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How To File 2011 Taxes Late

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How To File 2011 Taxes Late

How to file 2011 taxes late 25. How to file 2011 taxes late   Nonbusiness Casualty and Theft Losses Table of Contents What's New Introduction Useful Items - You may want to see: CasualtyFamily pet. How to file 2011 taxes late Progressive deterioration. How to file 2011 taxes late Damage from corrosive drywall. How to file 2011 taxes late Theft Loss on Deposits Proof of Loss Figuring a LossDecrease in Fair Market Value Adjusted Basis Insurance and Other Reimbursements Single Casualty on Multiple Properties Deduction Limits$100 Rule 10% Rule When To Report Gains and LossesDisaster Area Loss How To Report Gains and Losses What's New New Section C of Form 4684 for Ponzi-type investment schemes. How to file 2011 taxes late  Section C of Form 4684 is new for 2013. How to file 2011 taxes late You must complete Section C if you are claiming a theft loss deduction due to a Ponzi-type investment scheme and are using Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58. How to file 2011 taxes late Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. How to file 2011 taxes late You do not need to complete Appendix A. How to file 2011 taxes late For details, see Losses from Ponzi-type investment schemes , in this chapter. How to file 2011 taxes late Introduction This chapter explains the tax treatment of personal (not business or investment related) casualty losses, theft losses, and losses on deposits. How to file 2011 taxes late The chapter also explains the following  topics. How to file 2011 taxes late How to figure the amount of your loss. How to file 2011 taxes late How to treat insurance and other reimbursements you receive. How to file 2011 taxes late The deduction limits. How to file 2011 taxes late When and how to report a casualty or theft. How to file 2011 taxes late Forms to file. How to file 2011 taxes late    When you have a casualty or theft, you have to file Form 4684. How to file 2011 taxes late You will also have to file one or more of the following forms. How to file 2011 taxes late Schedule A (Form 1040), Itemized Deductions Schedule D (Form 1040), Capital Gains and Losses Condemnations. How to file 2011 taxes late   For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544, Sales and Other Disposition of Assets. How to file 2011 taxes late Workbook for casualties and thefts. How to file 2011 taxes late    Publication 584 is available to help you make a list of your stolen or damaged personal-use property and figure your loss. How to file 2011 taxes late It includes schedules to help you figure the loss on your home, its contents, and your motor vehicles. How to file 2011 taxes late Business or investment-related losses. How to file 2011 taxes late   For information on a casualty or theft loss of business or income-producing property, see Publication 547, Casualties, Disasters, and Thefts. How to file 2011 taxes late Useful Items - You may want to see: Publication 544 Sales and Other Dispositions  of Assets 547 Casualties, Disasters, and   Thefts 584 Casualty, Disaster, and Theft   Loss Workbook (Personal-Use  Property) Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 4684 Casualties and Thefts Casualty A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. How to file 2011 taxes late A sudden event is one that is swift, not gradual or progressive. How to file 2011 taxes late An unexpected event is one that is ordinarily unanticipated and unintended. How to file 2011 taxes late An unusual event is one that is not a day-to-day occurrence and that is not typical of the activity in which you were engaged. How to file 2011 taxes late Deductible losses. How to file 2011 taxes late   Deductible casualty losses can result from a number of different causes, including the following. How to file 2011 taxes late Car accidents (but see Nondeductible losses , next, for exceptions). How to file 2011 taxes late Earthquakes. How to file 2011 taxes late Fires (but see Nondeductible losses , next, for exceptions). How to file 2011 taxes late Floods. How to file 2011 taxes late Government-ordered demolition or relocation of a home that is unsafe to use because of a disaster as discussed under Disaster Area Losses in Publication 547. How to file 2011 taxes late Mine cave-ins. How to file 2011 taxes late Shipwrecks. How to file 2011 taxes late Sonic booms. How to file 2011 taxes late Storms, including hurricanes and tornadoes. How to file 2011 taxes late Terrorist attacks. How to file 2011 taxes late Vandalism. How to file 2011 taxes late Volcanic eruptions. How to file 2011 taxes late Nondeductible losses. How to file 2011 taxes late   A casualty loss is not deductible if the damage or destruction is caused by the following. How to file 2011 taxes late Accidentally breaking articles such as glassware or china under normal conditions. How to file 2011 taxes late A family pet (explained below). How to file 2011 taxes late A fire if you willfully set it or pay someone else to set it. How to file 2011 taxes late A car accident if your willful negligence or willful act caused it. How to file 2011 taxes late The same is true if the willful act or willful negligence of someone acting for you caused the accident. How to file 2011 taxes late Progressive deterioration (explained later). How to file 2011 taxes late Family pet. How to file 2011 taxes late   Loss of property due to damage by a family pet is not deductible as a casualty loss unless the requirements discussed earlier under Casualty are met. How to file 2011 taxes late Example. How to file 2011 taxes late Your antique oriental rug was damaged by your new puppy before it was housebroken. How to file 2011 taxes late Because the damage was not unexpected and unusual, the loss is not deductible as a casualty loss. How to file 2011 taxes late Progressive deterioration. How to file 2011 taxes late    Loss of property due to progressive deterioration is not deductible as a casualty loss. How to file 2011 taxes late This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. How to file 2011 taxes late The following are examples of damage due to progressive deterioration. How to file 2011 taxes late The steady weakening of a building due to normal wind and weather conditions. How to file 2011 taxes late The deterioration and damage to a water heater that bursts. How to file 2011 taxes late However, the rust and water damage to rugs and drapes caused by the bursting of a water heater does qualify as a casualty. How to file 2011 taxes late Most losses of property caused by droughts. How to file 2011 taxes late To be deductible, a drought-related loss generally must be incurred in a trade or business or in a transaction entered into for profit. How to file 2011 taxes late Termite or moth damage. How to file 2011 taxes late The damage or destruction of trees, shrubs, or other plants by a fungus, disease, insects, worms, or similar pests. How to file 2011 taxes late However, a sudden destruction due to an unexpected or unusual infestation of beetles or other insects may result in a casualty loss. How to file 2011 taxes late Damage from corrosive drywall. How to file 2011 taxes late   Under a special procedure, you may be able to claim a casualty loss deduction for amounts you paid to repair damage to your home and household appliances that resulted from corrosive drywall. How to file 2011 taxes late For details, see Publication 547. How to file 2011 taxes late Theft A theft is the taking and removing of money or property with the intent to deprive the owner of it. How to file 2011 taxes late The taking of property must be illegal under the laws of the state where it occurred and it must have been done with criminal intent. How to file 2011 taxes late You do not need to show a conviction for theft. How to file 2011 taxes late Theft includes the taking of money or property by the following means. How to file 2011 taxes late Blackmail. How to file 2011 taxes late Burglary. How to file 2011 taxes late Embezzlement. How to file 2011 taxes late Extortion. How to file 2011 taxes late Kidnapping for ransom. How to file 2011 taxes late Larceny. How to file 2011 taxes late Robbery. How to file 2011 taxes late The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. How to file 2011 taxes late Decline in market value of stock. How to file 2011 taxes late   You cannot deduct as a theft loss the decline in market value of stock acquired on the open market for investment if the decline is caused by disclosure of accounting fraud or other illegal misconduct by the officers or directors of the corporation that issued the stock. How to file 2011 taxes late However, you can deduct as a capital loss the loss you sustain when you sell or exchange the stock or the stock becomes completely worthless. How to file 2011 taxes late You report a capital loss on Schedule D (Form 1040). How to file 2011 taxes late For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. How to file 2011 taxes late Mislaid or lost property. How to file 2011 taxes late   The simple disappearance of money or property is not a theft. How to file 2011 taxes late However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. How to file 2011 taxes late Sudden, unexpected, and unusual events are defined earlier. How to file 2011 taxes late Example. How to file 2011 taxes late A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. How to file 2011 taxes late The diamond falls from the ring and is never found. How to file 2011 taxes late The loss of the diamond is a casualty. How to file 2011 taxes late Losses from Ponzi-type investment schemes. How to file 2011 taxes late   If you had a loss from a Ponzi-type investment scheme, see: Revenue Ruling 2009-9, 2009-14 I. How to file 2011 taxes late R. How to file 2011 taxes late B. How to file 2011 taxes late 735 (available at www. How to file 2011 taxes late irs. How to file 2011 taxes late gov/irb/2009-14_IRB/ar07. How to file 2011 taxes late html). How to file 2011 taxes late Revenue Procedure 2009-20, 2009-14 I. How to file 2011 taxes late R. How to file 2011 taxes late B. How to file 2011 taxes late 749 (available at www. How to file 2011 taxes late irs. How to file 2011 taxes late gov/irb/2009-14_IRB/ar11. How to file 2011 taxes late html). How to file 2011 taxes late Revenue Procedure 2011-58, 2011-50 I. How to file 2011 taxes late R. How to file 2011 taxes late B. How to file 2011 taxes late 849 (available at www. How to file 2011 taxes late irs. How to file 2011 taxes late gov/irb/2011-50_IRB/ar11. How to file 2011 taxes late html). How to file 2011 taxes late If you qualify to use Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58, and you choose to follow the procedures in the guidance, first fill out Section C of Form 4684 to determine the amount to enter on Section B, line 28. How to file 2011 taxes late Skip lines 19 to 27. How to file 2011 taxes late Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. How to file 2011 taxes late You do not need to complete Appendix A. How to file 2011 taxes late For more information, see the above revenue ruling and revenue procedures, and the Instructions for Form 4684. How to file 2011 taxes late   If you choose not to use the procedures in Revenue Procedure 2009-20, you may claim your theft loss by filling out Section B, lines 19 to 39, as appropriate. How to file 2011 taxes late Loss on Deposits A loss on deposits can occur when a bank, credit union, or other financial institution becomes insolvent or bankrupt. How to file 2011 taxes late If you incurred this type of loss, you can choose one of the following ways to deduct the loss. How to file 2011 taxes late As a casualty loss. How to file 2011 taxes late As an ordinary loss. How to file 2011 taxes late As a nonbusiness bad debt. How to file 2011 taxes late Casualty loss or ordinary loss. How to file 2011 taxes late   You can choose to deduct a loss on deposits as a casualty loss or as an ordinary loss for any year in which you can reasonably estimate how much of your deposits you have lost in an insolvent or bankrupt financial institution. How to file 2011 taxes late The choice is generally made on the return you file for that year and applies to all your losses on deposits for the year in that particular financial institution. How to file 2011 taxes late If you treat the loss as a casualty or ordinary loss, you cannot treat the same amount of the loss as a nonbusiness bad debt when it actually becomes worthless. How to file 2011 taxes late However, you can take a nonbusiness bad debt deduction for any amount of loss that is more than the estimated amount you deducted as a casualty or ordinary loss. How to file 2011 taxes late Once you make this choice, you cannot change it without permission from the Internal Revenue Service. How to file 2011 taxes late   If you claim an ordinary loss, report it as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. How to file 2011 taxes late The maximum amount you can claim is $20,000 ($10,000 if you are married filing separately) reduced by any expected state insurance proceeds. How to file 2011 taxes late Your loss is subject to the 2%-of-adjusted-gross-income limit. How to file 2011 taxes late You cannot choose to claim an ordinary loss if any part of the deposit is federally insured. How to file 2011 taxes late Nonbusiness bad debt. How to file 2011 taxes late   If you do not choose to deduct the loss as a casualty loss or as an ordinary loss, you must wait until the year the actual loss is determined and deduct the loss as a nonbusiness bad debt in that year. How to file 2011 taxes late How to report. How to file 2011 taxes late   The kind of deduction you choose for your loss on deposits determines how you report your loss. How to file 2011 taxes late If you choose: Casualty loss — report it on Form 4684 first and then on Schedule A (Form 1040). How to file 2011 taxes late Ordinary loss — report it on Schedule A (Form 1040) as a miscellaneous itemized deduction. How to file 2011 taxes late Nonbusiness bad debt — report it on Form 8949 first and then on Schedule D (Form 1040). How to file 2011 taxes late More information. How to file 2011 taxes late   For more information, see Special Treatment for Losses on Deposits in Insolvent or Bankrupt Financial Institutions in the Instructions for Form 4684 or Deposit in Insolvent or Bankrupt Financial Institution in Publication 550. How to file 2011 taxes late Proof of Loss To deduct a casualty or theft loss, you must be able to prove that you had a casualty or theft. How to file 2011 taxes late You also must be able to support the amount you take as a deduction. How to file 2011 taxes late Casualty loss proof. How to file 2011 taxes late   For a casualty loss, your records should show all the following. How to file 2011 taxes late The type of casualty (car accident, fire, storm, etc. How to file 2011 taxes late ) and when it occurred. How to file 2011 taxes late That the loss was a direct result of the casualty. How to file 2011 taxes late That you were the owner of the property or, if you leased the property from someone else, that you were contractually liable to the owner for the damage. How to file 2011 taxes late Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. How to file 2011 taxes late Theft loss proof. How to file 2011 taxes late   For a theft loss, your records should show all the following. How to file 2011 taxes late When you discovered that your property was missing. How to file 2011 taxes late That your property was stolen. How to file 2011 taxes late That you were the owner of the property. How to file 2011 taxes late Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. How to file 2011 taxes late It is important that you have records that will prove your deduction. How to file 2011 taxes late If you do not have the actual records to support your deduction, you can use other satisfactory evidence to support it. How to file 2011 taxes late Figuring a Loss Figure the amount of your loss using the following steps. How to file 2011 taxes late Determine your adjusted basis in the property before the casualty or theft. How to file 2011 taxes late Determine the decrease in fair market value of the property as a result of the casualty or theft. How to file 2011 taxes late From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. How to file 2011 taxes late For personal-use property and property used in performing services as an employee, apply the deduction limits, discussed later, to determine the amount of your deductible loss. How to file 2011 taxes late Gain from reimbursement. How to file 2011 taxes late   If your reimbursement is more than your adjusted basis in the property, you have a gain. How to file 2011 taxes late This is true even if the decrease in the FMV of the property is smaller than your adjusted basis. How to file 2011 taxes late If you have a gain, you may have to pay tax on it, or you may be able to postpone reporting the gain. How to file 2011 taxes late See Publication 547 for more information on how to treat a gain from a reimbursement for a casualty or theft. How to file 2011 taxes late Leased property. How to file 2011 taxes late   If you are liable for casualty damage to property you lease, your loss is the amount you must pay to repair the property minus any insurance or other reimbursement you receive or expect to