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State Franchise Tax Forms

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State Franchise Tax Forms

State franchise tax forms 2. State franchise tax forms   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. State franchise tax forms Amount realized on a nonrecourse debt. State franchise tax forms 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. State franchise tax forms The foreclosure or repossession is treated as a sale from which you may realize gain or loss. State franchise tax forms This is true even if you voluntarily return the property to the lender. State franchise tax forms 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. State franchise tax forms You must report this income on your return unless certain exceptions or exclusions apply. State franchise tax forms See chapter 1 for more details. State franchise tax forms Borrower's gain or loss. State franchise tax forms    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. State franchise tax forms The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). State franchise tax forms The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). State franchise tax forms For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. State franchise tax forms 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. State franchise tax forms Amount realized and ordinary income on a recourse debt. State franchise tax forms    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. State franchise tax forms The amount realized also includes any proceeds you received from the foreclosure sale. State franchise tax forms 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. State franchise tax forms You must report this income on your return unless certain exceptions or exclusions apply. State franchise tax forms See chapter 1 for more details. State franchise tax forms       Example 1. State franchise tax forms Tara bought a new car for $15,000. State franchise tax forms She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. State franchise tax forms Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. State franchise tax forms On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. State franchise tax forms The balance due after taking into account the payments Tara made was $10,000. State franchise tax forms The FMV of the car when it was repossessed was $9,000. State franchise tax forms On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. State franchise tax forms In this case, the amount Tara realizes is $9,000. State franchise tax forms 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. State franchise tax forms Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. State franchise tax forms She has a $6,000 nondeductible loss. State franchise tax forms 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). State franchise tax forms Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. State franchise tax forms Example 2. State franchise tax forms Lili paid $200,000 for her home. State franchise tax forms She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. State franchise tax forms Lili is personally liable for the mortgage loan and the house secures the loan. State franchise tax forms In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. State franchise tax forms 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. State franchise tax forms 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). State franchise tax forms She remained personally liable for the $8,000 balance. State franchise tax forms In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. State franchise tax forms 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). State franchise tax forms She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. State franchise tax forms Lili must also determine her gain or loss from the foreclosure. State franchise tax forms In this case, the amount that she realizes is $170,000. State franchise tax forms 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. State franchise tax forms Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. State franchise tax forms She has a $5,000 nondeductible loss. State franchise tax forms Table 1-1. State franchise tax forms Worksheet for Foreclosures and Repossessions Part 1. State franchise tax forms Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). State franchise tax forms Otherwise, go to Part 2. State franchise tax forms 1. State franchise tax forms 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. State franchise tax forms Enter the fair market value of the transferred property   3. State franchise tax forms Ordinary income from the cancellation of debt upon foreclosure or repossession. State franchise tax forms * Subtract line 2 from line 1. State franchise tax forms If less than zero, enter zero. State franchise tax forms Next, go to Part 2   Part 2. State franchise tax forms Gain or loss from foreclosure or repossession. State franchise tax forms   4. State franchise tax forms Enter the smaller of line 1 or line 2. State franchise tax forms 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. State franchise tax forms Enter any proceeds you received from the foreclosure sale   6. State franchise tax forms Add line 4 and line 5   7. State franchise tax forms Enter the adjusted basis of the transferred property   8. State franchise tax forms Gain or loss from foreclosure or repossession. State franchise tax forms Subtract line 7 from line 6   * The income may not be taxable. State franchise tax forms See chapter 1 for more details. State franchise tax forms Amount realized on a nonrecourse debt. State franchise tax forms    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. State franchise tax forms This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. State franchise tax forms Example 1. State franchise tax forms Tara bought a new car for $15,000. State franchise tax forms She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. State franchise tax forms Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. State franchise tax forms On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. State franchise tax forms The balance due after taking into account the payments Tara made was $10,000. State franchise tax forms The FMV of the car when it was repossessed was $9,000. State franchise tax forms The amount Tara realized on the repossession is $10,000. State franchise tax forms