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Irs Gov Form 1040a For 2012

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Irs Gov Form 1040a For 2012

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

The Taxpayer Advocate Service is your voice at the IRS. Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Remember, the worst thing you can do is nothing at all.

TAS can help if you can’t resolve your problem with the IRS and:

  • Your problem is causing financial difficulties for you, your family, or your business.
  • You face (or your business is facing) an immediate threat of adverse action.
  • You’ve tried repeatedly to contact the IRS but no one has responded to you, or the IRS hasn’t responded by the date promised.

If you qualify for our help, we’ll do everything we can to get your problem resolved. You'll be assigned to one advocate who will be with you at every turn. Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved.

As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Our tax toolkit can help you understand these rights.
 


Here’s how to reach your local Taxpayer Advocate Service office:

There’s also a list of offices in Publication 1546 ( English, Spanish), Taxpayer Advocate Service–Your Voice at the IRS
 

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Need help but don’t have a Taxpayer Advocate Service office near you?  We have a new option!  TAS now offers help through video conferencing.  

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You can go to a location in one of the cities listed below and use high-definition two-way video conferencing to get face-to-face help from a taxpayer advocate in another city.  Similar to talking to a case advocate in person, this allows you to discuss your tax matters in a private setting.

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Toll-Free Assistance
You can also call this toll-free number to find out if TAS can help you: 1-877-777-4778 or TTY/TTD: 1-800-829-4059. 

You can file Form 911, Request for Taxpayer Advocate Service Assistance, with the Taxpayer Advocate Service, or ask an IRS employee to complete the form on your behalf. Fax or mail the form to your Local Taxpayer Advocate.

 

 