receive. How to file 2011 taxes late Decrease in Fair Market Value Fair market value (FMV) is the price for which you could sell your property to a willing buyer when neither of you has to sell or buy and both of you know all the relevant facts. How to file 2011 taxes late The decrease in FMV used to figure the amount of a casualty or theft loss is the difference between the property's fair market value immediately before and immediately after the casualty or theft. How to file 2011 taxes late FMV of stolen property. How to file 2011 taxes late   The FMV of property immediately after a theft is considered to be zero, since you no longer have the property. How to file 2011 taxes late Example. How to file 2011 taxes late Several years ago, you purchased silver dollars at face value for $150. How to file 2011 taxes late This is your adjusted basis in the property. How to file 2011 taxes late Your silver dollars were stolen this year. How to file 2011 taxes late The FMV of the coins was $1,000 just before they were stolen, and insurance did not cover them. How to file 2011 taxes late Your theft loss is $150. How to file 2011 taxes late Recovered stolen property. How to file 2011 taxes late   Recovered stolen property is your property that was stolen and later returned to you. How to file 2011 taxes late If you recovered property after you had already taken a theft loss deduction, you must refigure your loss using the smaller of the property's adjusted basis (explained later) or the decrease in FMV from the time just before it was stolen until the time it was recovered. How to file 2011 taxes late Use this amount to refigure your total loss for the year in which the loss was deducted. How to file 2011 taxes late   If your refigured loss is less than the loss you deducted, you generally have to report the difference as income in the recovery year. How to file 2011 taxes late But report the difference only up to the amount of the loss that reduced your tax. How to file 2011 taxes late For more information on the amount to report, see Recoveries in chapter 12. How to file 2011 taxes late Figuring Decrease in FMV— Items To Consider To figure the decrease in FMV because of a casualty or theft, you generally need a competent appraisal. How to file 2011 taxes late However, other measures can also be used to establish certain decreases. How to file 2011 taxes late Appraisal. How to file 2011 taxes late   An appraisal to determine the difference between the FMV of the property immediately before a casualty or theft and immediately afterward should be made by a competent appraiser. How to file 2011 taxes late The appraiser must recognize the effects of any general market decline that may occur along with the casualty. How to file 2011 taxes late This information is needed to limit any deduction to the actual loss resulting from damage to the property. How to file 2011 taxes late   Several factors are important in evaluating the accuracy of an appraisal, including the following. How to file 2011 taxes late The appraiser's familiarity with your property before and after the casualty or theft. How to file 2011 taxes late The appraiser's knowledge of sales of comparable property in the area. How to file 2011 taxes late The appraiser's knowledge of conditions in the area of the casualty. How to file 2011 taxes late The appraiser's method of appraisal. How to file 2011 taxes late    You may be able to use an appraisal that you used to get a federal loan (or a federal loan guarantee) as the result of a federally declared disaster to establish the amount of your disaster loss. How to file 2011 taxes late For more information on disasters, see Disaster Area Losses, in Pub. How to file 2011 taxes late 547. How to file 2011 taxes late Cost of cleaning up or making repairs. How to file 2011 taxes late   The cost of repairing damaged property is not part of a casualty loss. How to file 2011 taxes late Neither is the cost of cleaning up after a casualty. How to file 2011 taxes late But you can use the cost of cleaning up or making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions. How to file 2011 taxes late The repairs are actually made. How to file 2011 taxes late The repairs are necessary to bring the property back to its condition before the casualty. How to file 2011 taxes late The amount spent for repairs is not excessive. How to file 2011 taxes late The repairs take care of the damage only. How to file 2011 taxes late The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. How to file 2011 taxes late Landscaping. How to file 2011 taxes late   The cost of restoring landscaping to its original condition after a casualty may indicate the decrease in FMV. How to file 2011 taxes late You may be able to measure your loss by what you spend on the following. How to file 2011 taxes late Removing destroyed or damaged trees and shrubs minus any salvage you receive. How to file 2011 taxes late Pruning and other measures taken to preserve damaged trees and shrubs. How to file 2011 taxes late Replanting necessary to restore the property to its approximate value before the casualty. How to file 2011 taxes late Car value. How to file 2011 taxes late    Books issued by various automobile organizations that list your car may be useful in figuring the value of your car. How to file 2011 taxes late You can use the book's retail values and modify them by such factors as mileage and the condition of your car to figure its value. How to file 2011 taxes late The prices are not official, but they may be useful in determining value and suggesting relative prices for comparison with current sales and offerings in your area. How to file 2011 taxes late If your car is not listed in the books, determine its value from other sources. How to file 2011 taxes late A dealer's offer for your car as a trade-in on a new car is not usually a measure of its true value. How to file 2011 taxes late Figuring Decrease in FMV— Items Not To Consider You generally should not consider the following items when attempting to establish the decrease in FMV of your property. How to file 2011 taxes late Cost of protection. How to file 2011 taxes late   The cost of protecting your property against a casualty or theft is not part of a casualty or theft loss. How to file 2011 taxes late The amount you spend on insurance or to board up your house against a storm is not part of your loss. How to file 2011 taxes late   If you make permanent improvements to your property to protect it against a casualty or theft, add the cost of these improvements to your basis in the property. How to file 2011 taxes late An example would be the cost of a dike to prevent flooding. How to file 2011 taxes late Exception. How to file 2011 taxes late   You cannot increase your basis in the property by, or deduct as a business expense, any expenditures you made with respect to qualified disaster mitigation payments. How to file 2011 taxes late See Disaster Area Losses in Publication 547. How to file 2011 taxes late Incidental expenses. How to file 2011 taxes late   Any incidental expenses you have due to a casualty or theft, such as expenses for the treatment of personal injuries, for temporary housing, or for a rental car, are not part of your casualty or theft loss. How to file 2011 taxes late Replacement cost. How to file 2011 taxes late   The cost of replacing stolen or destroyed property is not part of a casualty or theft loss. How to file 2011 taxes late Sentimental value. How to file 2011 taxes late   Do not consider sentimental value when determining your loss. How to file 2011 taxes late If a family portrait, heirloom, or keepsake is damaged, destroyed, or stolen, you must base your loss on its FMV, as limited by your adjusted basis in the property. How to file 2011 taxes late Decline in market value of property in or near casualty area. How to file 2011 taxes late   A decrease in the value of your property because it is in or near an area that suffered a casualty, or that might again suffer a casualty, is not to be taken into consideration. How to file 2011 taxes late You have a loss only for actual casualty damage to your property. How to file 2011 taxes late However, if your home is in a federally declared disaster area, see Disaster Area Losses in Publication 547. How to file 2011 taxes late Costs of photographs and appraisals. How to file 2011 taxes late    Photographs taken after a casualty will be helpful in establishing the condition and value of the property after it was damaged. How to file 2011 taxes late Photographs showing the condition of the property after it was repaired, restored, or replaced may also be helpful. How to file 2011 taxes late    Appraisals are used to figure the decrease in FMV because of a casualty or theft. How to file 2011 taxes late See Appraisal , earlier, under Figuring Decrease in FMV — Items To Consider, for information about appraisals. How to file 2011 taxes late   The costs of photographs and appraisals used as evidence of the value and condition of property damaged as a result of a casualty are not a part of the loss. How to file 2011 taxes late You can claim these costs as a miscellaneous itemized deduction subject to the 2%-of-adjusted-gross-income limit on Schedule A (Form 1040). How to file 2011 taxes late For information about miscellaneous deductions, see chapter 28. How to file 2011 taxes late Adjusted Basis Adjusted basis is your basis in the property (usually cost) increased or decreased by various events, such as improvements and casualty losses. How to file 2011 taxes late For more information, see chapter 13. How to file 2011 taxes late Insurance and Other Reimbursements If you receive an insurance payment or other type of reimbursement, you must subtract the reimbursement when you figure your loss. How to file 2011 taxes late You do not have a casualty or theft loss to the extent you are reimbursed. How to file 2011 taxes late If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. How to file 2011 taxes late You must reduce your loss even if you do not receive payment until a later tax year. How to file 2011 taxes late See Reimbursement Received After Deducting Loss , later. How to file 2011 taxes late Failure to file a claim for reimbursement. How to file 2011 taxes late   If your property is covered by insurance, you must file a timely insurance claim for reimbursement of your loss. How to file 2011 taxes late Otherwise, you cannot deduct this loss as a casualty or theft loss. How to file 2011 taxes late However, this rule does not apply to the portion of the loss not covered by insurance (for example, a deductible). How to file 2011 taxes late Example. How to file 2011 taxes late You have a car insurance policy with a $1,000 deductible. How to file 2011 taxes late Because your insurance did not cover the first $1,000 of an auto collision, the $1,000 would be deductible (subject to the deduction limits discussed later). How to file 2011 taxes late This is true even if you do not file an insurance claim, because your insurance policy would never have reimbursed you for the deductible. How to file 2011 taxes late Types of Reimbursements The most common type of reimbursement is an insurance payment for your stolen or damaged property. How to file 2011 taxes late Other types of reimbursements are discussed next. How to file 2011 taxes late Also see the Instructions for Form 4684. How to file 2011 taxes late Employer's emergency disaster fund. How to file 2011 taxes late   If you receive money from your employer's emergency disaster fund and you must use that money to rehabilitate or replace property on which you are claiming a casualty loss deduction, you must take that money into consideration in computing the casualty loss deduction. How to file 2011 taxes late Take into consideration only the amount you used to replace your destroyed or damaged property. How to file 2011 taxes late Example. How to file 2011 taxes late Your home was extensively damaged by a tornado. How to file 2011 taxes late Your loss after reimbursement from your insurance company was $10,000. How to file 2011 taxes late Your employer set up a disaster relief fund for its employees. How to file 2011 taxes late Employees receiving money from the fund had to use it to rehabilitate or replace their damaged or destroyed property. How to file 2011 taxes late You received $4,000 from the fund and spent the entire amount on repairs to your home. How to file 2011 taxes late In figuring your casualty loss, you must reduce your unreimbursed loss ($10,000) by the $4,000 you received from your employer's fund. How to file 2011 taxes late Your casualty loss before applying the deduction limits discussed later is $6,000. How to file 2011 taxes late Cash gifts. How to file 2011 taxes late   If you receive excludable cash gifts as a disaster victim and there are no limits on how you can use the money, you do not reduce your casualty loss by these excludable cash gifts. How to file 2011 taxes late This applies even if you use the money to pay for repairs to property damaged in the disaster. How to file 2011 taxes late Example. How to file 2011 taxes late Your home was damaged by a hurricane. How to file 2011 taxes late Relatives and neighbors made cash gifts to you that were excludable from your income. How to file 2011 taxes late You used part of the cash gifts to pay for repairs to your home. How to file 2011 taxes late There were no limits or restrictions on how you could use the cash gifts. How to file 2011 taxes late Because it was an excludable gift, the money you received and used to pay for repairs to your home does not reduce your casualty loss on the damaged home. How to file 2011 taxes late Insurance payments for living expenses. How to file 2011 taxes late   You do not reduce your casualty loss by insurance payments you receive to cover living expenses in either of the following situations. How to file 2011 taxes late You lose the use of your main home because of a casualty. How to file 2011 taxes late Government authorities do not allow you access to your main home because of a casualty or threat of one. How to file 2011 taxes late Inclusion in income. How to file 2011 taxes late   If these insurance payments are more than the temporary increase in your living expenses, you must include the excess in your income. How to file 2011 taxes late Report this amount on Form 1040, line 21. How to file 2011 taxes late However, if the casualty occurs in a federally declared disaster area, none of the insurance payments are taxable. How to file 2011 taxes late See Qualified disaster relief payments, under Disaster Area Losses in Publication 547. How to file 2011 taxes late   A temporary increase in your living expenses is the difference between the actual living expenses you and your family incurred during the period you could not use your home and your normal living expenses for that period. How to file 2011 taxes late Actual living expenses are the reasonable and necessary expenses incurred because of the loss of your main home. How to file 2011 taxes late Generally, these expenses include the amounts you pay for the following. How to file 2011 taxes late Rent for suitable housing. How to file 2011 taxes late Transportation. How to file 2011 taxes late Food. How to file 2011 taxes late Utilities. How to file 2011 taxes late Miscellaneous services. How to file 2011 taxes late Normal living expenses consist of these same expenses that you would have incurred but did not because of the casualty or the threat of one. How to file 2011 taxes late Example. How to file 2011 taxes late As a result of a fire, you vacated your apartment for a month and moved to a motel. How to file 2011 taxes late You normally pay $525 a month for rent. How to file 2011 taxes late None was charged for the month the apartment was vacated. How to file 2011 taxes late Your motel rent for this month was $1,200. How to file 2011 taxes late You normally pay $200 a month for food. How to file 2011 taxes late Your food expenses for the month you lived in the motel were $400. How to file 2011 taxes late You received $1,100 from your insurance company to cover your living expenses. How to file 2011 taxes late You determine the payment you must include in income as follows. How to file 2011 taxes late 1) Insurance payment for living expenses $1,100 2) Actual expenses during the month you are unable to use your home because of fire 1,600   3) Normal living expenses 725   4) Temporary increase in living  expenses: Subtract line 3 from line 2 875 5) Amount of payment includible  in income: Subtract line 4  from line 1 $ 225 Tax year of inclusion. How to file 2011 taxes late   You include the taxable part of the insurance payment in income for the year you regain the use of your main home or, if later, for the year you receive the taxable part of the insurance payment. How to file 2011 taxes late Example. How to file 2011 taxes late Your main home was destroyed by a tornado in August 2011. How to file 2011 taxes late You regained use of your home in November 2012. How to file 2011 taxes late The insurance payments you received in 2011 and 2012 were $1,500 more than the temporary increase in your living expenses during those years. How to file 2011 taxes late You include this amount in income on your 2012 Form 1040. How to file 2011 taxes late If, in 2013, you receive further payments to cover the living expenses you had in 2011 and 2012, you must include those payments