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Amend 2011 Tax

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Amend 2011 Tax

Amend 2011 tax 3. Amend 2011 tax   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. Amend 2011 tax Whether an abandonment has occurred is determined in light of all the facts and circumstances. Amend 2011 tax You must both show an intention to abandon the property and affirmatively act to abandon the property. Amend 2011 tax 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. Amend 2011 tax For more information, see Sales and Exchanges in Publication 544. Amend 2011 tax 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). Amend 2011 tax See Publication 544 if you abandoned property that did not secure debt. Amend 2011 tax This publication only discusses the tax consequences of abandoning property that secured a debt. Amend 2011 tax Abandonment of property securing recourse debt. Amend 2011 tax    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. Amend 2011 tax For details on figuring gain or loss on the foreclosure, see chapter 2. Amend 2011 tax Example 1—abandonment of personal-use property securing recourse debt. Amend 2011 tax In 2009, Anne purchased a home for $200,000. Amend 2011 tax She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. Amend 2011 tax In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. Amend 2011 tax 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. Amend 2011 tax 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. Amend 2011 tax 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. Amend 2011 tax Example 2—abandonment of business or investment property securing recourse debt. Amend 2011 tax In 2009, Sue purchased business property for $200,000. Amend 2011 tax She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. Amend 2011 tax In 2013, Sue was unable to continue making her loan payments. Amend 2011 tax 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. Amend 2011 tax 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. Amend 2011 tax 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. Amend 2011 tax Abandonment of property securing nonrecourse debt. Amend 2011 tax    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. Amend 2011 tax   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. Amend 2011 tax If the amount you realize is more than your adjusted basis, then you have a gain. Amend 2011 tax If your adjusted basis is more than the amount you realize, then you have a loss. Amend 2011 tax For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. Amend 2011 tax   Loss from abandonment of business or investment property is deductible as a loss. Amend 2011 tax The character of the loss depends on the character of the property. Amend 2011 tax The amount of deductible capital loss may be limited. Amend 2011 tax For more information, see Treatment of Capital Losses in Publication 544. Amend 2011 tax You cannot deduct any loss from abandonment of your home or other property held for personal use. Amend 2011 tax Example 1—abandonment of personal-use property securing nonrecourse debt. Amend 2011 tax In 2009, Timothy purchased a home for $200,000. Amend 2011 tax He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. Amend 2011 tax In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. Amend 2011 tax 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. Amend 2011 tax 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. Amend 2011 tax Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. Amend 2011 tax Timothy has a $15,000 nondeductible loss in tax year 2013. Amend 2011 tax (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. Amend 2011 tax ) The bank sells the house at a foreclosure sale in 2014. Amend 2011 tax Timothy has neither gain nor loss from the foreclosure sale. Amend 2011 tax Because he was not personally liable for the debt, he also has no cancellation of debt income. Amend 2011 tax Example 2—abandonment of business or investment property securing nonrecourse debt. Amend 2011 tax In 2009, Robert purchased business property for $200,000. Amend 2011 tax He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. Amend 2011 tax In 2013, Robert was unable to continue making his loan payments. Amend 2011 tax 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. Amend 2011 tax 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. Amend 2011 tax 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). Amend 2011 tax Robert has a $5,000 gain in tax year 2013. Amend 2011 tax (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. Amend 2011 tax ) The lender sells the property at a foreclosure sale in 2014. Amend 2011 tax Robert has neither gain nor loss from the foreclosure sale. Amend 2011 tax Because he was not personally liable for the debt, he also has no cancellation of debt income. Amend 2011 tax Canceled debt. Amend 2011 tax    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. Amend 2011 tax This income is separate from any amount realized from abandonment of the property. Amend 2011 tax You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. Amend 2011 tax See chapter 1 for more details. Amend 2011 tax Forms 1099-A and 1099-C. Amend 2011 tax    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. Amend 2011 tax 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. Amend 2011 tax 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. Amend 2011 tax For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Amend 2011 tax Prev  Up  Next   Home   More Online Publications
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Tax Information for Federal, State, & Local Governments
Federal, State and Local Governments facilitates cooperation through partnerships with federal, state, and local government agencies for the purpose of meeting their federal tax responsibilities, with a focus on customer service and fairness to all.

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Page Last Reviewed or Updated: 19-Mar-2014

