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Turbo Tax Free Military

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Turbo Tax Free Military

Turbo tax free military Publication 527 - Additional Material Prev  Up  Next   Home   More Online Publications
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Suspicious e-Mails and Identity Theft

The Internal Revenue Service has issued several recent consumer warnings on the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumers’ financial information in order to steal their identity and assets. When identity theft takes place over the Internet, it is called phishing.

Suspicious e-Mail/Phishing

Phishing (as in “fishing for information” and “hooking” victims) is a scam where Internet fraudsters send e-mail messages to trick unsuspecting victims into revealing personal and financial information that can be used to steal the victims’ identity. Current scams include phony e-mails which claim to come from the IRS and which lure the victims into the scam by telling them that they are due a tax refund.

Phishing and Other Schemes Using the IRS Name

The IRS periodically alerts taxpayers to, and maintains a list of, phishing schemes using the IRS name, logo or Web site clone. If you've received an e-mail, phone call or fax claiming to come from the IRS that seemed a little suspicious, you just may find it on this list.

News Releases

  • IR-2013-84, IRS Warns of Pervasive Telephone Scam
  • IR-2013-17, IRS Intensifies National Crackdown on Identity Theft; Part of Wider Effort to Protect Taxpayers, Prevent Refund Fraud
  • IR-2013-3, National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Tax Reform, IRS Funding and Identity Theft
  • IR-2012-29, Tax Scam Warning: Beware of Phony Refund Scheme Abusing Popular College Tax Credit; Senior Citizens, Working Families and Church Members Are Targets
  • IR-2012-23, IRS Releases the Dirty Dozen Tax Scams for 2012
  • IR-2011-73, IRS Urges Taxpayers to Avoid Becoming Victims of Tax Scams
  • IR-2009-71, IRS Alerts Public to New Identity Theft Scams
  • IR-2008-11, IRS Warns of New E-Mail and Telephone Scams Using the IRS Name; Advance Payment Scams Starting
  • IR-2007-183, IRS Warns of E-Mail Scam Soliciting Donations to California Wildfire Victims
  • IR-2007-148, IRS Warns of New E-mail Scam Offering Cash for Participation in “Member Satisfaction Survey”
  • IR-2007-109, IRS Warns Taxpayers of New E-mail Scams
  • IR-2007-75, IRS Warns of Phony e-Mails Claiming to Come from the IRS
  • IR-2006-116, Electronic Federal Tax Payment System Cited in New E-mail Scam
  • IR-2006-104, IRS Renews E-mail Alert Following New Scams
  • IR-2006-49, IRS Establishes e-Mail Box for Taxpayers to Report Phony e-Mails

Fact Sheets

  • FS-2014-3, IRS Criminal Investigation Combats Identity Theft Refund Fraud
  • FS-2014-2, Tips for Taxpayers, Victims about Identity Theft and Tax Returns
  • FS-2014-1, IRS Combats Identity Theft and Refund Fraud on Many Fronts
  • FS-2013-4, IRS Criminal Investigation Combats Identity Theft Refund Fraud
  • FS-2013-3, Tips for Taxpayers, Victims about Identity Theft and Tax Returns
  • FS-2013-2, IRS Combats Identity Theft and Refund Fraud on Many Fronts 
  • FS-2012-7, Protect Yourself from Identity Theft
  • FS-2010-9, Online Scams that Impersonate the IRS
  • FS-2009-4, The Official Internal Revenue Service Web Site Is IRS.gov
  • FS-2008-9, Identity Theft E-mail Scams a Growing Problem

Videos

Articles

You Can Help Shut Down Phishing Schemes

The good news is that you can help shut down these schemes and prevent others from being victimized. If you receive a suspicious e-mail that claims to come from the IRS, you can relay that e-mail to a new IRS mailbox, phishing@irs.gov. Follow instructions in the link below for sending the bogus e-mail to ensure that it retains critical elements found in the original e-mail. The IRS can use the information, URLs and links in the suspicious e-mails you send to trace the hosting Web site and alert authorities to help shut down the fraudulent sites. Unfortunately, due to the expected volume, the IRS will not be able to acknowledge receipt or respond to you.

Identity Theft

Identity theft can be committed through e-mail (phishing) or other means, such as regular mail, fax or telephone, or even by going through someone's trash.

Identity theft occurs when someone uses your personal information such as your name, Social Security number or other identifying information without your permission to commit fraud or other crimes. Typically, identity thieves use someone’s personal data to empty the victim’s financial accounts, run up charges on the victim’s existing credit cards, apply for new loans, credit cards, services or benefits in the victim’s name, file fraudulent tax returns or even commit crimes. People whose identities have been stolen can spend months or years — and their hard-earned money — cleaning up the mess thieves have made of their good name and credit record. In the meantime, victims may lose job opportunities, be refused loans, education, housing or cars, or even get arrested for crimes they didn't commit.

Employment Verification Contacts

You may receive a call from an IRS employee requesting verification of income and/or withholding information that has been reported to the IRS through other means. This contact may be made through a telephone call or a faxed request.  

If you receive a telephone call or a fax from someone claiming to be with the IRS and you are not comfortable providing the information, you should contact our customer service line at 1-800-829-4933 to verify the validity of the call or fax. You may then contact the IRS employee who requested the information and provide the required information.

Recent Schemes

The IRS periodically alerts taxpayers to schemes that fraudulently use the IRS name, logo or Web site clone to to gain access to consumers’ financial information in order to steal their identity and assets. The scams may take place through e-mail, fax or phone. The IRS also maintains a list of phishing and other schemes.

For more information on various schemes, see the following:

To Report Fraud

For other than phishing schemes, you may report the fraudulent misuse of the IRS name, logo, forms or other IRS property by calling the TIGTA toll-free hotline at 1-800-366-4484 or visiting the TIGTA Web site.

Other Federal Resources

For more information on understanding and preventing identity theft and suspicious e-mails (phishing), or dealing with their aftermath, check out the following federal resources:

Page Last Reviewed or Updated: 14-Mar-2014

The Turbo Tax Free Military

Turbo tax free military 1. Turbo tax free military   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. Turbo tax free military General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. Turbo tax free military There are exceptions to this rule, discussed under Exceptions , later. Turbo tax free military Generally, you must include the canceled debt in your income. Turbo tax free military However, you may be able to exclude the canceled debt. Turbo tax free military See Exclusions , later. Turbo tax free military Example. Turbo tax free military John owed $1,000 to Mary. Turbo tax free military Mary agreed to accept and John paid $400 in satisfaction of the entire debt. Turbo tax free military John has canceled debt of $600. Turbo tax free military Example. Turbo tax free military Margaret owed $1,000 to Henry. Turbo tax free military Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. Turbo tax free military Margaret does not have canceled debt. Turbo tax free military Instead, she has income from services. Turbo tax free military A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. Turbo tax free military Debt for which you are personally liable is recourse debt. Turbo tax free military All other debt is nonrecourse debt. Turbo tax free military If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. Turbo tax free military See Discounts and loan modifications , later. Turbo tax free military However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. Turbo tax free military As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. Turbo tax free military For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. Turbo tax free military There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. Turbo tax free military See Exceptions and Exclusions, later. Turbo tax free military You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. Turbo tax free military Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. Turbo tax free military The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. Turbo tax free military For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. Turbo tax free military Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. Turbo tax free military An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. Turbo tax free military Identifiable event codes. Turbo tax free military    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. Turbo tax free military The codes shown in box 6 are explained below. Turbo tax free military Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. Turbo tax free military Note. Turbo tax free military Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. Turbo tax free military However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. Turbo tax free military Code A — Bankruptcy. Turbo tax free military Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. Turbo tax free military See Bankruptcy , later. Turbo tax free military Code B — Other judicial debt relief. Turbo tax free military Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. Turbo tax free military Code C — Statute of limitations or expiration of deficiency period. Turbo tax free military Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. Turbo tax free military In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. Turbo tax free military Code D — Foreclosure election. Turbo tax free military Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. Turbo tax free military This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. Turbo tax free military Code E — Debt relief from probate or similar proceeding. Turbo tax free military Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. Turbo tax free military Code F — By agreement. Turbo tax free military Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. Turbo tax free military Code G — Decision or policy to discontinue collection. Turbo tax free military Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. Turbo tax free military For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. Turbo tax free military Code H — Expiration of nonpayment testing period. Turbo tax free military Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. Turbo tax free military The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. Turbo tax free military This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. Turbo tax free military Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. Turbo tax free military Code I — Other actual discharge before identifiable event. Turbo tax free military Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. Turbo tax free military Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. Turbo tax free military Amount of canceled debt. Turbo tax free military    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. Turbo tax free military The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). Turbo tax free military Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. Turbo tax free military Interest included in canceled debt. Turbo tax free military    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. Turbo tax free military Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. Turbo tax free military See Deductible Debt under Exceptions, later. Turbo tax free military Persons who each receive a Form 1099-C showing the full amount of debt. Turbo tax free military    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. Turbo tax free military However, you may not have to report that entire amount as income. Turbo tax free military The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. Turbo tax free military See Example 3 under Insolvency, later. Turbo tax free military Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. Turbo tax free military However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. Turbo tax free military The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. Turbo tax free military For more details, see Exceptions and Exclusions, later. Turbo tax free military Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. Turbo tax free military   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. Turbo tax free military The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. Turbo tax free military The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. Turbo tax free military If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. Turbo tax free military The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. Turbo tax free military For more details, see Exceptions and Exclusions, later. Turbo tax free military Nonrecourse debt. Turbo tax free military   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. Turbo tax free military The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. Turbo tax free military The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. Turbo tax free military The character of the gain or loss is determined by the character of the property. Turbo tax free military More information. Turbo tax free military    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. Turbo tax free military Abandonments Recourse debt. Turbo tax free military   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. Turbo tax free military You must report this income on your tax return unless one of the exceptions or exclusions described later applies. Turbo tax free military For more details, see Exceptions and Exclusions, later. Turbo tax free military This income is separate from any amount realized from the abandonment of the property. Turbo tax free military For more details, see chapter 3. Turbo tax free military Nonrecourse debt. Turbo tax free military   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. Turbo tax free military Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. Turbo tax free military For more information, see Publication 542, Corporations. Turbo tax free military Prev  Up  Next   Home   More Online Publications