to Minors Act (Ley uniforme de regalos a hijos menores) o bajo ley semejante alguna, se considera propiedad que pertenece al hijo. Form 1040x more:label_form_201040x more:taxes   Los ingresos derivados de la propiedad son tributables al hijo, a menos que alguna parte de los ingresos se utilice para satisfacer una obligación o deuda legal de manutención del hijo de uno de los padres o tutor, el cual tiene la responsabilidad de incluir dichos ingresos y pagar impuestos. Form 1040x more:label_form_201040x more:taxes Cuenta de ahorros con uno de los padres como fideicomisario. Form 1040x more:label_form_201040x more:taxes   Los ingresos de intereses de una cuenta de ahorros establecida para un hijo menor que se haya puesto a nombre de los padres y esté sujeta al control de éstos como fideicomisarios, es tributable con respecto al hijo si, de acuerdo con la ley del estado en el cual vive el hijo, corresponden las dos condiciones siguientes: La cuenta de ahorros pertenece legalmente al hijo. Form 1040x more:label_form_201040x more:taxes Los padres no tienen autorización legal para utilizar porción alguna de los fondos para costear los gastos de manutención del hijo. Form 1040x more:label_form_201040x more:taxes Formulario 1099-INT. Form 1040x more:label_form_201040x more:taxes   Por lo general, los bancos, asociaciones de ahorro y préstamo y otros pagadores de intereses le declaran todo ingreso de intereses en un Formulario 1099-INT, en inglés, o en un documento similar. Form 1040x more:label_form_201040x more:taxes En este formulario se indicará la cantidad de intereses que recibió durante el año. Form 1040x more:label_form_201040x more:taxes Guarde este formulario con su documentación. Form 1040x more:label_form_201040x more:taxes No tiene que adjuntarlo a su declaración de impuestos. Form 1040x more:label_form_201040x more:taxes   Incluya en su declaración de impuestos el total de los ingresos de intereses que reciba correspondiente al año tributario. Form 1040x more:label_form_201040x more:taxes Intereses que no se declaran en el Formulario 1099-INT. Form 1040x more:label_form_201040x more:taxes   Aun cuando no reciba un Formulario 1099-INT, igual tiene que declarar todos sus ingresos de intereses recibidos. Form 1040x more:label_form_201040x more:taxes Por ejemplo, puede que reciba acciones distribuidas en forma de intereses de sociedades colectivas o de sociedades anónimas de tipo S. Form 1040x more:label_form_201040x more:taxes Se declararán estos intereses en su Anexo K-1 (Formulario 1065), Partner's Share of Income, Deductions, Credits, etc. Form 1040x more:label_form_201040x more:taxes (Parte de los ingresos, deducciones, créditos, etc. Form 1040x more:label_form_201040x more:taxes , correspondiente al socio), en inglés, o en el Anexo K-1 (Formulario 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Form 1040x more:label_form_201040x more:taxes (Parte de los ingresos, deducciones, créditos, etc. Form 1040x more:label_form_201040x more:taxes , correspondiente al accionista), en inglés. Form 1040x more:label_form_201040x more:taxes Nominatarios. Form 1040x more:label_form_201040x more:taxes   Por regla general, si un individuo recibe intereses en nombre suyo (o sea, como nominatario), esa persona le tiene que proveer un Formulario 1099-INT con la cantidad de intereses que recibió por usted. Form 1040x more:label_form_201040x more:taxes   Si recibe un Formulario 1099-INT en el cual se incluyen cantidades que pertenecen a otro individuo, vea la explicación acerca de distribuciones que reciben los nominatarios en la sección How To Report Interest Income (Cómo se declaran los ingresos de intereses) en el capítulo 1 de la Publicación 550, en inglés. Form 1040x more:label_form_201040x more:taxes También puede conseguir información sobre este tema en las instrucciones para el Anexo B (Formulario 1040A o 1040), en inglés. Form 1040x more:label_form_201040x more:taxes Cantidad incorrecta. Form 1040x more:label_form_201040x more:taxes   Si recibe un Formulario 1099-INT que indique una cantidad incorrecta (u otra información equivocada), debe pedirle al emisor un formulario corregido que contenga la información correcta. Form 1040x more:label_form_201040x more:taxes El nuevo Formulario 1099-INT que reciba se marcará con la palabra “Corrected” (Corregido). Form 1040x more:label_form_201040x more:taxes Formulario 1099-OID. Form 1040x more:label_form_201040x more:taxes   El ingreso de intereses que se tiene que declarar también puede aparecer en el Formulario 1099-OID, Original Issue Discount (Descuento de la emisión original), en inglés. Form 1040x more:label_form_201040x more:taxes Para más información sobre las cantidades que aparecen en este formulario, vea Descuento de la Emisión Original (OID) , más adelante en este capítulo. Form 1040x more:label_form_201040x more:taxes Dividendos con intereses exentos. Form 1040x more:label_form_201040x more:taxes   Los dividendos que produzcan intereses exentos que usted reciba de un fondo mutuo u otra sociedad inversionista reglamentada, incluyendo aquellos dividendos recibidos de un fondo calificado de fondos en cualquier año tributario que comience después del 22 de diciembre de 2010, no se incluyen en su ingreso tributable. Form 1040x more:label_form_201040x more:taxes (No obstante, vea Requisito de declarar ciertos datos , en el próximo párrafo). Form 1040x more:label_form_201040x more:taxes Los dividendos con intereses exentos deben aparecer en el recuadro 10 del Formulario 1099-DIV. Form 1040x more:label_form_201040x more:taxes En el caso de distribuciones que sean dividendos con intereses exentos, usted no reduce su base. Form 1040x more:label_form_201040x more:taxes Requisito de declarar ciertos datos. Form 1040x more:label_form_201040x more:taxes   Aunque los dividendos con intereses exentos no están sujetos a impuestos, tiene que declararlos en su declaración de impuestos si se ve obligado a presentar la declaración. Form 1040x more:label_form_201040x more:taxes No es nada más que un requisito de declarar ciertos datos en su declaración y no convertirá los dividendos con intereses exentos en ingreso tributable. Form 1040x more:label_form_201040x more:taxes Nota: Los dividendos que produzcan intereses exentos y que se hayan pagado con bonos de actividad privada especificados, podrían estar sujetos al impuesto mínimo alternativo. Form 1040x more:label_form_201040x more:taxes Vea el tema titulado Impuesto Mínimo Alternativo (AMT) en el capítulo 30 para más información. Form 1040x more:label_form_201040x more:taxes El capítulo 1 de la Publicación 550, en inglés, contiene una explicación sobre los bonos de actividad particular bajo la sección titulada State or Local Government Obligations (Obligaciones de los gobiernos estatales o locales). Form 1040x more:label_form_201040x more:taxes Intereses de dividendos del Departamento de Asuntos de Veteranos (VA dividends). Form 1040x more:label_form_201040x more:taxes   Los intereses de dividendos de seguros que usted deje en depósito en el Departamento de Asuntos de Veteranos (VA, por sus siglas en inglés) no están sujetos a impuestos. Form 1040x more:label_form_201040x more:taxes En éstos se incluyen los intereses pagados sobre dividendos de las pólizas convertidas de United States Government Life Insurance (Seguros de Vida del Gobierno de los Estados Unidos) y National Service Life Insurance (Seguros de Vida del Servicio Nacional). Form 1040x more:label_form_201040x more:taxes Arreglos de ahorros para la jubilación (IRA, por sus siglas en inglés). Form 1040x more:label_form_201040x more:taxes   Los intereses procedentes de un arreglo Roth IRA no suelen ser tributables. Form 1040x more:label_form_201040x more:taxes Los intereses de un arreglo IRA tradicional son diferidos de tributación. Form 1040x more:label_form_201040x more:taxes Por lo general, no debe incluir esos intereses en sus ingresos hasta que empiece a retirar los fondos de su arreglo IRA. Form 1040x more:label_form_201040x more:taxes Vea el capítulo 17 para más información. Form 1040x more:label_form_201040x more:taxes Intereses Sujetos a Impuestos En los intereses tributables se incluyen los intereses que reciba de cuentas bancarias, de préstamos que haga a otras personas y otras fuentes. Form 1040x more:label_form_201040x more:taxes A continuación se enumeran otras fuentes de intereses tributables. Form 1040x more:label_form_201040x more:taxes Dividendos que en realidad son intereses. Form 1040x more:label_form_201040x more:taxes   Ciertas distribuciones que se denominan comúnmente dividendos son en realidad intereses. Form 1040x more:label_form_201040x more:taxes Tiene que declarar como intereses aquellos llamados “dividendos” en depósitos o en cuentas de acciones de: Bancos cooperativos, Cooperativas de ahorro y crédito, Asociaciones nacionales de préstamos para edificación, Sociedades nacionales de ahorros y préstamos, Sociedades federales de ahorros y préstamos y Bancos mutualistas de ahorros. Form 1040x more:label_form_201040x more:taxes   Los “dividendos” se informan en el Formulario 1099-INT como ingresos de intereses. Form 1040x more:label_form_201040x more:taxes Fondos del mercado monetario. Form 1040x more:label_form_201040x more:taxes   Los fondos del mercado monetario pagan dividendos y son ofrecidos por instituciones financieras que no son consideradas “bancos”, tales como, casas de corretaje bursátil y de fondos mutuos. Form 1040x more:label_form_201040x more:taxes Por regla general, las cantidades que reciba de los fondos del mercado monetario (money market funds) deben declararse como dividendos y no como intereses. Form 1040x more:label_form_201040x more:taxes Certificados de depósito y otras cuentas de intereses diferidos. Form 1040x more:label_form_201040x more:taxes   Si abre cualesquiera de estas cuentas, se le podrán pagar intereses a intervalos fijos de un año o menos durante la vigencia de la cuenta. Form 1040x more:label_form_201040x more:taxes Por lo general, deberá incluir dichos intereses en sus ingresos cuando de hecho los reciba o tenga derecho a recibirlos sin tener que pagar una multa sustancial. Form 1040x more:label_form_201040x more:taxes Esto es aplicable para las cuentas que venzan dentro de un año o menos y que paguen intereses en un solo pago al vencer. Form 1040x more:label_form_201040x more:taxes Si se difieren los intereses durante más de un año, vea Descuento de la Emisión Original (OID) , más adelante. Form 1040x more:label_form_201040x more:taxes Intereses sujetos a la multa por retiro prematuro de fondos. Form 1040x more:label_form_201040x more:taxes   Si retira fondos de una cuenta de intereses diferidos antes de su vencimiento, es posible que tenga que pagar una multa. Form 1040x more:label_form_201040x more:taxes Tiene que declarar la cantidad total de los intereses pagados o acreditados a su cuenta durante el año, sin restar la multa. Form 1040x more:label_form_201040x more:taxes Vea Penalty on early withdrawal of savings (Multa por retiro prematuro de ahorros) en el capítulo 1 de la Publicación 550, en inglés, para más información sobre cómo se declaran los intereses y cómo deducir la multa. Form 1040x more:label_form_201040x more:taxes Préstamo para invertir en un certificado de depósito. Form 1040x more:label_form_201040x more:taxes   Los intereses que paga sobre el préstamo de un banco o de una institución de ahorros para cumplir el requisito de depósito mínimo para poder recibir un certificado de depósito de la institución y los intereses que usted recibe sobre el certificado son dos conceptos distintos. Form 1040x more:label_form_201040x more:taxes Tiene que incluir en sus ingresos el total de los intereses devengados del certificado. Form 1040x more:label_form_201040x more:taxes Si detalla sus deducciones, puede deducir los intereses que haya pagado como intereses de inversiones, hasta la cantidad total de sus ingresos netos de inversiones. Form 1040x more:label_form_201040x more:taxes Vea Interest Expenses (Gastos de intereses), en el capítulo 3 de la Publicación 550, en inglés. Form 1040x more:label_form_201040x more:taxes Ejemplo. Form 1040x more:label_form_201040x more:taxes Usted depositó $5,000 en un banco y pidió prestados $5,000 del banco a fin de satisfacer el depósito mínimo de $10,000 que se requiere para comprar un certificado de depósito que vence a los 6 meses. Form 1040x more:label_form_201040x more:taxes El certificado generó una utilidad de $575 al vencerse en el año 2013, pero usted recibió sólo $265, cantidad que representa los $575 devengados menos $310 por intereses cobrados sobre los $5,000 del préstamo. Form 1040x more:label_form_201040x more:taxes El banco le envía un Formulario 1099-INT del año 2013 que muestra $575 de intereses devengados. Form 1040x more:label_form_201040x more:taxes El banco le envía además una confirmación que indica que usted pagó $310 por concepto de intereses durante el año 2013. Form 1040x more:label_form_201040x more:taxes Tiene que incluir los $575 en sus ingresos. Form 1040x more:label_form_201040x more:taxes Si detalla las deducciones en el Anexo A del Formulario 1040, puede deducir $310 sujetos al límite del ingreso neto de inversiones. Form 1040x more:label_form_201040x more:taxes Regalo por abrir una cuenta. Form 1040x more:label_form_201040x more:taxes   Si recibe regalos no monetarios o servicios por hacer depósitos o por abrir una cuenta en una institución de ahorros, es posible que tenga que declarar el valor del regalo como intereses. Form 1040x more:label_form_201040x more:taxes   Para depósitos menores de $5,000, los regalos o servicios valorados por más de $10 tienen que ser declarados como intereses. Form 1040x more:label_form_201040x more:taxes Para depósitos de $5,000 o más, los regalos o servicios valorados por más de $20 tienen que ser declarados como intereses. Form 1040x more:label_form_201040x more:taxes El valor de los regalos o servicios se determina según el costo de éstos a la institución financiera. Form 1040x more:label_form_201040x more:taxes Ejemplo. Form 1040x more:label_form_201040x more:taxes Usted abrió una cuenta de ahorros en su banco local y depositó $800. Form 1040x more:label_form_201040x more:taxes La cuenta genera $20 por concepto de intereses. Form 1040x more:label_form_201040x more:taxes También, recibió una calculadora con un valor de $15. Form 1040x more:label_form_201040x more:taxes Si no se acredita en la cuenta cantidad adicional alguna por intereses durante el año, el Formulario 1099-INT que reciba mostrará $35 de intereses recibidos durante el año. Form 1040x more:label_form_201040x more:taxes Tiene que declarar los $35 como ingreso de intereses en su declaración de impuestos. Form 1040x more:label_form_201040x more:taxes Intereses sobre los dividendos de seguros. Form 1040x more:label_form_201040x more:taxes   Los intereses sobre los dividendos de seguros depositados en una compañía de seguros que se pueden retirar anualmente son tributables en el año durante el cual los intereses se acreditan a su cuenta. Form 1040x more:label_form_201040x more:taxes Sin embargo, si usted puede retirarlos sólo en la fecha de aniversario de la póliza (u otra fecha especificada), los intereses son tributables en el año en el cual ocurre tal fecha. Form 1040x more:label_form_201040x more:taxes Primas de seguro pagadas por adelantado. Form 1040x more:label_form_201040x more:taxes   Todo aumento del valor de primas de seguro pagadas por adelantado, de primas cobradas con anticipación o de fondos para depósito de primas se consideran intereses si se aplica al pago de las primas vencidas de pólizas de seguros o aquéllas que puede retirar. Form 1040x more:label_form_201040x more:taxes Títulos de deudas de los Estados Unidos. Form 1040x more:label_form_201040x more:taxes   Los intereses sobre títulos de deudas de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes , tales como las letras del Tesoro, pagarés y bonos emitidos por alguna entidad o agencia de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes , son tributables para propósitos del impuesto federal sobre los ingresos. Form 1040x more:label_form_201040x more:taxes Intereses sobre los reembolsos de impuestos. Form 1040x more:label_form_201040x more:taxes   Los intereses que reciba de su reembolso de impuestos constituyen ingresos tributables. Form 1040x more:label_form_201040x more:taxes Intereses sobre la adjudicación de una expropiación forzosa. Form 1040x more:label_form_201040x more:taxes   Si la autoridad que adjudicó una expropiación le paga intereses para compensarle alguna demora en otorgar la adjudicación, los intereses que resulten serán tributables. Form 1040x more:label_form_201040x more:taxes Ventas con pagos a plazos. Form 1040x more:label_form_201040x more:taxes   Si un contrato para la venta o intercambio de propiedad estipula que se le abonen pagos diferidos, dicho contrato suele también estipular que se le paguen intereses con los pagos diferidos. Form 1040x more:label_form_201040x more:taxes Dichos intereses son tributables en el momento en que los reciba. Form 1040x more:label_form_201040x more:taxes Si el contrato de pagos diferidos no estipula el pago de intereses o estipula que se pague una cantidad menor de intereses, una parte de cada pago recibido puede considerarse pago de intereses. Form 1040x more:label_form_201040x more:taxes Vea Unstated Interest and Original Issue Discount (OID) (Intereses no divulgados y descuento de la emisión original (OID)) en la Publicación 537, Installment Sales (Ventas a plazos), en inglés. Form 1040x more:label_form_201040x more:taxes Intereses de un contrato de anualidad. Form 1040x more:label_form_201040x more:taxes   Los intereses acumulados de un contrato de anualidad que haya vendido antes de su fecha de vencimiento son tributables. Form 1040x more:label_form_201040x more:taxes Intereses usurarios (intereses abusivos). Form 1040x more:label_form_201040x more:taxes   Los intereses usurarios (intereses abusivos) son aquéllos que se cobran a una tasa ilegal. Form 1040x more:label_form_201040x more:taxes Se tributan como intereses a menos que la ley estatal automáticamente los convierta en un pago del capital del préstamo. Form 1040x more:label_form_201040x more:taxes Ingresos de intereses sobre depósitos bloqueados. Form 1040x more:label_form_201040x more:taxes   Excluya de su ingreso bruto todos los intereses devengados de un depósito bloqueado. Form 1040x more:label_form_201040x more:taxes Se considera bloqueado un depósito si, al finalizar el año, usted no puede retirar parte alguna del depósito por uno de los motivos siguientes: La institución financiera se ha declarado en quiebra o se ha vuelto insolvente o El estado donde se ubica la institución financiera ha impuesto límites sobre los fondos que se pueden retirar porque otras instituciones financieras dentro del estado están en quiebra o son insolventes. Form 1040x more:label_form_201040x more:taxes   La cantidad de intereses que tiene que excluir es la cantidad de intereses que hayan sido acreditados a los depósitos bloqueados menos la suma de las dos cantidades siguientes: La cantidad neta que retiró de esos depósitos durante el año y La cantidad que podría haber retirado para el final del año (sin restarle multa alguna por retiro prematuro de un depósito a término). Form 1040x more:label_form_201040x more:taxes Si recibe un Formulario 1099-INT por ingreso de intereses sobre depósitos que se bloquearon al final del año 2013, vea Frozen deposits (Depósitos bloqueados), bajo How To Report Interest Income (Cómo se declaran los ingresos de intereses), en el capítulo 1 de la Publicación 550, en inglés, para más información sobre cómo se declara la exclusión del ingreso por intereses en su declaración de impuestos. Form 1040x more:label_form_201040x more:taxes   Los intereses que se excluyen se tratan como si fueran acreditados a su cuenta durante el año siguiente. Form 1040x more:label_form_201040x more:taxes Tiene que incluir esos intereses en su ingreso bruto tan pronto como tenga derecho a retirarlos. Form 1040x more:label_form_201040x more:taxes Ejemplo. Form 1040x more:label_form_201040x more:taxes Se acreditaron $100 durante el año por concepto de intereses a su depósito bloqueado. Form 1040x more:label_form_201040x more:taxes Usted retiró $80 pero no pudo retirar más hasta después del final del año. Form 1040x more:label_form_201040x more:taxes Tiene que incluir $80 en sus ingresos y excluir $20 de los ingresos de ese año. Form 1040x more:label_form_201040x more:taxes Tiene que incluir los $20 en los ingresos del año en el cual pueda retirarlos. Form 1040x more:label_form_201040x more:taxes Bonos negociados sin que su precio se ajuste en función de los intereses devengados debido a un mercado chato. Form 1040x more:label_form_201040x more:taxes   Si compra, a precio reducido, un bono con intereses morosos o cuyos intereses se han acumulado pero no han sido pagados, se considera que este bono ha sido negociado sin que su precio se haya ajustado en función de los intereses devengados debido a un mercado chato. Form 1040x more:label_form_201040x more:taxes Dichos intereses no se consideran ingresos y no tributan como intereses si se pagan después. Form 1040x more:label_form_201040x more:taxes Cuando recibe un pago de ese tipo de intereses, se considera una devolucion de capital que reduce lo que queda de la base de costo del bono original. Form 1040x more:label_form_201040x more:taxes No obstante, los intereses que se acumulan después de la fecha en que compró el bono son ingresos de intereses tributables para el año en el cual los recibió o se acumularon. Form 1040x more:label_form_201040x more:taxes Vea Bonos que se Venden entre las Fechas de Pago de los Intereses , más adelante, para más información. Form 1040x more:label_form_201040x more:taxes Préstamos inferiores al costo de mercado. Form 1040x more:label_form_201040x more:taxes   Por lo general, un préstamo inferior al costo de mercado es aquél sobre el cual no se cargan intereses o sobre el cual se cargan intereses a una tasa inferior a la tasa federal aplicable. Form 1040x more:label_form_201040x more:taxes Vea Below-Market Loans (Préstamos inferiores al costo justo del mercado) en el capítulo 1 de la Publicación 550, en inglés, para más información. Form 1040x more:label_form_201040x more:taxes Bonos de Ahorro de los Estados Unidos Esta sección brinda información tributaria acerca de los bonos de ahorro de los Estados Unidos. Form 1040x more:label_form_201040x more:taxes Explica cómo se declaran los ingresos de intereses derivados de esos bonos y cómo se tratan ciertos traspasos de los mismos. Form 1040x more:label_form_201040x more:taxes Para otra información sobre los bonos de ahorro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes , escriba a: Para los bonos en papel de las series EE e I: Bureau of the Public Debt Division of Customer Assistance P. Form 1040x more:label_form_201040x more:taxes O. Form 1040x more:label_form_201040x more:taxes Box 7012 Parkersburg, WV 26106-7012  Para los bonos electrónicos de las series EE e I: Bureau of the Public Debt Division of Customer Assistance P. Form 1040x more:label_form_201040x more:taxes O. Form 1040x more:label_form_201040x more:taxes Box 7015 Parkersburg, WV 26106-7015  Para la serie HH/H: Bureau of the Public Debt Division of Customer Assistance P. Form 1040x more:label_form_201040x more:taxes O. Form 1040x more:label_form_201040x more:taxes Box 2186 Parkersburg, WV 26106-2186 O puede visitar la siguiente página en Internet: www. Form 1040x more:label_form_201040x more:taxes treasurydirect. Form 1040x more:label_form_201040x more:taxes gov/indiv/indiv. Form 1040x more:label_form_201040x more:taxes htm, en inglés. Form 1040x more:label_form_201040x more:taxes Contribuyentes que usan el método contable a base de lo devengado. Form 1040x more:label_form_201040x more:taxes   Si utiliza el método contable a base de lo devengado, tiene que declarar los intereses derivados de los bonos de ahorro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes para cada año a medida que se acumulan dichos intereses. Form 1040x more:label_form_201040x more:taxes No puede aplazar la declaración de esos intereses hasta que los reciba o hasta que se venzan los bonos. Form 1040x more:label_form_201040x more:taxes El método de contabilidad a base de lo devengado se explica bajo Métodos Contables , en el capítulo 1 de esta publicación. Form 1040x more:label_form_201040x more:taxes Contribuyentes que usan el método contable a base de efectivo. Form 1040x more:label_form_201040x more:taxes   Si utiliza el método contable a base de efectivo, como la mayoría de los contribuyentes que son personas físicas, declarará los intereses de bonos de ahorro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes , por regla general, cuando los reciba. Form 1040x more:label_form_201040x more:taxes El método contable a base de efectivo se explica bajo Métodos Contables , en el capítulo 1. Form 1040x more:label_form_201040x more:taxes Vea Opciones que tienen los contribuyentes que usan el método a base de efectivo para declarar sus ingresos , más adelante. Form 1040x more:label_form_201040x more:taxes Bonos de la serie HH. Form 1040x more:label_form_201040x more:taxes    Estos bonos se emitieron a su valor nominal. Form 1040x more:label_form_201040x more:taxes Se pagan los intereses dos veces al año mediante depósito directo a su cuenta bancaria. Form 1040x more:label_form_201040x more:taxes Si utiliza el método contable a base de efectivo, tiene que declarar los intereses de esos bonos como ingresos en el año en que los recibe. Form 1040x more:label_form_201040x more:taxes   Los bonos de la serie HH se ofrecieron por primera vez en el año 1980. Form 1040x more:label_form_201040x more:taxes Se ofrecieron por última vez en agosto del año 2004. Form 1040x more:label_form_201040x more:taxes Los bonos de la serie H se emitieron antes de 1980. Form 1040x more:label_form_201040x more:taxes El método que tiene que usar para los bonos de la serie H es igual al de los bonos de la serie HH. Form 1040x more:label_form_201040x more:taxes Si es contribuyente que usa el método a base de efectivo, tiene que declarar los intereses de esos bonos en el año en que los recibe. Form 1040x more:label_form_201040x more:taxes   El período de vencimiento para los bonos de la serie H es de 30 años. Form 1040x more:label_form_201040x more:taxes El período de vencimiento para los bonos de la serie HH es de 20 años. Form 1040x more:label_form_201040x more:taxes Los últimos bonos de la serie H que se emitieron vencieron en el año 2009. Form 1040x more:label_form_201040x more:taxes Bonos de la serie EE y de la serie I. Form 1040x more:label_form_201040x more:taxes   Los intereses sobre estos bonos se pagan al rescatarlos. Form 1040x more:label_form_201040x more:taxes La diferencia entre el precio de compra y el valor de rescate son intereses tributables. Form 1040x more:label_form_201040x more:taxes Bonos de la serie EE. Form 1040x more:label_form_201040x more:taxes   Los bonos de la serie EE se ofrecieron por primera vez en enero de 1980. Form 1040x more:label_form_201040x more:taxes Tienen un período de vencimiento de 30 años. Form 1040x more:label_form_201040x more:taxes   Antes de julio de 1980, se emitían bonos de la serie E. Form 1040x more:label_form_201040x more:taxes El período de vencimiento original de 10 años para los bonos de la serie E se extendió a 40 años para los bonos emitidos antes de diciembre de 1965 y a 30 años para los bonos emitidos después de noviembre de 1965. Form 1040x more:label_form_201040x more:taxes Los bonos de la serie EE y de la serie E en papel se emiten con descuento. Form 1040x more:label_form_201040x more:taxes El valor nominal de esos bonos se le paga a usted en la fecha de vencimiento. Form 1040x more:label_form_201040x more:taxes Los bonos electrónicos de la serie EE se emiten a su valor nominal. Form 1040x more:label_form_201040x more:taxes El valor nominal, más los intereses acumulados, se le pagan a usted en la fecha de vencimiento. Form 1040x more:label_form_201040x more:taxes A partir del 1 de enero de 2012, los bonos de ahorro en papel ya no se venden en las instituciones financieras. Form 1040x more:label_form_201040x more:taxes   Los dueños de bonos de las series EE en papel pueden convertirlos en bonos electrónicos. Form 1040x more:label_form_201040x more:taxes Estos bonos convertidos no retienen la denominación indicada en el certificado impreso; sin embargo, aparecerán a su precio de valor de compra (más otros intereses acumulados). Form 1040x more:label_form_201040x more:taxes Bonos de la serie I. Form 1040x more:label_form_201040x more:taxes   Los bonos de la serie I se ofrecieron por primera vez en el año 1998. Form 1040x more:label_form_201040x more:taxes Éstos son bonos emitidos en su valor nominal que se ajusta con un índice inflacionario. Form 1040x more:label_form_201040x more:taxes Tienen un período de vencimiento de 30 años. Form 1040x more:label_form_201040x more:taxes El valor nominal, más los intereses acumulados de esos bonos, se le pagan a usted en su fecha de vencimiento. Form 1040x more:label_form_201040x more:taxes Opciones que tienen los contribuyentes que usan el método a base de efectivo para declarar sus ingresos. Form 1040x more:label_form_201040x more:taxes   Si declara sus ingresos utilizando el método a base de efectivo, puede declarar los intereses de los bonos de la serie EE, de la serie E y de la serie I de una de las maneras siguientes: Método 1. Form 1040x more:label_form_201040x more:taxes Postergue la declaración de los intereses hasta el año en que rescate o venda los bonos o el año en que se venzan, lo que ocurra primero. Form 1040x more:label_form_201040x more:taxes (No obstante, vea Cambio de los bonos de ahorro , más adelante). Form 1040x more:label_form_201040x more:taxes  Nota: Los bonos de la serie EE emitidos en 1983 vencieron en el año 2013. Form 1040x more:label_form_201040x more:taxes Si usted utiliza el Método 1, por regla general, tendrá que declarar los intereses de esos bonos en su declaración de impuestos del año 2013. Form 1040x more:label_form_201040x more:taxes Los últmos bonos de la serie E fueron emitidos en 1980 y vencieron en el año 2010. Form 1040x more:label_form_201040x more:taxes Si utilizó el Método 1, por regla general, tuvo que haber declarado los intereses de esos bonos en su declaración del año 2010. Form 1040x more:label_form_201040x more:taxes Método 2. Form 1040x more:label_form_201040x more:taxes Opte por declarar el aumento en el valor de rescate como intereses en su declaración de impuestos cada año. Form 1040x more:label_form_201040x more:taxes Tiene que utilizar el mismo método para declarar los intereses de todos los bonos de la serie EE, la serie E y la serie I. Form 1040x more:label_form_201040x more:taxes Si no escoge utilizar el Método 2 al declarar el aumento del valor de rescate como intereses cada año, tiene que utilizar el Método 1. Form 1040x more:label_form_201040x more:taxes    Si piensa convertir en efectivo sus bonos en el mismo año durante el cual pagará gastos por estudios de enseñanza superior, quizás le convenga utilizar el Método 1 porque podría excluir de sus ingresos los intereses de tales bonos. Form 1040x more:label_form_201040x more:taxes Para saber cómo hacerlo, vea Programa de Bonos de Ahorro para Estudios , más adelante. Form 1040x more:label_form_201040x more:taxes Cómo cambiarse del Método 1. Form 1040x more:label_form_201040x more:taxes   Si desea cambiar su método para declarar los intereses de bonos de ahorro del Método 1 al Método 2, puede hacerlo sin pedirle permiso al IRS. Form 1040x more:label_form_201040x more:taxes Para el año del cambio, tiene que declarar todos los intereses que se hayan acumulado hasta la fecha del cambio de método y que no se hayan declarado anteriormente para todos sus bonos. Form 1040x more:label_form_201040x more:taxes   Una vez tomada la decisión de declarar los intereses cada año, tiene que seguir haciéndolo para todos los bonos de la serie EE, la serie E y la serie I más para aquellos bonos que obtenga en el futuro, a no ser que pida autorización para cambiar el método, tal como se explica a continuación. Form 1040x more:label_form_201040x more:taxes Cómo cambiarse del Método 2. Form 1040x more:label_form_201040x more:taxes   Para cambiarse del Método 2 al Método 1, tiene que pedirle autorización al IRS. Form 1040x more:label_form_201040x more:taxes Dicha autorización se le otorgará automáticamente si le envía al IRS una declaración por escrito que incluya todos los siguientes requisitos: Ha escrito a mano o a máquina en la parte superior: “131”. Form 1040x more:label_form_201040x more:taxes La declaración incluye su nombre y su número de Seguro Social escrito debajo de “131”. Form 1040x more:label_form_201040x more:taxes La declaración incluye el año del cambio (la fecha de inicio y en la que finalice). Form 1040x more:label_form_201040x more:taxes La declaración identifica los bonos de ahorro por los que pide autorización para este cambio. Form 1040x more:label_form_201040x more:taxes La declaración incluye su acuerdo para: Declarar todos los intereses sobre todo bono adquirido durante o después del año de cambio cuando ocurre la enajenación, el rescate o vencimiento de dichos intereses, lo que suceda primero y Declarar todos los intereses sobre todo bono adquirido antes del año de cambio cuando ocurre la enajenación, el rescate o vencimiento de dichos intereses, lo que suceda primero a excepción de los intereses declarados en años tributarios anteriores. Form 1040x more:label_form_201040x more:taxes   Tiene que adjuntar esa declaración a su declaración de impuestos del año del cambio, la cual tendrá que presentar para la fecha de vencimiento de la declaración (incluyendo prórrogas). Form 1040x more:label_form_201040x more:taxes   Puede recibir una prórroga automática de hasta 6 meses desde la fecha de vencimiento para presentar su declaración de impuestos (excluyendo prórrogas) del año del cambio para poder presentar la declaración anterior, junto con una declaración de impuestos enmendada. Form 1040x more:label_form_201040x more:taxes En la parte superior de la declaración, escriba a mano o a máquina “Filed pursuant to section 301. Form 1040x more:label_form_201040x more:taxes 9100-2” (Se presenta de acuerdo con la sección 301. Form 1040x more:label_form_201040x more:taxes 9100-2). Form 1040x more:label_form_201040x more:taxes Para obtener dicha prórroga, usted tuvo que haber presentado su declaración de impuestos original para su fecha de vencimiento (incluyendo prórrogas). Form 1040x more:label_form_201040x more:taxes    Para la fecha en que presente la declaración original junto con su declaración de impuestos, también tiene que enviar una copia firmada a la dirección siguiente:  Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Form 1040x more:label_form_201040x more:taxes O. Form 1040x more:label_form_201040x more:taxes Box 7604 Benjamin Franklin Station Washington, DC 20044   Si utiliza un servicio de entrega privado, envíe la copia firmada a la dirección siguiente:  Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW  Washington, DC 20224   Puede pedir autorización para cambiarse del Método 2 al Método 1 presentando el Formulario 3115, Application for Change in Accounting Method (Solicitud de cambio en método contable), en inglés, en vez de presentar la declaración descrita anteriormente. Form 1040x more:label_form_201040x more:taxes En tal caso, debe seguir las instrucciones para el formulario si desea un cambio automático. Form 1040x more:label_form_201040x more:taxes No hay cargo administrativo. Form 1040x more:label_form_201040x more:taxes Copropietarios. Form 1040x more:label_form_201040x more:taxes   Si un bono de ahorro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes se emite a nombre de copropietarios, por ejemplo usted y su hijo o usted y su cónyuge, los intereses devengados del bono son tributables generalmente para el copropietario que haya comprado el bono. Form 1040x more:label_form_201040x more:taxes Utilización de los fondos de uno de los copropietarios. Form 1040x more:label_form_201040x more:taxes    Si utilizó sus propios fondos para comprar el bono, tiene que pagar el impuesto sobre los intereses devengados. Form 1040x more:label_form_201040x more:taxes Esto es así aun cuando deje que el otro propietario rescate el bono y se quede con las ganancias. Form 1040x more:label_form_201040x more:taxes En estas circunstancias, ya que el otro propietario recibirá un Formulario 1099-INT en el momento de rescatar el bono, éste tiene que facilitarle a usted