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Senior Tax Stimulus Check

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Senior Tax Stimulus Check

Senior tax stimulus check 27. Senior tax stimulus check   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. Senior tax stimulus check 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. Senior tax stimulus check  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. Senior tax stimulus check Vea Gastos de Transporte bajo Qué Gastos se Pueden Deducir, para más información. Senior tax stimulus check Introduction Este capítulo explica los gastos de estudios relacionados con el trabajo que tal vez pueda deducir como gastos de negocios. Senior tax stimulus check 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 . Senior tax stimulus check 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. Senior tax stimulus check 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). Senior tax stimulus check Vea el capítulo 28. Senior tax stimulus check 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. Senior tax stimulus check 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). Senior tax stimulus check Es posible que tenga derecho a estos beneficios incluso si no cumple los requisitos indicados anteriormente. Senior tax stimulus check 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. Senior tax stimulus check Por lo general, puede reclamar cualquier cantidad de beneficios siempre que utilice diferentes gastos para calcular cada uno de ellos. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Los estudios requeridos tienen que servir para un propósito comercial legítimo (bona fide) de su empleador. Senior tax stimulus check Los estudios mantienen o mejoran las destrezas necesarias en su trabajo actual. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Utilice la Figura 27-A, más adelante, para verificar rápidamente si sus estudios reúnen los requisitos. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Vea Estudios para Mantener o Mejorar Destrezas , más adelante. Senior tax stimulus check Ejemplo. Senior tax stimulus check Usted es un maestro que ha cumplido los requisitos mínimos para enseñar. Senior tax stimulus check Su empleador le exige que tome un curso universitario adicional cada año para poder seguir con su puesto actual de maestro. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Éstos pueden incluir cursos de actualización, cursos sobre avances profesionales y cursos académicos o vocacionales. Senior tax stimulus check Ejemplo. Senior tax stimulus check Usted repara televisores, radios y sistemas estereofónicos para la tienda XYZ. Senior tax stimulus check Para mantenerse al corriente de los últimos avances en su profesión, toma cursos especiales de servicios de radio y sistemas estereofónicos. Senior tax stimulus check Estos cursos mantienen y mejoran las destrezas requeridas en su trabajo. Senior tax stimulus check Mantenimiento de destrezas versus capacitación para un empleo nuevo. Senior tax stimulus check   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. Senior tax stimulus check Estudios durante ausencia temporal. Senior tax stimulus check   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. Senior tax stimulus check 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. Senior tax stimulus check Ejemplo. Senior tax stimulus check Deja su trabajo de investigación en biología para convertirse en estudiante de posgrado de biología a tiempo completo durante un año. Senior tax stimulus check 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. Senior tax stimulus check Estudios durante ausencia indefinida. Senior tax stimulus check   Si deja de trabajar durante más de un año, su ausencia del trabajo se considera indefinida. Senior tax stimulus check 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. Senior tax stimulus check Por lo tanto, no son estudios relacionados con el trabajo que reúnan los requisitos de la deducción. Senior tax stimulus check 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. Senior tax stimulus check Los requisitos mínimos de educación se determinan a través de: Leyes y reglamentos; Normas de su profesión, oficio o negocio y Su empleador. Senior tax stimulus check Una vez que haya cumplido los requisitos mínimos de educación vigentes cuando se le contrató, no tiene que cumplir nuevos requisitos mínimos de educación. Senior tax stimulus check 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. Senior tax stimulus check No ha cumplido los requisitos mínimos de educación de su oficio o negocio sólo porque ya está realizando el trabajo. Senior tax stimulus check Ejemplo 1. Senior tax stimulus check Es estudiante de ingeniería a tiempo completo. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Estos estudios no son estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Senior tax stimulus check Ejemplo 2. Senior tax stimulus check Es contador y ha cumplido con los requisitos mínimos de educación de su empleador. Senior tax stimulus check Posteriormente, éste cambia los requisitos mínimos de educación y requiere que tome cursos universitarios para mantener su trabajo. Senior tax stimulus check 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. Senior tax stimulus check Requisitos para los Docentes Por lo general, los estados o distritos escolares establecen los requisitos mínimos de educación para los docentes. Senior tax stimulus check 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. Senior tax stimulus check Si no existen requisitos, habrá cumplido los requisitos mínimos de educación cuando pase a ser miembro del cuerpo docente. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Sus años de servicio se acreditan para obtener el cargo académico o cátedra. Senior tax stimulus check Tiene un voto en las decisiones del cuerpo docente. Senior tax stimulus check Su institución académica hace aportaciones en nombre suyo a un plan de jubilación que no sea el Seguro Social o un programa similar. Senior tax stimulus check Ejemplo 1. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Si posee toda la educación requerida, a excepción del quinto año, ha cumplido los requisitos mínimos de educación. Senior tax stimulus check 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. Senior tax stimulus check Figura 27–A. Senior tax stimulus check ¿Reúnen los Requisitos sus Estudios Relacionados con el Trabajo? Please click here for the text description of the image. Senior tax stimulus check Figura 27−A. Senior tax stimulus check ¿Reúnen los requisitos sus estudios relacionados con el trabajo? Ejemplo 2. Senior tax stimulus check Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que tiene título universitario y sólo seis cursos de educación profesional. Senior tax stimulus check Los cuatro cursos adicionales pueden ser estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Senior tax stimulus check Aunque no tiene todos los cursos requeridos, ya ha cumplido los requisitos mínimos de educación. Senior tax stimulus check Ejemplo 3. Senior tax stimulus check Suponga que se dan los mismos hechos que en el Ejemplo 1, excepto que lo han contratado con sólo 3 años de estudios universitarios. Senior tax stimulus check 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. Senior tax stimulus check Éstos se requieren para cumplir los requisitos mínimos de educación para trabajar como maestro. Senior tax stimulus check Ejemplo 4. Senior tax stimulus check Tiene un título universitario y trabaja como instructor temporal en una universidad. Senior tax stimulus check Al mismo tiempo, toma cursos de posgrado para obtener un título superior. Senior tax stimulus check Las reglas de la universidad estipulan que puede pasar a ser miembro del cuerpo docente sólo si obtiene un posgrado. Senior tax stimulus check Además, puede mantener su trabajo como instructor sólo si demuestra un avance satisfactorio para obtener este título. Senior tax stimulus check No ha cumplido los requisitos mínimos de educación para ser miembro del cuerpo docente. Senior tax stimulus check Los cursos de posgrado no son estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Senior tax stimulus check Licencia en un nuevo estado. Senior tax stimulus check   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. Senior tax stimulus check Esto se aplica incluso si tiene que cursar estudios adicionales para recibir la licencia en otro estado. Senior tax stimulus check Los estudios adicionales que necesite son estudios relacionados con el trabajo que reúnen los requisitos para la deducción. Senior tax stimulus check Ya ha cumplido los requisitos mínimos de educación para enseñar. Senior tax stimulus check Enseñar en otro estado no constituye un nuevo oficio o negocio. Senior tax stimulus check Ejemplo. Senior tax stimulus check Posee una licencia permanente para enseñar en el Estado A y ha trabajado como maestro en ese estado durante varios años. Senior tax stimulus check Se muda al Estado B y lo contratan inmediatamente como maestro. Senior tax stimulus check Sin embargo, tiene que realizar ciertos cursos prescritos para obtener una licencia permanente para enseñar en el Estado B. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Esto es aplicable incluso si no tiene intención de ingresar en ese oficio o negocio. Senior tax stimulus check Si es empleado, un cambio de deberes que implique el mismo tipo de trabajo general no es un nuevo oficio o negocio. Senior tax stimulus check Ejemplo 1. Senior tax stimulus check Es contador. Senior tax stimulus check Su empleador le exige que saque un título en derecho corriendo con sus propios gastos. Senior tax stimulus check Se inscribe en una escuela de derecho con la intención de cursar el plan de estudios típico para lograr un título en derecho. Senior tax stimulus check 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. Senior tax stimulus check Ejemplo 2. Senior tax stimulus check Es médico de medicina general. Senior tax stimulus check Toma un curso de dos semanas para revisar los avances en diversos campos especializados de la medicina. Senior tax stimulus check El curso no lo capacita para una nueva profesión. Senior tax stimulus check 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. Senior tax stimulus check Ejemplo 3. Senior tax stimulus check Durante su trabajo en la práctica privada de psiquiatría, ingresa a un programa para estudiar y capacitarse en un instituto de psicoanálisis acreditado. Senior tax stimulus check El programa lo capacitará para practicar el psicoanálisis. Senior tax stimulus check La formación en psicoanálisis no lo capacitará para una nueva profesión. Senior tax stimulus check Está relacionada con el trabajo y reúne los requisitos de la deducción porque mantiene o mejora las destrezas necesarias en su profesión actual. Senior tax stimulus check 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. Senior tax stimulus check Forman parte de un programa de estudios que puede capacitarlo para una nueva profesión. Senior tax stimulus check Deberes Magisteriales y Afines Todos los deberes magisteriales y deberes afines se consideran relativamente el mismo tipo de trabajo. Senior tax stimulus check 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. Senior tax stimulus check Maestro de una asignatura, como biología, a maestro de otra asignatura, como arte. Senior tax stimulus check Maestro a consejero académico. Senior tax stimulus check Maestro a administrador escolar. Senior tax stimulus check 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. Senior tax stimulus check Si no trabaja por cuenta propia, puede deducir gastos de negocios sólo si detalla sus deducciones. Senior tax stimulus check No puede deducir gastos relacionados con ingresos exentos ni excluidos de impuestos. Senior tax stimulus check Gastos deducibles. Senior tax stimulus check   Se pueden deducir los siguientes gastos de estudios: Matrícula, libros, útiles escolares, cuotas de laboratorio y artículos similares. Senior tax stimulus check Ciertos costos de transporte y viajes. Senior tax stimulus check 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. Senior tax stimulus check Gastos no deducibles. Senior tax stimulus check   No puede deducir sus gastos personales o de capital. Senior tax stimulus check 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. Senior tax stimulus check Esta cantidad es un gasto personal. Senior tax stimulus check Reembolso no reclamado. Senior tax stimulus check   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. Senior tax stimulus check Ejemplo. Senior tax stimulus check Su empleador acuerda pagar sus gastos de estudios si usted presenta un vale que muestre sus gastos. Senior tax stimulus check Usted no presenta un vale y no se los reembolsan. Senior tax stimulus check Como no presentó un vale, no puede deducir los gastos en su declaración de impuestos. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Asistencia temporal. Senior tax stimulus check   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. Senior tax stimulus check 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. Senior tax stimulus check Su asistencia es temporal hasta la fecha en la que determine que durará más de 1 año. Senior tax stimulus check Nota: Si se encuentra en la situación (1) o (2), su asistencia no es temporal si los hechos y las circunstancias indican lo contrario. Senior tax stimulus check Asistencia no temporal. Senior tax stimulus check   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. Senior tax stimulus check No importa cuánto tiempo de hecho asista. Senior tax stimulus check 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. Senior tax stimulus check Su asistencia no es temporal después de la fecha en la que se determine que durará más de 1 año. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Los gastos de transporte incluyen los costos reales de autobús, metro, taxi u otras tarifas, así como los costos del uso de su automóvil. Senior tax stimulus check Los gastos de transporte no incluyen cantidades gastadas por viaje, comidas o alojamiento cuando pasa la noche fuera de su casa. Senior tax stimulus check Ejemplo 1. Senior tax stimulus check Trabaja habitualmente en una ciudad cercana y viaja directamente del trabajo a su domicilio. Senior tax stimulus check Asimismo, asiste a la escuela cada noche entre semana durante 3 meses para tomar un curso que mejore sus destrezas laborales. Senior tax stimulus check 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. Senior tax stimulus check Esto es aplicable independientemente de la distancia recorrida. Senior tax stimulus check Ejemplo 2. Senior tax stimulus check 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. Senior tax stimulus check Puede deducir sus gastos de transporte desde su lugar de trabajo habitual a la escuela y luego al domicilio. Senior tax stimulus check Ejemplo 3. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Ejemplo 4. Senior tax stimulus check 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. Senior tax stimulus check Dado que su asistencia a la escuela no se considera temporal, no puede deducir sus gastos de transporte entre su casa y la escuela. Senior tax stimulus check Si se dirige a la escuela directamente desde el trabajo, puede deducir los gastos de transporte de ida desde el trabajo a la escuela. Senior tax stimulus check 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. Senior tax stimulus check Uso de su automóvil. Senior tax stimulus check   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. Senior tax stimulus check 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. Senior tax stimulus check Independientemente de los métodos que escoja, también puede deducir cargos de estacionamiento y peajes. Senior tax stimulus check Vea el capítulo 26 para obtener información acerca de la deducción de sus gastos reales por el uso de un automóvil. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Para más información, vea el capítulo 26. Senior tax stimulus check No puede deducir gastos de actividades personales, como turismo, visitas o entretenimiento. Senior tax stimulus check Viajes principalmente con fines personales. Senior tax stimulus check   Si su viaje fuera de casa es principalmente con fines personales, no puede deducir todos sus gastos de viaje, comidas o alojamiento. Senior tax stimulus check 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. Senior tax stimulus check   El determinar si el propósito del viaje es principalmente personal o para estudios depende de los hechos y las circunstancias. Senior tax stimulus check Un factor importante es la comparación del tiempo dedicado a actividades personales con el tiempo dedicado a actividades de educación. Senior tax stimulus check 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. Senior tax stimulus check Ejemplo 1. Senior tax stimulus check Juan trabaja en Newark, Nueva Jersey. Senior tax stimulus check Viajó a Chicago para tomar un curso de una semana, a solicitud de su empleador, que puede deducir de sus impuestos. Senior tax stimulus check Su razón principal para viajar a Chicago fue el curso. Senior tax stimulus check Durante su estadía, realizó un viaje de turismo, salió a divertirse con algunos amigos y realizó un viaje adicional por el día a Pleasantville. Senior tax stimulus check Dado que el viaje era principalmente de negocios, Juan puede deducir su boleto aéreo de ida y vuelta a Chicago. Senior tax stimulus check No puede deducir los gastos de transporte de su viaje a Pleasantville. Senior tax stimulus check Sólo puede deducir las comidas (conforme al límite del 50%) y alojamiento relacionados con sus actividades educativas. Senior tax stimulus check Ejemplo 2. Senior tax stimulus check Susana trabaja en Boston. Senior tax stimulus check Asistió a una universidad en Michigan a fin de tomar un curso para su trabajo. Senior tax stimulus check El curso está relacionado con el trabajo y reúne los requisitos de la deducción. Senior tax stimulus check Tomó un curso, que corresponde a un cuarto de la carga de estudios a tiempo completo. Senior tax stimulus check El resto del tiempo lo dedicó a actividades personales. Senior tax stimulus check Sus razones para tomar el curso en Michigan fueron personales. Senior tax stimulus check El viaje de Susana es principalmente personal, ya que tres cuartos de su tiempo se consideran tiempo personal. Senior tax stimulus check No puede deducir el costo de su boleto de tren de ida y regreso a Michigan. Senior tax stimulus check 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. Senior tax stimulus check Ejemplo 3. Senior tax stimulus check David trabaja en Nashville y recientemente viajó a California para asistir a un seminario de 2 semanas. Senior tax stimulus check El seminario está relacionado con el trabajo y reúne los requisitos de la deducción. Senior tax stimulus check Durante su estadía, dedicó 8 semanas adicionales a actividades personales. Senior tax stimulus check Los hechos, incluida la estadía adicional de 8 semanas, demuestran que su finalidad principal era tomarse unas vacaciones. Senior tax stimulus check David no puede deducir su boleto de avión de ida y vuelta ni sus comidas y alojamiento durante las 8 semanas. Senior tax stimulus check Sólo puede deducir sus gastos por comida (sujeto al límite del 50%) y alojamiento durante las 2 semanas que asistió al seminario. Senior tax stimulus check Cruceros y congresos. Senior tax stimulus check   Algunos cruceros y congresos ofrecen seminarios o cursos como parte de su itinerario. Senior tax stimulus check Aun si los seminarios o cursos están relacionados con el trabajo, su deducción por viaje puede verse limitada. Senior tax stimulus check Esto es aplicable a: Viajes en buque transatlántico, crucero u otra forma de transporte marítimo de lujo y Congresos fuera del área de Norteamérica. Senior tax stimulus check   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. Senior tax stimulus check Límite del 50% del costo de comidas. Senior tax stimulus check   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. Senior tax stimulus check No se le pueden haber reembolsado los gastos por las comidas. Senior tax stimulus check   Los empleados tienen que usar el Formulario 2106 o el Formulario 2106-EZ para aplicar el límite del 50%. Senior tax stimulus check 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. Senior tax stimulus check Ejemplo. Senior tax stimulus check Usted es maestro de francés. Senior tax stimulus check Durante una ausencia sabática otorgada para viajar, recorrió Francia para mejorar sus conocimientos del francés. Senior tax stimulus check Elige su itinerario y la mayoría de sus actividades con el fin de mejorar sus destrezas lingüísticas en francés. Senior tax stimulus check No puede deducir sus gastos de viaje como gastos de estudios. Senior tax stimulus check 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. Senior tax stimulus check 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). Senior tax stimulus check 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. Senior tax stimulus check Vea Ajustes a Gastos de Estudios Relacionados con el Trabajo que Reúnen los Requisitos de la Deducción , a continuación. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Para más información, vea el capítulo 12 de la Publicación 970, en inglés. Senior tax stimulus check 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. Senior tax stimulus check Cantidades que no reducen los gastos de estudios relacionados con el trabajo que reúnen los requisitos de la deducción. Senior tax stimulus check   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. Senior tax stimulus check   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. Senior tax stimulus check Reembolsos El trato tributario que dé a los reembolsos depende del acuerdo que tenga con su empleador. Senior tax stimulus check Existen dos tipos básicos de acuerdos de reembolso: planes con rendición de cuentas y planes sin rendición de cuentas. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check Cómo Deducir Gastos de Negocios Las personas que trabajan por cuenta propia y los empleados declaran los gastos de negocios de manera diferente. Senior tax stimulus check 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. Senior tax stimulus check 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). Senior tax stimulus check 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. Senior tax stimulus check Vea las instrucciones del formulario que presente para obtener información acerca de cómo completarlo. Senior tax stimulus check 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. Senior tax stimulus check Si le corresponde el punto (1) o (2), puede deducir la totalidad del costo que reúne los requisitos de la deducción. Senior tax stimulus check Si le corresponde el punto (3), puede deducir sólo los costos mayores que su reembolso que reúnen los requisitos de la deducción. Senior tax stimulus check 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). Senior tax stimulus check (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). Senior tax stimulus check 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. Senior tax stimulus check Vea el capítulo 28. Senior tax stimulus check Formulario 2106 o 2106-EZ. Senior tax stimulus check   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. Senior tax stimulus check No se requiere el formulario. Senior tax stimulus check   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. Senior tax stimulus check   Si cumple los dos requisitos anteriores, anote los gastos directamente en la línea 21 del Anexo A (Formulario 1040). Senior tax stimulus check (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). Senior tax stimulus check Uso del Formulario 2106-EZ. Senior tax stimulus check   Este formulario es más corto y fácil de usar que el Formulario 2106. Senior tax stimulus check 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. Senior tax stimulus check   Si no cumple estos dos requisitos, utilice el Formulario 2106. Senior tax stimulus check 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. Senior tax stimulus check 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. Senior tax stimulus check 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%. Senior tax stimulus check 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 . Senior tax stimulus check Para más información acerca de los artistas del espectáculo que reúnen los requisitos, vea el capítulo 6 de la Publicación 463, en inglés. Senior tax stimulus check 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). Senior tax stimulus check No están sujetos al límite del 2% del ingreso bruto ajustado. Senior tax stimulus check 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 . Senior tax stimulus check Para más información acerca de gastos de trabajo relacionados con un impedimento, vea el capítulo 6 de la Publicación 463, en inglés. Senior tax stimulus check Documentación Tiene que mantener documentación como comprobante de las deducciones reclamadas en su declaración de impuestos. Senior tax stimulus check Por lo general, debe mantener su documentación durante 3 años desde la fecha de presentación de la declaración y de haber reclamado la deducción. Senior tax stimulus check Para obtener información específica acerca de cómo mantener documentación de los gastos de negocios, vea Mantenimiento de Documentación en el capítulo 26. Senior tax stimulus check Prev  Up  Next   Home   More Online Publications
