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File 1040ez online free Reporting requirement-statement, Statement. File 1040ez online free F Faculty lodging, Faculty lodging. File 1040ez online free Fair market value (FMV), Fair market value. File 1040ez online free Stock options, Grant of option. File 1040ez online free Farming Qualified farm debt, cancellation of, Excluded debt. File 1040ez online free Federal employees Accrued leave payment, Accrued leave payment. File 1040ez online free Cost-of-living allowances, Government cost-of-living allowances. File 1040ez online free Disability pensions, Military and Government Disability Pensions Thrift Savings Plan for, Elective Deferrals Federal Employees Compensation Act (FECA) payments, Federal Employees' Compensation Act (FECA). File 1040ez online free Federal income tax Refunds, Federal income tax refund. File 1040ez online free Fees for services, Fees for services. 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File 1040ez online free Overseas work, Reminders P Parking fees Employer-paid or reimbursed, Transportation, Qualified parking. File 1040ez online free Partner and partnership income, Partnership Income Patents Infringement damages, Court awards and damages. File 1040ez online free Royalties, Copyrights and patents. File 1040ez online free Peace Corps, Peace Corps. File 1040ez online free Pensions Clergy, Pension. File 1040ez online free Disability pensions, Disability Pensions Inherited pensions, Inherited pension or IRA. File 1040ez online free Military, Military retirement pay. File 1040ez online free Personal property Rental income and expense, Rents From Personal Property Sale of, Sale of personal items. File 1040ez online free Personal representatives (see Fiduciaries) Prepaid income, Prepaid income. File 1040ez online free Price reduced after purchase, Price reduced after purchase. File 1040ez online free Prizes and awards, Bonuses and awards. 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File 1040ez online free Publications (see Tax help) Pulitzer prize, Pulitzer, Nobel, and similar prizes. File 1040ez online free Punitive damages, Court awards and damages. File 1040ez online free Q Qualified joint venture, Reminders Qualified tuition program (QTP), Qualified tuition program (QTP). File 1040ez online free R Raffles, Lotteries and raffles. File 1040ez online free Railroad Retirement annuities, Railroad retirement annuities. File 1040ez online free Retirement benefits, Social security and equivalent railroad retirement benefits. File 1040ez online free Sick pay, Railroad sick pay. File 1040ez online free Unemployment compensation benefits, Types of unemployment compensation. File 1040ez online free Real estate Qualified real property business debt, cancellation of, Excluded debt. File 1040ez online free Rebates Cash, Cash rebates. File 1040ez online free Utility, Utility rebates. File 1040ez online free Recovery of amounts previously deducted, Recoveries, Standard deduction for earlier years. File 1040ez online free Itemized deductions, Recoveries, Itemized Deduction Recoveries Non-itemized deductions, Non-Itemized Deduction Recoveries Unused tax credits, refiguring of, Unused tax credits. File 1040ez online free , Unused tax credits. File 1040ez online free Refunds Federal income tax, Federal income tax refund. File 1040ez online free Mortgage interest, Mortgage interest refund. File 1040ez online free State tax, State tax refund. File 1040ez online free Rehabilitative program payments, Veterans' benefits. File 1040ez online free Reimbursements Business expenses, Allowances and reimbursements. File 1040ez online free Casualty losses, Casualty insurance and other reimbursements. File 1040ez online free Meals and lodging, Meals and Lodging Medical expenses, Reimbursement for medical care. File 1040ez online free Moving expenses, Allowances and reimbursements. File 1040ez online free , Moving expense reimbursements. File 1040ez online free Related party transactions Stock option transfer, Transfer in non-arm's-length transaction. File 1040ez online free Religious order members, Members of Religious Orders Rental income and expenses Personal property rental, Rents From Personal Property Reporting of, Reporting business income and expenses. File 1040ez online free Repayments, Repayments, Year of deduction (or credit). File 1040ez online free Repossession, Canceled sales contract. File 1040ez online free Restricted property, Restricted Property, Inherited property not substantially vested. File 1040ez online free Retired Senior Volunteer Program (RSVP), National Senior Service Corps programs. File 1040ez online free Retirement Settlement, Reminders Retirement planning services, Financial Counseling Fees, Retirement Planning Services Retirement plans, Military retirement pay. File 1040ez online free (see also Pensions) Automatic contribution arrangements, Qualified automatic contribution arrangements. File 1040ez online free Contributions, Retirement Plan Contributions, Excess Annual Additions, Statutory Stock Options Elective deferrals (see Elective deferrals) Rewards, Rewards. File 1040ez online free Roth contributions, Designated Roth contributions. File 1040ez online free Royalties, Royalties S S corporations, S Corporation Income Safety achievement awards, Employee achievement award. File 1040ez online free Salary reduction simplified employee pension plans (see SARSEPs) Sale of home, Sale of home. File 1040ez online free Sales contracts Cancellation of, Canceled sales contract. File 1040ez online free SARSEPs, Elective Deferrals Excess contributions, Excess Contributions Savings bonds, Interest on qualified savings bonds. File 1040ez online free Savings incentive match plans for employees (see SIMPLE plans) Scholarships and fellowships, Scholarships and fellowships. File 1040ez online free Self-employed persons U. File 1040ez online free S. File 1040ez online free citizens working for foreign employers in U. File 1040ez online free S. File 1040ez online free treated as, Social security and Medicare taxes. File 1040ez online free Senior Companion Program, National Senior Service Corps programs. File 1040ez online free Service Corps of Retired Executives (SCORE), Service Corps of Retired Executives (SCORE). File 1040ez online free Severance pay, Severance pay. File 1040ez online free Outplacement services, Outplacement services. File 1040ez online free Sick pay, Sick pay. File 1040ez online free Sickness and injury benefits, Sickness and