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Www handrblock com 4. Www handrblock com   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. Www handrblock com However, the information shown on the filled-in forms is not from any actual person or scenario. Www handrblock com Example 1—Mortgage loan modification. Www handrblock com    In 2007, Nancy Oak bought a main home for $435,000. Www handrblock com Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. Www handrblock com The loan was secured by the home. Www handrblock com The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. Www handrblock com In 2008, Nancy took out a second mortgage loan (also a recourse debt) in the amount of $30,000 that was used to substantially improve her kitchen. Www handrblock com    In 2011, when the outstanding principal of the first and second mortgage loans was $440,000, Nancy refinanced the two recourse loans into one recourse loan in the amount of $475,000. Www handrblock com The FMV of Nancy's home at the time of the refinancing was $500,000. Www handrblock com Nancy used the additional $35,000 debt ($475,000 new mortgage loan minus $440,000 outstanding principal of Nancy's first and second mortgage loans immediately before the refinancing) to pay off personal credit cards and to pay college tuition for her son. Www handrblock com After the refinancing, Nancy has qualified principal residence indebtedness in the amount of $440,000 because the refinanced debt is qualified principal residence indebtedness only to the extent the amount of debt is not more than the old mortgage principal just before the refinancing. Www handrblock com   In 2013, Nancy was unable to make her mortgage loan payments. Www handrblock com On August 31, 2013, when the outstanding balance of her refinanced mortgage loan was still $475,000 and the FMV of the property was $425,000, Nancy's bank agreed to a loan modification (a “workout”) that resulted in a $40,000 reduction in the principal balance of her loan. Www handrblock com Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. Www handrblock com   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. Www handrblock com Identifiable event code "F" appears in box 6. Www handrblock com This box shows the reason the creditor has filed Form 1099-C. Www handrblock com To determine if she must include the canceled debt in her income, Nancy must determine whether she meets any of the exceptions or exclusions that apply to canceled debts. Www handrblock com Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. Www handrblock com   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. Www handrblock com Although Nancy has $440,000 of qualified principal residence indebtedness, part of her loan ($35,000) was not qualified principal residence indebtedness because it was used to pay off personal credit cards and college tuition for her son. Www handrblock com Applying the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent the amount canceled is more than the amount of the debt (immediately before the cancellation) that is not qualified principal residence indebtedness. Www handrblock com Thus, Nancy can exclude only $5,000 of the canceled debt as qualified principal residence indebtedness ($40,000 amount canceled minus $35,000 nonqualified debt). Www handrblock com   Because Nancy does not meet any other exception or exclusion, she checks only the box on line 1e of Form 982 and enters $5,000 on line 2. Www handrblock com Nancy must also enter $5,000 on line 10b and reduce the basis of her main home by the $5,000 she excluded from income, bringing the adjusted basis in her home to $460,000 ($435,000 purchase price plus $30,000 substantial improvement minus $5,000). Www handrblock com Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. Www handrblock com You can see Nancy's Form 1099-C and a portion of her Form 1040 below. Www handrblock com Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Www handrblock com Please click the link to view the image. Www handrblock com Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. Www handrblock com Please click the link to view the image. Www handrblock com Form 1040, U. Www handrblock com S. Www handrblock com Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. Www handrblock com Please click the link to view the image. Www handrblock com Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. Www handrblock com    In 2005, John and Mary Elm bought a main home for $335,000. Www handrblock com John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. Www handrblock com The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. Www handrblock com   John and Mary became unable to make their mortgage loan payments and on March 1, 2013, when the outstanding balance of the mortgage loan was $315,000 and the FMV of the property was $290,000, the bank foreclosed on the property and simultaneously canceled the remaining mortgage debt. Www handrblock com Immediately before the foreclosure, John and Mary's only other assets and liabilities were a checking account with a balance of $6,000, retirement savings of $13,000, and credit card debt of $5,500. Www handrblock com   John and Mary received a 2013 Form 1099-C showing canceled debt of $25,000 in box 2 ($315,000 outstanding balance minus $290,000 FMV) and an FMV of $290,000 in box 7. Www handrblock com Identifiable event code "D" appears in box 6. Www handrblock com This box shows the reason the creditor has filed Form 1099-C. Www handrblock com In order to determine if John and Mary must include the canceled debt in income, they must first determine whether they meet any of the exceptions or exclusions that apply to canceled debts. Www handrblock com In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. Www handrblock com Their sample Form 1099-C is shown on this page. Www handrblock com   John and Mary complete the insolvency worksheet and determine that they were insolvent immediately before the cancellation because at that time their liabilities exceeded the FMV of their assets by $11,500 ($320,500 total liabilities minus $309,000 FMV of total assets). Www handrblock com However, because the entire debt canceled is qualified principal residence indebtedness, the insolvency exclusion only applies if John and Mary elect to apply the insolvency exclusion instead of the qualified principal residence exclusion. Www handrblock com   John and Mary do not elect to apply the insolvency exclusion instead of the qualified principal residence exclusion because under the insolvency exclusion their exclusion would be limited to the amount by which they were insolvent ($11,500). Www handrblock com Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. Www handrblock com Under the qualified principal residence exclusion, the amount that John and Mary can exclude is not limited because their qualified principal residence indebtedness is not more than $2 million and no portion of the loan was nonqualified debt. Www handrblock com As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. Www handrblock com Because John and Mary no longer own the home due to the foreclosure, John and Mary have no remaining basis in the home at the time of the debt cancellation. Www handrblock com Thus, John and Mary leave line 10b of Form 982 blank. Www handrblock com   John and Mary must also determine whether they have a gain or loss from the foreclosure. Www handrblock com John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. Www handrblock com Because this loss relates to their home, it is a nondeductible loss. Www handrblock com   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. Www handrblock com John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Www handrblock com Please click the link to view the image. Www handrblock com Form 1099-C, Cancellation of Debt Table 1-1. Www handrblock com Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. Www handrblock com Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Www handrblock com Otherwise, go to Part 2. Www handrblock com 1. Www handrblock com 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 $315,000. Www handrblock com 00 2. Www handrblock com Enter the fair market value of the transferred property $290,000. Www handrblock com 00 3. Www handrblock com Ordinary income from the cancellation of debt upon foreclosure or repossession. Www handrblock com * Subtract line 2 from line 1. Www handrblock com If less than zero, enter zero. Www handrblock com Next, go to Part 2 $ 25,000. Www handrblock com 00 Part 2. Www handrblock com Gain or loss from foreclosure or repossession. Www handrblock com   4. Www handrblock com Enter the smaller of line 1 or line 2. Www handrblock com 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 $290,000. Www handrblock com 00 5. Www handrblock com Enter any proceeds you received from the foreclosure sale   6. Www handrblock com Add line 4 and line 5 $290,000. Www handrblock com 00 7. Www handrblock com Enter the adjusted basis of the transferred property $335,000. Www handrblock com 00 8. Www handrblock com Gain or loss from foreclosure or repossession. Www handrblock com Subtract line 7 from line 6 ($ 45,000. Www handrblock com 00) * The income may not be taxable. Www handrblock com See chapter 1 for more details. Www handrblock com Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. Www handrblock com Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. Www handrblock com Credit card debt $ 5,500 2. Www handrblock com Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 315,000 3. Www handrblock com Car and other vehicle loans $ 4. Www handrblock com Medical bills owed $ 5. Www handrblock com Student loans $ 6. Www handrblock com Accrued or past-due mortgage interest $ 7. Www handrblock com Accrued or past-due real estate taxes $ 8. Www handrblock com Accrued or past-due utilities (water, gas, electric) $ 9. Www handrblock com Accrued or past-due child care costs $ 10. Www handrblock com Federal or state income taxes remaining due (for prior tax years) $ 11. Www handrblock com Judgments $ 12. Www handrblock com Business debts (including those owed as a sole proprietor or partner) $ 13. Www handrblock com Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Www handrblock com Other liabilities (debts) not included above $ 15. Www handrblock com Total liabilities immediately before the cancellation. Www handrblock com Add lines 1 through 14. Www handrblock com $ 320,500 Part II. Www handrblock com Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. Www handrblock com Cash and bank account balances $ 6,000 17. Www handrblock com Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 290,000 18. Www handrblock com Cars and other vehicles $ 19. Www handrblock com Computers $ 20. Www handrblock com Household goods and furnishings (for example, appliances, electronics, furniture, etc. Www handrblock com ) $ 21. Www handrblock com Tools $ 22. Www handrblock com Jewelry $ 23. Www handrblock com Clothing $ 24. Www handrblock com Books $ 25. Www handrblock com Stocks and bonds $ 26. Www handrblock com Investments in coins, stamps, paintings, or other collectibles $ 27. Www handrblock com Firearms, sports, photographic, and other hobby equipment $ 28. Www handrblock com Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. Www handrblock com Interest in a pension plan $ 30. Www handrblock com Interest in education accounts $ 31. Www handrblock com Cash value of life insurance $ 32. Www handrblock com Security deposits with landlords, utilities, and others $ 33. Www handrblock com Interests in partnerships $ 34. Www handrblock com Value of investment in a business $ 35. Www handrblock com Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Www handrblock com Other assets not included above $ 37. Www handrblock com FMV of total assets immediately before the cancellation. Www handrblock com Add lines 16 through 36. Www handrblock com $ 309,000 Part III. Www handrblock com Insolvency 38. Www handrblock com Amount of Insolvency. Www handrblock com Subtract line 37 from line 15. Www handrblock com If zero or less, you are not insolvent. Www handrblock com $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. Www handrblock com Please click the link to view the image. Www handrblock com Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)          Example 3—Mortgage loan foreclosure with debt exceeding $2 million limit. Www handrblock com    In 2011, Kathy and Frank Willow got married and entered into a contract with Hive Construction Corporation to build a house for $3,000,000 to be used as their main home. Www handrblock com Kathy and Frank made a $400,000 down payment and took out a $2,600,000 mortgage to finance the remaining cost of the house. Www handrblock com Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. Www handrblock com   In November 2013, when the outstanding principal balance on the mortgage loan was $2,500,000, the FMV of the property fell to $1,750,000 and Kathy and Frank abandoned the property by permanently moving out. Www handrblock com The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. Www handrblock com On December 26, 2013, the lender canceled the remaining debt. Www handrblock com Kathy and Frank have no tax attributes other than basis of personal-use property. Www handrblock com   The lender issued a 2013 Form 1099-C to Kathy and Frank showing canceled debt of $750,000 in box 2 (the remaining balance on the $2,500,000 mortgage debt after application of the foreclosure sale proceeds) and $1,750,000 in box 7 (FMV of the property). Www handrblock com Identifiable event code "D" appears in box 6. Www handrblock com This box shows the reason the creditor has filed Form 1099-C. Www handrblock com Although Kathy and Frank abandoned the property, the lender did not need to also file a Form 1099-A because the lender canceled the debt in connection with the foreclosure in the same calendar year. Www handrblock com Kathy and Frank are filing a joint return for 2013. Www handrblock com   Because the foreclosure occurred prior to the debt cancellation, Kathy and Frank first calculate their gain or loss from the foreclosure using Table 1-1. Www handrblock com Because Kathy and Frank remained personally liable for the $750,000 debt remaining after the foreclosure ($2,500,000 outstanding debt immediately before the foreclosure minus $1,750,000 satisfied through the sale of the home), Kathy and Frank enter $1,750,000 on line 1 of Table 1-1 ($2,500,000 outstanding debt immediately before the foreclosure minus the $750,000 for which they remained liable). Www handrblock com Completing Table 1-1, Kathy and Frank find that they have no ordinary income from the cancellation of debt upon foreclosure and that they have a $1,250,000 loss. Www handrblock com Because this loss relates to their home, it is a nondeductible loss. Www handrblock com   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. Www handrblock com Immediately before the cancellation, Kathy and Frank had $15,000 in a savings account, household furnishings with an FMV of $17,000, a car with an FMV of $10,000, and $18,000 in credit card debt. Www handrblock com Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. Www handrblock com The household furnishings originally cost $30,000. Www handrblock com The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. Www handrblock com Kathy and Frank had no adjustments to the cost basis of the car. Www handrblock com Kathy and Frank had no other assets or liabilities at the time of the cancellation. Www handrblock com Kathy and Frank complete the insolvency worksheet to calculate that they were insolvent to the extent of $726,000 immediately before the cancellation ($768,000 of total liabilities minus $42,000 FMV of total