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Free State And Federal E File

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Free State And Federal E File

Free state and federal e file Index A Abandonment of home, Abandonment. Free state and federal e file Absence, temporary, Temporary absence. Free state and federal e file Abstract fees, Settlement fees or closing costs. Free state and federal e file Address, change of, Reminders Adjusted basis, Adjusted Basis, Adjusted Basis Definition of, Determining Basis Worksheet 1 to figure, Determining Basis, Worksheet 1. Free state and federal e file Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 1. Free state and federal e file Adjusted Basis of Home Sold—Illustrated Example 3 for Emily White, Worksheet 1 Instructions. Free state and federal e file Adjusted Basis of Home Sold Adoption Adjusted basis of home for credit claimed, Decreases to Basis Advertising fees, Selling expenses. Free state and federal e file Amount realized, Amount Realized Appraisal fees, Settlement fees or closing costs. Free state and federal e file Architect's fees, Construction. Free state and federal e file Armed forces Ownership and use tests, Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Free state and federal e file Assistance (see Tax help) B Back interest, Settlement fees or closing costs. Free state and federal e file Basis Adjusted basis (see Adjusted basis) Determination of, Determining Basis, Adjusted Basis Other than cost, Basis Other Than Cost Building permit fees, Construction. Free state and federal e file Business use of home, Business Use or Rental of Home, Use test met for business part (with no business use in year of sale). Free state and federal e file C Casualties Amounts spent after to restore damaged property, Increases to Basis Deductible casualty losses, Decreases to Basis Disaster as cause of, Specific event safe harbors. Free state and federal e file Insurance payments for casualty losses, Decreases to Basis Change of address, Reminders Closing costs, Settlement fees or closing costs. Free state and federal e file Commissions, Selling expenses. Free state and federal e file , Settlement fees or closing costs. Free state and federal e file Community property Basis determination, Community property. Free state and federal e file Condemnation Gain exclusion, Home destroyed or condemned. Free state and federal e file Ownership and use test when previous home condemned, Previous home destroyed or condemned. Free state and federal e file Condominiums As main home, Main Home Basis determination, Condominium. Free state and federal e file Construction costs, Construction. Free state and federal e file Built by you, Built by you. Free state and federal e file Cooperative apartments As main home, Main Home Basis determination, Cooperative apartment. Free state and federal e file Ownership and use tests, Cooperative apartment. Free state and federal e file Cost as basis, Cost As Basis Credit reports Cost of obtaining, Settlement fees or closing costs. Free state and federal e file D Date of sale, Date of sale. Free state and federal e file Death Sale due to, Specific event safe harbors. Free state and federal e file Spouse's death before sale, ownership and use tests, Sale of main home by surviving spouse. Free state and federal e file Decreases to basis, Decreases to Basis Depreciation After May 6, 1997, Depreciation after May 6, 1997. Free state and federal e file Home used for business or rental purposes, Decreases to Basis Destroyed homes Gain exclusion, Home destroyed or condemned. Free state and federal e file Ownership and use test when previous home destroyed, Previous home destroyed or condemned. Free state and federal e file Disabilities, individuals with Ownership and use test, Exception for individuals with a disability. Free state and federal e file Disasters, Specific event safe harbors. Free state and federal e file Discharge of qualified principal residence indebtedness, Adjusted Basis Divorce Home received from spouse, Home received from spouse. Free state and federal e file Home transferred to spouse, Transfer to spouse. Free state and federal e file Ownership and use tests, Home transferred from spouse. Free state and federal e file Sale due to, Specific event safe harbors. Free state and federal e file Transfers after July 18, 1984, Transfers