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1040a 2011 Tax Form

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1040a 2011 Tax Form

1040a 2011 tax form 2. 1040a 2011 tax form   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. 1040a 2011 tax form Amount realized on a nonrecourse debt. 1040a 2011 tax form 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. 1040a 2011 tax form The foreclosure or repossession is treated as a sale from which you may realize gain or loss. 1040a 2011 tax form This is true even if you voluntarily return the property to the lender. 1040a 2011 tax form 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. 1040a 2011 tax form You must report this income on your return unless certain exceptions or exclusions apply. 1040a 2011 tax form See chapter 1 for more details. 1040a 2011 tax form Borrower's gain or loss. 1040a 2011 tax form    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. 1040a 2011 tax form The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). 1040a 2011 tax form The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). 1040a 2011 tax form For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. 1040a 2011 tax form 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. 1040a 2011 tax form Amount realized and ordinary income on a recourse debt. 1040a 2011 tax form    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. 1040a 2011 tax form The amount realized also includes any proceeds you received from the foreclosure sale. 1040a 2011 tax form 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. 1040a 2011 tax form You must report this income on your return unless certain exceptions or exclusions apply. 1040a 2011 tax form See chapter 1 for more details. 1040a 2011 tax form       Example 1. 1040a 2011 tax form Tara bought a new car for $15,000. 1040a 2011 tax form She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. 1040a 2011 tax form Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. 1040a 2011 tax form On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. 1040a 2011 tax form The balance due after taking into account the payments Tara made was $10,000. 1040a 2011 tax form The FMV of the car when it was repossessed was $9,000. 1040a 2011 tax form On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. 1040a 2011 tax form In this case, the amount Tara realizes is $9,000. 1040a 2011 tax form 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. 1040a 2011 tax form Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. 1040a 2011 tax form She has a $6,000 nondeductible loss. 1040a 2011 tax form 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). 1040a 2011 tax form Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. 1040a 2011 tax form Example 2. 1040a 2011 tax form Lili paid $200,000 for her home. 1040a 2011 tax form She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. 1040a 2011 tax form Lili is personally liable for the mortgage loan and the house secures the loan. 1040a 2011 tax form In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. 1040a 2011 tax form 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. 1040a 2011 tax form 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). 1040a 2011 tax form She remained personally liable for the $8,000 balance. 1040a 2011 tax form In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. 1040a 2011 tax form 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). 1040a 2011 tax form She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. 1040a 2011 tax form Lili must also determine her gain or loss from the foreclosure. 1040a 2011 tax form In this case, the amount that she realizes is $170,000. 1040a 2011 tax form 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. 1040a 2011 tax form Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. 1040a 2011 tax form She has a $5,000 nondeductible loss. 1040a 2011 tax form Table 1-1. 1040a 2011 tax form Worksheet for Foreclosures and Repossessions Part 1. 1040a 2011 tax form Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). 1040a 2011 tax form Otherwise, go to Part 2. 1040a 2011 tax form 1. 1040a 2011 tax form 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. 1040a 2011 tax form Enter the fair market value of the transferred property   3. 1040a 2011 tax form Ordinary income from the cancellation of debt upon foreclosure or repossession. 1040a 2011 tax form * Subtract line 2 from line 1. 1040a 2011 tax form If less than zero, enter zero. 1040a 2011 tax form Next, go to Part 2   Part 2. 1040a 2011 tax form Gain or loss from foreclosure or repossession. 1040a 2011 tax form   4. 1040a 2011 tax form Enter the smaller of line 1 or line 2. 1040a 2011 tax form 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. 1040a 2011 tax form Enter any proceeds you received from the foreclosure sale   6. 1040a 2011 tax form Add line 4 and line 5   7. 1040a 2011 tax form Enter the adjusted basis of the transferred property   8. 1040a 2011 tax form Gain or loss from foreclosure or repossession. 1040a 2011 tax form Subtract line 7 from line 6   * The income may not be taxable. 1040a 2011 tax form See chapter 1 for more details. 1040a 2011 tax form Amount realized on a nonrecourse debt. 1040a 2011 tax form    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. 1040a 2011 tax form This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. 1040a 2011 tax form Example 1. 1040a 2011 tax form Tara bought a new car for $15,000. 1040a 2011 tax form She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. 1040a 2011 tax form Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. 1040a 2011 tax form On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. 1040a 2011 tax form The balance due after taking into account the payments Tara made was $10,000. 1040a 2011 tax form The FMV of the car when it was repossessed was $9,000. 1040a 2011 tax form The amount Tara realized on the repossession is $10,000. 1040a 2011 tax form That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. 1040a 2011 tax form Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. 1040a 2011 tax form Tara has a $5,000 nondeductible loss. 1040a 2011 tax form Example 2. 1040a 2011 tax form Lili paid $200,000 for her home. 1040a 2011 tax form She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. 1040a 2011 tax form She is not personally liable for the loan, but grants the bank a mortgage. 1040a 2011 tax form The bank foreclosed on the mortgage because Lili stopped making payments. 1040a 2011 tax form 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. 1040a 2011 tax form The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. 1040a 2011 tax form She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. 1040a 2011 tax form Lili has a $5,000 realized gain. 1040a 2011 tax form See Publication 523 to figure and report any taxable amount. 1040a 2011 tax form Forms 1099-A and 1099-C. 1040a 2011 tax form    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. 1040a 2011 tax form 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. 1040a 2011 tax form 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. 1040a 2011 tax form For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. 1040a 2011 tax form Prev  Up  Next   Home   More Online Publications
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The 1040a 2011 Tax Form

1040a 2011 tax form 3. 1040a 2011 tax form   Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. 1040a 2011 tax form Deductible contribution. 1040a 2011 tax form Nondeductible contribution. 1040a 2011 tax form You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). 1040a 2011 tax form Some adjustments to income follow. 1040a 2011 tax form Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. 1040a 2011 tax form Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. 1040a 2011 tax form See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. 1040a 2011 tax form Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. 1040a 2011 tax form For more details, see Publication 535, Business Expenses. 1040a 2011 tax form Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). 1040a 2011 tax form For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. 1040a 2011 tax form Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). 1040a 2011 tax form Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. 1040a 2011 tax form Alimony payments (Form 1040, line 31a). 1040a 2011 tax form For more information, see Publication 504, Divorced or Separated Individuals. 1040a 2011 tax form There are other items you can claim as adjustments to income. 1040a 2011 tax form These adjustments are discussed in your tax return instructions. 1040a 2011 tax form Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. 1040a 2011 tax form A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. 1040a 2011 tax form Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . 1040a 2011 tax form For more detailed information, see Publication 590. 1040a 2011 tax form Contributions. 1040a 2011 tax form   An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. 1040a 2011 tax form Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. 1040a 2011 tax form    Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. 1040a 2011 tax form Do not report this interest on your tax return as tax-exempt interest. 1040a 2011 tax form General limit. 1040a 2011 tax form   The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. 1040a 2011 tax form Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). 1040a 2011 tax form Contributions to Kay Bailey Hutchison Spousal IRAs. 1040a 2011 tax form   In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. 1040a 2011 tax form For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. 1040a 2011 tax form Deductible contribution. 1040a 2011 tax form   Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. 1040a 2011 tax form However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. 1040a 2011 tax form Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. 1040a 2011 tax form For more information, see Limit if Covered by Employer Plan in Publication 590. 1040a 2011 tax form Nondeductible contribution. 1040a 2011 tax form   The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. 1040a 2011 tax form You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. 1040a 2011 tax form    For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). 1040a 2011 tax form Prev  Up  Next   Home   More Online Publications