File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

Filing Amended Return

How Do You File An Amended Tax Return2011 Tax Forms 1040 InstructionsEz State Tax FormFile Taxes FreeEfile 2007 Tax Returns For FreeIrs Form 1040 2010H&r Block Online TaxesH And R Block Online FilingMilitary Tax DeductionsTaxwise SoftwareTax Preparation SoftwareFiling Taxes While UnemployedH And R Block Free Tax ReturnFree Tax Filing For Low Income FamiliesFree Turbo Tax 2013Free Income Tax ExtensionTax Slayer 2011Turbotax Premier Federal E File State 2012 For Pc DownloadHow To Amend A Tax ReturnTax Software 20121040ez Free FilingCan You Efile A 1040xFree State Taxes EfileState Amended FormHow To File Your State Taxes Online For FreeHow Much To Do Back Taxes With Hr BlockIrs TaxFree Taxes OnlineEfile Tax ReturnFiling For State TaxesCan I File My State Taxes Online For Free1040 X FormTax Return 2011Myfreetaxes ComSelf Employed Tax DeductionsHow To File Past TaxesAmend Taxes OnlineAmended FormTax Return AmendmentFiling Income Tax Online

Filing Amended Return

Filing amended return 4. Filing amended return   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. Filing amended return However, the information shown on the filled-in forms is not from any actual person or scenario. Filing amended return Example 1—Mortgage loan modification. Filing amended return    In 2007, Nancy Oak bought a main home for $435,000. Filing amended return Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. Filing amended return The loan was secured by the home. Filing amended return The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. Filing amended return 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. Filing amended return    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. Filing amended return The FMV of Nancy's home at the time of the refinancing was $500,000. Filing amended return 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. Filing amended return 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. Filing amended return   In 2013, Nancy was unable to make her mortgage loan payments. Filing amended return 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. Filing amended return Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. Filing amended return   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. Filing amended return Identifiable event code "F" appears in box 6. Filing amended return This box shows the reason the creditor has filed Form 1099-C. Filing amended return 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. Filing amended return Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. Filing amended return   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. Filing amended return 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. Filing amended return 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. Filing amended return 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). Filing amended return   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. Filing amended return 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). Filing amended return Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. Filing amended return You can see Nancy's Form 1099-C and a portion of her Form 1040 below. Filing amended return Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Filing amended return Please click the link to view the image. Filing amended return Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. Filing amended return Please click the link to view the image. Filing amended return Form 1040, U. Filing amended return S. Filing amended return Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. Filing amended return Please click the link to view the image. Filing amended return Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. Filing amended return    In 2005, John and Mary Elm bought a main home for $335,000. Filing amended return John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. Filing amended return The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. Filing amended return   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. Filing amended return 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. Filing amended return   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. Filing amended return Identifiable event code "D" appears in box 6. Filing amended return This box shows the reason the creditor has filed Form 1099-C. Filing amended return 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. Filing amended return In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. Filing amended return Their sample Form 1099-C is shown on this page. Filing amended return   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). Filing amended return 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. Filing amended return   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). Filing amended return Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. Filing amended return 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. Filing amended return As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. Filing amended return 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. Filing amended return Thus, John and Mary leave line 10b of Form 982 blank. Filing amended return   John and Mary must also determine whether they have a gain or loss from the foreclosure. Filing amended return John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. Filing amended return Because this loss relates to their home, it is a nondeductible loss. Filing amended return   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. Filing amended return John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Filing amended return Please click the link to view the image. Filing amended return Form 1099-C, Cancellation of Debt Table 1-1. Filing amended return Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. Filing amended return Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Filing amended return Otherwise, go to Part 2. Filing amended return 1. Filing amended return 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. Filing amended return 00 2. Filing amended return Enter the fair market value of the transferred property $290,000. Filing amended return 00 3. Filing amended return Ordinary income from the cancellation of debt upon foreclosure or repossession. Filing amended return * Subtract line 2 from line 1. Filing amended return If less