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My free taxes 2. My free taxes   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. My free taxes Amount realized on a nonrecourse debt. My free taxes If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. My free taxes The foreclosure or repossession is treated as a sale from which you may realize gain or loss. My free taxes This is true even if you voluntarily return the property to the lender. My free taxes If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. My free taxes You must report this income on your return unless certain exceptions or exclusions apply. My free taxes See chapter 1 for more details. My free taxes Borrower's gain or loss. My free taxes    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. My free taxes The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). My free taxes The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). My free taxes For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. My free taxes You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. My free taxes Amount realized and ordinary income on a recourse debt. My free taxes    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. My free taxes The amount realized also includes any proceeds you received from the foreclosure sale. My free taxes If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. My free taxes You must report this income on your return unless certain exceptions or exclusions apply. My free taxes See chapter 1 for more details. My free taxes       Example 1. My free taxes Tara bought a new car for $15,000. My free taxes She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. My free taxes Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. My free taxes On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. My free taxes The balance due after taking into account the payments Tara made was $10,000. My free taxes The FMV of the car when it was repossessed was $9,000. My free taxes On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. My free taxes In this case, the amount Tara realizes is $9,000. My free taxes This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. My free taxes Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. My free taxes She has a $6,000 nondeductible loss. My free taxes After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). My free taxes Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. My free taxes Example 2. My free taxes Lili paid $200,000 for her home. My free taxes She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. My free taxes Lili is personally liable for the mortgage loan and the house secures the loan. My free taxes In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. My free taxes When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. My free taxes At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). My free taxes She remained personally liable for the $8,000 balance. My free taxes In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. My free taxes The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). My free taxes She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. My free taxes Lili must also determine her gain or loss from the foreclosure. My free taxes In this case, the amount that she realizes is $170,000. My free taxes This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. My free taxes Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. My free taxes She has a $5,000 nondeductible loss. My free taxes Table 1-1. My free taxes Worksheet for Foreclosures and Repossessions Part 1. My free taxes Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). My free taxes Otherwise, go to Part 2. My free taxes 1. My free taxes Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. My free taxes Enter the fair market value of the transferred property   3. My free taxes Ordinary income from the cancellation of debt upon foreclosure or repossession. My free taxes * Subtract line 2 from line 1. My free taxes If less than zero, enter zero. My free taxes Next, go to Part 2   Part 2. My free taxes Gain or loss from foreclosure or repossession. My free taxes   4. My free taxes Enter the smaller of line 1 or line 2. My free taxes If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. My free taxes Enter any proceeds you received from the foreclosure sale   6. My free taxes Add line 4 and line 5   7. My free taxes Enter the adjusted basis of the transferred property   8. My free taxes Gain or loss from foreclosure or repossession. My free taxes Subtract line 7 from line 6   * The income may not be taxable. My free taxes See chapter 1 for more details. My free taxes Amount realized on a nonrecourse debt. My free taxes    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. My free taxes This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. My free taxes Example 1. My free taxes Tara bought a new car for $15,000. My free taxes She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. My free taxes Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. My free taxes On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. My free taxes The balance due after taking into account the payments Tara made was $10,000. My free taxes The FMV of the car when it was repossessed was $9,000. My free taxes The amount Tara realized on the repossession is $10,000. My free taxes That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. My free taxes Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. My free taxes Tara has a $5,000 nondeductible loss. My free taxes Example 2. My free taxes Lili paid $200,000 for her home. My free taxes She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. My free taxes She is not personally liable for the loan, but grants the bank a mortgage. My free taxes The bank foreclosed on the mortgage because Lili stopped making payments. My free taxes When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. My free taxes The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. My free taxes She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. My free taxes Lili has a $5,000 realized gain. My free taxes See Publication 523 to figure and report any taxable amount. My free taxes Forms 1099-A and 1099-C. My free taxes    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. My free taxes However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. My free 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. My free taxes For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. My free taxes Prev  Up  Next   Home   More Online Publications
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The My Free Taxes

My free taxes Index A Archer MSAs, Archer MSAs, Employment taxes. My free taxes Assistance (see Tax help) C Contributions to FSA, Contributions to an FSA HRA, Contributions to an HRA HSA, Contributions to an HSA MSA, Contributions to an MSA D Death of HSA holder, Death of HSA Holder MSA holder, Death of the Archer MSA Holder Distributions from FSA, Distributions From an FSA HRA, Distributions From an HRA HSA, Distributions From an HSA MSA, Distributions From an MSA E Employer participation FSA, Employer Participation HRA, Employer Participation HSA, Employer Participation MSA, Employer Participation F Flexible Spending Arrangements Grace Period, Health FSA – grace period. My free taxes Flexible spending arrangements, Flexible Spending Arrangements (FSAs), Employer Participation Balance in, Balance in an FSA Contributions to, Contributions to an FSA Distributions from, Distributions From an FSA Qualifying for, Qualifying for an FSA When to contribute, When To Contribute Form 5329, Excess contributions. My free taxes , Excess contributions. My free taxes 5498–SA, Form 8889. My free taxes , Reporting Contributions on Your Return 8853, Additional tax. My free taxes , Filing Form 8853 8889, Form 8889. My free taxes , Additional tax. My free taxes , Filing Form 8889 Free tax services, Free help with your tax return. My free taxes H Health plans, high deductible, High deductible health plan (HDHP). My free taxes , High deductible health plan (HDHP). My free taxes Health reimbursement arrangements, Health Reimbursement Arrangements (HRAs), Employer Participation Balance in, Balance in an HRA Contributions to, Contributions to an HRA Distributions from, Distributions From an HRA Qualifying for, Qualifying for an HRA Health savings accounts, Health Savings Accounts (HSAs), Employment taxes. My free taxes Balance in, Balance in an HSA Contributions to, Contributions to an HSA Deemed distributions, Deemed distributions from HSAs. My free taxes Distributions from, Distributions From an HSA Last-month rule, Last-month rule. My free taxes Partnerships, Reporting Contributions on Your Return Qualifying for, Qualifying for an HSA Rollovers, Rollovers S corporations, Reporting Contributions on Your Return When to contribute, When To Contribute Help (see Tax help) High deductible health plan, High deductible health plan (HDHP). My free taxes , High deductible health plan (HDHP). My free taxes M Medical expenses, qualified, Qualified medical expenses. My free taxes , Qualified medical expenses. My free taxes , Qualified medical expenses. My free taxes , Qualified medical expenses. My free taxes Medical savings accounts, Medical Savings Accounts (MSAs), Medicare Advantage MSAs Balance in, Balance in an Archer MSA Contributions to, Contributions to an MSA Deemed distributions, Deemed distributions from Archer MSAs. My free taxes Distributions from, Distributions From an MSA Medicare Advantage MSAs, Medicare Advantage MSAs Qualifying for, Qualifying for an Archer MSA When to contribute, When To Contribute Medicare Advantage MSAs, Medicare Advantage MSAs P Preventive care, High deductible health plan (HDHP). My free taxes Publications (see Tax help) Q Qualified HSA funding distribution, Qualified HSA funding distribution. My free taxes T Tax help, How To Get Tax Help Testing period Last-month rule, Testing period. My free taxes Qualified HSA funding distribution, Funding distribution – testing period. My free taxes TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications