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Turbotax 2011 Edition

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Turbotax 2011 Edition

Turbotax 2011 edition 9. Turbotax 2011 edition   Dispositions of Property Used in Farming Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Section 1231 Gains and LossesNonrecaptured section 1231 losses. Turbotax 2011 edition Depreciation RecaptureSection 1245 Property Section 1250 Property Installment Sale Other Dispositions Other GainsExceptions. Turbotax 2011 edition Amount to report as ordinary income. Turbotax 2011 edition Applicable percentage. Turbotax 2011 edition Amount to report as ordinary income. Turbotax 2011 edition Applicable percentage. Turbotax 2011 edition Introduction When you dispose of property used in your farm business, your taxable gain or loss is usually treated as ordinary income (which is taxed at the same rates as wages and interest income) or capital gain (which is generally taxed at lower rates) under the rules for section 1231 transactions. Turbotax 2011 edition When you dispose of depreciable property (section 1245 property or section 1250 property) at a gain, you may have to recognize all or part of the gain as ordinary income under the depreciation recapture rules. Turbotax 2011 edition Any gain remaining after applying the depreciation recapture rules is a section 1231 gain, which may be taxed as a capital gain. Turbotax 2011 edition Gains and losses from property used in farming are reported on Form 4797, Sales of Business Property. Turbotax 2011 edition Table 9-1 contains examples of items reported on Form 4797 and refers to the part of that form on which they first should be reported. Turbotax 2011 edition Topics - This chapter discusses: Section 1231 gains and losses Depreciation recapture Other gains Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property See chapter 16 for information about getting publications and forms. Turbotax 2011 edition Section 1231 Gains and Losses Section 1231 gains and losses are the taxable gains and losses from section 1231 transactions (explained below). Turbotax 2011 edition Their treatment as ordinary or capital gains depends on whether you have a net gain or a net loss from all of your section 1231 transactions in the tax year. Turbotax 2011 edition Table 9-1. Turbotax 2011 edition Where to First Report Certain Items on Form 4797 Type of property Held 1 year  or less Held more than  1 year 1 Depreciable trade or business property:       a Sold or exchanged at a gain Part II Part III (1245, 1250)   b Sold or exchanged at a loss Part II Part I 2 Farmland held less than 10 years for which soil, water, or land clearing expenses were deducted:       a Sold at a gain Part II Part III (1252)   b Sold at a loss Part II Part I 3 All other farmland Part II Part I 4 Disposition of cost-sharing payment property described in section 126 Part II Part III (1255) 5 Cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 24 mos. Turbotax 2011 edition Held 24 mos. Turbotax 2011 edition  or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised cattle and horses sold at a gain Part II Part I 6 Livestock other than cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 12 mos. Turbotax 2011 edition Held 12 mos. Turbotax 2011 edition   or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised livestock sold at a gain Part II Part I If you have a gain from a section 1231 transaction, first determine whether any of the gain is ordinary income under the depreciation recapture rules (explained later). Turbotax 2011 edition Do not take that gain into account as section 1231 gain. Turbotax 2011 edition Section 1231 transactions. Turbotax 2011 edition   Gain or loss on the following transactions is subject to section 1231 treatment. Turbotax 2011 edition Sale or exchange of cattle and horses. Turbotax 2011 edition The cattle and horses must be held for draft, breeding, dairy, or sporting purposes and held for 24 months or longer. Turbotax 2011 edition Sale or exchange of other livestock. Turbotax 2011 edition This livestock must be held for draft, breeding, dairy, or sporting purposes and held for 12 months or longer. Turbotax 2011 edition Other livestock includes hogs, mules, sheep, goats, donkeys, and other fur-bearing animals. Turbotax 2011 edition Other livestock does not include poultry. Turbotax 2011 edition Sale or exchange of depreciable personal property. Turbotax 2011 edition This property must be used in your business and held longer than 1 year. Turbotax 2011 edition Generally, property held for the production of rents or royalties is considered to be used in a trade or business. Turbotax 2011 edition Examples of depreciable personal property include farm machinery and trucks. Turbotax 2011 edition It also includes amortizable