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Free 1040ez Instructions

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Free 1040ez Instructions

Free 1040ez instructions 2. Free 1040ez instructions   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Free 1040ez instructions Amount realized on a nonrecourse debt. Free 1040ez instructions 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. Free 1040ez instructions The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Free 1040ez instructions This is true even if you voluntarily return the property to the lender. Free 1040ez instructions 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. Free 1040ez instructions You must report this income on your return unless certain exceptions or exclusions apply. Free 1040ez instructions See chapter 1 for more details. Free 1040ez instructions Borrower's gain or loss. Free 1040ez instructions    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Free 1040ez instructions The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Free 1040ez instructions The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Free 1040ez instructions For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Free 1040ez instructions 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. Free 1040ez instructions Amount realized and ordinary income on a recourse debt. Free 1040ez instructions    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. Free 1040ez instructions The amount realized also includes any proceeds you received from the foreclosure sale. Free 1040ez instructions 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. Free 1040ez instructions You must report this income on your return unless certain exceptions or exclusions apply. Free 1040ez instructions See chapter 1 for more details. Free 1040ez instructions       Example 1. Free 1040ez instructions Tara bought a new car for $15,000. Free 1040ez instructions She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Free 1040ez instructions Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Free 1040ez instructions On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Free 1040ez instructions The balance due after taking into account the payments Tara made was $10,000. Free 1040ez instructions The FMV of the car when it was repossessed was $9,000. Free 1040ez instructions On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Free 1040ez instructions In this case, the amount Tara realizes is $9,000. Free 1040ez instructions 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. Free 1040ez instructions Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Free 1040ez instructions She has a $6,000 nondeductible loss. Free 1040ez instructions 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). Free 1040ez instructions Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Free 1040ez instructions Example 2. Free 1040ez instructions Lili paid $200,000 for her home. Free 1040ez instructions She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Free 1040ez instructions Lili is personally liable for the mortgage loan and the house secures the loan. Free 1040ez instructions In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Free 1040ez instructions 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. Free 1040ez instructions 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). Free 1040ez instructions She remained personally liable for the $8,000 balance. Free 1040ez instructions In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Free 1040ez instructions 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). Free 1040ez instructions She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Free 1040ez instructions Lili must also determine her gain or loss from the foreclosure. Free 1040ez instructions In this case, the amount that she realizes is $170,000. Free 1040ez instructions 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. Free 1040ez instructions Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Free 1040ez instructions She has a $5,000 nondeductible loss. Free 1040ez instructions Table 1-1. Free 1040ez instructions Worksheet for Foreclosures and Repossessions Part 1. Free 1040ez instructions Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Free 1040ez instructions Otherwise, go to Part 2. Free 1040ez instructions 1. Free 1040ez instructions 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. Free 1040ez instructions Enter the fair market value of the transferred property   3. Free 1040ez instructions Ordinary income from the cancellation of debt upon foreclosure or repossession. Free 1040ez instructions * Subtract line 2 from line 1. Free 1040ez instructions If less than zero, enter zero. Free 1040ez instructions Next, go to Part 2   Part 2. Free 1040ez instructions Gain or loss from foreclosure or repossession. Free 1040ez instructions   4. Free 1040ez instructions Enter the smaller of line 1 or line 2. Free 1040ez instructions 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. Free 1040ez instructions Enter any proceeds you received from the foreclosure sale   6. Free 1040ez instructions Add line 4 and line 5   7. Free 1040ez instructions Enter the adjusted basis of the transferred property   8. Free 1040ez instructions Gain or loss from foreclosure or repossession. Free 1040ez instructions Subtract line 7 from line 6   * The income may not be taxable. Free 1040ez instructions See chapter 1 for more details. Free 1040ez instructions Amount realized on a nonrecourse debt. Free 1040ez instructions    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. Free 1040ez instructions This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Free 1040ez instructions Example 1. Free 1040ez instructions Tara bought a new car for $15,000. Free 1040ez instructions She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Free 1040ez instructions Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Free 1040ez instructions On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Free 1040ez instructions The balance due after taking into account the payments Tara made was $10,000. Free 1040ez instructions The FMV of the car when it was repossessed was $9,000. Free 1040ez instructions The amount Tara realized on the repossession is $10,000. Free 1040ez instructions That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Free 1040ez instructions Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Free 1040ez instructions Tara has a $5,000 nondeductible loss. Free 1040ez instructions Example 2. Free 1040ez instructions Lili paid $200,000 for her home. Free 1040ez instructions She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Free 1040ez instructions She is not personally liable for the loan, but grants the bank a mortgage. Free 1040ez instructions The bank foreclosed on the mortgage because Lili stopped making payments. Free 1040ez instructions 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. Free 1040ez instructions The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Free 1040ez instructions She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Free 1040ez instructions Lili has a $5,000 realized gain. Free 1040ez instructions See Publication 523 to figure and report any taxable amount. Free 1040ez instructions Forms 1099-A and 1099-C. Free 1040ez instructions    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. Free 1040ez instructions 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. Free 1040ez instructions 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. Free 1040ez instructions For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Free 1040ez instructions Prev  Up  Next   Home   More Online Publications
