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Free Federal And State Tax Filing 2012

Free federal and state tax filing 2012 Index A Accidentes, Pérdidas deducibles. Free federal and state tax filing 2012 , Pérdidas no deducibles. Free federal and state tax filing 2012 Agencia Federal para el Manejo de Emergencias (FEMA) , cómo comunicarse con la, Cómo Comunicarse con la Agencia Federal para el Manejo de Emergencias (FEMA) Ajustes a la base, Ajuste a la base de los bienes de una sociedad anónima. Free federal and state tax filing 2012 , Ajustes a la Base Aplazamiento de la declaración de una ganancia, Aplazamiento de la Declaración de una Ganancia Bienes de reposición adquiridos antes de presentar la declaración de impuestos, Bienes de reposición adquiridos antes de presentar la declaración de impuestos. Free federal and state tax filing 2012 Bienes de reposición adquiridos después de haber presentado la declaración de impuestos, Bienes de reposición adquiridos después de haber presentado la declaración de impuestos. Free federal and state tax filing 2012 Cambio de idea, Si cambia de idea. Free federal and state tax filing 2012 Declaración enmendada, Declaración enmendada. Free federal and state tax filing 2012 Documento escrito requerido, Documento escrito requerido. Free federal and state tax filing 2012 Límite de 3 años, Límite de 3 años. Free federal and state tax filing 2012 Sustitución de los bienes de reposición, Sustitución de los bienes de reposición. Free federal and state tax filing 2012 Asistencia (see Ayuda con los impuestos) Automóviles Accidentes, Pérdidas deducibles. Free federal and state tax filing 2012 Valor justo de mercado de, Valor de automóviles. Free federal and state tax filing 2012 Ayuda (see Ayuda con los impuestos) Ayuda con los impuestos, Cómo Obtener Ayuda con los Impuestos B Base Ajustada, Base Ajustada Ajustes a, Ajuste a la base de los bienes de una sociedad anónima. Free federal and state tax filing 2012 , Ajustes a la Base Propiedad de Reposición, Base de la propiedad de reposición. Free federal and state tax filing 2012 Base ajustada, Base Ajustada Bienes de reposición, Bienes de Reposición Ajuste a la base de los bienes de una sociedad anónima, Ajuste a la base de los bienes de una sociedad anónima. Free federal and state tax filing 2012 Aplazamiento de la declaración de una ganancia, Bienes de reposición adquiridos antes de presentar la declaración de impuestos. Free federal and state tax filing 2012 Pago adelantado, Pago adelantado. Free federal and state tax filing 2012 Vivienda principal Ubicada en zona de desastre, Vivienda principal en una zona de desastre. Free federal and state tax filing 2012 Bienes de uso personal Cómo declarar pérdidas y ganancias, Bienes de uso personal. Free federal and state tax filing 2012 Bienes extraviados o perdidos, Bienes extraviados o perdidos. Free federal and state tax filing 2012 Bienes muebles Deducción de pérdidas, cálculo de, Bienes muebles. Free federal and state tax filing 2012 Bienes raíces de uso personal, Excepción en el caso de bienes inmuebles de uso personal. Free federal and state tax filing 2012 Bienes robados (see Pérdidas por robo) Bienes robados recuperados, Bienes robados recuperados. Free federal and state tax filing 2012 C Comentarios sobre la publicación, Comentarios y sugerencias. Free federal and state tax filing 2012 Cómo aplazar la declaración de una ganancia, Cómo Aplazar la Declaración de una Ganancia Cómo calcular una ganancia, Propiedad usada en parte para fines comerciales y en parte para fines personales. Free federal and state tax filing 2012 Cómo calcular una pérdida, Comprobación de las pérdidas por robo. Free federal and state tax filing 2012 Base ajustada, Base Ajustada Pérdidas en zonas de desastre, Cómo calcular la deducción de pérdidas. Free federal and state tax filing 2012 Seguro y otros reembolsos, Seguro y Otros Reembolsos Cómo Calcular una Pérdida, Cómo Calcular la Deducción Cómo declarar pérdidas y ganancias, Declaración de una ganancia. Free federal and state tax filing 2012 , Cómo Declarar Pérdidas y Ganancias Adquiridos antes o después de presentar la declaración de impuestos, Cuándo Declarar Pérdidas y Ganancias Base, ajustes a la, Ajustes a la Base Bienes de uso personal, Bienes de uso personal. Free federal and state tax filing 2012 Deducciones mayores al ingreso, Si las Deducciones son Mayores que el Ingreso Depósitos monetarios, Cómo se declaran las pérdidas de depósitos monetarios. Free federal and state tax filing 2012 Tabla 1, Tabla 1. Free federal and