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Irs Mailing Address 1040ez

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Irs Mailing Address 1040ez

Irs mailing address 1040ez Publication 544 - Additional Material Table of Contents Tax Publications for Business TaxpayersSee How To Get Tax Help for a variety of ways to get publications, including by computer, phone, and mail. Irs mailing address 1040ez General Guides 1 Your Rights as a Taxpayer 17 Your Federal Income Tax (For Individuals) 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 509 Tax Calendars 910 IRS Guide to Free Tax Services Employer's Guides 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 51 (Circular A), Agricultural Employer's Tax Guide 80 (Circular SS), Federal Tax Guide For Employers in the U. Irs mailing address 1040ez S. Irs mailing address 1040ez Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands 926 Household Employer's Tax Guide Specialized Publications 225 Farmer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses 505 Tax Withholding and Estimated Tax 510 Excise Taxes (Including Fuel Tax Credits and Refunds) 515 Withholding of Tax on Nonresident Aliens and Foreign Entities 517 Social Security and Other Information for Members of the Clergy and Religious Workers 527 Residential Rental Property 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 537 Installment Sales 538 Accounting Periods and Methods 541 Partnerships 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 556 Examination of Returns, Appeal Rights, and Claims for Refund 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 561 Determining the Value of Donated Property 583 Starting a Business and Keeping Records 587 Business Use of Your Home (Including Use by Daycare Providers) 594 What You Should Know About The IRS Collection Process 595 Capital Construction Fund for Commercial Fishermen 597 Information on the United States-Canada Income Tax Treaty 598 Tax on Unrelated Business Income of Exempt Organizations 686 Certification for Reduced Tax Rates in Tax Treaty Countries 901 U. Irs mailing address 1040ez S. Irs mailing address 1040ez Tax Treaties 908 Bankruptcy Tax Guide 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property 947 Practice Before the IRS and Power of Attorney 1544 Reporting Cash Payments of Over $10,000 (Received in a Trade or Business) 1546 Taxpayer Advocate Service - Your Voice at the IRS Spanish Language Publications 1SP Derechos del Contribuyente 179 (Circular PR), Guía Contributiva Federal Para Patronos Puertorriqueños 579SP Cómo Preparar la Declaración de Impuesto Federal 594SP Qué es lo Debemos Saber Sobre El Proceso de Cobro del IRS 850 English-Spanish Glossary of Words and Phrases Used in Publications Issued by the Internal Revenue Service 1544SP Informe de Pagos en Efectivo en Exceso de $10,000 (Recibidos en una Ocupación o Negocio) Commonly Used Tax FormsSee How To Get Tax Help for a variety of ways to get forms, including by computer, phone, and mail. Irs mailing address 1040ez Form Number and Form Title W-2 Wage and Tax Statement W-4 Employee's Withholding Allowance Certificate 940 Employer's Annual Federal Unemployment (FUTA) Tax Return 941 Employer's QUARTERLY Federal Tax Return 944 Employer's ANNUAL Federal Tax Return 1040 U. Irs mailing address 1040ez S. Irs mailing address 1040ez Individual Income Tax Return Sch. Irs mailing address 1040ez A & B Itemized Deductions & Interest and Ordinary Dividends Sch. Irs mailing address 1040ez C Profit or Loss From Business Sch. Irs mailing address 1040ez C-EZ Net Profit From Business Sch. Irs mailing address 1040ez D Capital Gains and Losses Sch. Irs mailing address 1040ez E Supplemental Income and Loss Sch. Irs mailing address 1040ez F Profit or Loss From Farming Sch. Irs mailing address 1040ez H Household Employment Taxes Sch. Irs mailing address 1040ez J Income Averaging for Farmers and Fishermen Sch. Irs mailing address 1040ez R Credit for the Elderly or the Disabled Sch. Irs mailing address 1040ez SE Self-Employment Tax 1040-ES Estimated Tax for Individuals 1040X Amended U. Irs mailing address 1040ez S. Irs mailing address 1040ez Individual Income Tax Return 1065 U. Irs mailing address 1040ez S. Irs mailing address 1040ez Return of Partnership Income Sch. Irs mailing address 1040ez D Capital Gains and Losses Sch. Irs mailing address 1040ez K-1 Partner's Share of Income, Deductions, Credits, etc. Irs mailing address 1040ez 1120 U. Irs mailing address 1040ez S. Irs mailing address 1040ez Corporation Income Tax Return Sch. Irs mailing address 1040ez D Capital Gains and Losses 1120S U. Irs mailing address 1040ez S. Irs mailing address 1040ez Income Tax Return for an S Corporation Sch. Irs mailing address 1040ez D Capital Gains and Losses and Built-In Gains Sch. Irs mailing address 1040ez K-1 Shareholder's Share of Income, Deductions, Credits, etc. Irs mailing address 1040ez 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2441 Child and Dependent Care Expenses 2848 Power of Attorney and Declaration of Representative 3800 General Business Credit 3903 Moving Expenses 4562 Depreciation and Amortization 4797 Sales of Business Property 4868 Application for Automatic Extension of Time To File U. Irs mailing address 1040ez S. Irs mailing address 1040ez Individual Income Tax Return 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 6252 Installment Sale Income 7004 Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns 8283 Noncash Charitable Contributions 8300 Report of Cash Payments Over $10,000 Received in a Trade or Business 8582 Passive Activity Loss Limitations 8606 Nondeductible IRAs 8822 Change of Address 8829 Expenses for Business Use of Your Home 8949 Sales and Other Dispositions of Capital Assets Prev  Up  Next   Home   More Online Publications
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The Irs Mailing Address 1040ez