than zero, enter zero. Filing amended return Next, go to Part 2 $ 25,000. Filing amended return 00 Part 2. Filing amended return Gain or loss from foreclosure or repossession. Filing amended return   4. Filing amended return Enter the smaller of line 1 or line 2. Filing amended return 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. Filing amended return 00 5. Filing amended return Enter any proceeds you received from the foreclosure sale   6. Filing amended return Add line 4 and line 5 $290,000. Filing amended return 00 7. Filing amended return Enter the adjusted basis of the transferred property $335,000. Filing amended return 00 8. Filing amended return Gain or loss from foreclosure or repossession. Filing amended return Subtract line 7 from line 6 ($ 45,000. Filing amended return 00) * The income may not be taxable. Filing amended return See chapter 1 for more details. Filing amended return Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. Filing amended return 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. Filing amended return Credit card debt $ 5,500 2. Filing amended return 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. Filing amended return Car and other vehicle loans $ 4. Filing amended return Medical bills owed $ 5. Filing amended return Student loans $ 6. Filing amended return Accrued or past-due mortgage interest $ 7. Filing amended return Accrued or past-due real estate taxes $ 8. Filing amended return Accrued or past-due utilities (water, gas, electric) $ 9. Filing amended return Accrued or past-due child care costs $ 10. Filing amended return Federal or state income taxes remaining due (for prior tax years) $ 11. Filing amended return Judgments $ 12. Filing amended return Business debts (including those owed as a sole proprietor or partner) $ 13. Filing amended return Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Filing amended return Other liabilities (debts) not included above $ 15. Filing amended return Total liabilities immediately before the cancellation. Filing amended return Add lines 1 through 14. Filing amended return $ 320,500 Part II. Filing amended return 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. Filing amended return Cash and bank account balances $ 6,000 17. Filing amended return 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. Filing amended return Cars and other vehicles $ 19. Filing amended return Computers $ 20. Filing amended return Household goods and furnishings (for example, appliances, electronics, furniture, etc. Filing amended return ) $ 21. Filing amended return Tools $ 22. Filing amended return Jewelry $ 23. Filing amended return Clothing $ 24. Filing amended return Books $ 25. Filing amended return Stocks and bonds $ 26. Filing amended return Investments in coins, stamps, paintings, or other collectibles $ 27. Filing amended return Firearms, sports, photographic, and other hobby equipment $ 28. Filing amended return Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. Filing amended return Interest in a pension plan $ 30. Filing amended return Interest in education accounts $ 31. Filing amended return Cash value of life insurance $ 32. Filing amended return Security deposits with landlords, utilities, and others $ 33. Filing amended return Interests in partnerships $ 34. Filing amended return Value of investment in a business $ 35. Filing amended return Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Filing amended return Other assets not included above $ 37. Filing amended return FMV of total assets immediately before the cancellation. Filing amended return Add lines 16 through 36. Filing amended return $ 309,000 Part III. Filing amended return Insolvency 38. Filing amended return Amount of Insolvency. Filing amended return Subtract line 37 from line 15. Filing amended return If zero or less, you are not insolvent. Filing amended return $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. Filing amended return Please click the link to view the image. Filing amended return 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. Filing amended return    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. Filing amended return 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. Filing amended return Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. Filing amended return   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. Filing amended return The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. Filing amended return On December 26, 2013, the lender canceled the remaining debt. Filing amended return Kathy and Frank have no tax attributes other than basis of personal-use property. Filing amended return   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). Filing amended return Identifiable event code "D" appears in box 6. Filing amended return This box shows the reason the creditor has filed Form 1099-C. Filing amended return 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. Filing amended return Kathy and Frank are filing a joint return for 2013. Filing amended return   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. Filing amended return 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). Filing amended return 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. Filing amended return Because this loss relates to their home, it is a nondeductible loss. Filing amended return   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. Filing amended return 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. Filing amended return Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. Filing amended return The household furnishings originally cost $30,000. Filing amended return The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. Filing amended return Kathy and Frank had no adjustments to the cost basis of the car. Filing amended return Kathy and Frank had no other assets or liabilities at the time of the cancellation. Filing amended return 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). Filing amended return   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. Filing amended return 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). Filing amended return Kathy and Frank had no other assets or liabilities at that time. Filing amended return Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. Filing amended return   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. Filing amended return The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. Filing