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Free file state return only Publication 1544 - Introductory Material Table of Contents What's New Introduction What's New Future developments. Free file state return only  For the latest information about developments related to Publication 1544, such as legislation enacted after it was published, go to www. Free file state return only irs. Free file state return only gov/pub1544. Free file state return only Amending a report. Free file state return only  You can amend a prior report by checking box 1a at the top of Form 8300. Free file state return only See Amending a report, later. Free file state return only Introduction If, in a 12-month period, you receive more than $10,000 in cash from one buyer as a result of a transaction in your trade or business, you must report it to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Free file state return only This publication explains why, when, and where to report these cash payments. Free file state return only It also discusses the substantial penalties for not reporting them. Free file state return only Some organizations do not have to file Form 8300, including financial institutions who must file FinCEN Form 104 (formerly Form 4789), Currency Transaction Report, and casinos who must file FinCEN Form 103 (formerly Form 8362), Currency Transaction Report by Casinos. Free file state return only They are not discussed in this publication. Free file state return only This publication explains key issues and terms related to Form 8300. Free file state return only You should also read the instructions attached to the form. Free file state return only They explain what to enter on each line. Free file state return only Prev  Up  Next   Home   More Online Publications
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The Free File State Return Only

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