Irs mailing address 1040ez 10. Irs mailing address 1040ez   Installment Sales Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Installment Sale of a Farm Installment MethodWhen to elect out. Irs mailing address 1040ez Revoking the election. Irs mailing address 1040ez More information. Irs mailing address 1040ez Figuring Installment Sale Income Payments Received or Considered Received ExampleSection 1231 gains. Irs mailing address 1040ez Summary. Irs mailing address 1040ez Introduction An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Irs mailing address 1040ez If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. Irs mailing address 1040ez This method of reporting gain is called the installment method. Irs mailing address 1040ez You cannot use the installment method to report a loss. Irs mailing address 1040ez You can choose to report all of your gain in the year of sale. Irs mailing address 1040ez Installment obligation. Irs mailing address 1040ez   The buyer's obligation to make future payments to you can be in the form of a deed of trust, note, land contract, mortgage, or other evidence of the buyer's debt to you. Irs mailing address 1040ez Topics - This chapter discusses: The general rules that apply to using the installment method Installment sale of a farm Useful Items - You may want to see: Publication 523 Selling Your Home 535 Business Expenses 537 Installment Sales 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income See chapter 16 for information about getting publications and forms. Irs mailing address 1040ez Installment Sale of a Farm The installment sale of a farm for one overall price under a single contract is not the sale of a single asset. Irs mailing address 1040ez It generally includes the sale of real property and personal property reportable on the installment method. Irs mailing address 1040ez It may also include the sale of property for which you must maintain an inventory, which cannot be reported on the installment method. Irs mailing address 1040ez See Inventory , later. Irs mailing address 1040ez The selling price must be allocated to determine the amount received for each class of asset. Irs mailing address 1040ez The tax treatment of the gain or loss on the sale of each class of assets is determined by its classification as a capital asset, as property used in the business, or as property held for sale and by the length of time the asset was held. Irs mailing address 1040ez (See chapter 8 for a discussion of capital assets and chapter 9 for a discussion of property used in the business. Irs mailing address 1040ez ) Separate computations must be made to figure the gain or loss for each class of asset sold. Irs mailing address 1040ez See Sale of a Farm in chapter 8. Irs mailing address 1040ez If you report the sale of property on the installment method, any depreciation recapture under section 1245 or 1250 of the Internal Revenue Code is generally taxable as ordinary income in the year of sale. Irs mailing address 1040ez See Depreciation recapture , later. Irs mailing address 1040ez This applies even if no payments are received in that year. Irs mailing address 1040ez Installment Method An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Irs mailing address 1040ez A farmer who is not required to maintain an inventory can use the installment method to report gain from the sale of property used or produced in farming. Irs mailing address 1040ez See Inventory , later, for information on the sale of farm property where inventory items are included in the assets sold. Irs mailing address 1040ez If a sale qualifies as an installment sale, the gain must be reported under the installment method unless you elect out of using the installment method. Irs mailing address 1040ez Electing out of the installment method. Irs mailing address 1040ez   If you elect not to use the installment method, you generally report the entire gain in the year of sale, even though you do not receive all the sale proceeds in that year. Irs mailing address 1040ez   To make this election, do not report your sale on Form 6252. Irs mailing address 1040ez Instead, report it on Schedule D (Form 1040), Form 4797, or both. Irs mailing address 1040ez When to elect out. Irs mailing address 1040ez   Make this election by the due date, including extensions, for filing your tax return for the year the sale takes place. Irs mailing address 1040ez   However, if you timely file your tax return for the year the sale takes place without making the election, you still can make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Irs mailing address 1040ez Write “Filed pursuant to section 301. Irs mailing address 1040ez 9100-2” at the top of the amended return and file it where the original return was filed. Irs mailing address 1040ez Revoking the election. Irs mailing address 1040ez   Once made, the election can be revoked only with IRS approval. Irs mailing address 1040ez A revocation is retroactive. Irs mailing address 1040ez More information. Irs mailing address 1040ez   See Electing Out of the Installment Method in Publication 537 for more information. Irs mailing address 1040ez Inventory. Irs mailing address 1040ez   The sale of farm inventory items cannot be reported on the installment method. Irs mailing address 1040ez All gain or loss on their sale must be reported in the year of sale, even if you receive payment in later years. Irs mailing address 1040ez   If inventory items are included in an installment sale, you may have an agreement stating which payments are for inventory and which are for the other assets being sold. Irs mailing address 1040ez If you do not, each payment must be allocated between the inventory and the other assets sold. Irs mailing address 1040ez Sale at a loss. Irs mailing address 1040ez   If your sale results in a loss, you cannot use the installment method. Irs mailing address 1040ez If the loss is on an installment sale of business assets, you can deduct it only in the tax year of sale. Irs mailing address 1040ez Figuring Installment Sale Income Each payment on an installment sale usually consists of the following three parts. Irs mailing address 1040ez Interest income. Irs mailing address 1040ez Return of your adjusted basis in the property. Irs mailing address 1040ez Gain on the sale. Irs mailing address 1040ez In each year you receive a payment, you must include in income both the interest part and the part that is your gain on the sale. Irs mailing address 1040ez You do not include in income the part that is the return of your basis in the property. Irs mailing address 1040ez Basis is the amount of your investment in the property for installment sale purposes. Irs mailing address 1040ez Interest income. Irs mailing address 1040ez   You must report interest as ordinary income. Irs mailing address 