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Filing 2011 Taxes Late Turbotax

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Filing 2011 Taxes Late Turbotax

Filing 2011 taxes late turbotax 15. Filing 2011 taxes late turbotax   Selling Your Home Table of Contents Reminder Introduction Useful Items - You may want to see: Main Home Figuring Gain or LossSelling Price Amount Realized Adjusted Basis Amount of Gain or Loss Dispositions Other Than Sales Determining Basis Excluding the GainMaximum Exclusion Ownership and Use Tests Reduced Maximum Exclusion Business Use or Rental of Home Reporting the SaleSeller-financed mortgage. Filing 2011 taxes late turbotax More information. Filing 2011 taxes late turbotax Special SituationsException for sales to related persons. Filing 2011 taxes late turbotax Recapturing (Paying Back) a Federal Mortgage Subsidy Reminder Home sold with undeducted points. Filing 2011 taxes late turbotax  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of the sale. Filing 2011 taxes late turbotax See Mortgage ending early under Points in chapter 23. Filing 2011 taxes late turbotax Introduction This chapter explains the tax rules that apply when you sell your main home. Filing 2011 taxes late turbotax In most cases, your main home is the one in which you live most of the time. Filing 2011 taxes late turbotax If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Filing 2011 taxes late turbotax See Excluding the Gain , later. Filing 2011 taxes late turbotax Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Filing 2011 taxes late turbotax If you have gain that cannot be excluded, it is taxable. Filing 2011 taxes late turbotax Report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040). Filing 2011 taxes late turbotax You may also have to complete Form 4797, Sales of Business Property. Filing 2011 taxes late turbotax See Reporting the Sale , later. Filing 2011 taxes late turbotax If you have a loss on the sale, you generally cannot deduct it on your return. Filing 2011 taxes late turbotax However, you may need to report it. Filing 2011 taxes late turbotax See Reporting the Sale , later. Filing 2011 taxes late turbotax The following are main topics in this chapter. Filing 2011 taxes late turbotax Figuring gain or loss. Filing 2011 taxes late turbotax Basis. Filing 2011 taxes late turbotax Excluding the gain. Filing 2011 taxes late turbotax Ownership and use tests. Filing 2011 taxes late turbotax Reporting the sale. Filing 2011 taxes late turbotax Other topics include the following. Filing 2011 taxes late turbotax Business use or rental of home. Filing 2011 taxes late turbotax Recapturing a federal mortgage subsidy. Filing 2011 taxes late turbotax Useful Items - You may want to see: Publication 523 Selling Your Home 530 Tax Information for Homeowners 547 Casualties, Disasters, and Thefts Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 8828 Recapture of Federal Mortgage Subsidy 8949 Sales and Other Dispositions of Capital Assets Main Home This section explains the term “main home. Filing 2011 taxes late turbotax ” Usually, the home you live in most of the time is your main home and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. Filing 2011 taxes late turbotax To exclude gain under the rules of this chapter, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. Filing 2011 taxes late turbotax Land. Filing 2011 taxes late turbotax   If you sell the land on which your main home is located, but not the house itself, you cannot exclude any gain you have from the sale of the land. Filing 2011 taxes late turbotax However, if you sell vacant land used as part of your main home and that is adjacent to it, you may be able to exclude the gain from the sale under certain circumstances. Filing 2011 taxes late turbotax See Vacant land under Main Home in Publication 523 for more information. Filing 2011 taxes late turbotax Example. Filing 2011 taxes late turbotax You buy a piece of land and move your main home to it. Filing 2011 taxes late turbotax Then you sell the land on which your main home was located. Filing 2011 taxes late turbotax This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. Filing 2011 taxes late turbotax More than one home. Filing 2011 taxes late turbotax   If you have more than one home, you can exclude gain only from the sale of your main home. Filing 2011 taxes late turbotax You must include in income gain from the sale of any other home. Filing 2011 taxes late turbotax If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time during the year. Filing 2011 taxes late turbotax Example 1. Filing 2011 taxes late turbotax You own two homes, one in New York and one in Florida. Filing 2011 taxes late turbotax From 2009 through 2013, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. Filing 2011 taxes late turbotax In the absence of facts and circumstances indicating otherwise, the New York home is your main home. Filing 2011 taxes late turbotax You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. Filing 2011 taxes late turbotax Example 2. Filing 2011 taxes late turbotax You own a house, but you live in another house that you rent. Filing 2011 taxes late turbotax The rented house is your main home. Filing 2011 taxes late turbotax Example 3. Filing 2011 taxes late turbotax You own two homes, one in Virginia and one in New Hampshire. Filing 2011 taxes late turbotax In 2009 and 2010, you lived in the Virginia home. Filing 2011 taxes late turbotax In 2011 and 2012, you lived in the New Hampshire home. Filing 2011 taxes late turbotax In 2013, you lived again in the Virginia home. Filing 2011 taxes late turbotax Your main home in 2009, 2010, and 2013 is the Virginia home. Filing 2011 taxes late turbotax Your main home in 2011 and 2012 is the New Hampshire home. Filing 2011 taxes late turbotax You would be eligible to exclude gain from the sale of either home (but not both) in 2013. Filing 2011 taxes late turbotax Property used partly as your main home. Filing 2011 taxes late turbotax   If you use only part of the property as your main home, the rules discussed in this publication apply only to the gain or loss on the sale of that part of the property. Filing 2011 taxes late turbotax For details, see Business Use or Rental of Home , later. Filing 2011 taxes late turbotax Figuring Gain or Loss To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. Filing 2011 taxes late turbotax Subtract the adjusted basis from the amount realized to get your gain or loss. Filing 2011 taxes late turbotax     Selling price     − Selling expenses       Amount realized       Amount realized     − Adjusted basis       Gain or loss   Selling Price The selling price is the total amount you receive for your home. Filing 2011 taxes late turbotax It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale. Filing 2011 taxes late turbotax Payment by employer. Filing 2011 taxes late turbotax   You may have to sell your home because of a job transfer. Filing 2011 taxes late turbotax If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. Filing 2011 taxes late turbotax Your employer will include it as wages in box 1 of your Form W-2, and you will include it in your income on Form 1040, line 7. Filing 2011 taxes late turbotax Option to buy. Filing 2011 taxes late turbotax   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. Filing 2011 taxes late turbotax If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Filing 2011 taxes late turbotax Report this amount on Form 1040, line 21. Filing 2011 taxes late turbotax Form 1099-S. Filing 2011 taxes late turbotax   If you received Form 1099-S, Proceeds From Real Estate Transactions, box 2 (Gross proceeds) should show the total amount you received for your home. Filing 2011 taxes late turbotax   However, box 2 will not include the fair market value of any services or property other than cash or notes you received or will receive. Filing 2011 taxes late turbotax Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. Filing 2011 taxes late turbotax Amount Realized The amount realized is the selling