amended return 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. Filing amended return Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. Filing amended return 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). Filing amended return 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. Filing amended return   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. Filing amended return Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. Filing amended return 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. Filing amended return 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). Filing amended return   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. Filing amended return 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. Filing amended return Thus, Kathy and Frank leave line 10b of Form 982 blank. Filing amended return However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. Filing amended return 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. Filing amended return 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). Filing amended return 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. Filing amended return Kathy and Frank reduce the basis in the car by $14,956. Filing amended return 52 ($43,000 x $16,000/$46,000). Filing amended return And they reduce the basis in the household furnishings by $28,043. Filing amended return 48 ($43,000 x $30,000/$46,000). Filing amended return   Following are Kathy and Frank's sample forms and worksheets. Filing amended return Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Filing amended return Please click the link to view the image. Filing amended return Form 1099-C, Cancellation of Debt Table 1-1. Filing amended return Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. Filing amended return Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Filing amended return Otherwise, go to Part 2. Filing amended return 1. Filing amended return 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. Filing amended return 00 2. Filing amended return Enter the fair market value of the transferred property $1,750,000. Filing amended return 00 3. Filing amended return Ordinary income from the cancellation of debt upon foreclosure or repossession. Filing amended return * Subtract line 2 from line 1. Filing amended return If less than zero, enter zero. Filing amended return Next, go to Part 2 $0. Filing amended return 00 Part 2. Filing amended return Gain or loss from foreclosure or repossession. Filing amended return   4. Filing amended return Enter the smaller of line 1 or line 2. Filing amended return 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. Filing amended return $1,750,000. Filing amended return 00 5. Filing amended return Enter any proceeds you received from the foreclosure sale   6. Filing amended return Add line 4 and line 5 $1,750,000. Filing amended return 00 7. Filing amended return Enter the adjusted basis of the transferred property $3,000,000. Filing amended return 00 8. Filing amended return Gain or loss from foreclosure or repossession. Filing amended return Subtract line 7 from line 6 ($1,250,000. Filing amended return 00) * The income may not be taxable. Filing amended return See chapter 1 for more details. Filing amended return    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. Filing amended return 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. Filing amended return Credit card debt $ 18,000 2. Filing amended return 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. Filing amended return Car and other vehicle loans $ 4. Filing amended return Medical bills owed $ 5. Filing amended return Student loans $ 6. Filing amended return Accrued or past-due mortgage interest $ 7. Filing amended return Accrued or past-due real estate taxes $ 8. Filing amended return Accrued or past-due utilities (water, gas, electric) $ 9. Filing amended return Accrued or past-due child care costs $ 10. Filing amended return Federal or state income taxes remaining due (for prior tax years) $ 11. Filing amended return Judgments $ 12. Filing amended return Business debts (including those owed as a sole proprietor or partner) $ 13. Filing amended return Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Filing amended return Other liabilities (debts) not included above $ 15. Filing amended return Total liabilities immediately before the cancellation. Filing amended return Add lines 1 through 14. Filing amended return $ 768,000 Part II. Filing amended return 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. Filing amended return Cash and bank account balances $ 15,000 17. Filing amended return 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. Filing amended return Cars and other vehicles $ 10,000 19. Filing amended return Computers $ 20. Filing amended return Household goods and furnishings (for example, appliances, electronics, furniture, etc. Filing amended return ) $ 17,000 21. Filing amended return Tools $ 22. Filing amended return Jewelry $ 23. Filing amended return Clothing $ 24. Filing amended return Books $ 25. Filing amended return Stocks and bonds $ 26. Filing amended return Investments in coins, stamps, paintings, or other collectibles $ 27. Filing amended return Firearms, sports, photographic, and other hobby equipment $ 28. Filing amended return Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. Filing amended return Interest in a pension plan $ 30. Filing amended return Interest in education accounts $ 31. Filing amended return Cash value of life insurance $ 32. Filing amended return Security deposits with landlords, utilities, and others $ 33. Filing amended return Interests in partnerships $ 34. Filing amended return Value of investment in a business $ 35. Filing amended return Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Filing amended return Other assets not included above $ 37. Filing amended return FMV of total assets immediately before the cancellation. Filing amended return Add lines 16 through 36. Filing amended return $ 42,000 Part III. Filing amended return Insolvency 38. Filing amended return Amount of Insolvency. Filing amended return Subtract line 37 from line 15. Filing amended return If zero or less, you are not insolvent. Filing amended return $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. Filing amended return Please click the link to view the image. Filing amended return Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

