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Https www freefilefillableforms org 3. Https www freefilefillableforms org   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. Https www freefilefillableforms org Whether an abandonment has occurred is determined in light of all the facts and circumstances. Https www freefilefillableforms org You must both show an intention to abandon the property and affirmatively act to abandon the property. Https www freefilefillableforms org A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. Https www freefilefillableforms org For more information, see Sales and Exchanges in Publication 544. Https www freefilefillableforms org The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). Https www freefilefillableforms org See Publication 544 if you abandoned property that did not secure debt. Https www freefilefillableforms org This publication only discusses the tax consequences of abandoning property that secured a debt. Https www freefilefillableforms org Abandonment of property securing recourse debt. Https www freefilefillableforms org    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. Https www freefilefillableforms org For details on figuring gain or loss on the foreclosure, see chapter 2. Https www freefilefillableforms org Example 1—abandonment of personal-use property securing recourse debt. Https www freefilefillableforms org In 2009, Anne purchased a home for $200,000. Https www freefilefillableforms org She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. Https www freefilefillableforms org In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. Https www freefilefillableforms org Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. Https www freefilefillableforms org Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. Https www freefilefillableforms org If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. Https www freefilefillableforms org Example 2—abandonment of business or investment property securing recourse debt. Https www freefilefillableforms org In 2009, Sue purchased business property for $200,000. Https www freefilefillableforms org She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. Https www freefilefillableforms org In 2013, Sue was unable to continue making her loan payments. Https www freefilefillableforms org Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. Https www freefilefillableforms org Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. Https www freefilefillableforms org If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. Https www freefilefillableforms org Abandonment of property securing nonrecourse debt. Https www freefilefillableforms org    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. Https www freefilefillableforms org   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. Https www freefilefillableforms org If the amount you realize is more than your adjusted basis, then you have a gain. Https www freefilefillableforms org If your adjusted basis is more than the amount you realize, then you have a loss. Https www freefilefillableforms org For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. Https www freefilefillableforms org   Loss from abandonment of business or investment property is deductible as a loss. Https www freefilefillableforms org The character of the loss depends on the character of the property. Https www freefilefillableforms org The amount of deductible capital loss may be limited. Https www freefilefillableforms org For more information, see Treatment of Capital Losses in Publication 544. Https www freefilefillableforms org You cannot deduct any loss from abandonment of your home or other property held for personal use. Https www freefilefillableforms org Example 1—abandonment of personal-use property securing nonrecourse debt. Https www freefilefillableforms org In 2009, Timothy purchased a home for $200,000. Https www freefilefillableforms org He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. Https www freefilefillableforms org In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. Https www freefilefillableforms org Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. Https www freefilefillableforms org Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. Https www freefilefillableforms org Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. Https www freefilefillableforms org Timothy has a $15,000 nondeductible loss in tax year 2013. Https www freefilefillableforms org (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. Https www freefilefillableforms org ) The bank sells the house at a foreclosure sale in 2014. Https www freefilefillableforms org Timothy has neither gain nor loss from the foreclosure sale. Https www freefilefillableforms org Because he was not personally liable for the debt, he also has no cancellation of debt income. Https www freefilefillableforms org Example 2—abandonment of business or investment property securing nonrecourse debt. Https www freefilefillableforms org In 2009, Robert purchased business property for $200,000. Https www freefilefillableforms org He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. Https www freefilefillableforms org In 2013, Robert was unable to continue making his loan payments. Https www freefilefillableforms org Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. Https www freefilefillableforms org Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. Https www freefilefillableforms org Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). Https www freefilefillableforms org Robert has a $5,000 gain in tax year 2013. Https www freefilefillableforms org (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. Https www freefilefillableforms org ) The lender sells the property at a foreclosure sale in 2014. Https www freefilefillableforms org Robert has neither gain nor loss from the foreclosure sale. Https www freefilefillableforms org Because he was not personally liable for the debt, he also has no cancellation of debt income. Https www freefilefillableforms org Canceled debt. Https www freefilefillableforms org    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. Https www freefilefillableforms org This income is separate from any amount realized from abandonment of the property. Https www freefilefillableforms org You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. Https www freefilefillableforms org See chapter 1 for more details. Https www freefilefillableforms org Forms 1099-A and 1099-C. Https www freefilefillableforms org    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. Https www freefilefillableforms org Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. Https www freefilefillableforms org 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. Https www freefilefillableforms org For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Https www freefilefillableforms org Prev  Up  Next   Home   More Online Publications