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1040ez form line 5 6. 1040ez form line 5   Basis of Assets Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Cost BasisReal Property Allocating the Basis Uniform Capitalization Rules Adjusted BasisIncreases to Basis Decreases to Basis Basis Other Than CostTaxable Exchanges Involuntary Conversions Nontaxable Exchanges Property Received as a Gift Property Transferred From a Spouse Inherited Property Property Distributed From a Partnership or Corporation Introduction Your basis is the amount of your investment in property for tax purposes. 1040ez form line 5 Use basis to figure the gain or loss on the sale, exchange, or other disposition of property. 1040ez form line 5 Also use basis to figure depreciation, amortization, depletion, and casualty losses. 1040ez form line 5 If you use property for both business or investment purposes and for personal purposes, you must allocate the basis based on the use. 1040ez form line 5 Only the basis allocated to the business or investment use of the property can be depreciated. 1040ez form line 5 Your original basis in property is adjusted (increased or decreased) by certain events. 1040ez form line 5 For example, if you make improvements to the property, increase your basis. 1040ez form line 5 If you take deductions for depreciation, or casualty losses, or claim certain credits, reduce your basis. 1040ez form line 5 Keep accurate records of all items that affect the basis of your assets. 1040ez form line 5 For information on keeping records, see chapter 1. 1040ez form line 5 Topics - This chapter discusses: Cost basis Adjusted basis Basis other than cost Useful Items - You may want to see: Publication 535 Business Expenses 544 Sales and Other Dispositions of Assets 551 Basis of Assets 946 How To Depreciate Property See chapter 16 for information about getting publications and forms. 1040ez form line 5 Cost Basis The basis of property you buy is usually its cost. 1040ez form line 5 Cost is the amount you pay in cash, debt obligations, other property, or services. 1040ez form line 5 Your cost includes amounts you pay for sales tax, freight, installation, and testing. 1040ez form line 5 The basis of real estate and business assets will include other items, discussed later. 1040ez form line 5 Basis generally does not include interest payments. 1040ez form line 5 However, see Carrying charges and Capitalized interest in chapter 4 of Publication 535. 1040ez form line 5 You also may have to capitalize (add to basis) certain other costs related to buying or producing property. 1040ez form line 5 Under the uniform capitalization rules, discussed later, you may have to capitalize direct costs and certain indirect costs of producing property. 1040ez form line 5 Loans with low or no interest. 1040ez form line 5   If you buy property on a time-payment plan that charges little or no interest, the basis of your property is your stated purchase price minus the amount considered to be unstated interest. 1040ez form line 5 You generally have unstated interest if your interest rate is less than the applicable federal rate. 1040ez form line 5 See the discussion of unstated interest in Publication 537, Installment Sales. 1040ez form line 5 Real Property Real property, also called real estate, is land and generally anything built on, growing on, or attached to land. 1040ez form line 5 If you buy real property, certain fees and other expenses you pay are part of your cost basis in the property. 1040ez form line 5 Some of these expenses are discussed next. 1040ez form line 5 Lump sum purchase. 1040ez form line 5   If you buy improvements, such as buildings, and the land on which they stand for a lump sum, allocate your cost basis between the land and improvements. 1040ez form line 5 Allocate the cost basis according to the respective fair market values (FMVs) of the land and improvements at the time of purchase. 1040ez form line 5 Figure the basis of each asset by multiplying the lump sum by a fraction. 1040ez form line 5 The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. 1040ez form line 5 Fair market value (FMV). 1040ez form line 5   FMV is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. 1040ez form line 5 Sales of similar property on or about the same date may help in figuring the FMV of the property. 1040ez form line 5 If you are not certain of the FMV of the land and improvements, you can allocate the basis according to their assessed values for real estate tax purposes. 1040ez form line 5 Real estate taxes. 1040ez form line 5   If you pay the real estate taxes the seller owed on real property you bought, and the seller did not reimburse you, treat those taxes as part of your basis. 1040ez form line 5   If you reimburse the seller for taxes the seller paid for you, you generally can deduct that amount as a tax expense. 1040ez form line 5 Whether or not you reimburse the seller, do not include that amount in the basis of your property. 1040ez form line 5 Settlement costs. 1040ez form line 5   Your basis includes the settlement fees and closing costs for buying the property. 1040ez form line 5 See Publication 551 for a detailed list of items you can and cannot include in basis. 1040ez form line 5   Do not include fees and costs for getting a loan on the property. 1040ez form line 5 Also, do not include amounts placed in escrow for the future payment of items such as taxes and insurance. 1040ez form line 5 Points. 1040ez form line 5   If you pay points to get a loan (including a mortgage, second mortgage, or line-of-credit), do not add the points to the basis of the related property. 1040ez form line 5 You may be able to deduct the points currently or over the term of the loan. 1040ez form line 5 For more information about deducting points, see Points in chapter 4 of Publication 535. 1040ez form line 5 Assumption of a mortgage. 1040ez form line 5   If you buy property and assume (or buy the property subject to) an existing mortgage, your basis includes the amount you pay for the property plus the amount you owe on the mortgage. 1040ez form line 5 Example. 1040ez form line 5 If you buy a farm for $100,000 cash and assume a mortgage of $400,000, your basis is $500,000. 1040ez form line 5 Constructing assets. 1040ez form line 5   If you build property or have assets built for you, your expenses for this construction are part of your basis. 1040ez form line 5 Some of these expenses include the following costs: Land, Labor and materials, Architect's fees, Building permit charges, Payments to contractors, Payments for rental equipment, and Inspection fees. 1040ez form line 5   In addition, if you use your own employees, farm materials, and equipment to build an asset, do not deduct the following expenses. 1040ez form line 5 You must capitalize them (include them in the asset's basis). 1040ez form line 5 Employee wages paid for the construction work, reduced by any employment credits allowed. 1040ez form line 5 Depreciation on equipment you own while it is used in the construction. 