assets). Www handrblock com   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. Www handrblock com Kathy and Frank also owned the same car at that time (still with an FMV of $10,000 and basis of $16,000) and the same household furnishings (still with an FMV of $17,000 and a basis of $30,000). Www handrblock com Kathy and Frank had no other assets or liabilities at that time. Www handrblock com Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. Www handrblock com   Because the canceled debt is qualified principal residence indebtedness, the insolvency exclusion does not apply unless Kathy and Frank elect to apply the insolvency exclusion instead of the qualified principal residence indebtedness exclusion. Www handrblock com The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. Www handrblock com The remaining $500,000 ($2,500,000 outstanding mortgage loan minus $2,000,000 limit on qualified principal residence indebtedness) is not qualified principal residence indebtedness. Www handrblock com Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. Www handrblock com Under the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent that the amount canceled ($750,000) exceeds the amount of the loan (immediately before the cancellation) that is not qualified principal residence indebtedness ($500,000). Www handrblock com This means that Kathy and Frank can only exclude $250,000 ($750,000 amount canceled minus $500,000 nonqualified debt) under the qualified principal residence indebtedness exclusion. Www handrblock com   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. Www handrblock com Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. Www handrblock com Kathy and Frank can exclude the remaining $500,000 canceled debt under the insolvency exclusion because they were insolvent immediately before the cancellation to the extent of $726,000. Www handrblock com Thus, Kathy and Frank check the boxes on lines 1b and 1e of Form 982 and enter $750,000 on line 2 ($250,000 excluded under the qualified principal residence indebtedness exclusion plus $500,000 excluded under the insolvency exclusion). Www handrblock com   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. Www handrblock com Because Kathy and Frank no longer own the home due to the foreclosure, Kathy and Frank have no remaining basis in the home at the time of the debt cancellation. Www handrblock com Thus, Kathy and Frank leave line 10b of Form 982 blank. Www handrblock com However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. Www handrblock com As a result, Kathy and Frank must reduce the basis of property they own based on the amount of canceled debt they are excluding from income under the insolvency rules. Www handrblock com Because Kathy and Frank have no tax attributes other than basis of personal-use property to reduce, Kathy and Frank figure the amount they must include on line 10a of Form 982 by taking the smallest of: The $46,000 bases of their personal-use property held at the beginning of 2014 ($16,000 basis in the car plus $30,000 basis in household furnishings), The $500,000 of the nonbusiness debt (other than qualified principal residence indebtedness) that they are excluding from income on line 2 of Form 982, or The $43,000 excess of the total bases of the property and the amount of money they held immediately after the cancellation over their total liabilities immediately after the cancellation ($15,000 in savings account plus $30,000 basis in household furnishings plus $16,000 adjusted basis in car minus $18,000 credit card debt). Www handrblock com Kathy and Frank enter $43,000 on Form 982, line 10a and reduce their bases in the car and the household furnishings in proportion to the total adjusted bases in all their property. Www handrblock com Kathy and Frank reduce the basis in the car by $14,956. Www handrblock com 52 ($43,000 x $16,000/$46,000). Www handrblock com And they reduce the basis in the household furnishings by $28,043. Www handrblock com 48 ($43,000 x $30,000/$46,000). Www handrblock com   Following are Kathy and Frank's sample forms and worksheets. Www handrblock com Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Www handrblock com Please click the link to view the image. Www handrblock com Form 1099-C, Cancellation of Debt Table 1-1. Www handrblock com Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. Www handrblock com Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Www handrblock com Otherwise, go to Part 2. Www handrblock com 1. Www handrblock com 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 $1,750,000. Www handrblock com 00 2. Www handrblock com Enter the fair market value of the transferred property $1,750,000. Www handrblock com 00 3. Www handrblock com Ordinary income from the cancellation of debt upon foreclosure or repossession. Www handrblock com * Subtract line 2 from line 1. Www handrblock com If less than zero, enter zero. Www handrblock com Next, go to Part 2 $0. Www handrblock com 00 Part 2. Www handrblock com Gain or loss from foreclosure or repossession. Www handrblock com   4. Www handrblock com Enter the smaller of line 1 or line 2. Www handrblock com 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. Www handrblock com $1,750,000. Www handrblock com 00 5. Www handrblock com Enter any proceeds you received from the foreclosure sale   6. Www handrblock com Add line 4 and line 5 $1,750,000. Www handrblock com 00 7. Www handrblock com Enter the adjusted basis of the transferred property $3,000,000. Www handrblock com 00 8. Www handrblock com Gain or loss from foreclosure or repossession. Www handrblock com Subtract line 7 from line 6 ($1,250,000. Www handrblock com 00) * The income may not be taxable. Www handrblock com See chapter 1 for more details. Www handrblock com    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. Www handrblock com Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. Www handrblock com Credit card debt $ 18,000 2. Www handrblock com Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 750,000 3. Www handrblock com Car and other vehicle loans $ 4. Www handrblock com Medical bills owed $ 5. Www handrblock com Student loans $ 6. Www handrblock com Accrued or past-due mortgage interest $ 7. Www handrblock com Accrued or past-due real estate taxes $ 8. Www handrblock com Accrued or past-due utilities (water, gas, electric) $ 9. Www handrblock com Accrued or past-due child care costs $ 10. Www handrblock com Federal or state income taxes remaining due (for prior tax years) $ 11. Www handrblock com Judgments $ 12. Www handrblock com Business debts (including those owed as a sole proprietor or partner) $ 13. Www handrblock com Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Www handrblock com Other liabilities (debts) not included above $ 15. Www handrblock com Total liabilities immediately before the cancellation. Www handrblock com Add lines 1 through 14. Www handrblock com $ 768,000 Part II. Www handrblock com Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. Www handrblock com Cash and bank account balances $ 15,000 17. Www handrblock com Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 18. Www handrblock com Cars and other vehicles $ 10,000 19. Www handrblock com Computers $ 20. Www handrblock com Household goods and furnishings (for example, appliances, electronics, furniture, etc. Www handrblock com ) $ 17,000 21. Www handrblock com Tools $ 22. Www handrblock com Jewelry $ 23. Www handrblock com Clothing $ 24. Www handrblock com Books $ 25. Www handrblock com Stocks and bonds $ 26. Www handrblock com Investments in coins, stamps, paintings, or other collectibles $ 27. Www handrblock com Firearms, sports, photographic, and other hobby equipment $ 28. Www handrblock com Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. Www handrblock com Interest in a pension plan $ 30. Www handrblock com Interest in education accounts $ 31. Www handrblock com Cash value of life insurance $ 32. Www handrblock com Security deposits with landlords, utilities, and others $ 33. Www handrblock com Interests in partnerships $ 34. Www handrblock com Value of investment in a business $ 35. Www handrblock com Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Www handrblock com Other assets not included above $ 37. Www handrblock com FMV of total assets immediately before the cancellation. Www handrblock com Add lines 16 through 36. Www handrblock com $ 42,000 Part III. Www handrblock com Insolvency 38. Www handrblock com Amount of Insolvency. Www handrblock com Subtract line 37 from line 15. Www handrblock com If zero or less, you are not insolvent. Www handrblock com $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. Www handrblock com Please click the link to view the image. Www handrblock com Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications
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The Www Handrblock Com

Www handrblock com Index Symbols 1231 property sale, Sale of property interest. Www handrblock com 401(k) plans, Elective Deferrals Excess contributions, Excess Contributions 403(b) plans, Elective Deferrals Limit for, Limit for tax-sheltered annuities. Www handrblock com 457 plans, Elective Deferrals Limit for deferrals under, Limit for deferrals under section 457 plans. Www handrblock com 501(c)(18)(D) plans, Elective Deferrals Contributions, Section 501(c)(18)(D) contributions. Www handrblock com 501(c)(3) organizations, Student loans. Www handrblock com 529 program, Qualified tuition program (QTP). Www handrblock com 83(b) election, How to make the choice. Www handrblock com A Academic health centers Meals and lodging when teaching and research organization, Academic health center. Www handrblock com Accelerated death benefits, Accelerated Death Benefits Accident insurance, Accident or Health Plan Accidental death benefits, Accidental death benefits. Www handrblock com Accrual method taxpayers, Prepaid income. Www handrblock com Accrued leave payment At time of retirement or resignation, Accrued leave payment. Www handrblock com Disability retirement, Accrued leave payment. Www handrblock com Activity not for profit, Activity not for profit. Www handrblock com Adoption Employer assistance, Adoption Assistance Advance commissions, Miscellaneous Compensation Aircraft, Flights on employer-provided aircraft. Www handrblock com Airlines No-additional-cost services, No-Additional-Cost Services Valuation of flights on employer-provided aircraft, Flights on employer-provided aircraft. Www handrblock com Alaska Permanent Fund dividend, Alaska Permanent Fund dividend. Www handrblock com Alien status, waiver of, Waiver of alien status. Www handrblock com Aliens Nonresident, Nonresident aliens. Www handrblock com Alimony, Alimony. Www handrblock com Alternative minimum tax (AMT) Recoveries, refiguring of, Subject to alternative minimum tax. Www handrblock com Stock options, Alternative minimum tax (AMT). Www handrblock com Annuities Charitable gift, Charitable gift annuities. Www handrblock com Railroad retirement, Railroad retirement annuities. Www handrblock com Tax-sheltered, Limit for tax-sheltered annuities. Www handrblock com Archer MSAs, Archer MSA contributions. Www handrblock com , Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Www handrblock com Armed forces, Military Combat zone bonus, Veterans' benefits. Www handrblock com Disability, Disability. Www handrblock com Disability pensions, Military and Government Disability Pensions Health professions scholarship, Tuition Reduction Military action as cause of disability injuries, Terrorist attack or military action. Www handrblock com Qualified reservist distribution, Qualified reservist distribution (QRD). Www handrblock com Rehabilitative program payments, Veterans' benefits. Www handrblock com Retirement pay, Military retirement pay. Www handrblock com Veterans benefits, Veterans' benefits. Www handrblock com Assistance (see Tax help) Athletic facilities, employer-provided, Athletic Facilities Automobile (see Vehicle, employer-provided) Awards (see Damages from lawsuits) B Babysitting, Babysitting. Www handrblock com Back pay, award for, Back pay awards. Www handrblock com Backup withholding Barter exchange transactions, Backup withholding. Www handrblock com Bankruptcy Canceled debt not deemed to be income, Excluded debt. Www handrblock com Barter income, Bartering Below-market loans, Below-market loans. Www handrblock com Bequest for services, Bequest for services. Www handrblock com Bicycle, Transportation Fringe benefit, Qualified bicycle commuting. Www handrblock com Black lung benefit payments, Black lung benefit payments. Www handrblock com Bonuses, Bonuses and awards. Www handrblock com , Employee awards or bonuses. Www handrblock com Breach of contract Damages as income, Court awards and damages. Www handrblock com Bribes, Bribes. Www handrblock com Business expenses Reimbursements, Allowances and reimbursements. Www handrblock com Business income, Business and Investment Income, More information. Www handrblock com C Cafeteria plans, Cafeteria plans. Www handrblock com Campaign contributions, Campaign contributions. Www handrblock com Campus lodging, Qualified campus lodging. Www handrblock com , Moving Expense Reimbursements Cancellation of debt, Canceled Debts Cancellation of sales contracts, Canceled sales contract. Www handrblock com Capital gains Recoveries, Capital gains. Www handrblock com , Capital gains. Www handrblock com Capital gains or losses Employee stock option plans (ESOPs), Option granted at a discount. Www handrblock com Incentive stock options (ISOs), Incentive stock options (ISOs). Www handrblock com Sale of personal property, Sale of personal items. Www handrblock com Car (see Vehicle, employer-provided) Car pools, Car pools. Www handrblock com Cash or deferred arrangements (CODAs), Elective Deferrals Cash rebates, Cash rebates. Www handrblock com Casualty insurance Reimbursements from, Casualty insurance and other reimbursements. Www handrblock com Catch-up contributions, Catch-up contributions. Www handrblock com , Catch-up contributions. Www handrblock com Charitable gift annuities, Charitable gift annuities. Www handrblock com Child and Adult Care Food Program Payments to daycare providers, Food program payments to daycare providers. Www handrblock com Child support payments, Child support payments. Www handrblock com Childcare providers, Childcare providers. Www handrblock com , Food program payments to daycare providers. Www handrblock com Chronic illness, Chronically ill individual. Www handrblock com Accelerated death benefits paid to, Exclusion for chronic illness. Www handrblock com Citizens outside U. Www handrblock com S. Www handrblock com Exclusion of foreign income, Reminders Civil Rights Act of 1964, Title VII Back pay and damages for emotional distress under, Court awards and damages. Www handrblock com Clergy, Clergy Coal, Coal and iron ore. Www handrblock com Colleges and universities Faculty lodging, Faculty lodging. Www handrblock com Scholarships and fellowships, Scholarships and fellowships. Www handrblock com Commissions Advance, Miscellaneous Compensation Commuter highway vehicles, Transportation Compensation Employee, Employee Compensation Miscellaneous, Miscellaneous Compensation Unemployment, Unemployment compensation. Www handrblock com Workers', Workers' Compensation Compensatory damages, Other compensation. Www handrblock com , Court awards and damages. Www handrblock com Constructive receipt of income, Constructively received income. Www handrblock com Copyrights Infringement damages, Court awards and damages. Www handrblock com Royalties, Copyrights and patents. Www handrblock com Corporate directors, Corporate director. Www handrblock com Cost-of-living allowances, Government cost-of-living allowances. Www handrblock com Court awards, Court awards and damages. Www handrblock com (see also Damages from lawsuits) Credit card Insurance, Credit card insurance. Www handrblock com Credits Recoveries, refiguring of unused credits, Unused tax credits. Www handrblock com , Unused tax credits. Www handrblock com Currency transactions, foreign, Foreign currency transactions. Www handrblock com D Damages from lawsuits, Court awards and damages. Www handrblock com Back pay awards, Back pay awards. Www handrblock com Breach of contract, Court awards and damages. Www handrblock com Compensatory damages, Other compensation. Www handrblock com , Court awards and damages. Www handrblock com Emotional distress under Title VII, Civil Rights Act of 1964, Court awards and damages. Www handrblock com Punitive damages, Court awards and damages. Www handrblock com Daycare providers, Childcare providers. Www handrblock com (see also Childcare providers) Food program payments to, Food program payments to daycare providers. Www handrblock com De minimis benefits, De Minimis (Minimal) Benefits, Meals and Lodging Death benefits, Proceeds not received in installments. Www handrblock com (see also Life insurance) Accelerated, Accelerated Death Benefits Debts Canceled, Canceled Debts Excluded debt, Excluded debt. Www handrblock com Nonrecourse debts, Mortgage relief upon sale or other disposition. Www handrblock com Recourse, Mortgage relief upon sale or other disposition. Www handrblock com Stockholder's, Stockholder debt. Www handrblock com Deduction Costs of discrimination suits, Deduction for costs involved in unlawful discrimination suits. Www handrblock com Deferred compensation Nonqualified plans, Nonqualified deferred compensation plans. Www handrblock com , Nonqualified deferred compensation plans of nonqualified entities. Www handrblock com Dependent care benefits, Dependent Care Benefits Depletion allowance, Depletion. Www handrblock com Differential wage payments, Differential wage payments. Www handrblock com Armed forces, Differential wage payments. Www handrblock com Directors' fees, Corporate director. Www handrblock com Disability Military, Disability. Www handrblock com Pensions, Disability Pensions Workers' compensation, Disability pension. Www handrblock com Person with, Persons with disabilities. Www handrblock com Unemployment compensation, paid as substitute for, Types of unemployment compensation. Www handrblock com Disaster relief Disaster mitigation payments, Disaster mitigation payments. Www handrblock com Disaster Relief and Emergency Assistance Act Grants, Disaster relief grants. Www handrblock com Unemployment benefits, Unemployment Benefits Mitigation payments, Reminders Payments, Disaster relief payments. Www handrblock com Discounts Employee discounts, Employee Discounts Employee stock purchase plans, Option granted at a discount. Www handrblock com Mortgage loan for early payment, Discounted mortgage loan. Www handrblock com Dividends Restricted stock, Dividends received on restricted stock. Www handrblock com Divorced taxpayers Stock options exercised incident to divorce, Tax form. Www handrblock com Down payment assistance, Down payment assistance. Www handrblock com E Educational assistance Employer-provided, Educational Assistance Scholarships and fellowships, Scholarships and fellowships. Www handrblock com Educational institutions Faculty lodging, Faculty lodging. Www handrblock com Elderly persons Nutrition Program for the Elderly, Nutrition Program for the Elderly. Www handrblock com Tax Counseling for the Elderly, Volunteer tax counseling. Www handrblock com Election precinct officials, Election precinct official. Www handrblock com Elective deferrals, Elective Deferrals Catch-up contributions, Catch-up contributions. Www handrblock com , Catch-up contributions. Www handrblock com Excess annual additions, Excess Annual Additions Excess contributions, Excess Contributions Excess deferrals, Excess deferrals. Www handrblock com Increased limit for last 3 years prior to retirement age, Increased limit. Www handrblock com Limit on, Elective Deferrals Reporting by employer, Reporting by employer. Www handrblock com Emergency Homeowners' Loan Program, Hardest Hit Fund and Emergency Homeowners' Loan Program. Www handrblock com Emotional distress damages, Emotional distress. Www handrblock com Employee achievement awards, Employee achievement award. Www handrblock com Employee awards or bonuses, Employee awards or bonuses. Www handrblock com Employee compensation, Employee Compensation, Inherited property not substantially vested. Www handrblock com Fringe benefits, Fringe Benefits, Special valuation rules. Www handrblock com Restricted property, Restricted Property, Inherited property not substantially vested. Www handrblock com Retirement plan contributions, Retirement Plan Contributions Stock options, Stock Options, Statutory Stock Options Employee discounts, Employee Discounts Employee stock purchase plans, Statutory Stock Options, Employee stock purchase plan. Www handrblock com Employer, foreign, Foreign Employer Employer-owned life insurance, Employer-owned life insurance contract. Www handrblock com Employer-provided Educational assistance, Educational Assistance Vehicles, Employer-provided vehicles. Www handrblock com Employment Abroad, Employment abroad. Www handrblock com Agency fees, Employment agency fees. Www handrblock com Contracts Severance pay for cancellation of, Severance pay. Www handrblock com Endowment proceeds, Endowment Contract Proceeds Energy Assistance, Payments to reduce cost of winter energy. Www handrblock com Conservation Subsidies, Energy conservation subsidies. Www handrblock com Utility rebates, Utility rebates. Www handrblock com Estate income, Estate and trust income. Www handrblock com Estimated tax Unemployment compensation, Tax withholding. Www handrblock com Excess Annual additions, Excess Annual Additions Contributions, Excess Contributions Deferrals, Excess deferrals. Www handrblock com Expected inheritance, Expected inheritance. Www handrblock com Expenses paid by another, Expenses paid by another. Www handrblock com Exxon Valdez settlement, Exxon Valdez settlement income. Www handrblock com Eligible retirement plan, Contributions to eligible retirement plan. Www handrblock com Income averaging, Income averaging. Www handrblock com Legal expenses, Legal expenses. Www handrblock com Reporting requirement-statement, Statement. Www handrblock com F Faculty lodging, Faculty lodging. Www handrblock com Fair market value (FMV), Fair market value. Www handrblock com Stock options, Grant of option. Www handrblock com Farming Qualified farm debt, cancellation of, Excluded debt. Www handrblock com Federal employees Accrued leave payment, Accrued leave payment. Www handrblock com Cost-of-living allowances, Government cost-of-living allowances. Www handrblock com Disability pensions, Military and Government Disability Pensions Thrift Savings Plan for, Elective Deferrals Federal Employees Compensation Act (FECA) payments, Federal Employees' Compensation Act (FECA). Www handrblock com Federal income tax Refunds, Federal income tax refund. Www handrblock com Fees for services, Fees for services. Www handrblock com Financial counseling fees, Financial Counseling Fees Fellowships, Scholarships and fellowships. Www handrblock com FICA withholding Foreign employers, U. Www handrblock com S. Www handrblock com citizens working for in U. Www handrblock com S. Www handrblock com , Social security and Medicare taxes. Www handrblock com Paid by employer, Social security and Medicare taxes paid by employer. Www handrblock com Fiduciaries Fees for services, Fees for services. Www handrblock com , Personal representatives. Www handrblock com Financial counseling fees, Financial Counseling Fees (see also Retirement planning services) Fitness programs