otro Formulario 1099-INT indicando la cantidad de los intereses del bono imponibles en su caso. Form 1040x more:label_form_201040x more:taxes El copropietario que rescata el bono es un “nominatario”. Form 1040x more:label_form_201040x more:taxes Vea Nominee distributions (Distribuciones al nominatario), bajo How To Report Interest Income (Cómo se declaran los ingresos de intereses), en el capítulo 1 de la Publicación 550, en inglés, para más información sobre cómo un individuo que es nominatario declara ingresos de intereses que pertenecen a otro individuo. Form 1040x more:label_form_201040x more:taxes Utilización de los fondos de ambos copropietarios. Form 1040x more:label_form_201040x more:taxes   Si usted y el otro propietario comparten el costo de un bono, ambos tienen la responsabilidad de pagar impuestos sobre los intereses derivados en proporción con la cantidad que cada uno realmente pagó por el bono. Form 1040x more:label_form_201040x more:taxes Bienes gananciales. Form 1040x more:label_form_201040x more:taxes   Si usted y su cónyuge viven en un estado donde rigen las leyes de los bienes gananciales y tienen bonos que sean bienes gananciales, se considera que cada uno recibe la mitad del total de los intereses recibidos. Form 1040x more:label_form_201040x more:taxes Si presentan declaraciones de impuestos por separado, por lo general, cada uno tiene que declarar la mitad de los intereses recibidos de sus bonos. Form 1040x more:label_form_201040x more:taxes Para más información, vea la Publicación 555, en inglés. Form 1040x more:label_form_201040x more:taxes Tabla 7-1. Form 1040x more:label_form_201040x more:taxes   Estas reglas se muestran en la Tabla 7-1 . Form 1040x more:label_form_201040x more:taxes Traspaso de la posesión legal. Form 1040x more:label_form_201040x more:taxes   Si compró bonos de la serie E, serie EE o serie I con fondos que pertenecen únicamente a usted y decidió que se volvieran a emitir sólo a nombre de su copropietario o del beneficiario, tiene que incluir todos los intereses devengados sobre esos bonos en su ingreso bruto para el año de la reemisión, con tal de que ninguna parte haya sido declarada anteriormente. Form 1040x more:label_form_201040x more:taxes No obstante, si los bonos se volvieron a emitir sólo a nombre suyo, no tiene que declarar los intereses que se hayan acumulado en ese momento. Form 1040x more:label_form_201040x more:taxes   Esta regla también corresponde cuando se traspasan los bonos (que no sean bonos considerados bienes gananciales) entre los cónyuges o como consecuencia de un fallo de divorcio. Form 1040x more:label_form_201040x more:taxes Compra conjunta. Form 1040x more:label_form_201040x more:taxes   Si usted y el otro propietario aportan fondos para obtener bonos de la serie E, serie EE o serie I conjuntamente y luego deciden que se vuelvan a emitir sólo a nombre de su copropietario, tiene que incluir en su ingreso bruto para el año de la reemisión la parte de usted de los intereses de aquellos bonos que no haya declarado anteriormente. Form 1040x more:label_form_201040x more:taxes En el momento de la reemisión, el ex copropietario no tiene que declarar en el ingreso bruto la parte de él o ella de los intereses devengados que no se declararon antes del traspaso. Form 1040x more:label_form_201040x more:taxes Sin embargo, esos intereses, así como todos los demás intereses que se devenguen después de la reemisión, constituyen ingreso tributable del ex copropietario. Form 1040x more:label_form_201040x more:taxes   Esta regla para declarar los ingresos también es aplicable cuando se vuelven a emitir los bonos a nombre del copropietario anterior y a nombre de un copropietario nuevo. Form 1040x more:label_form_201040x more:taxes Sin embargo, el nuevo copropietario sólo debe declarar su parte de los intereses devengados después de la reemisión. Form 1040x more:label_form_201040x more:taxes   Si los bonos que usted y el copropietario compraron conjuntamente se emiten de nuevo a cada uno por separado según la misma proporción correspondiente a su precio de compra, ninguno tiene que declarar en ese momento los intereses devengados antes de la reemisión de los bonos. Form 1040x more:label_form_201040x more:taxes    Tabla 7-1. Form 1040x more:label_form_201040x more:taxes ¿Quién Paga el Impuesto sobre los Intereses de Bonos de Ahorro de los Estados Unidos? SI. Form 1040x more:label_form_201040x more:taxes . Form 1040x more:label_form_201040x more:taxes . Form 1040x more:label_form_201040x more:taxes ENTONCES tiene(n) que declarar los intereses. Form 1040x more:label_form_201040x more:taxes . Form 1040x more:label_form_201040x more:taxes . Form 1040x more:label_form_201040x more:taxes usted compra un bono a nombre suyo y a nombre de otro individuo como copropietarios, utilizando fondos que sólo pertenecían a usted usted. Form 1040x more:label_form_201040x more:taxes usted compra un bono a nombre de otro individuo, el cual es propietario único del bono el individuo para el cual usted ha comprado el bono. Form 1040x more:label_form_201040x more:taxes usted y otro individuo compran un bono como copropietarios, utilizando fondos que los dos contribuyen al precio de compra tanto usted como el otro copropietario, en proporción a la cantidad que cada uno pagó por el bono. Form 1040x more:label_form_201040x more:taxes usted y su cónyuge, que viven en un estado donde rigen las leyes de los bienes gananciales, compran un bono que se considera bienes gananciales usted y su cónyuge. Form 1040x more:label_form_201040x more:taxes Si presentan declaraciones por separado, tanto usted como su cónyuge, por lo general, deben declarar la mitad de los intereses recibidos. Form 1040x more:label_form_201040x more:taxes Ejemplo 1. Form 1040x more:label_form_201040x more:taxes Tanto usted como su cónyuge gastaron cantidades iguales para comprar un bono de la serie EE que valía $1,000. Form 1040x more:label_form_201040x more:taxes Se les emitió el bono como copropietarios. Form 1040x more:label_form_201040x more:taxes Los dos decidieron posponer la declaración de los intereses derivados del bono. Form 1040x more:label_form_201040x more:taxes Luego, decidieron que se emitiera el bono de nuevo como dos bonos cuyo valor individual es de $500, uno a nombre suyo y el otro a nombre de su cónyuge. Form 1040x more:label_form_201040x more:taxes Ninguno de ustedes tiene que declarar en ese momento los intereses devengados hasta la fecha de la reemisión de los bonos. Form 1040x more:label_form_201040x more:taxes Ejemplo 2. Form 1040x more:label_form_201040x more:taxes Compró un bono de la serie EE por $1,000, utilizando únicamente sus propios fondos. Form 1040x more:label_form_201040x more:taxes El bono se les emitió a usted y a su cónyuge como copropietarios. Form 1040x more:label_form_201040x more:taxes Los dos decidieron posponer la declaración de los intereses derivados del bono. Form 1040x more:label_form_201040x more:taxes Luego, decidieron que se emitiera el bono de nuevo como dos bonos cuyo valor individual es de $500, uno a nombre suyo y el otro a nombre de su cónyuge. Form 1040x more:label_form_201040x more:taxes Tiene que declarar la mitad de los intereses devengados hasta la fecha de la reemisión de los bonos. Form 1040x more:label_form_201040x more:taxes Traspaso de bonos a un fideicomiso. Form 1040x more:label_form_201040x more:taxes   Si tiene bonos de la serie E, serie EE o serie I pero los traspasa a un fideicomiso durante el año, renunciando todos sus derechos de propiedad, tendrá que incluir en sus ingresos para tal año los intereses devengados hasta la fecha del traspaso (si no los declaró anteriormente). Form 1040x more:label_form_201040x more:taxes No obstante, si se le considera a usted dueño del fideicomiso y si el aumento del valor antes y después del traspaso sigue siendo tributable para usted, podrá continuar difiriendo la declaración de los intereses obtenidos durante cada año. Form 1040x more:label_form_201040x more:taxes Tiene que incluir el total de los intereses en sus ingresos del año en el cual decida canjear los bonos por efectivo o enajenarlos o en el año durante el cual los bonos por fin venzan, lo que ocurra primero. Form 1040x more:label_form_201040x more:taxes   Las mismas reglas se aplican en el caso de intereses de los bonos de la serie E o de la serie EE no declarados anteriormente si el traspaso a un fideicomiso tuvo que ver con bonos de la serie HH o de la serie H que haya adquirido al cambiar dichos bonos por otros de la serie E o de la serie EE. Form 1040x more:label_form_201040x more:taxes Vea Cambio de los bonos de ahorro , más adelante. Form 1040x more:label_form_201040x more:taxes Personas que han fallecido. Form 1040x more:label_form_201040x more:taxes   El modo de declarar el ingreso de intereses de los bonos de la serie E, serie EE o serie I, después del fallecimiento del dueño (el difunto), depende de los métodos contables y de la declaración de ingresos que éste haya utilizado anteriormente. Form 1040x more:label_form_201040x more:taxes Esta situación se explica en el capítulo 1 de la Publicación 550, en inglés. Form 1040x more:label_form_201040x more:taxes Cambio de los bonos de ahorro. Form 1040x more:label_form_201040x more:taxes   Si postergó la declaración de los intereses de sus bonos de la serie E o de la serie EE, significa que no reconoció ingresos tributables cuando cambió esos bonos por otros de la serie HH o de la serie H, a no ser que haya recibido dinero en efectivo como parte del cambio. Form 1040x more:label_form_201040x more:taxes (No se permite cambiar los bonos de la serie I por bonos de la serie HH. Form 1040x more:label_form_201040x more:taxes Después del 31 de agosto del año 2004, ya no puede cambiar otras series de bonos por los de la serie HH). Form 1040x more:label_form_201040x more:taxes Todo efectivo que reciba se considera ingresos hasta la cantidad de los intereses devengados sobre los bonos cambiados. Form 1040x more:label_form_201040x more:taxes Al vencer sus bonos de la serie HH o de la serie H o al enajenarlos antes de su vencimiento, tiene que declarar como intereses la diferencia entre el valor de rescate y su costo original. Form 1040x more:label_form_201040x more:taxes El costo de los bonos es la suma de la cantidad que pagó al cambiar los bonos de la serie EE o de la serie E en cuestión, más toda cantidad que haya tenido que pagar cuando se efectuó el cambio. Form 1040x more:label_form_201040x more:taxes Ejemplo. Form 1040x more:label_form_201040x more:taxes Usted cambió bonos de la serie EE (sobre los cuales optó por posponer la declaración de los intereses) por otros de la serie HH, cuyo valor es de $2,500, más $223 en efectivo. Form 1040x more:label_form_201040x more:taxes Declaró los $223 como ingresos tributables en su declaración de impuestos. Form 1040x more:label_form_201040x more:taxes Para la fecha del cambio, los bonos de la serie EE habían acumulado intereses de $523 y tenían un valor de rescate de $2,723. Form 1040x more:label_form_201040x more:taxes Usted guarda los bonos de la serie HH hasta la fecha de su vencimiento en que recibirá $2,500. Form 1040x more:label_form_201040x more:taxes Tiene que declarar $300 como ingresos de intereses en el año de vencimiento. Form 1040x more:label_form_201040x more:taxes Esos $300 representan la diferencia entre el valor de rescate ($2,500) y el costo de los bonos ($2,200), o sea, la cantidad que pagó por adquirir los bonos de la serie EE. Form 1040x more:label_form_201040x more:taxes (Es también la diferencia entre los intereses acumulados de $523 sobre los bonos de la serie EE y los $223 en efectivo recibidos en el cambio). Form 1040x more:label_form_201040x more:taxes Opción de declarar los intereses en el año del cambio. Form 1040x more:label_form_201040x more:taxes   Usted podría optar por tratar todos los intereses acumulados anteriormente, no declarados, de los bonos de la serie E o de la serie EE que se cambiaron por otros de la serie HH como ingresos en el año en que se efectuó el cambio. Form 1040x more:label_form_201040x more:taxes Si opta por lo anterior, esto se considerará un cambio del Método 1. Form 1040x more:label_form_201040x more:taxes Vea Cómo cambiarse del Método 1 bajo Bonos de la serie EE y de la serie I, explicado anteriormente. Form 1040x more:label_form_201040x more:taxes Formulario 1099-INT para la declaración de los intereses de los bonos de ahorros de los Estados Unidos. Form 1040x more:label_form_201040x more:taxes   Cada vez que convierte un bono en dinero efectivo, el banco u otro pagador que lo rescate tiene que darle el Formulario 1099-INT si la parte del pago correspondiente a los intereses recibidos es $10 o más. Form 1040x more:label_form_201040x more:taxes El recuadro 3 del Formulario 1099-INT debe mostrar los intereses como la diferencia entre la cantidad que recibió y la cantidad que se pagó por el bono. Form 1040x more:label_form_201040x more:taxes No obstante, el Formulario 1099-INT puede mostrar una cantidad mayor de los intereses de lo que tiene que incluir en su declaración de impuestos sobre los ingresos. Form 1040x more:label_form_201040x more:taxes Por ejemplo, esto puede ocurrir si alguna de las condiciones siguientes es aplicable: Usted declaró el aumento al valor de rescate durante cada año. Form 1040x more:label_form_201040x more:taxes La cantidad de intereses indicada en el Formulario 1099-INT no será reducida por las cantidades que haya incluido en su ingreso en años anteriores. Form 1040x more:label_form_201040x more:taxes Usted recibió el bono de un difunto. Form 1040x more:label_form_201040x more:taxes La cantidad de intereses indicada en el Formulario 1099-INT no se verá reducida por los intereses declarados por el difunto antes de su fallecimiento, ni en la declaración final del difunto, ni por los herederos en la declaración de impuestos sobre la herencia. Form 1040x more:label_form_201040x more:taxes Se traspasó la posesión del bono. Form 1040x more:label_form_201040x more:taxes La cantidad de intereses indicada en el Formulario 1099-INT no se reducirá por intereses acumulados antes del traspaso. Form 1040x more:label_form_201040x more:taxes A usted lo nombraron copropietario y el otro propietario contribuyó fondos para comprar el bono. Form 1040x more:label_form_201040x more:taxes La cantidad de los intereses indicada en el Formulario 1099-INT no será reducida por las cantidades que haya recibido como nominatario por el otro copropietario. Form 1040x more:label_form_201040x more:taxes (Vea Copropietarios , anteriormente en este capítulo, para más información acerca de los requisitos sobre cómo declarar ingresos de intereses). Form 1040x more:label_form_201040x more:taxes Usted recibió el bono de una distribución tributable de un plan de jubilación o un plan de participación en las ganancias. Form 1040x more:label_form_201040x more:taxes La cantidad de intereses indicada en el Formulario 1099-INT no será reducida por la parte de intereses de la cantidad tributable como distribución del plan y no tributable como intereses. Form 1040x more:label_form_201040x more:taxes (Esta cantidad suele aparecer para el año de la distribución en el Formulario 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Form 1040x more:label_form_201040x more:taxes (Distribuciones de planes de pensión, anualidades, jubilación o participación en las ganancias, arreglos IRA, contratos de seguros, etc. Form 1040x more:label_form_201040x more:taxes ), en inglés). Form 1040x more:label_form_201040x more:taxes   Para más información sobre cómo incluir la cantidad correcta de intereses en su declaración de impuestos, vea Cómo se Declaran los Ingresos de Intereses , más adelante. Form 1040x more:label_form_201040x more:taxes En la Publicación 550, en inglés, se incluyen ejemplos sobre cómo se declaran esas cantidades. Form 1040x more:label_form_201040x more:taxes    Los intereses recibidos de los bonos de ahorro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes están exentos de los impuestos estatales y locales. Form 1040x more:label_form_201040x more:taxes El recuadro 3 del Formulario 1099-INT que usted reciba indicará la cantidad de los intereses por bonos de ahorros de los Estados Unidos. Form 1040x more:label_form_201040x more:taxes Programa de Bonos de Ahorro para Estudios Quizás pueda excluir de sus ingresos el total o una parte de los intereses que reciba al rescatar ciertos bonos de ahorro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes calificados durante el año si pagó gastos de estudios de enseñanza superior calificados durante el mismo año. Form 1040x more:label_form_201040x more:taxes Dicha exclusión se llama Education Savings Bond Program (Programa de bonos de ahorro para estudios). Form 1040x more:label_form_201040x more:taxes Si su estado civil para la declaración es casado que presenta una declaración por separado, no reúne los requisitos para tal exclusión. Form 1040x more:label_form_201040x more:taxes Formulario 8815. Form 1040x more:label_form_201040x more:taxes   Utilice el Formulario 8815, en inglés, para calcular la cantidad de su exclusión. Form 1040x more:label_form_201040x more:taxes Incluya este formulario con su Formulario 1040 o Formulario 1040A. Form 1040x more:label_form_201040x more:taxes Bonos de ahorro calificados de los Estados Unidos. Form 1040x more:label_form_201040x more:taxes   Un bono de ahorro calificado de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes es aquel bono de la serie EE emitido después de 1989 o un bono de la serie I. Form 1040x more:label_form_201040x more:taxes Se tiene que haber emitido a nombre suyo (propietario único) o a nombre suyo y el de su cónyuge (copropietarios). Form 1040x more:label_form_201040x more:taxes Usted tiene que haber cumplido al menos 24 años de edad antes de la fecha de emisión del bono. Form 1040x more:label_form_201040x more:taxes Por ejemplo, un bono que haya comprado un padre y haya sido emitido a nombre de su hijo menor de 24 años de edad, no reúne los requisitos para ser excluido por el padre ni tampoco por el hijo. Form 1040x more:label_form_201040x more:taxes    La fecha en que se emite un bono puede ser anterior a la fecha de compra del bono porque la fecha de emisión asignada a un bono corresponde al primer día del mes durante el cual se compra. Form 1040x more:label_form_201040x more:taxes Beneficiario. Form 