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Hrblock free Publication 4681 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. Hrblock free Tax questions. Hrblock free Useful Items - You may want to see: Common Situations Covered In This Publication Reminder Future Developments. Hrblock free Information about any future developments affecting Publication 4681 (such as legislation enacted after we release it) will be posted at www. Hrblock free irs. Hrblock free gov/pub4681. Hrblock free Photographs of missing children. Hrblock free The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Hrblock free Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. Hrblock free 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. Hrblock free Introduction This publication explains the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments. Hrblock free Generally, if you owe a debt to someone else and they cancel or forgive that debt for less than its full amount, you are treated for income tax purposes as having income and may have to pay tax on this income. Hrblock free Note. Hrblock free This publication generally refers to debt that is canceled, forgiven, or discharged for less than the full amount of the debt as “canceled debt. Hrblock free ” Sometimes a debt, or part of a debt, that you do not have to pay is not considered canceled debt. Hrblock free These exceptions are discussed later under Exceptions . Hrblock free Sometimes a canceled debt may be excluded from your income. Hrblock free But if you do exclude canceled debt from income, you may be required to reduce your “tax attributes. Hrblock free ” These exclusions and the reduction of tax attributes associated with them are discussed later under Exclusions . Hrblock free Foreclosure and repossession are remedies that your lender may exercise if you fail to make payments on your loan and you have previously granted that lender a mortgage or other security interest in some of your property. Hrblock free These remedies allow the lender to seize or sell the property securing the loan. Hrblock free When your property is foreclosed upon or repossessed and sold, you are treated as having sold the property and you may recognize taxable gain. Hrblock free Whether you also recognize income from canceled debt depends in part on whether you are personally liable for the debt and in part on whether the outstanding loan balance is more than the fair market value (FMV) of the property. Hrblock free Figuring your gain or loss and income from canceled debt arising from a foreclosure or repossession is discussed later under Foreclosures and Repossessions . Hrblock free Generally, you abandon property when you voluntarily and permanently give up possession and use of property you own with the intention of ending your ownership but without passing it on to anyone else. Hrblock free Figuring your gain or loss and income from canceled debt arising from an abandonment is discussed later under Abandonments . Hrblock free This publication also includes detailed examples with filled-in forms. Hrblock free Comments and suggestions. Hrblock free We welcome your comments about this publication and your suggestions for future editions. Hrblock free You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Hrblock free NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Hrblock free Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Hrblock free You can send your comments from www. Hrblock free irs. Hrblock free gov/formspubs. Hrblock free Click on “More Information” and then on “Comment on Tax Forms and Publications”. Hrblock free 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. Hrblock free Ordering forms and publications. Hrblock free Visit www. Hrblock free irs. Hrblock free 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. Hrblock free Internal Revenue Service 1201 N. Hrblock free Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Hrblock free If you have a tax question, check the information available on IRS. Hrblock free gov or call 1-800-829-1040. Hrblock free We cannot answer tax questions sent to either of the above addresses. Hrblock free Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1099-C Cancellation of Debt 1099-DIV Dividends and Distributions 3800 General Business Credit Common Situations Covered In This Publication The sections of this publication that apply to you depend on the type of debt canceled, the tax attributes you have, and whether or not you continue to own the property that was subject to the debt. Hrblock free Some examples of common circumstances are provided in the following paragraphs to help guide you through this publication. Hrblock free These examples do not cover every situation but are intended to provide general guidance for the most common situations. Hrblock free Nonbusiness credit card debt cancellation. Hrblock free If you had a nonbusiness credit card debt canceled, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. Hrblock free You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. Hrblock free If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. Hrblock free Personal vehicle repossession. Hrblock free If you had a personal vehicle repossessed and disposed of by the lender during the year, you will need to determine your gain or nondeductible loss on the disposition. Hrblock free