price minus selling expenses. Filing 2011 taxes late turbotax Selling expenses. Filing 2011 taxes late turbotax   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. Filing 2011 taxes late turbotax ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. Filing 2011 taxes late turbotax This adjusted basis must be determined before you can figure gain or loss on the sale of your home. Filing 2011 taxes late turbotax For information on how to figure your home's adjusted basis, see Determining Basis , later. Filing 2011 taxes late turbotax Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. Filing 2011 taxes late turbotax Gain on sale. Filing 2011 taxes late turbotax   If the amount realized is more than the adjusted basis, the difference is a gain and, except for any part you can exclude, in most cases is taxable. Filing 2011 taxes late turbotax Loss on sale. Filing 2011 taxes late turbotax   If the amount realized is less than the adjusted basis, the difference is a loss. Filing 2011 taxes late turbotax A loss on the sale of your main home cannot be deducted. Filing 2011 taxes late turbotax Jointly owned home. Filing 2011 taxes late turbotax   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. Filing 2011 taxes late turbotax Separate returns. Filing 2011 taxes late turbotax   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. Filing 2011 taxes late turbotax Your ownership interest is generally determined by state law. Filing 2011 taxes late turbotax Joint owners not married. Filing 2011 taxes late turbotax   If you and a joint owner other than your spouse sell your jointly owned home, each of you must figure your own gain or loss according to your ownership interest in the home. Filing 2011 taxes late turbotax Each of you applies the rules discussed in this chapter on an individual basis. Filing 2011 taxes late turbotax Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. Filing 2011 taxes late turbotax Foreclosure or repossession. Filing 2011 taxes late turbotax   If your home was foreclosed on or repossessed, you have a disposition. Filing 2011 taxes late turbotax See Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, to determine if you have ordinary income, gain, or loss. Filing 2011 taxes late turbotax Abandonment. Filing 2011 taxes late turbotax   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. Filing 2011 taxes late turbotax Trading (exchanging) homes. Filing 2011 taxes late turbotax   If you trade your old home for another home, treat the trade as a sale and a purchase. Filing 2011 taxes late turbotax Example. Filing 2011 taxes late turbotax You owned and lived in a home with an adjusted basis of $41,000. Filing 2011 taxes late turbotax A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. Filing 2011 taxes late turbotax This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 – $41,000). Filing 2011 taxes late turbotax If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed). Filing 2011 taxes late turbotax Transfer to spouse. Filing 2011 taxes late turbotax   If you transfer your home to your spouse or you transfer it to your former spouse incident to your divorce, you in most cases have no gain or loss. Filing 2011 taxes late turbotax This is true even if you receive cash or other consideration for the home. Filing 2011 taxes late turbotax As a result, the rules in this chapter do not apply. Filing 2011 taxes late turbotax More information. Filing 2011 taxes late turbotax   If you need more information, see Transfer to spouse in Publication 523 and Property Settlements in Publication 504, Divorced or Separated Individuals. Filing 2011 taxes late turbotax Involuntary conversion. Filing 2011 taxes late turbotax   You have a disposition when your home is destroyed or condemned and you receive other property or money in payment, such as insurance or a condemnation award. Filing 2011 taxes late turbotax This is treated as a sale and you may be able to exclude all or part of any gain from the destruction or condemnation of your home, as explained later under Special Situations . Filing 2011 taxes late turbotax Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. Filing 2011 taxes late turbotax Your basis in your home is determined by how you got the home. Filing 2011 taxes late turbotax Generally, your basis is its cost if you bought it or built it. Filing 2011 taxes late turbotax If you got it in some other way (inheritance, gift, etc. Filing 2011 taxes late turbotax ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. Filing 2011 taxes late turbotax While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. Filing 2011 taxes late turbotax The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home. Filing 2011 taxes late turbotax See Adjusted Basis , later. Filing 2011 taxes late turbotax You can find more information on basis and adjusted basis in chapter 13 of this publication and in Publication 523. Filing 2011 taxes late turbotax Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. Filing 2011 taxes late turbotax Purchase. Filing 2011 taxes late turbotax   If you bought your home, your basis is its cost to you. Filing 2011 taxes late turbotax This includes the purchase price and certain settlement or closing costs. Filing 2011 taxes late turbotax In most cases, your purchase price includes your down payment and any debt, such as a first or second mortgage or notes you gave the seller in payment for the home. Filing 2011 taxes late turbotax If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed in Publication 523. Filing 2011 taxes late turbotax Settlement fees or closing costs. Filing 2011 taxes late turbotax   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. Filing 2011 taxes late turbotax You can include in your basis some of the settlement fees and closing costs you paid for buying the home, but not the fees and costs for getting a mortgage loan. Filing 2011 taxes late turbotax A fee paid for buying the home is any fee you would have had to pay even if you paid cash for the home (that is, without the need for financing). Filing 2011 taxes late turbotax    Chapter 13 lists some of the settlement fees and closing costs that you can include in the basis of property, including your home. Filing 2011 taxes late turbotax It also lists some settlement costs that cannot be included in basis. Filing 2011 taxes late turbotax   Also see Publication 523 for additional items and a discussion of basis other than cost. Filing 2011 taxes late turbotax Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. Filing 2011 taxes late turbotax To figure your adjusted basis, you can use Worksheet 1 in Publication 523. Filing 2011 taxes late turbotax Do not use Worksheet 1 if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent. Filing 2011 taxes late turbotax Increases to basis. Filing 2011 taxes late turbotax   These include the following. Filing 2011 taxes late turbotax Additions and other improvements that have a useful life of more than 1 year. Filing 2011 taxes late turbotax Special assessments for local improvements. Filing 2011 taxes late turbotax Amounts you spent after a casualty to restore damaged property. Filing 2011 taxes late turbotax Improvements. Filing 2011 taxes late turbotax   These add to the value of your home, prolong its useful life, or adapt it to new uses. Filing 2011 taxes late turbotax You add the cost of additions and other improvements to the basis of your property. Filing 2011 taxes late turbotax   For example, putting a recreation room or another bathroom in your unfinished basement, putting up a new fence, putting in new plumbing or wiring, putting on a new roof, or paving your unpaved driveway are improvements. Filing 2011 taxes late turbotax An addition to your house, such as a new deck, a sunroom, or a new garage, is also an improvement. Filing 2011 taxes late turbotax Repairs. Filing 2011 taxes late turbotax   These maintain your home in good condition but do not add to its value or prolong its life. Filing 2011 taxes late turbotax You do not add their cost to the basis of your property. Filing 