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Filing Tax Return

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Filing Tax Return

Filing tax return 4. Filing tax return   Interest Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Allocation of InterestOrder of funds spent. Filing tax return Payments from checking accounts. Filing tax return Amounts paid within 30 days. Filing tax return Optional method for determining date of reallocation. Filing tax return Interest on a segregated account. Filing tax return How to report. Filing tax return Interest You Can DeductStatement. Filing tax return Expenses paid to obtain a mortgage. Filing tax return Prepayment penalty. Filing tax return De minimis OID. Filing tax return Constant-yield method. Filing tax return Loan or mortgage ends. Filing tax return Interest You Cannot DeductPenalties. Filing tax return Who is a key person? Exceptions for pre-June 1997 contracts. Filing tax return Interest allocated to unborrowed policy cash value. Filing tax return Capitalization of Interest When To Deduct InterestPrepaid interest. Filing tax return Discounted loan. Filing tax return Refunds of interest. Filing tax return Prepaid interest. Filing tax return Discounted loan. Filing tax return Tax deficiency. Filing tax return Related person. Filing tax return Below-Market LoansLimit on forgone interest for gift loans of $100,000 or less. Filing tax return Introduction This chapter discusses the tax treatment of business interest expense. Filing tax return Business interest expense is an amount charged for the use of money you borrowed for business activities. Filing tax return Topics - This chapter discusses: Allocation of interest Interest you can deduct Interest you cannot deduct Capitalization of interest When to deduct interest Below-market loans Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 936 Home Mortgage Interest Deduction Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch E (Form 1040) Supplemental Income and Loss Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. Filing tax return Sch K-1 (Form 1120S) Shareholder's Share of Income, Deductions, Credits, etc. Filing tax return 1098 Mortgage Interest Statement 3115 Application for Change in Accounting Method 4952 Investment Interest Expense Deduction 8582 Passive Activity Loss Limitations See chapter 12 for information about getting publications and forms. Filing tax return Allocation of Interest The rules for deducting interest vary, depending on whether the loan proceeds are used for business, personal, or investment activities. Filing tax return If you use the proceeds of a loan for more than one type of expense, you must allocate the interest based on the use of the loan's proceeds. Filing tax return Allocate your interest expense to the following categories. Filing tax return Nonpassive trade or business activity interest Passive trade or business activity interest Investment interest Portfolio interest Personal interest In general, you allocate interest on a loan the same way you allocate the loan proceeds. Filing tax return You allocate loan proceeds by tracing disbursements to specific uses. Filing tax return The easiest way to trace disbursements to specific uses is to keep the proceeds of a particular loan separate from any other funds. Filing tax return Secured loan. Filing tax return   The allocation of loan proceeds and the related interest is not generally affected by the use of property that secures the loan. Filing tax return Example. Filing tax return You secure a loan with property used in your business. Filing tax return You use the loan proceeds to buy an automobile for personal use. Filing tax return You must allocate interest expense on the loan to personal use (purchase of the automobile) even though the loan is secured by business property. Filing tax return    If the property that secures the loan is your home, you generally do not allocate the loan proceeds or the related interest. Filing tax return The interest is usually deductible as qualified home mortgage interest, regardless of how the loan proceeds are used. Filing tax return For more information, see Publication 936. Filing tax return Allocation period. Filing tax return   The period for which a loan is allocated to a particular use begins on the date the proceeds are used and ends on the earlier of the following dates. Filing tax return The date the loan is repaid. Filing tax return The date the loan is reallocated to another use. Filing tax return Proceeds not disbursed to borrower. Filing tax return   Even if the lender disburses the loan proceeds to a third party, the allocation of the loan is still based on your use of the funds. Filing tax return This applies whether you pay for property, services, or anything else by incurring a loan, or you take property subject to a debt. Filing tax return Proceeds deposited in borrower's account. Filing tax return   Treat loan proceeds deposited in an account as property held for investment. Filing tax return It does not matter whether the account pays interest. Filing tax return Any interest you pay on the loan is investment interest expense. Filing tax return If you withdraw the proceeds of the loan, you must reallocate the loan based on the use of the funds. Filing tax return Example. Filing tax return Celina, a calendar-year taxpayer, borrows $100,000 on January 4 and immediately uses the proceeds to open a checking account. Filing tax return No other amounts are deposited in the account during the year and no part of the loan principal is repaid during the year. Filing tax return On April 2, Celina uses $20,000 from the checking account for a passive activity expenditure. Filing tax return On September 4, Celina uses an additional $40,000 from the account for personal purposes. Filing tax return Under the interest allocation rules, the entire $100,000 loan is treated as property held for investment for the period from January 4 through April 1. Filing tax return From April 2 through September 3, Celina must treat $20,000 of the loan as used in the passive activity and $80,000 of the loan as property held for investment. Filing tax return From September 4 through December 31, she must treat $40,000 of the loan as used for personal purposes, $20,000 as used in the passive activity, and $40,000 as property held for investment. Filing tax return Order of funds spent. Filing tax return   Generally, you treat loan proceeds deposited in an account as used (spent) before either of the following amounts. Filing tax return Any unborrowed amounts held in the same account. Filing tax return Any amounts deposited after these loan proceeds. Filing tax return Example. Filing tax return On January 9, Olena opened a checking account, depositing $500 of the proceeds of Loan A and $1,000 of unborrowed funds. Filing tax return The following table shows the transactions in her account during the tax year. Filing tax return Date Transaction January 9 $500 proceeds of Loan A and $1,000 unborrowed funds deposited January 14 $500 proceeds of Loan B  deposited February 19 $800 used for personal purposes February 27 $700 used for passive activity June 19 $1,000 proceeds of Loan C  deposited November 20 $800 used for an investment December 18 $600 used for personal purposes Olena treats the $800 used for personal purposes as made from the $500 proceeds of Loan A and $300 of the proceeds of Loan B. Filing tax return She treats the $700 used for a passive activity as made from the remaining $200 proceeds of Loan B and $500 of unborrowed funds. Filing tax return She treats the $800 used for an investment as made entirely from the proceeds of Loan C. Filing tax return She treats the $600 used for personal purposes as made from the remaining $200 proceeds of Loan C and $400 of unborrowed funds. Filing tax return For the periods during which loan proceeds are held in the account, Olena treats them as property held for investment. Filing tax return Payments from checking accounts. Filing tax return   Generally, you treat a payment from a checking or similar account as made at the time the check is written if you mail or deliver it to the payee within a reasonable period after you write it. Filing tax return You can treat checks written on the same day as written in any order. Filing tax return Amounts paid within 30 days. Filing tax return   If you receive loan proceeds in cash or if the loan proceeds are deposited in an account, you can treat any payment (up to the amount of the proceeds) made from any account you own, or from cash, as made from those proceeds. Filing tax return This applies to any payment made within 30 days before or after the proceeds are received in cash or deposited in your account. Filing tax return   If the loan proceeds are deposited in an account, you can apply this rule even if the rules stated earlier under Order of funds spent would otherwise require you to treat the proceeds as used for other purposes. Filing tax return If you apply this rule to any payments, disregard those payments (and the proceeds from which they are made) when applying the rules stated under Order of funds spent. Filing tax return   If you received the loan proceeds in cash, you can treat the payment as made on the date you received the cash instead of the date you actually made the payment. Filing tax return Example. Filing tax return Giovanni gets a loan of $1,000 on August 4 and receives the proceeds in cash. Filing tax return Giovanni deposits $1,500 in an account on August 18 and on August 28 writes a check on the account for a passive activity expense. Filing tax return Also, Giovanni deposits his paycheck, deposits other loan proceeds, and pays his bills during the same period. Filing tax return Regardless of these other transactions, Giovanni can treat $1,000 of the deposit he made on August 18 as being paid on August 4 from the loan proceeds. Filing tax return In addition, Giovanni can treat the passive activity expense he paid on August 28 as made from the $1,000 loan proceeds treated as deposited in the account. Filing tax return Optional method for determining date of reallocation. Filing tax return   You can use the following method to determine the date loan proceeds are reallocated to another use. Filing tax return You can treat all payments from loan proceeds in the account during any month as taking place on the later of the following dates. Filing tax return The first day of that month. Filing tax return The date the loan proceeds are deposited in the account. Filing tax return However, you can use this optional method only if you treat all payments from the account during the same calendar month in the same way. Filing tax return Interest on a segregated account. Filing tax return   If you have an account that contains only loan proceeds and interest earned on the account, you can treat any payment from that account as being made first from the interest. Filing tax return When the interest earned is used up, any remaining payments are from loan proceeds. Filing tax return Example. Filing tax return You borrowed $20,000 and used the proceeds of this loan to open a new savings account. Filing tax return When the account had earned interest of $867, you withdrew $20,000 for personal purposes. Filing tax return You can treat the withdrawal as coming first from the interest earned on the account, $867, and then from the loan proceeds, $19,133 ($20,000 − $867). Filing tax return All the interest charged on the loan from the time