This is explained in chapter 2 . Hrblock free If the lender also canceled all or part of the remaining amount of the loan, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. Hrblock free You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. Hrblock free If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. Hrblock free Main home foreclosure or abandonment. Hrblock free If a lender foreclosed on your main home during the year, you will need to determine your gain or loss on the foreclosure. Hrblock free Foreclosures are explained in chapter 2 and abandonments are explained in chapter 3. Hrblock free If the lender also canceled all or part of the remaining amount on the mortgage loan and you were personally liable for the debt, you should also read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. Hrblock free Detailed Example 2 and Example 3 in chapter 4 use filled-in forms to help explain these provisions. Hrblock free Main home loan modification (workout agreement). Hrblock free If a lender agrees to a mortgage loan modification (a “workout”) that includes a reduction in the principal balance of the loan, you should read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. Hrblock free If you can exclude part or all of the canceled debt from income, you should also read Qualified Principal Residence Indebtedness under Reduction of Tax Attributes in chapter 1. Hrblock free Detailed Example 1 in chapter 4 uses filled-in forms to help explain the tax implications of a mortgage workout scenario. Hrblock free Prev Up Next Home More Online Publications
Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes; Ruling Provides Certainty, Benefits and Protections Under Federal Tax Law for Same-Sex Married Couples
Note: On Sept. 23, 2013 IRS issued Notice 2013-61 providing guidance for employers and employees to claim refunds or adjust overpayments of FICA taxes and employment taxes with respect to certain benefits and remunerations provided to same-sex spouses.
IR-2013-72, Aug. 29, 2013
WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.
The ruling implements federal tax aspects of the June 26 Supreme Court decision invalidating a key provision of the 1996 Defense of Marriage Act.
Under the ruling, same-sex couples will be treated as married for all federal tax purposes, including income and gift and estate taxes. The ruling applies to all federal tax provisions where marriage is a factor, including filing status, claiming personal and dependency exemptions, taking the standard deduction, employee benefits, contributing to an IRA and claiming the earned income tax credit or child tax credit.
Any same-sex marriage legally entered into in one of the 50 states, the District of Columbia, a U.S. territory or a foreign country will be covered by the ruling. However, the ruling does not apply to registered domestic partnerships, civil unions or similar formal relationships recognized under state law.
Legally-married same-sex couples generally must file their 2013 federal income tax return using either the married filing jointly or married filing separately filing status.
Individuals who were in same-sex marriages may, but are not required to, file original or amended returns choosing to be treated as married for federal tax purposes for one or more prior tax years still open under the statute of limitations.
Generally, the statute of limitations for filing a refund claim is three years from the date the return was filed or two years from the date the tax was paid, whichever is later. As a result, refund claims can still be filed for tax years 2010, 2011 and 2012. Some taxpayers may have special circumstances, such as signing an agreement with the IRS to keep the statute of limitations open, that permit them to file refund claims for tax years 2009 and earlier.
Additionally, employees who purchased same-sex spouse health insurance coverage from their employers on an after-tax basis may treat the amounts paid for that coverage as pre-tax and excludable from income.
How to File a Claim for Refund
Taxpayers who wish to file a refund claim for income taxes should use Form 1040X, Amended U.S. Individual Income Tax Return.
Taxpayers who wish to file a refund claim for gift or estate taxes should file Form 843, Claim for Refund and Request for Abatement. For information on filing an amended return, see Tax Topic 308, Amended Returns, available on IRS.gov, or the Instructions to Forms 1040X and 843. Information on where to file your amended returns is available in the instructions to the form.
Treasury and the IRS intend to issue streamlined procedures for employers who wish to file refund claims for payroll taxes paid on previously-taxed health insurance and fringe benefits provided to same-sex spouses. Treasury and IRS also intend to issue further guidance on cafeteria plans and on how qualified retirement plans and other tax-favored arrangements should treat same-sex spouses for periods before the effective date of this Revenue Ruling.
Other agencies may provide guidance on other federal programs that they administer that are affected by the Code.
Revenue Ruling 2013-17, along with updated Frequently Asked Questions for same-sex couples and updated FAQs for registered domestic partners and individuals in civil unions, are available today on IRS.gov. See also Publication 555, Community Property.