Page Last Reviewed or Updated: 14-Mar-2014

The Irs Gov Form 1040a For 2012

Irs gov form 1040a for 2012 13. Irs gov form 1040a for 2012   Base de Bienes Table of Contents Introduction Useful Items - You may want to see: Base de CostoBienes Raíces Base AjustadaAumentos a la Base Disminuciones a la Base Base Distinta al CostoBienes Recibidos por Servicios Intercambios Sujetos a Impuestos Conversiones Involuntarias Intercambios no Sujetos a Impuestos Bienes Traspasados de un Cónyuge Bienes Recibidos como Donación Bienes Heredados Bienes de Uso Personal Cambiados a Uso Comercial o de Alquiler Acciones y Bonos Introduction Este capítulo explica cómo calcular la base de bienes. Irs gov form 1040a for 2012 Se divide en las siguientes secciones: Base de costo. Irs gov form 1040a for 2012 Base ajustada. Irs gov form 1040a for 2012 Base distinta al costo. Irs gov form 1040a for 2012 Su base es la cantidad de inversión en bienes para propósitos no sujetos a impuestos. Irs gov form 1040a for 2012 Use la base para calcular las pérdidas o ganancias provenientes de la venta, intercambio u otra enajenación de bienes. Irs gov form 1040a for 2012 Además, use la base para calcular las deducciones por depreciación, amortización, agotamiento y pérdidas fortuitas. Irs gov form 1040a for 2012 Si usa bienes para propósitos tanto comerciales como de inversión y personales, tiene que distribuir la base de acuerdo con el uso. Irs gov form 1040a for 2012 Sólo se puede depreciar la base asignada al uso comercial o de inversión de los bienes. Irs gov form 1040a for 2012 Su base original de los bienes se ajusta (aumenta o disminuye) según ciertos hechos. Irs gov form 1040a for 2012 Por ejemplo, si realiza mejoras a los bienes, aumente la base. Irs gov form 1040a for 2012 Si hace deducciones por depreciación o pérdidas fortuitas, o reclama ciertos créditos, reduzca la base. Irs gov form 1040a for 2012 Mantenga documentación precisa de todos los artículos que afecten la base de sus bienes. Irs gov form 1040a for 2012 Para más información sobre cómo mantener dicha documentación, consulte el capítulo 1 . Irs gov form 1040a for 2012 Useful Items - You may want to see: Publicación 15-B Employer's Tax Guide to Fringe Benefits (Guía tributaria sobre beneficios marginales para empleadores), en inglés 525 Taxable and Nontaxable Income (Ingresos sujetos a impuestos y no sujetos a impuestos), en inglés 535 Business Expenses (Gastos de negocio), en inglés 537 Installment Sales (Ventas a plazos), en inglés 544 Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversión), en inglés 551 Basis of Assets (Base de activos), en inglés 946 How To Depreciate Property (Cómo depreciar los bienes), en inglés Base de Costo La base de los bienes comprados normalmente es el costo de dichos bienes. Irs gov form 1040a for 2012 El costo es la cantidad que usted paga en efectivo, obligaciones de deuda, otros bienes o servicios. Irs gov form 1040a for 2012 Éste también puede incluir cantidades que paga por los siguientes artículos: Impuesto sobre ventas, Flete, Instalación y pruebas, Impuestos sobre artículos de uso y consumo, Honorarios legales y contables (cuando se tienen que capitalizar), Timbres de recaudación de impuestos, Costos de registro e Impuestos sobre bienes raíces (si usted los asume por el vendedor). Irs gov form 1040a for 2012 Además, la base de activos de bienes raíces y de negocios puede incluir otros artículos. Irs gov form 1040a for 2012 Préstamos con intereses bajos o sin intereses. Irs gov form 1040a for 2012    Si compra bienes con un plan de pago a plazos con bajos intereses o sin intereses, la base de los bienes es el precio de compra establecido menos las cantidades consideradas intereses no establecidos. Irs gov form 1040a for 2012 Por lo general, se tienen intereses no establecidos si la tasa de interés es menor que la tasa federal correspondiente. Irs gov form 1040a for 2012   Para obtener más información, consulte Unstated Interest and Original Issue Discount (OID) (Intereses no establecidos y descuento de la emisión original (OID, por sus siglas en inglés)) en la Publicación 537, en inglés. Irs gov form 1040a for 2012 Bienes Raíces Los bienes raíces, conocidos también como bienes inmuebles, consisten en tierra y, normalmente, todo lo que esté construido sobre esta tierra, lo que crezca en ella y todo lo instalado en ésta. Irs gov form 1040a for 2012 Si compra bienes raíces, algunos honorarios y otros gastos que usted pague son parte de la base de costo de los bienes. Irs gov form 1040a for 2012 Compra por suma global. Irs gov form 1040a for 2012   Si compra edificios junto con la tierra por una suma global, asigne la base del costo entre la tierra y los edificios. Irs gov form 1040a for 2012 Asigne el costo según los valores justos de mercado (FMV, por sus siglas en inglés) respectivos de la tierra y los edificios al momento de la compra. Irs gov form 1040a for 2012 Calcule la base de cada uno de los activos multiplicando la suma global por una fracción. Irs gov form 1040a for 2012 El numerador es el valor justo de mercado de dicho activo y el denominador es el valor justo de mercado de los bienes en su totalidad al momento de la compra. Irs gov form 1040a for 2012    Si no está seguro del valor justo de mercado de la tierra y los edificios, puede asignar la base de dichos bienes conforme a sus valores tasados para propósitos del impuesto sobre bienes raíces. Irs gov form 1040a for 2012 Valor justo de mercado (FMV). Irs gov form 1040a for 2012   El valor justo de mercado (FMV, por sus siglas en inglés) es el precio por el cual los bienes cambian de propietario entre un comprador y un vendedor, cuando ninguno tiene la obligación de comprar o vender y cuando ambos tienen conocimiento razonable de todo hecho necesario. Irs gov form 1040a for 2012 Las ventas de bienes similares alrededor de la misma fecha pueden ser útiles para calcular el valor justo de mercado de los bienes. Irs gov form 1040a for 2012 Asunción de hipoteca. Irs gov form 1040a for 2012   Si compra bienes y asume una hipoteca existente sobre los bienes (o si compra bienes sujetos a hipoteca), su base incluye la cantidad que paga por los bienes más la cantidad que se tiene que pagar sobre la hipoteca. Irs gov form 1040a for 2012 Cargos de liquidación. Irs gov form 1040a for 2012   Su base incluye los cargos de liquidación y los costos de cierre que pagó por comprar los bienes. Irs gov form 1040a for 2012 Un cargo por comprar bienes es un costo que se tiene que pagar aun si compra los bienes en efectivo. Irs gov form 1040a for 2012 No incluya en su base cargos ni costos por obtener un préstamo sobre los bienes. Irs gov form 1040a for 2012   Los siguientes son algunos de los cargos por liquidación o costos de cierre que puede incluir en la base de los bienes: Cargos por investigación del título de propiedad. Irs gov form 1040a for 2012 Cargos por conexión de servicios públicos. Irs gov form 1040a for 2012 Cargos por trámites legales (incluyendo cargos por la búsqueda