1040ez form line 5 Operating and maintenance costs for equipment used in the construction. 1040ez form line 5 The cost of business supplies and materials used in the construction. 1040ez form line 5    Do not include the value of your own labor, or any other labor you did not pay for, in the basis of any property you construct. 1040ez form line 5 Allocating the Basis In some instances, the rules for determining basis apply to a group of assets acquired in the same transaction or to property that consists of separate items. 1040ez form line 5 To determine the basis of these assets or separate items, there must be an allocation of basis. 1040ez form line 5 Group of assets acquired. 1040ez form line 5   If you buy multiple assets for a lump sum, allocate the amount you pay among the assets. 1040ez form line 5 Use this allocation to figure your basis for depreciation and gain or loss on a later disposition of any of these assets. 1040ez form line 5 You and the seller may agree in the sales contract to a specific allocation of the purchase price among the assets. 1040ez form line 5 If this allocation is based on the value of each asset and you and the seller have adverse tax interests, the allocation generally will be accepted. 1040ez form line 5 Farming business acquired. 1040ez form line 5   If you buy a group of assets that makes up a farming business, there are special rules you must use to allocate the purchase price among the assets. 1040ez form line 5 Generally, reduce the purchase price by any cash received. 1040ez form line 5 Allocate the remaining purchase price to the other business assets received in proportion to (but not more than) their FMV and in a certain order. 1040ez form line 5 See Trade or Business Acquired under Allocating the Basis in Publication 551 for more information. 1040ez form line 5 Transplanted embryo. 1040ez form line 5   If you buy a cow that is pregnant with a transplanted embryo, allocate to the basis of the cow the part of the purchase price equal to the FMV of the cow without the implant. 1040ez form line 5 Allocate the rest of the purchase price to the basis of the calf. 1040ez form line 5 Neither the cost allocated to the cow nor the cost allocated to the calf is deductible as a current business expense. 1040ez form line 5 Uniform Capitalization Rules Under the uniform capitalization rules, you must include certain direct and indirect costs in the basis of property you produce or in your inventory costs, rather than claim them as a current deduction. 1040ez form line 5 You recover these costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. 1040ez form line 5 Generally, you are subject to the uniform capitalization rules if you do any of the following: Produce real or tangible personal property, or Acquire property for resale. 1040ez form line 5 However, this rule does not apply to personal property if your average annual gross receipts for the 3-tax-year period ending with the year preceding the current tax year are $10 million or less. 1040ez form line 5 You produce property if you construct, build, install, manufacture, develop, improve, or create the property. 1040ez form line 5 You are not subject to the uniform capitalization rules if the property is produced for personal use. 1040ez form line 5 In a farming business, you produce property if you raise or grow any agricultural or horticultural commodity, including plants and animals. 1040ez form line 5 Plants. 1040ez form line 5   A plant produced in a farming business includes the following items: A fruit, nut, or other crop-bearing tree; An ornamental tree; A vine; A bush; Sod; and The crop or yield of a plant that will have more than one crop or yield. 1040ez form line 5 Animals. 1040ez form line 5   An animal produced in a farming business includes any stock, poultry or other bird, and fish or other sea life. 1040ez form line 5 The direct and indirect costs of producing plants or animals include preparatory costs and preproductive period costs. 1040ez form line 5 Preparatory costs include the acquisition costs of the seed, seedling, plant, or animal. 1040ez form line 5 For plants, preproductive period costs include the costs of items such as irrigation, pruning, frost protection, spraying, and harvesting. 1040ez form line 5 For animals, preproductive period costs include the costs of items such as feed, maintaining pasture or pen areas, breeding, veterinary services, and bedding. 1040ez form line 5 Exceptions. 1040ez form line 5   In a farming business, the uniform capitalization rules do not apply to: Any animal, Any plant with a preproductive period of 2 years or less, or Any costs of replanting certain plants lost or damaged due to casualty. 1040ez form line 5   Exceptions (1) and (2) do not apply to a corporation, partnership, or tax shelter required to use an accrual method of accounting. 1040ez form line 5 See Accrual Method Required under Accounting Methods in chapter 2. 1040ez form line 5   In addition, you can elect not to use the uniform capitalization rules for plants with a preproductive period of more than 2 years. 1040ez form line 5 If you make this election, special rules apply. 1040ez form line 5 This election cannot be made by a corporation, partnership, or tax shelter required to use an accrual method of accounting. 1040ez form line 5 This election also does not apply to any costs incurred for the planting, cultivation, maintenance, or development of any citrus or almond grove (or any part thereof) within the first 4 years the trees were planted. 1040ez form line 5    If you elect not to use the uniform capitalization rules, you must use the alternative depreciation system for all property used in any of your farming businesses and placed in service in any tax year during which the election is in effect. 1040ez form line 5 See chapter 7, for additional information on depreciation. 1040ez form line 5 Example. 1040ez form line 5 You grow trees that have a preproductive period of more than 2 years. 1040ez form line 5 The trees produce an annual crop. 1040ez form line 5 You are an individual and the uniform capitalization rules apply to your farming business. 1040ez form line 5 You must capitalize the direct costs and an allocable part of indirect costs incurred due to the production of the trees. 1040ez form line 5 You are not required to capitalize the costs of producing the annual crop because its preproductive period is 2 years or less. 1040ez form line 5 Preproductive period of more than 2 years. 1040ez form line 5   The preproductive period of plants grown in commercial quantities in the United States is based on their nationwide weighted average preproductive period. 1040ez form line 5 Plants producing the crops or yields shown in Table 6-1 have a nationwide weighted average preproductive period of more than 2 years. 1040ez form line 5 Other plants (not shown in Table 6-1) may also have a nationwide weighted average preproductive period of more than 2 years. 1040ez form line 5 More information. 