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Irs Tax Forms For 2012

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Irs Tax Forms For 2012

Irs tax forms for 2012 4. Irs tax forms for 2012   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. Irs tax forms for 2012 However, the information shown on the filled-in forms is not from any actual person or scenario. Irs tax forms for 2012 Example 1—Mortgage loan modification. Irs tax forms for 2012    In 2007, Nancy Oak bought a main home for $435,000. Irs tax forms for 2012 Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. Irs tax forms for 2012 The loan was secured by the home. Irs tax forms for 2012 The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. Irs tax forms for 2012 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. Irs tax forms for 2012    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. Irs tax forms for 2012 The FMV of Nancy's home at the time of the refinancing was $500,000. Irs tax forms for 2012 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. Irs tax forms for 2012 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. Irs tax forms for 2012   In 2013, Nancy was unable to make her mortgage loan payments. Irs tax forms for 2012 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. Irs tax forms for 2012 Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. Irs tax forms for 2012   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. Irs tax forms for 2012 Identifiable event code "F" appears in box 6. Irs tax forms for 2012 This box shows the reason the creditor has filed Form 1099-C. Irs tax forms for 2012 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. Irs tax forms for 2012 Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. Irs tax forms for 2012   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. Irs tax forms for 2012 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. Irs tax forms for 2012 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. Irs tax forms for 2012 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). Irs tax forms for 2012   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. Irs tax forms for 2012 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). Irs tax forms for 2012 Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. Irs tax forms for 2012 You can see Nancy's Form 1099-C and a portion of her Form 1040 below. Irs tax forms for 2012 Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Irs tax forms for 2012 Please click the link to view the image. Irs tax forms for 2012 Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. Irs tax forms for 2012 Please click the link to view the image. Irs tax forms for 2012 Form 1040, U. Irs tax forms for 2012 S. Irs tax forms for 2012 Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. Irs tax forms for 2012 Please click the link to view the image. Irs tax forms for 2012 Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. Irs tax forms for 2012    In 2005, John and Mary Elm bought a main home for $335,000. Irs tax forms for 2012 John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. Irs tax forms for 2012 The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. Irs tax forms for 2012   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. Irs tax forms for 2012 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. Irs tax forms for 2012   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. Irs tax forms for 2012 Identifiable event code "D" appears in box 6. Irs tax forms for 2012 This box shows the reason the creditor has filed Form 1099-C. Irs tax forms for 2012 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. Irs tax forms for 2012 In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. Irs tax forms for 2012 Their sample Form 1099-C is shown on this page. Irs tax forms for 2012   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). Irs tax forms for 2012 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. Irs tax forms for 2012   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). Irs tax forms for 2012 Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. Irs tax forms for 2012 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. Irs tax forms for 2012 As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. Irs tax forms for 2012 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. Irs tax forms for 2012 Thus, John and Mary leave line 10b of Form 982 blank. Irs tax forms for 2012   John and Mary must also determine whether they have a gain or loss from the foreclosure. Irs tax forms for 2012 John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. Irs tax forms for 2012 Because this loss relates to their home, it is a nondeductible loss. Irs tax forms for 2012   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. Irs tax forms for 2012 John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Irs tax forms for 2012 Please click the link to view the image. Irs tax forms for 2012 Form 1099-C, Cancellation of Debt Table 1-1. Irs tax forms for 2012 Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. Irs tax forms for 2012 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Irs tax forms for 2012 Otherwise, go to Part 2. Irs tax forms for 2012 1. Irs tax forms for 2012 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. Irs tax forms for 2012 00 2. Irs tax forms for 2012 Enter the fair market value of the transferred property $290,000. Irs tax forms for 2012 00 3. Irs tax forms for 2012 Ordinary income from the cancellation of debt upon foreclosure or repossession. Irs tax forms for 2012 * Subtract line 2 from line 