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1040x Site Irs Gov

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1040x Site Irs Gov

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The 1040x Site Irs Gov

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