Injury Benefits, Reimbursement for medical care. File 1040ez online free SIMPLE plans, Elective Deferrals Limit for deferrals under, Limit for deferrals under SIMPLE plans. File 1040ez online free Smallpox vaccine injuries, Smallpox vaccine injuries. File 1040ez online free Social security and Medicare taxes Foreign employers, U. File 1040ez online free S. File 1040ez online free citizens working for in U. File 1040ez online free S. File 1040ez online free , Social security and Medicare taxes. File 1040ez online free Paid by employer, Social security and Medicare taxes paid by employer. File 1040ez online free Social security benefits, Social security and equivalent railroad retirement benefits. File 1040ez online free Standard deduction Recoveries, Standard deduction limit. File 1040ez online free , Standard deduction for earlier years. File 1040ez online free State employees Unemployment benefits paid to, State employees. File 1040ez online free State or local governments Interest on obligations of, Interest on state and local government obligations. File 1040ez online free State or local taxes Refunds, State tax refund. File 1040ez online free Statutory stock option holding period, Sale of the stock. File 1040ez online free Stock appreciation rights, Stock appreciation rights. File 1040ez online free Stock options, Stock Options, Statutory Stock Options Stock options, nonstatutory Exercise or transfer, Exercise or transfer of option. File 1040ez online free Grant, Grant of option. File 1040ez online free Sale, Sale of the stock. File 1040ez online free Stock options, statutory Exercise, Exercise of option. File 1040ez online free Grant, Grant of option. File 1040ez online free Sale, Sale of the stock. File 1040ez online free Stockholder debts, Stockholder debt. File 1040ez online free Stolen property, Stolen property. File 1040ez online free Strike benefits, Strike and lockout benefits. File 1040ez online free Student loans Cancellation of debt, Student loans. File 1040ez online free Substantial risk of forfeiture, Substantial risk of forfeiture. File 1040ez online free Substantially vested property, Substantially vested. File 1040ez online free Supplemental security income (SSI) payments, Social security and equivalent railroad retirement benefits. File 1040ez online free Supplemental unemployment benefits, Supplemental unemployment benefits. File 1040ez online free Surviving spouse Life insurance proceeds paid to, Surviving spouse. File 1040ez online free Survivor benefits, Survivor Benefits T Tables and figures Group-term life insurance (Table 1), Group-Term Life Insurance Tax benefit rule, Tax benefit rule. File 1040ez online free Tax Counseling for the Elderly, Volunteer tax counseling. File 1040ez online free Tax help, How To Get Tax Help Tax-sheltered annuity plans (403(b) plans), Elective Deferrals Limit for, Limit for tax-sheltered annuities. File 1040ez online free Terminal illness, Exclusion for terminal illness. File 1040ez online free Terrorist attacks Disability payments for injuries from, Terrorist attack or military action. File 1040ez online free Victims of, tax relief, Reminders Thrift Savings Plan, Elective Deferrals Title VII, Civil Rights Act of 1964 Back pay and damages for emotional distress under, Court awards and damages. File 1040ez online free Tour guides, free tours for, Free tour. File 1040ez online free Trade Act of 1974 Trade readjustment allowances under, Types of unemployment compensation. File 1040ez online free , Repayment of benefits. File 1040ez online free Transferable property, Transferable property. File 1040ez online free Transit passes, Transportation, Transit pass. File 1040ez online free Travel agencies Free tour to organizer of group of tourists, Free tour. File 1040ez online free Travel and transportation expenses Free tours from travel agencies, Free tour. 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File 1040ez online free Veterans benefits, Veterans' benefits. File 1040ez online free Disability compensation, Retroactive VA determination. File 1040ez online free Retroactive VA determination, Retroactive VA determination. File 1040ez online free Special statute of limitations. File 1040ez online free , Special statute of limitations. File 1040ez online free Viatical settlements, Viatical settlement. File 1040ez online free Volunteer work, Volunteers Tax counseling (Volunteer Income Tax Assistance Program), Volunteer tax counseling. File 1040ez online free Volunteers in Service to America (VISTA), Volunteers in Service to America (VISTA). File 1040ez online free W W-2 form (see Form W-2) Welfare benefits, Welfare and Other Public Assistance Benefits Whistleblower, Whistleblower's award. File 1040ez online free Winter energy payments, Payments to reduce cost of winter energy. File 1040ez online free Withholding Barter exchange transactions, Backup withholding. File 1040ez online free Unemployment compensation, Tax withholding. File 1040ez online free Work-training programs, Work-training program. File 1040ez online free Workers' compensation, Workers' Compensation Working condition benefits, Working Condition Benefits Worksheets Group-term life insurance (Worksheet 1), Figuring the taxable cost. File 1040ez online free , Worksheet 1. File 1040ez online free Figuring the Cost of Group-Term Life Insurance To Include in Income—Illustrated Prev  Up     Home   More Online Publications

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File 1040ez online free 2. File 1040ez online free   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. File 1040ez online free Amount realized on a nonrecourse debt. File 1040ez online free 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. File 1040ez online free The foreclosure or repossession is treated as a sale from which you may realize gain or loss. File 1040ez online free This is true even if you voluntarily return the property to the lender. File 1040ez online free 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. File 1040ez online free You must report this income on your return unless certain exceptions or exclusions apply. File 1040ez online free See chapter 1 for more details. File 1040ez online free Borrower's gain or loss. File 1040ez online free    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. File 1040ez online free The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). File 1040ez online free The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). File 1040ez online free