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Free 1040ez instructions Publication 550 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Free 1040ez instructions Tax questions. Free 1040ez instructions Future Developments For the latest information about developments related to Publication 550, such as legislation enacted after it was published, go to www. Free 1040ez instructions irs. Free 1040ez instructions gov/pub550. Free 1040ez instructions What's New Net investment income tax (NIIT). Free 1040ez instructions  Beginning in 2013, you may be subject to the NIIT. Free 1040ez instructions The NIIT applies at a rate of 3. Free 1040ez instructions 8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts. Free 1040ez instructions See Net investment income tax (NIIT) , later. Free 1040ez instructions Maximum capital gain rates. Free 1040ez instructions  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Free 1040ez instructions See Capital Gain Tax Rates , later, for more information. Free 1040ez instructions Gift tax exclusion amount increased. Free 1040ez instructions  For calendar year 2013, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. Free 1040ez instructions See Property Received as a Gift , later. Free 1040ez instructions Reminders Mutual fund distributions. Free 1040ez instructions  Publication 564, Mutual Fund Distributions, has been incorporated into this publication. Free 1040ez instructions Foreign source income. Free 1040ez instructions  If you are a U. Free 1040ez instructions S. Free 1040ez instructions citizen with investment income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Free 1040ez instructions S. Free 1040ez instructions law. Free 1040ez instructions This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Free 1040ez instructions Employee stock options. Free 1040ez instructions  If you received an option to buy or sell stock or other property as payment for your services, see Publication 525, Taxable and Nontaxable Income, for the special tax rules that apply. Free 1040ez instructions Photographs of missing children. Free 1040ez instructions  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free 1040ez instructions Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free 1040ez instructions 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. Free 1040ez instructions Introduction This publication provides information on the tax treatment of investment income and expenses. Free 1040ez instructions It includes information on the tax treatment of investment income and expenses for individual shareholders of mutual funds or other regulated investment companies, such as money market funds. Free 1040ez instructions It explains what investment income is taxable and what investment expenses are deductible. Free 1040ez instructions It explains when and how to show these items on your tax return. Free 1040ez instructions It also explains how to determine and report gains and losses on the disposition of investment property and provides information on property trades and tax shelters. Free 1040ez instructions The glossary at the end of this publication defines many of the terms used. Free 1040ez instructions Investment income. Free 1040ez instructions   This generally includes interest, dividends, capital gains, and other types of distributions including mutual fund distributions. Free 1040ez instructions Investment expenses. Free 1040ez instructions   These include interest paid or incurred to acquire investment property and expenses to manage or collect income from investment property. Free 1040ez instructions Qualified retirement plans and IRAs. Free 1040ez instructions   The rules in this publication do not apply to mutual fund shares held in individual retirement arrangements (IRAs), section 401(k) plans, and other qualified retirement plans. Free 1040ez instructions The value of the mutual fund shares and earnings allocated to you are included in your retirement plan assets and stay tax free generally until the plan distributes them to you. Free 1040ez instructions The tax rules that apply to retirement plan distributions are explained in the following publications. Free 1040ez instructions Publication 560, Retirement Plans for Small Business. Free 1040ez instructions Publication 571, Tax-Sheltered Annuity Plans. Free 1040ez instructions Publication 575, Pension and Annuity Income. Free 1040ez instructions Publication 590, Individual Retirement Arrangements (IRAs). Free 1040ez instructions Publication 721, Tax Guide to U. Free 1040ez instructions S. Free 1040ez instructions Civil Service Retirement Benefits. Free 1040ez instructions    Comments and suggestions. Free 1040ez instructions   We welcome your comments about this publication and your suggestions for future editions. Free 1040ez instructions   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free 1040ez instructions NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free 1040ez instructions Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free 1040ez instructions   You can send your comments from www. Free 1040ez instructions irs. Free 1040ez instructions gov/formspubs/. Free 1040ez instructions Click on “More Information” and then on “Comment on Tax Forms and Publications. Free 1040ez instructions ”   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. Free 1040ez instructions Ordering forms and publications. Free 1040ez instructions   Visit www. Free 1040ez instructions irs. Free 1040ez instructions 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. Free 1040ez instructions Internal Revenue Service 1201 N. Free 1040ez instructions Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free 1040ez instructions   If you have a tax question, check the information available on IRS. Free 1040ez instructions gov or call 1-800-829-1040. Free 1040ez instructions We cannot answer tax questions sent to either of the above addresses. Free 1040ez instructions Prev  Up  Next   Home   More Online Publications