2011 taxes late turbotax   Examples of repairs include repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes. Filing 2011 taxes late turbotax Decreases to basis. Filing 2011 taxes late turbotax   These include the following. Filing 2011 taxes late turbotax Discharge of qualified principal residence indebtedness that was excluded from income. Filing 2011 taxes late turbotax Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. Filing 2011 taxes late turbotax For details, see Publication 4681. Filing 2011 taxes late turbotax Gain you postponed from the sale of a previous home before May 7, 1997. Filing 2011 taxes late turbotax Deductible casualty losses. Filing 2011 taxes late turbotax Insurance payments you received or expect to receive for casualty losses. Filing 2011 taxes late turbotax Payments you received for granting an easement or right-of-way. Filing 2011 taxes late turbotax Depreciation allowed or allowable if you used your home for business or rental purposes. Filing 2011 taxes late turbotax Energy-related credits allowed for expenditures made on the residence. Filing 2011 taxes late turbotax (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. Filing 2011 taxes late turbotax ) Adoption credit you claimed for improvements added to the basis of your home. Filing 2011 taxes late turbotax Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. Filing 2011 taxes late turbotax Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. Filing 2011 taxes late turbotax An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home. Filing 2011 taxes late turbotax District of Columbia first-time homebuyer credit (allowed on the purchase of a principal residence in the District of Columbia beginning on August 5, 1997 and before January 1, 2012). Filing 2011 taxes late turbotax General sales taxes (allowed beginning 2004 and ending before 2014) claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home. Filing 2011 taxes late turbotax Discharges of qualified principal residence indebtedness. Filing 2011 taxes late turbotax   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. Filing 2011 taxes late turbotax This exclusion applies to discharges made after 2006 and before 2014. Filing 2011 taxes late turbotax If you choose to exclude this income, you must reduce (but not below zero) the basis of the principal residence by the amount excluded from your gross income. Filing 2011 taxes late turbotax   File Form 982 with your tax return. Filing 2011 taxes late turbotax See the form's instructions for detailed information. Filing 2011 taxes late turbotax Recordkeeping. Filing 2011 taxes late turbotax You should keep records to prove your home's adjusted basis. Filing 2011 taxes late turbotax Ordinarily, you must keep records for 3 years after the due date for filing your return for the tax year in which you sold your home. Filing 2011 taxes late turbotax But if you sold a home before May 7, 1997, and postponed tax on any gain, the basis of that home affects the basis of the new home you bought. Filing 2011 taxes late turbotax Keep records proving the basis of both homes as long as they are needed for tax purposes. Filing 2011 taxes late turbotax The records you should keep include: Proof of the home's purchase price and purchase expenses, Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis, Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain, Any Form 982 you filed to report any discharge of qualified principal residence indebtedness, Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997, and Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations. Filing 2011 taxes late turbotax Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. Filing 2011 taxes late turbotax This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. Filing 2011 taxes late turbotax To qualify, you must meet the ownership and use tests described later. Filing 2011 taxes late turbotax You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. Filing 2011 taxes late turbotax You can use Worksheet 2 in Publication 523 to figure the amount of your exclusion and your taxable gain, if any. Filing 2011 taxes late turbotax If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. Filing 2011 taxes late turbotax See Publication 505, Tax Withholding and Estimated Tax. Filing 2011 taxes late turbotax Maximum Exclusion You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. Filing 2011 taxes late turbotax You meet the ownership test. Filing 2011 taxes late turbotax You meet the use test. Filing 2011 taxes late turbotax During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Filing 2011 taxes late turbotax For details on gain allocated to periods of nonqualified use, see Periods of nonqualified use , later. Filing 2011 taxes late turbotax You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . Filing 2011 taxes late turbotax Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Filing 2011 taxes late turbotax This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Filing 2011 taxes late turbotax Exception. Filing 2011 taxes late turbotax   If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclusion in some cases. Filing 2011 taxes late turbotax However, the maximum amount you may be able to exclude will be reduced. Filing 2011 taxes late turbotax See Reduced Maximum Exclusion , later. Filing 2011 taxes late turbotax Example 1—home owned and occupied for at least 2 years. Filing 2011 taxes late turbotax Mya bought and moved into her main home in September 2011. Filing 2011 taxes late turbotax She sold the home at a gain in October 2013. Filing 2011 taxes late turbotax During the 5-year period ending on the date of sale in October 2013, she owned and lived in the home for more than 2 years. Filing 2011 taxes late turbotax She meets the ownership and use tests. Filing 2011 taxes late turbotax Example 2—ownership test met but use test not met. Filing 2011 taxes late turbotax Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. Filing 2011 taxes late turbotax He later sold the home for a gain. Filing 2011 taxes late turbotax He owned the home during the entire 5-year period ending on the date of sale. Filing 2011 taxes late turbotax He meets the ownership test but not the use test. Filing 2011 taxes late turbotax He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). Filing 2011 taxes late turbotax Period of Ownership and Use The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time. Filing 2011 taxes late turbotax You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale. Filing 2011 taxes late turbotax Temporary absence. Filing 2011 taxes late turbotax   Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use. Filing 2011 taxes late turbotax The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. Filing 2011 taxes late turbotax Example 1. Filing 2011 taxes late turbotax David Johnson, who is single, bought and moved into his home on February 1, 2011. Filing 2011 taxes late turbotax Each year during 2011 and 2012, David left his home for a 2-month summer vacation. Filing 2011 taxes late turbotax David sold the house on March 1, 2013. Filing 2011 taxes late turbotax Although the total time David used his home is less than 2 years (21 months), he meets the requirement and may exclude gain. Filing 2011 taxes late turbotax The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years. Filing 2011 taxes late turbotax Example 2. Filing 2011 taxes late turbotax Professor Paul Beard, who is single, bought and moved into a house on August 18, 2010. Filing 2011 taxes late turbotax He lived in it as his main home continuously until January 5, 2012, when he went abroad for a 1-year sabbatical leave. Filing 2011 taxes late turbotax On February 6, 2013, 1 month after returning from the leave, Paul sold the house at a gain. Filing 2011 taxes late turbotax Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. Filing 2011 taxes late turbotax He cannot exclude any part of his gain, because he did not use the residence for the required 2 years. Filing 2011 taxes late turbotax Ownership and use tests met