section 197 intangibles. Turbotax 2011 edition Sale or exchange of real estate. Turbotax 2011 edition This property must be used in your business and held longer than 1 year. Turbotax 2011 edition Examples are your farm or ranch (including barns and sheds). Turbotax 2011 edition Sale or exchange of unharvested crops. Turbotax 2011 edition The crop and land must be sold, exchanged, or involuntarily converted at the same time and to the same person, and the land must have been held longer than 1 year. Turbotax 2011 edition You cannot keep any right or option to reacquire the land directly or indirectly (other than a right customarily incident to a mortgage or other security transaction). Turbotax 2011 edition Growing crops sold with a leasehold on the land, even if sold to the same person in a single transaction, are not included. Turbotax 2011 edition Distributive share of partnership gains and losses. Turbotax 2011 edition Your distributive share must be from the sale or exchange of property listed above and held longer than 1 year (or for the required period for certain livestock). Turbotax 2011 edition Cutting or disposal of timber. Turbotax 2011 edition Special rules apply if you owned the timber longer than 1 year and elect to treat timber cutting as a sale or exchange, or you enter into a cutting contract, as described in chapter 8 under Timber . Turbotax 2011 edition Condemnation. Turbotax 2011 edition The condemned property (defined in chapter 11) must have been held longer than 1 year. Turbotax 2011 edition It must be business property or a capital asset held in connection with a trade or business or a transaction entered into for profit, such as investment property. Turbotax 2011 edition It cannot be property held for personal use. Turbotax 2011 edition Casualty or theft. Turbotax 2011 edition The casualty or theft must have affected business property, property held for the production of rents or royalties, or investment property (such as notes and bonds). Turbotax 2011 edition You must have held the property longer than 1 year. Turbotax 2011 edition However, if your casualty or theft losses are more than your casualty or theft gains, neither the gains nor the losses are taken into account in the section 1231 computation. Turbotax 2011 edition Section 1231 does not apply to personal casualty gains and losses. Turbotax 2011 edition See chapter 11 for information on how to treat those gains and losses. Turbotax 2011 edition If the property is not held for the required holding period, the transaction is not subject to section 1231 treatment, and any gain or loss is ordinary income reported in Part II of Form 4797. Turbotax 2011 edition See Table 9-1. Turbotax 2011 edition Property for sale to customers. Turbotax 2011 edition   A sale, exchange, or involuntary conversion of property held mainly for sale to customers is not a section 1231 transaction. Turbotax 2011 edition If you will get back all, or nearly all, of your investment in the property by selling it rather than by using it up in your business, it is property held mainly for sale to customers. Turbotax 2011 edition Treatment as ordinary or capital. Turbotax 2011 edition   To determine the treatment of section 1231 gains and losses, combine all of your section 1231 gains and losses for the year. Turbotax 2011 edition If you have a net section 1231 loss, it is an ordinary loss. Turbotax 2011 edition If you have a net section 1231 gain, it is ordinary income up to your nonrecaptured section 1231 losses from previous years, explained next. Turbotax 2011 edition The rest, if any, is long-term capital gain. Turbotax 2011 edition Nonrecaptured section 1231 losses. Turbotax 2011 edition   Your nonrecaptured section 1231 losses are your net section 1231 losses for the previous 5 years that have not been applied against a net section 1231 gain by treating the gain as ordinary income. Turbotax 2011 edition These losses are applied against your net section 1231 gain beginning with the earliest loss in the 5-year period. Turbotax 2011 edition Example. Turbotax 2011 edition In 2013, Ben has a $2,000 net section 1231 gain. Turbotax 2011 edition To figure how much he has to report as ordinary income and long-term capital gain, he must first determine his section 1231 gains and losses from the previous 5-year period. Turbotax 2011 edition From 2008 through 2012 he had the following section 1231 gains and losses. Turbotax 2011 edition Year Amount 2008 -0- 2009 -0- 2010 ($2,500) 2011 -0- 2012 $1,800   Ben uses this information to figure how to report his net section 1231 gain for 2013 as shown below. Turbotax 2011 edition 1) Net section 1231 gain (2013) $2,000 2) Net section 1231 loss (2010) ($2,500)   3) Net section 1231 gain (2012) 1,800   4) Remaining net section 1231 loss from prior 5 