in income on your 2013 Form 1040. How to file 2011 taxes late Disaster relief. How to file 2011 taxes late   Food, medical supplies, and other forms of assistance you receive do not reduce your casualty loss unless they are replacements for lost or destroyed property. How to file 2011 taxes late Qualified disaster relief payments you receive for expenses you incurred as a result of a federally declared disaster are not taxable income to you. How to file 2011 taxes late For more information, see Disaster Area Losses in Publication 547. How to file 2011 taxes late Disaster unemployment assistance payments are unemployment benefits that are taxable. How to file 2011 taxes late Generally, disaster relief grants and qualified disaster mitigation payments made under the Robert T. How to file 2011 taxes late Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on April 15, 2005) are not includible in your income. How to file 2011 taxes late See Disaster Area Losses in Publication 547. How to file 2011 taxes late Reimbursement Received After Deducting Loss If you figured your casualty or theft loss using your expected reimbursement, you may have to adjust your tax return for the tax year in which you receive your actual reimbursement. How to file 2011 taxes late This section explains the adjustment you may have to make. How to file 2011 taxes late Actual reimbursement less than expected. How to file 2011 taxes late   If you later receive less reimbursement than you expected, include that difference as a loss with your other losses (if any) on your return for the year in which you can reasonably expect no more reimbursement. How to file 2011 taxes late Example. How to file 2011 taxes late Your personal car had an FMV of $2,000 when it was destroyed in a collision with another car in 2012. How to file 2011 taxes late The accident was due to the negligence of the other driver. How to file 2011 taxes late At the end of 2012, there was a reasonable prospect that the owner of the other car would reimburse you in full. How to file 2011 taxes late You did not have a deductible loss in 2012. How to file 2011 taxes late In January 2013, the court awarded you a judgment of $2,000. How to file 2011 taxes late However, in July it became apparent that you will be unable to collect any amount from the other driver. How to file 2011 taxes late You can deduct the loss in 2013 subject to the limits discussed later. How to file 2011 taxes late Actual reimbursement more than expected. How to file 2011 taxes late   If you later receive more reimbursement than you expected after you claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. How to file 2011 taxes late However, if any part of the original deduction did not reduce your tax for the earlier year, do not include that part of the reimbursement in your income. How to file 2011 taxes late You do not refigure your tax for the year you claimed the deduction. How to file 2011 taxes late For more information, see Recoveries in chapter 12. How to file 2011 taxes late If the total of all the reimbursements you receive is more than your adjusted basis in the destroyed or stolen property, you will have a gain on the casualty or theft. How to file 2011 taxes late If you have already taken a deduction for a loss and you receive the reimbursement in a later year, you may have to include the gain in your income for the later year. How to file 2011 taxes late Include the gain as ordinary income up to the amount of your deduction that reduced your tax for the earlier year. How to file 2011 taxes late See Figuring a Gain in Publication 547 for more information on how to treat a gain from the reimbursement of a casualty or theft. How to file 2011 taxes late Actual reimbursement same as expected. How to file 2011 taxes late   If you receive exactly the reimbursement you expected to receive, you do not have to include any of the reimbursement in your income and you cannot deduct any additional loss. How to file 2011 taxes late Example. How to file 2011 taxes late In December 2013, you had a collision while driving your personal car. How to file 2011 taxes late Repairs to the car cost $950. How to file 2011 taxes late You had $100 deductible collision insurance. How to file 2011 taxes late Your insurance company agreed to reimburse you for the rest of the damage. How to file 2011 taxes late Because you expected a reimbursement from the insurance company, you did not have a casualty loss deduction in 2013. How to file 2011 taxes late Due to the $100 rule (discussed later under Deduction Limits ), you cannot deduct the $100 you paid as the deductible. How to file 2011 taxes late When you receive the $850 from the insurance company in 2014, do not report it as income. How to file 2011 taxes late Single Casualty on Multiple Properties Personal property. How to file 2011 taxes late   Personal property is any property that is not real property. How to file 2011 taxes late If your personal property is stolen or is damaged or destroyed by a casualty, you must figure your loss separately for each item of property. How to file 2011 taxes late Then combine these separate losses to figure the total loss from that casualty or theft. How to file 2011 taxes late Example. How to file 2011 taxes late A fire in your home destroyed an upholstered chair, an oriental rug, and an antique table. How to file 2011 taxes late You did not have fire insurance to cover your loss. How to file 2011 taxes late (This was the only casualty or theft you had during the year. How to file 2011 taxes late ) You paid $750 for the chair and you established that it had an FMV of $500 just before the fire. How to file 2011 taxes late The rug cost $3,000 and had an FMV of $2,500 just before the fire. How to file 2011 taxes late You bought the table at an auction for $100 before discovering it was an antique. How to file 2011 taxes late It had been appraised at $900 before the fire. How to file 2011 taxes late You figure your loss on each of these items as follows:     Chair Rug Table 1) Basis (cost) $750 $3,000 $100 2) FMV before fire $500 $2,500 $900 3) FMV after fire –0– –0– –0– 4) Decrease in FMV $500 $2,500 $900 5) Loss (smaller of (1) or  (4)) $500 $2,500 $100           6) Total loss     $3,100 Real property. How to file 2011 taxes late   In figuring a casualty loss on personal-use real property, treat the entire property (including any improvements, such as buildings, trees, and shrubs) as one item. How to file 2011 taxes late Figure the loss using the smaller of the adjusted basis or the decrease in FMV of the entire property. How to file 2011 taxes late Example. How to file 2011 taxes late You bought your home a few years ago. How to file 2011 taxes late You paid $160,000 ($20,000 for the land and $140,000 for the house). How to file 2011 taxes late You also spent $2,000 for landscaping. How to file 2011 taxes late This year a fire destroyed your home. How to file 2011 taxes late The fire also damaged the shrubbery and trees in your yard. How to file 2011 taxes late The fire was your only casualty or theft loss this year. How to file 2011 taxes late Competent appraisers valued the property as a whole at $200,000 before the fire, but only $30,000 after the fire. How to file 2011 taxes late (The loss to your household furnishings is not shown in this example. How to file 2011 taxes late It would be figured separately on each item, as explained earlier under Personal property . How to file 2011 taxes late ) Shortly after the fire, the insurance company paid you $155,000 for the loss. How to file 2011 taxes late You figure your casualty loss as follows: 1) Adjusted basis of the entire property (land, building, and landscaping) $162,000 2) FMV of entire property before fire $200,000 3) FMV of entire property after fire 30,000 4) Decrease in FMV of entire  property $170,000 5) Loss (smaller of (1) or (4)) $162,000 6) Subtract insurance 155,000 7) Amount of loss after reimbursement $7,000 Deduction Limits After you have figured your casualty or theft loss, you must figure how much of the loss you can deduct. How to file 2011 taxes late If the loss was to property for your personal use or your family's use, there are two limits on the amount you can deduct for your casualty or theft loss. How to file 2011 taxes late You must reduce each casualty or theft loss by $100 ($100 rule). How to file 2011 taxes late You must further reduce the total of all your casualty or theft losses by 10% of your adjusted gross income (10% rule). How to file 2011 taxes late You make these reductions on Form 4684. How to file 2011 taxes late These rules are explained next and Table 25-1 summarizes how to apply the $100 rule and the 10% rule in various situations. How to file 2011 taxes late For more detailed explanations and examples, see Publication 547. How to file 2011 taxes late Table 25-1. How to file 2011 taxes late How To Apply the Deduction Limits for Personal-Use Property   $100 Rule 10% Rule General Application You must reduce each casualty or theft loss by $100 when figuring your deduction. How to file 2011 taxes late Apply this rule after you have figured the amount of your loss. How to file 2011 taxes late You must reduce your total casualty or theft loss by 10% of your adjusted gross income. How to file 2011 taxes late Apply this rule after you reduce each loss by $100 (the $100 rule). How to file 2011 taxes late Single Event Apply this rule only once, even if many pieces of property are affected. How to file 2011 taxes late Apply this rule only once, even if many pieces of property are affected. How to file 2011 taxes late More Than One Event Apply to the loss from each event. How to file 2011 taxes late Apply to the total of all your losses from all events. How to file 2011 taxes late More Than One Person— With Loss From the Same Event (other than a married couple filing jointly) Apply separately to each person. How to file 2011 taxes late Apply separately to each person. How to file 2011 taxes late Married Couple—With Loss From the Same Event Filing Jointly Apply as if you were one person. How to file 2011 taxes late Apply as if you were one person. How to file 2011 taxes late Filing Separately Apply separately to each spouse. How to file 2011 taxes late Apply separately to each spouse. How to file 2011 taxes late More Than One Owner (other than a married couple filing jointly) Apply separately to each owner of jointly owned property. How to file 2011 taxes late Apply separately to each owner of jointly owned property. How to file 2011 taxes late Property used partly for business and partly for personal purposes. How to file 2011 taxes late   When property is used partly for personal purposes and partly for business or income-producing purposes, the casualty or theft loss deduction must be figured separately for the personal-use part and for the business or income-producing part. How to file 2011 taxes late You must figure each loss separately because the $100 rule and the 10% rule apply only to the loss on the personal-use part of the property. How to file 2011 taxes late $100 Rule After you have figured your casualty or theft loss on personal-use property, you must reduce that loss by $100. How to file 2011 taxes late This reduction applies to each total casualty or theft loss. How to file 2011 taxes late It does not matter how many pieces of property are involved in an event. How to file 2011 taxes late Only a single $100 reduction applies. How to file 2011 taxes late Example. How to file 2011 taxes late A hailstorm damages your home and your car. How to file 2011 taxes late Determine the amount of loss, as discussed earlier, for each of these items. How to file 2011 taxes late Since the losses are due to a single event, you combine the losses and reduce the combined amount by $100. How to file 2011 taxes late Single event. How to file 2011 taxes late   Generally, events closely related in origin cause a single casualty. How to file 2011 taxes late It is a single casualty when the damage is from two or more closely related causes, such as wind and flood damage caused by the same storm. How to file 2011 taxes late 10% Rule You must reduce the total of all your casualty or theft losses on personal-use property by 10% of your adjusted gross income. How to file 2011 taxes late Apply this rule after you reduce each loss by $100. How to file 2011 taxes late For more information, see the Form 4684 instructions. How to file 2011 taxes late If you have both gains and losses from casualties or thefts, see Gains and losses , later in this discussion. How to file 2011 taxes late Example 1. How to file 2011 taxes late In June, you discovered that your house had been burglarized. How to file 2011 taxes late Your loss after insurance reimbursement was $2,000. How to file 2011 taxes late Your adjusted gross income for the year you discovered the theft is $29,500. How to file 2011 taxes late You first apply the $100 rule and then the 10% rule. How to file 2011 taxes late Figure your theft loss deduction as follows. How to file 2011 taxes late 1) Loss after insurance $2,000 2) Subtract $100 100 3) Loss after $100 rule $1,900 4) Subtract 10% × $29,500 AGI 2,950 5) Theft loss deduction –0– You do not have a theft loss deduction because your loss after you apply the $100 rule ($1,900) is less than 10% of your adjusted gross income ($2,950). How to file 2011 taxes late Example 2. How to file 2011 taxes late In March, you had a car accident that totally destroyed your car. How to file 2011 taxes late You did not have collision insurance on your car, so you did not receive any insurance reimbursement. How to file 2011 taxes late Your loss on the car was $1,800. How to file 2011 taxes late In November, a fire damaged your basement and totally destroyed the furniture, washer, dryer, and other items stored there. How to file 2011 taxes late Your loss on the basement items after reimbursement was $2,100. How to file 2011 taxes late Your adjusted gross income for the year that the accident and fire occurred is $25,000. How to file 2011 taxes late You figure your casualty loss deduction as follows. How to file 2011 taxes late       Base-     Car ment 1) Loss $1,800 $2,100 2) Subtract $100 per incident 100 100 3) Loss after $100 rule $1,700 $2,000 4) Total loss $3,700 5) Subtract 10% × $25,000 AGI 2,500 6) Casualty loss deduction $1,200 Gains and losses. How to file 2011 taxes late   If you had both gains and losses from casualties or thefts to personal-use property, you must compare your total gains to your total losses. How to file 2011 taxes late Do this after you have reduced each loss by any reimbursements and by $100, but before you have reduced the losses by 10% of your adjusted gross income. How to file 2011 taxes late Casualty or theft gains do not include gains you choose to postpone. How to file 2011 taxes late See Publication 547 for information on the postponement of gain. How to file 2011 taxes late Losses more than gains. How to file 2011 taxes late   If your losses are more than your recognized gains, subtract your gains from your losses and reduce the result by 10% of your adjusted gross income. How to file 2011 taxes late The rest, if any, is your deductible loss from personal-use property. How to file 2011 taxes late Gains more than losses. How to file 2011 taxes late   If your recognized gains are more than your losses, subtract your losses from your gains. How to file 2011 taxes late The difference is treated as capital gain and must be reported on Schedule D (Form 1040). How to file 2011 taxes late The 10% rule does not apply to your gains. How to file 2011 taxes late When To Report Gains and Losses Gains. How to file 2011 taxes late   If you receive an insurance or other reimbursement that is more than your adjusted basis in the destroyed or stolen property, you have a gain from the casualty or theft. How to file 2011 taxes late You must include this gain in your income in the year you receive the reimbursement, unless you choose to postpone reporting the gain as explained in Publication 547. How to file 2011 taxes late If you have a loss, see Table 25-2 . How to file 2011 taxes late Table 25-2. How to file 2011 taxes late When To Deduct a Loss IF you have a loss. How to file 2011 taxes late . How to file 2011 taxes late . How to file 2011 taxes late THEN deduct it in the year. How to file 2011 taxes late . How to file 2011 taxes late . How to file 2011 taxes late from a casualty, the loss occurred. How to file 2011 taxes late in a federally declared disaster area, the disaster occurred or the year immediately before the disaster. How to file 2011 taxes late from a theft, the theft was discovered. How to file 2011 taxes late on a deposit treated as a:   • casualty or any ordinary loss, a reasonable estimate can be made. How to file 2011 taxes late • bad debt, deposits are totally worthless. How to file 2011 taxes late Losses. How to file 2011 taxes late   Generally, you can deduct a casualty loss that is not reimbursable only in the tax year in which the casualty occurred. How to file 2011 taxes late This is true even if you do not repair or replace the damaged property until a later year. How to file 2011 taxes late   You can deduct theft losses that are not reimbursable only in the year you discover your property was stolen. How to file 2011 taxes late   If you are not sure whether part of your casualty or theft loss will be reimbursed, do not deduct that part until the tax year when you