at different times. Filing 2011 taxes late turbotax   You can meet the ownership and use tests during different 2-year periods. Filing 2011 taxes late turbotax However, you must meet both tests during the 5-year period ending on the date of the sale. Filing 2011 taxes late turbotax Example. Filing 2011 taxes late turbotax Beginning in 2002, Helen Jones lived in a rented apartment. Filing 2011 taxes late turbotax The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. Filing 2011 taxes late turbotax In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. Filing 2011 taxes late turbotax On July 12, 2013, while still living in her daughter's home, she sold her condominium. Filing 2011 taxes late turbotax Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2008, to July 12, 2013, the date she sold the condominium. Filing 2011 taxes late turbotax She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). Filing 2011 taxes late turbotax She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). Filing 2011 taxes late turbotax The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use. Filing 2011 taxes late turbotax Cooperative apartment. Filing 2011 taxes late turbotax   If you sold stock as a tenant-stockholder in a cooperative housing corporation, the ownership and use tests are met if, during the 5-year period ending on the date of sale, you: Owned the stock for at least 2 years, and Lived in the house or apartment that the stock entitles you to occupy as your main home for at least 2 years. Filing 2011 taxes late turbotax Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. Filing 2011 taxes late turbotax Exception for individuals with a disability. Filing 2011 taxes late turbotax   There is an exception to the use test if: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home. Filing 2011 taxes late turbotax Under this exception, you are considered to live in your home during any time within the 5-year period that you own the home and live in a facility (including a nursing home) licensed by a state or political subdivision to care for persons in your condition. Filing 2011 taxes late turbotax If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. Filing 2011 taxes late turbotax Previous home destroyed or condemned. Filing 2011 taxes late turbotax   For the ownership and use tests, you add the time you owned and lived in a previous home that was destroyed or condemned to the time you owned and lived in the replacement home on whose sale you wish to exclude gain. Filing 2011 taxes late turbotax This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home. Filing 2011 taxes late turbotax Otherwise, you must have owned and lived in the same home for 2 of the 5 years before the sale to qualify for the exclusion. Filing 2011 taxes late turbotax Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Filing 2011 taxes late turbotax   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on “qualified official extended duty” as a member of the uniformed services or Foreign Service of the United States, or as an employee of the intelligence community. Filing 2011 taxes late turbotax You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve outside the United States either as an employee of the Peace Corps on "qualified official extended duty" or as an enrolled volunteer or volunteer leader of the Peace Corps. Filing 2011 taxes late turbotax This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale. Filing 2011 taxes late turbotax   If this helps you qualify to exclude gain, you can choose to have the 5-year test period suspended by filing a return for the year of sale that does not include the gain. Filing 2011 taxes late turbotax For more information about the suspension of the 5-year test period, see Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps in Publication 523. Filing 2011 taxes late turbotax Married Persons If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. Filing 2011 taxes late turbotax (But see Special rules for joint returns , next. Filing 2011 taxes late turbotax ) Special rules for joint returns. Filing 2011 taxes late turbotax   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Filing 2011 taxes late turbotax You are married and file a joint return for the year. Filing 2011 taxes late turbotax Either you or your spouse meets the ownership test. Filing 2011 taxes late turbotax Both you and your spouse meet the use test. Filing 2011 taxes late turbotax During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home. Filing 2011 taxes late turbotax If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. Filing 2011 taxes late turbotax For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. Filing 2011 taxes late turbotax Example 1—one spouse sells a home. Filing 2011 taxes late turbotax Emily sells her home in June 2013 for a gain of $300,000. Filing 2011 taxes late turbotax She marries Jamie later in the year. Filing 2011 taxes late turbotax She meets the ownership and use tests, but Jamie does not. Filing 2011 taxes late turbotax Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. Filing 2011 taxes late turbotax The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. Filing 2011 taxes late turbotax Example 2—each spouse sells a home. Filing 2011 taxes late turbotax The facts are the same as in Example 1 except that Jamie also sells a home in 2013 for a gain of $200,000 before he marries Emily. Filing 2011 taxes late turbotax He meets the ownership and use tests on his home, but Emily does not. Filing 2011 taxes late turbotax Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. Filing 2011 taxes late turbotax However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Filing 2011 taxes late turbotax Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. Filing 2011 taxes late turbotax The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home. Filing 2011 taxes late turbotax Sale of main home by surviving spouse. Filing 2011 taxes late turbotax   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. Filing 2011 taxes late turbotax   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Filing 2011 taxes late turbotax The sale or exchange took place after 2008. Filing 2011 taxes late turbotax The sale or exchange took place no more than 2 years after the date of death of your spouse. Filing 2011 taxes late turbotax You have not remarried. Filing 2011 taxes late turbotax You and your spouse met the use test at the time of your spouse's death. Filing 2011 taxes late turbotax You or your spouse met the ownership test at the time of your spouse's death. Filing 2011 taxes late turbotax Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. Filing 2011 taxes late turbotax Example. Filing 2011 taxes late turbotax   Harry owned and used a house as his main home since 2009. Filing 2011 taxes late turbotax Harry and Wilma married on July 1, 2013, and from that date they use Harry's house as their main home. Filing 2011 taxes late turbotax Harry died on August 15, 2013, and Wilma inherited the property. Filing 2011 taxes late turbotax Wilma sold the property on September 3, 2013, at which time she had not remarried. Filing 2011 taxes late turbotax Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death. Filing 2011 taxes late turbotax Home transferred from spouse. Filing 2011 taxes late turbotax   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. Filing 2011 taxes late turbotax Use of home after divorce. Filing 2011 taxes late turbotax   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. Filing 2011 taxes late turbotax Reduced Maximum Exclusion If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. Filing 2011 taxes late turbotax This applies to those who: Fail to meet the ownership and use tests, or Have used the exclusion within 2 years of selling their current home. Filing 2011 taxes late turbotax In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. Filing 2011 taxes late turbotax A change in place of employment. Filing 2011 taxes late turbotax Health. Filing 2011 taxes late turbotax Unforeseen circumstances. Filing 