1040ez form line 5   For more information on the uniform capitalization rules that apply to property produced in a farming business, see Regulations section 1. 1040ez form line 5 263A-4. 1040ez form line 5 Table 6-1. 1040ez form line 5 Plants With a Preproductive Period of More Than 2 Years Plants producing the following crops or yields have a nationwide weighted average preproductive period of more than 2 years. 1040ez form line 5 Almonds Apples Apricots Avocados Blueberries Cherries Chestnuts Coffee beans Currants Dates Figs Grapefruit Grapes Guavas Kiwifruit Kumquats Lemons Limes Macadamia nuts Mangoes Nectarines Olives Oranges Peaches Pears Pecans Persimmons Pistachio nuts Plums Pomegranates Prunes Tangelos Tangerines Tangors Walnuts Adjusted Basis Before figuring gain or loss on a sale, exchange, or other disposition of property or figuring allowable depreciation, depletion, or amortization, you must usually make certain adjustments to the cost basis or basis other than cost (discussed later) of the property. 1040ez form line 5 The adjustments to the original basis are increases or decreases to the cost basis or other basis which result in the adjusted basis of the property. 1040ez form line 5 Increases to Basis Increase the basis of any property by all items properly added to a capital account. 1040ez form line 5 These include the cost of any improvements having a useful life of more than 1 year. 1040ez form line 5 The following costs increase the basis of property. 1040ez form line 5 The cost of extending utility service lines to property. 1040ez form line 5 Legal fees, such as the cost of defending and perfecting title. 1040ez form line 5 Legal fees for seeking a decrease in an assessment levied against property to pay for local improvements. 1040ez form line 5 Assessments for items such as paving roads and building ditches that increase the value of the property assessed. 1040ez form line 5 Do not deduct these expenses as taxes. 1040ez form line 5 However, you can deduct as taxes amounts assessed for maintenance or repairs, or for meeting interest charges related to the improvements. 1040ez form line 5 If you make additions or improvements to business property, depreciate the basis of each addition or improvement as separate depreciable property using the rules that would apply to the original property if you had placed it in service at the same time you placed the addition or improvement in service. 1040ez form line 5 See chapter 7. 1040ez form line 5 Deducting vs. 1040ez form line 5 capitalizing costs. 1040ez form line 5   Do not add to your basis costs you can deduct as current expenses. 1040ez form line 5 For example, amounts paid for incidental repairs or maintenance are deductible as business expenses and are not added to basis. 1040ez form line 5 However, you can elect either to deduct or to capitalize certain other costs. 1040ez form line 5 See chapter 7 in Publication 535. 1040ez form line 5 Decreases to Basis The following are some items that reduce the basis of property. 1040ez form line 5 Section 179 deduction. 1040ez form line 5 Deductions previously allowed or allowable for amortization, depreciation, and depletion. 1040ez form line 5 Alternative motor vehicle credit. 1040ez form line 5 See Form 8910. 1040ez form line 5 Alternative fuel vehicle refueling property credit. 1040ez form line 5 See Form 8911. 1040ez form line 5 Residential energy efficient property credits. 1040ez form line 5 See Form 5695. 1040ez form line 5 Investment credit (part or all) taken. 1040ez form line 5 Casualty and theft losses and insurance reimbursements. 1040ez form line 5 Payments you receive for granting an easement. 1040ez form line 5 Exclusion from income of subsidies for energy conservation measures. 1040ez form line 5 Certain canceled debt excluded from income. 1040ez form line 5 Rebates from a manufacturer or seller. 1040ez form line 5 Patronage dividends received from a cooperative association as a result of a purchase of property. 1040ez form line 5 See Patronage Dividends in chapter 3. 1040ez form line 5 Gas-guzzler tax. 1040ez form line 5 See Form 6197. 1040ez form line 5 Some of these items are discussed next. 1040ez form line 5 For a more detailed list of items that decrease basis, see section 1016 of the Internal Revenue Code and Publication 551. 1040ez form line 5 Depreciation and section 179 deduction. 1040ez form line 5   The adjustments you must make to the basis of the property if you take the section 179 deduction or depreciate the property are explained next. 1040ez form line 5 For more information on these deductions, see chapter 7. 1040ez form line 5 Section 179 deduction. 1040ez form line 5   If you take the section 179 expense deduction for all or part of the cost of qualifying business property, decrease the basis of the property by the deduction. 1040ez form line 5 Depreciation. 1040ez form line 5   Decrease the basis of property by the depreciation you deducted or could have deducted on your tax returns under the method of depreciation you chose. 1040ez form line 5 If you took less depreciation than you could have under the method chosen, decrease the basis by the amount you could have taken under that method. 1040ez form line 5 If you did not take a depreciation deduction, reduce the basis by the full amount of the depreciation you could have taken. 1040ez form line 5   If you deducted more depreciation than you should have, decrease your basis by the amount you should have deducted plus the part of the excess depreciation you deducted that actually reduced your tax liability for any year. 1040ez form line 5   See chapter 7 for information on figuring the depreciation you should have claimed. 1040ez form line 5   In decreasing your basis for depreciation, take into account the amount deducted on your tax returns as depreciation and any depreciation you must capitalize under the uniform capitalization rules. 1040ez form line 5 Casualty and theft losses. 1040ez form line 5   If you have a casualty or theft loss, decrease the basis of the property by any insurance or other reimbursement. 1040ez form line 5 Also, decrease it by any deductible loss not covered by insurance. 1040ez form line 5 See chapter 11 for information about figuring your casualty or theft loss. 1040ez form line 5   You must increase your basis in the property by the amount you spend on clean-up costs (such as debris removal) and repairs that restore the property to its pre-casualty condition. 1040ez form line 5 To make this determination, compare the repaired property to the property before the casualty. 1040ez form line 5 Easements. 1040ez form line 5   The amount you receive for granting an easement is usually considered to be proceeds from the sale of an interest in the real property. 1040ez form line 5 It reduces the basis of the affected part of the property. 1040ez form line 5 If the amount received is more than the basis of the part of the property affected by the easement, reduce your basis in that part to zero and treat the excess as a recognized gain. 1040ez form line 5 See Easements and rights-of-way in chapter 3. 