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Amend 1040

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Amend 1040

Amend 1040 2. Amend 1040   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. Amend 1040 ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. Amend 1040 In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. Amend 1040 Those cases are called “abusive tax shelters. Amend 1040 ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. Amend 1040 Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . Amend 1040 Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Amend 1040 Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. Amend 1040 They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. Amend 1040 Despite appearances to the contrary, the taxpayer generally risks little. Amend 1040 Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. Amend 1040 Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. Amend 1040 (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. Amend 1040 ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. Amend 1040 This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. Amend 1040 Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. Amend 1040 However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. Amend 1040 Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. Amend 1040 These provisions include the following. Amend 1040 Disclosure of reportable transactions. Amend 1040   You must disclose information for each reportable transaction in which you participate. Amend 1040 See Reportable Transaction Disclosure Statement , later. Amend 1040   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. Amend 1040 To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. Amend 1040   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. Amend 1040 They must provide this number to all persons to whom they acted as a material advisor. Amend 1040 They must provide the number at the time the transaction is entered into. Amend 1040 If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. Amend 1040 For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. Amend 1040 Requirement to maintain list. Amend 1040   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. Amend 1040 The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. Amend 1040 See Regulations section 301. Amend 1040 6112-1 for more information (including what information is required to be included on the list). Amend 1040 Confidentiality privilege. Amend 1040   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. Amend 1040 Appraisal requirement for donated property. Amend 1040   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. Amend 1040 If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. Amend 1040 If you file electronically, see Form 8453, U. Amend 1040 S. Amend 1040 Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. Amend 1040 For more information about appraisals, including exceptions, see Publication 561. Amend 1040 Passive activity loss and credit limits. Amend 1040   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. Amend 1040 For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. Amend 1040 Interest on penalties. Amend 1040   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. Amend 1040 Accounting method restriction. Amend 1040   Tax shelters generally cannot use the cash method of accounting. Amend 1040 Uniform capitalization rules. Amend 1040   The uniform capitalization rules generally apply to producing property or acquiring it for resale. Amend 1040 Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. Amend 1040 For more information, see Publication 538. Amend 1040 Denial of deduction for interest on an underpayment due to a reportable transaction. Amend 1040   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. Amend 1040 This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. Amend 1040 Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. Amend 1040 The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. Amend 1040 Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. Amend 1040 So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. Amend 1040 In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. Amend 1040 The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. Amend 1040 Investor Reporting You may be required to file a reportable transaction disclosure statement. Amend 1040 Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. Amend 1040 Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. Amend 1040 Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). Amend 1040 In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. Amend 1040  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. Amend 1040 If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. Amend 1040 If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. Amend 1040 See Penalty for failure to disclose a reportable transaction , later under Penalties. Amend 1040 The following discussion briefly describes reportable transactions. Amend 1040 For more details, see the Instructions for Form 8886. Amend 1040 Reportable transaction. Amend 1040   A reportable transaction is any of the following. Amend 1040 A listed transaction. Amend 1040 A confidential transaction. Amend 1040 A transaction with contractual protection. Amend 1040 A loss transaction. Amend 1040 A transaction of interest entered into after November 1, 2006. Amend 1040 Note. Amend 1040 Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. Amend 1040 Listed transaction. Amend 1040   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. Amend 1040 These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. Amend 1040 For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. Amend 1040 irs. Amend 1040 gov/irb/2009-31_IRB/ar07. Amend 1040 html. Amend 1040 Confidential transaction. Amend 1040   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. Amend 1040 A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. Amend 1040 The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. Amend 1040 Transaction with contractual protection. Amend 1040   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. Amend 1040 For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. Amend 1040 irs. Amend 1040 gov/irb/2007-07_IRB/ar15. Amend 1040 html. Amend 1040 Loss transaction. Amend 1040   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. Amend 1040 A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. Amend 1040   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. Amend 1040 For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. Amend 1040 irs. Amend 1040 gov/irb/2004-50_IRB/ar11. Amend 1040 html. Amend 1040 Transaction of interest. Amend 1040   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. Amend 1040 The IRS has identified the following transactions of interest. Amend 1040 “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. Amend 1040 R. Amend 1040 B. Amend 1040 545, available at www. Amend 1040 irs. Amend 1040 gov/irb/2007-36_IRB/ar20. Amend 1040 html. Amend 1040 Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. Amend 1040 R. Amend 1040 B. Amend 1040 544, available at www. Amend 1040 irs. Amend 1040 gov/irb/2007-36_IRB/ar19. Amend 1040 html. Amend 1040 Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. Amend 1040 R. Amend 1040 B. Amend 1040 1194, available at www. Amend 1040 irs. Amend 1040 gov/irb/2008-47_IRB/ar11. Amend 1040 html. Amend 1040 Certain transactions involving a U. Amend 1040 S. Amend 1040 taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. Amend 1040 R. Amend 1040 B. Amend 1040 312, available at www. Amend 1040 irs. Amend 1040 gov/irb/2009-03_IRB/ar10. Amend 1040 html. Amend 1040   For updates to this list, go to www. Amend 1040 irs. Amend 1040 gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. Amend 1040 Penalties Investing in an abusive tax shelter may lead to substantial expenses. Amend 1040 First, the promoter generally charges a substantial fee. Amend 1040 If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. Amend 1040 You may also be subject to the penalty for failure to pay tax. Amend 1040 These penalties are explained in the following paragraphs. Amend 1040 Accuracy-related penalties. Amend 1040   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). Amend 1040 Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. Amend 1040 Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. Amend 1040   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. Amend 1040   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). Amend 1040 Negligence or disregard of rules or regulations. Amend 1040   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. Amend 1040 The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. Amend 1040    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. Amend 1040 It also includes any failure to keep adequate books and records. Amend 1040 A return position that has a reasonable basis is not negligence. Amend 1040   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. Amend 1040   The penalty for disregard of rules and regulations can be avoided if all the following are true. Amend 1040 You keep adequate books and records. Amend 1040 You have a reasonable basis for your position on the tax issue. Amend 1040 You make an adequate disclosure of your position. Amend 1040 Use Form 8275 to make your disclosure and attach it to your return. Amend 1040 To disclose a position contrary to a regulation, use Form 8275-R. Amend 1040 Use Form 8886 to disclose a reportable transaction (discussed earlier). Amend 1040 Substantial understatement of tax. Amend 1040   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. Amend 1040 An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. Amend 1040 The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. Amend 1040   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. Amend 1040 In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. Amend 1040 Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. Amend 1040   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. Amend 1040 An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. Amend 1040 Substantial valuation misstatement. Amend 1040   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. Amend 1040 The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. Amend 1040 You underpaid your tax by more than $5,000 because of the misstatement. Amend 1040 You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. Amend 1040   You may be assessed a penalty of 40% for a gross valuation misstatement. Amend 1040 If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. Amend 1040 The penalty rate is also 40% if the property's correct value or adjusted basis is zero. Amend 1040 Transaction lacking economic substance. Amend 1040   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. Amend 1040 For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. Amend 1040   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. Amend 1040   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. Amend 1040   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. Amend 1040 Relevant facts include any facts affecting the tax treatment of the transaction. Amend 1040    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. Amend 1040 Undisclosed foreign financial asset understatement. Amend 1040   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. Amend 1040 An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. Amend 1040 The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. Amend 1040 Any foreign business you control, reportable on Form 5471, Information Return of U. Amend 1040 S. Amend 1040 Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. Amend 1040 S. Amend 1040 Persons With Respect to Certain Foreign Partnerships. Amend 1040 Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. Amend 1040 S. Amend 1040 Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. Amend 1040 Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. Amend 1040    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. Amend 1040 See the Instructions for Form 8938 for details. Amend 1040    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. Amend 1040 Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. Amend 1040 Penalty for incorrect appraisals. Amend 1040   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. Amend 1040 For details on the penalty amount and exceptions, see Publication 561. Amend 1040 Penalty for failure to disclose a reportable transaction. Amend 1040   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). Amend 1040 For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). Amend 1040 This penalty is in addition to any other penalty that may be imposed. Amend 1040   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. Amend 1040 For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. Amend 1040 irs. Amend 1040 gov/irb/2007-09_IRB/ar12. Amend 1040 html. Amend 1040 Accuracy-related penalty for a reportable transaction understatement. Amend 1040   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. Amend 1040 This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. Amend 1040 The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. Amend 1040 You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. Amend 1040 The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. Amend 1040   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. Amend 1040 Civil fraud penalty. Amend 1040   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. Amend 1040 Joint return. Amend 1040   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. Amend 1040 Failure to pay tax. Amend 1040   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. Amend 1040 Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. Amend 1040 Prev  Up  Next   Home   More Online Publications
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The Amend 1040