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The Senior Tax Stimulus Check

Senior tax stimulus check Publication 523 - Main Content Table of Contents Main HomeVacant land. Senior tax stimulus check Factors used to determine main home. Senior tax stimulus check Figuring Gain or LossSelling Price Amount Realized Adjusted Basis Amount of Gain or Loss Dispositions Other Than Sales Determining BasisCost As Basis Basis Other Than Cost Adjusted Basis Excluding the GainMaximum Exclusion Ownership and Use Tests Reduced Maximum Exclusion Nonqualified Use Business Use or Rental of HomeUnrecaptured section 1250 gain. Senior tax stimulus check Property Used Partly for Business or Rental Reporting the SaleSeller-financed mortgage. Senior tax stimulus check Individual taxpayer identification number (ITIN). Senior tax stimulus check More information. Senior tax stimulus check Comprehensive Examples Special SituationsException for sales to related persons. Senior tax stimulus check Deducting Taxes in the Year of SaleForm 1099-S. Senior tax stimulus check More information. Senior tax stimulus check Recapturing (Paying Back) a Federal Mortgage Subsidy Recapture of First-Time Homebuyer CreditExample. Senior tax stimulus check Worksheets How To Get Tax HelpLow Income Taxpayer Clinics Main Home This section explains the term “main home. Senior tax stimulus check ” Usually, the home you live in most of the time is your main home and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. Senior tax stimulus check To exclude gain under the rules in this publication, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. Senior tax stimulus check Land. Senior tax stimulus check   If you sell the land on which your main home is located, but not the house itself, you cannot exclude any gain you have from the sale of the land. Senior tax stimulus check Example. Senior tax stimulus check You buy a piece of land and move your main home to it. Senior tax stimulus check Then, you sell the land on which your main home was located. Senior tax stimulus check This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. Senior tax stimulus check Vacant land. Senior tax stimulus check   The sale of vacant land is not a sale of your main home unless: The vacant land is adjacent to land containing your home, You owned and used the vacant land as part of your main home, The separate sale of your home satisfies the requirements for exclusion and occurs within 2 years before or 2 years after the date of the sale of the vacant land, and The other requirements for excluding gain from the sale of a main home have been satisfied with respect to the vacant land. Senior tax stimulus check If these requirements are met, the sale of the home and the sale of the vacant land are treated as one sale and only one maximum exclusion can be applied to any gain. Senior tax stimulus check See Excluding the Gain , later. Senior tax stimulus check The destruction of your home is treated as a sale of your home. Senior tax stimulus check As a result, you may be able to meet these requirements if you sell vacant land used as a part of your main home within 2 years from the date of the destruction of your main home. Senior tax stimulus check For information, see Publication 547. Senior tax stimulus check More than one home. Senior tax stimulus check   If you have more than one home, you can exclude gain only from the sale of your main home. Senior tax stimulus check You must include in income the gain from the sale of any other home. Senior tax stimulus check If you have two homes and live in each of them, your main home is ordinarily the one you live in most of the time during the year. Senior tax stimulus check Example 1. Senior tax stimulus check You own two homes, one in New York and one in Florida. Senior tax stimulus check From 2009 through 2013, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. Senior tax stimulus check In the absence of facts and circumstances indicating otherwise, the New York home is your main home. Senior tax stimulus check You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. Senior tax stimulus check Example 2. Senior tax stimulus check You own a house, but you live in another house that you rent. Senior tax stimulus check The rented house is your main home. Senior tax stimulus check Example 3. Senior tax stimulus check You own two homes, one in Virginia and one in New Hampshire. Senior tax stimulus check In 2009 and 2010, you lived in the Virginia home. Senior tax stimulus check In 2011 and 2012, you lived in the New Hampshire home. Senior tax stimulus check In 2013, you lived again in the Virginia home. Senior tax stimulus check Your main home in 2009, 2010, and 2013 is the Virginia home. Senior tax stimulus check Your main home in 2011 and 2012 is the New Hampshire home. Senior tax stimulus check You would be eligible to exclude gain from the sale of either home (but not both) in 2013. Senior tax stimulus check Factors used to determine main home. Senior tax stimulus check   In addition to the amount of time you live in each home, other factors are relevant in determining which home is your main home. Senior tax stimulus check Those factors include the following. Senior tax stimulus check Your place of employment. Senior tax stimulus check The location of your family members' main home. Senior tax stimulus check Your mailing address for bills and correspondence. Senior tax stimulus check The address listed on your: Federal and state tax returns, Driver's license, Car registration, and Voter registration card. Senior tax stimulus check The location of the banks you use. Senior tax stimulus check The location of recreational clubs and religious organizations of which you are a member. Senior tax stimulus check Property used partly as your main home. Senior tax stimulus check   If you use only part of the property as your main home, the rules discussed in this publication apply only to the gain or loss on the sale of that part of the property. Senior tax stimulus check For details, see Business Use or Rental of Home , later. Senior tax stimulus check Figuring Gain or Loss To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. Senior tax stimulus check Subtract the adjusted basis from the amount realized to get your gain or loss. Senior tax stimulus check     Selling price     − Selling expenses       Amount realized     − Adjusted basis       Gain or loss   Gain. Senior tax stimulus check   Gain is the excess of the amount realized over the adjusted basis of the property. Senior tax stimulus check Loss. Senior tax stimulus check   Loss is the excess of the adjusted basis over the amount realized for the property. Senior tax stimulus check Selling Price The selling price is the total amount you receive for your home. Senior tax stimulus check It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale. Senior tax stimulus check Personal property. Senior tax stimulus check   The selling price of your home does not include amounts you received for personal property sold with your home. Senior tax stimulus check Personal property is property that is not a permanent part of the home. Senior tax stimulus check Examples are furniture, draperies, rugs, a washer and dryer, and lawn equipment. Senior tax stimulus check Separately stated amounts you received for these items should not be shown on Form 1099-S (discussed later). Senior tax stimulus check Any gains from sales of personal property must be included in your income, but not as part of the sale of your home. Senior tax stimulus check Payment by employer. Senior tax stimulus check   You may have to sell your home because of a job transfer. Senior tax stimulus check If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. Senior tax stimulus check Your employer will include it as wages in box 1 of your Form W-2 and you will include it in your income on Form 1040, line 7, or on Form 1040NR, line 8. Senior tax stimulus check Option to buy. Senior tax stimulus check   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. Senior tax stimulus check If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Senior tax stimulus check Report this amount on Form 1040, line 21, or on Form 1040NR, line 21. Senior tax stimulus check Form 1099-S. Senior tax stimulus check   If you received Form 1099-S, box 2 (gross proceeds) should show the total amount you received for your home. Senior tax stimulus check   However, box 2 will not include the fair market value of any services or property other than cash or notes you received or will receive. Senior tax stimulus check Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. Senior tax stimulus check Amount Realized The amount realized is the selling price minus selling expenses. Senior tax stimulus check Selling expenses. Senior tax stimulus check   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. Senior tax stimulus check ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. Senior tax stimulus check This adjusted basis must be determined before you can figure gain or loss on the sale of your home. Senior tax stimulus check For information on how to figure your home's adjusted basis, see Determining Basis , later. Senior tax stimulus check Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. Senior tax stimulus check Gain on sale. Senior tax stimulus check   If the amount realized is more than the adjusted basis, the difference is a gain and, except for any part you can exclude, generally is taxable. Senior tax stimulus check Loss on sale. Senior tax stimulus check   If the amount realized is less than the adjusted basis, the difference is a loss. Senior tax stimulus check Generally, a loss on the sale of your main home cannot be deducted. Senior tax stimulus check Jointly owned home. Senior tax stimulus check   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. Senior tax stimulus check Separate returns. Senior tax stimulus check   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. Senior tax stimulus check Your ownership interest is generally determined by state law. Senior tax stimulus check Joint owners not married. Senior tax stimulus check   If you and a joint owner other than your spouse sell your jointly owned home, each of you must figure your own gain or loss according to your ownership interest in the home. Senior tax stimulus check Each of you applies the rules discussed in this publication on an individual basis. Senior tax stimulus check Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. Senior tax stimulus check Foreclosure or repossession. Senior tax stimulus check   If your home was foreclosed on or repossessed, you have a disposition. Senior tax stimulus check See Publication 4681 to determine if you have ordinary income, gain, or loss. Senior tax stimulus check More information. Senior tax stimulus check   If part of a home is used for business or rental purposes, see Foreclosures and Repossessions in chapter 1 of Publication 544 for more information. Senior tax stimulus check Publication 544 has examples of how to figure gain or loss on a foreclosure or repossession. Senior tax stimulus check Abandonment. Senior