it was deposited in the account until the time of the withdrawal is investment interest expense. Filing tax return The interest charged on the part of the proceeds used for personal purposes ($19,133) from the time you withdrew it until you either repay it or reallocate it to another use is personal interest expense. Filing tax return The interest charged on the loan proceeds you left in the account ($867) continues to be investment interest expense until you either repay it or reallocate it to another use. Filing tax return Loan repayment. Filing tax return   When you repay any part of a loan allocated to more than one use, treat it as being repaid in the following order. Filing tax return Personal use. Filing tax return Investments and passive activities (other than those included in (3)). Filing tax return Passive activities in connection with a rental real estate activity in which you actively participate. Filing tax return Former passive activities. Filing tax return Trade or business use and expenses for certain low-income housing projects. Filing tax return Line of credit (continuous borrowings). Filing tax return   The following rules apply if you have a line of credit or similar arrangement. Filing tax return Treat all borrowed funds on which interest accrues at the same fixed or variable rate as a single loan. Filing tax return Treat borrowed funds or parts of borrowed funds on which interest accrues at different fixed or variable rates as different loans. Filing tax return Treat these loans as repaid in the order shown on the loan agreement. Filing tax return Loan refinancing. Filing tax return   Allocate the replacement loan to the same uses to which the repaid loan was allocated. Filing tax return Make the allocation only to the extent you use the proceeds of the new loan to repay any part of the original loan. Filing tax return Debt-financed distribution. Filing tax return   A debt-financed distribution occurs when a partnership or S corporation borrows funds and allocates those funds to distributions made to partners or shareholders. Filing tax return The manner in which you report the interest expense associated with the distributed debt proceeds depends on your use of those proceeds. Filing tax return How to report. Filing tax return   If the proceeds were used in a nonpassive trade or business activity, report the interest on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership or S corporation in column (a) and the amount in column (h). Filing tax return If the proceeds were used in a passive activity, follow the Instructions for Form 8582, Passive Activity Loss Limitations, to determine the amount of interest expense that can be reported on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership in column (a) and the amount in column (f). Filing tax return If the proceeds were used in an investment activity, enter the interest on Form 4952. Filing tax return If the proceeds are used for personal purposes, the interest is generally not deductible. Filing tax return Interest You Can Deduct You can generally deduct as a business expense all interest you pay or accrue during the tax year on debts related to your trade or business. Filing tax return Interest relates to your trade or business if you use the proceeds of the loan for a trade or business expense. Filing tax return It does not matter what type of property secures the loan. Filing tax return You can deduct interest on a debt only if you meet all the following requirements. Filing tax return You are legally liable for that debt. Filing tax return Both you and the lender intend that the debt be repaid. Filing tax return You and the lender have a true debtor-creditor relationship. Filing tax return Partial liability. Filing tax return   If you are liable for part of a business debt, you can deduct only your share of the total interest paid or accrued. Filing tax return Example. Filing tax return You and your brother borrow money. Filing tax return You are liable for 50% of the note. Filing tax return You use your half of the loan in your business, and you make one-half of the loan payments. Filing tax return You can deduct your half of the total interest payments as a business deduction. Filing tax return Mortgage. Filing tax return   Generally, mortgage interest paid or accrued on real estate you own legally or equitably is deductible. Filing tax return However, rather than deducting the interest currently, you may have to add it to the cost basis of the property as explained later under Capitalization of Interest. Filing tax return Statement. Filing tax return   If you paid $600 or more of mortgage interest (including certain points) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement. Filing tax return You will receive the statement if you pay interest to a person (including a financial institution or a cooperative housing corporation) in the course of that person's trade or business. Filing tax return A governmental unit is a person for purposes of furnishing the statement. Filing tax return   If you receive a refund of interest you overpaid in an earlier year, this amount will be reported in box 3 of Form 1098. Filing tax return You cannot deduct this amount. Filing tax return For information on how to report this refund, see Refunds of interest, later in this chapter. Filing tax return Expenses paid to obtain a mortgage. Filing tax return   Certain expenses you pay to obtain a mortgage cannot be deducted as interest. Filing tax return These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses. Filing tax return If the property mortgaged is business or income-producing property, you can amortize the costs over the life of the mortgage. Filing tax return Prepayment penalty. Filing tax