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

Initial Proposed Guidance Clarifies Qualification Requirements and Seeks Public Input

IR-2013-92, Nov. 26, 2013

WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service today will issue initial guidance regarding qualification requirements for tax-exemption as a social welfare organization under section 501(c)(4) of the Internal Revenue Code. This proposed guidance defines the term “candidate-related political activity,” and would amend current regulations by indicating that the promotion of social welfare does not include this type of activity. The proposed guidance also seeks initial comments on other aspects of the qualification requirements, including what proportion of a 501(c)(4) organization’s activities must promote social welfare.

The proposed guidance is expected to be posted on the Federal Register later today.

There are a number of steps in the regulatory process that must be taken before any final guidance can be issued. Given the significant public interest in these and related issues, Treasury and the IRS expect to receive a large number of comments. Treasury and the IRS are committed to carefully and comprehensively considering all of the comments received before issuing additional proposed guidance or final rules.

“This is part of ongoing efforts within the IRS that are improving our work in the tax-exempt area,” said IRS Acting Commissioner Danny Werfel. “Once final, this proposed guidance will continue moving us forward and provide clarity for this important segment of exempt organizations.”

“This proposed guidance is a first critical step toward creating clear-cut definitions of political activity by tax-exempt social welfare organizations,” said Treasury Assistant Secretary for Tax Policy Mark J. Mazur. “We are committed to getting this right before issuing final guidance that may affect a broad group of organizations. It will take time to work through the regulatory process and carefully consider all public feedback as we strive to ensure that the standards for tax-exemption are clear and can be applied consistently.”

Organizations may apply for tax-exempt status under section 501(c)(4) of the tax code if they operate to promote social welfare. The IRS currently applies a “facts and circumstances” test to determine whether an organization is engaged in political campaign activities that do not promote social welfare. Today’s proposed guidance would reduce the need to conduct fact-intensive inquiries by replacing this test with more definitive rules.

In defining the new term, “candidate-related political activity,” Treasury and the IRS drew upon existing definitions of political activity under federal and state campaign finance laws, other IRS provisions, as well as suggestions made in unsolicited public comments.

Under the proposed guidelines, candidate-related political activity includes:

1. Communications

  • Communications that expressly advocate for a clearly identified political candidate or candidates of a political party.
  • Communications that are made within 60 days of a general election (or within 30 days of a primary election) and clearly identify a candidate or political party.
  • Communications expenditures that must be reported to the Federal Election Commission.

2. Grants and Contributions

  • Any contribution that is recognized under campaign finance law as a reportable contribution.
  • Grants to section 527 political organizations and other tax-exempt organizations that conduct candidate-related political activities (note that a grantor can rely on a written certification from a grantee stating that it does not engage in, and will not use grant funds for, candidate-related political activity).

3.  Activities Closely Related to Elections or Candidates

  • Voter registration drives and “get-out-the-vote” drives.
  • Distribution of any material prepared by or on behalf of a candidate or by a section 527 political organization.
  • Preparation or distribution of voter guides that refer to candidates (or, in a general election, to political parties).
  • Holding an event within 60 days of a general election (or within 30 days of a primary election) at which a candidate appears as part of the program.

These proposed rules reduce the need to conduct fact-intensive inquiries, including inquiries into whether activities or communications are neutral and unbiased.

Treasury and the IRS are planning to issue additional guidance that will address other issues relating to the standards for tax exemption under section 501(c)(4). In particular, there has been considerable public focus regarding the proportion of a section 501(c)(4) organization’s activities that must promote social welfare. Due to the importance of this aspect of the regulation, the proposed guidance requests initial comments on this issue.

The proposed guidance also seeks comments regarding whether standards similar to those proposed today should be adopted to define the political activities that do not further the tax-exempt purposes of other tax-exempt organizations and to promote consistent definitions across the tax-exempt sector.

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Page Last Reviewed or Updated: 02-Dec-2013

