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Need To Amend 2011 Tax Return
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Need to amend 2011 tax return 4. Need to amend 2011 tax return Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. Need to amend 2011 tax return However, the information shown on the filled-in forms is not from any actual person or scenario. Need to amend 2011 tax return Example 1—Mortgage loan modification. Need to amend 2011 tax return In 2007, Nancy Oak bought a main home for $435,000. Need to amend 2011 tax return Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. Need to amend 2011 tax return The loan was secured by the home. Need to amend 2011 tax return The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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. Need to amend 2011 tax return The FMV of Nancy's home at the time of the refinancing was $500,000. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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. Need to amend 2011 tax return In 2013, Nancy was unable to make her mortgage loan payments. Need to amend 2011 tax return 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. Need to amend 2011 tax return Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. Need to amend 2011 tax return Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. Need to amend 2011 tax return Identifiable event code "F" appears in box 6. Need to amend 2011 tax return This box shows the reason the creditor has filed Form 1099-C. Need to amend 2011 tax return 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. Need to amend 2011 tax return Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. Need to amend 2011 tax return Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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). Need to amend 2011 tax return 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. Need to amend 2011 tax return 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). Need to amend 2011 tax return Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. Need to amend 2011 tax return You can see Nancy's Form 1099-C and a portion of her Form 1040 below. Need to amend 2011 tax return Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Form 1040, U. Need to amend 2011 tax return S. Need to amend 2011 tax return Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Example 2—Mortgage loan foreclosure. Need to amend 2011 tax return In 2005, John and Mary Elm bought a main home for $335,000. Need to amend 2011 tax return John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. Need to amend 2011 tax return The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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. Need to amend 2011 tax return Identifiable event code "D" appears in box 6. Need to amend 2011 tax return This box shows the reason the creditor has filed Form 1099-C. Need to amend 2011 tax return 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. Need to amend 2011 tax return In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. Need to amend 2011 tax return Their sample Form 1099-C is shown on this page. Need to amend 2011 tax return 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). Need to amend 2011 tax return 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. Need to amend 2011 tax return 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). Need to amend 2011 tax return Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. Need to amend 2011 tax return 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. Need to amend 2011 tax return As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. Need to amend 2011 tax return 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. Need to amend 2011 tax return Thus, John and Mary leave line 10b of Form 982 blank. Need to amend 2011 tax return John and Mary must also determine whether they have a gain or loss from the foreclosure. Need to amend 2011 tax return John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. Need to amend 2011 tax return Because this loss relates to their home, it is a nondeductible loss. Need to amend 2011 tax return John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. Need to amend 2011 tax return John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Form 1099-C, Cancellation of Debt Table 1-1. Need to amend 2011 tax return Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. Need to amend 2011 