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How Do I File My 2011 Taxes Now

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How Do I File My 2011 Taxes Now

How do i file my 2011 taxes now Publication 551 - Main Content Table of Contents Cost BasisStocks and Bonds Real Property Business Assets Allocating the Basis Adjusted BasisIncreases to Basis Decreases to Basis Adjustments to Basis Example Basis Other Than CostProperty Received for Services Taxable Exchanges Nontaxable Exchanges Property Transferred From a Spouse Property Received as a Gift Inherited Property Property Changed to Business or Rental Use How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). How do i file my 2011 taxes now Cost Basis The basis of property you buy is usually its cost. How do i file my 2011 taxes now The cost is the amount you pay in cash, debt obligations, other property, or services. How do i file my 2011 taxes now Your cost also includes amounts you pay for the following items. How do i file my 2011 taxes now Sales tax, Freight, Installation and testing, Excise taxes, Legal and accounting fees (when they must be capitalized), Revenue stamps, Recording fees, and Real estate taxes (if assumed for the seller). How do i file my 2011 taxes now  You may also have to capitalize (add to basis) certain other costs related to buying or producing property. How do i file my 2011 taxes now Loans with low or no interest. How do i file my 2011 taxes now   If you buy property on a time-payment plan that charges little or no interest, the basis of your property is your stated purchase price, minus the amount considered to be unstated interest. How do i file my 2011 taxes now You generally have unstated interest if your interest rate is less than the applicable federal rate. How do i file my 2011 taxes now For more information, see Unstated Interest and Original Issue Discount in Publication 537. How do i file my 2011 taxes now Purchase of a business. How do i file my 2011 taxes now   When you purchase a trade or business, you generally purchase all assets used in the business operations, such as land, buildings, and machinery. How do i file my 2011 taxes now Allocate the price among the various assets, including any section 197 intangibles. How do i file my 2011 taxes now See Allocating the Basis, later. How do i file my 2011 taxes now Stocks and Bonds The basis of stocks or bonds you buy is generally the purchase price plus any costs of purchase, such as commissions and recording or transfer fees. How do i file my 2011 taxes now If you get stocks or bonds other than by purchase, your basis is usually determined by the fair market value (FMV) or the previous owner's adjusted basis of the stock. How do i file my 2011 taxes now You must adjust the basis of stocks for certain events that occur after purchase. How do i file my 2011 taxes now See Stocks and Bonds in chapter 4 of Publication 550 for more information on the basis of stock. How do i file my 2011 taxes now Identifying stock or bonds sold. How do i file my 2011 taxes now   If you can adequately identify the shares of stock or the bonds you sold, their basis is the cost or other basis of the particular shares of stock or bonds. How do i file my 2011 taxes now If you buy and sell securities at various times in varying quantities and you cannot adequately identify the shares you sell, the basis of the securities you sell is the basis of the securities you acquired first. How do i file my 2011 taxes now For more information about identifying securities you sell, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550. How do i file my 2011 taxes now Mutual fund shares. How do i file my 2011 taxes now   If you sell mutual fund shares acquired at different times and prices, you can choose to use an average basis. How do i file my 2011 taxes now For more information, see Publication 550. How do i file my 2011 taxes now Real Property Real property, also called real estate, is land and generally anything built on or attached to it. How do i file my 2011 taxes now If you buy real property, certain fees and other expenses become part of your cost basis in the property. How do i file my 2011 taxes now Real estate taxes. How do i file my 2011 taxes now   If you pay real estate taxes the seller owed on real property you bought, and the seller did not reimburse you, treat those taxes as part of your basis. How do i file my 2011 taxes now You cannot deduct them as taxes. How do i file my 2011 taxes now   If you reimburse the seller for taxes the seller paid for you, you can usually deduct that amount as an expense in the year of purchase. How do i file my 2011 taxes now Do not include that amount in the basis of the property. How do i file my 2011 taxes now If you did not reimburse the seller, you must reduce your basis by the amount of those taxes. How do i file my 2011 taxes now Settlement costs. How do i file my 2011 taxes now   Your basis includes the settlement fees and closing costs for buying property. How do i file my 2011 taxes now You cannot include in your basis the fees and costs for getting a loan on property. How do i file my 2011 taxes now A fee for buying property is a cost that must be paid even if you bought the property for cash. How do i file my 2011 taxes now   The following items are some of the settlement fees or closing costs you can include in the basis of your property. How do i file my 2011 taxes now Abstract fees (abstract of title fees); Charges for installing utility services; Legal fees (including title search and preparation of the sales contract and deed); Recording fees; Surveys; Transfer taxes; Owner's title insurance; and Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions. How do i file my 2011 taxes now   Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance. How do i file my 2011 taxes now   The following items are some settlement fees and closing costs you cannot include in the basis of the property. How do i file my 2011 taxes now Casualty insurance premiums. How do i file my 2011 taxes now Rent for occupancy of the property before closing. How do i file my 2011 taxes now Charges for utilities or other services related to occupancy of the property before closing. How do i file my 2011 taxes now Charges connected with getting a loan. How do i file my 2011 taxes now The following are examples of these charges. How do i file my 2011 taxes now Points (discount points, loan origination fees). How do i file my 2011 taxes now Mortgage insurance premiums. How do i file my 2011 taxes now Loan assumption fees. How do i file my 2011 taxes now Cost of a credit report. How do i file my 2011 taxes now Fees for an appraisal required by a lender. How do i file my 2011 taxes now Fees for refinancing a mortgage. How do i file my 2011 taxes now If these costs relate to business property, items (1) through (3) are deductible as business expenses. How do i file my 2011 taxes now Items (4) and (5) must be capitalized as costs of getting a loan and can be deducted over the period of the loan. How do i file my 2011 taxes now Points. How do i file my 2011 taxes now   If you pay points to obtain a loan (including a mortgage, second mortgage, line of credit, or a home equity loan), do not add the points to the basis of the related property. How do i file my 2011 taxes now Generally, you deduct the points over the term of the loan. How do i file my 2011 taxes now For more information on how to deduct points, see Points in chapter 4 of Publication 535. How do i file my 2011 taxes now Points on home mortgage. How do i file my 2011 taxes now   Special rules may apply to points you and the seller pay when you obtain a mortgage to purchase your main home. How do i file my 2011 taxes now If certain requirements are met, you can deduct the points in full for the year in which they are paid. How do i file my 2011 taxes now Reduce the basis of your home by any seller-paid points. How do i file my 2011 taxes now For more information, see Points in Publication 936, Home Mortgage Interest Deduction. How do i file my 2011 taxes now Assumption of mortgage. How do i file my 2011 taxes now   If you buy property and assume (or buy subject to) an existing mortgage on the property, your basis includes the amount you pay for the property plus the amount to be paid on the mortgage. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now If you buy a building for $20,000 cash and assume a mortgage of $80,000 on it, your basis is $100,000. How do i file my 2011 taxes now Constructing assets. How do i file my 2011 taxes now   If you build property or have assets built for you, your expenses for this construction are part of your basis. How do i file my 2011 taxes now Some of these expenses include the following costs. How do i file my 2011 taxes now Land, Labor and materials, Architect's fees, Building permit charges, Payments to contractors, Payments for rental equipment, and Inspection fees. How do i file my 2011 taxes now In addition, if you own a business and use your employees, material, and equipment to build an asset, do not deduct the following expenses. How do i file my 2011 taxes now You must include them in the asset's basis. How do i file my 2011 taxes now Employee wages paid for the construction work, reduced by any employment credits allowed; Depreciation on equipment you own while it is used in the construction; Operating and maintenance costs for equipment used in the construction; and The cost of business supplies and materials used in the construction. How do i file my 2011 taxes now    Do not include the value of your own labor, or any other labor you did not pay for, in the basis of any property you construct. How do i file my 2011 taxes now Business Assets If you purchase property to use in your business, your basis is usually its actual cost to you. How do i file my 2011 taxes now If you construct, create, or otherwise produce property, you must capitalize the costs as your basis. How do i file my 2011 taxes now In certain circumstances, you may be subject to the uniform capitalization rules, next. How do i file my 2011 taxes now Uniform Capitalization Rules The uniform capitalization rules specify the costs you add to basis in certain circumstances. How do i file my 2011 taxes now Activities subject to the rules. How do i file my 2011 taxes now   You must use the uniform capitalization rules if you do any of the following in your trade or business or activity carried on for profit. How do i file my 2011 taxes now Produce real or tangible personal property for use in the business or activity, Produce real or tangible personal property for sale to customers, or Acquire property for resale. How do i file my 2011 taxes now However, this rule does not apply to personal property if your average annual gross receipts for the 3 previous tax years are $10 million or less. How do i file my 2011 taxes now   You produce property if you construct, build, install, manufacture, develop, improve, create, raise, or grow the property. How do i file my 2011 taxes now Treat property produced for you under a contract as produced by you up to the amount you pay or costs you otherwise incur for the property. How do i file my 2011 taxes now Tangible personal property includes films, sound recordings, video tapes, books, or similar property. How do i file my 2011 taxes now    Under the uniform capitalization rules, you must capitalize all direct costs and an allocable part of most indirect costs you incur due to your production or resale activities. How do i file my 2011 taxes now To capitalize means to include certain expenses in the basis of property you produce or in your inventory costs rather than deduct them as a current expense. How do i file my 2011 taxes now You recover these costs through deductions for depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. How do i file my 2011 taxes now   Any cost you cannot use to figure your taxable income for any tax year is not subject to the uniform capitalization rules. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now If you incur a business meal expense for which your deduction would be limited to 50% of the cost of the meal, that amount is subject to the uniform capitalization rules. How do i file my 2011 taxes now The nondeductible part of the cost is not subject to the uniform capitalization rules. How do i file my 2011 taxes now More information. How do i file my 2011 taxes now   For more information about these rules, see the regulations under section 263A of the Internal Revenue Code and Publication 538, Accounting Periods and Methods. How do i file my 2011 taxes now Exceptions. How do i file my 2011 taxes now   The following are not subject to the uniform capitalization rules. How do i file my 2011 taxes now Property you produce that you do not use in your trade, business, or activity conducted for profit; Qualified creative expenses you pay or incur as a free-lance (self-employed) writer, photographer, or artist that are otherwise deductible on your tax return; Property you produce under a long-term contract, except for certain home construction contracts; Research and experimental expenses deductible under section 174 of the Internal Revenue Code; and Costs for personal property acquired for resale if your (or your predecessor's) average annual gross receipts for the 3 previous tax years do not exceed $10 million. How do i file my 2011 taxes now For other exceptions to the uniform capitalization rules, see section 1. How do i file my 2011 taxes now 263A-1(b) of the regulations. How do i file my 2011 taxes now   For information on the special rules that apply to costs incurred in the business of farming, see chapter 6 of Publication 225, Farmer's Tax Guide. How do i file my 2011 taxes now Intangible Assets Intangible assets include goodwill, patents, copyrights, trademarks, trade names, and franchises. How do i file my 2011 taxes now The basis of an intangible asset is usually the cost to buy or create it. How do i file my 2011 taxes now If you acquire multiple assets, for example a going business for a lump sum, see Allocating the Basis below to figure the basis of the individual assets. How do i file my 2011 taxes now The basis of certain intangibles can be amortized. How do i file my 2011 taxes now See chapter 8 of Publication 535 for information on the amortization of these costs. How do i file my 2011 taxes now Patents. How do i file my 2011 taxes now   The basis of a patent you get for an invention is the cost of development, such as research and experimental expenditures, drawings, working models, and attorneys' and governmental fees. How do i file my 2011 taxes now If you deduct the research and experimental expenditures as current business expenses, you cannot include them in the basis of the patent. How do i file my 2011 taxes now The value of the inventor's time spent on an invention is not part of the basis. How do i file my 2011 taxes now Copyrights. How do i file my 2011 taxes now   If you are an author, the basis of a copyright will usually be the cost of