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Hr Block 2011 Tax Software

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Hr Block 2011 Tax Software

Hr block 2011 tax software 3. Hr block 2011 tax software   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. Hr block 2011 tax software Whether an abandonment has occurred is determined in light of all the facts and circumstances. Hr block 2011 tax software You must both show an intention to abandon the property and affirmatively act to abandon the property. Hr block 2011 tax software A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. Hr block 2011 tax software For more information, see Sales and Exchanges in Publication 544. Hr block 2011 tax software The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). Hr block 2011 tax software See Publication 544 if you abandoned property that did not secure debt. Hr block 2011 tax software This publication only discusses the tax consequences of abandoning property that secured a debt. Hr block 2011 tax software Abandonment of property securing recourse debt. Hr block 2011 tax software    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. Hr block 2011 tax software For details on figuring gain or loss on the foreclosure, see chapter 2. Hr block 2011 tax software Example 1—abandonment of personal-use property securing recourse debt. Hr block 2011 tax software In 2009, Anne purchased a home for $200,000. Hr block 2011 tax software She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. Hr block 2011 tax software In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. Hr block 2011 tax software Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. Hr block 2011 tax software Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. Hr block 2011 tax software If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. Hr block 2011 tax software Example 2—abandonment of business or investment property securing recourse debt. Hr block 2011 tax software In 2009, Sue purchased business property for $200,000. Hr block 2011 tax software She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. Hr block 2011 tax software In 2013, Sue was unable to continue making her loan payments. Hr block 2011 tax software Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. Hr block 2011 tax software Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. Hr block 2011 tax software If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. Hr block 2011 tax software Abandonment of property securing nonrecourse debt. Hr block 2011 tax software    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. Hr block 2011 tax software   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. Hr block 2011 tax software If the amount you realize is more than your adjusted basis, then you have a gain. Hr block 2011 tax software If your adjusted basis is more than the amount you realize, then you have a loss. Hr block 2011 tax software For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. Hr block 2011 tax software   Loss from abandonment of business or investment property is deductible as a loss. Hr block 2011 tax software The character of the loss depends on the character of the property. Hr block 2011 tax software The amount of deductible capital loss may be limited. Hr block 2011 tax software For more information, see Treatment of Capital Losses in Publication 544. Hr block 2011 tax software You cannot deduct any loss from abandonment of your home or other property held for personal use. Hr block 2011 tax software Example 1—abandonment of personal-use property securing nonrecourse debt. Hr block 2011 tax software In 2009, Timothy purchased a home for $200,000. Hr block 2011 tax software He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. Hr block 2011 tax software In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. Hr block 2011 tax software Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. Hr block 2011 tax software Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. Hr block 2011 tax software Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. Hr block 2011 tax software Timothy has a $15,000 nondeductible loss in tax year 2013. Hr block 2011 tax software (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. Hr block 2011 tax software ) The bank sells the house at a foreclosure sale in 2014. Hr block 2011 tax software Timothy has neither gain nor loss from the foreclosure sale. Hr block 2011 tax software Because he was not personally liable for the debt, he also has no cancellation of debt income. Hr block 2011 tax software Example 2—abandonment of business or investment property securing nonrecourse debt. Hr block 2011 tax software In 2009, Robert purchased business property for $200,000. Hr block 2011 tax software He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. Hr block 2011 tax software In 2013, Robert was unable to continue making his loan payments. Hr block 2011 tax software Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. Hr block 2011 tax software Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. Hr block 2011 tax software Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). Hr block 2011 tax software Robert has a $5,000 gain in tax year 2013. Hr block 2011 tax software (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. Hr block 2011 tax software ) The lender sells the property at a foreclosure sale in 2014. Hr block 2011 tax software Robert has neither gain nor loss from the foreclosure sale. Hr block 2011 tax software Because he was not personally liable for the debt, he also has no cancellation of debt income. Hr block 2011 tax software Canceled debt. Hr block 2011 tax software    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. Hr block 2011 tax software This income is separate from any amount realized from abandonment of the property. Hr block 2011 tax software You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. Hr block 2011 tax software See chapter 1 for more details. Hr block 2011 tax software Forms 1099-A and 1099-C. Hr block 2011 tax software    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. Hr block 2011 tax software Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. Hr block 2011 tax software 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. Hr block 2011 tax software For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Hr block 2011 tax software Prev  Up  Next   Home   More Online Publications
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Contact My Local Office in Illinois

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City Street Address Days/Hours of Service Telephone*
Bloomington 301 S. Prospect Rd.
Bloomington, IL 61704

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.)

 

Services Provided

(309) 661-0032
Champaign 310 W. Church St.
Champaign, IL 61820

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.)

 

Services Provided

(217) 398-5210
Chicago 230 S. Dearborn St.
Chicago, IL 60604

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**


Services Provided

(312) 292-4912
Decatur 306 W. Eldorado
Decatur, IL 62522

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.)
 

Services Provided

(217) 862-6015
Downers Grove 2001 Butterfield Rd.
Downers Grove, IL 60515

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(630) 493-5291
Fairview Heights 380 Fountain Office Court
Fairview Heights, IL 62208

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.)