tax return Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Need to amend 2011 tax return Otherwise, go to Part 2. Need to amend 2011 tax return 1. Need to amend 2011 tax return 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. Need to amend 2011 tax return 00 2. Need to amend 2011 tax return Enter the fair market value of the transferred property $290,000. Need to amend 2011 tax return 00 3. Need to amend 2011 tax return Ordinary income from the cancellation of debt upon foreclosure or repossession. Need to amend 2011 tax return * Subtract line 2 from line 1. Need to amend 2011 tax return If less than zero, enter zero. Need to amend 2011 tax return Next, go to Part 2 $ 25,000. Need to amend 2011 tax return 00 Part 2. Need to amend 2011 tax return Gain or loss from foreclosure or repossession. Need to amend 2011 tax return 4. Need to amend 2011 tax return Enter the smaller of line 1 or line 2. Need to amend 2011 tax return 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. Need to amend 2011 tax return 00 5. Need to amend 2011 tax return Enter any proceeds you received from the foreclosure sale 6. Need to amend 2011 tax return Add line 4 and line 5 $290,000. Need to amend 2011 tax return 00 7. Need to amend 2011 tax return Enter the adjusted basis of the transferred property $335,000. Need to amend 2011 tax return 00 8. Need to amend 2011 tax return Gain or loss from foreclosure or repossession. Need to amend 2011 tax return Subtract line 7 from line 6 ($ 45,000. Need to amend 2011 tax return 00) * The income may not be taxable. Need to amend 2011 tax return See chapter 1 for more details. Need to amend 2011 tax return Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. Need to amend 2011 tax return 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. Need to amend 2011 tax return Credit card debt $ 5,500 2. Need to amend 2011 tax return 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. Need to amend 2011 tax return Car and other vehicle loans $ 4. Need to amend 2011 tax return Medical bills owed $ 5. Need to amend 2011 tax return Student loans $ 6. Need to amend 2011 tax return Accrued or past-due mortgage interest $ 7. Need to amend 2011 tax return Accrued or past-due real estate taxes $ 8. Need to amend 2011 tax return Accrued or past-due utilities (water, gas, electric) $ 9. Need to amend 2011 tax return Accrued or past-due child care costs $ 10. Need to amend 2011 tax return Federal or state income taxes remaining due (for prior tax years) $ 11. Need to amend 2011 tax return Judgments $ 12. Need to amend 2011 tax return Business debts (including those owed as a sole proprietor or partner) $ 13. Need to amend 2011 tax return Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Need to amend 2011 tax return Other liabilities (debts) not included above $ 15. Need to amend 2011 tax return Total liabilities immediately before the cancellation. Need to amend 2011 tax return Add lines 1 through 14. Need to amend 2011 tax return $ 320,500 Part II. Need to amend 2011 tax return 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. Need to amend 2011 tax return Cash and bank account balances $ 6,000 17. Need to amend 2011 tax return 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. Need to amend 2011 tax return Cars and other vehicles $ 19. Need to amend 2011 tax return Computers $ 20. Need to amend 2011 tax return Household goods and furnishings (for example, appliances, electronics, furniture, etc. Need to amend 2011 tax return ) $ 21. Need to amend 2011 tax return Tools $ 22. Need to amend 2011 tax return Jewelry $ 23. Need to amend 2011 tax return Clothing $ 24. Need to amend 2011 tax return Books $ 25. Need to amend 2011 tax return Stocks and bonds $ 26. Need to amend 2011 tax return Investments in coins, stamps, paintings, or other collectibles $ 27. Need to amend 2011 tax return Firearms, sports, photographic, and other hobby equipment $ 28. Need to amend 2011 tax return Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. Need to amend 2011 tax return Interest in a pension plan $ 30. Need to amend 2011 tax return Interest in education accounts $ 31. Need to amend 2011 tax return Cash value of life insurance $ 32. Need to amend 2011 tax return Security deposits with landlords, utilities, and others $ 33. Need to amend 2011 tax return Interests in partnerships $ 34. Need to amend 2011 tax return Value of investment in a business $ 35. Need to amend 2011 tax return Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Need