getting the copyright plus copyright fees, attorneys' fees, clerical assistance, and the cost of plates that remain in your possession. How do i file my 2011 taxes now Do not include the value of your time as the author, or any other person's time you did not pay for. How do i file my 2011 taxes now Franchises, trademarks, and trade names. How do i file my 2011 taxes now   If you buy a franchise, trademark, or trade name, the basis is its cost, unless you can deduct your payments as a business expense. How do i file my 2011 taxes now Allocating the Basis If you buy multiple assets for a lump sum, allocate the amount you pay among the assets you receive. How do i file my 2011 taxes now You must make this allocation to figure your basis for depreciation and gain or loss on a later disposition of any of these assets. How do i file my 2011 taxes now See Trade or Business Acquired below. How do i file my 2011 taxes now Group of Assets Acquired If you buy multiple assets for a lump sum, you and the seller may agree to a specific allocation of the purchase price among the assets in the sales contract. How do i file my 2011 taxes now If this allocation is based on the value of each asset and you and the seller have adverse tax interests, the allocation generally will be accepted. How do i file my 2011 taxes now However, see Trade or Business Acquired, next. How do i file my 2011 taxes now Trade or Business Acquired If you acquire a trade or business, allocate the consideration paid to the various assets acquired. How do i file my 2011 taxes now Generally, reduce the consideration paid by any cash and general deposit accounts (including checking and savings accounts) received. How do i file my 2011 taxes now Allocate the remaining consideration to the other business assets received in proportion to (but not more than) their fair market value in the following order. How do i file my 2011 taxes now Certificates of deposit, U. How do i file my 2011 taxes now S. How do i file my 2011 taxes now Government securities, foreign currency, and actively traded personal property, including stock and securities. How do i file my 2011 taxes now Accounts receivable, other debt instruments, and assets you mark to market at least annually for federal income tax purposes. How do i file my 2011 taxes now Property of a kind that would properly be included in inventory if on hand at the end of the tax year or property held primarily for sale to customers in the ordinary course of business. How do i file my 2011 taxes now All other assets except section 197 intangibles, goodwill, and going concern value. How do i file my 2011 taxes now Section 197 intangibles except goodwill and going concern value. How do i file my 2011 taxes now Goodwill and going concern value (whether or not they qualify as section 197 intangibles). How do i file my 2011 taxes now Agreement. How do i file my 2011 taxes now   The buyer and seller may enter into a written agreement as to the allocation of any consideration or the fair market value (FMV) of any of the assets. How do i file my 2011 taxes now This agreement is binding on both parties unless the IRS determines the amounts are not appropriate. How do i file my 2011 taxes now Reporting requirement. How do i file my 2011 taxes now   Both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. How do i file my 2011 taxes now Use Form 8594 to provide this information. How do i file my 2011 taxes now The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. How do i file my 2011 taxes now More information. How do i file my 2011 taxes now   See Sale of a Business in chapter 2 of Publication 544 for more information. How do i file my 2011 taxes now Land and Buildings If you buy buildings and the land on which they stand for a lump sum, allocate the basis of the property among the land and the buildings so you can figure the depreciation allowable on the buildings. How do i file my 2011 taxes now Figure the basis of each asset by multiplying the lump sum by a fraction. How do i file my 2011 taxes now The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. How do i file my 2011 taxes now If you are not certain of the FMV of the land and buildings, you can allocate the basis based on their assessed values for real estate tax purposes. How do i file my 2011 taxes now Demolition of building. How do i file my 2011 taxes now   Add demolition costs and other losses incurred for the demolition of any building to the basis of the land on which the demolished building was located. How do i file my 2011 taxes now Do not claim the costs as a current deduction. How do i file my 2011 taxes now Modification of building. How do i file my 2011 taxes now   A modification of a building will not be treated as a demolition if the following conditions are satisfied. How do i file my 2011 taxes now 75 percent or more of the existing external walls of the building are retained in place as internal or external walls, and 75 percent or more of the existing internal structural framework of the building is retained in place. How do i file my 2011 taxes now   If the building is a certified historic structure, the modification must also be part of a certified rehabilitation. How do i file my 2011 taxes now   If these conditions are met, add the costs of the modifications to the basis of the building. How do i file my 2011 taxes now Subdivided lots. How do i file my 2011 taxes now   If you buy a tract of land and subdivide it, you must determine the basis of each lot. How do i file my 2011 taxes now This is necessary because you must figure the gain or loss on the sale of each individual lot. How do i file my 2011 taxes now As a result, you do not recover your entire cost in the tract until you have sold all of the lots. How do i file my 2011 taxes now   To determine the basis of an individual lot, multiply the total cost of the tract by a fraction. How do i file my 2011 taxes now The numerator is the FMV of the lot and the denominator is the FMV of the entire tract. How do i file my 2011 taxes now Future improvement costs. How do i file my 2011 taxes now   If you are a developer and sell subdivided lots before the development work is completed, you can (with IRS consent) include in the basis of the properties sold an allocation of the estimated future cost for common improvements. How do i file my 2011 taxes now See Revenue Procedure 92–29 for more information, including an explanation of the procedures for getting consent from the IRS. How do i file my 2011 taxes now Use of erroneous cost basis. How do i file my 2011 taxes now   If you made a mistake in figuring the cost basis of subdivided lots sold in previous years, you cannot correct the mistake for years for which the statute of limitations (generally 3 tax years) has expired. How do i file my 2011 taxes now Figure the basis of any remaining lots by allocating the correct original cost basis of the entire tract among the original lots. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You bought a tract of land to which you assigned a cost of $15,000. How do i file my 2011 taxes now You subdivided the land into 15 building lots of equal size and equitably divided your basis so that each lot had a basis of $1,000. How do i file my 2011 taxes now You treated the sale of each lot as a separate transaction and figured gain or loss separately on each sale. How do i file my 2011 taxes now Several years later you determine that your original basis in the tract was $22,500 and not $15,000. How do i file my 2011 taxes now You sold eight lots using $8,000 of basis in years for which the statute of limitations has expired. How do i file my 2011 taxes now You now can take $1,500 of basis into account for figuring gain or loss only on the sale of each of the remaining seven lots ($22,500 basis divided among all 15 lots). How do i file my 2011 taxes now You cannot refigure the basis of the eight lots sold in tax years barred by the statute of limitations. How do i file my 2011 taxes now Adjusted Basis Before figuring gain or loss on a sale, exchange, or other disposition of property or figuring allowable depreciation, depletion, or amortization, you must usually make certain adjustments to the basis of the property. How do i file my 2011 taxes now The result of these adjustments to the basis is the adjusted basis. How do i file my 2011 taxes now Increases to Basis Increase the basis of any property by all items properly added to a capital account. How do i file my 2011 taxes now These include the cost of any improvements having a useful life of more than 1 year. How do i file my 2011 taxes now Rehabilitation expenses also increase basis. How do i file my 2011 taxes now However, you must subtract any rehabilitation credit allowed for these expenses before you add them to your basis. How do i file my 2011 taxes now If you have to recapture any of the credit, increase your basis by the recaptured amount. How do i file my 2011 taxes now If you make additions or improvements to business property, keep separate accounts for them. How do i file my 2011 taxes now Also, you must depreciate the basis of each according to the depreciation rules that would apply to the underlying property if you had placed it in service at the same time you placed the addition or improvement in service. How do i file my 2011 taxes now For more information, see Publication 946. How do i file my 2011 taxes now The following items increase the basis of property. How do i file my 2011 taxes now The cost of extending utility service lines to the property; Impact fees; Legal fees, such as the cost of defending and perfecting title; Legal fees for obtaining a decrease in an assessment levied against property to pay for local improvements; Zoning costs; and The capitalized value of a redeemable ground rent. How do i file my 2011 taxes now Assessments for Local Improvements Increase the basis of property by assessments for items such as paving roads and building ditches that increase the value of the property assessed. How do i file my 2011 taxes now Do not deduct them as taxes. How do i file my 2011 taxes now However, you can deduct as taxes charges for maintenance, repairs, or interest charges related to the improvements. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now Your city changes the street in front of your store into an enclosed pedestrian mall and assesses you and other affected landowners for the cost of the conversion. How do i file my 2011 taxes now Add the assessment to your property's basis. How do i file my 2011 taxes now In this example, the assessment is a depreciable asset. How do i file my 2011 taxes now Deducting vs. How do i file my 2011 taxes now Capitalizing Costs Do not add to your basis costs you can deduct as current expenses. How do i file my 2011 taxes now For example, amounts paid for incidental repairs or maintenance that are deductible as business expenses cannot be added to basis. How do i file my 2011 taxes now However, you can choose either to deduct or to capitalize certain other costs. How do i file my 2011 taxes now If you capitalize these costs, include them in your basis. How do i file my 2011 taxes now If you deduct them, do not include them in your basis. How do i file my 2011 taxes now See Uniform Capitalization Rules earlier. How do i file my 2011 taxes now The costs you can choose to deduct or to capitalize include the following. How do i file my 2011 taxes now Carrying charges, such as interest and taxes, that you pay to own property, except carrying charges that must be capitalized under the uniform capitalization rules; Research and experimentation costs; Intangible drilling and development costs for oil, gas, and geothermal wells; Exploration costs for new mineral deposits; Mining development costs for a new mineral deposit; Costs of establishing, maintaining, or increasing the circulation of a newspaper or other periodical; and Costs of removing architectural and transportation barriers to people with disabilities and the elderly. How do i file my 2011 taxes now If you claim the disabled access credit, you must reduce the amount you deduct or capitalize by the amount of the credit. How do i file my 2011 taxes now For more information about deducting or capitalizing costs, see chapter 7 in Publication 535. How do i file my 2011 taxes now Table 1. How do i file my 2011 taxes now Examples of Increases and Decreases to Basis Increases to Basis Decreases to Basis Capital improvements:   Putting an addition on your home   Replacing an entire roof  Paving your driveway  Installing central air conditioning Rewiring your home Exclusion from income of subsidies for energy conservation measures  Casualty or theft loss deductions and insurance reimbursements  Vehicle credits Assessments for local improvements: Water connections Sidewalks Roads Section 179 deduction  Casualty losses: Restoring damaged property Depreciation  Nontaxable corporate distributions Legal fees:  Cost of defending and perfecting a title   Zoning costs   Decreases to Basis The following are some items that reduce the basis of property. How do i file my 2011 taxes now Section 179 deduction; Nontaxable corporate distributions; Deductions previously allowed (or allowable) for amortization, depreciation, and depletion; Exclusion of subsidies for energy conservation measures; Vehicle credits; Residential energy credits; Postponed gain from sale of home; Investment credit (part or all) taken; Casualty and theft losses and insurance reimbursement; Certain canceled debt excluded from income; Rebates from a manufacturer or seller; Easements; Gas-guzzler tax; Adoption tax benefits; and Credit for employer-provided child care. How do i file my 2011 taxes now Some of these items are discussed next. How do i file my 2011 taxes now Casualties and Thefts If you have a casualty or theft loss, decrease the basis in your property by any insurance or other reimbursement and by any deductible loss not covered by insurance. How do i file my 2011 taxes now You must increase your basis in the property by the amount you spend on repairs that substantially prolong the life of the property, increase its value, or adapt it to a different use. How do i file my 2011 taxes now To make this determination, compare the repaired property to the property before the casualty. How do i file my 2011 taxes now For more information on casualty and theft losses, see Publication 547, Casualties, Disasters, and Thefts. How do i file my 2011 taxes now Easements The amount you receive for granting an easement is generally considered to be a sale of an interest in real property. How do i file my 2011 taxes now It reduces the basis of the affected part of the property. How do i file my 2011 taxes now If the amount received is more than the basis of the part of the property affected by the easement, reduce your basis in that part to zero and treat the excess as a recognized gain. How do i file my 2011 taxes now Vehicle Credits Unless you elect not to claim the qualified plug-in electric vehicle credit, the alternative motor