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Colorado Amended Tax Return 2011

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Colorado Amended Tax Return 2011

Colorado amended tax return 2011 Publication 584 - Main Content Table of Contents LossesCost or other basis. Colorado amended tax return 2011 Fair market value. Colorado amended tax return 2011 Exception for personal-use real property. Colorado amended tax return 2011 More information. Colorado amended tax return 2011 Comments and SuggestionsOrdering forms and publications. Colorado amended tax return 2011 Tax questions. Colorado amended tax return 2011 How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Colorado amended tax return 2011 Losses Generally, you may deduct losses to your home, household goods, and motor vehicles on your federal income tax return. Colorado amended tax return 2011 However, you may not deduct a casualty or theft loss that is covered by insurance unless you filed a timely insurance claim for reimbursement. Colorado amended tax return 2011 Any reimbursement you receive will reduce the loss. Colorado amended tax return 2011 If you did not file an insurance claim, you may deduct only the part of the loss that was not covered by insurance. Colorado amended tax return 2011 Amount of loss. Colorado amended tax return 2011   You figure the amount of your loss using the following steps. Colorado amended tax return 2011 Determine your cost or other basis in the property before the casualty or theft. Colorado amended tax return 2011 Determine the decrease in fair market value (FMV) of the property as a result of the casualty or theft. Colorado amended tax return 2011 (The decrease in FMV is the difference between the property's value immediately before and immediately after the casualty or theft. Colorado amended tax return 2011 ) From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. Colorado amended tax return 2011 Apply the deduction limits, discussed later, to determine the amount of your deductible loss. Colorado amended tax return 2011 Cost or other basis. Colorado amended tax return 2011   Cost or other basis usually means original cost plus improvements. Colorado amended tax return 2011 If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. Colorado amended tax return 2011 If you inherited the property from someone who died in 2010, and the executor of the decedent's estate made the election to file Form 8939, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Colorado amended tax return 2011 Fair market value. Colorado amended tax return 2011   FMV is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. Colorado amended tax return 2011 When filling out Schedules 1 through 20, you need to know the FMV of the property immediately before and immediately after the disaster, casualty, or theft. Colorado amended tax return 2011 Separate computations. Colorado amended tax return 2011   Generally, if a single casualty or theft involves more than one item of property, you must figure the loss on each item separately. Colorado amended tax return 2011 Then combine the losses to determine the total loss from that casualty or theft. Colorado amended tax return 2011 Exception for personal-use real property. Colorado amended tax return 2011   In figuring a casualty loss on personal-use real property, the entire property (including any improvements, such as buildings, trees, and shrubs) is treated as one item. Colorado amended tax return 2011 Figure the loss using the smaller of the following. Colorado amended tax return 2011 The decrease in FMV of the entire property. Colorado amended tax return 2011 The adjusted basis of the entire property. Colorado amended tax return 2011 Deduction limits. Colorado amended tax return 2011   After you have figured the amount of your loss, as discussed earlier, you must figure how much of the loss you can deduct. Colorado amended tax return 2011 You do this on Form 4684, section A. Colorado amended tax return 2011 If the loss was to property for your personal use or your family's, there are two limits on the amount you can deduct for your casualty or theft loss. Colorado amended tax return 2011 You must reduce each casualty or theft loss by $100 ($100 rule). Colorado amended tax return 2011 You must further reduce the total of all your losses by 10% of your adjusted gross income (10% rule). Colorado amended tax return 2011 More information. Colorado amended tax return 2011   For more information about the deduction limits, see Publication 547. Colorado amended tax return 2011 When your loss is deductible. Colorado amended tax return 2011   You can generally deduct a casualty or disaster area loss only in the tax year in which the casualty or disaster occurred. Colorado amended tax return 2011 You can generally deduct a theft loss only in the year you discovered your property was stolen. Colorado amended tax return 2011 However, you can choose to deduct disaster area losses on your return for the year immediately before the year of the disaster if the President has declared your area a federal disaster area. Colorado amended tax return 2011 For details, see Disaster Area Losses in Publication 547. Colorado amended tax return 2011 Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. Colorado amended tax return 2011 You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Colorado amended tax return 2011 NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Colorado amended tax return 2011 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Colorado amended tax return 2011 You can email us at taxforms@irs. Colorado amended tax return 2011 gov. Colorado amended tax return 2011 Please put “Publications Comment” on the subject line. Colorado amended tax return 2011 You can also send us comments from www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/formspubs. Colorado amended tax return 2011 Select “Comment on Tax Forms and Publications” under “Information about. Colorado amended tax return 2011 ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Colorado amended tax return 2011 Ordering forms and publications. Colorado amended tax return 2011   Visit www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Colorado amended tax return 2011 Internal Revenue Service 1201 N. Colorado amended tax return 2011 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Colorado amended tax return 2011   If you have a tax question, check the information available on IRS. Colorado amended tax return 2011 gov or call 1-800-829-1040. Colorado amended tax return 2011 We cannot answer tax questions sent to either of the above addresses. Colorado amended tax return 2011 How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Colorado amended tax return 2011 By selecting the method that is best for you, you will have quick and easy access to tax help. Colorado amended tax return 2011 Free help with your return. Colorado amended tax return 2011   Free help in preparing your return is available nationwide from IRS-certified volunteers. Colorado amended tax return 2011 The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Colorado amended tax return 2011 Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Colorado amended tax return 2011 To find the nearest VITA or TCE site, visit IRS. Colorado amended tax return 2011 gov or call 1-800-906-9887 or 1-800-829-1040. Colorado amended tax return 2011   As part of the TCE program, AARP offers the Tax-Aide counseling program. Colorado amended tax return 2011 To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. Colorado amended tax return 2011 aarp. Colorado amended tax return 2011 org/money/taxaide. Colorado amended tax return 2011   For more information on these programs, go to IRS. Colorado amended tax return 2011 gov and enter keyword “VITA” in the upper right-hand corner. Colorado amended tax return 2011 Internet. Colorado amended tax return 2011 You can access the IRS website at IRS. Colorado amended tax return 2011 gov 24 hours a day, 7 days a week to: E-file your return. Colorado amended tax return 2011 Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Colorado amended tax return 2011 Check the status of your 2011 refund. Colorado amended tax return 2011 Go to IRS. Colorado amended tax return 2011 gov and click on Where's My Refund. Colorado amended tax return 2011 Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Colorado amended tax return 2011 If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Colorado amended tax return 2011 Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Colorado amended tax return 2011 Download forms, including talking tax forms, instructions, and publications. Colorado amended tax return 2011 Order IRS products online. Colorado amended tax return 2011 Research your tax questions online. Colorado amended tax return 2011 Search publications online by topic or keyword. Colorado amended tax return 2011 Use the online Internal Revenue Code, regulations, or other official guidance. Colorado amended tax return 2011 View Internal Revenue Bulletins (IRBs) published in the last few years. Colorado amended tax return 2011 Figure your withholding allowances using the withholding calculator online at