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Free tax forms 1. Free tax forms   Gain or Loss Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Sales and ExchangesGain or Loss From Sales and Exchanges Abandonments Foreclosures and RepossessionsAmount realized on a nonrecourse debt. Free tax forms Amount realized on a recourse debt. Free tax forms Involuntary ConversionsCondemnations Nontaxable ExchangesLike-Kind Exchanges Other Nontaxable Exchanges Transfers to Spouse Rollover of Gain From Publicly Traded Securities Gains on Sales of Qualified Small Business Stock Exclusion of Gain From Sale of DC Zone Assets Topics - This chapter discusses: Sales and exchanges Abandonments Foreclosures and repossessions Involuntary conversions Nontaxable exchanges Transfers to spouse Rollovers and exclusions for certain capital gains Useful Items - You may want to see: Publication 523 Selling Your Home 537 Installment Sales 547 Casualties, Disasters, and Thefts 550 Investment Income and Expenses 551 Basis of Assets 908 Bankruptcy Tax Guide 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 1040 U. Free tax forms S. Free tax forms Individual Income Tax Return 1040X Amended U. Free tax forms S. Free tax forms Individual Income Tax Return 1099-A Acquisition or Abandonment of Secured Property 1099-C Cancellation of Debt 4797 Sales of Business Property 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets Although the discussions in this chapter may at times refer mainly to individuals, many of the rules discussed also apply to taxpayers other than individuals. Free tax forms However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. Free tax forms See chapter 5 for information about getting publications and forms. Free tax forms Sales and Exchanges A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. Free tax forms An exchange is a transfer of property for other property or services. Free tax forms The following discussions describe the kinds of transactions that are treated as sales or exchanges and explain how to figure gain or loss. Free tax forms Sale or lease. Free tax forms    Some agreements that seem to be leases may really be conditional sales contracts. Free tax forms The intention of the parties to the agreement can help you distinguish between a sale and a lease. Free tax forms   There is no test or group of tests to prove what the parties intended when they made the agreement. Free tax forms You should consider each agreement based on its own facts and circumstances. Free tax forms For more information, see chapter 3 in Publication 535, Business Expenses. Free tax forms Cancellation of a lease. Free tax forms    Payments received by a tenant for the cancellation of a lease are treated as an amount realized from the sale of property. Free tax forms Payments received by a landlord (lessor) for the cancellation of a lease are essentially a substitute for rental payments and are taxed as ordinary income in the year in which they are received. Free tax forms Copyright. Free tax forms    Payments you receive for granting the exclusive use of (or right to exploit) a copyright throughout its life in a particular medium are treated as received from the sale of property. Free tax forms It does not matter if the payments are a fixed amount or a percentage of receipts from the sale, performance, exhibition, or publication of the copyrighted work, or an amount based on the number of copies sold, performances given, or exhibitions made. Free tax forms Nor does it matter if the payments are made over the same period as that covering the grantee's use of the copyrighted work. Free tax forms   If the copyright was used in your trade or business and you held it longer than a year, the gain or loss may be a section 1231 gain or loss. Free tax forms For more information, see Section 1231 Gains and Losses in chapter 3. Free tax forms Easement. Free tax forms   The amount received for granting an easement is subtracted from the basis of the property. Free tax forms If only a specific part of the entire tract of property is affected by the easement, only the basis of that part is reduced by the amount received. Free tax forms If it is impossible or impractical to separate the basis of the part of the property on which the easement is granted, the basis of the whole property is reduced by the amount received. Free tax forms   Any amount received that is more than the basis to be reduced is a taxable gain. Free tax forms The transaction is reported as a sale of property. Free tax forms   If you transfer a perpetual easement for consideration and do not keep any beneficial interest in the part of the property affected by the easement, the transaction will be treated as a sale of property. Free tax forms However, if you make a qualified conservation contribution of a restriction or easement granted in perpetuity, it is treated as a charitable contribution and not a sale or exchange, even though you keep a beneficial interest in the property affected by the easement. Free tax forms   If you grant an easement on your property (for example, a right-of-way over it) under condemnation or threat of condemnation, you are considered to have made a forced sale, even though you keep the legal title. Free tax forms Although you figure gain or loss on the easement in the same way as a sale of property, the gain or loss is treated as a gain or loss from a condemnation. Free tax forms See Gain or Loss From Condemnations, later. Free tax forms Property transferred to satisfy debt. Free tax forms   A transfer of property to satisfy a debt is an exchange. Free tax forms Note's maturity date extended. Free tax forms   The extension of a note's maturity date is not treated as an exchange of an outstanding note for a new and different note. Free tax forms Also, it is not considered a closed and completed transaction that would result in a gain or loss. Free tax forms However, an extension will be treated as a taxable exchange of the outstanding note for a new and materially different note if the changes in the terms of the note are significant. Free tax forms Each case must be determined by its own facts. Free tax forms For more information, see Regulations section 1. Free tax forms 1001-3. Free tax forms Transfer on death. Free tax forms   The transfer of property of a decedent to an executor or administrator of the estate, or to the heirs or beneficiaries, is not a sale or exchange or other disposition. Free tax forms No taxable gain or deductible loss results from the transfer. Free tax forms Bankruptcy. Free tax forms   Generally, a transfer (other than by sale or exchange) of property from a debtor to a bankruptcy estate is not treated as a disposition. Free tax forms Consequently, the transfer generally does not result in gain or loss. Free tax forms For more information, see Publication 908, Bankruptcy Tax Guide. Free tax forms Gain or Loss From Sales and Exchanges You usually realize gain or loss when property is sold or exchanged. Free tax forms A gain is the amount you realize from a sale or exchange of property that is more than its adjusted basis. Free tax forms A loss is the adjusted basis of the property that is more than the amount you realize. Free tax forms   Table 1-1. Free tax forms How To Figure Whether You Have a Gain or Loss IF your. Free tax forms . Free tax forms . Free tax forms THEN you have a. Free tax forms . Free tax forms . Free tax forms Adjusted basis is more than the amount realized, Loss. Free tax forms Amount realized is more than the adjusted basis, Gain. Free tax forms Basis. Free tax forms   You must know the basis of your property to determine whether you have a gain or loss from its sale or other disposition. Free tax forms The basis of property you buy is usually its cost. Free tax forms However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. Free tax forms See Basis Other Than Cost in Publication 551, Basis of Assets. Free tax forms Special rules apply to property acquired from a decedent who died in 2010 and the executor made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent. Free tax forms See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for details. Free tax forms Adjusted basis. Free tax forms   The adjusted basis of property is your original cost or other basis plus (increased by) certain additions and minus (decreased by) certain deductions. Free tax forms Increases include costs of any improvements having a useful life of more than 1 year. Free tax forms Decreases include depreciation and casualty losses. Free tax forms For more details and additional examples, see Adjusted Basis in Publication 551. Free tax forms Amount realized. Free tax forms   The amount you realize from a sale or exchange is the total of all money you receive plus the fair market value (defined below) of all property or services you receive. Free tax forms The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Free tax forms Fair market value. Free tax forms   Fair market value (FMV) is the price at which the property would change hands between a buyer and a seller when both have reasonable knowledge of all the necessary facts and neither is being forced to buy or sell. Free tax forms If parties with adverse interests place a value on property in an arm's-length transaction, that is strong evidence of FMV. Free tax forms If there is a stated price for services, this price is treated as the FMV unless there is evidence to the contrary. Free tax forms Example. Free tax forms You used a building in your business that cost you $70,000. Free tax forms You made certain permanent improvements at a cost of $20,000 and deducted depreciation totaling $10,000. Free tax forms You sold the building for $100,000 plus property having an FMV of $20,000. Free tax forms The buyer assumed your real estate taxes of $3,000 and a mortgage of $17,000 on the building. Free tax forms The selling expenses were $4,000. Free tax forms Your gain on the sale is figured as follows. Free tax forms Amount realized:     Cash $100,000   FMV of property received 20,000   Real estate taxes assumed by buyer 3,000   Mortgage assumed by  buyer 17,000   Total 140,000   Minus: Selling expenses 4,000 $136,000 Adjusted basis:     Cost of building $70,000   Improvements 20,000   Total $90,000   Minus: Depreciation 10,000   Adjusted basis   $80,000 Gain on sale $56,000 Amount recognized. Free tax forms   Your gain or loss realized from a sale or exchange of property is usually a recognized gain or loss for tax purposes. Free tax forms Recognized gains must be included in gross income. Free tax forms Recognized losses are deductible from gross income. Free tax forms However, your gain or loss realized from certain exchanges of property is not recognized for tax purposes. Free tax forms See Nontaxable Exchanges, later. Free tax forms Also, a loss from the sale or other disposition of property held for personal use is not deductible, except in the case of a casualty or theft. Free tax forms Interest in property. Free tax forms   The amount you realize from the disposition of a life interest in property, an interest in property for a set number of years, or an income interest in a trust is a recognized gain under certain circumstances. Free tax forms If you received the interest as a gift, inheritance, or in a transfer from a spouse or former spouse incident to a divorce, the amount realized is a recognized gain. Free tax forms Your basis in the property is disregarded. Free tax forms This rule does not apply if all interests in the property are disposed of at the same time. Free tax forms Example 1. Free tax forms Your father dies and leaves his farm to you for life with a remainder interest to your younger brother. Free tax forms You decide to sell your life interest in the farm. Free tax forms The entire amount you receive is a recognized gain. Free tax forms Your basis in the farm is disregarded. Free tax forms Example 2. Free tax forms The facts are the same as in Example 1, except that your brother joins you in selling the farm. Free tax forms The entire interest in the property is sold, so your basis in the farm is not disregarded. Free tax forms Your gain or loss is the difference between your share of the sales price and your adjusted basis in the farm. Free tax forms Canceling a sale of real property. Free tax forms   If you sell real property under a sales contract that allows the buyer to return the property for a full refund and the buyer does so, you may not have to recognize gain or loss on the sale. Free tax forms If the buyer returns the property in the year of sale, no gain or loss is recognized. Free tax forms This cancellation of the sale in the same year it occurred places both you and the buyer in the same positions you were in before the sale. Free tax forms If the buyer returns the property in a later tax year, you must recognize gain (or loss, if allowed) in the year of the sale. Free tax forms When the property is returned in a later year, you acquire a new basis in the property. Free tax forms That basis is equal to the amount you pay to the buyer. Free tax forms Bargain Sale If you sell or exchange property for less than fair market value with the intent of making a gift, the transaction is partly a sale or exchange and partly a gift. Free tax forms You have a gain if the amount realized is more than your adjusted basis in the property. Free tax forms However, you do not have a loss if the amount realized is less than the adjusted basis of the property. Free tax forms Bargain sales to charity. Free tax forms   A bargain sale of property to a charitable organization is partly a sale or exchange and partly a charitable contribution. Free tax forms If a charitable deduction for the contribution is allowable, you must allocate your adjusted basis in the property between the part sold and the part contributed based on the fair market value of each. Free tax forms The adjusted basis of the part sold is figured as follows. Free tax forms Adjusted basis of entire property × Amount realized (fair market value of part sold)   Fair market value of entire property   Based on this allocation rule, you will have a gain even if the amount realized is not more than your adjusted basis in the