return   If you pay off your mortgage early and pay the lender a penalty for doing this, you can deduct the penalty as interest. Filing tax return Interest on employment tax deficiency. Filing tax return   Interest charged on employment taxes assessed on your business is deductible. Filing tax return Original issue discount (OID). Filing tax return   OID is a form of interest. Filing tax return A loan (mortgage or other debt) generally has OID when its proceeds are less than its principal amount. Filing tax return The OID is the difference between the stated redemption price at maturity and the issue price of the loan. Filing tax return   A loan's stated redemption price at maturity is the sum of all amounts (principal and interest) payable on it other than qualified stated interest. Filing tax return Qualified stated interest is stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a single fixed rate. Filing tax return You generally deduct OID over the term of the loan. Filing tax return Figure the amount to deduct each year using the constant-yield method, unless the OID on the loan is de minimis. Filing tax return De minimis OID. Filing tax return   The OID is de minimis if it is less than one-fourth of 1% (. Filing tax return 0025) of the stated redemption price of the loan at maturity multiplied by the number of full years from the date of original issue to maturity (the term of the loan). Filing tax return   If the OID is de minimis, you can choose one of the following ways to figure the amount you can deduct each year. Filing tax return On a constant-yield basis over the term of the loan. Filing tax return On a straight-line basis over the term of the loan. Filing tax return In proportion to stated interest payments. Filing tax return In its entirety at maturity of the loan. Filing tax return You make this choice by deducting the OID in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. Filing tax return Example. Filing tax return On January 1, 2013, you took out a $100,000 discounted loan and received $98,500 in proceeds. Filing tax return The loan will mature on January 1, 2023 (a 10-year term), and the $100,000 principal is payable on that date. Filing tax return Interest of $10,000 is payable on January 1 of each year, beginning January 1, 2014. Filing tax return The $1,500 OID on the loan is de minimis because it is less than $2,500 ($100,000 × . Filing tax return 0025 × 10). Filing tax return You choose to deduct the OID on a straight-line basis over the term of the loan. Filing tax return Beginning in 2013, you can deduct $150 each year for 10 years. Filing tax return Constant-yield method. Filing tax return   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. Filing tax return You figure your deduction for the first year using the following steps. Filing tax return Determine the issue price of the loan. Filing tax return Generally, this equals the proceeds of the loan. Filing tax return If you paid points on the loan (as discussed later), the issue price generally is the difference between the proceeds and the points. Filing tax return Multiply the result in (1) by the yield to maturity. Filing tax return Subtract any qualified stated interest payments from the result in (2). Filing tax return This is the OID you can deduct in the first year. Filing tax return   To figure your deduction in any subsequent year, follow the above steps, except determine the adjusted issue price in step (1). Filing tax return To get the adjusted issue price, add to the issue price any OID previously deducted. Filing tax return Then follow steps (2) and (3) above. Filing tax return   The yield to maturity is generally shown in the literature you receive from your lender. Filing tax return If you do not have this information, consult your lender or tax advisor. Filing tax return In general, the yield to maturity is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. Filing tax return Example. Filing tax return The facts are the same as in the previous example, except that you deduct the OID on a constant yield basis over the term of the loan. Filing tax return The yield to maturity on your loan is 10. Filing tax return 2467%, compounded annually. Filing tax return For 2013, you can deduct $93 [($98,500 × . Filing tax return 102467) − $10,000]. Filing tax return For 2014, you can deduct $103 [($98,593 × . Filing tax return 102467) − $10,000]. Filing tax return Loan or mortgage ends. Filing tax return   If your loan or mortgage ends, you may be able to deduct any remaining OID in the tax year in which the loan or mortgage ends. Filing tax return A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. Filing tax return If you refinance with the original lender, you generally cannot deduct the remaining OID in the year in which the refinancing occurs, but you may be able to deduct it over the term of the new mortgage or loan. Filing tax return See Interest paid with funds borrowed from original lender under Interest You Cannot Deduct, later. Filing tax return Points. Filing tax return   The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a loan or a mortgage. Filing tax return These charges are also called loan origination fees, maximum loan charges, discount points, or premium charges. Filing tax return If any of these charges (points) are solely for the use of money, they are interest. Filing tax return   Because points are prepaid interest, you generally cannot deduct the full amount in the year paid. Filing tax return However, you can choose to fully deduct points in the year paid if you meet certain tests. Filing tax return For exceptions to the general rule, see Publication 936. Filing tax return The points reduce the issue price of the loan and result in original issue