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Filing Taxes

Filing taxes 3. Filing taxes   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. Filing taxes Whether an abandonment has occurred is determined in light of all the facts and circumstances. Filing taxes You must both show an intention to abandon the property and affirmatively act to abandon the property. Filing taxes 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. Filing taxes For more information, see Sales and Exchanges in Publication 544. Filing taxes 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). Filing taxes See Publication 544 if you abandoned property that did not secure debt. Filing taxes This publication only discusses the tax consequences of abandoning property that secured a debt. Filing taxes Abandonment of property securing recourse debt. Filing taxes    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. Filing taxes For details on figuring gain or loss on the foreclosure, see chapter 2. Filing taxes Example 1—abandonment of personal-use property securing recourse debt. Filing taxes In 2009, Anne purchased a home for $200,000. Filing taxes She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. Filing taxes In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. Filing taxes 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. Filing taxes 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. Filing taxes 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. Filing taxes Example 2—abandonment of business or investment property securing recourse debt. Filing taxes In 2009, Sue purchased business property for $200,000. Filing taxes She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. Filing taxes In 2013, Sue was unable to continue making her loan payments. Filing taxes 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. Filing taxes 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. Filing taxes 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. Filing taxes Abandonment of property securing nonrecourse debt. Filing taxes    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. Filing taxes   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. Filing taxes If the amount you realize is more than your adjusted basis, then you have a gain. Filing taxes If your adjusted basis is more than the amount you realize, then you have a loss. Filing taxes For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. Filing taxes   Loss from abandonment of business or investment property is deductible as a loss. Filing taxes The character of the loss depends on the character of the property. Filing taxes The amount of deductible capital loss may be limited. Filing taxes For more information, see Treatment of Capital Losses in Publication 544. Filing taxes You cannot deduct any loss from abandonment of your home or other property held for personal use. Filing taxes Example 1—abandonment of personal-use property securing nonrecourse debt. Filing taxes In 2009, Timothy purchased a home for $200,000. Filing taxes He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. Filing taxes In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. Filing taxes 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. Filing taxes 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. Filing taxes Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. Filing taxes Timothy has a $15,000 nondeductible loss in tax year 2013. Filing taxes (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. Filing taxes ) The bank sells the house at a foreclosure sale in 2014. Filing taxes Timothy has neither gain nor loss from the foreclosure sale. Filing taxes Because he was not personally liable for the debt, he also has no cancellation of debt income. Filing taxes Example 2—abandonment of business or investment property securing nonrecourse debt. Filing taxes In 2009, Robert purchased business property for $200,000. Filing taxes He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. Filing taxes In 2013, Robert was unable to continue making his loan payments. Filing taxes 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. Filing taxes 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. Filing taxes 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). Filing taxes Robert has a $5,000 gain in tax year 2013. Filing taxes (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. Filing taxes ) The lender sells the property at a foreclosure sale in 2014. Filing taxes Robert has neither gain nor loss from the foreclosure sale. Filing taxes Because he was not personally liable for the debt, he also has no cancellation of debt income. Filing taxes Canceled debt. Filing taxes    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. Filing taxes This income is separate from any amount realized from abandonment of the property. Filing taxes You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. Filing taxes See chapter 1 for more details. Filing taxes Forms 1099-A and 1099-C. Filing taxes    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. Filing taxes 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. Filing 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. Filing taxes For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. 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Letter 1962C Frequently Asked Questions (FAQs)

What is the letter telling me?

This letter confirms your written request for a Direct Debit Installment Agreement has been approved. It explains the fees we charge for establishing your agreement. It also explains what to do if you qualify for a Low Income Fee Reduction.

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Be sure to have the amount of your payment in your checking account by the due date in the letter.

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If you are unable to have sufficient funds in your checking account, you must call us at least 10 days prior to your payment due date.

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The customer has to make one manual payment before we can begin to take payments electronically.

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If you do not ensure there are sufficient funds in your checking account, then your installment agreement will default. Your bank may charge you fees for insufficient funds.

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The telephone number will be provided in your acknowledgement letter.