property. Free tax forms This allocation rule does not apply if a charitable contribution deduction is not allowable. Free tax forms   See Publication 526, Charitable Contributions, for information on figuring your charitable contribution. Free tax forms Example. Free tax forms You sold property with a fair market value of $10,000 to a charitable organization for $2,000 and are allowed a deduction for your contribution. Free tax forms Your adjusted basis in the property is $4,000. Free tax forms Your gain on the sale is $1,200, figured as follows. Free tax forms Sales price $2,000 Minus: Adjusted basis of part sold ($4,000 × ($2,000 ÷ $10,000)) 800 Gain on the sale $1,200 Property Used Partly for Business or Rental Generally, if you sell or exchange property you used partly for business or rental purposes and partly for personal purposes, you must figure the gain or loss on the sale or exchange as though you had sold two separate pieces of property. Free tax forms You must subtract depreciation you took or could have taken from the basis of the business or rental part. Free tax forms However, see the special rule below for a home used partly for business or rental. Free tax forms You must allocate the selling price, selling expenses, and the basis of the property between the business or rental part and the personal part. Free tax forms Gain or loss on the business or rental part of the property may be a capital gain or loss or an ordinary gain or loss, as discussed in chapter 3 under Section 1231 Gains and Losses. Free tax forms Any gain on the personal part of the property is a capital gain. Free tax forms You cannot deduct a loss on the personal part. Free tax forms Home used partly for business or rental. Free tax forms    If you use property partly as a home and partly for business or to produce rental income, the computation and treatment of any gain on the sale depends partly on whether the business or rental part of the property is part of your home or separate from it. Free tax forms See Property Used Partly for Business or Rental, in Publication 523. Free tax forms Property Changed to Business or Rental Use You cannot deduct a loss on the sale of property you purchased or constructed for use as your home and used as your home until the time of sale. Free tax forms You can deduct a loss on the sale of property you acquired for use as your home but changed to business or rental property and used as business or rental property at the time of sale. Free tax forms However, if the adjusted basis of the property at the time of the change was more than its fair market value, the loss you can deduct is limited. Free tax forms Figure the loss you can deduct as follows. Free tax forms Use the lesser of the property's adjusted basis or fair market value at the time of the change. Free tax forms Add to (1) the cost of any improvements and other increases to basis since the change. Free tax forms Subtract from (2) depreciation and any other decreases to basis since the change. Free tax forms Subtract the amount you realized on the sale from the result in (3). Free tax forms If the amount you realized is more than the result in (3), treat this result as zero. Free tax forms The result in (4) is the loss you can deduct. Free tax forms Example. Free tax forms You changed your main home to rental property 5 years ago. Free tax forms At the time of the change, the adjusted basis of your home was $75,000 and the fair market value was $70,000. Free tax forms This year, you sold the property for $55,000. Free tax forms You made no improvements to the property but you have depreciation expense of $12,620 over the 5 prior years. Free tax forms Although your loss on the sale is $7,380 [($75,000 − $12,620) − $55,000], the amount you can deduct as a loss is limited to $2,380, figured as follows. Free tax forms Lesser of adjusted basis or fair market value at time of the change $70,000 Plus: Cost of any improvements and any other additions to basis after the change -0-   70,000 Minus: Depreciation and any other decreases to basis after the change 12,620   57,380 Minus: Amount you realized from the sale 55,000 Deductible loss $2,380 Gain. Free tax forms   If you have a gain on the sale, you generally must recognize the full amount of the gain. Free tax forms You figure the gain by subtracting your adjusted basis from your amount realized, as described earlier. Free tax forms   You may be able to exclude all or part of the gain if you 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. Free tax forms However, you may not be able to exclude the part of the gain allocated to any period of nonqualified use. Free tax forms   For more information, see Business Use or Rental of Home in Publication 523. Free tax forms In addition, special rules apply if the home sold was acquired in a like-kind exchange. Free tax forms See Special Situations in Publication 523. Free tax forms Also see Like-Kind Exchanges, later. Free tax forms Abandonments The abandonment of property is a disposition of property. Free tax forms You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. Free tax forms Generally, abandonment is not treated as a sale or exchange of the property. Free tax forms If the amount you realize (if any) is more than your adjusted basis, then you have a gain. Free tax forms If your adjusted basis is more than the amount you realize (if any), then you have a loss. Free tax forms Loss from abandonment of business or investment property is deductible as a loss. Free tax forms A loss from an abandonment of business or investment property that is not treated as a sale or exchange generally is an ordinary loss. Free tax forms This rule also applies to leasehold improvements the lessor made for the lessee that were abandoned. Free tax forms If the property is foreclosed on or repossessed in lieu of abandonment, gain or loss is figured as discussed later under Foreclosure and Repossessions. Free tax forms The abandonment loss is deducted in the tax year in which the loss is sustained. Free tax forms If the abandoned property is secured by debt, special rules apply. Free tax forms The tax consequences of abandonment of property that is secured by debt depend on whether you are personally liable for the debt (recourse debt) or you are not personally liable for the debt (nonrecourse debt). Free tax forms For more information, including examples, see chapter 3 of Publication 4681. Free tax forms You cannot deduct any loss from abandonment of your home or other property held for personal use only. Free tax forms Cancellation of debt. Free tax forms   If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you may realize ordinary income equal to the canceled debt. Free tax forms This income is separate from any loss realized from abandonment of the property. Free tax forms   You must report this income on your tax return unless one of the following applies. Free tax forms The cancellation is intended as a gift. Free tax forms The debt is qualified farm debt. Free tax forms The debt is qualified real property business debt. Free tax forms You are insolvent or bankrupt. Free tax forms The debt is qualified principal residence indebtedness. Free tax forms File Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), to report the income exclusion. Free tax forms For more information, including other exceptions and exclusion, see Publication 4681. Free tax forms Forms 1099-A and 1099-C. Free tax forms   If you abandon property that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your loss from the abandonment. Free tax forms However, if your debt is canceled and the lender must file Form 1099-C, the lender may include the information about the abandonment on that form instead of on Form 1099-A, and send you Form 1099-C only. Free tax forms The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Free tax forms For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Free tax forms Foreclosures and Repossessions If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Free tax forms The foreclosure or repossession is treated as a sale or exchange from which you may realize gain or loss. Free tax forms This is true even if you voluntarily return the property to the lender. Free tax forms You also may realize ordinary income from cancellation of debt if the loan balance is more than the fair market value of the property. Free tax forms Buyer's (borrower's) gain or loss. Free tax forms   You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale or exchange. Free tax forms The gain or loss is the difference between your adjusted basis in the transferred property and the amount realized. Free tax forms See Gain or Loss From Sales and Exchanges, earlier. Free tax forms You can use Table 1-2 to figure your gain or loss from a foreclosure or repossession. Free tax forms Amount realized on a nonrecourse debt. Free tax forms   If you are not personally liable for repaying the debt (nonrecourse debt) secured by the transferred property, the amount you realize includes the full debt canceled by the transfer. Free tax forms The full canceled debt is included even if the fair market value of the property is less than the canceled debt. Free tax forms Example 1. Free tax forms Chris bought a new car for $15,000. Free tax forms He paid $2,000 down and borrowed the remaining $13,000 from the dealer's credit company. Free tax forms Chris is not personally liable for the loan (nonrecourse debt), but pledges the new car as security. Free tax forms The credit company repossessed the car because he stopped making loan payments. Free tax forms The balance due after taking into account the payments Chris made was $10,000. Free tax forms The fair market value of the car when repossessed was $9,000. Free tax forms The amount Chris realized on the repossession is $10,000. Free tax forms That is the outstanding amount of the debt canceled by the repossession, even though the car's fair market value is less than $10,000. Free tax forms Chris figures his gain or loss on the repossession by comparing the amount realized ($10,000) with his adjusted basis ($15,000). Free tax forms He has a $5,000 nondeductible loss. Free tax forms Example 2. Free tax forms Abena paid $200,000 for her home. Free tax forms She paid $15,000 down and borrowed the remaining $185,000 from a bank. Free tax forms Abena is not personally liable for the loan (nonrecourse debt), but pledges the house as security. Free tax forms The bank foreclosed on the loan because Abena stopped making payments. Free tax forms When the bank foreclosed on the loan, the balance due was $180,000, the fair market value of the house was $170,000, and Abena's adjusted basis was $175,000 due to a casualty loss she had deducted. Free tax forms The amount Abena realized on the foreclosure is $180,000, the balance due and debt canceled by the foreclosure. Free tax forms She figures her gain or loss by comparing the amount realized ($180,000) with her adjusted basis ($175,000). Free tax forms She has a $5,000 realized gain. Free tax forms Amount realized on a recourse debt. Free tax forms   If you are personally liable for the debt (recourse debt), the amount realized on the foreclosure or repossession includes the lesser of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The fair market value of the transferred property. Free tax forms You are treated as receiving ordinary income from the canceled debt for the part of the debt that is more than the fair market value. Free tax forms The amount realized does not include the canceled debt that is your income from cancellation of debt. Free tax forms See Cancellation of debt, below. Free tax forms Seller's (lender's) gain or loss on repossession. Free tax forms   If you finance a buyer's purchase of property and later acquire an interest in it through foreclosure or repossession, you may have a gain or loss on the acquisition. Free tax forms For more information, see Repossession in Publication 537. Free tax forms    Table 1-2. Free tax forms Worksheet for Foreclosures and Repossessions Part 1. Free tax forms Use Part 1 to figure your ordinary income from the cancellation of debt upon foreclosure or repossession. Free tax forms Complete this part only  if you were personally liable for the debt. Free tax forms Otherwise,  go to Part 2. Free tax forms   1. Free tax forms Enter the amount of outstanding debt immediately before the transfer of   property reduced by any amount for which you remain personally liable after   the transfer of property   2. Free tax forms Enter the fair market value of the transferred property   3. Free tax forms Ordinary income from cancellation of debt upon foreclosure or    repossession. Free tax forms * Subtract line 2 from line 1. Free tax forms   If less than zero, enter zero   Part 2. Free tax forms Figure your gain or loss from foreclosure or repossession. Free tax forms   4. Free tax forms If you completed Part 1, enter the smaller of line 1 or line 2. Free tax forms   If you did not complete Part 1, enter the outstanding debt immediately before   the transfer of property   5. Free tax forms Enter any proceeds you received from the foreclosure sale   6. Free tax forms Add lines 4 and 5   7. Free tax forms Enter the adjusted basis of the transferred property   8. Free tax forms Gain or loss from foreclosure or repossession. Free tax forms Subtract line 7  from line 6   * The income may not be taxable. Free tax forms See Cancellation of debt. Free tax forms Cancellation of debt. Free tax forms   If property that is repossessed or foreclosed on secures a debt for which you are personally liable (recourse debt), you generally must report as ordinary income the amount by which the canceled debt is more than the fair market value of the property. Free tax forms This income is separate from any gain or loss realized from the foreclosure or repossession. Free tax forms Report the income from cancellation of a debt related to a business or rental activity as business or rental income. Free tax forms    You can use Table 1-2 to figure your income from cancellation of debt. Free tax forms   You must report this income on your tax return unless one of the following applies. Free tax forms The cancellation is intended as a