state tax filing 2012 Cómo Declarar la Pérdida de Depósitos Monetarios Pérdidas en zonas de desastre, Cómo declarar la pérdida en el Formulario 1040X. Free federal and state tax filing 2012 Propiedad comercial y de generación de ingresos, Bienes comerciales y de generación de ingresos. Free federal and state tax filing 2012 Comprobación de las Pérdidas, Comprobación de las Pérdidas Contribuyentes casados Límites de la deducción, Contribuyentes casados. Free federal and state tax filing 2012 , Contribuyentes casados. Free federal and state tax filing 2012 Costos Fotografías tomadas después de la pérdida, Costos de fotografías y tasaciones. Free federal and state tax filing 2012 Gastos imprevistos, Gastos afines. Free federal and state tax filing 2012 Jardines, Jardines. Free federal and state tax filing 2012 Limpieza, Costos de limpieza y reparaciones. Free federal and state tax filing 2012 Protección, Costos de protección. Free federal and state tax filing 2012 Reparaciones, Costos de limpieza y reparaciones. Free federal and state tax filing 2012 Reposición, Costos de reposición. Free federal and state tax filing 2012 Tasaciones, Costos de fotografías y tasaciones. Free federal and state tax filing 2012 Costos de limpieza, Costos de limpieza y reparaciones. Free federal and state tax filing 2012 Costos de protección, Costos de protección. Free federal and state tax filing 2012 Costos de reparación, Costos de limpieza y reparaciones. Free federal and state tax filing 2012 Costos de reposición, Costos de reposición. Free federal and state tax filing 2012 D Declaración enmendada, Declaración enmendada. Free federal and state tax filing 2012 Defensor del Contribuyente, El Servicio del Defensor del Contribuyente está aquí para ayudarlo a usted. Free federal and state tax filing 2012 Desastres declarados por el gobierno federal, Propiedad comercial o de generación de ingresos ubicada en una zona de desastre declarada por el gobierno federal. Free federal and state tax filing 2012 , Pérdidas en Zonas de Desastre Deudas incobrables, Deudas incobrables no relacionadas con los negocios. Free federal and state tax filing 2012 Deudas incobrables no relacionadas con los negocios, Deudas incobrables no relacionadas con los negocios. Free federal and state tax filing 2012 Documentación de la pérdida, Comprobación de las pérdidas por robo. Free federal and state tax filing 2012 Donaciones en efectivo, Donaciones en efectivo. Free federal and state tax filing 2012 E Entidad afín, compra de bienes de reposición de una, Compra de bienes de reposición de una entidad afín. Free federal and state tax filing 2012 Esquemas de inversión de tipo Ponzi , Pérdidas provenientes de esquemas de inversión de tipo Ponzi (Ponzi-type schemes). Free federal and state tax filing 2012 Expropiaciones forzosas, Expropiaciones forzosas. Free federal and state tax filing 2012 F Fallecimiento de un contribuyente Aplazamiento de la declaración de una ganancia, Fallecimiento de un contribuyente. Free federal and state tax filing 2012 Fines comerciales, propiedad usada en parte para, Propiedad usada en parte para fines comerciales y en parte para fines personales. Free federal and state tax filing 2012 Fondo de emergencia del empleador en caso de desastre, Fondo de emergencia del empleador en caso de desastre. Free federal and state tax filing 2012 Formulario 1040, Anexo A, Bienes de uso personal. Free federal and state tax filing 2012 Formulario 1040, Anexo D, Bienes de uso personal. Free federal and state tax filing 2012 Formulario 1040X Pérdidas en zonas de desastre, Cómo declarar la pérdida en el Formulario 1040X. Free federal and state tax filing 2012 Formulario 4684 Cómo declarar pérdidas y ganancias en bienes de uso personal, Bienes de uso personal. Free federal and state tax filing 2012 Fotografías Documentación de la pérdida, Costos de fotografías y tasaciones. Free federal and state tax filing 2012 G Ganancias Aplazamiento de, Aplazamiento de la Declaración de una Ganancia, Cómo Aplazar la Declaración de una Ganancia Cómo calcular, Cómo Calcular una Ganancia Cómo declarar, Cómo Comunicarse con la Agencia Federal para el Manejo de Emergencias (FEMA) Cuándo declarar, Si cambia de idea. Free federal and state tax filing 2012 Reembolsos, Ganancias por reembolsos. Free federal and state tax filing 2012 Gastos afines, Gastos afines. Free federal and state tax filing 2012 Gastos imprevistos, Gastos afines. Free federal and state tax filing 2012 I Información adicional (see Ayuda con los impuestos) J Jardines, Jardines. 