The Amend 2011 Tax

Amend 2011 tax Index A Adopted child, Adopted child. Amend 2011 tax Adoption taxpayer identification number (ATIN), Married child. Amend 2011 tax Age test (see Qualifying child) Alaska Permanent Fund dividends, Rule 6—Your Investment Income Must Be $3,300 or Less Alimony, Income That Is Not Earned Income Annuities, Income That Is Not Earned Income Armed forces, Nontaxable military pay. Amend 2011 tax , Military personnel stationed outside the United States. Amend 2011 tax , Temporary absences. Amend 2011 tax , Joint Return Test, Military personnel stationed outside the United States. Amend 2011 tax , Nontaxable combat pay. Amend 2011 tax Assistance (see Tax help) B Basic Allowance for Housing (BAH), Nontaxable military pay. Amend 2011 tax Basic Allowance for Subsistence (BAS), Nontaxable military pay. Amend 2011 tax C Child Adopted child, Adopted child. Amend 2011 tax Birth or death of, Birth or death of child. Amend 2011 tax Foster child, Relationship Test, Foster child. Amend 2011 tax , Rule 10—You Cannot Be a Qualifying Child of Another Taxpayer, Kidnapped child, Kidnapped child. Amend 2011 tax Married child, Married child. Amend 2011 tax Child support, Income That Is Not Earned Income Clergy, Clergy. Amend 2011 tax Combat zone pay, Nontaxable combat pay. Amend 2011 tax Community property, Community property. Amend 2011 tax , Community property. Amend 2011 tax D Detailed examples, Chapter 6—Detailed Examples Disability benefits, Disability Benefits Disallowance of the EIC, Chapter 5—Disallowance of the EIC Dividend income, Income That Is Not Earned Income Divorced parents, special rule, Special rule for divorced or separated parents (or parents who live apart). Amend 2011 tax Domestic partner, Nevada, Washington, and California domestic partners. Amend 2011 tax E Earned income, Rule 7—You Must Have Earned Income, Earned Income Earned income credit (EIC), EIC Table EITC Assistant, Is There Help Online? Extended active duty, Extended active duty. Amend 2011 tax , Military personnel stationed outside the United States. Amend 2011 tax F Figuring EIC yourself, Chapter 4—Figuring and Claiming the EIC, How To Figure the EIC Yourself Filing status: Head of household, Rule 3—Your Filing Status Cannot Be Married Filing Separately Married filing separately, Rule 3—Your Filing Status Cannot Be Married Filing Separately Forms: 1040, Do I Need This Publication?, Adjusted gross income (AGI). Amend 2011 tax , No SSN. Amend 2011 tax , Form 1040. Amend 2011 tax 1040A, Adjusted gross income (AGI). Amend 2011 tax , No SSN. Amend 2011 tax , Form 1040A. Amend 2011 tax 1040EZ, Adjusted gross income (AGI). Amend 2011 tax , No SSN. Amend 2011 tax , Form 1040EZ. Amend 2011 tax 1040X, Rule 2—You Must Have a Valid Social Security Number (SSN), Filing deadline approaching and still no SSN. Amend 2011 tax 2555, Rule 5—You Cannot File Form 2555 or Form 2555-EZ 2555–EZ, Rule 5—You Cannot File Form 2555 or Form 2555-EZ 4029, Minister's housing. Amend 2011 tax , Approved Form 4361 or Form 4029, Form 4029. Amend 2011 tax 4361, Minister's housing. Amend 2011 tax , Approved Form 4361 or Form 4029, Form 4361. Amend 2011 tax 4797, Do I Need This Publication? 4868, Filing deadline approaching and still no SSN. Amend 2011 tax 8814, Do I Need This Publication? 8862, Chapter 5—Disallowance of the EIC, Form 8862 Foster care payments, Income That Is Not Earned Income Foster child, Relationship Test, Foster child. Amend 2011 tax , Rule 10—You Cannot Be a Qualifying Child of Another Taxpayer, Fraud, Exception 2. Amend 2011 tax , Are You Prohibited From Claiming the EIC for a Period of Years? Free tax services, Free help with your tax return. Amend 2011 tax H Head of household, Community property. Amend 2011 tax , Spouse did not live with you. Amend 2011 tax , Community property. Amend 2011 tax , Rule 9—Your Qualifying Child Cannot Be Used by More Than One Person To Claim the EIC, Applying Rule 9 to divorced or separated parents (or parents who live apart). Amend 2011 tax Help (see Tax help) Home Homeless shelter, Rule 14—You Must Have Lived in the United States More Than Half of the Year Military, Rule 14—You Must Have Lived in the United States More Than Half of the Year United States, Rule 14—You Must Have Lived in the United States More Than Half of the Year Homeless, Homeless shelter. Amend 2011 tax , Homeless shelter. Amend 2011 tax I Income that is not earned income, Income That Is Not Earned Income Individual taxpayer identification number (ITIN), Other taxpayer identification number. Amend 2011 tax , Married child. Amend 2011 tax Inmate, Earnings while an inmate. Amend 2011 tax , Figuring earned income. Amend 2011 tax Interest, Income That Is Not Earned Income Investment income, Rule 6—Your Investment Income Must Be $3,300 or Less IRS can figure EIC for you, IRS Will Figure the EIC for You J Joint return test (see Qualifying child) K Kidnapped child, Kidnapped child. Amend 2011 tax M Married child, Married child. Amend 2011 tax Married filing a joint return, Rule 4—You Must Be a U. Amend 2011 tax S. Amend 2011 tax