1040ez form line 5 Exclusion from income of subsidies for energy conservation measures. 1040ez form line 5   You can exclude from gross income any subsidy you received from a public utility company for the purchase or installation of an energy conservation measure for a dwelling unit. 1040ez form line 5 Reduce the basis of the property by the excluded amount. 1040ez form line 5 Canceled debt excluded from income. 1040ez form line 5   If a debt you owe is canceled or forgiven, other than as a gift or bequest, you generally must include the canceled amount in your gross income for tax purposes. 1040ez form line 5 A debt includes any indebtedness for which you are liable or which attaches to property you hold. 1040ez form line 5   You can exclude your canceled debt from income if the debt is any of the following. 1040ez form line 5 Debt canceled in a bankruptcy case or when you are insolvent. 1040ez form line 5 Qualified farm debt. 1040ez form line 5 Qualified real property business debt (provided you are not a C corporation). 1040ez form line 5 Qualified principal residence indebtedness. 1040ez form line 5 Discharge of certain indebtedness of a qualified individual because of Midwestern disasters. 1040ez form line 5 If you exclude canceled debt described in (1) or (2), you may have to reduce the basis of your depreciable and nondepreciable property. 1040ez form line 5 If you exclude canceled debt described in (3), you must only reduce the basis of your depreciable property by the excluded amount. 1040ez form line 5   For more information about canceled debt in a bankruptcy case, see Publication 908, Bankruptcy Tax Guide. 1040ez form line 5 For more information about insolvency and canceled debt that is qualified farm debt or qualified principal residence indebtedness, see chapter 3. 1040ez form line 5 For more information about qualified real property business debt, see Publication 334, Tax Guide for Small Business. 1040ez form line 5 For more information about canceled debt in Midwestern disaster areas, see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. 1040ez form line 5 Basis Other Than Cost There are times when you cannot use cost as basis. 1040ez form line 5 In these situations, the fair market value or the adjusted basis of property may be used. 1040ez form line 5 Examples are discussed next. 1040ez form line 5 Property changed from personal to business or rental use. 1040ez form line 5   When you hold property for personal use and then change it to business use or use it to produce rent, you must figure its basis for depreciation. 1040ez form line 5 An example of changing property from personal to business use would be changing the use of your pickup truck that you originally purchased for your personal use to use in your farming business. 1040ez form line 5   The basis for depreciation is the lesser of: The FMV of the property on the date of the change, or Your adjusted basis on the date of the change. 1040ez form line 5   If you later sell or dispose of this property, the basis you use will depend on whether you are figuring a gain or loss. 1040ez form line 5 The basis for figuring a gain is your adjusted basis in the property when you sell the property. 1040ez form line 5 Figure the basis for a loss starting with the smaller of your adjusted basis or the FMV of the property at the time of the change to business or rental use. 1040ez form line 5 Then make adjustments (increases and decreases) for the period after the change in the property's use, as discussed earlier under Adjusted Basis . 1040ez form line 5 Property received for services. 1040ez form line 5   If you receive property for services, include the property's FMV in income. 1040ez form line 5 The amount you include in income becomes your basis. 1040ez form line 5 If the services were performed for a price agreed on beforehand, it will be accepted as the FMV of the property if there is no evidence to the contrary. 1040ez form line 5 Example. 1040ez form line 5 George Smith is an accountant and also operates a farming business. 1040ez form line 5 George agreed to do some accounting work for his neighbor in exchange for a dairy cow. 1040ez form line 5 The accounting work and the cow are each worth $1,500. 1040ez form line 5 George must include $1,500 in income for his accounting services. 1040ez form line 5 George's basis in the cow is $1,500. 1040ez form line 5 Taxable Exchanges A taxable exchange is one in which the gain is taxable, or the loss is deductible. 1040ez form line 5 A taxable gain or deductible loss also is known as a recognized gain or loss. 1040ez form line 5 A taxable exchange occurs when you receive cash or get property that is not similar or related in use to the property exchanged. 1040ez form line 5 If you receive property in exchange for other property in a taxable exchange, the basis of the property you receive is usually its FMV at the time of the exchange. 1040ez form line 5 Example. 1040ez form line 5 You trade a tract of farmland with an adjusted basis of $2,000 for a tractor that has an FMV of $6,000. 1040ez form line 5 You must report a taxable gain of $4,000 for the land. 1040ez form line 5 The tractor has a basis of $6,000. 1040ez form line 5 Involuntary Conversions If you receive property as a result of an involuntary conversion, such as a casualty, theft, or condemnation, figure the basis of the replacement property you receive using the basis of the converted property. 1040ez form line 5 Similar or related property. 1040ez form line 5   If the replacement property is similar or related in service or use to the converted property, the replacement property's basis is the same as the old property's basis on the date of the conversion. 1040ez form line 5 However, make the following adjustments. 1040ez form line 5 Decrease the basis by the following amounts. 1040ez form line 5 Any loss you recognize on the involuntary conversion. 1040ez form line 5 Any money you receive that you do not spend on similar property. 1040ez form line 5 Increase the basis by the following amounts. 1040ez form line 5 Any gain you recognize on the involuntary conversion. 1040ez form line 5 Any cost of acquiring the replacement property. 1040ez form line 5 Money or property not similar or related. 1040ez form line 5   If you receive money or property not similar or related in service or use to the converted property and you buy replacement property similar or related in service or use to the converted property, the basis of the replacement property is its cost decreased by the gain not recognized on the involuntary conversion. 1040ez form line 5 Allocating the basis. 1040ez form line 5   If you buy more than one piece of replacement property, allocate your basis among the properties based on their respective costs. 1040ez form line 5 Basis for depreciation. 1040ez form line 5   Special rules apply in determining and depreciating the basis of MACRS property acquired in an involuntary conversion. 