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Us irs e file free Index A Acknowledgment, Acknowledgment. Us irs e file free Adoption expenses, Personal Expenses Airplanes, donations of, Cars, Boats, and Airplanes Appraisal fees, Appraisal Fees Assistance (see Tax help) Athletic events, Athletic events. Us irs e file free B Bargain sales, Bargain Sales Blood donated, Value of Time or Services Boats, donations of, Cars, Boats, and Airplanes Boats, fair market value, Cars, boats, and airplanes. Us irs e file free C Canadian charity, Canadian charities. Us irs e file free Capital gain property, Capital Gain Property Car expenses, Car expenses. Us irs e file free , Car expenses. Us irs e file free Carryovers, Carryovers Cars, donations of, Cars, Boats, and Airplanes Cash contributions, records to keep, Cash Contributions Charity benefit events, Charity benefit events. Us irs e file free Church deacon, Church deacon. Us irs e file free Clothing Fair market value of, Used clothing. Us irs e file free Conservation contribution, Special 50% Limit for Qualified Conservation Contributions Contributions from which you benefit, Contributions From Which You Benefit, Contributions From Which You Benefit Contributions of property, Contributions of Property Contributions subject to special rules Car, boat, or airplane, 1098–C, Contributions Subject to Special Rules Clothing, Contributions Subject to Special Rules Fractional interest in tangible personal property, Contributions Subject to Special Rules Future interest in tangible personal property, Contributions Subject to Special Rules Household items, Contributions Subject to Special Rules Inventory from your business, Contributions Subject to Special Rules Partial interest in property, Contributions Subject to Special Rules Patent or other intellectual property, Contributions Subject to Special Rules Property subject to a debt, Contributions Subject to Special Rules Qualified conservation contribution, Contributions Subject to Special Rules Taxidermy property, Contributions Subject to Special Rules Contributions to nonqualified organizations Foreign organizations, Contributions to Nonqualified Organizations Contributions you can deduct, Contributions You Can Deduct Conventions of a qualified organization, Conventions. Us irs e file free D Daily allowance (per diem) from a charitable organization, Daily allowance (per diem). Us irs e file free Deduction limits, Limits on Deductions Determining fair market value, Determining Fair Market Value Disaster relief, Reminders Donor-advised funds, Contributions to Donor-Advised Funds E Easement, Building in registered historic district. Us irs e file free F Farmer, Qualified farmer or rancher. Us irs e file free Food inventory, Food Inventory Foreign organizations Canadian, Canadian charities. Us irs e file free Israeli, Israeli charities. Us irs e file free Mexican, Mexican charities. Us irs e file free Form 8282, Form 8282. Us irs e file free 8283, Total deduction over $500. Us irs e file free Foster parents, Foster parents. Us irs e file free Free tax services, Free help with your tax return. Us irs e file free Future interests in property, Future Interest in Tangible Personal Property H Help (see Tax help) Historic building, Building in registered historic district. Us irs e file free Household items Fair market value of, Household items. Us irs e file free How to report, How To Report Noncash contributions, Reporting expenses for student living with you. Us irs e file free I Introduction, Introduction Inventory, Food Inventory Israeli charity, Israeli charities. Us irs e file free L Legislation, influencing, Contributions From Which You Benefit Limit on itemized deductions, What's New Limits on deductions, Limits on Deductions 20% limit, 20% Limit 30% limit, 30% Limit 50% limit, 50% Limit Calculation, How To Figure Your Deduction When Limits Apply Capital gain property, Special 30% Limit for Capital Gain Property Qualified conservation contributions, Special 50% Limit for Qualified Conservation Contributions M Meals, Personal Expenses Membership fees or dues, Membership fees or dues. Us irs e file free Mexican charity, Mexican charities. Us irs e file free Motor vehicles, donations of, Cars, Boats, and Airplanes Motor vehicles, fair market value, Cars, boats, and airplanes. Us irs e file free N Noncash contributions, Noncash Contributions How to report, Reporting expenses for student living with you. Us irs e file free Records to keep, Noncash Contributions Nondeductible contributions, Contributions You Cannot Deduct O Ordinary income property, Ordinary Income Property Out-of-pocket expenses, Out-of-pocket expenses. Us irs e file free Out-of-pocket expenses in giving services, Out-of-Pocket Expenses in Giving Services P Payroll deductions, Payroll deductions. Us irs e file free , Payroll deductions. Us irs e file free Penalty, valuation overstatement, Penalty Personal expenses, Personal Expenses Private foundation, 50% Limit Organizations Private nonoperating foundation, Contributions to private nonoperating foundations. Us irs e file free , 50% Limit Organizations Private operating foundation, 50% Limit Organizations Property Bargain sales, Bargain Sales Basis, Giving Property That Has Decreased in Value Capital gain, Capital Gain Property Capital gain election, Capital gain property election. Us irs e file free Decreased in value, Giving Property That Has Decreased in Value Future interests, Future Interest in Tangible Personal Property Increased in value, Giving Property That Has Increased in Value Inventory, Food Inventory Ordinary income, Ordinary Income Property Unrelated use, Tangible personal property put to unrelated use. Us irs e file free Publications (see Tax help) Q Qualified charitable distributions, Qualified Charitable Distributions Qualified conservation contribution, Special 50% Limit for Qualified Conservation Contributions Qualified organizations Foreign qualified organizations Canadian, Organizations That Qualify To Receive Deductible Contributions Israeli, Organizations That Qualify To Receive Deductible Contributions Mexican, Organizations That Qualify To Receive Deductible Contributions Types, Organizations That Qualify To Receive Deductible Contributions R Raffle or bingo, Contributions From Which You Benefit Recapture No exempt use, Recapture if no exempt use. Us irs e file free Recapture of deduction of fractional interest in tangible personal property Additional tax, Recapture of deduction. Us irs e file free Records to keep, Records To Keep Reminders Disaster relief, Reminders Reporting, How To Report Retirement home, Contributions From Which You Benefit S Services, value of, Value of Time or Services Split-dollar insurance arrangements, Contributions From Which You Benefit Student, Mutual exchange program. Us irs e file free Exchange program, Mutual exchange program. Us irs e file free Living with you, Student living with you. Us irs e file free Student living with you, Expenses Paid for Student Living With You, Reporting expenses for student living with you. Us irs e file free T Tangible personal property Future interest in, Future Interest in Tangible Personal Property Tax help, How To Get Tax Help Time, value of, Value of Time or Services Token items, Certain membership benefits can be disregarded. Us irs e file free Travel expenses, Travel. Us irs e file free Travel expenses for charitable services, Deductible travel expenses. Us irs e file free Tuition, Contributions From Which You Benefit U Underprivileged youths, Underprivileged youths selected by charity. Us irs e file free Uniforms, Uniforms. Us irs e file free Unrelated use, Unrelated use. Us irs e file free V Volunteers, Out-of-Pocket Expenses in Giving Services W Whaling captain, Expenses of Whaling Captains When to deduct, When To Deduct Prev  Up     Home   More Online Publications