www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/individuals. Colorado amended tax return 2011 Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/individuals. Colorado amended tax return 2011 Sign up to receive local and national tax news by email. Colorado amended tax return 2011 Get information on starting and operating a small business. Colorado amended tax return 2011 Phone. Colorado amended tax return 2011 Many services are available by phone. Colorado amended tax return 2011   Ordering forms, instructions, and publications. Colorado amended tax return 2011 Call 1-800-TAX -FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. Colorado amended tax return 2011 You should receive your order within 10 days. Colorado amended tax return 2011 Asking tax questions. Colorado amended tax return 2011 Call the IRS with your tax questions at 1-800-829-1040. Colorado amended tax return 2011 Solving problems. Colorado amended tax return 2011 You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Colorado amended tax return 2011 An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Colorado amended tax return 2011 Call your local Taxpayer Assistance Center for an appointment. Colorado amended tax return 2011 To find the number, go to www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Colorado amended tax return 2011 TTY/TDD equipment. Colorado amended tax return 2011 If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Colorado amended tax return 2011 TeleTax topics. Colorado amended tax return 2011 Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Colorado amended tax return 2011 Refund information. Colorado amended tax return 2011 To check the status of your 2011 refund, call 1-800-829-1954 or 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). Colorado amended tax return 2011 Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Colorado amended tax return 2011 If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Colorado amended tax return 2011 Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Colorado amended tax return 2011 If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. Colorado amended tax return 2011 Other refund information. Colorado amended tax return 2011 To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. Colorado amended tax return 2011 Evaluating the quality of our telephone services. Colorado amended tax return 2011 To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Colorado amended tax return 2011 One method is for a second IRS representative to listen in on or record random telephone calls. Colorado amended tax return 2011 Another is to ask some callers to complete a short survey at the end of the call. Colorado amended tax return 2011 Walk-in. Colorado amended tax return 2011 Many products and services are available on a walk-in basis. Colorado amended tax return 2011   Products. Colorado amended tax return 2011 You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Colorado amended tax return 2011 Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Colorado amended tax return 2011 Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Colorado amended tax return 2011 Services. Colorado amended tax return 2011 You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Colorado amended tax return 2011 An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Colorado amended tax return 2011 If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Colorado amended tax return 2011 No appointment is necessary—just walk in. Colorado amended tax return 2011 If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Colorado amended tax return 2011 A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Colorado amended tax return 2011 If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Colorado amended tax return 2011 All other issues will be handled without an appointment. Colorado amended tax return 2011 To find the number of your local office, go to  www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Colorado amended tax return 2011 Mail. Colorado amended tax return 2011 You can send your order for forms, instructions, and publications to the address below. Colorado amended tax return 2011 You should receive a response within 10 days after your request is received. Colorado amended tax return 2011  Internal Revenue Service 1201 N. Colorado amended tax return 2011 Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. Colorado amended tax return 2011   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Colorado amended tax return 2011 Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. Colorado amended tax return 2011 We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Colorado amended tax return 2011 Remember, the worst thing you can do is nothing at all. Colorado amended tax return 2011   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. Colorado amended tax return 2011 You face (or your business is facing) an immediate threat of adverse action. Colorado amended tax return 2011 You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. Colorado amended tax return 2011   If you qualify for our help, we’ll do everything we can to get your problem resolved. Colorado amended tax return 2011 You will be assigned to one advocate who will be with you at every turn. Colorado amended tax return 2011 We have offices in every state, the District of Columbia, and Puerto Rico. Colorado amended tax return 2011 Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. Colorado amended tax return 2011 And our services are always free. Colorado amended tax return 2011   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Colorado amended tax return 2011 Our tax toolkit at www. Colorado amended tax return 2011 TaxpayerAdvocate. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov can help you understand these rights. Colorado amended tax return 2011   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/advocate. Colorado amended tax return 2011 You can also call our toll-free number at 1-877-777-4778 or TTY/TDD 1-800-829-4059. Colorado amended tax return 2011   TAS also handles large-scale or systemic problems that affect many taxpayers. Colorado amended tax return 2011 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/advocate. Colorado amended tax return 2011 Low Income Taxpayer Clinics (LITCs). Colorado amended tax return 2011   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. Colorado amended tax return 2011 Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. Colorado amended tax return 2011 These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. Colorado amended tax return 2011 Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. Colorado amended tax return 2011 For more information and to find a clinic near you, see the LITC page on www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. Colorado amended tax return 2011 This publication is also available by calling 1-800-829-3676 or at your local IRS office. Colorado amended tax return 2011 Free tax services. Colorado amended tax return 2011   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. Colorado amended tax return 2011 Learn about free tax information from the IRS, including publications, services, and education and assistance programs. Colorado amended tax return 2011 The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. Colorado amended tax return 2011 The majority of the information and services listed in this publication are available to you free of charge. Colorado amended tax return 2011 If there is a fee associated with a resource or service, it is listed in the publication. Colorado amended tax return 2011   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Colorado amended tax return 2011 DVD for tax products. Colorado amended tax return 2011 You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Colorado amended tax return 2011 Prior-year forms, instructions, and publications. Colorado amended tax return 2011 Tax Map: an electronic research tool and finding aid. Colorado amended tax return 2011 Tax law frequently asked questions. Colorado amended tax return 2011 Tax Topics from the IRS telephone response system. Colorado amended tax return 2011 Internal Revenue Code—Title 26 of the U. Colorado amended tax return 2011 S. Colorado amended tax return 2011 Code. Colorado amended tax return 2011 Links to other Internet based Tax Research Materials. Colorado amended tax return 2011 Fill-in, print, and save features for most tax forms. Colorado amended tax return 2011 Internal Revenue Bulletins. Colorado amended tax return 2011 Toll-free and email technical support. Colorado amended tax return 2011 Two releases during the year. Colorado amended tax return 2011  – The first release will ship the beginning of January 2012. Colorado amended tax return 2011  – The final release will ship the beginning of March 2012. Colorado amended tax return 2011 Purchase the DVD from National Technical Information Service (NTIS) at www. Colorado amended tax return 2011 irs. Colorado amended tax return 2011 gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). Colorado amended tax return 2011 Prev  Up  Next   Home   More Online Publications
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Funeral Planning Checklist

