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Taxact Online 2012

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Taxact Online 2012

Taxact online 2012 2. Taxact online 2012   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Taxact online 2012 Amount realized on a nonrecourse debt. Taxact online 2012 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. Taxact online 2012 The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Taxact online 2012 This is true even if you voluntarily return the property to the lender. Taxact online 2012 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. Taxact online 2012 You must report this income on your return unless certain exceptions or exclusions apply. Taxact online 2012 See chapter 1 for more details. Taxact online 2012 Borrower's gain or loss. Taxact online 2012    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Taxact online 2012 The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Taxact online 2012 The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Taxact online 2012 For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Taxact online 2012 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. Taxact online 2012 Amount realized and ordinary income on a recourse debt. Taxact online 2012    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. Taxact online 2012 The amount realized also includes any proceeds you received from the foreclosure sale. Taxact online 2012 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. Taxact online 2012 You must report this income on your return unless certain exceptions or exclusions apply. Taxact online 2012 See chapter 1 for more details. Taxact online 2012       Example 1. Taxact online 2012 Tara bought a new car for $15,000. Taxact online 2012 She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Taxact online 2012 Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Taxact online 2012 On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Taxact online 2012 The balance due after taking into account the payments Tara made was $10,000. Taxact online 2012 The FMV of the car when it was repossessed was $9,000. Taxact online 2012 On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Taxact online 2012 In this case, the amount Tara realizes is $9,000. Taxact online 2012 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. Taxact online 2012 Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Taxact online 2012 She has a $6,000 nondeductible loss. Taxact online 2012 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). Taxact online 2012 Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Taxact online 2012 Example 2. Taxact online 2012 Lili paid $200,000 for her home. Taxact online 2012 She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Taxact online 2012 Lili is personally liable for the mortgage loan and the house secures the loan. Taxact online 2012 In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Taxact online 2012 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. Taxact online 2012 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). Taxact online 2012 She remained personally liable for the $8,000 balance. Taxact online 2012 In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Taxact online 2012 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). Taxact online 2012 She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Taxact online 2012 Lili must also determine her gain or loss from the foreclosure. Taxact online 2012 In this case, the amount that she realizes is $170,000. Taxact online 2012 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. Taxact online 2012 Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Taxact online 2012 She has a $5,000 nondeductible loss. Taxact online 2012 Table 1-1. Taxact online 2012 Worksheet for Foreclosures and Repossessions Part 1. Taxact online 2012 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Taxact online 2012 Otherwise, go to Part 2. Taxact online 2012 1. Taxact online 2012 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. Taxact online 2012 Enter the fair market value of the transferred property   3. Taxact online 2012 Ordinary income from the cancellation of debt upon foreclosure or repossession. Taxact online 2012 * Subtract line 2 from line 1. Taxact online 2012 If less than zero, enter zero. Taxact online 2012 Next, go to Part 2   Part 2. Taxact online 2012 Gain or loss from foreclosure or repossession. Taxact online 2012   4. Taxact online 2012 Enter the smaller of line 1 or line 2. Taxact online 2012 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. Taxact online 2012 Enter any proceeds you received from the foreclosure sale   6. Taxact online 2012 Add line 4 and line 5   7. Taxact online 2012 Enter the adjusted basis of the transferred property   8. Taxact online 2012 Gain or loss from foreclosure or repossession. Taxact online 2012 Subtract line 7 from line 6   * The income may not be taxable. Taxact online 2012 See chapter 1 for more details. Taxact online 2012 Amount realized on a nonrecourse debt. Taxact online 2012    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. Taxact online 2012 This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Taxact online 2012 Example 1. Taxact online 2012 Tara bought a new car for $15,000. Taxact online 2012 She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Taxact online 2012 Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Taxact online 2012 On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Taxact online 2012 The balance due after taking into account the payments Tara made was $10,000. Taxact online 2012 The FMV of the car when it was repossessed was $9,000. Taxact online 2012 The amount Tara realized on the repossession is $10,000. Taxact online 2012 That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Taxact online 2012 Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Taxact online 2012 Tara has a $5,000 nondeductible loss. Taxact online 2012 Example 2. Taxact online 2012 Lili paid $200,000 for her home. Taxact online 2012 She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Taxact online 2012 She is not personally liable for the loan, but grants the bank a mortgage. Taxact online 2012 The bank foreclosed on the mortgage because Lili stopped making payments. Taxact online 2012 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. Taxact online 2012 The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Taxact online 2012 She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Taxact online 2012 Lili has a $5,000 realized gain. Taxact online 2012 See Publication 523 to figure and report any taxable amount. Taxact online 2012 Forms 1099-A and 1099-C. Taxact online 2012    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. Taxact online 2012 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. Taxact online 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. Taxact online 2012 For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Taxact online 2012 Prev  Up  Next   Home   More Online Publications
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The Taxact Online 2012

Taxact online 2012 Publication 537 - Introductory Material Table of Contents Future Developments Reminder IntroductionOrdering forms and publications. Taxact online 2012 Tax questions. Taxact online 2012 Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 537, such as legislation enacted after it was published, go to www. Taxact online 2012 irs. Taxact online 2012 gov/pub537. Taxact online 2012 Reminder Photographs of missing children. Taxact online 2012  The Internal Revenue Service (IRS) is a proud partner with the National Center for Missing and Exploited Children. Taxact online 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxact online 2012 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. Taxact online 2012 Introduction Note. Taxact online 2012 Section references within this publication are to the Internal Revenue Code and regulation references are to the Income Tax Regulations under the Code. Taxact online 2012 An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Taxact online 2012 If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. Taxact online 2012 This method of reporting gain is called the installment method. Taxact online 2012 You cannot use the installment method to report a loss. Taxact online 2012 You can choose to report all of your gain in the year of sale. Taxact online 2012 This publication discusses the general rules that apply to using the installment method. Taxact online 2012 It also discusses more complex rules that apply only when certain conditions exist or certain types of property are sold. Taxact online 2012 If you sell your home or other nonbusiness property under an installment plan, you may need to read only the General Rules . Taxact online 2012 If you sell business or rental property or have a like-kind exchange or other complex situation, also see the appropriate discussion under Other Rules . Taxact online 2012 Comments and suggestions. Taxact online 2012   We welcome your comments about this publication and your suggestions for future editions. Taxact online 2012   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxact online 2012 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Taxact online 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxact online 2012   You can send your comments from www. Taxact online 2012 irs. Taxact online 2012 gov/formspubs/. Taxact online 2012 Click on “More Information” and then on “Comment on Tax Forms and Publications. Taxact online 2012 ”   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. Taxact online 2012 Ordering forms and publications. Taxact online 2012   Visit www. Taxact online 2012 irs. Taxact online 2012 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. Taxact online 2012 Internal Revenue Service 1201 N. Taxact online 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxact online 2012   If you have a tax question, check the information available on IRS. Taxact online 2012 gov or call 1-800-829-1040. Taxact online 2012 We cannot answer tax questions sent to either of the above addresses. Taxact online 2012 Useful Items - You may want to see: Publication 523 Selling Your Home 541 Partnerships 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 551 Basis of Assets 4895 Tax Treatment of Property Acquired From a Decedent Dying in 2010 Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income  See How To Get Tax Help near the end of this publication for information about getting publications and forms. Taxact online 2012 Prev  Up  Next   Home   More Online Publications