Employer-provided, Athletic Facilities Flights Employer-provided aircraft, Flights on employer-provided aircraft. Www handrblock com No-additional-cost services, No-Additional-Cost Services Food benefits Daycare providers, food program payments to, Food program payments to daycare providers. Www handrblock com Nutrition Program for the Elderly, Nutrition Program for the Elderly. Www handrblock com Foreign Currency transactions, Foreign currency transactions. Www handrblock com Employment, Foreign Employer Governments, employees of, Employees of international organizations or foreign governments. Www handrblock com Income, Reminders Service, Service-connected disability. Www handrblock com Form 1040 Excess contributions to elective deferrals, Excess Contributions Recoveries, Where to report. Www handrblock com Unemployment compensation, Unemployment Benefits Wages from Form W-2, Employee Compensation Form 1040 or 1040A, Schedule B Restricted stock dividends, Stock you chose to include in your income. Www handrblock com Form 1040, Schedule A Outplacement services, deduction for, Outplacement services. Www handrblock com Repayment of commissions paid in advance, Advance commissions and other earnings. Www handrblock com Form 1040, Schedule C Bartering, Bartering Childcare providers to use, Childcare providers. Www handrblock com Personal property rental, reporting income from, Reporting business income and expenses. Www handrblock com Royalties, Royalties Form 1040, Schedule C-EZ Bartering, Bartering Childcare Providers to use, Childcare providers. Www handrblock com Personal property rental, reporting income from, Reporting business income and expenses. Www handrblock com Royalties, Royalties Form 1040, Schedule D Stock options, Sale of the stock. Www handrblock com Stock options reported on, Statutory Stock Options Form 1040, Schedule E Partner's return, Partner's return. Www handrblock com Royalties, Royalties Form 1040A Recoveries, Where to report. Www handrblock com Unemployment compensation, Unemployment Benefits Wages from Form W-2, Employee Compensation Form 1040EZ Recoveries, Where to report. Www handrblock com Unemployment compensation, Unemployment Benefits Wages from Form W-2, Employee Compensation Form 1041 Estates and trusts, Estate and trust income. Www handrblock com Form 1041, Schedule K-1 Beneficiary's share of income, deductions, credits, etc. Www handrblock com , Estate and trust income. Www handrblock com Form 1065 Partnership return, Partnership return. Www handrblock com Form 1065, Schedule K-1 Partner's share of income, Schedule K-1 (Form 1065). Www handrblock com , Partnership Income Form 1098 Mortgage interest statement, Mortgage interest refund. Www handrblock com Form 1099-B Barter exchange transactions, Form 1099-B from barter exchange. Www handrblock com , Backup withholding. Www handrblock com Form 1099-C Cancellation of debt, Form 1099-C. Www handrblock com Form 1099-DIV Restricted stock dividends, Stock you chose to include in your income. Www handrblock com Form 1099-G State tax refunds, State tax refund. Www handrblock com Unemployment compensation, Unemployment Benefits Form 1099-MISC Services totaling $600 or more, Fees for services. Www handrblock com Stock options exercised incident to divorce, Tax form. Www handrblock com Form 1099-R Charitable gift annuities, Charitable gift annuities. Www handrblock com Excess annual additions, Excess Annual Additions Excess deferral amounts, Excess distributed to you. Www handrblock com Surrender of life insurance policy for cash, Surrender of policy for cash. Www handrblock com Form 1120-POL Political organizations, Campaign contributions. Www handrblock com Form 1120S S corporation return, S corporation return. Www handrblock com Form 1120S, Schedule K-1 Shareholder's share of income, credits, deductions, etc. Www handrblock com , Schedule K-1 (Form 1120S). Www handrblock com Form 2441 Child and dependent care expenses, Dependent Care Benefits Form 4255 Recapture of investment credit, Amounts Recovered for Credits Form 6251 Alternative minimum tax, Alternative minimum tax (AMT). Www handrblock com Form 8839 Adoption assistance, Adoption Assistance Form 8853 Accelerated death benefits, Form 8853. Www handrblock com Archer MSAs and long-term care insurance contracts, Archer MSA contributions. Www handrblock com Form 8919 Uncollected social security and Medicare tax on wages, Employee Compensation Form RRB-1099 Railroad retirement board payments, Form RRB-1099. Www handrblock com Form SSA-1099 Social security benefit statement, Form SSA-1099. Www handrblock com Form W-2 501(c)(18)(D) contributions, Section 501(c)(18)(D) contributions. Www handrblock com Accrued leave payment at time of retirement or resignation, Accrued leave payment. Www handrblock com Back pay awards, Back pay awards. Www handrblock com Bonuses or awards, Bonuses and awards. Www handrblock com Elective deferrals, reporting by employer, Reporting by employer. Www handrblock com Failure to receive from employer, Employee Compensation Fringe benefits reported on, Form W-2. Www handrblock com Stock options from employers, Tax form. Www handrblock com Wage and tax statement, Employee Compensation Form W-2G Gambling winnings, Form W-2G. Www handrblock com Form W-4V Unemployment compensation, voluntary withholding request, Tax withholding. Www handrblock com Form W-9 Request for taxpayer identification number, Backup withholding. Www handrblock com Foster care, Foster care providers. Www handrblock com Foster Grandparent Program, National Senior Service Corps programs. Www handrblock com Found property, Found property. Www handrblock com Free tax services, Free help with your tax return. Www handrblock com Fringe benefits, Fringe Benefits, Special valuation rules. Www handrblock com Accident and health insurance, Accident or Health Plan Adoption, employer assistance, Adoption Assistance Athletic facilities, Athletic Facilities Commuter highway vehicles, Transportation De minimis benefits, De Minimis (Minimal) Benefits, Meals and Lodging Dependent care benefits, Dependent Care Benefits Educational assistance, Educational Assistance Employee discounts, Employee Discounts Faculty lodging, Faculty lodging. Www handrblock com Financial counseling fees, Financial Counseling Fees Holiday gifts, Holiday gifts. Www handrblock com Meals and lodging, Meals and Lodging Moving expenses (see Moving expenses) No-additional-cost services, No-Additional-Cost Services Parking, Transportation Retirement planning (see Retirement planning services) Transit pass, Transportation, Transit pass. Www handrblock com Tuition reduction, Tuition Reduction Valuation of, Valuation of Fringe Benefits, Special valuation rules. Www handrblock com Vehicle, Employer-provided vehicles. Www handrblock com Working condition benefits, Working Condition Benefits Frozen deposits Interest on, Interest on frozen deposits. Www handrblock com G Gambling winnings and losses, Gambling winnings. Www handrblock com Gas Royalties from, Oil, gas, and minerals. Www handrblock com Gifts, Gifts and inheritances. Www handrblock com Holiday gifts from employer, Holiday gifts. Www handrblock com Government employees (see Federal employees; State employees) Grantor trusts, Grantor trust. Www handrblock com Group-term life insurance Worksheets, Figuring the taxable cost. Www handrblock com , Worksheet 1. Www handrblock com Figuring the Cost of Group-Term Life Insurance To Include in Income—Illustrated Gulf oil spill, Reminders, Gulf oil spill. Www handrblock com H HAMP Home affordable modification program Pay-for-performance success payments, Home Affordable Modification Program (HAMP). Www handrblock com Hardest Hit Fund Program, Hardest Hit Fund and Emergency Homeowners' Loan Program. Www handrblock com Health Flexible spending arrangement, Health flexible spending arrangement (health FSA). Www handrblock com Insurance, Accident or Health