discount (OID), deductible as explained in the preceding discussion. Filing tax return Partial payments on a nontax debt. Filing tax return   If you make partial payments on a debt (other than a debt owed the IRS), the payments are applied, in general, first to interest and any remainder to principal. Filing tax return You can deduct only the interest. Filing tax return This rule does not apply when it can be inferred that the borrower and lender understood that a different allocation of the payments would be made. Filing tax return Installment purchase. Filing tax return   If you make an installment purchase of business property, the contract between you and the seller generally provides for the payment of interest. Filing tax return If no interest or a low rate of interest is charged under the contract, a portion of the stated principal amount payable under the contract may be recharacterized as interest (unstated interest). Filing tax return The amount recharacterized as interest reduces your basis in the property and increases your interest expense. Filing tax return For more information on installment sales and unstated interest, see Publication 537. Filing tax return Interest You Cannot Deduct Certain interest payments cannot be deducted. Filing tax return In addition, certain other expenses that may seem to be interest but are not, cannot be deducted as interest. Filing tax return You cannot currently deduct interest that must be capitalized, and you generally cannot deduct personal interest. Filing tax return Interest paid with funds borrowed from original lender. Filing tax return   If you use the cash method of accounting, you cannot deduct interest you pay with funds borrowed from the original lender through a second loan, an advance, or any other arrangement similar to a loan. Filing tax return You can deduct the interest expense once you start making payments on the new loan. Filing tax return   When you make a payment on the new loan, you first apply the payment to interest and then to the principal. Filing tax return All amounts you apply to the interest on the first loan are deductible, along with any interest you pay on the second loan, subject to any limits that apply. Filing tax return Capitalized interest. Filing tax return   You cannot currently deduct interest you are required to capitalize under the uniform capitalization rules. Filing tax return See Capitalization of Interest, later. Filing tax return In addition, if you buy property and pay interest owed by the seller (for example, by assuming the debt and any interest accrued on the property), you cannot deduct the interest. Filing tax return Add this interest to the basis of the property. Filing tax return Commitment fees or standby charges. Filing tax return   Fees you incur to have business funds available on a standby basis, but not for the actual use of the funds, are not deductible as interest payments. Filing tax return You may be able to deduct them as business expenses. Filing tax return   If the funds are for inventory or certain property used in your business, the fees are indirect costs and you generally must capitalize them under the uniform capitalization rules. Filing tax return See Capitalization of Interest, later. Filing tax return Interest on income tax. Filing tax return   Interest charged on income tax assessed on your individual income tax return is not a business deduction even though the tax due is related to income from your trade or business. Filing tax return Treat this interest as a business deduction only in figuring a net operating loss deduction. Filing tax return Penalties. Filing tax return   Penalties on underpaid deficiencies and underpaid estimated tax are not interest. Filing tax return You cannot deduct them. Filing tax return Generally, you cannot deduct any fines or penalties. Filing tax return Interest on loans with respect to life insurance policies. Filing tax return   You generally cannot deduct interest on a debt incurred with respect to any life insurance, annuity, or endowment contract that covers any individual unless that individual is a key person. Filing tax return   If the policy or contract covers a key person, you can deduct the interest on up to $50,000 of debt for that person. Filing tax return However, the deduction for any month cannot be more than the interest figured using Moody's Composite Yield on Seasoned Corporate Bonds (formerly known as Moody's Corporate Bond Yield Average-Monthly Average Corporates) (Moody's rate) for that month. Filing tax return Who is a key person?   A key person is an officer or 20% owner. Filing tax return However, the number of individuals you can treat as key persons is limited to the greater of the following. Filing tax return Five individuals. Filing tax return The lesser of 5% of the total officers and employees of the company or 20 individuals. Filing tax return Exceptions for pre-June 1997 contracts. Filing tax return   You can generally deduct the interest if the contract was issued before June 9, 1997, and the covered individual is someone other than an employee, officer, or someone financially interested in your business. Filing tax return If the contract was purchased before June 21, 1986, you can generally deduct the interest no matter who is covered by the contract. Filing tax return Interest allocated to unborrowed policy cash value. Filing tax return   Corporations and partnerships generally cannot deduct any interest expense allocable to unborrowed cash values of life insurance, annuity, or endowment contracts. Filing tax return This rule applies to contracts issued after June 8, 1997, that cover someone other than an officer, director, employee, or 20% owner. Filing tax return For more information, see