tax stimulus check   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. Senior tax stimulus check Trading (exchanging) homes. Senior tax stimulus check   If you trade your home for another home, treat the trade as a sale and a purchase. Senior tax stimulus check Example. Senior tax stimulus check You owned and lived in a home with an adjusted basis of $41,000. Senior tax stimulus check A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. Senior tax stimulus check This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 − $41,000). Senior tax stimulus check If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed). Senior tax stimulus check Transfer to spouse. Senior tax stimulus check   If you transfer your home to your spouse or you transfer it to your former spouse incident to your divorce, you in most cases have no gain or loss (unless the Exception, discussed next, applies). Senior tax stimulus check This is true even if you receive cash or other consideration for the home. Senior tax stimulus check As a result, the rules explained in this publication do not apply. Senior tax stimulus check   If you owned your home jointly with your spouse and transfer your interest in the home to your spouse, or to your former spouse incident to your divorce, the same rule applies. Senior tax stimulus check You have no gain or loss. Senior tax stimulus check Exception. Senior tax stimulus check   These transfer rules do not apply if your spouse or former spouse is a nonresident alien. Senior tax stimulus check In that case, you generally will have a gain or loss. Senior tax stimulus check More information. Senior tax stimulus check    See Property Settlements in Publication 504, Divorced or Separated Individuals, for more information. Senior tax stimulus check Involuntary conversion. Senior tax stimulus check   You have a disposition when your home is destroyed or condemned and you receive other property or money in payment, such as insurance or a condemnation award. Senior tax stimulus check This is treated as a sale and you may be able to exclude all or part of any gain from the destruction or condemnation of your home, as explained later under Special Situations (see Home destroyed or condemned ). Senior tax stimulus check Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. Senior tax stimulus check Your basis in your home is determined by how you got the home. Senior tax stimulus check Generally, your basis is its cost if you bought it or built it. Senior tax stimulus check If you got it in some other way (inheritance, gift, etc. Senior tax stimulus check ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. Senior tax stimulus check While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. Senior tax stimulus check The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home. Senior tax stimulus check To figure your adjusted basis, you can use Worksheet 1, near the end of this publication. Senior tax stimulus check Filled-in examples of that worksheet are included in the Comprehensive Examples , later. Senior tax stimulus check Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. Senior tax stimulus check Purchase. Senior tax stimulus check   If you bought your home, your basis is its cost to you. Senior tax stimulus check This includes the purchase price and certain settlement or closing costs. Senior tax stimulus check In most cases, your purchase price includes your down payment and any debt, such as a first or second mortgage or notes you gave the seller in payment for the home. Senior tax stimulus check If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed later. Senior tax stimulus check Seller-paid points. Senior tax stimulus check   If the person who sold you your home paid points on your loan, you may have to reduce your home's basis by the amount of the points, as shown in the following chart. Senior tax stimulus check    IF you bought your home. Senior tax stimulus check . Senior tax stimulus check . Senior tax stimulus check THEN reduce your home's basis by the seller-paid points. Senior tax stimulus check . Senior tax stimulus check . Senior tax stimulus check after 1990 but before April 4, 1994 only if you deducted them as home mortgage interest in the year paid. Senior tax stimulus check after April 3, 1994 even if you did not deduct them. Senior tax stimulus check Settlement fees or closing costs. Senior tax stimulus check   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. Senior tax stimulus check You can include in your basis some of the settlement fees and closing costs you paid for buying the home, but not the fees and costs for getting a mortgage loan. Senior tax stimulus check A fee paid for buying the home is any fee you would have had to pay even if you paid cash for the home (that is, without the need for financing). Senior tax stimulus check   Settlement fees do not include amounts placed in escrow for the future payment of items such as taxes and insurance. Senior tax stimulus check   Some of the settlement fees or closing costs that you can include in your basis are: Abstract fees (abstract of title fees), Charges for installing utility services, Legal fees (including fees for the title search and preparing the sales contract and deed), Recording fees, Survey fees, Transfer or stamp taxes, Owner's title insurance, and Any amounts the seller owes that you agree to pay, such as: Certain real estate taxes (discussed later), Back interest, Recording or mortgage fees, Charges for improvements or repairs, and Sales commissions. Senior tax stimulus check   Some settlement fees and closing costs you cannot include in your basis are: Fire insurance premiums, Rent for occupancy of the house before closing, Charges for utilities or other services related to occupancy of the house before closing, Any fee or cost that you deducted as a moving expense (allowed for certain fees and costs before 1994), Charges connected with getting a mortgage loan, such as: Mortgage insurance premiums (including funding fees connected with loans guaranteed by the Department of Veterans Affairs), Loan assumption fees, Cost of a credit report, Fee for an appraisal required by a lender, and Fees for refinancing a mortgage. Senior tax stimulus check Real estate taxes. Senior tax stimulus check   Real estate taxes for the year you bought your home may affect your basis, as shown in the following chart. Senior tax stimulus check    IF. Senior tax stimulus check . Senior tax stimulus check . Senior tax stimulus check AND. Senior tax stimulus check . Senior tax stimulus check . Senior tax stimulus check THEN the taxes. Senior tax stimulus check . Senior tax stimulus check . Senior tax stimulus check you pay taxes that the seller owed on the home up to the date of sale the seller does not reimburse you are added to the basis of your home. Senior tax stimulus check the seller reimburses you do not affect the basis of your home. Senior tax stimulus check the seller pays taxes for you (taxes owed beginning on the date of sale) you do not reimburse the seller are subtracted from the basis of your home. Senior tax stimulus check you reimburse the seller do not affect the basis of your home. Senior tax stimulus check Construction. Senior tax stimulus check   If you contracted to have your house built on land you own, your basis is: The cost of the land, plus The amount it cost you to complete the house, including: The cost of labor and materials, Any amounts paid to a contractor, Any architect's fees, Building permit charges, Utility meter and connection charges, and Legal fees directly connected with building the house. Senior tax stimulus check   Your cost includes your down payment and any debt such as a first or second mortgage or notes you gave the seller or builder. Senior tax stimulus check It also includes certain settlement or closing costs. Senior tax stimulus check You may have to reduce your basis by points the seller paid for you. Senior tax stimulus check For more information, see Seller-paid points and Settlement fees or closing costs , earlier. Senior tax stimulus check Built by you. Senior tax stimulus check   If you built all or part of your house yourself, its basis is the total amount it cost you to complete it. Senior tax stimulus check Do not include in the cost of the house: The value of your own labor, or The value of any other labor you did not pay for. Senior tax stimulus check Temporary housing. Senior tax stimulus check   If a builder gave you temporary housing while your home was being finished, you must reduce your basis by the part of the contract price that was for the temporary housing. Senior tax stimulus check To figure the amount of the reduction, multiply the contract price by a fraction. Senior tax stimulus check The numerator is the value of the temporary housing, and the denominator is the sum of the value of the temporary housing plus the value of the new home. Senior tax stimulus check Cooperative apartment. Senior tax stimulus check   If you are a tenant-stockholder in a cooperative housing corporation, your basis in the cooperative apartment used as your home is usually the cost of your stock in the corporation. Senior tax stimulus check This may include your share of a mortgage on the apartment building. Senior tax stimulus check Condominium. Senior tax stimulus check   To determine your basis in a condominium apartment used as your home, use the same rules as for any other home. Senior tax stimulus check Basis Other Than Cost You must use a basis other than cost, such as adjusted basis or fair market value, if you received your home as a gift, inheritance, a trade, or from your spouse. Senior tax stimulus check These situations are discussed in the following pages. Senior tax stimulus check Also, the instructions for Worksheet 1 (near the end of the publication) address each of these issues. Senior tax stimulus check Other special rules may apply in certain situations. Senior tax stimulus check If you converted the property, or some part of it, to business or rental use, see Property Changed to Business or Rental Use, in Publication 551. Senior tax stimulus check Home received as gift. Senior tax stimulus check   Use the following chart to find the basis of a home you received as a gift. Senior tax stimulus check IF the donor's adjusted basis at the time of the gift was. Senior tax stimulus check . Senior tax stimulus check . Senior tax stimulus check THEN your basis is. Senior tax stimulus check . Senior tax stimulus check . Senior tax stimulus check more than the fair market value of the home at that time the same as the donor's adjusted basis at the time of the gift. Senior tax stimulus check   Exception: If using the donor's adjusted basis results in a loss when you sell the home, you must use the fair market value of the home at the time of the gift as your basis. Senior tax stimulus check If using the fair market value results in a gain, you have neither gain nor loss. Senior tax stimulus check equal to or less than the fair market value at that time, and you received the gift before 1977 the smaller of the: • donor's adjusted basis, plus  any federal gift tax paid on  the gift, or • the home's fair market value  at the time of the gift. Senior tax stimulus check equal to or less than the fair market value at that time, and you received the gift after 1976 the same as the donor's adjusted basis, plus the part of any federal gift tax paid that is due to the net increase in value of the home (explained next). Senior tax stimulus check Fair market value. Senior tax stimulus check   The fair market value of property at the time of the gift is the value of the property as appraised for purposes of the federal gift tax. Senior tax stimulus check If the gift was not subject to the federal gift tax, the fair market value is the value as appraised for the purposes of a state gift tax. Senior tax stimulus check Part of federal gift tax due to net increase in value. Senior tax stimulus check   Figure the part of the federal gift tax paid that is due to the net increase in value of the home by multiplying the total federal gift tax paid by a fraction. Senior tax stimulus check The numerator of the fraction is the net increase in the value of the