#Modify document properties word 2013

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Modify document properties word 2013

#MODIFY DOCUMENT PROPERTIES WORD 2013 HOW TO#

Once you have finished with this step you must click on the Accept option, then look for the document which you want to change or modify the creation date. How to change or modify the creation date of a Word documentĪt once we will indicate the steps to follow to change or modify the creation date of a Word document . And we will start by locating ourselves in the taskbar and click on the clock in this way the date and time properties are opened. Then modify the day, the month and the year if necessary, in short, put the date you want the Word document to show.

#MODIFY DOCUMENT PROPERTIES WORD 2013 HOW TO#

The useful and valuable functions that allow us to use the different tools of the Office suite, seem to have no end. And a clear example of this is this, with which you will be able to change or modify the creation date of a Word document. This is something that seems not to be possible, since when modifying a document the date is changed automatically.īut it is not like that, if you can make changes and modifications in this section that you can verify each time you enter the Files tab and select the Properties option.īut do not worry, we will teach you the step by step, so you do not get confused. Since knowing how to modify this data is important as we already said, as well as knowing the exact creation date of a document. In order to have a clear organization of your documents, files and folders, you can make use of a very practical function that one of the Microsoft Office��tools offers us . Since when you create a document a creation date is added but this can be modified by the user. And in this article we are going to show you what you should do to change or modify the creation date of a Word document.

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Document properties word mac

Document properties word mac how to#

To access the properties you can change, click the “Summary” tab.Įnter properties on the “Summary” tab such as “Title,” “Author,” “Company,” and “Keywords.” Keywords are also called tags and can be used to categorize and find your document more easily. Click Property in the drop down menu, you will see the document properties panel staying below the Ribbon at the similar place as in Word 2003/XP(2002)/2000. On the right side of the “Info” screen, click “Properties” and select “Advanced Properties” from the drop-down list.Ī dialog box displays with the file name (without the file extension) on the title bar, showing you information about your document. To view the Personal Information before removing it click on Prepare. In Excel, the only way to add document properties into a worksheet is via a. Click the Microsoft Office Button, point to Prepare, and then click Properties. Change the author name in an existing document only. Under Personalize your copy of Office, type a new name in the User name box. Click the Microsoft Office Button, and then click Word Options. Go to File Info in Excel 2013 (Prepare Properties in Excel 2007) and all the properties are there including a document panel, advanced and custom properties, same as in Word. Change the author name for new documents. In Office 2007 click on the Office Button, Prepare and then Inspect Document. You can add and edit document properties in worksheets much the same as in Word documents. To view the Personal Information click on Show All Properties to the right. If not, click “Info” at the top of the list of items on the left. Click the File Tab in 2010 and click on Info, then Check for Issues and select Inspect Document. The General section of the Get Info dialog box will provide you with information such as the file’s size, the location on the hard drive where it is saved, and the date it was created and last modified. To access the dialog box that allows you to change the properties for the currently open document, click the “File” tab.īy default, the “Info” screen should display. To access the properties of a file or folder, control-click on it (or right-click if you have a two-button mouse) and select Get Info. NOTE: We used Word 2013 to illustrate this feature. Some of these are displayed on the “Info” screen and you can change these properties. And if you also create documents in Pages, take a look at these keyboard shortcuts for Pages on Mac. You can customize keyboard shortcuts for Word too. Word also stores several additional advanced properties related to your documents. So bookmark the page and the next time you start composing or editing a document in Microsoft Word, you can complete your tasks much quicker.

Document properties word mac how to#

We recently showed you how to set the user information in Word.

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Insert different page numbers in word 2013

INSERT DIFFERENT PAGE NUMBERS IN WORD 2013 HOW TO

INSERT DIFFERENT PAGE NUMBERS IN WORD 2013 MANUAL

If you want the text to continue on the same page, under Section Breaks, click Continuous.On the Insert tab, in the Header & Footer. Step 2: Under Header & Footer Tools, Design. To do that, navigate to Insert -> Header/Footer. Highlight the page number on the first page of your main text, and in the Navigation section, deselect Link to Previous. Step 1: Insert a blank header or footer based on where you want the page numbers to appear. On the Page Layout tab, in the Page Setup section, select Breaks, then select Continuous. This will insert the section break, and text following the section break will begin on a new page. Click at the top of the page where you want the Arabic numbering to begin. On the Page Layout tab, click on Breaks, and then under Section Breaks, click Next Page.Click where you want to insert the section break.To insert a section break, follow these steps: If you need to modify these properties in a portion of your document, you will need to insert Section Breaks at the beginning and end of that portion. Page properties, such as margins, page numbers, and number of columns are applied within a section of the document. On the Insert Ribbon, in the Header & Footer Group, click on the arrow next to the Page Number icon and select the positioning you’d. When you insert page numbers in headers and footers, they should be inserted as fields so that. The template contains two Section Breaks: just before the Table of Contents and at the beginning of Chapter 1. Scroll up to the section that contains your front matter and click in the footer of any page (don’t do anything for your title page and other pages that don’t require a page number). You can add page numbers in Word documents at the top or bottom of pages using headers or footers. Step 1: Open the Word document for editing. And now to have A4 and A3 page size, follow the below mentioned steps.

INSERT DIFFERENT PAGE NUMBERS IN WORD 2013 HOW TO

We had already seen how to use Section break for removing page number from selected pages. For example, one section can have page numbering in Roman numerals, while another section can use Arabic numbers. Word 2013 & Word 2010 allows users to have different page size in the same document using Section. Within sections, it is possible to vary the layout of the document. Word uses Section Breaks to divide the document in sections.

Click where you want to insert the page break.

INSERT DIFFERENT PAGE NUMBERS IN WORD 2013 MANUAL

To insert a manual page break, follow these steps: (Don’t press the Enter key repeatedly until a new page begins.) In cases where you need to have text begin on a new page, such as the beginning of a new chapter, insert a manual page break at the point where you want the new page to begin. If you want numbering to start with 1 on the second page, go to Page Number > Format Page Numbers, and set Start at to 0. If you don't want a page number to appear on the first page, select Different First Page. In the example below:Īn automatic page break is indicated by a dotted line.Ī manual page break is a dotted line labeled “Page Break”. Select Insert > Page Number, and then choose the location and style you want. To force a page break at a specific location, you can insert a manual page break. When you fill a page with text or graphics, Word inserts an automatic page break and starts a new page.

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How to edit PDF files (Windows/macOS/Linux): Tips n Tricks

How to edit PDF files  - Have you been sent a form in PDF format and you don't know how to fill it out? Do you need to add a few lines of text to a PDF document, but none of the programs installed on your PC are able to do this? Don't despair. I assure you that to edit PDF files you don't necessarily have to resort to very expensive and complicated software. Indeed, there are more and more solutions that allow you to edit PDFs, add texts, highlights, arrows and notes to this widespread type of file in a simple and free way. If you don't believe us take a look below, there are some great software for Windows, macOS and Linux that are just waiting to be tried. They are all very easy to use. But it doesn't stop there! I will also introduce you to online services for editing PDFs directly from the browser (without installing external applications or plugins) and some editors that work from smartphones and tablets. In short, you just have to choose the solution that seems to you best suited to your needs and start using it following the instructions I am about to give you. Find all the instructions you need right below. Happy reading and good work! How to edit PDF files for free Let's start with a series of applications that allow you to edit PDF files for free from a computer. I proceeded to report them to you below. Whether you're using Windows, macOS, or Linux, you're sure to find what's right for you. LibreOffice (Windows/macOS/Linux) If you want to edit PDF files for free from your computer, the first solution that, in my humble opinion, you would do well to consider is LibreOffice . It is a renowned suite for free productivity, open source and compatible with Windows, macOS and Linux, which allows you to view, create and edit many types of files: those OpenDocument, those of Microsoft Office and, of course, also PDFs . To download LibreOffice on your computer, visit the program's website and click on the Download version xx button in the center of the screen. When the download is complete, if you are using Windows , open the installation package obtained and, in the window that appears on the desktop, click on the Run button . Then press the Next button , select the Typical option and click the Next , Install , Yes and Finish buttons to complete the setup. If you are using macOS , open the .dmg package obtained, drag the LibreOffice icon into the Applications folder , right-click on it and select the Open item from the menu displayed. Subsequently, click on the Open button in the window that appears on the screen, so as to start the program going to circumvent Apple's limitations towards applications from non-certified developers (operation that must be performed only at the first start). Once this is done, close the program completely by pressing cmd + q on the keyboard. After carrying out the above steps, still on macOS, go back to the LibreOffice website and click on the Translated user interface button , to get the language pack to translate the software into Italian (on Windows it is included in the installation package base). Once the download is complete, open the new .dmg file obtained, right-click on the LibreOffice Language Pack executable in it, select the Open item from the menu that appears and press the Open and Install buttons . Then, select the item /Applications/LibreOffice.app from the displayed window and click on the Install button . If in doing so a warning regarding permissions appears , to complete the setup click on the Yes button , identify me , type in the password of your user account and press the OK button twice. Now you can take action! In the LibreOffice window that appears on the screen, click on the Open file item located on the left and select the PDF document to edit. After completing the above steps, the Draw application will automatically open , which is the LibreOffice editor for printable documents and PDFs, and you can freely modify the content of the document and add new elements to it using the buttons in the toolbar (arrows, text areas, geometric shapes, etc.) and selecting the texts to be modified or copied with the mouse. Once the changes are complete, you can save your edited PDF by selecting the File menu at the top left, clicking on the Export to PDF format item therein and pressing the OK button in the window that appears. Microsoft Word (Windows) Maybe not everyone knows this, but Microsoft Word includes a feature that allows you to edit PDF files as if they were common DOC / DOCX format files. The formatting of the original files is not always 100% preserved, but in general, good results can be achieved. Note, however, that this is only possible using a version of Office equal to or later than 2013 . That said, to edit PDF files in Word all you have to do is start the program (if you haven't already downloaded and installed it on your PC, you can fix it by consulting my guide), click on the File menu at the top left , click on the Open item , select the PDF on which to intervene and accept the import of the document. At the end of the process, you can edit the file like any other text document, then inserting text, formatting it etc. using the tools and commands on the toolbar at the top and in the various tabs. Once the changes are complete, save the final result as a PDF by clicking on the File menu located at the top left, then on the Export item and on the Create PDF / XPS document option . If, on the other hand, you prefer to save the file as a DOC or DOCX document, after clicking on the File menu, choose the Save As option attached to it. PDFill FREE PDF Tools (Windows) Don't need to write on PDFs? Rather, do you need a tool to merge multiple documents into one, convert them and modify them in other ways? Then try PDFill FREE PDF Tools , it is a “toolbox” for merging and splitting PDF files, converting them, rotating their pages, applying watermarks to them and much more. It is completely free and is compatible with all major versions of Windows . To download PDFill FREE PDF Tools on your PC, connect to the official website of the program and click first on the Download now button located under the heading Get this tool only and then on the Download Now button on the new page that opens. When the download is complete, start the .exe file obtained and, in the window that is shown on the desktop, first click on the Yes and Next buttons . Then put a check mark next to I accept the terms in the License Agreement to accept the conditions of use of the software and press the Next button twice in a row. Then complete the setup by clicking on the Install and Finish buttons . If during the procedure you are asked to install and download Ghost Script and .NET Framework on your computer , you also agree to this as without them PDFill FREE PDF Tools cannot work correctly. Now, start the program, selecting the relative link that has just been added to the Start menu and, once its main window is displayed, select the button corresponding to the function of your interest, the ones you find indicated below. - Merge PDF files - allows you to merge two or more PDF files into one. - Split or Reorder Pages - allows you to split a document or reorder the pages in it. - Encrypt and Decrypt Options - allows you to add or remove password to PDF files (does not remove password when opened). - Rotate or Crop PDF Pages - allows you to rotate or crop PDF pages. - Reformat Multiple Pages - allows you to change the size, margins and other properties of the pages of a PDF document. - Add Header and Footer - allows you to add headers and footnotes to PDF documents. - Add Watermark by Text - allows you to add text watermarks to PDFs. - Add Watermark by Image - allows you to add graphic watermarks to PDFs. - Convert Images to PDF - allows you to convert a series of images into a PDF file. - Convert PDF to Images - allows you to convert a PDF into a series of images. - PDF Form Field Operations - allows you to delete, extrapolate or “flat” the data present in PDF forms. - Convert PostScript into PDF - allows you to convert PostScript files to PDF. - Add PDF Information - allows you to change the title, author and other information of PDF files. - Scan into Image or PDF - allows you to scan documents such as images or PDF files. - Create Transparent Image - allows you to create transparent images. After clicking on the button corresponding to the feature you are interested in, choose the documents to operate on, adjust any available options, indicate where to save the output files and that's it. Preview (macOS) Do you need to edit PDF files on Mac ? I tell you then that you can also succeed in your intent using Preview , the default application of macOS for viewing photos and, in fact, documents in PDF format. Its operation is extremely simple. To begin with, open the PDF you want to act on by double clicking on it. If it doesn't open with Preview, right-click on its icon and select the Open With> Preview items from the context menu. Now that you are viewing the PDF, click on the pencil icon located at the top right, in order to bring up the toolbar with all the tools for editing PDFs: by pressing the Aa button you can select the text in the document, by clicking on the T you can add custom writings, by clicking on the icon with the square and the circle you can insert geometric shapes and arrows to the document and so on. By default, changes are saved directly to the original file. If you want to save a different copy of the document, select the File menu at the top left and then the Export as PDF item in it. How to edit PDF files online Don't want or can't install new programs on your PC? No problem. As I told you at the beginning of the tutorial, there are also solutions that allow you to edit PDF files online , acting directly from the browser and from any operating system. Below, therefore, you will find those that, in my opinion, represent some of the best instruments in the category. DocHub The first web service I recommend you test if you want to edit PDF files is DocHub . It allows you to edit various types of documents, including PDFs, adding text, highlights, geometric shapes and much more. It is easy to use and requires the creation of an account to be employed. Basically it is free, but eventually it is also available in a paid version (at a cost of $ 4.99 / month) that allows you to unlock some additional functions. To use DocHub, go to the home page of the service and create an account, pressing the Create free account button and filling in the fields displayed on the screen with the required data. Alternatively, you can sign up using your Google account. Then, log in by pressing the Sign Up button located at the top right. After logging in, click on the New Document button at the top left and choose whether to download the PDF from your computer, from one of the supported cloud storage services (Dropbox, Google Drive, OneDrive and Box) or via URL. Now that you see the editor of the service, you just have to select the various tools at your disposal, available on the toolbar at the top, to make the desired changes to the PDF. You can then press on the A icon to add text, on the one with the brush to insert freehand strokes, on the one with the balloon to add comments etc. Once the changes are complete, download the edited PDF on your computer, pressing the icon with the down arrow and the hard disk located at the top right and then clicking the Download button . Alternatively, you can save the file on one of the supported cloud storage services by selecting the relevant button in advance. Other solutions to edit PDF files online If you are looking for other web solutions to edit PDF files from the browser window, I suggest you take a look at the online services that I have included in the list below. I am sure that, in the end, you will be able to find something that will satisfy you. - PDF Candy - this is a no-cost, no-registration web service that offers users numerous tools to make virtually any kind of change to PDF files: they can be converted to other formats, split, merged, edited, etc. It should be noted that it also offers paid plans (at a basic cost of 6 euros / month) to take advantage of some additional functions. - PDFzorro - free and very easy to use online service that allows you to edit PDFs in various ways, adding text, converting them, rotating them and much more. Registration is not mandatory, but by logging in it is possible to save the history of the edited documents. - iLovePDF - very easy to use web service that also offers various tools through which you can make changes to PDFs. It is not mandatory to register, but it allows you to process only one file at a time. Its upload limit is a whopping 200MB. To get around these limitations and to unlock other extra functions, you need to subscribe to one of the paid plans (with costs starting from 6 euros / month). How to edit PDF files on Android and iPhone To conclude, I want to point out some apps that allow you to edit PDF files on Android and iPhone . There are some for all needs and all platforms. Read on to find out more. Xodo PDF (Android / iOS / iPadOS) The first app I recommend you to try to edit Android PDF files and to edit PDF files on iPhone (as well as on iPad) is Xodo PDF . It is one of the best free PDF editors available in the mobile environment. It allows you to add writings, highlights, notes, arrows and signatures to documents and supports the main cloud storage services, such as Dropbox and Google Drive. To download the app on your device, if you are using Android, visit the relevant section of the Play Store and press the Install button (if you are using a device on which the Play Store is not available, you can download the app through an alternative store) . If you are using iOS / iPadOS , go to the relevant section of the App Store , press the Get button , then the Install button and authorize the download via Face ID , Touch ID or Apple ID password . Then, start the app by touching its icon that has been added to the home screen. Once the main Xodo PDF screen is displayed, select the PDF file to act on, tap the pencil icon located on the toolbar at the top and then select the icon of the tool you want to use based on the changes you want to make: by pressing on the icon with the balloon you can insert comments, on the one with the signature you can insert your signature, on the one with the underlined “T” you can underline the texts, etc. After you are done with the changes, press the "x" icon located at the top and all the changes made to the PDF will be saved automatically. Other solutions to edit PDF files on Android and iPhone Looking for other solutions to edit PDF files on your smartphone or tablet? Then turn to the apps I have included in the list below. I sincerely hope they are able to satisfy you. - Foxit Mobile PDF ( Android / iOS / iPadOS ) - this is a great reader for PDF files with interesting editing features. It allows you to add writings, highlights, notes and other elements to PDF files. It is available for both Android and iPhone and iPad and is free, but some additional functions can only be used through in-app purchases (at the base cost of 11.49 euros). - PDF Reader ( Android / iOS / iPadOS ) - another app that serves as a viewer and editor for PDF files. It's easy to use, packed with tools and free, but offers in-app purchases (at a base cost of € 3.49) to unlock additional features. - File ( iOS ) - is the default and free iOS / iPadOS file manager, which, perhaps not everyone knows, also offers the possibility to view and edit PDF files, thanks to the simple but very useful tools available. - PDF Expert ( iOS / iPadOS ) - is one of the best PDF file editors for iPhone and iPad. It includes functions to add text, highlights, notes, geometric shapes and other customizations to documents. The multi-tab view is very convenient, the possibility of exporting annotations separately is useful. It is free, but some additional functions can only be unlocked through in-app purchases (at a cost of € 52.99 / year). Read the full article

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Download Office On Mac For Free

Download Office For Mac Free Trial

Download Office For Mac Free Student

Get Microsoft Office Mac

Microsoft Office for Mac Free Download: Get the functionality of Office as well as the unique Mac features in Office for Mac. You will get the Word, Excel, PowerPoint and OneNote, you can create the excellent documents and get more done.