Affordable Care Act Tax Provisions News Archive

Health Care Tax Tips
Feb. 25, 2014 - New Health Care Tax Tips help people learn what they need to know about the Affordable Care Act for filing tax returns this year and in the future. You can view them on IRS.gov or subscribe for automatic email updates.

Employer Shared Responsibility
Feb. 10, 2014 - Final rules answer questions about compliance; ensure volunteers do not count as full-time employees; and phases in provisions for employers with 50-99 full-time employees and those who offer coverage to most but not all full-time workers.

Reporting Employer-Provided Health Coverage on Form W-2
Jan. 27, 2014 - Employers may need to report employer-sponsored health care coverage amounts on W-2 forms being issued this January 2014. Individuals do not have to pay taxes on these coverage amounts and should not report it as income.

IRS Notices address reliance and correction procedures for Tax Exempt Hospitals
Jan. 23, 2014 - Notices 2014-2 and 2014-3 provide the most recent guidance for Tax Exempt Hospitals under section 501(r) of the Internal Revenue Code.

Premium Tax Credit electronic flyer (IRS Publication 5120) released
Jan. 10, 2013 - If you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the Premium Tax Credit. This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes.

Medical Loss Ratio section 833 final regulations issued
Jan. 6, 2014 - IRS issued final regulations on January 6, 2014 that describe how the Medical Loss Ratio for purposes of section 833 is computed.

Health Insurance Marketplace Opens – find out more
Oct. 1, 2013 - The Marketplace is where you can find health insurance coverage options and enroll in the coverage that fits your budget and meets your needs.

You may be eligible for the Premium Tax Credit
Oct. 1, 2013 - Starting in 2014, if you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the Premium Tax Credit.

Research trust fund fees due July 31 from health insurers and plan sponsors
July 19, 2013 – The new Patient-Centered Outcomes Research Trust Fund fees are due July 31, 2013 from health insurers and plan sponsors of self-insured plans. The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment, paid through the Electronic Federal Tax Payment System (EFTPS), should be applied to the second quarter (in EFTPS, select Q2 for the Quarter under Tax Period on the "Business Tax Payment" page).

Healthcare Online Resource electronic flyer (IRS Publication 5093) released (pdf)
July 12, 2013 – Guide to federal web sites with health care information for Individuals, Families and Employers.

2014 Transition Relief for Information Reporting and Employer Shared Responsibility Payments announced – provisions optional for 2014 and mandatory for 2015 (Notice 2013-45)
July 11, 2013 - Transition Relief for 2014 Under § 6055 (Information Reporting for Insurers, Self-Insuring Employers and Other Providers), § 6056 (Information Reporting for Applicable Large Employers) and § 4980H (Employer Shared Responsibility Provisions).