For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. File 1040ez online free 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. File 1040ez online free Amount realized and ordinary income on a recourse debt. File 1040ez online free    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. File 1040ez online free The amount realized also includes any proceeds you received from the foreclosure sale. File 1040ez online free 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. File 1040ez online free You must report this income on your return unless certain exceptions or exclusions apply. File 1040ez online free See chapter 1 for more details. File 1040ez online free       Example 1. File 1040ez online free Tara bought a new car for $15,000. File 1040ez online free She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. File 1040ez online free Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. File 1040ez online free On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. File 1040ez online free The balance due after taking into account the payments Tara made was $10,000. File 1040ez online free The FMV of the car when it was repossessed was $9,000. File 1040ez online free On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. File 1040ez online free In this case, the amount Tara realizes is $9,000. File 1040ez online free 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. File 1040ez online free Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. File 1040ez online free She has a $6,000 nondeductible loss. File 1040ez online free 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). File 1040ez online free Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. File 1040ez online free Example 2. File 1040ez online free Lili paid $200,000 for her home. File 1040ez online free She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. File 1040ez online free Lili is personally liable for the mortgage loan and the house secures the loan. File 1040ez online free In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. File 1040ez online free 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. File 1040ez online free 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). File 1040ez online free She remained personally liable for the $8,000 balance. File 1040ez online free In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. File 1040ez online free 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). File 1040ez online free She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. File 1040ez online free Lili must also determine her gain or loss from the foreclosure. File 1040ez online free In this case, the amount that she realizes is $170,000. File 1040ez online free 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. File 1040ez online free Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. File 1040ez online free She has a $5,000 nondeductible loss. File 1040ez online free Table 1-1. File 1040ez online free Worksheet for Foreclosures and Repossessions Part 1. File 1040ez online free Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). File 1040ez online free Otherwise, go to Part 2. File 1040ez online free 1. File 1040ez online free 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. File 1040ez online free Enter the fair market value of the transferred property   3. File 1040ez online free Ordinary income from the cancellation of debt upon foreclosure or repossession. File 1040ez online free * Subtract line 2 from line 1. File 1040ez online free If less than zero, enter zero. File 1040ez online free Next, go to Part 2   Part 2. File 1040ez online free Gain or loss from foreclosure or repossession. File 1040ez online free   4. File 1040ez online free Enter the smaller of line 1 or line 2. File 1040ez online free 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. File 1040ez online free Enter any proceeds you received from the foreclosure sale   6. File 1040ez online free Add line 4 and line 5   7. File 1040ez online free Enter the adjusted basis of the transferred property   8. File 1040ez online free Gain or loss from foreclosure or repossession. File 1040ez online free Subtract line 7 from line 6   * The income may not be taxable. File 1040ez online free See chapter 1 for more details. File 1040ez online free Amount realized on a nonrecourse debt. File 1040ez online free    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. File 1040ez online free This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. File 1040ez online free Example 1. File 1040ez online free Tara bought a new car for $15,000. File 1040ez online free She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. File 1040ez online free Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. File 1040ez online free On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. File 1040ez online free The balance due after taking into account the payments Tara made was $10,000. File 1040ez online free The FMV of the car when it was repossessed was $9,000. File 1040ez online free The amount Tara realized on the repossession is $10,000. File 1040ez online free That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. File 1040ez online free Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. File 1040ez online free Tara has a $5,000 nondeductible loss. File 1040ez online free Example 2. File 1040ez online free Lili paid $200,000 for her home. File 1040ez online free She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. File 1040ez online free She is not personally liable for the loan, but grants the bank a mortgage. File 1040ez online free The bank foreclosed on the mortgage because Lili stopped making payments. File 1040ez online free 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. File 1040ez online free The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. File 1040ez online free She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. File 1040ez online free Lili has a $5,000 realized gain. File 1040ez online free See Publication 523 to figure and report any taxable amount. File 1040ez online free Forms 1099-A and 1099-C. File 1040ez online free    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. File 1040ez online free 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. File 1040ez online free 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. File 1040ez online free For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. File 1040ez online free Prev  Up  Next   Home   More Online Publications