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Form 1040

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Form 1040

Form 1040 Publication 527 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSale of main home used as rental property. Form 1040 Tax-free exchange of rental property occasionally used for personal purposes. Form 1040 Ordering forms and publications. Form 1040 Tax questions. Form 1040 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. Form 1040 irs. Form 1040 gov/pub527. Form 1040 What's New Net Investment Income Tax (NIIT). Form 1040  Beginning in 2013, you may be subject to the Net Investment Income Tax (NIIT). Form 1040 NIIT is a 3. Form 1040 8% tax on the lesser of net investment income or the excess of modified adjusted gross income (MAGI) over the threshold amount. Form 1040 Net investment income may include rental income and other income from passive activities. Form 1040 Use Form 8960, Net Investment Income Tax, to figure this tax. Form 1040 For more information on NIIT, go to IRS. Form 1040 gov and enter “Net Investment Income Tax” in the search box. Form 1040 Reminders Photographs of missing children. Form 1040  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Form 1040 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Form 1040 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. Form 1040 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. Form 1040 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. Form 1040 First, this publication will look at the rental-for-profit activity in which there is no personal use of the property. Form 1040 We will look at types of income and when each is reported, and at types of expenses and which are deductible. Form 1040 Chapter 2 discusses depreciation as it applies to your rental real estate activity—what property can be depreciated and how to figure it. Form 1040 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. Form 1040 Special rental situations are grouped together in chapter 4. Form 1040 These include condominiums, cooperatives, property changed to rental use, renting only part of your property, and a not-for-profit rental activity. Form 1040 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. Form 1040 Sale or exchange of rental property. Form 1040   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. Form 1040 Sale of main home used as rental property. Form 1040   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. Form 1040 Tax-free exchange of rental property occasionally used for personal purposes. Form 1040   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. Form 1040   For information on the qualifying use standards, see Rev. Form 1040 Proc. Form 1040 2008–16, 2008 IRB 547, at http://www. Form 1040 irs. Form 1040 gov/irb/2008-10_IRB/ar12. Form 1040 html . Form 1040 For more information on like-kind exchanges, see chapter 1 of Publication 544. Form 1040 Comments and suggestions. Form 1040   We welcome your comments about this publication and your suggestions for future editions. Form 1040   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Form 1040 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Form 1040 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Form 1040   You can send your comments from www. Form 1040 irs. Form 1040 gov/formspubs/. Form 1040 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Form 1040   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. Form 1040 Ordering forms and publications. Form 1040   Visit www. Form 1040 irs. Form 1040 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. Form 1040 Internal Revenue Service 1201 N. Form 1040 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Form 1040   If you have a tax question, check the information available on IRS. Form 1040 gov or call 1-800-829-1040. Form 1040 We cannot answer tax questions sent to either of the above addresses. Form 1040 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. Form 1040 Prev  Up  Next   Home   More Online Publications
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The Form 1040