years ($700)   5) Gain treated as  ordinary income $700 6) Gain treated as long-term  capital gain $1,300 His remaining net section 1231 loss from 2010 is completely recaptured in 2013. Turbotax 2011 edition Depreciation Recapture If you dispose of depreciable or amortizable property at a gain, you may have to treat all or part of the gain (even if it is otherwise nontaxable) as ordinary income. Turbotax 2011 edition To figure any gain that must be reported as ordinary income, you must keep permanent records of the facts necessary to figure the depreciation or amortization allowed or allowable on your property. Turbotax 2011 edition For more information, see chapter 3 of Publication 544. Turbotax 2011 edition Section 1245 Property A gain on the disposition of section 1245 property is treated as ordinary income to the extent of depreciation allowed or allowable. Turbotax 2011 edition Any recognized gain that is more than the part that is ordinary income is a section 1231 gain. Turbotax 2011 edition See Treatment as ordinary or capital under Section 1231 Gains and Losses , earlier. Turbotax 2011 edition Section 1245 property includes any property that is or has been subject to an allowance for depreciation or amortization and that is any of the following types of property. Turbotax 2011 edition Personal property (either tangible or intangible). Turbotax 2011 edition Other tangible property (except buildings and their structural components) used as any of the following. Turbotax 2011 edition See Buildings and structural components below. Turbotax 2011 edition An integral part of manufacturing, production, or extraction, or of furnishing certain services. Turbotax 2011 edition A research facility in any of the activities in (a). Turbotax 2011 edition A facility in any of the activities in (a) above, for the bulk storage of fungible commodities (discussed later). Turbotax 2011 edition That part of real property (not included in (2)) with an adjusted basis reduced by (but not limited to) the following. Turbotax 2011 edition Amortization of certified pollution control facilities. Turbotax 2011 edition The section 179 expense deduction. Turbotax 2011 edition Deduction for clean-fuel vehicles and certain refueling property. Turbotax 2011 edition Expenditures to remove architectural and transportation barriers to the handicapped and elderly. Turbotax 2011 edition Certain reforestation expenditures (as described under Reforestation Costs in chapter 7. Turbotax 2011 edition Single purpose agricultural (livestock) or horticultural structures. Turbotax 2011 edition Storage facilities (except buildings and their structural components) used in distributing petroleum or any primary product of petroleum. Turbotax 2011 edition Buildings and structural components. Turbotax 2011 edition   Section 1245 property does not include buildings and structural components. Turbotax 2011 edition The term building includes a house, barn, warehouse, or garage. Turbotax 2011 edition The term structural component includes walls, floors, windows, doors, central air conditioning systems, light fixtures, etc. Turbotax 2011 edition   Do not treat a structure that is essentially machinery or equipment as a building or structural component. Turbotax 2011 edition Also, do not treat a structure that houses property used as an integral part of an activity as a building or structural component if the structure's use is so closely related to the property's use that the structure can be expected to be replaced when the property it initially houses is replaced. Turbotax 2011 edition   The fact that the structure is specially designed to withstand the stress and other demands of the property and cannot be used economically for other purposes indicates it is closely related to the use of the property it houses. Turbotax 2011 edition Structures such as oil and gas storage tanks, grain storage bins, and silos are not treated as buildings, but as section 1245 property. Turbotax 2011 edition Facility for bulk storage of fungible commodities. Turbotax 2011 edition   This is a facility used mainly for the bulk storage of fungible commodities. Turbotax 2011 edition Bulk storage means storage of a commodity in a large mass before it is used. Turbotax 2011 edition For example, if a facility is used to store oranges that have been sorted and boxed, it is not used for bulk storage. Turbotax 2011 edition To be fungible, a commodity must be such that one part may be used in place of another. Turbotax 2011 edition Gain Treated as Ordinary Income The gain treated as ordinary income on the sale, exchange, or involuntary conversion of section 1245 property, including a sale and leaseback transaction, is the lesser of the following amounts. Turbotax 2011 edition The depreciation (which includes any section 