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

1040 Ez Tax Form 2013

H & R Block Taxes For FreeFree State Tax Forms OnlineE File IrsIrs Gov FreefileH&r Block Military Taxes2009 Form 1040 EzNeed To File State Taxes OnlyEz FormFile Federal And State Taxes2013 1040ez Tax FormFree Efile 2012How To Amend A Tax Return Using TurbotaxHow Can I Amend My 2010 Tax ReturnFile Form 1040x OnlineFile 1040ez Online FreeStatetaxformsFile Taxes If UnemployedIrs Gov EfileIrs 2012 Tax Forms 1040 EzFree Tax Filing MilitaryE File Taxes Free1040ez Tax FormFile Taxes Previous YearsFiling An Amended Tax ReturnTaxact 2008 Free EfileCan I File 2012 Taxes NowAlabama 40 Tax Forms 2012Free Federal Tax ReturnIrs E FileIrs Ez Tax Form 20112012 TaxesAmend 2012 Tax ReturnIrs Tax Forms 2012Tax AdmendmentComplete 1040x OnlineTurbotax 2012 Amended ReturnFree Federal And State E File2010 1040 Ez Tax FormHow To File State Taxes For Free Online2012 Tax Forms Ez

1040 Ez Tax Form 2013

1040 ez tax form 2013 Publication 542 - Additional Material Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

Do I Qualify for the Credit For The Elderly or Disabled?

Information You Will Need:

  • Your age, your spouse's age, and filing status
  • Your adjusted gross income
  • Amounts and types of taxable income and non-taxable pensions

Estimated Completion Time: 5 minutes. However: 5 minutes of inactivity will end the interview and you will be forced to start over.

Begin

Page Last Reviewed or Updated: 14-Feb-2014

The 1040 Ez Tax Form 2013

1040 ez tax form 2013 3. 1040 ez tax form 2013   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. 1040 ez tax form 2013 Whether an abandonment has occurred is determined in light of all the facts and circumstances. 1040 ez tax form 2013 You must both show an intention to abandon the property and affirmatively act to abandon the property. 1040 ez tax form 2013 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. 1040 ez tax form 2013 For more information, see Sales and Exchanges in Publication 544. 1040 ez tax form 2013 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). 1040 ez tax form 2013 See Publication 544 if you abandoned property that did not secure debt. 1040 ez tax form 2013 This publication only discusses the tax consequences of abandoning property that secured a debt. 1040 ez tax form 2013 Abandonment of property securing recourse debt. 1040 ez tax form 2013    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. 1040 ez tax form 2013 For details on figuring gain or loss on the foreclosure, see chapter 2. 1040 ez tax form 2013 Example 1—abandonment of personal-use property securing recourse debt. 1040 ez tax form 2013 In 2009, Anne purchased a home for $200,000. 1040 ez tax form 2013 She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. 1040 ez tax form 2013 In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. 1040 ez tax form 2013 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. 1040 ez tax form 2013 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. 1040 ez tax form 2013 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. 1040 ez tax form 2013 Example 2—abandonment of business or investment property securing recourse debt. 1040 ez tax form 2013 In 2009, Sue purchased business property for $200,000. 1040 ez tax form 2013 She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. 1040 ez tax form 2013 In 2013, Sue was unable to continue making her loan payments. 1040 ez tax form 2013 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. 1040 ez tax form 2013 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. 1040 ez tax form 2013 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. 1040 ez tax form 2013 Abandonment of property securing nonrecourse debt. 1040 ez tax form 2013    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. 1040 ez tax form 2013   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. 1040 ez tax form 2013 If the amount you realize is more than your adjusted basis, then you have a gain. 1040 ez tax form 2013 If your adjusted basis is more than the amount you realize, then you have a loss. 1040 ez tax form 2013 For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. 1040 ez tax form 2013   Loss from abandonment of business or investment property is deductible as a loss. 1040 ez tax form 2013 The character of the loss depends on the character of the property. 1040 ez tax form 2013 The amount of deductible capital loss may be limited. 1040 ez tax form 2013 For more information, see Treatment of Capital Losses in Publication 544. 1040 ez tax form 2013 You cannot deduct any loss from abandonment of your home or other property held for personal use. 1040 ez tax form 2013 Example 1—abandonment of personal-use property securing nonrecourse debt. 1040 ez tax form 2013 In 2009, Timothy purchased a home for $200,000. 1040 ez tax form 2013 He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. 1040 ez tax form 2013 In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. 1040 ez tax form 2013 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. 1040 ez tax form 2013 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. 1040 ez tax form 2013 Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. 1040 ez tax form 2013 Timothy has a $15,000 nondeductible loss in tax year 2013. 1040 ez tax form 2013 (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. 1040 ez tax form 2013 ) The bank sells the house at a foreclosure sale in 2014. 1040 ez tax form 2013 Timothy has neither gain nor loss from the foreclosure sale. 1040 ez tax form 2013 Because he was not personally liable for the debt, he also has no cancellation of debt income. 1040 ez tax form 2013 Example 2—abandonment of business or investment property securing nonrecourse debt. 1040 ez tax form 2013 In 2009, Robert purchased business property for $200,000. 1040 ez tax form 2013 He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. 1040 ez tax form 2013 In 2013, Robert was unable to continue making his loan payments. 1040 ez tax form 2013 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. 1040 ez tax form 2013 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. 1040 ez tax form 2013 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). 1040 ez tax form 2013 Robert has a $5,000 gain in tax year 2013. 1040 ez tax form 2013 (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. 1040 ez tax form 2013 ) The lender sells the property at a foreclosure sale in 2014. 1040 ez tax form 2013 Robert has neither gain nor loss from the foreclosure sale. 1040 ez tax form 2013 Because he was not personally liable for the debt, he also has no cancellation of debt income. 1040 ez tax form 2013 Canceled debt. 1040 ez tax form 2013    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. 1040 ez tax form 2013 This income is separate from any amount realized from abandonment of the property. 1040 ez tax form 2013 You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. 1040 ez tax form 2013 See chapter 1 for more details. 1040 ez tax form 2013 Forms 1099-A and 1099-C. 1040 ez tax form 2013    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. 1040 ez tax form 2013 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. 1040 ez tax form 2013 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. 1040 ez tax form 2013 For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. 1040 ez tax form 2013 Prev  Up  Next   Home   More Online Publications