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Filelate com 1. Filelate com   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. Filelate com General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. Filelate com There are exceptions to this rule, discussed under Exceptions , later. Filelate com Generally, you must include the canceled debt in your income. Filelate com However, you may be able to exclude the canceled debt. Filelate com See Exclusions , later. Filelate com Example. Filelate com John owed $1,000 to Mary. Filelate com Mary agreed to accept and John paid $400 in satisfaction of the entire debt. Filelate com John has canceled debt of $600. Filelate com Example. Filelate com Margaret owed $1,000 to Henry. Filelate com Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. Filelate com Margaret does not have canceled debt. Filelate com Instead, she has income from services. Filelate com A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. Filelate com Debt for which you are personally liable is recourse debt. Filelate com All other debt is nonrecourse debt. Filelate com If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. Filelate com See Discounts and loan modifications , later. Filelate com However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. Filelate com As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. Filelate com For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. Filelate com There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. Filelate com See Exceptions and Exclusions, later. Filelate com You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. Filelate com Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. Filelate com The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. Filelate com For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. Filelate com Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. Filelate com An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. Filelate com Identifiable event codes. Filelate com    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. Filelate com The codes shown in box 6 are explained below. Filelate com Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. Filelate com Note. Filelate com Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. Filelate com However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. Filelate com Code A — Bankruptcy. Filelate com Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. Filelate com See Bankruptcy , later. Filelate com Code B — Other judicial debt relief. Filelate com Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. Filelate com Code C — Statute of limitations or expiration of deficiency period. Filelate com Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. Filelate com In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. Filelate com Code D — Foreclosure election. Filelate com Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. Filelate com This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. Filelate com Code E — Debt relief from probate or similar proceeding. Filelate com Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. Filelate com Code F — By agreement. Filelate com Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. Filelate com Code G — Decision or policy to discontinue collection. Filelate com Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. Filelate com For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. Filelate com Code H — Expiration of nonpayment testing period. Filelate com Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. Filelate com The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. Filelate com This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. Filelate com Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. Filelate com Code I — Other actual discharge before identifiable event. Filelate com Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. Filelate com Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. Filelate com Amount of canceled debt. Filelate com    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. Filelate com The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). Filelate com Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. Filelate com Interest included in canceled debt. Filelate com    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. Filelate com Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. Filelate com See Deductible Debt under Exceptions, later. Filelate com Persons who each receive a Form 1099-C showing the full amount of debt. Filelate com    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. Filelate com However, you may not have to report that entire amount as income. Filelate com The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. Filelate com See Example 3 under Insolvency, later. Filelate com Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. Filelate com However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. Filelate com The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. Filelate com For more details, see Exceptions and Exclusions, later. Filelate com Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. Filelate com   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. Filelate com The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. Filelate com The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. Filelate com If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. Filelate com The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. Filelate com For more details, see Exceptions and Exclusions, later. Filelate com Nonrecourse debt. Filelate com   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. Filelate com The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. Filelate com The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. Filelate com The character of the gain or loss is determined by the character of the property. Filelate com More information. Filelate com    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. Filelate com Abandonments Recourse debt. Filelate com   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. Filelate com You must report this income on your tax return unless one of the exceptions or exclusions described later applies. Filelate com For more details, see Exceptions and Exclusions, later. Filelate com This income is separate from any amount realized from the abandonment of the property. Filelate com For more details, see chapter 3. Filelate com Nonrecourse debt. Filelate com   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. Filelate com Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. Filelate com For more information, see Publication 542, Corporations. Filelate com Prev  Up  Next   Home   More Online Publications
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Filelate com Publication 972 - Introductory Material Table of Contents Future Developments Reminder IntroductionOrdering forms and publications. Filelate com Tax questions. Filelate com Future Developments For the latest information about developments related to Publication 972, such as legislation enacted after it was published, go to www. Filelate com irs. Filelate com gov/pub972. Filelate com Reminder Photographs of missing children. Filelate com  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filelate com Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filelate com You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Filelate com Introduction The purpose of this publication is: To figure the child tax credit you claim on Form 1040, line 51; Form 1040A, line 33; or Form 1040NR, line 48; and To figure the amount of earned income you enter on line 4a of Schedule 8812 (Form 1040A or 1040), Child Tax Credit. Filelate com This publication is intended primarily for individuals sent here by the instructions to Forms 1040, 1040A, or 1040NR, or Schedule 8812. Filelate com Even if you were not sent here by the instructions to one of the forms or the schedule, you can still choose to use this publication to figure your credit. Filelate com However, most individuals can use a simpler worksheet in their tax form instructions. Filelate com If you were sent here from your Form 1040, Form 1040A, or Form 1040NR instructions. Filelate com   Complete the Child Tax Credit Worksheet , later in this publication. Filelate com If you were sent here from your Schedule 8812 instructions. Filelate com   Complete the 1040 and 1040NR Filers — Earned Income Worksheet , later in this publication. Filelate com If you have not read your Form 1040, Form 1040A, or Form 1040NR instructions. Filelate com   Read the explanation of who must use this publication next. Filelate com If you find that you are not required to use this publication to figure your child tax credit, you can use the simpler worksheet in the Form 1040, Form 1040A, or Form 1040NR instructions to figure your credit. Filelate com Who must use this publication. Filelate com   If you answer “Yes” to either of the following questions, you must use this publication to figure your child tax credit. Filelate com Are you excluding income from Puerto Rico or filing any of the following forms? Form 2555 or 2555-EZ (relating to foreign earned income). Filelate com Form 4563 (exclusion of income for residents of American Samoa). Filelate com Are you claiming any of the following credits? Mortgage interest credit, Form 8396. Filelate com Adoption credit, Form 8839. Filelate com Residential energy efficient property credit, Form 5695, Part I. Filelate com District of Columbia first-time homebuyer credit, Form 8859. Filelate com Comments and suggestions. Filelate com   We welcome your comments about this publication and your suggestions for future editions. Filelate com   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Filelate com NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Filelate com Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filelate com   You can send your comments from www. Filelate com irs. Filelate com gov/formspubs/. Filelate com Click on “More Information” and then on “Comment on Tax Forms and Publications. Filelate com ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Filelate com Ordering forms and publications. Filelate com   Visit www. Filelate com irs. Filelate com gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Filelate com Internal Revenue Service 1201 N. Filelate com Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Filelate com   If you have a tax question, check the information available on IRS. Filelate com gov or call 1-800-829-1040. Filelate com We cannot answer tax questions sent to either of the above addresses. Filelate com Prev  Up  Next   Home   More Online Publications