Amend 1040 Publication 936 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. Amend 1040 Tax questions. Amend 1040 Useful Items - You may want to see: Reminders Future developments. Amend 1040  For the latest information about developments related to Publication 936, Home Mortgage Interest Deduction, such as legislation enacted after it was published, go to www. Amend 1040 irs. Amend 1040 gov/pub936. Amend 1040 Photographs of missing children. Amend 1040  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amend 1040 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Amend 1040 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Amend 1040 Introduction This publication discusses the rules for deducting home mortgage interest. Amend 1040 Part I contains general information on home mortgage interest, including points and mortgage insurance premiums. Amend 1040 It also explains how to report deductible interest on your tax return. Amend 1040 Part II explains how your deduction for home mortgage interest may be limited. Amend 1040 It contains Table 1, which is a worksheet you can use to figure the limit on your deduction. Amend 1040 Comments and suggestions. Amend 1040   We welcome your comments about this publication and your suggestions for future editions. Amend 1040   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amend 1040 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amend 1040 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amend 1040   You can send your comments from www. Amend 1040 irs. Amend 1040 gov/formspubs. Amend 1040 Click on “More Information” and then on “Comment on Tax Forms and Publications. Amend 1040 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Amend 1040 Ordering forms and publications. Amend 1040   Visit www. Amend 1040 irs. Amend 1040 gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Amend 1040 Internal Revenue Service 1201 N. Amend 1040 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amend 1040   If you have a tax question, check the information available on IRS. Amend 1040 gov or call 1-800-829-1040. Amend 1040 We cannot answer tax questions sent to either of the above addresses. Amend 1040 Useful Items - You may want to see: Publication 523 Selling Your Home 527 Residential Rental Property 530 Tax Information for Homeowners 535 Business Expenses   See How To Get Tax Help near the end of this publication, for information about getting these publications. Amend 1040 Prev  Up  Next   Home   More Online Publications