Treasury and the IRS will begin applying the terms of Revenue Ruling 2013-17 on Sept. 16, 2013, but taxpayers who wish to rely on the terms of the Revenue Ruling for earlier periods may choose to do so, as long as the statute of limitations for the earlier period has not expired.
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Page Last Reviewed or Updated: 30-Sep-2013
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Hrblock free Index A Accelerated death benefits, Accelerated Death Benefits, Accelerated death benefits. Hrblock free Archer MSA, HSA, Archer MSA, or Medicare Advantage MSA, HSA, Archer MSA, or a Medicare Advantage MSA. Hrblock free Assistance (see Tax help) Astronauts Tax forgiveness, Astronauts B Basis Inherited property, Basis of Inherited Property Joint interest property, Joint interest. Hrblock free Qualified joint interest, Qualified joint interest. Hrblock free Beneficiary Basis of property, Basis of Inherited Property Character of distributions, Character of Distributions Excess deductions, Excess deductions. Hrblock free Income received, Other Items of Income Liability, estate's income tax, Liability of the beneficiary. Hrblock free Nonresident alien, Nonresident alien beneficiary. Hrblock free Reporting distributions, How and When To Report Successor, Successor beneficiary. Hrblock free Treatment of distributions, Distributions to Beneficiaries Unused loss carryovers, Unused loss carryovers. Hrblock free Bequest Defined, Bequest Property received, Gifts, Insurance, and Inheritances C Claim, credit or refund, Claim for Credit or Refund Combat zone, Combat Zone Comments, Comments and suggestions. Hrblock free Coverdell education savings account (ESA), Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). Hrblock free Credit Child tax, Child tax credit. Hrblock free Earned income, Earned income credit. Hrblock free Elderly or disabled, Credit for the elderly or the disabled. Hrblock free Final return for decedent, Credits General business, General business tax credit. Hrblock free D Death benefits Accelerated, Accelerated Death Benefits, Accelerated death benefits. Hrblock free Public safety officers, Death benefits. Hrblock free Decedent Final return, Final Income Tax Return for Decedent—Form 1040 Income in respect of, Income in Respect of a Decedent Deductions Estate tax, Estate Tax Deduction In respect of decedent, Deductions in Respect of a Decedent Medical expenses, Medical Expenses Standard, Standard Deduction Distributable net income, Distributable net income. Hrblock free Distributions Deduction, Income Distribution Deduction Limit on deduction, Tax-exempt income not deductible. Hrblock free Not treated as bequests, Distributions not treated as bequests. Hrblock free Property, in kind, Property distributed in kind. Hrblock free E Education savings account, Coverdell, Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). Hrblock free Estate Income tax return, Income Tax Return of an Estate— Form 1041 Insolvent, Insolvent estate. Hrblock free Period of administration, Period of Administration Tax deduction, Estate Tax Deduction Termination, Termination of Estate Transfer of unused deductions, Transfer of Unused Deductions to Beneficiaries Estate tax deduction, Estate Tax Deduction Estimated tax, Estimated tax. Hrblock free , Transfer of Credit for Estimated Tax Payments Example Comprehensive, Comprehensive Example Decedent's final return, Final Return for Decedent—Form 1040 Estate's tax return, Income Tax Return of an Estate—Form 1041 Exemption Estate's tax return, Exemption Deduction Final return for decedent, Exemptions Expenses Accrued, Accrued expenses. Hrblock free Administration, Administration Expenses Deductions in respect of decedent, Deductions in Respect of a Decedent Funeral, Funeral and Medical Expenses Medical, Medical Expenses, Medical and dental expenses of a decedent. Hrblock free Extension to file Form 1041, Extension of time to file. Hrblock free F Fiduciary relationship, Notice of fiduciary relationship. Hrblock free Filing requirements Decedent's final return, Filing Requirements Estate's tax return, Filing Requirements Final return for decedent Credits, Credits Exemption and deductions, Exemptions and Deductions Filing requirements, Filing Requirements Income to include, Income To Include Joint return, Joint Return Name, address, and signature, Name, Address, and Signature Other taxes, Other Taxes Payments, Payments of Tax When and