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How To Amend 2010 Tax Return Online

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How To Amend 2010 Tax Return Online

How to amend 2010 tax return online 3. How to amend 2010 tax return online   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. How to amend 2010 tax return online Whether an abandonment has occurred is determined in light of all the facts and circumstances. How to amend 2010 tax return online You must both show an intention to abandon the property and affirmatively act to abandon the property. How to amend 2010 tax return online A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. How to amend 2010 tax return online For more information, see Sales and Exchanges in Publication 544. How to amend 2010 tax return online The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). How to amend 2010 tax return online See Publication 544 if you abandoned property that did not secure debt. How to amend 2010 tax return online This publication only discusses the tax consequences of abandoning property that secured a debt. How to amend 2010 tax return online Abandonment of property securing recourse debt. How to amend 2010 tax return online    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. How to amend 2010 tax return online For details on figuring gain or loss on the foreclosure, see chapter 2. How to amend 2010 tax return online Example 1—abandonment of personal-use property securing recourse debt. How to amend 2010 tax return online In 2009, Anne purchased a home for $200,000. How to amend 2010 tax return online She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. How to amend 2010 tax return online In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. How to amend 2010 tax return online Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. How to amend 2010 tax return online Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. How to amend 2010 tax return online If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. How to amend 2010 tax return online Example 2—abandonment of business or investment property securing recourse debt. How to amend 2010 tax return online In 2009, Sue purchased business property for $200,000. How to amend 2010 tax return online She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. How to amend 2010 tax return online In 2013, Sue was unable to continue making her loan payments. How to amend 2010 tax return online Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. How to amend 2010 tax return online Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. How to amend 2010 tax return online If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. How to amend 2010 tax return online Abandonment of property securing nonrecourse debt. How to amend 2010 tax return online    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. How to amend 2010 tax return online   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. How to amend 2010 tax return online If the amount you realize is more than your adjusted basis, then you have a gain. How to amend 2010 tax return online If your adjusted basis is more than the amount you realize, then you have a loss. How to amend 2010 tax return online For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. How to amend 2010 tax return online   Loss from abandonment of business or investment property is deductible as a loss. How to amend 2010 tax return online The character of the loss depends on the character of the property. How to amend 2010 tax return online The amount of deductible capital loss may be limited. How to amend 2010 tax return online For more information, see Treatment of Capital Losses in Publication 544. How to amend 2010 tax return online You cannot deduct any loss from abandonment of your home or other property held for personal use. How to amend 2010 tax return online Example 1—abandonment of personal-use property securing nonrecourse debt. How to amend 2010 tax return online In 2009, Timothy purchased a home for $200,000. How to amend 2010 tax return online He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. How to amend 2010 tax return online In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. How to amend 2010 tax return online Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. How to amend 2010 tax return online Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. How to amend 2010 tax return online Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. How to amend 2010 tax return online Timothy has a $15,000 nondeductible loss in tax year 2013. How to amend 2010 tax return online (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. How to amend 2010 tax return online ) The bank sells the house at a foreclosure sale in 2014. How to amend 2010 tax return online Timothy has neither gain nor loss from the foreclosure sale. How to amend 2010 tax return online Because he was not personally liable for the debt, he also has no cancellation of debt income. How to amend 2010 tax return online Example 2—abandonment of business or investment property securing nonrecourse debt. How to amend 2010 tax return online In 2009, Robert purchased business property for $200,000. How to amend 2010 tax return online He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. How to amend 2010 tax return online In 2013, Robert was unable to continue making his loan payments. How to amend 2010 tax return online Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. How to amend 2010 tax return online Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. How to amend 2010 tax return online Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). How to amend 2010 tax return online Robert has a $5,000 gain in tax year 2013. How to amend 2010 tax return online (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. How to amend 2010 tax return online ) The lender sells the property at a foreclosure sale in 2014. How to amend 2010 tax return online Robert has neither gain nor loss from the foreclosure sale. How to amend 2010 tax return online Because he was not personally liable for the debt, he also has no cancellation of debt income. How to amend 2010 tax return online Canceled debt. How to amend 2010 tax return online    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. How to amend 2010 tax return online This income is separate from any amount realized from abandonment of the property. How to amend 2010 tax return online You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. How to amend 2010 tax return online See chapter 1 for more details. How to amend 2010 tax return online Forms 1099-A and 1099-C. How to amend 2010 tax return online    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. How to amend 2010 tax return online Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. How to amend 2010 tax return online 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. How to amend 2010 tax return online For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. How to amend 2010 tax return online Prev  Up  Next   Home   More Online Publications
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PTIN Information and the Freedom of Information Act

The Freedom of Information Act (FOIA), enacted in 1966, gives any person the right to access federal agency records, unless the information is protected from public disclosure by one of nine exemptions. FOIA authorizes government agencies to recover the cost of complying with a FOIA request.

Under FOIA, certain information submitted to the IRS by an individual applying for a preparer tax identification number (PTIN) must be disclosed by the IRS under FOIA, and the individual cannot opt out of the disclosure.

FOIA Awareness for PTIN Holders

The PTIN holder information subject to public disclosure includes:

  • Name
  • Business name
  • Business website address
  • Business phone number
  • Business mailing address – Either a physical address or a P.O. Box is acceptable as a business address.
  • Email address – Any valid email address that you check regularly for PTIN communications is acceptable.
  • Professional credentials

Updating your contact information

To maintain the privacy of your personal information, PTIN holders can update contact information.

Unwanted solicitations

Legitimate IRS emails regarding PTIN issues are sent from two email addresses: irs@service.govdelivery.com and TaxPro_PTIN@irs.gov. The IRS is aware of malicious emails attempting to spoof these email addresses. Pay careful attention to whether an email is actually from one of these addresses. If you feel that you have received a suspicious phishing email, follow the directions found here.

If you receive email solicitations from other organizations and they are unwanted, the Federal Trade Commission, Bureau of Consumer Protection provides guidance on whether an email or other contact violates the CAN-SPAM Act of 2003 and how to report violations.

Additionally, exercise caution on websites without a .gov domain. Only sites with the .gov domain are official government websites.

PTIN application changes

To clearly distinguish between public and private information, the IRS changed the “Permanent Mailing Address” box on the PTIN application to “Personal Mailing Address”. This change clarified that the information is personal and exempt from public disclosure under FOIA rules.

Also, the IRS removed the prohibition on entering a post office box in the “Business Mailing Address” box on the PTIN application. PTIN holders may now enter a P.O. Box as their business mailing address.

If you used your Personal Mailing Address as your Business Mailing Address or used a street address when you preferred to provide a P.O Box as your Business Mailing Address, you may update your contact information. But note that your Business Mailing Address is not exempt from disclosure under FOIA rules and it will be released even if it is the same as your Personal Mailing Address.

Page Last Reviewed or Updated: 11-Sep-2013

The How To Amend 2010 Tax Return Online

How to amend 2010 tax return online Publication 524 - Additional Material Prev  Up  Next   Home   More Online Publications