1040x more:label_form_201040x more:taxes   Puede nombrar a cualquier individuo (incluyendo un hijo menor de edad) para que sea beneficiario del bono. Form 1040x more:label_form_201040x more:taxes Verificación del IRS. Form 1040x more:label_form_201040x more:taxes   Si declara la exclusión, el IRS lo verificará utilizando información sobre el rescate de bonos obtenido del Departamento del Tesoro. Form 1040x more:label_form_201040x more:taxes Gastos calificados. Form 1040x more:label_form_201040x more:taxes   Los gastos de estudios de enseñanza superior calificados son matrícula y otros gastos necesarios para que usted, su cónyuge o su dependiente (por el cual usted puede reclamar una exención) asista a una institución de enseñanza superior que reúna los requisitos. Form 1040x more:label_form_201040x more:taxes   En los gastos calificados se incluye toda aportación que haga a un programa de matrícula calificada o a una cuenta de ahorro para estudios Coverdell. Form 1040x more:label_form_201040x more:taxes   En los gastos calificados no se incluyen los de vivienda y alimentación, ni gastos de cursos de actividades deportivas, recreativas o de pasatiempo que no formen parte de un programa de estudios para obtener un título o certificado. Form 1040x more:label_form_201040x more:taxes Instituciones de enseñanza superior que reúnen los requisitos. Form 1040x more:label_form_201040x more:taxes   En esta clase de institución se incluyen la mayoría de las universidades públicas, particulares y sin fines de lucro, así como colegios universitarios (colleges) y escuelas vocacionales acreditados y que cumplan las condiciones para participar en programas de asistencia financiera de estudios del Departamento de Educación de Estados Unidos. Form 1040x more:label_form_201040x more:taxes Reducción por ciertos beneficios. Form 1040x more:label_form_201040x more:taxes   Usted tiene que restar de sus gastos de estudios de enseñanza superior calificados los siguientes beneficios exentos de impuestos: La parte exenta de impuestos por becas de estudios y de desarrollo profesional (vea Becas de estudios y becas de desarrollo profesional en el capítulo 12). Form 1040x more:label_form_201040x more:taxes Gastos que se utilizaron para calcular la parte exenta de impuestos de distribuciones de una cuenta de ahorros para estudios Coverdell ESA. Form 1040x more:label_form_201040x more:taxes Gastos que se utilizaron para calcular la parte exenta de impuestos de distribuciones de un programa calificado de matrícula. Form 1040x more:label_form_201040x more:taxes Todo pago exento de impuestos (que no sea regalo o herencia) recibido para gastos educativos, tales como: Beneficios de asistencia educativa para veteranos, Reducciones de matrícula calificada o Beneficios de asistencia educativa facilitados por su empleador. Form 1040x more:label_form_201040x more:taxes Todo gasto que se haya utilizado al calcular el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio de aprendizaje. Form 1040x more:label_form_201040x more:taxes Cantidad excluible. Form 1040x more:label_form_201040x more:taxes   Si el total de los ingresos recibidos (capital e intereses) de bonos de ahorro calificados de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes que rescató durante el año no excede de sus gastos de estudios de enseñanza superior calificados ajustados para ese año, quizás pueda excluir el total de los intereses que haya recibido. Form 1040x more:label_form_201040x more:taxes Si los ingresos superan sus gastos de estudios para el año, quizás pueda excluir sólo una parte de tales intereses. Form 1040x more:label_form_201040x more:taxes   Para determinar la cantidad que se puede excluir, multiplique la parte correspondiente a los intereses de los ingresos por una fracción. Form 1040x more:label_form_201040x more:taxes El numerador de la fracción es el total de los gastos por estudios de enseñanza superior calificados que pagó durante el año. Form 1040x more:label_form_201040x more:taxes El denominador es el total de los ingresos que recibió durante el año. Form 1040x more:label_form_201040x more:taxes Ejemplo. Form 1040x more:label_form_201040x more:taxes En febrero del año 2013, Marcos y Juana, un matrimonio, cobraron un bono de ahorro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes de la serie EE que compraron en abril de 1997. Form 1040x more:label_form_201040x more:taxes Recibieron ingresos de $8,372 que constan de $5,000 por concepto de capital y $3,372 por intereses. Form 1040x more:label_form_201040x more:taxes Durante el año 2013, gastaron $4,000 por la matrícula de su hija en una universidad. Form 1040x more:label_form_201040x more:taxes Ellos no reclaman ningún crédito educativo por esa cantidad y la hija no recibió ninguna asistencia monetaria exenta de impuestos para sufragar los gastos educativos. Form 1040x more:label_form_201040x more:taxes Ellos pueden excluir $1,611 ($3,372 x ($4,000 ÷ $8,372)) de intereses para el año 2013. Form 1040x more:label_form_201040x more:taxes Tienen que pagar impuestos sobre los intereses restantes de $1,761 ($3,372 − $1,611). Form 1040x more:label_form_201040x more:taxes Límite del ingreso bruto ajustado modificado. Form 1040x more:label_form_201040x more:taxes   La exclusión de intereses estará limitada si su ingreso bruto ajustado modificado es de: $74,700 a $89,700 para los contribuyentes cuyo estado civil para la declaración de impuestos es soltero o cabeza de familia y $112,050 a $142,050 para los contribuyentes casados que presentan una declaración conjunta o para un viudo que reúne los requisitos con hijo dependiente. Form 1040x more:label_form_201040x more:taxes No puede tomar la exclusión de intereses si su ingreso bruto ajustado modificado equivale al límite máximo para su estado civil o supera dicho límite. Form 1040x more:label_form_201040x more:taxes   El ingreso bruto ajustado modificado, para propósitos de la exclusión, es el ingreso bruto ajustado (línea 37 del Formulario 1040 o línea 21 del Formulario 1040A) determinado antes de considerar la exclusión de intereses y ajustado por restituir cualesquiera de los siguientes: Exclusión de ingresos devengados de fuentes en el extranjero, Exclusión o deducción de asignaciones por alojamiento en el extranjero, Exclusión de ingresos para residentes bona fide de la Samoa Estadounidense, Exclusión de ingresos de fuentes en Puerto Rico, Exclusión de beneficios de adopción recibidos de acuerdo con un programa de asistencia de adopción del empleador, Deducción por matrícula y gastos relacionados con los estudios, Deducción de los intereses sobre un préstamo de estudios y Deducción por actividades nacionales de producción. Form 1040x more:label_form_201040x more:taxes   Utilice la hoja de trabajo para la línea 9 en las instrucciones del Formulario 8815, disponibles en inglés, para calcular su ingreso bruto ajustado modificado. Form 1040x more:label_form_201040x more:taxes Si reclama cualquiera de las exclusiones o deducciones de las partidas enumeradas anteriormente (menos 6, 7 y 8), sume la cantidad de la exclusión o deducción (con excepción de las partidas 6, 7 y 8) a la cantidad de la línea 5 de la hoja de trabajo. Form 1040x more:label_form_201040x more:taxes Luego, anote el total en la línea 9 del Formulario 8815 como su ingreso bruto ajustado modificado. Form 1040x more:label_form_201040x more:taxes   Si incurrió en gastos de intereses de inversión para poder recibir regalías y otros ingresos de inversiones, vea Education Savings Bond Program (Programa de bonos de ahorro utilizados para propósitos educativos), en el capítulo 1 de la Publicación 550, en inglés. Form 1040x more:label_form_201040x more:taxes Documentación. Form 1040x more:label_form_201040x more:taxes Si declara la exclusión de intereses, tiene que mantener un registro por escrito de los bonos de ahorro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes calificados que usted rescató. Form 1040x more:label_form_201040x more:taxes Ese registro tiene que incluir el número de serie, fecha de emisión, valor nominal y el total de los ingresos recibidos (capital e intereses) de cada bono. Form 1040x more:label_form_201040x more:taxes Puede utilizar el Formulario 8818, en inglés, para documentar dicha información. Form 1040x more:label_form_201040x more:taxes Además, debe guardar facturas, recibos, cheques cancelados u otra documentación para comprobar los gastos por estudios de enseñanza superior calificados que haya pagado durante el año. Form 1040x more:label_form_201040x more:taxes Letras, Pagarés y Bonos del Tesoro de los Estados Unidos Las letras, pagarés y bonos del Tesoro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes son títulos de deudas directas (obligaciones) del gobierno federal de los Estados Unidos. Form 1040x more:label_form_201040x more:taxes Tributación de los intereses. Form 1040x more:label_form_201040x more:taxes   Los ingresos de intereses que se reciben de letras, pagarés y bonos del Tesoro de los EE. Form 1040x more:label_form_201040x more:taxes UU. Form 1040x more:label_form_201040x more:taxes están sujetos al impuesto federal sobre los ingresos; sin embargo, está exento de todo impuesto estatal y local sobre los ingresos. Form 1040x more:label_form_201040x more:taxes Deberá recibir el Formulario 1099-INT en el cual se muestra (en el recuadro 3) la cantidad de intereses que se le pagaron por el año. Form 1040x more:label_form_201040x more:taxes   Los pagos de capital e intereses serán acreditados, por regla general, a su cuenta corriente o de ahorros designada mediante depósito directo utilizando el sistema Treasury Direct®. Form 1040x more:label_form_201040x more:taxes Letras del Tesoro. Form 1040x more:label_form_201040x more:taxes   Estas letras suelen tener un período de vencimiento de 4, 13, 26 ó 52 semanas. Form 1040x more:label_form_201040x more:taxes Generalmente, se emiten con descuento por la cantidad de $100 y múltiplos de $100. Form 1040x more:label_form_201040x more:taxes La diferencia entre el valor descontado que paga por las letras y el valor nominal que recibirá al vencimiento de éstas se considera ingreso de intereses. Form 1040x more:label_form_201040x more:taxes Por lo general, usted declara este ingreso de intereses cuando se le pagan las letras en la fecha de vencimiento. Form 1040x more:label_form_201040x more:taxes Si usted pagó una prima por una letra (una cantidad mayor que el valor nominal), generalmente declara la prima como una deducción conforme a la sección 171 cuando se le paga la letra en la fecha de vencimiento. Form 1040x more:label_form_201040x more:taxes Pagarés y bonos del Tesoro. Form 1040x more:label_form_201040x more:taxes   Los pagarés del Tesoro tienen períodos de vencimiento de más de 1 año y de hasta 10 años. Form 1040x more:label_form_201040x more:taxes Los bonos del Tesoro tienen períodos de vencimiento de más de 10 años. Form 1040x more:label_form_201040x more:taxes Tanto los pagarés como los bonos del Tesoro suelen emitirse en denominaciones de $100 hasta $1 millón y pagar intereses cada 6 meses. Form 1040x more:label_form_201040x more:taxes Por lo general, declarará dichos intereses en el año en que se le pagaron. Form 1040x more:label_form_201040x more:taxes Para más información, vea U. Form 1040x more:label_form_201040x more:taxes S. Form 1040x more:label_form_201040x more:taxes Treasury Bills, Notes, and Bonds (Letras, pagarés y bonos del Tesoro de los Estados Unidos), en el capítulo 1 de la Publicación 550, en inglés. Form 1040x more:label_form_201040x more:taxes Para información adicional sobre los pagarés y bonos del Tesoro, escriba a la dirección siguiente:    Bureau of the Public Debt P. Form 1040x more:label_form_201040x more:taxes O. Form 1040x more:label_form_201040x more:taxes Box 7015 Parkersburg, WV 26106-7015 O puede visitar la siguiente página en Internet: www. Form 1040x more:label_form_201040x more:taxes treasurydirect. Form 1040x more:label_form_201040x more:taxes gov/indiv/indiv. Form 1040x more:label_form_201040x more:taxes htm, en inglés. Form 1040x more:label_form_201040x more:taxes Para más información sobre los bonos de ahorro de la serie EE, la serie I o la serie HH, vea Bonos de Ahorro de los Estados Unidos , anteriormente en este capítulo. Form 1040x more:label_form_201040x more:taxes Valores del Tesoro protegidos de la inflación (TIPS, por sus siglas en inglés). Form 1040x more:label_form_201040x more:taxes   Estos valores pagan intereses dos veces al año a una tasa fija, basada en una cantidad de capital que se ajusta para considerar los efectos de la inflación y deflación. Form 1040x more:label_form_201040x more:taxes Para saber cómo se tratan esos valores para propósitos tributarios, vea Inflation-Indexed Debt Instruments (Instrumentos de la deuda indexados según la inflación), bajo Original Issue Discount (OID) (Descuento de la emisión original (OID)) en la Publicación 550, en inglés. Form 1040x more:label_form_201040x more:taxes Bonos que se Venden Entre las Fechas de Pago de los Intereses Si usted vende un bono entre las fechas de pago de los intereses, una parte del precio de venta se considera intereses acumulados hasta la fecha de venta. Form 1040x more:label_form_201040x more:taxes Tiene que declarar dicha parte del precio de venta como ingreso de intereses para el año de la venta. Form 1040x more:label_form_201040x more:taxes Si compra un bono entre las fechas de pago de los intereses, una parte del precio de compra se considera intereses acumulados antes de la fecha de compra. Form 1040x more:label_form_201040x more:taxes Cuando se le paguen dichos intereses, tiene que tratarlos como devolución de su inversión de capital, en lugar de ingresos de intereses, mediante la reducción de su base en el bono. Form 1040x more:label_form_201040x more:taxes Vea Accrued interest on bonds (Intereses acumulados sobre los bonos), bajo How To Report Interest Income (Cómo se declaran los ingresos de intereses), en el capítulo 1 de la Publicación 550, en inglés, para más detalles sobre cómo se declara el pago. Form 1040x more:label_form_201040x more:taxes Seguros Los pagos de seguro de vida que recibe como beneficiario de la persona asegurada no suelen ser tributables. Form 1040x more:label_form_201040x more:taxes Sin embargo, si usted recibe los pagos a plazos, tendrá que declarar normalmente una parte de cada plazo como ingreso de intereses. Form 1040x more:label_form_201040x more:taxes Para más información sobre los pagos de seguros recibidos a plazos, vea la Publicación 525, Taxable and Nontaxable Income (Ingreso tributable y no tributable), en inglés. Form 1040x more:label_form_201040x more:taxes Anualidad. Form 1040x more:label_form_201040x more:taxes   Si compra una anualidad con los ingresos recibidos de una póliza de seguro de vida, los pagos de anualidad que reciba estarán sujetos a impuestos como ingreso de pensión y anualidad de un plan no calificado, no como ingreso de intereses. Form 1040x more:label_form_201040x more:taxes Vea el capítulo 10 para más información sobre el ingreso de pensiones y anualidades de planes no calificados. Form 1040x more:label_form_201040x more:taxes Obligaciones del Gobierno Estatal o Local Los intereses sobre un bono usado para financiar operaciones del gobierno no suelen ser tributables si dicho bono se emite por un estado, el Distrito de Columbia, una posesión (territorio no autónomo) de los Estados Unidos o cualesquiera de sus subdivisiones políticas. Form 1040x more:label_form_201040x more:taxes Los bonos que se emitieron después de 1982 (esto incluye los bonos para el desarrollo económico de tribus emitidos después del 17 de febrero de 2009) por un gobierno de una tribu de indios estadounidenses se tratan como si fueran emitidos por un estado. Form 1040x more:label_form_201040x more:taxes Los intereses sobre dichos bonos suelen estar exentos de impuestos si los bonos son parte de una emisión de la cual sustancialmente todas las ganancias se han de usar en el desempeño de alguna función esencial del gobierno. Form 1040x more:label_form_201040x more:taxes Para obtener información acerca de los bonos garantizados federalmente, bonos de ingresos hipotecarios, bonos de arbitraje, bonos calificados del crédito tributario, bonos para el financiamiento de proyectos parcialmente privados y los bonos “Build America” (Construir en América), vea State or Local Government Obligations (Obligaciones del gobierno estatal o local), en el capítulo 1 de la Publicación 550, en inglés. Form 1040x more:label_form_201040x more:taxes Requisito de declarar información. Form 1040x more:label_form_201040x more:taxes   Si tiene que presentar una declaración de impuestos, se le requiere que muestre en dicha declaración todos los intereses exentos resultantes de los bonos mencionados anteriormente que haya recibido. Form 1040x more:label_form_201040x more:taxes Esto es sólo un requisito para la decla
Print - Click this link to Print this page

Letter 3217C Frequently Asked Questions (FAQs)

What is the letter telling me?

This letter is telling you we have accepted your oral or written request to pay what you owe IRS in installments. It provides you with a specific dollar amount to pay each month and when your payment is due. It also provides the address that your payments should be mailed to. Included is the dollar amount for the fee we charge to establish an agreement. The amount varies depending on the type of agreement that is established. The letter also provides instructions on how to apply for the Low Income Fee Reduction (if you qualify).

What do I have to do?

The letter contains your payment due date. You should mail your payment to us 5 days prior to the due date. It tells you what items you need to put on your check so it can be correctly identified and applied to your account.

How much time do I have?

The letter is usually mailed 4 to 6 weeks before your first payment is due.

What happens if I don't take any action?

If you fail to make your payments the IRS can begin enforcement action by placing a levy on your bank account or wages or file a lien on personal property.

Who should I contact?

If you are unable to make your monthly payment, you should contact IRS as soon as possible. Expeditious contact prior to your payment due date may temporarily stop enforcement actions. The person who answers the phone will assist you.