where to file, When and Where To File Who must file, Final Income Tax Return for Decedent—Form 1040 Form 1040NR, Nonresident Alien, Filing Requirements 1041, Income Tax Return of an Estate— Form 1041 1042, Nonresident alien beneficiary. Hrblock free 1310, Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. Hrblock free 4810, Form 4810. Hrblock free 56, Notice of fiduciary relationship. Hrblock free 6251, Form 6251. Hrblock free 706, Estate and Gift Taxes SS–4, Identification number. Hrblock free Free tax services, Free help with your tax return. Hrblock free Funeral expenses, Funeral expenses. Hrblock free G Gift, property, Gifts, Insurance, and Inheritances H Help (see Tax help) I Identification number, application, Identification number. Hrblock free Income Community, Community Income Distributable net income, Distributable net income. Hrblock free Distributed currently, Income That Must Be Distributed Currently Interest and dividend, Interest and Dividend Income (Forms 1099) Partnership, final return, Partnership Income S corporation, S Corporation Income Self-employment, Self-Employment Income Income in respect of decedent, Income in Respect of a Decedent, Inherited IRAs. Hrblock free Income tax return of an estate Credits, tax, and payments, Credits, Tax, and Payments Exemption and deductions, Exemption and Deductions Filing requirements, Filing Requirements Income to include, Income To Include Name, address, and signature, Name, Address, and Signature When and where to file, When and Where To File Inherited IRAs, Inherited IRAs. Hrblock free Inherited property, Gifts, Insurance, and Inheritances Installment obligations, Installment obligations. Hrblock free , Installment obligations. Hrblock free Insurance, Insurance J Joint return Revoked by personal representative, Personal representative may revoke joint return election. Hrblock free Who can file, Joint Return L Losses Deduction on final return, Deduction for Losses Estate's tax return, Losses M Military or terrorist actions Claim for credit or refund, Claim for Credit or Refund Defined, Military or terrorist action defined. Hrblock free Tax forgiveness, Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts N Notice of fiduciary relationship Form 56, Notice of fiduciary relationship. Hrblock free P Partnership income, Partnership Income, Partnership income. Hrblock free Penalty Information returns, Penalty. Hrblock free Substantial valuation misstatement, Valuation misstatements. Hrblock free Personal representative Defined, Personal Representative Duties, Duties Fees received, Fees Received by Personal Representatives Penalty, Penalty. Hrblock free , Penalty. Hrblock free Prompt assessment, request, Request for prompt assessment (charge) of tax. Hrblock free Public safety officers, death benefits, Death benefits. Hrblock free Publications (see Tax help) R Refund File for decedent, Refund Military or terrorist action deaths, Claim for Credit or Refund Release from liability, Request for discharge from personal liability for tax. Hrblock free Return Decedent's final, Final Income Tax Return for Decedent—Form 1040 Estate's income tax, Income Tax Return of an Estate— Form 1041 Information, Information Returns Roth IRA, Roth IRAs. Hrblock free S Separate shares rule, Separate shares rule. Hrblock free Suggestions, Comments and suggestions. Hrblock free Survivors Income, Other Items of Income Tax benefits, Tax Benefits for Survivors T Tax Alternative minimum Estate, Alternative minimum tax (AMT). Hrblock free Individuals, Alternative minimum tax (AMT). Hrblock free Benefits, survivors, Tax Benefits for Survivors Estimated, estate, Estimated tax. Hrblock free , Transfer of Credit for Estimated Tax Payments Payments, final return, Payments of Tax Refund of income (claim), Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. Hrblock free Self-employment, Self-employment tax. Hrblock free Transfer of credit, Transfer of Credit for Estimated Tax Payments Tax help, How To Get Tax Help Terrorist action, tax relief, Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts Terrorist victim, Specified Terrorist Victim TTY/TDD information, How To Get Tax Help V Valuation method Inherited property, Basis of Inherited Property Special-use, Special-use valuation. Hrblock free Victims of terrorist attacks, Specified Terrorist Victim W Widows and widowers, tax benefits, Qualifying widows and widowers. Hrblock free Prev Up Home More Online Publications