Download openoffice mac, openoffice mac, openoffice mac download free. Text & Documents. Quintessential productivity suite and free alternative to famous programs like Apple iWork and Microsoft Office. OpenOffice.org includes a word processor (Writer), a. If you need to uninstall Office first, see Uninstall Office from a PC or Uninstall Office for Mac. Note: The steps to install the 2016 or 2013 versions of Office Professional Plus, Office Standard, or a stand-alone app such as Word or Project might be different if you got Office through one of the following. Microsoft Office 2019 for Mac. 3 months free with 1-year plan. Norton Secure VPN Best for customer support. Download Information; File Size: Not Available. This video doesn't work anymore! Please check out my updated video on how to get microsoft office 2020: -.

The latest release of Office for Mac includes a large number of highly requested features, new additions and bug fixes for the Word, Excel, Outlook and PowerPoint. It is an unmistakably Office designed for your Mac. Give your tasks the best from anywhere, anytime and with anyone.

You can get the Office 2020 for Mac is with Office 365 subscription and a single time purchase. I am going to mention the utility of Office for the Word, Excel, PowerPoint, OneNote and Outlook.

Contents

Microsoft Office for Mac free. download full Version

MS Word

It contains the state of the art authoring and reviewing tools in Word that makes the creation of polished documents easily. You can work together will many people using build-in-tools and share review documents. You can design tab that helps you to manage layout, colors and fonts across the document.

MS Excel

The Excel for Mac provides you to turn a number into insights. The familiar keyboard shortcuts and data entry and formula builder makes you brilliant. With your Excel data, you can see your data by recommending charts best suited for your numbers. The New PivotTable Slicer helps you to find patterns in a large volume of data.

MS PowerPoint

Walk to your next presentation with full confidence. The new Presenter View in PowerPoint shows the current slide, next slide, speaker notes and a timer on your Mac. It is useful when you are projecting only the presentation to your audience on the big screen. A new Animation pane helps you to design and fine-tune animations, and refined slide transitions ensure the finished product is polished.

MS One Note

Capture, share and organize your ideas with the digital notebooks which you can access from any device you like. Find the things quickly with a powerful search engine as it can track your tags, indexes and recognizes text in images and handwritten notes. You can design your note like you want such as Bold, italicize, underline, highlight, pictures, insert files and tables formats your notes. Easily share notebooks with your family, friends and colleagues so you can work together on your plans, working projects etc.

MS Outlook

The new Outlook for Mac provides the push mail support with this features you can update your inbox always up to date. The improved conversation view automatically organized in your inbox, around threaded conversations. So you don’t need to hunt for the related messages again. The new message preview gives you the first sentence of an email just below the subject line, it helps you to quickly decide whether you want to read the message or come back later.

Features of Microsoft Office for Mac

New AutoSave Features

Starting with Word, Office 365 you will get the new benefit from a new AutoSave feature when working with OneDrive and SharePoint files. These files automatically save your work. This function is similar to auto-save products such as Google Docs and can be deactivated in the program setting.

Microsoft Spreadsheet Tool Benefits

Microsoft Excel spreadsheet tool benefits from combined features in Word documents that include Waterfall, Histogram, Pareto, Box and Whisker, Treemap and Sunburst. The company can present the chart which is designed to enable the quick visualization of common financial, hierarchical and statistical data.

Real-Time Collaboration

Word is real-time collaboration and sharing. Office 365 can co-author OneDrive and SharePoint files with other users. With the latest options streamline the process of sharing OneDrive for Business and SharePoint files with your colleagues.

New Functions for Excel IFS and SWITCH

Microsoft office 2011 torrent for mac os. Specific to Excel IFS and SWITCH functions shortens and simplifies spreadsheet formula. The insider Fast build is designed with a purpose to better support for chats with PivotTable data sources and Table Slicers for quick and easy filtering.

Email Management Tool

When you move to Outlook, the email management tool receives a modest update with emoji support as you are composing messages.

Office Online

Free Office Online sync with your OneDrive account, in case you are away from Mac you can access, edit, view and share your word, Excel, PowerPoint and OneNote files from any internet-connected device running a supported browser.

Microsoft Office for Mac Free Download

Also, You can check the from the united states.

Visit the https://www.office.com/ if you are not already signed in, select Sign in if you already registered into it.

Sign in the account and use with Office. This will be your Microsoft account.

Select Install Office this install the 64-bit on a Mac. Follow the steps for your product on the device.

For any Mac running macOS 10.10 or newer

For Windows 7, 8, 10 and Windows Server starting with 2008 R2.

Download

Download Office For Mac Free Trial

.rpm package for RPM-based systems.deb package for DEB-based systems.tgz package for other systems

For 64-bit Linux systems:

.rpm package for RPM-based systems.deb package for DEB-based systems.tgz package for other systems

Before installing the software, be sure to read our detailed installation instructions.

SOFTWARE LICENSE AND WARRANTY

Read this agreement carefully. If you do not agree to its terms, abort the installation by clicking on the Cancel button.

The software which accompanies this license agreement (the 'Software') is the property of SoftMaker Software GmbH ('SoftMaker') or its licensors and is protected by copyright law. While SoftMaker continues to own the Software, you will have certain rights to use the Software after your acceptance of this license agreement. Except as may be modified by a license addendum which accompanies this license agreement, the following is agreed upon between you and SoftMaker:

YOU MAY:

Install and use one copy of the Software on up to 3 (three) computers that belong to the same family household or on 1 (one) computer that belongs to an organization;

Make a reasonable number of backup copies for archive purposes, so long as the backup copies are not distributed; and

Transfer the usage rights in the Software on a permanent basis to another person or entity, provided that you retain no copies of the Software and the transferee agrees to the terms of this agreement.

YOU MAY NOT:

Make copies of the accompanying documentation;

Sublicense, rent or lease any portion of the Software or accompanying documentation; or

Reverse-engineer, decompile, disassemble, modify, translate, make any attempt to discover the source code of the Software, or create derivative works of the Software.

LIMITED WARRANTY

Download Office For Mac Free Student

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, SOFTMAKER DISCLAIMS ALL WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND ALL SUCH WARRANTIES ARE EXPRESSLY AND SPECIFICALLY DISCLAIMED. NEITHER SOFTMAKER NOR ANYONE ELSE WHO HAS BEEN INVOLVED IN THE CREATION, PRODUCTION, OR DELIVERY OF THIS SOFTWARE SHALL BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, OR INCIDENTAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE SUCH SOFTWARE EVEN IF SOFTMAKER HAS BEEN ADVISED OF POSSIBILITY OF SUCH DAMAGES OR CLAIMS. IN NO EVENT SHALL SOFTMAKER'S LIABILITY FOR ANY DAMAGES EVER EXCEED THE PRICE PAID FOR LICENSE TO USE THE SOFTWARE, REGARDLESS OF THE FORM OF QUALITY AND PERFORMANCE OF THE SOFTWARE. THE PERSON USING THE SOFTWARE BEARS ALL RISK AS TO THE QUALITY AND PERFORMANCE OF THE SOFTWARE.

GENERAL

This Agreement is the complete statement of the Agreement between the parties on the subject matter, and merges and supersedes all other or prior understandings, purchase orders, agreements and arrangements. This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Germany. Exclusive jurisdiction and venue for all matters relating to this Agreement shall be in courts located in the City of Nuremberg, Germany, and you consent to such jurisdiction and venue, thereby excluding the United Nations Convention on Contracts for the International Sale of Goods and any legislation implementing such Convention, if otherwise applicable.

If any provision of this Agreement is declared by a court of competent jurisdiction to be invalid, illegal, or unenforceable, such a provision shall be severed from the Agreement and the other provisions shall remain in full force and effect.

Get Microsoft Office Mac

All rights of any kind in the Software which are not expressly granted in this License are entirely and exclusively reserved to and by SoftMaker.

Create, edit, view, print and annotate PDF files with FreePDF, the best free PDF editor for Windows.

Format seagate external for mac and pc. Download FreePDF now for free.

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A Startling Fact about Microsoft Office 2010 Professional PC Uncovered

MS Office 2010 is an excellent development. If MS Office wasn't so important it would be OK. This is the ideal deal it is possible to get if you expect sharing your Office with members of your family members. Microsoft Office 2007 is a part of what this computer applications is beneficial for.

Microsoft no longer provides a trial edition of Office 2010. It appears to be correcting that today, with various ways to use Word. Additionally, it provides the support to their customers. It improves the performance and safety in this release. This program is a tool you need to cover appreciate its whole edition, but I will supply some ways by which it can be easily activated by you without no stress to you. The software even serves choice where the properties are edited to conserve the documents. The tool is made up of latest features which are expected to edit the properties of excel.

Simple to use, easy to comprehend. More of this write-up on that in the conclusion. Activate the thing online. Meanwhile, you can find the names of those collaborating, keeping your eye. There's not going to be any updates support or the premium add-ons.

There are a variety of freebies. These programs include applications for as many as five users. We can consider a few explanations for why you ought to use Office Online as opposed to paying Microsoft to use Word. As you own a item key you're ahead of the game. The staff will work on the matter and solve it once possible. Collaboration was created seamlessly simple for Word 2010, since you are now able to edit, share and make documents with others in time that you find it possible to store from the SkyDrive.

If you will need assistance, please get in contact with us. When you require it, you can even locate the help, there are platforms that will aid you, and many forums. I must go accustomed to the appearance.

The Backstage view provides you access to file-related pursuits, and hides your record that is present. It's a very simple way to improve your images without using programs that are additional. Now you can crop images so that the content you want them to see can be only understood by your audience. You may not only add icons to a group you can cause Tabs that are new. You 're able to keep them or can make a folder in their view. There is also a directory of folders that are recent and the file.

Microsoft Office 2010 Professional PC - the Story

Particularly, the Tell Me Box is a addition, which offers vital approaches to you and help when you want it. You have chosen the feature that you wish to modify press SPACEBAR to reveal the menu of setup choices. 1 noteworthy characteristic of excellent interest if you're in the company of books is the expanded list of templates. This is among the best features that was improvised in the 2010 Microsoft Office. This includes the majority of the exact same features in the recent versions. This option might not be available for many features.

Look at downloading a trial to see whether it is well worth the investment. These products have significance in the area for which they're made. Sadly, the procedure doesn't work with Microsoft Office 2013. It also lets you share the documents with colleagues and your pals.

[bestitproducts]

Open Office 2017 Software for Windows and Mac - MS OFFICE COMPATIBLE

#gallery-1 { margin: auto; } #gallery-1 .gallery-item { float: left; margin-top: 10px; text-align: center; width: 33%; } #gallery-1 img { border: 2px solid #cfcfcf; } #gallery-1 .gallery-caption { margin-left: 0; } /* see gallery_shortcode() in wp-includes/media.php */

OpenOffice is office software that is similar to MS Office, it offers a few of the same features at a fraction of the cost. There is also a free community fortify area that is navigable through the software's help menu system that makes working with Open Office even easier. YOUR PURCHASE INCLUDES BOTH WINDOWS AND MAC VERSIONS Fully Compatible with Windows XP, 2000, 7, 8, 8.1, 10 and Mac OS X 10.6+ FREE BONUSES: IN-DEPTH USER GUIDES GETTING STARTED, WRITER, DRAW, MATH, IMPRESS AND CALC OpenOffice is office software that is similar to MS Office, it offers a few of the same features at a fraction of the cost. There is also a free community fortify area that is navigable through the software's help menu system that makes working with Open Office even easier. Open Office 4.1.3 is the latest version of the GPL licensed software, it is shipped in a plain cd sleeve with instructions to install, it'll be delivered via USPS Media Mail which usually takes between 2-8 days to be delivered. This version of Open Office means that you can create, edit, and modify office suite files. Open Office will allow you to create your own documents and save them in popular MS Office file formats so you'll share them with your contacts or interchange between MS Office and Open Office. It's moderately priced and great for home office, student work and business use. The #1 Top Rated Alternative Office Suite • Creator: Word Processing similar to MS Word, create professional text documents and customize them to your needs. • Calc: Spreadsheet program similar to Excel, create spreadsheets to track your vital data. • Draw: Drawing program similar to Visio, create work float maps or buisness float charts. • Impress: Multi-media presentation, similar to PowerPoint, create professional presentations to WOW your audience! • Base: Database program similar to Access, store your whole important data in this simple to use database. • Math: Mathematic formulas editor With Open Office you'll open, create, edit and save Office files including Office Online, Office 2016, Office 2013, Office 365, Office 97, Office 2000, Office 2003, Office XP, Works and Wordpad. Also you'll open, create, edit and save other file formats including Lotus, Star Office, Lotus 1-2-3, Quattro Pro and WordPerfect. FULLY COMPATIBLE WITH BOTH WINDOWS AND MAC OS X Creator: Word Processing similar to MS Word, create professional text documents and customize them to your need Calc: Spreadsheet program similar to Excel, create spreadsheets to track your vital data. Impress: Multi-media presentation, similar to PowerPoint, create professional presentations to WOW your audience! Base: Database program similar to Access, store your whole important data in this simple to use database. Draw: Drawing program similar to Visio, create work float maps or buisness float charts. Math: Mathematic formulas editor LOVE IT OR YOUR MONEY BACK, RETURN THE ITEM WITHIN 30 DAYS FOR FULL REFUND (BUYER PAYS RETURN SHIPPING) FAQ'S Q: Is this a trial or the full version? Is there any product key to use this software? A: This is the full version which also comes with free updates. No product key is required. Q: Is this a Microsoft product? I have a message that my Microsoft Office® trial has expired and I need a product key, will this program solve this? A: This program is not a Microsoft product and is in no way affiliated with Microsoft Corporation. This will not provide a product key to active Microsoft Office®. Q: Is this compatible with Microsoft Office 2007 / 2010® files? Can I both open and save in these formats? A: Yes, this is compatible with Microsoft Word 2007 /2010®, Microsoft Excel 2007 /2010®, Microsoft PowerPoint 2007/ 2010® and Microsoft Access 2007/ 2010® files. Note to eBay and Vero: Note to eBay and Vero: I am authorized to distribute this software under the GNU LGPL. This listing does not violate the Digital Delivered Goods Policy as it ONLY offers a CD version. The links contained in this listing lead to other items offered and complies with the Links Policy as outlined by eBay. openoffice and the openoffice logo are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries. All images in this listing are used with permission of their original authors or original art. Microsoft, Office, Word, Excel, PowerPoint, Access, and Windows are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Copies of these licenses can be provided upon request. No eBay policies have been violated in this listing. Please contact before taking action. eBay Staff: We are an authorized community distributor of this software. We are authorized to distribute this software by the Intellectual Property Owner. This software is licensed under the GNU General Public License and Lesser General Public License (GPL & LGPL). No copyrights have been violated and our listing is in compliance with eBay rules and policies. See our other items See our other items See our other items Read the full article

[wumingfoundation]

Wu Ming 1′s Book on the #NoTav Movement

No Promise This Trip Will Be Short. 25 Years of No Tav Struggle (Einaudi, Turin 2016)

  When they first read accounts of the No DAPL struggle in North Dakota, many Italian activists - and even some mainstream media pundits - made comments on the lines of: «It's like the Free Republic of La Maddalena!», or: «Lakotas and No TAV employ exactly the same tactics!», or: «Standing Rock should twin with Venaus!». What were these people talking about?

Such sentences were not mysterious to anyone who knew what had been happening for years in Val di Susa, an Alpine valley of North-Western Italy.

