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2011 Tax Form 8889

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2011 Tax Form 8889

2011 tax form 8889 Index A Accounting method: Accrual method, Accounting Method Cash method, Accounting Method Assistance (see Tax help) B Business: Expenses, Business Expenses Start-up costs, Business Start-Up Costs Use of car, Car and Truck Expenses Use of home, Business Use of Your Home C Car and truck expenses, Car and Truck Expenses Corporation, Corporations. 2011 tax form 8889 D Depositing taxes, Depositing Taxes Depreciation, Depreciation E Employer identification number (EIN), Employer Identification Number (EIN) Employment taxes: Defined, Employment Taxes Records to keep, Employment taxes. 2011 tax form 8889 Estimated tax, Estimated tax. 2011 tax form 8889 Excise taxes, Excise Taxes F Form: 1099-MISC, Form 1099-MISC. 2011 tax form 8889 11-C, Form 11-C. 2011 tax form 8889 1128, Changing your tax year. 2011 tax form 8889 2290, Form 2290. 2011 tax form 8889 720, Form 720. 2011 tax form 8889 730, Form 730. 2011 tax form 8889 8300, Form 8300. 2011 tax form 8889 8829, Which form do I file? I-9, Form I-9. 2011 tax form 8889 SS-4, Applying for an EIN. 2011 tax form 8889 W-2, Form W-2 Wage Reporting, Form W-2. 2011 tax form 8889 W-4, Form W-4. 2011 tax form 8889 W-9, Other payee. 2011 tax form 8889 FUTA tax, Federal Unemployment (FUTA) Tax H Help (see Tax help) Help from Small Business Administration, Small Business Administration I Identification numbers, Identification Numbers Income tax, Income Tax, Federal Income, Social Security, and Medicare Taxes Information returns, Information Returns Inventories, Accounting Method L Limited liability company, Limited liability company. 2011 tax form 8889 M Medicare tax, Federal Income, Social Security, and Medicare Taxes More Information (see Tax help) More information (see Tax help) O Office in home, Business Use of Your Home P Partnership, Partnerships. 2011 tax form 8889 Penalties, Penalties Publications (see Tax help) R Recordkeeping, Recordkeeping Records, how long to keep, How Long To Keep Records S S corporation, S corporations. 2011 tax form 8889 Self-employment tax, Self-Employment Tax Small Business Administration, Small Business Administration Social security tax, Federal Income, Social Security, and Medicare Taxes Sole proprietorship, Sole proprietorships. 2011 tax form 8889 Start-up costs, Business Start-Up Costs T Tax help, How to Get More Information Tax year, Tax Year Taxes: Employment, Employment Taxes Estimated, Estimated tax. 2011 tax form 8889 Excise, Excise Taxes How to deposit, Depositing Taxes Income, Income Tax Self-employment, Self-Employment Tax Unemployment (FUTA), Federal Unemployment (FUTA) Tax Taxpayer Advocate, Taxpayer Advocate Service. 2011 tax form 8889 TTY/TDD information, How to Get More Information U Unemployment (FUTA) tax, Federal Unemployment (FUTA) Tax Prev  Up     Home   More Online Publications
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The 2011 Tax Form 8889

2011 tax form 8889 4. 2011 tax form 8889   Reporting Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Information Returns Schedule D and Form 8949Long and Short Term Net Gain or Loss Treatment of Capital Losses Capital Gains Tax Rates Form 4797Mark-to-market election. 2011 tax form 8889 Introduction This chapter explains how to report capital gains and losses and ordinary gains and losses from sales, exchanges, and other dispositions of property. 2011 tax form 8889 Although this discussion refers to Schedule D (Form 1040) and Form 8949, many of the rules discussed here also apply to taxpayers other than individuals. 2011 tax form 8889 However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. 2011 tax form 8889 Topics - This chapter discusses: Information returns Schedule D (Form 1040) Form 4797 Form 8949 Useful Items - You may want to see: Publication 550 Investment Income and Expenses 537 Installment Sales Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 1099-B Proceeds From Broker and Barter Exchange Transactions 1099-S Proceeds From Real Estate Transactions 4684 Casualties and Thefts 4797 Sales of Business Property 6252 Installment Sale Income 6781 Gains and Losses from Section 1256 Contracts and Straddles 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. 2011 tax form 8889 Information Returns If you sell or exchange certain assets, you should receive an information return showing the proceeds of the sale. 2011 tax form 8889 This information is also provided to the IRS. 2011 tax form 8889 Form 1099-B. 2011 tax form 8889   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or a substitute statement from the broker. 