after July 18, 1984. Free state and federal e file Transfers before July 19, 1984, Transfers before July 19, 1984. Free state and federal e file Use of home after divorce, Use of home after divorce. Free state and federal e file Doctor's recommendation for sale, Doctor's recommendation safe harbor. Free state and federal e file E Easements, Decreases to Basis Employee of the intelligence community, Employee of the intelligence community. Free state and federal e file Employment Change in place of employment, Change in Place of Employment Payment by employer, when job transfer involved, Payment by employer. Free state and federal e file Energy Conservation subsidies, Decreases to Basis Credit, Decreases to Basis Exclusion of gain, Excluding the Gain, Nonqualified Use Reduced maximum exclusion, Reduced Maximum Exclusion Expatriates, Expatriates. Free state and federal e file F Federal mortgage subsidies Recapture of, Recapturing (Paying Back) a Federal Mortgage Subsidy Figuring gain or loss, Figuring Gain or Loss, More information. Free state and federal e file Fire insurance premiums, Settlement fees or closing costs. Free state and federal e file Foreclosure, Foreclosure or repossession. Free state and federal e file Foreign Service, Foreign Service member. Free state and federal e file Ownership and use tests, Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Free state and federal e file Form 1040 Reporting sale of home, Reporting the Sale Seller-financed mortgages, Seller-financed mortgage. Free state and federal e file Form 1040, Schedule A Real estate taxes, Real estate taxes. Free state and federal e file Form 1040, Schedule D Reporting sale of home, Reporting the Sale Form 1099-S Proceeds from real estate transactions, Date of sale. Free state and federal e file , Form 1099-S. Free state and federal e file , Form 1099-S. Free state and federal e file Form 2119 Sale of home, Adjusted Basis Form 6252 Installment sale income, Installment sale. Free state and federal e file Form 8828 Recapture tax, How to figure and report the recapture. Free state and federal e file Form 8960 Net Investment Income Tax, Net Investment Income Tax (NIIT). Free state and federal e file NIIT, Net Investment Income Tax (NIIT). Free state and federal e file Form 982 Discharge of indebtedness, Adjusted Basis Free tax services, Free help with your tax return. Free state and federal e file Future developments, Future Developments G Gain or loss Basis determination, Determining Basis, Adjusted Basis Exclusion of gain, Excluding the Gain Exclusion of gain, nonqualified use, Nonqualified Use Gain on sale, Gain on sale. Free state and federal e file Loss on sale, Loss on sale. Free state and federal e file Postponed from sale of previous home before May 7, 1997, Decreases to Basis Worksheet 2 to figure, Worksheet 2. Free state and federal e file Taxable Gain on Sale of Home—Completed Example 1 for Amy, Worksheet 1. Free state and federal e file Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 2. Free state and federal e file Taxable Gain on Sale of Home—Illustrated Example 2 for Peter and Betty Clark, Worksheet 2. Free state and federal e file Taxable Gain on Sale of Home—Illustrated Example 3 for Emily White, Worksheet 2. Free state and federal e file Taxable Gain on Sale of Home Gifts Home received as, Home received as gift. Free state and federal e file H Health Sale of home due to, Health Help (see Tax help) Homebuyer credit Recapture, Recapture of the post-2008 first-time homebuyer credit. Free state and federal e file Houseboats As main home, Main Home I Important reminders Change of address, Reminders Home sold with undeducted points, Reminders Improvements Adjusted basis determination, Improvements. Free state and federal e file Charges for, Settlement fees or closing costs. Free state and federal e file Receipts and other records, Adjusted Basis Useful life of more than 1 year, Increases to Basis Increases to basis, Increases to Basis Individual taxpayer identification numbers (ITINs), Individual taxpayer identification number (ITIN). Free state and federal e file Inheritance Home received as, Home acquired from a decedent who died before or after 2010. Free state and federal e file Installment sales, Installment sale. Free state and federal e file Involuntary conversion, Specific event safe harbors. Free state and federal e file ITINs (Individual taxpayer identification numbers), Individual taxpayer identification number (ITIN). Free state and federal e file J Joint owners not married, Joint owners not married. Free state and federal e file Joint returns, Jointly owned home. Free state and federal e file Ownership and use tests, Married Persons L Land Sale of land on which home located, Land. Free state and federal e file Sale of vacant land, Vacant land. Free state and federal e file Legal fees, Selling expenses. Free state and federal e file , Settlement fees or closing costs. Free state and federal e file , Construction. Free state and federal e file Legal separation Sale due to, Specific event safe harbors. Free state and federal e file Like-kind exchange, Sale of home acquired in a like-kind exchange. Free state and federal e file Living expenses, Reasonable basic living expenses. Free state and federal e file Loan assumption fees, Settlement fees or closing costs. Free state and federal e file Loan placement fees, Selling expenses. Free state and federal e file Loss (see Gain or loss) M Main home Defined, Main Home Factors used to determine, Factors used to determine main home. Free state and federal e file Property used partly as, Property used partly as your main home. Free state and federal e file , Property Used Partly for Business or Rental Married taxpayers (see Joint returns) Maximum exclusion, Maximum Exclusion Reduced, Reduced Maximum Exclusion Military (see Armed forces) Missing children, photographs of, Reminders Mobile homes As main home, Main Home More than one home, More than one home. Free state and federal e file Mortgage fees, Settlement fees or closing costs. Free state and federal e file Mortgage insurance premiums, Settlement fees or closing costs. Free state and federal e file Mortgage subsidies Recapturing (paying back) federal mortgage subsidy, Recapturing (Paying Back) a Federal Mortgage Subsidy Mortgages, seller-financed, Seller-financed mortgage. Free state and federal e file Moving expense, Settlement fees or closing costs. Free state and federal e file Multiple births Sale due to, Specific event safe harbors. Free state and federal e file N Nonqualified use, Nonqualified Use Nonresident aliens Spouse as, transfer of home to, Exception. Free state and federal e file O Option to buy home, Option to buy. Free state and federal e file Ownership and use tests, Ownership and Use Tests, Ownership and use tests met at different times. Free state and federal e file P Partly used for business, Property Used Partly for Business or Rental Personal property Selling price of home not to include, Personal property. Free state and federal e file Points, Selling expenses. Free state and federal e file Home sold with undeducted points, Reminders Seller-paid, Seller-paid points. Free state and federal e file Publications (see Tax help) R Real estate taxes, Settlement fees or closing costs. Free state and federal e file , Real estate taxes. Free state and federal e file Deducting in year of sale, Deducting Taxes in the Year of Sale Recapture of federal mortgage subsidy, Recapturing (Paying Back) a Federal Mortgage Subsidy Recapture of first-time homebuyer credit, Recapture of First-Time Homebuyer Credit Recording fees, Settlement fees or closing costs. Free state and federal e file Recordkeeping, Adjusted Basis Reduced maximum exclusion, Reduced Maximum Exclusion Worksheet 3, Worksheet 3. Free state and federal e file Reduced Maximum Exclusion Refinancing, Settlement fees or closing costs. Free state and federal e file Relatives Sale of home to, Exception for sales to related persons. Free state and federal e file Remainder interest Sale of, Sale of remainder interest. Free state and federal e file Remodeling, Improvements. Free state and federal e file , Exception. Free state and federal e file (see also Improvements) Rental of home, Business Use or Rental of Home, Use test met for business part (with no business use in year of sale). Free state and federal e file Before closing, by buyer, Settlement fees or closing costs. Free state and federal e file Partial use, Property Used Partly for Business or Rental Repairs, Settlement fees or closing costs. Free state and federal e file , Improvements. Free state and federal e file , Repairs. Free state and federal e file (see also Improvements) Reporting the sale, Reporting the Sale, Worksheet 