179 deduction claimed) and amortization allowed or allowable on the property. Turbotax 2011 edition The gain realized on the disposition (the amount realized from the disposition minus the adjusted basis of the property). Turbotax 2011 edition For any other disposition of section 1245 property, ordinary income is the lesser of (1) above or the amount by which its fair market value (FMV) is more than its adjusted basis. Turbotax 2011 edition For details, see chapter 3 of Publication 544. Turbotax 2011 edition Use Part III of Form 4797 to figure the ordinary income part of the gain. Turbotax 2011 edition Depreciation claimed on other property or claimed by other taxpayers. Turbotax 2011 edition   Depreciation and amortization include the amounts you claimed on the section 1245 property as well as the following depreciation and amortization amounts. Turbotax 2011 edition Amounts you claimed on property you exchanged for, or converted to, your section 1245 property in a like-kind exchange or involuntary conversion. Turbotax 2011 edition For details on exchanges of property that are not taxable, see Like-Kind Exchanges in chapter 8. Turbotax 2011 edition Amounts a previous owner of the section 1245 property claimed if your basis is determined with reference to that person's adjusted basis (for example, the donor's depreciation deductions on property you received as a gift and part of the transfer is a sale or exchange). Turbotax 2011 edition Example. Turbotax 2011 edition Jeff Free paid $120,000 for a tractor in 2012. Turbotax 2011 edition On February 23, 2013, he traded it for a chopper and paid an additional $30,000. Turbotax 2011 edition To figure his depreciation deduction on the chopper for the current year, Jeff continues to use the basis of the tractor as he would have before the trade. Turbotax 2011 edition Jeff can also depreciate the additional $30,000 for the chopper. Turbotax 2011 edition Depreciation and amortization. Turbotax 2011 edition   Depreciation and amortization deductions that must be recaptured as ordinary income include (but are not limited to) the following items. Turbotax 2011 edition See Depreciation Recapture in chapter 3 of Publication 544 for more details. Turbotax 2011 edition Ordinary depreciation deductions. Turbotax 2011 edition Section 179 deduction (see chapter 7). Turbotax 2011 edition Any special depreciation allowance. Turbotax 2011 edition Amortization deductions for all the following costs. Turbotax 2011 edition Acquiring a lease. Turbotax 2011 edition Lessee improvements. Turbotax 2011 edition Pollution control facilities. Turbotax 2011 edition Reforestation expenses. Turbotax 2011 edition Section 197 intangibles. Turbotax 2011 edition Qualified disaster expenses. Turbotax 2011 edition Franchises, trademarks, and trade names acquired before August 11, 1993. Turbotax 2011 edition Example. Turbotax 2011 edition You file your returns on a calendar year basis. Turbotax 2011 edition In February 2011, you bought and placed in service for 100% use in your farming business a light-duty truck (5-year property) that cost $10,000. Turbotax 2011 edition You used the half-year convention and your MACRS deductions for the truck were $1,500 in 2011 and $2,550 in 2012. Turbotax 2011 edition You did not claim the section 179 expense deduction for the truck. Turbotax 2011 edition You sold it in May 2013 for $7,000. Turbotax 2011 edition The MACRS deduction in 2013, the year of sale, is $893 (½ of $1,785). Turbotax 2011 edition Figure the gain treated as ordinary income as follows. Turbotax 2011 edition 1) Amount realized $7,000 2) Cost (February 2011) $10,000   3) Depreciation allowed or allowable (MACRS deductions: $1,500 + $2,550 + $893) 4,943   4) Adjusted basis (subtract line 3 from line 2) $5,057 5) Gain realized (subtract line 4 from line 1) 1,943 6) Gain treated as ordinary income (lesser of line 3 or line 5) $1,943 Depreciation allowed or allowable. Turbotax 2011 edition   You generally use the greater of the depreciation allowed or allowable when figuring the part of gain to report as ordinary income. Turbotax 2011 edition If, in prior years, you have consistently taken proper deductions under one method, the amount allowed for your prior years will not be increased even though a greater amount would have been allowed under another proper method. Turbotax 2011 edition If you did not take any deduction at all for depreciation, your adjustments to basis for depreciation allowable are figured by using the straight line method. Turbotax 2011 edition This treatment applies only when figuring what part of the gain is treated as ordinary income under the rules for section 1245 depreciation recapture. Turbotax 2011 edition Disposition of plants and animals. Turbotax 2011 edition   If you elect not to use the uniform