1. Irs tax forms for 2012 If less than zero, enter zero. Irs tax forms for 2012 Next, go to Part 2 $ 25,000. Irs tax forms for 2012 00 Part 2. Irs tax forms for 2012 Gain or loss from foreclosure or repossession. Irs tax forms for 2012   4. Irs tax forms for 2012 Enter the smaller of line 1 or line 2. Irs tax forms for 2012 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. Irs tax forms for 2012 00 5. Irs tax forms for 2012 Enter any proceeds you received from the foreclosure sale   6. Irs tax forms for 2012 Add line 4 and line 5 $290,000. Irs tax forms for 2012 00 7. Irs tax forms for 2012 Enter the adjusted basis of the transferred property $335,000. Irs tax forms for 2012 00 8. Irs tax forms for 2012 Gain or loss from foreclosure or repossession. Irs tax forms for 2012 Subtract line 7 from line 6 ($ 45,000. Irs tax forms for 2012 00) * The income may not be taxable. Irs tax forms for 2012 See chapter 1 for more details. Irs tax forms for 2012 Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. Irs tax forms for 2012 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. Irs tax forms for 2012 Credit card debt $ 5,500 2. Irs tax forms for 2012 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. Irs tax forms for 2012 Car and other vehicle loans $ 4. Irs tax forms for 2012 Medical bills owed $ 5. Irs tax forms for 2012 Student loans $ 6. Irs tax forms for 2012 Accrued or past-due mortgage interest $ 7. Irs tax forms for 2012 Accrued or past-due real estate taxes $ 8. Irs tax forms for 2012 Accrued or past-due utilities (water, gas, electric) $ 9. Irs tax forms for 2012 Accrued or past-due child care costs $ 10. Irs tax forms for 2012 Federal or state income taxes remaining due (for prior tax years) $ 11. Irs tax forms for 2012 Judgments $ 12. Irs tax forms for 2012 Business debts (including those owed as a sole proprietor or partner) $ 13. Irs tax forms for 2012 Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Irs tax forms for 2012 Other liabilities (debts) not included above $ 15. Irs tax forms for 2012 Total liabilities immediately before the cancellation. Irs tax forms for 2012 Add lines 1 through 14. Irs tax forms for 2012 $ 320,500 Part II. Irs tax forms for 2012 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. Irs tax forms for 2012 Cash and bank account balances $ 6,000 17. Irs tax forms for 2012 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. Irs tax forms for 2012 Cars and other vehicles $ 19. Irs tax forms for 2012 Computers $ 20. Irs tax forms for 2012 Household goods and furnishings (for example, appliances, electronics, furniture, etc. Irs tax forms for 2012 ) $ 21. Irs tax forms for 2012 Tools $ 22. Irs tax forms for 2012 Jewelry $ 23. Irs tax forms for 2012 Clothing $ 24. Irs tax forms for 2012 Books $ 25. Irs tax forms for 2012 Stocks and bonds $ 26. Irs tax forms for 2012 Investments in coins, stamps, paintings, or other collectibles $ 27. Irs tax forms for 2012 Firearms, sports, photographic, and other hobby equipment $ 28. Irs tax forms for 2012 Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. Irs tax forms for 2012 Interest in a pension plan $ 30. Irs tax forms for 2012 Interest in education accounts $ 31. Irs tax forms for 2012 Cash value of life insurance $ 32. Irs tax forms for 2012 Security deposits with landlords, utilities, and others $ 33. Irs tax forms for 2012 Interests in partnerships $ 34. Irs tax forms for 2012 Value of investment in a business $ 35. Irs tax forms for 2012 Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Irs tax forms for 2012 Other assets not included above $ 37. Irs tax forms for 2012 FMV of total assets immediately before the cancellation. Irs tax forms for 2012 Add lines 16 through 36. Irs tax forms for 2012 $ 309,000 Part III. Irs tax forms for 2012 Insolvency 38. Irs tax forms for 2012 Amount of Insolvency. Irs tax forms for 2012 Subtract line 37 from line 15. Irs tax forms for 2012 If zero or less, you are not insolvent. Irs tax forms for 2012 $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. Irs tax forms for 2012 Please click the link to view the image. Irs tax forms for 2012 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. Irs tax forms for 2012    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. Irs tax forms for 2012 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. Irs tax forms for 2012 Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. Irs tax forms for 2012   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. Irs tax forms for 2012 The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. Irs tax forms for 2012 On December 26, 2013, the lender canceled the remaining debt. Irs tax forms for 2012 Kathy and Frank have no tax attributes other than basis of personal-use property. Irs tax forms for 2012   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). Irs tax forms for 2012 Identifiable event code "D" appears in box 6. Irs tax forms for 2012 This box shows the reason the creditor has filed Form 1099-C. Irs tax forms for 2012 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. Irs tax forms for 2012 Kathy and Frank are filing a joint return for 2013. Irs tax forms for 2012   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. Irs tax forms for 2012 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). Irs tax forms for 2012 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. Irs tax forms for 2012 Because this loss relates to their home, it is a nondeductible loss. Irs tax forms for 2012   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. Irs tax forms for 2012 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. Irs