Encampments that became self-managed communes? Lockdowns and acts of sabotage? Prayers as a method of protest? A struggle thriving on generational interconnectedness? Resistance flags everywhere? Priests and anarchists together?

Seriously, how can you read about Standing Rock and not think of the No TAV movement?

There are obvious, important differences though.

The No DAPL struggle takes place in the US and is covered by the media in a global language, English. Moreover, reports and accounts instantly evoke images of Indian resistance that are familiar to almost anyone in the world. For these reasons, the movement gained global fame and raised international solidarity in just a matter of a few months.

Conversely, the NO TAV struggle takes place in a little-known part of Europe, ie the Alpine region connecting Italy and France - Piedmont and Maurienne, to be precise. The images the Alps evoke abroad are usually stereotype-laden and have much more to do with idyllic landscapes and winter sports than with resistance, even if the Alps have always been the theatre of resistance and social conflict. Finally, the coverage of the No TAV struggle is usually in Italian, much less often in French, which means the movement’s importance is rarely acknowledged outside of Italy, and is yet to be discovered in the English speaking world.

And the international public is really missing something. That struggle is ongoing since 1991. By now, more than a quarter century of indomitable mass resistance and amazing civil disobedience!

On a continental scale - with the sole exception of the ZAD movement opposing the construction of an airport in Notre-Dame-des-Landes, France - No Tav are the most long-lasting, enduring movement opposing a mega-project, a public infrastructure which they consider not only useless and unbelievably expensive, but also dangerous for the environment and their lives.

And there are many lessons to be taken by them.

In Val di Susa, opposition against a high-speed railway project - TAV being the acronym for Treno ad Alta Velocità, High Speed Train - connecting Turin and Lyon started in the early 1990s, grew more and more big and became a sensation in December 2005, when hundreds of policemen assaulted and vacated the encampment known as the Free Republic of Venaus. Two days later, thousands of people confronted the cops, scared them off and triumphantly reconquered the camp. Another "free republic" was founded in the Summer of 2011, and became known as the Free Repubblic of La Maddalena.

The movement is still effectively slowing down the project, which was modified many times by the government. However, there's much more than that: the movement has the cultural hegemony in the valley, influences the whole political life of the region and keeps making successful experiments in participation, self-management and even collective property. Police violence, judiciary repression, arrests, defamation, demonization... Nothing could defeat them, they're still there.

How could all that happen?

How come, of all places, it happened in Val di Susa?

Wu Ming 1 seeked answers to those questions for more than three years. He plunged himself into the No Tav movement, took part in several key moments of the struggle, interviewed dozens of activists, merged oral history with archival work, walked in the woods and climbed the mountains of the Val di Susa.

No Promise This Trip Will Be Short is the result of all that work. The author made use of all kinds of literary techniques in order to «tell this story by any means necessary».  As happens with Wu Ming's output of the 2010s, already comprising such «unidentified narrative objects» as Il sentiero degli dei and Point Lenana, the book is an unpredictable, and yet consistent, blend of non-fiction novel, travelogue, journalistic inquiry, lovecraftian horror story, and magico-realistic epic tale paying tribute to Gabriel Garcia Marquez and Manuel Scorza.

No Promise This Trip Will Be Short was published in Italy in the Autumn of 2016 and immediately stirred up controversies. Pro-TAV politicians attacked the author, an anti-TAV member of Parliament showed his colleagues a copy during a session, and the most famous anti-NoTAV magistrate felt the urge to send a daily newspaper a negative (albeit not entirely negative) review of the book. No Promise This Trip Will Be Short was widely reviewed and was reprinted only a few weeks after the first edition.

Bologna, January 2017

Wu Ming 1 is a member of the Wu Ming Foundation, a collective of authors who wrote together several novels (including Q, 54, Manituana and Altai) and “unidentified narrative objects”. Each member of the WMF also writes “solo” books. Wu Ming 1 wrote New Thing (2004), Point Lenana (with Roberto Santachiara, 2013) and Un viaggio che non promettiamo breve. The WMF is based in Bologna, Italy.

Praise for No Promise This Trip Will Be Short

One would instinctively describe the new book by Wu Ming 1 with these words: a divisive book. Because the subject itself is divisive, because the title contains the word «struggle», because the author sides with the movement explicitly. However, the paradoxical truth is that «divisive» is not the correct word this time. No Promise This Trip Will Be Short is indeed a connecting book, a book that unites, links people and things, brings them all together and gives any reader, no matter their prior opinion, the opportunity to experience life on the other side of the barricade. And should someone decide to keep their opinion, that's in their right, even after reading such a well-argued and documented work, it's in their right, but it would be interesting to know on what grounds. Daniele Giglioli, Corriere della Sera

No Promise This Trip Will Be Short is an immense trunk of information and eye-witness accounts, a partisan and yet unassailable in-depth analysis of the poisonous, mantra-like narrative surrounding big public works, especially the now 30-year-old propaganda supporting high speed railways. The book blends novel and essay, journalism and epic literature... Davide Turrini, Il Fatto Quotidiano

With uncommon amplitude and rigorous passion, Wu Ming 1 wrote a book that will last, a book that many people should read to understand what really happened in that valley and what certainly will keep going on, something that is relevant to all of us. Goffredo Fofi, Avvenire

For three years Wu Ming 1 explored the woods mutilated by wire fences, the construction yards protected by the army, and the garrisons of civil resistance that the media describe as dens of terrorists. As both an inhabitant of the valley and a member of the No TAV technical commission, I confirm that all data and sources are reliable, verified and correct. The book casts light on a paradoxical story lived by "ordinary" men and women who, facing the umpteenth attack on planet earth, put their own lives at risk and now are paying the price by suffering disproportionate police and judiciary repression. They haven't yet defeated «The Being», but they have lighted a torch of awareness. Luca Mercalli, Il Fatto Quotidiano

[mayarosa47]

1099 Tax Issues In Foreclosure

As far as the Internal Revenue Service is concerned, a foreclosure is treated the same as the sale of a property. The bottom line is that once it was yours and now you no longer own it. The event can trigger a capital gain and, in some cases, you might also owe income tax on the amount of any part of the mortgage debt that’s been forgiven or canceled. The sale of real property normally goes through an escrow process. The seller receives statements showing how much the home was sold for. There’s no escrow period with foreclosures, however, lending bank simply takes possession of the home. The basic formula for calculating capital gains is to subtract the basis or cost of the property from the sales price. The difference is how much of a profit the seller made, or how much money was lost in the transaction.

In a foreclosure situation and without escrow statements, there’s no mutually agreed-upon sales price, but, there’s still a “sales price” for tax purposes. It will be either the fair market value of the property as of the date of the foreclosure, or the outstanding loan balance immediately prior to the foreclosure. It will depend on the type of mortgage loan you had. Your mortgage was either recourse or a non-recourse loan.

Recourse Loans

If you had a recourse loan, this means that you’re personally responsible for the debt. The lender can pursue you for repayment even after the property has been repossessed—it has “recourse.” In this case, the figure used as the sales price when calculating any potential capital gain is the lesser of the following two amounts:

• The outstanding loan balance immediately before the foreclosure minus any debt for which the borrower remains personally liable after the foreclosure • The fair market value of the property being foreclosed In addition to a capital gain, you can have canceled debt income from the foreclosure with this type of loan as well. Mortgages used to acquire homes tend to be non-recourse loans, while refinanced loans and home equity loans tend to be recourse loans. This is by no means an absolute rule, however. It can also depend on the state in which you reside.

Non-Recourse Loans

A non-recourse loan is one where the borrower isn’t personally liable for repayment of the loan. In other words, the loan is considered satisfied and the lender can’t pursue the borrower for further repayment if and when it repossesses the property. The figure used as the sales price is the outstanding loan balance immediately before the foreclosure of a non-recourse loan. The IRS takes the position that you’re effectively selling the house back to the lender for full consideration of the outstanding debt, so there’s generally no capital gain. You won’t have any canceled debt income, either, because the lender is prohibited by law from pursuing you for repayment. You’ll Receive Tax Reporting Documents

• Form 1099-A is issued by the bank after real estate has been foreclosed upon. This form reports the date of the foreclosure, the fair market value of the property, and the outstanding loan balance immediately prior to the foreclosure. You’ll need this information when you’re reporting any capital gains related to the property.

• Form 1099-C is issued by the bank after the bank has canceled or forgiven any debt on a recourse loan. This form will indicate how much debt was canceled. You might receive only a single Form 1099-C that reports both the foreclosure and the cancellation of debt instead of receiving both a 1099-A and a 1099-C if your lender both forecloses on the home and cancels the unpaid debt in the same year.

Reporting a Capital Gain or Loss

You can determine the sales price after you’ve determined what type of loan you had on your property. Report the foreclosure on Schedule D and Form 8949 if the foreclosed property was your primary residence. You might qualify to exclude up to $500,000 of gain from taxation subject to certain rules: • The home was your primary residence. • You owned the home for at least two of the last five years (730 days) up to the date of sale. • You lived in the home for at least two of the past five years ending on the date of foreclosure.

Individual taxpayers can exclude up to $250,000 in gains, and married taxpayers filing jointly can double that amount. If the foreclosed property was mixed-use it was your primary residence at one time and a secondary residence at another time you can still qualify for an exclusion from capital gains tax under the modified rules for calculating your gain or loss. The rules are also relaxed somewhat for members of the armed forces.

Capital Gains Tax Rates

As of tax year 2019, the rate on long-term capital gains for properties owned one year or longer depends on your overall taxable income and filing status. Single taxpayers: • 0% if taxable income is under $39,375 • 15% if taxable income is from $39,375 to $434,550 • 20% if taxable income is over $434,550 Heads of household: • 0% if taxable income is under $52,750 • 15% if taxable income is from $52,750 to $461,700 • 20% if taxable income is over $461,700 Married Filing Jointly and Qualifying Widow(er)s: • 0% if taxable income is under $78,750 • 15% if taxable income is from $78,750 to $488,850 • 20% if taxable income is over $488,8503 These long-term capital gains income parameters are different from those that were in place in 2017. Rates were tied to ordinary income tax brackets before the Tax Cuts and Jobs Act (TCJA) went into effect. The TCJA assigned them their own brackets. It’s a short-term capital gain if you owned your home for less than a year. You must pay capital gains tax at the same rate that’s applied to your regular income in other words, according to your tax bracket.

When Discharged Debt Is Taxable Income

The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) provided that taxpayers could exclude from their taxable incomes up to $2 million in discharged mortgage debt due to foreclosure a nice tax break indeed. Prior to 2007, discharged debt was included in taxable income. Then the MFDRA expired at the end of 2017, so discharged debt was once again considered to be taxable income by the IRS. Fortunately, this provision of the tax code is back again, at least for foreclosures that occur from Jan. 1, 2018 through Dec. 31, 2020. Title I, Subtitle A, Section 101 of the Further Consolidation Appropriations Act of 2020, signed into law by President Trump in December 2019, extends this provision through the end of 2020.5 You no longer have to concern yourself with paying income tax on debt discharged through foreclosure, at least through the end of 2020 and if your forgiven debt doesn’t exceed $2 million.

How Much Will a Foreclosure Affect a Tax Refund

Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due.

Foreclosure Tax Consequences

Often, the Internal Revenue Service (IRS) considers debt that’s forgiven by a lender because of foreclosure to be taxable income. Through calendar year 2012, the IRS is waiving taxation of mortgage debt forgiveness in certain cases. Because the IRS is waiving taxation of forgiven mortgage debt, any income tax refund isn’t affected by your foreclosure. However, foreclosures occurring in 2013 and beyond could affect the income tax refunds of those experiencing foreclosures. After foreclosure, the IRS could consider taxable any cash you took from your home as the result of a refinance. In addition to cash-out income, any income you took from a home equity line of credit (HELOC) could be taxable under IRS rules. Your forgiven mortgage debt and income gained from refinances or HELOCs might also be taxable at the state level.

Reporting Foreclosure Income

Taxable income resulting from forgiven mortgage debt and any cash-out refinances or HELOCs has to be declared in the year in which the foreclosure occurred. IRS taxation waivers of forgiven mortgage debt apply only to principal residences. However, money taken from a cash-out refinance or HELOC that’s applied to home renovation or improvement is often tax-exempt after foreclosure. Also, ensure the federal income reporting document (Form 1099) your mortgage lender gives you after your foreclosure is accurate.

Avoiding Taxation

Federal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications.

Difference between A 1099-A and 1099-C

Selling real estate in this precarious market can be quite a task in and of itself. When the dust clears, sellers often are left to navigate through a maze of issues, not sure what to expect next. Many sellers have no idea what tax forms to expect from the lender, so they have no way of knowing if they received them. Two forms in particular, the 1099-A and 1099-C, create much of the confusion for sellers, their lawyers and their financial advisors. Every time real property is sold or transferred, the IRS must be notified. In a traditional sale of property, the seller will receive a Form 1099-S (Proceeds from Real Estate Transactions) to report the sale of the property to the IRS. This form is used to determine whether there is a gain or loss on the sale of the property. In a short sale or deed in lieu of foreclosure, the seller also receives a 1099-S because the property is sold willingly.

1099-A: Acquisition or Abandonment of Secured Property

However, in the case of a foreclosure, no 1099-S is issued because the “sale” is involuntary. Instead, the seller will receive a 1099-A (Acquisition or Abandonment of Secured Property) to report the transfer of the property. The 1099-A reports the date of the transfer, the fair market value on the date of the transfer and the balance of principal outstanding on the date of the transfer. Just like the 1099-S, the 1099-A is used to determine whether there is a gain or loss on the sale of the property. Many sellers mistakenly believe that if their property is sold in a foreclosure auction, they will not have any capital gain. This is not always the case. As a result of the adjustments to cost basis in certain situations, there may be a capital gain on property that is sold in a foreclosure auction. This may cause yet another source of unexpected tax liability that the seller is unable to pay.

1099-C: Cancellation of Debt

Now that short sales have become so common, many sellers understand they may receive a 1099-C (Cancellation of Debt), to report the cancellation of debt resulting from a short sale or deed in lieu of foreclosure. What comes as a surprise to many sellers is that they may receive a 1099-C as a result of foreclosure sale as well. Some sellers believe that if they allow their property to go into foreclosure, they will avoid the tax consequences of the cancellation of debt. However, the tax ramifications are the same for cancellation of debt income, whether it is generated from a short sale, deed in lieu of foreclosure or foreclosure. At the time the seller/borrower obtained the loan to purchase or refinance the property, the loan proceeds were not included in taxable income because the borrower had an obligation to repay the lender. When that obligation to repay the lender is forgiven or cancelled, the amount that is not required to be repaid is considered income by the IRS. The lender is required to report the amount of the cancelled debt to the borrower and the IRS on Form 1099-C, when the forgiven debt is $600 or greater. There are certain exclusions that can be used to reduce or eliminate the cancellation of debt income from taxable income. This includes discharge of the debt in bankruptcy, insolvency of the seller before the creditor agreed to forgive or cancel the debt, or, if the seller qualifies, relief pursuant to the Mortgage Forgiveness Debt Relief Act (MFDRA).

To summarize, any sale or transfer of property, whether voluntary or involuntary, must be reported to the IRS. Form 1099-S is used for a traditional sale, short sale or deed in lieu of foreclosure; Form 1099-A is used for a foreclosure. A lender may forgive or cancel debt in any case – where it’s a short sale, deed in lieu of foreclosure, or foreclosure – which will result in the issuance of a 1099-C. In order to properly report these transactions on the tax return, sellers should seek advice from an experienced tax professional. When homeowners fall into lender foreclosure, several things may end up affecting them, including potential tax issues. The Internal Revenue Service treats foreclosures as sales of property and those properties’ former owners could be liable for certain federal income taxes. After foreclosure your lender may send you IRS Form 1099-A, Acquisition or Abandonment of Secured Property. Form 1099-A is used to show three key pieces of information that helps foreclosed homeowners determine their tax liability, if any. The IRS considers canceled mortgage debt that results when a borrower is foreclosed as income to that borrower. To account for their cancellation of foreclosed mortgage borrowers’ debt, mortgage lenders send them IRS Form 1099-A. Foreclosed mortgage borrowers’ principal loan balances are shown on Form 1099-A’s Box 2 and the fair market value (FMV) of their foreclosed properties in Box 4. Box 5 of Form 1099-A indicates whether foreclosed borrowers are personally liable for repaying their mortgage loans. Whether you’ll owe taxes on your foreclosure’s lender-canceled debt also depends on Box 5 of Form 1099-A. Mortgage borrowers shown in 1099-A’s Box 5 to be personally liable for repayment of their mortgages could face taxable income liability. States such as California are non-recourse and lenders foreclosing no judicially or without the courts can’t pursue borrowers for negative loan balances or deficiencies. Foreclosed borrowers in non-recourse states might not be held personally liable for repaying their foreclosed mortgages, thus eliminating any tax liability.

