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Tax Return H&r Block

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Tax Return H&r Block

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

Tax return h&r block Publication 584-B - Additional Material Table of Contents This image is too large to be displayed in the current screen. Tax return h&r block Please click the link to view the image. Tax return h&r block Office Furniture and Fixtures This image is too large to be displayed in the current screen. Tax return h&r block Please click the link to view the image. Tax return h&r block Information Systems This image is too large to be displayed in the current screen. Tax return h&r block Please click the link to view the image. Tax return h&r block Motor Vehicles This image is too large to be displayed in the current screen. Tax return h&r block Please click the link to view the image. Tax return h&r block Office Supplies This image is too large to be displayed in the current screen. Tax return h&r block Please click the link to view the image. Tax return h&r block Building, Components, and Land This image is too large to be displayed in the current screen. Tax return h&r block Please click the link to view the image. Tax return h&r block Equipment Tax Publications for Individual TaxpayersSee How To Get Tax Help for a variety of ways to get publications, including by computer, phone, and mail. Tax return h&r block General Guides 1 Your Rights as a Taxpayer 17 Your Federal Income Tax For Individuals 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 509 Tax Calendars for 2012 910 IRS Guide to Free Tax Services Specialized Publications 3 Armed Forces’ Tax Guide 54 Tax Guide for U. Tax return h&r block S. Tax return h&r block Citizens and Resident Aliens Abroad 225 Farmer’s Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses 501 Exemptions, Standard Deduction, and Filing Information 502 Medical and Dental Expenses (Including the Health Coverage Tax Credit) 503 Child and Dependent Care Expenses 504 Divorced or Separated Individuals 505 Tax Withholding and Estimated Tax 514 Foreign Tax Credit for Individuals 516 U. Tax return h&r block S. Tax return h&r block Government Civilian Employees Stationed Abroad 517 Social Security and Other Information for Members of the Clergy and Religious Workers 519 U. Tax return h&r block S. Tax return h&r block Tax Guide for Aliens 521 Moving Expenses 523 Selling Your Home 524 Credit for the Elderly or the Disabled 525 Taxable and Nontaxable Income 526 Charitable Contributions 527 Residential Rental Property (Including Rental of Vacation Homes) 529 Miscellaneous Deductions 530 Tax Information for Homeowners 531 Reporting Tip Income 535 Business Expenses 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 537 Installment Sales 541 Partnerships 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 550 Investment Income and Expenses (Including Capital Gains and Losses) 551 Basis of Assets 554 Tax Guide for Seniors 555 Community Property 556 Examination of Returns, Appeal Rights, and Claims for Refund 559 Survivors, Executors, and Administrators 561 Determining the Value of Donated Property 570 Tax Guide for Individuals With Income From U. Tax return h&r block S. Tax return h&r block Possessions 571 Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations 575 Pension and Annuity Income 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 587 Business Use of Your Home (Including Use by Daycare Providers) 590 Individual Retirement Arrangements (IRAs) 594 The IRS Collection Process 596 Earned Income Credit (EIC) 721 Tax Guide to U. Tax return h&r block S. Tax return h&r block Civil Service Retirement Benefits 901 U. Tax return h&r block S. Tax return h&r block Tax Treaties 907 Tax Highlights for Persons with Disabilities 908 Bankruptcy Tax Guide 915 Social Security and Equivalent Railroad Retirement Benefits 925 Passive Activity and At-Risk Rules 926 Household Employer’s Tax Guide For Wages Paid in 2012 929 Tax Rules for Children and Dependents 936 Home Mortgage Interest Deduction 946 How To Depreciate Property 947 Practice Before the IRS and Power of Attorney 950 Introduction to Estate and Gift Taxes 969 Health Savings Accounts and Other Tax-Favored Health Plans 970 Tax Benefits for Education 971 Innocent Spouse Relief 972 Child Tax Credit 1542 Per Diem Rates (For Travel Within the Continental United States) 1544 Reporting Cash Payments of Over $10,000 (Received in a Trade or Business) 1546 Taxpayer Advocate Service – Your Voice at the IRS Spanish Language Publications 1SP Derechos del Contribuyente 17(SP) El Impuesto Federal sobre los Ingresos Para Personas Fisicas 547(SP) Hechos Fortuitos Desastres y Robos 584(SP) Registro de Pérdidas por Hechos Fortuitos (Imprevistos), Desastres y Robos (Propiedad de Uso Personal) 594SP El Proceso de Cobro del IRS 596SP Crédito por Ingreso del Trabajo 850(EN/SP) English-Spanish Glossary of Words and Phrases Used in Publications Issued by the Internal Revenue Service 1544 (SP) Informe de Pagos en Efectivo en Exceso de $10,000 (Recibidos en una Ocupación o Negocio) Commonly Used Tax FormsSee How To Get Tax Help for a variety of ways to get forms, including by computer, phone, and mail. Tax return h&r block Form Number and Title 1040 U. Tax return h&r block S. Tax return h&r block Individual Income Tax Return Sch A Itemized Deductions Sch B Interest and Ordinary Dividends Sch C Profit or Loss From Business Sch C-EZ Net Profit From Business Sch D Capital Gains and Losses Sch E Supplemental Income and Loss Sch EIC Earned Income Credit Sch F Profit or Loss From Farming Sch H Household Employment Taxes Sch J Income Averaging for Farmers and Fishermen Sch R Credit for the Elderly or the Disabled Sch SE Self-Employment Tax 1040A U. Tax return h&r block S. Tax return h&r block Individual Income Tax Return Sch B Interest and Ordinary Dividends 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040-ES Estimated Tax for Individuals 1040X Amended U. Tax return h&r block S. Tax return h&r block Individual Income Tax Return 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2441 Child and Dependent Care Expenses 2848 Power of Attorney and Declaration of Representative 2848(SP) Poder Legal y Declaración del Representante 3903 Moving Expenses 4562 Depreciation and Amortization 4868 Application for Automatic Extension of Time To File U. Tax return h&r block S. Tax return h&r block Individual Income Tax Return 4868(SP) Solicitud de Prórroga Automática para Presentar la Declaración del Impuesto sobre el Ingreso Personal de los Estados Unidos 4952 Investment Interest Expense Deduction 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 6251 Alternative Minimum Tax—Individuals 8283 Noncash Charitable Contributions 8582 Passive Activity Loss Limitations 8606 Nondeductible IRAs 8812 Additional Child Tax Credit 8822 Change of Address 8829 Expenses for Business Use of Your Home 8863 Education Credits (American Opportunity and Lifetime Learning Credits) 8949 Sales and Other Dispositions of Capital Assets 9465 Installment Agreement Request 9465(SP) Solicitud para un Plan de Pagos a Plazos         Prev  Up  Next   Home   More Online Publications