vehicle credit, or the qualified plug-in electric drive motor vehicle credit, you may have to reduce the basis of each qualified vehicle by certain amounts reported. How do i file my 2011 taxes now For more information, see Form 8834, Qualified Plug-in Electric and Electric Vehicle Credit; Form 8910, Alternative Motor Vehicle Credit; Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit;and the related instructions. How do i file my 2011 taxes now Gas-Guzzler Tax Decrease the basis in your car by the gas-guzzler (fuel economy) tax if you begin using the car within 1 year of the date of its first sale for ultimate use. How do i file my 2011 taxes now This rule also applies to someone who later buys the car and begins using it not more than 1 year after the original sale for ultimate use. How do i file my 2011 taxes now If the car is imported, the one-year period begins on the date of entry or withdrawal of the car from the warehouse if that date is later than the date of the first sale for ultimate use. How do i file my 2011 taxes now Section 179 Deduction If you take the section 179 deduction for all or part of the cost of qualifying business property, decrease the basis of the property by the deduction. How do i file my 2011 taxes now For more information about the section 179 deduction, see Publication 946. How do i file my 2011 taxes now Exclusion of Subsidies for Energy Conservation Measures You can exclude from gross income any subsidy you received from a public utility company for the purchase or installation of any energy conservation measure for a dwelling unit. How do i file my 2011 taxes now Reduce the basis of the property for which you received the subsidy by the excluded amount. How do i file my 2011 taxes now For more information on this subsidy, see Publication 525. How do i file my 2011 taxes now Depreciation Decrease the basis of property by the depreciation you deducted, or could have deducted, on your tax returns under the method of depreciation you chose. How do i file my 2011 taxes now If you took less depreciation than you could have under the method chosen, decrease the basis by the amount you could have taken under that method. How do i file my 2011 taxes now If you did not take a depreciation deduction, reduce the basis by the full amount of the depreciation you could have taken. How do i file my 2011 taxes now Unless a timely election is made not to deduct the special depreciation allowance for property placed in service after September 10, 2001, decrease the property's basis by the special depreciation allowance you deducted or could have deducted. How do i file my 2011 taxes now If you deducted more depreciation than you should have, decrease your basis by the amount equal to the depreciation you should have deducted plus the part of the excess depreciation you deducted that actually reduced your tax liability for the year. How do i file my 2011 taxes now In decreasing your basis for depreciation, take into account the amount deducted on your tax returns as depreciation and any depreciation capitalized under the uniform capitalization rules. How do i file my 2011 taxes now For information on figuring depreciation, see Publication 946. How do i file my 2011 taxes now If you are claiming depreciation on a business vehicle, see Publication 463. How do i file my 2011 taxes now If the car is not used more than 50% for business during the tax year, you may have to recapture excess depreciation. How do i file my 2011 taxes now Include the excess depreciation in your gross income and add it to your basis in the property. How do i file my 2011 taxes now For information on the computation of excess depreciation, see chapter 4 in Publication 463. How do i file my 2011 taxes now Canceled Debt Excluded From Income If a debt you owe is canceled or forgiven, other than as a gift or bequest, you generally must include the canceled amount in your gross income for tax purposes. How do i file my 2011 taxes now A debt includes any indebtedness for which you are liable or which attaches to property you hold. How do i file my 2011 taxes now You can exclude canceled debt from income in the following situations. How do i file my 2011 taxes now Debt canceled in a bankruptcy case or when you are insolvent, Qualified farm debt, and Qualified real property business debt (provided you are not a C corporation). How do i file my 2011 taxes now If you exclude from income canceled debt under situation (1) or (2), you may have to reduce the basis of your depreciable and nondepreciable property. How do i file my 2011 taxes now However, in situation (3), you must reduce the basis of your depreciable property by the excluded amount. How do i file my 2011 taxes now For more information about canceled debt in a bankruptcy case or during insolvency, see Publication 908, Bankruptcy Tax Guide. How do i file my 2011 taxes now For more information about canceled debt that is qualified farm debt, see chapter 3 in Publication 225. How do i file my 2011 taxes now For more information about qualified real property business debt, see chapter 5 in Publication 334, Tax Guide for Small Business. How do i file my 2011 taxes now Postponed Gain From Sale of Home If you postponed gain from the sale of your main home before May 7, 1997, you must reduce the basis of your new home by the postponed gain. How do i file my 2011 taxes now For more information on the rules for the sale of a home, see Publication 523. How do i file my 2011 taxes now Adoption Tax Benefits If you claim an adoption credit for the cost of improvements you added to the basis of your home, decrease the basis of your home by the credit allowed. How do i file my 2011 taxes now This also applies to amounts you received under an employer's adoption assistance program and excluded from income. How do i file my 2011 taxes now For more information Form 8839, Qualified Adoption Expenses. How do i file my 2011 taxes now Employer-Provided Child Care If you are an employer, you can claim the employer-provided child care credit on amounts you paid or incurred to acquire, construct, rehabilitate, or expand property used as part of your qualified child care facility. How do i file my 2011 taxes now You must reduce your basis in that property by the credit claimed. How do i file my 2011 taxes now For more information, see Form 8882, Credit for Employer-Provided Child Care Facilities and Services. How do i file my 2011 taxes now Adjustments to Basis Example In January 2005, you paid $80,000 for real property to be used as a factory. How do i file my 2011 taxes now You also paid commissions of $2,000 and title search and legal fees of $600. How do i file my 2011 taxes now You allocated the total cost of $82,600 between the land and the building—$10,325 for the land and $72,275 for the building. How do i file my 2011 taxes now Immediately you spent $20,000 in remodeling the building before you placed it in service. How do i file my 2011 taxes now You were allowed depreciation of $14,526 for the years 2005 through 2009. How do i file my 2011 taxes now In 2008 you had a $5,000 casualty loss from a that was not covered by insurance on the building. How do i file my 2011 taxes now You claimed a deduction for this loss. How do i file my 2011 taxes now You spent $5,500 to repair the damages and extend the useful life of the building. How do i file my 2011 taxes now The adjusted basis of the building on January 1, 2010, is figured as follows: Original cost of building including fees and commissions $72,275 Adjustments to basis:     Add:         Improvements 20,000   Repair of damages 5,500       $97,775 Subtract:       Depreciation $14,526     Deducted casualty loss 5,000 19,526 Adjusted basis on January 1, 2010 $78,249 The basis of the land, $10,325, remains unchanged. How do i file my 2011 taxes now It is not affected by any of the above adjustments. How do i file my 2011 taxes now Basis Other Than Cost There are many times when you cannot use cost as basis. How do i file my 2011 taxes now In these cases, the fair market value or the adjusted basis of property may be used. How do i file my 2011 taxes now Adjusted basis is discussed earlier. How do i file my 2011 taxes now Fair market value (FMV). How do i file my 2011 taxes now   FMV is the price at which property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. How do i file my 2011 taxes now Sales of similar property on or about the same date may be helpful in figuring the property's FMV. How do i file my 2011 taxes now Property Received for Services If you receive property for services, include the property's FMV in income. How do i file my 2011 taxes now The amount you include in income becomes your basis. How do i file my 2011 taxes now If the services were performed for a price agreed on beforehand, it will be accepted as the FMV of the property if there is no evidence to the contrary. How do i file my 2011 taxes now Bargain Purchases A bargain purchase is a purchase of an item for less than its FMV. How do i file my 2011 taxes now If, as compensation for services, you purchase goods or other property at less than FMV, include the difference between the purchase price and the property's FMV in your income. How do i file my 2011 taxes now Your basis in the property is its FMV (your purchase price plus the amount you include in income). How do i file my 2011 taxes now If the difference between your purchase price and the FMV represents a qualified employee discount, do not include the difference in income. How do i file my 2011 taxes now However, your basis in the property is still its FMV. How do i file my 2011 taxes now See Employee Discounts in Publication 15-B. How do i file my 2011 taxes now Restricted Property If you receive property for your services and the property is subject to certain restrictions, your basis in the property is its FMV when it becomes substantially vested unless you make the election discussed later. How do i file my 2011 taxes now Property becomes substantially vested when your rights in the property or the rights of any person to whom you transfer the property are not subject to a substantial risk of forfeiture. How do i file my 2011 taxes now There is substantial risk of forfeiture when the rights to full enjoyment of the property depend on the future performance of substantial services by any person. How do i file my 2011 taxes now When the property becomes substantially vested, include the FMV, less any amount you paid for the property, in income. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now Your employer gives you stock for services performed under the condition that you will have to return the stock unless you complete 5 years of service. How do i file my 2011 taxes now The stock is under a substantial risk of forfeiture and is not substantially vested when you receive it. How do i file my 2011 taxes now You do not report any income until you have completed the 5 years of service that satisfy the condition. How do i file my 2011 taxes now Fair market value. How do i file my 2011 taxes now   Figure the FMV of property you received without considering any restriction except one that by its terms will never end. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You received stock from your employer for services you performed. How do i file my 2011 taxes now If you want to sell the stock while you are still employed, you must sell the stock to your employer at book value. How do i file my 2011 taxes now At your retirement or death, you or your estate must offer to sell the stock to your employer at its book value. How do i file my 2011 taxes now This is a restriction that by its terms will never end and you must consider it when you figure the FMV. How do i file my 2011 taxes now Election. How do i file my 2011 taxes now   You can choose to include in your gross income the FMV of the property at the time of transfer, less any amount you paid for it. How do i file my 2011 taxes now If you make this choice, the substantially vested rules do not apply. How do i file my 2011 taxes now Your basis is the amount you paid plus the amount you included in income. How do i file my 2011 taxes now   See the discussion of Restricted Property in Publication 525 for more information. How do i file my 2011 taxes now Taxable Exchanges A taxable exchange is one in which the gain is taxable or the loss is deductible. How do i file my 2011 taxes now A taxable gain or deductible loss is also known as a recognized gain or loss. How do i file my 2011 taxes now If you receive property in exchange for other property in a taxable exchange, the basis of property you receive is usually its FMV at the time of the exchange. How do i file my 2011 taxes now A taxable exchange occurs when you receive cash or property not similar or related in use to the property exchanged. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You trade a tract of farm land with an adjusted basis of $3,000 for a tractor that has an FMV of $6,000. How do i file my 2011 taxes now You must report a taxable gain of $3,000 for the land. How do i file my 2011 taxes now The tractor has a basis of $6,000. How do i file my 2011 taxes now Involuntary Conversions If you receive property as a result of an involuntary conversion, such as a casualty, theft, or condemnation, you can figure the basis of the replacement property you receive using the basis of the converted property. How do i file my 2011 taxes now Similar or related property. How do i file my 2011 taxes now   If you receive replacement property similar or related in service or use to the converted property, the replacement property's basis is the old property's basis on the date of the conversion. How do i file my 2011 taxes now However, make the following adjustments. How do i file my 2011 taxes now Decrease the basis by the following. How do i file my 2011 taxes now Any loss you recognize on the conversion, and Any money you receive that you do not spend on similar property. How do i file my 2011 taxes now Increase the basis by the following. How do i file my 2011 taxes now Any gain you recognize on the conversion, and Any cost of acquiring the replacement property. How do i file my 2011 taxes now Money or property not similar or related. How do i file my 2011 taxes now   If you receive money or property not similar or related in service or use to the converted property, and you buy replacement property similar or related in service or use to the converted property, the basis of the new property is its cost decreased by the gain not recognized on the conversion. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now The state condemned your property. How do i file my 2011 taxes now The property had an adjusted basis of $26,000 and the state paid you $31,000 for it. How do i file my 2011 taxes now You realized a gain of $5,000 ($31,000 − $26,000). How do i file my 2011 taxes now You bought replacement property similar in use to the converted property for $29,000. How do i file my 2011 taxes now You recognize a gain of $2,000 ($31,000 − $29,000), the unspent part of the payment from the state. How do i file my 2011 taxes now Your gain not recognized is $3,000, the difference between the $5,000 realized gain and the $2,000 recognized gain. How do i file my 2011 taxes now The basis of the new property is figured as follows: Cost of replacement property $29,000 Minus: Gain not recognized 3,000 Basis of the replacement property $26,000 Allocating the basis. How do i file my 2011 taxes now   If you buy more than one piece of replacement property, allocate your basis among the properties based on their respective costs. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now The state in the previous example condemned your unimproved real property and the replacement property you bought was improved real property with both land and buildings. How do i file my 2011 taxes now Allocate the replacement property's $26,000 basis between land and buildings based on their respective costs. How do i file my 2011 taxes now More information. How do i file my 2011 taxes now   For more information about condemnations, see Involuntary Conversions in Publication 544. How do i file my 2011 taxes now For more information about casualty and theft losses, see Publication 547. How do i file my 2011 taxes now Nontaxable Exchanges A nontaxable exchange is an exchange in which you are not taxed on any gain and you cannot deduct any loss. How do i file my 2011 taxes now If you receive property in a nontaxable exchange, its basis is usually the same as the basis of the property you transferred. How do i file my 2011 taxes now A nontaxable gain or loss is also known as an unrecognized gain or loss. How do i file my 2011 taxes now Like-Kind Exchanges The exchange of property for the same kind of property is the most common type of nontaxable exchange. How do i file my 2011 taxes now To qualify as a like-kind exchange, you must hold for business or investment purposes both the property you transfer and the property you receive. How do i file my 2011 taxes now There must also be an exchange of like-kind property. How do i file my 2011 taxes now For more information, see Like-Kind Exchanges in Publication 544. How do i file my 2011 taxes now The basis of the property you receive is the same as the basis of the property you gave up. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You exchange real estate (adjusted basis $50,000, FMV $80,000) held for investment for other real estate (FMV $80,000) held for investment. How do i file my 2011 taxes now Your basis in the new property is the same as the basis of the old ($50,000). How do i file my 2011 taxes now Exchange expenses. How do i file my 2011 taxes now   Exchange expenses are generally the closing costs you pay. How do i file my 2011 taxes now They include such items as brokerage commissions, attorney fees, deed preparation fees, etc. How do i file my 2011 taxes now Add them to the basis of the like-kind property received. How do i file my 2011 taxes now Property plus cash. How do i file my 2011 taxes now   If you trade property in a like-kind exchange and also pay money, the basis of the property received is the basis of the property you gave up increased by the money you paid. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You trade in a truck (adjusted basis $3,000) for another truck (FMV $7,500) and pay $4,000. How do i file my 2011 taxes now Your basis in the new truck is $7,000 (the $3,000 basis of the old truck plus the $4,000 paid). How do i file my 2011 taxes now Special rules for related persons. How do i file my 2011 taxes now   If a like-kind exchange takes place directly or indirectly between related persons and either party disposes of the property within 2 years after the exchange, the exchange no longer qualifies for like-kind exchange treatment. How do i file my 2011 taxes now Each person must report any gain or loss not recognized on the original exchange. How do i file my 2011 taxes now Each person reports it on the tax return filed for the year in which the later disposition occurs. How do i file my 2011 taxes now If this rule applies, the basis of the property received in the original exchange will be its fair market value. How do i file my 2011 taxes now   These rules generally do not apply to the following kinds of property dispositions. How do i file my 2011 taxes now Dispositions due to the death of either related person, Involuntary conversions, and Dispositions in which neither the original exchange nor the subsequent disposition had as a main purpose the avoidance of federal income tax. How do i file my 2011 taxes now Related persons. How do i file my 2011 taxes now   Generally, related persons are ancestors, lineal descendants, brothers and sisters (whole or half), and a spouse. How do i file my 2011 taxes now   For other related persons (for example, two corporations, an individual and a corporation, a grantor and fiduciary, etc. How do i file my 2011 taxes now ), see Nondeductible Loss in chapter 2 of Publication 544. How do i file my 2011 taxes now Exchange of business property. How do i file my 2011 taxes now   Exchanging the assets of one business for the assets of another business is a multiple property exchange. How do i file my 2011 taxes now For information on figuring basis, see Multiple Property Exchanges in chapter 1 of Publication 544. How do i file my 2011 taxes now Partially Nontaxable Exchange A partially nontaxable exchange is an exchange in which you receive unlike property or money in addition to like property. How do i file my 2011 taxes now The basis of the property you receive is the same as the basis of the property you gave up, with the following adjustments. How do i file my 2011 taxes now Decrease the basis by the following amounts. How do i file my 2011 taxes now Any money you receive, and Any loss you recognize on the exchange. How do i file my 2011 taxes now Increase the basis by the following amounts. How do i file my 2011 taxes now Any additional costs you incur, and Any gain you recognize on the exchange. How do i file my 2011 taxes now If the other party to the exchange assumes your liabilities, treat the debt assumption as money you received in the exchange. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You traded a truck (adjusted basis $6,000) for a new truck (FMV $5,200) and $1,000 cash. How do i file my 2011 taxes now You realized a gain of $200 ($6,200 − $6,000). How do i file my 2011 taxes now This is the FMV of the truck received plus the cash minus the adjusted basis of the truck you traded ($5,200 + $1,000 – $6,000). How do i file my 2011 taxes now You include all the gain in income (recognized gain) because the gain is less than the cash received. How do i file my 2011 taxes now Your basis in the new truck is: Adjusted basis of old truck $6,000 Minus: Cash received (adjustment 1(a)) 1,000   $5,000 Plus: Gain recognized (adjustment 2(b)) 200 Basis of new truck $5,200 Allocation of basis. How do i file my 2011 taxes now   Allocate the basis first to the unlike property, other than money, up to its FMV on the date of the exchange. How do i file my 2011 taxes now The rest is the basis of the like property. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You had an adjusted basis of $15,000 in real estate you held for investment. How do i file my 2011 taxes now You exchanged it for other real estate to be held for investment with an FMV of $12,500, a truck with an FMV of $3,000, and $1,000 cash. How do i file my 2011 taxes now The truck is unlike property. How do i file my 2011 taxes now You realized a gain of $1,500 ($16,500 − $15,000). How do i file my 2011 taxes now This is the FMV of the real estate received plus the FMV of the truck received plus the cash minus the adjusted basis of the real estate you traded ($12,500 + $3,000 + $1,000 – $15,000). How do i file my 2011 taxes now You include in income (recognize) all $1,500 of the gain because it is less than the FMV of the unlike property plus the cash received. How do i file my 2011 taxes now Your basis in the properties you received is figured as follows. How do i file my 2011 taxes now Adjusted basis of real estate transferred $15,000 Minus: Cash received (adjustment 1(a)) 1,000   $14,000 Plus: Gain recognized (adjustment 2(b)) 1,500 Total basis of properties received $15,500 Allocate the total basis of $15,500 first to the unlike property — the truck ($3,000). How do i file my 2011 taxes now This is the truck's FMV. How do i file my 2011 taxes now The rest ($12,500) is the basis of the real estate. How do i file my 2011 taxes now Sale and Purchase If you sell property and buy similar property in two mutually dependent transactions, you may have to treat the sale and purchase as a single nontaxable exchange. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You are a salesperson and you use one of your cars 100% for business. How do i file my 2011 taxes now You have used this car in your sales activities for 2 years and have depreciated it. How do i file my 2011 taxes now Your adjusted basis in the car is $22,600 and its FMV is $23,100. How do i file my 2011 taxes now You are interested in a new car, which sells for $28,000. How do i file my 2011 taxes now If you trade your old car and pay $4,900 for the new one, your basis for depreciation for the new car would be $27,500 ($4,900 plus the $22,600 basis of your old car). How do i file my 2011 taxes now However, you want a higher basis for depreciating the new car, so you agree to pay the dealer $28,000 for the new car if he will pay you $23,100 for your old car. How do i file my 2011 taxes now Because the two transactions are dependent on each other, you are treated as having exchanged your old car for the new one and paid $4,900 ($28,000 − $23,100). How do i file my 2011 taxes now Your basis for depreciating the new car is $27,500, the same as if you traded the old car. How do i file my 2011 taxes now Partial Business Use of Property If you have property used partly for business and partly for personal use, and you exchange it in a nontaxable exchange for property to be used wholly or partly in your business, the basis of the property you receive is figured as if you had exchanged two properties. How do i file my 2011 taxes now The first is an exchange of like-kind property. How do i file my 2011 taxes now The second is personal-use property on which gain is recognized and loss is not recognized. How do i file my 2011 taxes now First, figure your adjusted basis in the property as if you transferred two separate properties. How do i file my 2011 taxes now Figure the adjusted basis of each part of the property by taking into account any adjustments to basis. How do i file my 2011 taxes now Deduct the depreciation you took or could have taken from the adjusted basis of the business part. How do i file my 2011 taxes now Then figure the amount realized for your property and allocate it to the business and nonbusiness parts of the property. How do i file my 2011 taxes now The business part of the property is permitted to be exchanged tax free. How do i file my 2011 taxes now However, you must recognize any gain from the exchange of the nonbusiness part. How do i file my 2011 taxes now You are deemed to have received, in exchange for the nonbusiness part, an amount equal to its FMV on the date of the exchange. How do i file my 2011 taxes now The basis of the property you acquired is the total basis of the property transferred (adjusted to the date of the exchange), increased by any gain recognized on the nonbusiness part. How do i file my 2011 taxes now If the nonbusiness part of the property transferred is your main home, you may qualify to exclude from income all or part of the gain on that part. How do i file my 2011 taxes now For more information, see Publication 523. How do i file my 2011 taxes now Trade of car used partly in business. How do i file my 2011 taxes now   If you trade in a car you used partly in your business for another car you will use in your business, your basis for depreciation of the new car is not the same as your basis for figuring a gain or loss on its sale. How do i file my 2011 taxes now   For information on figuring your basis for depreciation, see Publication 463. How do i file my 2011 taxes now Property Transferred From a Spouse The basis of property transferred to you or transferred in trust for your benefit by your spouse (or former spouse if the transfer is incident to divorce), is the same as your spouse's adjusted basis. How do i file my 2011 taxes now However, adjust your basis for any gain recognized by your spouse or former spouse on property transferred in trust. How do i file my 2011 taxes now This rule applies only to a transfer of property in trust in which the liabilities assumed, plus the liabilities to which the property is subject, are more than the adjusted basis of the property transferred. How do i file my 2011 taxes now If the property transferred to you is a series E, series EE, or series I United States savings bond, the transferor must include in income the interest accrued to the date of transfer. How do i file my 2011 taxes now Your basis in the bond immediately after the transfer is equal to the transferor's basis increased by the interest income includible in the transferor's income. How do i file my 2011 taxes now For more information on these bonds, see Publication 550. How do i file my 2011 taxes now At the time of the transfer, the transferor must give you the records necessary to determine the adjusted basis and holding period of the property as of the date of transfer. How do i file my 2011 taxes now For more information, see Publication 504, Divorced or Separated Individuals. How do i file my 2011 taxes now Property Received as a Gift To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you, its FMV at the time it was given to you, and any gift tax paid on it. How do i file my 2011 taxes now FMV Less Than Donor's Adjusted Basis If the FMV of the property at the time of the gift is less than the donor's adjusted basis, your basis depends on whether you have a gain or a loss when you dispose of the property. How do i file my 2011 taxes now Your basis for figuring gain is the same as the donor's adjusted basis plus or minus any required adjustment to basis while you held the property. How do i file my 2011 taxes now Your basis for figuring loss is its FMV when you received the gift plus or minus any required adjustment to basis while you held the property (see Adjusted Basis earlier). How do i file my 2011 taxes now If you use the donor's adjusted basis for figuring a gain and get a loss, and then use the FMV for figuring a loss and have a gain, you have neither gain nor loss on the sale or disposition of the property. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now You received an acre of land as a gift. How do i file my 2011 taxes now At the time of the gift, the land had an FMV of $8,000. How do i file my 2011 taxes now The donor's adjusted basis was $10,000. How do i file my 2011 taxes now After you received the land, no events occurred to increase or decrease your basis. How do i file my 2011 taxes now If you sell the land for $12,000, you will have a $2,000 gain because you must use the donor's adjusted basis ($10,000) at the time of the gift as your basis to figure gain. How do i file my 2011 taxes now If you sell the land for $7,000, you will have a $1,000 loss because you must use the FMV ($8,000) at the time of the gift as your basis to figure a loss. How do i file my 2011 taxes now If the sales price is between $8,000 and $10,000, you have neither gain nor loss. How do i file my 2011 taxes now For instance, if the sales price was $9,000 and you tried to figure a gain using the donor's adjusted basis ($10,000), you would get a $1,000 loss. How do i file my 2011 taxes now If you then tried to figure a loss using the FMV ($8,000), you would get a $1,000 gain. How do i file my 2011 taxes now Business property. How do i file my 2011 taxes now   If you hold the gift as business property, your basis for figuring any depreciation, depletion, or amortization deduction is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you hold the property. How do i file my 2011 taxes now FMV Equal to or More Than Donor's Adjusted Basis If the FMV of the property is equal to or greater than the donor's adjusted basis, your basis is the donor's adjusted basis at the time you received the gift. How do i file my 2011 taxes now Increase your basis by all or part of any gift tax paid, depending on the date of the gift. How do i file my 2011 taxes now Also, for figuring gain or loss from a sale or other disposition of the property, or for figuring depreciation, depletion, or amortization deductions on business property, you must increase or decrease your basis by any required adjustments to basis while you held the property. How do i file my 2011 taxes now See Adjusted Basis earlier. How do i file my 2011 taxes now Gift received before 1977. How do i file my 2011 taxes now   If you received a gift before 1977, increase your basis in the gift (the donor's adjusted basis) by any gift tax paid on it. How do i file my 2011 taxes now However, do not increase your basis above the FMV of the gift at the time it was given to you. How do i file my 2011 taxes now Example 1. How do i file my 2011 taxes now You were given a house in 1976 with an FMV of $21,000. How do i file my 2011 taxes now The donor's adjusted basis was $20,000. How do i file my 2011 taxes now The donor paid a gift tax of $500. How do i file my 2011 taxes now Your basis is $20,500, the donor's adjusted basis plus the gift tax paid. How do i file my 2011 taxes now Example 2. How do i file my 2011 taxes now If, in Example 1, the gift tax paid had been $1,500, your basis would be $21,000. How do i file my 2011 taxes now This is the donor's adjusted basis plus the gift tax paid, limited to the FMV of the house at the time you received the gift. How do i file my 2011 taxes now Gift received after 1976. How do i file my 2011 taxes now   If you received a gift after 1976, increase your basis in the gift (the donor's adjusted basis) by the part of the gift tax paid on it that is due to the net increase in value of the gift. How do i file my 2011 taxes now Figure the increase by multiplying the gift tax paid by a fraction. How do i file my 2011 taxes now The numerator of the fraction is the net increase in value of the gift and the denominator is the amount of the gift. How do i file my 2011 taxes now   The net increase in value of the gift is the FMV of the gift less the donor's adjusted basis. How do i file my 2011 taxes now The amount of the gift is its value for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. How do i file my 2011 taxes now For information on the gift tax, see Publication 950, Introduction to Estate and Gift Taxes. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now In 2010, you received a gift of property from your mother that had an FMV of $50,000. How do i file my 2011 taxes now Her adjusted basis was $20,000. How do i file my 2011 taxes now The amount of the gift for gift tax purposes was $37,000 ($50,000 minus the $13,000 annual exclusion). How do i file my 2011 taxes now She paid a gift tax of $9,000. How do i file my 2011 taxes now Your basis, $27,290, is figured as follows: Fair market value $50,000 Minus: Adjusted basis 20,000 Net increase in value $30,000 Gift tax paid $9,000 Multiplied by ($30,000 ÷ $37,000) . How do i file my 2011 taxes now 81 Gift tax due to net increase in value $7,290 Adjusted basis of property to your mother 20,000 Your basis in the property $27,290 Inherited Property Special rules apply to property acquired from a decedent who died in 2010. How do i file my 2011 taxes now See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for details. How do i file my 2011 taxes now If you inherited property from a decedent who died before 2010, your basis in property you inherit from a decedent is generally one of the following. How do i file my 2011 taxes now The FMV of the property at the date of the individual's death. How do i file my 2011 taxes now The FMV on the alternate valuation date if the personal representative for the estate chooses to use alternate valuation. How do i file my 2011 taxes now For information on the alternate valuation date, see the Instructions for Form 706. How do i file my 2011 taxes now The value under the special-use valuation method for real property used in farming or a closely held business if chosen for estate tax purposes. How do i file my 2011 taxes now This method is discussed later. How do i file my 2011 taxes now The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement. How do i file my 2011 taxes now For information on a qualified conservation easement, see the Instructions for Form 706. How do i file my 2011 taxes now If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes. How do i file my 2011 taxes now For more information, see the Instructions for Form 706. How do i file my 2011 taxes now Appreciated property. How do i file my 2011 taxes now   The above rule does not apply to appreciated property you receive from a decedent if you or your spouse originally gave the property to the decedent within 1 year before the decedent's death. How do i file my 2011 taxes now Your basis in this property is the same as the decedent's adjusted basis in the property immediately before his or her death, rather than its FMV. How do i file my 2011 taxes now Appreciated property is any property whose FMV on the day it was given to the decedent is more than its adjusted basis. How do i file my 2011 taxes now Community Property In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), husband and wife are each usually considered to own half the community property. How do i file my 2011 taxes now When either spouse dies, the total value of the community property, even the part belonging to the surviving spouse, generally becomes the basis of the entire property. How do i file my 2011 taxes now For this rule to apply, at least half the value of the community property interest must be includable in the decedent's gross estate, whether or not the estate must file a return. How do i file my 2011 taxes now For example, you and your spouse owned community property that had a basis of $80,000. How do i file my 2011 taxes now When your spouse died, half the FMV of the community interest was includible in your spouse's estate. How do i file my 2011 taxes now The FMV of the community interest was $100,000. How do i file my 2011 taxes now The basis of your half of the property after the death of your spouse is $50,000 (half of the $100,000 FMV). How do i file my 2011 taxes now The basis of the other half to your spouse's heirs is also $50,000. How do i file my 2011 taxes now For more information on community property, see Publication 555, Community Property. How do i file my 2011 taxes now Property Held by Surviving Tenant The following example explains the rule for the basis of property held by a surviving tenant in joint tenancy or tenancy by the entirety. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now John and Jim owned, as joint tenants with right of survivorship, business property they purchased for $30,000. How do i file my 2011 taxes now John furnished two-thirds of the purchase price and Jim furnished one-third. How do i file my 2011 taxes now Depreciation deductions allowed before John's death were $12,000. How do i file my 2011 taxes now Under local law, each had a half interest in the income from the property. How do i file my 2011 taxes now At the date of John's death, the property had an FMV of $60,000, two-thirds of which is includable in John's estate. How do i file my 2011 taxes now Jim figures his basis in the property at the date of John's death as follows: Interest Jim bought with his own funds—1/3 of $30,000 cost $10,000   Interest Jim received on John's death—2/3 of $60,000 FMV 40,000 $50,000 Minus: ½ of $12,000 depreciation before John's death 6,000 Jim's basis at the date of John's death $44,000 If Jim had not contributed any part of the purchase price, his basis at the date of John's death would be $54,000. How do i file my 2011 taxes now This is figured by subtracting from the $60,000 FMV, the $6,000 depreciation allocated to Jim's half interest before the date of death. How do i file my 2011 taxes now If under local law Jim had no interest in the income from the property and he contributed no part of the purchase price, his basis at John's death would be $60,000, the FMV of the property. How do i file my 2011 taxes now Qualified Joint Interest Include one-half of the value of a qualified joint interest in the decedent's gross estate. How do i file my 2011 taxes now It does not matter how much each spouse contributed to the purchase price. How do i file my 2011 taxes now Also, it does not matter which spouse dies first. How do i file my 2011 taxes now A qualified joint interest is any interest in property held by husband and wife as either of the following. How do i file my 2011 taxes now Tenants by the entirety, or Joint tenants with right of survivorship if husband and wife are the only joint tenants. How do i file my 2011 taxes now Basis. How do i file my 2011 taxes now   As the surviving spouse, your basis in property you owned with your spouse as a qualified joint interest is the cost of your half of the property with certain adjustments. How do i file my 2011 taxes now Decrease the cost by any deductions allowed to you for depreciation and depletion. How do i file my 2011 taxes now Increase the reduced cost by your basis in the half you inherited. How do i file my 2011 taxes now Farm or Closely Held Business Under certain conditions, when a person dies the executor or personal representative of that person's estate can choose to value the qualified real property on other than its FMV. How do i file my 2011 taxes now If so, the executor or personal representative values the qualified real property based on its use as a farm or its use in a closely held business. How do i file my 2011 taxes now If the executor or personal representative chooses this method of valuation for estate tax purposes, that value is the basis of the property for the heirs. How do i file my 2011 taxes now Qualified heirs should be able to get the necessary value from the executor or personal representative of the estate. How do i file my 2011 taxes now Special-use valuation. How do i file my 2011 taxes now   If you are a qualified heir who received special-use valuation property, your basis in the property is the estate's or trust's basis in that property immediately before the distribution. How do i file my 2011 taxes now Increase your basis by any gain recognized by the estate or trust because of post-death appreciation. How do i file my 2011 taxes now Post-death appreciation is the property's FMV on the date of distribution minus the property's FMV either on the date of the individual's death or the alternate valuation date. How do i file my 2011 taxes now Figure all FMVs without regard to the special-use valuation. How do i file my 2011 taxes now   You can elect to increase your basis in special-use valuation property if it becomes subject to the additional estate tax. How do i file my 2011 taxes now This tax is assessed if, within 10 years after the death of the decedent, you transfer the property to a person who is not a member of your family or the property stops being used as a farm or in a closely held business. How do i file my 2011 taxes now   To increase your basis in the property, you must make an irrevocable election and pay interest on the additional estate tax figured from the date 9 months after the decedent's death until the date of the payment of the additional estate tax. How do i file my 2011 taxes now If you meet these requirements, increase your basis in the property to its FMV on the date of the decedent's death or the alternate valuation date. How do i file my 2011 taxes now The increase in your basis is considered to have occurred immediately before the event that results in the additional estate tax. How do i file my 2011 taxes now   You make the election by filing with Form 706-A a statement that does all of the following. How do i file my 2011 taxes now Contains your name, address, and taxpayer identification number and those of the estate; Identifies the election as an election under section 1016(c) of the Internal Revenue Code; Specifies the property for which the election is made; and Provides any additional information required by the Instructions for Form 706-A. How do i file my 2011 taxes now   For more information, see the Instructions for Form 706 and the Instructions for Form 706-A. How do i file my 2011 taxes now Property Changed to Business or Rental Use If you hold property for personal use and then change it to business use or use it to produce rent, you must figure its basis for depreciation. How do i file my 2011 taxes now An example of changing property held for personal use to business use would be renting out your former main home. How do i file my 2011 taxes now Basis for depreciation. How do i file my 2011 taxes now   The basis for depreciation is the lesser of the following amounts. How do i file my 2011 taxes now The FMV of the property on the date of the change, or Your adjusted basis on the date of the change. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now Several years ago you paid $160,000 to have your home built on a lot that cost $25,000. How do i file my 2011 taxes now You paid $20,000 for permanent improvements to the house and claimed a $2,000 casualty loss deduction for damage to the house before changing the property to rental use last year. How do i file my 2011 taxes now Because land is not depreciable, you include only the cost of the house when figuring the basis for depreciation. How do i file my 2011 taxes now Your adjusted basis in the house when you changed its use was $178,000 ($160,000 + $20,000 − $2,000). How do i file my 2011 taxes now On the same date, your property had an FMV of $180,000, of which $15,000 was for the land and $165,000 was for the house. How do i file my 2011 taxes now The basis for figuring depreciation on the house is its FMV on the date of change ($165,000) because it is less than your adjusted basis ($178,000). How do i file my 2011 taxes now Sale of property. How do i file my 2011 taxes now   If you later sell or dispose of property changed to business or rental use, the basis of the property you use will depend on whether you are figuring gain or loss. How do i file my 2011 taxes now Gain. How do i file my 2011 taxes now   The basis for figuring a gain is your adjusted basis when you sell the property. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now Assume the same facts as in the previous example except that you sell the property at a gain after being allowed depreciation deductions of $37,500. How do i file my 2011 taxes now Your adjusted basis for figuring gain is $165,500 ($178,000 + $25,000 (land) − $37,500). How do i file my 2011 taxes now Loss. How do i file my 2011 taxes now   Figure the basis for a loss starting with the smaller of your adjusted basis or the FMV of the property at the time of the change to business or rental use. How do i file my 2011 taxes now Then adjust this amount for the period after the change in the property's use, as discussed earlier under Adjusted Basis, to arrive at a basis for loss. How do i file my 2011 taxes now Example. How do i file my 2011 taxes now Assume the same facts as in the previous example, except that you sell the property at a loss after being allowed depreciation deductions of $37,500. How do i file my 2011 taxes now In this case, you would start with the FMV on the date of the change to rental use ($180,000) because it is less than the adjusted basis of $203,000 ($178,000 + $25,000) on that date. How do i file my 2011 taxes now Reduce that amount ($180,000) by the depreciation deductions to arrive at a basis for loss of $142,500 ($180,000 − $37,500). How do i file my 2011 taxes now How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get more information from the IRS in several ways. How do i file my 2011 taxes now By selecting the method that is best for you, you will have quick and easy access to tax help. How do i file my 2011 taxes now Contacting your Taxpayer Advocate. How do i file my 2011 taxes now   The Taxpayer Advocate Service (TAS) is an independent organization within the IRS. How do i file my 2011 taxes now We help taxpayers who are experiencing economic harm, such as not being able to provide necessities like housing, transportation, or food; taxpayers who are seeking help in resolving tax problems with the IRS; and those who believe that an IRS system or procedure is not working as it should. How do i file my 2011 taxes now Here are seven things every taxpayer should know about TAS. How do i file my 2011 taxes now TAS is your voice at the IRS. How do i file my 2011 taxes now Our service is free, confidential, and tailored to meet your needs. How do i file my 2011 taxes now You may be eligible for our help if you have tried to resolve your tax problem through normal IRS channels and have gotten nowhere, or you believe an IRS procedure just isn't working as it should. How do i file my 2011 taxes now We help taxpayers whose problems are causing financial difficulty or significant cost, including the cost of professional representation. How do i file my 2011 taxes now This includes businesses as well as individuals. How do i file my 2011 taxes now Our employees know the IRS and how to navigate it. How do i file my 2011 taxes now If you qualify for our help, we'll assign your case to an advocate who will listen to your problem, help you understand what needs to be done to resolve it, and stay with you every step of the way until your problem is resolved. How do i file my 2011 taxes now We have at least one local taxpayer advocate in every state, the District of Columbia, and Puerto Rico. How do i file my 2011 taxes now You can call your local advocate, whose number is in your phone book, in Publication 1546, Taxpayer Advocate Service—Your Voice at the IRS, and on our website at www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/advocate. How do i file my 2011 taxes now You can also call our toll-free line at 1-877-777-4778 or TTY/TDD 1-800-829-4059. How do i file my 2011 taxes now You can learn about your rights and responsibilities as a taxpayer by visiting our online tax toolkit at www. How do i file my 2011 taxes now taxtoolkit. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov. How do i file my 2011 taxes now You can get updates on hot tax topics by visiting our YouTube channel at www. How do i file my 2011 taxes now youtube. How do i file my 2011 taxes now com/tasnta and our Facebook page at www. How do i file my 2011 taxes now facebook. How do i file my 2011 taxes now com/YourVoiceAtIRS, or by following our tweets at www. How do i file my 2011 taxes now twitter. How do i file my 2011 taxes now com/YourVoiceAtIRS. How do i file my 2011 taxes now Low Income Taxpayer Clinics (LITCs). How do i file my 2011 taxes now   The Low Income Taxpayer Clinic program serves individuals who have a problem with the IRS and whose income is below a certain level. How do i file my 2011 taxes now LITCs are independent from the IRS. How do i file my 2011 taxes now Most LITCs can provide representation before the IRS or in court on audits, tax collection disputes, and other issues for free or a small fee. How do i file my 2011 taxes now If an individual's native language is not English, some clinics can provide multilingual information about taxpayer rights and responsibilities. How do i file my 2011 taxes now For more information, see Publication 4134, Low Income Taxpayer Clinic List. How do i file my 2011 taxes now This publication is available at IRS. How do i file my 2011 taxes now gov, by calling 1-800-TAX-FORM (1-800-829-3676), or at your local IRS office. How do i file my 2011 taxes now Free tax services. How do i file my 2011 taxes now   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. How do i file my 2011 taxes now Learn about free tax information from the IRS, including publications, services, and education and assistance programs. How do i file my 2011 taxes now The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. How do i file my 2011 taxes now The majority of the information and services listed in this publication are available to you free of charge. How do i file my 2011 taxes now If there is a fee associated with a resource or service, it is listed in the publication. How do i file my 2011 taxes now   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with d
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Can I Deduct My Charitable Contributions?
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Can I Deduct My Mortgage Related Expenses?
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Can I Claim My Expenses as Miscellaneous Itemized Deductions on Schedule A (Form 1040)?
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Do I Need To Claim My Gambling Winnings and Can I Deduct My Gambling Losses?
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Can I Deduct My Medical and Dental Expenses?
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Can I Deduct My Moving Expenses?
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Can I Claim a Deduction For Student Loan Interest?
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The How Do I File My 2011 Taxes Now

How do i file my 2011 taxes now Publication 3402 - Main Content Table of Contents What is a Limited Liability Company? Classification of an LLC LLCs Classified as Partnerships LLCs Classified as Disregarded Entities LLCs Classified as Corporations Subsequent Elections How To Get More InformationInternal Revenue Service Small Business Administration Other Federal Agencies What is a Limited Liability Company? For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. How do i file my 2011 taxes now Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. How do i file my 2011 taxes now An LLC may be classified for federal income tax purposes as a partnership, corporation, or an entity disregarded as separate from its owner by applying the rules in Regulations section 301. How do i file my 2011 taxes now 7701-3. How do i file my 2011 taxes now The information in this publication applies to LLCs in general, and different rules may apply to special situations, including banks, insurance companies, or nonprofit organizations that are LLCs or that own LLCs. How do i file my 2011 taxes now Check your state's requirements and the federal tax regulations for further information. How do i file my 2011 taxes now Classification of an LLC Default classification rules. How do i file my 2011 taxes now   An LLC with at least two members is classified as a partnership for federal income tax purposes. How do i file my 2011 taxes now An LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes). How do i file my 2011 taxes now Also, an LLC's federal tax classification can subsequently change under certain default rules discussed later. How do i file my 2011 taxes now Elected classification. How do i file my 2011 taxes now   If an LLC does not choose to be classified under the above default classifications, it can elect to be classified as an association taxable as a corporation or as an S corporation. How do i file my 2011 taxes now After an LLC has determined its federal tax classification, it can later elect to change that classification. How do i file my 2011 taxes now For details, see Subsequent Elections, later. How do i file my 2011 taxes now LLCs Classified as Partnerships If an LLC has at least two members and is classified as a partnership, it generally must file Form 1065, U. How do i file my 2011 taxes now S. How do i file my 2011 taxes now Return of Partnership Income. How do i file my 2011 taxes now Generally, an LLC classified as a partnership is subject to the same filing and reporting requirements as partnerships. How do i file my 2011 taxes now For certain purposes, members of an LLC are treated as limited partners in a limited partnership. How do i file my 2011 taxes now For example, LLC members are treated as limited partners for purposes of material participation under the passive activity limitation rules (see Temporary Regulation section 1. How do i file my 2011 taxes now 469-5T(e)). How do i file my 2011 taxes now See the Instructions for Form 1065 for reporting rules that apply specifically to LLCs. How do i file my 2011 taxes now Member manager. How do i file my 2011 taxes now   Only a member manager of an LLC can sign the partnership tax return. How do i file my 2011 taxes now And only a member manager can represent the LLC as the tax matters partner under the consolidated audit proceedings in sections 6221 through 6234. How do i file my 2011 taxes now A member manager is any owner of an interest in the LLC who, alone or together with others, has the continuing authority to make the management decisions necessary to conduct the business for which the LLC was formed. How do i file my 2011 taxes now If there are no elected or designated member managers, each owner is treated as a member manager. How do i file my 2011 taxes now Change in default classification. How do i file my 2011 taxes now   If the number of members in an LLC classified as a partnership is reduced to only one member, it becomes an entity disregarded as separate from its owner under Regulations section 301. How do i file my 2011 taxes now 7701-3(f)(2). How do i file my 2011 taxes now However, if the LLC has made an election to be classified as a corporation (discussed later) and that elective classification is in effect at the time of the change in membership, the default classification as a disregarded entity will not apply. How do i file my 2011 taxes now   Other tax consequences of a change in membership, such as recognition of gain or loss, are determined by the transactions through which an interest in the LLC is acquired or disposed of. How do i file my 2011 taxes now If a partnership that becomes a disregarded entity as a result of a decrease in the number of members makes an election to be classified as a corporation, the applicable deemed transactions discussed under Subsequent Elections, later, apply. How do i file my 2011 taxes now Example 1. How do i file my 2011 taxes now Ethel and Francis are members of an LLC classified as a partnership for federal tax purposes. How do i file my 2011 taxes now Each holds an equal membership interest. How do i file my 2011 taxes now The LLC does not hold any unrealized receivables or substantially appreciated inventory. How do i file my 2011 taxes now Ethel sells her entire interest in the LLC to Francis for $10,000. How do i file my 2011 taxes now After the sale, the business is continued by the LLC, which is owned solely by Francis. How do i file my 2011 taxes now No entity classification election is made after the sale to treat the LLC as a corporation for federal tax purposes. How do i file my 2011 taxes now The partnership terminates when Francis buys Ethel's entire interest. How do i file my 2011 taxes now Ethel must treat the transaction as the sale of a partnership interest and must report gain or loss, if any, resulting from the sale of her partnership interest. How do i file my 2011 taxes now For purposes of determining the tax treatment of Francis, the partnership is deemed to make a liquidating distribution of all of its assets to Ethel and Francis, and after this distribution, Francis is treated as acquiring the assets deemed to have been distributed to Ethel in liquidation of Ethel's partnership interest. How do i file my 2011 taxes now Francis's basis in the assets attributable to Ethel's one-half interest in the partnership is $10,000, the purchase price for Ethel's partnership interest. How do i file my 2011 taxes now Upon the termination of the partnership, Francis is considered to receive a distribution of those assets attributable to Francis's former interest in the partnership. How do i file my 2011 taxes now Francis must recognize gain or loss, if any, on the deemed distribution of the assets to the extent required by Internal Revenue Code section 731(a). How do i file my 2011 taxes now See Partnership Distributions in Publication 541. How do i file my 2011 taxes now Example 2. How do i file my 2011 taxes now George and Henrietta are members of an LLC classified as a partnership for federal tax purposes. How do i file my 2011 taxes now Each holds an equal membership interest. How do i file my 2011 taxes now The LLC does not hold any unrealized receivables or substantially appreciated inventory. How do i file my 2011 taxes now George and Henrietta each sell their entire interests in the LLC to Ian, an unrelated person, in exchange for $10,000. How do i file my 2011 taxes now After the sale, the business is continued by the LLC, which is owned solely by Ian. How do i file my 2011 taxes now No entity classification election is