del título y la preparación del contrato de compraventa y la escritura). Irs gov form 1040a for 2012 Costos de registro. Irs gov form 1040a for 2012 Cargos por estudios topográficos. Irs gov form 1040a for 2012 Impuestos de traspaso. Irs gov form 1040a for 2012 Seguro de título de la propiedad. Irs gov form 1040a for 2012 Cantidades que adeuda el vendedor y que usted acuerda pagar, como impuestos o intereses atrasados, costos de registro y cargos hipotecarios, cargos por mejoras o reparaciones y comisiones por ventas. Irs gov form 1040a for 2012   Los costos de liquidación no incluyen cantidades puestas en depósito para el pago futuro de gastos como impuestos y seguro. Irs gov form 1040a for 2012   Los siguientes son algunos de los cargos por liquidación y costos de cierre que no puede incluir en la base de los bienes: Primas de un seguro contra hechos fortuitos. Irs gov form 1040a for 2012 Alquiler por ocupación de la propiedad antes del cierre. Irs gov form 1040a for 2012 Cargos por servicios públicos u otros servicios relacionados con la ocupación de la propiedad antes del cierre. Irs gov form 1040a for 2012 Cargos relacionados con la obtención de un préstamo, tales como puntos (puntos de descuento, costos originarios del préstamo), primas de seguro hipotecario, cargos por asunción del préstamo, costo de un informe de crédito y cargos por una tasación que sea requisito del prestamista. Irs gov form 1040a for 2012 Cargos por refinanciamiento de una hipoteca. Irs gov form 1040a for 2012 Impuestos sobre bienes raíces. Irs gov form 1040a for 2012   Si paga los impuestos sobre bienes raíces que el vendedor adeudaba sobre los bienes raíces que usted compró y el vendedor no se los reembolsa, considere estos impuestos como parte de su base. Irs gov form 1040a for 2012 No puede deducirlos como gasto. Irs gov form 1040a for 2012    Si le reembolsa al vendedor los impuestos que éste pagó por usted, normalmente puede deducir la cantidad como gasto en el año de la compra. Irs gov form 1040a for 2012 No incluya esta cantidad en la base de bienes. Irs gov form 1040a for 2012 Si no se los reembolsa al vendedor, tiene que restar esos impuestos de su base. Irs gov form 1040a for 2012 Puntos. Irs gov form 1040a for 2012   Si paga puntos para obtener un préstamo (incluyendo una hipoteca, una segunda hipoteca, una línea de crédito o un préstamo sobre el valor neto de la vivienda), no sume los puntos a la base de los bienes correspondientes. Irs gov form 1040a for 2012 Normalmente, los puntos se deducen a lo largo del plazo del préstamo. Irs gov form 1040a for 2012 Para más información sobre cómo deducir puntos, consulte el capítulo 23 . Irs gov form 1040a for 2012 Puntos de hipoteca de vivienda. Irs gov form 1040a for 2012   Le pueden corresponder reglas especiales sobre los puntos que usted y el vendedor paguen cuando usted obtenga una hipoteca para comprar su vivienda principal. Irs gov form 1040a for 2012 Si se cumplen ciertos requisitos, puede deducir los puntos en su totalidad para el año en que se pagaron. Irs gov form 1040a for 2012 Reduzca la base de su vivienda por los puntos que pagó el vendedor. Irs gov form 1040a for 2012 Base Ajustada Antes de calcular las pérdidas o ganancias de una venta, intercambio u otra enajenación de bienes o de calcular la depreciación, agotamiento o amortización permisibles, por regla general, tiene que realizar ciertos ajustes (aumentos o disminuciones) a la base del costo o base distinta al costo (explicadas más adelante) de los bienes. Irs gov form 1040a for 2012 El resultado de estos ajustes a la base es la base ajustada. Irs gov form 1040a for 2012 Aumentos a la Base Aumente la base de los bienes por todos los artículos correctamente sumados a una cuenta de capital. Irs gov form 1040a for 2012 Ejemplos de artículos que aumentan la base se encuentran en la Tabla 13-1. Irs gov form 1040a for 2012 Algunos de estos artículos se explican a continuación. Irs gov form 1040a for 2012 Mejoras. Irs gov form 1040a for 2012   Sume a su base de los bienes el costo de las mejoras que tengan vida útil de más de 1 año, si éstas aumentan el valor de los bienes, prolongan su vida útil o los adaptan para un uso diferente. Irs gov form 1040a for 2012 Por ejemplo, las mejoras incluyen la instalación de una sala de recreación en un sótano no terminado, la construcción de un baño o dormitorio adicional, la colocación de una cerca, la instalación de nueva plomería o cableado, la instalación de un nuevo tejado o la pavimentación de la entrada de autos. Irs gov form 1040a for 2012 Gravámenes por mejoras locales. Irs gov form 1040a for 2012   Sume a la base de los bienes los cargos por mejoras como calles y aceras o banquetas, si éstas aumentan el valor de los bienes. Irs gov form 1040a for 2012 No deduzca dichos cargos como impuestos. Irs gov form 1040a for 2012 Sin embargo, puede deducir como impuestos los cargos por mantenimiento, reparaciones o cargos de intereses relacionados con las mejoras. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 El ayuntamiento transforma la calle ubicada frente a su tienda en un paseo peatonal y le tasa un gravamen a la propiedad de usted y a las de otros propietarios afectados por el costo del cambio de la calle. Irs gov form 1040a for 2012 Sume dicho cargo a la base de sus bienes. Irs gov form 1040a for 2012 En este ejemplo, el cargo es un activo depreciable. Irs gov form 1040a for 2012 Disminuciones a la Base Reduzca la base de bienes por todo lo que represente un rendimiento de capital en el período durante el cual tuvo los bienes. Irs gov form 1040a for 2012 Los ejemplos de artículos que reducen la base se encuentran en la Tabla 13-1. Irs gov form 1040a for 2012 Algunos de estos artículos se explican a continuación. Irs gov form 1040a for 2012 Tabla 13-1. Irs gov form 1040a for 2012 Ejemplos de Ajustes a la Base Aumentos a la Base Disminuciones a la Base • Mejoras de capital: • Exclusión en los ingresos de subsidios  por sistemas de ahorro de energía   Ampliación de la vivienda     Instalación de un tejado completo     Pavimentación de la entrada de autos • Deducciones por pérdidas fortuitas o  por robo y reembolsos de seguros   Instalación de aire acondicionado central     Cambio del cableado en la vivienda         • Gravámenes por mejoras locales: • Ganancia aplazada de la venta de una  vivienda   Conexiones de agua     Extensión de cables de servicios públicos   hasta la propiedad • Crédito por vehículos con motor  alternativo (Formulario 8910)   Banquetas o aceras     Calles       • Crédito por bienes para recargar  vehículos de combustible alternativo   (Formulario 8911)             • Pérdidas por hechos fortuitos:  Restauración de bienes dañados   • Créditos por energía eficaz  residencial (Formulario 5695)         • Depreciación y deducción conforme a  la sección 179       • Honorarios legales: • Distribuciones de sociedades  anónimas no sujetos a impuestos   Costo de defender y perfeccionar un título   de propiedad     Honorarios por obtener la