2011 taxes late turbotax Unforeseen circumstances. Filing 2011 taxes late turbotax   The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying your main home. Filing 2011 taxes late turbotax   See Publication 523 for more information and to use Worksheet 3 to figure your reduced maximum exclusion. Filing 2011 taxes late turbotax Business Use or Rental of Home You may be able to exclude gain from the sale of a home you have used for business or to produce rental income. Filing 2011 taxes late turbotax But you must meet the ownership and use tests. Filing 2011 taxes late turbotax Periods of nonqualified use. Filing 2011 taxes late turbotax   In most cases, gain from the sale or exchange of your main home will not qualify for the exclusion to the extent that the gains are allocated to periods of nonqualified use. Filing 2011 taxes late turbotax Nonqualified use is any period after 2008 during which neither you nor your spouse (or your former spouse) used the property as a main home with the following exceptions. Filing 2011 taxes late turbotax Exceptions. Filing 2011 taxes late turbotax   A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty: As a member of the uniformed services; As a member of the Foreign Service of the United States; or As an employee of the intelligence community; and Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS. Filing 2011 taxes late turbotax The gain resulting from the sale of the property is allocated between qualified and nonqualified use periods based on the amount of time the property was held for qualified and nonqualified use. Filing 2011 taxes late turbotax Gain from the sale or exchange of a main home allocable to periods of qualified use will continue to qualify for the exclusion for the sale of your main home. Filing 2011 taxes late turbotax Gain from the sale or exchange of property allocable to nonqualified use will not qualify for the exclusion. Filing 2011 taxes late turbotax Calculation. Filing 2011 taxes late turbotax   To figure the portion of the gain allocated to the period of nonqualified use, multiply the gain by the following fraction:   Total nonqualified use during the period of ownership after 2008      Total period of ownership     This calculation can be found in Worksheet 2, line 10, in Publication 523. Filing 2011 taxes late turbotax Example 1. Filing 2011 taxes late turbotax On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. Filing 2011 taxes late turbotax She moved in on that date and lived in it until May 31, 2009, when she moved out of the house and put it up for rent. Filing 2011 taxes late turbotax The house was rented from June 1, 2009, to March 31, 2011. Filing 2011 taxes late turbotax Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. Filing 2011 taxes late turbotax Amy moved back into the house on April 1, 2011, and lived there until she sold it on January 31, 2013, for a gain of $200,000. Filing 2011 taxes late turbotax During the 5-year period ending on the date of the sale (January 31, 2008-January 31, 2013), Amy owned and lived in the house for more than 2 years as shown in the following table. Filing 2011 taxes late turbotax Five Year Period Used as  Home Used as  Rental 1/31/08 – 5/31/09 16 months       6/1/09 – 3/31/11   22 months 4/1/11 – 1/31/13 22 months         38 months 22 months During the period Amy owned the house (2,080 days), her period of nonqualified use was 668 days. Filing 2011 taxes late turbotax Amy divides 668 by 2,080 and obtains a decimal (rounded to at least three decimal places) of 0. Filing 2011 taxes late turbotax 321. Filing 2011 taxes late turbotax To figure her gain attributable to the period of nonqualified use, she multiplies $190,000 (the gain not attributable to the $10,000 depreciation deduction) by 0. Filing 2011 taxes late turbotax 321. Filing 2011 taxes late turbotax Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain. Filing 2011 taxes late turbotax Example 2. Filing 2011 taxes late turbotax William owned and used a house as his main home from 2007 through 2010. Filing 2011 taxes late turbotax On January 1, 2011, he moved to another state. Filing 2011 taxes late turbotax He rented his house from that date until April 30, 2013, when he sold it. Filing 2011 taxes late turbotax During the 5-year period ending on the date of sale (May 1, 2008-April 30, 2013), William owned and lived in the house for more than 2 years. Filing 2011 taxes late turbotax He must report the sale on Form 4797 because it was rental property at the time of sale. Filing 2011 taxes late turbotax Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. Filing 2011 taxes late turbotax Because he met the ownership and use tests, he can exclude gain up to $250,000. Filing 2011 taxes late turbotax However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next. Filing 2011 taxes late turbotax Depreciation after May 6, 1997. Filing 2011 taxes late turbotax   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. Filing 2011 taxes late turbotax If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed. Filing 2011 taxes late turbotax See Publication 544 for more information. Filing 2011 taxes late turbotax Property used partly for business or rental. Filing 2011 taxes late turbotax   If you used property partly as a home and partly for business or to produce rental income, see Publication 523. Filing 2011 taxes late turbotax Reporting the Sale Do not report the 2013 sale of your main home on your tax return unless: You have a gain and do not qualify to exclude all of it, You have a gain and choose not to exclude it, or You received Form 1099-S. Filing 2011 taxes late turbotax If any of these conditions apply, report the entire gain or loss. Filing 2011 taxes late turbotax For details on how to report the gain or loss, see the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949. Filing 2011 taxes late turbotax If you used the home for business or to produce rental income, you may have to use Form 4797 to report the sale of the business or rental part (or the sale of the entire property if used entirely for business or rental). Filing 2011 taxes late turbotax See Business Use or Rental of Home in Publication 523 and the Instructions for Form 4797. Filing 2011 taxes late turbotax Installment sale. Filing 2011 taxes late turbotax    Some sales are made under arrangements that provide for part or all of the selling price to be paid in a later year. Filing 2011 taxes late turbotax These sales are called “installment sales. Filing 2011 taxes late turbotax ” If you finance the buyer's purchase of your home yourself instead of having the buyer get a loan or mortgage from a bank, you probably have an installment sale. Filing 2011 taxes late turbotax You may be able to report the part of the gain you cannot exclude on the installment basis. Filing 2011 taxes late turbotax    Use Form 6252, Installment Sale Income, to report the sale. Filing 2011 taxes late turbotax Enter your exclusion on line 15 of Form 6252. Filing 2011 taxes late turbotax Seller-financed mortgage. Filing 2011 taxes late turbotax   If you sell your home and hold a note, mortgage, or other financial agreement, the payments you receive in most cases consist of both interest and principal. Filing 2011 taxes late turbotax You must separately report as interest income the interest you receive as part of each payment. Filing 2011 taxes late turbotax If the buyer of your home uses the property as a main or second home, you must also report the name, address, and social security number (SSN) of the buyer on line 1 of Schedule B (Form 1040A or 1040). Filing 2011 taxes late turbotax The buyer must give you his or her SSN, and you must give the buyer your SSN. Filing 2011 taxes late turbotax Failure to meet these requirements may result in a $50 penalty for each failure. Filing 2011 taxes late turbotax If either you or the buyer does not have and is not eligible to get an SSN, see Social Security Number in chapter 1. Filing 2011 taxes late turbotax More information. Filing 2011 taxes late turbotax   For more information on