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Free State Tax File

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Free State Tax File

Free state tax file Index A Adoption Child tax credit, Adopted child. Free state tax file (see also Child tax credit) Afghanistan, Afghanistan area. Free state tax file Aliens, Alien Status Amount of exclusion, Amount of Exclusion Arabian peninsula, Arabian peninsula. Free state tax file Assistance (see Tax help) C Child tax credit, Child Tax Credit Limits Modified adjusted gross income, Modified AGI. Free state tax file Qualifying child, Qualifying Child Child, qualifying, Qualifying child. Free state tax file Claims for tax forgiveness, Claims for Tax Forgiveness Codes, W-2, Form W-2 Codes Combat zone Election to include pay for earned income credit, Nontaxable combat pay election. Free state tax file Exclusion, Combat Zone Exclusion Extension of deadlines, Service That Qualifies for an Extension of Deadline Related forgiveness, Combat Zone Related Forgiveness Community property, Community Property, Residents of community property states. Free state tax file Contingency operation, Service That Qualifies for an Extension of Deadline Credits Child tax, Child Tax Credit Earned income, Earned Income Credit Excess social security tax withheld, Credit for Excess Social Security Tax Withheld First-time homebuyer, First-Time Homebuyer Credit D Decedents, Forgiveness of Decedent's Tax Liability Deductions, itemized, Itemized Deductions Domicile, Domicile. Free state tax file Dual-status aliens, Dual-Status Aliens E Earned income credit, Earned Income Credit Social security card, Social security number. Free state tax file Social security number, Social security number. Free state tax file Educational expenses, Educational Expenses Employee business expenses, Employee Business Expenses Excess social security tax withholding credit, Credit for Excess Social Security Tax Withheld Excess withholding credit How to take, How to take the credit. Free state tax file Expenses Employee business, Employee Business Expenses Moving, Moving Expenses Extension of deadlines, Extension of Deadlines Extension of time to file, Extensions F Family, Adopted child. Free state tax file (see also Child tax credit) Filing returns, Filing Returns First-time homebuyer credit, First-Time Homebuyer Credit Foreclosures Mortgage settlement payouts, Foreclosures Foreign income, Foreign Source Income Foreign moves, Foreign Moves Forms 1040, Foreign Moves, Itemized Deductions, Where To File 1040A, Where To File 1040EZ, Where To File 1040NR, Nonresident Aliens 2106, Employee Business Expenses, Reimbursement. Free state tax file 2106-EZ, Employee Business Expenses 2848, Signing Returns, Spouse overseas. Free state tax file 3903, Moving Expenses 4868, Extensions W-2, Form W-2 Codes, Form W-2. Free state tax file , Nontaxable combat pay election. Free state tax file Foster care Child tax credit, Qualifying Child Free tax services, Free help with your tax return. Free state tax file G Gross income, Gross Income H Help (see Tax help) Home Away from, Away from home. Free state tax file Definition of, Away from home. Free state tax file Sale of, Sale of Home Homebuyer credit, First-Time Homebuyer Credit Hospitalization, Hospitalized While Serving in a Combat Zone, Hospitalized After Leaving a Combat Zone, Qualified hospitalization. Free state tax file I Income Foreign source, Foreign Source Income Gross, Gross Income Individual retirement arrangements, Individual Retirement Arrangements Installment agreement Payment deferment, Request for deferment. Free state tax file Interest rate (maximum), Maximum Rate of Interest Iraq, Arabian peninsula. Free state tax file Itemized deductions, Itemized Deductions J Joint returns, Joint returns. Free state tax file , Joint returns. Free state tax file , Joint returns. Free state tax file K Kosovo, The Kosovo area. Free state tax file M Military action related forgiveness, Terrorist or Military Action Related Forgiveness Military Spouses Residency Relief Act Domicile, Military Spouses Residency Relief Act (MSRRA) Miscellaneous itemized deductions, Employee Business Expenses Missing status, Missing status. Free state tax file , Spouse in missing status. Free state tax file , Missing status. Free state tax file Modified adjusted gross income (MAGI) Child tax credit limits, Modified AGI. Free state tax file Moving expenses, Moving Expenses N Nonresident aliens, Nonresident Aliens P Permanent change of station, Permanent change of station. Free state tax file Personal representative, Forgiveness of Decedent's Tax Liability Power of attorney, Signing Returns Professional dues, Professional Dues Publications (see Tax help) Q Qualifying child, Qualifying child. Free state tax file R Reimbursements Employee business expenses, Reimbursement. Free state tax file Moving and storage, Services or reimbursements provided by the government. Free state tax file Uniforms, Uniforms Reservists, Armed Forces reservists. Free state tax file Travel, Armed Forces Reservists Uniforms, Uniforms Resident aliens, Resident Aliens Returns Filing, Filing Returns Signing, Signing Returns S Sale of home, Sale of Home Same-sex marriage, Same-Sex Marriage SCRA violation payouts, Foreclosures Separate returns, Separate returns. Free state tax file Servicemembers Civil Relief Act, Maximum Rate of Interest Serving in a combat zone, Serving in a Combat Zone Social security numbers (SSNs) Earned income credit, Residency test. Free state tax file Spouse Deadline extension, Spouses. Free state tax file Died, Spouse died during the year. Free state tax file Incapacitated, Spouse incapacitated. Free state tax file Missing, Spouse in missing status. Free state tax file Nonresident alien, Treating nonresident alien spouse as resident alien. Free state tax file Overseas, Spouse overseas. Free state tax file State bonus payments, State bonus payments. Free state tax file T Tax forgiven, Combat Zone Related Forgiveness Tax help, How To Get Tax Help Temporary work location, Temporary work location. Free state tax file Terrorist related forgiveness, Terrorist or Military Action Related Forgiveness Transportation, Armed Forces reservists. Free state tax file Transportation expenses, Transportation Expenses Travel expenses, Travel Expenses TTY/TDD information, How To Get Tax Help U Uniforms, Uniforms W When to file, When To File Where to file, Where To File Y Yugoslavia, The Kosovo area. Free state tax file Prev  Up     Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Florida Office of the Attorney General