to amend 2011 tax return Other assets not included above $ 37. Need to amend 2011 tax return FMV of total assets immediately before the cancellation. Need to amend 2011 tax return Add lines 16 through 36. Need to amend 2011 tax return $ 309,000 Part III. Need to amend 2011 tax return Insolvency 38. Need to amend 2011 tax return Amount of Insolvency. Need to amend 2011 tax return Subtract line 37 from line 15. Need to amend 2011 tax return If zero or less, you are not insolvent. Need to amend 2011 tax return $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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. Need to amend 2011 tax return Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. Need to amend 2011 tax return 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. Need to amend 2011 tax return The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. Need to amend 2011 tax return On December 26, 2013, the lender canceled the remaining debt. Need to amend 2011 tax return Kathy and Frank have no tax attributes other than basis of personal-use property. Need to amend 2011 tax return 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). Need to amend 2011 tax return Identifiable event code "D" appears in box 6. Need to amend 2011 tax return This box shows the reason the creditor has filed Form 1099-C. Need to amend 2011 tax return 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. Need to amend 2011 tax return Kathy and Frank are filing a joint return for 2013. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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). Need to amend 2011 tax return 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. Need to amend 2011 tax return Because this loss relates to their home, it is a nondeductible loss. Need to amend 2011 tax return Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. Need to amend 2011 tax return 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. Need to amend 2011 tax return Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. Need to amend 2011 tax return The household furnishings originally cost $30,000. Need to amend 2011 tax return The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. Need to amend 2011 tax return Kathy and Frank had no adjustments to the cost basis of the car. Need to amend 2011 tax return Kathy and Frank had no other assets or liabilities at the time of the cancellation. Need to amend 2011 tax return 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). Need to amend 2011 tax return At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. Need to amend 2011 tax return 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). Need to amend 2011 tax return Kathy and Frank had no other assets or liabilities at that time. Need to amend 2011 tax return Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. Need to amend 2011 tax return 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. Need to amend 2011 tax return The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. Need to amend 2011 tax return 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. Need to amend 2011 tax return Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. Need to amend 2011 tax return 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). Need to amend 2011 tax return 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. Need to amend 2011 tax return Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. Need to amend 2011 tax return Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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). Need to amend 2011 tax return Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. Need to amend 2011 tax return 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. Need to amend 2011 tax return Thus, Kathy and Frank leave line 10b of Form 982 blank. Need to amend 2011 tax return However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. Need to amend 2011 tax return 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. Need to amend 2011 tax return 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). Need to amend 2011 tax return 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. Need to amend 2011 tax return Kathy and Frank reduce the basis in the car by $14,956. Need to amend 2011 tax return 52 ($43,000 x $16,000/$46,000). Need to amend 2011 tax return And they reduce the basis in the household furnishings by $28,043. Need to amend 2011 tax