installment sales, see Publication 537, Installment Sales. Filing 2011 taxes late turbotax Special Situations The situations that follow may affect your exclusion. Filing 2011 taxes late turbotax Sale of home acquired in a like-kind exchange. Filing 2011 taxes late turbotax   You cannot claim the exclusion if: You acquired your home in a like-kind exchange (also known as a section 1031 exchange), or your basis in your home is determined by reference to the basis of the home in the hands of the person who acquired the property in a like-kind exchange (for example, you received the home from that person as a gift), and You sold the home during the 5-year period beginning with the date your home was acquired in the like-kind exchange. Filing 2011 taxes late turbotax Gain from a like-kind exchange is not taxable at the time of the exchange. Filing 2011 taxes late turbotax This means that gain will not be taxed until you sell or otherwise dispose of the property you receive. Filing 2011 taxes late turbotax To defer gain from a like-kind exchange, you must have exchanged business or investment property for business or investment property of a like kind. Filing 2011 taxes late turbotax For more information about like-kind exchanges, see Publication 544, Sales and Other Dispositions of Assets. Filing 2011 taxes late turbotax Home relinquished in a like-kind exchange. Filing 2011 taxes late turbotax   If you use your main home partly for business or rental purposes and then exchange the home for another property, see Publication 523. Filing 2011 taxes late turbotax Expatriates. Filing 2011 taxes late turbotax   You cannot claim the exclusion if the expatriation tax applies to you. Filing 2011 taxes late turbotax The expatriation tax applies to certain U. Filing 2011 taxes late turbotax S. Filing 2011 taxes late turbotax citizens who have renounced their citizenship (and to certain long-term residents who have ended their residency). Filing 2011 taxes late turbotax For more information about the expatriation tax, see Expatriation Tax in chapter 4 of Publication 519, U. Filing 2011 taxes late turbotax S. Filing 2011 taxes late turbotax Tax Guide for Aliens. Filing 2011 taxes late turbotax Home destroyed or condemned. Filing 2011 taxes late turbotax   If your home was destroyed or condemned, any gain (for example, because of insurance proceeds you received) qualifies for the exclusion. Filing 2011 taxes late turbotax   Any part of the gain that cannot be excluded (because it is more than the maximum exclusion) can be postponed under the rules explained in: Publication 547, in the case of a home that was destroyed, or Publication 544, chapter 1, in the case of a home that was condemned. Filing 2011 taxes late turbotax Sale of remainder interest. Filing 2011 taxes late turbotax   Subject to the other rules in this chapter, you can choose to exclude gain from the sale of a remainder interest in your home. Filing 2011 taxes late turbotax If you make this choice, you cannot choose to exclude gain from your sale of any other interest in the home that you sell separately. Filing 2011 taxes late turbotax Exception for sales to related persons. Filing 2011 taxes late turbotax   You cannot exclude gain from the sale of a remainder interest in your home to a related person. Filing 2011 taxes late turbotax Related persons include your brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Filing 2011 taxes late turbotax ), and lineal descendants (children, grandchildren, etc. Filing 2011 taxes late turbotax ). Filing 2011 taxes late turbotax Related persons also include certain corporations, partnerships, trusts, and exempt organizations. Filing 2011 taxes late turbotax Recapturing (Paying Back) a Federal Mortgage Subsidy If you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. Filing 2011 taxes late turbotax You recapture the benefit by increasing your federal income tax for the year of the sale. Filing 2011 taxes late turbotax You may have to pay this recapture tax even if you can exclude your gain from income under the rules discussed earlier; that exclusion does not affect the recapture tax. Filing 2011 taxes late turbotax Loans subject to recapture rules. Filing 2011 taxes late turbotax   The recapture applies to loans that: Came from the proceeds of qualified mortgage bonds, or Were based on mortgage credit certificates. Filing 2011 taxes late turbotax The recapture also applies to assumptions of these loans. Filing 2011 taxes late turbotax When recapture applies. Filing 2011 taxes late turbotax   Recapture of the federal mortgage subsidy applies only if you meet both of the following conditions. Filing 2011 taxes late turbotax You sell or otherwise dispose of your home at a gain within the first 9 years after the date you close your mortgage loan. Filing 2011 taxes late turbotax Your income for the year of disposition is more than that year's adjusted qualifying income for your family size for that year (related to the income requirements a person must meet to qualify for the federally subsidized program). Filing 2011 taxes late turbotax When recapture does not apply. Filing 2011 taxes late turbotax   Recapture does not apply in any of the following situations. Filing 2011 taxes late turbotax Your mortgage loan was a qualified home improvement loan (QHIL) of not more than $15,000 used for alterations, repairs, and improvements that protect or improve the basic livability or energy efficiency of your home. Filing 2011 taxes late turbotax Your mortgage loan was a QHIL of not more than $150,000 in the case of a QHIL used to repair damage from Hurricane Katrina to homes in the hurricane disaster area; a QHIL funded by a qualified mortgage bond that is a qualified Gulf Opportunity Zone Bond; or a QHIL for an owner-occupied home in the Gulf Opportunity Zone (GO Zone), Rita GO Zone, or Wilma GO Zone. Filing 2011 taxes late turbotax For more information, see Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. Filing 2011 taxes late turbotax Also see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. Filing 2011 taxes late turbotax The home is disposed of as a result of your death. Filing 2011 taxes late turbotax You dispose of the home more than 9 years after the date you closed your mortgage loan. Filing 2011 taxes late turbotax You transfer the home to your spouse, or to your former spouse incident to a divorce, where no gain is included in your income. Filing 2011 taxes late turbotax You dispose of the home at a loss. Filing 2011 taxes late turbotax Your home is destroyed by a casualty, and you replace it on its original site within 2 years after the end of the tax year when the destruction happened. Filing 2011 taxes late turbotax The replacement period is extended for main homes destroyed in a federally declared disaster area, a Midwestern disaster area, the Kansas disaster area, and the Hurricane Katrina disaster area. Filing 2011 taxes late turbotax For more information, see Replacement Period in Publication 547. Filing 2011 taxes late turbotax You refinance your mortgage loan (unless you later meet the conditions listed previously under When recapture applies ). Filing 2011 taxes late turbotax Notice of amounts. Filing 2011 taxes late turbotax   At or near the time of settlement of your mortgage loan, you should receive a notice that provides the federally subsidized amount and other information you will need to figure your recapture tax. Filing 2011 taxes late turbotax How to figure and report the recapture. Filing 2011 taxes late turbotax    The recapture tax is figured on Form 8828. Filing 2011 taxes late turbotax If you sell your home and your mortgage is subject to recapture rules, you must file Form 8828 even if you do not owe a recapture tax. Filing 2011 taxes late turbotax Attach Form 8828 to your Form 1040. Filing 2011 taxes late turbotax For more information, see Form 8828 and its instructions. Filing 2011 taxes late turbotax Prev  Up  Next   Home   More Online Publications
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Contact My Local Office in Indiana