tax forms for 2012 Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. Irs tax forms for 2012 The household furnishings originally cost $30,000. Irs tax forms for 2012 The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. Irs tax forms for 2012 Kathy and Frank had no adjustments to the cost basis of the car. Irs tax forms for 2012 Kathy and Frank had no other assets or liabilities at the time of the cancellation. Irs tax forms for 2012 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). Irs tax forms for 2012   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. Irs tax forms for 2012 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). Irs tax forms for 2012 Kathy and Frank had no other assets or liabilities at that time. Irs tax forms for 2012 Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. Irs tax forms for 2012   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. Irs tax forms for 2012 The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. Irs tax forms for 2012 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. Irs tax forms for 2012 Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. Irs tax forms for 2012 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). Irs tax forms for 2012 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. Irs tax forms for 2012   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. Irs tax forms for 2012 Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. Irs tax forms for 2012 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. Irs tax forms for 2012 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). Irs tax forms for 2012   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. Irs tax forms for 2012 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. Irs tax forms for 2012 Thus, Kathy and Frank leave line 10b of Form 982 blank. Irs tax forms for 2012 However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. Irs tax forms for 2012 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. Irs tax forms for 2012 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). Irs tax forms for 2012 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. Irs tax forms for 2012 Kathy and Frank reduce the basis in the car by $14,956. Irs tax forms for 2012 52 ($43,000 x $16,000/$46,000). Irs tax forms for 2012 And they reduce the basis in the household furnishings by $28,043. Irs tax forms for 2012 48 ($43,000 x $30,000/$46,000). Irs tax forms for 2012   Following are Kathy and Frank's sample forms and worksheets. Irs tax forms for 2012 Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Irs tax forms for 2012 Please click the link to view the image. Irs tax forms for 2012 Form 1099-C, Cancellation of Debt Table 1-1. Irs tax forms for 2012 Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. Irs tax forms for 2012 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Irs tax forms for 2012 Otherwise, go to Part 2. Irs tax forms for 2012 1. Irs tax forms for 2012 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. Irs tax forms for 2012 00 2. Irs tax forms for 2012 Enter the fair market value of the transferred property $1,750,000. Irs tax forms for 2012 00 3. Irs tax forms for 2012 Ordinary income from the cancellation of debt upon foreclosure or repossession. Irs tax forms for 2012 * Subtract line 2 from line 1. Irs tax forms for 2012 If less than zero, enter zero. Irs tax forms for 2012 Next, go to Part 2 $0. Irs tax forms for 2012 00 Part 2. Irs tax forms for 2012 Gain or loss from foreclosure or repossession. Irs tax forms for 2012   4. Irs tax forms for 2012 Enter the smaller of line 1 or line 2. Irs tax forms for 2012 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. Irs tax forms for 2012 $1,750,000. Irs tax forms for 2012 00 5. Irs tax forms for 2012 Enter any proceeds you received from the foreclosure sale   6. Irs tax forms for 2012 Add line 4 and line 5 $1,750,000. Irs tax forms for 2012 00 7. Irs tax forms for 2012 Enter the adjusted basis of the transferred property $3,000,000. Irs tax forms for 2012 00 8. Irs tax forms for 2012 Gain or loss from foreclosure or repossession. Irs tax forms for 2012 Subtract line 7 from line 6 ($1,250,000. Irs tax forms for 2012 00) * The income may not be taxable. Irs tax forms for 2012 See chapter 1 for more details. Irs tax forms for 2012    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. Irs tax forms for 2012 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. Irs tax forms for 2012 Credit card debt $ 18,000 2. Irs tax forms for 2012 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. Irs tax forms for 2012 Car and other vehicle loans $ 4. Irs tax forms for 2012 Medical bills owed $ 5. Irs tax forms for 2012 Student loans $ 6. Irs tax forms for 2012 Accrued or past-due mortgage interest $ 7. Irs tax forms for 2012 Accrued or past-due real estate taxes $ 8. Irs tax forms for 2012 Accrued or past-due utilities (water, gas, electric) $ 9. Irs tax forms for 2012 Accrued or past-due child care costs $ 10. Irs tax forms for 2012 Federal or state income taxes remaining due (for prior tax years) $ 11. Irs tax forms for 2012 Judgments $ 12. Irs tax forms for 2012 Business debts (including those owed as a sole proprietor or partner) $ 13. Irs tax forms for 2012 Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Irs tax forms for 2012 Other liabilities (debts) not included above $ 15. Irs tax forms for 2012 Total liabilities immediately before the cancellation. Irs tax forms for 2012 Add lines 1 through 14. Irs tax forms for 2012 $ 768,000 Part II. Irs tax forms for 2012 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. Irs