Citizen or Resident Alien All Year Married filing separately, Spouse did not live with you. Amend 2011 tax Military Combat pay, Nontaxable military pay. Amend 2011 tax Nontaxable pay, Nontaxable military pay. Amend 2011 tax Outside U. Amend 2011 tax S. Amend 2011 tax , Military personnel stationed outside the United States. Amend 2011 tax Minister, Net earnings from self-employment. Amend 2011 tax , Minister's housing. Amend 2011 tax , Church employees. Amend 2011 tax N Net earnings, self-employment, Net earnings from self-employment. Amend 2011 tax Nonresident alien, Rule 4—You Must Be a U. Amend 2011 tax S. Amend 2011 tax Citizen or Resident Alien All Year, Step 1. Amend 2011 tax O Online help EITC Assistant, Is There Help Online? P Parents, divorced or separated, Married child. Amend 2011 tax , Examples. Amend 2011 tax , Special rule for divorced or separated parents (or parents who live apart). Amend 2011 tax Passive activity, Worksheet 1. Amend 2011 tax Investment Income If You Are Filing Form 1040 Pensions, Income That Is Not Earned Income Permanently and totally disabled, Permanently and totally disabled. Amend 2011 tax Prisoner, Figuring earned income. Amend 2011 tax Publications (see Tax help) Q Qualifying child, Can I Claim the EIC?, Do I Have To Have A Child To Qualify For The EIC?, Chapter 2—Rules If You Have a Qualifying Child Age test, Rule 8—Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests, Age Test Home, Residency Test Joint return test, Rule 8—Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests Permanently and totally disabled, Permanently and totally disabled. Amend 2011 tax Relationship test, Rule 8—Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests Residency test, Residency Test United States, Residency Test R Railroad retirement benefits, Income That Is Not Earned Income Registered domestic partner, Nevada, Washington, and California domestic partners. Amend 2011 tax Relationship test (see Qualifying child) Reminders, Reminders Residency test (see Qualifying child) S Salaries, wages, and tips, Earned Income, Wages, salaries, and tips. Amend 2011 tax , Earned Income Schedules: C, EIC Worksheet A. Amend 2011 tax , EIC Worksheet B. Amend 2011 tax C-EZ, EIC Worksheet A. Amend 2011 tax , EIC Worksheet B. Amend 2011 tax EIC, Chapter 2—Rules If You Have a Qualifying Child, Kidnapped child. Amend 2011 tax , Figuring earned income. Amend 2011 tax , Nontaxable combat pay. Amend 2011 tax , How To Figure the EIC Yourself, When to use the optional methods of figuring net earnings. Amend 2011 tax , Schedule EIC SE, Figuring earned income. Amend 2011 tax , Clergy. Amend 2011 tax , Church employees. Amend 2011 tax , EIC Worksheet A. Amend 2011 tax , EIC Worksheet B. Amend 2011 tax , Net earnings from self-employment $400 or more. Amend 2011 tax , When to use the optional methods of figuring net earnings. Amend 2011 tax , When both spouses have self-employment income. Amend 2011 tax School, School defined. Amend 2011 tax Self-employed persons, Rule 7—You Must Have Earned Income, Figuring earned income. Amend 2011 tax , EIC Worksheet B. Amend 2011 tax Self-employment income, Earned Income Self-employment tax, Net earnings from self-employment $400 or more. Amend 2011 tax Separated parents, special rule, Married child. Amend 2011 tax Social security benefits, Income That Is Not Earned Income Social security number (SSN), Rule 2—You Must Have a Valid Social Security Number (SSN), Valid for work only with INS authorization or DHS authorization. Amend 2011 tax , No SSN. Amend 2011 tax , Getting an SSN. Amend 2011 tax , Married child. Amend 2011 tax , Exception for math or clerical errors. Amend 2011 tax Statutory employee, Statutory employee. Amend 2011 tax , Figuring earned income. Amend 2011 tax , EIC Worksheet A. Amend 2011 tax , Statutory employees. Amend 2011 tax Strike benefits, Strike benefits. Amend 2011 tax Student, Student defined. Amend 2011 tax T Tax help, How To Get Tax Help Taxpayer identification number Adoption identification number (ATIN), Married child. Amend 2011 tax Individual taxpayer identification number (ITIN), Other taxpayer identification number. Amend 2011 tax Social security number (SSN), Other taxpayer identification number. Amend 2011 tax Tiebreaker rules, Tiebreaker rules. Amend 2011 tax Tips, wages, and salaries, Earned Income, Wages, salaries, and tips. Amend 2011 tax , Earned Income TTY/TDD information, How To Get Tax Help U Unemployment compensation, Income That Is Not Earned Income United States, United States. Amend 2011 tax V Veterans' benefits, Income That Is Not Earned Income W Wages, salaries, and tips, Earned Income, Wages, salaries, and tips. Amend 2011 tax , Earned Income Welfare benefits, Income That Is Not Earned Income Workers' compensation benefits, Income That Is Not Earned Income Workfare payments, Workfare payments. Amend 2011 tax Worksheet 1, Worksheet 1. Amend 2011 tax Investment Income If You Are Filing Form 1040 Worksheet 2, Worksheet 2. Amend 2011 tax Worksheet for Line 4 of Worksheet 1 Prev  Up     Home   More Online Publications