1040ez Interest is generally not included in a down payment. Irs mailing address 1040ez However, you may have to treat part of each later payment as interest, even if it is not called interest in your agreement with the buyer. Irs mailing address 1040ez Interest provided in the agreement is called stated interest. Irs mailing address 1040ez If the agreement does not provide for enough stated interest, there may be unstated interest or original issue discount. Irs mailing address 1040ez See Unstated interest , later. Irs mailing address 1040ez    You must continue to report the interest income on payments you receive in subsequent years as interest income. Irs mailing address 1040ez Adjusted basis and installment sale income (gain on sale). Irs mailing address 1040ez   After you have determined how much of each payment to treat as interest, you treat the rest of each payment as if it were made up of two parts. Irs mailing address 1040ez A tax-free return of your adjusted basis in the property, and Your gain (referred to as “installment sale income” on Form 6252). Irs mailing address 1040ez Figuring adjusted basis for installment sale purposes. Irs mailing address 1040ez   You can use Worksheet 10-1 to figure your adjusted basis in the property for installment sale purposes. Irs mailing address 1040ez When you have completed the worksheet, you will also have determined the gross profit percentage necessary to figure your installment sale income (gain) for this year. Irs mailing address 1040ez    Worksheet 10-1. Irs mailing address 1040ez Figuring Adjusted Basis and Gross Profit Percentage 1. Irs mailing address 1040ez Enter the selling price for the property   2. Irs mailing address 1040ez Enter your adjusted basis for the property     3. Irs mailing address 1040ez Enter your selling expenses     4. Irs mailing address 1040ez Enter any depreciation recapture     5. Irs mailing address 1040ez Add lines 2, 3, and 4. Irs mailing address 1040ez  This is your adjusted basis  for installment sale purposes   6. Irs mailing address 1040ez Subtract line 5 from line 1. Irs mailing address 1040ez If zero or less, enter -0-. Irs mailing address 1040ez  This is your gross profit     If the amount entered on line 6 is zero, Stop here. Irs mailing address 1040ez You cannot use the installment method. Irs mailing address 1040ez   7. Irs mailing address 1040ez Enter the contract price for the property   8. Irs mailing address 1040ez Divide line 6 by line 7. Irs mailing address 1040ez This is your gross profit percentage   Selling price. Irs mailing address 1040ez   The selling price is the total cost of the property to the buyer and includes the following. Irs mailing address 1040ez Any money you are to receive. Irs mailing address 1040ez The fair market value (FMV) of any property you are to receive (FMV is discussed at Property used as a payment under Payments Received or Considered Received ). Irs mailing address 1040ez Any existing mortgage or other debt the buyer pays, assumes, or takes (a note, mortgage, or any other liability, such as a lien, accrued interest, or taxes you owe on the property). Irs mailing address 1040ez Any of your selling expenses the buyer pays. Irs mailing address 1040ez Do not include stated interest, unstated interest, any amount recomputed or recharacterized as interest, or original issue discount. Irs mailing address 1040ez Adjusted basis for installment sale purposes. Irs mailing address 1040ez   Your adjusted basis is the total of the following three items. Irs mailing address 1040ez Adjusted basis. Irs mailing address 1040ez Selling expenses. Irs mailing address 1040ez Depreciation recapture. Irs mailing address 1040ez Adjusted basis. Irs mailing address 1040ez   Basis is your investment in the property for installment sale purposes. Irs mailing address 1040ez The way you figure basis depends on how you acquire the property. Irs mailing address 1040ez The basis of property you buy is generally its cost. Irs mailing address 1040ez The basis of property you inherit, receive as a gift, build yourself, or receive in a tax-free exchange is figured differently. Irs mailing address 1040ez   While you own property, various events may change your original basis. Irs mailing address 1040ez Some events, such as adding rooms or making permanent improvements, increase basis. Irs mailing address 1040ez Others, such as deductible casualty losses or depreciation previously allowed or allowable, decrease basis. Irs mailing address 1040ez The result is adjusted basis. Irs mailing address 1040ez See chapter 6 and Publication 551, Basis of Assets, for more information. Irs mailing address 1040ez Selling expenses. Irs mailing address 1040ez   Selling expenses relate to the sale of the property. Irs mailing address 1040ez They include commissions, attorney fees, and any other expenses paid on the sale. Irs mailing address 1040ez Selling expenses are added to the basis of the sold property. Irs mailing address 1040ez Depreciation recapture. Irs mailing address 1040ez   If the property you sold was depreciable property, you may need to recapture part of the gain on the sale as ordinary income. Irs mailing address 1040ez See Depreciation Recapture in chapter 9 and Depreciation Recapture Income in Publication 537. Irs mailing address 1040ez Gross profit. Irs mailing address 1040ez   Gross profit is the total gain you report on the installment method. Irs mailing address 1040ez   To figure your gross profit, subtract your adjusted basis for installment sale purposes from the selling price. Irs mailing address 1040ez If the property you sold was your home, subtract from the gross profit any gain you can exclude. Irs mailing address 1040ez Contract price. Irs mailing address 1040ez   Contract price equals: The selling price, minus The mortgages, debts, and other liabilities assumed or taken by the buyer, plus The amount by which the mortgages, debts, and other liabilities assumed or taken by the buyer exceed your adjusted basis for installment sale purposes. Irs mailing address 1040ez Gross profit percentage. Irs mailing address 1040ez   A certain percentage of each payment (after subtracting interest) is reported as installment sale income. Irs mailing address 1040ez This percentage is called the gross profit percentage and is figured by dividing your gross profit from the