capitalization rules (see chapter 6), you must treat any plant you produce as section 1245 property. Turbotax 2011 edition If you have a gain on the property's disposition, you must recapture the pre-productive expenses you would have capitalized if you had not made the election by treating the gain, up to the amount of these expenses, as ordinary income. Turbotax 2011 edition For section 1231 transactions, show these expenses as depreciation on Form 4797, Part III, line 22. Turbotax 2011 edition For plant sales that are reported on Schedule F (1040), Profit or Loss From Farming, this recapture rule does not change the reporting of income because the gain is already ordinary income. Turbotax 2011 edition You can use the farm-price method or the unit-livestock-price method discussed in  chapter 2 to figure these expenses. Turbotax 2011 edition Example. Turbotax 2011 edition Janet Maple sold her apple orchard in 2013 for $80,000. Turbotax 2011 edition Her adjusted basis at the time of sale was $60,000. Turbotax 2011 edition She bought the orchard in 2006, but the trees did not produce a crop until 2009. Turbotax 2011 edition Her pre-productive expenses were $6,000. Turbotax 2011 edition She elected not to use the uniform capitalization rules. Turbotax 2011 edition Janet must treat $6,000 of the gain as ordinary income. Turbotax 2011 edition Section 1250 Property Section 1250 property includes all real property subject to an allowance for depreciation that is not and never has been section 1245 property. Turbotax 2011 edition It includes buildings and structural components that are not section 1245 property (discussed earlier). Turbotax 2011 edition It includes a leasehold of land or section 1250 property subject to an allowance for depreciation. Turbotax 2011 edition A fee simple interest in land is not section 1250 property because, like land, it is not depreciable. Turbotax 2011 edition Gain on the disposition of section 1250 property is treated as ordinary income to the extent of additional depreciation allowed or allowable. Turbotax 2011 edition To determine the additional depreciation on section 1250 property, see Depreciation Recapture in chapter 3 of Publication 544. Turbotax 2011 edition You will not have additional depreciation if any of the following apply to the property disposed of. Turbotax 2011 edition You figured depreciation for the property using the straight line method or any other method that does not result in depreciation that is more than the amount figured by the straight line method and you have held the property longer than 1 year. Turbotax 2011 edition You chose the alternate ACRS (straight line) method for the property, which was a type of 15-, 18-, or 19-year real property covered by the section 1250 rules. Turbotax 2011 edition The property was nonresidential real property placed in service after 1986 (or after July 31, 1986, if the choice to use MACRS was made) and you held it longer than 1 year. Turbotax 2011 edition These properties are depreciated using the straight line method. Turbotax 2011 edition Installment Sale If you report the sale of property under the installment method, any depreciation recapture under section 1245 or 1250 is taxable as ordinary income in the year of sale. Turbotax 2011 edition This applies even if no payments are received in that year. Turbotax 2011 edition If the gain is more than the depreciation recapture income, report the rest of the gain using the rules of the installment method. Turbotax 2011 edition For this purpose, include the recapture income in your installment sale basis to determine your gross profit on the installment sale. Turbotax 2011 edition If you dispose of more than one asset in a single transaction, you must separately figure the gain on each asset so that it may be properly reported. Turbotax 2011 edition To do this, allocate the selling price and the payments you receive in the year of sale to each asset. Turbotax 2011 edition Report any depreciation recapture income in the year of sale before using the installment method for any remaining gain. Turbotax 2011 edition For more information on installment sales, see chapter 10. Turbotax 2011 edition Other Dispositions Chapter 3 of Publication 544 discusses the tax treatment of the following transfers of depreciable property. Turbotax 2011 edition By gift. Turbotax 2011 edition At death. Turbotax 2011 edition In like-kind exchanges. Turbotax 2011 edition In involuntary conversions. Turbotax 2011 edition Publication 544 also explains how to handle a single transaction involving multiple properties. Turbotax 2011 edition Other Gains This section discusses gain on the disposition of farmland for which you were allowed either of the following. Turbotax 2011 edition Deductions for soil and water conservation expenditures (section 1252 property). Turbotax 2011 edition Exclusions from income for certain cost sharing payments (section 1255 property). Turbotax 2011 edition Section 1252 property. Turbotax 2011 edition   If you disposed of farmland you held more than 1 year and less than 10 years at a gain and you were allowed deductions for soil and water conservation expenses for the land, as discussed in chapter 5, you must treat part of the gain as ordinary income and treat the balance as section 1231 gain. Turbotax 2011 edition Exceptions. Turbotax 2011 edition   Do not treat gain on the following transactions as gain on section 1252 property. Turbotax 2011 edition Disposition of farmland by gift. Turbotax 2011 edition Transfer of farm property at death (except for income in respect of a decedent). Turbotax 2011 edition For more information, see Regulations section 1. Turbotax 2011 edition 1252-2. Turbotax 2011 edition Amount to report as ordinary income. Turbotax 2011 edition   You report as ordinary income the lesser of the following amounts. Turbotax 2011 edition Your gain (determined by subtracting the adjusted basis from the amount realized from a sale, exchange, or involuntary conversion, or the FMV for all other dispositions). Turbotax 2011 edition The total deductions allowed for soil and water conservation expenses multiplied by the applicable percentage, discussed next. Turbotax 2011 edition Applicable percentage. Turbotax 2011 edition   The applicable percentage is based on the length of time you held the land. Turbotax 2011 edition If you dispose of your farmland within 5 years after the date you acquired it, the percentage is 100%. Turbotax 2011 edition If you dispose of the land within the 6th through 9th year after you acquired it, the applicable percentage is reduced by 20% a year for each year or part of a year you hold the land after the 5th year. Turbotax 2011 edition If you dispose of the land 10 or more years after you acquired it, the percentage is 0%, and the entire gain is a section 1231 gain. Turbotax 2011 edition Example. Turbotax 2011 edition You acquired farmland on January 19, 2005. Turbotax 2011 edition On October 3, 2013, you sold the land at a $30,000 gain. Turbotax 2011 edition Between January 1 and October 3, 2013, you incur soil and water conservation expenditures of $15,000 for the land that are fully deductible in 2013. Turbotax 2011 edition The applicable percentage is 40% since you sold the land within the 8th year after you acquired it. Turbotax 2011 edition You treat $6,000 (40% of $15,000) of the $30,000 gain as ordinary income and the $24,000 balance as a section 1231 gain. Turbotax 2011 edition Section 1255 property. Turbotax 2011 edition   If you receive certain cost-sharing payments on property and you exclude those payments from income (as discussed in chapter 3), you may have to treat part of any gain as ordinary income and treat the balance as a section 1231 gain. Turbotax 2011 edition If you chose not to exclude these payments, you will not have to recognize ordinary income under this provision. Turbotax 2011 edition Amount to report as ordinary income. Turbotax 2011 edition   You report as ordinary income the lesser of the following amounts. Turbotax 2011 edition The applicable percentage of the total excluded cost-sharing payments. Turbotax 2011 edition The gain on the disposition of the property. Turbotax 2011 edition You do not report ordinary income under this rule to the extent the gain is recognized as ordinary income under sections 1231 through 1254, 1256, and 1257. Turbotax 2011 edition However, if applicable, gain reported under this rule must be reported regardless of any contrary provisions (including nonrecognition provisions) under any other section. Turbotax 2011 edition Applicable percentage. Turbotax 2011 edition   The applicable percentage of the excluded cost-sharing payments to be reported as ordinary income is based on the length of time you hold the property after receiving the payments. Turbotax 2011 edition If the property is held less than 10 years after you receive the payments, the percentage is 100%. Turbotax 2011 edition After 10 years, the percentage is reduced by 10% a year, or part of a year, until the rate is 0%. Turbotax 2011 edition Form 4797, Part III. Turbotax 2011 edition   Use Form 4797, Part III, to figure the ordinary income part of a gain from the sale, exchange, or involuntary conversion of section 1252 property and section 1255 property. Turbotax 2011 edition Prev  Up  Next   Home   More Online Publications
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Executive Office of the President

The Executive Office of the President is made up of White House offices and agencies. These offices help develop and implement the policy and programs of the President.

The Turbotax 2011 Edition

Turbotax 2011 edition Index A Acknowledgment, Acknowledgment. Turbotax 2011 edition Adoption expenses, Personal Expenses Airplanes, donations of, Cars, Boats, and Airplanes Appraisal fees, Appraisal Fees Assistance (see Tax help) Athletic events, Athletic events. Turbotax 2011 edition B Bargain sales, Bargain Sales Blood donated, Value of Time or Services Boats, donations of, Cars, Boats, and Airplanes Boats, fair market value, Cars, boats, and airplanes. Turbotax 2011 edition C Canadian charity, Canadian charities. Turbotax 2011 edition Capital gain property, Capital Gain Property Car expenses, Car expenses. Turbotax 2011 edition , Car expenses. Turbotax 2011 edition Carryovers, Carryovers Cars, donations of, Cars, Boats, and Airplanes Cash contributions, records to keep, Cash Contributions Charity benefit events, Charity benefit events. Turbotax 2011 edition Church deacon, Church deacon. Turbotax 2011 edition Clothing Fair market value of, Used clothing. Turbotax 2011 edition Conservation contribution, Special 50% Limit for Qualified Conservation Contributions Contributions from which you benefit, Contributions From Which You Benefit, Contributions From Which You Benefit Contributions of property, Contributions of Property Contributions subject to special rules Car, boat, or airplane, 1098–C, Contributions Subject to Special Rules Clothing, Contributions Subject to Special Rules Fractional interest in tangible personal property, Contributions Subject to Special Rules Future interest in tangible personal property, Contributions Subject to Special Rules Household items, Contributions Subject to Special Rules Inventory from your business, Contributions Subject to Special Rules Partial interest in property, Contributions Subject to Special Rules Patent or other intellectual property, Contributions Subject to Special Rules Property subject to a debt, Contributions Subject to Special Rules Qualified conservation contribution, Contributions Subject to Special Rules Taxidermy property, Contributions Subject to Special Rules Contributions to nonqualified organizations Foreign organizations, Contributions to Nonqualified Organizations Contributions you can deduct, Contributions You Can Deduct Conventions of a qualified organization, Conventions. Turbotax 2011 edition D Daily allowance (per diem) from a charitable organization, Daily allowance (per diem). Turbotax 2011 edition Deduction limits, Limits on Deductions Determining fair market value, Determining Fair Market Value Disaster relief, Reminders Donor-advised funds, Contributions to Donor-Advised Funds E Easement, Building in registered historic district. Turbotax 2011 edition F Farmer, Qualified farmer or rancher. Turbotax 2011 edition Food inventory, Food Inventory Foreign organizations Canadian, Canadian charities. Turbotax 2011 edition Israeli, Israeli charities. Turbotax 2011 edition Mexican, Mexican charities. Turbotax 2011 edition Form 8282, Form 8282. Turbotax 2011 edition 8283, Total deduction over $500. Turbotax 2011 edition Foster parents, Foster parents. Turbotax 2011 edition Free tax services, Free help with your tax return. Turbotax 2011 edition Future interests in property, Future Interest in Tangible Personal Property H Help (see Tax help) Historic building, Building in registered historic district. Turbotax 2011 edition Household items Fair market value of, Household items. Turbotax 2011 edition How to report, How To Report Noncash contributions, Reporting expenses for student living with you. Turbotax 2011 edition I Introduction, Introduction Inventory, Food Inventory Israeli charity, Israeli charities. Turbotax 2011 edition L Legislation, influencing, Contributions From Which You Benefit Limit on itemized deductions, What's New Limits on deductions, Limits on Deductions 20% limit, 20% Limit 30% limit, 30% Limit 50% limit, 50% Limit Calculation, How To Figure Your Deduction When Limits Apply Capital gain property, Special 30% Limit for Capital Gain Property Qualified conservation contributions, Special 50% Limit for Qualified Conservation Contributions M Meals, Personal Expenses Membership fees or dues, Membership fees or dues. Turbotax 2011 edition Mexican charity, Mexican charities. Turbotax 2011 edition Motor vehicles, donations of, Cars, Boats, and Airplanes Motor vehicles, fair market value, Cars, boats, and airplanes. Turbotax 2011 edition N Noncash contributions, Noncash Contributions How to report, Reporting expenses for student living with you. Turbotax 2011 edition Records to keep, Noncash Contributions Nondeductible contributions, Contributions You Cannot Deduct O Ordinary income property, Ordinary Income Property Out-of-pocket expenses, Out-of-pocket expenses. Turbotax 2011 edition Out-of-pocket expenses in giving services, Out-of-Pocket Expenses in Giving Services P Payroll deductions, Payroll deductions. Turbotax 2011 edition , Payroll deductions. Turbotax 2011 edition Penalty, valuation overstatement, Penalty Personal expenses, Personal Expenses Private foundation, 50% Limit Organizations Private nonoperating foundation, Contributions to private nonoperating foundations. Turbotax 2011 edition , 50% Limit Organizations Private operating foundation, 50% Limit Organizations Property Bargain sales, Bargain Sales Basis, Giving Property That Has Decreased in Value Capital gain, Capital Gain Property Capital gain election, Capital gain property election. Turbotax 2011 edition Decreased in value, Giving Property That Has Decreased in Value Future interests, Future Interest in Tangible Personal Property Increased in value, Giving Property That Has Increased in Value Inventory, Food Inventory Ordinary income, Ordinary Income Property Unrelated use, Tangible personal property put to unrelated use. Turbotax 2011 edition Publications (see Tax help) Q Qualified charitable distributions, Qualified Charitable Distributions Qualified conservation contribution, Special 50% Limit for Qualified Conservation Contributions Qualified organizations Foreign qualified organizations Canadian, Organizations That Qualify To Receive Deductible Contributions Israeli, Organizations That Qualify To Receive Deductible Contributions Mexican, Organizations That Qualify To Receive Deductible Contributions Types, Organizations That Qualify To Receive Deductible Contributions R Raffle or bingo, Contributions From Which You Benefit Recapture No exempt use, Recapture if no exempt use. Turbotax 2011 edition Recapture of deduction of fractional interest in tangible personal property Additional tax, Recapture of deduction. Turbotax 2011 edition Records to keep, Records To Keep Reminders Disaster relief, Reminders Reporting, How To Report Retirement home, Contributions From Which You Benefit S Services, value of, Value of Time or Services Split-dollar insurance arrangements, Contributions From Which You Benefit Student, Mutual exchange program. Turbotax 2011 edition Exchange program, Mutual exchange program. Turbotax 2011 edition Living with you, Student living with you. Turbotax 2011 edition Student living with you, Expenses Paid for Student Living With You, Reporting expenses for student living with you. Turbotax 2011 edition T Tangible personal property Future interest in, Future Interest in Tangible Personal Property Tax help, How To Get Tax Help Time, value of, Value of Time or Services Token items, Certain membership benefits can be disregarded. Turbotax 2011 edition Travel expenses, Travel. Turbotax 2011 edition Travel expenses for charitable services, Deductible travel expenses. Turbotax 2011 edition Tuition, Contributions From Which You Benefit U Underprivileged youths, Underprivileged youths selected by charity. Turbotax 2011 edition Uniforms, Uniforms. Turbotax 2011 edition Unrelated use, Unrelated use. Turbotax 2011 edition V Volunteers, Out-of-Pocket Expenses in Giving Services W Whaling captain, Expenses of Whaling Captains When to deduct, When To Deduct Prev  Up     Home   More Online Publications