  • Plan ahead.
  • Shop around and compare prices in advance.
  • Ask for a price list.
  • Resist pressure.
  • Avoid emotional overspending.
  • Recognize your rights.
  • Apply the smart shopping techniques you'd use for other major purchases.

Planning a Funeral

One of the most expensive purchases many consumers will ever make is the arrangement of a funeral. A traditional burial, including a casket and vault, costs about $7,000. Extras such as flowers, obituary notices, cards, and limousines can add thousands of dollars more. At such a highly emotional time, many people are easily swayed to believe that their decisions reflect how they feel about the deceased and wind up spending more than necessary.

Most funeral providers are professionals who work to serve their clients' needs and best interests. Unfortunately, some do not. They may take advantage of clients by insisting on unnecessary services, marking up prices and overcharging. That's why there is a federal law, called the Funeral Rule, which regulates the actions of funeral directors, homes and services.

Comparison shopping, either in person or by phone, can save you money and is much easier when done in advance. Many funeral homes will also send you a price list by mail, but this is not required by law.

If you have a problem concerning funeral matters, it's best to try to resolve it first with the funeral director. If you are dissatisfied, the Funeral Consumer's Alliance may be able to advise you on how best to resolve your issue. You can also contact your state or local consumer protection agencies; or the Funeral Service Consumer Assistance Program at 1-800-662-7666. Most states have a licensing board that regulates the funeral industry. You can contact the board in your state for information or help.