Plan Reimbursement arrangement, Health reimbursement arrangement (HRA). Www handrblock com Savings account, Health savings accounts (HSA). Www handrblock com Help (see Tax help) Highly compensated employees Excess contributions to elective deferrals, Excess Contributions Historic preservation grants, Historic preservation grants. Www handrblock com Hobby losses, Hobby losses. Www handrblock com Holding period requirement, Holding period requirement. Www handrblock com Holiday gifts, Holiday gifts. Www handrblock com Holocaust victims restitution, Holocaust victims restitution. Www handrblock com Home, sale of, Sale of home. Www handrblock com Host or hostess, Host or Hostess Hotels No-additional-cost services, No-Additional-Cost Services Housing (see Lodging) I Illegal activities, Illegal activities. Www handrblock com Incentive stock options (ISOs), Statutory Stock Options, Incentive stock options (ISOs). Www handrblock com Income Assigned, Assignment of income. Www handrblock com Business and investment, Business and Investment Income, More information. Www handrblock com Constructive receipt of, Constructively received income. Www handrblock com Estate and trust, Estate and trust income. Www handrblock com Foreign employers, Foreign Employer Illegal, Illegal activities. Www handrblock com Miscellaneous, Miscellaneous Income Other, Other Income Partnership, Partnership Income Prepaid, Prepaid income. Www handrblock com S corporation, S Corporation Income Indian fishing rights, Indian fishing rights. Www handrblock com Indian money account, Indian money account litigation settlement. Www handrblock com Individual retirement arrangements (IRAs) Deduction, Benefits may affect your IRA deduction. Www handrblock com Inherited IRA, Inherited pension or IRA. Www handrblock com Inheritance, Gifts and inheritances. Www handrblock com IRA, Inherited pension or IRA. Www handrblock com Property not substantially vested, Inherited property not substantially vested. Www handrblock com Injury benefits, Sickness and Injury Benefits, Reimbursement for medical care. Www handrblock com Insurance Credit card, Credit card insurance. Www handrblock com Health, Accident or Health Plan Life (see Life insurance) Long-term care (see Long-term care insurance) Interest Canceled debt including, Interest included in canceled debt. Www handrblock com Frozen deposits, Interest on frozen deposits. Www handrblock com Mortgage refunds, Mortgage interest refund. Www handrblock com Option on insurance, Interest option on insurance. Www handrblock com Recovery amounts, Interest on recovery. Www handrblock com Savings bond, Interest on qualified savings bonds. Www handrblock com State and local government obligations, Interest on state and local government obligations. Www handrblock com Interference with business operations Damages as income, Court awards and damages. Www handrblock com International organizations, employees of, Foreign Employer Interview expenses, Job interview expenses. Www handrblock com Investment counseling fees, Financial Counseling Fees (see also Retirement planning services) Investment income, Business and Investment Income, More information. Www handrblock com IRAs (see Individual retirement arrangements (IRAs)) Iron ore, Coal and iron ore. Www handrblock com Itemized deductions Limited, Itemized deductions limited. Www handrblock com Recoveries, Recoveries, Itemized Deduction Recoveries J Job interview expenses, Job interview expenses. Www handrblock com Joint returns Social security benefits or railroad retirement payments, Joint return. Www handrblock com Joint state/local tax return Recoveries, Joint state or local income tax return. Www handrblock com Jury duty pay, Jury duty. Www handrblock com K Kickbacks, Kickbacks. Www handrblock com L Labor unions Convention expenses, reimbursed, Reimbursed union convention expenses. Www handrblock com Dues, Union benefits and dues. Www handrblock com Strike and lockout benefits, Strike and lockout benefits. Www handrblock com Unemployment benefits paid from, Payments by a union. Www handrblock com Last day of tax year, income received on, Constructively received income. Www handrblock com Leave (see Accrued leave payment) Length-of-service awards, Employee achievement award. Www handrblock com Life insurance Employer-owned, Employer-owned life insurance contract. Www handrblock com Proceeds, Life Insurance Proceeds Surrender of policy for cash, Surrender of policy for cash. Www handrblock com Loans, Discounted mortgage loan. Www handrblock com (see also Mortgage) Below-market, Below-market loans. Www handrblock com Student, Student loans. Www handrblock com Lockout benefits, Strike and lockout benefits. Www handrblock com Lodging Campus lodging, Qualified campus lodging. Www handrblock com , Moving Expense Reimbursements Clergy, Housing Employer-paid or reimbursed, Meals and Lodging Faculty lodging, Faculty lodging. Www handrblock com Replacement housing payments, Replacement housing payments. Www handrblock com Long-term care insurance, Long-term care coverage. Www handrblock com , Long-Term Care Insurance Contracts Lotteries and raffles, Lotteries and raffles. Www handrblock com Lump-sum distributions Survivor benefits, Lump-sum payments. Www handrblock com M Manufacturer incentive payments, Manufacturer incentive payments. Www handrblock com Meals Employer-paid or reimbursed, Meals and Lodging Nutrition Program for the Elderly, Nutrition Program for the Elderly. Www handrblock com Medical Care reimbursements, Reimbursement for medical care. Www handrblock com Savings accounts, Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Www handrblock com Medicare Advantage MSAs, Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Www handrblock com Benefits, Medicare. Www handrblock com Tax paid by employer, Social security and Medicare taxes paid by employer. Www handrblock com Medicare tax (see Social security and Medicare taxes) Military (see Armed forces) Minerals Royalties from, Oil, gas, and minerals. Www handrblock com Miscellaneous Compensation, Miscellaneous Compensation Income, Miscellaneous Income Missing children, photographs of, Reminders Mortgage Assistance payment (under sec. Www handrblock com 235 of National Housing Act), Mortgage assistance payments under section 235 of the National Housing Act. Www handrblock com Discounted loan, Discounted mortgage loan. Www handrblock com Interest refund, Mortgage interest refund. Www handrblock com Qualified principal residence indebtedness, Qualified principal residence indebtedness (QPRI). Www handrblock com Relief, Mortgage relief upon sale or other disposition. Www handrblock com Motor vehicle, employer-provided, Employer-provided vehicles. Www handrblock com Moving expenses Reimbursements, Allowances and reimbursements. Www handrblock com , Moving expense reimbursements. Www handrblock com MSAs (Medical savings accounts), Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Www handrblock com N National Health Service Corps Scholarship Program, Tuition Reduction National Oceanic and Atmospheric Administration, Service-connected disability. Www handrblock com National Senior Service Corps, National Senior Service Corps programs. Www handrblock com No-additional-cost services, No-Additional-Cost Services No-fault car insurance Disability benefits under, Other compensation. Www handrblock com Nobel prize, Pulitzer, Nobel, and similar prizes. Www handrblock com Nonrecourse debt, Mortgage relief upon sale or other disposition. Www handrblock com Nonstatutory stock options, Nonstatutory Stock Options Nontaxable income, Introduction Not-for-profit activities, Activity not for profit. Www handrblock com Notary fees, Notary public. Www handrblock com Notes received for services, Note received for services. Www handrblock com Nutrition Program for the Elderly, Nutrition Program for the Elderly. Www handrblock com O Oil Royalties