become reasonably certain that it will not be reimbursed. How to file 2011 taxes late Loss on deposits. How to file 2011 taxes late   If your loss is a loss on deposits in an insolvent or bankrupt financial institution, see Loss on Deposits , earlier. How to file 2011 taxes late Disaster Area Loss You generally must deduct a casualty loss in the year it occurred. How to file 2011 taxes late However, if you have a casualty loss from a federally declared disaster that occurred in an area warranting public or individual assistance (or both), you can choose to deduct the loss on your tax return or amended return for either of the following years. How to file 2011 taxes late The year the disaster occurred. How to file 2011 taxes late The year immediately preceding the year the disaster occurred. How to file 2011 taxes late Gains. How to file 2011 taxes late    Special rules apply if you choose to postpone reporting gain on property damaged or destroyed in a federally declared disaster area. How to file 2011 taxes late For those special rules, see Publication 547. How to file 2011 taxes late Postponed tax deadlines. How to file 2011 taxes late   The IRS may postpone for up to 1 year certain tax deadlines of taxpayers who are affected by a federally declared disaster. How to file 2011 taxes late The tax deadlines the IRS may postpone include those for filing income and employment tax returns, paying income and employment taxes, and making contributions to a traditional IRA or Roth IRA. How to file 2011 taxes late   If any tax deadline is postponed, the IRS will publicize the postponement in your area by publishing a news release, revenue ruling, revenue procedure, notice, announcement, or other guidance in the Internal Revenue Bulletin (IRB). How to file 2011 taxes late Go to www. How to file 2011 taxes late irs. How to file 2011 taxes late gov/uac/Tax-Relief-in-Disaster-Situations to find out if a tax deadline has been postponed for your area. How to file 2011 taxes late Who is eligible. How to file 2011 taxes late   If the IRS postpones a tax deadline, the following taxpayers are eligible for the postponement. How to file 2011 taxes late Any individual whose main home is located in a covered disaster area (defined next). How to file 2011 taxes late Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. How to file 2011 taxes late Any individual who is a relief worker affiliated with a recognized government or philanthropic organization who is assisting in a covered disaster area. How to file 2011 taxes late Any individual, business entity, or sole proprietorship whose records are needed to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. How to file 2011 taxes late The main home or principal place of business does not have to be located in the covered disaster area. How to file 2011 taxes late Any estate or trust that has tax records necessary to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. How to file 2011 taxes late The spouse on a joint return with a taxpayer who is eligible for postponements. How to file 2011 taxes late Any individual, business entity, or sole proprietorship not located in a covered disaster area, but whose records necessary to meet a postponed tax deadline are located in the covered disaster area. How to file 2011 taxes late Any individual visiting the covered disaster area who was killed or injured as a result of the disaster. How to file 2011 taxes late Any other person determined by the IRS to be affected by a federally declared disaster. How to file 2011 taxes late Covered disaster area. How to file 2011 taxes late   This is an area of a federally declared disaster in which the IRS has decided to postpone tax deadlines for up to 1 year. How to file 2011 taxes late Abatement of interest and penalties. How to file 2011 taxes late   The IRS may abate the interest and penalties on underpaid income tax for the length of any postponement of tax deadlines. How to file 2011 taxes late More information. How to file 2011 taxes late   For more information, see Disaster Area Losses in Publication 547. How to file 2011 taxes late How To Report Gains and Losses Use Form 4684 to report a gain or a deductible loss from a casualty or theft. How to file 2011 taxes late If you have more than one casualty or theft, use a separate Form 4684 to determine your gain or loss for each event. How to file 2011 taxes late Combine the gains and losses on one Form 4684. How to file 2011 taxes late Follow the form instructions as to which lines to fill out. How to file 2011 taxes late In addition, you must use the appropriate schedule to report a gain or loss. How to file 2011 taxes late The schedule you use depends on whether you have a gain or loss. How to file 2011 taxes late If you have a: Report it on: Gain Schedule D (Form 1040) Loss Schedule A (Form 1040) Adjustments to basis. How to file 2011 taxes late   If you have a casualty or theft loss, you must decrease your basis in the property by any insurance or other reimbursement you receive, and by any deductible loss. How to file 2011 taxes late Amounts you spend to restore your property after a casualty increase your adjusted basis. How to file 2011 taxes late See Adjusted Basis in chapter 13 for more information. How to file 2011 taxes late Net operating loss (NOL). How to file 2011 taxes late    If your casualty or theft loss deduction causes your deductions for the year to be more than your income for the year, you may have an NOL. How to file 2011 taxes late You can use an NOL to lower your tax in an earlier year, allowing you to get a refund for tax you have already paid. How to file 2011 taxes late Or, you can use it to lower your tax in a later year. How to file 2011 taxes late You do not have to be in business to have an NOL from a casualty or theft loss. How to file 2011 taxes late For more information, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. How to file 2011 taxes late Prev  Up  Next   Home   More Online Publications
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Prevent and Report Identity Theft

Learn how to prevent and report identity theft.


Tips for Preventing Identity Theft

Identity thieves steal your personal information to commit fraud. They can damage your credit status and cost you time and money restoring your good name. To reduce your risk of becoming a victim, follow the tips below:

  • Don't carry your Social Security card in your wallet or write it on your checks. Only give out your SSN when absolutely necessary.
  • Protect your PIN. Never write a PIN on a credit/debit card or on a slip of paper kept in your wallet.
  • Watch out for "shoulder surfers". Use your free hand to shield the keypad when using pay phones and ATMs.
  • Collect mail promptly. Ask the post office to put your mail on hold when you are away from home for more than a day or two.
  • Pay attention to your billing cycles. If bills or financial statements are late, contact the sender.
  • Keep your receipts. Ask for carbons and incorrect charge slips as well. Promptly compare receipts with account statements. Watch for unauthorized transactions.
  • Tear up or shred unwanted receipts, credit offers, account statements, expired cards, etc., to prevent dumpster divers getting your personal information.
  • Store personal information in a safe place at home and at work. Don't leave it lying around.
  • Don't respond to unsolicited requests for personal information in the mail, over the phone or online.
  • Install firewalls and virus-detection software on your home computer.
  • Check your credit report once a year. Check it more frequently if you suspect someone has gotten access to your account information.

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How to Report Identity Theft

Your wallet contains some of your most important personal items, from hard-earned money to credit cards and driver’s license. For an identity thief, your wallet offers a treasure trove of personal information. If you suspect or become a victim of identity theft, follow these steps:

  • Report it to your financial institution. Call the phone number on your account statement or on the back of your credit or debit card.
  • Report the fraud to your local police immediately. Keep a copy of the police report, which will make it easier to prove your case to creditors and retailers.
  • Contact the credit-reporting bureaus and ask them to flag your account with a fraud alert, which asks merchants not to grant new credit without your approval.

If your identity has been stolen, you can use an ID Theft affidavit to report the theft to most of the parties involved. All three credit bureaus and many major creditors have agreed to accept the affidavit. You can download the ID theft affidavit or request a copy by calling toll-free 1-877-ID-THEFT (438-4338). You can also file a complaint with the Federal Trade Commission.

Use this helpful infographic (PDF) to help you remember the steps to take if your wallet or identity have been stolen.

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The How To File 2011 Taxes Late

How to file 2011 taxes late 2. How to file 2011 taxes late   Filing Requirements and Required Disclosures Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Annual Information ReturnsSupporting Organization Annual Information Return Unrelated Business Income Tax ReturnEstimated tax. How to file 2011 taxes late Employment Tax ReturnsException. How to file 2011 taxes late FUTA tax exception. How to file 2011 taxes late FICA tax exemption election. How to file 2011 taxes late Revoking the election. How to file 2011 taxes late Definitions. How to file 2011 taxes late Effect on employees. How to file 2011 taxes late Political Organization Income Tax ReturnExempt function. How to file 2011 taxes late Political organization taxable income. How to file 2011 taxes late Separate fund. How to file 2011 taxes late Failure to file. How to file 2011 taxes late Failure to pay on time. How to file 2011 taxes late Reporting Requirements for a Political OrganizationForm 8871 Form 8872 Donee Information ReturnCharitable deduction property. How to file 2011 taxes late Publicly traded securities. How to file 2011 taxes late Exceptions. How to file 2011 taxes late Form 8283. How to file 2011 taxes late Information Provided to DonorsDisclosure of Quid Pro Quo Contributions Acknowledgment of Charitable Contributions of $250 or More Acknowledgment of Vehicle Contribution Qualified Intellectual Property Report of Cash Received Public Inspection of Exemption Applications, Annual Returns, and Political Organization Reporting FormsAnnual Information Return Public Inspection of Exemption Application Political Organization Reporting Forms Required DisclosuresSolicitation of Nondeductible Contributions Sales of Information or Services Available Free From Government Dues Used for Lobbying or Political Activities Prohibited Tax Shelter Transactions Miscellaneous RulesOrganizational Changes and Exempt Status Introduction Most exempt organizations (including private foundations) must file various returns and reports at some time during (or following the close of) their accounting period. How to file 2011 taxes late Topics - This chapter discusses: Annual information returns Unrelated business income tax return Employment tax returns Political organization income tax return Reporting requirements for a political organization Donee information return Information provided to donors Report of cash received Public inspection of exemption applications, annual returns, and political organizations reporting forms Required disclosures Miscellaneous rules Useful Items - You may want to see: Publication 15 Circular E, Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 598 Tax on Unrelated Business Income of Exempt Organizations Form (and Instructions) 941 Employer's Quarterly Federal Tax Return 990 Return of Organization Exempt From Income Tax 990-EZ Short Form Return of Organization Exempt From Income Tax Schedule A (Form 990 or 990-EZ) Public Charity Status and Public Support Schedule B (Form 990, 990-EZ, or 990-PF) Schedule of Contributors Schedule C (Form 990 or 990-EZ) Political Campaign and Lobbying Activities Schedule D (Form 990) Supplemental Financial Statements Schedule E (Form 990 or 990-EZ) Schools Schedule F (Form 990) Statement of Activities Outside the United States Schedule G (Form 990 or 990-EZ) Supplemental Information Regarding Fundraising or Gaming Activities Schedule H (Form 990) Hospitals Schedule I (Form 990) Grants and Other Assistance to Organizations, Governments, and Individuals in the United States Schedule J (Form 990) Compensation Information Schedule K (Form 990) Supplemental Information on Tax-Exempt Bonds Schedule L (Form 990 or 990-EZ) Transactions With Interested Persons Schedule M (Form 990) Noncash Contributions Schedule N (Form 990 or 990-EZ) Liquidation, Termination, Dissolution, or Significant Disposition of Assets Schedule O (Form 990 or 990-EZ) Supplemental Information to Form 990 Schedule R (Form 990) Related Organizations and Unrelated Partnerships 990-PF Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation 990-BL Information and Initial Excise Tax Return for Black Lung Benefit Trusts and Certain Related Persons 990-T Exempt Organization Business Income Tax Return 990-W Estimated Tax on Unrelated Business Taxable Income for Tax-Exempt Organizations 1120-POL U. How to file 2011 taxes late S. How to file 2011 taxes late Income Tax Return for Certain Political Organizations 4720 Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code 5768 Election/Revocation of Election by an Eligible Section 501(c)(3) Organization To Make Expenditures To Influence Legislation 6069 Return of Excise Tax on Excess Contributions to Black Lung Benefit Trust Under Section 4953 and Computation of Section 192 Deduction 7004 Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns 8274 Certification by Churches and Qualified Church-Controlled Organizations Electing Exemption from Employer Social Security and Medicare Taxes 8282 Donee Information Return 8300 Report of Cash Payments Over $10,000 Received in a Trade or Business 8453-X Political Organization Declaration for Electronic Filing of Notice of Section 527 Status 8822-B Change of Address-Business 8868 Application for Extension of Time to File an Exempt Organization Return 8870 Information Return for Transfers Associated with Certain Personal Benefits Contracts 8871 Political Organization Notice of Section 527 Status 8872 Political Organization Report of Contributions and Expenditures 8886-T Disclosure by Tax-Exempt Entity Regarding Prohibited Tax Shelter Transaction 8899 Notice of Income from Donated Intellectual Property 8940 Request for Miscellaneous Determination See chapter 6 for information about getting these publications and forms. How to file 2011 taxes late Annual Information Returns Every organization exempt from federal income tax under section 501(a) must file an Annual Exempt Organization Return except: A church, an interchurch organization of local units of a church, a convention or association of churches, An integrated auxiliary of a church, A church-affiliated organization that is exclusively engaged in managing funds or maintaining retirement programs, A school below college level affiliated with a church or operated by a religious order, Church-affiliated mission societies if more than half of their activities are conducted in, or are directed at persons in, foreign countries, An exclusively religious activity of any religious order, A state institution, the income of which is excluded from gross income under section 115, A corporation described in section 501(c)(1) that is organized under an Act of Congress, an instrumentality of the United States, and is exempt from Federal income taxes, A stock bonus, pension, or profit-sharing trust that qualifies under section 401 (required to file Form 5500, Annual Return/Report of Employee Benefit Plan), A religious or apostolic organization described in section 501(d) (required to file Form 1065, U. How to file 2011 taxes late S. How to file 2011 taxes late Return of Partnership Income), A governmental unit or an affiliate of a governmental unit that meets the requirements of Revenue Procedure 95-48, 1995-2 C. How to file 2011 taxes late B. How to file 2011 taxes late 418, www. How to file 2011 taxes late irs. How to file 2011 taxes late gov/pub/irs-tege/rp1995-48. How to file 2011 taxes late pdf, A private foundation described in section 501(c)(3) and exempt under section 501(a) (required to file Form 990-PF, Return of Private Foundation), A political organization that is a state or local committee of a political party, a political committee of a state or local candidate, a caucus or association of state or local officials, or required to report under the Federal Election Campaign Act of 1971 as a political committee, An exempt organization (other than a private foundation) that normally has annual gross receipts of $50,000 or less, or A foreign organization, or an organization located in a U. How to file 2011 taxes late S. How to file 2011 taxes late possession, that normally has annual gross receipts from sources within the United States of $50,000 or less. How to file 2011 taxes late Supporting Organization Annual Information Return For tax years ending after August 17, 2006, all section 509(a)(3) supporting organizations are required to file Form 990 or 990-EZ with the IRS regardless