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Form 982 Chandler Arizona: What You Should Know
We have a Facebook Page. Join us. There are two forms you must submit and one person can complete the application. Form 8862 — Qualified Disposition of Capital Assets, or an application for Form 8862 Form 8862 is a non-refundable tax credit. A capital asset includes an item of personal property that is the subject of an income tax liability and is sold for a cost to that person. The qualified dispositions of capital assets are reported on Schedule 3. Capital asset means an asset that is used primarily in earning income. The asset must be depreciable. A capital asset includes real or personal property or a claim to the personal possession or use of land located on which that asset is located. If the sale is to a corporation or entity, the corporation or entity should indicate the amount attributable to that entity on its form 8862 application. If the sale was not for a value equal to or greater than the fair market value of the asset, that sale should be reported on Schedule 12. If the sale or exchange was made not to capitalize a liability, report it on Schedule 15. If the sale is for the tax imposed on the property by section 1 for a state, political subdivision, or tax-exempt organization, make Schedule 15. If the sale is to an individual for cash and not to capitalize a liability, report the total purchase price on Schedule 12. Capital assets, like land or buildings, or cash in excess of 2,000 is generally taxed at a higher rate. If you are required to include the fair market value of the property on your federal tax return or have an advance notice about income or sales tax to which this section applies, the cost of the property is considered to be of the fair market value of the property or the amount of cash equal to its fair market value. For information about the federal tax consequences of including the fair market value of property, see Publication 604, Taxes on Capital Assets, on the IRS website at or by calling 1-800-TAX-FORM). Schedule D — Qualified Disposition of Capital Assets for Business or Capital Gains in a Corporation A non-residential structure or personal residence are classified as capital assets when sold. If the property has been used as a capital asset for at least 12 months, it is subject to the tax imposed on capital assets by sections 13 and 28 of the Internal Revenue Code.
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