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Form 1040ez 2014

Irs Gov Form 1040ezDid Not File 2012 TaxesFiling State Tax ReturnsFiling A 1040x OnlineFiling Past Year Tax ReturnsFile 1040nr OnlineIrs 2011 Tax FormsWhere Can I File State Taxes For Free1040x 20132010 Tax Filing SoftwareNeed To File 2010 Tax Return2011 Tax FormsFree State Tax Filing Online1040a For 2012H&r Block Amended Return 20121040 Ez Tax Return Form2008 Federal Tax Forms1040ez 2013 Tax FormHow To File Amended Tax Return TurbotaxAmend 2010 Tax Return OnlineHttps Taxes Hrblock ComIncome Tax Forms 2010Tax Form 1040ezE File 1040x FreeTurbotax 2012 CouponFederal Tax AmendmentIrs Form1040ez1040ez WorksheetUnemployment Tax Filing1040ez Com1040 Ez Instructions 2014Can I File My State Taxes For FreeStatetaxreturn2012 Ez Tax Form2011 Tax 1040 Ez1040nr Tax SoftwareFile 2006 Taxes For Free1040 Ez FormForm 1040Tax Deadline

Form 1040ez 2014

Form 1040ez 2014 2. Form 1040ez 2014   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Form 1040ez 2014 Amount realized on a nonrecourse debt. Form 1040ez 2014 If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Form 1040ez 2014 The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Form 1040ez 2014 This is true even if you voluntarily return the property to the lender. Form 1040ez 2014 If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. Form 1040ez 2014 You must report this income on your return unless certain exceptions or exclusions apply. Form 1040ez 2014 See chapter 1 for more details. Form 1040ez 2014 Borrower's gain or loss. Form 1040ez 2014    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Form 1040ez 2014 The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Form 1040ez 2014 The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Form 1040ez 2014 For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Form 1040ez 2014 You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. Form 1040ez 2014 Amount realized and ordinary income on a recourse debt. Form 1040ez 2014    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. Form 1040ez 2014 The amount realized also includes any proceeds you received from the foreclosure sale. Form 1040ez 2014 If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. Form 1040ez 2014 You must report this income on your return unless certain exceptions or exclusions apply. Form 1040ez 2014 See chapter 1 for more details. Form 1040ez 2014       Example 1. Form 1040ez 2014 Tara bought a new car for $15,000. Form 1040ez 2014 She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Form 1040ez 2014 Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Form 1040ez 2014 On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Form 1040ez 2014 The balance due after taking into account the payments Tara made was $10,000. Form 1040ez 2014 The FMV of the car when it was repossessed was $9,000. Form 1040ez 2014 On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Form 1040ez 2014 In this case, the amount Tara realizes is $9,000. Form 1040ez 2014 This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. Form 1040ez 2014 Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Form 1040ez 2014 She has a $6,000 nondeductible loss. Form 1040ez 2014 After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). Form 1040ez 2014 Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Form 1040ez 2014 Example 2. Form 1040ez 2014 Lili paid $200,000 for her home. Form 1040ez 2014 She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Form 1040ez 2014 Lili is personally liable for the mortgage loan and the house secures the loan. Form 1040ez 2014 In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Form 1040ez 2014 When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Form 1040ez 2014 At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). Form 1040ez 2014 She remained personally liable for the $8,000 balance. Form 1040ez 2014 In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Form 1040ez 2014 The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). Form 1040ez 2014 She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Form 1040ez 2014 Lili must also determine her gain or loss from the foreclosure. Form 1040ez 2014 In this case, the amount that she realizes is $170,000. Form 1040ez 2014 This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. Form 1040ez 2014 Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Form 1040ez 2014 She has a $5,000 nondeductible loss. Form 1040ez 2014 Table 1-1. Form 1040ez 2014 Worksheet for Foreclosures and Repossessions Part 1. Form 1040ez 2014 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Form 1040ez 2014 Otherwise, go to Part 2. Form 1040ez 2014 1. Form 1040ez 2014 Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. Form 1040ez 2014 Enter the fair market value of the transferred property   3. Form 1040ez 2014 Ordinary income from the cancellation of debt upon foreclosure or repossession. Form 1040ez 2014 * Subtract line 2 from line 1. Form 1040ez 2014 If less than zero, enter zero. Form 1040ez 2014 Next, go to Part 2   Part 2. Form 1040ez 2014 Gain or loss from foreclosure or repossession. Form 1040ez 2014   4. Form 1040ez 2014 Enter the smaller of line 1 or line 2. Form 1040ez 2014 If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. Form 1040ez 2014 Enter any proceeds you received from the foreclosure sale   6. Form 1040ez 2014 Add line 4 and line 5   7. Form 1040ez 2014 Enter the adjusted basis of the transferred property   8. Form 1040ez 2014 Gain or loss from foreclosure or repossession. Form 1040ez 2014 Subtract line 7 from line 6   * The income may not be taxable. Form 1040ez 2014 See chapter 1 for more details. Form 1040ez 2014 Amount realized on a nonrecourse debt. Form 1040ez 2014    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. Form 1040ez 2014 This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Form 1040ez 2014 Example 1. Form 1040ez 2014 Tara bought a new car for $15,000. Form 1040ez 2014 She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Form 1040ez 2014 Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Form 1040ez 2014 On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Form 1040ez 2014 The balance due after taking into account the payments Tara made was $10,000. Form 1040ez 2014 The FMV of the car when it was repossessed was $9,000. Form 1040ez 2014 The amount Tara realized on the repossession is $10,000. Form 1040ez 2014 That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Form 1040ez 2014 Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Form 1040ez 2014 Tara has a $5,000 nondeductible loss. Form 1040ez 2014 Example 2. Form 1040ez 2014 Lili paid $200,000 for her home. Form 1040ez 2014 She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Form 1040ez 2014 She is not personally liable for the loan, but grants the bank a mortgage. Form 1040ez 2014 The bank foreclosed on the mortgage because Lili stopped making payments. Form 1040ez 2014 When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Form 1040ez 2014 The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Form 1040ez 2014 She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Form 1040ez 2014 Lili has a $5,000 realized gain. Form 1040ez 2014 See Publication 523 to figure and report any taxable amount. Form 1040ez 2014 Forms 1099-A and 1099-C. Form 1040ez 2014    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. Form 1040ez 2014 However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. Form 1040ez 2014 The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Form 1040ez 2014 For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Form 1040ez 2014 Prev  Up  Next   Home   More Online Publications
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Japan 2011 Earthquake/Tsunami – U.S. Government Information