That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. State franchise tax forms Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. State franchise tax forms Tara has a $5,000 nondeductible loss. State franchise tax forms Example 2. State franchise tax forms Lili paid $200,000 for her home. State franchise tax forms She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. State franchise tax forms She is not personally liable for the loan, but grants the bank a mortgage. State franchise tax forms The bank foreclosed on the mortgage because Lili stopped making payments. State franchise tax forms 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. State franchise tax forms The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. State franchise tax forms She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. State franchise tax forms Lili has a $5,000 realized gain. State franchise tax forms See Publication 523 to figure and report any taxable amount. State franchise tax forms Forms 1099-A and 1099-C. State franchise tax forms    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. State franchise tax forms 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. State franchise tax forms 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. State franchise tax forms For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. State franchise tax forms Prev  Up  Next   Home   More Online Publications
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Understanding Your CP20 Notice

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The State Franchise Tax Forms

State franchise tax forms Index A Accountable plan, Accountable plans. State franchise tax forms Additional Medicare Tax, What's New, Introduction, Additional Medicare Tax. State franchise tax forms Administrators, Teachers or administrators. State franchise tax forms American Samoa, Residents of Puerto Rico, the U. State franchise tax forms S. State franchise tax forms Virgin Islands, Guam, the CNMI, and American Samoa. State franchise tax forms , Specified U. State franchise tax forms S. State franchise tax forms possessions. State franchise tax forms Assistance (see Tax help) C Cantors, Cantors. State franchise tax forms Christian Science Practitioners, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Christian Science Practitioners and Readers, Practitioners. State franchise tax forms , Christian Science Practitioners and Readers, Members of the Clergy Readers, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Christian Science Practitioners and Readers, Readers. State franchise tax forms , Christian Science Practitioners and Readers Common-law employee, Common-law employee. State franchise tax forms Commonwealth of the Northern Mariana Islands (CNMI), Residents of Puerto Rico, the U. State franchise tax forms S. State franchise tax forms Virgin Islands, Guam, the CNMI, and American Samoa. State franchise tax forms , Specified U. State franchise tax forms S. State franchise tax forms possessions. State franchise tax forms Comprehensive example, Comprehensive Example, Attachment 2—John E. State franchise tax forms White011-00-2222 Worksheet 4. State franchise tax forms Figuring Net Self-Employment Income for Schedule SE (Form 1040) Credit Earned income, Earned Income Credit Retirement savings contributions, Retirement savings contributions credit. State franchise tax forms D Deduction for self-employment tax, Deduction for SE Tax E Earned income credit, Earned Income Credit Effective date Exemption from FICA taxes, Effective date. State franchise tax forms Exemption from self-employment (SE) tax, Effective date of exemption. State franchise tax forms , Effective date of exemption. State franchise tax forms Employment status, Employment status for other tax purposes. State franchise tax forms Estimated tax, Income Tax Withholding and Estimated Tax Exclusion, foreign earned income, Foreign Earned Income Exemption Form 4029, Table 2. State franchise tax forms The Self-Employment Tax Exemption Application and Approval Process, Requesting Exemption—Form 4029 Form 4361, Table 2. State franchise tax forms The Self-Employment Tax Exemption Application and Approval Process, Requesting Exemption—Form 4361 From FICA taxes, Exemption From FICA Taxes From self-employment (SE) tax, Exemption From Self-Employment (SE) Tax, Refunds of SE tax paid. State franchise tax forms F Federal Insurance Contributions Act (see FICA) FICA Earnings covered, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA? Effective date of exemption, Effective date. State franchise tax forms Election to exclude church employees, Election by Church To Exclude Its Employees From FICA Coverage Filing requirements for most taxpayers, Filing Your Return Foreign earned income, Foreign Earned Income Form 1040, Excess rental allowance. State franchise tax forms , Health Insurance Costs of Self-Employed Ministers, Deduction for SE Tax, Exemption from SE tax. State franchise tax forms , Form 1040, , 1040-ES, Income Tax Withholding and Estimated Tax 1040X, Refunds of SE tax. State franchise tax forms , Refunds of SE tax paid. State franchise tax forms 2106-EZ, 4029, Table 2. State franchise tax forms The Self-Employment Tax Exemption Application and Approval Process, Requesting Exemption—Form 4029, Exemption from SE tax. State franchise tax forms 4361, Table 2. State franchise tax forms The Self-Employment Tax Exemption Application and Approval Process, Requesting Exemption—Form 4361, Exemption from SE tax. State franchise tax forms 8959, What's New, Introduction, Additional Medicare Tax. State franchise tax forms 941, Forms 941, 943, and 944. State franchise tax forms 943, Forms 941, 943, and 944. State franchise tax forms 944, Forms 941, 943, and 944. State franchise tax forms Schedule A (Form 1040), Schedule C-EZ (Form 1040), Schedule SE (Form 1040), SS-8, Form SS-8. State franchise tax forms Free tax services, Free help with your tax return. State franchise tax forms G Gross income Amounts included in, Amounts included in gross income. State franchise tax forms Amounts not included in, Amounts not included in gross income. State franchise tax forms Guam, Residents of Puerto Rico, the U. State franchise tax forms S. State franchise tax forms Virgin Islands, Guam, the CNMI, and American Samoa. State franchise tax forms , Specified U. State franchise tax forms S. State franchise tax forms possessions. State franchise tax forms H Health insurance costs, deductibility, Health