tax forms for 2012 Cash and bank account balances $ 15,000 17. Irs tax forms for 2012 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. Irs tax forms for 2012 Cars and other vehicles $ 10,000 19. Irs tax forms for 2012 Computers $ 20. Irs tax forms for 2012 Household goods and furnishings (for example, appliances, electronics, furniture, etc. Irs tax forms for 2012 ) $ 17,000 21. Irs tax forms for 2012 Tools $ 22. Irs tax forms for 2012 Jewelry $ 23. Irs tax forms for 2012 Clothing $ 24. Irs tax forms for 2012 Books $ 25. Irs tax forms for 2012 Stocks and bonds $ 26. Irs tax forms for 2012 Investments in coins, stamps, paintings, or other collectibles $ 27. Irs tax forms for 2012 Firearms, sports, photographic, and other hobby equipment $ 28. Irs tax forms for 2012 Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. Irs tax forms for 2012 Interest in a pension plan $ 30. Irs tax forms for 2012 Interest in education accounts $ 31. Irs tax forms for 2012 Cash value of life insurance $ 32. Irs tax forms for 2012 Security deposits with landlords, utilities, and others $ 33. Irs tax forms for 2012 Interests in partnerships $ 34. Irs tax forms for 2012 Value of investment in a business $ 35. Irs tax forms for 2012 Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Irs tax forms for 2012 Other assets not included above $ 37. Irs tax forms for 2012 FMV of total assets immediately before the cancellation. Irs tax forms for 2012 Add lines 16 through 36. Irs tax forms for 2012 $ 42,000 Part III. Irs tax forms for 2012 Insolvency 38. Irs tax forms for 2012 Amount of Insolvency. Irs tax forms for 2012 Subtract line 37 from line 15. Irs tax forms for 2012 If zero or less, you are not insolvent. Irs tax forms for 2012 $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. Irs tax forms for 2012 Please click the link to view the image. Irs tax forms for 2012 Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications
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Surface Mining, Reclamation and Enforcement

The Office of Surface Mining, Reclamation and Enforcement works to protect populations and the environment during surface coal mining operations. The Office also works to clean and put to good use abandoned mine sites. These missions are accomplished primarily through regulation and oversight of state programs.

Contact the Agency or Department

Website: Surface Mining, Reclamation and Enforcement

E-mail:

Address: 1951 Constitution Ave NW
Washington, DC 20240

Phone Number: (202) 208-2565

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The Irs Tax Forms For 2012

Irs tax forms for 2012 18. Irs tax forms for 2012   Alimony Table of Contents IntroductionSpouse or former spouse. Irs tax forms for 2012 Divorce or separation instrument. Irs tax forms for 2012 Useful Items - You may want to see: General RulesMortgage payments. Irs tax forms for 2012 Taxes and insurance. Irs tax forms for 2012 Other payments to a third party. Irs tax forms for 2012 Instruments Executed After 1984Payments to a third party. Irs tax forms for 2012 Exception. Irs tax forms for 2012 Substitute payments. Irs tax forms for 2012 Specifically designated as child support. Irs tax forms for 2012 Contingency relating to your child. Irs tax forms for 2012 Clearly associated with a contingency. Irs tax forms for 2012 How To Deduct Alimony Paid How To Report Alimony Received Recapture Rule Introduction This chapter discusses the rules that apply if you pay or receive alimony. Irs tax forms for 2012 It covers the following topics. Irs tax forms for 2012 What payments are alimony. Irs tax forms for 2012 What payments are not alimony, such as child support. Irs tax forms for 2012 How to deduct alimony you paid. Irs tax forms for 2012 How to report alimony you received as income. Irs tax forms for 2012 Whether you must recapture the tax benefits of alimony. Irs tax forms for 2012 Recapture means adding back in your income all or part of a deduction you took in a prior year. Irs tax forms for 2012 Alimony is a payment to or for a spouse or former spouse under a divorce or separation instrument. Irs tax forms for 2012 It does not include voluntary payments that are not made under a divorce or separation instrument. Irs tax forms for 2012 Alimony is deductible by the payer and must be included in the spouse's or former spouse's income. Irs tax forms for 2012 Although this chapter is generally written for the payer of the alimony, the recipient can use the information to determine whether an amount received is alimony. Irs tax forms for 2012 To be alimony, a payment must meet certain requirements. Irs tax forms for 2012 Different requirements generally apply to payments under instruments executed after 1984 and to payments under instruments executed before 1985. Irs tax forms for 2012 This chapter discusses the rules for payments under instruments executed after 1984. Irs tax forms for 2012 If you need the rules for payments under pre-1985 instruments, get and keep a copy of the 2004 version of Publication 504. Irs tax forms for 2012 That was the last year the information on pre-1985 instruments was included in Publication 504. Irs tax forms for 2012 Use Table 18-1 in this chapter as a guide to determine whether certain payments are considered alimony. Irs tax forms for 2012 Definitions. Irs tax forms for 2012   The following definitions apply throughout this chapter. Irs tax forms for 2012 Spouse or former spouse. Irs tax forms for 2012   Unless otherwise stated, the term “spouse” includes former spouse. Irs tax forms for 2012 Divorce or separation instrument. Irs tax forms for 2012   The