2. Free state and federal e file Taxable Gain on Sale of Home—Illustrated Example 3 for Emily White Repossession, Foreclosure or repossession. Free state and federal e file Right-of-ways, Decreases to Basis S Safe harbors Distance safe harbor, Distance safe harbor. Free state and federal e file Doctor's recommendation for sale, Doctor's recommendation safe harbor. Free state and federal e file Unforeseeable events, Specific event safe harbors. Free state and federal e file Sales commissions, Selling expenses. Free state and federal e file , Settlement fees or closing costs. Free state and federal e file Sales to related persons, Exception for sales to related persons. Free state and federal e file Self-employed persons Change in status causing inability to pay basic expenses, Specific event safe harbors. Free state and federal e file Seller-financed mortgages, Seller-financed mortgage. Free state and federal e file Seller-paid points, Seller-paid points. Free state and federal e file Selling expenses, Selling expenses. Free state and federal e file Selling price, Selling Price Separate returns, Separate returns. Free state and federal e file Settlement fees, Settlement fees or closing costs. Free state and federal e file Spouse Death of (see Surviving spouse) Divorce, transfers subsequent to (see Divorce) Survey fees, Settlement fees or closing costs. Free state and federal e file Surviving spouse Basis determination, Surviving spouse. Free state and federal e file Ownership and use tests, Sale of main home by surviving spouse. Free state and federal e file T Tax help, How To Get Tax Help Temporary absence, Temporary absence. Free state and federal e file Temporary housing, Temporary housing. Free state and federal e file Title insurance, Settlement fees or closing costs. Free state and federal e file Title search fees, Settlement fees or closing costs. Free state and federal e file Trading homes, Trading (exchanging) homes. Free state and federal e file , Home received as trade. Free state and federal e file Transfer taxes, Settlement fees or closing costs. Free state and federal e file , Transfer taxes. Free state and federal e file Transfer to spouse, Transfer to spouse. Free state and federal e file After July 18, 1984, Transfers after July 18, 1984. Free state and federal e file Before July 19, 1984, Transfers before July 19, 1984. Free state and federal e file TTY/TDD information, How To Get Tax Help U Unemployment, Specific event safe harbors. Free state and federal e file Unforeseen circumstances, Unforeseen Circumstances Uniformed services (see Armed forces) Use tests, Ownership and Use Tests, Ownership and use tests met at different times. Free state and federal e file Utilities Charges for installing, Settlement fees or closing costs. Free state and federal e file Charges related to occupancy of house before closing, Settlement fees or closing costs. Free state and federal e file Energy conservation subsidy, Decreases to Basis Meter and connection charges for construction, Construction. Free state and federal e file V Vacant land Sale of, Vacant land. Free state and federal e file W Worksheets, Worksheets. Free state and federal e file Adjusted basis (Worksheet 1), Determining Basis, Worksheet 1. Free state and federal e file Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 1. Free state and federal e file Adjusted Basis of Home Sold—Illustrated Example 3 for Emily White, Worksheet 1 Instructions. Free state and federal e file Adjusted Basis of Home Sold Gain (or loss), exclusion, and taxable gain (Worksheet 2), Worksheet 2. Free state and federal e file Taxable Gain on Sale of Home—Completed Example 1 for Amy, Worksheet 1. Free state and federal e file Adjusted Basis of Home Sold—Illustrated Example 1 for Peter and Betty Clark, Worksheet 2. Free state and federal e file Taxable Gain on Sale of Home—Illustrated Example 2 for Peter and Betty Clark, Worksheet 2. Free state and federal e file Taxable Gain on Sale of Home—Illustrated Example 3 for Emily White, Worksheet 2. Free state and federal e file Taxable Gain on Sale of Home Recordkeeping and, Adjusted Basis Reduced maximum exclusion (Worksheet 3), Worksheet 3. Free state and federal e file Reduced Maximum Exclusion Prev  Up     Home   More Online Publications
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Letter 484C Frequently Asked Questions