of the organization's gross receipts, unless it qualifies as one of the following: An integrated auxiliary of a church; The exclusively religious activities of a religious order; or An organization, the gross receipts of which are normally not more than $5,000, that supports a section 509(a)(3) religious order. How to file 2011 taxes late If the organization is described in item (3) above, then it must submit Form 990-N (e-Postcard) unless it voluntarily files Form 990 or 990-EZ. How to file 2011 taxes late On its annual information return, at Part I, Schedule A (Form 990 or 990-EZ) a supporting organization must: List the section 509(a)(3) organizations to which it provides support, Indicate whether it is a Type I, Type II, or Type III supporting organization, and Certify that the organization is not controlled directly or indirectly by disqualified persons (other than by foundation managers and other than one or more publicly supported organizations). How to file 2011 taxes late Annual Electronic Filing Requirement for Small Tax-Exempt Organizations Small tax-exempt organizations with annual gross receipts normally $50,000 or less must submit Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ, with the IRS each year, if they choose not to file a Form 990 or 990-EZ. How to file 2011 taxes late Form 990-N requires the following information: The organization's legal name, and mailing address; Any name under which it operates and does business; Its Internet website address (if any); Its taxpayer identification number; The name and address of a principal officer; Organization's annual tax period; Verification that the organization's annual gross receipts are normally $50,000 or less; and Notification if the organization has terminated. How to file 2011 taxes late Form 990-N is due by the 15th day of the fifth month after the close of the tax year. How to file 2011 taxes late For tax years beginning after December 31, 2006, any organization that fails to meet its annual reporting requirement for 3 consecutive years will automatically lose its tax-exempt status. How to file 2011 taxes late To regain its exempt status an organization will have to reapply for recognition as a tax-exempt organization. How to file 2011 taxes late Exceptions. How to file 2011 taxes late   This filing requirement does not apply to: Churches, their integrated auxiliaries, and conventions or associations of churches; Organizations that are included in a group return; Private foundations required to file Form 990-PF; and Section 509(a)(3) supporting organizations required to file Form 990 or Form 990-EZ. How to file 2011 taxes late Forms 990 and 990-EZ Exempt organizations, other than private foundations, must file their annual information returns on Form 990 or 990-EZ, unless excepted from filing or allowed to submit Form 990-N, described earlier. How to file 2011 taxes late Generally, political organizations with gross receipts of $25,000 ($100,000 for a qualified state or local political organization (QSLPO)) or more for the tax year are required to file Form 990 or 990-EZ unless specifically excepted from filing the annual return. How to file 2011 taxes late The following political organizations are not required to file Form 990 or Form 990-EZ. How to file 2011 taxes late A state or local committee of a political party. How to file 2011 taxes late A political committee of a state or local candidate. How to file 2011 taxes late A caucus or association of state or local officials. How to file 2011 taxes late A political organization that is required to report as a political committee under the Federal Election Campaign Act. How to file 2011 taxes late A 501(c) organization that has expenditures for influencing or attempting to influence the selection, nomination, election, or appointment of any individual for a federal, state, or local public office. How to file 2011 taxes late Form 990-EZ. How to file 2011 taxes late   This is a shortened version of Form 990. How to file 2011 taxes late It is designed for use by small exempt organizations and nonexempt charitable trusts. How to file 2011 taxes late   Beginning in tax year 2010, an organization can file either Form 990 or 990-EZ if it meets the following: Its gross receipts during the year are less than $200,000. How to file 2011 taxes late Its total assets (line 25, column (B) of Form 990-EZ) at the end of the year are less than $500,000. How to file 2011 taxes late If your organization does not meet either of these conditions, you cannot file Form 990-EZ. How to file 2011 taxes late Instead you must file Form 990. How to file 2011 taxes late Group return. How to file 2011 taxes late   A group return on Form 990 may be filed by a central, parent, or like organization for two or more local organizations, none of which is a private foundation. How to file 2011 taxes late This return is in addition to the central organization's separate annual return if it must file a return. How to file 2011 taxes late It cannot be included in the group return. How to file 2011 taxes late See the instructions for Form 990 for the conditions under which this procedure may be used. How to file 2011 taxes late    In any year that an organization is properly included as a subordinate organization on a group return, it should not file its own Form 990. How to file 2011 taxes late Schedule A (Form 990 or 990-EZ). How to file 2011 taxes late   Organizations, other than private foundations, that are described in section 501(c)(3) and that are otherwise required to file Form 990 or 990-EZ must also complete Schedule A of that form. How to file 2011 taxes late Schedule B (Form 990, Form 990-EZ, or 990-PF). How to file 2011 taxes late   Organizations that file Form 990 or 990-EZ use this schedule to provide required information regarding their contributors. How to file 2011 taxes late Schedule O (Form 990). How to file 2011 taxes late   Organizations that file Form 990 must use this schedule to provide required additional information or if additional space is needed. How to file 2011 taxes late   Other schedules may be required to be filed with Form 990 or 990-EZ. How to file 2011 taxes late See the instructions for Form 990 or the instructions for Form 990-EZ for more information. How to file 2011 taxes late Report significant new or changed program services and changes to organizational documents. How to file 2011 taxes late    An organization should report new significant program services or significant changes in how it conducts program services, and significant changes to its organizational documents, on its Form 990 rather than in a letter to EO Determinations. How to file 2011 taxes late EO Determinations no longer issues letters confirming the tax-exempt status of organizations that report new services or significant changes, or changes to organizational documents. How to file 2011 taxes late See Miscellaneous Rules, Organization Changes and Exempt Status, later. How to file 2011 taxes late Form 990-PF All private foundations exempt under section 501(c)(3) must file Form 990-PF. How to file 2011 taxes late These organizations are discussed in chapter 3. How to file 2011 taxes late Electronic Filing You may be required to file Form 990, Form 990-EZ, or Form 990-PF, and related forms, schedules, and attachments electronically. How to file 2011 taxes late If an organization is required to file a return electronically but does not, the organization is considered to have not filed its return. How to file 2011 taxes late See Regulations section 301. How to file 2011 taxes late 6033-4 for more information. How to file 2011 taxes late The IRS may waive the requirement to file electronically in cases of undue hardship. How to file 2011 taxes late For information on filing a waiver, see Notice 2010-13, 2010-4 I. How to file 2011 taxes late R. How to file 2011 taxes late B. How to file 2011 taxes late 327, available at www. How to file 2011 taxes late irs. How to file 2011 taxes late gov/ir/2010-04_IRSB/ar14. How to file 2011 taxes late html. How to file 2011 taxes late Form 990. How to file 2011 taxes late   An organization is required to file Form 990 electronically if it files at least 250 returns during the calendar year and has total assets of $10 million or more at the end of the tax year. How to file 2011 taxes late Form 990-PF. How to file 2011 taxes late   An organization is required to file Form 990-PF electronically if it files at least 250 returns during the calendar year. How to file 2011 taxes late Due Date Forms 990, 990-EZ, or 990-PF must be filed by the 15th day of the fifth month after the end of your organization's accounting period. How to file 2011 taxes late Thus, for a calendar year taxpayer, Forms 990, 990-EZ, or 990-PF is due May 15 of the following year. How to file 2011 taxes late Extension of time to file. How to file 2011 taxes late   Use Form 8868 to request an automatic 3-month extension of time to file Forms 990, 990-EZ, or 990-PF and also to apply for an additional (not automatic) 3-month extension if needed. How to file 2011 taxes late   Do not apply for both the automatic 3-month extension and the additional 3-month extension at the same time. How to file 2011 taxes late For more information, see Form 8868 and its instructions. How to file 2011 taxes late   When filing Form 8868 for an automatic 3-month extension, neither a signature, nor an explanation is required. How to file 2011 taxes late However, when filing Form 8868 for an additional 3-month extension, both a signature and an explanation are required. How to file 2011 taxes late Application for exemption pending. How to file 2011 taxes late   An organization that claims to be exempt under section 501(a) but has not established its exempt status by the due date for filing an information return must complete and file Form 990, 990-EZ, 990–N or 990-PF (if it considers itself a private foundation), unless the organization is exempt from Form 990-series filing requirements. How to file 2011 taxes late If the organization's application is pending with the IRS, it must so indicate on Forms 990, 990-EZ, or 990-PF (whichever applies) by checking the application pending block at the top of page 1 of the return. How to file 2011 taxes late For more information on the filing requirements, see the Instructions for Forms 990, 990-EZ, and 990-PF. How to file 2011 taxes late State reporting requirements. How to file 2011 taxes late   Copies of Forms 990, 990-EZ, or 990-PF may be used to satisfy state reporting requirements. How to file 2011 taxes late See the instructions for those forms. How to file 2011 taxes late Form 8870. How to file 2011 taxes late   Organizations that filed a Form 990, 990-EZ, or 990-PF, and paid premiums or received transfers on certain life insurance, annuity, and endowment contracts (personal benefit contracts), must file Form 8870. How to file 2011 taxes late For more information, see Form 8870 and the instructions for that form. How to file 2011 taxes late Automatic Revocation If the organization fails to file a Form 990, 990-EZ, or 990-PF, or fails to submit a Form 990-N, as required, for 3 consecutive years, it will automatically lose its tax-exempt status by operation of law. How to file 2011 taxes late The list of organizations whose tax-exempt status has been automatically revoked is available on IRS. How to file 2011 taxes late gov. How to file 2011 taxes late This list (Auto-Revocation List) may be viewed and searched on Exempt Organizations Select Check. How to file 2011 taxes late The Auto-Revocation List includes each organization's name, Employer Identification Number (EIN) and last known address. How to file 2011 taxes late It also includes the effective date of the automatic revocation and the date it was posted to the list. How to file 2011 taxes late The IRS updates the list monthly to include additional organizations that lose their tax-exempt status. How to file 2011 taxes late Tax Effect of Loss of Tax-Exempt Status If your organization’s tax-exempt status is automatically revoked, you may be required to file one of the following federal income tax returns and pay any applicable income taxes: Form 1120, U. How to file 2011 taxes late S. How to file 2011 taxes late Corporation Income Tax Return, due by the 15th day of the 3rd month after the end of your organization’s tax year, or Form 1041, U. How to file 2011 taxes late S. How to file 2011 taxes late Income Tax Return for Estates and Trusts, due by the 15th day of the 4th month after the end of your organization’s tax year. How to file 2011 taxes late In addition, a section 501(c)(3) organization that loses its tax-exempt status cannot receive tax-deductible contributions and will not be identified in the IRS Business Master File extract as eligible to received tax-deductible contributions, or be included in Exempt Organizations Select Check (Pub 78 database). How to file 2011 taxes late An organization whose exemption was automatically revoked must apply for tax exemption in order to regain its tax exemption (even if it was not originally required to apply). How to file 2011 taxes late In some situations, an organization may be able to obtain exemption retroactive to its date of revocation. How to file 2011 taxes late For more information about automatic revocation, go to IRS. How to file 2011 taxes late gov and select Charities & Non-Profits and then select Revoked? Reinstated? Learn More. How to file 2011 taxes late Penalties Penalties for failure to file. How to file 2011 taxes late   Generally, an exempt organization that fails to file a required return must pay a penalty of $20 a day for each day the failure continues. How to file 2011 taxes late The same penalty will apply if the organization does not give all the information required on the return or does not give the correct information. How to file 2011 taxes late Maximum penalty. How to file 2011 taxes late   The maximum penalty for any one return is the smaller of $10,000 or 5% of the organization's gross receipts for the year. How to file 2011 taxes late Organization with gross receipts over $1 million. How to file 2011 taxes late   For an organization that has gross receipts of over $1 million for the year, the penalty is $100 a day up to a maximum of $50,000. How to file 2011 taxes late Managers. How to file 2011 taxes late   If the organization is subject to this penalty, the IRS may specify a date by which the return or correct information must be supplied by the organization. How to file 2011 taxes late Failure to comply with this demand will result in a penalty imposed upon the manager of the organization, or upon any other person responsible for filing a correct return. How to file 2011 taxes late The penalty is $10 a day for each day that a return is not filed after the period given for filing. How to file 2011 taxes late The maximum penalty imposed on all persons with respect to any one return is $5,000. How to file 2011 taxes late Exception for reasonable cause. How to file 2011 taxes late   No penalty will be imposed if reasonable cause for failure to file timely can be shown. How to file 2011 taxes late Unrelated Business Income Tax Return Even though your organization is recognized as tax exempt, it still may be liable for tax on its unrelated business income. How to file 2011 taxes late Unrelated business income is income from a trade or business, regularly carried on, that is not substantially related to the charitable, educational, or other purpose that is the basis for the organization's exemption. How to file 2011 taxes late If your organization has $1,000 or more of unrelated business income, you must file Form 990-T in addition to your required annual information return. How to file 2011 taxes late Estimated tax. How to file 2011 taxes late   Quarterly estimated tax payments are due if your organization expects to owe $500 or more in tax including unrelated business income. How to file 2011 taxes late Use Form 990-W to figure your organization's estimated tax payments. How to file 2011 taxes late Travel tour programs. How to file 2011 taxes late   Travel tour activities that are a trade or business are an unrelated trade or business if the activities are not substantially related to the purpose to which tax exemption was granted to the organization. How to file 2011 taxes late   Whether travel tour activities conducted by an organization are substantially related to the organization's tax exempt purpose is determined by looking at all the relevant facts and circumstances, including, but not limited to, how a travel tour is developed, promoted, and operated. How to file 2011 taxes late Example. How to file 2011 taxes late ABC, a university alumni association, is tax exempt as an educational organization under section 501(c)(3). How to file 2011 taxes late As part of its activities, ABC operates a travel tour program. How to file 2011 taxes late The program is open to all current members of ABC and their guests. How to file 2011 taxes late ABC works with travel agents to schedule approximately ten tours annually to various destinations around the world. How to file 2011 taxes late Members of ABC pay $1,000 to XYZ Travel Agency to participate in a tour. How to file 2011 taxes late XYZ pays ABC a per person fee for each participant. How to file 2011 taxes late Although the literature advertising the tours encourages ABC members to continue their lifelong learning by joining the tours, and a faculty member