home, and the denominator is the value of the home for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. Senior tax stimulus check The net increase in the value of the home is its fair market value minus the donor's adjusted basis immediately before the gift. Senior tax stimulus check Home acquired from a decedent who died before or after 2010. Senior tax stimulus check   If you inherited your home from a decedent who died before or after 2010, your basis is the fair market value of the property on the date of the decedent's death (or the later alternate valuation date chosen by the personal representative of the estate). Senior tax stimulus check If an estate tax return was filed or required to be filed, the value of the property listed on the estate tax return is your basis. Senior tax stimulus check If a federal estate tax return did not have to be filed, your basis in the home is the same as its appraised value at the date of death, for purposes of state inheritance or transmission taxes. Senior tax stimulus check Surviving spouse. Senior tax stimulus check   If you are a surviving spouse and you owned your home jointly, your basis in the home will change. Senior tax stimulus check The new basis for the interest your spouse owned will be its fair market value on the date of death (or alternate valuation date). Senior tax stimulus check The basis in your interest will remain the same. Senior tax stimulus check Your new basis in the home is the total of these two amounts. Senior tax stimulus check   If you and your spouse owned the home either as tenants by the entirety or as joint tenants with right of survivorship, you will each be considered to have owned one-half of the home. Senior tax stimulus check Example. Senior tax stimulus check Your jointly owned home (owned as joint tenants with right of survivorship) had an adjusted basis of $50,000 on the date of your spouse's death, and the fair market value on that date was $100,000. Senior tax stimulus check Your new basis in the home is $75,000 ($25,000 for one-half of the adjusted basis plus $50,000 for one-half of the fair market value). Senior tax stimulus check Community property. Senior tax stimulus check   In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), each spouse is usually considered to own half of the community property. Senior tax stimulus check When either spouse dies, the total fair market value of the community property becomes the basis of the entire property, including the part belonging to the surviving spouse. Senior tax stimulus check For this to apply, at least half the value of the community property interest must be includible in the decedent's gross estate, whether or not the estate must file a return. Senior tax stimulus check   For more information about community property, see Publication 555, Community Property. Senior tax stimulus check    If you are selling a home in which you acquired an interest from a decedent who died in 2010, see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, to determine your basis. Senior tax stimulus check Home received as trade. Senior tax stimulus check   If you acquired your home as a trade for other property, in most cases, the basis of your home is the fair market value (at the time of the trade) of the property you gave up. Senior tax stimulus check If you traded one home for another, you have made a sale and purchase. Senior tax stimulus check In that case, you may have a gain. Senior tax stimulus check See Trading (exchanging) homes under Dispositions Other Than Sales, earlier, for an example of figuring the gain. Senior tax stimulus check Home received from spouse. Senior tax stimulus check   If you received your home from your spouse or from your former spouse incident to your divorce, your basis in the home depends on the date of the transfer. Senior tax stimulus check Transfers after July 18, 1984. Senior tax stimulus check   If you received the home after July 18, 1984, there was no gain or loss on the transfer. Senior tax stimulus check In most cases, your basis in this home is the same as your spouse's (or former spouse's) adjusted basis just before you received it. Senior tax stimulus check This rule applies even if you received the home in exchange for cash, the release of marital rights, the assumption of liabilities, or other considerations. Senior tax stimulus check   If you owned a home jointly with your spouse and your spouse transferred his or her interest in the home to you, in most cases, your basis in the half interest received from your spouse is the same as your spouse's adjusted basis just before the transfer. Senior tax stimulus check This also applies if your former spouse transferred his or her interest in the home to you incident to your divorce. Senior tax stimulus check Your basis in the half interest you already owned does not change. Senior tax stimulus check Your new basis in the home is the total of these two amounts. Senior tax stimulus check Transfers before July 19, 1984. Senior tax stimulus check   If you received your home before July 19, 1984, in exchange for your release of marital rights, in most cases, your basis in the home is generally its fair market value at the time you received it. Senior tax stimulus check More information. Senior tax stimulus check   For more information on property received from a spouse or former spouse, see Property Settlements in Publication 504. Senior tax stimulus check Involuntary conversion. Senior tax stimulus check   If your home is destroyed or condemned, you may receive insurance proceeds or a condemnation award. Senior tax stimulus check If you acquired a replacement home with these proceeds, the basis is its cost decreased by any gain not recognized on the conversion under the rules explained in: Publication 547, in the case of a home that was destroyed, or Chapter 1 of Publication 544, in the case of a home that was condemned. Senior tax stimulus check Example. Senior tax stimulus check A fire destroyed your home that you owned and used for only 6 months. Senior tax stimulus check The home had an adjusted basis of $80,000 and the insurance company paid you $130,000 for the loss. Senior tax stimulus check Your gain is $50,000 ($130,000 − $80,000). Senior tax stimulus check You bought a replacement home for $100,000. Senior tax stimulus check The part of your gain that is taxable is $30,000 ($130,000 − $100,000), the unspent part of the payment from the insurance company. Senior tax stimulus check The rest of the gain ($20,000) is not taxable, so that amount reduces your basis in the new home. Senior tax stimulus check The basis of the new home is figured as follows. Senior tax stimulus check Cost of replacement home $100,000 Minus: Gain not recognized 20,000 Basis of the replacement home $80,000 More information. Senior tax stimulus check   For more information about basis, see Publication 551. Senior tax stimulus check Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. Senior tax stimulus check To figure your adjusted basis, you can use Worksheet 1, found toward the end of this publication. Senior tax stimulus check Filled-in examples of that worksheet are included in Comprehensive Examples , later. Senior tax stimulus check Recordkeeping. Senior tax stimulus check You should keep records to prove your home's adjusted basis. Senior tax stimulus check Ordinarily, you must keep records for 3 years after the due date for filing your return for the tax year in which you sold your home. Senior tax stimulus check But if you sold a home before May 7, 1997, and postponed tax on any gain, the basis of that home affects the basis of the new home you bought. Senior tax stimulus check Keep records proving the basis of both homes as long as they are needed for tax purposes. Senior tax stimulus check The records you should keep include: Proof of the home's purchase price and purchase expenses; Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis; Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain; Any Form 982 you filed to exclude any discharge of qualified principal residence indebtedness; Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997; and Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations. Senior tax stimulus check Increases to Basis These include the following. Senior tax stimulus check Additions and other improvements that have a useful life of more than 1 year. Senior tax stimulus check Special assessments for local improvements. Senior tax stimulus check Amounts you spent after a casualty to restore damaged property. Senior tax stimulus check Improvements. Senior tax stimulus check   These add to the value of your home, prolong its useful life, or adapt it to new uses. Senior tax stimulus check You add the cost of additions and other improvements to the basis of your property. Senior tax stimulus check   The following chart lists some other examples of improvements. Senior tax stimulus check Examples of Improvements That Increase Basis Additions Bedroom Bathroom Deck Garage Porch Patio Heating & Air Conditioning Heating system Central air conditioning Furnace Duct work Central humidifier Filtration system Lawn & Grounds Landscaping Driveway Walkway Fence  Retaining wall Sprinkler system Swimming pool  Miscellaneous Storm windows, doors New roof Central vacuum Wiring upgrades Satellite dish Security system  Plumbing Septic system Water heater Soft water system Filtration system  Interior Improvements Built-in appliances  Kitchen modernization  Flooring Wall-to-wall carpeting  Insulation Attic Walls Floors Pipes and duct work Improvements no longer part of home. Senior tax stimulus check   Your home's adjusted basis does not include the cost of any improvements that are replaced and are no longer part of the home. Senior tax stimulus check Example. Senior tax stimulus check You put wall-to-wall carpeting in your home 15 years ago. Senior tax stimulus check Later, you replaced that carpeting with new wall-to-wall carpeting. Senior tax stimulus check The cost of the old carpeting you replaced is no longer part of your home's adjusted basis. Senior tax stimulus check Repairs. Senior tax stimulus check   These maintain your home in good condition but do not add to its value or prolong its life. Senior tax stimulus check You do not add their cost to the basis of your property. Senior tax stimulus check Examples. Senior tax stimulus check Repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes are examples of repairs. Senior tax stimulus check Exception. Senior tax stimulus check   The entire job is considered an improvement if items that would otherwise be considered repairs are done as part of an extensive remodeling or restoration of your home. Senior tax stimulus check For example, if you have a casualty and your home is damaged, increase your basis by the amount you spend on repairs that restore the property to its pre-casualty condition. Senior tax stimulus check Decreases to Basis These include the following. Senior tax stimulus check Discharge of qualified principal residence indebtedness that was excluded from income (but not below zero). Senior tax stimulus check For details, see Publication 4681. Senior tax stimulus check Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. Senior tax stimulus check For details, see Publication 4681. Senior tax stimulus check Gain you postponed from the sale of a previous home before May 7, 1997. Senior tax stimulus check Deductible casualty losses. Senior tax stimulus check Insurance payments you received or expect to receive for casualty losses. Senior tax stimulus check Payments you received for granting an easement or right-of-way. Senior tax stimulus check Depreciation allowed or allowable if you used your home for business or rental purposes. Senior tax stimulus check Energy-related credits allowed for expenditures made on the residence. Senior tax stimulus check (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. Senior tax stimulus check ) Adoption credit you claimed for improvements added to the basis of your home. Senior tax stimulus check Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. Senior tax stimulus check Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. Senior tax stimulus check