Many funeral providers offer a variety of package plans that include products and services that are most commonly sold. Keep in mind, you are not obligated to buy a package plan; you have the right to buy the individual products and services you prefer. As outlined by the Funeral Rule:

  • You have the right to choose the funeral goods and services you want (with some exceptions).
  • The funeral provider must state this "Rule" in writing on the general price list.
  • If state or local law requires you to buy any particular item, the funeral provider must disclose it on the price list, with a reference to the specific law.
  • The funeral provider may not refuse, or charge a fee, to handle a casket that you bought elsewhere.
  • A funeral provider that offers cremations must make alternative containers available.

Planning ahead is the best way to make informed decisions about funeral arrangements. An advanced plan also spares your family from having to make choices while grieving and under time constraints. Every family is different, and funeral arrangements are influenced by religious and cultural traditions, budgets and personal preferences.

You are not legally required to use a funeral home to plan and conduct a funeral. But most people find that the services of a professional funeral home make it easier.

Prepaying for a Funeral

Millions of Americans have entered into contracts to prearrange their funerals and prepay some or all of the expenses involved. Various states have laws to help ensure that these advance payments are available to pay for the funeral products and services when they're needed; however, protections vary widely from state to state. Some state laws require the funeral home or cemetery to place a percentage of the prepayment in a state-regulated trust or to purchase a life insurance policy with the death benefits assigned to the funeral home or cemetery.

The Colorado Amended Tax Return 2011

Colorado amended tax return 2011 4. Colorado amended tax return 2011   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. Colorado amended tax return 2011 However, the information shown on the filled-in forms is not from any actual person or scenario. Colorado amended tax return 2011 Example 1—Mortgage loan modification. Colorado amended tax return 2011    In 2007, Nancy Oak bought a main home for $435,000. Colorado amended tax return 2011 Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. Colorado amended tax return 2011 The loan was secured by the home. Colorado amended tax return 2011 The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. Colorado amended tax return 2011 In 2008, Nancy took out a second mortgage loan (also a recourse debt) in the amount of $30,000 that was used to substantially improve her kitchen. Colorado amended tax return 2011    In 2011, when the outstanding principal of the first and second mortgage loans was $440,000, Nancy refinanced the two recourse loans into one recourse loan in the amount of $475,000. Colorado amended tax return 2011 The FMV of Nancy's home at the time of the refinancing was $500,000. Colorado amended tax return 2011 Nancy used the additional $35,000 debt ($475,000 new mortgage loan minus $440,000 outstanding principal of Nancy's first and second mortgage loans immediately before the refinancing) to pay off personal credit cards and to pay college tuition for her son. Colorado amended tax return 2011 After the refinancing, Nancy has qualified principal residence indebtedness in the amount of $440,000 because the refinanced debt is qualified principal residence indebtedness only to the extent the amount of debt is not more than the old mortgage principal just before the refinancing. Colorado amended tax return 2011   In 2013, Nancy was unable to make her mortgage loan payments. Colorado amended tax return 2011 On August 31, 2013, when the outstanding balance of her refinanced mortgage loan was still $475,000 and the FMV of the property was $425,000, Nancy's bank agreed to a loan modification (a “workout”) that resulted in a $40,000 reduction in the principal balance of her loan. Colorado amended tax return 2011 Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. Colorado amended tax return 2011   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. Colorado amended tax return 2011 Identifiable event code "F" appears in box 6. Colorado amended tax return 2011 This box shows the reason the creditor has filed Form 1099-C. Colorado amended tax return 2011 To determine if she must include the canceled debt in her income, Nancy must determine whether she meets any of the exceptions or exclusions that apply to canceled debts. Colorado amended tax return 2011 Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. Colorado amended tax return 2011   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. Colorado amended tax return 2011 Although Nancy has $440,000 of qualified principal residence indebtedness, part of her loan ($35,000) was not qualified principal residence indebtedness because it was used to pay off personal credit cards and college tuition for her son. Colorado amended tax return 2011 Applying the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent the amount canceled is more than the amount of the debt (immediately before the cancellation) that is not qualified principal residence indebtedness. Colorado amended tax return 2011 Thus, Nancy can exclude only $5,000 of the canceled debt as qualified principal residence indebtedness ($40,000 amount canceled minus $35,000 nonqualified debt). Colorado amended tax return 2011   Because Nancy does not meet any other exception or exclusion, she checks only the box on line 1e of Form 982 and enters $5,000 on line 2. Colorado amended tax return 2011 Nancy must also enter $5,000 on line 10b and reduce the basis of her main home by the $5,000 she excluded from income, bringing the adjusted basis in her home to $460,000 ($435,000 purchase price plus $30,000 substantial improvement minus $5,000). Colorado amended tax return 2011 Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. Colorado amended tax return 2011 You can see Nancy's Form 1099-C and a portion of her Form 1040 below. Colorado amended tax return 2011 Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Colorado amended tax return 2011 Please click the link to view the image. Colorado amended tax return 2011 Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. Colorado amended tax return 2011 Please click the link to view the image. Colorado amended tax return 2011 Form 1040, U. Colorado amended tax return 2011 S. Colorado amended tax return 2011 Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. Colorado amended tax return 2011 Please click the link to view the image. Colorado amended tax return 2011 Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. Colorado amended tax return 2011    In 2005, John and Mary Elm bought a main home for $335,000. Colorado amended tax return 2011 John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. Colorado amended tax return 2011 The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. Colorado amended tax return 2011   John and Mary became unable to make their mortgage loan payments and on March 1, 2013, when the outstanding balance of the mortgage loan was $315,000 and the FMV of the property was $290,000, the bank foreclosed on the property and simultaneously canceled the remaining mortgage debt. Colorado amended tax return 2011 Immediately before the foreclosure, John and Mary's only other assets and liabilities were a checking account with a balance of $6,000, retirement savings of $13,000, and credit card debt of $5,500. Colorado amended tax return 2011   John and Mary received a 2013 Form 1099-C showing canceled debt of $25,000 in box 2 ($315,000 outstanding balance minus $290,000 FMV) and an FMV of $290,000 in box 7. Colorado amended tax return 2011 Identifiable event code "D" appears in box 6. Colorado amended tax return 2011 This box shows the reason the creditor has filed Form 1099-C. Colorado amended tax return 2011 In order to determine if John and Mary must include the canceled debt in income, they must first determine whether they meet any of the exceptions or exclusions that apply to canceled debts. Colorado amended tax return 2011 In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. Colorado amended tax return 2011 Their sample Form 1099-C is shown on this page. Colorado amended tax return 2011   John and Mary complete the insolvency worksheet and determine that they were insolvent immediately before the cancellation because at that time their liabilities exceeded the FMV of their assets by $11,500 ($320,500 total liabilities minus $309,000 FMV of total assets). Colorado amended tax return 2011 However, because the entire debt canceled is qualified principal residence indebtedness, the insolvency exclusion only applies if John and Mary elect to apply the insolvency exclusion instead of the qualified principal residence exclusion. Colorado amended tax