gift. Free tax forms The debt is qualified farm debt. Free tax forms The debt is qualified real property business debt. Free tax forms You are insolvent or bankrupt. Free tax forms The debt is qualified principal residence indebtedness. Free tax forms File Form 982 to report the income exclusion. Free tax forms Example 1. Free tax forms Assume the same facts as in Example 1 under Amount realized on a nonrecourse debt, earlier, except Chris is personally liable for the car loan (recourse debt). Free tax forms In this case, the amount he realizes is $9,000. Free tax forms This is the lesser of the canceled debt ($10,000) or the car's fair market value ($9,000). Free tax forms Chris figures his gain or loss on the repossession by comparing the amount realized ($9,000) with his adjusted basis ($15,000). Free tax forms He has a $6,000 nondeductible loss. Free tax forms He also is treated as receiving ordinary income from cancellation of debt. Free tax forms That income is $1,000 ($10,000 − $9,000). Free tax forms This is the part of the canceled debt not included in the amount realized. Free tax forms Example 2. Free tax forms Assume the same facts as in Example 2 under Amount realized on a nonrecourse debt, earlier, except Abena is personally liable for the loan (recourse debt). Free tax forms In this case, the amount she realizes is $170,000. Free tax forms This is the lesser of the canceled debt ($180,000) or the fair market value of the house ($170,000). Free tax forms Abena figures her gain or loss on the foreclosure by comparing the amount realized ($170,000) with her adjusted basis ($175,000). Free tax forms She has a $5,000 nondeductible loss. Free tax forms She also is treated as receiving ordinary income from cancellation of debt. Free tax forms (The debt is not exempt from tax as discussed under Cancellation of debt, above. Free tax forms ) That income is $10,000 ($180,000 − $170,000). Free tax forms This is the part of the canceled debt not included in the amount realized. Free tax forms Forms 1099-A and 1099-C. Free tax forms   A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A showing the information you need to figure your gain or loss. Free tax forms However, if the lender also cancels part of your debt and must file Form 1099-C, the lender may include the information about the foreclosure or repossession on that form instead of on Form 1099-A and send you Form 1099-C only. Free tax forms The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Free tax forms For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Free tax forms Involuntary Conversions An involuntary conversion occurs when your property is destroyed, stolen, condemned, or disposed of under the threat of condemnation and you receive other property or money in payment, such as insurance or a condemnation award. Free tax forms Involuntary conversions are also called involuntary exchanges. Free tax forms Gain or loss from an involuntary conversion of your property is usually recognized for tax purposes unless the property is your main home. Free tax forms You report the gain or deduct the loss on your tax return for the year you realize it. Free tax forms You cannot deduct a loss from an involuntary conversion of property you held for personal use unless the loss resulted from a casualty or theft. Free tax forms However, depending on the type of property you receive, you may not have to report a gain on an involuntary conversion. Free tax forms Generally, you do not report the gain if you receive property that is similar or related in service or use to the converted property. Free tax forms Your basis for the new property is the same as your basis for the converted property. Free tax forms This means that the gain is deferred until a taxable sale or exchange occurs. Free tax forms If you receive money or property that is not similar or related in service or use to the involuntarily converted property and you buy qualifying replacement property within a certain period of time, you can elect to postpone reporting the gain on the property purchased. Free tax forms This publication explains the treatment of a gain or loss from a condemnation or disposition under the threat of condemnation. Free tax forms If you have a gain or loss from the destruction or theft of property, see Publication 547. Free tax forms Condemnations A condemnation is the process by which private property is legally taken for public use without the owner's consent. Free tax forms The property may be taken by the federal government, a state government, a political subdivision, or a private organization that has the power to legally take it. Free tax forms The owner receives a condemnation award (money or property) in exchange for the property taken. Free tax forms A condemnation is like a forced sale, the owner being the seller and the condemning authority being the buyer. Free tax forms Example. Free tax forms A local government authorized to acquire land for public parks informed you that it wished to acquire your property. Free tax forms After the local government took action to condemn your property, you went to court to keep it. Free tax forms But, the court decided in favor of the local government, which took your property and paid you an amount fixed by the court. Free tax forms This is a condemnation of private property for public use. Free tax forms Threat of condemnation. Free tax forms   A threat of condemnation exists if a representative of a government body or a public official authorized to acquire property for public use informs you that the government body or official has decided to acquire your property. Free tax forms You must have reasonable grounds to believe that, if you do not sell voluntarily, your property will be condemned. Free tax forms   The sale of your property to someone other than the condemning authority will also qualify as an involuntary conversion, provided you have reasonable grounds to believe that your property will be condemned. Free tax forms If the buyer of this property knows at the time of purchase that it will be condemned and sells it to the condemning authority, this sale also qualifies as an involuntary conversion. Free tax forms Reports of condemnation. Free tax forms   A threat of condemnation exists if you learn of a decision to acquire your property for public use through a report in a newspaper or other news medium, and this report is confirmed by a representative of the government body or public official involved. Free tax forms You must have reasonable grounds to believe that they will take necessary steps to condemn your property if you do not sell voluntarily. Free tax forms If you relied on oral statements made by a government representative or public official, the Internal Revenue Service (IRS) may ask you to get written confirmation of the statements. Free tax forms Example. Free tax forms Your property lies along public utility lines. Free tax forms The utility company has the authority to condemn your property. Free tax forms The company informs you that it intends to acquire your property by negotiation or condemnation. Free tax forms A threat of condemnation exists when you receive the notice. Free tax forms Related property voluntarily sold. Free tax forms   A voluntary sale of your property may be treated as a forced sale that qualifies as an involuntary conversion if the property had a substantial economic relationship to property of yours that was condemned. Free tax forms A substantial economic relationship exists if together the properties were one economic unit. Free tax forms You also must show that the condemned property could not reasonably or adequately be replaced. Free tax forms You can elect to postpone reporting the gain by buying replacement property. Free tax forms See Postponement of Gain, later. Free tax forms Gain or Loss From Condemnations If your property was condemned or disposed of under the threat of condemnation, figure your gain or loss by comparing the adjusted basis of your condemned property with your net condemnation award. Free tax forms If your net condemnation award is more than the adjusted basis of the condemned property, you have a gain. Free tax forms You can postpone reporting gain from a condemnation if you buy replacement property. Free tax forms If only part of your property is condemned, you can treat the cost of restoring the remaining part to its former usefulness as the cost of replacement property. Free tax forms See Postponement of Gain, later. Free tax forms If your net condemnation award is less than your adjusted basis, you have a loss. Free tax forms If your loss is from property you held for personal use, you cannot deduct it. Free tax forms You must report any deductible loss in the tax year it happened. Free tax forms You can use Part 2 of Table 1-3 to figure your gain or loss from a condemnation award. Free tax forms Main home condemned. Free tax forms   If you have a gain because your main home is condemned, you generally can exclude the gain from your income as if you had sold or exchanged your home. Free tax forms You may be able to exclude up to $250,000 of the gain (up to $500,000 if married filing jointly). Free tax forms For information on this exclusion, see Publication 523. Free tax forms If your gain is more than you can exclude but you buy replacement property, you may be able to postpone reporting the rest of the gain. Free tax forms See Postponement of Gain, later. Free tax forms Table 1-3. Free tax forms Worksheet for Condemnations Part 1. Free tax forms Gain from severance damages. Free tax forms  If you did not receive severance damages, skip Part 1 and go to Part 2. Free tax forms   1. Free tax forms Enter gross severance damages received   2. Free tax forms Enter your expenses in getting severance damages   3. Free tax forms Subtract line 2 from line 1. Free tax forms If less than zero, enter -0-   4. Free tax forms Enter any special assessment on remaining property taken out of your award   5. Free tax forms Net severance damages. Free tax forms Subtract line 4 from line 3. Free tax forms If less than zero, enter -0-   6. Free tax forms Enter the adjusted basis of the remaining property   7. Free tax forms Gain from severance damages. Free tax forms Subtract line 6 from line 5. Free tax forms If less than zero, enter -0-   8. Free tax forms Refigured adjusted basis of the remaining property. Free tax forms Subtract line 5 from line 6. Free tax forms If less than zero, enter -0-   Part 2. Free tax forms Gain or loss from condemnation award. Free tax forms   9. Free tax forms Enter the gross condemnation award received   10. Free tax forms Enter your expenses in getting the condemnation award   11. Free tax forms If you completed Part 1, and line 4 is more than line 3, subtract line 3 from line 4. Free tax forms If you did not complete Part 1, but a special assessment was taken out of your award, enter that amount. Free tax forms Otherwise, enter -0-   12. Free tax forms Add lines 10 and 11   13. Free tax forms Net condemnation award. Free tax forms Subtract line 12 from line 9   14. Free tax forms Enter the adjusted basis of the condemned property   15. Free tax forms Gain from condemnation award. Free tax forms If line 14 is more than line 13, enter -0-. Free tax forms Otherwise, subtract line 14 from  line 13 and skip line 16   16. Free tax forms Loss from condemnation award. Free tax forms Subtract line 13 from line 14     (Note: You cannot deduct the amount on line 16 if the condemned property was held for personal use. Free tax forms )   Part 3. Free tax forms Postponed gain from condemnation. Free tax forms  (Complete only if line 7 or line 15 is more than zero and you bought qualifying replacement property or made expenditures to restore the usefulness of your remaining property. Free tax forms )   17. Free tax forms If you completed Part 1, and line 7 is more than zero, enter the amount from line 5. Free tax forms Otherwise, enter -0-   18. Free tax forms If line 15 is more than zero, enter the amount from line 13. Free tax forms Otherwise, enter -0-   19. Free tax forms Add lines 17 and 18. Free tax forms If the condemned property was your main home, subtract from this total the gain you excluded from your income and enter the result   20. Free tax forms Enter the total cost of replacement property and any expenses to restore the usefulness of your remaining property   21. Free tax forms Subtract line 20 from line 19. Free tax forms If less than zero, enter -0-   22. Free tax forms If you completed Part 1, add lines 7 and 15. Free tax forms Otherwise, enter the amount from line 15. Free tax forms If the condemned property was your main home, subtract from this total the gain you excluded from your income and enter the result   23. Free tax forms Recognized gain. Free tax forms Enter the smaller of line 21 or line 22. Free tax forms   24. Free tax forms Postponed gain. Free tax forms Subtract line 23 from line 22. Free tax forms If less than zero, enter -0-   Condemnation award. Free tax forms   A condemnation award is the money you are paid or the value of other property you receive for your condemned property. Free tax forms The award is also the amount you are paid for the sale of your property under threat of condemnation. Free tax forms Payment of your debts. Free tax forms   Amounts taken out of the award to pay your debts are considered paid to you. Free tax forms Amounts the government pays directly to the holder of a mortgage or lien against your property are part of your award, even if the debt attaches to the property and is not your personal liability. Free tax forms Example. Free tax forms The state condemned your property for public use. Free tax forms The award was set at $200,000. Free tax forms The state paid you only $148,000 because it paid $50,000 to your mortgage holder and $2,000 accrued real estate taxes. Free tax forms You are considered to have received the entire $200,000 as a condemnation award. Free tax forms Interest on award. Free tax forms   If the condemning authority pays you interest for its delay in paying your award, it is not part of the condemnation award. Free tax forms You must report the interest separately as ordinary income. Free tax forms