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1040x Amendment Form

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1040x Amendment Form

1040x amendment form Index A Assistance (see Tax help) C Cancellation of indebtedness, Exclusion of Certain Cancellations of Indebtedness by Reason of the Severe Storms, Tornadoes, or Flooding Casualty and theft losses, Casualty and Theft Losses Charitable contributions, Temporary Suspension of Limits on Charitable Contributions Child tax credit, Earned Income Credit and Child Tax Credit Clean-up costs, Demolition and Clean-up Costs Copy of tax return, request for, Request for copy of tax return. 1040x amendment form Credits: Child tax, Earned Income Credit and Child Tax Credit Earned income, Earned Income Credit and Child Tax Credit Education, Education Credits Employee retention, Employee Retention Credit Employer housing, Employer Housing Credit and Exclusion Rehabilitation tax, Increase in Rehabilitation Tax Credit D Demolition costs, Demolition and Clean-up Costs Distributions: Home purchase or construction, Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Qualified disaster recovery assistance, Qualified disaster recovery assistance distribution. 1040x amendment form Repayment of, Repayment of Qualified Disaster Recovery Assistance Distributions Taxation of, Taxation of Qualified Disaster Recovery Assistance Distributions E Earned income credit, Earned Income Credit and Child Tax Credit Education credits, Education Credits Eligible retirement plan, Eligible retirement plan. 1040x amendment form Employee retention credit, Employee Retention Credit Employer housing credit, Employer Housing Credit and Exclusion Exemption, additional for housing, Additional Exemption for Housing Individuals Displaced by the Severe Storms, Tornadoes, or Flooding F Federal mortgage subsidy, recapture of, Recapture of Federal Mortgage Subsidy Free tax services, How To Get Tax Help H Help (see Tax help) Hope credit (see Education credits) I Involuntary conversion (see Replacement period for nonrecognition of gain) IRAs and other retirement plans, IRAs and Other Retirement Plans L Lifetime learning credit (see Education credits) M Mileage reimbursements, charitable volunteers, Mileage Reimbursements to Charitable Volunteers More information (see Tax help) N Net operating losses, Net Operating Losses P Publications (see Tax help) Q Qualified disaster recovery assistance distribution, Qualified disaster recovery assistance distribution. 1040x amendment form Qualified disaster recovery assistance loss, Qualified disaster recovery assistance loss. 1040x amendment form R Rehabilitation tax credit, Increase in Rehabilitation Tax Credit Relocation, temporary, Tax Relief for Temporary Relocation Replacement period for nonrecognition of gain, Replacement Period for Nonrecognition of Gain Retirement plan, eligible, Eligible retirement plan. 1040x amendment form Retirement plans, IRAs and Other Retirement Plans S Standard mileage rate, charitable use, Standard Mileage Rate for Charitable Use of Vehicles T Tax help, How To Get Tax Help Tax return: Request for copy, Request for copy of tax return. 1040x amendment form Request for transcript, Request for transcript of tax return. 1040x amendment form Taxpayer Advocate, Contacting your Taxpayer Advocate. 1040x amendment form Temporary relocation, Tax Relief for Temporary Relocation Theft losses, Casualty and Theft Losses Transcript of tax return, request for, Request for transcript of tax return. 1040x amendment form TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications
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National Indian Gaming Commission

The National Indian Gaming Commission is a regulatory body that oversees some aspects of gaming on Indian lands, often complementing the work of Indian regulators.

Contact the Agency or Department

Website: National Indian Gaming Commission

E-mail:

Address: 1441 L St NW
Suite 9100

Washington, DC 20005

Phone Number: (202) 632-7003

The 1040x Amendment Form

1040x amendment form 3. 1040x amendment form   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. 1040x amendment form Whether an abandonment has occurred is determined in light of all the facts and circumstances. 1040x amendment form You must both show an intention to abandon the property and affirmatively act to abandon the property. 1040x amendment form A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. 1040x amendment form For more information, see Sales and Exchanges in Publication 544. 1040x amendment form The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). 1040x amendment form See Publication 544 if you abandoned property that did not secure debt. 1040x amendment form This publication only discusses the tax consequences of abandoning property that secured a debt. 1040x amendment form Abandonment of property securing recourse debt. 1040x amendment form    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. 1040x amendment form For details on figuring gain or loss on the foreclosure, see chapter 2. 1040x amendment form Example 1—abandonment of personal-use property securing recourse debt. 1040x amendment form In 2009, Anne purchased a home for $200,000. 1040x amendment form She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. 1040x amendment form In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. 1040x amendment form Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. 1040x amendment form Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. 1040x amendment form If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. 1040x amendment form Example 2—abandonment of business or investment property securing recourse debt. 1040x amendment form In 2009, Sue purchased business property for $200,000. 1040x amendment form She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. 1040x amendment form In 2013, Sue was unable to continue making her loan payments. 1040x amendment form Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. 1040x amendment form Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. 1040x amendment form If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. 1040x amendment form Abandonment of property securing nonrecourse debt. 1040x amendment form    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. 1040x amendment form   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. 1040x amendment form If the amount you realize is more than your adjusted basis, then you have a gain. 1040x amendment form If your adjusted basis is more than the amount you realize, then you have a loss. 1040x amendment form For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. 1040x amendment form   Loss from abandonment of business or investment property is deductible as a loss. 1040x amendment form The character of the loss depends on the character of the property. 1040x amendment form The amount of deductible capital loss may be limited. 1040x amendment form For more information, see Treatment of Capital Losses in Publication 544. 1040x amendment form You cannot deduct any loss from abandonment of your home or other property held for personal use. 1040x amendment form Example 1—abandonment of personal-use property securing nonrecourse debt. 1040x amendment form In 2009, Timothy purchased a home for $200,000. 1040x amendment form He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. 1040x amendment form In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. 1040x amendment form Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. 1040x amendment form Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. 1040x amendment form Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. 1040x amendment form Timothy has a $15,000 nondeductible loss in tax year 2013. 1040x amendment form (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. 1040x amendment form ) The bank sells the house at a foreclosure sale in 2014. 1040x amendment form Timothy has neither gain nor loss from the foreclosure sale. 1040x amendment form Because he was not personally liable for the debt, he also has no cancellation of debt income. 1040x amendment form Example 2—abandonment of business or investment property securing nonrecourse debt. 1040x amendment form In 2009, Robert purchased business property for $200,000. 1040x amendment form He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. 1040x amendment form In 2013, Robert was unable to continue making his loan payments. 1040x amendment form Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. 1040x amendment form Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. 1040x amendment form Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). 1040x amendment form Robert has a $5,000 gain in tax year 2013. 1040x amendment form (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. 1040x amendment form ) The lender sells the property at a foreclosure sale in 2014. 1040x amendment form Robert has neither gain nor loss from the foreclosure sale. 1040x amendment form Because he was not personally liable for the debt, he also has no cancellation of debt income. 1040x amendment form Canceled debt. 1040x amendment form    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. 1040x amendment form This income is separate from any amount realized from abandonment of the property. 1040x amendment form You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. 1040x amendment form See chapter 1 for more details. 1040x amendment form Forms 1099-A and 1099-C. 1040x amendment form    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. 1040x amendment form Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. 1040x amendment form The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. 1040x amendment form For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. 1040x amendment form Prev  Up  Next   Home   More Online Publications