term “divorce or separation instrument” means: A decree of divorce or separate maintenance or a written instrument incident to that decree, A written separation agreement, or A decree or any type of court order requiring a spouse to make payments for the support or maintenance of the other spouse. Irs tax forms for 2012 This includes a temporary decree, an interlocutory (not final) decree, and a decree of alimony pendente lite (while awaiting action on the final decree or agreement). Irs tax forms for 2012 Useful Items - You may want to see: Publication 504 Divorced or Separated Individuals General Rules The following rules apply to alimony regardless of when the divorce or separation instrument was executed. Irs tax forms for 2012 Payments not alimony. Irs tax forms for 2012   Not all payments under a divorce or separation instrument are alimony. Irs tax forms for 2012 Alimony does not include: Child support, Noncash property settlements, Payments that are your spouse's part of community income, as explained under Community Property in Publication 504, Payments to keep up the payer's property, or Use of the payer's property. Irs tax forms for 2012 Payments to a third party. Irs tax forms for 2012   Cash payments, checks, or money orders to a third party on behalf of your spouse under the terms of your divorce or separation instrument can be alimony, if they otherwise qualify. Irs tax forms for 2012 These include payments for your spouse's medical expenses, housing costs (rent, utilities, etc. Irs tax forms for 2012 ), taxes, tuition, etc. Irs tax forms for 2012 The payments are treated as received by your spouse and then paid to the third party. Irs tax forms for 2012 Life insurance premiums. Irs tax forms for 2012   Alimony includes premiums you must pay under your divorce or separation instrument for insurance on your life to the extent your spouse owns the policy. Irs tax forms for 2012 Payments for jointly-owned home. Irs tax forms for 2012   If your divorce or separation instrument states that you must pay expenses for a home owned by you and your spouse, some of your payments may be alimony. Irs tax forms for 2012 Mortgage payments. Irs tax forms for 2012   If you must pay all the mortgage payments (principal and interest) on a jointly-owned home, and they otherwise qualify as alimony, you can deduct one-half of the total payments as alimony. Irs tax forms for 2012 If you itemize deductions and the home is a qualified home, you can claim one-half of the interest in figuring your deductible interest. Irs tax forms for 2012 Your spouse must report one-half of the payments as alimony received. Irs tax forms for 2012 If your spouse itemizes deductions and the home is a qualified home, he or she can claim one-half of the interest on the mortgage in figuring deductible interest. Irs tax forms for 2012 Taxes and insurance. Irs tax forms for 2012   If you must pay all the real estate taxes or insurance on a home held as tenants in common, you can deduct one-half of these payments as alimony. Irs tax forms for 2012 Your spouse must report one-half of these payments as alimony received. Irs tax forms for 2012 If you and your spouse itemize deductions, you can each claim one-half of the real estate taxes and none of the home insurance. Irs tax forms for 2012    If your home is held as tenants by the entirety or joint tenants, none of your payments for taxes or insurance are alimony. Irs tax forms for 2012 But if you itemize deductions, you can claim all of the real estate taxes and none of the home insurance. Irs tax forms for 2012 Other payments to a third party. Irs tax forms for 2012   If you made other third-party payments, see Publication 504 to see whether any part of the payments qualifies as alimony. Irs tax forms for 2012 Instruments Executed After 1984 The following rules for alimony apply to payments under divorce or separation instruments executed after 1984. Irs tax forms for 2012 Exception for instruments executed before 1985. Irs tax forms for 2012   There are two situations where the rules for instruments executed after 1984 apply to instruments executed before 1985. Irs tax forms for 2012 A divorce or separation instrument executed before 1985 and then modified after 1984 to specify that the after-1984 rules will apply. Irs tax forms for 2012 A temporary divorce or separation instrument executed before 1985 and incorporated into, or adopted by, a final decree executed after 1984 that: Changes the amount or period of payment, or Adds or deletes any contingency or condition. Irs tax forms for 2012   For the rules for alimony payments under pre-1985 instruments not meeting these exceptions, get the 2004 version of Publication 504 at www. Irs tax forms for 2012 irs. Irs tax forms for 2012 gov/pub504. Irs tax forms for 2012 Example 1. Irs tax forms for 2012 In November 1984, you and your former spouse executed a written separation agreement. Irs tax forms for 2012 In February 1985, a decree of divorce was substituted for the written separation agreement. Irs tax forms for 2012 The decree of divorce did not change the terms for the alimony you pay your former spouse. Irs tax forms for 2012 The decree of divorce is treated as executed before 1985. Irs tax forms for 2012 Alimony payments under this decree are not subject to the rules for payments under instruments executed after 1984. Irs tax forms for 2012 Example 2. Irs tax forms for 2012 Assume the same facts as in Example 1 except that the decree of divorce changed the amount of the alimony. Irs tax forms for 2012 In this example, the decree of divorce is not treated as executed before 1985. Irs tax forms