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1040es Form

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1040es Form

1040es form Publication 600 - Additional Material Table of Contents Please click here for the text description of the image. 1040es form Electronic Filing (E-file) Please click here for the text description of the image. 1040es form Electronic Filing (e-file) This image is too large to be displayed in the current screen. 1040es form Please click the link to view the image. 1040es form Electronic Filing (e-file) Please click here for the text description of the image. 1040es form Electronic Filing (e-file) Prev  Up     Home   More Online Publications
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The 1040es Form

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