return 48 ($43,000 x $30,000/$46,000). Need to amend 2011 tax return Following are Kathy and Frank's sample forms and worksheets. Need to amend 2011 tax return Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Form 1099-C, Cancellation of Debt Table 1-1. Need to amend 2011 tax return Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. Need to amend 2011 tax return Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Need to amend 2011 tax return Otherwise, go to Part 2. Need to amend 2011 tax return 1. Need to amend 2011 tax return 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. Need to amend 2011 tax return 00 2. Need to amend 2011 tax return Enter the fair market value of the transferred property $1,750,000. Need to amend 2011 tax return 00 3. Need to amend 2011 tax return Ordinary income from the cancellation of debt upon foreclosure or repossession. Need to amend 2011 tax return * Subtract line 2 from line 1. Need to amend 2011 tax return If less than zero, enter zero. Need to amend 2011 tax return Next, go to Part 2 $0. Need to amend 2011 tax return 00 Part 2. Need to amend 2011 tax return Gain or loss from foreclosure or repossession. Need to amend 2011 tax return 4. Need to amend 2011 tax return Enter the smaller of line 1 or line 2. Need to amend 2011 tax return 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. Need to amend 2011 tax return $1,750,000. Need to amend 2011 tax return 00 5. Need to amend 2011 tax return Enter any proceeds you received from the foreclosure sale 6. Need to amend 2011 tax return Add line 4 and line 5 $1,750,000. Need to amend 2011 tax return 00 7. Need to amend 2011 tax return Enter the adjusted basis of the transferred property $3,000,000. Need to amend 2011 tax return 00 8. Need to amend 2011 tax return Gain or loss from foreclosure or repossession. Need to amend 2011 tax return Subtract line 7 from line 6 ($1,250,000. Need to amend 2011 tax return 00) * The income may not be taxable. Need to amend 2011 tax return See chapter 1 for more details. Need to amend 2011 tax return Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. Need to amend 2011 tax return 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. Need to amend 2011 tax return Credit card debt $ 18,000 2. Need to amend 2011 tax return 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. Need to amend 2011 tax return Car and other vehicle loans $ 4. Need to amend 2011 tax return Medical bills owed $ 5. Need to amend 2011 tax return Student loans $ 6. Need to amend 2011 tax return Accrued or past-due mortgage interest $ 7. Need to amend 2011 tax return Accrued or past-due real estate taxes $ 8. Need to amend 2011 tax return Accrued or past-due utilities (water, gas, electric) $ 9. Need to amend 2011 tax return Accrued or past-due child care costs $ 10. Need to amend 2011 tax return Federal or state income taxes remaining due (for prior tax years) $ 11. Need to amend 2011 tax return Judgments $ 12. Need to amend 2011 tax return Business debts (including those owed as a sole proprietor or partner) $ 13. Need to amend 2011 tax return Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Need to amend 2011 tax return Other liabilities (debts) not included above $ 15. Need to amend 2011 tax return Total liabilities immediately before the cancellation. Need to amend 2011 tax return Add lines 1 through 14. Need to amend 2011 tax return $ 768,000 Part II. Need to amend 2011 tax return 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. Need to amend 2011 tax return Cash and bank account balances $ 15,000 17. Need to amend 2011 tax return 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. Need to amend 2011 tax return Cars and other vehicles $ 10,000 19. Need to amend 2011 tax return Computers $ 20. Need to amend 2011 tax return Household goods and furnishings (for example, appliances, electronics, furniture, etc. Need to amend 2011 tax return ) $ 17,000 21. Need to amend 2011 tax return Tools $ 22. Need to amend 2011 tax return Jewelry $ 23. Need to amend 2011 tax return Clothing $ 24. Need to amend 2011 tax return Books $ 25. Need to amend 2011 tax return Stocks and bonds $ 26. Need to amend 2011 tax return Investments in coins, stamps, paintings, or other collectibles $ 27. Need to amend 2011 tax return Firearms, sports, photographic, and other hobby equipment $ 28. Need to amend 2011 tax return Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. Need to amend 2011 tax return Interest in a pension plan $ 30. Need to amend 2011 tax return Interest in education accounts $ 31. Need to amend 2011 tax return Cash value of life insurance $ 32. Need to amend 2011 tax return Security deposits with landlords, utilities, and others $ 33. Need to amend 2011 tax return Interests in partnerships $ 34. Need to amend 2011 tax return Value of investment in a business $ 35. Need to amend 2011 tax return Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Need to amend 2011 tax return Other assets not included above $ 37. Need to amend 2011 tax return FMV of total assets immediately before the cancellation. Need to amend 2011 tax return Add lines 16 through 36. Need to amend 2011 tax return $ 42,000 Part III. Need to amend 2011 tax return Insolvency 38. Need to amend 2011 tax return Amount of Insolvency. Need to amend 2011 tax return Subtract line 37 from line 15. Need to amend 2011 tax return If zero or less, you are not insolvent. Need to amend 2011 tax return $ 726,000 Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev Up Next Home More Online Publications
The Need To Amend 2011 Tax Return
Need to amend 2011 tax return Publication 584SP - Additional Material Table of Contents This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Pasillo de Entrada (Entrance Hall) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Sala de Estar (Living Room) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Comedor (Dining Room) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Cocina (Kitchen) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Cuarto de Trabajo (Den) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Dormitorios (Bedrooms) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Baños (Bathrooms) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Cuarto de Recreación/Juegos (Recreation Room) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Lavadero y Sótano (Laundry and Basement) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Garaje (Garage) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Equipo Deportivo (Sporting Equipment) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Ropa de Hombres (Men's Clothing) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Ropa de Mujeres (Women's Clothing) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Ropa de Niños (Children's Clothing) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Joyería (Jewelry) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Enseres Eléctricos (Electrical Appliances) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Artículos de Hilo (Linens) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Artículos Misceláneos (Miscellaneous) This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return vehículos motorizados This image is too large to be displayed in the current screen. Need to amend 2011 tax return Please click the link to view the image. Need to amend 2011 tax return Hogar (Excluyendo su contenido) Hoja de Trabajo A. Need to amend 2011 tax return Costo u Otra Base (Ajustada) Precaución:Vea Instrucciones de la Hoja de Trabajo A antes de usar esta hoja de trabajo. Need to amend 2011 tax return (a) Parte Personal (b) Parte Comercial/de Alquiler 1. Need to amend 2011 tax return Anote el precio de compra de la vivienda dañada o destruida. Need to amend 2011 tax return (Si usted presentó el Formulario 2119 cuando en un principio adquirió dicha vivienda para aplazar ganancias provenientes de la venta de una vivienda anterior antes del 7 de mayo de 1997, anote la base ajustada de la vivienda nueva, usando la cantidad que aparece en dicho Formulario 2119). Need to amend 2011 tax return 1. Need to amend 2011 tax return 2. Need to amend 2011 tax return Puntos pagados por el vendedor para una vivienda comprada después de 1990. Need to amend 2011 tax return No incluya puntos pagados por el vendedor que ya restó para llegar a la cantidad anotada en la línea 1 2. Need to amend 2011 tax return 3. Need to amend 2011 tax return Reste la línea 2 de la línea 1 3. Need to amend 2011 tax return 4. Need to amend 2011 tax return Cargos por liquidación o costos de cierre. Need to amend 2011 tax return (Vea Settlement Costs (Costos de Liquidación) en la Publicación 551, en inglés). Need to amend 2011 tax return Si la línea 1 incluye la base ajustada de la vivienda nueva del Formulario 2119, ignore las líneas 4a a la 4g y 5; para entonces pasar a la línea 6. Need to amend 2011 tax return a. Need to amend 2011 tax return Honorarios por estudios de