of ABC's related university frequently joins the tour as a guest of the alumni association, none of the tours include any scheduled instruction or curriculum related to the destinations being visited. How to file 2011 taxes late The travel tours made available to ABC's members do not contribute importantly to the accomplishment of ABC's educational purpose. How to file 2011 taxes late Rather, ABC's program is designed to generate revenues for ABC by regularly offering its members travel services. How to file 2011 taxes late Therefore, ABC's tour program is an unrelated trade or business. How to file 2011 taxes late For additional information on unrelated business income, see Publication 598 and the Instructions for Form 990-T. How to file 2011 taxes late Employment Tax Returns Every employer, including an organization exempt from federal income tax, who pays wages to employees is responsible for withholding, depositing, paying, and reporting federal income tax, social security and Medicare (FICA) taxes, and federal unemployment tax (FUTA), unless that employer is specifically excepted by law from those requirements, or if the taxes clearly do not apply. How to file 2011 taxes late For more information, obtain a copy of Publication 15, which summarizes the responsibilities of an employer, Publication 15-A, Publication 15-B, and Form 941. How to file 2011 taxes late Small Business Health Care Tax Credit. How to file 2011 taxes late   If your small tax-exempt organization provides health care coverage for your workers you may qualify for the small business health care tax credit. How to file 2011 taxes late Go to IRS. How to file 2011 taxes late gov and select Affordable Care Act Tax Provisions for more details. How to file 2011 taxes late See Small Business Health Care Tax Credit at www. How to file 2011 taxes late irs. How to file 2011 taxes late gov/newsroom/article/0,,id=223666,00. How to file 2011 taxes late html. How to file 2011 taxes late Expanded Work Opportunity Tax Credit Available for Hiring Qualified Veterans. How to file 2011 taxes late   The VOW to Hire Heroes Act of 2011 made changes to the Work Opportunity Tax Credit (WOTC). How to file 2011 taxes late The Act added two new categories to the existing qualified veteran targeted group and made the WOTC available to certain tax-exempt employers as a credit against the employer's share of social security tax. How to file 2011 taxes late The Act allows employers to claim the WOTC for veterans certified as qualified veterans and who begin work before January 1, 2013. How to file 2011 taxes late This tax credit was extended through December 31, 2013, under the American Taxpayer Relief Act, passed on January 1, 2013. How to file 2011 taxes late   The credit can be as high as $6,240 for qualified tax-exempt organizations. How to file 2011 taxes late The amount of the credit depends on a number of factors, including the length of the veteran’s unemployment before hire, the number of hours the veteran works, and the veteran’s first-year wages. How to file 2011 taxes late The amount of the credit for qualified tax-exempt organizations may not exceed the organization's employer social security tax for the period for which the credit is claimed. How to file 2011 taxes late   All employers must obtain certification that an individual is a member of the targeted group, before the employer may claim the credit. How to file 2011 taxes late The process for certifying veterans for this credit is the same for all employers. How to file 2011 taxes late For more information, see Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit and the instructions to Form 8850. How to file 2011 taxes late Notice 2012-13, 2012-9 I. How to file 2011 taxes late R. How to file 2011 taxes late B. How to file 2011 taxes late 421, also provides additional guidance on submission Form 8850. How to file 2011 taxes late   Organizations described in section 501(c) and exempt from taxation under section 501(a) may claim the credit for qualified veterans who begin work on or after Nov. How to file 2011 taxes late 22, 2011, and before January 1, 2013. How to file 2011 taxes late After the required certification is secured, tax-exempt employers claim the credit against the employer social security tax by separately filing Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans, Form 5884-C. How to file 2011 taxes late File Form 5884-C after filing the related employment tax return for the employment tax period for which the credit is claimed. How to file 2011 taxes late It is recommended that qualified tax-exempt employers do not reduce their required deposits in anticipation of any credit as the forms are processed separately. How to file 2011 taxes late In addition to Form 5884-C and its instructions, tax-exempt employers should see Notice 2012-13 and the Frequently Asked Questions & Answers for more details for claiming the credit. How to file 2011 taxes late Trust fund recovery penalty. How to file 2011 taxes late   If any person required to collect, truthfully account for, and pay over any of these taxes willfully fails to satisfy any of these requirements or willfully tries in any way to evade or defeat any of them, that person will be subject to a penalty. How to file 2011 taxes late The penalty is equal to the tax evaded, not collected, or not accounted for and paid over. How to file 2011 taxes late The term person includes: An officer or employee of a corporation, or A member or employee of a partnership. How to file 2011 taxes late Exception. How to file 2011 taxes late   The penalty is not imposed on any unpaid volunteer director or member of a board of trustees of an exempt organization if the unpaid volunteer serves solely in an honorary capacity, does not participate in the day-to-day or financial operations of the organization, and does not have actual knowledge of the failure on which the penalty is imposed. How to file 2011 taxes late   This exception does not apply if it results in no one being liable for the penalty. How to file 2011 taxes late FICA and FUTA tax exceptions. How to file 2011 taxes late   Payments for services performed by a minister of a church in the exercise of the ministry, or a member of a religious order performing duties required by the order, are generally not subject to FICA or FUTA taxes. How to file 2011 taxes late FUTA tax exception. How to file 2011 taxes late   Payments for services performed by an employee of a religious, charitable, educational, or other organization described in section 501(c)(3) that are generally subject to FICA taxes if the payments are $100 or more for the year, are not subject to FUTA taxes. How to file 2011 taxes late FICA tax exemption election. How to file 2011 taxes late   Churches and qualified church-controlled organizations can elect exemption from employer FICA taxes by filing Form 8274. How to file 2011 taxes late   To elect the exemption, Form 8274 must be filed before the first date on which a quarterly employment tax return would otherwise be due from the electing organization. How to file 2011 taxes late The organization can make the election only if it is opposed for religious reasons to the payment of FICA taxes. How to file 2011 taxes late   The election applies to payments for services of current and future employees other than services performed in an unrelated trade or business. How to file 2011 taxes late Revoking the election. How to file 2011 taxes late   The election can be revoked by the IRS if the organization fails to file Form W-2, Wage and Tax Statement, for 2 years and fails to furnish certain information upon request by the IRS. How to file 2011 taxes late Such revocation will apply retroactively to the beginning of the 2-year period. How to file 2011 taxes late Definitions. How to file 2011 taxes late   For purposes of this election, the term church means a church, a convention or association of churches, or an elementary or secondary school that is controlled, operated, or principally supported by a church or by a convention or association of churches. How to file 2011 taxes late   The term qualified church-controlled organization means any church-controlled section 501(c)(3) tax-exempt organization, other than an organization that both: Offers goods, services, or facilities for sale, other than on an incidental basis, to the general public at other than a nominal charge that is substantially less than the cost of providing such goods, services, or facilities, and Normally receives more than 25% of its support from the sum of governmental sources and receipts from admissions, sales of merchandise, performance of services, or furnishing of facilities, in activities that are not unrelated trades or businesses. How to file 2011 taxes late Effect on employees. How to file 2011 taxes late   If a church or qualified church-controlled organization has made an election, payment for services performed for that church or organization, other than in an unrelated trade or business, will not be subject to FICA taxes. How to file 2011 taxes late However, the employee, unless otherwise exempt, will be subject to self-employment tax on the income. How to file 2011 taxes late The tax applies to income of $108. How to file 2011 taxes late 28 or more for the tax year from that church or organization, and no deductions for trade or business expenses are allowed against this self-employment income. How to file 2011 taxes late   Schedule SE (Form 1040), Self-Employment Tax, should be attached to the employee's income tax return. How to file 2011 taxes late Political Organization Income Tax Return Generally, a political organization is treated as an organization exempt from tax. How to file 2011 taxes late Certain political organizations, however, must file an annual income tax return, Form 1120-POL, U. How to file 2011 taxes late S. How to file 2011 taxes late Income Tax Return for Certain Political Organizations, for any year they have political organization taxable income in excess of the $100 specific deduction allowed under section 527. How to file 2011 taxes late A political organization that has $25,000 ($100,000 for a qualified state or local political organization) or more in gross receipts for the tax year must file Form 990 or Form 990-EZ (and Schedule B of the form), unless excepted. How to file 2011 taxes late See Forms 990 and 990-EZ , earlier. How to file 2011 taxes late Political organization. How to file 2011 taxes late   A political organization is a party, committee, association, fund, or other organization (whether or not incorporated) organized and operated primarily for the purpose of directly or indirectly accepting contributions or making expenditures, or both, for an exempt function. How to file 2011 taxes late Exempt function. How to file 2011 taxes late   An exempt function means influencing or attempting to influence the selection, nomination, election, or appointment of any individual to any federal, state, local public office or office in a political organization, or the election of the Presidential or Vice Presidential electors, whether or not such individual or electors are selected, nominated, elected, or appointed. How to file 2011 taxes late It also includes certain office expenses of a holder of public office or an office in a political organization. How to file 2011 taxes late Certain political organizations are required to notify the IRS that they are section 527 organizations. How to file 2011 taxes late These organizations must use Form 8871. How to file 2011 taxes late Some of these section 527 organizations must use Form 8872 to file periodic reports with the IRS disclosing their contributions and expenditures. How to file 2011 taxes late For a discussion on these forms, see Reporting Requirements for a Political Organization, later. How to file 2011 taxes late Political organization taxable income. How to file 2011 taxes late   Political organization taxable income is the excess of: Gross income for the tax year (excluding exempt function income) minus Deductions directly connected with the earning of gross income. How to file 2011 taxes late To figure taxable income, allow for a $100 specific deduction, but do not allow for the net operating loss deduction, the dividends-received deduction, and other special deductions for corporations. How to file 2011 taxes late Exempt organization not a political organization. How to file 2011 taxes late   An organization exempt under section 501(c) that spends any amount for an exempt function must file Form 1120-POL for any year which it has political taxable income. How to file 2011 taxes late These organizations must include in gross income the lesser of: The total amount of its exempt function expenditures, or The organization's net investment income. How to file 2011 taxes late Separate fund. How to file 2011 taxes late   A section 501(c) organization can set up a separate segregated fund that will be treated as an independent political organization. How to file 2011 taxes late The earnings and expenditures made by the separate fund will not be attributed to the section 501(c) organization. How to file 2011 taxes late Section 501(c)(3) organizations are precluded from, and may suffer loss of exemption for, engaging in any political campaign on behalf of, or in opposition to, any candidate for public office. How to file 2011 taxes late Due date. How to file 2011 taxes late   Form 1120-POL is due by the 15th day of the 3rd month after the end of the tax year. How to file 2011 taxes late Thus, for a calendar year taxpayer, Form 1120-POL is due on March 15 of the following year. How to file 2011 taxes late If any due date falls on a Saturday, Sunday, or legal holiday, the organization can file the return on the next business day. How to file 2011 taxes late    Form 1120-POL is not required of an exempt organization that makes expenditures for political purposes if its gross income does not exceed its directly connected deductions by more than $100 for the tax year. How to file 2011 taxes late Extension of time to file. How to file 2011 taxes late    Use Form 7004 to request an automatic 6-month extension of time to file Form 1120-POL. How to file 2011 taxes late The extension will be granted if you complete Form 7004 properly, make a proper estimate of the tax (if applicable), file Form 1120-POL by the due date, and pay any tax due. How to file 2011 taxes late Failure to file. How to file 2011 taxes late   A political organization that fails to file Form 1120-POL is subject to a penalty equal to 5% of the tax due for each month (or partial month) the return is late up to a maximum of 25% of the tax due, unless the organization shows the failure was due to reasonable cause. How to file 2011 taxes late For more information about filing Form 1120-POL, refer to the instructions accompanying the form. How to file 2011 taxes late Failure to pay on time. How to file 2011 taxes late   An organization that does not pay the tax when due generally may have to pay a penalty of 1/2 of 1% of the unpaid tax for each month or part of a month the tax is not paid, up to a maximum of 25% of the unpaid tax. How to file 2011 taxes late The penalty will not be imposed if the organization can show that the failure to pay on time was due to reasonable cause. How to file 2011 taxes late Reporting Requirements for a Political Organization Certain political organizations are required to notify the IRS that the organization is to be treated as a section 527 political organization. How to file 2011 taxes late The organization is also required to periodically report certain contributions received and expenditures made by the organization. How to file 2011 taxes late To notify the IRS of section 527 treatment, an organization must file Form 8871. How to file 2011 taxes late To report contributions and expenditures, certain tax-exempt political organizations must file Form 8872. How to file 2011 taxes late Form 8871 A political organization must electronically file Form 8871 to notify the IRS that it is to be treated as a section 527 organization. How to file 2011 taxes late However, an organization is not required to file Form 8871 if: It reasonably expects its annual gross receipts to always be less than $25,000. How to file 2011 taxes late It is a political committee required to report under the Federal Election Campaign Act of 1971 (FECA) (2 U. How to file 2011 taxes late S. How to file 2011 taxes late C. How to file 2011 taxes late 431(4)). How to file 2011 taxes late It is a state or local candidate committee. How to file 2011 taxes late It is a state or local committee of a political party. How to file 2011 taxes late It is a section 501(c) organization that has made an “exempt function expenditure. How to file 2011 taxes late ” All other political organizations are required to file Form 8871. How to file 2011 taxes late An organization must provide on Form 8871: Its name and address (including any business address, if different) and its electronic mailing address; Its purpose; The names and addresses of its officers, highly compensated employees, contact person, custodian of records, and members of its board of directors; The name and address of, and relationship to, any related entities (within the meaning of section 168(h)(4)); and Whether it intends to claim an exemption from filing Form 8872, Form 990, or Form 990-EZ. How to file 2011 taxes late Employer identification number. How to file 