sale by the contract price. Irs mailing address 1040ez   The gross profit percentage generally remains the same for each payment you receive. Irs mailing address 1040ez However, see the example under Selling price reduced , later, for a situation where the gross profit percentage changes. Irs mailing address 1040ez Amount to report as installment sale income. Irs mailing address 1040ez   Multiply the payments you receive each year (less interest) by the gross profit percentage. Irs mailing address 1040ez The result is your installment sales income for the tax year. Irs mailing address 1040ez In certain circumstances, you may be treated as having received a payment, even though you received nothing directly. Irs mailing address 1040ez A receipt of property or the assumption of a mortgage on the property sold may be treated as a payment. Irs mailing address 1040ez For a detailed discussion, see Payments Received or Considered Received , later. Irs mailing address 1040ez Selling price reduced. Irs mailing address 1040ez   If the selling price is reduced at a later date, the gross profit on the sale also will change. Irs mailing address 1040ez You then must refigure the gross profit percentage for the remaining payments. Irs mailing address 1040ez Refigure your gross profit using Worksheet 10-2. Irs mailing address 1040ez New Gross Profit Percentage — Selling Price Reduced. Irs mailing address 1040ez You will spread any remaining gain over future installments. Irs mailing address 1040ez    Worksheet 10-2. Irs mailing address 1040ez New Gross Profit Percentage — Selling Price Reduced 1. Irs mailing address 1040ez Enter the reduced selling  price for the property   2. Irs mailing address 1040ez Enter your adjusted  basis for the  property     3. Irs mailing address 1040ez Enter your selling  expenses     4. Irs mailing address 1040ez Enter any depreciation  recapture     5. Irs mailing address 1040ez Add lines 2, 3, and 4. Irs mailing address 1040ez   6. Irs mailing address 1040ez Subtract line 5 from line 1. Irs mailing address 1040ez  This is your adjusted  gross profit   7. Irs mailing address 1040ez Enter any installment sale  income reported in  prior year(s)   8. Irs mailing address 1040ez Subtract line 7 from line 6   9. Irs mailing address 1040ez Future installments     10. Irs mailing address 1040ez Divide line 8 by line 9. Irs mailing address 1040ez  This is your new  gross profit percentage*. Irs mailing address 1040ez   * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. Irs mailing address 1040ez Example. Irs mailing address 1040ez In 2011, you sold land with a basis of $40,000 for $100,000. Irs mailing address 1040ez Your gross profit was $60,000. Irs mailing address 1040ez You received a $20,000 down payment and the buyer's note for $80,000. Irs mailing address 1040ez The note provides for monthly payments of $1,953 each, figured at 8% interest, amortized over four years, beginning in January 2012. Irs mailing address 1040ez Your gross profit percentage was 60%. Irs mailing address 1040ez You received the down payment of $20,000 in 2011 and total payments of $23,436 in 2012, of which $17,675 was principal and $5,761 was interest according to the amortization schedule. Irs mailing address 1040ez You reported a gain of $12,000 on the down payment received in 2011 and $10,605 ($17,675 X 60% (. Irs mailing address 1040ez 60)) in 2012. Irs mailing address 1040ez In January 2013, you and the buyer agreed to reduce the purchase price to $85,000 and payments during 2013, 2014, and 2015 are reduced to $1,483 a month amortized over the remaining three years. Irs mailing address 1040ez The new gross profit percentage, 47. Irs mailing address 1040ez 32%, is figured in Example — Worksheet 10-2. Irs mailing address 1040ez Example — Worksheet 10-2. Irs mailing address 1040ez New Gross Profit Percentage — Selling Price Reduced 1. Irs mailing address 1040ez Enter the reduced selling  price for the property 85,000 2. Irs mailing address 1040ez Enter your adjusted  basis for the  property 40,000   3. Irs mailing address 1040ez Enter your selling  expenses -0-   4. Irs mailing address 1040ez Enter any depreciation  recapture -0-   5. Irs mailing address 1040ez Add lines 2, 3, and 4. Irs mailing address 1040ez 40,000 6. Irs mailing address 1040ez Subtract line 5 from line 1. Irs mailing address 1040ez  This is your adjusted  gross profit 45,000 7. Irs mailing address 1040ez Enter any installment sale  income reported in  prior year(s) 22,605 8. Irs mailing address 1040ez Subtract line 7 from line 6 22,395 9. Irs mailing address 1040ez Future installments   47,325 10. Irs mailing address 1040ez Divide line 8 by line 9. Irs mailing address 1040ez  This is your new  gross profit percentage*. Irs mailing address 1040ez 47. Irs mailing address 1040ez 32% * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. Irs mailing address 1040ez You will report installment sale income of $6,878 (47. Irs mailing address 1040ez 32% of $14,535) in 2013, $7,449 (47. Irs mailing address 1040ez 32% of $15,742) in 2014, and $8,067 (47. Irs mailing address 1040ez 32% of $17,048) in 2015. Irs mailing address 1040ez Form 6252. Irs mailing address 1040ez   Use Form 6252 to report an installment sale in the year it takes place and to report payments received, or considered received because of related party resales, in later years. Irs mailing address 1040ez Attach it to your tax return for each year. Irs mailing address 1040ez Disposition of Installment Obligation If you are using the installment method and you dispose of the installment obligation, generally you will have a gain or loss to report. Irs mailing address 1040ez It is considered gain or loss on the sale of the property for which you received the installment obligation. Irs mailing address 1040ez Cancellation. Irs mailing address 1040ez   If an installment obligation is canceled or otherwise becomes unenforceable, it is treated as a disposition other than a sale or exchange. Irs mailing address 1040ez Your gain or loss is the difference between your basis in the obligation and its fair market value (FMV) at the time you cancel it. Irs mailing address 1040ez If the parties are related, the FMV of the obligation is considered to be no less than its full face value. Irs mailing address 1040ez Transfer due to death. Irs mailing address 