The difference between a mortgage’s principal balance shown in IRS Form 1099-A’s Box 2 and Box 4’s FMV is important. For example, if your foreclosed mortgage loan’s principal balance is $100,000 and its FMV $50,000, that $50,000 difference could be taxable income. Your mortgage lender could also overestimate your former home’s FMV shown in Box 4 of your 1099-A. Consider an appraisal to obtain an accurate FMV of your foreclosed home if you’re concerned about possible future tax liability. Foreclosing lenders might issue IRS Form 1099-A to borrowers as a kind of placeholder until they decide whether to issue Form 1099-C. In some cases, foreclosing mortgage lenders need time to decide whether they’ll be canceling their foreclosed borrowers’ mortgage debt. Mortgage lenders may issue Form 1099-A to borrowers and file copies with the IRS to indicate a foreclosure has occurred and that a debt cancellation decision is pending. If you’re issued Form 1099-C after foreclosure your lender has definitely canceled your mortgage loan’s debt.

Taxable Income Exclusions

It’s possible to exclude from taxable income lender-canceled mortgage debt resulting from a home foreclosure. The most common exclusion to the tax liability resulting from lender-canceled mortgage debt comes from the Mortgage Debt Relief Act of 2007. Through Dec. 31, 2012, mortgage borrowers whose principal residences were foreclosed may be able to exclude up to $2 million of lender-canceled debt. Insolvent foreclosed mortgage borrowers, with debts exceeding assets, may also be able to exclude lender-canceled debt from taxable income. The foreclosure itself is treated as a sale of the home. So, you might need to report it on Schedule D. You should receive Forms 1099-A with information about the sale.

What you’ll report as the amount realized on the sale depends on which of these applies: • If you were personally liable for the loan. This is called a recourse loan. • If you weren’t personally liable for the loan. This is called a nonrecourse loan.

On a recourse loan, the amount realized on the sale is the lesser of: • The outstanding debt right before the foreclosure. Subtract any amount for which you remain liable right after the transfer. • The fair market value (FMV) of the property transferred On a nonrecourse loan, the amount realized on the sale is the full amount of the debt outstanding. This is as calculated right before the foreclosure.

You might be able to exclude the capital gain under the sale-of-principal-residence exclusion if both of these are true: • You have a gain on the sale. • The home was your main home.

Cancellation of Debt

If you were liable for the loan, you might have cancellation of debt income. You should receive a Form 1099-C with this information. This is usually the total amount of debt owed right before the foreclosure, minus the property’s FMV. Cancellation of debt income from property secured by a recourse debt is taxable. This is true unless exclusion applies. There are exclusions for these:

• Debt cancelled in a bankruptcy proceeding • Qualified principal residence indebtedness • Insolvency (your debts are more than your assets)

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from https://www.ascentlawfirm.com/1099-tax-issues-in-foreclosure/

from Criminal Defense Lawyer West Jordan Utah - Blog http://criminaldefenselawyerwestjordanutah.weebly.com/blog/1099-tax-issues-in-foreclosure

[michaeljames1221]

1099 Tax Issues In Foreclosure

As far as the Internal Revenue Service is concerned, a foreclosure is treated the same as the sale of a property. The bottom line is that once it was yours and now you no longer own it. The event can trigger a capital gain and, in some cases, you might also owe income tax on the amount of any part of the mortgage debt that’s been forgiven or canceled. The sale of real property normally goes through an escrow process. The seller receives statements showing how much the home was sold for. There’s no escrow period with foreclosures, however, lending bank simply takes possession of the home. The basic formula for calculating capital gains is to subtract the basis or cost of the property from the sales price. The difference is how much of a profit the seller made, or how much money was lost in the transaction.

In a foreclosure situation and without escrow statements, there’s no mutually agreed-upon sales price, but, there’s still a “sales price” for tax purposes. It will be either the fair market value of the property as of the date of the foreclosure, or the outstanding loan balance immediately prior to the foreclosure. It will depend on the type of mortgage loan you had. Your mortgage was either recourse or a non-recourse loan.

Recourse Loans

If you had a recourse loan, this means that you’re personally responsible for the debt. The lender can pursue you for repayment even after the property has been repossessed—it has “recourse.” In this case, the figure used as the sales price when calculating any potential capital gain is the lesser of the following two amounts:

• The outstanding loan balance immediately before the foreclosure minus any debt for which the borrower remains personally liable after the foreclosure • The fair market value of the property being foreclosed In addition to a capital gain, you can have canceled debt income from the foreclosure with this type of loan as well. Mortgages used to acquire homes tend to be non-recourse loans, while refinanced loans and home equity loans tend to be recourse loans. This is by no means an absolute rule, however. It can also depend on the state in which you reside.

Non-Recourse Loans

A non-recourse loan is one where the borrower isn’t personally liable for repayment of the loan. In other words, the loan is considered satisfied and the lender can’t pursue the borrower for further repayment if and when it repossesses the property. The figure used as the sales price is the outstanding loan balance immediately before the foreclosure of a non-recourse loan. The IRS takes the position that you’re effectively selling the house back to the lender for full consideration of the outstanding debt, so there’s generally no capital gain. You won’t have any canceled debt income, either, because the lender is prohibited by law from pursuing you for repayment. You’ll Receive Tax Reporting Documents

• Form 1099-A is issued by the bank after real estate has been foreclosed upon. This form reports the date of the foreclosure, the fair market value of the property, and the outstanding loan balance immediately prior to the foreclosure. You’ll need this information when you’re reporting any capital gains related to the property.

• Form 1099-C is issued by the bank after the bank has canceled or forgiven any debt on a recourse loan. This form will indicate how much debt was canceled. You might receive only a single Form 1099-C that reports both the foreclosure and the cancellation of debt instead of receiving both a 1099-A and a 1099-C if your lender both forecloses on the home and cancels the unpaid debt in the same year.

Reporting a Capital Gain or Loss

You can determine the sales price after you’ve determined what type of loan you had on your property. Report the foreclosure on Schedule D and Form 8949 if the foreclosed property was your primary residence. You might qualify to exclude up to $500,000 of gain from taxation subject to certain rules: • The home was your primary residence. • You owned the home for at least two of the last five years (730 days) up to the date of sale. • You lived in the home for at least two of the past five years ending on the date of foreclosure.

Individual taxpayers can exclude up to $250,000 in gains, and married taxpayers filing jointly can double that amount. If the foreclosed property was mixed-use it was your primary residence at one time and a secondary residence at another time you can still qualify for an exclusion from capital gains tax under the modified rules for calculating your gain or loss. The rules are also relaxed somewhat for members of the armed forces.

Capital Gains Tax Rates

As of tax year 2019, the rate on long-term capital gains for properties owned one year or longer depends on your overall taxable income and filing status. Single taxpayers: • 0% if taxable income is under $39,375 • 15% if taxable income is from $39,375 to $434,550 • 20% if taxable income is over $434,550 Heads of household: • 0% if taxable income is under $52,750 • 15% if taxable income is from $52,750 to $461,700 • 20% if taxable income is over $461,700 Married Filing Jointly and Qualifying Widow(er)s: • 0% if taxable income is under $78,750 • 15% if taxable income is from $78,750 to $488,850 • 20% if taxable income is over $488,8503 These long-term capital gains income parameters are different from those that were in place in 2017. Rates were tied to ordinary income tax brackets before the Tax Cuts and Jobs Act (TCJA) went into effect. The TCJA assigned them their own brackets. It’s a short-term capital gain if you owned your home for less than a year. You must pay capital gains tax at the same rate that’s applied to your regular income in other words, according to your tax bracket.

When Discharged Debt Is Taxable Income

The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) provided that taxpayers could exclude from their taxable incomes up to $2 million in discharged mortgage debt due to foreclosure a nice tax break indeed. Prior to 2007, discharged debt was included in taxable income. Then the MFDRA expired at the end of 2017, so discharged debt was once again considered to be taxable income by the IRS. Fortunately, this provision of the tax code is back again, at least for foreclosures that occur from Jan. 1, 2018 through Dec. 31, 2020. Title I, Subtitle A, Section 101 of the Further Consolidation Appropriations Act of 2020, signed into law by President Trump in December 2019, extends this provision through the end of 2020.5 You no longer have to concern yourself with paying income tax on debt discharged through foreclosure, at least through the end of 2020 and if your forgiven debt doesn’t exceed $2 million.

How Much Will a Foreclosure Affect a Tax Refund

Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due.

Foreclosure Tax Consequences

Often, the Internal Revenue Service (IRS) considers debt that’s forgiven by a lender because of foreclosure to be taxable income. Through calendar year 2012, the IRS is waiving taxation of mortgage debt forgiveness in certain cases. Because the IRS is waiving taxation of forgiven mortgage debt, any income tax refund isn’t affected by your foreclosure. However, foreclosures occurring in 2013 and beyond could affect the income tax refunds of those experiencing foreclosures. After foreclosure, the IRS could consider taxable any cash you took from your home as the result of a refinance. In addition to cash-out income, any income you took from a home equity line of credit (HELOC) could be taxable under IRS rules. Your forgiven mortgage debt and income gained from refinances or HELOCs might also be taxable at the state level.

Reporting Foreclosure Income

Taxable income resulting from forgiven mortgage debt and any cash-out refinances or HELOCs has to be declared in the year in which the foreclosure occurred. IRS taxation waivers of forgiven mortgage debt apply only to principal residences. However, money taken from a cash-out refinance or HELOC that’s applied to home renovation or improvement is often tax-exempt after foreclosure. Also, ensure the federal income reporting document (Form 1099) your mortgage lender gives you after your foreclosure is accurate.

Avoiding Taxation

Federal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications.

Difference between A 1099-A and 1099-C

Selling real estate in this precarious market can be quite a task in and of itself. When the dust clears, sellers often are left to navigate through a maze of issues, not sure what to expect next. Many sellers have no idea what tax forms to expect from the lender, so they have no way of knowing if they received them. Two forms in particular, the 1099-A and 1099-C, create much of the confusion for sellers, their lawyers and their financial advisors. Every time real property is sold or transferred, the IRS must be notified. In a traditional sale of property, the seller will receive a Form 1099-S (Proceeds from Real Estate Transactions) to report the sale of the property to the IRS. This form is used to determine whether there is a gain or loss on the sale of the property. In a short sale or deed in lieu of foreclosure, the seller also receives a 1099-S because the property is sold willingly.

1099-A: Acquisition or Abandonment of Secured Property

However, in the case of a foreclosure, no 1099-S is issued because the “sale” is involuntary. Instead, the seller will receive a 1099-A (Acquisition or Abandonment of Secured Property) to report the transfer of the property. The 1099-A reports the date of the transfer, the fair market value on the date of the transfer and the balance of principal outstanding on the date of the transfer. Just like the 1099-S, the 1099-A is used to determine whether there is a gain or loss on the sale of the property. Many sellers mistakenly believe that if their property is sold in a foreclosure auction, they will not have any capital gain. This is not always the case. As a result of the adjustments to cost basis in certain situations, there may be a capital gain on property that is sold in a foreclosure auction. This may cause yet another source of unexpected tax liability that the seller is unable to pay.

1099-C: Cancellation of Debt

Now that short sales have become so common, many sellers understand they may receive a 1099-C (Cancellation of Debt), to report the cancellation of debt resulting from a short sale or deed in lieu of foreclosure. What comes as a surprise to many sellers is that they may receive a 1099-C as a result of foreclosure sale as well. Some sellers believe that if they allow their property to go into foreclosure, they will avoid the tax consequences of the cancellation of debt. However, the tax ramifications are the same for cancellation of debt income, whether it is generated from a short sale, deed in lieu of foreclosure or foreclosure. At the time the seller/borrower obtained the loan to purchase or refinance the property, the loan proceeds were not included in taxable income because the borrower had an obligation to repay the lender. When that obligation to repay the lender is forgiven or cancelled, the amount that is not required to be repaid is considered income by the IRS. The lender is required to report the amount of the cancelled debt to the borrower and the IRS on Form 1099-C, when the forgiven debt is $600 or greater. There are certain exclusions that can be used to reduce or eliminate the cancellation of debt income from taxable income. This includes discharge of the debt in bankruptcy, insolvency of the seller before the creditor agreed to forgive or cancel the debt, or, if the seller qualifies, relief pursuant to the Mortgage Forgiveness Debt Relief Act (MFDRA).

To summarize, any sale or transfer of property, whether voluntary or involuntary, must be reported to the IRS. Form 1099-S is used for a traditional sale, short sale or deed in lieu of foreclosure; Form 1099-A is used for a foreclosure. A lender may forgive or cancel debt in any case – where it’s a short sale, deed in lieu of foreclosure, or foreclosure – which will result in the issuance of a 1099-C. In order to properly report these transactions on the tax return, sellers should seek advice from an experienced tax professional. When homeowners fall into lender foreclosure, several things may end up affecting them, including potential tax issues. The Internal Revenue Service treats foreclosures as sales of property and those properties’ former owners could be liable for certain federal income taxes. After foreclosure your lender may send you IRS Form 1099-A, Acquisition or Abandonment of Secured Property. Form 1099-A is used to show three key pieces of information that helps foreclosed homeowners determine their tax liability, if any. The IRS considers canceled mortgage debt that results when a borrower is foreclosed as income to that borrower. To account for their cancellation of foreclosed mortgage borrowers’ debt, mortgage lenders send them IRS Form 1099-A. Foreclosed mortgage borrowers’ principal loan balances are shown on Form 1099-A’s Box 2 and the fair market value (FMV) of their foreclosed properties in Box 4. Box 5 of Form 1099-A indicates whether foreclosed borrowers are personally liable for repaying their mortgage loans. Whether you’ll owe taxes on your foreclosure’s lender-canceled debt also depends on Box 5 of Form 1099-A. Mortgage borrowers shown in 1099-A’s Box 5 to be personally liable for repayment of their mortgages could face taxable income liability. States such as California are non-recourse and lenders foreclosing no judicially or without the courts can’t pursue borrowers for negative loan balances or deficiencies. Foreclosed borrowers in non-recourse states might not be held personally liable for repaying their foreclosed mortgages, thus eliminating any tax liability.

The difference between a mortgage’s principal balance shown in IRS Form 1099-A’s Box 2 and Box 4’s FMV is important. For example, if your foreclosed mortgage loan’s principal balance is $100,000 and its FMV $50,000, that $50,000 difference could be taxable income. Your mortgage lender could also overestimate your former home’s FMV shown in Box 4 of your 1099-A. Consider an appraisal to obtain an accurate FMV of your foreclosed home if you’re concerned about possible future tax liability. Foreclosing lenders might issue IRS Form 1099-A to borrowers as a kind of placeholder until they decide whether to issue Form 1099-C. In some cases, foreclosing mortgage lenders need time to decide whether they’ll be canceling their foreclosed borrowers’ mortgage debt. Mortgage lenders may issue Form 1099-A to borrowers and file copies with the IRS to indicate a foreclosure has occurred and that a debt cancellation decision is pending. If you’re issued Form 1099-C after foreclosure your lender has definitely canceled your mortgage loan’s debt.

Taxable Income Exclusions

It’s possible to exclude from taxable income lender-canceled mortgage debt resulting from a home foreclosure. The most common exclusion to the tax liability resulting from lender-canceled mortgage debt comes from the Mortgage Debt Relief Act of 2007. Through Dec. 31, 2012, mortgage borrowers whose principal residences were foreclosed may be able to exclude up to $2 million of lender-canceled debt. Insolvent foreclosed mortgage borrowers, with debts exceeding assets, may also be able to exclude lender-canceled debt from taxable income. The foreclosure itself is treated as a sale of the home. So, you might need to report it on Schedule D. You should receive Forms 1099-A with information about the sale.

What you’ll report as the amount realized on the sale depends on which of these applies: • If you were personally liable for the loan. This is called a recourse loan. • If you weren’t personally liable for the loan. This is called a nonrecourse loan.

On a recourse loan, the amount realized on the sale is the lesser of: • The outstanding debt right before the foreclosure. Subtract any amount for which you remain liable right after the transfer. • The fair market value (FMV) of the property transferred On a nonrecourse loan, the amount realized on the sale is the full amount of the debt outstanding. This is as calculated right before the foreclosure.

You might be able to exclude the capital gain under the sale-of-principal-residence exclusion if both of these are true: • You have a gain on the sale. • The home was your main home.

Cancellation of Debt

If you were liable for the loan, you might have cancellation of debt income. You should receive a Form 1099-C with this information. This is usually the total amount of debt owed right before the foreclosure, minus the property’s FMV. Cancellation of debt income from property secured by a recourse debt is taxable. This is true unless exclusion applies. There are exclusions for these:

• Debt cancelled in a bankruptcy proceeding • Qualified principal residence indebtedness • Insolvency (your debts are more than your assets)

Foreclosure Attorney Free Consultation

When you need legal help with a foreclosure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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from Michael Anderson https://www.ascentlawfirm.com/1099-tax-issues-in-foreclosure/

from Criminal Defense Lawyer West Jordan Utah https://criminaldefenselawyerwestjordanutah.wordpress.com/2020/04/27/1099-tax-issues-in-foreclosure/

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1099 Tax Issues In Foreclosure

As far as the Internal Revenue Service is concerned, a foreclosure is treated the same as the sale of a property. The bottom line is that once it was yours and now you no longer own it. The event can trigger a capital gain and, in some cases, you might also owe income tax on the amount of any part of the mortgage debt that’s been forgiven or canceled. The sale of real property normally goes through an escrow process. The seller receives statements showing how much the home was sold for. There’s no escrow period with foreclosures, however, lending bank simply takes possession of the home. The basic formula for calculating capital gains is to subtract the basis or cost of the property from the sales price. The difference is how much of a profit the seller made, or how much money was lost in the transaction.