1040ez form line 5 For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. 1040ez form line 5 For more information about involuntary conversions, see chapter 11. 1040ez form line 5 Nontaxable Exchanges A nontaxable exchange is an exchange in which you are not taxed on any gain and you cannot deduct any loss. 1040ez form line 5 A nontaxable gain or loss also is known as an unrecognized gain or loss. 1040ez form line 5 If you receive property in a nontaxable exchange, its basis is usually the same as the basis of the property you transferred. 1040ez form line 5 Like-Kind Exchanges The exchange of property for the same kind of property is the most common type of nontaxable exchange. 1040ez form line 5 For an exchange to qualify as a like-kind exchange, you must hold for business or investment purposes both the property you transfer and the property you receive. 1040ez form line 5 There must also be an exchange of like-kind property. 1040ez form line 5 For more information, see Like-Kind Exchanges in  chapter 8. 1040ez form line 5 The basis of the property you receive generally is the same as the adjusted basis of the property you gave up. 1040ez form line 5 Example 1. 1040ez form line 5 You traded a truck you used in your farming business for a new smaller truck to use in farming. 1040ez form line 5 The adjusted basis of the old truck was $10,000. 1040ez form line 5 The FMV of the new truck is $30,000. 1040ez form line 5 Because this is a nontaxable exchange, you do not recognize any gain, and your basis in the new truck is $10,000, the same as the adjusted basis of the truck you traded. 1040ez form line 5 Example 2. 1040ez form line 5 You trade a field cultivator (adjusted basis of $8,000) for a planter (FMV of $9,000). 1040ez form line 5 You use both the field cultivator and the planter in your farming business. 1040ez form line 5 The basis of the planter you receive is $8,000, the same as the field cultivator traded Exchange expenses. 1040ez form line 5   Exchange expenses generally are the closing costs that you pay. 1040ez form line 5 They include such items as brokerage commissions, attorney fees, and deed preparation fees. 1040ez form line 5 Add them to the basis of the like-kind property you receive. 1040ez form line 5 Property plus cash. 1040ez form line 5   If you trade property in a like-kind exchange and also pay money, the basis of the property you receive is the adjusted basis of the property you gave up plus the money you paid. 1040ez form line 5 Example. 1040ez form line 5 You trade in a truck (adjusted basis of $3,000) for another truck (FMV of $7,500) and pay $4,000. 1040ez form line 5 Your basis in the new truck is $7,000 (the $3,000 adjusted basis of the old truck plus the $4,000 cash). 1040ez form line 5 Special rules for related persons. 1040ez form line 5   If a like-kind exchange takes place directly or indirectly between related persons and either party disposes of the property within 2 years after the exchange, the exchange no longer qualifies for like-kind exchange treatment. 1040ez form line 5 Each person must report any gain or loss not recognized on the original exchange unless the loss is not deductible under the related party rules. 1040ez form line 5 Each person reports it on the tax return filed for the year in which the later disposition occurred. 1040ez form line 5 If this rule applies, the basis of the property received in the original exchange will be its FMV. 1040ez form line 5 For more information, see chapter 8. 1040ez form line 5 Exchange of business property. 1040ez form line 5   Exchanging the property of one business for the property of another business generally is a multiple property exchange. 1040ez form line 5 For information on figuring basis, see Multiple Property Exchanges in chapter 1 of Publication 544. 1040ez form line 5 Basis for depreciation. 1040ez form line 5   Special rules apply in determining and depreciating the basis of MACRS property acquired in a like-kind transaction. 1040ez form line 5 For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. 1040ez form line 5 Partially Nontaxable Exchanges A partially nontaxable exchange is an exchange in which you receive unlike property or money in addition to like-kind property. 1040ez form line 5 The basis of the property you receive is the same as the adjusted basis of the property you gave up with the following adjustments. 1040ez form line 5 Decrease the basis by the following amounts. 1040ez form line 5 Any money you receive. 1040ez form line 5 Any loss you recognize on the exchange. 1040ez form line 5 Increase the basis by the following amounts. 1040ez form line 5 Any additional costs you incur. 1040ez form line 5 Any gain you recognize on the exchange. 1040ez form line 5 If the other party to the exchange assumes your liabilities, treat the debt assumption as money you received in the exchange. 1040ez form line 5 Example 1. 1040ez form line 5 You trade farmland (basis of $100,000) for another tract of farmland (FMV of $110,000) and $30,000 cash. 1040ez form line 5 You realize a gain of $40,000. 1040ez form line 5 This is the FMV of the land received plus the cash minus the basis of the land you traded ($110,000 + $30,000 − $100,000). 1040ez form line 5 Include your gain in income (recognize gain) only to the extent of the cash received. 1040ez form line 5 Your basis in the land you received is figured as follows. 1040ez form line 5 Basis of land traded $100,000 Minus: Cash received (adjustment 1(a)) − 30,000   $70,000 Plus: Gain recognized (adjustment 2(b)) + 30,000 Basis of land received $100,000 Example 2. 1040ez form line 5 You trade a truck (adjusted basis of $22,750) for another truck (FMV of $20,000) and $10,000 cash. 1040ez form line 5 You realize a gain of $7,250. 1040ez form line 5 This is the FMV of the truck received plus the cash minus the adjusted basis of the truck you traded ($20,000 + $10,000 − $22,750). 1040ez form line 5 You include all the gain in your income (recognize gain) because the gain is less than the cash you received. 1040ez form line 5 Your basis in the truck you received is figured as follows. 1040ez form line 5 Adjusted basis of truck traded $22,750 Minus: Cash received (adjustment 1(a)) −10,000   $12,750 Plus: Gain recognized (adjustment 2(b)) + 7,250 Basis of truck received $20,000 Allocation of basis. 1040ez form line 5   If you receive like-kind and unlike properties in the exchange, allocate the basis first to the unlike property, other than money, up to its FMV on the date of the exchange. 1040ez form line 5 The rest is the basis of the like-kind property. 1040ez form line 5 Example. 1040ez form line 5 You traded a tractor with an adjusted basis of $15,000 for another tractor that had an FMV of $12,500. 1040ez form line 5 You also received $1,000 cash and a truck that had an FMV of $3,000. 1040ez form line 5 The truck is unlike property. 1040ez form line 5 You realized a gain of $1,500. 