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How Can I File My 2011 Taxes Online For Free

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How Can I File My 2011 Taxes Online For Free

How can i file my 2011 taxes online for free Index Symbols 401(k) Plan Elective Deferrals, Elective Deferrals (401(k) Plans) Safe harbor, Safe harbor 401(k) plan. How can i file my 2011 taxes online for free A Annual additions, Annual additions. How can i file my 2011 taxes online for free Annual benefits, Annual benefits. How can i file my 2011 taxes online for free Assistance (see Tax help) Automatic Enrollment, Automatic Enrollment B Business, definition, Business. How can i file my 2011 taxes online for free C Common-law employee, Common-law employee. How can i file my 2011 taxes online for free Compensation, Compensation. How can i file my 2011 taxes online for free Contribution Defined, Contribution. How can i file my 2011 taxes online for free Limits Qualified plans, Limits on Contributions and Benefits SEP-IRAs, Contribution Limits SIMPLE IRA plan, Contribution Limits D Deduction Defined, SIMPLE plans. How can i file my 2011 taxes online for free , Deduction. 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How can i file my 2011 taxes online for free W Worksheets Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Prev  Up     Home   More Online Publications
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1.USA.gov Data

About The Data

1.USA.gov URLs are created whenever anyone shortens a .gov or .mil URL using bitly.

We provide a raw pub/sub feed of data created any time anyone clicks on a 1.USA.gov URL. The pub/sub endpoint responds to http requests for any 1.USA.gov URL and returns a stream of JSON entries, one per line, that represent real-time clicks.

If you are using the 1.USA.gov data and have feedback or want to tell us about your product, please e-mail us.

How to Access The Data

You can access the feed at http://developer.usa.gov/1usagov

Measured Voice stores archives of the raw data. They created this archive in anticipation of the 1.USA.gov Hack Day so other developers could more easily access it.

The JSON data dictionary is as follows:

{
        "a": USER_AGENT, 
        "c": COUNTRY_CODE, # 2-character iso code
        "nk": KNOWN_USER,  # 1 or 0. 0=this is the first time we've seen this browser
        "g": GLOBAL_BITLY_HASH, 
        "h": ENCODING_USER_BITLY_HASH,
        "l": ENCODING_USER_LOGIN,
        "hh": SHORT_URL_CNAME,
        "r": REFERRING_URL,
        "u": LONG_URL,
        "t": TIMESTAMP,
        "gr": GEO_REGION,
        "ll": [LATITUDE, LONGITUDE],
        "cy": GEO_CITY_NAME,
        "tz": TIMEZONE # in http://en.wikipedia.org/wiki/Zoneinfo format
        "hc": TIMESTAMP OF TIME HASH WAS CREATED, 
        "al": ACCEPT_LANGUAGE http://www.w3.org/Protocols/rfc2616/rfc2616-sec14.html#sec14.4 
    }


Code from the 1.USA.gov Hack Day

We held a nationwide 1.USA.gov Hack Day on July 29, 2011 to encourage people to explore the 1.USA.gov data. The following code was created by participants and shared publicly for others to use:

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Projects from the 1.USA.gov Hack Day

A number of items were created in anticipation of and at the Hack Day. Most tools centered around finding popular links, showing links by location, and using click data to enhance security:

  • Popular now - Barg Upender and Adam created a site called PopGov.us that shows which government links are popular in real time.
  • Popularity by day - Measured Voice created GovClicks to show the most popular links per day. GovClicks is built using Gogogon which consumes the 1.USA.Gov click feed and generates daily rankings of URLs.
  • NASA links - Adam Laiacano analyzed 1.USA.gov data and found that 42% of all clicks on 1.USA.gov links go to NASA websites. He created a map that shows that people in Europe are more likely to only click on NASA links, while people in the United States click on links from a wider variety of government links.
  • Across the world - Helmut Hissen made an animation that shows clicks across the globe on 1.USA.gov links from June 2 through July 14. Red flashes represent clicks from non-mobile devices, and green flashes represent clicks from mobile devices. Note that the final NASA Shuttle launch occurred on July 8. There’s a dramatic increase in activity at the 1:24 mark.
  • Map of clicks - Chris Metcalf built a tool that ingests the 1.USA.gov data and feeds it into Data.gov. It also feeds the data into a Google Map to show clicks based on location.
  • Popularity by location - Robert built a tool that searches for the most popular links near your city or within your country.
  • NASA shuttle launch - Bitly created a visualization that shows clicks around the globe that relate to the NASA shuttle launch on July 8.
  • Sharing by domain - Shreyas Karnik looked at which government domains are commonly shortened at a particular point of time and from what location. The resulted in a map showing the location of where the top 10 domains are shared.
  • DNSSEC status - Earl Crane, Scott Rose, and Richard Bullington-McGuire worked on a tool to look at the popularity of 1.USA.gov links against the DNSSEC status of .gov domains. Their project is still in progress, but the code is available to the public (gogogon fork and DNSSEC List Walk).
  • DNSSEC status visualization - Duane Wessels graphed the DNSSEC status of domains by popularity of short URLs from that domain. The size of nodes in the graph represent the number of URLs at or below that name that were shortened. A number of agencies have DNSSEC deployed on their own domains, but employ third party CDN services, such as Akamai, which do not utilize DNSSEC at this point. Scripts and additional results are also available.
  • Twitter mentions - Dmitry Kachaev compared the list of .gov domain names from Data.gov against 1.USA.gov data. He found that only 296 registered domains, out of 1,731, were mentioned on Twitter in the past 60 days. He also created Python code to get archived click data.
  • Creation and clicks - Harlan Harris looked at the time difference between when a link was created and when it was clicked. He created density plots to show the results. Results are available on his blog.
  • Word cloud - Hani Anani used 1.USA.gov data to identify popular government links, and then analyzed the contents with Open Calais to create a word cloud that summarizes popular government topics in near real time.
  • Sonifications - Niki Yoshiuchi from the New York event created a sonification, or audio representation of the data. Joachim Gossmann is also started working on a variety of sonifications.

Terms of Service

By using this data, you agree to the Terms of Service.

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The How Can I File My 2011 Taxes Online For Free