1040ez   The transfer of an installment obligation (other than to a buyer) as a result of the death of the seller is not a disposition. Irs mailing address 1040ez Any unreported gain from the installment obligation is not treated as gross income to the decedent. Irs mailing address 1040ez No income is reported on the decedent's return due to the transfer. Irs mailing address 1040ez Whoever receives the installment obligation as a result of the seller's death is taxed on the installment payments the same as the seller would have been had the seller lived to receive the payments. Irs mailing address 1040ez   However, if the installment obligation is canceled, becomes unenforceable, or is transferred to the buyer because of the death of the holder of the obligation, it is a disposition. Irs mailing address 1040ez The estate must figure its gain or loss on the disposition. Irs mailing address 1040ez If the holder and the buyer were related, the FMV of the installment obligation is considered to be no less than its full face value. Irs mailing address 1040ez More information. Irs mailing address 1040ez   For more information on the disposition of an installment obligation, see Publication 537. Irs mailing address 1040ez Sale of depreciable property. Irs mailing address 1040ez   You generally cannot report gain from the sale of depreciable property to a related person on the installment method. Irs mailing address 1040ez See Sale to a Related Person in Publication 537. Irs mailing address 1040ez   You cannot use the installment method to report any depreciation recapture income up to the gain on the sale. Irs mailing address 1040ez However, report any gain greater than the recapture income on the installment method. Irs mailing address 1040ez   The recapture income reported in the year of sale is included in your installment sale basis to determine your gross profit on the installment sale. Irs mailing address 1040ez   Figure your depreciation recapture income (including the section 179 deduction and the section 179A deduction recapture) in Part III of Form 4797. Irs mailing address 1040ez Report the depreciation recapture income in Part II of Form 4797 as ordinary income in the year of sale. Irs mailing address 1040ez    If you sell depreciable business property, prepare Form 4797 first in order to figure the amount to enter on line 12 of Part I, Form 6252. Irs mailing address 1040ez See the Form 6252 instructions for details. Irs mailing address 1040ez   For more information on the section 179 deduction, see Section 179 Expense Deduction in chapter 7. Irs mailing address 1040ez For more information on depreciation recapture, see Depreciation Recapture in  chapter 9. Irs mailing address 1040ez Payments Received or Considered Received You must figure your gain each year on the payments you receive, or are treated as receiving, from an installment sale. Irs mailing address 1040ez In certain situations, you are considered to have received a payment, even though the buyer does not pay you directly. Irs mailing address 1040ez These situations occur when the buyer assumes or pays any of your debts, such as a loan, or pays any of your expenses, such as a sales commission. Irs mailing address 1040ez However, as discussed later, the buyer's assumption of your debt is treated as a recovery of basis, rather than as a payment, in many cases. Irs mailing address 1040ez Buyer pays seller's expenses. Irs mailing address 1040ez   If the buyer pays any of your expenses related to the sale of your property, it is considered a payment to you in the year of sale. Irs mailing address 1040ez Include these expenses in the selling and contract prices when figuring the gross profit percentage. Irs mailing address 1040ez Buyer assumes mortgage. Irs mailing address 1040ez   If the buyer assumes or pays off your mortgage, or otherwise takes the property subject to the mortgage, the following rules apply. Irs mailing address 1040ez Mortgage less than basis. Irs mailing address 1040ez   If the buyer assumes a mortgage that is not more than your installment sale basis in the property, it is not considered a payment to you. Irs mailing address 1040ez It is considered a recovery of your basis. Irs mailing address 1040ez The contract price is the selling price minus the mortgage. Irs mailing address 1040ez Example. Irs mailing address 1040ez You sell property with an adjusted basis of $19,000. Irs mailing address 1040ez You have selling expenses of $1,000. Irs mailing address 1040ez The buyer assumes your existing mortgage of $15,000 and agrees to pay you $10,000 (a cash down payment of $2,000 and $2,000 (plus 8% interest) in each of the next 4 years). Irs mailing address 1040ez The selling price is $25,000 ($15,000 + $10,000). Irs mailing address 1040ez Your gross profit is $5,000 ($25,000 − $20,000 installment sale basis). Irs mailing address 1040ez The contract price is $10,000 ($25,000 − $15,000 mortgage). Irs mailing address 1040ez Your gross profit percentage is 50% ($5,000 ÷ $10,000). Irs mailing address 1040ez You report half of each $2,000 payment received as gain from the sale. Irs mailing address 1040ez You also report all interest you receive as ordinary income. Irs mailing address 1040ez Mortgage more than basis. Irs mailing address 1040ez   If the buyer assumes a mortgage that is more than your installment sale basis in the property, you recover your entire basis. Irs mailing address 1040ez The part of the mortgage greater than your basis is treated as a payment received in the year of sale. Irs mailing address 1040ez   To figure the contract price, subtract the mortgage from the selling price. Irs mailing address 1040ez This is the total amount (other than interest) you will receive directly from the buyer. Irs mailing address 1040ez Add to this amount the payment you are considered to have received (the difference between the mortgage and your installment sale basis). Irs mailing address 1040ez The contract price is then the same as your gross profit from the sale. Irs mailing address 1040ez    If the mortgage the buyer assumes is equal to or more than your installment sale basis, the gross profit percentage always will be 100%. Irs mailing address 1040ez Example. Irs mailing address 1040ez The selling price for your property is $9,000. Irs mailing address 1040ez The buyer will pay