1040ez form line 5 This is the FMV of the tractor received plus the FMV of the truck received plus the cash minus the adjusted basis of the tractor you traded ($12,500 + $3,000 + $1,000 − $15,000). 1040ez form line 5 You include in income (recognize) all $1,500 of the gain because it is less than the FMV of the unlike property plus the cash received. 1040ez form line 5 Your basis in the properties you received is figured as follows. 1040ez form line 5 Adjusted basis of old tractor $15,000 Minus: Cash received (adjustment 1(a)) − 1,000   $14,000 Plus: Gain recognized (adjustment 2(b)) + 1,500 Total basis of properties received $15,500 Allocate the total basis of $15,500 first to the unlike property—the truck ($3,000). 1040ez form line 5 This is the truck's FMV. 1040ez form line 5 The rest ($12,500) is the basis of the tractor. 1040ez form line 5 Sale and Purchase If you sell property and buy similar property in two mutually dependent transactions, you may have to treat the sale and purchase as a single nontaxable exchange. 1040ez form line 5 Example. 1040ez form line 5 You used a tractor on your farm for 3 years. 1040ez form line 5 Its adjusted basis is $22,000 and its FMV is $40,000. 1040ez form line 5 You are interested in a new tractor, which sells for $60,000. 1040ez form line 5 Ordinarily, you would trade your old tractor for the new one and pay the dealer $20,000. 1040ez form line 5 Your basis for depreciating the new tractor would then be $42,000 ($20,000 + $22,000, the adjusted basis of your old tractor). 1040ez form line 5 However, you want a higher basis for depreciating the new tractor, so you agree to pay the dealer $60,000 for the new tractor if he will pay you $40,000 for your old tractor. 1040ez form line 5 Because the two transactions are dependent on each other, you are treated as having exchanged your old tractor for the new one and paid $20,000 ($60,000 − $40,000). 1040ez form line 5 Your basis for depreciating the new tractor is $42,000, the same as if you traded the old tractor. 1040ez form line 5 Property Received as a Gift To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you. 1040ez form line 5 You also must know its FMV at the time it was given to you and any gift tax paid on it. 1040ez form line 5 FMV equal to or greater than donor's adjusted basis. 1040ez form line 5   If the FMV of the property is equal to or greater than the donor's adjusted basis, your basis is the donor's adjusted basis when you received the gift. 1040ez form line 5 Increase your basis by all or part of any gift tax paid, depending on the date of the gift. 1040ez form line 5   Also, for figuring gain or loss from a sale or other disposition of the property, or for figuring depreciation, depletion, or amortization deductions on business property, you must increase or decrease your basis (the donor's adjusted basis) by any required adjustments to basis while you held the property. 1040ez form line 5 See Adjusted Basis , earlier. 1040ez form line 5   If you received a gift during the tax year, increase your basis in the gift (the donor's adjusted basis) by the part of the gift tax paid on it due to the net increase in value of the gift. 1040ez form line 5 Figure the increase by multiplying the gift tax paid by the following fraction. 1040ez form line 5 Net increase in value of the gift Amount of the gift   The net increase in value of the gift is the FMV of the gift minus the donor's adjusted basis. 1040ez form line 5 The amount of the gift is its value for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. 1040ez form line 5 Example. 1040ez form line 5 In 2013, you received a gift of property from your mother that had an FMV of $50,000. 1040ez form line 5 Her adjusted basis was $20,000. 1040ez form line 5 The amount of the gift for gift tax purposes was $36,000 ($50,000 minus the $14,000 annual exclusion). 1040ez form line 5 She paid a gift tax of $7,320. 1040ez form line 5 Your basis, $26,076, is figured as follows. 1040ez form line 5 Fair market value $50,000 Minus: Adjusted basis −20,000 Net increase in value $30,000 Gift tax paid $7,320 Multiplied by ($30,000 ÷ $36,000) × . 1040ez form line 5 83 Gift tax due to net increase in value $6,076 Adjusted basis of property to your mother +20,000 Your basis in the property $26,076 Note. 1040ez form line 5 If you received a gift before 1977, your basis in the gift (the donor's adjusted basis) includes any gift tax paid on it. 1040ez form line 5 However, your basis cannot exceed the FMV of the gift when it was given to you. 1040ez form line 5 FMV less than donor's adjusted basis. 1040ez form line 5   If the FMV of the property at the time of the gift is less than the donor's adjusted basis, your basis depends on whether you have a gain or a loss when you dispose of the property. 1040ez form line 5 Your basis for figuring gain is the donor's adjusted basis plus or minus any required adjustments to basis while you held the property. 1040ez form line 5 Your basis for figuring loss is its FMV when you received the gift plus or minus any required adjustments to basis while you held the property. 1040ez form line 5 (See Adjusted Basis , earlier. 1040ez form line 5 )   If you use the donor's adjusted basis for figuring a gain and get a loss, and then use the FMV for figuring a loss and get a gain, you have neither gain nor loss on the sale or other disposition of the property. 1040ez form line 5 Example. 1040ez form line 5 You received farmland as a gift from your parents when they retired from farming. 1040ez form line 5 At the time of the gift, the land had an FMV of $80,000. 1040ez form line 5 Your parents' adjusted basis was $100,000. 1040ez form line 5 After you received the land, no events occurred that would increase or decrease your basis. 1040ez form line 5 If you sell the land for $120,000, you will have a $20,000 gain because you must use the donor's adjusted basis at the time of the gift ($100,000) as your basis to figure a gain. 1040ez form line 5 If you sell the land for $70,000, you will have a $10,000 loss because you must use the FMV at the time of the gift ($80,000) as your basis to figure a loss. 1040ez form line 5 If the sales price is between $80,000 and $100,000, you have neither gain nor loss. 1040ez form line 5 For instance, if the sales price was $90,000 and you tried to figure a gain using the donor's adjusted basis ($100,000), you would get a $10,000 loss. 1040ez form line 5 If you then tried to figure a loss using the FMV ($80,000), you would get a $10,000 gain. 1040ez form line 5 Business property. 1040ez form line 5   If you hold the gift as business property, your basis for figuring any depreciation, depletion, or amortization deductions is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you hold the property. 1040ez form line 5 Property Transferred From a Spouse The basis of property transferred to you or transferred in trust for your benefit by your spouse is the same as your spouse's adjusted basis. 1040ez form line 5 The same rule applies to a transfer by your former spouse if the transfer is incident to divorce. 