An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home. Senior tax stimulus check District of Columbia first-time homebuyer credit allowed on the purchase of a principal residence in the District of Columbia. Senior tax stimulus check General sales taxes claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home. Senior tax stimulus check Discharges of qualified principal residence indebtedness. Senior tax stimulus check   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. Senior tax stimulus check This exclusion applies to discharges made after 2006 and before 2014. Senior tax stimulus check If you choose to exclude this income, you must reduce (but not below zero) the basis of your principal residence by the amount excluded from gross income. Senior tax stimulus check   File Form 982 with your tax return. Senior tax stimulus check See the form's instructions for detailed information. Senior tax stimulus check    A decrease in basis due to a discharge of qualified principal residence indebtedness that is excluded from income occurs only if you retain ownership of the principal residence after a discharge. Senior tax stimulus check In most cases, this would occur in a refinancing or a restructuring of the mortgage. Senior tax stimulus check Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. Senior tax stimulus check This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. Senior tax stimulus check To qualify, you must meet the ownership and use tests described later. Senior tax stimulus check You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. Senior tax stimulus check This choice can be made (or revoked) at any time before the expiration of a 3-year period beginning on the due date of your return (not including extensions) for the year of the sale. Senior tax stimulus check You can use Worksheet 2 (near the end of this publication) to figure the amount of your exclusion and your taxable gain, if any. Senior tax stimulus check If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. Senior tax stimulus check See Publication 505, Tax Withholding and Estimated Tax. Senior tax stimulus check Maximum Exclusion You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. Senior tax stimulus check You meet the ownership test. Senior tax stimulus check You meet the use test. Senior tax stimulus check During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Senior tax stimulus check For details on gain allocated to periods of nonqualified use, see Nonqualified Use , later. Senior tax stimulus check If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed. Senior tax stimulus check You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . Senior tax stimulus check Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Senior tax stimulus check This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Senior tax stimulus check Exception. Senior tax stimulus check   If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclusion in some cases. Senior tax stimulus check However, the maximum amount you may be able to exclude will be reduced. Senior tax stimulus check See Reduced Maximum Exclusion , later. Senior tax stimulus check Example 1—home owned and occupied for at least 2 years. Senior tax stimulus check Mya bought and moved into her main home in September 2011. Senior tax stimulus check She sold the home at a gain in October 2013. Senior tax stimulus check During the 5-year period ending on the date of sale in October 2013, she owned and lived in the home for more than 2 years. Senior tax stimulus check She meets the ownership and use tests. Senior tax stimulus check Example 2—ownership test met but use test not met. Senior tax stimulus check Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. Senior tax stimulus check He later sold the home for a gain in June 2013. Senior tax stimulus check He owned the home during the entire 5-year period ending on the date of sale. Senior tax stimulus check He meets the ownership test but not the use test. Senior tax stimulus check He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). Senior tax stimulus check Period of Ownership and Use The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time. Senior tax stimulus check You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale. Senior tax stimulus check Example. Senior tax stimulus check Naomi bought and moved into a house in July 2009. Senior tax stimulus check She lived there for 13 months and then moved in with a friend. Senior tax stimulus check She later moved back into her house and lived there for 12 months until she sold it in August 2013. Senior tax stimulus check Naomi meets the ownership and use tests because, during the 5-year period ending on the date of sale, she owned the house for more than 2 years and lived in it for a total of 25 (13 + 12) months. Senior tax stimulus check Temporary absence. Senior tax stimulus check   Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use. Senior tax stimulus check The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. Senior tax stimulus check Example 1. Senior tax stimulus check David Johnson, who is single, bought and moved into his home on February 1, 2011. Senior tax stimulus check Each year during 2011 and 2012, David left his home for a 2-month summer vacation. Senior tax stimulus check David sold the house on March 1, 2013. Senior tax stimulus check Although the total time David lived in his home is less than 2 years (21 months), he meets the use requirement and may exclude gain. Senior tax stimulus check The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years. Senior tax stimulus check Example 2. Senior tax stimulus check Professor Paul Beard, who is single, bought and moved into a house in December 2010, went abroad for a 1-year sabbatical leave in January 2012, returned to the house in January 2013, and sold it at a gain in February 2013. Senior tax stimulus check Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. Senior tax stimulus check He cannot exclude any part of his gain because he did not use the residence for the required 2 years. Senior tax stimulus check Ownership and use tests met at different times. Senior tax stimulus check   You can meet the ownership and use tests during different 2-year periods. Senior tax stimulus check However, you must meet both tests during the 5-year period ending on the date of the sale. Senior tax stimulus check Example. Senior tax stimulus check Beginning in 2002, Helen Jones lived in a rented apartment. Senior tax stimulus check The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. Senior tax stimulus check In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. Senior tax stimulus check On July 12, 2013, while still living in her daughter's home, she sold her condominium. Senior tax stimulus check Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2008, to July 12, 2013, the date she sold the condominium. Senior tax stimulus check She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). Senior tax stimulus check She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). Senior tax stimulus check The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use. Senior tax stimulus check Cooperative apartment. Senior tax stimulus check   If you sold stock as a tenant-shareholder in a cooperative housing corporation, the ownership and use tests are met if, during the 5-year period ending on the date of sale, you: Owned the stock for at least 2 years, and Lived in the house or apartment that the stock entitled you to occupy as your main home for at least 2 years. Senior tax stimulus check Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. Senior tax stimulus check Exception for individuals with a disability. Senior tax stimulus check   There is an exception to the use test if: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home. Senior tax stimulus check Under this exception, you are considered to live in your home during any time within the 5-year period that you own the home and live in a facility (including a nursing home) licensed by a state or political subdivision to care for persons in your condition. Senior tax stimulus check   If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. Senior tax stimulus check Previous home destroyed or condemned. Senior tax stimulus check   For the ownership and use tests, you add the time you owned and lived in a previous home that was destroyed or condemned to the time you owned and lived in the replacement home on whose sale you wish to exclude gain. Senior tax stimulus check This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home (see Involuntary Conversions in Publication 551). Senior tax stimulus check Otherwise, you must have owned and lived in the same home for 2 of the 5 years before the sale to qualify for the exclusion. Senior tax stimulus check Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Senior tax stimulus check   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on qualified official extended duty (defined later) as a member of the uniformed services or Foreign Service of the United States, or as an employee of the intelligence community. Senior tax stimulus check You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve outside the United States either as an employee of the Peace Corps on qualified official extended duty (defined later) or as an enrolled volunteer or volunteer leader of the Peace Corps. Senior tax stimulus check This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale. Senior tax stimulus check   If this helps you qualify to exclude gain, you can choose to have the 5-year test period suspended by filing a return for the year of sale that does not include the gain. Senior tax stimulus check Example. Senior tax stimulus check John bought and moved into a home in 2005. Senior tax stimulus check He lived in it as his main home for 2½ years. Senior tax stimulus check For the next 6 years, he did not live in it because he was on qualified official extended duty with the Army. Senior tax stimulus check He then sold the home at a gain in 2013. Senior tax stimulus check To meet the use test, John chooses to suspend the 5-year test period for the 6 years he was on qualified official extended duty. Senior tax stimulus check This means he can disregard those 6 years. Senior tax stimulus check Therefore, John's 5-year test period consists of the 5 years before he went on qualified official extended duty. Senior tax stimulus check He meets the ownership and use tests because he owned and lived in the home for 2½ years during this test period. Senior tax stimulus check Period of suspension. Senior tax stimulus check   The period of suspension cannot last more than 10 years. Senior tax stimulus check Together, the 10-year suspension period and the 5-year test period can be as long as, but no more than, 15 years. Senior tax stimulus check You cannot suspend the 5-year period for more than one property at a time. Senior tax stimulus check You can revoke your choice to suspend the 5-year period at any time. Senior tax stimulus check Example. Senior tax stimulus check Mary bought a home on April 1, 1997. Senior tax stimulus check She used it as her main home until August 31, 2000. Senior tax stimulus check On September 1, 2000, she went on qualified official extended duty with the Navy. Senior tax stimulus check She did not live in the house again before selling it on July 31, 2013. Senior tax stimulus check Mary chooses to use the entire 10-year suspension period. Senior tax stimulus check Therefore, the suspension period would extend back from July 31, 2013, to August 1, 2003, and the 5-year test period would extend back to August 1, 1998. Senior tax stimulus check During that period, Mary owned the house all 5 years and lived in it as her main home from August 1, 1998, until August 31, 2000, a period of more than 24 months. Senior tax stimulus check She meets the ownership and use tests because she owned and lived in the home for at least 2 years during this test period. Senior tax stimulus check Uniformed services. Senior tax stimulus check   The uniformed services are: The Armed Forces (the Army, Navy, Air Force, Marine Corps, and Coast Guard), The commissioned corps of the National