Page Last Reviewed or Updated: 03-Feb-2014

The Form 1040x More:label_form_201040x More:taxes

Form 1040x more:label_form_201040x more:taxes 1. Form 1040x more:label_form_201040x more:taxes   Gain or Loss Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Sales and ExchangesGain or Loss From Sales and Exchanges Abandonments Foreclosures and RepossessionsAmount realized on a nonrecourse debt. Form 1040x more:label_form_201040x more:taxes Amount realized on a recourse debt. Form 1040x more:label_form_201040x more:taxes Involuntary ConversionsCondemnations Nontaxable ExchangesLike-Kind Exchanges Other Nontaxable Exchanges Transfers to Spouse Rollover of Gain From Publicly Traded Securities Gains on Sales of Qualified Small Business Stock Exclusion of Gain From Sale of DC Zone Assets Topics - This chapter discusses: Sales and exchanges Abandonments Foreclosures and repossessions Involuntary conversions Nontaxable exchanges Transfers to spouse Rollovers and exclusions for certain capital gains Useful Items - You may want to see: Publication 523 Selling Your Home 537 Installment Sales 547 Casualties, Disasters, and Thefts 550 Investment Income and Expenses 551 Basis of Assets 908 Bankruptcy Tax Guide 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 1040 U. Form 1040x more:label_form_201040x more:taxes S. Form 1040x more:label_form_201040x more:taxes Individual Income Tax Return 1040X Amended U. Form 1040x more:label_form_201040x more:taxes S. Form 1040x more:label_form_201040x more:taxes Individual Income Tax Return 1099-A Acquisition or Abandonment of Secured Property 1099-C Cancellation of Debt 4797 Sales of Business Property 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets Although the discussions in this chapter may at times refer mainly to individuals, many of the rules discussed also apply to taxpayers other than individuals. Form 1040x more:label_form_201040x more:taxes However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. Form 1040x more:label_form_201040x more:taxes See chapter 5 for information about getting publications and forms. Form 1040x more:label_form_201040x more:taxes Sales and Exchanges A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. Form 1040x more:label_form_201040x more:taxes An exchange is a transfer of property for other property or services. Form 1040x more:label_form_201040x more:taxes The following discussions describe the kinds of transactions that are treated as sales or exchanges and explain how to figure gain or loss. Form 1040x more:label_form_201040x more:taxes Sale or lease. Form 1040x more:label_form_201040x more:taxes    Some agreements that seem to be leases may really be conditional sales contracts. Form 1040x more:label_form_201040x more:taxes The intention of the parties to the agreement can help you distinguish between a sale and a lease. Form 1040x more:label_form_201040x more:taxes   There is no test or group of tests to prove what the parties intended when they made the agreement. Form 1040x more:label_form_201040x more:taxes You should consider each agreement based on its own facts and circumstances. Form 1040x more:label_form_201040x more:taxes For more information, see chapter 3 in Publication 535, Business Expenses. Form 1040x more:label_form_201040x more:taxes Cancellation of a lease. Form 1040x more:label_form_201040x more:taxes    Payments received by a tenant for the cancellation of a lease are treated as an amount realized from the sale of property. Form 1040x more:label_form_201040x more:taxes Payments received by a landlord (lessor) for the cancellation of a lease are essentially a substitute for rental payments and are taxed as ordinary income in the year in which they are received. Form 1040x more:label_form_201040x more:taxes Copyright. Form 1040x more:label_form_201040x more:taxes    Payments you receive for granting the exclusive use of (or right to exploit) a copyright throughout its life in a particular medium are treated as received from the sale of property. Form 1040x more:label_form_201040x more:taxes It does not matter if the payments are a fixed amount or a percentage of receipts from the sale, performance, exhibition, or publication of the copyrighted work, or an amount based on the number of copies sold, performances given, or exhibitions made. Form 1040x more:label_form_201040x more:taxes Nor does it matter if the payments are made over the same period as that covering the grantee's use of the copyrighted work. Form 1040x more:label_form_201040x more:taxes   If the copyright was used in your trade or business and you held it longer than a year, the gain or loss may be a section 1231 gain or loss. Form 1040x more:label_form_201040x more:taxes For more information, see Section 1231 Gains and Losses in chapter 3. Form 1040x more:label_form_201040x more:taxes Easement. Form 1040x more:label_form_201040x more:taxes   The amount received for granting an easement is subtracted from the basis of the property. Form 1040x more:label_form_201040x more:taxes If only a specific part of the entire tract of property is affected by the easement, only the basis of that part is reduced by the amount received. Form 1040x more:label_form_201040x more:taxes If it is impossible or impractical to separate the basis of the part of the property on which the easement is granted, the basis of the whole property is reduced by the amount received. Form 1040x more:label_form_201040x more:taxes   Any amount received that is more than the basis to be reduced is a taxable gain. Form 1040x more:label_form_201040x more:taxes The transaction is reported as a sale of property. Form 1040x more:label_form_201040x more:taxes   If you transfer a perpetual easement for consideration and do not keep any beneficial interest in the part of the property affected by the easement, the transaction will be treated as a sale of property. Form 1040x more:label_form_201040x more:taxes However, if you make a qualified conservation contribution of a restriction or easement granted in perpetuity, it is treated as a charitable contribution and not a sale or exchange, even though you keep a beneficial interest in the property affected by the easement. Form 1040x more:label_form_201040x more:taxes   If you grant an easement on your property (for example, a right-of-way over it) under condemnation or threat of condemnation, you are considered to have made a forced sale, even though you keep the legal title. Form 1040x more:label_form_201040x more:taxes Although you figure gain or loss on the easement in the same way as a sale of property, the gain or loss is treated as a gain or loss from a condemnation. Form 1040x more:label_form_201040x more:taxes See Gain or Loss From Condemnations, later. Form 1040x more:label_form_201040x more:taxes Property transferred to satisfy debt. Form 1040x more:label_form_201040x more:taxes   A transfer of property to satisfy a debt is an exchange. Form 1040x more:label_form_201040x more:taxes Note's maturity date extended. Form 1040x more:label_form_201040x more:taxes   The extension of a note's maturity date is not treated as an exchange of an outstanding note for a new and different note. Form 1040x more:label_form_201040x more:taxes Also, it is not considered a closed and completed transaction that would result in a gain or loss. Form 1040x more:label_form_201040x more:taxes However, an extension will be treated as a taxable exchange of the outstanding note for a new and materially different note if the changes in the terms of the note are significant. Form 1040x more:label_form_201040x more:taxes Each case must be determined by its own facts. Form 1040x more:label_form_201040x more:taxes For more information, see Regulations section 1. Form 1040x more:label_form_201040x more:taxes 1001-3. Form 1040x more:label_form_201040x more:taxes Transfer on death. Form 1040x more:label_form_201040x more:taxes   The transfer of property of a decedent to an executor or administrator of the estate, or to the heirs or beneficiaries, is not a sale or exchange or other disposition. Form 1040x more:label_form_201040x more:taxes No taxable gain or deductible loss results from the transfer. Form 1040x more:label_form_201040x more:taxes Bankruptcy. Form 1040x more:label_form_201040x more:taxes   Generally, a transfer (other than by sale or exchange) of property from a debtor to a bankruptcy estate is not treated as a disposition. Form 1040x more:label_form_201040x more:taxes Consequently, the transfer generally does not result in gain or loss. Form 1040x more:label_form_201040x more:taxes For more information, see Publication 908, Bankruptcy Tax Guide. Form 1040x more:label_form_201040x more:taxes Gain or Loss From Sales and Exchanges You usually realize gain or loss when property is sold or exchanged. Form 1040x more:label_form_201040x more:taxes A gain is the amount you realize from a sale or exchange of property that is more than its adjusted basis. Form 1040x more:label_form_201040x more:taxes A loss is the adjusted basis of the property that is more than the amount you realize. Form 1040x more:label_form_201040x more:taxes   Table 1-1. Form 1040x more:label_form_201040x more:taxes How To Figure Whether You Have a Gain or Loss IF your. Form 1040x more:label_form_201040x more:taxes . Form 1040x more:label_form_201040x more:taxes . Form 1040x more:label_form_201040x more:taxes THEN you have a. Form 1040x more:label_form_201040x more:taxes . Form 1040x more:label_form_201040x more:taxes . Form 1040x more:label_form_201040x more:taxes Adjusted basis is more than the amount realized, Loss. Form 1040x more:label_form_201040x more:taxes Amount realized is more than the adjusted basis, Gain. Form 1040x more:label_form_201040x more:taxes Basis. Form 1040x more:label_form_201040x more:taxes   You must know the basis of your property to determine whether you have a gain or loss from its sale or other disposition. Form 1040x more:label_form_201040x more:taxes The basis of property you buy is usually its cost. Form 1040x more:label_form_201040x more:taxes However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. Form 1040x more:label_form_201040x more:taxes See Basis Other Than Cost in Publication 551, Basis of Assets. Form 1040x more:label_form_201040x more:taxes Special rules apply to property acquired from a decedent who died in 2010 and the executor made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent. Form 1040x more:label_form_201040x more:taxes See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for details. Form 1040x more:label_form_201040x more:taxes Adjusted basis. Form 1040x more:label_form_201040x more:taxes   The adjusted basis of property is your original cost or other basis plus (increased by) certain additions and minus (decreased by) certain deductions. Form 1040x more:label_form_201040x more:taxes Increases include costs of any improvements having a useful life of more than 1 year. Form 1040x more:label_form_201040x more:taxes Decreases include depreciation and casualty losses. Form 1040x more:label_form_201040x more:taxes For more details and additional examples, see Adjusted Basis in Publication 551. Form 1040x more:label_form_201040x more:taxes Amount realized. Form 1040x more:label_form_201040x more:taxes   The amount you realize from a sale or exchange is the total of all money you receive plus the fair market value (defined below) of all property or services you receive. Form 1040x more:label_form_201040x more:taxes The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Form 1040x more:label_form_201040x more:taxes Fair market value. Form 1040x more:label_form_201040x more:taxes   Fair market value (FMV) is the price at which the property would change hands between a buyer and a seller when both have reasonable knowledge of all the necessary facts and neither is being forced to buy or sell. Form 1040x more:label_form_201040x more:taxes If parties with adverse interests place a value on property in an arm's-length transaction, that is strong evidence of FMV. Form 1040x more:label_form_201040x more:taxes If there is a stated price for services, this price is treated as the FMV unless there is evidence to the contrary. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes You used a building in your business that cost you $70,000. Form 1040x more:label_form_201040x more:taxes You made certain permanent improvements at a cost of $20,000 and deducted depreciation totaling $10,000. Form 1040x more:label_form_201040x more:taxes You sold the building for $100,000 plus property having an FMV of $20,000. Form 1040x more:label_form_201040x more:taxes The buyer assumed your real estate taxes of $3,000 and a mortgage of $17,000 on the building. Form 1040x more:label_form_201040x more:taxes The selling expenses were $4,000. Form 1040x more:label_form_201040x more:taxes Your gain on the sale is figured as follows. Form 1040x more:label_form_201040x more:taxes Amount realized:     Cash $100,000   FMV of property received 20,000   Real estate taxes assumed by buyer 3,000   Mortgage assumed by  buyer 17,000   Total 140,000   Minus: Selling expenses 4,000 $136,000 Adjusted basis:     Cost of building $70,000   Improvements 20,000   Total $90,000   Minus: Depreciation 10,000   Adjusted basis   $80,000 Gain on sale $56,000 Amount recognized. Form 1040x more:label_form_201040x more:taxes   Your gain or loss realized from a sale or exchange of property is usually a recognized gain or loss for tax purposes. Form 1040x more:label_form_201040x more:taxes Recognized gains must be included in gross income. Form 1040x more:label_form_201040x more:taxes Recognized losses are deductible from gross income. Form 1040x more:label_form_201040x more:taxes However, your gain or loss realized from certain exchanges of property is not recognized for tax purposes. Form 1040x more:label_form_201040x more:taxes See Nontaxable Exchanges, later. Form 1040x more:label_form_201040x more:taxes Also, a loss from the sale or other disposition of property held for personal use is not deductible, except in the case of a casualty or theft. Form 1040x more:label_form_201040x more:taxes Interest in property. Form 1040x more:label_form_201040x more:taxes   The amount you realize from the disposition of a life interest in property, an interest in property for a set number of years, or an income interest in a trust is a recognized gain under certain circumstances. Form 1040x more:label_form_201040x more:taxes If you received the interest as a gift, inheritance, or in a transfer from a spouse or former spouse incident to a divorce, the amount realized is a recognized gain. Form 1040x more:label_form_201040x more:taxes Your basis in the property is disregarded. Form 1040x more:label_form_201040x more:taxes This rule does not apply if all interests in the property are disposed of at the same time. Form 1040x more:label_form_201040x more:taxes Example 1. Form 1040x more:label_form_201040x more:taxes Your father dies and leaves his farm to you for life with a remainder interest to your younger brother. Form 1040x more:label_form_201040x more:taxes You decide to sell your life interest in the farm. Form 1040x more:label_form_201040x more:taxes The entire amount you receive is a recognized gain. Form 1040x more:label_form_201040x more:taxes Your basis in the farm is disregarded. Form 1040x more:label_form_201040x more:taxes Example 2. Form 1040x more:label_form_201040x more:taxes The facts are the same as in Example 1, except that your brother joins you in selling the farm. Form 1040x more:label_form_201040x more:taxes The entire interest in the property is sold, so your basis in the farm is not disregarded. Form 1040x more:label_form_201040x more:taxes Your gain or loss is the difference between your share of the sales price and your adjusted basis in the farm. Form 1040x more:label_form_201040x more:taxes Canceling a sale of real property. Form 1040x more:label_form_201040x more:taxes   If you sell real property under a sales contract that allows the buyer to return the property for a full refund and the buyer does so, you may not have to recognize gain or loss on the sale. Form 1040x more:label_form_201040x more:taxes If the buyer returns the property in the year of sale, no gain or loss is recognized. Form 1040x more:label_form_201040x more:taxes This cancellation of the sale in the same year it occurred places both you and the buyer in the same positions you were in before the sale. Form 1040x more:label_form_201040x more:taxes If the buyer returns the property in a later tax year, you must recognize gain (or loss, if allowed) in the year of the sale. Form 1040x more:label_form_201040x more:taxes When the property is returned in a later year, you acquire a new basis in the property. Form 1040x more:label_form_201040x more:taxes That basis is equal to the amount you pay to the buyer. Form 1040x more:label_form_201040x more:taxes Bargain Sale If you sell or exchange property for less than fair market value with the intent of making a gift, the transaction is partly a sale or exchange and partly a gift. Form 1040x more:label_form_201040x more:taxes You have a gain if the amount realized is more than your adjusted basis in the property. Form 1040x more:label_form_201040x more:taxes However, you do not have a loss if the amount realized is less than the adjusted basis of the property. Form 1040x more:label_form_201040x more:taxes Bargain sales to charity. Form 1040x more:label_form_201040x more:taxes   A bargain sale of property to a charitable organization is partly a sale or exchange and partly a charitable contribution. Form 1040x more:label_form_201040x more:taxes If a charitable deduction for the contribution is allowable, you must allocate your adjusted basis in the property between the part sold and the part contributed based on the fair market value of each. Form 1040x more:label_form_201040x more:taxes The adjusted basis of the part sold is figured as follows. Form 1040x more:label_form_201040x more:taxes Adjusted basis of entire property × Amount realized (fair market value of part sold)   Fair market value of entire property   Based on this allocation rule, you will have a gain even if the amount realized is not more than your adjusted basis in the property. Form 1040x more:label_form_201040x more:taxes This allocation rule does not apply if a charitable contribution deduction is not allowable. Form 1040x more:label_form_201040x more:taxes   See Publication 526, Charitable Contributions, for information on figuring your charitable contribution. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes You sold property with a fair market value of $10,000 to a charitable organization for $2,000 and are allowed a deduction for your contribution. Form 1040x more:label_form_201040x more:taxes Your adjusted basis in the property is $4,000. Form 1040x more:label_form_201040x more:taxes Your gain on the sale is $1,200, figured as follows. Form 1040x more:label_form_201040x more:taxes Sales price $2,000 Minus: Adjusted basis of part sold ($4,000 × ($2,000 ÷ $10,000)) 800 Gain on the sale $1,200 Property Used Partly for Business or Rental Generally, if you sell or exchange property you used partly for business or rental purposes and partly for personal purposes, you must figure the gain or loss on the sale or exchange as though you had sold two separate pieces of property. Form 1040x more:label_form_201040x more:taxes You must subtract depreciation you took or could have taken from the basis of the business or rental part. Form 1040x more:label_form_201040x more:taxes However, see the special rule below for a home used partly for business or rental. Form 1040x more:label_form_201040x more:taxes You must allocate the selling price, selling expenses, and the basis of the property between the business or rental part and the personal part. Form 1040x more:label_form_201040x more:taxes Gain or loss on the business or rental part of the property may be a capital gain or loss or an ordinary gain or loss, as discussed in chapter 3 under Section 1231 Gains and Losses. Form 1040x more:label_form_201040x more:taxes Any gain on the personal part of the property is a capital gain. Form 1040x more:label_form_201040x more:taxes You cannot deduct a loss on the personal part. Form 1040x more:label_form_201040x more:taxes Home used partly for business or rental. Form 1040x more:label_form_201040x more:taxes    If you use property partly as a home and partly for business or to produce rental income, the computation and treatment of any gain on the sale depends partly on whether the business or rental part of the property is part of your home or separate from it. Form 1040x more:label_form_201040x more:taxes See Property Used Partly for Business or Rental, in Publication 523. Form 1040x more:label_form_201040x more:taxes Property Changed to Business or Rental Use You cannot deduct a loss on the sale of property you purchased or constructed for use as your home and used as your home until the time of sale. Form 1040x more:label_form_201040x more:taxes You can deduct a loss on the sale of property you acquired for use as your home but changed to business or rental property and used as business or rental property at the time of sale. Form 1040x more:label_form_201040x more:taxes However, if the adjusted basis of the property at the time of the change was more than its fair market value, the loss you can deduct is limited. Form 1040x more:label_form_201040x more:taxes Figure the loss you can deduct as follows. Form 1040x more:label_form_201040x more:taxes Use the lesser of the property's adjusted basis or fair market value at the time of the change. Form 1040x more:label_form_201040x more:taxes Add to (1) the cost of any improvements and other increases to basis since the change. Form 1040x more:label_form_201040x more:taxes Subtract from (2) depreciation and any other decreases to basis since the change. Form 1040x more:label_form_201040x more:taxes Subtract the amount you realized on the sale from the result in (3). Form 1040x more:label_form_201040x more:taxes If the amount you realized is more than the result in (3), treat this result as zero. Form 1040x more:label_form_201040x more:taxes The result in (4) is the loss you can deduct. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes You changed your main home to rental property 5 years ago. Form 1040x more:label_form_201040x more:taxes At the time of the change, the adjusted basis of your home was $75,000 and the fair market value was $70,000. Form 1040x more:label_form_201040x more:taxes This year, you sold the property for $55,000. Form 1040x more:label_form_201040x more:taxes You made no improvements to the property but you have depreciation expense of $12,620 over the 5 prior years. Form 1040x more:label_form_201040x more:taxes Although your loss on the sale is $7,380 [($75,000 − $12,620) − $55,000], the amount you can deduct as a loss is limited to $2,380, figured as follows. Form 1040x more:label_form_201040x more:taxes Lesser of adjusted basis or fair market value at time of the change $70,000 Plus: Cost of any improvements and any other additions to basis after the change -0-   70,000 Minus: Depreciation and any other decreases to basis after the change 12,620   57,380 Minus: Amount you realized from the sale 55,000 Deductible loss $2,380 Gain. Form 1040x more:label_form_201040x more:taxes   If you have a gain on the sale, you generally must recognize the full amount of the gain. Form 1040x more:label_form_201040x more:taxes You figure the gain by subtracting your adjusted basis from your amount realized, as described earlier. Form 1040x more:label_form_201040x more:taxes   You may be able to exclude all or part of the gain if you 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. Form 1040x more:label_form_201040x more:taxes However, you may not be able to exclude the part of the gain allocated to any period of nonqualified use. Form 1040x more:label_form_201040x more:taxes   For more information, see Business Use or Rental of Home in Publication 523. Form 1040x more:label_form_201040x more:taxes In addition, special rules apply if the home sold was acquired in a like-kind exchange. Form 1040x more:label_form_201040x more:taxes See Special Situations in Publication 523. Form 1040x more:label_form_201040x more:taxes Also see Like-Kind Exchanges, later. Form 1040x more:label_form_201040x more:taxes Abandonments The abandonment of property is a disposition of property. Form 1040x more:label_form_201040x more:taxes You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. Form 1040x more:label_form_201040x more:taxes Generally, abandonment is not treated as a sale or exchange of the property. Form 1040x more:label_form_201040x more:taxes If the amount you realize (if any) is more than your adjusted basis, then you have a gain. Form 1040x more:label_form_201040x more:taxes If your adjusted basis is more than the amount you realize (if any), then you have a loss. Form 1040x more:label_form_201040x more:taxes Loss from abandonment of business or investment property is deductible as a loss. Form 1040x more:label_form_201040x more:taxes A loss from an abandonment of business or investment property that is not treated as a sale or exchange generally is an ordinary loss. Form 1040x more:label_form_201040x more:taxes This rule also applies to leasehold improvements the lessor made for the lessee that were abandoned. Form 1040x more:label_form_201040x more:taxes If the property is foreclosed on or repossessed in lieu of abandonment, gain or loss is figured as discussed later under Foreclosure and Repossessions. Form 1040x more:label_form_201040x more:taxes The abandonment loss is deducted in the tax year in which the loss is sustained. Form 1040x more:label_form_201040x more:taxes If the abandoned property is secured by debt, special rules apply. Form 1040x more:label_form_201040x more:taxes The tax consequences of abandonment of property that is secured by debt depend on whether you are personally liable for the debt (recourse debt) or you are not personally liable for the debt (nonrecourse debt). Form 1040x more:label_form_201040x more:taxes For more information, including examples, see chapter 3 of Publication 4681. Form 1040x more:label_form_201040x more:taxes You cannot deduct any loss from abandonment of your home or other property held for personal use only. Form 1040x more:label_form_201040x more:taxes Cancellation of debt. Form 1040x more:label_form_201040x more:taxes   If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you may realize ordinary income equal to the canceled debt. Form 1040x more:label_form_201040x more:taxes This income is separate from any loss realized from abandonment of the property. Form 1040x more:label_form_201040x more:taxes   You must report this income on your tax return unless one of the following applies. Form 1040x more:label_form_201040x more:taxes The cancellation is intended as a gift. Form 1040x more:label_form_201040x more:taxes The debt is qualified farm debt. Form 1040x more:label_form_201040x more:taxes The debt is qualified real property business debt. Form 1040x more:label_form_201040x more:taxes You are insolvent or bankrupt. Form 1040x more:label_form_201040x more:taxes The debt is qualified principal residence indebtedness. Form 1040x more:label_form_201040x more:taxes File Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), to report the income exclusion. Form 1040x more:label_form_201040x more:taxes For more information, including other exceptions and exclusion, see Publication 4681. Form 1040x more:label_form_201040x more:taxes Forms 1099-A and 1099-C. Form 1040x more:label_form_201040x more:taxes   If you abandon property that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your loss from the abandonment. Form 1040x more:label_form_201040x more:taxes However, if your debt is canceled and the lender must file Form 1099-C, the lender may include the information about the abandonment on that form instead of on Form 1099-A, and send you Form 1099-C only. Form 1040x more:label_form_201040x more:taxes The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Form 1040x more:label_form_201040x more:taxes For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Form 1040x more:label_form_201040x more:taxes Foreclosures and Repossessions If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Form 1040x more:label_form_201040x more:taxes The foreclosure or repossession is treated as a sale or exchange from which you may realize gain or loss. Form 1040x more:label_form_201040x more:taxes This is true even if you voluntarily return the property to the lender. Form 1040x more:label_form_201040x more:taxes You also may realize ordinary income from cancellation of debt if the loan balance is more than the fair market value of the property. Form 1040x more:label_form_201040x more:taxes Buyer's (borrower's) gain or loss. Form 1040x more:label_form_201040x more:taxes   You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale or exchange. Form 1040x more:label_form_201040x more:taxes The gain or loss is the difference between your adjusted basis in the transferred property and the amount realized. Form 1040x more:label_form_201040x more:taxes See Gain or Loss From Sales and Exchanges, earlier. Form 1040x more:label_form_201040x more:taxes You can use Table 1-2 to figure your gain or loss from a foreclosure or repossession. Form 1040x more:label_form_201040x more:taxes Amount realized on a nonrecourse debt. Form 1040x more:label_form_201040x more:taxes   If you are not personally liable for repaying the debt (nonrecourse debt) secured by the transferred property, the amount you realize includes the full debt canceled by the transfer. Form 1040x more:label_form_201040x more:taxes The full canceled debt is included even if the fair market value of the property is less than the canceled debt. Form 1040x more:label_form_201040x more:taxes Example 1. Form 1040x more:label_form_201040x more:taxes Chris bought a new car for $15,000. Form 1040x more:label_form_201040x more:taxes He paid $2,000 down and borrowed the remaining $13,000 from the dealer's credit company. Form 1040x more:label_form_201040x more:taxes Chris is not personally liable for the loan (nonrecourse debt), but pledges the new car as security. Form 1040x more:label_form_201040x more:taxes The credit company repossessed the car because he stopped making loan payments. Form 1040x more:label_form_201040x more:taxes The balance due after taking into account the payments Chris made was $10,000. Form 1040x more:label_form_201040x more:taxes The fair market value of the car when repossessed was $9,000. Form 1040x more:label_form_201040x more:taxes The amount Chris realized on the repossession is $10,000. Form 1040x more:label_form_201040x more:taxes That is the outstanding amount of the debt canceled by the repossession, even though the car's fair market value is less than $10,000. Form 1040x more:label_form_201040x more:taxes Chris figures his gain or loss on the repossession by comparing the amount realized ($10,000) with his adjusted basis ($15,000). Form 1040x more:label_form_201040x more:taxes He has a $5,000 nondeductible loss. Form 1040x more:label_form_201040x more:taxes Example 2. Form 1040x more:label_form_201040x more:taxes Abena paid $200,000 for her home. Form 1040x more:label_form_201040x more:taxes She paid $15,000 down and borrowed the remaining $185,000 from a bank. Form 1040x more:label_form_201040x more:taxes Abena is not personally liable for the loan (nonrecourse debt), but pledges the house as security. Form 1040x more:label_form_201040x more:taxes The bank foreclosed on the loan because Abena stopped making payments. Form 1040x more:label_form_201040x more:taxes When the bank foreclosed on the loan, the balance due was $180,000, the fair market value of the house was $170,000, and Abena's adjusted basis was $175,000 due to a casualty loss she had deducted. Form 1040x more:label_form_201040x more:taxes The amount Abena realized on the foreclosure is $180,000, the balance due and debt canceled by the foreclosure. Form 1040x more:label_form_201040x more:taxes She figures her gain or loss by comparing the amount realized ($180,000) with her adjusted basis ($175,000). Form 1040x more:label_form_201040x more:taxes She has a $5,000 realized gain. Form 1040x more:label_form_201040x more:taxes Amount realized on a recourse debt. Form 1040x more:label_form_201040x more:taxes   If you are personally liable for the debt (recourse debt), the amount realized on the foreclosure or repossession includes the lesser of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The fair market value of the transferred property. Form 1040x more:label_form_201040x more:taxes You are treated as receiving ordinary income from the canceled debt for the part of the debt that is more than the fair market value. Form 1040x more:label_form_201040x more:taxes The amount realized does not include the canceled debt that is your income from cancellation of debt. Form 1040x more:label_form_201040x more:taxes See Cancellation of debt, below. Form 1040x more:label_form_201040x more:taxes Seller's (lender's) gain or loss on repossession. Form 1040x more:label_form_201040x more:taxes   If you finance a buyer's purchase of property and later acquire an interest in it through foreclosure or repossession, you may have a gain or loss on the acquisition. Form 1040x more:label_form_201040x more:taxes For more information, see Repossession in Publication 537. Form 1040x more:label_form_201040x more:taxes    Table 1-2. Form 1040x more:label_form_201040x more:taxes Worksheet for Foreclosures and Repossessions Part 1. Form 1040x more:label_form_201040x more:taxes Use Part 1 to figure your ordinary income from the cancellation of debt upon foreclosure or repossession. Form 1040x more:label_form_201040x more:taxes Complete this part only  if you were personally liable for the debt. Form 1040x more:label_form_201040x more:taxes Otherwise,  go to Part 2. Form 1040x more:label_form_201040x more:taxes   1. Form 1040x more:label_form_201040x more:taxes Enter the amount of outstanding debt immediately before the transfer of   property reduced by any amount for which you remain personally liable after   the transfer of property   2. Form 1040x more:label_form_201040x more:taxes Enter the fair market value of the transferred property   3. Form 1040x more:label_form_201040x more:taxes Ordinary income from cancellation of debt upon foreclosure or    repossession. Form 1040x more:label_form_201040x more:taxes * Subtract line 2 from line 1. Form 1040x more:label_form_201040x more:taxes   If less than zero, enter zero   Part 2. Form 1040x more:label_form_201040x more:taxes Figure your gain or loss from foreclosure or repossession. Form 1040x more:label_form_201040x more:taxes   4. Form 1040x more:label_form_201040x more:taxes If you completed Part 1, enter the smaller of line 1 or line 2. Form 1040x more:label_form_201040x more:taxes   If you did not complete Part 1, enter the outstanding debt immediately before   the transfer of property   5. Form 1040x more:label_form_201040x more:taxes Enter any proceeds you received from the foreclosure sale   6. Form 1040x more:label_form_201040x more:taxes Add lines 4 and 5   7. Form 1040x more:label_form_201040x more:taxes Enter the adjusted basis of the transferred property   8. Form 1040x more:label_form_201040x more:taxes Gain or loss from foreclosure or repossession. Form 1040x more:label_form_201040x more:taxes Subtract line 7  from line 6   * The income may not be taxable. Form 1040x more:label_form_201040x more:taxes See Cancellation of debt. Form 1040x more:label_form_201040x more:taxes Cancellation of debt. Form 1040x more:label_form_201040x more:taxes   If property that is repossessed or foreclosed on secures a debt for which you are personally liable (recourse debt), you generally must report as ordinary income the amount by which the canceled debt is more than the fair market value of the property. Form 1040x more:label_form_201040x more:taxes This income is separate from any gain or loss realized from the foreclosure or repossession. Form 1040x more:label_form_201040x more:taxes Report the income from cancellation of a debt related to a business or rental activity as business or rental income. Form 1040x more:label_form_201040x more:taxes    You can use Table 1-2 to figure your income from cancellation of debt. Form 1040x more:label_form_201040x more:taxes   You must report this income on your tax return unless one of the following applies. Form 1040x more:label_form_201040x more:taxes The cancellation is intended as a gift. Form 1040x more:label_form_201040x more:taxes The debt is qualified farm debt. Form 1040x more:label_form_201040x more:taxes The debt is qualified real property business debt. Form 1040x more:label_form_201040x more:taxes You are insolvent or bankrupt. Form 1040x more:label_form_201040x more:taxes The debt is qualified principal residence indebtedness. Form 1040x more:label_form_201040x more:taxes File Form 982 to report the income exclusion. Form 1040x more:label_form_201040x more:taxes Example 1. Form 1040x more:label_form_201040x more:taxes Assume the same facts as in Example 1 under Amount realized on a nonrecourse debt, earlier, except Chris is personally liable for the car loan (recourse debt). Form 1040x more:label_form_201040x more:taxes In this case, the amount he realizes is $9,000. Form 1040x more:label_form_201040x more:taxes This is the lesser of the canceled debt ($10,000) or the car's fair market value ($9,000). Form 1040x more:label_form_201040x more:taxes Chris figures his gain or loss on the repossession by comparing the amount realized ($9,000) with his adjusted basis ($15,000). Form 1040x more:label_form_201040x more:taxes He has a $6,000 nondeductible loss. Form 1040x more:label_form_201040x more:taxes He also is treated as receiving ordinary income from cancellation of debt. Form 1040x more:label_form_201040x more:taxes That income is $1,000 ($10,000 − $9,000). Form 1040x more:label_form_201040x more:taxes This is the part of the canceled debt not included in the amount realized. Form 1040x more:label_form_201040x more:taxes Example 2. Form 1040x more:label_form_201040x more:taxes Assume the same facts as in Example 2 under Amount realized on a nonrecourse debt, earlier, except Abena is personally liable for the loan (recourse debt). Form 1040x more:label_form_201040x more:taxes In this case, the amount she realizes is $170,000. Form 1040x more:label_form_201040x more:taxes This is the lesser of the canceled debt ($180,000) or the fair market value of the house ($170,000). Form 1040x more:label_form_201040x more:taxes Abena figures her gain or loss on the foreclosure by comparing the amount realized ($170,000) with her adjusted basis ($175,000). Form 1040x more:label_form_201040x more:taxes She has a $5,000 nondeductible loss. Form 1040x more:label_form_201040x more:taxes She also is treated as receiving ordinary income from cancellation of debt. Form 1040x more:label_form_201040x more:taxes (The debt is not exempt from tax as discussed under Cancellation of debt, above. Form 1040x more:label_form_201040x more:taxes ) That income is $10,000 ($180,000 − $170,000). Form 1040x more:label_form_201040x more:taxes This is the part of the canceled debt not included in the amount realized. Form 1040x more:label_form_201040x more:taxes Forms 1099-A and 1099-C. Form 1040x more:label_form_201040x more:taxes   A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A showing the information you need to figure your gain or loss. Form 1040x more:label_form_201040x more:taxes However, if the lender also cancels part of your debt and must file Form 1099-C, the lender may include the information about the foreclosure or repossession on that form instead of on Form 1099-A and send you Form 1099-C only. Form 1040x more:label_form_201040x more:taxes The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Form 1040x more:label_form_201040x more:taxes For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Form 1040x more:label_form_201040x more:taxes Involuntary Conversions An involuntary conversion occurs when your property is destroyed, stolen, condemned, or disposed of under the threat of condemnation and you receive other property or money in payment, such as insurance or a condemnation award. Form 1040x more:label_form_201040x more:taxes Involuntary conversions are also called involuntary exchanges. Form 1040x more:label_form_201040x more:taxes Gain or loss from an involuntary conversion of your property is usually recognized for tax purposes unless the property is your main home. Form 1040x more:label_form_201040x more:taxes You report the gain or deduct the loss on your tax return for the year you realize it. Form 1040x more:label_form_201040x more:taxes You cannot deduct a loss from an involuntary conversion of property you held for personal use unless the loss resulted from a casualty or theft. Form 1040x more:label_form_201040x more:taxes However, depending on the type of property you receive, you may not have to report a gain on an involuntary conversion. Form 1040x more:label_form_201040x more:taxes Generally, you do not report the gain if you receive property that is similar or related in service or use to the converted property. Form 1040x more:label_form_201040x more:taxes Your basis for the new property is the same as your basis for the converted property. Form 1040x more:label_form_201040x more:taxes This means that the gain is deferred until a taxable sale or exchange occurs. Form 1040x more:label_form_201040x more:taxes If you receive money or property that is not similar or related in service or use to the involuntarily converted property and you buy qualifying replacement property within a certain period of time, you can elect to postpone reporting the gain on the property purchased. Form 1040x more:label_form_201040x more:taxes This publication explains the treatment of a gain or loss from a condemnation or disposition under the threat of condemnation. Form 1040x more:label_form_201040x more:taxes If you have a gain or loss from the destruction or theft of property, see Publication 547. Form 1040x more:label_form_201040x more:taxes Condemnations A condemnation is the process by which private property is legally taken for public use without the owner's consent. Form 1040x more:label_form_201040x more:taxes The property may be taken by the federal government, a state government, a political subdivision, or a private organization that has the power to legally take it. Form 1040x more:label_form_201040x more:taxes The owner receives a condemnation award (money or property) in exchange for the property taken. Form 1040x more:label_form_201040x more:taxes A condemnation is like a forced sale, the owner being the seller and the condemning authority being the buyer. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes A local government authorized to acquire land for public parks informed you that it wished to acquire your property. Form 1040x more:label_form_201040x more:taxes After the local government took action to condemn your property, you went to court to keep it. Form 1040x more:label_form_201040x more:taxes But, the court decided in favor of the local government, which took your property and paid you an amount fixed by the court. Form 1040x more:label_form_201040x more:taxes This is a condemnation of private property for public use. Form 1040x more:label_form_201040x more:taxes Threat of condemnation. Form 1040x more:label_form_201040x more:taxes   A threat of condemnation exists if a representative of a government body or a public official authorized to acquire property for public use informs you that the government body or official has decided to acquire your property. Form 1040x more:label_form_201040x more:taxes You must have reasonable grounds to believe that, if you do not sell voluntarily, your property will be condemned. Form 1040x more:label_form_201040x more:taxes   The sale of your property to someone other than the condemning authority will also qualify as an involuntary conversion, provided you have reasonable grounds to believe that your property will be condemned. Form 1040x more:label_form_201040x more:taxes If the buyer of this property knows at the time of purchase that it will be condemned and sells it to the condemning authority, this sale also qualifies as an involuntary conversion. Form 1040x more:label_form_201040x more:taxes Reports of condemnation. Form 1040x more:label_form_201040x more:taxes   A threat of condemnation exists if you learn of a decision to acquire your property for public use through a report in a newspaper or other news medium, and this report is confirmed by a representative of the government body or public official involved. Form 1040x more:label_form_201040x more:taxes You must have reasonable grounds to believe that they will take necessary steps to condemn your property if you do not sell voluntarily. Form 1040x more:label_form_201040x more:taxes If you relied on oral statements made by a government representative or public official, the Internal Revenue Service (IRS) may ask you to get written confirmation of the statements. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes Your property lies along public utility lines. Form 1040x more:label_form_201040x more:taxes The utility company has the authority to condemn your property. Form 1040x more:label_form_201040x more:taxes The company informs you that it intends to acquire your property by negotiation or condemnation. Form 1040x more:label_form_201040x more:taxes A threat of condemnation exists when you receive the notice. Form 1040x more:label_form_201040x more:taxes Related property voluntarily sold. Form 1040x more:label_form_201040x more:taxes   A voluntary sale of your property may be treated as a forced sale that qualifies as an involuntary conversion if the property had a substantial economic relationship to property of yours that was condemned. Form 1040x more:label_form_201040x more:taxes A substantial economic relationship exists if together the properties were one economic unit. Form 1040x more:label_form_201040x more:taxes You also must show that the condemned property could not reasonably or adequately be replaced. Form 1040x more:label_form_201040x more:taxes You can elect to postpone reporting the gain by buying replacement property. Form 1040x more:label_form_201040x more:taxes See Postponement of Gain, later. Form 1040x more:label_form_201040x more:taxes Gain or Loss From Condemnations If your property was condemned or disposed of under the threat of condemnation, figure your gain or loss by comparing the adjusted basis of your condemned property with your net condemnation award. Form 1040x more:label_form_201040x more:taxes If your net condemnation award is more than the adjusted basis of the condemned property, you have a gain. Form 1040x more:label_form_201040x more:taxes You can postpone reporting gain from a condemnation if you buy replacement property. Form 1040x more:label_form_201040x more:taxes If only part of your property is condemned, you can treat the cost of restoring the remaining part to its former usefulness as the cost of replacement property. Form 1040x more:label_form_201040x more:taxes See Postponement of Gain, later. Form 1040x more:label_form_201040x more:taxes If your net condemnation award is less than your adjusted basis, you have a loss. Form 1040x more:label_form_201040x more:taxes If your loss is from property you held for personal use, you cannot deduct it. Form 1040x more:label_form_201040x more:taxes You must report any deductible loss in the tax year it happened. Form 1040x more:label_form_201040x more:taxes You can use Part 2 of Table 1-3 to figure your gain or loss from a condemnation award. Form 1040x more:label_form_201040x more:taxes Main home condemned. Form 1040x more:label_form_201040x more:taxes   If you have a gain because your main home is condemned, you generally can exclude the gain from your income as if you had sold or exchanged your home. Form 1040x more:label_form_201040x more:taxes You may be able to exclude up to $250,000 of the gain (up to $500,000 if married filing jointly). Form 1040x more:label_form_201040x more:taxes For information on this exclusion, see Publication 523. Form 1040x more:label_form_201040x more:taxes If your gain is more than you can exclude but you buy replacement property, you may be able to postpone reporting the rest of the gain. Form 1040x more:label_form_201040x more:taxes See Postponement of Gain, later. Form 1040x more:label_form_201040x more:taxes Table 1-3. Form 1040x more:label_form_201040x more:taxes Worksheet for Condemnations Part 1. Form 1040x more:label_form_201040x more:taxes Gain from severance damages. Form 1040x more:label_form_201040x more:taxes  If you did not receive severance damages, skip Part 1 and go to Part 2. Form 1040x more:label_form_201040x more:taxes   1. Form 1040x more:label_form_201040x more:taxes Enter gross severance damages received   2. Form 1040x more:label_form_201040x more:taxes Enter your expenses in getting severance damages   3. Form 1040x more:label_form_201040x more:taxes Subtract line 2 from line 1. Form 1040x more:label_form_201040x more:taxes If less than zero, enter -0-   4. Form 1040x more:label_form_201040x more:taxes Enter any special assessment on remaining property taken out of your award   5. Form 1040x more:label_form_201040x more:taxes Net severance damages. Form 1040x more:label_form_201040x more:taxes Subtract line 4 from line 3. Form 1040x more:label_form_201040x more:taxes If less than zero, enter -0-   6. Form 1040x more:label_form_201040x more:taxes Enter the adjusted basis of the remaining property   7. Form 1040x more:label_form_201040x more:taxes Gain from severance damages. Form 1040x more:label_form_201040x more:taxes Subtract line 6 from line 5. Form 1040x more:label_form_201040x more:taxes If less than zero, enter -0-   8. Form 1040x more:label_form_201040x more:taxes Refigured adjusted basis of the remaining property. Form 1040x more:label_form_201040x more:taxes Subtract line 5 from line 6. Form 1040x more:label_form_201040x more:taxes If less than zero, enter -0-   Part 2. Form 1040x more:label_form_201040x more:taxes Gain or loss from condemnation award. Form 1040x more:label_form_201040x more:taxes   9. Form 1040x more:label_form_201040x more:taxes Enter the gross condemnation award received   10. Form 1040x more:label_form_201040x more:taxes Enter your expenses in getting the condemnation award   11. Form 1040x more:label_form_201040x more:taxes If you completed Part 1, and line 4 is more than line 3, subtract line 3 from line 4. Form 1040x more:label_form_201040x more:taxes If you did not complete Part 1, but a special assessment was taken out of your award, enter that amount. Form 1040x more:label_form_201040x more:taxes Otherwise, enter -0-   12. Form 1040x more:label_form_201040x more:taxes Add lines 10 and 11   13. Form 1040x more:label_form_201040x more:taxes Net condemnation award. Form 1040x more:label_form_201040x more:taxes Subtract line 12 from line 9   14. Form 1040x more:label_form_201040x more:taxes Enter the adjusted basis of the condemned property   15. Form 1040x more:label_form_201040x more:taxes Gain from condemnation award. Form 1040x more:label_form_201040x more:taxes If line 14 is more than line 13, enter -0-. Form 1040x more:label_form_201040x more:taxes Otherwise, subtract line 14 from  line 13 and skip line 16   16. Form 1040x more:label_form_201040x more:taxes Loss from condemnation award. Form 1040x more:label_form_201040x more:taxes Subtract line 13 from line 14     (Note: You cannot deduct the amount on line 16 if the condemned property was held for personal use. Form 1040x more:label_form_201040x more:taxes )   Part 3. Form 1040x more:label_form_201040x more:taxes Postponed gain from condemnation. Form 1040x more:label_form_201040x more:taxes  (Complete only if line 7 or line 15 is more than zero and you bought qualifying replacement property or made expenditures to restore the usefulness of your remaining property. Form 1040x more:label_form_201040x more:taxes )   17. Form 1040x more:label_form_201040x more:taxes If you completed Part 1, and line 7 is more than zero, enter the amount from line 5. Form 1040x more:label_form_201040x more:taxes Otherwise, enter -0-   18. Form 1040x more:label_form_201040x more:taxes If line 15 is more than zero, enter the amount from line 13. Form 1040x more:label_form_201040x more:taxes Otherwise, enter -0-   19. Form 1040x more:label_form_201040x more:taxes Add lines 17 and 18. Form 1040x more:label_form_201040x more:taxes If the condemned property was your main home, subtract from this total the gain you excluded from your income and enter the result   20. Form 1040x more:label_form_201040x more:taxes Enter the total cost of replacement property and any expenses to restore the usefulness of your remaining property   21. Form 1040x more:label_form_201040x more:taxes Subtract line 20 from line 19. Form 1040x more:label_form_201040x more:taxes If less than zero, enter -0-   22. Form 1040x more:label_form_201040x more:taxes If you completed Part 1, add lines 7 and 15. Form 1040x more:label_form_201040x more:taxes Otherwise, enter the amount from line 15. Form 1040x more:label_form_201040x more:taxes If the condemned property was your main home, subtract from this total the gain you excluded from your income and enter the result   23. Form 1040x more:label_form_201040x more:taxes Recognized gain. Form 1040x more:label_form_201040x more:taxes Enter the smaller of line 21 or line 22. Form 1040x more:label_form_201040x more:taxes   24. Form 1040x more:label_form_201040x more:taxes Postponed gain. Form 1040x more:label_form_201040x more:taxes Subtract line 23 from line 22. Form 1040x more:label_form_201040x more:taxes If less than zero, enter -0-   Condemnation award. Form 1040x more:label_form_201040x more:taxes   A condemnation award is the money you are paid or the value of other property you receive for your condemned property. Form 1040x more:label_form_201040x more:taxes The award is also the amount you are paid for the sale of your property under threat of condemnation. Form 1040x more:label_form_201040x more:taxes Payment of your debts. Form 1040x more:label_form_201040x more:taxes   Amounts taken out of the award to pay your debts are considered paid to you. Form 1040x more:label_form_201040x more:taxes Amounts the government pays directly to the holder of a mortgage or lien against your property are part of your award, even if the debt attaches to the property and is not your personal liability. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes The state condemned your property for public use. Form 1040x more:label_form_201040x more:taxes The award was set at $200,000. Form 1040x more:label_form_201040x more:taxes The state paid you only $148,000 because it paid $50,000 to your mortgage holder and $2,000 accrued real estate taxes. Form 1040x more:label_form_201040x more:taxes You are considered to have received the entire $200,000 as a condemnation award. Form 1040x more:label_form_201040x more:taxes Interest on award. Form 1040x more:label_form_201040x more:taxes   If the condemning authority pays you interest for its delay in paying your award, it is not part of the condemnation award. Form 1040x more:label_form_201040x more:taxes You must report the interest separately as ordinary income. Form 1040x more:label_form_201040x more:taxes Payments to relocate. Form 1040x more:label_form_201040x more:taxes   Payments you receive to relocate and replace housing because you have been displaced from your home, business, or farm as a result of federal or federally assisted programs are not part of the condemnation award. Form 1040x more:label_form_201040x more:taxes Do not include them in your income. Form 1040x more:label_form_201040x more:taxes Replacement housing payments used to buy new property are included in the property's basis as part of your cost. Form 1040x more:label_form_201040x more:taxes Net condemnation award. Form 1040x more:label_form_201040x more:taxes   A net condemnation award is the total award you received, or are considered to have received, for the condemned property minus your expenses of obtaining the award. Form 1040x more:label_form_201040x more:taxes If only a part of your property was condemned, you also must reduce the award by any special assessment levied against the part of the property you retain. Form 1040x more:label_form_201040x more:taxes This is discussed later under Special assessment taken out of award. Form 1040x more:label_form_201040x more:taxes Severance damages. Form 1040x more:label_form_201040x more:taxes    Severance damages are not part of the award paid for the property condemned. Form 1040x more:label_form_201040x more:taxes They are paid to you if part of your property is condemned and the value of the part you keep is decreased because of the condemnation. Form 1040x more:label_form_201040x more:taxes   For example, you may receive severance damages if your property is subject to flooding because you sell flowage easement rights (the condemned property) under threat of condemnation. Form 1040x more:label_form_201040x more:taxes Severance damages also may be given to you if, because part of your property is condemned for a highway, you must replace fences, dig new wells or ditches, or plant trees to restore your remaining property to the same usefulness it had before the condemnation. Form 1040x more:label_form_201040x more:taxes   The contracting parties should agree on the specific amount of severance damages in writing. Form 1040x more:label_form_201040x more:taxes If this is not done, all proceeds from the condemning authority are considered awarded for your condemned property. Form 1040x more:label_form_201040x more:taxes   You cannot make a completely new allocation of the total award after the transaction is completed. Form 1040x more:label_form_201040x more:taxes However, you can show how much of the award both parties intended for severance damages. Form 1040x more:label_form_201040x more:taxes The severance damages part of the award is determined from all the facts and circumstances. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes You sold part of your property to the state under threat of condemnation. Form 1040x more:label_form_201040x more:taxes The contract you and the condemning authority signed showed only the total purchase price. Form 1040x more:label_form_201040x more:taxes It did not specify a fixed sum for severance damages. Form 1040x more:label_form_201040x more:taxes However, at settlement, the condemning authority gave you closing papers showing clearly the part of the purchase price that was for severance damages. Form 1040x more:label_form_201040x more:taxes You may treat this part as severance damages. Form 1040x more:label_form_201040x more:taxes Treatment of severance damages. Form 1040x more:label_form_201040x more:taxes   Your net severance damages are treated as the amount realized from an involuntary conversion of the remaining part of your property. Form 1040x more:label_form_201040x more:taxes Use them to reduce the basis of the remaining property. Form 1040x more:label_form_201040x more:taxes If the amount of severance damages is based on damage to a specific part of the property you kept, reduce the basis of only that part by the net severance damages. Form 1040x more:label_form_201040x more:taxes   If your net severance damages are more than the basis of your retained property, you have a gain. Form 1040x more:label_form_201040x more:taxes You may be able to postpone reporting the gain. Form 1040x more:label_form_201040x more:taxes See Postponement of Gain, later. Form 1040x more:label_form_201040x more:taxes    You can use Part 1 of Table 1-3 to figure any gain from severance damages and to refigure the adjusted basis of the remaining part of your property. Form 1040x more:label_form_201040x more:taxes Net severance damages. Form 1040x more:label_form_201040x more:taxes   To figure your net severance damages, you first must reduce your severance damages by your expenses in obtaining the damages. Form 1040x more:label_form_201040x more:taxes You then reduce them by any special assessment (described later) levied against the remaining part of the property and retained out of the award by the condemning authority. Form 1040x more:label_form_201040x more:taxes The balance is your net severance damages. Form 1040x more:label_form_201040x more:taxes Expenses of obtaining a condemnation award and severance damages. Form 1040x more:label_form_201040x more:taxes   Subtract the expenses of obtaining a condemnation award, such as legal, engineering, and appraisal fees, from the total award. Form 1040x more:label_form_201040x more:taxes Also, subtract the expenses of obtaining severance damages, which may include similar expenses, from the severance damages paid to you. Form 1040x more:label_form_201040x more:taxes If you cannot determine which part of your expenses is for each part of the condemnation proceeds, you must make a proportionate allocation. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes You receive a condemnation award and severance damages. Form 1040x more:label_form_201040x more:taxes One-fourth of the total was designated as severance damages in your agreement with the condemning authority. Form 1040x more:label_form_201040x more:taxes You had legal expenses for the entire condemnation proceeding. Form 1040x more:label_form_201040x more:taxes You cannot determine how much of your legal expenses is for each part of the condemnation proceeds. Form 1040x more:label_form_201040x more:taxes You must allocate one-fourth of your legal expenses to the severance damages and the other three-fourths to the condemnation award. Form 1040x more:label_form_201040x more:taxes Special assessment retained out of award. Form 1040x more:label_form_201040x more:taxes   When only part of your property is condemned, a special assessment levied against the remaining property may be retained by the governing body out of your condemnation award. Form 1040x more:label_form_201040x more:taxes An assessment may be levied if the remaining part of your property benefited by the improvement resulting from the condemnation. Form 1040x more:label_form_201040x more:taxes Examples of improvements that may cause a special assessment are widening a street and installing a sewer. Form 1040x more:label_form_201040x more:taxes   To figure your net condemnation award, you must reduce the amount of the award by the assessment retained out of the award. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes To widen the street in front of your home, the city condemned a 25-foot deep strip of your land. Form 1040x more:label_form_201040x more:taxes You were awarded $5,000 for this and spent $300 to get the award. Form 1040x more:label_form_201040x more:taxes Before paying the award, the city levied a special assessment of $700 for the street improvement against your remaining property. Form 1040x more:label_form_201040x more:taxes The city then paid you only $4,300. Form 1040x more:label_form_201040x more:taxes Your net award is $4,000 ($5,000 total award minus $300 expenses in obtaining the award and $700 for the special assessment retained). Form 1040x more:label_form_201040x more:taxes If the $700 special assessment was not retained out of the award and you were paid $5,000, your net award would be $4,700 ($5,000 − $300). Form 1040x more:label_form_201040x more:taxes The net award would not change, even if you later paid the assessment from the amount you received. Form 1040x more:label_form_201040x more:taxes Severance damages received. Form 1040x more:label_form_201040x more:taxes   If severance damages are included in the condemnation proceeds, the special assessment retained out of the severance damages is first used to reduce the severance damages. Form 1040x more:label_form_201040x more:taxes Any balance of the special assessment is used to reduce the condemnation award. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes You were awarded $4,000 for the condemnation of your property and $1,000 for severance damages. Form 1040x more:label_form_201040x more:taxes You spent $300 to obtain the severance damages. Form 1040x more:label_form_201040x more:taxes A special assessment of $800 was retained out of the award. Form 1040x more:label_form_201040x more:taxes The $1,000 severance damages are reduced to zero by first subtracting the $300 expenses and then $700 of the special assessment. Form 1040x more:label_form_201040x more:taxes Your $4,000 condemnation award is reduced by the $100 balance of the special assessment, leaving a $3,900 net condemnation award. Form 1040x more:label_form_201040x more:taxes Part business or rental. Form 1040x more:label_form_201040x more:taxes   If you used part of your condemned property as your home and part as business or rental property, treat each part as a separate property. Form 1040x more:label_form_201040x more:taxes Figure your gain or loss separately because gain or loss on each part may be treated differently. Form 1040x more:label_form_201040x more:taxes   Some examples of this type of property are a building in which you live and operate a grocery, and a building in which you live on the first floor and rent out the second floor. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes You sold your building for $24,000 under threat of condemnation to a public utility company that had the authority to condemn. Form 1040x more:label_form_201040x more:taxes You rented half the building and lived in the other half. Form 1040x more:label_form_201040x more:taxes You paid $25,000 for the building and spent an additional $1,000 for a new roof. Form 1040x more:label_form_201040x more:taxes You claimed allowable depreciation of $4,600 on the rental half. Form 1040x more:label_form_201040x more:taxes You spent $200 in legal expenses to obtain the condemnation award. Form 1040x more:label_form_201040x more:taxes Figure your gain or loss as follows. Form 1040x more:label_form_201040x more:taxes     Resi- dential Part Busi- ness Part 1) Condemnation award received $12,000 $12,000 2) Minus: Legal expenses, $200 100 100 3) Net condemnation award $11,900 $11,900 4) Adjusted basis:       ½ of original cost, $25,000 $12,500 $12,500   Plus: ½ of cost of roof, $1,000 500 500   Total $13,000 $13,000 5) Minus: Depreciation   4,600 6) Adjusted basis, business part   $8,400 7) (Loss) on residential property ($1,100)   8) Gain on business property $3,500 The loss on the residential part of the property is not deductible. Form 1040x more:label_form_201040x more:taxes Postponement of Gain Do not report the gain on condemned property if you receive only property that is similar or related in service or use to the condemned property. Form 1040x more:label_form_201040x more:taxes Your basis for the new property is the same as your basis for the old. Form 1040x more:label_form_201040x more:taxes Money or unlike property received. Form 1040x more:label_form_201040x more:taxes   You ordinarily must report the gain if you receive money or unlike property. Form 1040x more:label_form_201040x more:taxes You can elect to postpone reporting the gain if you buy property that is similar or related in service or use to the condemned property within the replacement period, discussed later. Form 1040x more:label_form_201040x more:taxes You also can elect to postpone reporting the gain if you buy a controlling interest (at least 80%) in a corporation owning property that is similar or related in service or use to the condemned property. Form 1040x more:label_form_201040x more:taxes See Controlling interest in a corporation, later. Form 1040x more:label_form_201040x more:taxes   To postpone reporting all the gain, you must buy replacement property costing at least as much as the amount realized for the condemned property. Form 1040x more:label_form_201040x more:taxes If the cost of the replacement property is less than the amount realized, you must report the gain up to the unspent part of the amount realized. Form 1040x more:label_form_201040x more:taxes   The basis of the replacement property is its cost, reduced by the postponed gain. Form 1040x more:label_form_201040x more:taxes Also, if your replacement property is stock in a corporation that owns property similar or related in service or use, the corporation generally will reduce its basis in its assets by the amount by which you reduce your basis in the stock. Form 1040x more:label_form_201040x more:taxes See Controlling interest in a corporation, later. Form 1040x more:label_form_201040x more:taxes You can use Part 3 of Table 1-3 to figure the gain you must report and your postponed gain. Form 1040x more:label_form_201040x more:taxes Postponing gain on severance damages. Form 1040x more:label_form_201040x more:taxes   If you received severance damages for part of your property because another part was condemned and you buy replacement property, you can elect to postpone reporting gain. Form 1040x more:label_form_201040x more:taxes See Treatment of severance damages, earlier. Form 1040x more:label_form_201040x more:taxes You can postpone reporting all your gain if the replacement property costs at least as much as your net