In a foreclosure situation and without escrow statements, there’s no mutually agreed-upon sales price, but, there’s still a “sales price” for tax purposes. It will be either the fair market value of the property as of the date of the foreclosure, or the outstanding loan balance immediately prior to the foreclosure. It will depend on the type of mortgage loan you had. Your mortgage was either recourse or a non-recourse loan.

Recourse Loans

If you had a recourse loan, this means that you’re personally responsible for the debt. The lender can pursue you for repayment even after the property has been repossessed—it has “recourse.” In this case, the figure used as the sales price when calculating any potential capital gain is the lesser of the following two amounts:

• The outstanding loan balance immediately before the foreclosure minus any debt for which the borrower remains personally liable after the foreclosure • The fair market value of the property being foreclosed In addition to a capital gain, you can have canceled debt income from the foreclosure with this type of loan as well. Mortgages used to acquire homes tend to be non-recourse loans, while refinanced loans and home equity loans tend to be recourse loans. This is by no means an absolute rule, however. It can also depend on the state in which you reside.

Non-Recourse Loans

A non-recourse loan is one where the borrower isn’t personally liable for repayment of the loan. In other words, the loan is considered satisfied and the lender can’t pursue the borrower for further repayment if and when it repossesses the property. The figure used as the sales price is the outstanding loan balance immediately before the foreclosure of a non-recourse loan. The IRS takes the position that you’re effectively selling the house back to the lender for full consideration of the outstanding debt, so there’s generally no capital gain. You won’t have any canceled debt income, either, because the lender is prohibited by law from pursuing you for repayment. You’ll Receive Tax Reporting Documents

• Form 1099-A is issued by the bank after real estate has been foreclosed upon. This form reports the date of the foreclosure, the fair market value of the property, and the outstanding loan balance immediately prior to the foreclosure. You’ll need this information when you’re reporting any capital gains related to the property.

• Form 1099-C is issued by the bank after the bank has canceled or forgiven any debt on a recourse loan. This form will indicate how much debt was canceled. You might receive only a single Form 1099-C that reports both the foreclosure and the cancellation of debt instead of receiving both a 1099-A and a 1099-C if your lender both forecloses on the home and cancels the unpaid debt in the same year.

Reporting a Capital Gain or Loss

You can determine the sales price after you’ve determined what type of loan you had on your property. Report the foreclosure on Schedule D and Form 8949 if the foreclosed property was your primary residence. You might qualify to exclude up to $500,000 of gain from taxation subject to certain rules: • The home was your primary residence. • You owned the home for at least two of the last five years (730 days) up to the date of sale. • You lived in the home for at least two of the past five years ending on the date of foreclosure.

Individual taxpayers can exclude up to $250,000 in gains, and married taxpayers filing jointly can double that amount. If the foreclosed property was mixed-use it was your primary residence at one time and a secondary residence at another time you can still qualify for an exclusion from capital gains tax under the modified rules for calculating your gain or loss. The rules are also relaxed somewhat for members of the armed forces.

Capital Gains Tax Rates

As of tax year 2019, the rate on long-term capital gains for properties owned one year or longer depends on your overall taxable income and filing status. Single taxpayers: • 0% if taxable income is under $39,375 • 15% if taxable income is from $39,375 to $434,550 • 20% if taxable income is over $434,550 Heads of household: • 0% if taxable income is under $52,750 • 15% if taxable income is from $52,750 to $461,700 • 20% if taxable income is over $461,700 Married Filing Jointly and Qualifying Widow(er)s: • 0% if taxable income is under $78,750 • 15% if taxable income is from $78,750 to $488,850 • 20% if taxable income is over $488,8503 These long-term capital gains income parameters are different from those that were in place in 2017. Rates were tied to ordinary income tax brackets before the Tax Cuts and Jobs Act (TCJA) went into effect. The TCJA assigned them their own brackets. It’s a short-term capital gain if you owned your home for less than a year. You must pay capital gains tax at the same rate that’s applied to your regular income in other words, according to your tax bracket.

When Discharged Debt Is Taxable Income

The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) provided that taxpayers could exclude from their taxable incomes up to $2 million in discharged mortgage debt due to foreclosure a nice tax break indeed. Prior to 2007, discharged debt was included in taxable income. Then the MFDRA expired at the end of 2017, so discharged debt was once again considered to be taxable income by the IRS. Fortunately, this provision of the tax code is back again, at least for foreclosures that occur from Jan. 1, 2018 through Dec. 31, 2020. Title I, Subtitle A, Section 101 of the Further Consolidation Appropriations Act of 2020, signed into law by President Trump in December 2019, extends this provision through the end of 2020.5 You no longer have to concern yourself with paying income tax on debt discharged through foreclosure, at least through the end of 2020 and if your forgiven debt doesn’t exceed $2 million.

How Much Will a Foreclosure Affect a Tax Refund

Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due.

Foreclosure Tax Consequences

Often, the Internal Revenue Service (IRS) considers debt that’s forgiven by a lender because of foreclosure to be taxable income. Through calendar year 2012, the IRS is waiving taxation of mortgage debt forgiveness in certain cases. Because the IRS is waiving taxation of forgiven mortgage debt, any income tax refund isn’t affected by your foreclosure. However, foreclosures occurring in 2013 and beyond could affect the income tax refunds of those experiencing foreclosures. After foreclosure, the IRS could consider taxable any cash you took from your home as the result of a refinance. In addition to cash-out income, any income you took from a home equity line of credit (HELOC) could be taxable under IRS rules. Your forgiven mortgage debt and income gained from refinances or HELOCs might also be taxable at the state level.

Reporting Foreclosure Income

Taxable income resulting from forgiven mortgage debt and any cash-out refinances or HELOCs has to be declared in the year in which the foreclosure occurred. IRS taxation waivers of forgiven mortgage debt apply only to principal residences. However, money taken from a cash-out refinance or HELOC that’s applied to home renovation or improvement is often tax-exempt after foreclosure. Also, ensure the federal income reporting document (Form 1099) your mortgage lender gives you after your foreclosure is accurate.

Avoiding Taxation

Federal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications.

Difference between A 1099-A and 1099-C

Selling real estate in this precarious market can be quite a task in and of itself. When the dust clears, sellers often are left to navigate through a maze of issues, not sure what to expect next. Many sellers have no idea what tax forms to expect from the lender, so they have no way of knowing if they received them. Two forms in particular, the 1099-A and 1099-C, create much of the confusion for sellers, their lawyers and their financial advisors. Every time real property is sold or transferred, the IRS must be notified. In a traditional sale of property, the seller will receive a Form 1099-S (Proceeds from Real Estate Transactions) to report the sale of the property to the IRS. This form is used to determine whether there is a gain or loss on the sale of the property. In a short sale or deed in lieu of foreclosure, the seller also receives a 1099-S because the property is sold willingly.

1099-A: Acquisition or Abandonment of Secured Property

However, in the case of a foreclosure, no 1099-S is issued because the “sale” is involuntary. Instead, the seller will receive a 1099-A (Acquisition or Abandonment of Secured Property) to report the transfer of the property. The 1099-A reports the date of the transfer, the fair market value on the date of the transfer and the balance of principal outstanding on the date of the transfer. Just like the 1099-S, the 1099-A is used to determine whether there is a gain or loss on the sale of the property. Many sellers mistakenly believe that if their property is sold in a foreclosure auction, they will not have any capital gain. This is not always the case. As a result of the adjustments to cost basis in certain situations, there may be a capital gain on property that is sold in a foreclosure auction. This may cause yet another source of unexpected tax liability that the seller is unable to pay.

1099-C: Cancellation of Debt

Now that short sales have become so common, many sellers understand they may receive a 1099-C (Cancellation of Debt), to report the cancellation of debt resulting from a short sale or deed in lieu of foreclosure. What comes as a surprise to many sellers is that they may receive a 1099-C as a result of foreclosure sale as well. Some sellers believe that if they allow their property to go into foreclosure, they will avoid the tax consequences of the cancellation of debt. However, the tax ramifications are the same for cancellation of debt income, whether it is generated from a short sale, deed in lieu of foreclosure or foreclosure. At the time the seller/borrower obtained the loan to purchase or refinance the property, the loan proceeds were not included in taxable income because the borrower had an obligation to repay the lender. When that obligation to repay the lender is forgiven or cancelled, the amount that is not required to be repaid is considered income by the IRS. The lender is required to report the amount of the cancelled debt to the borrower and the IRS on Form 1099-C, when the forgiven debt is $600 or greater. There are certain exclusions that can be used to reduce or eliminate the cancellation of debt income from taxable income. This includes discharge of the debt in bankruptcy, insolvency of the seller before the creditor agreed to forgive or cancel the debt, or, if the seller qualifies, relief pursuant to the Mortgage Forgiveness Debt Relief Act (MFDRA).

To summarize, any sale or transfer of property, whether voluntary or involuntary, must be reported to the IRS. Form 1099-S is used for a traditional sale, short sale or deed in lieu of foreclosure; Form 1099-A is used for a foreclosure. A lender may forgive or cancel debt in any case – where it’s a short sale, deed in lieu of foreclosure, or foreclosure – which will result in the issuance of a 1099-C. In order to properly report these transactions on the tax return, sellers should seek advice from an experienced tax professional. When homeowners fall into lender foreclosure, several things may end up affecting them, including potential tax issues. The Internal Revenue Service treats foreclosures as sales of property and those properties’ former owners could be liable for certain federal income taxes. After foreclosure your lender may send you IRS Form 1099-A, Acquisition or Abandonment of Secured Property. Form 1099-A is used to show three key pieces of information that helps foreclosed homeowners determine their tax liability, if any. The IRS considers canceled mortgage debt that results when a borrower is foreclosed as income to that borrower. To account for their cancellation of foreclosed mortgage borrowers’ debt, mortgage lenders send them IRS Form 1099-A. Foreclosed mortgage borrowers’ principal loan balances are shown on Form 1099-A’s Box 2 and the fair market value (FMV) of their foreclosed properties in Box 4. Box 5 of Form 1099-A indicates whether foreclosed borrowers are personally liable for repaying their mortgage loans. Whether you’ll owe taxes on your foreclosure’s lender-canceled debt also depends on Box 5 of Form 1099-A. Mortgage borrowers shown in 1099-A’s Box 5 to be personally liable for repayment of their mortgages could face taxable income liability. States such as California are non-recourse and lenders foreclosing no judicially or without the courts can’t pursue borrowers for negative loan balances or deficiencies. Foreclosed borrowers in non-recourse states might not be held personally liable for repaying their foreclosed mortgages, thus eliminating any tax liability.

The difference between a mortgage’s principal balance shown in IRS Form 1099-A’s Box 2 and Box 4’s FMV is important. For example, if your foreclosed mortgage loan’s principal balance is $100,000 and its FMV $50,000, that $50,000 difference could be taxable income. Your mortgage lender could also overestimate your former home’s FMV shown in Box 4 of your 1099-A. Consider an appraisal to obtain an accurate FMV of your foreclosed home if you’re concerned about possible future tax liability. Foreclosing lenders might issue IRS Form 1099-A to borrowers as a kind of placeholder until they decide whether to issue Form 1099-C. In some cases, foreclosing mortgage lenders need time to decide whether they’ll be canceling their foreclosed borrowers’ mortgage debt. Mortgage lenders may issue Form 1099-A to borrowers and file copies with the IRS to indicate a foreclosure has occurred and that a debt cancellation decision is pending. If you’re issued Form 1099-C after foreclosure your lender has definitely canceled your mortgage loan’s debt.

Taxable Income Exclusions

It’s possible to exclude from taxable income lender-canceled mortgage debt resulting from a home foreclosure. The most common exclusion to the tax liability resulting from lender-canceled mortgage debt comes from the Mortgage Debt Relief Act of 2007. Through Dec. 31, 2012, mortgage borrowers whose principal residences were foreclosed may be able to exclude up to $2 million of lender-canceled debt. Insolvent foreclosed mortgage borrowers, with debts exceeding assets, may also be able to exclude lender-canceled debt from taxable income. The foreclosure itself is treated as a sale of the home. So, you might need to report it on Schedule D. You should receive Forms 1099-A with information about the sale.

What you’ll report as the amount realized on the sale depends on which of these applies: • If you were personally liable for the loan. This is called a recourse loan. • If you weren’t personally liable for the loan. This is called a nonrecourse loan.

On a recourse loan, the amount realized on the sale is the lesser of: • The outstanding debt right before the foreclosure. Subtract any amount for which you remain liable right after the transfer. • The fair market value (FMV) of the property transferred On a nonrecourse loan, the amount realized on the sale is the full amount of the debt outstanding. This is as calculated right before the foreclosure.

You might be able to exclude the capital gain under the sale-of-principal-residence exclusion if both of these are true: • You have a gain on the sale. • The home was your main home.

Cancellation of Debt

If you were liable for the loan, you might have cancellation of debt income. You should receive a Form 1099-C with this information. This is usually the total amount of debt owed right before the foreclosure, minus the property’s FMV. Cancellation of debt income from property secured by a recourse debt is taxable. This is true unless exclusion applies. There are exclusions for these:

• Debt cancelled in a bankruptcy proceeding • Qualified principal residence indebtedness • Insolvency (your debts are more than your assets)

Foreclosure Attorney Free Consultation

When you need legal help with a foreclosure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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from Michael Anderson https://www.ascentlawfirm.com/1099-tax-issues-in-foreclosure/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/616548255293128704

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1099 Tax Issues In Foreclosure

As far as the Internal Revenue Service is concerned, a foreclosure is treated the same as the sale of a property. The bottom line is that once it was yours and now you no longer own it. The event can trigger a capital gain and, in some cases, you might also owe income tax on the amount of any part of the mortgage debt that’s been forgiven or canceled. The sale of real property normally goes through an escrow process. The seller receives statements showing how much the home was sold for. There’s no escrow period with foreclosures, however, lending bank simply takes possession of the home. The basic formula for calculating capital gains is to subtract the basis or cost of the property from the sales price. The difference is how much of a profit the seller made, or how much money was lost in the transaction.

In a foreclosure situation and without escrow statements, there’s no mutually agreed-upon sales price, but, there’s still a “sales price” for tax purposes. It will be either the fair market value of the property as of the date of the foreclosure, or the outstanding loan balance immediately prior to the foreclosure. It will depend on the type of mortgage loan you had. Your mortgage was either recourse or a non-recourse loan.

Recourse Loans

If you had a recourse loan, this means that you’re personally responsible for the debt. The lender can pursue you for repayment even after the property has been repossessed—it has “recourse.” In this case, the figure used as the sales price when calculating any potential capital gain is the lesser of the following two amounts:

• The outstanding loan balance immediately before the foreclosure minus any debt for which the borrower remains personally liable after the foreclosure • The fair market value of the property being foreclosed In addition to a capital gain, you can have canceled debt income from the foreclosure with this type of loan as well. Mortgages used to acquire homes tend to be non-recourse loans, while refinanced loans and home equity loans tend to be recourse loans. This is by no means an absolute rule, however. It can also depend on the state in which you reside.

Non-Recourse Loans

A non-recourse loan is one where the borrower isn’t personally liable for repayment of the loan. In other words, the loan is considered satisfied and the lender can’t pursue the borrower for further repayment if and when it repossesses the property. The figure used as the sales price is the outstanding loan balance immediately before the foreclosure of a non-recourse loan. The IRS takes the position that you’re effectively selling the house back to the lender for full consideration of the outstanding debt, so there’s generally no capital gain. You won’t have any canceled debt income, either, because the lender is prohibited by law from pursuing you for repayment. You’ll Receive Tax Reporting Documents

• Form 1099-A is issued by the bank after real estate has been foreclosed upon. This form reports the date of the foreclosure, the fair market value of the property, and the outstanding loan balance immediately prior to the foreclosure. You’ll need this information when you’re reporting any capital gains related to the property.

• Form 1099-C is issued by the bank after the bank has canceled or forgiven any debt on a recourse loan. This form will indicate how much debt was canceled. You might receive only a single Form 1099-C that reports both the foreclosure and the cancellation of debt instead of receiving both a 1099-A and a 1099-C if your lender both forecloses on the home and cancels the unpaid debt in the same year.

Reporting a Capital Gain or Loss

You can determine the sales price after you’ve determined what type of loan you had on your property. Report the foreclosure on Schedule D and Form 8949 if the foreclosed property was your primary residence. You might qualify to exclude up to $500,000 of gain from taxation subject to certain rules: • The home was your primary residence. • You owned the home for at least two of the last five years (730 days) up to the date of sale. • You lived in the home for at least two of the past five years ending on the date of foreclosure.