Oceanic and Atmospheric Administration, and The commissioned corps of the Public Health Service. Senior tax stimulus check Foreign Service member. Senior tax stimulus check   For purposes of the choice to suspend the 5-year test period for ownership and use, you are a member of the Foreign Service if you are any of the following. Senior tax stimulus check A Chief of mission. Senior tax stimulus check An Ambassador at large. Senior tax stimulus check A member of the Senior Foreign Service. Senior tax stimulus check A Foreign Service officer. Senior tax stimulus check Part of the Foreign Service personnel. Senior tax stimulus check Employee of the intelligence community. Senior tax stimulus check   For purposes of the choice to suspend the 5-year test period for ownership and use, you are an employee of the intelligence community if you are an employee of any of the following. Senior tax stimulus check The Office of the Director of National Intelligence. Senior tax stimulus check The Central Intelligence Agency. Senior tax stimulus check The National Security Agency. Senior tax stimulus check The Defense Intelligence Agency. Senior tax stimulus check The National Geospatial-Intelligence Agency. Senior tax stimulus check The National Reconnaissance Office and any other office within the Department of Defense for the collection of specialized national intelligence through reconnaissance programs. Senior tax stimulus check Any of the intelligence elements of the Army, the Navy, the Air Force, the Marine Corps, the Federal Bureau of Investigation, the Department of Treasury, the Department of Energy, and the Coast Guard. Senior tax stimulus check The Bureau of Intelligence and Research of the Department of State. Senior tax stimulus check Any of the elements of the Department of Homeland Security concerned with the analyses of foreign intelligence information. Senior tax stimulus check Qualified official extended duty. Senior tax stimulus check   You are on qualified official extended duty if you are on extended duty while: Serving at a duty station at least 50 miles from your main home, or Living in Government quarters under Government orders. Senior tax stimulus check   You are on extended duty when you are called or ordered to active duty for a period of more than 90 days or for an indefinite period. Senior tax stimulus check Married Persons If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. Senior tax stimulus check (But see Special rules for joint returns, next. Senior tax stimulus check ) Special rules for joint returns. Senior tax stimulus check   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Senior tax stimulus check You are married and file a joint return for the year. Senior tax stimulus check Either you or your spouse meets the ownership test. Senior tax stimulus check Both you and your spouse meet the use test. Senior tax stimulus check During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home. Senior tax stimulus check If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. Senior tax stimulus check For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. Senior tax stimulus check Example 1—one spouse sells a home. Senior tax stimulus check Emily sells her home in June 2013 for a gain of $300,000. Senior tax stimulus check She marries Jamie later in the year. Senior tax stimulus check She meets the ownership and use tests, but Jamie does not. Senior tax stimulus check Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. Senior tax stimulus check The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. Senior tax stimulus check Example 2—each spouse sells a home. Senior tax stimulus check The facts are the same as in Example 1 except that Jamie also sells a home in 2013 for a gain of $200,000 before he marries Emily. Senior tax stimulus check He meets the ownership and use tests on his home, but Emily does not. Senior tax stimulus check Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. Senior tax stimulus check However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Senior tax stimulus check Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. Senior tax stimulus check The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home. Senior tax stimulus check Sale of main home by surviving spouse. Senior tax stimulus check   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. Senior tax stimulus check   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Senior tax stimulus check The sale or exchange took place after 2008. Senior tax stimulus check The sale or exchange took place no more than 2 years after the date of death of your spouse. Senior tax stimulus check You have not remarried. Senior tax stimulus check You and your spouse met the use test at the time of your spouse's death. Senior tax stimulus check You or your spouse met the ownership test at the time of your spouse's death. Senior tax stimulus check Neither you nor your spouse excluded gain from the sale of another home during the last 2 years before the date of death. Senior tax stimulus check The ownership and use tests were described earlier. Senior tax stimulus check Example. Senior tax stimulus check Harry owned and used a house as his main home since 2009. Senior tax stimulus check Harry and Wilma married on July 1, 2013, and from that date they used Harry's house as their main home. Senior tax stimulus check Harry died on August 15, 2013, and Wilma inherited the property. Senior tax stimulus check Wilma sold the property on September 1, 2013, at which time she had not remarried. Senior tax stimulus check Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death. Senior tax stimulus check Home transferred from spouse. Senior tax stimulus check   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. Senior tax stimulus check Use of home after divorce. Senior tax stimulus check   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. Senior tax stimulus check Reduced Maximum Exclusion If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. Senior tax stimulus check This applies to those who: Fail to meet the ownership and use tests, or Have used the exclusion within 2 years of selling their current home. Senior tax stimulus check In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. Senior tax stimulus check A change in place of employment. Senior tax stimulus check Health. Senior tax stimulus check Unforeseen circumstances. Senior tax stimulus check Qualified individual. Senior tax stimulus check   For purposes of the reduced maximum exclusion, a qualified individual is any of the following. Senior tax stimulus check You. Senior tax stimulus check Your spouse. Senior tax stimulus check A co-owner of the home. Senior tax stimulus check A person whose main home is the same as yours. Senior tax stimulus check Primary reason for sale. Senior tax stimulus check   One of the three reasons above will be considered to be the primary reason you sold your home if either (1) or (2) is true. Senior tax stimulus check You qualify under a “safe harbor. Senior tax stimulus check ” This is a specific set of facts and circumstances that, if applicable, qualifies you to claim a reduced maximum exclusion. Senior tax stimulus check Safe harbors corresponding to the reasons listed above are described later. Senior tax stimulus check A safe harbor does not apply, but you can establish, based on facts and circumstances, that the primary reason for the sale is a change in place of employment, health, or unforeseen circumstances. Senior tax stimulus check  Factors that may be relevant in determining your primary reason for sale include whether: Your sale and the circumstances causing it were close in time, The circumstances causing your sale occurred during the time you owned and used the property as your main home, The circumstances causing your sale were not reasonably foreseeable when you began using the property as your main home, Your financial ability to maintain the property became materially impaired, The suitability of the property as your main home materially changed, and During the time you owned the property, you used it as your home. Senior tax stimulus check Change in Place of Employment You may qualify for a reduced exclusion if the primary reason for the sale of your main home is a change in the location of employment of a qualified individual. Senior tax stimulus check Employment. Senior tax stimulus check   For this purpose, employment includes the start of work with a new employer or continuation of work with the same employer. Senior tax stimulus check It also includes the start or continuation of self-employment. Senior tax stimulus check Distance safe harbor. Senior tax stimulus check   A change in place of employment is considered to be the reason you sold your home if: The change occurred during the period you owned and used the property as your main home, and The new place of employment is at least 50 miles farther from the home you sold than was the former place of employment (or, if there was no former place of employment, the distance between your new place of employment and the home sold is at least 50 miles). Senior tax stimulus check Example. Senior tax stimulus check Justin was unemployed and living in a townhouse in Florida he had owned and used as his main home since 2012. Senior tax stimulus check He got a job in North Carolina and sold his townhouse in 2013. Senior tax stimulus check Because the distance between Justin's new place of employment and the home he sold is at least 50 miles, the sale satisfies the conditions of the distance safe harbor. Senior tax stimulus check Justin's sale of his home is considered to be because of a change in place of employment, and he is entitled to claim a reduced maximum exclusion of gain from the sale. Senior tax stimulus check Health The sale of your main home is because of health if your primary reason for the sale is: To obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual, or To obtain or provide medical or personal care for a qualified individual suffering from a disease, illness, or injury. Senior tax stimulus check The sale of your home is not because of health if the sale merely benefits a qualified individual's general health or well-being. Senior tax stimulus check For purposes of this reason, a qualified individual includes, in addition to the individuals listed earlier under Qualified individual , any of the following family members of these individuals. Senior tax stimulus check Parent, grandparent, stepmother, stepfather. Senior tax stimulus check Child, grandchild, stepchild, adopted child, eligible foster child. Senior tax stimulus check Brother, sister, stepbrother, stepsister, half-brother, half-sister. Senior tax stimulus check Mother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law. Senior tax stimulus check Uncle, aunt, nephew, niece, or cousin. Senior tax stimulus check Example. Senior tax stimulus check In 2012, Chase and Lauren, spouses, bought a house that they used as their main home. Senior tax stimulus check Lauren's father has a chronic disease and is unable to care for himself. Senior tax stimulus check In 2013, Chase and Lauren sold their home in order to move into Lauren's father's house to provide care for him. Senior tax stimulus check Because the primary reason for the sale of their home was to provide care for Lauren's father, Chase and Lauren are entitled to a reduced maximum exclusion. Senior tax stimulus check Doctor's recommendation safe harbor. Senior tax stimulus check   Health is considered to be the reason you sold your home if, for one or more of the reasons listed at the beginning of this discussion, a doctor recommends a change of residence. Senior tax stimulus check Unforeseen Circumstances The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying that home. Senior tax stimulus check You are not considered to have an unforeseen circumstance if the primary reason you sold your home was that you preferred to get a different home or because your finances improved. Senior tax stimulus check Specific event safe harbors. Senior tax stimulus check   Unforeseen circumstances are considered to be the reason for selling your home if any of the following events occurred while