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Who Can Use 1040ez

Who can use 1040ez 2. Who can use 1040ez   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Who can use 1040ez Amount realized on a nonrecourse debt. Who can use 1040ez 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. Who can use 1040ez The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Who can use 1040ez This is true even if you voluntarily return the property to the lender. Who can use 1040ez 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. Who can use 1040ez You must report this income on your return unless certain exceptions or exclusions apply. Who can use 1040ez See chapter 1 for more details. Who can use 1040ez Borrower's gain or loss. Who can use 1040ez    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Who can use 1040ez The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Who can use 1040ez The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Who can use 1040ez For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Who can use 1040ez 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. Who can use 1040ez Amount realized and ordinary income on a recourse debt. Who can use 1040ez    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. Who can use 1040ez The amount realized also includes any proceeds you received from the foreclosure sale. Who can use 1040ez 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. Who can use 1040ez You must report this income on your return unless certain exceptions or exclusions apply. Who can use 1040ez See chapter 1 for more details. Who can use 1040ez       Example 1. Who can use 1040ez Tara bought a new car for $15,000. Who can use 1040ez She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Who can use 1040ez Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Who can use 1040ez On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Who can use 1040ez The balance due after taking into account the payments Tara made was $10,000. Who can use 1040ez The FMV of the car when it was repossessed was $9,000. Who can use 1040ez On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Who can use 1040ez In this case, the amount Tara realizes is $9,000. Who can use 1040ez 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. Who can use 1040ez Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Who can use 1040ez She has a $6,000 nondeductible loss. Who can use 1040ez 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). Who can use 1040ez Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Who can use 1040ez Example 2. Who can use 1040ez Lili paid $200,000 for her home. Who can use 1040ez She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Who can use 1040ez Lili is personally liable for the mortgage loan and the house secures the loan. Who can use 1040ez In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Who can use 1040ez 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. Who can use 1040ez 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). Who can use 1040ez She remained personally liable for the $8,000 balance. Who can use 1040ez In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Who can use 1040ez 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). Who can use 1040ez She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Who can use 1040ez Lili must also determine her gain or loss from the foreclosure. Who can use 1040ez In this case, the amount that she realizes is $170,000. Who can use 1040ez 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. Who can use 1040ez Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Who can use 1040ez She has a $5,000 nondeductible loss. Who can use 1040ez Table 1-1. Who can use 1040ez Worksheet for Foreclosures and Repossessions Part 1. Who can use 1040ez Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Who can use 1040ez Otherwise, go to Part 2. Who can use 1040ez 1. Who can use 1040ez 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. Who can use 1040ez Enter the fair market value of the transferred property   3. Who can use 1040ez Ordinary income from the cancellation of debt upon foreclosure or repossession. Who can use 1040ez * Subtract line 2 from line 1. Who can use 1040ez If less than zero, enter zero. Who can use 1040ez Next, go to Part 2   Part 2. Who can use 1040ez Gain or loss from foreclosure or repossession. Who can use 1040ez   4. Who can use 1040ez Enter the smaller of line 1 or line 2. Who can use 1040ez 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. Who can use 1040ez Enter any proceeds you received from the foreclosure sale   6. Who can use 1040ez Add line 4 and line 5   7. Who can use 1040ez Enter the adjusted basis of the transferred property   8. Who can use 1040ez Gain or loss from foreclosure or repossession. Who can use 1040ez Subtract line 7 from line 6   * The income may not be taxable. Who can use 1040ez See chapter 1 for more details. Who can use 1040ez Amount realized on a nonrecourse debt. Who can use 1040ez    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. Who can use 1040ez This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Who can use 1040ez Example 1. Who can use 1040ez Tara bought a new car for $15,000. Who can use 1040ez She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Who can use 1040ez Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Who can use 1040ez On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Who can use 1040ez The balance due after taking into account the payments Tara made was $10,000. Who can use 1040ez The FMV of the car when it was repossessed was $9,000. Who can use 1040ez The amount Tara realized on the repossession is $10,000. Who can use 1040ez That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Who can use 1040ez Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Who