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How To File Taxes From 2009
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How to file taxes from 2009 Publication 850 (EN/SP) - Introductory Material Table of Contents Introduction Introduction This glossary is developed by the Tax Forms and Publications Division of the Internal Revenue Service, in consultation with the Translation Commission of the North American Academy of the Spanish Language (Comisión de Traducciones de la Academia Norteamericana de la Lengua Española) and with the Graduate Program in Translation of the University of Puerto Rico (Programa Graduado en Traducción de la Universidad de Puerto Rico). How to file taxes from 2009 Its purpose is to establish high standards for the quality of language usage, to promote uniformity in language usage, and to minimize the risk of misinterpretation of Spanish-language materials issued by the Service. How to file taxes from 2009 To meet the needs of the largest segment of taxpayers whose primary language is Spanish, the Service has issued certain Spanish-language materials. How to file taxes from 2009 Problems arise, however, because there is some variation in tax terminology used in Spanish-speaking countries. How to file taxes from 2009 Also, invention and compromise are involved in selecting words and phrases to describe certain tax concepts that have no precise equivalent in the Spanish language or legal tradition. How to file taxes from 2009 To help resolve these problems, a group of United States, Spanish, and Spanish-American academicians, professors, lawyers, accountants, translators, and tax law specialists developed this glossary. How to file taxes from 2009 Their long and varied experience with the tax systems in their own, and other countries, gives assurance of reliability. How to file taxes from 2009 The criteria used for words in this glossary are: consistency of usage with other governmental agencies, Spanish writing style for the tax forms and publications, and words relating to Accounting, Economics, Finance, Law, Technology and its related fields. How to file taxes from 2009 Any issuance containing language consistent with this glossary should be reasonably satisfactory for purposes of general guidance regarding the rights and obligations of taxpayers. How to file taxes from 2009 It is not intended, however, that any term in this glossary should be understood to change the meaning of any provisions of law, regulations, or any other authoritative precedent. How to file taxes from 2009 A periodic review is made to determine whether any additions, deletions, or revisions are needed. How to file taxes from 2009 Some of the terms listed are identified by the abbreviation “P. How to file taxes from 2009 R. How to file taxes from 2009 ” These terms are for use in tax forms and publications intended for circulation exclusively in Puerto Rico. How to file taxes from 2009 Users are invited to send their comments to: Internal Revenue Service Virtual Translation Office SE:W:CAR:MP:T:LS:VTO 1111 Constitution Ave. How to file taxes from 2009 , N. How to file taxes from 2009 W. How to file taxes from 2009 , IR-6102 Washington, DC 20224 or electronically to: vto@irs. How to file taxes from 2009 gov Prev Up Next Home More Online Publications
The How To File Taxes From 2009
How to file taxes from 2009 2. How to file taxes from 2009 Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. How to file taxes from 2009 Amount realized on a nonrecourse debt. How to file taxes from 2009 If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. How to file taxes from 2009 The foreclosure or repossession is treated as a sale from which you may realize gain or loss. How to file taxes from 2009 This is true even if you voluntarily return the property to the lender. How to file taxes from 2009 If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. How to file taxes from 2009 You must report this income on your return unless certain exceptions or exclusions apply. How to file taxes from 2009 See chapter 1 for more details. How to file taxes from 2009 Borrower's gain or loss. How to file taxes from 2009 You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. How to file taxes from 2009 The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). How to file taxes from 2009 The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). How to file taxes from 2009 For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. How to file taxes from 2009 You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. How to file taxes from 2009 Amount realized and ordinary income on a recourse debt. How to file taxes from 2009 If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. How to file taxes from 2009 The amount realized also includes any proceeds you received from the foreclosure sale. How to file taxes from 2009 If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. How to file taxes from 2009 You must report this income on your return unless certain exceptions or exclusions apply. How to file taxes from 2009 See chapter 1 for more details. How to file taxes from 2009 Example 1. How to file taxes from 2009 Tara bought a new car for $15,000. How to file taxes from 2009 She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. How to file taxes from 2009 Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. How to file taxes from 2009 On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. How to file taxes from 2009 The balance due after taking into account the payments Tara made was $10,000. How to file taxes from 2009 The FMV of the car when it was repossessed was $9,000. How to file taxes