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1040x Efile

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1040x Efile

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

1040x efile Publication 938 - Main Content Table of Contents Who May Request Information How To Request Information Who May Request Information The persons listed below, or their agent or representative, should follow the procedures in this publication to request tax information from the representative of the REMIC or the issuer of the CDO. 1040x efile Any broker who holds a REMIC regular interest or CDO for itself or as a nominee for an actual holder. 1040x efile A middleman who holds a REMIC regular interest or CDO as a nominee for an actual holder and who is required to file an information return with respect to the regular interest or CDO. 1040x efile The following persons, if they hold their REMIC regular interest or CDO directly and not through a nominee. 1040x efile A corporation. 1040x efile A fiscal year taxpayer. 1040x efile A dealer in securities or commodities required to register as such under the laws of the United States or a state. 1040x efile A real estate investment trust (as defined in section 856). 1040x efile An entity registered at all times during the tax year under the Investment Company Act of 1940. 1040x efile A common trust fund (as defined in section 584(a)). 1040x efile A financial institution such as a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, industrial loan association or bank, or other similar organization. 1040x efile Any trust that is exempt from tax under section 664(c) (a charitable remainder annuity trust or a charitable remainder unitrust). 1040x efile A REMIC. 1040x efile Note. 1040x efile A person listed in (3) above who holds an interest through a nominee (instead of directly from the REMIC or the issuer of the CDO) should request the information from the nominee instead of from the REMIC or the issuer of the CDO. 1040x efile The request should be made of the nominee in the same manner as specified below for requesting information from the representative. 1040x efile How To Request Information Use the directory to find the representative of the REMIC or issuer of the CDO. 1040x efile You can request information from the representative or issuer by telephone or mail. 1040x efile If only an address is listed in the directory, you must request the information in writing. 1040x efile Your request must specify the calendar quarters and the classes of REMIC regular interests or CDOs for which you need the information. 1040x efile The representative or issuer must provide the information to you by the later of: The 30th day after the close of the calendar quarter for which you request the information, or The 14th day after the receipt of your request. 1040x efile The representative or issuer can provide the information to you by telephone, by written statement sent by first class mail, by printing the information in a publication that is generally read by and available to persons who may request the information (for example, a webpage), or by any other method agreed to by both parties. 1040x efile If the information is published, the representative or issuer must notify you by telephone or in writing of the publication in which the information will appear, the date of its appearance, and, if possible, the page number. 1040x efile Prev  Up  Next   Home   More Online Publications