Website: Florida Office of the Attorney General http://www.seniorsvscrime.com

Address: Florida Office of the Attorney General
PL-01 The Capitol
Tallahassee, FL 32399-1050

Phone Number: 850-414-3990

Toll-free: 1-866-966-7226 (FL) 1-866-966-7226

TTY: 1-800-955-8771 (FL)

Florida Department of Agriculture and Consumer Services

Website: Florida Department of Agriculture and Consumer Services

Address: Florida Department of Agriculture and Consumer Services
Division of Consumer Services
Terry Lee Rhodes Building
2005 Apalachee Pkwy.
Tallahassee, FL 32399-6500

Phone Number: 850-410-3800

Toll-free: 1-800-435-7352 (FL) 1-800-352-9832 (in Spanish)

Florida Department of Financial Services

Website: Florida Department of Financial Services

Address: Florida Department of Financial Services
Division of Consumer Services
200 E. Gaines St.
Tallahassee, FL 32399

Phone Number: 850-413-3089

Toll-free: 1-877-693-5236 (FL)

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Regional Consumer Protection Offices

Tampa Branch- Office of the Attorney General

Website: Tampa Branch- Office of the Attorney General (Consumer protections page)

Address: Tampa Branch- Office of the Attorney General
Consumer Protection Division
Concourse Center 4
3507 E. Frontage Rd., Suite 325
Tampa, FL 33607-1795

Phone Number: 813-287-7950

Ft. Lauderdale Branch- Office of the Attorney General

Website: Ft. Lauderdale Branch- Office of the Attorney General (Consumer protections page)

Address: Ft. Lauderdale Branch- Office of the Attorney General
Consumer Protection Division
110 S.E. 6th St., 9th Floor
Fort Lauderdale, FL 33301-5000

Phone Number: 954-712-4600

Jacksonville Branch- Office of the Attorney General

Website: Jacksonville Branch- Office of the Attorney General (Consumer protections page)

Address: Jacksonville Branch- Office of the Attorney General
Consumer Protection Division
1300 Riverplace Blvd., Suite 405
Jacksonville, FL 32207

Phone Number: 904-348-2720

Orlando Branch- Office of the Attorney General

Website: Orlando Branch- Office of the Attorney General (Consumer protections page)

Address: Orlando Branch- Office of the Attorney General
Consumer Protection Division
135 W. Central Blvd., Suite 1000
Orlando, FL 32801

Phone Number: 407-999-5588

West Palm Beach Branch- Office of the Attorney General

Website: West Palm Beach Branch- Office of the Attorney General

Address: West Palm Beach Branch- Office of the Attorney General
Economic Crimes Division
1515 N. Flagler Dr., Suite 900
West Palm Beach, FL 33401

Phone Number: 561-837-5000

Miami Branch- Office of the Attorney General

Website: Miami Branch- Office of the Attorney General (Consumer protections page)

Address: Miami Branch- Office of the Attorney General
Consumer Protection Division
444 Brickell Ave.
Rivergate Plaza, 5th Floor

Miami, FL 33131

Phone Number: 305-377-5835

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County Consumer Protection Offices

Broward County Permitting, Licensing Consumer Protection Division

Website: Broward County Permitting, Licensing Consumer Protection Division

Address: Broward County Permitting, Licensing Consumer Protection Division
1 N. University Dr., Box 302
Plantation, FL 33324

Phone Number: 954-765-4400

Hillsborough County Consumer Protection Agency

Website: Hillsborough County Consumer Protection Agency

Address: Hillsborough County Consumer Protection Agency
1101 E. 139th Ave.
Tampa, FL 33613

Phone Number: 813-903-3430

Miami-Dade County Consumer Services Department

Website: Miami-Dade County Consumer Services Department

Address: Miami-Dade County Consumer Services Department
Consumer Protection Section
140 W. Flagler St.
Miami, FL 33130

Phone Number: 305-375-3677

Office of the State Attorney for Miami-Dade County

Website: Office of the State Attorney for Miami-Dade County

Address: Office of the State Attorney for Miami-Dade County
Economic Crime Division
1350 N.W. 12 Ave.
Miami, FL 33136-2111

Phone Number: 305-547-0671

Orange County Consumer Fraud Unit

Website: Orange County Consumer Fraud Unit

Address: Orange County Consumer Fraud Unit
415 N. Orange Ave.
Orlando, FL 32801

Phone Number: 407-836-2490

Palm Beach County Consumer Affairs Division

Website: Palm Beach County Consumer Affairs Division

Address: Palm Beach County Consumer Affairs Division
50 S. Military Tr., Suite 201
West Palm Beach, FL 33415

Phone Number: 561-712-6600

Toll-free: 1-888-852-7362 (Boca/Delray/Glades)

Pinellas County Office of Consumer Services

Website: Pinellas County Office of Consumer Services

Address: Pinellas County Office of Consumer Services
631 Chestnut St.
Clearwater, FL 33756

Phone Number: 727-464-6200

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Office of Financial Regulation

Website: Office of Financial Regulation

Address: Office of Financial Regulation
Division of Financial Institutions
Consumer Assistance Group

200 E. Gaines St.
Tallahassee, FL 32399-0371

Phone Number: 850-487-9687

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Office of Insurance Regulation

Website: Office of Insurance Regulation

Address: Office of Insurance Regulation
200 E. Gaines St.
Tallahassee, FL 32399

Phone Number: 850-413-3140

Toll-free: 1-877-693-5236 (FL)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Office of Financial Regulation

Website: Office of Financial Regulation

Address: Office of Financial Regulation
Division of Securities
Consumer Assistance Group

200 E. Gaines St.
Tallahassee, FL 32399-0375

Phone Number: 850-487-9687

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Service Commission

Website: Public Service Commission

Address: Public Service Commission
2540 Shumard Oak Blvd.
Tallahassee, FL 32399-0850

Phone Number: 850-413-6100

Toll-free: 1-800-342-3552 (FL)

TTY: 1-800-955-8771

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The Free State Tax File

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