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Free federal and state tax filing 2012 , Tabla 3. Free federal and state tax filing 2012 Cuándo deducir una pérdida por hecho fortuito o robo Cuándo declarar, Pérdidas de depósitos monetarios. Free federal and state tax filing 2012 Pérdidas deducibles, Pérdidas deducibles. Free federal and state tax filing 2012 Pérdidas en Zonas de Desastre Cómo calcular la deducción de pérdidas, Cómo calcular la deducción de pérdidas. Free federal and state tax filing 2012 Cómo deducir la pérdida del año anterior, Cómo deducir la pérdida del año anterior. Free federal and state tax filing 2012 Cuándo deducir, Cuándo deducir la pérdida. Free federal and state tax filing 2012 Tabla 3, Tabla 3. Free federal and state tax filing 2012 Cuándo deducir una pérdida por hecho fortuito o robo Declaración en una declaración enmendada, Declaración de pérdida por desastre en declaración de impuestos enmendada. Free federal and state tax filing 2012 Desastre declarado por el gobierno federal, Propiedad comercial o de generación de ingresos ubicada en una zona de desastre declarada por el gobierno federal. Free federal and state tax filing 2012 , Pérdidas en Zonas de Desastre Documentación, Documentación. Free federal and state tax filing 2012 Formulario 1040X, Cómo declarar la pérdida en el Formulario 1040X. Free federal and state tax filing 2012 Inventario, Pérdida de inventario por desastre. Free federal and state tax filing 2012 Pagos calificados de asistencia en caso de desastre, Pagos calificados de asistencia en caso de desastre. Free federal and state tax filing 2012 Pagos calificados para mitigación de desastres, Pagos calificados para mitigación de desastres. Free federal and state tax filing 2012 Plazos Tributarios Aplazados, Zona de desastre con cobertura. Free federal and state tax filing 2012 Préstamo federal cancelado, Préstamo federal cancelado. Free federal and state tax filing 2012 Reglas para vivienda principal, Vivienda principal en zona de desastre. Free federal and state tax filing 2012 , Ganancias. Free federal and state tax filing 2012 Vivienda inhabitable, Vivienda inhabitable por desastre. Free federal and state tax filing 2012 Pérdidas en zonas de desastre, Pérdida del inquilino. Free federal and state tax filing 2012 Pérdidas no deducibles, Pérdidas no deducibles. Free federal and state tax filing 2012 Pérdidas por hecho fortuito, Tabla 3. Free federal and state tax filing 2012 Cuándo deducir una pérdida por hecho fortuito o robo Comprobación de las, Comprobación de las pérdidas por hecho fortuito. Free federal and state tax filing 2012 Cuándo declarar, Pérdidas. Free federal and state tax filing 2012 Definición, Hecho Fortuito Depósitos monetarios, pérdidas de, Pérdida ordinaria o por hechos fortuitos. Free federal and state tax filing 2012 Deterioro progresivo, Deterioro progresivo. 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Free federal and state tax filing 2012 Subsidios federales de asistencia en caso de desastre, Subsidios federales de asistencia en caso de desastre. Free federal and state tax filing 2012 Sugerencias para la publicación, Comentarios y sugerencias. Free federal and state tax filing 2012 T Tablas y figuras Cómo Declarar la Pérdida de Depósitos Monetarios (Tabla 1), Tabla 1. Free federal and state tax filing 2012 Cómo Declarar la Pérdida de Depósitos Monetarios Cuándo Deducir una Pérdida por Hecho Fortuito (Tabla 3), Tabla 1. Free federal and state tax filing 2012 Cómo Declarar la Pérdida de Depósitos Monetarios , Tabla 3. Free federal and state tax filing 2012 Cuándo deducir una pérdida por hecho fortuito o robo Tasaciones, Tasaciones. Free federal and state tax filing 2012 , Costos de fotografías y tasaciones. Free federal and state tax filing 2012 V Valor justo de mercado Cálculo de la disminución de, Disminución del Valor Justo de Mercado Puntos a no tener en cuenta, Cómo Calcular la Disminución del Valor Justo de Mercado —Puntos a No Tener en Cuenta Puntos a tener en cuenta, Cómo Calcular la Disminución del Valor Justo de Mercado —Puntos a Tener en Cuenta Disminución del valor de mercado de la propiedad en la zona del hecho fortuito o en sus alrededores, Disminución del valor de mercado de la propiedad en la zona del hecho fortuito o en sus alrededores. Free federal and state tax filing 2012 Valor sentimental, Valor sentimental. Free federal and state tax filing 2012 Prev  Up     Home   More Online Publications
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Tax Relief for Victims of Hurricane Sandy in Rhode Island