can use 1040ez Tara has a $5,000 nondeductible loss. Who can use 1040ez Example 2. Who can use 1040ez Lili paid $200,000 for her home. Who can use 1040ez She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Who can use 1040ez She is not personally liable for the loan, but grants the bank a mortgage. Who can use 1040ez The bank foreclosed on the mortgage because Lili stopped making payments. Who can use 1040ez 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. Who can use 1040ez The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Who can use 1040ez She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Who can use 1040ez Lili has a $5,000 realized gain. Who can use 1040ez See Publication 523 to figure and report any taxable amount. Who can use 1040ez Forms 1099-A and 1099-C. Who can use 1040ez    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. Who can use 1040ez 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. Who can use 1040ez 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. Who can use 1040ez For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Who can use 1040ez Prev  Up  Next   Home   More Online Publications
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The Who Can Use 1040ez

Who can use 1040ez Index A Accrual period, Accrual period. Who can use 1040ez Acquisition premium, Acquisition premium. Who can use 1040ez Adjusted issue price, Adjusted issue price. Who can use 1040ez Assistance (see Tax help) B Backup withholding, Backup Withholding Bearer bonds and coupons, Bearer Bonds and Coupons Brokers (see Information for brokers and other middlemen) C Certificates of deposit, Certificates of Deposit Comments and suggestions, Comments and suggestions. Who can use 1040ez Contingent payment debt instruments, Contingent Payment Debt Instruments D Debt instrument, Debt instrument. Who can use 1040ez Debt instruments Long-term, Long-Term Debt Instruments Short-term, Short-Term Obligations Redeemed at Maturity Debt instruments and coupons purchased after 1984, Debt Instruments and Coupons Purchased After 1984 Debt instruments and coupons purchased after July 1, 1982, and before 1985, Debt Instruments and Coupons Purchased After July 1, 1982, and Before 1985 Debt instruments issued after 1954, corporate, Corporate Debt Instruments Issued After 1954 and Before May 28, 1969, and Government Debt Instruments Issued After 1954 and Before July 2, 1982 Debt instruments issued after 1984, Debt Instruments Issued After 1984 Debt instruments issued after July 1, 1982, Debt Instruments Issued After July 1, 1982, and Before 1985 Debt instruments issued after May 27, 1969, corporate, Corporate Debt Instruments Issued After May 27, 1969, and Before July 2, 1982 Debt instruments not on the OID list, Debt Instruments Not on the OID List Debt Instruments on the OID list, Debt Instruments on the OID List Definitions, Definitions Accrual period, Accrual period. Who can use 1040ez Acquisition premium, Acquisition premium. Who can use 1040ez Adjusted issue price, Adjusted issue price. Who can use 1040ez Debt instrument, Debt instrument. Who can use 1040ez Issue price, Issue price. Who can use 1040ez Market discount, Market discount. Who can use 1040ez Original issue discount (OID), Original issue discount (OID). Who can use 1040ez Premium, Premium. Who can use 1040ez Qualified stated interest, Qualified stated interest. Who can use 1040ez Stated redemption price at maturity, Stated redemption price at maturity. Who can use 1040ez Yield to maturity, Yield to maturity (YTM). Who can use 1040ez E Electronic payee statements, Electronic payee statements. Who can use 1040ez F Form 1099-OID, Form 1099-OID. Who can use 1040ez Free tax services, Free help with your tax return. Who can use 1040ez H Help (see Tax help) I Inflation-indexed debt instruments, Inflation-Indexed Debt Instruments Information for brokers and other middlemen, Information for Brokers and Other Middlemen Information for owners of OID debt instruments, Information for Owners of OID Debt Instruments Issue price, Issue price. Who can use 1040ez Issuers of OID debt instruments, Instructions for, Instructions for issuers of OID debt instruments. Who can use 1040ez L Long-term debt instruments, Long-Term Debt Instruments M Market discount, Market discount. Who can use 1040ez O OID list, Debt Instruments on, Debt Instruments on the OID List OID on long-term debt instruments, figuring, Figuring OID on Long-Term Debt Instruments OID on stripped bonds and coupons, figuring, Figuring OID on Stripped Bonds and Coupons OID, figuring, Figuring OID. Who can use 1040ez Using section I, Using Section I. Who can use 1040ez Using the income tax regulations, Using the income tax regulations. Who can use 1040ez Original issue discount (OID), Original issue discount (OID). Who can use 1040ez Owners of OID debt instruments, information for, Information for Owners of OID Debt Instruments P Premium, Premium. Who can use 1040ez Publications (see Tax help) Q Qualified stated interest, Qualified stated interest. Who can use 1040ez R REMIC and CDO information reporting requirements, REMIC and CDO information reporting requirements. Who can use 1040ez S Section I, Section I. Who can use 1040ez Section II, Section II. Who can use 1040ez Section III, Section III. Who can use 1040ez Short-term obligations redeemed at maturity, Short-Term Obligations Redeemed at Maturity Stated redemption price at maturity, Stated redemption price at maturity. Who can use 1040ez Stripped bonds and coupons, figuring OID, Figuring OID on Stripped Bonds and Coupons Suggestions, Comments and, Comments and suggestions. Who can use 1040ez T Tax help, How To Get Tax Help Y Yield to maturity, Yield to maturity (YTM). Who can use 1040ez , Yield to maturity (YTM). Who can use 1040ez Prev  Up     Home   More Online Publications