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File Free State Income Tax

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File Free State Income Tax

File free state income tax Publication 583 - Additional Material Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Office of Attorney General

Website: Office of Attorney General

Address: Office of Attorney General
Consumer Protection Division
PO Drawer 1508
Santa Fe, NM 87504-1508

Phone Number: 505-827-6009 (Santa Fe) 505-222-9100 (Albuquerque) 575-526-2280(Las Cruces) (Albuquerque)

Toll-free: 1-800-678-1508

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Regulation and Licensing Department

Website: Regulation and Licensing Department

Address: Regulation and Licensing Department
Financial Institutions Division
2550 Cerrillos Rd., 3rd Floor
Santa Fe, NM 87505

Phone Number: 505-476-4885

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Public Regulation Commission

Website: Public Regulation Commission

Address: Public Regulation Commission
Insurance Division
PO Box 1269
1120 Paseo de Peralta
Santa Fe, NM 87504

Toll-free: 1-888-427-5772 (NM)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Regulation and Licensing Department

Website: Regulation and Licensing Department

Address: Regulation and Licensing Department
Securities Division
2550 Cerrillos Rd., 3rd Floor
Santa Fe, NM 87505

Phone Number: 505-476-4580

Toll-free: 1-800-704-5533 (NM)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Regulation Commission

Website: Public Regulation Commission

Address: Public Regulation Commission
Consumer Relations Division
1120 Paseo de Peralta
PO Box 1269
Santa Fe, NM 87501

Phone Number: 505-827-4592

Toll-free: 1-888-427-5772

TTY: 505-827-6911

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The File Free State Income Tax

File free state income tax 3. File free state income tax   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. File free state income tax Whether an abandonment has occurred is determined in light of all the facts and circumstances. File free state income tax You must both show an intention to abandon the property and affirmatively act to abandon the property. File free state income tax A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. File free state income tax For more information, see Sales and Exchanges in Publication 544. File free state income tax The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). File free state income tax See Publication 544 if you abandoned property that did not secure debt. File free state income tax This publication only discusses the tax consequences of abandoning property that secured a debt. File free state income tax Abandonment of property securing recourse debt. File free state income tax    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. File free state income tax For details on figuring gain or loss on the foreclosure, see chapter 2. File free state income tax Example 1—abandonment of personal-use property securing recourse debt. File free state income tax In 2009, Anne purchased a home for $200,000. File free state income tax She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. File free state income tax In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. File free state income tax Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. File free state income tax Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. File free state income tax If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. File free state income tax Example 2—abandonment of business or investment property securing recourse debt. File free state income tax In 2009, Sue purchased business property for $200,000. File free state income tax She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. File free state income tax In 2013, Sue was unable to continue making her loan payments. File free state income tax Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. File free state income tax Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. File free state income tax If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. File free state income tax Abandonment of property securing nonrecourse debt. File free state income tax    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. File free state income tax   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. File free state income tax If the amount you realize is more than your adjusted basis, then you have a gain. File free state income tax If your adjusted basis is more than the amount you realize, then you have a loss. File free state income tax For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. File free state income tax   Loss from abandonment of business or investment property is deductible as a loss. File free state income tax The character of the loss depends on the character of the property. File free state income tax The amount of deductible capital loss may be limited. File free state income tax For more information, see Treatment of Capital Losses in Publication 544. File free state income tax You cannot deduct any loss from abandonment of your home or other property held for personal use. File free state income tax Example 1—abandonment of personal-use property securing nonrecourse debt. File free state income tax In 2009, Timothy purchased a home for $200,000. File free state income tax He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. File free state income tax In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. File free state income tax Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. File free state income tax Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. File free state income tax Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. File free state income tax Timothy has a $15,000 nondeductible loss in tax year 2013. File free state income tax (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. File free state income tax ) The bank sells the house at a foreclosure sale in 2014. File free state income tax Timothy has neither gain nor loss from the foreclosure sale. File free state income tax Because he was not personally liable for the debt, he also has no cancellation of debt income. File free state income tax Example 2—abandonment of business or investment property securing nonrecourse debt. File free state income tax In 2009, Robert purchased business property for $200,000. File free state income tax He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. File free state income tax In 2013, Robert was unable to continue making his loan payments. File free state income tax Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. File free state income tax Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. File free state income tax Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). File free state income tax Robert has a $5,000 gain in tax year 2013. File free state income tax (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. File free state income tax ) The lender sells the property at a foreclosure sale in 2014. File free state income tax Robert has neither gain nor loss from the foreclosure sale. File free state income tax Because he was not personally liable for the debt, he also has no cancellation of debt income. File free state income tax Canceled debt. File free state income tax    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. File free state income tax This income is separate from any amount realized from abandonment of the property. File free state income tax You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. File free state income tax See chapter 1 for more details. File free state income tax Forms 1099-A and 1099-C. File free state income tax    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. File free state income tax Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. File free state income tax 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 free state income tax For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. File free state income tax Prev  Up  Next   Home   More Online Publications