Individual taxpayers can exclude up to $250,000 in gains, and married taxpayers filing jointly can double that amount. If the foreclosed property was mixed-use it was your primary residence at one time and a secondary residence at another time you can still qualify for an exclusion from capital gains tax under the modified rules for calculating your gain or loss. The rules are also relaxed somewhat for members of the armed forces.

Capital Gains Tax Rates

As of tax year 2019, the rate on long-term capital gains for properties owned one year or longer depends on your overall taxable income and filing status. Single taxpayers: • 0% if taxable income is under $39,375 • 15% if taxable income is from $39,375 to $434,550 • 20% if taxable income is over $434,550 Heads of household: • 0% if taxable income is under $52,750 • 15% if taxable income is from $52,750 to $461,700 • 20% if taxable income is over $461,700 Married Filing Jointly and Qualifying Widow(er)s: • 0% if taxable income is under $78,750 • 15% if taxable income is from $78,750 to $488,850 • 20% if taxable income is over $488,8503 These long-term capital gains income parameters are different from those that were in place in 2017. Rates were tied to ordinary income tax brackets before the Tax Cuts and Jobs Act (TCJA) went into effect. The TCJA assigned them their own brackets. It’s a short-term capital gain if you owned your home for less than a year. You must pay capital gains tax at the same rate that’s applied to your regular income in other words, according to your tax bracket.

When Discharged Debt Is Taxable Income

The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) provided that taxpayers could exclude from their taxable incomes up to $2 million in discharged mortgage debt due to foreclosure a nice tax break indeed. Prior to 2007, discharged debt was included in taxable income. Then the MFDRA expired at the end of 2017, so discharged debt was once again considered to be taxable income by the IRS. Fortunately, this provision of the tax code is back again, at least for foreclosures that occur from Jan. 1, 2018 through Dec. 31, 2020. Title I, Subtitle A, Section 101 of the Further Consolidation Appropriations Act of 2020, signed into law by President Trump in December 2019, extends this provision through the end of 2020.5 You no longer have to concern yourself with paying income tax on debt discharged through foreclosure, at least through the end of 2020 and if your forgiven debt doesn’t exceed $2 million.

How Much Will a Foreclosure Affect a Tax Refund

Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due.

Foreclosure Tax Consequences

Often, the Internal Revenue Service (IRS) considers debt that’s forgiven by a lender because of foreclosure to be taxable income. Through calendar year 2012, the IRS is waiving taxation of mortgage debt forgiveness in certain cases. Because the IRS is waiving taxation of forgiven mortgage debt, any income tax refund isn’t affected by your foreclosure. However, foreclosures occurring in 2013 and beyond could affect the income tax refunds of those experiencing foreclosures. After foreclosure, the IRS could consider taxable any cash you took from your home as the result of a refinance. In addition to cash-out income, any income you took from a home equity line of credit (HELOC) could be taxable under IRS rules. Your forgiven mortgage debt and income gained from refinances or HELOCs might also be taxable at the state level.

Reporting Foreclosure Income

Taxable income resulting from forgiven mortgage debt and any cash-out refinances or HELOCs has to be declared in the year in which the foreclosure occurred. IRS taxation waivers of forgiven mortgage debt apply only to principal residences. However, money taken from a cash-out refinance or HELOC that’s applied to home renovation or improvement is often tax-exempt after foreclosure. Also, ensure the federal income reporting document (Form 1099) your mortgage lender gives you after your foreclosure is accurate.

Avoiding Taxation

Federal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications.

Difference between A 1099-A and 1099-C

Selling real estate in this precarious market can be quite a task in and of itself. When the dust clears, sellers often are left to navigate through a maze of issues, not sure what to expect next. Many sellers have no idea what tax forms to expect from the lender, so they have no way of knowing if they received them. Two forms in particular, the 1099-A and 1099-C, create much of the confusion for sellers, their lawyers and their financial advisors. Every time real property is sold or transferred, the IRS must be notified. In a traditional sale of property, the seller will receive a Form 1099-S (Proceeds from Real Estate Transactions) to report the sale of the property to the IRS. This form is used to determine whether there is a gain or loss on the sale of the property. In a short sale or deed in lieu of foreclosure, the seller also receives a 1099-S because the property is sold willingly.

1099-A: Acquisition or Abandonment of Secured Property

However, in the case of a foreclosure, no 1099-S is issued because the “sale” is involuntary. Instead, the seller will receive a 1099-A (Acquisition or Abandonment of Secured Property) to report the transfer of the property. The 1099-A reports the date of the transfer, the fair market value on the date of the transfer and the balance of principal outstanding on the date of the transfer. Just like the 1099-S, the 1099-A is used to determine whether there is a gain or loss on the sale of the property. Many sellers mistakenly believe that if their property is sold in a foreclosure auction, they will not have any capital gain. This is not always the case. As a result of the adjustments to cost basis in certain situations, there may be a capital gain on property that is sold in a foreclosure auction. This may cause yet another source of unexpected tax liability that the seller is unable to pay.

1099-C: Cancellation of Debt

Now that short sales have become so common, many sellers understand they may receive a 1099-C (Cancellation of Debt), to report the cancellation of debt resulting from a short sale or deed in lieu of foreclosure. What comes as a surprise to many sellers is that they may receive a 1099-C as a result of foreclosure sale as well. Some sellers believe that if they allow their property to go into foreclosure, they will avoid the tax consequences of the cancellation of debt. However, the tax ramifications are the same for cancellation of debt income, whether it is generated from a short sale, deed in lieu of foreclosure or foreclosure. At the time the seller/borrower obtained the loan to purchase or refinance the property, the loan proceeds were not included in taxable income because the borrower had an obligation to repay the lender. When that obligation to repay the lender is forgiven or cancelled, the amount that is not required to be repaid is considered income by the IRS. The lender is required to report the amount of the cancelled debt to the borrower and the IRS on Form 1099-C, when the forgiven debt is $600 or greater. There are certain exclusions that can be used to reduce or eliminate the cancellation of debt income from taxable income. This includes discharge of the debt in bankruptcy, insolvency of the seller before the creditor agreed to forgive or cancel the debt, or, if the seller qualifies, relief pursuant to the Mortgage Forgiveness Debt Relief Act (MFDRA).

To summarize, any sale or transfer of property, whether voluntary or involuntary, must be reported to the IRS. Form 1099-S is used for a traditional sale, short sale or deed in lieu of foreclosure; Form 1099-A is used for a foreclosure. A lender may forgive or cancel debt in any case – where it’s a short sale, deed in lieu of foreclosure, or foreclosure – which will result in the issuance of a 1099-C. In order to properly report these transactions on the tax return, sellers should seek advice from an experienced tax professional. When homeowners fall into lender foreclosure, several things may end up affecting them, including potential tax issues. The Internal Revenue Service treats foreclosures as sales of property and those properties’ former owners could be liable for certain federal income taxes. After foreclosure your lender may send you IRS Form 1099-A, Acquisition or Abandonment of Secured Property. Form 1099-A is used to show three key pieces of information that helps foreclosed homeowners determine their tax liability, if any. The IRS considers canceled mortgage debt that results when a borrower is foreclosed as income to that borrower. To account for their cancellation of foreclosed mortgage borrowers’ debt, mortgage lenders send them IRS Form 1099-A. Foreclosed mortgage borrowers’ principal loan balances are shown on Form 1099-A’s Box 2 and the fair market value (FMV) of their foreclosed properties in Box 4. Box 5 of Form 1099-A indicates whether foreclosed borrowers are personally liable for repaying their mortgage loans. Whether you’ll owe taxes on your foreclosure’s lender-canceled debt also depends on Box 5 of Form 1099-A. Mortgage borrowers shown in 1099-A’s Box 5 to be personally liable for repayment of their mortgages could face taxable income liability. States such as California are non-recourse and lenders foreclosing no judicially or without the courts can’t pursue borrowers for negative loan balances or deficiencies. Foreclosed borrowers in non-recourse states might not be held personally liable for repaying their foreclosed mortgages, thus eliminating any tax liability.

The difference between a mortgage’s principal balance shown in IRS Form 1099-A’s Box 2 and Box 4’s FMV is important. For example, if your foreclosed mortgage loan’s principal balance is $100,000 and its FMV $50,000, that $50,000 difference could be taxable income. Your mortgage lender could also overestimate your former home’s FMV shown in Box 4 of your 1099-A. Consider an appraisal to obtain an accurate FMV of your foreclosed home if you’re concerned about possible future tax liability. Foreclosing lenders might issue IRS Form 1099-A to borrowers as a kind of placeholder until they decide whether to issue Form 1099-C. In some cases, foreclosing mortgage lenders need time to decide whether they’ll be canceling their foreclosed borrowers’ mortgage debt. Mortgage lenders may issue Form 1099-A to borrowers and file copies with the IRS to indicate a foreclosure has occurred and that a debt cancellation decision is pending. If you’re issued Form 1099-C after foreclosure your lender has definitely canceled your mortgage loan’s debt.

Taxable Income Exclusions

It’s possible to exclude from taxable income lender-canceled mortgage debt resulting from a home foreclosure. The most common exclusion to the tax liability resulting from lender-canceled mortgage debt comes from the Mortgage Debt Relief Act of 2007. Through Dec. 31, 2012, mortgage borrowers whose principal residences were foreclosed may be able to exclude up to $2 million of lender-canceled debt. Insolvent foreclosed mortgage borrowers, with debts exceeding assets, may also be able to exclude lender-canceled debt from taxable income. The foreclosure itself is treated as a sale of the home. So, you might need to report it on Schedule D. You should receive Forms 1099-A with information about the sale.

What you’ll report as the amount realized on the sale depends on which of these applies: • If you were personally liable for the loan. This is called a recourse loan. • If you weren’t personally liable for the loan. This is called a nonrecourse loan.

On a recourse loan, the amount realized on the sale is the lesser of: • The outstanding debt right before the foreclosure. Subtract any amount for which you remain liable right after the transfer. • The fair market value (FMV) of the property transferred On a nonrecourse loan, the amount realized on the sale is the full amount of the debt outstanding. This is as calculated right before the foreclosure.

You might be able to exclude the capital gain under the sale-of-principal-residence exclusion if both of these are true: • You have a gain on the sale. • The home was your main home.

Cancellation of Debt

If you were liable for the loan, you might have cancellation of debt income. You should receive a Form 1099-C with this information. This is usually the total amount of debt owed right before the foreclosure, minus the property’s FMV. Cancellation of debt income from property secured by a recourse debt is taxable. This is true unless exclusion applies. There are exclusions for these:

• Debt cancelled in a bankruptcy proceeding • Qualified principal residence indebtedness • Insolvency (your debts are more than your assets)

Foreclosure Attorney Free Consultation

When you need legal help with a foreclosure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

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Source: https://www.ascentlawfirm.com/1099-tax-issues-in-foreclosure/

[coming-from-hell]

1099 Tax Issues In Foreclosure

As far as the Internal Revenue Service is concerned, a foreclosure is treated the same as the sale of a property. The bottom line is that once it was yours and now you no longer own it. The event can trigger a capital gain and, in some cases, you might also owe income tax on the amount of any part of the mortgage debt that’s been forgiven or canceled. The sale of real property normally goes through an escrow process. The seller receives statements showing how much the home was sold for. There’s no escrow period with foreclosures, however, lending bank simply takes possession of the home. The basic formula for calculating capital gains is to subtract the basis or cost of the property from the sales price. The difference is how much of a profit the seller made, or how much money was lost in the transaction.

In a foreclosure situation and without escrow statements, there’s no mutually agreed-upon sales price, but, there’s still a “sales price” for tax purposes. It will be either the fair market value of the property as of the date of the foreclosure, or the outstanding loan balance immediately prior to the foreclosure. It will depend on the type of mortgage loan you had. Your mortgage was either recourse or a non-recourse loan.

Recourse Loans

If you had a recourse loan, this means that you’re personally responsible for the debt. The lender can pursue you for repayment even after the property has been repossessed—it has “recourse.” In this case, the figure used as the sales price when calculating any potential capital gain is the lesser of the following two amounts:

• The outstanding loan balance immediately before the foreclosure minus any debt for which the borrower remains personally liable after the foreclosure • The fair market value of the property being foreclosed In addition to a capital gain, you can have canceled debt income from the foreclosure with this type of loan as well. Mortgages used to acquire homes tend to be non-recourse loans, while refinanced loans and home equity loans tend to be recourse loans. This is by no means an absolute rule, however. It can also depend on the state in which you reside.

Non-Recourse Loans

A non-recourse loan is one where the borrower isn’t personally liable for repayment of the loan. In other words, the loan is considered satisfied and the lender can’t pursue the borrower for further repayment if and when it repossesses the property. The figure used as the sales price is the outstanding loan balance immediately before the foreclosure of a non-recourse loan. The IRS takes the position that you’re effectively selling the house back to the lender for full consideration of the outstanding debt, so there’s generally no capital gain. You won’t have any canceled debt income, either, because the lender is prohibited by law from pursuing you for repayment. You’ll Receive Tax Reporting Documents

• Form 1099-A is issued by the bank after real estate has been foreclosed upon. This form reports the date of the foreclosure, the fair market value of the property, and the outstanding loan balance immediately prior to the foreclosure. You’ll need this information when you’re reporting any capital gains related to the property.

• Form 1099-C is issued by the bank after the bank has canceled or forgiven any debt on a recourse loan. This form will indicate how much debt was canceled. You might receive only a single Form 1099-C that reports both the foreclosure and the cancellation of debt instead of receiving both a 1099-A and a 1099-C if your lender both forecloses on the home and cancels the unpaid debt in the same year.

Reporting a Capital Gain or Loss

You can determine the sales price after you’ve determined what type of loan you had on your property. Report the foreclosure on Schedule D and Form 8949 if the foreclosed property was your primary residence. You might qualify to exclude up to $500,000 of gain from taxation subject to certain rules: • The home was your primary residence. • You owned the home for at least two of the last five years (730 days) up to the date of sale. • You lived in the home for at least two of the past five years ending on the date of foreclosure.

Individual taxpayers can exclude up to $250,000 in gains, and married taxpayers filing jointly can double that amount. If the foreclosed property was mixed-use it was your primary residence at one time and a secondary residence at another time you can still qualify for an exclusion from capital gains tax under the modified rules for calculating your gain or loss. The rules are also relaxed somewhat for members of the armed forces.

Capital Gains Tax Rates

As of tax year 2019, the rate on long-term capital gains for properties owned one year or longer depends on your overall taxable income and filing status. Single taxpayers: • 0% if taxable income is under $39,375 • 15% if taxable income is from $39,375 to $434,550 • 20% if taxable income is over $434,550 Heads of household: • 0% if taxable income is under $52,750 • 15% if taxable income is from $52,750 to $461,700 • 20% if taxable income is over $461,700 Married Filing Jointly and Qualifying Widow(er)s: • 0% if taxable income is under $78,750 • 15% if taxable income is from $78,750 to $488,850 • 20% if taxable income is over $488,8503 These long-term capital gains income parameters are different from those that were in place in 2017. Rates were tied to ordinary income tax brackets before the Tax Cuts and Jobs Act (TCJA) went into effect. The TCJA assigned them their own brackets. It’s a short-term capital gain if you owned your home for less than a year. You must pay capital gains tax at the same rate that’s applied to your regular income in other words, according to your tax bracket.

When Discharged Debt Is Taxable Income

The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) provided that taxpayers could exclude from their taxable incomes up to $2 million in discharged mortgage debt due to foreclosure a nice tax break indeed. Prior to 2007, discharged debt was included in taxable income. Then the MFDRA expired at the end of 2017, so discharged debt was once again considered to be taxable income by the IRS. Fortunately, this provision of the tax code is back again, at least for foreclosures that occur from Jan. 1, 2018 through Dec. 31, 2020. Title I, Subtitle A, Section 101 of the Further Consolidation Appropriations Act of 2020, signed into law by President Trump in December 2019, extends this provision through the end of 2020.5 You no longer have to concern yourself with paying income tax on debt discharged through foreclosure, at least through the end of 2020 and if your forgiven debt doesn’t exceed $2 million.

How Much Will a Foreclosure Affect a Tax Refund

Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due.

Foreclosure Tax Consequences

Often, the Internal Revenue Service (IRS) considers debt that’s forgiven by a lender because of foreclosure to be taxable income. Through calendar year 2012, the IRS is waiving taxation of mortgage debt forgiveness in certain cases. Because the IRS is waiving taxation of forgiven mortgage debt, any income tax refund isn’t affected by your foreclosure. However, foreclosures occurring in 2013 and beyond could affect the income tax refunds of those experiencing foreclosures. After foreclosure, the IRS could consider taxable any cash you took from your home as the result of a refinance. In addition to cash-out income, any income you took from a home equity line of credit (HELOC) could be taxable under IRS rules. Your forgiven mortgage debt and income gained from refinances or HELOCs might also be taxable at the state level.

Reporting Foreclosure Income

Taxable income resulting from forgiven mortgage debt and any cash-out refinances or HELOCs has to be declared in the year in which the foreclosure occurred. IRS taxation waivers of forgiven mortgage debt apply only to principal residences. However, money taken from a cash-out refinance or HELOC that’s applied to home renovation or improvement is often tax-exempt after foreclosure. Also, ensure the federal income reporting document (Form 1099) your mortgage lender gives you after your foreclosure is accurate.