escritura 4a. Need to amend 2011 tax return b. Need to amend 2011 tax return Honorarios legales (incluyendo honorarios por trámites relacionados con la escritura y la preparación de documentos) 4b. Need to amend 2011 tax return c. Need to amend 2011 tax return Estudios topográficos 4c. Need to amend 2011 tax return d. Need to amend 2011 tax return Seguro de escritura de propietario 4d. Need to amend 2011 tax return e. Need to amend 2011 tax return Impuestos de traspaso o de sello 4e. Need to amend 2011 tax return f. Need to amend 2011 tax return Cantidades que el vendedor adeudaba y que usted acordó pagar (impuestos atrasados o intereses, costos de registro o cargos hipotecarios y comisiones sobre las ventas) 4f. Need to amend 2011 tax return g. Need to amend 2011 tax return Otros gastos 4g. Need to amend 2011 tax return 5. Need to amend 2011 tax return Sume las líneas 4a a la 4g 5. Need to amend 2011 tax return 6. Need to amend 2011 tax return Costo de ampliaciones y mejoras. Need to amend 2011 tax return (Vea Increases to Basis (Aumentos en la Base) en la Publicación 551, en inglés). Need to amend 2011 tax return No incluya ninguna de las ampliaciones o mejoras incluidas en la línea 1 6. Need to amend 2011 tax return 7. Need to amend 2011 tax return Tasaciones tributarias especiales pagadas por concepto de mejoras locales, tales como calles y aceras o banquetas 7. Need to amend 2011 tax return 8. Need to amend 2011 tax return Otros aumentos en la base 8. Need to amend 2011 tax return 9. Need to amend 2011 tax return Sume las líneas 3, 5, 6, 7 y 8 9. Need to amend 2011 tax return 10. Need to amend 2011 tax return Depreciación (permitida o permisible) relacionada con el uso comercial o alquiler de la vivienda 10. Need to amend 2011 tax return 0 11. Need to amend 2011 tax return Otras disminuciones en la base (Vea Decreases to Basis (Disminuciones en la Base) en la Publicación 551, en inglés). Need to amend 2011 tax return 11. Need to amend 2011 tax return 12. Need to amend 2011 tax return Sume las líneas 10 y 11 12. Need to amend 2011 tax return 13. Need to amend 2011 tax return Costo u otra base (ajustada) de la vivienda dañada o destruida. Need to amend 2011 tax return Reste la línea 12 de la línea 9. Need to amend 2011 tax return Anote dicha cantidad aquí y en la línea 2 del Anexo 20 13. Need to amend 2011 tax return Instrucciones para la Hoja de Trabajo A. Need to amend 2011 tax return Si usted usa la Hoja de Trabajo A para calcular el costo u otra base (ajustada) de su vivienda, siga estas instrucciones. Need to amend 2011 tax return NO utilice esta hoja de trabajo para determinar el costo de su base si adquirió interés de su vivienda por un difunto que falleció en 2010 y el albacea de su caudal hereditario presentó el Formulario 8939. Need to amend 2011 tax return SI. Need to amend 2011 tax return . Need to amend 2011 tax return . Need to amend 2011 tax return ENTONCES. Need to amend 2011 tax return . Need to amend 2011 tax return . Need to amend 2011 tax return usted heredó su vivienda de un difunto que falleció antes o depués del 2010, o de un difunto que falleció en el 2010 pero la albacea de su caudal hereditario no presentó el Formulario 8939. Need to amend 2011 tax return 1 omita las líneas 1 a la 4 de la hoja de trabajo. Need to amend 2011 tax return 2 encuentre su base utilizando las reglas bajo Inherited Property (Bienes Heredados) en la Publicación 551, en inglés. Need to amend 2011 tax return Anote esta cantidad en la línea 5 de la hoja de trabajo. Need to amend 2011 tax return 3 llene las líneas 6 a la 13 de la hoja de trabajo. Need to amend 2011 tax return usted recibió su vivienda como un regalo (donación) 1 lea Property Received as Gift (Bienes Recibidos como Regalo (Donación)) en la Publicación 551, en inglés, y anote en las líneas 1 y 3 de la hoja de trabajo la base ajustada del donante o el valor justo de mercado de la vivienda en el momento del regalo (donación), lo que proceda. Need to amend 2011 tax return 2 si usted puede sumar algún impuesto federal sobre donaciones a su base, anote esa cantidad en la línea 5 de la hoja de trabajo. Need to amend 2011 tax return 3 llene el resto de la hoja de trabajo. Need to amend 2011 tax return usted recibió su vivienda como un canje por otra propiedad 1 anote en la línea 1 de la hoja de trabajo el valor justo de mercado de la otra propiedad al tiempo del canje. Need to amend 2011 tax return (Pero si usted recibió su vivienda como un canje por su vivienda