Insurance Costs of Self-Employed Ministers Help (see Tax help) Home ownership, exclusion of allowance, Home ownership. State franchise tax forms , Cantors. State franchise tax forms House or parsonage, fair rental value, Fair rental value of parsonage. State franchise tax forms I Income tax Estimated tax, Income Tax Withholding and Estimated Tax Income and expenses, Income Tax: Income and Expenses, Income Tax Withholding and Estimated Tax Withholding, Income Tax Withholding and Estimated Tax Individual retirement arrangements (IRAs), Individual retirement arrangements (IRAs). State franchise tax forms K Keogh (H. State franchise tax forms R. State franchise tax forms 10) plans, Retirement plans for the self-employed. State franchise tax forms L Lay employees (see Religious workers) Living abroad, Overseas duty. State franchise tax forms , Foreign Earned Income M Members of recognized religious sects, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Members of Recognized Religious Sects Members of religious orders, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Members of Religious Orders, Members of Religious Orders, Members of the Clergy, Refunds of SE tax. State franchise tax forms , Earnings—Members of Religious Orders Ministerial services, exemption for Christian Science practitioners and readers, Christian Science Practitioners and Readers Members of religious orders, Members of Religious Orders Ministers, Ministers Ministers, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Ministers, Ministers defined. State franchise tax forms , Form SS-8. State franchise tax forms , Ministers, Members of the Clergy, Refunds of SE tax. State franchise tax forms , Income Tax: Income and Expenses, Income Tax Withholding and Estimated Tax Retired, Retired ministers. State franchise tax forms Missionary team, married couple, Married Couple Missionary Team N Nonaccountable plan, Nonaccountable plan. State franchise tax forms Nonfarm optional method, Nonfarm Optional Method Nonresident aliens, U. State franchise tax forms S. State franchise tax forms Citizens and Resident and Nonresident Aliens O Offerings and fees, Amounts included in gross income. State franchise tax forms , Offerings and Fees Overseas duty, Overseas duty. State franchise tax forms , Foreign Earned Income P Parsonage allowance, Amounts included in gross income. State franchise tax forms , Exclusion of Rental Allowance and Fair Rental Value of a Parsonage, Cantors. State franchise tax forms Publications (see Tax help) Puerto Rico, Residents of Puerto Rico, the U. State franchise tax forms S. State franchise tax forms Virgin Islands, Guam, the CNMI, and American Samoa. State franchise tax forms , Specified U. State franchise tax forms S. State franchise tax forms possessions. State franchise tax forms Q Qualified retirement plan, Retirement plans for the self-employed. State franchise tax forms R Refunds, self-employment tax, Refunds of SE tax. State franchise tax forms , Refunds of SE tax paid. State franchise tax forms Reimbursements, Employee reimbursement arrangements. State franchise tax forms Religious orders, members of, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Members of Religious Orders, Members of Religious Orders, Members of the Clergy, Refunds of SE tax. State franchise tax forms , Earnings—Members of Religious Orders Religious workers, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Coverage of Religious Workers (Church Employees) Rental allowance, Amounts included in gross income. State franchise tax forms , Exclusion of Rental Allowance and Fair Rental Value of a Parsonage, Rental allowances. State franchise tax forms , Cantors. State franchise tax forms Resident aliens, U. State franchise tax forms S. State franchise tax forms Citizens and Resident and Nonresident Aliens Retired ministers, Retired ministers. State franchise tax forms Retirement savings arrangements, Retirement Savings Arrangements Retirement savings contributions credit, Retirement savings contributions credit. State franchise tax forms Royalty income from books, Books or articles. State franchise tax forms S SECA, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Social Security Coverage Sects, members of recognized religious, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Members of Recognized Religious Sects Self-Employment Contributions Act (see SECA) Self-employment tax Deduction, Deduction for SE Tax Exemption, Exemption From Self-Employment (SE) Tax, Refunds of SE tax paid. State franchise tax forms , Exemption from SE tax. State franchise tax forms Maximum earnings, Earnings Subject to SE Tax Nonfarm optional method, Nonfarm Optional Method Refunds of, Refunds of SE tax. State franchise tax forms , Refunds of SE tax paid. State franchise tax forms Regular method, Regular Method Self-employment, net earnings from, Self-Employment Tax: Figuring Net Earnings, More information. State franchise tax forms SIMPLE plan, Retirement plans for the self-employed. State franchise tax forms Simplified employee pension (SEP) plan, Retirement plans for the self-employed. State franchise tax forms Social security coverage, Social Security Coverage T Tax help, How To Get Tax Help Tax-free income, deductibility of expenses, Expenses Allocable to Tax-Free Income Tax-sheltered annuity plans, Tax-sheltered annuity plans. State franchise tax forms Teachers, Teachers or administrators. State franchise tax forms Theological students, Theological students. State franchise tax forms Traveling evangelists, Traveling evangelists. State franchise tax forms U U. State franchise tax forms S. State franchise tax forms citizens, U. State franchise tax forms S. State franchise tax forms Citizens and Resident and Nonresident Aliens U. State franchise tax forms S. State franchise tax forms Virgin Islands, Residents of Puerto Rico, the U. State franchise tax forms S. State franchise tax forms Virgin Islands, Guam, the CNMI, and American Samoa. State franchise tax forms , Specified U. State franchise tax forms S. State franchise tax forms possessions. State franchise tax forms V Vow of poverty, Table 1. State franchise tax forms Are Your Ministerial Earnings* Covered Under FICA or SECA?, Vow of poverty. State franchise tax forms , Services performed outside the order. State franchise tax forms , Effect of employee status. State franchise tax forms , Exemption From Self-Employment (SE) Tax, Earnings—Members of Religious Orders Prev  Up     Home   More Online Publications