File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

State Tax Return Only

Filing 1040ez1040ez Form2012Tax UnemployedHow To Amend A 2010 Tax ReturnForms To File 2012 TaxesTaxact 2011 Deluxe Federal Edition DownloadFiling Past Year Tax ReturnsIrs Form State Tax Forms1040x Tax Return For Prior Year InstructionsFiling Income Tax For 2012State Of Illinois Tax Filing OnlineFree State Taxes Online1040ez FormsCan I File A 1040x Online1040a Or 1040ez1040ez Form For 2010Irs Form 1040nrFree Federal And State Tax Preparation2011 Free Tax UsaMilitary Tax DeductionsIrs Form 1040ez FillableEfile 1040x FormIrs Forms 1040nrFiling 1040xFree Sites For Filing State Income TaxesIrs FormsIrs 1040ez Form 20112008 Federal Tax FormsAmending 2009 Tax ReturnTurbotax 2012 FreeFree Tax Software1040aState Tax HelpAmended Tax Return 20131040x FillableFile Federal And State TaxesIrs 1040ez Form 20111040ez BookFile 2012 Taxes Tax PreparerFederal Tax 1040ez

State Tax Return Only

State tax return only Publication 600 - Additional Material Table of Contents Please click here for the text description of the image. State tax return only Electronic Filing (E-file) Please click here for the text description of the image. State tax return only Electronic Filing (e-file) This image is too large to be displayed in the current screen. State tax return only Please click the link to view the image. State tax return only Electronic Filing (e-file) Please click here for the text description of the image. State tax return only Electronic Filing (e-file) Prev  Up     Home   More Online Publications
Español

African Development Foundation

The African Development Foundation provides grants to community groups and small enterprises that benefit under-served and marginalized groups in Africa.

Contact the Agency or Department

Website: African Development Foundation

E-mail:

Address: 1400 I Street, NW
Suite 1000

Washington, DC 20005-2248

Phone Number: (202) 673-3916

The State Tax Return Only

State tax return only 2. State tax return only   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. State tax return only Amount realized on a nonrecourse debt. State tax return only 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. State tax return only The foreclosure or repossession is treated as a sale from which you may realize gain or loss. State tax return only This is true even if you voluntarily return the property to the lender. State tax return only 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. State tax return only You must report this income on your return unless certain exceptions or exclusions apply. State tax return only See chapter 1 for more details. State tax return only Borrower's gain or loss. State tax return only    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. State tax return only The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). State tax return only The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). State tax return only For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. State tax return only 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. State tax return only Amount realized and ordinary income on a recourse debt. State tax return only    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. State tax return only The amount realized also includes any proceeds you received from the foreclosure sale. State tax return only 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. State tax return only You must report this income on your return unless certain exceptions or exclusions apply. State tax return only See chapter 1 for more details. State tax return only       Example 1. State tax return only Tara bought a new car for $15,000. State tax return only She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. State tax return only Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. State tax return only On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. State tax return only The balance due after taking into account the payments Tara made was $10,000. State tax return only The FMV of the car when it was repossessed was $9,000. State tax return only On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. State tax return only In this case, the amount Tara realizes is $9,000. State tax return only 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. State tax return only Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. State tax return only She has a $6,000 nondeductible loss. State tax return only 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). State tax return only Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. State tax return only Example 2. State tax return only Lili paid $200,000 for her home. State tax return only She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. State tax return only Lili is personally liable for the mortgage loan and the house secures the loan. State tax return only In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. State tax return only 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. State tax return only 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). State tax return only She remained personally liable for the $8,000 balance. State tax return only In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. State tax return only 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). State tax return only She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. State tax return only Lili must also determine her gain or loss from the foreclosure. State tax return only In this case, the amount that she realizes is $170,000. State tax return only 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. State tax return only Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. State tax return only She has a $5,000 nondeductible loss. State tax return only Table 1-1. State tax return only Worksheet for Foreclosures and Repossessions Part 1. State tax return only Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). State tax return only Otherwise, go to Part 2. State tax return only 1. State tax return only 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. State tax return only Enter the fair market value of the transferred property   3. State tax return only Ordinary income from the cancellation of debt upon foreclosure or repossession. State tax return only * Subtract line 2 from line 1. State tax return only If less than zero, enter zero. State tax return only Next, go to Part 2   Part 2. State tax return only Gain or loss from foreclosure or repossession. State tax return only   4. State tax return only Enter the smaller of line 1 or line 2. State tax return only 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. State tax return only Enter any proceeds you received from the foreclosure sale   6. State tax return only Add line 4 and line 5   7. State tax return only Enter the adjusted basis of the transferred property   8. State tax return only Gain or loss from foreclosure or repossession. State tax return only Subtract line 7 from line 6   * The income may not be taxable. State tax return only See chapter 1 for more details. State tax return only Amount realized on a nonrecourse debt. State tax return only    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. State tax return only This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. State tax return only Example 1. State tax return only Tara bought a new car for $15,000. State tax return only She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. State tax return only Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. State tax return only On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. State tax return only The balance due after taking into account the payments Tara made was $10,000. State tax return only The FMV of the car when it was repossessed was $9,000. State tax return only The amount Tara realized on the repossession is $10,000. State tax return only That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. State tax return only Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. State tax return only Tara has a $5,000 nondeductible loss. State tax return only Example 2. State tax return only Lili paid $200,000 for her home. State tax return only She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. State tax return only She is not personally liable for the loan, but grants the bank a mortgage. State tax return only The bank foreclosed on the mortgage because Lili stopped making payments. State tax return only 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. State tax return only The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. State tax return only She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. State tax return only Lili has a $5,000 realized gain. State tax return only See Publication 523 to figure and report any taxable amount. State tax return only Forms 1099-A and 1099-C. State tax return only    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. State tax return only 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. State tax return only 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. State tax return only For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. State tax return only Prev  Up  Next   Home   More Online Publications