you owned and used the property as your main home. Senior tax stimulus check An involuntary conversion of your home, such as when your home is destroyed or condemned. Senior tax stimulus check Natural or man-made disasters or acts of war or terrorism resulting in a casualty to your home, whether or not your loss is deductible. Senior tax stimulus check In the case of qualified individuals (listed earlier under Qualified individual ): Death, Unemployment (if the individual is eligible for unemployment compensation), A change in employment or self-employment status that results in the individual's inability to pay reasonable basic living expenses (listed under Reasonable basic living expenses , later) for his or her household, Divorce or legal separation under a decree of divorce or separate maintenance, or Multiple births resulting from the same pregnancy. Senior tax stimulus check An event the IRS determined to be an unforeseen circumstance in published guidance of general applicability. Senior tax stimulus check For example, the IRS determined the September 11, 2001, terrorist attacks to be an unforeseen circumstance. Senior tax stimulus check Reasonable basic living expenses. Senior tax stimulus check   Reasonable basic living expenses for your household include the following. Senior tax stimulus check Amounts spent for food. Senior tax stimulus check Amounts spent for clothing. Senior tax stimulus check Housing and related expenses. Senior tax stimulus check Medical expenses. Senior tax stimulus check Transportation expenses. Senior tax stimulus check Tax payments. Senior tax stimulus check Court-ordered payments. Senior tax stimulus check Expenses reasonably necessary to produce income. Senior tax stimulus check   Any of these amounts spent to maintain an affluent or luxurious standard of living are not reasonable basic living expenses. Senior tax stimulus check Nonqualified Use Gain from the sale or exchange of the main home is not excludable from income if it is allocable to periods of nonqualified use. Senior tax stimulus check Nonqualified use means any period after 2008 where neither you nor your spouse (or your former spouse) used the property as a main home, with certain exceptions (see next). Senior tax stimulus check Exceptions. Senior tax stimulus check   A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty: As a member of the uniformed services; As a member of the Foreign Service of the United States; or As an employee of the intelligence community; and Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS. Senior tax stimulus check Calculation. Senior tax stimulus check   To figure the portion of the gain allocated to the period of nonqualified use, multiply the gain (net of any depreciation allowed or allowable on the property for periods after May 6, 1997) by the following fraction:   Total nonqualified use during the period of ownership after 2008     Total period of ownership     This calculation can be found in Worksheet 2, line 10, later in this publication. Senior tax stimulus check   For examples of this calculation, see Business Use or Rental of Home , next. Senior tax stimulus check Business Use or Rental of Home You may be able to exclude gain from the sale of a home you have used for business or to produce rental income if you meet the ownership and use tests. Senior tax stimulus check Example 1. Senior tax stimulus check On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. Senior tax stimulus check She moved in on that date and lived in it until May 31, 2009, when she moved out of the house and put it up for rent. Senior tax stimulus check The house was rented from June 1, 2009, to March 31, 2011. Senior tax stimulus check Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. Senior tax stimulus check Amy moved back into the house on April 1, 2011, and lived there until she sold it on January 31, 2013, for a gain of $200,000. Senior tax stimulus check During the 5-year period ending on the date of the sale (January 31, 2008–January 31, 2013), Amy owned and lived in the house for more than 2 years as shown in the following table. Senior tax stimulus check Five-Year Period Used as Home Used as Rental 1/31/08 – 5/31/09 16 months   6/01/09 – 3/31/11   22 months 4/01/11 – 1/31/13 22 months     38 months 22 months       During the period Amy owned the house (2,080 days), her period of nonqualified use was 668 days. Senior tax stimulus check Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain, as shown on Worksheet 2. Senior tax stimulus check Example 2. Senior tax stimulus check William owned and used a house as his main home from 2007 through 2010. Senior tax stimulus check On January 1, 2011, he moved to another state. Senior tax stimulus check He rented his house from that date until April 30, 2013, when he sold it. Senior tax stimulus check During the 5-year period ending on the date of sale (May 1, 2008-April 30, 2013), William owned and lived in the house for more than 2 years. Senior tax stimulus check Because it was rental property at the time of the sale, he must report the sale on Form 4797. Senior tax stimulus check Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. Senior tax stimulus check Because he met the ownership and use tests, he can exclude gain up to $250,000. Senior tax stimulus check However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next. Senior tax stimulus check Depreciation after May 6, 1997. Senior tax stimulus check   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. Senior tax stimulus check If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed. Senior tax stimulus check Unrecaptured section 1250 gain. Senior tax stimulus check   This is the part of any long-term capital gain from the sale of your home that is due to depreciation and cannot be excluded. Senior tax stimulus check To figure the amount of unrecaptured section 1250 gain to be reported on Schedule D (Form 1040), you must also take into account certain gains or losses from the sale of property other than your home. Senior tax stimulus check Use the Unrecaptured Section 1250 Gain Worksheet in the Schedule D instructions for this purpose. Senior tax stimulus check Worksheet 2. Senior tax stimulus check Taxable Gain on Sale of Home—Completed Example 1 for Amy Part 1. Senior tax stimulus check Gain or (Loss) on Sale       1. Senior tax stimulus check   Selling price of home 1. Senior tax stimulus check     2. Senior tax stimulus check   Selling expenses (including commissions, advertising and legal fees, and seller-paid loan charges) 2. Senior tax stimulus check     3. Senior tax stimulus check   Subtract line 2 from line 1. Senior tax stimulus check This is the amount realized 3. Senior tax stimulus check     4. Senior tax stimulus check   Adjusted basis of home sold (from Worksheet 1, line 13) 4. Senior tax stimulus check     5. Senior tax stimulus check   Gain or (loss) on the sale. Senior tax stimulus check Subtract line 4 from line 3. Senior tax stimulus check If this is a loss, stop here 5. Senior tax stimulus check 200,000   Part 2. Senior tax stimulus check Exclusion and Taxable Gain       6. Senior tax stimulus check   Enter any depreciation allowed or allowable on the property for periods after May 6, 1997. Senior tax stimulus check If none, enter -0- 6. Senior tax stimulus check 10,000   7. Senior tax stimulus check   Subtract line 6 from line 5. Senior tax stimulus check If the result is less than zero, enter -0- 7. Senior tax stimulus check 190,000   8. Senior tax stimulus check   Aggregate number of days of nonqualified use after 2008. Senior tax stimulus check If none, enter -0-. Senior tax stimulus check  If line 8 is equal to zero, skip to line 12 and enter the amount from line 7 on line 12 8. Senior tax stimulus check 668   9. Senior tax stimulus check   Number of days taxpayer owned the property 9. Senior tax stimulus check 2,080   10. Senior tax stimulus check   Divide the amount on line 8 by the amount on line 9. Senior tax stimulus check Enter the result as a decimal (rounded to at least 3 places). Senior tax stimulus check But do not enter an amount greater than 1. Senior tax stimulus check 00 10. Senior tax stimulus check 0. Senior tax stimulus check 321   11. Senior tax stimulus check   Gain allocated to nonqualified use. Senior tax stimulus check (Line 7 multiplied by line 10) 11. Senior tax stimulus check 60,990   12. Senior tax stimulus check   Gain eligible for exclusion. Senior tax stimulus check Subtract line 11 from line 7 12. Senior tax stimulus check 129,010   13. Senior tax stimulus check   If you qualify to exclude gain on the sale, enter your maximum exclusion (see Maximum Exclusion ). Senior tax stimulus check  If you qualify for a reduced maximum exclusion, enter the amount from Worksheet 3, line 7. Senior tax stimulus check If you do  not qualify to exclude gain, enter -0- 13. Senior tax stimulus check 250,000   14. Senior tax stimulus check   Exclusion. Senior tax stimulus check Enter the smaller of line 12 or line 13 14. Senior tax stimulus check 129,010   15. Senior tax stimulus check   Taxable gain. Senior tax stimulus check Subtract line 14 from line 5. Senior tax stimulus check Report your taxable gain as described under Reporting the Sale . Senior tax stimulus check If the amount on line 6 is more than zero, complete line 16 15. Senior tax stimulus check 70,990   16. Senior tax stimulus check   Enter the smaller of line 6 or line 15. Senior tax stimulus check Enter this amount on line 12 of the Unrecaptured Section 1250 Gain  Worksheet in the instructions for Schedule D (Form 1040) 16. Senior tax stimulus check 10,000 Property Used Partly for Business or Rental If you use property partly as a home and partly for business or to produce rental income, the 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. Senior tax stimulus check Part of Home Used for Business or Rental If the part of your property used for business or to produce rental income is within your home, such as a room used as a home office for a business, you do not need to allocate gain on the sale of the property between the business part of the property and the part used as a home. Senior tax stimulus check In addition, you do not need to report the sale of the business or rental part on Form 4797. Senior tax stimulus check This is true whether or not you were entitled to claim any depreciation. Senior tax stimulus check However, you cannot exclude the part of any gain equal to any depreciation allowed or allowable after May 6, 1997. Senior tax stimulus check See Depreciation after May 6, 1997, earlier. Senior tax stimulus check Example 1. Senior tax stimulus check Ray sold his main home in 2013 at a $30,000 gain. Senior tax stimulus check He has no gains or losses from the sale of property other than the gain from the sale of his home. Senior tax stimulus check He meets the ownership and use tests to exclude the gain from his income. Senior tax stimulus check However, he used part of the home as a business office in 2012 and claimed $500 depreciation. Senior tax stimulus check Because the business office was part of his home (not separate from it), he does not have to allocate the gain on the sale between the business part of the property and the part used as a home. Senior tax stimulus check In addition, he does not have to report any part of the gain on Form 4797. Senior tax stimulus check Because Ray was entitled to take a depreciation deduction, he must recognize $500 of the gain as unrecaptured section 1250 gain. Senior tax stimulus check He reports his gain, exclusion, and the taxable gain of $500 on Form 8949 and Schedule D (Form 1040). Senior tax stimulus check Example 2. Senior tax stimulus check The facts are the same as in Example 1 except that Ray was not entitled to claim depreciation for the business use of his home. Senior tax stimulus check Since Ray did not claim any depreciation, he can exclude the entire $30,000 gain. Senior tax stimulus check Separate Part of Property Used for Business or Rental You may have used part of your property as your home and a separate part of it for business or to produce rental income. Senior tax stimulus check Examples are: A working farm on which your house was located, A duplex in w