Page Last Reviewed or Updated: 25-Mar-2014

 

The Filing Amended Return

Filing amended return Publication 527 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSale of main home used as rental property. Filing amended return Tax-free exchange of rental property occasionally used for personal purposes. Filing amended return Ordering forms and publications. Filing amended return Tax questions. Filing amended return Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 527, such as legislation enacted after it was published, go to www. Filing amended return irs. Filing amended return gov/pub527. Filing amended return What's New Net Investment Income Tax (NIIT). Filing amended return  Beginning in 2013, you may be subject to the Net Investment Income Tax (NIIT). Filing amended return NIIT is a 3. Filing amended return 8% tax on the lesser of net investment income or the excess of modified adjusted gross income (MAGI) over the threshold amount. Filing amended return Net investment income may include rental income and other income from passive activities. Filing amended return Use Form 8960, Net Investment Income Tax, to figure this tax. Filing amended return For more information on NIIT, go to IRS. Filing amended return gov and enter “Net Investment Income Tax” in the search box. Filing amended return Reminders Photographs of missing children. Filing amended return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filing amended return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filing amended return 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. Filing amended return Introduction Do you own a second house that you rent out all the time? Do you own a vacation home that you rent out when you or your family isn't using it? These are two common types of residential rental activities discussed in this publication. Filing amended return In most cases, all rental income must be reported on your tax return, but there are differences in the expenses you are allowed to deduct and in the way the rental activity is reported on your return. Filing amended return First, this publication will look at the rental-for-profit activity in which there is no personal use of the property. Filing amended return We will look at types of income and when each is reported, and at types of expenses and which are deductible. Filing amended return Chapter 2 discusses depreciation as it applies to your rental real estate activity—what property can be depreciated and how to figure it. Filing amended return Chapter 3 covers the actual reporting of your rental income and deductions, including casualties and thefts, limitations on losses, and claiming the correct amount of depreciation. Filing amended return Special rental situations are grouped together in chapter 4. Filing amended return These include condominiums, cooperatives, property changed to rental use, renting only part of your property, and a not-for-profit rental activity. Filing amended return Finally, in chapter 5, we will look at the rules for rental income and expenses when there is also personal use of the dwelling unit, such as a vacation home. Filing amended return Sale or exchange of rental property. Filing amended return   For information on how to figure and report any gain or loss from the sale, exchange or other disposition of your rental property, see Publication 544, Sales and Other Dispositions of Assets. Filing amended return Sale of main home used as rental property. Filing amended return   For information on how to figure and report any gain or loss from the sale or other disposition of your main home that you also used as rental property, see Publication 523, Selling Your Home. Filing amended return Tax-free exchange of rental property occasionally used for personal purposes. Filing amended return   If you meet certain qualifying use standards, you may qualify for a tax-free exchange (a like-kind or section 1031 exchange) of one piece of rental property you own for a similar piece of rental property, even if you have used the rental property for personal purposes. Filing amended return   For information on the qualifying use standards, see Rev. Filing amended return Proc. Filing amended return 2008–16, 2008 IRB 547, at http://www. Filing amended return irs. Filing amended return gov/irb/2008-10_IRB/ar12. Filing amended return html . Filing amended return For more information on like-kind exchanges, see chapter 1 of Publication 544. Filing amended return Comments and suggestions. Filing amended return   We welcome your comments about this publication and your suggestions for future editions. Filing amended return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Filing amended return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Filing amended return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filing amended return   You can send your comments from www. Filing amended return irs. Filing amended return gov/formspubs/. Filing amended return Click on “More Information” and then on “Comment on Tax Forms and Publications”. Filing amended return   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. Filing amended return Ordering forms and publications. Filing amended return   Visit www. Filing amended return irs. Filing amended return gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Filing amended return Internal Revenue Service 1201 N. Filing amended return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Filing amended return   If you have a tax question, check the information available on IRS. Filing amended return gov or call 1-800-829-1040. Filing amended return We cannot answer tax questions sent to either of the above addresses. Filing amended return Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 5213 Election To Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit 8582 Passive Activity Loss Limitations Schedule E (Form 1040) Supplemental Income and Loss   See chapter 6, How To Get Tax Help for information about getting these publications and forms. Filing amended return Prev  Up  Next   Home   More Online Publications