How can i file my 2011 taxes online for free 4. How can i file my 2011 taxes online for free   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. How can i file my 2011 taxes online for free However, the information shown on the filled-in forms is not from any actual person or scenario. How can i file my 2011 taxes online for free Example 1—Mortgage loan modification. How can i file my 2011 taxes online for free    In 2007, Nancy Oak bought a main home for $435,000. How can i file my 2011 taxes online for free Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. How can i file my 2011 taxes online for free The loan was secured by the home. How can i file my 2011 taxes online for free The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free    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. How can i file my 2011 taxes online for free The FMV of Nancy's home at the time of the refinancing was $500,000. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free   In 2013, Nancy was unable to make her mortgage loan payments. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. How can i file my 2011 taxes online for free   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. How can i file my 2011 taxes online for free Identifiable event code "F" appears in box 6. How can i file my 2011 taxes online for free This box shows the reason the creditor has filed Form 1099-C. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. How can i file my 2011 taxes online for free   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free 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). How can i file my 2011 taxes online for free   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. How can i file my 2011 taxes online for free 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). How can i file my 2011 taxes online for free Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. How can i file my 2011 taxes online for free You can see Nancy's Form 1099-C and a portion of her Form 1040 below. How can i file my 2011 taxes online for free Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. How can i file my 2011 taxes online for free Please click the link to view the image. How can i file my 2011 taxes online for free Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. How can i file my 2011 taxes online for free Please click the link to view the image. How can i file my 2011 taxes online for free Form 1040, U. How can i file my 2011 taxes online for free S. How can i file my 2011 taxes online for free Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. How can i file my 2011 taxes online for free Please click the link to view the image. How can i file my 2011 taxes online for free Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. How can i file my 2011 taxes online for free    In 2005, John and Mary Elm bought a main home for $335,000. How can i file my 2011 taxes online for free John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. How can i file my 2011 taxes online for free The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. How can i file my 2011 taxes online for free   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. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free   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. How can i file my 2011 taxes online for free Identifiable event code "D" appears in box 6. How can i file my 2011 taxes online for free This box shows the reason the creditor has filed Form 1099-C. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. How can i file my 2011 taxes online for free Their sample Form 1099-C is shown on this page. How can i file my 2011 taxes online for free   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). How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free   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). How can i file my 2011 taxes online for free Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Thus, John and Mary leave line 10b of Form 982 blank. How can i file my 2011 taxes online for free   John and Mary must also determine whether they have a gain or loss from the foreclosure. How can i file my 2011 taxes online for free John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. How can i file my 2011 taxes online for free Because this loss relates to their home, it is a nondeductible loss. How can i file my 2011 taxes online for free   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. How can i file my 2011 taxes online for free John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. How can i file my 2011 taxes online for free Please click the link to view the image. How can i file my 2011 taxes online for free Form 1099-C, Cancellation of Debt Table 1-1. How can i file my 2011 taxes online for free Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. How can i file my 2011 taxes online for free Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). How can i file my 2011 taxes online for free Otherwise, go to Part 2. How can i file my 2011 taxes online for free 1. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free 00 2. How can i file my 2011 taxes online for free Enter the fair market value of the transferred property $290,000. How can i file my 2011 taxes online for free 00 3. How can i file my 2011 taxes online for free Ordinary income from the cancellation of debt upon foreclosure or repossession. How can i file my 2011 taxes online for free * Subtract line 2 from line 1. How can i file my 2011 taxes online for free If less than zero, enter zero. How can i file my 2011 taxes online for free Next, go to Part 2 $ 25,000. How can i file my 2011 taxes online for free 00 Part 2. How can i file my 2011 taxes online for free Gain or loss from foreclosure or repossession. How can i file my 2011 taxes online for free   4. How can i file my 2011 taxes online for free Enter the smaller of line 1 or line 2. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free 00 5. How can i file my 2011 taxes online for free Enter any proceeds you received from the foreclosure sale   6. How can i file my 2011 taxes online for free Add line 4 and line 5 $290,000. How can i file my 2011 taxes online for free 00 7. How can i file my 2011 taxes online for free Enter the adjusted basis of the transferred property $335,000. How can i file my 2011 taxes online for free 00 8. How can i file my 2011 taxes online for free Gain or loss from foreclosure or repossession. How can i file my 2011 taxes online for free Subtract line 7 from line 6 ($ 45,000. How can i file my 2011 taxes online for free 00) * The income may not be taxable. How can i file my 2011 taxes online for free See chapter 1 for more details. How can i file my 2011 taxes online for free Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Credit card debt $ 5,500 2. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Car and other vehicle loans $ 4. How can i file my 2011 taxes online for free Medical bills owed $ 5. How can i file my 2011 taxes online for free Student loans $ 6. How can i file my 2011 taxes online for free Accrued or past-due mortgage interest $ 7. How can i file my 2011 taxes online for free Accrued or past-due real estate taxes $ 8. How can i file my 2011 taxes online for free Accrued or past-due utilities (water, gas, electric) $ 9. How can i file my 2011 taxes online for free Accrued or past-due child care costs $ 10. How can i file my 2011 taxes online for free Federal or state income taxes remaining due (for prior tax years) $ 11. How can i file my 2011 taxes online for free Judgments $ 12. How can i file my 2011 taxes online for free Business debts (including those owed as a sole proprietor or partner) $ 13. How can i file my 2011 taxes online for free Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. How can i file my 2011 taxes online for free Other liabilities (debts) not included above $ 15. How can i file my 2011 taxes online for free Total liabilities immediately before the cancellation. How can i file my 2011 taxes online for free Add lines 1 through 14. How can i file my 2011 taxes online for free $ 320,500 Part II. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Cash and bank account balances $ 6,000 17. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Cars and other vehicles $ 19. How can i file my 2011 taxes online for free Computers $ 20. How can i file my 2011 taxes online for free Household goods and furnishings (for example, appliances, electronics, furniture, etc. How can i file my 2011 taxes online for free ) $ 21. How can i file my 2011 taxes online for free Tools $ 22. How can i file my 2011 taxes online for free Jewelry $ 23. How can i file my 2011 taxes online for free Clothing $ 24. How can i file my 2011 taxes online for free Books $ 25. How can i file my 2011 taxes online for free Stocks and bonds $ 26. How can i file my 2011 taxes online for free Investments in coins, stamps, paintings, or other collectibles $ 27. How can i file my 2011 taxes online for free Firearms, sports, photographic, and other hobby equipment $ 28. How can i file my 2011 taxes online for free Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. How can i file my 2011 taxes online for free Interest in a pension plan $ 30. How can i file my 2011 taxes online for free Interest in education accounts $ 31. How can i file my 2011 taxes online for free Cash value of life insurance $ 32. How can i file my 2011 taxes online for free Security deposits with landlords, utilities, and others $ 33. How can i file my 2011 taxes online for free Interests in partnerships $ 34. How can i file my 2011 taxes online for free Value of investment in a business $ 35. How can i file my 2011 taxes online for free Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. How can i file my 2011 taxes online for free Other assets not included above $ 37. How can i file my 2011 taxes online for free FMV of total assets immediately before the cancellation. How can i file my 2011 taxes online for free Add lines 16 through 36. How can i file my 2011 taxes online for free $ 309,000 Part III. How can i file my 2011 taxes online for free Insolvency 38. How can i file my 2011 taxes online for free Amount of Insolvency. How can i file my 2011 taxes online for free Subtract line 37 from line 15. How can i file my 2011 taxes online for free If zero or less, you are not insolvent. How can i file my 2011 taxes online for free $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. How can i file my 2011 taxes online for free Please click the link to view the image. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free    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. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. How can i file my 2011 taxes online for free   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. How can i file my 2011 taxes online for free The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. How can i file my 2011 taxes online for free On December 26, 2013, the lender canceled the remaining debt. How can i file my 2011 taxes online for free Kathy and Frank have no tax attributes other than basis of personal-use property. How can i file my 2011 taxes online for free   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). How can i file my 2011 taxes online for free Identifiable event code "D" appears in box 6. How can i file my 2011 taxes online for free This box shows the reason the creditor has filed Form 1099-C. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Kathy and Frank are filing a joint return for 2013. How can i file my 2011 taxes online for free   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. How can i file my 2011 taxes online for free 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). How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Because this loss relates to their home, it is a nondeductible loss. How can i file my 2011 taxes online for free   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. How can i file my 2011 taxes online for free The household furnishings originally cost $30,000. How can i file my 2011 taxes online for free The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. How can i file my 2011 taxes online for free Kathy and Frank had no adjustments to the cost basis of the car. How can i file my 2011 taxes online for free Kathy and Frank had no other assets or liabilities at the time of the cancellation. How can i file my 2011 taxes online for free 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). How can i file my 2011 taxes online for free   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. How can i file my 2011 taxes online for free 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). How can i file my 2011 taxes online for free Kathy and Frank had no other assets or liabilities at that time. How can i file my 2011 taxes online for free Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. How can i file my 2011 taxes online for free   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. How can i file my 2011 taxes online for free The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. How can i file my 2011 taxes online for free 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). How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. How can i file my 2011 taxes online for free Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free 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). How can i file my 2011 taxes online for free   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Thus, Kathy and Frank leave line 10b of Form 982 blank. How can i file my 2011 taxes online for free However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free 