return 2011   John and Mary do not elect to apply the insolvency exclusion instead of the qualified principal residence exclusion because under the insolvency exclusion their exclusion would be limited to the amount by which they were insolvent ($11,500). Colorado amended tax return 2011 Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. Colorado amended tax return 2011 Under the qualified principal residence exclusion, the amount that John and Mary can exclude is not limited because their qualified principal residence indebtedness is not more than $2 million and no portion of the loan was nonqualified debt. Colorado amended tax return 2011 As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. Colorado amended tax return 2011 Because John and Mary no longer own the home due to the foreclosure, John and Mary have no remaining basis in the home at the time of the debt cancellation. Colorado amended tax return 2011 Thus, John and Mary leave line 10b of Form 982 blank. Colorado amended tax return 2011   John and Mary must also determine whether they have a gain or loss from the foreclosure. Colorado amended tax return 2011 John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. Colorado amended tax return 2011 Because this loss relates to their home, it is a nondeductible loss. Colorado amended tax return 2011   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. Colorado amended tax return 2011 John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Colorado amended tax return 2011 Please click the link to view the image. Colorado amended tax return 2011 Form 1099-C, Cancellation of Debt Table 1-1. Colorado amended tax return 2011 Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. Colorado amended tax return 2011 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Colorado amended tax return 2011 Otherwise, go to Part 2. Colorado amended tax return 2011 1. Colorado amended tax return 2011 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 $315,000. Colorado amended tax return 2011 00 2. Colorado amended tax return 2011 Enter the fair market value of the transferred property $290,000. Colorado amended tax return 2011 00 3. Colorado amended tax return 2011 Ordinary income from the cancellation of debt upon foreclosure or repossession. Colorado amended tax return 2011 * Subtract line 2 from line 1. Colorado amended tax return 2011 If less than zero, enter zero. Colorado amended tax return 2011 Next, go to Part 2 $ 25,000. Colorado amended tax return 2011 00 Part 2. Colorado amended tax return 2011 Gain or loss from foreclosure or repossession. Colorado amended tax return 2011   4. Colorado amended tax return 2011 Enter the smaller of line 1 or line 2. Colorado amended tax return 2011 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 $290,000. Colorado amended tax return 2011 00 5. Colorado amended tax return 2011 Enter any proceeds you received from the foreclosure sale   6. Colorado amended tax return 2011 Add line 4 and line 5 $290,000. Colorado amended tax return 2011 00 7. Colorado amended tax return 2011 Enter the adjusted basis of the transferred property $335,000. Colorado amended tax return 2011 00 8. Colorado amended tax return 2011 Gain or loss from foreclosure or repossession. Colorado amended tax return 2011 Subtract line 7 from line 6 ($ 45,000. Colorado amended tax return 2011 00) * The income may not be taxable. Colorado amended tax return 2011 See chapter 1 for more details. Colorado amended tax return 2011 Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. Colorado amended tax return 2011 Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. Colorado amended tax return 2011 Credit card debt $ 5,500 2. Colorado amended tax return 2011 Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 315,000 3. Colorado amended tax return 2011 Car and other vehicle loans $ 4. Colorado amended tax return 2011 Medical bills owed $ 5. Colorado amended tax return 2011 Student loans $ 6. Colorado amended tax return 2011 Accrued or past-due mortgage interest $ 7. Colorado amended tax return 2011 Accrued or past-due real estate taxes $ 8. Colorado amended tax return 2011 Accrued or past-due utilities (water, gas, electric) $ 9. Colorado amended tax return 2011 Accrued or past-due child care costs $ 10. Colorado amended tax return 2011 Federal or state income taxes remaining due (for prior tax years) $ 11. Colorado amended tax return 2011 Judgments $ 12. Colorado amended tax return 2011 Business debts (including those owed as a sole proprietor or partner) $ 13. Colorado amended tax return 2011 Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Colorado amended tax return 2011 Other liabilities (debts) not included above $ 15. Colorado amended tax return 2011 Total liabilities immediately before the cancellation. Colorado amended tax return 2011 Add lines 1 through 14. Colorado amended tax return 2011 $ 320,500 Part II. Colorado amended tax return 2011 Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. Colorado amended tax return 2011 Cash and bank account balances $ 6,000 17. Colorado amended tax return 2011 Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 290,000 18. Colorado amended tax return 2011 Cars and other vehicles $ 19. Colorado amended tax return 2011 Computers $ 20. Colorado amended tax return 2011 Household goods and furnishings (for example, appliances, electronics, furniture, etc. Colorado amended tax return 2011 ) $ 21. Colorado amended tax return 2011 Tools $ 22. Colorado amended tax return 2011 Jewelry $ 23. Colorado amended tax return 2011 Clothing $ 24. Colorado amended tax return 2011 Books $ 25. Colorado amended tax return 2011 Stocks and bonds $ 26. Colorado amended tax return 2011 Investments in coins, stamps, paintings, or other collectibles $ 27. Colorado amended tax return 2011 Firearms, sports, photographic, and other hobby equipment $ 28. Colorado amended tax return 2011 Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. Colorado amended tax return 2011 Interest in a pension plan $ 30. Colorado amended tax return 2011 Interest in education accounts $ 31. Colorado amended tax return 2011 Cash value of life insurance $ 32. Colorado amended tax return 2011 Security deposits with landlords, utilities, and others $ 33. Colorado amended tax return 2011 Interests in partnerships $ 34. Colorado amended tax return 2011 Value of investment in a business $ 35. Colorado amended tax return 2011 Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Colorado amended tax return 2011 Other assets not included above $ 37. Colorado amended tax return 2011 FMV of total assets immediately before the cancellation. Colorado amended tax return 2011 Add lines 16 through 36. Colorado amended tax return 2011 $ 309,000 Part III. Colorado amended tax return 2011 Insolvency 38. Colorado amended tax return 2011 Amount of Insolvency. Colorado amended tax return 2011 Subtract line 37 from line 15. Colorado amended tax return 2011 If zero or less, you are not insolvent. Colorado amended tax return 2011 $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. Colorado amended tax return 2011 Please click