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2014 1040ez Tax Form

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2014 1040ez Tax Form

2014 1040ez tax form Publication 551 - Introductory Material Table of Contents What's New Reminder IntroductionOrdering forms and publications. 2014 1040ez tax form Tax questions. 2014 1040ez tax form Useful Items - You may want to see: What's New Property acquired from a decedent who died in 2010. 2014 1040ez tax form  Property acquired from a decedent dying in 2010 will no longer have an automatic increase in basis. 2014 1040ez tax form See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for details. 2014 1040ez tax form Reminder Photographs of missing children. 2014 1040ez tax form  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2014 1040ez tax form Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2014 1040ez tax form You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2014 1040ez tax form Introduction Basis is the amount of your investment in property for tax purposes. 2014 1040ez tax form Use the basis of property to figure depreciation, amortization, depletion, and casualty losses. 2014 1040ez tax form Also use it to figure gain or loss on the sale or other disposition of property. 2014 1040ez tax form You must keep accurate records of all items that affect the basis of property so you can make these computations. 2014 1040ez tax form This publication is divided into the following sections. 2014 1040ez tax form Cost Basis Adjusted Basis Basis Other Than Cost The basis of property you buy is usually its cost. 2014 1040ez tax form You may also have to capitalize (add to basis) certain other costs related to buying or producing the property. 2014 1040ez tax form Your original basis in property is adjusted (increased or decreased) by certain events. 2014 1040ez tax form If you make improvements to the property, increase your basis. 2014 1040ez tax form If you take deductions for depreciation or casualty losses, reduce your basis. 2014 1040ez tax form You cannot determine your basis in some assets by cost. 2014 1040ez tax form This includes property you receive as a gift or inheritance. 2014 1040ez tax form It also applies to property received in an involuntary conversion and certain other circumstances. 2014 1040ez tax form Comments and suggestions. 2014 1040ez tax form   We welcome your comments about this publication and your suggestions for future editions. 2014 1040ez tax form   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. 2014 1040ez tax form NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2014 1040ez tax form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2014 1040ez tax form   You can email us at taxforms@irs. 2014 1040ez tax form gov. 2014 1040ez tax form Please put “Publications Comment” on the subject line. 2014 1040ez tax form You can also send us comments from www. 2014 1040ez tax form irs. 2014 1040ez tax form gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. 2014 1040ez tax form ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 2014 1040ez tax form Ordering forms and publications. 2014 1040ez tax form   Visit www. 2014 1040ez tax form irs. 2014 1040ez tax form gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 business days after your request is received. 2014 1040ez tax form  Internal Revenue Service  1201 N. 2014 1040ez tax form Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2014 1040ez tax form   If you have a tax question, visit IRS. 2014 1040ez tax form gov or call 1-800-829-1040. 2014 1040ez tax form We cannot answer tax questions sent to either of the above addresses. 2014 1040ez tax form Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 525 Taxable and Nontaxable Income 527 Residential Rental Property 530 Tax Information for First-Time Homeowners 535 Business Expenses 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 559 Survivors, Executors, and Administrators 587 Business Use of Your Home 946 How To Depreciate Property Form (and Instructions) 706 United States Estate (and Generation-Skipping Transfer) Tax Return 706-A United States Additional Estate Tax Return 8594 Asset Acquisition Statement See How To Get Tax Help near the end of this publication for information about getting publications and forms. 2014 1040ez tax form Prev  Up  Next   Home   More Online Publications
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State and Federal Online Business Registration

If you need a business registration number from one of the states listed on this page, all you need to do is click on one of the links below. You will leave the IRS Web site and enter the state Web site.

If you are from one of these states and you also want to get a federal Employer Identification Number (EIN), you may obtain both your state and federal information in one session.  Here’s how it works!  

  1. Click on the link below to access your state’s Web site.
  2. Provide the requested information in the state application.
  3. You’ll then be directed to the IRS Web site’s online EIN application.
  4. Provide any additional information necessary to assign your EIN.
  5. Close the IRS Web site’s browser after obtaining your EIN.
  6. Enter your new EIN in the state application.

Important Information about the Online EIN Application

The online EIN application is available for all entities whose principal business, office or agency, or legal residence (in the case of an individual), is located in the United States or U.S. Territories. The principal officer, general partner, grantor, owner, trustor, etc., must have a valid Taxpayer Identification Number (Social Security Number, Employer Identification Number, or Individual Taxpayer Identification Number) in order to use the online application.

If you are a third party, you must retain on file a completed copy of the Form SS-4 signed by the customer, and the signed statement authorizing you to file the online application.

Need to Know More?

If you have any questions about the state Web site, please access the state Web site link below for more information. If you have questions about obtaining your federal EIN, access Employer ID Numbers (EINs) for more information.