2011 taxes late   If your organization needs an EIN, you can apply for one: Online—Click on the Employer ID Numbers (EINs) link at www. How to file 2011 taxes late IRS. How to file 2011 taxes late gov/businesses/small. How to file 2011 taxes late By telephone at 1-800-829-4933 from 7:00 a. How to file 2011 taxes late m. How to file 2011 taxes late to 10:00 p. How to file 2011 taxes late m. How to file 2011 taxes late in the organization's local time zone. How to file 2011 taxes late By mailing or faxing Form SS-4. How to file 2011 taxes late   If you previously applied for an EIN and have not yet received it, or you are unsure whether you have an EIN, please call our toll-free customer account services number, 1-877-829-5500, for assistance. How to file 2011 taxes late Due dates. How to file 2011 taxes late   The initial Form 8871 must be filed within 24 hours of the date on which the organization was established. How to file 2011 taxes late If there is a material change, an amended Form 8871 must be filed within 30 days of the material change. How to file 2011 taxes late When the organization terminates its existence, it must file a final Form 8871 within 30 days of termination. How to file 2011 taxes late   If the due date falls on a Saturday, Sunday, or legal holiday, the organization can file on the next business day. How to file 2011 taxes late How to file. How to file 2011 taxes late   An organization must file Form 8871 electronically via the IRS Internet website at www. How to file 2011 taxes late IRS. How to file 2011 taxes late gov/polorgs (Keyword: political orgs). How to file 2011 taxes late Form 8453-X, Political Organization Declaration for Electronic Filing of Notice of Section 527 Status. How to file 2011 taxes late   After electronically submitting Form 8871, the political organization must print, sign, and mail Form 8453-X to the IRS. How to file 2011 taxes late Upon receipt of the Form 8453-X, the IRS will send the organization a username and password that must be used to file an amended or final Form 8871 or to electronically file Form 8872. How to file 2011 taxes late Penalties Failure to file. How to file 2011 taxes late   An organization that is required to file Form 8871, but fails to do so on a timely basis, will not be treated as a tax-exempt section 527 organization for any period before the date Form 8871 is filed. How to file 2011 taxes late Also, the taxable income of the organization for that period will include its exempt function income (including contributions received, membership dues, and political fundraising receipts) minus any deductions directly connected with the production of that income. How to file 2011 taxes late   Failure to file an amended Form 8871 will cause the organization not to be treated as a tax-exempt section 527 organization. How to file 2011 taxes late If an organization is treated as not being a tax-exempt section 527 organization, the taxable income of the organization will be determined by considering any exempt function income and deductions during the period beginning on the date of the material change and ending on the date that the amended Form 8871 is filed. How to file 2011 taxes late    The tax is computed by multiplying the organization's taxable income by the highest corporate tax rate. How to file 2011 taxes late Fraudulent returns. How to file 2011 taxes late   Any individual or corporation that willfully delivers or discloses to the IRS any list, return, account, statement or other document known to be fraudulent or false as to any material matter will be fined not more than $10,000 ($50,000 in the case of a corporation) or imprisoned for not more than 1 year or both. How to file 2011 taxes late Waiver of penalties. How to file 2011 taxes late   The IRS may waive any additional tax assessed on an organization for failure to file Form 8871 if the failure was due to reasonable cause and not willful neglect. How to file 2011 taxes late Additional information. How to file 2011 taxes late   For more information on Form 8871, see the form and its instructions. How to file 2011 taxes late For a discussion on the public inspection requirements for the form, see Public Inspection of Exemption Applications, Annual Returns, and Political Organization Reporting Forms , later. How to file 2011 taxes late Form 8872 Every tax-exempt section 527 political organization that accepts a contribution or makes an expenditure, for an exempt function during the calendar year, must file Form 8872 except: A political organization that is not required to file Form 8871 (discussed earlier). How to file 2011 taxes late A political organization that is subject to tax on its income because it did not file or amend Form 8871. How to file 2011 taxes late A qualified state or local political organization (QSLPO), discussed below. How to file 2011 taxes late All other tax-exempt section 527 organizations that accept contributions or make expenditures for an exempt function are required to file Form 8872. How to file 2011 taxes late Qualified state or local political organization. How to file 2011 taxes late   A state or local political organization may be a QSLPO if: All of its political activities relate solely to state or local public office (or office in a state or local political organization). How to file 2011 taxes late It is subject to a state law that requires it to report (and it does report) to a state agency information about contributions and expenditures that is similar to the information that the organization would otherwise be required to report to the IRS. How to file 2011 taxes late The state agency and the organization make the reports publicly available. How to file 2011 taxes late No federal candidate or office holder: Controls or materially participates in the direction of the organization, Solicits contributions for the organization, or Directs the disbursements of the organization. How to file 2011 taxes late Information required on Form 8872. How to file 2011 taxes late   If an organization pays an individual $500 or more for the calendar year, the organization is required to disclose the individual's name, address, occupation, employer, amount of the expense, the date the expense was paid, and the purpose of the expense on Form 8872. How to file 2011 taxes late   If an organization receives contributions of $200 or more from one contributor for the calendar year, the organization must disclose the donor's name, address, occupation, employer, and the date the contributions were made. How to file 2011 taxes late   For additional information that is required, see Form 8872. How to file 2011 taxes late Due dates. How to file 2011 taxes late   The due dates for filing Form 8872 vary depending on whether the form is due for a reporting period that occurs during a calendar year in which a regularly scheduled election is held, or any other calendar year (a nonelection year). How to file 2011 taxes late   If the due date falls on a Saturday, Sunday, or legal holiday, the organization can file on the next business day. How to file 2011 taxes late Election year filing. How to file 2011 taxes late    In election years, Form 8872 must be filed on either a quarterly or a monthly basis. How to file 2011 taxes late Both a pre-election report and a post-election report are also required to be filed in an election year. How to file 2011 taxes late An election year is any year in which a regularly scheduled general election for federal office is held (an even-numbered year). How to file 2011 taxes late Nonelection year filing. How to file 2011 taxes late    In nonelection years, the form must be filed on a semiannual or monthly basis. How to file 2011 taxes late A complete listing of these filing periods are in the Form 8872 Instructions. How to file 2011 taxes late A nonelection year is any odd-numbered year. How to file 2011 taxes late How to file. How to file 2011 taxes late   Form 8872 can be filed either electronically or by mail. How to file 2011 taxes late However, organizations that have, or expect to have, contributions or expenditures of $50,000 or more for the year must file electronically. How to file 2011 taxes late    To file by mail, send Form 8872 to the:   Department of the Treasury Internal Revenue Service Center Ogden, UT 84201-0027 Electronic filing. How to file 2011 taxes late   File electronically via the IRS internet website at www. How to file 2011 taxes late IRS. How to file 2011 taxes late gov/polorgs. How to file 2011 taxes late You will need a user ID and password to electronically file Form 8872. How to file 2011 taxes late Organizations that have completed the electronic filing of Form 8871 and submitted a completed and signed Form 8453-X will receive a username and password in the mail. How to file 2011 taxes late   Organizations that have completed the electronic filing of Form 8871, but have not received their user ID and password can request one by writing to the following address: Internal Revenue Service Attn: Request for 8872 Password Mail Stop 6273 Ogden, UT 84201 Lost username and password. How to file 2011 taxes late   If you have forgotten or misplaced the username and password issued to your organization after you filed your initial Form 8871, send a letter requesting a new username and password to the address under Electronic filing. How to file 2011 taxes late You can also fax your request to (801) 620-3249. How to file 2011 taxes late It may take 3-6 weeks for your new username and password to arrive, as they will be mailed to the organization. How to file 2011 taxes late Penalty A penalty will be imposed if the organization is required to file Form 8872 and it: Fails to file the form by the due date, or Files the form but fails to report all of the information required or reports incorrect information. How to file 2011 taxes late The penalty is 35% of the total amount of contributions and expenditures to which a failure relates. How to file 2011 taxes late Fraudulent returns. How to file 2011 taxes late   Any individual or corporation that willfully delivers or discloses any list, return, account, statement, or other document known to be fraudulent or false as to any material matter will be fined not more than $10,000 ($50,000 in the case of a corporation), or imprisoned for not more than 1 year, or both. How to file 2011 taxes late Waiver of penalties. How to file 2011 taxes late   The IRS may waive any additional tax assessed on an organization for failure to file Form 8872 if the failure was due to reasonable cause and not willful neglect. How to file 2011 taxes late Donee Information Return Dispositions of donated property. How to file 2011 taxes late   If an organization receives charitable deduction property and within three years sells, exchanges, or otherwise disposes of the property, the organization must file Form 8282, Donee Information Return. How to file 2011 taxes late However, an organization is not required to file Form 8282 if: The property is valued at $500 or less, or The property is consumed or distributed for charitable purposes. How to file 2011 taxes late   Form 8282 must be filed with the IRS within 125 days after the disposition. How to file 2011 taxes late Additionally, a copy of Form 8282 must be given to the donor. How to file 2011 taxes late If the organization fails to file the required information return, penalties may apply. How to file 2011 taxes late Charitable deduction property. How to file 2011 taxes late   This is any property (other than money or publicly traded securities) for which the donee organization signed an appraisal summary or Form 8283, Noncash Charitable Contributions. How to file 2011 taxes late Publicly traded securities. How to file 2011 taxes late   These are securities for which market quotations are readily available on an established securities market as of the date of the contribution. How to file 2011 taxes late Appraisal summary. How to file 2011 taxes late   If the value of the donated property exceeds $5,000, the donor must get a qualified appraisal for contributions of property, see the Exceptions. How to file 2011 taxes late below. How to file 2011 taxes late Exceptions. How to file 2011 taxes late   A written appraisal is not needed if the property is: Nonpublicly traded stock of $10,000 or less, A vehicle (including a car, boat, or airplane), if your deduction for the vehicle is limited to the gross proceeds from its sale, Intellectual property, Certain securities considered to have market quotations readily available (see Regulations section 1. How to file 2011 taxes late 170A-13(c)(7)(xi)(B)), Inventory and other property donated by a corporation that are qualified contributions for the care of the ill, the needy, or infants, within the meaning of section 170(e)(3)(A), or Any donation of stock in trade, inventory, or property held primarily for sale to customers in the ordinary course of your trade or business. How to file 2011 taxes late   The donee organization is not a qualified appraiser for the purpose of valuing the donated property. How to file 2011 taxes late For more information, get Publication 561, Determining the Value of Donated Property. How to file 2011 taxes late Form 8283. How to file 2011 taxes late   For noncash donations over $5,000, the donor must attach Form 8283 to the tax return to support the charitable deduction. How to file 2011 taxes late The donee must sign Part IV of Section B, Form 8283 unless publicly traded securities are donated. How to file 2011 taxes late The person who signs for the donee must be an official authorized to sign the donee's tax or information returns, or a person specifically authorized to sign by that official. How to file 2011 taxes late The signature does not represent concurrence in the appraised value of the contributed property. How to file 2011 taxes late A signed acknowledgment represents receipt of the property described on Form 8283 on the date specified on the form. How to file 2011 taxes late The signature also indicates knowledge of the information reporting requirements on dispositions, as previously discussed. How to file 2011 taxes late A copy of Form 8283 must be given to the donee. How to file 2011 taxes late Information Provided to Donors In some situations, a donor must obtain certain information from a donee organization to obtain a deduction for a charitable contribution. How to file 2011 taxes late In other situations, the donee organization is required to provide information to the donor. How to file 2011 taxes late A charitable organization must give a donor a disclosure statement for a quid pro quo contribution over $75. How to file 2011 taxes late (See Disclosure statement. How to file 2011 taxes late later. How to file 2011 taxes late ) This is a payment a donor makes to a charity partly as a contribution and partly for goods or services. How to file 2011 taxes late See Quid pro quo contribution below for an example. How to file 2011 taxes late Failure to make the required disclosure may result in a penalty to the organization. How to file 2011 taxes late A donor cannot deduct a charitable contribution of $250 or more unless the donor has a written acknowledgment from the charitable organization. How to file 2011 taxes late In certain circumstances, an organization may be able to meet both of these requirements with the same written document. How to file 2011 taxes late Disclosure of Quid Pro Quo Contributions A charitable organization must provide a written disclosure statement to donors of a quid pro quo contribution over $75. How to file 2011 taxes late Quid pro quo contribution. How to file 2011 taxes late   A contribution made by a donor in exchange for goods or services is known as a quid pro quo contribution. How to file 2011 taxes late Your charitable organization must provide the donor a written statement informing the donor of the fair market value of the items or services it provided in exchange for the contribution. How to file 2011 taxes late Generally, a written statement is required for each payment, whenever the contribution portion is over $75. How to file 2011 taxes late Example. How to file 2011 taxes late If a donor gives your charity $100 and receives a concert ticket valued at $40, the donor has made a quid pro quo contribution. How to file 2011 taxes late In this example, the charitable part of the payment is $60. How to file 2011 taxes late Even though the deductible part of the payment is not more than $75, a written statement must be filed because the total payment is more than $75. How to file 2011 taxes late If your organization fails to disclose quid pro quo contributions, the organization may be subject to a penalty. How to file 2011 taxes late Disclosure statement. How to file 2011 taxes late   The required written disclosure statement must: Inform the donor that the amount of the contribution that is deductible for federal income tax purposes is limited to the excess of any money (and the value of any property other than money) contributed by the donor over the fair market value of goods or services provided by the charity, and Provide the donor with a good faith estimate of the fair market value of the goods or services that the donor received. How to file 2011 taxes late The charity must furnish the statement in connection with either the solicitation or the receipt of the quid pro quo contribution. How to file 2011 taxes late If the disclosure statement is furnished in connection