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City Street Address Days/Hours of Service Telephone*
Bloomington 2017 S. Liberty Dr.
Bloomington, IN 47403

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)

 

**This office will be open 9:00 a.m. - 3:30 p.m. on 4/2**

 

Services Provided

(812) 337-7600
Columbus 2425 Northpark Dr.
Columbus, IN 47203

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)
 

Services Provided

(812) 379-7400
Evansville 7409 Eagle Crest Blvd.
Evansville, IN 47715

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(812) 474-4800
Ft. Wayne 201 E. Rudisill Blvd.
Fort Wayne, IN 46806

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:30 p.m. - 1:30 p.m.)

 

Services Provided

(260) 458-5000
Indianapolis 575 N. Pennsylvania St.
Indianapolis, IN 46204

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(317) 685-7500 
Lafayette  955 Mezzanine Drive
Suite B
Lafayette, IN 47905 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)

 

Services Provided

(765) 449-3880 
Merrillville  233 E. 84th Dr.
Merrillville, IN 46410 

Monday-Friday - 8:30 a.m.-4:30 p.m.


Services Provided

(219) 736-4378
 
Muncie  225 N. High St.
Muncie, IN 47305 

Monday-Friday 8:30 a.m.- 4:30 p.m. 
(Closed for lunch 12:30 p.m.- 1:30 p.m.)
 