New York

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Page Last Reviewed or Updated: 27-Nov-2013

The 2014 1040ez Tax Form

2014 1040ez tax form 1. 2014 1040ez tax form   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. 2014 1040ez tax form General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. 2014 1040ez tax form There are exceptions to this rule, discussed under Exceptions , later. 2014 1040ez tax form Generally, you must include the canceled debt in your income. 2014 1040ez tax form However, you may be able to exclude the canceled debt. 2014 1040ez tax form See Exclusions , later. 2014 1040ez tax form Example. 2014 1040ez tax form John owed $1,000 to Mary. 2014 1040ez tax form Mary agreed to accept and John paid $400 in satisfaction of the entire debt. 2014 1040ez tax form John has canceled debt of $600. 2014 1040ez tax form Example. 2014 1040ez tax form Margaret owed $1,000 to Henry. 2014 1040ez tax form Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. 2014 1040ez tax form Margaret does not have canceled debt. 2014 1040ez tax form Instead, she has income from services. 2014 1040ez tax form A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. 2014 1040ez tax form Debt for which you are personally liable is recourse debt. 2014 1040ez tax form All other debt is nonrecourse debt. 2014 1040ez tax form If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. 2014 1040ez tax form See Discounts and loan modifications , later. 2014 1040ez tax form However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. 2014 1040ez tax form As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. 2014 1040ez tax form For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. 2014 1040ez tax form There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. 2014 1040ez tax form See Exceptions and Exclusions, later. 2014 1040ez tax form You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. 2014 1040ez tax form Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. 2014 1040ez tax form The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. 2014 1040ez tax form For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. 2014 1040ez tax form Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. 2014 1040ez tax form An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. 2014 1040ez tax form Identifiable event codes. 2014 1040ez tax form    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. 2014 1040ez tax form The codes shown in box 6 are explained below. 2014 1040ez tax form Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. 2014 1040ez tax form Note. 2014 1040ez tax form Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. 2014 1040ez tax form However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. 2014 1040ez tax form Code A — Bankruptcy. 2014 1040ez tax form Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. 2014 1040ez tax form See Bankruptcy , later. 2014 1040ez tax form Code B — Other judicial debt relief. 2014 1040ez tax form Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. 2014 1040ez tax form Code C — Statute of limitations or expiration of deficiency period. 2014 1040ez tax form Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. 2014 1040ez tax form In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. 2014 1040ez tax form Code D — Foreclosure election. 2014 1040ez tax form Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. 2014 1040ez tax form This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. 2014 1040ez tax form Code E — Debt relief from probate or similar proceeding. 2014 1040ez tax form Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. 2014 1040ez tax form Code F — By agreement. 2014 1040ez tax form Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. 2014 1040ez tax form Code G — Decision or policy to discontinue collection. 2014 1040ez tax form Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. 2014 1040ez tax form For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. 2014 1040ez tax form Code H — Expiration of nonpayment testing period. 2014 1040ez tax form Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. 2014 1040ez tax form The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. 2014 1040ez tax form This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. 2014 1040ez tax form Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. 2014 1040ez tax form Code I — Other actual discharge before identifiable event. 2014 1040ez tax form Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. 2014 1040ez tax form Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. 2014 1040ez tax form Amount of canceled debt. 2014 1040ez tax form    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. 2014 1040ez tax form The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). 2014 1040ez tax form Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. 2014 1040ez tax form Interest included in canceled debt. 2014 1040ez tax form    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. 2014 1040ez tax form Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. 2014 1040ez tax form See Deductible Debt under Exceptions, later. 2014 1040ez tax form Persons who each receive a Form 1099-C showing the full amount of debt. 2014 1040ez tax form    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. 2014 1040ez tax form However, you may not have to report that entire amount as income. 2014 1040ez tax form The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. 2014 1040ez tax form See Example 3 under Insolvency, later. 2014 1040ez tax form Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. 2014 1040ez tax form However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. 2014 1040ez tax form The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. 2014 1040ez tax form For more details, see Exceptions and Exclusions, later. 2014 1040ez tax form Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. 2014 1040ez tax form   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. 2014 1040ez tax form The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. 2014 1040ez tax form The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. 2014 1040ez tax form If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. 2014 1040ez tax form The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. 2014 1040ez tax form For more details, see Exceptions and Exclusions, later. 2014 1040ez tax form Nonrecourse debt. 2014 1040ez tax form   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. 2014 1040ez tax form The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. 2014 1040ez tax form The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. 2014 1040ez tax form The character of the gain or loss is determined by the character of the property. 2014 1040ez tax form More information. 2014 1040ez tax form    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. 2014 1040ez tax form Abandonments Recourse debt. 2014 1040ez tax form   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. 2014 1040ez tax form You must report this income on your tax return unless one of the exceptions or exclusions described later applies. 2014 1040ez tax form For more details, see Exceptions and Exclusions, later. 2014 1040ez tax form This income is separate from any amount realized from the abandonment of the property. 2014 1040ez tax form For more details, see chapter 3. 2014 1040ez tax form Nonrecourse debt. 2014 1040ez tax form   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. 2014 1040ez tax form Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. 2014 1040ez tax form For more information, see Publication 542, Corporations. 2014 1040ez tax form Prev  Up  Next   Home   More Online Publications