Payments to relocate. Free tax forms   Payments you receive to relocate and replace housing because you have been displaced from your home, business, or farm as a result of federal or federally assisted programs are not part of the condemnation award. Free tax forms Do not include them in your income. Free tax forms Replacement housing payments used to buy new property are included in the property's basis as part of your cost. Free tax forms Net condemnation award. Free tax forms   A net condemnation award is the total award you received, or are considered to have received, for the condemned property minus your expenses of obtaining the award. Free tax forms If only a part of your property was condemned, you also must reduce the award by any special assessment levied against the part of the property you retain. Free tax forms This is discussed later under Special assessment taken out of award. Free tax forms Severance damages. Free tax forms    Severance damages are not part of the award paid for the property condemned. Free tax forms They are paid to you if part of your property is condemned and the value of the part you keep is decreased because of the condemnation. Free tax forms   For example, you may receive severance damages if your property is subject to flooding because you sell flowage easement rights (the condemned property) under threat of condemnation. Free tax forms Severance damages also may be given to you if, because part of your property is condemned for a highway, you must replace fences, dig new wells or ditches, or plant trees to restore your remaining property to the same usefulness it had before the condemnation. Free tax forms   The contracting parties should agree on the specific amount of severance damages in writing. Free tax forms If this is not done, all proceeds from the condemning authority are considered awarded for your condemned property. Free tax forms   You cannot make a completely new allocation of the total award after the transaction is completed. Free tax forms However, you can show how much of the award both parties intended for severance damages. Free tax forms The severance damages part of the award is determined from all the facts and circumstances. Free tax forms Example. Free tax forms You sold part of your property to the state under threat of condemnation. Free tax forms The contract you and the condemning authority signed showed only the total purchase price. Free tax forms It did not specify a fixed sum for severance damages. Free tax forms However, at settlement, the condemning authority gave you closing papers showing clearly the part of the purchase price that was for severance damages. Free tax forms You may treat this part as severance damages. Free tax forms Treatment of severance damages. Free tax forms   Your net severance damages are treated as the amount realized from an involuntary conversion of the remaining part of your property. Free tax forms Use them to reduce the basis of the remaining property. Free tax forms If the amount of severance damages is based on damage to a specific part of the property you kept, reduce the basis of only that part by the net severance damages. Free tax forms   If your net severance damages are more than the basis of your retained property, you have a gain. Free tax forms You may be able to postpone reporting the gain. Free tax forms See Postponement of Gain, later. Free tax forms    You can use Part 1 of Table 1-3 to figure any gain from severance damages and to refigure the adjusted basis of the remaining part of your property. Free tax forms Net severance damages. Free tax forms   To figure your net severance damages, you first must reduce your severance damages by your expenses in obtaining the damages. Free tax forms You then reduce them by any special assessment (described later) levied against the remaining part of the property and retained out of the award by the condemning authority. Free tax forms The balance is your net severance damages. Free tax forms Expenses of obtaining a condemnation award and severance damages. Free tax forms   Subtract the expenses of obtaining a condemnation award, such as legal, engineering, and appraisal fees, from the total award. Free tax forms Also, subtract the expenses of obtaining severance damages, which may include similar expenses, from the severance damages paid to you. Free tax forms If you cannot determine which part of your expenses is for each part of the condemnation proceeds, you must make a proportionate allocation. Free tax forms Example. Free tax forms You receive a condemnation award and severance damages. Free tax forms One-fourth of the total was designated as severance damages in your agreement with the condemning authority. Free tax forms You had legal expenses for the entire condemnation proceeding. Free tax forms You cannot determine how much of your legal expenses is for each part of the condemnation proceeds. Free tax forms You must allocate one-fourth of your legal expenses to the severance damages and the other three-fourths to the condemnation award. Free tax forms Special assessment retained out of award. Free tax forms   When only part of your property is condemned, a special assessment levied against the remaining property may be retained by the governing body out of your condemnation award. Free tax forms An assessment may be levied if the remaining part of your property benefited by the improvement resulting from the condemnation. Free tax forms Examples of improvements that may cause a special assessment are widening a street and installing a sewer. Free tax forms   To figure your net condemnation award, you must reduce the amount of the award by the assessment retained out of the award. Free tax forms Example. Free tax forms To widen the street in front of your home, the city condemned a 25-foot deep strip of your land. Free tax forms You were awarded $5,000 for this and spent $300 to get the award. Free tax forms Before paying the award, the city levied a special assessment of $700 for the street improvement against your remaining property. Free tax forms The city then paid you only $4,300. Free tax forms Your net award is $4,000 ($5,000 total award minus $300 expenses in obtaining the award and $700 for the special assessment retained). Free tax forms If the $700 special assessment was not retained out of the award and you were paid $5,000, your net award would be $4,700 ($5,000 − $300). Free tax forms The net award would not change, even if you later paid the assessment from the amount you received. Free tax forms Severance damages received. Free tax forms   If severance damages are included in the condemnation proceeds, the special assessment retained out of the severance damages is first used to reduce the severance damages. Free tax forms Any balance of the special assessment is used to reduce the condemnation award. Free tax forms Example. Free tax forms You were awarded $4,000 for the condemnation of your property and $1,000 for severance damages. Free tax forms You spent $300 to obtain the severance damages. Free tax forms A special assessment of $800 was retained out of the award. Free tax forms The $1,000 severance damages are reduced to zero by first subtracting the $300 expenses and then $700 of the special assessment. Free tax forms Your $4,000 condemnation award is reduced by the $100 balance of the special assessment, leaving a $3,900 net condemnation award. Free tax forms Part business or rental. Free tax forms   If you used part of your condemned property as your home and part as business or rental property, treat each part as a separate property. Free tax forms Figure your gain or loss separately because gain or loss on each part may be treated differently. Free tax forms   Some examples of this type of property are a building in which you live and operate a grocery, and a building in which you live on the first floor and rent out the second floor. Free tax forms Example. Free tax forms You sold your building for $24,000 under threat of condemnation to a public utility company that had the authority to condemn. Free tax forms You rented half the building and lived in the other half. Free tax forms You paid $25,000 for the building and spent an additional $1,000 for a new roof. Free tax forms You claimed allowable depreciation of $4,600 on the rental half. Free tax forms You spent $200 in legal expenses to obtain the condemnation award. Free tax forms Figure your gain or loss as follows. Free tax forms     Resi- dential Part Busi- ness Part 1) Condemnation award received $12,000 $12,000 2) Minus: Legal expenses, $200 100 100 3) Net condemnation award $11,900 $11,900 4) Adjusted basis:       ½ of original cost, $25,000 $12,500 $12,500   Plus: ½ of cost of roof, $1,000 500 500   Total $13,000 $13,000 5) Minus: Depreciation   4,600 6) Adjusted basis, business part   $8,400 7) (Loss) on residential property ($1,100)   8) Gain on business property $3,500 The loss on the residential part of the property is not deductible. Free tax forms Postponement of Gain Do not report the gain on condemned property if you receive only property that is similar or related in service or use to the condemned property. Free tax forms Your basis for the new property is the same as your basis for the old. Free tax forms Money or unlike property received. Free tax forms   You ordinarily must report the gain if you receive money or unlike property. Free tax forms You can elect to postpone reporting the gain if you buy property that is similar or related in service or use to the condemned property within the replacement period, discussed later. Free tax forms You also can elect to postpone reporting the gain if you buy a controlling interest (at least 80%) in a corporation owning property that is similar or related in service or use to the condemned property. Free tax forms See Controlling interest in a corporation, later. Free tax forms   To postpone reporting all the gain, you must buy replacement property costing at least as much as the amount realized for the condemned property. Free tax forms If the cost of the replacement property is less than the amount realized, you must report the gain up to the unspent part of the amount realized. Free tax forms   The basis of the replacement property is its cost, reduced by the postponed gain. Free tax forms Also, if your replacement property is stock in a corporation that owns property similar or related in service or use, the corporation generally will reduce its basis in its assets by the amount by which you reduce your basis in the stock. Free tax forms See Controlling interest in a corporation, later. Free tax forms You can use Part 3 of Table 1-3 to figure the gain you must report and your postponed gain. Free tax forms Postponing gain on severance damages. Free tax forms   If you received severance damages for part of your property because another part was condemned and you buy replacement property, you can elect to postpone reporting gain. Free tax forms See Treatment of severance damages, earlier. Free tax forms You can postpone reporting all your gain if the replacement property costs at least as much as your net severance damages plus your net condemnation award (if resulting in gain). Free tax forms   You also can make this election if you spend the severance damages, together with other money you received for the condemned property (if resulting in gain), to acquire nearby property that will allow you to continue your business. Free tax forms If suitable nearby property is not available and you are forced to sell the remaining property and relocate in order to continue your business, see Postponing gain on the sale of related property, next. Free tax forms   If you restore the remaining property to its former usefulness, you can treat the cost of restoring it as the cost of replacement property. Free tax forms Postponing gain on the sale of related property. Free tax forms   If you sell property that is related to the condemned property and then buy replacement property, you can elect to postpone reporting gain on the sale. Free tax forms You must meet the requirements explained earlier under Related property voluntarily sold. Free tax forms You can postpone reporting all your gain if the replacement property costs at least as much as the amount realized from the sale plus your net condemnation award (if resulting in gain) plus your net severance damages, if any (if resulting in gain). Free tax forms Buying replacement property from a related person. Free tax forms   Certain taxpayers cannot postpone reporting gain from a condemnation if they buy the replacement property from a related person. Free tax forms For information on related persons, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2. Free tax forms   This rule applies to the following taxpayers. Free tax forms C corporations. Free tax forms Partnerships in which more than 50% of the capital or profits interest is owned by  C corporations. Free tax forms All others (including individuals, partnerships (other than those in (2)), and S corporations) if the total realized gain for the tax year on all involuntarily converted properties on which there is realized gain of more than $100,000. Free tax forms   For taxpayers described in (3) above, gains cannot be offset with any losses when determining whether the total gain is more than $100,000. Free tax forms If the property is owned by a partnership, the $100,000 limit applies to the partnership and each partner. Free tax forms If the property is owned by an S corporation, the $100,000 limit applies to the S corporation and each shareholder. Free tax forms Exception. Free tax forms   This rule does not apply if the related person acquired the property from an unrelated person within the replacement period. Free tax forms Advance payment. Free tax forms   If you pay a contractor in advance to build your replacement property, you have not bought replacement property unless it is finished before the end of the replacement period (discussed later). Free tax forms Replacement property. Free tax forms   To postpone reporting gain, you must buy replacement property for the specific purpose of replacing your condemned property. Free tax forms You do not have to use the actual funds from the condemnation award to acquire the replacement property. Free tax forms Property you acquire by gift or inheritance does not qualify as replacement property. Free tax forms Similar or related in service or use. Free tax forms   Your replacement property must be similar or related in service or use to the property it replaces. Free tax forms   If the condemned property is real property you held for productive use in your trade or business or for investment (other than property held mainly for sale), like-kind property to be held either for productive use in trade or business or for investment will be treated as property similar or related in service or use. Free tax forms For a discussion of like-kind property, see Like-Kind Property under Like-Kind Exchanges, later. Free tax forms Owner-user. Free tax forms   If you are an owner-user, similar or related in service or use means that replacement property must function in the same way as the property it replaces. Free tax forms Example. Free tax forms Your home was condemned and you invested the proceeds from the condemnation in a grocery store. Free tax forms Your replacement property is not similar or related in service or use to the condemned property. Free tax forms To be similar or related in service or use, your replacement property must also be used by you as your home. Free tax forms Owner-investor. Free tax forms   If you are an owner-investor, similar or related in service or use means that any replacement property must have the same relationship of services or uses to you as the property it replaces. Free tax forms You decide this by determining all the following information. Free tax forms Whether the properties are of similar service to you. Free tax forms The nature of the business risks connected with the properties. Free tax forms What the properties demand of you in the way of management, service, and relations to your tenants. Free tax forms Example. Free tax forms You owned land and a building you rented to a manufacturing company. Free tax forms The building was condemned. Free tax forms During the replacement period, you had a new building built on other land you already owned. Free tax forms You rented out the new building for use as a wholesale grocery warehouse. Free tax forms The replacement property is also rental property, so the two properties are considered similar or related in service or use if there is a similarity in all the following areas. Free tax forms Your management activities. Free tax forms The amount and kind of services you provide to your tenants. Free tax forms The nature of your business risks connected with the properties. Free tax forms Leasehold replaced with fee simple property. Free tax forms   Fee simple property you will use in your trade or business or for investment can qualify as replacement property that is similar or related in service or use to a condemned leasehold if you use it in the same business and for the identical purpose as the condemned leasehold. Free tax forms   A fee simple property interest generally is a property interest that entitles the owner to the entire property with unconditional power to dispose of it during his or her lifetime. Free tax forms A leasehold is property held under a lease, usually for a term of years. Free tax forms Outdoor advertising display replaced with real property. Free tax forms   You can elect to treat an outdoor advertising display as real property. Free tax forms If you make this election and you replace the display with real property in which you hold a different kind of interest, your replacement property can qualify as like-kind property. Free tax forms For example, real property bought to replace a destroyed billboard and leased property on which the billboard was located qualify as property of a like-kind. Free tax forms   You can make this election only if you did not claim a section 179 deduction for the display. Free tax forms You cannot cancel this election unless you get the consent of the IRS. Free tax forms   An outdoor advertising display is a sign or device rigidly assembled and permanently attached to the ground, a building, or any other permanent structure used to display a commercial or other advertisement to the public. Free tax forms Substituting replacement property. Free tax forms   Once you designate certain property as replacement property on your tax return, you cannot substitute other qualified property. Free tax forms But, if your previously designated replacement property does not qualify, you can substitute qualified property if you acquire it within the replacement period. Free tax forms Controlling interest in a corporation. Free tax forms   You can replace property by acquiring a controlling interest in a corporation that owns property similar or related in service or use to your condemned property. Free tax forms You have controlling interest if you own stock having at least 80% of the combined voting power of all classes of stock entitled to vote and at least 80% of the total number of shares of all other classes of stock of the corporation. Free tax forms Basis adjustment to corporation's property. Free tax forms   The basis of property held by the corporation at the time you acquired control must be reduced by your postponed gain, if any. Free tax forms You are not required to reduce the adjusted basis of the corporation's properties below your adjusted basis in the corporation's stock (determined after reduction by your postponed gain). Free tax forms   Allocate this reduction to the following classes of property in the order shown below. Free tax forms Property that is similar or related in service or use to the condemned property. Free tax forms Depreciable property not reduced in (1). Free tax forms All other property. Free tax forms If two or more properties fall in the same class, allocate the reduction to each property in proportion to the adjusted basis of all the properties in that class. Free tax forms The reduced basis of any single property cannot be less than zero. Free tax forms Main home replaced. Free tax forms   If your gain from a condemnation of your main home is more than you can exclude from your income (see Main home condemned under Gain or Loss From Condemnations, earlier), you can postpone reporting the rest of the gain by buying replacement property that is similar or related in service or use. Free tax forms The replacement property must cost at least as much as the amount realized from the condemnation minus the excluded gain. Free tax forms   You must reduce the basis of your replacement property by the postponed gain. Free tax forms Also, if you postpone reporting any part of your gain under these rules, you are treated as having owned and used the replacement property as your main home for the period you owned and used the condemned property as your main home. Free tax forms Example. Free tax forms City authorities condemned your home that you had used as a personal residence for 5 years prior to the condemnation. Free tax forms The city paid you a condemnation award of $400,000. Free tax forms Your adjusted basis in the property was $80,000. Free tax forms You realize a gain of $320,000 ($400,000 − $80,000). Free tax forms You purchased a new home for $100,000. Free tax forms You can exclude $250,000 of the realized gain from your gross income. Free tax forms The amount realized is then treated as being $150,000 ($400,000 − $250,000) and the gain realized is $70,000 ($150,000 amount realized − $80,000 adjusted basis). Free tax forms You must recognize $50,000 of the gain ($150,000 amount realized − $100,000 cost of new home). Free tax forms The remaining $20,000 of realized gain is postponed. Free tax forms Your basis in the new home is $80,000 ($100,000 cost − $20,000 gain postponed). Free tax forms Replacement period. Free tax forms   To postpone reporting your gain from a condemnation, you must buy replacement property within a certain period of time. Free tax forms This is the replacement period. Free tax forms   The replacement period for a condemnation begins on the earlier of the following dates. Free tax forms The date on which you disposed of the condemned property. Free tax forms The date on which the threat of condemnation began. Free tax forms   The replacement period generally ends 2 years after the end of the first tax year in which any part of the gain on the condemnation is realized. Free tax forms However, see the exceptions below. Free tax forms Three-year replacement period for certain property. Free tax forms   If real property held for use in a trade or business or for investment (not including property held primarily for sale) is condemned, the replacement period ends 3 years after the end of the first tax year in which any part of the gain on the condemnation is realized. Free tax forms However, this 3-year replacement period cannot be used if you replace the condemned property by acquiring control of a corporation owning property that is similar or related in service or use. Free tax forms Five-year replacement period for certain property. Free tax forms   The replacement period ends 5 years after the end of the first tax year in which any part of the gain is realized on the compulsory or involuntary conversion of the following qualified property. Free tax forms Property in any Midwestern disaster area compulsorily or involuntarily converted on or after the applicable disaster date as a result of severe storms, tornadoes, or flooding, but only if substantially all of the use of the replacement property is in a Midwestern disaster area. Free tax forms Property in the Kansas disaster area compulsorily or involuntarily converted after May 3, 2007, but only if substantially all of the use of the replacement property is in the Kansas disaster area. Free tax forms Property in the Hurricane Katrina disaster area compulsorily or involuntarily converted after August 24, 2005, as a result of Hurricane Katrina, but only if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. Free tax forms Extended replacement period for taxpayers affected by other federally declared disasters. Free tax forms    If you are affected by a federally declared disaster, the IRS may grant disaster relief by extending the periods to perform certain tax-related acts for 2013, including the replacement period, by up to one year. Free tax forms For more information visit www. Free tax forms irs. Free tax forms gov/uac/Tax-Relief-in-Disaster-Situations. Free tax forms Weather-related sales of livestock in an area eligible for federal assistance. Free tax forms   Generally, if the sale or exchange of livestock is due to drought, flood, or other weather-related conditions in an area eligible for federal assistance, the replacement period ends 4 years after the close of the first tax year in which you realize any part of your gain from the sale or exchange. Free tax forms    If the weather-related conditions continue for longer than 3 years, the replacement period may be extended on a regional basis until the end of your first drought-free year for the applicable region. Free tax forms See Notice 2006-82. Free tax forms You can find Notice 2006-82 on page 529 of Internal Revenue Bulletin 2006-39 at www. Free tax forms irs. Free tax forms gov/irb/2006-39_IRB/ar13. Free tax forms html. Free tax forms    Each year, the IRS publishes a list of counties, districts, cities, or parishes for which exceptional, extreme, or severe drought was reported during the preceding 12 months. Free tax forms If you qualified for a 4-year replacement period for livestock sold or exchanged on account of drought and your replacement period is scheduled to expire at the end of 2013 (or at the end of the tax year that includes August 31, 2013), see Notice 2013-62. Free tax forms You can find Notice 2013-62 on page 466 of Internal Revenue Bulletin 2013-45 at www. Free tax forms irs. Free tax forms gov/irb/2013-45_IRB/ar04. Free tax forms html. Free tax forms The replacement period will be extended under Notice 2006-82 if the applicable region is on the list included in Notice 2013-62. Free tax forms Determining when gain is realized. Free tax forms   If you are a cash basis taxpayer, you realize gain when you receive payments that are more than your basis in the property. Free tax forms If the condemning authority makes deposits with the court, you realize gain when you withdraw (or have the right to withdraw) amounts that are more than your basis. Free tax forms   This applies even if the amounts received are only partial or advance payments and the full award has not yet been determined. Free tax forms A replacement will be too late if you wait for a final determination that does not take place in the applicable replacement period after you first realize gain. Free tax forms   For accrual basis taxpayers, gain (if any) accrues in the earlier year when either of the following occurs. Free tax forms All events have occurred that fix the right to the condemnation award and the amount can be determined with reasonable accuracy. Free tax forms All or part of the award is actually or constructively received. Free tax forms For example, if you have an absolute right to a part of a condemnation award when it is deposited with the court, the amount deposited accrues in the year the deposit is made even though the full amount of the award is still contested. Free tax forms Replacement property bought before the condemnation. Free tax forms   If you buy your replacement property after there is a threat of condemnation but before the actual condemnation and you still hold the replacement property at the time of the condemnation, you have bought your replacement property within the replacement period. Free tax forms Property you acquire before there is a threat of condemnation does not qualify as replacement property acquired within the replacement period. Free tax forms Example. Free tax forms On April 3, 2012, city authorities notified you that your property would be condemned. Free tax forms On June 5, 2012, you acquired property to replace the property to be condemned. Free tax forms You still had the new property when the city took possession of your old property on September 4, 2013. Free tax forms You have made a replacement within the replacement period. Free tax forms Extension. Free tax forms   You can request an extension of the replacement period from the IRS director for your area. Free tax forms You should apply before the end of the replacement period. Free tax forms Your request should explain in detail why you need an extension. Free tax forms The IRS will consider a request filed within a reasonable time after the replacement period if you can show reasonable cause for the delay. Free tax forms An extension of the replacement period will be granted if you can show reasonable cause for not making the replacement within the regular period. Free tax forms   Ordinarily, requests for extensions are granted near the end of the replacement period or the extended replacement period. Free tax forms Extensions are usually limited to a period of 1 year or less. Free tax forms The high market value or scarcity of replacement property is not a sufficient reason for granting an extension. Free tax forms If your replacement property is being built and you clearly show that the replacement or restoration cannot be made within the replacement peri