1040ez form line 5 However, for property transferred in trust, adjust your basis for any gain recognized by your spouse or former spouse if the liabilities assumed plus the liabilities to which the property is subject are more than the adjusted basis of the property transferred. 1040ez form line 5 The transferor must give you the records needed to determine the adjusted basis and holding period of the property as of the date of the transfer. 1040ez form line 5 For more information, see Property Settlements in Publication 504, Divorced or Separated Individuals. 1040ez form line 5 Inherited Property Your basis in property you inherited from a decedent, who died before January 1, 2010, or after December 31, 2010, is generally one of the following: The FMV of the property at the date of the decedent's death. 1040ez form line 5 If a federal estate return is filed, you can use its appraised value. 1040ez form line 5 The FMV on the alternate valuation date, if the personal representative for the estate elects to use alternate valuation. 1040ez form line 5 For information on the alternate valuation, see the Instructions for Form 706. 1040ez form line 5 The decedent's adjusted basis in land to the extent of the value that is excluded from the decedent's taxable estate as a qualified conservation easement. 1040ez form line 5 If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes. 1040ez form line 5 Special-use valuation method. 1040ez form line 5   Under certain conditions, when a person dies, the executor or personal representative of that person's estate may elect to value qualified real property at other than its FMV. 1040ez form line 5 If so, the executor or personal representative values the qualified real property based on its use as a farm or other closely held business. 1040ez form line 5 If the executor or personal representative elects this method of valuation for estate tax purposes, this value is the basis of the property for the qualified heirs. 1040ez form line 5 The qualified heirs should be able to get the necessary value from the executor or personal representative of the estate. 1040ez form line 5   If you are a qualified heir who received special-use valuation property, increase your basis by any gain recognized by the estate or trust because of post-death appreciation. 1040ez form line 5 Post-death appreciation is the property's FMV on the date of distribution minus the property's FMV either on the date of the individual's death or on the alternate valuation date. 1040ez form line 5 Figure all FMVs without regard to the special-use valuation. 1040ez form line 5   You may be liable for an additional estate tax if, within 10 years after the death of the decedent, you transfer the property or the property stops being used as a farm. 1040ez form line 5 This tax does not apply if you dispose of the property in a like-kind exchange or in an involuntary conversion in which all of the proceeds are reinvested in qualified replacement property. 1040ez form line 5 The tax also does not apply if you transfer the property to a member of your family and certain requirements are met. 1040ez form line 5   You can elect to increase your basis in special-use valuation property if it becomes subject to the additional estate tax. 1040ez form line 5 To increase your basis, you must make an irrevocable election and pay interest on the additional estate tax figured from the date 9 months after the decedent's death until the date of payment of the additional estate tax. 1040ez form line 5 If you meet these requirements, increase your basis in the property to its FMV on the date of the decedent's death or the alternate valuation date. 1040ez form line 5 The increase in your basis is considered to have occurred immediately before the event that resulted in the additional estate tax. 1040ez form line 5   You make the election by filing, with Form 706-A, United States Additional Estate Tax Return, a statement that: Contains your (and the estate's) name, address, and taxpayer identification number; Identifies the election as an election under section 1016(c) of the Internal Revenue Code; Specifies the property for which you are making the election; and Provides any additional information required by the Form 706-A instructions. 1040ez form line 5   For more information, see Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, Form 706-A, and the related instructions. 1040ez form line 5 Property inherited from a decedent who died in 2010. 1040ez form line 5   If you inherited property from a decedent who died in 2010, different rules may apply. 1040ez form line 5 See Publication 4895, Tax Treatment of Property Acquired From a Decendent Dying in 2010, for details. 1040ez form line 5 Property Distributed From a Partnership or Corporation The following rules apply to determine a partner's basis and a shareholder's basis in property distributed respectively from a partnership to the partner with respect to the partner's interest in the partnership and from a corporation to the shareholder with respect to the shareholder's ownership of stock in the corporation. 1040ez form line 5 Partner's basis. 1040ez form line 5   Unless there is a complete liquidation of a partner's interest, the basis of property (other than money) distributed by a partnership to the partner is its adjusted basis to the partnership immediately before the distribution. 1040ez form line 5 However, the basis of the property to the partner cannot be more than the adjusted basis of his or her interest in the partnership reduced by any money received in the same transaction. 1040ez form line 5 For more information, see Partner's Basis for Distributed Property in Publication 541, Partnerships. 1040ez form line 5 Shareholder's basis. 1040ez form line 5   The basis of property distributed by a corporation to a shareholder is its fair market value. 1040ez form line 5 For more information about corporate distributions, see Distributions to Shareholders in Publication 542, Corporations. 1040ez form line 5 Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Individual Tax Statistics

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Here you will find links to various studies relating to the individual taxpayer.

 

Individual Income Tax Numerous studies which provide statistics on income, deductions, tax, and credits reported on individual Form 1040 income tax returns and associated schedules are available in this area. Find statistics on high income tax returns, income tax rates, nonfarm sole proprietorships, data by geographic areas, and more...

Estate Tax

Estate Tax Statistics OneSheet

This annual study includes information on gross estate and its composition, deductions, and tax; and information on the age, sex, and marital status of decedents. Basic estate tax return data by year in which returns are filed are produced each year. Also included are data on nonresident aliens who had more than $60,000 of assets in the United States. These data come from taxpayers filing Form 706.