Avoiding Taxation

Federal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications.

Difference between A 1099-A and 1099-C

Selling real estate in this precarious market can be quite a task in and of itself. When the dust clears, sellers often are left to navigate through a maze of issues, not sure what to expect next. Many sellers have no idea what tax forms to expect from the lender, so they have no way of knowing if they received them. Two forms in particular, the 1099-A and 1099-C, create much of the confusion for sellers, their lawyers and their financial advisors. Every time real property is sold or transferred, the IRS must be notified. In a traditional sale of property, the seller will receive a Form 1099-S (Proceeds from Real Estate Transactions) to report the sale of the property to the IRS. This form is used to determine whether there is a gain or loss on the sale of the property. In a short sale or deed in lieu of foreclosure, the seller also receives a 1099-S because the property is sold willingly.

1099-A: Acquisition or Abandonment of Secured Property

However, in the case of a foreclosure, no 1099-S is issued because the “sale” is involuntary. Instead, the seller will receive a 1099-A (Acquisition or Abandonment of Secured Property) to report the transfer of the property. The 1099-A reports the date of the transfer, the fair market value on the date of the transfer and the balance of principal outstanding on the date of the transfer. Just like the 1099-S, the 1099-A is used to determine whether there is a gain or loss on the sale of the property. Many sellers mistakenly believe that if their property is sold in a foreclosure auction, they will not have any capital gain. This is not always the case. As a result of the adjustments to cost basis in certain situations, there may be a capital gain on property that is sold in a foreclosure auction. This may cause yet another source of unexpected tax liability that the seller is unable to pay.

1099-C: Cancellation of Debt

Now that short sales have become so common, many sellers understand they may receive a 1099-C (Cancellation of Debt), to report the cancellation of debt resulting from a short sale or deed in lieu of foreclosure. What comes as a surprise to many sellers is that they may receive a 1099-C as a result of foreclosure sale as well. Some sellers believe that if they allow their property to go into foreclosure, they will avoid the tax consequences of the cancellation of debt. However, the tax ramifications are the same for cancellation of debt income, whether it is generated from a short sale, deed in lieu of foreclosure or foreclosure. At the time the seller/borrower obtained the loan to purchase or refinance the property, the loan proceeds were not included in taxable income because the borrower had an obligation to repay the lender. When that obligation to repay the lender is forgiven or cancelled, the amount that is not required to be repaid is considered income by the IRS. The lender is required to report the amount of the cancelled debt to the borrower and the IRS on Form 1099-C, when the forgiven debt is $600 or greater. There are certain exclusions that can be used to reduce or eliminate the cancellation of debt income from taxable income. This includes discharge of the debt in bankruptcy, insolvency of the seller before the creditor agreed to forgive or cancel the debt, or, if the seller qualifies, relief pursuant to the Mortgage Forgiveness Debt Relief Act (MFDRA).

To summarize, any sale or transfer of property, whether voluntary or involuntary, must be reported to the IRS. Form 1099-S is used for a traditional sale, short sale or deed in lieu of foreclosure; Form 1099-A is used for a foreclosure. A lender may forgive or cancel debt in any case – where it’s a short sale, deed in lieu of foreclosure, or foreclosure – which will result in the issuance of a 1099-C. In order to properly report these transactions on the tax return, sellers should seek advice from an experienced tax professional. When homeowners fall into lender foreclosure, several things may end up affecting them, including potential tax issues. The Internal Revenue Service treats foreclosures as sales of property and those properties’ former owners could be liable for certain federal income taxes. After foreclosure your lender may send you IRS Form 1099-A, Acquisition or Abandonment of Secured Property. Form 1099-A is used to show three key pieces of information that helps foreclosed homeowners determine their tax liability, if any. The IRS considers canceled mortgage debt that results when a borrower is foreclosed as income to that borrower. To account for their cancellation of foreclosed mortgage borrowers’ debt, mortgage lenders send them IRS Form 1099-A. Foreclosed mortgage borrowers’ principal loan balances are shown on Form 1099-A’s Box 2 and the fair market value (FMV) of their foreclosed properties in Box 4. Box 5 of Form 1099-A indicates whether foreclosed borrowers are personally liable for repaying their mortgage loans. Whether you’ll owe taxes on your foreclosure’s lender-canceled debt also depends on Box 5 of Form 1099-A. Mortgage borrowers shown in 1099-A’s Box 5 to be personally liable for repayment of their mortgages could face taxable income liability. States such as California are non-recourse and lenders foreclosing no judicially or without the courts can’t pursue borrowers for negative loan balances or deficiencies. Foreclosed borrowers in non-recourse states might not be held personally liable for repaying their foreclosed mortgages, thus eliminating any tax liability.

The difference between a mortgage’s principal balance shown in IRS Form 1099-A’s Box 2 and Box 4’s FMV is important. For example, if your foreclosed mortgage loan’s principal balance is $100,000 and its FMV $50,000, that $50,000 difference could be taxable income. Your mortgage lender could also overestimate your former home’s FMV shown in Box 4 of your 1099-A. Consider an appraisal to obtain an accurate FMV of your foreclosed home if you’re concerned about possible future tax liability. Foreclosing lenders might issue IRS Form 1099-A to borrowers as a kind of placeholder until they decide whether to issue Form 1099-C. In some cases, foreclosing mortgage lenders need time to decide whether they’ll be canceling their foreclosed borrowers’ mortgage debt. Mortgage lenders may issue Form 1099-A to borrowers and file copies with the IRS to indicate a foreclosure has occurred and that a debt cancellation decision is pending. If you’re issued Form 1099-C after foreclosure your lender has definitely canceled your mortgage loan’s debt.

Taxable Income Exclusions

It’s possible to exclude from taxable income lender-canceled mortgage debt resulting from a home foreclosure. The most common exclusion to the tax liability resulting from lender-canceled mortgage debt comes from the Mortgage Debt Relief Act of 2007. Through Dec. 31, 2012, mortgage borrowers whose principal residences were foreclosed may be able to exclude up to $2 million of lender-canceled debt. Insolvent foreclosed mortgage borrowers, with debts exceeding assets, may also be able to exclude lender-canceled debt from taxable income. The foreclosure itself is treated as a sale of the home. So, you might need to report it on Schedule D. You should receive Forms 1099-A with information about the sale.

What you’ll report as the amount realized on the sale depends on which of these applies: • If you were personally liable for the loan. This is called a recourse loan. • If you weren’t personally liable for the loan. This is called a nonrecourse loan.

On a recourse loan, the amount realized on the sale is the lesser of: • The outstanding debt right before the foreclosure. Subtract any amount for which you remain liable right after the transfer. • The fair market value (FMV) of the property transferred On a nonrecourse loan, the amount realized on the sale is the full amount of the debt outstanding. This is as calculated right before the foreclosure.

You might be able to exclude the capital gain under the sale-of-principal-residence exclusion if both of these are true: • You have a gain on the sale. • The home was your main home.

Cancellation of Debt

If you were liable for the loan, you might have cancellation of debt income. You should receive a Form 1099-C with this information. This is usually the total amount of debt owed right before the foreclosure, minus the property’s FMV. Cancellation of debt income from property secured by a recourse debt is taxable. This is true unless exclusion applies. There are exclusions for these:

• Debt cancelled in a bankruptcy proceeding • Qualified principal residence indebtedness • Insolvency (your debts are more than your assets)

Foreclosure Attorney Free Consultation

When you need legal help with a foreclosure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

ATV Accident Lawyer Layton Utah

Will Bankruptcy Show Up On My Credit Report?

How Asset Protection Works

Can A Restraining Order Affect Custody?

How To Prepare For Your Free Consultation

Does A 401k Go Through Probate?

Source: https://www.ascentlawfirm.com/1099-tax-issues-in-foreclosure/

[divorcelawyergunnisonutah]

1099 Tax Issues In Foreclosure

As far as the Internal Revenue Service is concerned, a foreclosure is treated the same as the sale of a property. The bottom line is that once it was yours and now you no longer own it. The event can trigger a capital gain and, in some cases, you might also owe income tax on the amount of any part of the mortgage debt that’s been forgiven or canceled. The sale of real property normally goes through an escrow process. The seller receives statements showing how much the home was sold for. There’s no escrow period with foreclosures, however, lending bank simply takes possession of the home. The basic formula for calculating capital gains is to subtract the basis or cost of the property from the sales price. The difference is how much of a profit the seller made, or how much money was lost in the transaction.

In a foreclosure situation and without escrow statements, there’s no mutually agreed-upon sales price, but, there’s still a “sales price” for tax purposes. It will be either the fair market value of the property as of the date of the foreclosure, or the outstanding loan balance immediately prior to the foreclosure. It will depend on the type of mortgage loan you had. Your mortgage was either recourse or a non-recourse loan.

Recourse Loans

If you had a recourse loan, this means that you’re personally responsible for the debt. The lender can pursue you for repayment even after the property has been repossessed—it has “recourse.” In this case, the figure used as the sales price when calculating any potential capital gain is the lesser of the following two amounts:

• The outstanding loan balance immediately before the foreclosure minus any debt for which the borrower remains personally liable after the foreclosure • The fair market value of the property being foreclosed In addition to a capital gain, you can have canceled debt income from the foreclosure with this type of loan as well. Mortgages used to acquire homes tend to be non-recourse loans, while refinanced loans and home equity loans tend to be recourse loans. This is by no means an absolute rule, however. It can also depend on the state in which you reside.

Non-Recourse Loans

A non-recourse loan is one where the borrower isn’t personally liable for repayment of the loan. In other words, the loan is considered satisfied and the lender can’t pursue the borrower for further repayment if and when it repossesses the property. The figure used as the sales price is the outstanding loan balance immediately before the foreclosure of a non-recourse loan. The IRS takes the position that you’re effectively selling the house back to the lender for full consideration of the outstanding debt, so there’s generally no capital gain. You won’t have any canceled debt income, either, because the lender is prohibited by law from pursuing you for repayment. You’ll Receive Tax Reporting Documents

• Form 1099-A is issued by the bank after real estate has been foreclosed upon. This form reports the date of the foreclosure, the fair market value of the property, and the outstanding loan balance immediately prior to the foreclosure. You’ll need this information when you’re reporting any capital gains related to the property.

• Form 1099-C is issued by the bank after the bank has canceled or forgiven any debt on a recourse loan. This form will indicate how much debt was canceled. You might receive only a single Form 1099-C that reports both the foreclosure and the cancellation of debt instead of receiving both a 1099-A and a 1099-C if your lender both forecloses on the home and cancels the unpaid debt in the same year.

Reporting a Capital Gain or Loss

You can determine the sales price after you’ve determined what type of loan you had on your property. Report the foreclosure on Schedule D and Form 8949 if the foreclosed property was your primary residence. You might qualify to exclude up to $500,000 of gain from taxation subject to certain rules: • The home was your primary residence. • You owned the home for at least two of the last five years (730 days) up to the date of sale. • You lived in the home for at least two of the past five years ending on the date of foreclosure.

Individual taxpayers can exclude up to $250,000 in gains, and married taxpayers filing jointly can double that amount. If the foreclosed property was mixed-use it was your primary residence at one time and a secondary residence at another time you can still qualify for an exclusion from capital gains tax under the modified rules for calculating your gain or loss. The rules are also relaxed somewhat for members of the armed forces.

Capital Gains Tax Rates

As of tax year 2019, the rate on long-term capital gains for properties owned one year or longer depends on your overall taxable income and filing status. Single taxpayers: • 0% if taxable income is under $39,375 • 15% if taxable income is from $39,375 to $434,550 • 20% if taxable income is over $434,550 Heads of household: • 0% if taxable income is under $52,750 • 15% if taxable income is from $52,750 to $461,700 • 20% if taxable income is over $461,700 Married Filing Jointly and Qualifying Widow(er)s: • 0% if taxable income is under $78,750 • 15% if taxable income is from $78,750 to $488,850 • 20% if taxable income is over $488,8503 These long-term capital gains income parameters are different from those that were in place in 2017. Rates were tied to ordinary income tax brackets before the Tax Cuts and Jobs Act (TCJA) went into effect. The TCJA assigned them their own brackets. It’s a short-term capital gain if you owned your home for less than a year. You must pay capital gains tax at the same rate that’s applied to your regular income in other words, according to your tax bracket.

When Discharged Debt Is Taxable Income

The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) provided that taxpayers could exclude from their taxable incomes up to $2 million in discharged mortgage debt due to foreclosure a nice tax break indeed. Prior to 2007, discharged debt was included in taxable income. Then the MFDRA expired at the end of 2017, so discharged debt was once again considered to be taxable income by the IRS. Fortunately, this provision of the tax code is back again, at least for foreclosures that occur from Jan. 1, 2018 through Dec. 31, 2020. Title I, Subtitle A, Section 101 of the Further Consolidation Appropriations Act of 2020, signed into law by President Trump in December 2019, extends this provision through the end of 2020.5 You no longer have to concern yourself with paying income tax on debt discharged through foreclosure, at least through the end of 2020 and if your forgiven debt doesn’t exceed $2 million.

How Much Will a Foreclosure Affect a Tax Refund

Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due.

Foreclosure Tax Consequences

Often, the Internal Revenue Service (IRS) considers debt that’s forgiven by a lender because of foreclosure to be taxable income. Through calendar year 2012, the IRS is waiving taxation of mortgage debt forgiveness in certain cases. Because the IRS is waiving taxation of forgiven mortgage debt, any income tax refund isn’t affected by your foreclosure. However, foreclosures occurring in 2013 and beyond could affect the income tax refunds of those experiencing foreclosures. After foreclosure, the IRS could consider taxable any cash you took from your home as the result of a refinance. In addition to cash-out income, any income you took from a home equity line of credit (HELOC) could be taxable under IRS rules. Your forgiven mortgage debt and income gained from refinances or HELOCs might also be taxable at the state level.

Reporting Foreclosure Income

Taxable income resulting from forgiven mortgage debt and any cash-out refinances or HELOCs has to be declared in the year in which the foreclosure occurred. IRS taxation waivers of forgiven mortgage debt apply only to principal residences. However, money taken from a cash-out refinance or HELOC that’s applied to home renovation or improvement is often tax-exempt after foreclosure. Also, ensure the federal income reporting document (Form 1099) your mortgage lender gives you after your foreclosure is accurate.

Avoiding Taxation

Federal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications.

Difference between A 1099-A and 1099-C

Selling real estate in this precarious market can be quite a task in and of itself. When the dust clears, sellers often are left to navigate through a maze of issues, not sure what to expect next. Many sellers have no idea what tax forms to expect from the lender, so they have no way of knowing if they received them. Two forms in particular, the 1099-A and 1099-C, create much of the confusion for sellers, their lawyers and their financial advisors. Every time real property is sold or transferred, the IRS must be notified. In a traditional sale of property, the seller will receive a Form 1099-S (Proceeds from Real Estate Transactions) to report the sale of the property to the IRS. This form is used to determine whether there is a gain or loss on the sale of the property. In a short sale or deed in lieu of foreclosure, the seller also receives a 1099-S because the property is sold willingly.

1099-A: Acquisition or Abandonment of Secured Property

However, in the case of a foreclosure, no 1099-S is issued because the “sale” is involuntary. Instead, the seller will receive a 1099-A (Acquisition or Abandonment of Secured Property) to report the transfer of the property. The 1099-A reports the date of the transfer, the fair market value on the date of the transfer and the balance of principal outstanding on the date of the transfer. Just like the 1099-S, the 1099-A is used to determine whether there is a gain or loss on the sale of the property. Many sellers mistakenly believe that if their property is sold in a foreclosure auction, they will not have any capital gain. This is not always the case. As a result of the adjustments to cost basis in certain situations, there may be a capital gain on property that is sold in a foreclosure auction. This may cause yet another source of unexpected tax liability that the seller is unable to pay.

1099-C: Cancellation of Debt

Now that short sales have become so common, many sellers understand they may receive a 1099-C (Cancellation of Debt), to report the cancellation of debt resulting from a short sale or deed in lieu of foreclosure. What comes as a surprise to many sellers is that they may receive a 1099-C as a result of foreclosure sale as well. Some sellers believe that if they allow their property to go into foreclosure, they will avoid the tax consequences of the cancellation of debt. However, the tax ramifications are the same for cancellation of debt income, whether it is generated from a short sale, deed in lieu of foreclosure or foreclosure. At the time the seller/borrower obtained the loan to purchase or refinance the property, the loan proceeds were not included in taxable income because the borrower had an obligation to repay the lender. When that obligation to repay the lender is forgiven or cancelled, the amount that is not required to be repaid is considered income by the IRS. The lender is required to report the amount of the cancelled debt to the borrower and the IRS on Form 1099-C, when the forgiven debt is $600 or greater. There are certain exclusions that can be used to reduce or eliminate the cancellation of debt income from taxable income. This includes discharge of the debt in bankruptcy, insolvency of the seller before the creditor agreed to forgive or cancel the debt, or, if the seller qualifies, relief pursuant to the Mortgage Forgiveness Debt Relief Act (MFDRA).