the link to view the image. Colorado amended tax return 2011 Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)          Example 3—Mortgage loan foreclosure with debt exceeding $2 million limit. Colorado amended tax return 2011    In 2011, Kathy and Frank Willow got married and entered into a contract with Hive Construction Corporation to build a house for $3,000,000 to be used as their main home. Colorado amended tax return 2011 Kathy and Frank made a $400,000 down payment and took out a $2,600,000 mortgage to finance the remaining cost of the house. Colorado amended tax return 2011 Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. Colorado amended tax return 2011   In November 2013, when the outstanding principal balance on the mortgage loan was $2,500,000, the FMV of the property fell to $1,750,000 and Kathy and Frank abandoned the property by permanently moving out. Colorado amended tax return 2011 The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. Colorado amended tax return 2011 On December 26, 2013, the lender canceled the remaining debt. Colorado amended tax return 2011 Kathy and Frank have no tax attributes other than basis of personal-use property. Colorado amended tax return 2011   The lender issued a 2013 Form 1099-C to Kathy and Frank showing canceled debt of $750,000 in box 2 (the remaining balance on the $2,500,000 mortgage debt after application of the foreclosure sale proceeds) and $1,750,000 in box 7 (FMV of the property). Colorado amended tax return 2011 Identifiable event code "D" appears in box 6. Colorado amended tax return 2011 This box shows the reason the creditor has filed Form 1099-C. Colorado amended tax return 2011 Although Kathy and Frank abandoned the property, the lender did not need to also file a Form 1099-A because the lender canceled the debt in connection with the foreclosure in the same calendar year. Colorado amended tax return 2011 Kathy and Frank are filing a joint return for 2013. Colorado amended tax return 2011   Because the foreclosure occurred prior to the debt cancellation, Kathy and Frank first calculate their gain or loss from the foreclosure using Table 1-1. Colorado amended tax return 2011 Because Kathy and Frank remained personally liable for the $750,000 debt remaining after the foreclosure ($2,500,000 outstanding debt immediately before the foreclosure minus $1,750,000 satisfied through the sale of the home), Kathy and Frank enter $1,750,000 on line 1 of Table 1-1 ($2,500,000 outstanding debt immediately before the foreclosure minus the $750,000 for which they remained liable). Colorado amended tax return 2011 Completing Table 1-1, Kathy and Frank find that they have no ordinary income from the cancellation of debt upon foreclosure and that they have a $1,250,000 loss. Colorado amended tax return 2011 Because this loss relates to their home, it is a nondeductible loss. Colorado amended tax return 2011   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. Colorado amended tax return 2011 Immediately before the cancellation, Kathy and Frank had $15,000 in a savings account, household furnishings with an FMV of $17,000, a car with an FMV of $10,000, and $18,000 in credit card debt. Colorado amended tax return 2011 Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. Colorado amended tax return 2011 The household furnishings originally cost $30,000. Colorado amended tax return 2011 The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. Colorado amended tax return 2011 Kathy and Frank had no adjustments to the cost basis of the car. Colorado amended tax return 2011 Kathy and Frank had no other assets or liabilities at the time of the cancellation. Colorado amended tax return 2011 Kathy and Frank complete the insolvency worksheet to calculate that they were insolvent to the extent of $726,000 immediately before the cancellation ($768,000 of total liabilities minus $42,000 FMV of total assets). Colorado amended tax return 2011   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. Colorado amended tax return 2011 Kathy and Frank also owned the same car at that time (still with an FMV of $10,000 and basis of $16,000) and the same household furnishings (still with an FMV of $17,000 and a basis of $30,000). Colorado amended tax return 2011 Kathy and Frank had no other assets or liabilities at that time. Colorado amended tax return 2011 Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. Colorado amended tax return 2011   Because the canceled debt is qualified principal residence indebtedness, the insolvency exclusion does not apply unless Kathy and Frank elect to apply the insolvency exclusion instead of the qualified principal residence indebtedness exclusion. Colorado amended tax return 2011 The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. Colorado amended tax return 2011 The remaining $500,000 ($2,500,000 outstanding mortgage loan minus $2,000,000 limit on qualified principal residence indebtedness) is not qualified principal residence indebtedness. Colorado amended tax return 2011 Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. Colorado amended tax return 2011 Under the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent that the amount canceled ($750,000) exceeds the amount of the loan (immediately before the cancellation) that is not qualified principal residence indebtedness ($500,000). Colorado amended tax return 2011 This means that Kathy and Frank can only exclude $250,000 ($750,000 amount canceled minus $500,000 nonqualified debt) under the qualified principal residence indebtedness exclusion. Colorado amended tax return 2011   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. Colorado amended tax return 2011 Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. Colorado amended tax return 2011 Kathy and Frank can exclude the remaining $500,000 canceled debt under the insolvency exclusion because they were insolvent immediately before the cancellation to the extent of $726,000. Colorado amended tax return 2011 Thus, Kathy and Frank check the boxes on lines 1b and 1e of Form 982 and enter $750,000 on line 2 ($250,000 excluded under the qualified principal residence indebtedness exclusion plus $500,000 excluded under the insolvency exclusion). Colorado amended tax return 2011   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. Colorado amended tax return 2011 Because Kathy and Frank no longer own the home due to the foreclosure, Kathy and Frank have no remaining basis in the home at the time of the debt cancellation. Colorado amended tax return 2011 Thus, Kathy and Frank leave line 10b of Form 982 blank. Colorado amended tax return 2011 However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. Colorado amended tax return 2011 As a result, Kathy and Frank must reduce the basis of property they own based on the amount of canceled debt they are excluding from income under the insolvency rules. Colorado amended tax return 2011 Because Kathy and Frank have no tax attributes other than basis of personal-use property to reduce, Kathy and Frank figure the amount they must include on line 10a of Form 982 by taking the smallest