with a particular solicitation, it is not necessary for the organization to provide another statement when it actually receives the contribution. How to file 2011 taxes late   No disclosure statement is required if any of the following are true. How to file 2011 taxes late The goods or services given to a donor have insubstantial value as described in Revenue Procedure 90-12, 1990-1 C. How to file 2011 taxes late B. How to file 2011 taxes late 471, Revenue Procedure 90-12, and Revenue Procedure 92-49, 1992-1 C. How to file 2011 taxes late B. How to file 2011 taxes late 507 (as adjusted for inflation), Revenue Procedure 92-49. How to file 2011 taxes late There is no donative element involved in a particular transaction with a charity (for example, there is generally no donative element involved in a visitor's purchase from a museum gift shop). How to file 2011 taxes late There is only an intangible religious benefit provided to the donor. How to file 2011 taxes late The intangible religious benefit must be provided to the donor by an organization organized exclusively for religious purposes, and must be of a type that generally is not sold in a commercial transaction outside the donative context. How to file 2011 taxes late For example, a donor who, for a payment, is granted admission to a religious ceremony for which there is no admission charge is provided an intangible religious benefit. How to file 2011 taxes late A donor is not provided intangible religious benefits for payments made for tuition for education leading to a recognized degree, travel services, or consumer goods. How to file 2011 taxes late The donor makes a payment of $75 or less per year and receives only annual membership benefits that consist of: Any rights or privileges (other than the right to purchase tickets for college athletic events) that the taxpayer can exercise often during the membership period, such as free or discounted admissions or parking or preferred access to goods or services, or Admission to events that are open only to members and the cost per person of which is within the limits for low-cost articles described in Revenue Procedure 90-12 (as adjusted for inflation), Revenue Procedure 90-12. How to file 2011 taxes late Good faith estimate of fair market value (FMV). How to file 2011 taxes late   An organization can use any reasonable method to estimate the FMV of goods or services it provided to a donor, as long as it applies the method in good faith. How to file 2011 taxes late   The organization can estimate the FMV of goods or services that generally are not commercially available by using the FMV of similar or comparable goods or services. How to file 2011 taxes late Goods or services may be similar or comparable even if they do not have the unique qualities of the goods or services being valued. How to file 2011 taxes late Example 1. How to file 2011 taxes late A charity provides a 1-hour tennis lesson with a tennis professional for the first $500 payment it receives. How to file 2011 taxes late The tennis professional provides 1-hour lessons on a commercial basis for $100. How to file 2011 taxes late A good faith estimate of the lesson's FMV is $100. How to file 2011 taxes late Example 2. How to file 2011 taxes late For a payment of $50,000, a museum allows a donor to hold a private event in a room of the museum. How to file 2011 taxes late A good faith estimate of the FMV of the right to hold the event in the museum can be made by using the cost of renting a hotel ballroom with a capacity, amenities, and atmosphere comparable to the museum room, even though the hotel ballroom lacks the unique art displayed in the museum room. How to file 2011 taxes late If the hotel ballroom rents for $2,500, a good faith estimate of the FMV of the right to hold the event in the museum is $2,500. How to file 2011 taxes late Example 3. How to file 2011 taxes late For a payment of $1,000, a charity provides an evening tour of a museum conducted by a well-known artist. How to file 2011 taxes late The artist does not provide tours on a commercial basis. How to file 2011 taxes late Tours of the museum normally are free to the public. How to file 2011 taxes late A good faith estimate of the FMV of the evening museum tour is $0 even though it is conducted by the artist. How to file 2011 taxes late Penalty for failure to disclose. How to file 2011 taxes late   A penalty is imposed on a charity that does not make the required disclosure of a quid pro quo contribution of more than $75. How to file 2011 taxes late The penalty is $10 per contribution, not to exceed $5,000 per fundraising event or mailing. How to file 2011 taxes late The charity can avoid the penalty if it can show that the failure was due to reasonable cause. How to file 2011 taxes late Acknowledgment of Charitable Contributions of $250 or More A donor can deduct a charitable contribution of $250 or more only if the donor has a written acknowledgment from the charitable organization. How to file 2011 taxes late The donor must get the acknowledgment by the earlier of: The date the donor files the original return for the year the contribution is made, or The due date, including extensions, for filing the return. How to file 2011 taxes late The donor is responsible for requesting and obtaining the written acknowledgment from the donee. How to file 2011 taxes late A charitable organization that receives a payment made as a contribution is treated as the donee organization for this purpose even if the organization (according to the donor's instructions or otherwise) distributes the amount received to one or more charities. How to file 2011 taxes late Quid pro quo contribution. How to file 2011 taxes late   If the donee provides goods or services to the donor in exchange for the contribution (a quid pro quo contribution), the acknowledgment must include a good faith estimate of the value of the goods or services. How to file 2011 taxes late See Disclosure of Quid Pro Quo Contributions earlier. How to file 2011 taxes late Form of acknowledgment. How to file 2011 taxes late   Although there is no prescribed format for the written acknowledgment, it must provide enough information to substantiate the amount of the contribution. How to file 2011 taxes late For more information, see IRS Publication 1771, Charitable Contributions – Substantiation and Disclosure Requirements. How to file 2011 taxes late Cash contributions. How to file 2011 taxes late   To deduct a contribution of cash, a check, or other monetary gift (regardless of the amount), a donor must maintain a bank record or a written communication from the donee organization showing the donee's name, date, and amount of the contribution. How to file 2011 taxes late In the case of a lump-sum contribution (rather than a contribution by payroll deduction) made through the Combined Federal Campaign or a similar program such as a United Way Campaign, the written communication must include the name of the donee organization that is the ultimate recipient of the charitable contribution. How to file 2011 taxes late Contributions by payroll deduction. How to file 2011 taxes late   An organization may substantiate an employee's contribution by deduction from its payroll by: A pay stub, Form W-2, or other document showing a contribution to a donee organization, together with A pledge card or other document from the donee organization that shows its name. How to file 2011 taxes late   For contributions of $250 or more, the document must state that the donee organization provides no goods or services for any payroll contributions. How to file 2011 taxes late The amount withheld from each payment of wages to a taxpayer is treated as a separate contribution. How to file 2011 taxes late Acknowledgment of Vehicle Contribution If an exempt organization receives a contribution of a qualified vehicle with a claimed value of more than $500, the donee organization is required to provide a contemporaneous written acknowledgment to the donor. How to file 2011 taxes late The donee organization can use a completed Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, for the contemporaneous written acknowledgment. How to file 2011 taxes late See section 3. How to file 2011 taxes late 03 of Notice 2005-44 for guidance on the information that must be included in a contemporaneous written acknowledgment and the deadline for furnishing the acknowledgment to the donor. How to file 2011 taxes late Any donee organization that provides a contemporaneous written acknowledgment to a donor is required to report to the IRS the information contained in the acknowledgment. How to file 2011 taxes late The report is due by February 28 (March 31 if filing electronically) of the year following the year in which the donee organization provides the acknowledgment to the donor. How to file 2011 taxes late The organization must file the report on Copy A of Form 1098-C. How to file 2011 taxes late An organization that files Form 1098-C on paper should send it with Form 1096, Annual Summary and Transmittal of U. How to file 2011 taxes late S. How to file 2011 taxes late Information Returns. How to file 2011 taxes late See the Instructions for Form 1096 for the correct filing location. How to file 2011 taxes late An organization that is required to file 250 or more Forms 1098-C during the calendar year must file the forms electronically or magnetically. How to file 2011 taxes late Specifications for filing Form 1098-C electronically or magnetically can be found in Publication 1220, Specifications for Filing Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G Electronically at www. How to file 2011 taxes late IRS. How to file 2011 taxes late gov/pub/irs-pdf/p1220. How to file 2011 taxes late pdf. How to file 2011 taxes late Acknowledgment For a contribution of a qualified vehicle with a claimed value of $500 or less, do not file Form 1098-C. How to file 2011 taxes late However, you can use it as the contemporaneous written acknowledgment under section 170(f)(8) by providing the donor with Copy C only. How to file 2011 taxes late See the Instructions for Form 1098-C. How to file 2011 taxes late Generally, the organization should complete Form 1098-C as the written acknowledgment to the donor and the IRS. How to file 2011 taxes late The contents of the acknowledgment depend upon whether the organization: Sells a qualified vehicle without any significant intervening use or material improvement, Intends to make a significant intervening use of or material improvement to a qualified vehicle prior to sale, or Sells a qualified vehicle to a needy individual at a price significantly below fair market value, or a gratuitous transfer to a needy individual in direct furtherance of a charitable purpose of the organization of relieving the poor and distressed or the underprivileged who are in need of a means of transportation. How to file 2011 taxes late For more information on the acknowledgment, see Notice 2005-44, 2005-25 I. How to file 2011 taxes late R. How to file 2011 taxes late B. How to file 2011 taxes late 1287, at www. How to file 2011 taxes late irs. How to file 2011 taxes late gov/irb/2005-25_IRB/2005-25_IRB/ar09. How to file 2011 taxes late html. How to file 2011 taxes late Material improvements or significant intervening use. How to file 2011 taxes late   To constitute significant intervening use, the organization must actually use the vehicle to substantially further the organization's regularly conducted activities, and the use must be significant, not incidental. How to file 2011 taxes late Factors in determining whether a use is a significant intervening use depend on the nature, extent, frequency, and duration. How to file 2011 taxes late For this purpose, use includes providing transportation on a regular basis for a significant period of time or significant use directly related to training in vehicle repair. How to file 2011 taxes late Use does not include the use of a vehicle to provide training in business skills, such as marketing or sales. How to file 2011 taxes late Examples of significant use include: Driving a vehicle every day for 1 year to deliver meals to needy individuals, if delivering meals is an activity regularly conducted by the organization. How to file 2011 taxes late Driving a vehicle for 10,000 miles over a 1-year period to deliver meals to needy individuals, if delivering meals is an activity regularly conducted by the organization. How to file 2011 taxes late   Material improvements include major repairs and additions that improve the condition of the vehicle in a manner that significantly increases the value. How to file 2011 taxes late To be a material improvement, the improvement cannot be funded by an additional payment to the organization from the donor of the vehicle. How to file 2011 taxes late Material improvements do not include cleaning, minor repairs, routine maintenance, painting, removal of dents or scratches, cleaning or repair of upholstery, and installation of theft deterrent devices. How to file 2011 taxes late Penalties. How to file 2011 taxes late   If your charitable organization receives contributions of used motor vehicles, boats, and airplanes valued over $500 it may be subject to a penalty if it knowingly: Fails to furnish an acknowledgement in a timely manner, showing the required information, or Furnishes a false or fraudulent acknowledgement of the contribution. How to file 2011 taxes late    Other penalties may apply. How to file 2011 taxes late See Part O in the 2012 General Instructions for Certain Information Returns. How to file 2011 taxes late   An acknowledgment containing a certification will be presumed to be false or fraudulent if the qualified vehicle is sold to a buyer other than a needy individual without a significant intervening use or material improvement within 6 months of the date of the contribution. How to file 2011 taxes late   If a charity sells a donated vehicle at auction, the IRS will not accept as substantiation an acknowledgment from the charity stating that the vehicle is to be transferred to a needy individual for significantly below fair market value. How to file 2011 taxes late Vehicles sold at auction are not sold at prices significantly below fair market value, and the IRS will not treat vehicles sold at auction as qualifying for this exception. How to file 2011 taxes late   The penalty for a false or fraudulent acknowledgment where the donee certifies that the vehicle will not be transferred for money, other property, or services before completion of material improvements or significant intervening use or the donee certifies that the vehicle is to be transferred to a needy individual for significantly below fair market value in furtherance of the donee's charitable purpose is the larger of $5,000 or the claimed value of the vehicle multiplied by 39. How to file 2011 taxes late 6%. How to file 2011 taxes late   The penalty for an acknowledgment relating to a qualified vehicle being sold in an arm's length transaction to an unrelated party is the larger of the gross proceeds from the sale or the sales price stated in the acknowledgment multiplied by 39. How to file 2011 taxes late 6%. How to file 2011 taxes late Qualified Intellectual Property A taxpayer who contributes qualified intellectual property to a charity may be entitled to a charitable deduction, in addition to any initial deduction allowed in the year of contribution. How to file 2011 taxes late The additional deduction is based on a specified percentage of the qualified donee income with respect to the qualified intellectual property. How to file 2011 taxes late To qualify for the additional charitable deduction, the donor must provide notice to the donee at the time of the contribution that the donor intends to treat the contribution as qualified intellectual property contribution for purposes of sections 170(m) and 6050L. How to file 2011 taxes late Every donee organization described in section 170(c) (except a private foundation as defined in section 509(a) that is not described in section 170(b)(1)(F)) that receives or accrues net income from a charitable gift of qualified intellectual property must file Form 8899. How to file 2011 taxes late Form 8899. How to file 2011 taxes late   Form 8899, Notice of Income From Donated Intellectual Property, is used by a donee to report net income from qualified intellectual property to the donor of the property and to the IRS and is due by the last day of the first full month following the close of the donee’s tax year. How to file 2011 taxes late This form must be filed for each tax year of the donee in which the donated property produces net income, but only if all or part of that tax year occurs during the 10-year period beginning on the date of the contribution and that tax year does not begin after the expiration of the legal life of the donated property. How to file 2011 taxes late Qualified donee income. How to file 2011 taxes late   Qualified donee income is any net income received by or accrued to the donee that is properly allocable to the qualified intellectual property for the tax year of the donee which ends within or with the tax year of the donor. How to file 2011 taxes late Income is not treated as allocated to qualified intellectual property if it is received or accrued after the earlier of the expiration of the legal life of the qualified intellectual property, or the 10-year period beginning with the date of