2011 tax form 8889 Use the Form 1099-B or a substitute statement to complete Form 8949 and/or Schedule D. 2011 tax form 8889 Whether or not you receive 1099-B, you must report all taxable sales of stock, bonds, commodities, etc. 2011 tax form 8889 on Form 8949 and/or Schedule D, as applicable. 2011 tax form 8889 For more information on figuring gains and losses from these transactions, see chapter 4 in Publication 550. 2011 tax form 8889 For information on reporting the gains and losses, see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). 2011 tax form 8889 Form 1099-S. 2011 tax form 8889   An information return must be provided on certain real estate transactions. 2011 tax form 8889 Generally, the person responsible for closing the transaction (the “real estate reporting person”) must report on Form 1099-S sales or exchanges of the following types of property. 2011 tax form 8889 Land (improved or unimproved), including air space. 2011 tax form 8889 An inherently permanent structure, including any residential, commercial, or industrial building. 2011 tax form 8889 A condominium unit and its related fixtures and common elements (including land). 2011 tax form 8889 Stock in a cooperative housing corporation. 2011 tax form 8889 If you sold or exchanged any of the above types of property, the “real estate reporting person” must give you a copy of Form 1099-S or a statement containing the same information as the Form 1099-S. 2011 tax form 8889 The “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. 2011 tax form 8889   For more information see chapter 4 in Publication 550. 2011 tax form 8889 Also, see the Instructions for Form 8949. 2011 tax form 8889 Schedule D and Form 8949 Form 8949. 2011 tax form 8889   Individuals, corporations, and partnerships, use Form 8949 to report the following. 2011 tax form 8889    Sales or exchanges of capital assets, including stocks, bonds, etc. 2011 tax form 8889 , and real estate (if not reported on another form or schedule such as Form 4684, 4797, 6252, 6781, or 8824). 2011 tax form 8889 Include these transactions even if you did not receive a Form 1099-B or 1099-S. 2011 tax form 8889 Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit. 2011 tax form 8889 Nonbusiness bad debts. 2011 tax form 8889   Individuals, If you are filing a joint return, complete as many copies of Form 8949 as you need to report all of your and your spouse's transactions. 2011 tax form 8889 You and your spouse may list your transactions on separate forms or you may combine them. 2011 tax form 8889 However, you must include on your Schedule D the totals from all Forms 8949 for both you and your spouse. 2011 tax form 8889    Corporations and electing large partnerships also use Form 8949 to report their share of gain or loss from a partnership, S Corporation, estate or trust. 2011 tax form 8889   Business entities meeting certain criteria, may have an exception to some of the normal requirements for completing Form 8949. 2011 tax form 8889 See the Instructions for Form 8949. 2011 tax form 8889 Schedule D. 2011 tax form 8889    Use Schedule D (Form 1040) to figure the overall gain or loss from transactions reported on Form 8949, and to report certain transactions you do not have to report on Form 8949. 2011 tax form 8889 Before completing Schedule D, you may have to complete other forms as shown below. 2011 tax form 8889    Complete all applicable lines of Form 8949 before completing lines 1b, 2, 3, 8b, 9, or 10 of your applicable Schedule D. 2011 tax form 8889 Enter on Schedule D the combined totals from all your Forms 8949. 2011 tax form 8889 For a sale, exchange, or involuntary conversion of business property, complete Form 4797 (discussed later). 2011 tax form 8889 For a like-kind exchange, complete Form 8824. 2011 tax form 8889 See Reporting the exchange under Like-Kind Exchanges in chapter 1. 2011 tax form 8889 For an installment sale, complete Form 6252. 2011 tax form 8889 See Publication 537. 2011 tax form 8889 For an involuntary conversion due to casualty or theft, complete Form 4684. 2011 tax form 8889 See Publication 547, Casualties, Disasters, and Thefts. 2011 tax form 8889 For a disposition of an interest in, or property used in, an activity to which the at-risk rules apply, complete Form 6198, At-Risk Limitations. 2011 tax form 8889 See Publication 925, Passive Activity and At-Risk Rules. 