anterior antes del 7 de mayo de 1997, y tuvo una ganancia en que el canje se aplazó utilizando el Formulario 2119, anote en la línea 1 de la hoja de trabajo la base ajustada de la vivienda nueva que aparece en dicho formulario). Need to amend 2011 tax return 2 llene el resto de la hoja de trabajo. Need to amend 2011 tax return usted construyó su vivienda 1 sume el precio de compra del terreno y el costo de la construcción de la vivienda. Need to amend 2011 tax return Anote ese total en la línea 1 de la hoja de trabajo. Need to amend 2011 tax return (Sin embargo, si usted presentó un Formulario 2119 para aplazar ganancias en la venta de una vivienda anterior antes del 7 de mayo de 1997, anote en la línea 1 de la hoja de trabajo la base ajustada de la vivienda nueva que aparece en dicho formulario). Need to amend 2011 tax return 2 llene el resto de la hoja de trabajo. Need to amend 2011 tax return usted recibió su vivienda de su cónyuge después del 18 de julio de 1984 1 ignore las líneas 1 a la 4 de la hoja de trabajo. Need to amend 2011 tax return 2 anote en la línea 5 de la hoja de trabajo el costo u otra base (ajustada) de su cónyuge en la vivienda justo antes de que usted la haya recibido. Need to amend 2011 tax return 3 llene las líneas 6 a la 13 de la hoja de trabajo, haciendo ajustes a la base solamente por acontecimientos después del traspaso. Need to amend 2011 tax return usted fue dueño de una vivienda conjuntamente con su cónyuge, el cual le traspasó su participación en la misma después del 18 de julio de 1984 llene una hoja de trabajo, haciendo los ajustes a la base por acontecimientos tanto antes como después del traspaso. Need to amend 2011 tax return usted recibió su vivienda de su cónyuge antes del 19 de julio de 1984 1 ignore las líneas 1 a la 4 de la hoja de trabajo. Need to amend 2011 tax return 2 anote en la línea 5 de la hoja de trabajo el valor justo de mercado de la vivienda cuando usted la recibió. Need to amend 2011 tax return 3 llene las líneas 6 a la 13 de la hoja de trabajo, ajustando la base solamente por acontecimientos después del traspaso. Need to amend 2011 tax return usted fue dueño de una vivienda conjuntamente con su cónyuge, el cual le traspasó su participación en la misma antes del 19 de julio de 1984 1 llene una hoja de trabajo, las líneas 1 a la 13, ajustando la base solamente por acontecimientos antes del traspaso. Need to amend 2011 tax return 2 multiplique la cantidad de la línea 13 de esa hoja de trabajo por 0. Need to amend 2011 tax return 5 para obtener la base ajustada de la mitad de su participación a la hora del traspaso. Need to amend 2011 tax return 3 multiplique el valor justo de mercado de la vivienda a la hora del traspaso por 0. Need to amend 2011 tax return 5. Need to amend 2011 tax return Generalmente, el resultado corresponde a la base de la mitad de la participación de su cónyuge. Need to amend 2011 tax return 4 sume las cantidades de los pasos 2 y 3 y anote el total en la línea 5 de una segunda hoja de trabajo. Need to amend 2011 tax return 5 complete el resto de la segunda hoja de trabajo, ajustando la base solamente por acontecimientos después del traspaso. Need to amend 2011 tax return usted fue dueño de su vivienda conjuntamente con alguien (aparte de cónyuges que presenten una declaración conjunta) 1 llene las líneas 1 a la 13 de la hoja de trabajo. Need to amend 2011 tax return 2 multiplique la cantidad de la línea 13 para obtener la base ajustada suya por el porcentaje de su parte de su participación de la vivienda. Need to amend 2011 tax return Instrucciones para la Hoja de Trabajo A. Need to amend 2011 tax return (Continuación) SI. Need to amend 2011 tax return . Need to amend 2011 tax return . Need to amend 2011 tax return ENTONCES. Need to amend 2011 tax return . Need to amend 2011 tax return . Need to amend 2011 tax return usted fue dueño de su vivienda conjuntamente con su cónyuge que falleció antes de 2010 y antes de un hecho fortuito 1 llene una hoja de trabajo, las líneas 1 a la 13, incluyendo ajustes a la base solamente por acontecimientos antes del fallecimiento de su cónyuge. Need to amend 2011 tax return 2 multiplique la cantidad de la línea 13 de esa hoja de trabajo por 0. Need to amend 2011 tax return 5 para obtener la base ajustada de la mitad de su participación a la fecha del fallecimiento. Need to amend 2011 tax return 3 calcule la base de la mitad de la participación de su cónyuge. Need to amend 2011 tax return Esto corresponde a la