made after the sale to treat the LLC as a corporation for federal tax purposes. How do i file my 2011 taxes now The partnership terminates when Ian purchases the entire interests of George and Henrietta in the LLC. How do i file my 2011 taxes now George and Henrietta must report gain or loss, if any, resulting from the sale of their partnership interests. How do i file my 2011 taxes now For purposes of classifying the acquisition by Ian, the partnership is deemed to make a liquidating distribution of its assets to George and Henrietta. How do i file my 2011 taxes now Immediately following this distribution, Ian is deemed to acquire, by purchase, all of the former partnership's assets. How do i file my 2011 taxes now   For more details on the preceding two examples, see Revenue Ruling 99-6, 1999-6 I. How do i file my 2011 taxes now R. How do i file my 2011 taxes now B. How do i file my 2011 taxes now 6. How do i file my 2011 taxes now You can find Revenue Ruling 99-6 at www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/pub/irs-irbs/irb99-06. How do i file my 2011 taxes now pdf. How do i file my 2011 taxes now LLCs Classified as Disregarded Entities If an LLC has only one member and is classified as an entity disregarded as separate from its owner, its income, deductions, gains, losses, and credits are reported on the owner's income tax return. How do i file my 2011 taxes now For example, if the owner of the LLC is an individual, the LLC's income and expenses would be reported on the following schedules filed with the owner's Form 1040: Schedule C, Profit or Loss from Business (Sole Proprietorship); Schedule C-EZ, Net Profit From Business (Sole Proprietorship); Schedule E, Supplemental Income and Loss; or Schedule F, Profit or Loss From Farming. How do i file my 2011 taxes now Employment tax and certain excise taxes. How do i file my 2011 taxes now   A single-member LLC that is classified as a disregarded entity for income tax purposes is treated as a separate entity for purposes of employment tax and certain excise taxes. How do i file my 2011 taxes now For wages paid after January 1, 2009, the single-member LLC is required to use its name and employer identification number (EIN) for reporting and payment of employment taxes. How do i file my 2011 taxes now A single-member LLC is also required to use its name and EIN to register for excise tax activities on Form 637; pay and report excise taxes reported on Forms 720, 730, 2290, and 11-C; and claim any refunds, credits, and payments on Form 8849. How do i file my 2011 taxes now See the employment and excise tax returns for more information. How do i file my 2011 taxes now Self-employment tax rule for disregarded entity LLCs. How do i file my 2011 taxes now   An individual owner of a single-member LLC classified as a disregarded entity is not an employee of the LLC. How do i file my 2011 taxes now Instead, the owner is subject to tax on the net earnings from self-employment of the LLC which is treated in the same manner as a sole-proprietorship. How do i file my 2011 taxes now Example 3. How do i file my 2011 taxes now LLC is a disregarded entity owned by Irene. How do i file my 2011 taxes now LLC has three employees (Kent, Patricia, and Tex) and pays wages. How do i file my 2011 taxes now LLC is treated as an entity separate from its owner for purposes of employment taxes. How do i file my 2011 taxes now For the wages paid to Kent, Patricia, and Tex, LLC is liable for income tax withholding, Federal Insurance Contributions Act (FICA) taxes, and Federal Unemployment Tax Act (FUTA) taxes. How do i file my 2011 taxes now In addition, LLC must file under its name and EIN the applicable employment tax returns; make timely employment tax deposits; and file with the Social Security Administration and furnish to LLC's employees (Kent, Patricia, and Tex) Forms W-2, Wage and Tax Statement. How do i file my 2011 taxes now Irene is self-employed for purposes of the self-employment tax. How do i file my 2011 taxes now Thus, Irene is subject to self-employment tax on her net earnings from self-employment with respect to LLC's activities. How do i file my 2011 taxes now Irene is not an employee of LLC for purposes of employment taxes. How do i file my 2011 taxes now Because LLC is treated as a sole proprietorship of Irene for income tax purposes, Irene must report the income and expenses from LLC on her Schedule C. How do i file my 2011 taxes now Irene will figure the tax due on her net earnings from self-employment on Schedule SE. How do i file my 2011 taxes now Irene can also deduct one-half of her self-employment tax on line 27 of her Form 1040. How do i file my 2011 taxes now Taxpayer identification number. How do i file my 2011 taxes now   For all income tax purposes, a single-member LLC classified as a disregarded entity must use the owner's social security number (SSN) or EIN. How do i file my 2011 taxes now This includes all information returns and reporting related to income tax. How do i file my 2011 taxes now For example, if a disregarded entity LLC that is owned by an individual is required to provide a Form W-9, Request for Taxpayer Identification Number and Certification, the LLC must provide the owner's SSN or EIN, not the LLC's EIN. How do i file my 2011 taxes now   However, most new single-member LLCs classified as a disregarded entity will need to obtain an EIN for the LLC. How do i file my 2011 taxes now An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed above (see Employment tax and certain excise taxes earlier). How do i file my 2011 taxes now See Form SS-4, Application for Employer Identification Number, for information on applying for an EIN. How do i file my 2011 taxes now Change in default classification. How do i file my 2011 taxes now   If a single-member LLC classified as a disregarded entity for income tax purposes acquires an additional member, it becomes a partnership under Regulations section 301. How do i file my 2011 taxes now 7701-3(f)(2). How do i file my 2011 taxes now However, if the LLC has made an election to be classified as a corporation (discussed later) and that elective classification is in effect at the time of the change in membership, the default classification as a partnership will not apply. How do i file my 2011 taxes now   Other tax consequences of a change in membership, such as recognition of gain or loss, are determined by the transactions through which an interest in the LLC is acquired or disposed of. How do i file my 2011 taxes now If a disregarded entity that becomes a partnership as a result of an increase in the number of members makes an election to be classified as a corporation, the applicable deemed transactions discussed in Subsequent Elections, later, apply. How do i file my 2011 taxes now Example 4. How do i file my 2011 taxes now Bart, who is not related to Alain, buys 50% of Alain's interest in an LLC that is a disregarded entity for $5,000. How do i file my 2011 taxes now Alain does not contribute any portion of the $5,000 to the LLC. How do i file my 2011 taxes now Alain and Bart continue to operate the business of the LLC as co-owners of the LLC. How do i file my 2011 taxes now The LLC is converted to a partnership when the new member, Bart, buys an interest in the disregarded entity from the owner, Alain. How do i file my 2011 taxes now Bart's buying a 50% interest in Alain's ownership interest in the LLC is treated as Bart's buying a 50% interest in each of the LLC's assets, which are treated as owned directly by Alain for federal income tax purposes. How do i file my 2011 taxes now Immediately thereafter, Alain and Bart are treated as contributing their respective interests in those assets to a partnership in exchange for ownership interests in the partnership. How do i file my 2011 taxes now Alain recognizes gain or loss from the deemed sale to Bart of the 50% interest in the assets. How do i file my 2011 taxes now Neither Alain nor Bart recognizes any gain or loss as a result of the deemed contribution of the assets to the partnership. How do i file my 2011 taxes now Example 5. How do i file my 2011 taxes now Charles, who is not related to Danielle, contributes $10,000 to an LLC owned by Danielle for a 50% ownership interest in the LLC. How do i file my 2011 taxes now The LLC uses all of the contributed cash in its business. How do i file my 2011 taxes now Charles and Danielle continue to operate the business of the LLC as co-owners of the LLC. How do i file my 2011 taxes now The LLC is converted from a disregarded entity to a partnership when Charles contributes cash to the LLC. How do i file my 2011 taxes now Charles's contribution is treated as a contribution to a partnership in exchange for an ownership interest in the partnership. How do i file my 2011 taxes now Danielle is treated as contributing all of the assets of the LLC to the partnership in exchange for a partnership interest. How do i file my 2011 taxes now Neither Charles nor Danielle recognizes gain or loss as a result of the conversion of the disregarded entity to a partnership. How do i file my 2011 taxes now   For more details on the preceding two examples, see Revenue Ruling 99-5, 1999-6 I. How do i file my 2011 taxes now R. How do i file my 2011 taxes now B. How do i file my 2011 taxes now 8. How do i file my 2011 taxes now You can find Revenue Ruling 99-5 at www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/pub/irs-irbs/irb99-06. How do i file my 2011 taxes now pdf. How do i file my 2011 taxes now LLCs Classified as Corporations An LLC with either a single member or more than one member can elect to be classified as a corporation rather than be classified as a partnership or disregarded entity under the default rules discussed earlier. How do i file my 2011 taxes now File Form 8832, Entity Classification Election, to elect classification as a C corporation. How do i file my 2011 taxes now File Form 2553, Election by a Small Business Corporation, to elect classification as an S corporation. How do i file my 2011 taxes now LLCs electing classification as an S corporation are not required to file Form 8832 to elect classification as a corporation before filing Form 2553. How do i file my 2011 taxes now By filing Form 2553, an LLC is deemed to have elected classification as a corporation in addition to the S corporation classification. How do i file my 2011 taxes now If the LLC elects to be classified as a corporation by filing Form 8832, a copy of the LLC's Form 8832 must be attached to the federal income tax return of each direct and indirect owner of the LLC for the tax year of the owner that includes the date on which the election took effect. How do i file my 2011 taxes now Example 6. How do i file my 2011 taxes now Classification as a corporation without an S election. How do i file my 2011 taxes now Wanda and Sylvester are members of an LLC. How do i file my 2011 taxes now They agree that the LLC should be classified as a corporation but do not want to elect to have the LLC be treated as an S corporation. How do i file my 2011 taxes now The LLC must file Form 8832. How do i file my 2011 taxes now Example 7. How do i file my 2011 taxes now Classification as a corporation with an S election. How do i file my 2011 taxes now Evelyn and Carol are members of an LLC. How do i file my 2011 taxes now They agree that the LLC should be classified as an S corporation. How do i file my 2011 taxes now The LLC must file Form 2553 instead of Form 8832. How do i file my 2011 taxes now If the LLC is classified as a corporation, it must file a corporation income tax return. How do i file my 2011 taxes now If it is a C corporation, it is taxed on its taxable income and distributions to the members are includible in the members' gross income to the extent of the corporation's earnings and profits (double taxation). How do i file my 2011 taxes now If it is an S corporation, the corporation is generally not subject to any income tax and the income, deductions, gains, losses, and credits of the corporation “pass through” to the members. How do i file my 2011 taxes now Corporations generally file either: Form 1120, U. How do i file my 2011 taxes now S. How do i file my 2011 taxes now Corporation Income Tax Return; or Form 1120S, U. How do i file my 2011 taxes now S. How do i file my 2011 taxes now Income Tax Return for an S Corporation. How do i file my 2011 taxes now For more information on the income taxation of corporations and their shareholders, see Publication 542, Corporations. How do i file my 2011 taxes now For more information on the income taxation of S corporations and their shareholders, see the Instructions for Form 1120S, U. How do i file my 2011 taxes now S. How do i file my 2011 taxes now Income Tax Return for an S Corporation. How do i file my 2011 taxes now Subsequent Elections An LLC can elect to change its classification. How do i file my 2011 taxes now Generally, once an LLC has elected to change its classification, it cannot elect again to change it classification during the 60 months after the effective date of the election. How do i file my 2011 taxes now An election by a newly formed LLC that is effective on the date of formation is not considered a change for purposes of this limitation. How do i file my 2011 taxes now For more information and exceptions, see Regulations section 301. How do i file my 2011 taxes now 7701-3(c) and the Form 8832 instructions. How do i file my 2011 taxes now An election to change classification can have significant tax consequences based on the following transactions that are deemed to occur as a result of the election. How do i file my 2011 taxes now Partnership to corporation. How do i file my 2011 taxes now   An election to change classification from a partnership to a corporation will be treated as if the partnership contributed all of its assets and liabilities to the corporation in exchange for stock and the partnership then immediately liquidated by distributing the stock to its partners. How do i file my 2011 taxes now   For more information, see Partnership Distributions in Publication 541 and Property Exchanged for Stock in Publication 542. How do i file my 2011 taxes now Corporation to partnership. How do i file my 2011 taxes now   An election to change classification from a corporation to a partnership will be treated as if the corporation distributed all of its assets and liabilities to its shareholders in liquidation and the shareholders then immediately contributed all of the distributed assets and liabilities to a new partnership. How do i file my 2011 taxes now   For more information, see Contribution of Property in Publication 541 and Distributions to Shareholders in Publication 542. How do i file my 2011 taxes now Corporation to disregarded entity. How do i file my 2011 taxes now   An election to change classification from a corporation to a disregarded entity will be treated as if the corporation distributed all of its assets and liabilities to its single owner in liquidation. How do i file my 2011 taxes now   For more information, see Distributions to Shareholders in Publication 542. How do i file my 2011 taxes now Disregarded entity to corporation. How do i file my 2011 taxes now   An election to change classification from a disregarded entity to a corporation will be treated as if the owner of the disregarded entity contributed all of the assets and liabilities to the corporation in exchange for stock. How do i file my 2011 taxes now   For more information, see Property Exchanged for Stock in Publication 542. How do i file my 2011 taxes now How To Get More Information This section describes the help the IRS and other federal agencies offer to taxpayers who operate their own businesses. How do i file my 2011 taxes now Internal Revenue Service You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. How do i file my 2011 taxes now By selecting the method that is best for you, you will have quick and easy access to tax help. How do i file my 2011 taxes now Contacting your Taxpayer Advocate. How do i file my 2011 taxes now   The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should. How do i file my 2011 taxes now   You can contact the TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059 to see if you are eligible for assistance. How do i file my 2011 taxes now You can also call or write to your local taxpayer advocate, whose phone number and address are listed in your local telephone directory and in Publication 1546, Taxpayer Advocate Service — Your Voice at the IRS. How do i file my 2011 taxes now You can file Form 911, Request for Taxpayer Advocate Service Assistance (And Application for Taxpayer Assistance Order), or ask an IRS employee to complete it on your behalf. How do i file my 2011 taxes now For more information, go to www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/advocate. How do i file my 2011 taxes now Low Income Taxpayer Clinics (LITCs). How do i file my 2011 taxes now   LITCs are independent organizations that provide low income taxpayers with representation in federal tax controversies with the IRS for free or for a nominal charge. How do i file my 2011 taxes now The clinics also provide tax education and outreach for taxpayers with limited English proficiency or who speak English as a second language. How do i file my 2011 taxes now Publication 4134, Low Income Taxpayer Clinic List, provides information on clinics in your area. How do i file my 2011 taxes now It is available at www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov or at your local IRS office. How do i file my 2011 taxes now Small business workshops. How do i file my 2011 taxes now   Small business workshops are designed to help the small business owner understand and fulfill their federal tax responsibilities. How do i file my 2011 taxes now Workshops are sponsored and presented by IRS partners who are federal tax specialists. How do i file my 2011 taxes now Workshop topics vary from a general overview of taxes to more specific topics such as recordkeeping and retirement plans. How do i file my 2011 taxes now Although most are free, some workshops have fees associated with them. How do i file my 2011 taxes now Any fees charged for a workshop are paid to the sponsoring organization, not the IRS. How do i file my 2011 taxes now   For more information, visit www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/businesses/small. How do i file my 2011 taxes now Subscribe to e-news for small businesses. How do i file my 2011 taxes now   Join the e-News for Small Businesses mailing list to receive updates, reminders, and other information useful to small business owners and self employed individuals. How do i file my 2011 taxes now Visit the website at www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/businesses/small and click on “Subscribe to e-News. How do i file my 2011 taxes now ” Free tax services. How do i file my 2011 taxes now   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. How do i file my 2011 taxes now It contains a list of free tax publications and describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. How do i file my 2011 taxes now   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. How do i file my 2011 taxes now Internet. How do i file my 2011 taxes now You can access the IRS website at www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov 24 hours a day, 7 days a week, to: E-file your return. How do i file my 2011 taxes now Find out about commercial tax preparation and e-file services available free to eligible taxpayers. How do i file my 2011 taxes now Check the status of your refund. How do i file my 2011 taxes now Go to www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov and click on Where's My Refund. How do i file my 2011 taxes now Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. How do i file my 2011 taxes now If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). How do i file my 2011 taxes now Have your tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. How do i file my 2011 taxes now Download forms, instructions, and publications. How do i file my 2011 taxes now Order IRS products online. How do i file my 2011 taxes now Research your tax questions online. How do i file my 2011 taxes now Search publications online by topic or keyword. How do i file my 2011 taxes now View Internal Revenue Bulletins (IRBs) published in the last few years. How do i file my 2011 taxes now Figure your withholding allowances using the withholding calculator online at www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/individuals. How do i file my 2011 taxes now Determine if Form 6251 must be filed using our Alternative Minimum Tax (AMT) Assistant. How do i file my 2011 taxes now Sign up to receive local and national tax news by email. How do i file my 2011 taxes now Get information on starting and operating a small business. How do i file my 2011 taxes now Phone. How do i file my 2011 taxes now Many services are available by phone. How do i file my 2011 taxes now Ordering forms, instructions, and publications. How do i file my 2011 taxes now Call 1-800-829-3676 to order current-year forms, instructions, and publications, and prior-year forms and instructions. How do i file my 2011 taxes now You should receive your order within 10 days. How do i file my 2011 taxes now Asking tax questions. How do i file my 2011 taxes now Call the IRS with your tax questions at 1-800-829-1040. How do i file my 2011 taxes now Solving problems. How do i file my 2011 taxes now You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. How do i file my 2011 taxes now An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. How do i file my 2011 taxes now Call your local Taxpayer Assistance Center for an appointment. How do i file my 2011 taxes now To find the number, go to www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. How do i file my 2011 taxes now TTY/TDD equipment. How do i file my 2011 taxes now If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. How do i file my 2011 taxes now TeleTax topics. How do i file my 2011 taxes now Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. How do i file my 2011 taxes now Refund information. How do i file my 2011 taxes now To check the status of your 2009 refund, call 1-800-829-1954 during business hours or 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). How do i file my 2011 taxes now Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. How do i file my 2011 taxes now If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). How do i file my 2011 taxes now Have your 2009 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. How do i file my 2011 taxes now Refunds are sent out weekly on Fridays. How do i file my 2011 taxes now If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. How do i file my 2011 taxes now Evaluating the quality of our telephone services. How do i file my 2011 taxes now To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. How do i file my 2011 taxes now One method is for a second IRS representative to listen in on or record random telephone calls. How do i file my 2011 taxes now Another is to ask some callers to complete a short survey at the end of the call. How do i file my 2011 taxes now Walk-in. How do i file my 2011 taxes now Many products and services are available on a walk-in basis. How do i file my 2011 taxes now Products. How do i file my 2011 taxes now You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. How do i file my 2011 taxes now Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. How do i file my 2011 taxes now Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. How do i file my 2011 taxes now Services. How do i file my 2011 taxes now You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. How do i file my 2011 taxes now An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. How do i file my 2011 taxes now If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. How do i file my 2011 taxes now No appointment is necessary—just walk in. How do i file my 2011 taxes now If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. How do i file my 2011 taxes now A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. How do i file my 2011 taxes now If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. How do i file my 2011 taxes now All other issues will be handled without an appointment. How do i file my 2011 taxes now To find the number of your local office, go to www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. How do i file my 2011 taxes now Mail. How do i file my 2011 taxes now You can send your order for forms, instructions, and publications to the address below. How do i file my 2011 taxes now You should receive a response within 10 days after your request is received. How do i file my 2011 taxes now Internal Revenue Service1201 N. How do i file my 2011 taxes now Mitsubishi MotorwayBloomington, IL 61705–6613 DVD for tax products. How do i file my 2011 taxes now You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. How do i file my 2011 taxes now Prior-year forms, instructions, and publications. How do i file my 2011 taxes now Tax Map: an electronic research tool and finding aid. How do i file my 2011 taxes now Tax law frequently asked questions. How do i file my 2011 taxes now Tax Topics from the IRS telephone response system. How do i file my 2011 taxes now Internal Revenue Code—Title 26 of the U. How do i file my 2011 taxes now S. How do i file my 2011 taxes now Code. How do i file my 2011 taxes now Fill-in, print, and save features for most tax forms. How do i file my 2011 taxes now Internal Revenue Bulletins. How do i file my 2011 taxes now Toll-free and email technical support. How do i file my 2011 taxes now Two releases during the year. How do i file my 2011 taxes now – The first release will ship the beginning of January. How do i file my 2011 taxes now – The final release will ship the beginning of March. How do i file my 2011 taxes now Purchase the DVD from National Technical Information Service (NTIS) at www. How do i file my 2011 taxes now irs. How do i file my 2011 taxes now gov/cdorders for $30 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the DVD for $30 (plus a $6 handling fee). How do i file my 2011 taxes now Small Business Administration The Small Business Administration (SBA) offers training and educational programs, counseling services, financial programs, and contract assistance for small business owners. How do i file my 2011 taxes now The SBA also has publications and videos on a variety of business topics. How do i file my 2011 taxes now The following briefly describes assistance provided by the SBA. How do i file my 2011 taxes now Small Business Development Centers (SBDCs). How do i file my 2011 taxes now   SBDCs provide counseling, training, and technical services to current and prospective small business owners who cannot afford the services of a private consultant. How do i file my 2011 taxes now Help is available when beginning, improving, or expanding a small business. How do i file my 2011 taxes now Business Information Centers (BICs). How do i file my 2011 taxes now   BICs offer a small business reference library, management video tapes, and computer technology to help plan a business. How do i file my 2011 taxes now BICs also offer one-on-one assistance. How do i file my 2011 taxes now Individuals who are in business or are interested in starting a business can use BICs as often as they wish at no charge. How do i file my 2011 taxes now Service Corps of Retired Executives (SCORE). How do i file my 2011 taxes now   SCORE provides small business counseling and training to current and prospective small business owners. How do i file my 2011 taxes now SCORE is made up of current and former business people who offer their expertise and knowledge to help people start, manage, and expand a small business. How do i file my 2011 taxes now SCORE also offers a variety of small business workshops. How do i file my 2011 taxes now    Internet. How do i file my 2011 taxes now You can visit the SBA website at www. How do i file my 2011 taxes now sba. How do i file my 2011 taxes now gov. How do i file my 2011 taxes now While visiting the SBA website, you can find a variety of information of interest to small business owners. How do i file my 2011 taxes now    Phone. How do i file my 2011 taxes now Call the SBA Answer Desk at 1-800-UASK-SBA (1-800-827-5722) for general information about programs available to assist small business owners. How do i file my 2011 taxes now    Walk-in. How do i file my 2011 taxes now You can walk in to a Small Business Development Center or Business Information Center to request assistance with your small business. How do i file my 2011 taxes now To find the location nearest you, visit the SBA website or call the SBA Answer Desk. How do i file my 2011 taxes now Other Federal Agencies Other federal agencies also publish publications and pamphlets to assist small businesses. How do i file my 2011 taxes now Most of these are available from the Superintendent of Documents at the Government Printing Office. How do i file my 2011 taxes now You can get information and order these publications and pamphlets in several ways. How do i file my 2011 taxes now Internet. How do i file my 2011 taxes now You can visit the GPO website at www. How do i file my 2011 taxes now access. How do i file my 2011 taxes now gpo. How do i file my 2011 taxes now gov. How do i file my 2011 taxes now Mail. How do i file my 2011 taxes now Write to the GPO at the following address. How do i file my 2011 taxes now Superintendent of DocumentsU. How do i file my 2011 taxes now S. How do i file my 2011 taxes now Government Printing OfficeP. How do i file my 2011 taxes now O. How do i file my 2011 taxes now Box 979050St. How do i file my 2011 taxes now Louis, MO 63917-9000 Phone. How do i file my 2011 taxes now Call the GPO toll-free at 1-866-512-1800 or at 202-512-1800 from the Washington, DC area. How do i file my 2011 taxes now Prev  Up  Next   Home   More Online Publications