for 2012 The alimony payments are subject to the rules for payments under instruments executed after 1984. Irs tax forms for 2012 Alimony requirements. Irs tax forms for 2012   A payment to or for a spouse under a divorce or separation instrument is alimony if the spouses do not file a joint return with each other and all the following requirements are met. Irs tax forms for 2012 The payment is in cash. Irs tax forms for 2012 The instrument does not designate the payment as not alimony. Irs tax forms for 2012 Spouses legally separated under a decree of divorce or separate maintenance are not members of the same household. Irs tax forms for 2012 There is no liability to make any payment (in cash or property) after the death of the recipient spouse. Irs tax forms for 2012 The payment is not treated as child support. Irs tax forms for 2012 Each of these requirements is discussed below. Irs tax forms for 2012 Cash payment requirement. Irs tax forms for 2012   Only cash payments, including checks and money orders, qualify as alimony. Irs tax forms for 2012 The following do not qualify as alimony. Irs tax forms for 2012 Transfers of services or property (including a debt instrument of a third party or an annuity contract). Irs tax forms for 2012 Execution of a debt instrument by the payer. Irs tax forms for 2012 The use of the payer's property. Irs tax forms for 2012 Payments to a third party. Irs tax forms for 2012   Cash payments to a third party under the terms of your divorce or separation instrument can qualify as cash payments to your spouse. Irs tax forms for 2012 See Payments to a third party under General Rules, earlier. Irs tax forms for 2012   Also, cash payments made to a third party at the written request of your spouse may qualify as alimony if all the following requirements are met. Irs tax forms for 2012 The payments are in lieu of payments of alimony directly to your spouse. Irs tax forms for 2012 The written request states that both spouses intend the payments to be treated as alimony. Irs tax forms for 2012 You receive the written request from your spouse before you file your return for the year you made the payments. Irs tax forms for 2012 Payments designated as not alimony. Irs tax forms for 2012   You and your spouse can designate that otherwise qualifying payments are not alimony. Irs tax forms for 2012 You do this by including a provision in your divorce or separation instrument that states the payments are not deductible as alimony by you and are excludable from your spouse's income. Irs tax forms for 2012 For this purpose, any instrument (written statement) signed by both of you that makes this designation and that refers to a previous written separation agreement is treated as a written separation agreement (and therefore a divorce or separation instrument). Irs tax forms for 2012 If you are subject to temporary support orders, the designation must be made in the original or a later temporary support order. Irs tax forms for 2012   Your spouse can exclude the payments from income only if he or she attaches a copy of the instrument designating them as not alimony to his or her return. Irs tax forms for 2012 The copy must be attached each year the designation applies. Irs tax forms for 2012 Spouses cannot be members of the same household. Irs tax forms for 2012    Payments to your spouse while you are members of the same household are not alimony if you are legally separated under a decree of divorce or separate maintenance. Irs tax forms for 2012 A home you formerly shared is considered one household, even if you physically separate yourselves in the home. Irs tax forms for 2012   You are not treated as members of the same household if one of you is preparing to leave the household and does leave no later than 1 month after the date of the payment. Irs tax forms for 2012 Exception. Irs tax forms for 2012   If you are not legally separated under a decree of divorce or separate maintenance, a payment under a written separation agreement, support decree, or other court order may qualify as alimony even if you are members of the same household when the payment is made. Irs tax forms for 2012 Table 18-1. Irs tax forms for 2012 Alimony Requirements (Instruments Executed After 1984) Payments ARE alimony if all of the following are true: Payments are NOT alimony if any of the following are true: Payments are required by a divorce or separation instrument. Irs tax forms for 2012 Payments are not required by a divorce or separation instrument. Irs tax forms for 2012 Payer and recipient spouse do not file a joint return with each other. Irs tax forms for 2012 Payer and recipient spouse file a joint return with each other. Irs tax forms for 2012 Payment is in cash (including checks or money orders). Irs tax forms for 2012 Payment is: Not in cash, A noncash property settlement, Spouse's part of community income, or To keep up the payer's property. Irs tax forms for 2012 Payment is not designated in the instrument as not alimony. Irs tax forms for 2012 Payment is designated in the instrument as not alimony. Irs tax forms for 2012 Spouses legally separated under a decree of divorce or separate maintenance are not members of the same household. Irs tax forms for 2012 Spouses legally separated under a decree of divorce or separate maintenance are members of the same household. Irs tax forms for 2012 Payments are not required after death of the recipient spouse. Irs tax forms for 2012 Payments are required after death of the recipient spouse. Irs tax forms for 2012 Payment is not treated as child support. Irs tax forms for 2012 Payment is treated as child support. Irs