2011 tax form 8889 For a disposition of an interest in, or property used in, a passive activity, complete Form 8582, Passive Activity Loss Limitations. 2011 tax form 8889 See Publication 925. 2011 tax form 8889 For gains and losses from section 1256 contracts and straddles, complete Form 6781. 2011 tax form 8889 See Publication 550. 2011 tax form 8889 Personal-use property. 2011 tax form 8889   Report gain on the sale or exchange of property held for personal use (such as your home) on Form 8949 and Schedule D (Form 1040), as applicable. 2011 tax form 8889 Loss from the sale or exchange of property held for personal use is not deductible. 2011 tax form 8889 But if you had a loss from the sale or exchange of real estate held for personal use for which you received a Form 1099-S, report the transaction on Form 8949 and Schedule D, even though the loss is not deductible. 2011 tax form 8889 See the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949 for information on how to report the transaction. 2011 tax form 8889 Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. 2011 tax form 8889 The time you own an asset before disposing of it is the holding period. 2011 tax form 8889 If you received a Form 1099-B, (or substitute statement) box 1c may help you determine whether the gain or loss is short-term or long-term. 2011 tax form 8889 If you hold a capital asset 1 year or less, the gain or loss from its disposition is short term. 2011 tax form 8889 Report it in Part I of Form 8949 and/or Schedule D, as applicable. 2011 tax form 8889 If you hold a capital asset longer than 1 year, the gain or loss from its disposition is long term. 2011 tax form 8889 Report it in Part II of Form 8949 and/or Schedule D, as applicable. 2011 tax form 8889   Table 4-1. 2011 tax form 8889 Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. 2011 tax form 8889 . 2011 tax form 8889 . 2011 tax form 8889  THEN you have a. 2011 tax form 8889 . 2011 tax form 8889 . 2011 tax form 8889 1 year or less, Short-term capital gain or  loss. 2011 tax form 8889 More than 1 year, Long-term capital gain or  loss. 2011 tax form 8889 These distinctions are essential to correctly arrive at your net capital gain or loss. 2011 tax form 8889 Capital losses are allowed in full against capital gains plus up to $3,000 of ordinary income. 2011 tax form 8889 See Capital Gains Tax Rates, later. 2011 tax form 8889 Holding period. 2011 tax form 8889   To figure if you held property longer than 1 year, start counting on the day following the day you acquired the property. 2011 tax form 8889 The day you disposed of the property is part of your holding period. 2011 tax form 8889 Example. 2011 tax form 8889 If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. 2011 tax form 8889 If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. 2011 tax form 8889 Patent property. 2011 tax form 8889   If you dispose of patent property, you generally are considered to have held the property longer than 1 year, no matter how long you actually held it. 2011 tax form 8889 For more information, see Patents in chapter 2. 2011 tax form 8889 Inherited property. 2011 tax form 8889   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. 2011 tax form 8889 Installment sale. 2011 tax form 8889   The gain from an installment sale of an asset qualifying for long-term capital gain treatment in the year of sale continues to be long term in later tax years. 2011 tax form 8889 If it is short term in the year of sale, it continues to be short term when payments are received in later tax years. 2011 tax form 8889    The date the installment payment is received determines the capital gains rate that should be applied not the date the asset was sold under an installment contract. 2011 tax form 8889 Nontaxable exchange. 2011 tax form 8889   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. 2011 tax form 8889 That is, it begins on the same day as your holding period for the old property. 2011 tax form 8889 Example. 2011 tax form 8889 You bought machinery on December 4, 2012. 2011 tax form 8889 On June 4, 2013, you traded this machinery for other machinery in a nontaxable exchange. 2011 tax form 8889 On December 5, 2013, you sold the machinery you got in the exchange. 2011 tax form 8889 Your holding period for this machinery began on December 5, 2012. 2011 tax form 8889 Therefore, you held it longer than 1 year. 2011 tax form 8889 Corporate liquidation. 