To summarize, any sale or transfer of property, whether voluntary or involuntary, must be reported to the IRS. Form 1099-S is used for a traditional sale, short sale or deed in lieu of foreclosure; Form 1099-A is used for a foreclosure. A lender may forgive or cancel debt in any case – where it’s a short sale, deed in lieu of foreclosure, or foreclosure – which will result in the issuance of a 1099-C. In order to properly report these transactions on the tax return, sellers should seek advice from an experienced tax professional. When homeowners fall into lender foreclosure, several things may end up affecting them, including potential tax issues. The Internal Revenue Service treats foreclosures as sales of property and those properties’ former owners could be liable for certain federal income taxes. After foreclosure your lender may send you IRS Form 1099-A, Acquisition or Abandonment of Secured Property. Form 1099-A is used to show three key pieces of information that helps foreclosed homeowners determine their tax liability, if any. The IRS considers canceled mortgage debt that results when a borrower is foreclosed as income to that borrower. To account for their cancellation of foreclosed mortgage borrowers’ debt, mortgage lenders send them IRS Form 1099-A. Foreclosed mortgage borrowers’ principal loan balances are shown on Form 1099-A’s Box 2 and the fair market value (FMV) of their foreclosed properties in Box 4. Box 5 of Form 1099-A indicates whether foreclosed borrowers are personally liable for repaying their mortgage loans. Whether you’ll owe taxes on your foreclosure’s lender-canceled debt also depends on Box 5 of Form 1099-A. Mortgage borrowers shown in 1099-A’s Box 5 to be personally liable for repayment of their mortgages could face taxable income liability. States such as California are non-recourse and lenders foreclosing no judicially or without the courts can’t pursue borrowers for negative loan balances or deficiencies. Foreclosed borrowers in non-recourse states might not be held personally liable for repaying their foreclosed mortgages, thus eliminating any tax liability.

The difference between a mortgage’s principal balance shown in IRS Form 1099-A’s Box 2 and Box 4’s FMV is important. For example, if your foreclosed mortgage loan’s principal balance is $100,000 and its FMV $50,000, that $50,000 difference could be taxable income. Your mortgage lender could also overestimate your former home’s FMV shown in Box 4 of your 1099-A. Consider an appraisal to obtain an accurate FMV of your foreclosed home if you’re concerned about possible future tax liability. Foreclosing lenders might issue IRS Form 1099-A to borrowers as a kind of placeholder until they decide whether to issue Form 1099-C. In some cases, foreclosing mortgage lenders need time to decide whether they’ll be canceling their foreclosed borrowers’ mortgage debt. Mortgage lenders may issue Form 1099-A to borrowers and file copies with the IRS to indicate a foreclosure has occurred and that a debt cancellation decision is pending. If you’re issued Form 1099-C after foreclosure your lender has definitely canceled your mortgage loan’s debt.

Taxable Income Exclusions

It’s possible to exclude from taxable income lender-canceled mortgage debt resulting from a home foreclosure. The most common exclusion to the tax liability resulting from lender-canceled mortgage debt comes from the Mortgage Debt Relief Act of 2007. Through Dec. 31, 2012, mortgage borrowers whose principal residences were foreclosed may be able to exclude up to $2 million of lender-canceled debt. Insolvent foreclosed mortgage borrowers, with debts exceeding assets, may also be able to exclude lender-canceled debt from taxable income. The foreclosure itself is treated as a sale of the home. So, you might need to report it on Schedule D. You should receive Forms 1099-A with information about the sale.

What you’ll report as the amount realized on the sale depends on which of these applies: • If you were personally liable for the loan. This is called a recourse loan. • If you weren’t personally liable for the loan. This is called a nonrecourse loan.

On a recourse loan, the amount realized on the sale is the lesser of: • The outstanding debt right before the foreclosure. Subtract any amount for which you remain liable right after the transfer. • The fair market value (FMV) of the property transferred On a nonrecourse loan, the amount realized on the sale is the full amount of the debt outstanding. This is as calculated right before the foreclosure.

You might be able to exclude the capital gain under the sale-of-principal-residence exclusion if both of these are true: • You have a gain on the sale. • The home was your main home.

Cancellation of Debt

If you were liable for the loan, you might have cancellation of debt income. You should receive a Form 1099-C with this information. This is usually the total amount of debt owed right before the foreclosure, minus the property’s FMV. Cancellation of debt income from property secured by a recourse debt is taxable. This is true unless exclusion applies. There are exclusions for these:

• Debt cancelled in a bankruptcy proceeding • Qualified principal residence indebtedness • Insolvency (your debts are more than your assets)

Foreclosure Attorney Free Consultation

When you need legal help with a foreclosure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

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from Michael Anderson https://www.ascentlawfirm.com/1099-tax-issues-in-foreclosure/

[lucyt0601]

Research Paper Draft #1

Katie Paterson and the Concept of Memory 

The purpose of my research is to study the work and practice of the artist Katie Paterson and to see how her work relates to the concept of memory- how she replicated her memories into her art works and takes what is inside of her to create her visible mediums, which include texts, monographs, videos, sculptures, images, numbers, etc. She used light and dark colors together and separately, how she employed simplicity and a clean style. According to Ollivier Dyens in his article The Sadness of the Machine, “Memories of pleasure, pain, sadness and joy, are the common thread that unites all human beings. Memories are our existence, and art is their system of replication” (Dyens 2001, 77).

Basic biographical information/identity as an artist and a person:  

Born in Glasgow, Scotland in 1981, one of the leading artists in her generation. Received her BA from Edinburgh College of Art, Edinburgh, United Kingdom in 2004 and her MFA from the Slade School of Fine Art in London, United Kingdom in 2007. She has since been the subject of solo exhibitions at institutions, recipient of the John Florent Stone Fellowship at Edinburgh College of Art, and was the Leverhulme Artist in Residence in the Astrophysics Group at the University College London in 2010-2011. In collaboration with scientists and researchers from around the world, her projects consider the place of humans on planet Earth in the context of geological time and change. Her words utilize advanced technologies and expertise to display the engagements between people and the natural environment. Approach is Romantic and research-based, rigorous conceptualism and minimalist, shortens the distance between the viewer and the edges of time and the cosmos. She has broadcast the sounds of a melting glacier live, mapped dead stars, compiled a slide archive of darkness from the depths of the Universe, created a light bulb to simulate the experience of moonlight, and sent a recast meteorite back into space. “Eliciting feelings of humility, wonder and melancholy akin to the experience of the Romantic sublime, Paterson's work is at once understated in gesture and yet monumental in scope.” Paterson has exhibited internationally, from London to New York, Berlin to Seoul, and her works have been included in major exhibitions including Hayward Gallery, Tate Britain, Kunsthalle Wien, MCA Sydney, Guggenheim Museum, New York, and The Scottish National Gallery of Modern Art, Edinburgh. She was the winner of the Visual Arts category of the 2014 South Bank Awards, and is an Honorary Fellow of Edinburgh University. Her poetic installations have been the result of intensive research and collaboration with specialists as diverse as astronomers, geneticists, nanotechnologists, jewelers and firework manufacturers. As Erica Burton, curator at Modern Art Oxford, wrote at a solo exhibition in 2008, “Katie Paterson’s work engages with the landscape, as a physical entity and as an idea. Drawing on our experience of the natural world, she creates an expanded sense of reality beyond the purely visible.”

Her artistic creations:

Among recent works are: Totality (2016), a mirrorball reflecting every solar eclipse seen from earth; Hollow (2016), a commission for University of Bristol, made in collaboration with architects Zeller & Moye, permanently installed in the historic Royal Fort Gardens: a miniature forest of all the world’s forests, including over 10,000 unique tree species spanning millions of years telling the history of the planet through the immensity of tree specimens in microcosm; Fossil Necklace (2013), a necklace comprised of 170 carved, rounded fossils, spanning geological time; Second Moon (2013), a work that tracks the cyclical journey of a fragment of the moon as it circles the Earth, via airfreight courier, on a man-made year-long commercial orbit; All the Dead Stars (2009), a large map documenting the locations of 27,000 dead stars known to humanity; Light bulb to Simulate Moonlight (2009), an incandescent bulb designed to transmit wavelength properties identical to those of moonlight; and History of Darkness (ongoing), a slide archive of darkness captured at different times and places throughout the universe and spanning billions of years.

“Paterson created Earth-Moon-Earth (Moonlight Sonata Reflected from the Surface of the Moon) (2007). With the assistance of radio operators Peter Blair in Southampton, England, and Peter Sundberg in Lulea, Sweden, Paterson bounced Morse code Signals of the score of the first movement of Beethoven’s Moonlight Sonata off the moon and then transcribed the echoed information back into notation, which was then played back in exhibition on a player piano” (204). 

“Paterson employs a novel subtractive sonification based on ever-present loss. Regular radar scans of the surface would employ much higher power and include repetitions to override error producing a refined data set that a conventional sonification strategy would then transform into music or another art of sound. Paterson’s approach is different. Just as one hears the Pacific Ocean leak into the off-timings of Nam June Paik’s version of Bach, in Earth-Moon-Earth you hear the moon in what Beethoven does not sound like” (208). 

Musicalization of dead silences- Sound recordings of three Icelandic glaciers on records made of frozen meltwater from these glaciers are played until the records melt, mimicking the loss and silencing of their source.

History of Darkness, 2010: “...essays a cosmically laconic take on astro physical discovery of the protocols of its recording. For the Dying Star Letters, Paterson is sent an email each time scientists note a star has been expired; she then writes a letter of condolence” (31). 

Paterson praises the book,“Stone Mattress,” by Margaret Atwood, our first author for “Future Library.” (Paterson herself says) I love her work because she can speak through generations and time. I’m also reading “Invisible Cities,” by Italo Calvino, which is a collection of texts that imagines cities of all varieties made of bizarre materials. And “The Blue Fox,” by the Icelandic author Sjon. You follow a blue fox through a hunted journey. It’s like a fairy tale. All three books travel through time and space. And they all have very poetic language as well.

Paterson addresses her political standpoint by saying, “I was following the Scottish referendum on BBC Scotland, Yes Scotland and the Wee Blue Book Mobile Edition. I submitted my vote: Yes for an independent Scotland. I think we will see positive results from the referendum, even though the result is not what I had hoped for.” 

Inspirations/influences:

Her experience living in Iceland felt like living on another planet- traveling to drastically different places feels like going to different planets, which is what sparked her fascination with outer space and the cosmos. 

Reputation as an artist:  

She is fascinated by science and is known for her multidisciplinary and conceptually-driven work with an emphasis on nature, ecology, geology and cosmology. Her conceptual art finds everyday analogies for profound cosmological themes, is consistent in exploring scientific themes through contemporary art: her works have ranged from sending a "second moon" around the earth by courier service, to playing a record at the speed of the earth's rotation. Institutions approve of  her art because it fits some deep need they have for art that is conceptual and intellectual. That combination allows museums and respectable prize givers to feel they are “down with the kids,” while also furthering their liberal mission to educate the public.“The Works of Katie Paterson go sailing off the scale of civilization. Using technologies normally applied to the speed and scope of human experience, the Scottish artist zooms out or tunnels in to other, more alien dimensions, reframing natural and cosmic phenomena… anthropocentric worldviews are dissipated in favor of a different kind of consciousness, one keyed to evolutionary systems and rooted in contact with igneous chaos.”

Working and collaborating with others:

"You, at least, believe that the human race will still be around in a hundred years!" enthused the acclaimed writer and environmental activist Margaret Atwood when she was asked to be the first contributor to Paterson's centennial project, Future Library, 2014-2114, a work of art that is essentially a form of time travel.” 

Focusing on a single work and how it ties to our FSEM/memory: 

Fossil Necklace, a giant circular string displaying the development of life on Earth. It is made of 170 carved fossil beads representing the Earth’s memory of a major occurrence in evolution through geological time. According to Paterson, “Fossil hunting is a new hobby of mine. It happened because I made a necklace of 170 beads carved from fossils and it charts all of geological time on Earth. The first bead is 3 1/2 billion years old and contains the first cellular life on earth and it goes on from there. I had no experience in paleontology and it took ages to work out what I was looking for. Scotland has got an amazing coast where you can find fossils just on the beach. I didn’t know this at all. I also got fossils from fairs, eBay and auctions.” 

Campo del Cielo, Field of the Sky, 2012- may work with memory concept better (see video on James Cohan site). 

Suggestions from the writing fellow: I met with Emma Consoli this past Sunday and 5pm. I had a positive experience in the CTL with her because she liked the way I outlined my first draft, but she did tell me to cut down on the raw quotations and use more of my own voice. She had me change my wording of phrases here and there and pointed out some grammatical errors from when I first typed out the draft. 

Bibliography 

Murphy, Kate. "Katie Paterson." The New York Times Sunday Review. Last modified September 20, 2014. Accessed October 20, 2019. https://www.nytimes.com/2014/ 09/21/opinion/sunday/katie-paterson.html?searchResultPosition=1. 

Larsen, Lars Bang. 2014. 1000 WORDS: Katie paterson and margaret atwood. Artforum International. 11, https://ezproxy.hws.edu/login?url=https://search.proquest.com/docview/1625101398?accountid=27680 (accessed October 16, 2019).

McKinnon, Dugal. "Dead Silence: Ecological Silencing and Environmentally Engaged Sound Art." Leonardo Music Journal 23 (2013): 71-74. http://www.jstor.org/stable/43832509.

Dillon, Brian. "Attention! Photography and Sidelong Discovery." In Aperture, No.

     211, Curiosity (Summer 2013), pp. 25-31. Published in JSTOR.

     Accessed October 29, 2019. https://www.jstor.org/stable/24473799. 

Kahn, Douglas. Earth Sound Earth Signal : Energies and Earth Magnitude in the Arts. Berkeley: University of California Press, 2013. Accessed October 29, 2019. ProQuest Ebook Central.

[sofiahanks]

Create forms for those individuals who complete or print in Word

You can create a form in MS office Word office.com/setup by starting with a template or blank document and adding content controls, including text boxes, check boxes, drop-down lists and date pickers. Other individual can use Word to fill out the form on their system. In an advanced condition, any content controls that you add to a form can also be connected to data.

Follow the steps given below to create a form in Word

Step 1: Show the option of Developer tab

·        Go to the File tab, and then Go to Options > Customize Ribbon.

Under Customize the Ribbon, Click on Main Tabs.

In the list, choose the option of Developer check box, and then click on OK.

Step 2: Open a document or a template on the basis of form

To save the time, you can start with a form template, or you can start with a blank document and save as either a template or a document to re-use in the future.

Start with a form template

Click on the File tab and then Go to New.

Search the option of Forms in the Templates search box.

Click on the form that matches the type you want to create.

Click on the Download option if you are using MS Word 2010, or create if you are using MS Word 2013 or 2016.

Click on the File tab again and click on the option of Save As and pick a location to save the form.

In the Save As dialog box, type a name for the new document or template, and then click on Save.

Start with a blank document

If you want to create your own template, create a new document and save the new document as a template.

In the form document you’ve created, click on the File tab.

Click on the option of Save As.

Under the option of Save as type, choose Word template from the menu.

In the Save As dialog box, enter a file name for the new template, and then click on the Save option.

Step 3: Add content to the form

On the Developer tab, in the Controls group, click on the Design Mode, and then insert on the controls that you want.

Do any of the following:

Insert a text control where individuals enter text

Insert a picture control

Insert building block control

Insert a date picker

Insert a check box

Use the legacy from controls

Insert a drop down list

Step 4: Change the properties option for content controls

Each content control has properties that you can change. For example, the Date Picker control provides the options for the format you want to use to display the date.

Click on the content control that you want to change.

Go to the Developer tab, in the Controls group, and click on Properties, and change the properties that you want.

Step 5: Add Instructional text to the form

Instructional text can improve the usability of the form you create and distribute. You can alter the default instructional text in content controls.

To modify the default instructional text for your form users, do the following:

Go to the Developer tab, in the Controls group, and click on Design Mode.

Click on the content control where you want to review the placeholder instructional text.

Edit the placeholder text and format it in the way you want.

On the Developer tab, in the Controls group, click Design Mode to turn off the design feature and save the instructional text.

Step 6: Add protection to a form

Protecting a form means it can’t be changed; individual can fill out a protected form, but they can’t change the control properties

Choose the content controls to which you want to restrict changes.

Go to the Developer tab, in the Controls group, and click on Group, and then if encouraged click on the Group again.

On the Developer tab, in the Controls group, click on the option of Properties.

Use this setting when you want to protect text. For example, if you often include a disclaimer, then ensure that the text stays the same, and you can delete the disclaimer for documents that don’t require it.

Robert Williams is a self-professed security expert; he has been making the people aware of the security threats. His passion is to write about Cybersecurity, malware, social engineering, Games,internet and new media. He writes for Ms-Office products at www.office.com/setup or office.com/setup .

Source Link – https://offiicecomsetup.com/blog/create-forms-for-those-individuals-who-complete-or-print-in-word/