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Tax filing tips Publication 595 - Introductory Material Table of Contents Introduction Important Reminder Introduction This publication discusses the Capital Construction Fund (CCF). Tax filing tips The CCF is a special investment program administered by the National Marine Fisheries Service (NMFS) and the Internal Revenue Service (IRS). Tax filing tips This program allows fishermen to defer paying income tax on certain income they invest in a CCF account and later use to acquire, build, or rebuild fishing vessels. Tax filing tips This publication does not discuss all the tax rules that may apply to your fishing trade or business. Tax filing tips For general information about the federal tax laws that apply to individuals, including commercial fishermen, who file Schedule C or C-EZ, see Publication 334, Tax Guide for Small Business. Tax filing tips If your trade or business is a partnership or corporation, see Publication 541, Partnerships, or Publication 542, Corporations. Tax filing tips Comments and suggestions. Tax filing tips   We welcome your comments about this publication and your suggestions for future editions. Tax filing tips   You can email us at *taxforms@irs. Tax filing tips gov. Tax filing tips Please put “Publications Comment” on the subject line. Tax filing tips   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Tax filing tips NW, IR-6406 Washington, DC 20224   We respond to many letters by telephone. Tax filing tips Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax filing tips Important Reminder Photographs of missing children. Tax filing tips  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax filing tips Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax filing tips You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Tax filing tips Prev  Up  Next   Home   More Online Publications
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The Tax Filing Tips

Tax filing tips 3. Tax filing tips   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. Tax filing tips How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. Tax filing tips However, in some cases you may have a gain that is not taxable or a loss that is not deductible. Tax filing tips This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. Tax filing tips Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. Tax filing tips What Is a Disposition of Property? A disposition of property includes the following transactions. Tax filing tips You sell property for cash or other property. Tax filing tips You exchange property for other property. Tax filing tips You receive money as a tenant for the cancellation of a lease. Tax filing tips You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. Tax filing tips You transfer property to satisfy a debt. Tax filing tips You abandon property. Tax filing tips Your bank or other financial institution forecloses on your mortgage or repossesses your property. Tax filing tips Your property is damaged, destroyed, or stolen, and you receive property or money in payment. Tax filing tips Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. Tax filing tips For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. Tax filing tips For details about other dispositions, see chapter 1 in Publication 544. Tax filing tips Nontaxable exchanges. Tax filing tips   Certain exchanges of property are not taxable. Tax filing tips This means any gain from the exchange is not recognized and you cannot deduct any loss. Tax filing tips Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Tax filing tips Like-kind exchanges. Tax filing tips   A like-kind exchange is the exchange of property for the same kind of property. Tax filing tips It is the most common type of nontaxable exchange. Tax filing tips To be a like-kind exchange, the property traded and the property received must be both of the following. Tax filing tips Business or investment property. Tax filing tips Like property. Tax filing tips   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. Tax filing tips For more information about like-kind exchanges, see chapter 1 in Publication 544. Tax filing tips Installment sales. Tax filing tips   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Tax filing tips If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. Tax filing tips   For more information about installment sales, see Publication 537, Installment Sales. Tax filing tips Sale of a business. Tax filing tips   The sale of a business usually is not a sale of one asset. Tax filing tips Instead, all the assets of the business are sold. Tax filing tips Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Tax filing tips   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. Tax filing tips Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Tax filing tips The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Tax filing tips   For more information about the sale of a business, see chapter 2 of Publication 544. Tax filing tips How Do I Figure a Gain or Loss? Table 3-1. Tax filing tips How To Figure a Gain or Loss IF your. Tax filing tips . Tax filing tips . Tax filing tips THEN you have a. Tax filing tips . Tax filing tips . Tax filing tips Adjusted basis is more than the amount realized Loss. Tax filing tips Amount realized is more than the adjusted basis Gain. Tax filing tips Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. Tax filing tips You need to know these definitions to figure your gain or loss. Tax filing tips Basis. Tax filing tips   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. Tax filing tips 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. Tax filing tips For more information about basis, see Publication 551, Basis of Assets. Tax filing tips Adjusted basis. Tax filing tips   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. Tax filing tips In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. Tax filing tips Amount realized. Tax filing tips   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. Tax filing tips 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. Tax filing tips Fair market value. Tax filing tips   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Tax filing tips Amount recognized. Tax filing tips   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. Tax filing tips Recognized gains must be included in gross income. Tax filing tips Recognized losses are deductible from gross income. Tax filing tips However, a gain or loss realized from certain exchanges of property is not recognized. Tax filing tips See  Nontaxable exchanges, earlier. Tax filing tips Also, you cannot deduct a loss from the disposition of property held for personal use. Tax filing tips Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. Tax filing tips You must do this to figure your net capital gain or loss. Tax filing tips Generally, you will have a capital gain or loss if you dispose of a capital asset. Tax filing tips For the most part, everything you own and use for personal purposes or investment is a capital asset. Tax filing tips Certain property you use in your business is not a capital asset. Tax filing tips A gain or loss from a disposition of this property is an ordinary gain or loss. Tax filing tips However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. Tax filing tips These gains and losses are called section 1231 gains and losses. Tax filing tips For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. Tax filing tips Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. Tax filing tips Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. Tax filing tips The time you own property before disposing of it is called the holding period. Tax filing tips Table 3-2. Tax filing tips Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Tax filing tips . Tax filing tips . Tax filing tips THEN you have a. Tax filing tips . Tax filing tips . Tax filing tips 1 year or less Short-term capital gain or loss. Tax filing tips More than 1 year Long-term capital gain or loss. Tax filing tips For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. Tax filing tips Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. Tax filing tips The instructions for the forms explain how to fill them out. Tax filing tips Dispositions of business property and depreciable property. Tax filing tips   Use Form 4797. Tax filing tips If you have taxable gain, you may also have to use Schedule D (Form 1040). Tax filing tips Like-kind exchanges. Tax filing tips   Use Form 8824, Like-Kind Exchanges. Tax filing tips You may also have to use Form 4797 and Schedule D (Form 1040). Tax filing tips Installment sales. Tax filing tips   Use Form 6252, Installment Sale Income. Tax filing tips You may also have to use Form 4797 and Schedule D (Form 1040). Tax filing tips Casualties and thefts. Tax filing tips   Use Form 4684, Casualties and Thefts. Tax filing tips You may also have to use Form 4797. Tax filing tips Condemned property. Tax filing tips   Use Form 4797. Tax filing tips You may also have to use Schedule D (Form 1040). Tax filing tips Prev  Up  Next   Home   More Online Publications