Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

2012 Ez Tax Forms

Free Tax PrepTax 1040nrCan 1040x Be Filed ElectronicallyAmended Tax ReturnFiling An Amended Tax ReturnForm 1040ez InstructionsTurbotax 1040nrIrs2013 Tax Form 1040ez1040 Ez Tax FormsTurbotax Free State EfileIrs Instructions 1040Hrblock Login2012 Tax AmendmentFiling A Tax Amendment OnlineH&r Block Online Tax FilingWww Myfreetaxes Com Cnm21040ez Instruction Book10ez2012 Federal And State Tax Forms1040nr Ez SoftwareIrs 1040ez 2013 Form And Instructions1040ez Electronic FilingWhere To Get Tax Form 1040x1040ez 20112012 Federal Tax ReturnAmended Tax Return For 2012It 1040xFile Amended Tax Return 2010FreetaxFile Free H&r BlockFree Tax Filing For Low IncomeHelp With 1040xCan I Efile A 2012 Tax ReturnIrs E File 2011Amend 1040ez Tax FormHow To Do Amended Tax Return On TurbotaxHow Do You File An Amended Federal Tax ReturnE File Taxes FreeFree Tax Return Filing

2012 Ez Tax Forms

2012 ez tax forms Publication 721 - Additional Material Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

CP 297 - Notice of Intent to Levy and Notice of Your Right to a Hearing

Details About This Notice:
Sample Content: Page 1, Page 2
Purpose:   We send CP 297 to notify the recipient of our intent to levy and of the their right to a hearing.
Reason for Issuance:   There is a balance due on the recipient's account we've previously asked them to pay. We're sending the notice to inform them the account is still unpaid and to notify them of our intent to levy and of their right to receive appeals consideration.
Account Balance:   Balance due
Possible Enclosures:  

Frequently Asked Questions About This Notice

Page Last Reviewed or Updated: 20-May-2013

The 2012 Ez Tax Forms

2012 ez tax forms 1. 2012 ez tax forms   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. 2012 ez tax forms 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. 2012 ez tax forms There are exceptions to this rule, discussed under Exceptions , later. 2012 ez tax forms Generally, you must include the canceled debt in your income. 2012 ez tax forms However, you may be able to exclude the canceled debt. 2012 ez tax forms See Exclusions , later. 2012 ez tax forms Example. 2012 ez tax forms John owed $1,000 to Mary. 2012 ez tax forms Mary agreed to accept and John paid $400 in satisfaction of the entire debt. 2012 ez tax forms John has canceled debt of $600. 2012 ez tax forms Example. 2012 ez tax forms Margaret owed $1,000 to Henry. 2012 ez tax forms Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. 2012 ez tax forms Margaret does not have canceled debt. 2012 ez tax forms Instead, she has income from services. 2012 ez tax forms A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. 2012 ez tax forms Debt for which you are personally liable is recourse debt. 2012 ez tax forms All other debt is nonrecourse debt. 2012 ez tax forms 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. 2012 ez tax forms See Discounts and loan modifications , later. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. 2012 ez tax forms There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. 2012 ez tax forms See Exceptions and Exclusions, later. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms Identifiable event codes. 2012 ez tax forms    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. 2012 ez tax forms The codes shown in box 6 are explained below. 2012 ez tax forms Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. 2012 ez tax forms Note. 2012 ez tax forms Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. 2012 ez tax forms However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. 2012 ez tax forms Code A — Bankruptcy. 2012 ez tax forms Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. 2012 ez tax forms See Bankruptcy , later. 2012 ez tax forms Code B — Other judicial debt relief. 2012 ez tax forms 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. 2012 ez tax forms Code C — Statute of limitations or expiration of deficiency period. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms Code D — Foreclosure election. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms Code E — Debt relief from probate or similar proceeding. 2012 ez tax forms Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. 2012 ez tax forms Code F — By agreement. 2012 ez tax forms 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. 2012 ez tax forms Code G — Decision or policy to discontinue collection. 2012 ez tax forms 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. 2012 ez tax forms For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. 2012 ez tax forms Code H — Expiration of nonpayment testing period. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. 2012 ez tax forms Code I — Other actual discharge before identifiable event. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms Amount of canceled debt. 2012 ez tax forms    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. 2012 ez tax forms The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). 2012 ez tax forms 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. 2012 ez tax forms Interest included in canceled debt. 2012 ez tax forms    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. 2012 ez tax forms 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. 2012 ez tax forms See Deductible Debt under Exceptions, later. 2012 ez tax forms Persons who each receive a Form 1099-C showing the full amount of debt. 2012 ez tax forms    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. 2012 ez tax forms However, you may not have to report that entire amount as income. 2012 ez tax forms 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. 2012 ez tax forms See Example 3 under Insolvency, later. 2012 ez tax forms 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. 2012 ez tax forms However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. 2012 ez tax forms The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. 2012 ez tax forms For more details, see Exceptions and Exclusions, later. 2012 ez tax forms Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. 2012 ez tax forms   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. 2012 ez tax forms 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. 2012 ez tax forms The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. 2012 ez tax forms 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. 2012 ez tax forms 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. 2012 ez tax forms For more details, see Exceptions and Exclusions, later. 2012 ez tax forms Nonrecourse debt. 2012 ez tax forms   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. 2012 ez tax forms The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. 2012 ez tax forms 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. 2012 ez tax forms The character of the gain or loss is determined by the character of the property. 2012 ez tax forms More information. 2012 ez tax forms    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. 2012 ez tax forms Abandonments Recourse debt. 2012 ez tax forms   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. 2012 ez tax forms You must report this income on your tax return unless one of the exceptions or exclusions described later applies. 2012 ez tax forms For more details, see Exceptions and Exclusions, later. 2012 ez tax forms This income is separate from any amount realized from the abandonment of the property. 2012 ez tax forms For more details, see chapter 3. 2012 ez tax forms Nonrecourse debt. 2012 ez tax forms   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. 2012 ez tax forms 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. 2012 ez tax forms For more information, see Publication 542, Corporations. 2012 ez tax forms Prev  Up  Next   Home   More Online Publications