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Free tax forms 27. Free tax forms   Beneficios Tributarios para Estudios Relacionados con el Trabajo Table of Contents Qué Hay de Nuevo Introduction Useful Items - You may want to see: Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la DeducciónEstudios Requeridos por el Empleador o por Ley Estudios para Mantener o Mejorar Destrezas Estudios para Satisfacer los Requisitos Mínimos Estudios que lo Capacitan para un Nuevo Oficio o Negocio Qué Gastos se Pueden Deducir Reembolso no reclamado. Free tax forms Gastos de Transporte Gastos de Viaje No se Permiten Beneficios Dobles Reembolsos Cómo Deducir Gastos de NegociosPersonas que Trabajan por Cuenta Propia Empleados Artistas del Espectáculo y Funcionarios a los que se les Pagan Honorarios Gastos de Trabajo Relacionados con un Impedimento Documentación Qué Hay de Nuevo Tarifa estándar por milla. Free tax forms  Por lo general, si reclama una deducción de negocios por estudios relacionados con el trabajo y maneja su automóvil a la escuela y de vuelta a casa, la cantidad que puede deducir por las millas recorridas desde el 1 de enero de 2013 al 31 de diciembre de 2013 es 56½ centavos por milla. Free tax forms Vea Gastos de Transporte bajo Qué Gastos se Pueden Deducir, para más información. Free tax forms Introduction Este capítulo explica los gastos de estudios relacionados con el trabajo que tal vez pueda deducir como gastos de negocios. Free tax forms Para reclamar tal deducción, tiene que: Detallar las deducciones en el Anexo A (Formulario 1040) si es empleado; Presentar el Anexo C (Formulario 1040), Anexo C-EZ (Formulario 1040) o el Anexo F (Formulario 1040) si trabaja por cuenta propia y Tener gastos de estudios calificados explicados bajo Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción . Free tax forms Si es empleado y puede detallar las deducciones, tal vez pueda reclamar una deducción por los gastos pagados por estudios que se relacionen con el trabajo. Free tax forms Su deducción será la cantidad total de sus gastos de estudios relacionados con el trabajo que reúnen los requisitos más otros gastos relacionados con el trabajo y ciertos gastos misceláneos (con la excepción de los gastos del trabajo relacionados con el impedimento de personas discapacitadas) que sea mayor que el 2% de sus ingresos brutos ajustados (AGI, por sus siglas en inglés). Free tax forms Vea el capítulo 28. Free tax forms Si trabaja por cuenta propia, deduciría los gastos de estudios relacionados con el trabajo que reúnen los requisitos directamente de sus ingresos del trabajo por cuenta propia. Free tax forms Los gastos de estudios relacionados con el trabajo también podrían darle derecho a otros beneficios tributarios, tales como el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje (vea el capítulo 35). Free tax forms Es posible que tenga derecho a estos beneficios incluso si no cumple los requisitos indicados anteriormente. Free tax forms Asimismo, debe tomar en consideración que es posible que sus gastos de estudios relacionados con el trabajo le podrían dar derecho a reclamar más de un beneficio tributario. Free tax forms Por lo general, puede reclamar cualquier cantidad de beneficios siempre que utilice diferentes gastos para calcular cada uno de ellos. Free tax forms Cuando calcule sus impuestos, tal vez desee comparar estos beneficios tributarios para elegir el (los) método(s) mediante el (los) cual(es) obtenga el menor impuesto por pagar. Free tax forms Useful Items - You may want to see: Publicación 463 Travel, Entertainment, Gift, and Car Expenses (Gastos de viaje, entretenimiento, regalos y automóvil), en inglés 970 Tax Benefits for Education (Beneficios tributarios por estudios), en inglés Formulario (e Instrucciones) 2106 Employee Business Expenses (Gastos de negocios del empleado), en inglés 2106-EZ Unreimbursed Employee Business Expenses (Gastos de negocios del empleado no reembolsados), en inglés Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción Puede deducir como gastos de negocio los costos de estudios relacionados con el trabajo si éstos reúnen los requisitos de la deducción. Free tax forms Éstos son estudios que cumplen al menos uno de los dos siguientes requisitos: Su empleador o la ley requiere dichos estudios para mantener su sueldo, situación o trabajo actual. Free tax forms Los estudios requeridos tienen que servir para un propósito comercial legítimo (bona fide) de su empleador. Free tax forms Los estudios mantienen o mejoran las destrezas necesarias en su trabajo actual. Free tax forms No obstante, aun si sus estudios cumplen uno o ambos de los requisitos anteriores, no se considera que dichos estudios estén relacionados con el trabajo ni que reúnen los requisitos de la deducción si: Se requieren para satisfacer los requisitos mínimos de educación de su oficio o negocio actual o Forman parte de un programa de estudios que lo capacitará para un nuevo oficio o negocio. Free tax forms Puede deducir los costos de los estudios relacionados con el trabajo que reúnen los requisitos de la deducción como gasto de negocios incluso si, al completar dichos estudios, tiene la posibilidad de obtener un título universitario. Free tax forms Utilice la Figura 27-A, más adelante, para verificar rápidamente si sus estudios reúnen los requisitos. Free tax forms Estudios Requeridos por el Empleador o por Ley Una vez que haya cumplido los requisitos mínimos de educación para su trabajo, es posible que su empleador o la ley le exija seguir sus estudios. Free tax forms Se considera que dichos estudios adicionales son estudios relacionados con el trabajo que reúnen los requisitos si se cumplen los tres siguientes requisitos: Se requieren para que mantenga su sueldo, situación o trabajo actual; El requisito sirve un propósito legítimo (bona fide) comercial de su empleador y Los estudios no forman parte de un programa que lo capacitará para un nuevo oficio o negocio. Free tax forms Si completa más estudios de los requeridos por su empleador o la ley, estos estudios adicionales sólo pueden ser estudios relacionados con el trabajo que reúnen los requisitos de la deducción si mantienen o mejoran las destrezas requeridas en su trabajo actual. Free tax forms Vea Estudios para Mantener o Mejorar Destrezas , más adelante. Free tax forms Ejemplo. Free tax forms Usted es un maestro que ha cumplido los requisitos mínimos para enseñar. Free tax forms Su empleador le exige que tome un curso universitario adicional cada año para poder seguir con su puesto actual de maestro. Free tax forms Si los cursos no lo capacitarán para un nuevo oficio o negocio, entonces serán estudios relacionados con el trabajo que reúnen los requisitos, incluso si en el futuro recibe una maestría y un aumento de sueldo debido a estos estudios adicionales. Free tax forms Estudios para Mantener o Mejorar Destrezas Si su empleador o la ley no requiere estudios, éstos pueden ser estudios relacionados con el trabajo que reúnen los requisitos de la deducción sólo si mantienen o mejoran las destrezas necesarias en su trabajo actual. Free tax forms Éstos pueden incluir cursos de actualización, cursos sobre avances profesionales y cursos académicos o vocacionales. Free tax forms Ejemplo. Free tax forms Usted repara televisores, radios y sistemas estereofónicos para la tienda XYZ. Free tax forms Para mantenerse al corriente de los últimos avances en su profesión, toma cursos especiales de servicios de radio y sistemas estereofónicos. Free tax forms Estos cursos mantienen y mejoran las destrezas requeridas en su trabajo. Free tax forms Mantenimiento de destrezas versus capacitación para un empleo nuevo. Free tax forms   Los estudios para mantener o mejorar destrezas que se requieren en su trabajo actual no son estudios que reúnen los requisitos de la deducción si también lo capacitarán para un nuevo oficio o negocio. Free tax forms Estudios durante ausencia temporal. Free tax forms   Si deja de trabajar durante un año o menos para cursar estudios con el fin de mantener o mejorar las destrezas necesarias en su trabajo actual y luego regresa a su trabajo y desempeña las mismas labores generales, su ausencia se considera temporal. Free tax forms Los estudios cursados durante una ausencia temporal son estudios relacionados con el trabajo que cumplen los requisitos de la deducción si mantienen o mejoran las destrezas necesarias en su trabajo actual. Free tax forms Ejemplo. Free tax forms Deja su trabajo de investigación en biología para convertirse en estudiante de posgrado de biología a tiempo completo durante un año. Free tax forms Si regresa a trabajar en investigación en biología después de concluir los cursos, los estudios se relacionan con su trabajo actual incluso si no regresa a trabajar para el mismo empleador. Free tax forms Estudios durante ausencia indefinida. Free tax forms   Si deja de trabajar durante más de un año, su ausencia del trabajo se considera indefinida. Free tax forms Se considera que los estudios cursados durante una ausencia indefinida, aun si mantienen o mejoran las destrezas necesarias en el trabajo del cual se ausenta, lo capacitan para un nuevo oficio o negocio. Free tax forms Por lo tanto, no son estudios relacionados con el trabajo que reúnan los requisitos de la deducción. Free tax forms Estudios para Satisfacer los Requisitos Mínimos Los estudios necesarios para cumplir los requisitos mínimos de educación para su oficio o negocio actual no son estudios relacionados con el trabajo que reúnan los requisitos de la deducción. Free tax forms Los requisitos mínimos de educación se determinan a través de: Leyes y reglamentos; Normas de su profesión, oficio o negocio y Su empleador. Free tax forms Una vez que haya cumplido los requisitos mínimos de educación vigentes cuando se le contrató, no tiene que cumplir nuevos requisitos mínimos de educación. Free tax forms Esto significa que si los requisitos mínimos cambian después de que haya sido contratado, los estudios necesarios para satisfacer los nuevos requisitos pueden ser estudios que reúnen los requisitos de la deducción. Free tax forms No ha cumplido los requisitos mínimos de educación de su oficio o negocio sólo porque ya está realizando el trabajo. Free tax forms Ejemplo 1. Free tax forms Es estudiante de ingeniería a tiempo completo. Free tax forms Aunque no ha recibido su título o certificación, trabaja a tiempo parcial como ingeniero en una empresa que lo contratará como ingeniero a tiempo completo después de que finalice sus estudios universitarios. Free tax forms Aunque sus cursos universitarios de ingeniería mejoran sus destrezas en su trabajo actual, también se requieren para cumplir los requisitos laborales mínimos para contratar a un ingeniero a tiempo completo. Free tax forms Estos estudios no son estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Free tax forms Ejemplo 2. Free tax forms Es contador y ha cumplido con los requisitos mínimos de educación de su empleador. Free tax forms Posteriormente, éste cambia los requisitos mínimos de educación y requiere que tome cursos universitarios para mantener su trabajo. Free tax forms Estos cursos adicionales pueden ser estudios relacionados con el trabajo que reúnen los requisitos de la deducción porque ya ha cumplido los requisitos mínimos vigentes al momento de su contratación. Free tax forms Requisitos para los Docentes Por lo general, los estados o distritos escolares establecen los requisitos mínimos de educación para los docentes. Free tax forms El requisito es el título universitario o la cantidad mínima de horas de estudio universitario que suele exigirse para la contratación de una persona para dicho cargo. Free tax forms Si no existen requisitos, habrá cumplido los requisitos mínimos de educación cuando pase a ser miembro del cuerpo docente. Free tax forms La determinación de si usted es miembro del cuerpo docente de una institución educativa tiene que ser hecha en base de las prácticas particulares de dicha institución. Free tax forms Por lo general, se le considerará miembro del cuerpo docente si se da una o más de las siguientes condiciones: Es profesor titular o catedrático. Free tax forms Sus años de servicio se acreditan para obtener el cargo académico o cátedra. Free tax forms Tiene un voto en las decisiones del cuerpo docente. Free tax forms Su institución académica hace aportaciones en nombre suyo a un plan de jubilación que no sea el Seguro Social o un programa similar. Free tax forms Ejemplo 1. Free tax forms La ley en el estado donde vive exige que los maestros novatos de escuela secundaria tengan un título universitario, incluidos 10 cursos de educación profesional. Free tax forms Asimismo, para mantener su trabajo, un maestro tiene que realizar un quinto año de capacitación dentro de un plazo de 10 años a partir de la fecha de contratación. Free tax forms Si la escuela empleadora certifica ante el Departamento de Educación estatal que no puede encontrar maestros calificados, la escuela puede contratar a personas con sólo 3 años de estudios universitarios. Free tax forms No