| For your property sales Do not your arms flail Prove your costs in this sale Before the tax return's in the mail |
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How much of the sales price is taxable?
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Event or Action |
Documents and Information Needed |
| Closing | Closing Statement |
| Seller Financing |
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Your Investments or Capital Costs In The Property |
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| Original Cost or basis - How did you acquire the property?: | |
| If you purchased it | Loans, checks written and closing statement |
| IF this was a residence for which the older personal residence rule of "rollover basis" was used | Form 2119 |
| Like-kind exchange | All papers showing costs, dates, depreciation, etc. of the property given up in the exchange |
| Gift | The person transferring the property to you must furnish to you the basis of the property in his or her possession |
| Inheritance | Fair market value at the date of the passing on of the deceased |
| Investments & improvements you have made to the property | Show dates, amounts, check numbers, loans, etc. as needed. Examples of investments or improvements are appliances, flooring, wall covering, room additions, landscaping, fencing, utility connections, any item which extends the life of the property. |
| Expenses to prepare the property for sale. | List dates, amount, check # and explanation |
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Your recoveries, sales, previous tax write-off's etc. |
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| If used in a trade or business, or as rental property | Depreciation schedules, list of adjustments or write-downs. |
| If the property was involved in a casualty loss, condemnation or similar event | Enough information to establish write-downs, adjustments previously taken or required to be taken |
| Previous sales or partial sales | What portion of the property was sold, the sales price, how the apportionment of the basis was made |
| Reacquisition, or foreclosure | The basis of property can be detailed when you acquire the property by reacquisition - generally, do not expect a "step-up" basis |
| Received in or a part of a divorce proceeding | Court order(s), decree, checks written or money received |
| Helpful Forms | Property Sales - Installment Sales Organizer |
What it does:
Why it works:
Alternatives
Cost v. Benefit Analysis
Reserved
This is about Activity Based Taxplanning - maximizing deductions,
minimizing cash outlay and maximizing the amount of cash retained and the net worth.
Activity Based Taxplanning (ABT) is a methodology developed by Bob Parrish CPA,
that assists people with the tax issues by focusing on the activity (or actions
- events) that are being undertaken or contemplated (or have already taken
place). The, research is compiled from the myriad of sources to help
you complete the activity with the least tax cost, while maintaining compliance
the tax laws, other laws and regulations and place yourself in a position to
protect your objectives.
Tax is a subject that many view in order to cut costs. Taxes are a cost just as any other cost. It happens this cost is somewhat intangible and is defined by legislation without a tangible item to view and control. The money is spent and the control of the expenditure is more appropriately administered by someone trained in the law.
This is about Activity Based Costing - methods to cut costs,
management accounting, management information systems, decision support systems - in
general about being a manager.
Entrance Interview
Exit Interview
From Banking Records
From Customer Records
From Signed Documents
From Your Other Business, or Financial Records
From Corporation or Organization Records (meetings, etc.)
What to do
Assistance
- What to do
Forms - Checklists - Etc.
Spreadsheet #1
Agreement #1
Report #1
Checklist #1
Checklist #1
Financial
Statement Presentation
Notes to Financial Statements
How to Make Entries
What Kind of Records to Keep
Bookkeeping Methods - Cash, Accrual and Other
How the Business Entity Affects the Recording
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Sole Proprietor |
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Corporation - C & S |
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Partnerships - General, Limited, Limited Liability Company, Registered Limited Liability Partnership or Company |
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Trusts |
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Tax Exempt |
Compliance Checklist
Action Checklist
Alerts
& Dangers - Risks
Asset Protection
Your Defense
property_sales.htm
