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File 2011 Taxes Free

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File 2011 Taxes Free

File 2011 taxes free 2. File 2011 taxes free   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. File 2011 taxes free Amount realized on a nonrecourse debt. File 2011 taxes free If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. File 2011 taxes free The foreclosure or repossession is treated as a sale from which you may realize gain or loss. File 2011 taxes free This is true even if you voluntarily return the property to the lender. File 2011 taxes free If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. File 2011 taxes free You must report this income on your return unless certain exceptions or exclusions apply. File 2011 taxes free See chapter 1 for more details. File 2011 taxes free Borrower's gain or loss. File 2011 taxes free    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. File 2011 taxes free The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). File 2011 taxes free The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). File 2011 taxes free For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. File 2011 taxes free You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. File 2011 taxes free Amount realized and ordinary income on a recourse debt. File 2011 taxes free    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. File 2011 taxes free The amount realized also includes any proceeds you received from the foreclosure sale. File 2011 taxes free If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. File 2011 taxes free You must report this income on your return unless certain exceptions or exclusions apply. File 2011 taxes free See chapter 1 for more details. File 2011 taxes free       Example 1. File 2011 taxes free Tara bought a new car for $15,000. File 2011 taxes free She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. File 2011 taxes free Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. File 2011 taxes free On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. File 2011 taxes free The balance due after taking into account the payments Tara made was $10,000. File 2011 taxes free The FMV of the car when it was repossessed was $9,000. File 2011 taxes free On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. File 2011 taxes free In this case, the amount Tara realizes is $9,000. File 2011 taxes free This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. File 2011 taxes free Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. File 2011 taxes free She has a $6,000 nondeductible loss. File 2011 taxes free After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). File 2011 taxes free Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. File 2011 taxes free Example 2. File 2011 taxes free Lili paid $200,000 for her home. File 2011 taxes free She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. File 2011 taxes free Lili is personally liable for the mortgage loan and the house secures the loan. File 2011 taxes free In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. File 2011 taxes free When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. File 2011 taxes free At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). File 2011 taxes free She remained personally liable for the $8,000 balance. File 2011 taxes free In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. File 2011 taxes free The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). File 2011 taxes free She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. File 2011 taxes free Lili must also determine her gain or loss from the foreclosure. File 2011 taxes free In this case, the amount that she realizes is $170,000. File 2011 taxes free This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. File 2011 taxes free Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. File 2011 taxes free She has a $5,000 nondeductible loss. File 2011 taxes free Table 1-1. File 2011 taxes free Worksheet for Foreclosures and Repossessions Part 1. File 2011 taxes free Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). File 2011 taxes free Otherwise, go to Part 2. File 2011 taxes free 1. File 2011 taxes free Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. File 2011 taxes free Enter the fair market value of the transferred property   3. File 2011 taxes free Ordinary income from the cancellation of debt upon foreclosure or repossession. File 2011 taxes free * Subtract line 2 from line 1. File 2011 taxes free If less than zero, enter zero. File 2011 taxes free Next, go to Part 2   Part 2. File 2011 taxes free Gain or loss from foreclosure or repossession. File 2011 taxes free   4. File 2011 taxes free Enter the smaller of line 1 or line 2. File 2011 taxes free If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. File 2011 taxes free Enter any proceeds you received from the foreclosure sale   6. File 2011 taxes free Add line 4 and line 5   7. File 2011 taxes free Enter the adjusted basis of the transferred property   8. File 2011 taxes free Gain or loss from foreclosure or repossession. File 2011 taxes free Subtract line 7 from line 6   * The income may not be taxable. File 2011 taxes free See chapter 1 for more details. File 2011 taxes free Amount realized on a nonrecourse debt. File 2011 taxes free    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. File 2011 taxes free This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. File 2011 taxes free Example 1. File 2011 taxes free Tara bought a new car for $15,000. File 2011 taxes free She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. File 2011 taxes free Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. File 2011 taxes free On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. File 2011 taxes free The balance due after taking into account the payments Tara made was $10,000. File 2011 taxes free The FMV of the car when it was repossessed was $9,000. File 2011 taxes free The amount Tara realized on the repossession is $10,000. File 2011 taxes free That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. File 2011 taxes free Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. File 2011 taxes free Tara has a $5,000 nondeductible loss. File 2011 taxes free Example 2. File 2011 taxes free Lili paid $200,000 for her home. File 2011 taxes free She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. File 2011 taxes free She is not personally liable for the loan, but grants the bank a mortgage. File 2011 taxes free The bank foreclosed on the mortgage because Lili stopped making payments. File 2011 taxes free When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. File 2011 taxes free The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. File 2011 taxes free She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. File 2011 taxes free Lili has a $5,000 realized gain. File 2011 taxes free See Publication 523 to figure and report any taxable amount. File 2011 taxes free Forms 1099-A and 1099-C. File 2011 taxes free    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. File 2011 taxes free However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. File 2011 taxes free The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. File 2011 taxes free For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. File 2011 taxes free Prev  Up  Next   Home   More Online Publications
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