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(618) 632-2567
Galesburg 2066 Windish Dr.
Galesburg, IL 61401 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.)

 

Services Provided

(309) 345-4158 
Mt. Vernon  105 S. Sixth St.
Mt. Vernon, IL 62864 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.) 

 

**This office will be closed on 3/31**

 

Services Provided

(618) 632-2567 
Orland Park  14479 John Humphrey Drive,
Orland Park, IL 60462 

Monday-Friday - 8:30 a.m. - 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(708) 873-8310 
Peoria  2415 West Cornerstone Ct.
Peoria, IL 61614 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.)

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(309) 671-7264 
Quincy  3701 East Lake Centre Drive,
Quincy, IL 62305 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.) 

 

Services Provided

(217) 224-8208 
Rockford  211 S. Court St.
Rockford, IL 61101 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.) 

 

Services Provided

(815) 334-7026 
Schiller Park  5100 River Road
Schiller Park, IL 60176 

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**
 

Services Provided

(847) 671-7541 
Springfield  3101 Constitution Drive
Springfield, IL 62704 

Monday-Friday - 8:30 a.m.-4:30 p.m. 
 

Services Provided

(217) 862-6015 

* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service: Call 312-292-3800 in Chicago or (217) 862-6382 in Springfield, or 1-877-777-4778 elsewhere, or see Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see  Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
230 S. Dearborn St.
Room 2400, Stop 6604-CHI
Chicago, IL 60604

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The Hr Block 2011 Tax Software

Hr block 2011 tax software Publication 972 - Introductory Material Table of Contents Future Developments Reminder IntroductionOrdering forms and publications. Hr block 2011 tax software Tax questions. Hr block 2011 tax software Future Developments For the latest information about developments related to Publication 972, such as legislation enacted after it was published, go to www. Hr block 2011 tax software irs. Hr block 2011 tax software gov/pub972. Hr block 2011 tax software Reminder Photographs of missing children. Hr block 2011 tax software  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Hr block 2011 tax software Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Hr block 2011 tax software You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Hr block 2011 tax software Introduction The purpose of this publication is: To figure the child tax credit you claim on Form 1040, line 51; Form 1040A, line 33; or Form 1040NR, line 48; and To figure the amount of earned income you enter on line 4a of Schedule 8812 (Form 1040A or 1040), Child Tax Credit. Hr block 2011 tax software This publication is intended primarily for individuals sent here by the instructions to Forms 1040, 1040A, or 1040NR, or Schedule 8812. Hr block 2011 tax software Even if you were not sent here by the instructions to one of the forms or the schedule, you can still choose to use this publication to figure your credit. Hr block 2011 tax software However, most individuals can use a simpler worksheet in their tax form instructions. Hr block 2011 tax software If you were sent here from your Form 1040, Form 1040A, or Form 1040NR instructions. Hr block 2011 tax software   Complete the Child Tax Credit Worksheet , later in this publication. Hr block 2011 tax software If you were sent here from your Schedule 8812 instructions. Hr block 2011 tax software   Complete the 1040 and 1040NR Filers — Earned Income Worksheet , later in this publication. Hr block 2011 tax software If you have not read your Form 1040, Form 1040A, or Form 1040NR instructions. Hr block 2011 tax software   Read the explanation of who must use this publication next. Hr block 2011 tax software If you find that you are not required to use this publication to figure your child tax credit, you can use the simpler worksheet in the Form 1040, Form 1040A, or Form 1040NR instructions to figure your credit. Hr block 2011 tax software Who must use this publication. Hr block 2011 tax software   If you answer “Yes” to either of the following questions, you must use this publication to figure your child tax credit. Hr block 2011 tax software Are you excluding income from Puerto Rico or filing any of the following forms? Form 2555 or 2555-EZ (relating to foreign earned income). Hr block 2011 tax software Form 4563 (exclusion of income for residents of American Samoa). Hr block 2011 tax software Are you claiming any of the following credits? Mortgage interest credit, Form 8396. Hr block 2011 tax software Adoption credit, Form 8839. Hr block 2011 tax software Residential energy efficient property credit, Form 5695, Part I. Hr block 2011 tax software District of Columbia first-time homebuyer credit, Form 8859. Hr block 2011 tax software Comments and suggestions. Hr block 2011 tax software   We welcome your comments about this publication and your suggestions for future editions. Hr block 2011 tax software   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Hr block 2011 tax software NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Hr block 2011 tax software Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Hr block 2011 tax software   You can send your comments from www. Hr block 2011 tax software irs. Hr block 2011 tax software gov/formspubs/. Hr block 2011 tax software Click on “More Information” and then on “Comment on Tax Forms and Publications. Hr block 2011 tax software ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Hr block 2011 tax software Ordering forms and publications. Hr block 2011 tax software   Visit www. Hr block 2011 tax software irs. Hr block 2011 tax software gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Hr block 2011 tax software Internal Revenue Service 1201 N. Hr block 2011 tax software Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Hr block 2011 tax software   If you have a tax question, check the information available on IRS. Hr block 2011 tax software gov or call 1-800-829-1040. Hr block 2011 tax software We cannot answer tax questions sent to either of the above addresses. Hr block 2011 tax software Prev  Up  Next   Home   More Online Publications