2011 tax form 8889   The holding period for property you receive in a liquidation generally starts on the day after you receive it if gain or loss is recognized. 2011 tax form 8889 Profit-sharing plan. 2011 tax form 8889   The holding period of common stock withdrawn from a qualified contributory profit-sharing plan begins on the day following the day the plan trustee delivered the stock to the transfer agent with instructions to reissue the stock in your name. 2011 tax form 8889 Gift. 2011 tax form 8889   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. 2011 tax form 8889 For more information on basis, see Publication 551, Basis of Assets. 2011 tax form 8889 Real property. 2011 tax form 8889   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, the day after you took possession of it and assumed the burdens and privileges of ownership. 2011 tax form 8889   However, taking possession of real property under an option agreement is not enough to start the holding period. 2011 tax form 8889 The holding period cannot start until there is an actual contract of sale. 2011 tax form 8889 The holding period of the seller cannot end before that time. 2011 tax form 8889 Repossession. 2011 tax form 8889   If you sell real property but keep a security interest in it and then later repossess it, your holding period for a later sale includes the period you held the property before the original sale, as well as the period after the repossession. 2011 tax form 8889 Your holding period does not include the time between the original sale and the repossession. 2011 tax form 8889 That is, it does not include the period during which the first buyer held the property. 2011 tax form 8889 Nonbusiness bad debts. 2011 tax form 8889   Nonbusiness bad debts are short-term capital losses. 2011 tax form 8889 For information on nonbusiness bad debts, see chapter 4 of Publication 550. 2011 tax form 8889    Net Gain or Loss The totals for short-term capital gains and losses and the totals for long-term capital gains and losses must be figured separately. 2011 tax form 8889 Net short-term capital gain or loss. 2011 tax form 8889   Combine your short-term capital gains and losses, including your share of short-term capital gains or losses from partnerships, S corporations, and fiduciaries and any short-term capital loss carryover. 2011 tax form 8889 Do this by adding all your short-term capital gains. 2011 tax form 8889 Then add all your short-term capital losses. 2011 tax form 8889 Subtract the lesser total from the other. 2011 tax form 8889 The result is your net short-term capital gain or loss. 2011 tax form 8889 Net long-term capital gain or loss. 2011 tax form 8889   Follow the same steps to combine your long-term capital gains and losses. 2011 tax form 8889 Include the following items. 2011 tax form 8889 Net section 1231 gain from Part I, Form 4797, after any adjustment for nonrecaptured section 1231 losses from prior tax years. 2011 tax form 8889 Capital gain distributions from regulated investment companies (mutual funds) and real estate investment trusts. 2011 tax form 8889 Your share of long-term capital gains or losses from partnerships, S corporations, and fiduciaries. 2011 tax form 8889 Any long-term capital loss carryover. 2011 tax form 8889 The result from combining these items with other long-term capital gains and losses is your net long-term capital gain or loss. 2011 tax form 8889 Net gain. 2011 tax form 8889   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. 2011 tax form 8889 Different tax rates may apply to the part that is a net capital gain. 2011 tax form 8889 See Capital Gains Tax Rates, later. 2011 tax form 8889 Net loss. 2011 tax form 8889   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. 2011 tax form 8889 But there are limits on how much loss you can deduct and when you can deduct it. 2011 tax form 8889 See Treatment of Capital Losses, next. 2011 tax form 8889    Treatment of Capital Losses If your capital losses are more than your capital gains, you can deduct the difference as a capital loss deduction even if you do not have ordinary income to offset it. 2011 tax form 8889 The yearly limit on the amount of the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). 2011 tax form 8889 Table 4-2. 2011 tax form 8889 Holding Period for Different Types of Acquisitions Type of acquisition: When your holding period starts: Stocks and bonds bought on a securities market Day after trading date you bought security. 2011 tax form 8889 Ends on trading date you sold security. 