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2010 Tax Return Forms

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2010 Tax Return Forms

2010 tax return forms Publication 526 - Additional Material Prev  Up  Next   Home   More Online Publications
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Investigate Before You Invest

What do you want to invest in: stocks, bonds, mutual funds? Do you want to open an IRA or buy an annuity? Does your employer offer a 401K? Remember, every investment involves some degree of risk. Most securities are not insured by the Federal government if they lose money or fail, even if you purchase them through a bank or credit union that offers Federally insured savings accounts. Make sure you have answers to all of these questions before you invest:

  • Define your goals. Ask yourself "Why am I investing money?" Maybe you want to save money to purchase a house or to save for retirement. Maybe you would like to have money to pay for your child's education, or just to have a financial cushion to handle unexpected expenses or a loss of income.
  • How quickly can you get your money back? Stocks, bonds, and shares in mutual funds can usually be sold at any time, but there is no guarantee you will get back all the money you paid for them. Other investments, such as limited partnerships, often restrict your ability to cash out your holdings.
  • What can you expect to earn on your money? While bonds generally promise a fixed return, earnings on most other securities go up and down with market changes. Also, keep in mind that just because an investment has done well in the past, there is no guarantee it will do well in the future.
  • What type of earnings can you expect? Will you get income in the form of interest, dividends or rent? Some investments, such as stocks and real estate, have the potential for earnings and growth in value. What is the potential for earnings over time?
  • How much risk is involved? With any investment, there is always the risk that you won't get your money back or the earnings promised. There is usually a trade-off between risk and reward: the higher the potential return, the greater the risk. The federal government insures bank savings accounts and backs up U.S. Treasury securities (including savings bonds). Other investment options are not protected.
  • Are your investments diversified? Some investments perform better than others in certain situations. For example, when interest rates go up, bond prices tend to go down. One industry may struggle while another prospers. Putting your money in a variety of investment options can help to reduce your risk.
  • Are there any tax advantages to a particular investment? U.S. Savings Bonds are exempt from state and local taxes. Municipal bonds are exempt from federal income tax and, sometimes, state income tax as well. For special goals, such as paying for college and retirement, tax-deferred investments are available that let you postpone or even eliminate payment of income taxes.

Compare Investment Vehicles

Not all investment vehicles are created equal or work for your personal financial goals. Some provide steady income and are low risk, but yield small returns on investment; others may provide significant returns, but require a long term investment commitment. There is a wide assortment of investment vehicles available. Some of the most popular include: mutual funds, traditional IRAs, Roth IRAs, savings bonds or bond funds, stocks, and certificates of deposit.

Some investments pay out earnings on a regular (quarterly, monthly, or annual) basis, while others pay out earnings at the end of the investment period or may have age requirements for when you can withdraw your money without a penalty. Make sure your investment income stream matches your investment timeline.

You should also consider the tax ramifications. If you are saving for retirement or for education, consider investments that offer incentives for saving for a particular purpose. Your contributions for some investments are tax deductible, but the earnings are not taxed (e.g. Roth IRA); your contributions to other investments may not be taxed, but the earnings are taxed (e.g. traditional IRA).

You don't have to put all of your money in one investment. Consider diversifying your investment portfolio by placing your money in several investment vehicles. This can protect you from risk; while one of your investments may be performing poorly, another one of your investments can make up for those losses.

Type of Investment What is it? Risk level
Traditional IRA Traditional IRA is a personal savings plan that gives tax advantages for savings for retirement. Investments may include variety of securities. Contributions may be tax-deductible; earnings are not taxed until distributed. Risk levels vary according to the holdings in the IRA
Roth IRA A personal savings plan where earnings that remain in the account are not taxed. Investments may include a variety of securities. Contributions are not tax-deductible. Risk levels vary according to the holding in the IRA
Money Market Funds Mutual funds that invest in short-term bonds. Usually pays better interest rates than a savings account but not as much as a certificate of deposit (CD). Low risk.
Bonds and Bond Funds Also known as fixed-income securities because the income they pay is fixed when the bond is sold. Bonds and bond funds invest in corporate or government debt obligations. Low risk.
Index Funds Invest in a particular market index. An index fund is passively managed and simply mirrors the performance of the designated stock or bond index. Risk level depends on which index the fund uses. A bond index fund involves a lower risk level than an index fund of emerging markets overseas.
Stocks Stocks represent a share of a company As the company's value rises or falls, so does the value of the stock. Medium to high risk.
Mutual funds Invest in a variety of securities, which may include stocks, bonds, and/or money market securities. Costs and objectives vary. Risk levels vary according to the holdings in the mutual fund.

Investing Through Your Employer

Many employers encourage their employees to save for their retirement by establishing 401(k), 403(b), or 457(b) plans. Employees that participate in these programs elect to have a set amount of their income deducted from their paychecks to save for retirement; these amounts are not subject to income taxes. In many cases, your employer will match a portion of the amount of the money that you contribute into your 401(k) account, which is like getting "free" money. If you stop working at a company, remember to take the money from your 401(k) with you. If you "rollover" the total from your old job to an account at your new job, a traditional IRA, you will not have to pay taxes on the money.

