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Where To Send 2011 Tax Return

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Where To Send 2011 Tax Return

Where to send 2011 tax return 2. Where to send 2011 tax return   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Where to send 2011 tax return Amount realized on a nonrecourse debt. Where to send 2011 tax return 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. Where to send 2011 tax return The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Where to send 2011 tax return This is true even if you voluntarily return the property to the lender. Where to send 2011 tax return 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. Where to send 2011 tax return You must report this income on your return unless certain exceptions or exclusions apply. Where to send 2011 tax return See chapter 1 for more details. Where to send 2011 tax return Borrower's gain or loss. Where to send 2011 tax return    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Where to send 2011 tax return The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Where to send 2011 tax return The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Where to send 2011 tax return For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Where to send 2011 tax return 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. Where to send 2011 tax return Amount realized and ordinary income on a recourse debt. Where to send 2011 tax return    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. Where to send 2011 tax return The amount realized also includes any proceeds you received from the foreclosure sale. Where to send 2011 tax return 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. Where to send 2011 tax return You must report this income on your return unless certain exceptions or exclusions apply. Where to send 2011 tax return See chapter 1 for more details. Where to send 2011 tax return       Example 1. Where to send 2011 tax return Tara bought a new car for $15,000. Where to send 2011 tax return She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Where to send 2011 tax return Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Where to send 2011 tax return On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Where to send 2011 tax return The balance due after taking into account the payments Tara made was $10,000. Where to send 2011 tax return The FMV of the car when it was repossessed was $9,000. Where to send 2011 tax return On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Where to send 2011 tax return In this case, the amount Tara realizes is $9,000. Where to send 2011 tax return 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. Where to send 2011 tax return Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Where to send 2011 tax return She has a $6,000 nondeductible loss. Where to send 2011 tax return 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). Where to send 2011 tax return Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Where to send 2011 tax return Example 2. Where to send 2011 tax return Lili paid $200,000 for her home. Where to send 2011 tax return She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Where to send 2011 tax return Lili is personally liable for the mortgage loan and the house secures the loan. Where to send 2011 tax return In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Where to send 2011 tax return 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. Where to send 2011 tax return 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). Where to send 2011 tax return She remained personally liable for the $8,000 balance. Where to send 2011 tax return In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Where to send 2011 tax return 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). Where to send 2011 tax return She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Where to send 2011 tax return Lili must also determine her gain or loss from the foreclosure. Where to send 2011 tax return In this case, the amount that she realizes is $170,000. Where to send 2011 tax return 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. Where to send 2011 tax return Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Where to send 2011 tax return She has a $5,000 nondeductible loss. Where to send 2011 tax return Table 1-1. Where to send 2011 tax return Worksheet for Foreclosures and Repossessions Part 1. Where to send 2011 tax return Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Where to send 2011 tax return Otherwise, go to Part 2. Where to send 2011 tax return 1. Where to send 2011 tax return 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. Where to send 2011 tax return Enter the fair market value of the transferred property   3. Where to send 2011 tax return Ordinary income from the cancellation of debt upon foreclosure or repossession. Where to send 2011 tax return * Subtract line 2 from line 1. Where to send 2011 tax return If less than zero, enter zero. Where to send 2011 tax return Next, go to Part 2   Part 2. Where to send 2011 tax return Gain or loss from foreclosure or repossession. Where to send 2011 tax return   4. Where to send 2011 tax return Enter the smaller of line 1 or line 2. Where to send 2011 tax return 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. Where to send 2011 tax return Enter any proceeds you received from the foreclosure sale   6. Where to send 2011 tax return Add line 4 and line 5   7. Where to send 2011 tax return Enter the adjusted basis of the transferred property   8. Where to send 2011 tax return Gain or loss from foreclosure or repossession. Where to send 2011 tax return Subtract line 7 from line 6   * The income may not be taxable. Where to send 2011 tax return See chapter 1 for more details. Where to send 2011 tax return Amount realized on a nonrecourse debt. Where to send 2011 tax return    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. Where to send 2011 tax return This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Where to send 2011 tax return Example 1. Where to send 2011 tax return Tara bought a new car for $15,000. Where to send 2011 tax return She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Where to send 2011 tax return Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Where to send 2011 tax return On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Where to send 2011 tax return The balance due after taking into account the payments Tara made was $10,000. Where to send 2011 tax return The FMV of the car when it was repossessed was $9,000. Where to send 2011 tax return The amount Tara realized on the repossession is $10,000. Where to send 2011 tax return That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Where to send 2011 tax return Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Where to send 2011 tax return Tara has a $5,000 nondeductible loss. Where to send 2011 tax return Example 2. Where to send 2011 tax return Lili paid $200,000 for her home. Where to send 2011 tax return She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Where to send 2011 tax return She is not personally liable for the loan, but grants the bank a mortgage. Where to send 2011 tax return The bank foreclosed on the mortgage because Lili stopped making payments. Where to send 2011 tax return 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. Where to send 2011 tax return The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Where to send 2011 tax return She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Where to send 2011 tax return Lili has a $5,000 realized gain. Where to send 2011 tax return See Publication 523 to figure and report any taxable amount. Where to send 2011 tax return Forms 1099-A and 1099-C. Where to send 2011 tax return    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. Where to send 2011 tax return 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. Where to send 2011 tax return 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. Where to send 2011 tax return For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. 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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Georgia Governors Office of Consumer Affairs

Website: Georgia Governors Office of Consumer Affairs

Address: Georgia Governors Office of Consumer Affairs
2 Martin Luther King, Jr. Dr., SE
Suite 356
Atlanta, GA 30334-9077