from 2009 On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. How to file taxes from 2009 In this case, the amount Tara realizes is $9,000. How to file taxes from 2009 This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. How to file taxes from 2009 Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. How to file taxes from 2009 She has a $6,000 nondeductible loss. How to file taxes from 2009 After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). How to file taxes from 2009 Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. How to file taxes from 2009 Example 2. How to file taxes from 2009 Lili paid $200,000 for her home. How to file taxes from 2009 She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. How to file taxes from 2009 Lili is personally liable for the mortgage loan and the house secures the loan. How to file taxes from 2009 In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. How to file taxes from 2009 When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. How to file taxes from 2009 At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). How to file taxes from 2009 She remained personally liable for the $8,000 balance. How to file taxes from 2009 In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. How to file taxes from 2009 The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). How to file taxes from 2009 She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. How to file taxes from 2009 Lili must also determine her gain or loss from the foreclosure. How to file taxes from 2009 In this case, the amount that she realizes is $170,000. How to file taxes from 2009 This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. How to file taxes from 2009 Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. How to file taxes from 2009 She has a $5,000 nondeductible loss. How to file taxes from 2009 Table 1-1. How to file taxes from 2009 Worksheet for Foreclosures and Repossessions Part 1. How to file taxes from 2009 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). How to file taxes from 2009 Otherwise, go to Part 2. How to file taxes from 2009 1. How to file taxes from 2009 Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property 2. How to file taxes from 2009 Enter the fair market value of the transferred property 3. How to file taxes from 2009 Ordinary income from the cancellation of debt upon foreclosure or repossession. How to file taxes from 2009 * Subtract line 2 from line 1. How to file taxes from 2009 If less than zero, enter zero. How to file taxes from 2009 Next, go to Part 2 Part 2. How to file taxes from 2009 Gain or loss from foreclosure or repossession. How to file taxes from 2009 4. How to file taxes from 2009 Enter the smaller of line 1 or line 2. How to file taxes from 2009 If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property 5. How to file taxes from 2009 Enter any proceeds you received from the foreclosure sale 6. How to file taxes from 2009 Add line 4 and line 5 7. How to file taxes from 2009 Enter the adjusted basis of the transferred property 8. How to file taxes from 2009 Gain or loss from foreclosure or repossession. How to file taxes from 2009 Subtract line 7 from line 6 * The income may not be taxable. How to file taxes from 2009 See chapter 1 for more details. How to file taxes from 2009 Amount realized on a nonrecourse debt. How to file taxes from 2009 If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. How to file taxes from 2009 This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. How to file taxes from 2009 Example 1. How to file taxes from 2009 Tara bought a new car for $15,000. How to file taxes from 2009 She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. How to file taxes from 2009 Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. How to file taxes from 2009 On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. How to file taxes from 2009 The balance due after taking into account the payments Tara made was $10,000. How to file taxes from 2009 The FMV of the car when it was repossessed was $9,000. How to file taxes from 2009 The amount Tara realized on the repossession is $10,000. How to file taxes from 2009 That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. How to file taxes from 2009 Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. How to file taxes from 2009 Tara has a $5,000 nondeductible loss. How to file taxes from 2009 Example 2. How to file taxes from 2009 Lili paid $200,000 for her home. How to file taxes from 2009 She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. How to file taxes from 2009 She is not personally liable for the loan, but grants the bank a mortgage. How to file taxes from 2009 The bank foreclosed on the mortgage because Lili stopped making payments. How to file taxes from 2009 When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. How to file taxes from 2009 The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. How to file taxes from 2009 She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. How to file taxes from 2009 Lili has a $5,000 realized gain. How to file taxes from 2009 See Publication 523 to figure and report any taxable amount. How to file taxes from 2009 Forms 1099-A and 1099-C. How to file taxes from 2009 A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. How to file taxes from 2009 However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. How to file taxes from 2009 The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. How to file taxes from 2009 For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. How to file taxes from 2009 Prev Up Next Home More Online Publications