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If you do not agree with this letter, call us immediately at the number included. We will do our best to help you. If you have called us about this matter before, but we did not correct the problem, you may want to contact the Office of the Taxpayer Advocate.

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The Filing Taxes

Filing taxes 7. Filing taxes   How To Get Tax Help Table of Contents Outside the U. Filing taxes S. Filing taxes Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Filing taxes Free help with your tax return. Filing taxes   You can get free help preparing your return nationwide from IRS-certified volunteers. Filing taxes The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Filing taxes The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Filing taxes Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Filing taxes In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Filing taxes To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Filing taxes gov, download the IRS2Go app, or call 1-800-906-9887. Filing taxes   As part of the TCE program, AARP offers the Tax-Aide counseling program. Filing taxes To find the nearest AARP Tax-Aide site, visit AARP's website at www. Filing taxes aarp. Filing taxes org/money/taxaide or call 1-888-227-7669. Filing taxes For more information on these programs, go to IRS. Filing taxes gov and enter “VITA” in the search box. Filing taxes Internet. Filing taxes    IRS. Filing taxes gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Filing taxes Download the free IRS2Go app from the iTunes app store or from Google Play. Filing taxes Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Filing taxes Check the status of your 2013 refund with the Where's My Refund? application on IRS. Filing taxes gov or download the IRS2Go app and select the Refund Status option. Filing taxes The IRS issues more than 9 out of 10 refunds in less than 21 days. Filing taxes Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Filing taxes You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Filing taxes The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Filing taxes Use the Interactive Tax Assistant (ITA) to research your tax questions. Filing taxes No need to wait on the phone or stand in line. Filing taxes The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Filing taxes When you reach the response screen, you can print the entire interview and the final response for your records. Filing taxes New subject areas are added on a regular basis. Filing taxes  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Filing taxes gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Filing taxes You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Filing taxes The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Filing taxes When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Filing taxes Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Filing taxes You can also ask the IRS to mail a return or an account transcript to you. Filing taxes Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Filing taxes gov or by calling 1-800-908-9946. Filing taxes Tax return and tax account transcripts are generally available for the current year and the past three years. Filing taxes Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Filing taxes Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Filing taxes If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Filing taxes Check the status of your amended return using Where's My Amended Return? Go to IRS. Filing taxes gov and enter Where's My Amended Return? in the search box. Filing taxes You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Filing taxes It can take up to 3 weeks from the date you mailed it to show up in our system. Filing taxes Make a payment using one of several safe and convenient electronic payment options available on IRS. Filing taxes gov. Filing taxes Select the Payment tab on the front page of IRS. Filing taxes gov for more information. Filing taxes Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Filing taxes Figure your income tax withholding with the IRS Withholding Calculator on IRS. Filing taxes gov. Filing taxes Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Filing taxes Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Filing taxes gov. Filing taxes Request an Electronic Filing PIN by going to IRS. Filing taxes gov and entering Electronic Filing PIN in the search box. Filing taxes Download forms, instructions and publications, including accessible versions for people with disabilities. Filing taxes Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Filing taxes gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Filing taxes An employee can answer questions about your tax account or help you set up a payment plan. Filing taxes Before you visit, check the Office Locator on IRS. Filing taxes gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Filing taxes If you have a special need, such as a disability, you can request an appointment. Filing taxes Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Filing taxes Apply for an Employer Identification Number (EIN). Filing taxes Go to IRS. Filing taxes gov and enter Apply for an EIN in the search box. Filing taxes Read the Internal Revenue Code, regulations, or other official guidance. Filing taxes Read Internal Revenue Bulletins. Filing taxes Sign up to receive local and national tax news and more by email. Filing taxes Just click on “subscriptions” above the search box on IRS. Filing taxes gov and choose from a variety of options. Filing taxes Phone. Filing taxes    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Filing taxes Download the free IRS2Go app from the iTunes app store or from Google Play. Filing taxes Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Filing taxes gov, or download the IRS2Go app. Filing taxes Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Filing taxes The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Filing taxes Most VITA and TCE sites offer free electronic filing. Filing taxes Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Filing taxes Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Filing taxes Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Filing taxes If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Filing taxes The IRS issues more than 9 out of 10 refunds in less than 21 days. Filing taxes Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Filing taxes Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Filing taxes The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Filing taxes Note, the above information is for our automated hotline. Filing taxes Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Filing taxes Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Filing taxes You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Filing taxes It can take up to 3 weeks from the date you mailed it to show up in our system. Filing taxes Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Filing taxes You should receive your order within 10 business days. Filing taxes Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Filing taxes If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Filing taxes Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Filing taxes The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Filing taxes These individuals can also contact the IRS through relay services such as the Federal Relay Service. Filing taxes    Outside the U. Filing taxes S. Filing taxes If you are outside the United States, taxpayer assistance is available by calling the following U. Filing taxes S Embassies or consulates. Filing taxes    Beijing, China (86) (10) 8531-3983 Frankfurt, Germany (49) (69) 7535-3823 London, England (44) (20) 7894-0477 Paris, France (33) (1) 4312-2555   If you cannot contact one of these offices, taxpayer assistance is also available at (267) 941-1000 (not a toll free call). Filing taxes   If you are in a U. Filing taxes S. Filing taxes territory (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and U. Filing taxes S. Filing taxes Virgin Islands) and have a tax question, you can call 1-800-829-1040. Filing taxes Walk-in. Filing taxes   You can find a selection of forms, publications and services — in-person. Filing taxes Products. Filing taxes You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Filing taxes Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Filing taxes Services. Filing taxes You can walk in to your local TAC for face-to-face tax help. Filing taxes An employee can answer questions about your tax account or help you set up a payment plan. Filing taxes Before visiting, use the Office Locator tool on IRS. Filing taxes gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Filing taxes    Outside the U. Filing taxes S. Filing taxes If you are outside the United States during the filing period (January to mid-June), you can get the necessary federal tax forms and publications from most U. Filing taxes S. Filing taxes Embassies and consulates. Filing taxes   Walk-in taxpayer assistance is available at the following U. Filing taxes S. Filing taxes Embassies or consulates. Filing taxes    Beijing, China (86) (10) 8531-3983 Frankfurt, Germany (49) (69) 7535-3811 London, England (44) (20) 7894-0477 Paris, France (33) (1) 4312-2555   Please contact the office for times when assistance will be available. Filing taxes Mail. Filing taxes   You can send your order for forms, instructions, and publications to the address below. Filing taxes You should receive a response within 10 business days after your request is received. Filing taxes Internal Revenue Service 1201 N. Filing taxes Mitsubishi Motorway Bloomington, IL 61705-6613      Outside the U. Filing taxes S. Filing taxes If you are outside the United States, you can get tax assistance by writing to the address below. Filing taxes  Internal Revenue Service International Accounts Philadelphia, PA 19255-0725 Taxpayer Advocate Service. Filing taxes   The Taxpayer Advocate Service Is Here to Help You. Filing taxes The Taxpayer Advocate Service (TAS) is your voice at the IRS. Filing taxes Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Filing taxes   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Filing taxes We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Filing taxes You face (or your business is facing) an immediate threat of adverse action. Filing taxes You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Filing taxes   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Filing taxes Here's why we can help: TAS is an independent organization within the IRS. Filing taxes Our advocates know how to work with the IRS. Filing taxes Our services are free and tailored to meet your needs. Filing taxes We have offices in every state, the District of Columbia, and Puerto Rico. Filing taxes   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Filing taxes  How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Filing taxes If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Filing taxes Outside the U. Filing taxes S. Filing taxes   If you live outside of the United States, you can call the Taxpayer Advocate at (787) 522-8601 in English or (787) 522-8600 in Spanish. Filing taxes You can contact the Taxpayer Advocate at: Internal Revenue Service Taxpayer Advocate Service City View Plaza, 48 Carr 165, Guaynabo, P. Filing taxes R. Filing taxes 00968-8000 Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Filing taxes Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Filing taxes Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Filing taxes Prev  Up  Next   Home   More Online Publications