reducción de un   gravamen del ayuntamiento • Determinadas deudas canceladas  excluidas de los ingresos       • Costos de zonificación • Servidumbres (derechos de acceso  a la propiedad)         • Beneficios tributarios por adopción Pérdidas por hecho fortuito y robo. Irs gov form 1040a for 2012   Si tiene pérdidas por hecho fortuito o por robo, reste de la base de los bienes el dinero del seguro u otros reembolsos y las pérdidas deducibles no cubiertas por el seguro. Irs gov form 1040a for 2012    Tiene que aumentar la base de los bienes por la cantidad que gaste en reparaciones que restauren los bienes a su condición previa al hecho fortuito. Irs gov form 1040a for 2012   Para obtener más información acerca de las pérdidas fortuitas y por robo, consulte el capítulo 25 . Irs gov form 1040a for 2012 Depreciación y deducción conforme a la sección 179. Irs gov form 1040a for 2012   Reste de la base de la propiedad comercial calificada las deducciones que haya declarado conforme a la sección 179 y la depreciación que haya deducido, o pudo haber deducido (incluyendo todo descuento especial por depreciación), en la declaración de impuestos según el método de depreciación que seleccionó. Irs gov form 1040a for 2012   Para obtener más información acerca de la depreciación y la deducción conforme a la sección 179, consulte la Publicación 946 y las Instrucciones del Formulario 4562, ambas en inglés. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 Usted fue propietario de un dúplex usado como vivienda de alquiler que le costó $40,000, de los cuales $35,000 fueron asignados al edificio y $5,000 al terreno. Irs gov form 1040a for 2012 Hizo una ampliación al dúplex que costó $10,000. Irs gov form 1040a for 2012 En febrero del año pasado, el dúplex sufrió daños por un incendio. Irs gov form 1040a for 2012 Hasta ese momento, usted había descontado una depreciación de $23,000. Irs gov form 1040a for 2012 Vendió algunos materiales rescatados del siniestro por $1,300 y cobró $19,700 de la compañía de seguros. Irs gov form 1040a for 2012 Dedujo una pérdida fortuita de $1,000 en su declaración de impuestos sobre el ingreso del año pasado. Irs gov form 1040a for 2012 Gastó $19,000 del dinero del seguro para la restauración del dúplex, que se completó este año. Irs gov form 1040a for 2012 Tiene que usar la base ajustada del dúplex después de la restauración para determinar la depreciación para el resto del período de recuperación de la propiedad. Irs gov form 1040a for 2012 Calcule la base ajustada del dúplex de la siguiente manera: Costo original del dúplex $35,000 Ampliación hecha al dúplex 10,000 Costo total del dúplex $45,000 Menos: Depreciación 23,000 Base ajustada antes del hecho fortuito $22,000 Menos: Dinero del seguro $19,700     Pérdida fortuita deducida 1,000     Materiales rescatados 1,300 22,000 Base ajustada después del hecho fortuito $-0- Sume: Costo de restauración del dúplex 19,000 Base ajustada después de la restauración $19,000 Nota: La base del terreno es el costo original de $5,000. Irs gov form 1040a for 2012 Servidumbres (derechos de acceso a la propiedad). Irs gov form 1040a for 2012   La cantidad recibida por otorgar una servidumbre normalmente se considera ganancia de la venta de una participación en bienes raíces. Irs gov form 1040a for 2012 Esto reduce la base de la parte afectada de los bienes. Irs gov form 1040a for 2012 Si la cantidad recibida es mayor que la base de la parte de la propiedad afectada por la servidumbre, reduzca su base de esa parte a cero y considere el remanente como una ganancia reconocida. Irs gov form 1040a for 2012   Si la ganancia es sobre bienes de capital, consulte el capítulo 16 para obtener más información acerca de cómo declararla. Irs gov form 1040a for 2012 Si la ganancia es sobre bienes usados en una ocupación o negocio, consulte la Publicación 544, en inglés, para obtener información acerca de cómo declararla. Irs gov form 1040a for 2012 Exclusión de subsidios por sistemas de ahorro de energía. Irs gov form 1040a for 2012   Puede excluir del ingreso bruto todo subsidio recibido de una compañía de servicios públicos por la compra o instalación de un sistema de ahorro de energía para una vivienda. Irs gov form 1040a for 2012 De la base de los bienes para los cuales recibió el subsidio, reste la cantidad excluida. Irs gov form 1040a for 2012 Para obtener más información acerca de este subsidio, consulte el capítulo 12 . Irs gov form 1040a for 2012 Ganancia aplazada de la venta de una vivienda. Irs gov form 1040a for 2012    Si aplazó la ganancia de la venta de su vivienda principal según las reglas en vigencia antes del 7 de mayo de 1997, tiene que restar la ganancia aplazada de la base de la vivienda que adquirió como reposición. Irs gov form 1040a for 2012 Para obtener más información acerca de las reglas sobre la venta de una vivienda, vea el capítulo 15 . Irs gov form 1040a for 2012 Base Distinta al Costo En muchas ocasiones, no puede usar el costo como base. Irs gov form 1040a for 2012 En estos casos, se puede usar el valor justo de mercado o la base ajustada de los bienes. Irs gov form 1040a for 2012 El valor justo de mercado y la base ajustada se explican en secciones anteriores. Irs gov form 1040a for 2012 Bienes Recibidos por Servicios Si recibe bienes por sus servicios, incluya el valor justo de mercado de dichos bienes en los ingresos. Irs gov form 1040a for 2012 La cantidad que incluye en los ingresos es la base. Irs gov form 1040a for 2012 Si los servicios se prestaron por un precio acordado con anticipación, éste se aceptará como el valor justo de mercado de los bienes si no existen pruebas de lo contrario. Irs gov form 1040a for 2012 Bienes restringidos. Irs gov form 1040a for 2012   Si recibe bienes por sus servicios y los bienes están sujetos a ciertas restricciones, la base de los bienes es el valor justo de mercado en el momento en que estén sustancialmente establecidos sus derechos a dichos bienes. Irs gov form 1040a for 2012 Sin embargo, esta regla no corresponde si elige incluir en los ingresos el valor justo de mercado de los bienes en el momento en que se le traspasen dichos bienes, menos la cantidad que pagó por éstos. Irs gov form 1040a for 2012 Su derecho sobre esos bienes están sustancialmente establecidos cuando dichos bienes se pueden traspasar o cuando no están sujetos a un riesgo importante de pérdida (es decir, usted tiene pocas probabilidades de perderlos). Irs gov form 1040a for 2012 Para obtener más información, consulte Restricted Property (Bienes restringidos) en la Publicación 525, en inglés. Irs gov form 1040a for 2012 Compra por valor inferior. Irs gov form 1040a for 2012   Una compra por valor inferior es una compra de un artículo por un valor menor que su valor justo de mercado. Irs gov form 1040a for 2012 Si, como compensación por servicios, compra productos u otros bienes por un valor menor al valor justo de mercado, incluya en su ingreso la diferencia entre el precio de compra y el valor justo de mercado de