Services Provided

(765) 747-5533 
South Bend  100 E Wayne St
South Bend, IN 46601 

Monday-Friday - 8:30 a.m.-4:30 p.m.  
 

Services Provided

(574) 236-8149 
Terre Haute  801 Wabash Ave. 
Terre Haute, IN 47807 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)

 

Services Provided

(812) 231-6521 

* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service: Call (317) 685-7840 in Indianapolis or 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see  Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
575 N. Pennsylvania St.
Room 573, Stop WI-665
Indianapolis, IN 46204

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The Filing 2011 Taxes Late Turbotax

Filing 2011 taxes late turbotax Publication 550 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Filing 2011 taxes late turbotax Tax questions. Filing 2011 taxes late turbotax Future Developments For the latest information about developments related to Publication 550, such as legislation enacted after it was published, go to www. Filing 2011 taxes late turbotax irs. Filing 2011 taxes late turbotax gov/pub550. Filing 2011 taxes late turbotax What's New Net investment income tax (NIIT). Filing 2011 taxes late turbotax  Beginning in 2013, you may be subject to the NIIT. Filing 2011 taxes late turbotax The NIIT applies at a rate of 3. Filing 2011 taxes late turbotax 8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts. Filing 2011 taxes late turbotax See Net investment income tax (NIIT) , later. Filing 2011 taxes late turbotax Maximum capital gain rates. Filing 2011 taxes late turbotax  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Filing 2011 taxes late turbotax See Capital Gain Tax Rates , later, for more information. Filing 2011 taxes late turbotax Gift tax exclusion amount increased. Filing 2011 taxes late turbotax  For calendar year 2013, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. Filing 2011 taxes late turbotax See Property Received as a Gift , later. Filing 2011 taxes late turbotax Reminders Mutual fund distributions. Filing 2011 taxes late turbotax  Publication 564, Mutual Fund Distributions, has been incorporated into this publication. Filing 2011 taxes late turbotax Foreign source income. Filing 2011 taxes late turbotax  If you are a U. Filing 2011 taxes late turbotax S. Filing 2011 taxes late turbotax citizen with investment income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Filing 2011 taxes late turbotax S. Filing 2011 taxes late turbotax law. Filing 2011 taxes late turbotax This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Filing 2011 taxes late turbotax Employee stock options. Filing 2011 taxes late turbotax  If you received an option to buy or sell stock or other property as payment for your services, see Publication 525, Taxable and Nontaxable Income, for the special tax rules that apply. Filing 2011 taxes late turbotax Photographs of missing children. Filing 2011 taxes late turbotax  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filing 2011 taxes late turbotax Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filing 2011 taxes late turbotax 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. Filing 2011 taxes late turbotax Introduction This publication provides information on the tax treatment of investment income and expenses. Filing 2011 taxes late turbotax It includes information on the tax treatment of investment income and expenses for individual shareholders of mutual funds or other regulated investment companies, such as money market funds. Filing 2011 taxes late turbotax It explains what investment income is taxable and what investment expenses are deductible. Filing 2011 taxes late turbotax It explains when and how to show these items on your tax return. Filing 2011 taxes late turbotax It also explains how to determine and report gains and losses on the disposition of investment property and provides information on property trades and tax shelters. Filing 2011 taxes late turbotax The glossary at the end of this publication defines many of the terms used. Filing 2011 taxes late turbotax Investment income. Filing 2011 taxes late turbotax   This generally includes interest, dividends, capital gains, and other types of distributions including mutual fund distributions. Filing 2011 taxes late turbotax Investment expenses. Filing 2011 taxes late turbotax   These include interest paid or incurred to acquire investment property and expenses to manage or collect income from investment property. Filing 2011 taxes late turbotax Qualified retirement plans and IRAs. Filing 2011 taxes late turbotax   The rules in this publication do not apply to mutual fund shares held in individual retirement arrangements (IRAs), section 401(k) plans, and other qualified retirement plans. Filing 2011 taxes late turbotax The value of the mutual fund shares and earnings allocated to you are included in your retirement plan assets and stay tax free generally until the plan distributes them to you. Filing 2011 taxes late turbotax The tax rules that apply to retirement plan distributions are explained in the following publications. Filing 2011 taxes late turbotax Publication 560, Retirement Plans for Small Business. Filing 2011 taxes late turbotax Publication 571, Tax-Sheltered Annuity Plans. Filing 2011 taxes late turbotax Publication 575, Pension and Annuity Income. Filing 2011 taxes late turbotax Publication 590, Individual Retirement Arrangements (IRAs). Filing 2011 taxes late turbotax Publication 721, Tax Guide to U. Filing 2011 taxes late turbotax S. Filing 2011 taxes late turbotax Civil Service Retirement Benefits. Filing 2011 taxes late turbotax    Comments and suggestions. Filing 2011 taxes late turbotax   We welcome your comments about this publication and your suggestions for future editions. Filing 2011 taxes late turbotax   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Filing 2011 taxes late turbotax NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Filing 2011 taxes late turbotax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filing 2011 taxes late turbotax   You can send your comments from www. Filing 2011 taxes late turbotax irs. Filing 2011 taxes late turbotax gov/formspubs/. Filing 2011 taxes late turbotax Click on “More Information” and then on “Comment on Tax Forms and Publications. Filing 2011 taxes late turbotax ”   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. Filing 2011 taxes late turbotax Ordering forms and publications. Filing 2011 taxes late turbotax   Visit www. Filing 2011 taxes late turbotax irs. Filing 2011 taxes late turbotax 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. Filing 2011 taxes late turbotax Internal Revenue Service 1201 N. Filing 2011 taxes late turbotax Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Filing 2011 taxes late turbotax   If you have a tax question, check the information available on IRS. Filing 2011 taxes late turbotax gov or call 1-800-829-1040. Filing 2011 taxes late turbotax We cannot answer tax questions sent to either of the above addresses. 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