2011 tax form 8889 U. 2011 tax form 8889 S. 2011 tax form 8889 Treasury notes and bonds If bought at auction, day after notification of bid acceptance. 2011 tax form 8889 If bought through subscription, day after subscription was submitted. 2011 tax form 8889 Nontaxable exchanges Day after date you acquired old property. 2011 tax form 8889 Gift If your basis is giver's adjusted basis, same day as giver's holding period began. 2011 tax form 8889 If your basis is FMV, day after date of gift. 2011 tax form 8889 Real property bought Generally, day after date you received title to the property. 2011 tax form 8889 Real property repossessed Day after date you originally received title to the property, but does not include time between the original sale and date of repossession. 2011 tax form 8889 Capital loss carryover. 2011 tax form 8889   Generally, you have a capital loss carryover if either of the following situations applies to you. 2011 tax form 8889 Your net loss is more than the yearly limit. 2011 tax form 8889 Your taxable income without your deduction for exemptions is less than zero. 2011 tax form 8889 If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carryover to 2014. 2011 tax form 8889 Example. 2011 tax form 8889 Bob and Gloria Sampson sold property in 2013. 2011 tax form 8889 The sale resulted in a capital loss of $7,000. 2011 tax form 8889 The Sampsons had no other capital transactions. 2011 tax form 8889 On their joint 2013 return, the Sampsons deduct $3,000, the yearly limit. 2011 tax form 8889 They had taxable income of $2,000. 2011 tax form 8889 The unused part of the loss, $4,000 ($7,000 − $3,000), is carried over to 2014. 2011 tax form 8889 If the Sampsons' capital loss had been $2,000, it would not have been more than the yearly limit. 2011 tax form 8889 Their capital loss deduction would have been $2,000. 2011 tax form 8889 They would have no carryover to 2014. 2011 tax form 8889 Short-term and long-term losses. 2011 tax form 8889   When you carry over a loss, it retains its original character as either long term or short term. 2011 tax form 8889 A short-term loss you carry over to the next tax year is added to short-term losses occurring in that year. 2011 tax form 8889 A long-term loss you carry over to the next tax year is added to long-term losses occurring in that year. 2011 tax form 8889 A long-term capital loss you carry over to the next year reduces that year's long-term gains before its short-term gains. 2011 tax form 8889   If you have both short-term and long-term losses, your short-term losses are used first against your allowable capital loss deduction. 2011 tax form 8889 If, after using your short-term losses, you have not reached the limit on the capital loss deduction, use your long-term losses until you reach the limit. 2011 tax form 8889 To figure your capital loss carryover from 2013 to 2014 use the Capital Loss Carryover Worksheet in the 2013 Instructions for Schedule D (Form 1040). 2011 tax form 8889 Joint and separate returns. 2011 tax form 8889   On a joint return, the capital gains and losses of spouses are figured as the gains and losses of an individual. 2011 tax form 8889 If you are married and filing a separate return, your yearly capital loss deduction is limited to $1,500. 2011 tax form 8889 Neither you nor your spouse can deduct any part of the other's loss. 2011 tax form 8889   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. 2011 tax form 8889 However, if you and your spouse once filed jointly and are now filing separately, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. 2011 tax form 8889 Death of taxpayer. 2011 tax form 8889   Capital losses cannot be carried over after a taxpayer's death. 2011 tax form 8889 They are deductible only on the final income tax return filed on the decedent's behalf. 2011 tax form 8889 The yearly limit discussed earlier still applies in this situation. 2011 tax form 8889 Even if the loss is greater than the limit, the decedent's estate cannot deduct the difference or carry it over to following years. 2011 tax form 8889 Corporations. 2011 tax form 8889   A corporation can deduct capital losses only up to the amount of its capital gains. 2011 tax form 8889 In other words, if a corporation has a net capital loss, it cannot be deducted in the current tax year. 2011 tax form 8889 It must be carried to other tax years and deducted from capital gains occurring in those years. 2011 tax form 8889 For more information, see Publication 542. 2011 tax form 8889 Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. 