What is the letter telling me?

The letter requests you complete a Financial Statement so we can determine your ability to pay.

What do I have to do?

Complete the financial statement and provide all of the substantiation requested. Return to us as soon as possible.

How much time do I have?

The requested information must be received by us by the due date contained in the letter. It is best to return to us as soon as possible.

What happens if I don't take any action?

Failure to provide this information may result in enforced collection action which could result in a levy on your wages or bank account or a lien on your personal property.

Who should I contact?

The letter contains a toll free telephone number for you to call. The person who answers the phone will assist you.

What if I don't agree or have already taken corrective action?

If you not agree with this request, call us immediately at the telephone number provided in the letter. We will do our best to help you. If you have already taken corrective action and it has been more than 45 days, call us at the telephone number provided.

Page Last Reviewed or Updated: 30-Jan-2014

The Free State And Federal E File

Free state and federal e file 2. Free state and federal e file   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Free state and federal e file Amount realized on a nonrecourse debt. Free state and federal e file 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 state and federal e file The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Free state and federal e file This is true even if you voluntarily return the property to the lender. Free state and federal e file 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 state and federal e file You must report this income on your return unless certain exceptions or exclusions apply. Free state and federal e file See chapter 1 for more details. Free state and federal e file Borrower's gain or loss. Free state and federal e file    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Free state and federal e file The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Free state and federal e file The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Free state and federal e file 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 state and federal e file 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 state and federal e file Amount realized and ordinary income on a recourse debt. Free state and federal e file    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 state and federal e file The amount realized also includes any proceeds you received from the foreclosure sale. Free state and federal e file 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 state and federal e file You must report this income on your return unless certain exceptions or exclusions apply. Free state and federal e file See chapter 1 for more details. Free state and federal e file       Example 1. Free state and federal e file Tara bought a new car for $15,000. Free state and federal e file She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Free state and federal e file Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Free state and federal e file On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Free state and federal e file The balance due after taking into account the payments Tara made was $10,000. Free state and federal e file The FMV of the car when it was repossessed was $9,000. Free state and federal e file On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Free state and federal e file In this case, the amount Tara realizes is $9,000. Free state and federal e file 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 state and federal e file Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Free state and federal e file She has a $6,000 nondeductible loss. Free state and federal e file 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 state and federal e file Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Free state and federal e file Example 2. Free state and federal e file Lili paid $200,000 for her home. Free state and federal e file She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Free state and federal e file Lili is personally liable for the mortgage loan and the house secures the loan. Free state and federal e file In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Free state and federal e file 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 state and federal e file 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 state and federal e file She remained personally liable for the $8,000 balance. Free state and federal e file In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Free state and federal e file 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 state and federal e file She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Free state and federal e file Lili must also determine her gain or loss from the foreclosure. Free state and federal e file In this case, the amount that she realizes is $170,000. Free state and federal e file 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 state and federal e file Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Free state and federal e file She has a $5,000 nondeductible loss. Free state and federal e file Table 1-1. Free state and federal e file Worksheet for Foreclosures and Repossessions Part 1. Free state and federal e file Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Free state and federal e file Otherwise, go to Part 2. Free state and federal e file 1. Free state and federal e file 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 state and federal e file Enter the fair market value of the transferred property   3. Free state and federal e file Ordinary income from the cancellation of debt upon foreclosure or repossession. Free state and federal e file * Subtract line 2 from line 1. Free state and federal e file If less than zero, enter zero. Free state and federal e file Next, go to Part 2   Part 2. Free state and federal e file Gain or loss from foreclosure or repossession. Free state and federal e file   4. Free state and federal e file Enter the smaller of line 1 or line 2. Free state and federal e file 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 state and federal e file Enter any proceeds you received from the foreclosure sale   6. Free state and federal e file Add line 4 and line 5   7. Free state and federal e file Enter the adjusted basis of the transferred property   8. Free state and federal e file Gain or loss from foreclosure or repossession. Free state and federal e file Subtract line 7 from line 6   * The income may not be taxable. Free state and federal e file See chapter 1 for more details. Free state and federal e file Amount realized on a nonrecourse debt. Free state and federal e file    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 state and federal e file This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Free state and federal e file Example 1. Free state and federal e file Tara bought a new car for $15,000. Free state and federal e file She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Free state and federal e file Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Free state and federal e file On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Free state and federal e file The balance due after taking into account the payments Tara made was $10,000. Free state and federal e file The FMV of the car when it was repossessed was $9,000. Free state and federal e file The amount Tara realized on the repossession is $10,000. Free state and federal e file That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Free state and federal e file Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Free state and federal e file Tara has a $5,000 nondeductible loss. Free state and federal e file Example 2. Free state and federal e file Lili paid $200,000 for her home. Free state and federal e file She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Free state and federal e file She is not personally liable for the loan, but grants the bank a mortgage. Free state and federal e file The bank foreclosed on the mortgage because Lili stopped making payments. Free state and federal e file 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 state and federal e file The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Free state and federal e file She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Free state and federal e file Lili has a $5,000 realized gain. Free state and federal e file See Publication 523 to figure and report any taxable amount. Free state and federal e file Forms 1099-A and 1099-C. Free state and federal e file    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 state and federal e file 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 state and federal e file 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 state and federal e file For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Free state and federal e file Prev  Up  Next   Home   More Online Publications