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Student Filing Taxes

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Student Filing Taxes

Student filing taxes 2. Student filing taxes   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Student filing taxes Amount realized on a nonrecourse debt. Student filing taxes If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Student filing taxes The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Student filing taxes This is true even if you voluntarily return the property to the lender. Student filing taxes If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. Student filing taxes You must report this income on your return unless certain exceptions or exclusions apply. Student filing taxes See chapter 1 for more details. Student filing taxes Borrower's gain or loss. Student filing taxes    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Student filing taxes The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Student filing taxes The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Student filing taxes For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Student filing taxes You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. Student filing taxes Amount realized and ordinary income on a recourse debt. Student filing taxes    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. Student filing taxes The amount realized also includes any proceeds you received from the foreclosure sale. Student filing taxes If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. Student filing taxes You must report this income on your return unless certain exceptions or exclusions apply. Student filing taxes See chapter 1 for more details. Student filing taxes       Example 1. Student filing taxes Tara bought a new car for $15,000. Student filing taxes She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Student filing taxes Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Student filing taxes On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Student filing taxes The balance due after taking into account the payments Tara made was $10,000. Student filing taxes The FMV of the car when it was repossessed was $9,000. Student filing taxes On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Student filing taxes In this case, the amount Tara realizes is $9,000. Student filing taxes This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. Student filing taxes Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Student filing taxes She has a $6,000 nondeductible loss. Student filing taxes After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). Student filing taxes Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Student filing taxes Example 2. Student filing taxes Lili paid $200,000 for her home. Student filing taxes She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Student filing taxes Lili is personally liable for the mortgage loan and the house secures the loan. Student filing taxes In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Student filing taxes When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Student filing taxes At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). Student filing taxes She remained personally liable for the $8,000 balance. Student filing taxes In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Student filing taxes The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). Student filing taxes She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Student filing taxes Lili must also determine her gain or loss from the foreclosure. Student filing taxes In this case, the amount that she realizes is $170,000. Student filing taxes This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. Student filing taxes Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Student filing taxes She has a $5,000 nondeductible loss. Student filing taxes Table 1-1. Student filing taxes Worksheet for Foreclosures and Repossessions Part 1. Student filing taxes Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Student filing taxes Otherwise, go to Part 2. Student filing taxes 1. Student filing taxes Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. Student filing taxes Enter the fair market value of the transferred property   3. Student filing taxes Ordinary income from the cancellation of debt upon foreclosure or repossession. Student filing taxes * Subtract line 2 from line 1. Student filing taxes If less than zero, enter zero. Student filing taxes Next, go to Part 2   Part 2. Student filing taxes Gain or loss from foreclosure or repossession. Student filing taxes   4. Student filing taxes Enter the smaller of line 1 or line 2. Student filing taxes If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. Student filing taxes Enter any proceeds you received from the foreclosure sale   6. Student filing taxes Add line 4 and line 5   7. Student filing taxes Enter the adjusted basis of the transferred property   8. Student filing taxes Gain or loss from foreclosure or repossession. Student filing taxes Subtract line 7 from line 6   * The income may not be taxable. Student filing taxes See chapter 1 for more details. Student filing taxes Amount realized on a nonrecourse debt. Student filing taxes    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. Student filing taxes This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Student filing taxes Example 1. Student filing taxes Tara bought a new car for $15,000. Student filing taxes She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Student filing taxes Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Student filing taxes On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Student filing taxes The balance due after taking into account the payments Tara made was $10,000. Student filing taxes The FMV of the car when it was repossessed was $9,000. Student filing taxes The amount Tara realized on the repossession is $10,000. Student filing taxes That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Student filing taxes Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Student filing taxes Tara has a $5,000 nondeductible loss. Student filing taxes Example 2. Student filing taxes Lili paid $200,000 for her home. Student filing taxes She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Student filing taxes She is not personally liable for the loan, but grants the bank a mortgage. Student filing taxes The bank foreclosed on the mortgage because Lili stopped making payments. Student filing taxes When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Student filing taxes The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Student filing taxes She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Student filing taxes Lili has a $5,000 realized gain. Student filing taxes See Publication 523 to figure and report any taxable amount. Student filing taxes Forms 1099-A and 1099-C. Student filing taxes    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. Student filing taxes However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. Student filing taxes 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. Student filing taxes For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Student filing taxes Prev  Up  Next   Home   More Online Publications
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The Student Filing Taxes

Student filing taxes 11. Student filing taxes   Employer-Provided Educational Assistance Table of Contents Introduction Working condition fringe benefit. Student filing taxes Introduction If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. Student filing taxes This means your employer should not include those benefits with your wages, tips, and other compensation shown in box 1 of your Form W-2. Student filing taxes This also means that you do not have to include the benefits on your income tax return. Student filing taxes You cannot use any of the tax-free education expenses paid for by your employer as the basis for any other deduction or credit, including the American opportunity credit and lifetime learning credit. Student filing taxes Educational assistance program. Student filing taxes   To qualify as an educational assistance program, the plan must be written and must meet certain other requirements. Student filing taxes Your employer can tell you whether there is a qualified program where you work. Student filing taxes Educational assistance benefits. Student filing taxes   Tax-free educational assistance benefits include payments for tuition, fees and similar expenses, books, supplies, and equipment. Student filing taxes Education generally includes any form of instruction or training that improves or develops your capabilities. Student filing taxes The payments do not have to be for work-related courses or courses that are part of a degree program. Student filing taxes   Educational assistance benefits do not include payments for the following items. Student filing taxes Meals, lodging, or transportation. Student filing taxes Tools or supplies (other than textbooks) that you can keep after completing the course of instruction. Student filing taxes Courses involving sports, games, or hobbies unless they: Have a reasonable relationship to the business of your employer, or Are required as part of a degree program. Student filing taxes Benefits over $5,250. Student filing taxes   If your employer pays more than $5,250 in educational assistance benefits for you during the year, you must generally pay tax on the amount over $5,250. Student filing taxes Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income. Student filing taxes Working condition fringe benefit. Student filing taxes    However, if the benefits over $5,250 also qualify as a working condition fringe benefit, your employer does not have to include them in your wages. Student filing taxes A working condition fringe benefit is a benefit which, had you paid for it, you could deduct as an employee business expense. Student filing taxes For more information on working condition fringe benefits, see Working Condition Benefits in chapter 2 of Publication 15-B, Employer's Tax Guide to Fringe Benefits. Student filing taxes Prev  Up  Next   Home   More Online Publications