severance damages plus your net condemnation award (if resulting in gain). Form 1040x more:label_form_201040x more:taxes   You also can make this election if you spend the severance damages, together with other money you received for the condemned property (if resulting in gain), to acquire nearby property that will allow you to continue your business. Form 1040x more:label_form_201040x more:taxes If suitable nearby property is not available and you are forced to sell the remaining property and relocate in order to continue your business, see Postponing gain on the sale of related property, next. Form 1040x more:label_form_201040x more:taxes   If you restore the remaining property to its former usefulness, you can treat the cost of restoring it as the cost of replacement property. Form 1040x more:label_form_201040x more:taxes Postponing gain on the sale of related property. Form 1040x more:label_form_201040x more:taxes   If you sell property that is related to the condemned property and then buy replacement property, you can elect to postpone reporting gain on the sale. Form 1040x more:label_form_201040x more:taxes You must meet the requirements explained earlier under Related property voluntarily sold. Form 1040x more:label_form_201040x more:taxes You can postpone reporting all your gain if the replacement property costs at least as much as the amount realized from the sale plus your net condemnation award (if resulting in gain) plus your net severance damages, if any (if resulting in gain). Form 1040x more:label_form_201040x more:taxes Buying replacement property from a related person. Form 1040x more:label_form_201040x more:taxes   Certain taxpayers cannot postpone reporting gain from a condemnation if they buy the replacement property from a related person. Form 1040x more:label_form_201040x more:taxes For information on related persons, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2. Form 1040x more:label_form_201040x more:taxes   This rule applies to the following taxpayers. Form 1040x more:label_form_201040x more:taxes C corporations. Form 1040x more:label_form_201040x more:taxes Partnerships in which more than 50% of the capital or profits interest is owned by  C corporations. Form 1040x more:label_form_201040x more:taxes All others (including individuals, partnerships (other than those in (2)), and S corporations) if the total realized gain for the tax year on all involuntarily converted properties on which there is realized gain of more than $100,000. Form 1040x more:label_form_201040x more:taxes   For taxpayers described in (3) above, gains cannot be offset with any losses when determining whether the total gain is more than $100,000. Form 1040x more:label_form_201040x more:taxes If the property is owned by a partnership, the $100,000 limit applies to the partnership and each partner. Form 1040x more:label_form_201040x more:taxes If the property is owned by an S corporation, the $100,000 limit applies to the S corporation and each shareholder. Form 1040x more:label_form_201040x more:taxes Exception. Form 1040x more:label_form_201040x more:taxes   This rule does not apply if the related person acquired the property from an unrelated person within the replacement period. Form 1040x more:label_form_201040x more:taxes Advance payment. Form 1040x more:label_form_201040x more:taxes   If you pay a contractor in advance to build your replacement property, you have not bought replacement property unless it is finished before the end of the replacement period (discussed later). Form 1040x more:label_form_201040x more:taxes Replacement property. Form 1040x more:label_form_201040x more:taxes   To postpone reporting gain, you must buy replacement property for the specific purpose of replacing your condemned property. Form 1040x more:label_form_201040x more:taxes You do not have to use the actual funds from the condemnation award to acquire the replacement property. Form 1040x more:label_form_201040x more:taxes Property you acquire by gift or inheritance does not qualify as replacement property. Form 1040x more:label_form_201040x more:taxes Similar or related in service or use. Form 1040x more:label_form_201040x more:taxes   Your replacement property must be similar or related in service or use to the property it replaces. Form 1040x more:label_form_201040x more:taxes   If the condemned property is real property you held for productive use in your trade or business or for investment (other than property held mainly for sale), like-kind property to be held either for productive use in trade or business or for investment will be treated as property similar or related in service or use. Form 1040x more:label_form_201040x more:taxes For a discussion of like-kind property, see Like-Kind Property under Like-Kind Exchanges, later. Form 1040x more:label_form_201040x more:taxes Owner-user. Form 1040x more:label_form_201040x more:taxes   If you are an owner-user, similar or related in service or use means that replacement property must function in the same way as the property it replaces. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes Your home was condemned and you invested the proceeds from the condemnation in a grocery store. Form 1040x more:label_form_201040x more:taxes Your replacement property is not similar or related in service or use to the condemned property. Form 1040x more:label_form_201040x more:taxes To be similar or related in service or use, your replacement property must also be used by you as your home. Form 1040x more:label_form_201040x more:taxes Owner-investor. Form 1040x more:label_form_201040x more:taxes   If you are an owner-investor, similar or related in service or use means that any replacement property must have the same relationship of services or uses to you as the property it replaces. Form 1040x more:label_form_201040x more:taxes You decide this by determining all the following information. Form 1040x more:label_form_201040x more:taxes Whether the properties are of similar service to you. Form 1040x more:label_form_201040x more:taxes The nature of the business risks connected with the properties. Form 1040x more:label_form_201040x more:taxes What the properties demand of you in the way of management, service, and relations to your tenants. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes You owned land and a building you rented to a manufacturing company. Form 1040x more:label_form_201040x more:taxes The building was condemned. Form 1040x more:label_form_201040x more:taxes During the replacement period, you had a new building built on other land you already owned. Form 1040x more:label_form_201040x more:taxes You rented out the new building for use as a wholesale grocery warehouse. Form 1040x more:label_form_201040x more:taxes The replacement property is also rental property, so the two properties are considered similar or related in service or use if there is a similarity in all the following areas. Form 1040x more:label_form_201040x more:taxes Your management activities. Form 1040x more:label_form_201040x more:taxes The amount and kind of services you provide to your tenants. Form 1040x more:label_form_201040x more:taxes The nature of your business risks connected with the properties. Form 1040x more:label_form_201040x more:taxes Leasehold replaced with fee simple property. Form 1040x more:label_form_201040x more:taxes   Fee simple property you will use in your trade or business or for investment can qualify as replacement property that is similar or related in service or use to a condemned leasehold if you use it in the same business and for the identical purpose as the condemned leasehold. Form 1040x more:label_form_201040x more:taxes   A fee simple property interest generally is a property interest that entitles the owner to the entire property with unconditional power to dispose of it during his or her lifetime. Form 1040x more:label_form_201040x more:taxes A leasehold is property held under a lease, usually for a term of years. Form 1040x more:label_form_201040x more:taxes Outdoor advertising display replaced with real property. Form 1040x more:label_form_201040x more:taxes   You can elect to treat an outdoor advertising display as real property. Form 1040x more:label_form_201040x more:taxes If you make this election and you replace the display with real property in which you hold a different kind of interest, your replacement property can qualify as like-kind property. Form 1040x more:label_form_201040x more:taxes For example, real property bought to replace a destroyed billboard and leased property on which the billboard was located qualify as property of a like-kind. Form 1040x more:label_form_201040x more:taxes   You can make this election only if you did not claim a section 179 deduction for the display. Form 1040x more:label_form_201040x more:taxes You cannot cancel this election unless you get the consent of the IRS. Form 1040x more:label_form_201040x more:taxes   An outdoor advertising display is a sign or device rigidly assembled and permanently attached to the ground, a building, or any other permanent structure used to display a commercial or other advertisement to the public. Form 1040x more:label_form_201040x more:taxes Substituting replacement property. Form 1040x more:label_form_201040x more:taxes   Once you designate certain property as replacement property on your tax return, you cannot substitute other qualified property. Form 1040x more:label_form_201040x more:taxes But, if your previously designated replacement property does not qualify, you can substitute qualified property if you acquire it within the replacement period. Form 1040x more:label_form_201040x more:taxes Controlling interest in a corporation. Form 1040x more:label_form_201040x more:taxes   You can replace property by acquiring a controlling interest in a corporation that owns property similar or related in service or use to your condemned property. Form 1040x more:label_form_201040x more:taxes You have controlling interest if you own stock having at least 80% of the combined voting power of all classes of stock entitled to vote and at least 80% of the total number of shares of all other classes of stock of the corporation. Form 1040x more:label_form_201040x more:taxes Basis adjustment to corporation's property. Form 1040x more:label_form_201040x more:taxes   The basis of property held by the corporation at the time you acquired control must be reduced by your postponed gain, if any. Form 1040x more:label_form_201040x more:taxes You are not required to reduce the adjusted basis of the corporation's properties below your adjusted basis in the corporation's stock (determined after reduction by your postponed gain). Form 1040x more:label_form_201040x more:taxes   Allocate this reduction to the following classes of property in the order shown below. Form 1040x more:label_form_201040x more:taxes Property that is similar or related in service or use to the condemned property. Form 1040x more:label_form_201040x more:taxes Depreciable property not reduced in (1). Form 1040x more:label_form_201040x more:taxes All other property. Form 1040x more:label_form_201040x more:taxes If two or more properties fall in the same class, allocate the reduction to each property in proportion to the adjusted basis of all the properties in that class. Form 1040x more:label_form_201040x more:taxes The reduced basis of any single property cannot be less than zero. Form 1040x more:label_form_201040x more:taxes Main home replaced. Form 1040x more:label_form_201040x more:taxes   If your gain from a condemnation of your main home is more than you can exclude from your income (see Main home condemned under Gain or Loss From Condemnations, earlier), you can postpone reporting the rest of the gain by buying replacement property that is similar or related in service or use. Form 1040x more:label_form_201040x more:taxes The replacement property must cost at least as much as the amount realized from the condemnation minus the excluded gain. Form 1040x more:label_form_201040x more:taxes   You must reduce the basis of your replacement property by the postponed gain. Form 1040x more:label_form_201040x more:taxes Also, if you postpone reporting any part of your gain under these rules, you are treated as having owned and used the replacement property as your main home for the period you owned and used the condemned property as your main home. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes City authorities condemned your home that you had used as a personal residence for 5 years prior to the condemnation. Form 1040x more:label_form_201040x more:taxes The city paid you a condemnation award of $400,000. Form 1040x more:label_form_201040x more:taxes Your adjusted basis in the property was $80,000. Form 1040x more:label_form_201040x more:taxes You realize a gain of $320,000 ($400,000 − $80,000). Form 1040x more:label_form_201040x more:taxes You purchased a new home for $100,000. Form 1040x more:label_form_201040x more:taxes You can exclude $250,000 of the realized gain from your gross income. Form 1040x more:label_form_201040x more:taxes The amount realized is then treated as being $150,000 ($400,000 − $250,000) and the gain realized is $70,000 ($150,000 amount realized − $80,000 adjusted basis). Form 1040x more:label_form_201040x more:taxes You must recognize $50,000 of the gain ($150,000 amount realized − $100,000 cost of new home). Form 1040x more:label_form_201040x more:taxes The remaining $20,000 of realized gain is postponed. Form 1040x more:label_form_201040x more:taxes Your basis in the new home is $80,000 ($100,000 cost − $20,000 gain postponed). Form 1040x more:label_form_201040x more:taxes Replacement period. Form 1040x more:label_form_201040x more:taxes   To postpone reporting your gain from a condemnation, you must buy replacement property within a certain period of time. Form 1040x more:label_form_201040x more:taxes This is the replacement period. Form 1040x more:label_form_201040x more:taxes   The replacement period for a condemnation begins on the earlier of the following dates. Form 1040x more:label_form_201040x more:taxes The date on which you disposed of the condemned property. Form 1040x more:label_form_201040x more:taxes The date on which the threat of condemnation began. Form 1040x more:label_form_201040x more:taxes   The replacement period generally ends 2 years after the end of the first tax year in which any part of the gain on the condemnation is realized. Form 1040x more:label_form_201040x more:taxes However, see the exceptions below. Form 1040x more:label_form_201040x more:taxes Three-year replacement period for certain property. Form 1040x more:label_form_201040x more:taxes   If real property held for use in a trade or business or for investment (not including property held primarily for sale) is condemned, the replacement period ends 3 years after the end of the first tax year in which any part of the gain on the condemnation is realized. Form 1040x more:label_form_201040x more:taxes However, this 3-year replacement period cannot be used if you replace the condemned property by acquiring control of a corporation owning property that is similar or related in service or use. Form 1040x more:label_form_201040x more:taxes Five-year replacement period for certain property. Form 1040x more:label_form_201040x more:taxes   The replacement period ends 5 years after the end of the first tax year in which any part of the gain is realized on the compulsory or involuntary conversion of the following qualified property. Form 1040x more:label_form_201040x more:taxes Property in any Midwestern disaster area compulsorily or involuntarily converted on or after the applicable disaster date as a result of severe storms, tornadoes, or flooding, but only if substantially all of the use of the replacement property is in a Midwestern disaster area. Form 1040x more:label_form_201040x more:taxes Property in the Kansas disaster area compulsorily or involuntarily converted after May 3, 2007, but only if substantially all of the use of the replacement property is in the Kansas disaster area. Form 1040x more:label_form_201040x more:taxes Property in the Hurricane Katrina disaster area compulsorily or involuntarily converted after August 24, 2005, as a result of Hurricane Katrina, but only if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. Form 1040x more:label_form_201040x more:taxes Extended replacement period for taxpayers affected by other federally declared disasters. Form 1040x more:label_form_201040x more:taxes    If you are affected by a federally declared disaster, the IRS may grant disaster relief by extending the periods to perform certain tax-related acts for 2013, including the replacement period, by up to one year. Form 1040x more:label_form_201040x more:taxes For more information visit www. Form 1040x more:label_form_201040x more:taxes irs. Form 1040x more:label_form_201040x more:taxes gov/uac/Tax-Relief-in-Disaster-Situations. Form 1040x more:label_form_201040x more:taxes Weather-related sales of livestock in an area eligible for federal assistance. Form 1040x more:label_form_201040x more:taxes   Generally, if the sale or exchange of livestock is due to drought, flood, or other weather-related conditions in an area eligible for federal assistance, the replacement period ends 4 years after the close of the first tax year in which you realize any part of your gain from the sale or exchange. Form 1040x more:label_form_201040x more:taxes    If the weather-related conditions continue for longer than 3 years, the replacement period may be extended on a regional basis until the end of your first drought-free year for the applicable region. Form 1040x more:label_form_201040x more:taxes See Notice 2006-82. Form 1040x more:label_form_201040x more:taxes You can find Notice 2006-82 on page 529 of Internal Revenue Bulletin 2006-39 at www. Form 1040x more:label_form_201040x more:taxes irs. Form 1040x more:label_form_201040x more:taxes gov/irb/2006-39_IRB/ar13. Form 1040x more:label_form_201040x more:taxes html. Form 1040x more:label_form_201040x more:taxes    Each year, the IRS publishes a list of counties, districts, cities, or parishes for which exceptional, extreme, or severe drought was reported during the preceding 12 months. Form 1040x more:label_form_201040x more:taxes If you qualified for a 4-year replacement period for livestock sold or exchanged on account of drought and your replacement period is scheduled to expire at the end of 2013 (or at the end of the tax year that includes August 31, 2013), see Notice 2013-62. Form 1040x more:label_form_201040x more:taxes You can find Notice 2013-62 on page 466 of Internal Revenue Bulletin 2013-45 at www. Form 1040x more:label_form_201040x more:taxes irs. Form 1040x more:label_form_201040x more:taxes gov/irb/2013-45_IRB/ar04. Form 1040x more:label_form_201040x more:taxes html. Form 1040x more:label_form_201040x more:taxes The replacement period will be extended under Notice 2006-82 if the applicable region is on the list included in Notice 2013-62. Form 1040x more:label_form_201040x more:taxes Determining when gain is realized. Form 1040x more:label_form_201040x more:taxes   If you are a cash basis taxpayer, you realize gain when you receive payments that are more than your basis in the property. Form 1040x more:label_form_201040x more:taxes If the condemning authority makes deposits with the court, you realize gain when you withdraw (or have the right to withdraw) amounts that are more than your basis. Form 1040x more:label_form_201040x more:taxes   This applies even if the amounts received are only partial or advance payments and the full award has not yet been determined. Form 1040x more:label_form_201040x more:taxes A replacement will be too late if you wait for a final determination that does not take place in the applicable replacement period after you first realize gain. Form 1040x more:label_form_201040x more:taxes   For accrual basis taxpayers, gain (if any) accrues in the earlier year when either of the following occurs. Form 1040x more:label_form_201040x more:taxes All events have occurred that fix the right to the condemnation award and the amount can be determined with reasonable accuracy. Form 1040x more:label_form_201040x more:taxes All or part of the award is actually or constructively received. Form 1040x more:label_form_201040x more:taxes For example, if you have an absolute right to a part of a condemnation award when it is deposited with the court, the amount deposited accrues in the year the deposit is made even though the full amount of the award is still contested. Form 1040x more:label_form_201040x more:taxes Replacement property bought before the condemnation. Form 1040x more:label_form_201040x more:taxes   If you buy your replacement property after there is a threat of condemnation but before the actual condemnation and you still hold the replacement property at the time of the condemnation, you have bought your replacement property within the replacement period. Form 1040x more:label_form_201040x more:taxes Property you acquire before there is a threat of condemnation does not qualify as replacement property acquired within the replacement period. Form 1040x more:label_form_201040x more:taxes Example. Form 1040x more:label_form_201040x more:taxes On April 3, 2012, city authorities notified you that your property would be condemned. Form 1040x more:label_form_201040x more:taxes On June 5, 2012, you acquired property to replace the property to be condemned. Form 1040x more:label_form_201040x more:taxes You still had the new property when the city took possession of your old property on September 4, 2013. Form 1040x more:label_form_201040x more:taxes You have made a replacement within the replacement period. Form 1040x more:label_form_201040x more:taxes Extension. Form 1040x more:label_form_201040x more:taxes   You can request an extension of the replacement period from the IRS director for your area. Form 1040x more:label_form_201040x more:taxes You should apply before the end of the replacement period. Form 1040x more:label_form_201040x more:taxes Your request should explain in detail why you need an extension. Form 1040x more:label_form_201040x more:taxes The IRS will consider a request filed within a reasonable time after the replacement period if you can show reasonable cause for the delay. Form 1040x more:label_form_201040x more:taxes An extension of the replacement period will be granted if you can show reasonable cause for not making the replacement within the regular period. Form 1040x more:label_form_201040x more:taxes   Ordinarily, requests for extensions are granted near the end of the replacement period or the extended replacement period. Form 1040x more:label_form_201040x more:taxes Extensions are usually limited to a period of 1 year or less. Form 1040x more:label_form_201040x more:taxes The high market value or scarcity of replacement property is not a sufficient reason for granting an extension. Form 1040x more:label_form_201040x more:taxes If your replacement property is being built and you clearly show that the replacement or restoration cannot be made within the replacement peri