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). How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Kathy and Frank reduce the basis in the car by $14,956. How can i file my 2011 taxes online for free 52 ($43,000 x $16,000/$46,000). How can i file my 2011 taxes online for free And they reduce the basis in the household furnishings by $28,043. How can i file my 2011 taxes online for free 48 ($43,000 x $30,000/$46,000). How can i file my 2011 taxes online for free   Following are Kathy and Frank's sample forms and worksheets. How can i file my 2011 taxes online for free Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. How can i file my 2011 taxes online for free Please click the link to view the image. How can i file my 2011 taxes online for free Form 1099-C, Cancellation of Debt Table 1-1. How can i file my 2011 taxes online for free Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. How can i file my 2011 taxes online for free Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). How can i file my 2011 taxes online for free Otherwise, go to Part 2. How can i file my 2011 taxes online for free 1. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free 00 2. How can i file my 2011 taxes online for free Enter the fair market value of the transferred property $1,750,000. How can i file my 2011 taxes online for free 00 3. How can i file my 2011 taxes online for free Ordinary income from the cancellation of debt upon foreclosure or repossession. How can i file my 2011 taxes online for free * Subtract line 2 from line 1. How can i file my 2011 taxes online for free If less than zero, enter zero. How can i file my 2011 taxes online for free Next, go to Part 2 $0. How can i file my 2011 taxes online for free 00 Part 2. How can i file my 2011 taxes online for free Gain or loss from foreclosure or repossession. How can i file my 2011 taxes online for free   4. How can i file my 2011 taxes online for free Enter the smaller of line 1 or line 2. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free $1,750,000. How can i file my 2011 taxes online for free 00 5. How can i file my 2011 taxes online for free Enter any proceeds you received from the foreclosure sale   6. How can i file my 2011 taxes online for free Add line 4 and line 5 $1,750,000. How can i file my 2011 taxes online for free 00 7. How can i file my 2011 taxes online for free Enter the adjusted basis of the transferred property $3,000,000. How can i file my 2011 taxes online for free 00 8. How can i file my 2011 taxes online for free Gain or loss from foreclosure or repossession. How can i file my 2011 taxes online for free Subtract line 7 from line 6 ($1,250,000. How can i file my 2011 taxes online for free 00) * The income may not be taxable. How can i file my 2011 taxes online for free See chapter 1 for more details. How can i file my 2011 taxes online for free    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Credit card debt $ 18,000 2. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Car and other vehicle loans $ 4. How can i file my 2011 taxes online for free Medical bills owed $ 5. How can i file my 2011 taxes online for free Student loans $ 6. How can i file my 2011 taxes online for free Accrued or past-due mortgage interest $ 7. How can i file my 2011 taxes online for free Accrued or past-due real estate taxes $ 8. How can i file my 2011 taxes online for free Accrued or past-due utilities (water, gas, electric) $ 9. How can i file my 2011 taxes online for free Accrued or past-due child care costs $ 10. How can i file my 2011 taxes online for free Federal or state income taxes remaining due (for prior tax years) $ 11. How can i file my 2011 taxes online for free Judgments $ 12. How can i file my 2011 taxes online for free Business debts (including those owed as a sole proprietor or partner) $ 13. How can i file my 2011 taxes online for free Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. How can i file my 2011 taxes online for free Other liabilities (debts) not included above $ 15. How can i file my 2011 taxes online for free Total liabilities immediately before the cancellation. How can i file my 2011 taxes online for free Add lines 1 through 14. How can i file my 2011 taxes online for free $ 768,000 Part II. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Cash and bank account balances $ 15,000 17. How can i file my 2011 taxes online for free 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. How can i file my 2011 taxes online for free Cars and other vehicles $ 10,000 19. How can i file my 2011 taxes online for free Computers $ 20. How can i file my 2011 taxes online for free Household goods and furnishings (for example, appliances, electronics, furniture, etc. How can i file my 2011 taxes online for free ) $ 17,000 21. How can i file my 2011 taxes online for free Tools $ 22. How can i file my 2011 taxes online for free Jewelry $ 23. How can i file my 2011 taxes online for free Clothing $ 24. How can i file my 2011 taxes online for free Books $ 25. How can i file my 2011 taxes online for free Stocks and bonds $ 26. How can i file my 2011 taxes online for free Investments in coins, stamps, paintings, or other collectibles $ 27. How can i file my 2011 taxes online for free Firearms, sports, photographic, and other hobby equipment $ 28. How can i file my 2011 taxes online for free Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. How can i file my 2011 taxes online for free Interest in a pension plan $ 30. How can i file my 2011 taxes online for free Interest in education accounts $ 31. How can i file my 2011 taxes online for free Cash value of life insurance $ 32. How can i file my 2011 taxes online for free Security deposits with landlords, utilities, and others $ 33. How can i file my 2011 taxes online for free Interests in partnerships $ 34. How can i file my 2011 taxes online for free Value of investment in a business $ 35. How can i file my 2011 taxes online for free Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. How can i file my 2011 taxes online for free Other assets not included above $ 37. How can i file my 2011 taxes online for free FMV of total assets immediately before the cancellation. How can i file my 2011 taxes online for free Add lines 16 through 36. How can i file my 2011 taxes online for free $ 42,000 Part III. How can i file my 2011 taxes online for free Insolvency 38. How can i file my 2011 taxes online for free Amount of Insolvency. How can i file my 2011 taxes online for free Subtract line 37 from line 15. How can i file my 2011 taxes online for free If zero or less, you are not insolvent. How can i file my 2011 taxes online for free $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. How can i file my 2011 taxes online for free Please click the link to view the image. How can i file my 2011 taxes online for free Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications