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File Taxes Online For Free 2011

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File Taxes Online For Free 2011

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

Consumers should be aware of a scam e-mail about an electronic federal tax payment the e-mail claims they tried to make or which specifies the Electronic Federal Tax Payment System (EFTPS). The e-mail states that tax payments made by the e-mail recipient through EFTPS have been rejected.

The e-mail then directs recipients to a bogus link for a transaction report that, when clicked, downloads malicious software (malware) that infects the intended victim’s computer. The malware is designed to send back to the scammer personal and financial information already contained on the taxpayer's computer or obtained through capturing keystrokes. The scammer uses this personal and financial information to commit identity theft.

To avoid malware, do not click on any links, open any attachments or reply to the sender for this or any other unsolicited e-mails you may receive about your tax account which claims to come from the IRS or EFTPS.

If you responded to this scam and believe you may have become the victim of identity theft, find out what steps you can take.

The IRS and the Financial Management Service (the Treasury bureau that owns EFTPS) do not communicate payment information through e-mail.

A scam that tricks someone into revealing their personal and financial data is identity theft. A scam that attempts to do this through e-mail is known as phishing. Find out more about IRS-impersonation phishing scams and how to recognize and report them to the IRS.

EFTPS is a tax payment system that allows individuals and businesses to pay federal taxes electronically via the Internet or phone. It is committed to taxpayer privacy and uses industry-leading security practices and technology to protect taxpayer data. 

Page Last Reviewed or Updated: 12-Dec-2013

The File Taxes Online For Free 2011

File taxes online for free 2011 How To Get Tax Help Table of Contents You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get more information from the IRS in several ways. File taxes online for free 2011 By selecting the method that is best for you, you will have quick and easy access to tax help. File taxes online for free 2011 Contacting your Taxpayer Advocate. File taxes online for free 2011   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. File taxes online for free 2011   The Taxpayer Advocate represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. File taxes online for free 2011 While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. File taxes online for free 2011   To contact your Taxpayer Advocate: Call the Taxpayer Advocate at 1–877–777–4778. File taxes online for free 2011 Call the IRS at 1–800–829–1040. File taxes online for free 2011 Call, write, or fax the Taxpayer Advocate office in your area. File taxes online for free 2011 Call 1–800–829–4059 if you are a TTY/TDD user. File taxes online for free 2011   For more information, see Publication 1546, The Taxpayer Advocate Service of the IRS. File taxes online for free 2011 Free tax services. File taxes online for free 2011   To find out what services are available, get Publication 910, Guide to Free Tax Services. File taxes online for free 2011 It contains a list of free tax publications and an index of tax topics. File taxes online for free 2011 It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. File taxes online for free 2011 Personal computer. File taxes online for free 2011 With your personal computer and modem, you can access the IRS on the Internet at www. File taxes online for free 2011 irs. File taxes online for free 2011 gov. File taxes online for free 2011 While visiting our web site, you can: Find answers to questions you may have. File taxes online for free 2011 Download forms and publications or search for forms and publications by topic or keyword. File taxes online for free 2011 View forms that may be filled in electronically, print the completed form, and then save the form for recordkeeping. File taxes online for free 2011 View Internal Revenue Bulletins published in the last few years. File taxes online for free 2011 Search regulations and the Internal Revenue Code. File taxes online for free 2011 Receive our electronic newsletters on hot tax issues and news. File taxes online for free 2011 Get information on starting and operating a small business. File taxes online for free 2011 You can also reach us with your computer using File Transfer Protocol at ftp. File taxes online for free 2011 irs. File taxes online for free 2011 gov. File taxes online for free 2011 TaxFax Service. File taxes online for free 2011 Using the phone attached to your fax machine, you can receive forms and instructions by calling 703–368–9694. File taxes online for free 2011 Follow the directions from the prompts. File taxes online for free 2011 When you order forms, enter the catalog number for the form you need. File taxes online for free 2011 The items you request will be faxed to you. File taxes online for free 2011 For help with transmission problems, call the FedWorld Help Desk at 703–487–4608. File taxes online for free 2011 Phone. File taxes online for free 2011 Many services are available by phone. File taxes online for free 2011 Ordering forms, instructions, and publications. File taxes online for free 2011 Call 1–800–829–3676 to order current and prior year forms, instructions, and publications. File taxes online for free 2011 Asking tax questions. File taxes online for free 2011 Call the IRS with your tax questions at 1–800–829–1040. File taxes online for free 2011 TTY/TDD equipment. File taxes online for free 2011 If you have access to TTY/TDD equipment, call 1–800–829–4059 to ask tax questions or to order forms and publications. File taxes online for free 2011 TeleTax topics. File taxes online for free 2011 Call 1–800–829–4477 to listen to pre-recorded messages covering various tax topics. File taxes online for free 2011 Evaluating the quality of our telephone services. File taxes online for free 2011 To ensure that IRS representatives give accurate, courteous, and professional answers, we evaluate the quality of our telephone services in several ways. File taxes online for free 2011 A second IRS representative sometimes monitors live telephone calls. File taxes online for free 2011 That person only evaluates the IRS assistor and does not keep a record of any taxpayer's name or tax identification number. File taxes online for free 2011 We sometimes record telephone calls to evaluate IRS assistors objectively. File taxes online for free 2011 We hold these recordings no longer than one week and use them only to measure the quality of assistance. File taxes online for free 2011 We value our customers' opinions. File taxes online for free 2011 Throughout this year, we will be surveying our customers for their opinions on our service. File taxes online for free 2011 Walk-in. File taxes online for free 2011 You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. File taxes online for free 2011 Some IRS offices, libraries, grocery stores, copy centers, city and county governments, credit unions, and office supply stores have an extensive collection of products available to print from a CD-ROM or photocopy from reproducible proofs. File taxes online for free 2011 Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. File taxes online for free 2011 Mail. File taxes online for free 2011 You can send your order for forms, instructions, and publications to the Distribution Center nearest to you and receive a response within 10 workdays after your request is received. File taxes online for free 2011 Find the address that applies to your part of the country. File taxes online for free 2011 Western part of U. File taxes online for free 2011 S. File taxes online for free 2011 : Western Area Distribution Center Rancho Cordova, CA 95743–0001 Central part of U. File taxes online for free 2011 S. File taxes online for free 2011 : Central Area Distribution Center P. File taxes online for free 2011 O. File taxes online for free 2011 Box 8903 Bloomington, IL 61702–8903 Eastern part of U. File taxes online for free 2011 S. File taxes online for free 2011 and foreign addresses: Eastern Area Distribution Center P. File taxes online for free 2011 O. File taxes online for free 2011 Box 85074 Richmond, VA 23261–5074 CD-ROM. File taxes online for free 2011 You can order IRS Publication 1796, Federal Tax Products on CD-ROM, and obtain: Current tax forms, instructions, and publications. File taxes online for free 2011 Prior-year tax forms and instructions. File taxes online for free 2011 Popular tax forms that may be filled in electronically, printed out for submission, and saved for recordkeeping. File taxes online for free 2011 Internal Revenue Bulletins. File taxes online for free 2011 The CD-ROM can be purchased from National Technical Information Service (NTIS) by calling 1–877–233–6767 or on the Internet at www. File taxes online for free 2011 irs. File taxes online for free 2011 gov. File taxes online for free 2011 The first release is available in mid-December and the final release is available in late January. File taxes online for free 2011 IRS Publication 3207, Small Business Resource Guide, is an interactive CD-ROM that contains information important to small businesses. File taxes online for free 2011 It is available in mid-February. File taxes online for free 2011 You can get a free copy by calling 1–800–829–3676 or visiting the IRS web site at www. File taxes online for free 2011 irs. File taxes online for free 2011 gov. File taxes online for free 2011 Prev  Up  Next   Home   More Online Publications