los bienes. Irs gov form 1040a for 2012 La base de los bienes es el valor justo de mercado (precio de compra más la cantidad que se incluye en los ingresos). Irs gov form 1040a for 2012   Si la diferencia entre el precio de compra y el valor justo de mercado es un descuento al empleado, no incluya la diferencia en los ingresos. Irs gov form 1040a for 2012 Sin embargo, la base de los bienes sigue siendo el valor justo de mercado. Irs gov form 1040a for 2012 Consulte Employee Discounts (Descuentos del empleado) en la Publicación 15-B, en inglés. Irs gov form 1040a for 2012 Intercambios Sujetos a Impuestos Un intercambio sujeto a impuestos es aquel intercambio en el que la ganancia está sujeta a impuestos o la pérdida es deducible. Irs gov form 1040a for 2012 Una ganancia sujeta a impuestos o pérdida deducible también se conoce como ganancia o pérdida reconocida. Irs gov form 1040a for 2012 Si recibe bienes como intercambio por otros bienes a través de un intercambio sujeto a impuestos, normalmente la base de los bienes que recibe es el valor justo de mercado al momento del intercambio. Irs gov form 1040a for 2012 Conversiones Involuntarias Si recibe bienes de reposición como resultado de una conversión involuntaria, tal como un hecho fortuito, robo o expropiación forzosa, calcule la base de los bienes de reposición usando la base de los bienes convertidos. Irs gov form 1040a for 2012 Bienes similares o afines. Irs gov form 1040a for 2012   Si recibe bienes de reposición similares o afines en servicio o uso a los bienes convertidos, la base de los bienes de reposición es la misma que la base de los bienes convertidos en la fecha de la conversión, con los siguientes ajustes: Reduzca la base por lo siguiente: Toda pérdida que reconozca en la conversión involuntaria. Irs gov form 1040a for 2012 Todo dinero que reciba y que no gaste en bienes afines. Irs gov form 1040a for 2012 Aumente la base por lo siguiente: Toda ganancia que reconozca en la conversión involuntaria. Irs gov form 1040a for 2012 Todo costo de adquisición de los bienes de reposición. Irs gov form 1040a for 2012 Dinero o bienes no similares ni afines. Irs gov form 1040a for 2012    Si recibe dinero o bienes no similares o no afines en servicio o uso a los bienes convertidos y compra bienes de reposición similares o afines en servicio o uso a los bienes convertidos, la base de los bienes de reposición es el costo menos la ganancia no reconocida en la conversión. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 El estado expropió sus bienes. Irs gov form 1040a for 2012 La base ajustada de los bienes era $26,000 y el estado le pagó $31,000 por éstos. Irs gov form 1040a for 2012 Usted obtuvo una ganancia de $5,000 ($31,000 − $26,000). Irs gov form 1040a for 2012 Por $29,000 compró bienes de reposición similares en uso a los bienes convertidos. Irs gov form 1040a for 2012 Obtiene una ganancia de $2,000 ($31,000 − $29,000), la parte no gastada del pago que recibió del estado. Irs gov form 1040a for 2012 Su ganancia no reconocida es $3,000, la diferencia entre los $5,000 de ganancia obtenida y los $2,000 de ganancia reconocida. Irs gov form 1040a for 2012 La base de los bienes de reposición se calcula de la siguiente manera: Costo de los bienes de reposición $29,000 Menos: Ganancia no reconocida 3,000 Base de los bienes de reposición $26,000 Cómo distribuir la base. Irs gov form 1040a for 2012   Si compra más de una propiedad de reposición, distribuya la base entre los bienes de acuerdo con los costos respectivos. Irs gov form 1040a for 2012 Base de depreciación. Irs gov form 1040a for 2012   Hay reglas especiales para determinar y depreciar la base de los bienes MACRS (Sistema modificado de recuperación acelerada de costos) adquiridos en una conversión involuntaria. Irs gov form 1040a for 2012 Para información, vea What Is the Basis of Your Depreciable Property? (¿Cuál es la base de los bienes depreciables?), en el capítulo 1 de la Publicación 946, en inglés. Irs gov form 1040a for 2012 Intercambios no Sujetos a Impuestos Un intercambio no sujeto a impuestos es aquel intercambio en el que no se gravan las ganancias y no se pueden deducir las pérdidas. Irs gov form 1040a for 2012 Si recibe bienes por intercambio no sujetos a impuestos, normalmente la base es la misma que la base de los bienes que traspasó. Irs gov form 1040a for 2012 Consulte Canjes no Sujetos a Impuestos en el capítulo 14. Irs gov form 1040a for 2012 Intercambios de Bienes del Mismo Tipo El intercambio de bienes del mismo tipo es la clase más común de intercambio no sujeto a impuestos. Irs gov form 1040a for 2012 Para considerarse intercambio de bienes del mismo tipo, tanto los bienes canjeados como los bienes recibidos tienen que ser los siguientes: Bienes calificados. Irs gov form 1040a for 2012 Bienes del mismo tipo. Irs gov form 1040a for 2012 La base de los bienes que recibe normalmente es la misma que la base ajustada de los bienes que traspase. Irs gov form 1040a for 2012 Si canjea los bienes en un intercambio de bienes del mismo tipo y también paga dinero, la base de los bienes recibidos es la base ajustada de los bienes que entregó más el dinero que pagó. Irs gov form 1040a for 2012 Bienes calificados. Irs gov form 1040a for 2012   En un intercambio de bienes del mismo tipo, tiene que mantener para inversión o uso productivo en su ocupación o negocio tanto los bienes que traspase como los bienes que reciba. Irs gov form 1040a for 2012 Bienes del mismo tipo. Irs gov form 1040a for 2012   Tiene que haber un intercambio de bienes del mismo tipo. Irs gov form 1040a for 2012 Los bienes del mismo tipo son bienes de la misma naturaleza o carácter, aun si son de grado o calidad diferente. Irs gov form 1040a for 2012 El intercambio de bienes raíces por bienes raíces, o de bienes muebles por bienes muebles similares, es un intercambio de bienes del mismo tipo. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 Usted canjea un camión viejo que usó en su negocio con una base ajustada de $1,700 por un camión nuevo que tiene un costo de $6,800. Irs gov form 1040a for 2012 El concesionario le hace un descuento de $2,000 por el camión viejo y usted paga $4,800. Irs gov form 1040a for 2012 Esto es un ejemplo de un intercambio de bienes del mismo tipo. Irs gov form 1040a for 2012 La base del camión nuevo es $6,500 (la base ajustada del camión viejo, $1,700, más la cantidad que pagó, $4,800). Irs gov form 1040a for 2012 Si vende el camión viejo a un tercero por $2,000, en lugar de hacer un canje y luego comprar un camión nuevo a un concesionario, usted tiene una ganancia sujeta a impuestos de $300 sobre la venta (el precio de venta de $2,000 menos la base ajustada de $1,700). Irs gov form 1040a for 2012 La base del camión nuevo es el precio que paga al concesionario. Irs gov form 1040a for 2012 Intercambios parcialmente no sujetos a impuestos. Irs gov form 1040a for 2012   Un intercambio parcialmente no sujeto a impuestos es un intercambio en el que usted recibe bienes que no son