RI-2012-30, Nov. 15, 2012

BOSTON — Victims of Hurricane Sandy that began on Oct. 26, 2012 in parts of Rhode Island may qualify for tax relief from the Internal Revenue Service.

The President has declared Newport and Washington counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Oct. 26, and on or before Feb. 1, have been postponed to Feb. 1, 2013.  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Oct. 26, and on or before Nov. 26, as long as the deposits are made by Nov. 26, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area need to call the IRS disaster hotline at 866-562-5227 to request this tax relief.

For a full description of the relief being provided by the IRS to the victims of Hurricane Sandy, visit IRS.gov.

Covered Disaster Area

The counties above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Feb. 1 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Oct. 26 and on or before Feb. 1.

The IRS also gives affected taxpayers until Feb. 1 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Oct. 26 and on or before Feb. 1.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Oct. 26 and on or before Nov. 26 provided the taxpayer makes these deposits by Nov. 26.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Rhode Island/Hurricane Sandy” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Disaster Assistance and Emergency Relief for Individuals and Businesses

Recent IRS Disaster Relief Announcements

 

Page Last Reviewed or Updated: 05-Nov-2013

The Free Federal And State Tax Filing 2012

Free federal and state tax filing 2012 3. Free federal and state tax filing 2012   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. Free federal and state tax filing 2012 Whether an abandonment has occurred is determined in light of all the facts and circumstances. Free federal and state tax filing 2012 You must both show an intention to abandon the property and affirmatively act to abandon the property. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 For more information, see Sales and Exchanges in Publication 544. Free federal and state tax filing 2012 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). Free federal and state tax filing 2012 See Publication 544 if you abandoned property that did not secure debt. Free federal and state tax filing 2012 This publication only discusses the tax consequences of abandoning property that secured a debt. Free federal and state tax filing 2012 Abandonment of property securing recourse debt. Free federal and state tax filing 2012    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. Free federal and state tax filing 2012 For details on figuring gain or loss on the foreclosure, see chapter 2. Free federal and state tax filing 2012 Example 1—abandonment of personal-use property securing recourse debt. Free federal and state tax filing 2012 In 2009, Anne purchased a home for $200,000. Free federal and state tax filing 2012 She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. Free federal and state tax filing 2012 In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 Example 2—abandonment of business or investment property securing recourse debt. Free federal and state tax filing 2012 In 2009, Sue purchased business property for $200,000. Free federal and state tax filing 2012 She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. Free federal and state tax filing 2012 In 2013, Sue was unable to continue making her loan payments. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 Abandonment of property securing nonrecourse debt. Free federal and state tax filing 2012    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. Free federal and state tax filing 2012   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. Free federal and state tax filing 2012 If the amount you realize is more than your adjusted basis, then you have a gain. Free federal and state tax filing 2012 If your adjusted basis is more than the amount you realize, then you have a loss. Free federal and state tax filing 2012 For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. Free federal and state tax filing 2012   Loss from abandonment of business or investment property is deductible as a loss. Free federal and state tax filing 2012 The character of the loss depends on the character of the property. Free federal and state tax filing 2012 The amount of deductible capital loss may be limited. Free federal and state tax filing 2012 For more information, see Treatment of Capital Losses in Publication 544. Free federal and state tax filing 2012 You cannot deduct any loss from abandonment of your home or other property held for personal use. Free federal and state tax filing 2012 Example 1—abandonment of personal-use property securing nonrecourse debt. Free federal and state tax filing 2012 In 2009, Timothy purchased a home for $200,000. Free federal and state tax filing 2012 He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. Free federal and state tax filing 2012 In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. Free federal and state tax filing 2012 Timothy has a $15,000 nondeductible loss in tax year 2013. Free federal and state tax filing 2012 (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. Free federal and state tax filing 2012 ) The bank sells the house at a foreclosure sale in 2014. Free federal and state tax filing 2012 Timothy has neither gain nor loss from the foreclosure sale. Free federal and state tax filing 2012 Because he was not personally liable for the debt, he also has no cancellation of debt income. Free federal and state tax filing 2012 Example 2—abandonment of business or investment property securing nonrecourse debt. Free federal and state tax filing 2012 In 2009, Robert purchased business property for $200,000. Free federal and state tax filing 2012 He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. Free federal and state tax filing 2012 In 2013, Robert was unable to continue making his loan payments. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 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). Free federal and state tax filing 2012 Robert has a $5,000 gain in tax year 2013. Free federal and state tax filing 2012 (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. Free federal and state tax filing 2012 ) The lender sells the property at a foreclosure sale in 2014. Free federal and state tax filing 2012 Robert has neither gain nor loss from the foreclosure sale. Free federal and state tax filing 2012 Because he was not personally liable for the debt, he also has no cancellation of debt income. Free federal and state tax filing 2012 Canceled debt. Free federal and state tax filing 2012    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. Free federal and state tax filing 2012 This income is separate from any amount realized from abandonment of the property. Free federal and state tax filing 2012 You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. Free federal and state tax filing 2012 See chapter 1 for more details. Free federal and state tax filing 2012 Forms 1099-A and 1099-C. Free federal and state tax filing 2012    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. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 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. Free federal and state tax filing 2012 For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Free federal and state tax filing 2012 Prev  Up  Next   Home   More Online Publications