Phone Number: 404-651-8600

Toll-free: 1-800-869-1123 (GA)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Banking and Finance

Website: Department of Banking and Finance

Address: Department of Banking and Finance
2990 Brandywine Rd., Suite 200
Atlanta, GA 30341-5565

Phone Number: 770-986-1633

Toll-free: 1-888-986-1633 (GA)

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Insurance and Safety Fire Commissioner

Website: Insurance and Safety Fire Commissioner

Address: Insurance and Safety Fire Commissioner
Two Martin Luther King, Jr., Dr.
West Tower, Suite 704
Atlanta, GA 30334

Phone Number: 404-656-2070

Toll-free: 1-800-656-2298 (GA)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Office of the Secretary of State

Website: Office of the Secretary of State

Address: Office of the Secretary of State
Division of Securities and Business Regulation
237 Coliseum Dr.
Macon, GA 31217-3858

Phone Number: 478-207-2440

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Service Commission

Website: Public Service Commission

Address: Public Service Commission
Consumer Affairs Division
244 Washington St., SW
Atlanta, GA 30334

Phone Number: 404-656-4501

Toll-free: 1-800-282-5813 (GA)

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The Where To Send 2011 Tax Return

Where to send 2011 tax return 3. Where to send 2011 tax return   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. Where to send 2011 tax return Whether an abandonment has occurred is determined in light of all the facts and circumstances. Where to send 2011 tax return You must both show an intention to abandon the property and affirmatively act to abandon the property. Where to send 2011 tax return 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. Where to send 2011 tax return For more information, see Sales and Exchanges in Publication 544. Where to send 2011 tax return 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). Where to send 2011 tax return See Publication 544 if you abandoned property that did not secure debt. Where to send 2011 tax return This publication only discusses the tax consequences of abandoning property that secured a debt. Where to send 2011 tax return Abandonment of property securing recourse debt. Where to send 2011 tax return    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. Where to send 2011 tax return For details on figuring gain or loss on the foreclosure, see chapter 2. Where to send 2011 tax return Example 1—abandonment of personal-use property securing recourse debt. Where to send 2011 tax return In 2009, Anne purchased a home for $200,000. Where to send 2011 tax return She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. Where to send 2011 tax return In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. Where to send 2011 tax return 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. Where to send 2011 tax return 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. Where to send 2011 tax return 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. Where to send 2011 tax return Example 2—abandonment of business or investment property securing recourse debt. Where to send 2011 tax return In 2009, Sue purchased business property for $200,000. Where to send 2011 tax return She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. Where to send 2011 tax return In 2013, Sue was unable to continue making her loan payments. Where to send 2011 tax return 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. Where to send 2011 tax return 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. Where to send 2011 tax return 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. Where to send 2011 tax return Abandonment of property securing nonrecourse debt. Where to send 2011 tax return    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. Where to send 2011 tax return   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. Where to send 2011 tax return If the amount you realize is more than your adjusted basis, then you have a gain. Where to send 2011 tax return If your adjusted basis is more than the amount you realize, then you have a loss. Where to send 2011 tax return For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. Where to send 2011 tax return   Loss from abandonment of business or investment property is deductible as a loss. Where to send 2011 tax return The character of the loss depends on the character of the property. Where to send 2011 tax return The amount of deductible capital loss may be limited. Where to send 2011 tax return For more information, see Treatment of Capital Losses in Publication 544. Where to send 2011 tax return You cannot deduct any loss from abandonment of your home or other property held for personal use. Where to send 2011 tax return Example 1—abandonment of personal-use property securing nonrecourse debt. Where to send 2011 tax return In 2009, Timothy purchased a home for $200,000. Where to send 2011 tax return He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. Where to send 2011 tax return In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. Where to send 2011 tax return 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. Where to send 2011 tax return 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. Where to send 2011 tax return Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. Where to send 2011 tax return Timothy has a $15,000 nondeductible loss in tax year 2013. Where to send 2011 tax return (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. Where to send 2011 tax return ) The bank sells the house at a foreclosure sale in 2014. Where to send 2011 tax return Timothy has neither gain nor loss from the foreclosure sale. Where to send 2011 tax return Because he was not personally liable for the debt, he also has no cancellation of debt income. Where to send 2011 tax return Example 2—abandonment of business or investment property securing nonrecourse debt. Where to send 2011 tax return In 2009, Robert purchased business property for $200,000. Where to send 2011 tax return He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. Where to send 2011 tax return In 2013, Robert was unable to continue making his loan payments. Where to send 2011 tax return 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. Where to send 2011 tax return 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. Where to send 2011 tax return 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). Where to send 2011 tax return Robert has a $5,000 gain in tax year 2013. Where to send 2011 tax return (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. Where to send 2011 tax return ) The lender sells the property at a foreclosure sale in 2014. Where to send 2011 tax return Robert has neither gain nor loss from the foreclosure sale. Where to send 2011 tax return Because he was not personally liable for the debt, he also has no cancellation of debt income. Where to send 2011 tax return Canceled debt. Where to send 2011 tax return    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. Where to send 2011 tax return This income is separate from any amount realized from abandonment of the property. Where to send 2011 tax return You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. Where to send 2011 tax return See chapter 1 for more details. Where to send 2011 tax return Forms 1099-A and 1099-C. Where to send 2011 tax return    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. Where to send 2011 tax return 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. Where to send 2011 tax return 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. Where to send 2011 tax return For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Where to send 2011 tax return Prev  Up  Next   Home   More Online Publications