The 2010 Tax Return Forms

2010 tax return forms 2. 2010 tax return forms   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. 2010 tax return forms Amount realized on a nonrecourse debt. 2010 tax return forms 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. 2010 tax return forms The foreclosure or repossession is treated as a sale from which you may realize gain or loss. 2010 tax return forms This is true even if you voluntarily return the property to the lender. 2010 tax return forms 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. 2010 tax return forms You must report this income on your return unless certain exceptions or exclusions apply. 2010 tax return forms See chapter 1 for more details. 2010 tax return forms Borrower's gain or loss. 2010 tax return forms    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. 2010 tax return forms The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). 2010 tax return forms The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). 2010 tax return forms For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. 2010 tax return forms 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. 2010 tax return forms Amount realized and ordinary income on a recourse debt. 2010 tax return forms    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. 2010 tax return forms The amount realized also includes any proceeds you received from the foreclosure sale. 2010 tax return forms 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. 2010 tax return forms You must report this income on your return unless certain exceptions or exclusions apply. 2010 tax return forms See chapter 1 for more details. 2010 tax return forms       Example 1. 2010 tax return forms Tara bought a new car for $15,000. 2010 tax return forms She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. 2010 tax return forms Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. 2010 tax return forms On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. 2010 tax return forms The balance due after taking into account the payments Tara made was $10,000. 2010 tax return forms The FMV of the car when it was repossessed was $9,000. 2010 tax return forms On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. 2010 tax return forms In this case, the amount Tara realizes is $9,000. 2010 tax return forms 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. 2010 tax return forms Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. 2010 tax return forms She has a $6,000 nondeductible loss. 2010 tax return forms 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). 2010 tax return forms Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. 2010 tax return forms Example 2. 2010 tax return forms Lili paid $200,000 for her home. 2010 tax return forms She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. 2010 tax return forms Lili is personally liable for the mortgage loan and the house secures the loan. 2010 tax return forms In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. 2010 tax return forms 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. 2010 tax return forms 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). 2010 tax return forms She remained personally liable for the $8,000 balance. 2010 tax return forms In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. 2010 tax return forms 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). 2010 tax return forms She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. 2010 tax return forms Lili must also determine her gain or loss from the foreclosure. 2010 tax return forms In this case, the amount that she realizes is $170,000. 2010 tax return forms 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. 2010 tax return forms Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. 2010 tax return forms She has a $5,000 nondeductible loss. 2010 tax return forms Table 1-1. 2010 tax return forms Worksheet for Foreclosures and Repossessions Part 1. 2010 tax return forms Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). 2010 tax return forms Otherwise, go to Part 2. 2010 tax return forms 1. 2010 tax return forms 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. 2010 tax return forms Enter the fair market value of the transferred property   3. 2010 tax return forms Ordinary income from the cancellation of debt upon foreclosure or repossession. 2010 tax return forms * Subtract line 2 from line 1. 2010 tax return forms If less than zero, enter zero. 2010 tax return forms Next, go to Part 2   Part 2. 2010 tax return forms Gain or loss from foreclosure or repossession. 2010 tax return forms   4. 2010 tax return forms Enter the smaller of line 1 or line 2. 2010 tax return forms 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. 2010 tax return forms Enter any proceeds you received from the foreclosure sale   6. 2010 tax return forms Add line 4 and line 5   7. 2010 tax return forms Enter the adjusted basis of the transferred property   8. 2010 tax return forms Gain or loss from foreclosure or repossession. 2010 tax return forms Subtract line 7 from line 6   * The income may not be taxable. 2010 tax return forms See chapter 1 for more details. 2010 tax return forms Amount realized on a nonrecourse debt. 2010 tax return forms    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. 2010 tax return forms This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. 2010 tax return forms Example 1. 2010 tax return forms Tara bought a new car for $15,000. 2010 tax return forms She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. 2010 tax return forms Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. 2010 tax return forms On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. 2010 tax return forms The balance due after taking into account the payments Tara made was $10,000. 2010 tax return forms The FMV of the car when it was repossessed was $9,000. 2010 tax return forms The amount Tara realized on the repossession is $10,000. 2010 tax return forms That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. 2010 tax return forms Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. 2010 tax return forms Tara has a $5,000 nondeductible loss. 2010 tax return forms Example 2. 2010 tax return forms Lili paid $200,000 for her home. 2010 tax return forms She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. 2010 tax return forms She is not personally liable for the loan, but grants the bank a mortgage. 2010 tax return forms The bank foreclosed on the mortgage because Lili stopped making payments. 2010 tax return forms 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. 2010 tax return forms The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. 2010 tax return forms She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. 2010 tax return forms Lili has a $5,000 realized gain. 2010 tax return forms See Publication 523 to figure and report any taxable amount. 2010 tax return forms Forms 1099-A and 1099-C. 2010 tax return forms    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. 2010 tax return forms 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. 2010 tax return forms 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. 2010 tax return forms For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. 2010 tax return forms Prev  Up  Next   Home   More Online Publications