Form 1040 Publication 4681 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. Form 1040 Tax questions. Form 1040 Useful Items - You may want to see: Common Situations Covered In This Publication Reminder Future Developments. Form 1040  Information about any future developments affecting Publication 4681 (such as legislation enacted after we release it) will be posted at www. Form 1040 irs. Form 1040 gov/pub4681. Form 1040 Photographs of missing children. Form 1040   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Form 1040 Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. Form 1040 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. Form 1040 Introduction This publication explains the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments. Form 1040 Generally, if you owe a debt to someone else and they cancel or forgive that debt for less than its full amount, you are treated for income tax purposes as having income and may have to pay tax on this income. Form 1040 Note. Form 1040 This publication generally refers to debt that is canceled, forgiven, or discharged for less than the full amount of the debt as “canceled debt. Form 1040 ” Sometimes a debt, or part of a debt, that you do not have to pay is not considered canceled debt. Form 1040 These exceptions are discussed later under Exceptions . Form 1040 Sometimes a canceled debt may be excluded from your income. Form 1040 But if you do exclude canceled debt from income, you may be required to reduce your “tax attributes. Form 1040 ” These exclusions and the reduction of tax attributes associated with them are discussed later under Exclusions . Form 1040 Foreclosure and repossession are remedies that your lender may exercise if you fail to make payments on your loan and you have previously granted that lender a mortgage or other security interest in some of your property. Form 1040 These remedies allow the lender to seize or sell the property securing the loan. Form 1040 When your property is foreclosed upon or repossessed and sold, you are treated as having sold the property and you may recognize taxable gain. Form 1040 Whether you also recognize income from canceled debt depends in part on whether you are personally liable for the debt and in part on whether the outstanding loan balance is more than the fair market value (FMV) of the property. Form 1040 Figuring your gain or loss and income from canceled debt arising from a foreclosure or repossession is discussed later under Foreclosures and Repossessions . Form 1040 Generally, you abandon property when you voluntarily and permanently give up possession and use of property you own with the intention of ending your ownership but without passing it on to anyone else. Form 1040 Figuring your gain or loss and income from canceled debt arising from an abandonment is discussed later under Abandonments . Form 1040 This publication also includes detailed examples with filled-in forms. Form 1040 Comments and suggestions. Form 1040    We welcome your comments about this publication and your suggestions for future editions. Form 1040   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Form 1040 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Form 1040 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Form 1040   You can send your comments from www. Form 1040 irs. Form 1040 gov/formspubs. Form 1040 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Form 1040   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. Form 1040 Ordering forms and publications. Form 1040    Visit www. Form 1040 irs. Form 1040 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. Form 1040 Internal Revenue Service 1201 N. Form 1040 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Form 1040    If you have a tax question, check the information available on IRS. Form 1040 gov or call 1-800-829-1040. Form 1040 We cannot answer tax questions sent to either of the above addresses. Form 1040 Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1099-C Cancellation of Debt 1099-DIV Dividends and Distributions 3800 General Business Credit Common Situations Covered In This Publication The sections of this publication that apply to you depend on the type of debt canceled, the tax attributes you have, and whether or not you continue to own the property that was subject to the debt. Form 1040 Some examples of common circumstances are provided in the following paragraphs to help guide you through this publication. Form 1040 These examples do not cover every situation but are intended to provide general guidance for the most common situations. Form 1040 Nonbusiness credit card debt cancellation. Form 1040    If you had a nonbusiness credit card debt canceled, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. Form 1040 You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. Form 1040 If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. Form 1040 Personal vehicle repossession. Form 1040    If you had a personal vehicle repossessed and disposed of by the lender during the year, you will need to determine your gain or nondeductible loss on the disposition. Form 1040 This is explained in chapter 2 . Form 1040 If the lender also canceled all or part of the remaining amount of the loan, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. Form 1040 You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. Form 1040 If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. Form 1040 Main home foreclosure or abandonment. Form 1040    If a lender foreclosed on your main home during the year, you will need to determine your gain or loss on the foreclosure. Form 1040 Foreclosures are explained in chapter 2 and abandonments are explained in chapter 3. Form 1040 If the lender also canceled all or part of the remaining amount on the mortgage loan and you were personally liable for the debt, you should also read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. Form 1040 Detailed Example 2 and Example 3 in chapter 4 use filled-in forms to help explain these provisions. Form 1040 Main home loan modification (workout agreement). Form 1040    If a lender agrees to a mortgage loan modification (a “workout”) that includes a reduction in the principal balance of the loan, you should read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. Form 1040 If you can exclude part or all of the canceled debt from income, you should also read Qualified Principal Residence Indebtedness under Reduction of Tax Attributes in chapter 1. Form 1040 Detailed Example 1 in chapter 4 uses filled-in forms to help explain the tax implications of a mortgage workout scenario. Form 1040 Prev  Up  Next   Home   More Online Publications