from, Oil, gas, and minerals. Www handrblock com Old-age, survivors, and disability insurance benefits (OASDI), Old-age, survivors, and disability insurance benefits (OASDI). Www handrblock com Options, stock, Stock Options, Statutory Stock Options Outplacement services, Outplacement services. Www handrblock com Overseas work, Reminders P Parking fees Employer-paid or reimbursed, Transportation, Qualified parking. Www handrblock com Partner and partnership income, Partnership Income Patents Infringement damages, Court awards and damages. Www handrblock com Royalties, Copyrights and patents. Www handrblock com Peace Corps, Peace Corps. Www handrblock com Pensions Clergy, Pension. Www handrblock com Disability pensions, Disability Pensions Inherited pensions, Inherited pension or IRA. Www handrblock com Military, Military retirement pay. Www handrblock com Personal property Rental income and expense, Rents From Personal Property Sale of, Sale of personal items. Www handrblock com Personal representatives (see Fiduciaries) Prepaid income, Prepaid income. Www handrblock com Price reduced after purchase, Price reduced after purchase. Www handrblock com Prizes and awards, Bonuses and awards. Www handrblock com , Prizes and awards. Www handrblock com Achievement awards, Employee achievement award. Www handrblock com Employee awards or bonuses, Employee awards or bonuses. Www handrblock com Length-of-service awards, Employee achievement award. Www handrblock com Pulitzer, Nobel, and similar prizes, Pulitzer, Nobel, and similar prizes. Www handrblock com Safety achievement, Employee achievement award. Www handrblock com Scholarship prizes, Prizes. Www handrblock com Profit-sharing plan, Retirement and profit-sharing plans. Www handrblock com Public assistance benefits, Welfare and Other Public Assistance Benefits Public Health Service, Service-connected disability. Www handrblock com Public safety officers killed in line of duty, Public safety officer killed in the line of duty. Www handrblock com Public transportation passes, employer-provided, Transportation, Transit pass. Www handrblock com Publications (see Tax help) Pulitzer prize, Pulitzer, Nobel, and similar prizes. Www handrblock com Punitive damages, Court awards and damages. Www handrblock com Q Qualified joint venture, Reminders Qualified tuition program (QTP), Qualified tuition program (QTP). Www handrblock com R Raffles, Lotteries and raffles. Www handrblock com Railroad Retirement annuities, Railroad retirement annuities. Www handrblock com Retirement benefits, Social security and equivalent railroad retirement benefits. Www handrblock com Sick pay, Railroad sick pay. Www handrblock com Unemployment compensation benefits, Types of unemployment compensation. Www handrblock com Real estate Qualified real property business debt, cancellation of, Excluded debt. Www handrblock com Rebates Cash, Cash rebates. Www handrblock com Utility, Utility rebates. Www handrblock com Recovery of amounts previously deducted, Recoveries, Standard deduction for earlier years. Www handrblock com Itemized deductions, Recoveries, Itemized Deduction Recoveries Non-itemized deductions, Non-Itemized Deduction Recoveries Unused tax credits, refiguring of, Unused tax credits. Www handrblock com , Unused tax credits. Www handrblock com Refunds Federal income tax, Federal income tax refund. Www handrblock com Mortgage interest, Mortgage interest refund. Www handrblock com State tax, State tax refund. Www handrblock com Rehabilitative program payments, Veterans' benefits. Www handrblock com Reimbursements Business expenses, Allowances and reimbursements. Www handrblock com Casualty losses, Casualty insurance and other reimbursements. Www handrblock com Meals and lodging, Meals and Lodging Medical expenses, Reimbursement for medical care. Www handrblock com Moving expenses, Allowances and reimbursements. Www handrblock com , Moving expense reimbursements. Www handrblock com Related party transactions Stock option transfer, Transfer in non-arm's-length transaction. 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Www handrblock com Contributions, Retirement Plan Contributions, Excess Annual Additions, Statutory Stock Options Elective deferrals (see Elective deferrals) Rewards, Rewards. Www handrblock com Roth contributions, Designated Roth contributions. Www handrblock com Royalties, Royalties S S corporations, S Corporation Income Safety achievement awards, Employee achievement award. Www handrblock com Salary reduction simplified employee pension plans (see SARSEPs) Sale of home, Sale of home. Www handrblock com Sales contracts Cancellation of, Canceled sales contract. Www handrblock com SARSEPs, Elective Deferrals Excess contributions, Excess Contributions Savings bonds, Interest on qualified savings bonds. Www handrblock com Savings incentive match plans for employees (see SIMPLE plans) Scholarships and fellowships, Scholarships and fellowships. Www handrblock com Self-employed persons U. Www handrblock com S. Www handrblock com citizens working for foreign employers in U. 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Www handrblock com Paid by employer, Social security and Medicare taxes paid by employer. Www handrblock com Social security benefits, Social security and equivalent railroad retirement benefits. Www handrblock com Standard deduction Recoveries, Standard deduction limit. Www handrblock com , Standard deduction for earlier years. Www handrblock com State employees Unemployment benefits paid to, State employees. Www handrblock com State or local governments Interest on obligations of, Interest on state and local government obligations. Www handrblock com State or local taxes Refunds, State tax refund. Www handrblock com Statutory stock option holding period, Sale of the stock. Www handrblock com Stock appreciation rights, Stock appreciation rights. Www handrblock com Stock options, Stock Options, Statutory Stock Options Stock options, nonstatutory Exercise or transfer, Exercise or transfer of option. Www handrblock com Grant, Grant of option. Www handrblock com Sale, Sale of the stock. 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Www handrblock com V VA payments, VA payments. Www handrblock com Valuation Fringe benefits, Valuation of Fringe Benefits, Special valuation rules. Www handrblock com Stock options, Nonstatutory Stock Options Vehicle Commuter highway, Commuter highway vehicle. Www handrblock com Employer-provided, Employer-provided vehicles. Www handrblock com Veterans benefits, Veterans' benefits. Www handrblock com Disability compensation, Retroactive VA determination. Www handrblock com Retroactive VA determination, Retroactive VA determination. Www handrblock com Special statute of limitations. Www handrblock com , Special statute of limitations. Www handrblock com Viatical settlements, Viatical settlement. Www handrblock com Volunteer work, Volunteers Tax counseling (Volunteer Income Tax Assistance Program), Volunteer tax counseling. Www handrblock com Volunteers in Service to America (VISTA), Volunteers in Service to America (VISTA). Www handrblock com W W-2 form (see Form W-2) Welfare benefits, Welfare and Other Public Assistance Benefits Whistleblower, Whistleblower's award. Www handrblock com Winter energy payments, Payments to reduce cost of winter energy. Www handrblock com Withholding Barter exchange transactions, Backup withholding. Www handrblock com Unemployment compensation, Tax withholding. Www handrblock com Work-training programs, Work-training program. Www handrblock com Workers' compensation, Workers' Compensation Working condition benefits, Working Condition Benefits Worksheets Group-term life insurance (Worksheet 1), Figuring the taxable cost. Www handrblock com , Worksheet 1. Www handrblock com Figuring the Cost of Group-Term Life Insurance To Include in Income—Illustrated Prev  Up     Home   More Online Publications