you $1,000 annually (plus 8% interest) over the next 3 years and assume an existing mortgage of $6,000. Irs mailing address 1040ez Your adjusted basis in the property is $4,400. Irs mailing address 1040ez You have selling expenses of $600, for a total installment sale basis of $5,000. Irs mailing address 1040ez The part of the mortgage that is more than your installment sale basis is $1,000 ($6,000 − $5,000). Irs mailing address 1040ez This amount is included in the contract price and treated as a payment received in the year of sale. Irs mailing address 1040ez The contract price is $4,000: Selling price $9,000 Minus: Mortgage (6,000) Amount actually received $3,000 Add difference:   Mortgage $6,000   Minus: Installment sale basis 5,000 1,000 Contract price $4,000   Your gross profit on the sale is also $4,000: Selling price $9,000 Minus: Installment sale basis (5,000) Gross profit $4,000   Your gross profit percentage is 100%. Irs mailing address 1040ez Report 100% of each payment (less interest) as gain from the sale. Irs mailing address 1040ez Treat the $1,000 difference between the mortgage and your installment sale basis as a payment and report 100% of it as gain in the year of sale. Irs mailing address 1040ez Buyer assumes other debts. Irs mailing address 1040ez   If the buyer assumes any other debts, such as a loan or back taxes, it may be considered a payment to you in the year of sale. Irs mailing address 1040ez   If the buyer assumes the debt instead of paying it off, only part of it may have to be treated as a payment. Irs mailing address 1040ez Compare the debt to your installment sale basis in the property being sold. Irs mailing address 1040ez If the debt is less than your installment sale basis, none of it is treated as a payment. Irs mailing address 1040ez If it is more, only the difference is treated as a payment. Irs mailing address 1040ez If the buyer assumes more than one debt, any part of the total that is more than your installment sale basis is considered a payment. Irs mailing address 1040ez These rules are the same as the rules discussed earlier under Buyer assumes mortgage . Irs mailing address 1040ez However, they apply only to the following types of debt the buyer assumes. Irs mailing address 1040ez Those acquired from ownership of the property you are selling, such as a mortgage, lien, overdue interest, or back taxes. Irs mailing address 1040ez Those acquired in the ordinary course of your business, such as a balance due for inventory you purchased. Irs mailing address 1040ez   If the buyer assumes any other type of debt, such as a personal loan or your legal fees relating to the sale, it is treated as if the buyer had paid off the debt at the time of the sale. Irs mailing address 1040ez The value of the assumed debt is then considered a payment to you in the year of sale. Irs mailing address 1040ez Property used as a payment. Irs mailing address 1040ez   If you receive property rather than money from the buyer, it is still considered a payment in the year received. Irs mailing address 1040ez However, see Trading property for like-kind property , later. Irs mailing address 1040ez Generally, the amount of the payment is the property's FMV on the date you receive it. Irs mailing address 1040ez Exception. Irs mailing address 1040ez   If the property the buyer gives you is payable on demand or readily tradable (see examples later), the amount you should consider as payment in the year received is: The FMV of the property on the date you receive it if you use the cash method of accounting, The face amount of the obligation on the date you receive it if you use an accrual method of accounting, or The stated redemption price at maturity less any original issue discount (OID) or, if there is no OID, the stated redemption price at maturity appropriately discounted to reflect total unstated interest. Irs mailing address 1040ez See Unstated interest , later. Irs mailing address 1040ez Examples. Irs mailing address 1040ez If you receive a note from the buyer as payment, and the note stipulates that you can demand payment from the buyer at any time, the note is payable on demand. Irs mailing address 1040ez If you receive marketable securities from the buyer as payment, and you can sell the securities on an established securities market (such as the New York Stock Exchange) at any time, the securities are readily tradable. Irs mailing address 1040ez In these examples, use the above rules to determine the amount you should consider as payment in the year received. Irs mailing address 1040ez Debt not payable on demand. Irs mailing address 1040ez   Any evidence of debt you receive from the buyer that is not payable on demand is not considered a payment. Irs mailing address 1040ez This is true even if the debt is guaranteed by a third party, including a government agency. Irs mailing address 1040ez Fair market value (FMV). Irs mailing address 1040ez   This is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having a reasonable knowledge of all the necessary facts. Irs mailing address 1040ez Third-party note. Irs mailing address 1040ez   If the property the buyer gives you is a third-party note (or other obligation of a third party), you are considered to have received a payment equal to the note's FMV. Irs mailing address 1040ez Because the FMV of the note is itself a payment on your installment sale, any payments you later receive from the third party are not considered payments on the sale. Irs mailing address 1040ez The excess of the note's face value over its FMV is interest. Irs mailing address 1040ez Exclude this interest in determining the selling price of the property. Irs mailing address 1040ez However, see Exception under Property used as a payment , earlier. Irs mailing address 1040ez Example. Irs mailing address 1040ez You sold real estate in an installment sale. Irs mailing address 1040ez As part of the down payment, the buyer assigned to you a $50,000, 8% third-party note. Irs mailing address 1040ez The FMV of the third-party note at the time of the sale was $30,000. Irs mailing address 1040ez This amount, not $50,000, is a payment to you in the year of sale. Irs mailing address 1040ez The third-party note had an FMV equal to 60% of its face value ($30,000 ÷ $50,000), so 60% of each principal payment you receive on this note is a nontaxable return of capital. Irs mailing address 1040ez The remaining 40% is interest taxed as ordinary income. Irs mailing address 1040ez Bond. Irs mailing address 1040ez   A bond or other evidence of debt you receive from the buyer that is payable on demand or readily tradable in an established securities market is treated as a payment in the year you receive it. Irs mailing address 1040ez For more information on the amount you should treat as a payment, see Exception under Property used as a payment , earlier. Irs mailing address 1040ez   If you receive a government or corporate bond for a sale before October 22, 2004, and the bond has interest coupons attached or can be readily traded in an established securities market, you are considered to have received payment equal to the bond's FMV. Irs mailing address 1040ez However, see Exception under Property used as a payment , earlier. Irs mailing address 1040ez Buyer's note. Irs mailing address 1040ez   The buyer's note (unless payable on demand) is not considered payment on the sale. Irs mailing address 1040ez However, its full face value is included when figuring the selling price and the contract price. Irs mailing address 1040ez Payments you receive on the note are used to figure your gain in the year received. Irs mailing address 1040ez Sale to a related person. Irs mailing address 1040ez   If you sell depreciable property to a related person and the sale is an installment sale, you may not be able to report the sale using the installment method. Irs mailing address 1040ez For information on these rules, see the Instructions for Form 6252 and Sale to a Related Person in Publication 537. Irs mailing address 1040ez Trading property for like-kind property. Irs mailing address 1040ez   If you trade business or investment property solely for the same kind of property to be held as business or investment property, you can postpone reporting the gain. Irs mailing address 1040ez See Like-Kind Exchanges in chapter 8 for a discussion of like-kind property. Irs mailing address 1040ez   If, in addition to like-kind property, you receive an installment obligation in the exchange, the following rules apply to determine installment sale income each year. Irs mailing address 1040ez The contract price is reduced by the FMV of the like-kind property received in the trade. Irs mailing address 1040ez The gross profit is reduced by any gain on the trade that can be postponed. Irs mailing address 1040ez Like-kind property received in the trade is not considered payment on the installment obligation. Irs mailing address 1040ez Unstated interest. Irs mailing address 1040ez   An installment sale contract may provide that each deferred payment on the sale will include interest or that there will be an interest payment in addition to the principal payment. Irs mailing address 1040ez Interest provided in the contract is called stated interest. Irs mailing address 1040ez   If an installment sale contract does not provide for adequate stated interest, part of the stated principal amount of the contract may be recharacterized as interest. Irs mailing address 1040ez If Internal Revenue Code section 483 applies to the contract, this interest is called unstated interest. Irs mailing address 1040ez   If Internal Revenue Code section 1274 applies to the contract, this interest is called original issue discount (OID). Irs mailing address 1040ez   Generally, if a buyer gives a debt in consideration for personal use property, the unstated interest rules do not apply. Irs mailing address 1040ez Therefore, the buyer cannot deduct the unstated interest. Irs mailing address 1040ez The seller must report the unstated interest as income. Irs mailing address 1040ez Personal-use property is any property in which substantially all of its use by the buyer is not in connection with a trade or business or an investment activity. Irs mailing address 1040ez   If the debt is subject to the Internal Revenue Code section 483 rules and is also subject to the below-market loan rules, such as a gift loan, compensation-related loan or corporation-shareholder loan, then both parties are subject to the below-market loan rules rather than the unstated interest rules. Irs mailing address 1040ez   Unstated interest reduces the stated selling price of the property and the buyer's basis in the property. Irs mailing address 1040ez It increases the seller's interest income and the buyer's interest expense. Irs mailing address 1040ez   In general, an installment sale contract provides for adequate stated interest if the stated interest rate (based on an appropriate compounding period) is at least equal to the applicable federal rate (AFR). Irs mailing address 1040ez    The AFRs are published monthly in the Internal Revenue Bulletin (IRB). Irs mailing address 1040ez You can get this information by contacting an IRS office. Irs mailing address 1040ez IRBs are also available at IRS. Irs mailing address 1040ez gov. Irs mailing address 1040ez More information. Irs mailing address 1040ez   For more information, see Unstated Interest and Original Issue Discount (OID) in Publication 537. Irs mailing address 1040ez Example. Irs mailing address 1040ez You sell property at a contract price of $6,000 and your gross profit is $1,500. Irs mailing address 1040ez Your gross profit percentage is 25% ($1,500 ÷ $6,000). Irs mailing address 1040ez After subtracting interest, you report 25% of each payment, including the down payment, as installment sale income from the sale for the tax year you receive the payment. Irs mailing address 1040ez The remainder (balance) of each payment is the tax-free return of your adjusted basis. Irs mailing address 1040ez Example On January 3, 2013, you sold your farm, including the home, farm land and buildings. Irs mailing address 1040ez You received $50,000 down and the buyer's note for $200,000. Irs mailing address 1040ez In addition, the buyer assumed an outstanding $50,000 mortgage on the farm land. Irs mailing address 1040ez The total selling price was $300,000. Irs mailing address 1040ez The note payments of $25,000 each, plus adequate interest, are due every July 1 and January 1, beginning in July 2013. Irs mailing address 1040ez Your selling expenses were $15,000. Irs mailing address 1040ez Adjusted basis and depreciation. Irs mailing address 1040ez   