obstante, para mantener su trabajo, estos maestros tienen que obtener un título universitario y completar los cursos de educación profesional requeridos dentro de un plazo de 3 años. Free tax forms De acuerdo con lo anterior, el título universitario, incluya o no los 10 cursos de educación profesional, se considera el requisito mínimo de educación para calificar como maestro en el estado donde vive. Free tax forms Si posee toda la educación requerida, a excepción del quinto año, ha cumplido los requisitos mínimos de educación. Free tax forms El quinto año de capacitación se considera estudios relacionados con el trabajo que reúnen los requisitos de la deducción a menos que forme parte de un programa de estudios que lo capacitará para un nuevo oficio o negocio. Free tax forms Figura 27–A. Free tax forms ¿Reúnen los Requisitos sus Estudios Relacionados con el Trabajo? Please click here for the text description of the image. Free tax forms Figura 27−A. Free tax forms ¿Reúnen los requisitos sus estudios relacionados con el trabajo? Ejemplo 2. Free tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que tiene título universitario y sólo seis cursos de educación profesional. Free tax forms Los cuatro cursos adicionales pueden ser estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Free tax forms Aunque no tiene todos los cursos requeridos, ya ha cumplido los requisitos mínimos de educación. Free tax forms Ejemplo 3. Free tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que lo han contratado con sólo 3 años de estudios universitarios. Free tax forms Los cursos que tome para lograr un título (incluso en el campo de enseñanza) no son estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Free tax forms Éstos se requieren para cumplir los requisitos mínimos de educación para trabajar como maestro. Free tax forms Ejemplo 4. Free tax forms Tiene un título universitario y trabaja como instructor temporal en una universidad. Free tax forms Al mismo tiempo, toma cursos de posgrado para obtener un título superior. Free tax forms Las reglas de la universidad estipulan que puede pasar a ser miembro del cuerpo docente sólo si obtiene un posgrado. Free tax forms Además, puede mantener su trabajo como instructor sólo si demuestra un avance satisfactorio para obtener este título. Free tax forms No ha cumplido los requisitos mínimos de educación para ser miembro del cuerpo docente. Free tax forms Los cursos de posgrado no son estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Free tax forms Licencia en un nuevo estado. Free tax forms   Una vez que haya cumplido los requisitos mínimos de educación para maestros de su estado, se considera que ha cumplido los requisitos mínimos de educación en todos los estados. Free tax forms Esto se aplica incluso si tiene que cursar estudios adicionales para recibir la licencia en otro estado. Free tax forms Los estudios adicionales que necesite son estudios relacionados con el trabajo que reúnen los requisitos para la deducción. Free tax forms Ya ha cumplido los requisitos mínimos de educación para enseñar. Free tax forms Enseñar en otro estado no constituye un nuevo oficio o negocio. Free tax forms Ejemplo. Free tax forms Posee una licencia permanente para enseñar en el Estado A y ha trabajado como maestro en ese estado durante varios años. Free tax forms Se muda al Estado B y lo contratan inmediatamente como maestro. Free tax forms Sin embargo, tiene que realizar ciertos cursos prescritos para obtener una licencia permanente para enseñar en el Estado B. Free tax forms Estos cursos adicionales son estudios relacionados con el trabajo que reúnen los requisitos de la deducción debido a que el puesto de maestro en el Estado B implica el mismo tipo de trabajo general para el cual reunía los requisitos en el Estado A. Free tax forms Estudios que lo Capacitan para un Nuevo Oficio o Negocio Los estudios que forman parte de un programa de estudios a fin de capacitarlo para un nuevo oficio o negocio no están relacionados con el trabajo y no reúnen los requisitos de la deducción. Free tax forms Esto es aplicable incluso si no tiene intención de ingresar en ese oficio o negocio. Free tax forms Si es empleado, un cambio de deberes que implique el mismo tipo de trabajo general no es un nuevo oficio o negocio. Free tax forms Ejemplo 1. Free tax forms Es contador. Free tax forms Su empleador le exige que saque un título en derecho corriendo con sus propios gastos. Free tax forms Se inscribe en una escuela de derecho con la intención de cursar el plan de estudios típico para lograr un título en derecho. Free tax forms Aun si su intención no es ser abogado, los estudios no reúnen los requisitos de la deducción debido a que el título en derecho lo capacitará para un nuevo oficio o negocio. Free tax forms Ejemplo 2. Free tax forms Es médico de medicina general. Free tax forms Toma un curso de dos semanas para revisar los avances en diversos campos especializados de la medicina. Free tax forms El curso no lo capacita para una nueva profesión. Free tax forms Se considera que está relacionado con el trabajo y reúne los requisitos de la deducción porque mantiene o mejora las destrezas requeridas en su profesión actual. Free tax forms Ejemplo 3. Free tax forms Durante su trabajo en la práctica privada de psiquiatría, ingresa a un programa para estudiar y capacitarse en un instituto de psicoanálisis acreditado. Free tax forms El programa lo capacitará para practicar el psicoanálisis. Free tax forms La formación en psicoanálisis no lo capacitará para una nueva profesión. Free tax forms Está relacionada con el trabajo y reúne los requisitos de la deducción porque mantiene o mejora las destrezas necesarias en su profesión actual. Free tax forms Curso de preparación para el examen de reválida de derecho o para el examen para contadores públicos autorizados Los cursos de preparación para el examen de reválida para ejercer la abogacía o el examen para contadores públicos autorizados (CPA, por sus siglas en inglés) no son estudios relacionados con el trabajo que cumplan los requisitos. Free tax forms Forman parte de un programa de estudios que puede capacitarlo para una nueva profesión. Free tax forms Deberes Magisteriales y Afines Todos los deberes magisteriales y deberes afines se consideran relativamente el mismo tipo de trabajo. Free tax forms Un cambio de deberes de cualquiera de las siguientes maneras no se considera un cambio a una nueva ocupación: Maestro de escuela primaria a maestro de escuela secundaria. Free tax forms Maestro de una asignatura, como biología, a maestro de otra asignatura, como arte. Free tax forms Maestro a consejero académico. Free tax forms Maestro a administrador escolar. Free tax forms Qué Gastos se Pueden Deducir Si sus estudios satisfacen los requisitos descritos anteriormente en Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción , por lo general, puede deducir sus gastos de estudios como gastos de negocios. Free tax forms Si no trabaja por cuenta propia, puede deducir gastos de negocios sólo si detalla sus deducciones. Free tax forms No puede deducir gastos relacionados con ingresos exentos ni excluidos de impuestos. Free tax forms Gastos deducibles. Free tax forms   Se pueden deducir los siguientes gastos de estudios: Matrícula, libros, útiles escolares, cuotas de laboratorio y artículos similares. Free tax forms Ciertos costos de transporte y viajes. Free tax forms Otros gastos de estudios, como costos de investigación y de procesamiento de palabras (mecanografía) al escribir un ensayo o tésis como parte de un programa de estudios. Free tax forms Gastos no deducibles. Free tax forms   No puede deducir sus gastos personales o de capital. Free tax forms Por ejemplo, no puede deducir el valor en dólares de un período de vacaciones o permiso anual (vacaciones remuneradas) que toma para asistir a clases. Free tax forms Esta cantidad es un gasto personal. Free tax forms Reembolso no reclamado. Free tax forms   Aun si no reclama reembolsos a los que tiene derecho a recibir de su empleador, no puede deducir los gastos correspondientes a ese reembolso no reclamado. Free tax forms Ejemplo. Free tax forms Su empleador acuerda pagar sus gastos de estudios si usted presenta un vale que muestre sus gastos. Free tax forms Usted no presenta un vale y no se los reembolsan. Free tax forms Como no presentó un vale, no puede deducir los gastos en su declaración de impuestos. Free tax forms Gastos de Transporte Si sus estudios reúnen los requisitos, puede deducir los costos de transporte locales en los que tiene que incurrir para viajar directamente del trabajo a la escuela. Free tax forms Si tiene un trabajo habitual y asiste a la escuela de forma temporal, también puede deducir los costos de regreso de la escuela a su domicilio. Free tax forms Asistencia temporal. Free tax forms   Asiste a la escuela de manera temporal si alguna de las siguientes situaciones corresponde a su caso: Se espera de manera realista que su asistencia a la escuela dure 1 año o menos y en realidad dura 1 año o menos. Free tax forms Al principio, se espera de manera realista que su asistencia a la escuela dure 1 año o menos, pero posteriormente es factible que dure más de 1 año. Free tax forms Su asistencia es temporal hasta la fecha en la que determine que durará más de 1 año. Free tax forms Nota: Si se encuentra en la situación (1) o (2), su asistencia no es temporal si los hechos y las circunstancias indican lo contrario. Free tax forms Asistencia no temporal. Free tax forms   No asiste a la escuela de manera temporal si alguna de las siguientes situaciones le corresponde: Se espera de manera realista que su asistencia a la escuela dure más de 1 año. Free tax forms No importa cuánto tiempo de hecho asista. Free tax forms Al principio, se espera de manera realista que su asistencia a la escuela dure 1 año o menos, pero posteriormente se espera que dure más de 1 año. Free tax forms Su asistencia no es temporal después de la fecha en la que se determine que durará más de 1 año. Free tax forms Gastos de Transporte Deducibles Si trabaja de manera habitual y se dirige directamente de su domicilio a la escuela de manera temporal, puede deducir los costos del viaje de ida y regreso entre su domicilio y la escuela. Free tax forms Esto es aplicable sin importar la ubicación de dicho lugar, la distancia recorrida o si asiste a cursos en dicho lugar en días no laborables. Free tax forms Los gastos de transporte incluyen los costos reales de autobús, metro, taxi u otras tarifas, así como los costos del uso de su automóvil. Free tax forms Los gastos de transporte no incluyen cantidades gastadas por viaje, comidas o alojamiento cuando pasa la noche fuera de su casa. Free tax forms Ejemplo 1. Free tax forms Trabaja habitualmente en una ciudad cercana y viaja directamente del trabajo a su domicilio. Free tax forms Asimismo, asiste a la escuela cada noche entre semana durante 3 meses para tomar un curso que mejore sus destrezas laborales. Free tax forms Dado que asiste a una escuela de forma temporal, puede deducir sus gastos diarios de transporte de ida y regreso entre su domicilio y la escuela. Free tax forms Esto es aplicable independientemente de la distancia recorrida. Free tax forms Ejemplo 2. Free tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, salvo que algunas noches se dirige directamente del trabajo a la escuela y luego a su domicilio. Free tax forms Puede deducir sus gastos de transporte desde su lugar de trabajo habitual a la escuela y luego al domicilio. Free tax forms Ejemplo 3. Free tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que asiste a la escuela durante 9 meses todos los sábados, los cuales no son días laborables. Free tax forms Dado que asiste a la escuela de manera temporal, puede deducir sus gastos de transporte de ida y regreso entre su casa y la escuela. Free tax forms Ejemplo 4. Free tax forms Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que asiste a clases dos veces a la semana durante 15 meses. Free tax forms Dado que su asistencia a la escuela no se considera temporal, no puede deducir sus gastos de transporte entre su casa y la escuela. Free tax forms Si se dirige a la escuela directamente desde el trabajo, puede deducir los gastos de transporte de ida desde el trabajo a la escuela. Free tax forms Si del trabajo se dirige a su casa y luego a la escuela y regresa a su casa, sus gastos de transporte no pueden ser mayores que los gastos en los que hubiese incurrido de haber viajado directamente del trabajo a la escuela. Free tax forms Uso de su automóvil. Free tax forms   Si usa su automóvil (propio o arrendado) para viajar a la escuela, puede deducir sus gastos reales o utilizar la tarifa estándar de millaje para calcular la cantidad que puede deducir. Free tax forms La tarifa estándar por millas recorridas desde el 1 de enero de 2013 hasta el 31 de diciembre de 2013 es 56½ centavos por milla. Free tax forms Independientemente de los métodos que escoja, también puede deducir cargos de estacionamiento y peajes. Free tax forms Vea el capítulo 26 para obtener información acerca de la deducción de sus gastos reales por el uso de un automóvil. Free tax forms Gastos de Viaje Puede deducir gastos de viajes, comidas (vea Límite del 50% del costo de comidas , más adelante) y alojamiento si viaja de un día a otro principalmente para realizar estudios con derecho a deducción relacionados con el trabajo. Free tax forms Los gastos de viaje para estudios relacionados con el trabajo que reúnen los requisitos de la deducción reciben el mismo trato tributario que los gastos de viaje para otros propósitos de negocios del empleado. Free tax forms Para más información, vea el capítulo 26. Free tax forms No puede deducir gastos de actividades personales, como turismo, visitas o entretenimiento. Free tax forms Viajes principalmente con fines personales. Free tax forms   Si su viaje fuera de casa es principalmente con fines personales, no puede deducir todos sus gastos de viaje, comidas o alojamiento. Free tax forms Sólo puede deducir sus gastos de alojamiento y el 50% de sus gastos de comidas durante el período en el que asista a actividades de educación que reúnen los requisitos. Free tax forms   El determinar si el propósito del viaje es principalmente