of: The $46,000 bases of their personal-use property held at the beginning of 2014 ($16,000 basis in the car plus $30,000 basis in household furnishings), The $500,000 of the nonbusiness debt (other than qualified principal residence indebtedness) that they are excluding from income on line 2 of Form 982, or The $43,000 excess of the total bases of the property and the amount of money they held immediately after the cancellation over their total liabilities immediately after the cancellation ($15,000 in savings account plus $30,000 basis in household furnishings plus $16,000 adjusted basis in car minus $18,000 credit card debt). Colorado amended tax return 2011 Kathy and Frank enter $43,000 on Form 982, line 10a and reduce their bases in the car and the household furnishings in proportion to the total adjusted bases in all their property. Colorado amended tax return 2011 Kathy and Frank reduce the basis in the car by $14,956. Colorado amended tax return 2011 52 ($43,000 x $16,000/$46,000). Colorado amended tax return 2011 And they reduce the basis in the household furnishings by $28,043. Colorado amended tax return 2011 48 ($43,000 x $30,000/$46,000). Colorado amended tax return 2011   Following are Kathy and Frank's sample forms and worksheets. Colorado amended tax return 2011 Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Colorado amended tax return 2011 Please click the link to view the image. Colorado amended tax return 2011 Form 1099-C, Cancellation of Debt Table 1-1. Colorado amended tax return 2011 Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. Colorado amended tax return 2011 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Colorado amended tax return 2011 Otherwise, go to Part 2. Colorado amended tax return 2011 1. Colorado amended tax return 2011 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 $1,750,000. Colorado amended tax return 2011 00 2. Colorado amended tax return 2011 Enter the fair market value of the transferred property $1,750,000. Colorado amended tax return 2011 00 3. Colorado amended tax return 2011 Ordinary income from the cancellation of debt upon foreclosure or repossession. Colorado amended tax return 2011 * Subtract line 2 from line 1. Colorado amended tax return 2011 If less than zero, enter zero. Colorado amended tax return 2011 Next, go to Part 2 $0. Colorado amended tax return 2011 00 Part 2. Colorado amended tax return 2011 Gain or loss from foreclosure or repossession. Colorado amended tax return 2011   4. Colorado amended tax return 2011 Enter the smaller of line 1 or line 2. Colorado amended tax return 2011 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. Colorado amended tax return 2011 $1,750,000. Colorado amended tax return 2011 00 5. Colorado amended tax return 2011 Enter any proceeds you received from the foreclosure sale   6. Colorado amended tax return 2011 Add line 4 and line 5 $1,750,000. Colorado amended tax return 2011 00 7. Colorado amended tax return 2011 Enter the adjusted basis of the transferred property $3,000,000. Colorado amended tax return 2011 00 8. Colorado amended tax return 2011 Gain or loss from foreclosure or repossession. Colorado amended tax return 2011 Subtract line 7 from line 6 ($1,250,000. Colorado amended tax return 2011 00) * The income may not be taxable. Colorado amended tax return 2011 See chapter 1 for more details. Colorado amended tax return 2011    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. Colorado amended tax return 2011 Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. Colorado amended tax return 2011 Credit card debt $ 18,000 2. Colorado amended tax return 2011 Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 750,000 3. Colorado amended tax return 2011 Car and other vehicle loans $ 4. Colorado amended tax return 2011 Medical bills owed $ 5. Colorado amended tax return 2011 Student loans $ 6. Colorado amended tax return 2011 Accrued or past-due mortgage interest $ 7. Colorado amended tax return 2011 Accrued or past-due real estate taxes $ 8. Colorado amended tax return 2011 Accrued or past-due utilities (water, gas, electric) $ 9. Colorado amended tax return 2011 Accrued or past-due child care costs $ 10. Colorado amended tax return 2011 Federal or state income taxes remaining due (for prior tax years) $ 11. Colorado amended tax return 2011 Judgments $ 12. Colorado amended tax return 2011 Business debts (including those owed as a sole proprietor or partner) $ 13. Colorado amended tax return 2011 Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Colorado amended tax return 2011 Other liabilities (debts) not included above $ 15. Colorado amended tax return 2011 Total liabilities immediately before the cancellation. Colorado amended tax return 2011 Add lines 1 through 14. Colorado amended tax return 2011 $ 768,000 Part II. Colorado amended tax return 2011 Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. Colorado amended tax return 2011 Cash and bank account balances $ 15,000 17. Colorado amended tax return 2011 Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 18. Colorado amended tax return 2011 Cars and other vehicles $ 10,000 19. Colorado amended tax return 2011 Computers $ 20. Colorado amended tax return 2011 Household goods and furnishings (for example, appliances, electronics, furniture, etc. Colorado amended tax return 2011 ) $ 17,000 21. Colorado amended tax return 2011 Tools $ 22. Colorado amended tax return 2011 Jewelry $ 23. Colorado amended tax return 2011 Clothing $ 24. Colorado amended tax return 2011 Books $ 25. Colorado amended tax return 2011 Stocks and bonds $ 26. Colorado amended tax return 2011 Investments in coins, stamps, paintings, or other collectibles $ 27. Colorado amended tax return 2011 Firearms, sports, photographic, and other hobby equipment $ 28. Colorado amended tax return 2011 Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. Colorado amended tax return 2011 Interest in a pension plan $ 30. Colorado amended tax return 2011 Interest in education accounts $ 31. Colorado amended tax return 2011 Cash value of life insurance $ 32. Colorado amended tax return 2011 Security deposits with landlords, utilities, and others $ 33. Colorado amended tax return 2011 Interests in partnerships $ 34. Colorado amended tax return 2011 Value of investment in a business $ 35. Colorado amended tax return 2011 Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Colorado amended tax return 2011 Other assets not included above $ 37. Colorado amended tax return 2011 FMV of total assets immediately before the cancellation. Colorado amended tax return 2011 Add lines 16 through 36. Colorado amended tax return 2011 $ 42,000 Part III. Colorado amended tax return 2011 Insolvency 38. Colorado amended tax return 2011 Amount of Insolvency. Colorado amended tax return 2011 Subtract line 37 from line 15. Colorado amended tax return 2011 If zero or less, you are not insolvent. Colorado amended tax return 2011 $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. Colorado amended tax return 2011 Please click the link to view the image. 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