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Can I Efile 2011 Taxes

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Can I Efile 2011 Taxes

Can i efile 2011 taxes 2. Can i efile 2011 taxes   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Can i efile 2011 taxes Amount realized on a nonrecourse debt. Can i efile 2011 taxes If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Can i efile 2011 taxes The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Can i efile 2011 taxes This is true even if you voluntarily return the property to the lender. Can i efile 2011 taxes If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. Can i efile 2011 taxes You must report this income on your return unless certain exceptions or exclusions apply. Can i efile 2011 taxes See chapter 1 for more details. Can i efile 2011 taxes Borrower's gain or loss. Can i efile 2011 taxes    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Can i efile 2011 taxes The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Can i efile 2011 taxes The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Can i efile 2011 taxes For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Can i efile 2011 taxes You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. Can i efile 2011 taxes Amount realized and ordinary income on a recourse debt. Can i efile 2011 taxes    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. Can i efile 2011 taxes The amount realized also includes any proceeds you received from the foreclosure sale. Can i efile 2011 taxes If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. Can i efile 2011 taxes You must report this income on your return unless certain exceptions or exclusions apply. Can i efile 2011 taxes See chapter 1 for more details. Can i efile 2011 taxes       Example 1. Can i efile 2011 taxes Tara bought a new car for $15,000. Can i efile 2011 taxes She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Can i efile 2011 taxes Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Can i efile 2011 taxes On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Can i efile 2011 taxes The balance due after taking into account the payments Tara made was $10,000. Can i efile 2011 taxes The FMV of the car when it was repossessed was $9,000. Can i efile 2011 taxes On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Can i efile 2011 taxes In this case, the amount Tara realizes is $9,000. Can i efile 2011 taxes This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. Can i efile 2011 taxes Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Can i efile 2011 taxes She has a $6,000 nondeductible loss. Can i efile 2011 taxes After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). Can i efile 2011 taxes Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Can i efile 2011 taxes Example 2. Can i efile 2011 taxes Lili paid $200,000 for her home. Can i efile 2011 taxes She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Can i efile 2011 taxes Lili is personally liable for the mortgage loan and the house secures the loan. Can i efile 2011 taxes In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Can i efile 2011 taxes When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Can i efile 2011 taxes At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). Can i efile 2011 taxes She remained personally liable for the $8,000 balance. Can i efile 2011 taxes In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Can i efile 2011 taxes The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). Can i efile 2011 taxes She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Can i efile 2011 taxes Lili must also determine her gain or loss from the foreclosure. Can i efile 2011 taxes In this case, the amount that she realizes is $170,000. Can i efile 2011 taxes This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. Can i efile 2011 taxes Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Can i efile 2011 taxes She has a $5,000 nondeductible loss. Can i efile 2011 taxes Table 1-1. Can i efile 2011 taxes Worksheet for Foreclosures and Repossessions Part 1. Can i efile 2011 taxes Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Can i efile 2011 taxes Otherwise, go to Part 2. Can i efile 2011 taxes 1. Can i efile 2011 taxes Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. Can i efile 2011 taxes Enter the fair market value of the transferred property   3. Can i efile 2011 taxes Ordinary income from the cancellation of debt upon foreclosure or repossession. Can i efile 2011 taxes * Subtract line 2 from line 1. Can i efile 2011 taxes If less than zero, enter zero. Can i efile 2011 taxes Next, go to Part 2   Part 2. Can i efile 2011 taxes Gain or loss from foreclosure or repossession. Can i efile 2011 taxes   4. Can i efile 2011 taxes Enter the smaller of line 1 or line 2. Can i efile 2011 taxes If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. Can i efile 2011 taxes Enter any proceeds you received from the foreclosure sale   6. Can i efile 2011 taxes Add line 4 and line 5   7. Can i efile 2011 taxes Enter the adjusted basis of the transferred property   8. Can i efile 2011 taxes Gain or loss from foreclosure or repossession. Can i efile 2011 taxes Subtract line 7 from line 6   * The income may not be taxable. Can i efile 2011 taxes See chapter 1 for more details. Can i efile 2011 taxes Amount realized on a nonrecourse debt. Can i efile 2011 taxes    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. Can i efile 2011 taxes This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Can i efile 2011 taxes Example 1. Can i efile 2011 taxes Tara bought a new car for $15,000. Can i efile 2011 taxes She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Can i efile 2011 taxes Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Can i efile 2011 taxes On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Can i efile 2011 taxes The balance due after taking into account the payments Tara made was $10,000. Can i efile 2011 taxes The FMV of the car when it was repossessed was $9,000. Can i efile 2011 taxes The amount Tara realized on the repossession is $10,000. Can i efile 2011 taxes That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Can i efile 2011 taxes Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Can i efile 2011 taxes Tara has a $5,000 nondeductible loss. Can i efile 2011 taxes Example 2. Can i efile 2011 taxes Lili paid $200,000 for her home. Can i efile 2011 taxes She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Can i efile 2011 taxes She is not personally liable for the loan, but grants the bank a mortgage. Can i efile 2011 taxes The bank foreclosed on the mortgage because Lili stopped making payments. Can i efile 2011 taxes When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Can i efile 2011 taxes The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Can i efile 2011 taxes She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Can i efile 2011 taxes Lili has a $5,000 realized gain. Can i efile 2011 taxes See Publication 523 to figure and report any taxable amount. Can i efile 2011 taxes Forms 1099-A and 1099-C. Can i efile 2011 taxes    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. Can i efile 2011 taxes However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. Can i efile 2011 taxes 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. Can i efile 2011 taxes For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Can i efile 2011 taxes Prev  Up  Next   Home   More Online Publications
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The Can I Efile 2011 Taxes

Can i efile 2011 taxes 9. Can i efile 2011 taxes   Obligations Not in Registered Form Tax is imposed on any person who issues a registration-required obligation not in registered form. Can i efile 2011 taxes The tax is: 1% of the principal of the obligation, multiplied by The number of calendar years (or portions of calendar years) during the period starting on the date the obligation was issued and ending on the date it matures. Can i efile 2011 taxes A registration-required obligation is any obligation other than one that meets any of the following conditions. Can i efile 2011 taxes It is issued by a natural person. Can i efile 2011 taxes It is not of a type offered to the public. Can i efile 2011 taxes It has a maturity (at issue) of not more than 1 year. Can i efile 2011 taxes It can only be issued to a foreign person. Can i efile 2011 taxes For item (4), if the obligation is not in registered form, the interest on the obligation must be payable only outside the United States and its possessions. Can i efile 2011 taxes Also, the obligation must state on its face that any U. Can i efile 2011 taxes S. Can i efile 2011 taxes person who holds it shall be subject to limits under the U. Can i efile 2011 taxes S. Can i efile 2011 taxes income tax laws. Can i efile 2011 taxes Prev  Up  Next   Home   More Online Publications