In the United States

Environmental Monitoring

The EPA has its radiation air monitoring (RadNet) data, frequently asked questions, and other resources on http://www.epa.gov/japan2011/. Here you can:

Food Safety

The U.S. Food and Drug Administration (FDA) has deemed that based on current information, there is no risk to the U.S. food supply.

In response to the ongoing situation in Japan, the EPA has taken steps to increase the level of nationwide monitoring of milk, precipitation, drinking water, and other potential exposure routes.

  • EPA conducts radiological monitoring of milk under its RADNET program
  • The U.S. Food and Drug Administration has jurisdiction over the safety, labeling and identity of milk and milk products in interstate commerce.
  • States have jurisdiction over those facilities located within their territory.

Results from a screening sample taken March 25 from Spokane, WA detected 0.8 pCi/L of iodine-131, which is more than 5,000 times lower than the Derived Intervention Level set by the U.S. Food and Drug Administration.

  • These types of findings are to be expected in the coming days and are far below levels of public health concern, including for infants and children.
  • Iodine-131 has a very short half-life of approximately eight days, and the level detected in milk and milk products is therefore expected to drop relatively quickly.

Radiation is all around us in our daily lives, and these findings are a miniscule amount compared to what people experience every day. For example, people are exposed to low levels of radiation on round trip cross country flights, watching television, and even from construction materials.

  • The U.S. Food and Drug Administration has jurisdiction over 80 percent of the food supply, including seafood, dairy, and produce. The U.S. Department of Agriculture regulates meat, poultry, and processed egg products, while FDA regulates all other food products.
  • The U.S. Department of Agriculture has stated that Japan has not exported any beef products to the United States for nearly a year.
  • The U.S. Department of Agriculture has stated that Japan is not currently eligible to export any poultry or processed egg products to the U.S.
  • The U.S. Food and Drug Administration and Customs and Border Protection carefully screen all food products for unsafe substances, including radiological material at Ports of Entry.
  • Learn more about keeping food safe during an emergency.

Potassium Iodide (KI)

The Centers for Disease Control (CDC) does not recommend that people in the United States take potassium iodide supplements (also called KI) in response to the damaged nuclear reactors in Japan.

  • Only take KI on the advice of emergency management officials, public health officials, or your doctor.
  • There are health risks associated with taking KI.

Food, Mail, Ships, and Cargo from Japan

The U.S. Customs and Border Protection (CBP) is monitoring developments in Japan carefully and uses several types of radiation detection equipment in air and sea ports, mail facilities, and elsewhere to ensure safety.

  • CBP and the U.S. Food and Drug Administration carefully screen all food products for unsafe substances, including radiological material, at Ports of Entry.
  • All inbound travelers, baggage, and cargo are screened for radiological materials.
  • CBP employs radiation monitors at international mail facilities.

American Citizens in Japan

American Embassy in Japan

All U.S. citizens in Japan should continue to carefully monitor the situation and follow the guidance of the U.S. and Japanese governments.

Authorized Departures

The U.S. government has authorized the voluntary departure from Japan of eligible family members of U.S. government personnel assigned to the U.S. Embassy in Tokyo, the U.S. Consulate in Nagoya, the Foreign Service Institute Field School in Yokohama, and U.S. Forces Japan.

Evacuations

Travel to and from Japan

Disaster Preparedness

The tragic events in Japan remind us that disasters can strike at any time. The best way to make sure your family is taken care of when disaster strikes is to be prepared.

