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Fillable 1040x Form

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Fillable 1040x Form

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

Mississippi Department of Agriculture and Commerce

Website: Mississippi Department of Agriculture and Commerce

Address: Mississippi Department of Agriculture and Commerce
Bureau of Regulatory Services Consumer Protection
PO Box 1609
Jackson, MS 39215

Phone Number: 601-359-1148

Mississippi Office of the Attorney General

Website: Mississippi Office of the Attorney General

Address: Mississippi Office of the Attorney General
Consumer Protection Division
PO Box 22947
Jackson, MS 39225-2947

Phone Number: 601-359-4230

Toll-free: 1-800-281-4418 (MS)

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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.

Department of Banking and Consumer Finance

Website: Department of Banking and Consumer Finance

Address: Department of Banking and Consumer Finance
901 Woolfolk Building, Suite A
501 N. West St.
Jackson, MS 39201

Phone Number: 601-359-1031

Toll-free: 1-800-844-2499 (MS)

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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.

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
PO Box 79
Jackson, MS 39205-0079

Phone Number: 601-359-3569

Toll-free: 1-800-562-2957 (MS)

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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.

Secretary of State

Website: Secretary of State

Address: Secretary of State
Securities Division
PO Box 136
Jackson, MS 39205-0136

Phone Number: 601-359-1334

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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 Service Commission

Website: Public Service Commission

Address: Public Service Commission
P.O. Box 1174
Jackson, MS 39215

Phone Number: 601-961-5430 (Central District) 601-961-5440 (Southern District) 601-961-5450 (Northern District)

Toll-free: 1-800-356-6429 (Southern District) 1-800-356-6430 (Central District) 1-800-356-6428 (Northern District)

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The Fillable 1040x Form

Fillable 1040x form Publication 971 - Introductory Material Table of Contents What's New IntroductionOrdering forms and publications. Fillable 1040x form Questions about innocent spouse relief. Fillable 1040x form Useful Items - You may want to see: What's New Expanded filing deadline for equitable relief. Fillable 1040x form  The period of time in which you may request equitable relief has been expanded. Fillable 1040x form See How To Request Relief later. Fillable 1040x form More information. Fillable 1040x form   For more information about the latest developments on Publication 971, go to www. Fillable 1040x form irs. Fillable 1040x form gov/pub971. Fillable 1040x form Introduction When you file a joint income tax return, the law makes both you and your spouse responsible for the entire tax liability. Fillable 1040x form This is called joint and several liability. Fillable 1040x form Joint and several liability applies not only to the tax liability you show on the return but also to any additional tax liability the IRS determines to be due, even if the additional tax is due to income, deductions, or credits of your spouse or former spouse. Fillable 1040x form You remain jointly and severally liable for the taxes, and the IRS still can collect from you, even if you later divorce and the divorce decree states that your former spouse will be solely responsible for the tax. Fillable 1040x form In some cases, a spouse (or former spouse) will be relieved of the tax, interest, and penalties on a joint tax return. Fillable 1040x form Three types of relief are available to married persons who filed joint returns. Fillable 1040x form Innocent spouse relief. Fillable 1040x form Separation of liability relief. Fillable 1040x form Equitable relief. Fillable 1040x form Married persons who did not file joint returns, but who live in community property states, may also qualify for relief. Fillable 1040x form See Community Property Laws , later. Fillable 1040x form This publication explains these types of relief, who may qualify for them, and how to get them. Fillable 1040x form You can also use the Innocent Spouse Tax Relief Eligibility Explorer at IRS. Fillable 1040x form gov by entering “Innocent Spouse” in the search box. Fillable 1040x form What this publication does not cover. Fillable 1040x form   This publication does not discuss injured spouse relief. Fillable 1040x form You are an injured spouse if your share of the overpayment shown on your joint return was, or is expected to be, applied (offset) against your spouse's legally enforceable past-due federal taxes, state income taxes, state unemployment compensation debts, child or spousal support payments, or a federal nontax debt, such as a student loan. Fillable 1040x form If you are an injured spouse, you may be entitled to receive a refund of your share of the overpayment. Fillable 1040x form For more information, see Form 8379, Injured Spouse Allocation. Fillable 1040x form Comments and suggestions. Fillable 1040x form   We welcome your comments about this publication and your suggestions for future editions. Fillable 1040x form   You can write to us at the following address:  Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Fillable 1040x form NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Fillable 1040x form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Fillable 1040x form   You can email us at taxforms@irs. Fillable 1040x form gov. Fillable 1040x form Please put “Publications Comment” on the subject line. Fillable 1040x form You can also send us comments from www. Fillable 1040x form irs. Fillable 1040x form gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. Fillable 1040x form ”   Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products. Fillable 1040x form Ordering forms and publications. Fillable 1040x form   Visit www. Fillable 1040x form irs. Fillable 1040x 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 days after your request is received. Fillable 1040x form  Internal Revenue Service 1201 N. Fillable 1040x form Mitsubishi Motorway Bloomington, IL 61705-6613 Questions about innocent spouse relief. Fillable 1040x form The IRS can help you with your request for innocent spouse relief. Fillable 1040x form If you are working with an IRS employee, you can ask that employee, or you can call 866-897-4270. Fillable 1040x form Useful Items - You may want to see: Publications 504 Divorced or Separated Individuals 555 Community Property 556 Examination of Returns, Appeal Rights, and Claims for Refund 594 The IRS Collection Process Forms (and Instructions) 8857 Request for Innocent Spouse Relief Prev  Up  Next   Home   More Online Publications