personal o para estudios depende de los hechos y las circunstancias. Free tax forms Un factor importante es la comparación del tiempo dedicado a actividades personales con el tiempo dedicado a actividades de educación. Free tax forms Si dedica más tiempo a actividades personales, el viaje se considera principalmente para estudios sólo si puede demostrar una razón importante y no personal de por qué viajó a un lugar específico. Free tax forms Ejemplo 1. Free tax forms Juan trabaja en Newark, Nueva Jersey. Free tax forms Viajó a Chicago para tomar un curso de una semana, a solicitud de su empleador, que puede deducir de sus impuestos. Free tax forms Su razón principal para viajar a Chicago fue el curso. Free tax forms Durante su estadía, realizó un viaje de turismo, salió a divertirse con algunos amigos y realizó un viaje adicional por el día a Pleasantville. Free tax forms Dado que el viaje era principalmente de negocios, Juan puede deducir su boleto aéreo de ida y vuelta a Chicago. Free tax forms No puede deducir los gastos de transporte de su viaje a Pleasantville. Free tax forms Sólo puede deducir las comidas (conforme al límite del 50%) y alojamiento relacionados con sus actividades educativas. Free tax forms Ejemplo 2. Free tax forms Susana trabaja en Boston. Free tax forms Asistió a una universidad en Michigan a fin de tomar un curso para su trabajo. Free tax forms El curso está relacionado con el trabajo y reúne los requisitos de la deducción. Free tax forms Tomó un curso, que corresponde a un cuarto de la carga de estudios a tiempo completo. Free tax forms El resto del tiempo lo dedicó a actividades personales. Free tax forms Sus razones para tomar el curso en Michigan fueron personales. Free tax forms El viaje de Susana es principalmente personal, ya que tres cuartos de su tiempo se consideran tiempo personal. Free tax forms No puede deducir el costo de su boleto de tren de ida y regreso a Michigan. Free tax forms Puede deducir un cuarto del costo de las comidas (conforme al límite del 50%) y del alojamiento del período en que asistió a la universidad. Free tax forms Ejemplo 3. Free tax forms David trabaja en Nashville y recientemente viajó a California para asistir a un seminario de 2 semanas. Free tax forms El seminario está relacionado con el trabajo y reúne los requisitos de la deducción. Free tax forms Durante su estadía, dedicó 8 semanas adicionales a actividades personales. Free tax forms Los hechos, incluida la estadía adicional de 8 semanas, demuestran que su finalidad principal era tomarse unas vacaciones. Free tax forms David no puede deducir su boleto de avión de ida y vuelta ni sus comidas y alojamiento durante las 8 semanas. Free tax forms Sólo puede deducir sus gastos por comida (sujeto al límite del 50%) y alojamiento durante las 2 semanas que asistió al seminario. Free tax forms Cruceros y congresos. Free tax forms   Algunos cruceros y congresos ofrecen seminarios o cursos como parte de su itinerario. Free tax forms Aun si los seminarios o cursos están relacionados con el trabajo, su deducción por viaje puede verse limitada. Free tax forms Esto es aplicable a: Viajes en buque transatlántico, crucero u otra forma de transporte marítimo de lujo y Congresos fuera del área de Norteamérica. Free tax forms   Si desea consultar más acerca de los límites de deducciones de gastos de viaje que sean aplicables a cruceros y congresos, vea Luxury Water Travel (Viajes en buques de lujo) y Conventions (Congresos) en el capítulo 1 de la Publicación 463, en inglés. Free tax forms Límite del 50% del costo de comidas. Free tax forms   Sólo puede deducir el 50% del costo de sus comidas cuando viaja fuera de casa para realizar estudios relacionados con el trabajo que reúnan los requisitos de la deducción. Free tax forms No se le pueden haber reembolsado los gastos por las comidas. Free tax forms   Los empleados tienen que usar el Formulario 2106 o el Formulario 2106-EZ para aplicar el límite del 50%. Free tax forms Viajes con Fines Educativos No puede deducir el costo de sus viajes con fines educativos, incluso si están directamente relacionados con los deberes de su trabajo o negocio. Free tax forms Ejemplo. Free tax forms Usted es maestro de francés. Free tax forms Durante una ausencia sabática otorgada para viajar, recorrió Francia para mejorar sus conocimientos del francés. Free tax forms Elige su itinerario y la mayoría de sus actividades con el fin de mejorar sus destrezas lingüísticas en francés. Free tax forms No puede deducir sus gastos de viaje como gastos de estudios. Free tax forms Esto es aplicable aunque haya dedicado la mayor parte del tiempo a aprender francés visitando escuelas y familias francesas, asistiendo a películas u obras de teatro y participando en actividades similares. Free tax forms No se Permiten Beneficios Dobles No se le permite hacer lo siguiente: Deducir los gastos de estudios relacionados con el trabajo como gastos de negocios si deduce estos gastos conforme con cualquier otra disposición de la ley, por ejemplo, la deducción de matrículas y cuotas (vea el capítulo 35). Free tax forms Deducir los gastos de estudios relacionados con el trabajo pagados con fondos de ayuda para los estudios provistos por el empleador, subvención o beca libre de impuestos. Free tax forms Vea Ajustes a Gastos de Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción , a continuación. Free tax forms Ajustes a Gastos de Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción Si paga gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción con determinados fondos exentos de impuestos, no puede reclamar una deducción por estas cantidades. Free tax forms Tiene que reducir la cantidad de los gastos que reúnen los requisitos por la cantidad de tales gastos que le pueden corresponder a la asistencia para estudios exenta de impuestos. Free tax forms Para más información, vea el capítulo 12 de la Publicación 970, en inglés. Free tax forms La asistencia para estudios exenta de impuestos incluye: La parte exenta de impuestos de becas de estudios y becas de investigación (vea el capítulo 1 de la Publicación 970, en inglés); La parte exenta de impuestos de las subvenciones federales Pell (vea el capítulo 1 de la Publicación 970, en inglés); La parte exenta de impuestos de la asistencia para estudios provista por el empleador (vea el capítulo 11 de la Publicación 970, en inglés); Asistencia para estudios destinada a veteranos (vea el capítulo 1 de la Publicación 970, en inglés) y Cualquier otro pago no gravable (libre de impuestos) (que no sean regalos o herencias) que reciba como asistencia para los estudios. Free tax forms Cantidades que no reducen los gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Free tax forms   No reduzca los gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción las cantidades pagadas con fondos que el estudiante reciba como: Un pago por servicios, como salarios; Un préstamo; Un regalo; Una herencia o Un retiro de la cuenta de ahorros personal del estudiante. Free tax forms   Tampoco reduzca la cantidad de los gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción por la cantidad de una beca de estudios o beca de investigación declarada como ingreso en la declaración de impuestos del estudiante ni becas que, según lo establecido, no se puedan aplicar a gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Free tax forms Reembolsos El trato tributario que dé a los reembolsos depende del acuerdo que tenga con su empleador. Free tax forms Existen dos tipos básicos de acuerdos de reembolso: planes con rendición de cuentas y planes sin rendición de cuentas. Free tax forms Puede determinar el tipo de plan mediante el cual se le reembolsa según la manera en que se declara el reembolso en su Formulario W-2. Free tax forms Para información sobre cómo tratar los reembolsos bajo planes con rendición de cuentas y planes sin rendición de cuentas, vea Reembolsos en el capítulo 26. Free tax forms Cómo Deducir Gastos de Negocios Las personas que trabajan por cuenta propia y los empleados declaran los gastos de negocios de manera diferente. Free tax forms La siguiente información explica qué formularios tiene que usar para deducir como gasto de negocios el costo de sus estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Free tax forms Personas que Trabajan por Cuenta Propia Si trabaja por cuenta propia, declare el costo de sus estudios relacionados con el trabajo que reúnen los requisitos de la deducción en el formulario correspondiente que se utilizó para declarar su ingreso de negocio y gastos (generalmente en el Anexo C, C-EZ o F). Free tax forms Si sus gastos de estudios incluyen gastos de automóvil o camión, viajes o comidas, declare estos gastos de la misma forma en la que declara los demás gastos de negocios para esas partidas. Free tax forms Vea las instrucciones del formulario que presente para obtener información acerca de cómo completarlo. Free tax forms Empleados Si es empleado, puede deducir el costo de estudios relacionados con el trabajo que reúnen los requisitos de la deducción sólo si: No recibió (y no tuvo derecho a recibir) reembolsos de su empleador; Se le reembolsó conforme a un plan sin rendición de cuentas (la cantidad se incluye en el recuadro 1 del Formulario W-2) o Recibió un reembolso conforme a un plan con rendición de cuentas, pero la cantidad recibida fue menor que sus gastos por los cuales usted reclamó un reembolso. Free tax forms Si le corresponde el punto (1) o (2), puede deducir la totalidad del costo que reúne los requisitos de la deducción. Free tax forms Si le corresponde el punto (3), puede deducir sólo los costos mayores que su reembolso que reúnen los requisitos de la deducción. Free tax forms Para deducir como gasto de negocios el costo de sus estudios relacionados con el trabajo que reúnen los requisitos de la deducción, incluya la cantidad con su deducción para todos los demás gastos de negocios del empleado en la línea 21 del Anexo A (Formulario 1040). Free tax forms (Más adelante se explican las reglas especiales para gastos de ciertos artistas del espectáculo y funcionarios a los que se les pagan honorarios y para gastos de trabajo relacionados con un impedimento). Free tax forms Esta deducción (con la excepción de los gastos del trabajo relacionados con el impedimento de personas discapacitadas) está sujeta al límite de ingreso bruto ajustado del 2% aplicable a la mayoría de las deducciones detalladas misceláneas. Free tax forms Vea el capítulo 28. Free tax forms Formulario 2106 o 2106-EZ. Free tax forms   Para calcular su deducción con respecto a los gastos de negocios del empleado, incluidos los estudios relacionados con el trabajo que reúnen los requisitos de la deducción, por lo general tiene que completar el Formulario 2106 o el Formulario 2106-EZ. Free tax forms No se requiere el formulario. Free tax forms   No complete el Formulario 2106 ni el Formulario 2106-EZ si: Las cantidades incluidas en el recuadro 1 de su Formulario W-2 no se consideran reembolsos y No declara gastos de viaje, transporte, comidas o entretenimiento. Free tax forms   Si cumple los dos requisitos anteriores, anote los gastos directamente en la línea 21 del Anexo A (Formulario 1040). Free tax forms (Más adelante se explican las reglas especiales para gastos de ciertos artistas del espectáculo y funcionarios a los que se les pagan honorarios y para gastos de trabajo relacionados con un impedimento). Free tax forms Uso del Formulario 2106-EZ. Free tax forms   Este formulario es más corto y fácil de usar que el Formulario 2106. Free tax forms Por lo general, puede usar este formulario si: Todos los reembolsos, si los hubiera, se incluyeron en el recuadro 1 de su Formulario W-2 y Utiliza la tarifa estándar por millas si declara gastos de vehículo. Free tax forms   Si no cumple estos dos requisitos, utilice el Formulario 2106. Free tax forms Artistas del Espectáculo y Funcionarios a los que se les Pagan Honorarios Si es artista del espectáculo que reúne los requisitos o funcionario del gobierno estatal (o local) que recibe su pago total o en parte de honorarios, puede deducir el costo de sus estudios relacionado con el trabajo que reúne los requisitos de la deducción como ajuste al ingreso bruto en lugar de una deducción detallada. Free tax forms Incluya el costo de sus estudios relacionados con el trabajo que reúnen los requisitos de la deducción junto con todos los demás gastos de negocios del empleado y anote el total en la línea 24 del Formulario 1040. Free tax forms No tiene que detallar sus deducciones en el Anexo A (Formulario 1040) y, por lo tanto, la deducción no está sujeta al límite de ingreso bruto ajustado del 2%. Free tax forms Tiene que completar el Formulario 2106 o 2106-EZ para calcular su deducción, incluso si cumple los requisitos descritos anteriormente bajo No se requiere el formulario . Free tax forms Para más información acerca de los artistas del espectáculo que reúnen los requisitos, vea el capítulo 6 de la Publicación 463, en inglés. Free tax forms Gastos de Trabajo Relacionados con un Impedimento Si está incapacitado y tiene gastos de trabajo relacionados con un impedimento que sean necesarios para permitirle realizar estudios relacionados con el trabajo, que reúnen los requisitos de la deducción, puede deducir estos gastos en la línea 28 del Anexo A (Formulario 1040). Free tax forms No están sujetos al límite del 2% del ingreso bruto ajustado. Free tax forms Para deducir estos gastos, tiene que completar el Formulario 2106 o 2106-EZ, aun si cumple los requisitos descritos anteriormente en No se requiere el formulario . Free tax forms Para más información acerca de gastos de trabajo relacionados con un impedimento, vea el capítulo 6 de la Publicación 463, en inglés. Free tax forms Documentación Tiene que mantener documentación como comprobante de las deducciones reclamadas en su declaración de impuestos. Free tax forms Por lo general, debe mantener su documentación durante 3 años desde la fecha de presentación de la declaración y de haber reclamado la deducción. Free tax forms Para obtener información específica acerca de cómo mantener documentación de los gastos de negocios, vea Mantenimiento de Documentación en el capítulo 26. Free tax forms Prev  Up  Next   Home   More Online Publications