mitad del valor justo de mercado en la fecha del fallecimiento (o la valoración alternativa usada posteriormente para propósitos de los impuestos de sucesiones o caudales hereditarios). Need to amend 2011 tax return (La base de su mitad seguirá siendo la mitad de la base ajustada determinada en el paso 2). Need to amend 2011 tax return 4 sume las cantidades de los pasos 2 y 3 y anote el total en la línea 5 de una segunda hoja de trabajo. Need to amend 2011 tax return 5 complete las líneas 6 a la 13 de la segunda hoja de trabajo, ajustando la base solamente por acontecimientos después del fallecimiento de su cónyuge. Need to amend 2011 tax return usted fue dueño de su vivienda conjuntamente con su cónyuge que falleció antes de 2010 y antes de un hecho fortuito y, su vivienda permanente está en un estado donde rigen las leyes de la comunidad de bienes matrimoniales 1 ignore las líneas 1 a la 4 de la hoja de trabajo. Need to amend 2011 tax return 2 anote la cantidad de su base en la línea 5 de la hoja de trabajo. Need to amend 2011 tax return Generalmente, esto corresponde al valor justo de mercado de la vivienda al momento del fallecimiento. Need to amend 2011 tax return (No obstante, vea Community Property (Comunidad de Bienes Matrimoniales) en la Publicación 551, en inglés, para reglas especiales). Need to amend 2011 tax return 3 llene el resto de la hoja de trabajo, ajustando la base solamente por acontecimientos después del fallecimiento de su cónyuge. Need to amend 2011 tax return usted fue dueño de su vivienda conjuntamente con alguien (que no sean cónyuges que presenten la declaración conjunta) que falleció antes de 2010 y antes de un hecho fortuito 1 llene las líneas 1 a la 13 de la hoja de trabajo, incluyendo ajustes a la base solamente por acontecimientos antes del fallecimiento del codueño. Need to amend 2011 tax return 2 multiplique la cantidad de la línea 13 por el porcentaje de su parte de su participación de la vivienda para obtener la base ajustada suyo en la fecha del fallecimiento. Need to amend 2011 tax return 3 multiplique el valor justo del mercado en la fecha del fallecimiento (o use la valuació alterna usada posteriormente para propositos de los impuestos de sucesiones o caudales hereditarios) por el porcentaje que corresponde a la participación del codueño. Need to amend 2011 tax return Ésta es la base para el interés parcial del codueño. Need to amend 2011 tax return 4 sume las cantidades de los pasos 2 y 3 y anote el total en la línea 5 de una segunda hoja de trabajo. Need to amend 2011 tax return 5 complete las líneas 6 a la 13 de la segunda hoja de trabajo incluyendo ajustes a la base solamente por acontecimientos después del fallecimiento del codueño. Need to amend 2011 tax return alguna vez su vivienda sufrió daños debido a un hecho fortuito anterior 1 en la línea 8 de la hoja de trabajo, anote toda cantidad que haya gastado para restaurar la vivienda a su estado original antes del hecho fortuito anterior. Need to amend 2011 tax return 2 en la línea 11 anote: todo reembolso de seguros que usted haya recibido (o espera recibir) por la pérdida anterior y toda pérdida por hecho fortuito deducible de años anteriores no cubierta por su seguro. Need to amend 2011 tax return la persona que le vendió su vivienda pagó puntos sobre su préstamo y usted compró su vivienda después de 1990 pero antes del 4 de abril de 1994 en la línea 2 anote los puntos pagados por el vendedor solamente si usted los dedujo como intereses hipotecarios de la vivienda en el año en que fueron pagados (a no ser que haya utilizado los puntos pagados por el vendedor para reducir la cantidad de la línea 1). Need to amend 2011 tax return la persona que le vendió su vivienda pagó puntos sobre su préstamo y usted compró su vivienda después del 3 de abril de 1994 en la línea 2 anote los puntos pagados por el vendedor aun si usted no los dedujo (a no ser que haya utilizado los puntos pagados por el vendedor para reducir la cantidad de la línea 1). Need to amend 2011 tax return usted usó parte de la propiedad como su vivienda y parte de ella para propósitos comerciales o para generar ingresos de alquiler usted debe asignar las anotaciones en la Hoja de Trabajo A entre la parte personal (columna (a)) y la parte comercial/de alquiler (columna (b)). Need to amend 2011 tax return no corresponde ninguno de los puntos anteriores llene completamente la hoja de trabajo. Need to amend 2011 tax return Prev Up Next Home More Online Publications