2011 tax form 8889 These lower rates are called the maximum capital gains rates. 2011 tax form 8889 The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. 2011 tax form 8889 For 2013, the maximum tax rates for individuals are 0%, 15%, 20%, 25%, and 28%. 2011 tax form 8889 Also, individuals, use the Qualified Dividends and Capital Gain Worksheet in the Instructions for Form 1040, or the Schedule D Tax Computation Worksheet in the Instructions for Schedule D (Form 1040) (whichever applies) to figure your tax if you have qualified dividends or net capital gain. 2011 tax form 8889 For more information, see chapter 4 of Publication 550. 2011 tax form 8889 Also see the Instructions for Schedule D (Form 1040). 2011 tax form 8889 Unrecaptured section 1250 gain. 2011 tax form 8889   Generally, this is the part of any long-term capital gain on section 1250 property (real property) that is due to depreciation. 2011 tax form 8889 Unrecaptured section 1250 gain cannot be more than the net section 1231 gain or include any gain otherwise treated as ordinary income. 2011 tax form 8889 Use the worksheet in the Schedule D instructions to figure your unrecaptured section 1250 gain. 2011 tax form 8889 For more information about section 1250 property and net section 1231 gain, see chapter 3. 2011 tax form 8889 Form 4797 Use Form 4797 to report: The sale or exchange of: Property used in your trade or business; Depreciable and amortizable property; Oil, gas, geothermal, or other mineral properties; and Section 126 property. 2011 tax form 8889 The involuntary conversion (from other than casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. 2011 tax form 8889 The disposition of noncapital assets (other than inventory or property held primarily for sale to customers in the ordinary course of your trade or business). 2011 tax form 8889 The disposition of capital assets not reported on Schedule D. 2011 tax form 8889 The gain or loss (including any related recapture) for partners and S corporation shareholders from certain section 179 property dispositions by partnerships (other than electing large partnerships) and S corporations. 2011 tax form 8889 The computation of recapture amounts under sections 179 and 280F(b)(2) when the business use of section 179 or listed property decreases to 50% or less. 2011 tax form 8889 Gains or losses treated as ordinary gains or losses, if you are a trader in securities or commodities and made a mark-to-market election under Internal Revenue Code section 475(f). 2011 tax form 8889 You can use Form 4797 with Form 1040, 1065, 1120, or 1120S. 2011 tax form 8889 Section 1231 gains and losses. 2011 tax form 8889   Show any section 1231 gains and losses in Part I. 2011 tax form 8889 Carry a net gain to Schedule D (Form 1040) as a long-term capital gain. 2011 tax form 8889 Carry a net loss to Part II of Form 4797 as an ordinary loss. 2011 tax form 8889   If you had any nonrecaptured net section 1231 losses from the preceding 5 tax years, reduce your net gain by those losses and report the amount of the reduction as an ordinary gain in Part II. 2011 tax form 8889 Report any remaining gain on Schedule D (Form 1040). 2011 tax form 8889 See Section 1231 Gains and Losses in chapter 3. 2011 tax form 8889 Ordinary gains and losses. 2011 tax form 8889   Show any ordinary gains and losses in Part II. 2011 tax form 8889 This includes a net loss or a recapture of losses from prior years figured in Part I of Form 4797. 2011 tax form 8889 It also includes ordinary gain figured in Part III. 2011 tax form 8889 Mark-to-market election. 2011 tax form 8889   If you made a mark-to-market election, you should report all gains and losses from trading as ordinary gains and losses in Part II of Form 4797, instead of as capital gains and losses on Form 8949 and Schedule D (Form 1040). 2011 tax form 8889 See the Instructions for Form 4797. 2011 tax form 8889 Also see Special Rules for Traders in Securities, in chapter 4 of Publication 550. 2011 tax form 8889 Ordinary income from depreciation. 2011 tax form 8889   Figure the ordinary income from depreciation on personal property and additional depreciation on real property (as discussed in chapter 3) in Part III. 2011 tax form 8889 Carry the ordinary income to Part II of Form 4797 as an ordinary gain. 2011 tax form 8889 Carry any remaining gain to Part I as section 1231 gain, unless it is from a casualty or theft. 2011 tax form 8889 Carry any remaining gain from a casualty or theft to Form 4684. 2011 tax form 8889 Prev  Up  Next   Home   More Online Publications