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2012 Form 1040

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2012 Form 1040

2012 form 1040 3. 2012 form 1040   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. 2012 form 1040 Whether an abandonment has occurred is determined in light of all the facts and circumstances. 2012 form 1040 You must both show an intention to abandon the property and affirmatively act to abandon the property. 2012 form 1040 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. 2012 form 1040 For more information, see Sales and Exchanges in Publication 544. 2012 form 1040 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). 2012 form 1040 See Publication 544 if you abandoned property that did not secure debt. 2012 form 1040 This publication only discusses the tax consequences of abandoning property that secured a debt. 2012 form 1040 Abandonment of property securing recourse debt. 2012 form 1040    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. 2012 form 1040 For details on figuring gain or loss on the foreclosure, see chapter 2. 2012 form 1040 Example 1—abandonment of personal-use property securing recourse debt. 2012 form 1040 In 2009, Anne purchased a home for $200,000. 2012 form 1040 She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. 2012 form 1040 In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. 2012 form 1040 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. 2012 form 1040 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. 2012 form 1040 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. 2012 form 1040 Example 2—abandonment of business or investment property securing recourse debt. 2012 form 1040 In 2009, Sue purchased business property for $200,000. 2012 form 1040 She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. 2012 form 1040 In 2013, Sue was unable to continue making her loan payments. 2012 form 1040 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. 2012 form 1040 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. 2012 form 1040 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. 2012 form 1040 Abandonment of property securing nonrecourse debt. 2012 form 1040    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. 2012 form 1040   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. 2012 form 1040 If the amount you realize is more than your adjusted basis, then you have a gain. 2012 form 1040 If your adjusted basis is more than the amount you realize, then you have a loss. 2012 form 1040 For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. 2012 form 1040   Loss from abandonment of business or investment property is deductible as a loss. 2012 form 1040 The character of the loss depends on the character of the property. 2012 form 1040 The amount of deductible capital loss may be limited. 2012 form 1040 For more information, see Treatment of Capital Losses in Publication 544. 2012 form 1040 You cannot deduct any loss from abandonment of your home or other property held for personal use. 2012 form 1040 Example 1—abandonment of personal-use property securing nonrecourse debt. 2012 form 1040 In 2009, Timothy purchased a home for $200,000. 2012 form 1040 He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. 2012 form 1040 In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. 2012 form 1040 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. 2012 form 1040 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. 2012 form 1040 Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. 2012 form 1040 Timothy has a $15,000 nondeductible loss in tax year 2013. 2012 form 1040 (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. 2012 form 1040 ) The bank sells the house at a foreclosure sale in 2014. 2012 form 1040 Timothy has neither gain nor loss from the foreclosure sale. 2012 form 1040 Because he was not personally liable for the debt, he also has no cancellation of debt income. 2012 form 1040 Example 2—abandonment of business or investment property securing nonrecourse debt. 2012 form 1040 In 2009, Robert purchased business property for $200,000. 2012 form 1040 He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. 2012 form 1040 In 2013, Robert was unable to continue making his loan payments. 2012 form 1040 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. 2012 form 1040 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. 2012 form 1040 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). 2012 form 1040 Robert has a $5,000 gain in tax year 2013. 2012 form 1040 (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. 2012 form 1040 ) The lender sells the property at a foreclosure sale in 2014. 2012 form 1040 Robert has neither gain nor loss from the foreclosure sale. 2012 form 1040 Because he was not personally liable for the debt, he also has no cancellation of debt income. 2012 form 1040 Canceled debt. 2012 form 1040    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. 2012 form 1040 This income is separate from any amount realized from abandonment of the property. 2012 form 1040 You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. 2012 form 1040 See chapter 1 for more details. 2012 form 1040 Forms 1099-A and 1099-C. 2012 form 1040    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. 2012 form 1040 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. 2012 form 1040 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. 2012 form 1040 For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. 2012 form 1040 Prev  Up  Next   Home   More Online Publications
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Contact My Local Office in Georgia

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City Street Address Days/Hours of Service Telephone*
Albany 235 Roosevelt Ave.
Albany, GA 31701

Monday-Friday - 8:30 a.m.-4:30 p.m.
 

Services Provided

(229) 430-8401
Athens 355 E. Hancock Ave.
Athens, GA 30601

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.)

 

Services Provided

(706) 546-2008
Atlanta (Koger) 2888 Woodcock Blvd.
Atlanta, GA 30341

Monday-Friday - 8:30 a.m.-4:30 p.m. 
 

Services Provided

(404) 338-7962 
Atlanta (Summit)  401 W. Peachtree St. NW
Atlanta, GA 30308 

Monday-Friday - 8:30 a.m.-4:30 p.m. 
 

Services Provided

(404) 338-7962 
Augusta  Bldg 3 - 3154 Perimeter Pkwy
Augusta GA 30909

Monday-Friday - 8:30 a.m.-4:30 p.m.
 

Services Provided

(706) 868-1374 
Columbus  6068 Business Park Drive
Suite 124.
Columbus, GA 31909 

Monday-Friday - 8:30 a.m.-4:30 p.m. 
 

Services Provided

(706) 494-9079 
Dalton   1008 Professional Blvd.
Dalton, Ga. 30720 

Monday, Wednesday, Friday - 9:00 a.m.-4:00 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.) 

 

Services Provided

(404) 338-7962 
Gainesville  329 Oak St
Gainesville, GA
30501 

Monday-Friday - 8:30 a.m.-4:30 p.m.
 

Services Provided

(770) 536-2235 
Macon  435 2nd Street
Macon GA 31201

Monday-Friday - 8:30 a.m.-4:30 p.m. 
 

Services Provided

(478) 752-6770 
Rome  600 E. First St.
Rome, GA 30161 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.) 
 

Services Provided

(706) 291-5680 
Savannah  # 9 Park of Commerce Blvd.
Savannah, GA 31405 

Monday-Friday - 8:30 a.m.-4:30 p.m.  
 

Services Provided

(912) 651-1430 
Smyrna/Marietta  1899 Powers Ferry Rd.
Atlanta, GA 30339 

Monday-Friday - 8:30 a.m.-4:30 p.m.
 

Services Provided

(404) 338-7962 

* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service: Call (404) 338-8099 in Atlanta or 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see  Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
401 W. Peachtree St. NW
Stop 902-D
Atlanta, GA 30308

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The 2012 Form 1040

2012 form 1040 Publication 463 - Additional Material Prev  Up  Next   Home   More Online Publications