del mismo tipo o dinero, además de bienes del mismo tipo. Irs gov form 1040a for 2012 La base de los bienes que recibe es igual a la base ajustada total de los bienes que traspasó, con los siguientes ajustes: Reduzca la base por lo siguiente: Todo el dinero que reciba. Irs gov form 1040a for 2012 Todas las pérdidas que reconozca en el intercambio. Irs gov form 1040a for 2012 Aumente la base por lo siguiente: Todos los costos adicionales en los que incurra. Irs gov form 1040a for 2012 Todas las ganancias que reconozca en el intercambio. Irs gov form 1040a for 2012 Si la otra parte implicada en el intercambio asume las deudas que le pertenecen a usted, trate la asunción de deuda como dinero que usted recibió en el intercambio. Irs gov form 1040a for 2012 Asignación de la base. Irs gov form 1040a for 2012   Si recibe tanto bienes del mismo tipo como bienes que no son del mismo tipo en el intercambio, asigne la base primero a los bienes que no sean del mismo tipo, excepto dinero, hasta su valor justo de mercado en la fecha del intercambio. Irs gov form 1040a for 2012 El resto es la base de los bienes del mismo tipo. Irs gov form 1040a for 2012 Información adicional. Irs gov form 1040a for 2012   Para obtener más información, consulte Like-Kind Exchanges (Intercambios de bienes del mismo tipo) en el capítulo 1 de la Publicación 544, en inglés. Irs gov form 1040a for 2012 Base de depreciación. Irs gov form 1040a for 2012   Hay reglas especiales para determinar y depreciar la base de los bienes MACRS adquiridos en un intercambio de bienes del mismo tipo. Irs gov form 1040a for 2012 Para información, vea What Is the Basis of Your Depreciable Property? (¿Cuál es la base de los bienes depreciables?), en el capítulo 1 de la Publicación 946, en inglés. Irs gov form 1040a for 2012 Bienes Traspasados de un Cónyuge La base de los bienes traspasados a usted o traspasados en fideicomiso para su beneficio por su cónyuge es la misma base que la base ajustada de su cónyuge. Irs gov form 1040a for 2012 Se aplica la misma regla a un traspaso efectuado por su ex cónyuge en relación con su divorcio. Irs gov form 1040a for 2012 Sin embargo, para bienes traspasados en fideicomiso, ajuste la base según las ganancias reconocidas por su cónyuge o ex cónyuge si las obligaciones asumidas, más las obligaciones a las que están sujetos los bienes, son mayores que la base ajustada de los bienes traspasados. Irs gov form 1040a for 2012 Si los bienes que le son traspasados son bonos de ahorros estadounidenses de la serie E, serie EE o serie I, el cesionario tiene que incluir en el ingreso los intereses devengados a la fecha del traspaso. Irs gov form 1040a for 2012 Su base en los bonos, inmediatamente después del traspaso, es igual a la base del cesionario más el ingreso de intereses que se pueda incluir en el ingreso del cesionario. Irs gov form 1040a for 2012 Para obtener más información acerca de estos bonos, consulte el capítulo 7 . Irs gov form 1040a for 2012 Al momento del traspaso, el cesionario tiene que entregarle la documentación necesaria para determinar la base ajustada y el período de tenencia de los bienes a partir de la fecha de traspaso. Irs gov form 1040a for 2012 Para obtener más información acerca del traspaso de bienes de un cónyuge, consulte el capítulo 14 . Irs gov form 1040a for 2012 Bienes Recibidos como Donación Para calcular la base de una propiedad recibida como donación, tiene que conocer la base ajustada del donante justo antes de la donación, el valor justo de mercado de esta propiedad al momento en que se dona y los impuestos sobre donaciones pagados por dicha propiedad. Irs gov form 1040a for 2012 Valor justo de mercado menor que la base ajustada del donante. Irs gov form 1040a for 2012   Si el valor justo de mercado de los bienes al momento de la donación es menor que la base ajustada del donante, la base depende de si usted tiene ganancias o pérdidas cuando enajene los bienes. Irs gov form 1040a for 2012 Su base para calcular ganancias es la misma que la base ajustada del donante más o menos los ajustes requeridos a la base mientras usted tenía los bienes. Irs gov form 1040a for 2012 Su base para calcular pérdidas es el valor justo de mercado cuando recibió la donación más o menos los ajustes requeridos a la base mientras usted tenía los bienes. Irs gov form 1040a for 2012 Vea Base Ajustada , anteriormente. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 Usted recibió un acre de terreno como donación. Irs gov form 1040a for 2012 Al momento de la donación, el terreno tenía un valor justo de mercado de $8,000. Irs gov form 1040a for 2012 La base ajustada del donante era $10,000. Irs gov form 1040a for 2012 Después de recibir los bienes, no sucedió nada que aumentara ni disminuyera la base de los mismos. Irs gov form 1040a for 2012 Si posteriormente usted vende los bienes por $12,000, tendrá una ganancia de $2,000 porque tiene que usar la base ajustada del donante al momento de la donación ($10,000) como base para calcular la ganancia. Irs gov form 1040a for 2012 Si vende los bienes por $7,000, tendrá una pérdida de $1,000 porque tiene que usar el valor justo de mercado al momento de la donación ($8,000) como base para calcular la pérdida. Irs gov form 1040a for 2012 Si el precio de venta está entre $8,000 y $10,000, no tiene ganancias ni pérdidas. Irs gov form 1040a for 2012 Bienes comerciales. Irs gov form 1040a for 2012   Si mantiene la donación como bienes comerciales, su base para calcular deducciones por depreciación, agotamiento o amortización es la misma que la base del donante más o menos los ajustes requeridos a la base mientras usted tiene los bienes. Irs gov form 1040a for 2012 Valor justo de mercado igual o mayor que la base ajustada del donante. Irs gov form 1040a for 2012   Si el valor justo de mercado de los bienes es igual o mayor que la base ajustada del donante, la base es la base ajustada del donante al momento en que usted recibió la donación. Irs gov form 1040a for 2012 Aumente la base por la totalidad o parte de los impuestos sobre donaciones pagados, según la fecha de donación, como se explica más adelante. Irs gov form 1040a for 2012   Además, para calcular las pérdidas o ganancias de una venta u otra enajenación o para calcular deducciones por depreciación, agotamiento o amortización sobre bienes comerciales, tiene que aumentar o reducir la base (la base ajustada del donante) por los ajustes requeridos a la base mientras usted tuvo los bienes. Irs gov form 1040a for 2012 Vea Base Ajustada , anteriormente. Irs gov form 1040a for 2012   Si recibió una donación durante el año tributario, aumente la base de la donación (la base ajustada del donante) por la parte del impuesto sobre donaciones pagado sobre esta donación debido al aumento neto en valor de la donación. Irs gov form 1040a for 2012 Calcule el aumento multiplicando el impuesto pagado sobre la donación por la siguiente fracción. Irs gov form 1040a for 2012 El numerador de la fracción es el aumento neto del valor de la donación y el denominador es la cantidad de la donación. Irs gov form 1040a for 2012   El aumento neto del valor de la donación es el valor justo de mercado de la donación menos la base ajustada del donante. Irs gov form 1040a for 2012 La cantidad de la donación es el valor para fines del impuesto sobre la donación después de haber sido reducida por toda exclusión anual y deducción conyugal o caritativa que corresponda a la donación. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 En el año 2013, usted recibió una donación de bienes de su madre que tenía un valor justo de mercado de $50,000. Irs gov form 1040a for 2012 La base ajustada de su madre era $20,000. Irs gov form 1040a for 2012 La cantidad de la donación para propósitos del impuesto sobre donaciones era $36,000 ($50,000 menos la exclusión anual de $14,000). Irs gov form 1040a for 2012 Su madre pagó un impuesto sobre donaciones de $7,320 sobre los bienes. Irs gov form 1040a for 2012 La base de usted es $26,076, calculada de la siguiente manera: Valor justo de mercado. Irs gov form 1040a for 2012 $50,000 Menos: Base ajustada −20,000 Aumento neto en valor $30,000     Impuesto sobre la donación pagado $7,320 Multiplicado por ($30,000 ÷ $36,000) × 0. Irs gov form 1040a for 2012 83 Impuesto sobre la donación debido al aumento neto en valor $6,076 Base ajustada de los bienes para su madre +20,000 La base de los bienes para usted $26,076 Nota: Si recibió una donación antes de 1977, la base de la donación para usted (la base ajustada del donante) incluye todos los impuestos sobre donaciones pagados sobre ésta. Irs gov form 1040a for 2012 Sin embargo, la base no puede ser mayor que el valor justo de mercado de la donación al momento en que se le dio a usted. Irs gov form 1040a for 2012 Bienes Heredados Su base en bienes heredados de un difunto que falleció antes del 1 de enero de 2010 o después del 31 de diciembre de 2010, es normalmente uno de los siguientes: El valor justo de mercado de los bienes en la fecha de muerte del difunto. Irs gov form 1040a for 2012 El valor justo de mercado en la fecha de valuación alternativa si el representante personal del caudal hereditario elige usar una valuación alternativa. Irs gov form 1040a for 2012 El valor según el método de valuación de uso especial para bienes raíces usados en actividades agrícolas o en el ejercicio de un negocio estrechamente controlado por pocos accionistas si se elige para propósitos del impuesto sobre la herencia. Irs gov form 1040a for 2012 La base ajustada del terreno del difunto hasta el valor excluido de la herencia sujeto a impuestos del difunto como una servidumbre de conservación calificada. Irs gov form 1040a for 2012 Si no hay que presentar una declaración del impuesto federal sobre la herencia, la base de los bienes heredados es el valor tasado en la fecha de fallecimiento para los impuestos estatales sobre la herencia o la transmisión. Irs gov form 1040a for 2012 Para obtener más información, consulte las Instrucciones del Formulario 706, United States Estate (and Generation-Skipping Transfer) Tax Return (Declaración del impuesto sobre el patrimonio (y transferencia con salto de generación) de los Estados Unidos), en inglés. Irs gov form 1040a for 2012 Bienes heredados de un difunto que falleció en 2010. Irs gov form 1040a for 2012   Si heredó bienes de un difunto que falleció en 2010, pueden aplicarse requisitos especiales. Irs gov form 1040a for 2012 Para más información, vea la Publicación 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010 (Trato tributario de bienes adquiridos de un difunto que falleció en 2010), en inglés. Irs gov form 1040a for 2012 Bienes gananciales. Irs gov form 1040a for 2012   En las jurisdicciones donde rigen las leyes de la comunidad de bienes gananciales (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington y Wisconsin), se considera generalmente que cada cónyuge posee la mitad de los bienes gananciales. Irs gov form 1040a for 2012 Al fallecer cualquiera de los cónyuges, el total del valor de los bienes gananciales, aún la parte que le pertenece al cónyuge sobreviviente, normalmente se convierte en la base de la totalidad de los bienes. Irs gov form 1040a for 2012 Para que esta regla corresponda, por lo menos la mitad del valor de los bienes gananciales tiene que poderse incluir en el patrimonio bruto del difunto, independientemente de si se tiene que presentar o no una declaración sobre la herencia. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012   Usted y su cónyuge tenían bienes gananciales cuya base era $80,000. Irs gov form 1040a for 2012 Cuando su cónyuge falleció, la mitad del valor justo de mercado de los bienes gananciales era incluible en el patrimonio de su cónyuge. Irs gov form 1040a for 2012 El valor justo de mercado de los intereses de los bienes gananciales era $100,000. Irs gov form 1040a for 2012 La base de su mitad de los bienes después de la muerte de su cónyuge es $50,000 (la mitad del valor justo de mercado de $100,000). Irs gov form 1040a for 2012 La base de la otra mitad que se pasa a los herederos de su cónyuge también es $50,000. Irs gov form 1040a for 2012   Para más información, vea la Publicación 555, Community Property (Comunidad de bienes gananciales), en inglés. Irs gov form 1040a for 2012 Bienes de Uso Personal Cambiados a Uso Comercial o de Alquiler Si tiene bienes para uso personal y luego los cambia a uso comercial o los usa para producir ingresos de alquiler, puede empezar a depreciar dichos bienes al momento del cambio. Irs gov form 1040a for 2012 Para hacerlo, tiene que calcular la base para propósitos de depreciación al momento del cambio. Irs gov form 1040a for 2012 Un ejemplo de un cambio de bienes de uso personal a uso comercial o de alquiler sería alquilar su antigua vivienda personal. Irs gov form 1040a for 2012 Base para propósitos de depreciación. Irs gov form 1040a for 2012   La base para depreciación es la menor de las siguientes cantidades: El valor justo de mercado de los bienes en la fecha del cambio. Irs gov form 1040a for 2012 La base ajustada en la fecha del cambio. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 Hace varios años, usted pagó $160,000 por construir su casa en un terreno que costó $25,000. Irs gov form 1040a for 2012 Pagó $20,000 por mejoras permanentes a la vivienda y declaró una deducción por pérdidas fortuitas de $2,000 por daños a la vivienda antes de cambiar los bienes a uso de alquiler el año pasado. Irs gov form 1040a for 2012 Como el terreno no es depreciable, usted incluye sólo el costo de la vivienda al calcular la base para propósitos de determinar depreciación. Irs gov form 1040a for 2012 Su base ajustada en la vivienda, cuando cambió su uso, era $178,000 ($160,000 + $20,000 − $2,000). Irs gov form 1040a for 2012 En la misma fecha, su propiedad tenía un valor justo de mercado de $180,000, del cual $15,000 correspondían al terreno y $165,000 a la vivienda. Irs gov form 1040a for 2012 La base para calcular la depreciación de la vivienda es el valor justo de mercado en la fecha del cambio ($165,000) ya que es menor que la base ajustada ($178,000). Irs gov form 1040a for 2012 Venta de bienes. Irs gov form 1040a for 2012   Si en el futuro usted vende o enajena los bienes cambiados a uso comercial o de alquiler, la base que use dependerá de si calcula pérdidas o ganancias. Irs gov form 1040a for 2012 Ganancia. Irs gov form 1040a for 2012   La base para calcular una ganancia es la base ajustada de los bienes en el momento de la venta. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 Suponga los mismos hechos que en el ejemplo anterior, excepto que usted vende los bienes obteniendo una ganancia después de descontar $37,500 por concepto de deducciones por depreciación. Irs gov form 1040a for 2012 Su base ajustada para calcular la ganancia es $165,500 ($178,000 + $25,000 (terreno) − $37,500). Irs gov form 1040a for 2012 Pérdida. Irs gov form 1040a for 2012   Calcule la base para una pérdida empezando con la base ajustada o el valor justo de mercado de los bienes al momento del cambio a uso comercial o de alquiler, el que sea menor. Irs gov form 1040a for 2012 Luego haga ajustes (aumentos y reducciones) para el período después del cambio de uso de los bienes, como se explicó anteriormente bajo Base Ajustada . Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 Suponga los mismos hechos que en el ejemplo anterior, excepto que usted vende los bienes con pérdida después de descontar $37,500 por concepto de deducciones por depreciación. Irs gov form 1040a for 2012 En este caso, empezaría con el valor justo de mercado en la fecha del cambio a uso de alquiler ($180,000), ya que es menor que la base ajustada de $203,000 ($178,000 + $25,000 (terreno)) en esa fecha. Irs gov form 1040a for 2012 Reste de esa cantidad ($180,000) las deducciones por depreciación ($37,500). Irs gov form 1040a for 2012 La base para pérdidas es $142,500 ($180,000 − $37,500). Irs gov form 1040a for 2012 Acciones y Bonos La base de acciones o bonos que usted compre, por lo general, es el precio de compra más los costos de la compra, como comisiones y costos de registro o de traspaso. Irs gov form 1040a for 2012 Si obtiene acciones o bonos por un medio que no sea la compra, la base suele determinarse por el valor justo de mercado o la base ajustada del propietario anterior, como se explica anteriormente. Irs gov form 1040a for 2012 Tiene que ajustar la base de las acciones según ciertos hechos que sucedan después de la compra. Irs gov form 1040a for 2012 Por ejemplo, si recibe acciones adicionales de dividendos de acciones no sujetas a impuestos o divisiones de acciones, reduzca la base para cada acción, dividiendo la base ajustada de las acciones antiguas entre el número de acciones antiguas y nuevas. Irs gov form 1040a for 2012 Esta regla se aplica sólo cuando el número de acciones adicionales recibidas es idéntico al número de acciones tenidas. Irs gov form 1040a for 2012 Además, reduzca la base cuando reciba distribuciones no sujetas a impuestos. Irs gov form 1040a for 2012 Son un rendimiento de capital. Irs gov form 1040a for 2012 Ejemplo. Irs gov form 1040a for 2012 En el año 2011, compró 100 acciones de XYZ por $1,000, o sea, a $10 por acción. Irs gov form 1040a for 2012 En el año 2012, compró 100 acciones de XYZ por $1,600, o sea, a $16 por acción. Irs gov form 1040a for 2012 En el año 2013, XYZ declaró una división de acciones de 2 por 1. Irs gov form 1040a for 2012 Ahora tiene 200 acciones con una base de $5 por acción y 200 acciones con una base de $8 por acción. Irs gov form 1040a for 2012 Otras bases. Irs gov form 1040a for 2012   Existen otras maneras de calcular la base de acciones o bonos, según cómo los adquirió. Irs gov form 1040a for 2012 Para obtener información más detallada, consulte Stocks and Bonds (Acciones y bonos) bajo Basis of Investment Property (Base de bienes de inversión) en el capítulo 4 de la Publicación 550, en inglés. Irs gov form 1040a for 2012 Cómo identificar acciones o bonos vendidos. Irs gov form 1040a for 2012   Si puede identificar correctamente las acciones o los bonos que vendió, entonces la base de éstos es el costo u otra base de las acciones o bonos específicos. Irs gov form 1040a for 2012 Si compra y vende valores en fechas distintas y en cantidades distintas y no puede identificar correctamente las acciones vendidas, entonces la base de los valores que venda es la base de los valores que adquirió primero. Irs gov form 1040a for 2012 Para obtener más información sobre cómo identificar los valores que venda, consulte Stocks and Bonds (Acciones y bonos) bajo Basis of Investment Property (Base de bienes de inversión) en el capítulo 4 de la Publicación 550, en inglés. Irs gov form 1040a for 2012 Acciones de fondos mutuos. Irs gov form 1040a for 2012   Si vende acciones de fondos mutuos que adquirió en fechas distintas y a precios distintos, y que dejó en depósito en una cuenta mantenida por un custodio o agente, puede optar por usar una base promedio. Irs gov form 1040a for 2012 Para obtener más información, consulte la Publicación 550, en inglés. Irs gov form 1040a for 2012 Prima de bonos. Irs gov form 1040a for 2012   Si compra un bono sujeto a impuestos con prima (o sea, a un precio que excede su valor nominal) y elige amortizarla, reste de la base del bono la prima amortizada que deduzca cada año. Irs gov form 1040a for 2012 Para obtener más información, consulte Bond Premium Amortization (Amortización de primas de bonos) en el capítulo 3 de la Publicación 550, en inglés. Irs gov form 1040a for 2012 Aunque no puede deducir la prima sobre un bono exento de impuestos, tiene que amortizar la prima cada año y restar la cantidad amortizada de la base del bono. Irs gov form 1040a for 2012 Descuento de la emisión original (OID) sobre instrumentos de deuda. Irs gov form 1040a for 2012   Tiene que aumentar la base de un instrumento de deuda de un descuento de la emisión original (OID, por sus siglas en inglés) por el OID que incluya en sus ingresos por ese instrumento. Irs gov form 1040a for 2012 Consulte Descuento de la emisión original (OID) en el capítulo 7 y la Publicación 1212, Guide to Original Issue Discount (OID) Instruments (Guía de instrumentos del descuento de la emisión original (OID)), en inglés. Irs gov form 1040a for 2012 Obligaciones exentas de impuestos. Irs gov form 1040a for 2012    Por lo general, el OID sobre las obligaciones exentas de impuestos no está sujeto a impuestos. Irs gov form 1040a for 2012 Sin embargo, cuando enajene una obligación exenta de impuestos emitida después del 3 de septiembre de 1982 y comprada después del 1 de marzo de 1984, tiene que acumular el OID sobre la obligación para determinar su base ajustada. Irs gov form 1040a for 2012 El OID acumulado se suma a la base de la obligación para determinar su pérdida o ganancia. Irs gov form 1040a for 2012 Consulte el cápitulo 4 de la Publicación 550, en inglés. Irs gov form 1040a for 2012 Prev  Up  Next   Home   More Online Publications