International Numerous studies which provide statistics on the individual taxpayer in the international context. Find statistics on foreign recipients of U.S. income, foreign trusts, individual foreign earned income and the foreign tax credit, international boycotts and nonresident alien estate tax returns. These data come from taxpayers filing Forms 706-NA, 1042-S, 1116, 2555, 3520, 5713 and more.
Personal Wealth This periodic study provides estimates of personal wealth of top wealth holders that are generated from estate tax return data using the "estate multiplier" technique, in conjunction with both filing-year and year-of-death estate databases.

Income from Trusts and Estates

Snapshot of Estate and Trust Income Tax Statistics

The U.S. Income Tax Return for Estates and Trusts (Form 1041) is used to report the income, deductions, gains, and losses of estates and trusts, as well as distributions to beneficiaries and income tax liability. Entities are classified into types based on their purpose.  

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Page Last Reviewed or Updated: 24-Mar-2014

The 1040ez Form Line 5

1040ez form line 5 Publication 1212 - Introductory Material Table of Contents Future Developments Photographs of Missing Children IntroductionOrdering forms and publications. 1040ez form line 5 Tax questions. 1040ez form line 5 Useful Items - You may want to see: Future Developments For the latest information about developments related to Pub. 1040ez form line 5 1212, such as legislation enacted after it was published, go to www. 1040ez form line 5 irs. 1040ez form line 5 gov/pub1212. 1040ez form line 5 Photographs of Missing Children The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040ez form line 5 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040ez form line 5 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. 1040ez form line 5 Introduction This publication has two purposes. 1040ez form line 5 Its primary purpose is to help brokers and other middlemen identify publicly offered original issue discount (OID) debt instruments they may hold as nominees for the true owners, so they can file Forms 1099-OID or Forms 1099-INT as required. 1040ez form line 5 The other purpose of the publication is to help owners of publicly offered OID debt instruments determine how much OID to report on their income tax returns. 1040ez form line 5 The list of publicly offered OID debt instruments (OID list) is on the IRS website. 1040ez form line 5 The original issue discount tables, Sections I-A through III-F, are only available on the IRS website at www. 1040ez form line 5 irs. 1040ez form line 5 gov/pub1212 by clicking the link under Recent Developments. 1040ez form line 5 The tables are posted to the website in late November or early December of each year. 1040ez form line 5 The information on these lists come from the issuers of the debt instruments and from financial publications and is updated annually. 1040ez form line 5 (However, see Debt Instruments Not on the OID List, later. 1040ez form line 5 ) Brokers and other middlemen can rely on this list to determine, for information reporting purposes, whether a debt instrument was issued at a discount and the OID to be reported on information returns. 1040ez form line 5 However, because the information in the list has generally not been verified by the IRS as correct, the following tax matters are subject to change upon examination by the IRS. 1040ez form line 5 The OID reported by owners of a debt instrument on their income tax returns. 1040ez form line 5 The issuer's classification of an instrument as debt for federal income tax purposes. 1040ez form line 5 Instructions for issuers of OID debt instruments. 1040ez form line 5   In general, issuers of publicly offered OID debt instruments must, within 30 days after the issue date, report information about the instruments to the IRS on Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments. 1040ez form line 5 See the form instructions for more information. 1040ez form line 5 Issuers should report errors in and omissions from the list in writing at the following address:  IRS OID Publication Project SE:W:CAR:MP:T  1111 Constitution Ave. 1040ez form line 5 NW, IR-6526 Washington, D. 1040ez form line 5 C. 1040ez form line 5 20224 REMIC and CDO information reporting requirements. 1040ez form line 5   Brokers and other middlemen must follow special information reporting requirements for real estate mortgage investment conduits (REMIC) regular, and collateralized debt obligations (CDO) interests. 1040ez form line 5 The rules are explained in Publication 938, Real Estate Mortgage Investment Conduits (REMICs) Reporting Information (And Other Collateralized Debt Obligations (CDOs)). 1040ez form line 5   Holders of interests in REMICs and CDOs should see chapter 1 of Publication 550 for information on REMICs and CDOs. 1040ez form line 5 Comments and suggestions. 1040ez form line 5   We welcome your comments about this publication and your suggestions for future editions. 1040ez form line 5   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040ez form line 5 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040ez form line 5 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040ez form line 5   You can send your comments from www. 1040ez form line 5 irs. 1040ez form line 5 gov/formspubs/. 1040ez form line 5 Click on “More Information” and then on “Comment on Tax Forms and Publications. 1040ez form line 5 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040ez form line 5 Ordering forms and publications. 1040ez form line 5   Visit www. 1040ez form line 5 irs. 1040ez form line 5 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040ez form line 5 Internal Revenue Service 1201 N. 1040ez form line 5 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040ez form line 5   If you have a tax question, check the information available on IRS. 1040ez form line 5 gov or call 1-800-829-1040. 1040ez form line 5 We cannot answer tax questions sent to any of the preceding addresses. 1040ez form line 5 Useful Items - You may want to see: Publication 515 Withholding of Tax on Nonresident Aliens and Foreign Entities 550 Investment Income and Expenses 938 Real Estate Mortgage Investment Conduits (REMICs) Reporting Information (And Other Collateralized Debt Obligations (CDOs)). 1040ez form line 5 Form (and Instructions) 1096 Annual Summary and Transmittal of U. 1040ez form line 5 S. 1040ez form line 5 Information Returns 1099-B Proceeds From Broker and Barter Exchange Transactions 1099-INT Interest Income 1099-OID Original Issue Discount 8949 Sales and Other Dispositions of Capital Assets Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends Schedule D (Form 1040) Capital Gains and Losses W-8 Instructions for the Requester of Forms W-8BEN, W-8ECI, W-8EXP, and W-8IMY See How To Get Tax Help near the end of this publication for information about getting publications and forms. 1040ez form line 5 Prev  Up  Next   Home   More Online Publications