The adjusted basis and depreciation claimed on each asset sold are as follows:   Depreciation Adjusted Asset Claimed Basis Home* -0- $33,743 Farm land -0- 73,610 Buildings $31,500 35,130 * Owned and used as main home for at least 2 of the 5 years prior to the sale Gain on each asset. Irs mailing address 1040ez   The following schedule shows the assets included in the sale, each asset's selling price based on its respective value, the selling expense allocated to each asset, the adjusted basis of each asset, and the gain on each asset. Irs mailing address 1040ez The selling expense for each asset is 5% of the selling price ($15,000 selling expense ÷ $300,000 selling price). Irs mailing address 1040ez   Selling Selling Adjusted     Price Expense Basis Gain Home* $60,000 $3,000 $33,743 $23,257 Farm land  165,000  8,250  73,610  83,140 Buildings 75,000 3,750 35,130 36,120   $300,000 $15,000 $142,483 $142,517 * Owned and used as main home for at least 2 of the 5 years prior to the sale Depreciation recapture. Irs mailing address 1040ez   The buildings are section 1250 property. Irs mailing address 1040ez There is no depreciation recapture income for them because they were depreciated using the straight line method. Irs mailing address 1040ez See chapter 9 for more information on depreciation recapture. Irs mailing address 1040ez   Special rules may apply when you sell section 1250 assets depreciated under the straight line method. Irs mailing address 1040ez See the Unrecaptured Section 1250 Gain Worksheet in the Instructions for Schedule D (Form 1040). Irs mailing address 1040ez See chapter 3 of Publication 544, Sales and Other Dispositions of Assets, for more information on section 1250 assets. Irs mailing address 1040ez Installment sale basis and gross profit. Irs mailing address 1040ez   The following table shows each asset reported on the installment method, its selling price, installment sale basis, and gross profit. Irs mailing address 1040ez     Installment     Selling Sale Gross   Price Basis Profit Farm land $165,000 $73,610 $83,140 Buildings 75,000 35,130 36,120   $240,000 $108,740 $119,260 Section 1231 gains. Irs mailing address 1040ez   The gain on the farm land and buildings is reported as section 1231 gains. Irs mailing address 1040ez See Section 1231 Gains and Losses in chapter 9. Irs mailing address 1040ez Contract price and gross profit percentage. Irs mailing address 1040ez   The contract price is $250,000 for the part of the sale reported on the installment method. Irs mailing address 1040ez This is the selling price ($300,000) minus the mortgage assumed ($50,000). Irs mailing address 1040ez   Gross profit percentage for the sale is 47. Irs mailing address 1040ez 70% ($119,260 gross profit ÷ $250,000 contract price). Irs mailing address 1040ez The gross profit percentage for each asset is figured as follows:   Percent Farm land ($83,140 ÷ $250,000) 33. Irs mailing address 1040ez 256 Buildings ($36,120 ÷ $250,000) 14. Irs mailing address 1040ez 448 Total 47. Irs mailing address 1040ez 70 Figuring the gain to report on the installment method. Irs mailing address 1040ez   One hundred percent (100%) of each payment is reported on the installment method. Irs mailing address 1040ez The total amount received on the sale in 2013 is $75,000 ($50,000 down payment + $25,000 payment on July 1). Irs mailing address 1040ez The installment sale part of the total payments received in 2013 is also $75,000. Irs mailing address 1040ez Figure the gain to report for each asset by multiplying its gross profit percentage times $75,000. Irs mailing address 1040ez   Income Farm land—33. Irs mailing address 1040ez 256% × $75,000 $24,942 Buildings—14. Irs mailing address 1040ez 448% × $75,000 10,836 Total installment income for 2013 $35,778 Reporting the sale. Irs mailing address 1040ez   Report the installment sale on Form 6252. Irs mailing address 1040ez Then report the amounts from Form 6252 on Form 4797 and Schedule D (Form 1040). Irs mailing address 1040ez Attach a separate page to Form 6252 that shows the computations in the example. Irs mailing address 1040ez If you sell depreciable business property, prepare Form 4797 first in order to figure the amount to enter on line 12 of Part I, Form 6252. Irs mailing address 1040ez Section 1231 gains. Irs mailing address 1040ez   The gains on the farm land and buildings are section 1231 gains. Irs mailing address 1040ez They may be reported as either capital or ordinary gain depending on the net balance when combined with other section 1231 losses. Irs mailing address 1040ez A net 1231 gain is capital gain and a net 1231 loss is an ordinary loss. Irs mailing address 1040ez Installment income for years after 2013. Irs mailing address 1040ez   You figure installment income for the years after 2013 by applying the same gross profit percentages to the payments you receive each year. Irs mailing address 1040ez If you receive $50,000 during the year, the entire $50,000 is considered received on the installment sale (100% × $50,000). Irs mailing address 1040ez You realize income as follows:   Income Farm land—33. Irs mailing address 1040ez 256% × $50,000 $16,628 Buildings—14. Irs mailing address 1040ez 448% × $50,000 7,224 Total installment income $23,852   In this example, no gain ever is recognized from the sale of your home. Irs mailing address 1040ez You will combine your section 1231 gains from this sale with section 1231 gains and losses from other sales in each of the later years to determine whether to report them as ordinary or capital gains. Irs mailing address 1040ez The interest received with each payment will be included in full as ordinary income. Irs mailing address 1040ez Summary. Irs mailing address 1040ez   The installment income (rounded to the nearest dollar) from the sale of the farm is reported as follows: Selling price $190,000 Minus: Installment basis (108,740) Gross profit $81,260     Gain reported in 2012 (year of sale) $35,778 Gain reported in 2013:   $50,000 × 47. Irs mailing address 1040ez 70% 23,850 Gain reported in 2014:   $50,000 × 47. Irs mailing address 1040ez 70% 23,850 Gain reported in 2015:   $50,000 × 47. Irs mailing address 1040ez 70% 23,850 Gain reported in 2016:   $25,000 × 47. Irs mailing address 1040ez 70% 11,925 Total gain reported $119,253 Prev  Up  Next   Home   More Online Publications