tax forms for 2012 These payments are deductible by the payer and includible in income by the recipient. Irs tax forms for 2012 These payments are neither deductible by the payer nor includible in income by the recipient. Irs tax forms for 2012 Liability for payments after death of recipient spouse. Irs tax forms for 2012   If any part of payments you make must continue to be made for any period after your spouse's death, that part of your payments is not alimony, whether made before or after the death. Irs tax forms for 2012 If all of the payments would continue, then none of the payments made before or after the death are alimony. Irs tax forms for 2012   The divorce or separation instrument does not have to expressly state that the payments cease upon the death of your spouse if, for example, the liability for continued payments would end under state law. Irs tax forms for 2012 Example. Irs tax forms for 2012 You must pay your former spouse $10,000 in cash each year for 10 years. Irs tax forms for 2012 Your divorce decree states that the payments will end upon your former spouse's death. Irs tax forms for 2012 You must also pay your former spouse or your former spouse's estate $20,000 in cash each year for 10 years. Irs tax forms for 2012 The death of your spouse would not terminate these payments under state law. Irs tax forms for 2012 The $10,000 annual payments may qualify as alimony. Irs tax forms for 2012 The $20,000 annual payments that do not end upon your former spouse's death are not alimony. Irs tax forms for 2012 Substitute payments. Irs tax forms for 2012   If you must make any payments in cash or property after your spouse's death as a substitute for continuing otherwise qualifying payments before the death, the otherwise qualifying payments are not alimony. Irs tax forms for 2012 To the extent that your payments begin, accelerate, or increase because of the death of your spouse, otherwise qualifying payments you made may be treated as payments that were not alimony. Irs tax forms for 2012 Whether or not such payments will be treated as not alimony depends on all the facts and circumstances. Irs tax forms for 2012 Example 1. Irs tax forms for 2012 Under your divorce decree, you must pay your former spouse $30,000 annually. Irs tax forms for 2012 The payments will stop at the end of 6 years or upon your former spouse's death, if earlier. Irs tax forms for 2012 Your former spouse has custody of your minor children. Irs tax forms for 2012 The decree provides that if any child is still a minor at your spouse's death, you must pay $10,000 annually to a trust until the youngest child reaches the age of majority. Irs tax forms for 2012 The trust income and corpus (principal) are to be used for your children's benefit. Irs tax forms for 2012 These facts indicate that the payments to be made after your former spouse's death are a substitute for $10,000 of the $30,000 annual payments. Irs tax forms for 2012 Of each of the $30,000 annual payments, $10,000 is not alimony. Irs tax forms for 2012 Example 2. Irs tax forms for 2012 Under your divorce decree, you must pay your former spouse $30,000 annually. Irs tax forms for 2012 The payments will stop at the end of 15 years or upon your former spouse's death, if earlier. Irs tax forms for 2012 The decree provides that if your former spouse dies before the end of the 15-year period, you must pay the estate the difference between $450,000 ($30,000 × 15) and the total amount paid up to that time. Irs tax forms for 2012 For example, if your spouse dies at the end of the tenth year, you must pay the estate $150,000 ($450,000 − $300,000). Irs tax forms for 2012 These facts indicate that the lump-sum payment to be made after your former spouse's death is a substitute for the full amount of the $30,000 annual payments. Irs tax forms for 2012 None of the annual payments are alimony. Irs tax forms for 2012 The result would be the same if the payment required at death were to be discounted by an appropriate interest factor to account for the prepayment. Irs tax forms for 2012 Child support. Irs tax forms for 2012   A payment that is specifically designated as child support or treated as specifically designated as child support under your divorce or separation instrument is not alimony. Irs tax forms for 2012 The amount of child support may vary over time. Irs tax forms for 2012 Child support payments are not deductible by the payer and are not taxable to the recipient. Irs tax forms for 2012 Specifically designated as child support. Irs tax forms for 2012   A payment will be treated as specifically designated as child support to the extent that the payment is reduced either: On the happening of a contingency relating to your child, or At a time that can be clearly associated with the contingency. Irs tax forms for 2012 A payment may be treated as specifically designated as child support even if other separate payments are specifically designated as child support. Irs tax forms for 2012 Contingency relating to your child. Irs tax forms for 2012   A contingency relates to your child if it depends on any event relating to that child. Irs tax forms for 2012 It does not matter whether the event is certain or likely to occur. Irs tax forms for 2012 Events relating to your child include the child's: Becoming employed, Dying, Leaving the household, Leaving school, Marrying, or Reaching a specified age or income level. Irs tax forms for 2012 Clearly associated with a contingency. Irs tax forms for 2012   Payments that would otherwise qualify as alimony are presumed to be reduced at a time clearly associated with the happening of a