Additional Information

  • Earthquake in Japan – See facts from the U.S. Geological Survey about the 9.0 earthquake.
  • Earthquake Preparedness and Response – The U.S. Centers for Disease Control and Prevention provides helpful tips on how to prepare for an earthquake and what to do during a quake.
  • Earthquakes, Flooding, and Radiation – The National Institutes of Health provides information and resources about natural disasters and their effects.
  • Tsunami Health Effects – The U.S. Centers for Disease Control and Prevention describes the immediate, secondary, and long-term health effects of a tsunami.
  • Tsunami Preparedness – The Federal Emergency Management Agency explains what a tsunami is and provides guidance on what to do during a tsunami watch or warning.
  • Radiation – Read about the assistance and expertise that the U.S. Department of Energy is providing to Japanese response and recovery efforts.

The Form 1040ez 2014

Form 1040ez 2014 Index A Adjusted basis: Adoption tax benefits, Adoption Tax Benefits Assessment for local improvements, Assessments for Local Improvements Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Credit for qualified electric vehicles, Vehicle Credits Decreases to, Decreases to Basis Depreciation, Depreciation Easements, Easements Employer-provided child care, Employer-Provided Child Care Example, Adjustments to Basis Example Gain from sale of home, Postponed Gain From Sale of Home Gas-guzzler tax, Gas-Guzzler Tax Increases to, Increases to Basis Section 179 deduction, Section 179 Deduction Subsidies for energy conservation, Exclusion of Subsidies for Energy Conservation Measures Adoption tax benefits, Adoption Tax Benefits Allocating basis, Allocating the Basis Assistance (see Tax help) Assumption of mortgage, Assumption of mortgage. Form 1040ez 2014 B Business acquired, Trade or Business Acquired Business assets, Business Assets Businesses exchanged, Exchange of business property. Form 1040ez 2014 C Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Change to business use, Property Changed to Business or Rental Use Community property, Community Property Constructing assets, Constructing assets. Form 1040ez 2014 Copyrights, Copyrights. Form 1040ez 2014 Cost basis: Allocating basis, Allocating the Basis Assumption of mortgage, Assumption of mortgage. Form 1040ez 2014 Capitalized costs, Activities subject to the rules. Form 1040ez 2014 , Deducting vs. Form 1040ez 2014 Capitalizing Costs Loans, low or no interest, Loans with low or no interest. Form 1040ez 2014 Real estate taxes, Real estate taxes. Form 1040ez 2014 Real property, Real Property Settlement costs (fees), Settlement costs. Form 1040ez 2014 D Decreases to basis, Decreases to Basis Demolition of building, Demolition of building. Form 1040ez 2014 Depreciation, Depreciation E Easements, Easements Employer-provided child care, Employer-Provided Child Care Exchanges: Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partial business use of property, Partial Business Use of Property Taxable, Taxable Exchanges F Fair market value, Fair market value (FMV). Form 1040ez 2014 Franchises, Franchises, trademarks, and trade names. Form 1040ez 2014 Free tax services, How To Get Tax Help G Gain from sale of home, Postponed Gain From Sale of Home Gifts, property received, Property Received as a Gift Group of assets acquired, Group of Assets Acquired H Help (see Tax help) I Inherited property, Inherited Property Intangible assets, Intangible Assets Involuntary exchanges, Involuntary Conversions L Land and buildings, Land and Buildings Loans, low or no interest, Loans with low or no interest. Form 1040ez 2014 M More information (see Tax help) N Nontaxable exchanges: Like-kind, Like-Kind Exchanges Partial, Partially Nontaxable Exchange P Partially nontaxable exchanges, Partially Nontaxable Exchange Patents, Patents. Form 1040ez 2014 Points, Points. Form 1040ez 2014 Property changed to business use, Property Changed to Business or Rental Use Property received as a gift, Property Received as a Gift Property received for services: Bargain purchases, Bargain Purchases Fair market value, Property Received for Services Restricted property, Restricted Property Property transferred from a spouse, Property Transferred From a Spouse Publications (see Tax help) R Real estate taxes, Real estate taxes. Form 1040ez 2014 Real property, Real Property S Settlement costs (fees), Settlement costs. Form 1040ez 2014 Special-use valuation, Special-use valuation. Form 1040ez 2014 Spouse, property transferred from, Property Transferred From a Spouse Stocks and bonds, Stocks and Bonds Subdivided lots, Subdivided lots. Form 1040ez 2014 T Tax help, How To Get Tax Help Taxable exchanges, Taxable Exchanges Taxpayer Advocate, Contacting your Taxpayer Advocate. Form 1040ez 2014 Trade or business acquired, Trade or Business Acquired Trademarks and trade  names, Franchises, trademarks, and trade names. Form 1040ez 2014 Trading property (see Exchanges), Taxable Exchanges TTY/TDD information, How To Get Tax Help U Uniform capitalization rules: Activities subject to the rules, Activities subject to the rules. Form 1040ez 2014 Exceptions, Exceptions. Form 1040ez 2014 Prev  Up     Home   More Online Publications