contingency relating to your child only in the following situations. Irs tax forms for 2012 The payments are to be reduced not more than 6 months before or after the date the child will reach 18, 21, or local age of majority. Irs tax forms for 2012 The payments are to be reduced on two or more occasions that occur not more than 1 year before or after a different one of your children reaches a certain age from 18 to 24. Irs tax forms for 2012 This certain age must be the same for each child, but need not be a whole number of years. Irs tax forms for 2012 In all other situations, reductions in payments are not treated as clearly associated with the happening of a contingency relating to your child. Irs tax forms for 2012   Either you or the IRS can overcome the presumption in the two situations above. Irs tax forms for 2012 This is done by showing that the time at which the payments are to be reduced was determined independently of any contingencies relating to your children. Irs tax forms for 2012 For example, if you can show that the period of alimony payments is customary in the local jurisdiction, such as a period equal to one-half of the duration of the marriage, you can overcome the presumption and may be able to treat the amount as alimony. Irs tax forms for 2012 How To Deduct Alimony Paid You can deduct alimony you paid, whether or not you itemize deductions on your return. Irs tax forms for 2012 You must file Form 1040. Irs tax forms for 2012 You cannot use Form 1040A or Form 1040EZ. Irs tax forms for 2012 Enter the amount of alimony you paid on Form 1040, line 31a. Irs tax forms for 2012 In the space provided on line 31b, enter your spouse's social security number (SSN) or individual taxpayer identification number (ITIN). Irs tax forms for 2012 If you paid alimony to more than one person, enter the SSN or ITIN of one of the recipients. Irs tax forms for 2012 Show the SSN or ITIN and amount paid to each other recipient on an attached statement. Irs tax forms for 2012 Enter your total payments on line 31a. Irs tax forms for 2012 You must provide your spouse's SSN or ITIN. Irs tax forms for 2012 If you do not, you may have to pay a $50 penalty and your deduction may be disallowed. Irs tax forms for 2012 For more information on SSNs and ITINs, see Social Security Number (SSN) in chapter 1. Irs tax forms for 2012 How To Report Alimony Received Report alimony you received as income on Form 1040, line 11. Irs tax forms for 2012 You cannot use Form 1040A or Form 1040EZ. Irs tax forms for 2012 You must give the person who paid the alimony your SSN or ITIN. Irs tax forms for 2012 If you do not, you may have to pay a $50 penalty. Irs tax forms for 2012 Recapture Rule If your alimony payments decrease or end during the first 3 calendar years, you may be subject to the recapture rule. Irs tax forms for 2012 If you are subject to this rule, you have to include in income in the third year part of the alimony payments you previously deducted. Irs tax forms for 2012 Your spouse can deduct in the third year part of the alimony payments he or she previously included in income. Irs tax forms for 2012 The 3-year period starts with the first calendar year you make a payment qualifying as alimony under a decree of divorce or separate maintenance or a written separation agreement. Irs tax forms for 2012 Do not include any time in which payments were being made under temporary support orders. Irs tax forms for 2012 The second and third years are the next 2 calendar years, whether or not payments are made during those years. Irs tax forms for 2012 The reasons for a reduction or end of alimony payments that can require a recapture include: A change in your divorce or separation instrument, A failure to make timely payments, A reduction in your ability to provide support, or A reduction in your spouse's support needs. Irs tax forms for 2012 When to apply the recapture rule. Irs tax forms for 2012   You are subject to the recapture rule in the third year if the alimony you pay in the third year decreases by more than $15,000 from the second year or the alimony you pay in the second and third years decreases significantly from the alimony you pay in the first year. Irs tax forms for 2012   When you figure a decrease in alimony, do not include the following amounts. Irs tax forms for 2012 Payments made under a temporary support order. Irs tax forms for 2012 Payments required over a period of at least 3 calendar years that vary because they are a fixed part of your income from a business or property, or from compensation for employment or self-employment. Irs tax forms for 2012 Payments that decrease because of the death of either spouse or the remarriage of the spouse receiving the payments before the end of the third year. Irs tax forms for 2012 Figuring the recapture. Irs tax forms for 2012   You can use Worksheet 1 in Publication 504 to figure recaptured alimony. Irs tax forms for 2012 Including the recapture in income. Irs tax forms for 2012   If you must include a recapture amount in income, show it on Form 1040, line 11 (“Alimony received”). Irs tax forms for 2012 Cross out “received” and enter “recapture. Irs tax forms for 2012 ” On the dotted line next to the amount, enter your spouse's last name and SSN or ITIN. Irs tax forms for 2012 Deducting the recapture. Irs tax forms for 2012   If you can deduct a recapture amount, show it on Form 1040, line 31a (“Alimony paid”). Irs tax forms for 2012 Cross out “paid” and enter “recapture. Irs tax forms for 2012 ” In the space provided, enter your spouse's SSN or ITIN. Irs tax forms for 2012 Prev  Up  Next   Home   More Online Publications