section 264(f) of the Internal Revenue Code. Filing tax return Capitalization of Interest Under the uniform capitalization rules, you generally must capitalize interest on debt equal to your expenditures to produce real property or certain tangible personal property. Filing tax return The property must be produced by you for use in your trade or business or for sale to customers. Filing tax return You cannot capitalize interest related to property that you acquire in any other manner. Filing tax return Interest you paid or incurred during the production period must be capitalized if the property produced is designated property. Filing tax return Designated property is any of the following. Filing tax return Real property. Filing tax return Tangible personal property with a class life of 20 years or more. Filing tax return Tangible personal property with an estimated production period of more than 2 years. Filing tax return Tangible personal property with an estimated production period of more than 1 year if the estimated cost of production is more than $1 million. Filing tax return Property you produce. Filing tax return   You produce property if you construct, build, install, manufacture, develop, improve, create, raise, or grow it. Filing tax return Treat property produced for you under a contract as produced by you up to the amount you pay or incur for the property. Filing tax return Carrying charges. Filing tax return   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Filing tax return You can choose to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Filing tax return For more information, see chapter 7. Filing tax return Capitalized interest. Filing tax return   Treat capitalized interest as a cost of the property produced. Filing tax return You recover your interest when you sell or use the property. Filing tax return If the property is inventory, recover capitalized interest through cost of goods sold. Filing tax return If the property is used in your trade or business, recover capitalized interest through an adjustment to basis, depreciation, amortization, or other method. Filing tax return Partnerships and S corporations. Filing tax return   The interest capitalization rules are applied first at the partnership or S corporation level. Filing tax return The rules are then applied at the partners' or shareholders' level to the extent the partnership or S corporation has insufficient debt to support the production or construction costs. Filing tax return   If you are a partner or a shareholder, you may have to capitalize interest you incur during the tax year for the production costs of the partnership or S corporation. Filing tax return You may also have to capitalize interest incurred by the partnership or S corporation for your own production costs. Filing tax return To properly capitalize interest under these rules, you must be given the required information in an attachment to the Schedule K-1 you receive from the partnership or S corporation. Filing tax return Additional information. Filing tax return   The procedures for applying the uniform capitalization rules are beyond the scope of this publication. Filing tax return For more information, see sections 1. Filing tax return 263A-8 through 1. Filing tax return 263A-15 of the regulations and Notice 88-99. Filing tax return Notice 88-99 is in Cumulative Bulletin 1988-2. Filing tax return When To Deduct Interest If the uniform capitalization rules, discussed under Capitalization of Interest, earlier, do not apply to you, deduct interest as follows. Filing tax return Cash method. Filing tax return   Under the cash method, you can generally deduct only the interest you actually paid during the tax year. Filing tax return You cannot deduct a promissory note you gave as payment because it is a promise to pay and not an actual payment. Filing tax return Prepaid interest. Filing tax return   You generally cannot deduct any interest paid before the year it is due. Filing tax return Interest paid in advance can be deducted only in the tax year in which it is due. Filing tax return Discounted loan. Filing tax return   If interest or a discount is subtracted from your loan proceeds, it is not a payment of interest and you cannot deduct it when you get the loan. Filing tax return For more information, see Original issue discount (OID) under Interest You Can Deduct, earlier. Filing tax return Refunds of interest. Filing tax return   If you pay interest and then receive a refund in the same tax year of any part of the interest, reduce your interest deduction by the refund. Filing tax return If you receive the refund in a later tax year, include the refund in your income to the extent the deduction for the interest reduced your tax. Filing tax return Accrual method. Filing tax return   Under an accrual method, you can deduct only interest that has accrued during the tax year. Filing tax return Prepaid interest. Filing tax return   See Prepaid interest, earlier. Filing tax return Discounted loan. Filing tax return   See Discounted loan, earlier. Filing tax return Tax deficiency. Filing tax return   If you contest a federal income tax deficiency, interest does not accrue until the tax year the final determination of liability is made. Filing tax return If you do not contest the deficiency, then the interest accrues in the year the tax was asserted and agreed to by you. Filing tax return   However, if you contest but pay the proposed tax deficiency and interest, and you do not designate the payment as a cash bond, then the interest is deductible in the year paid. Filing tax return Related person. Filing tax return   If you use an accrual method, you cannot deduct interest owed to a related person who uses the cash method until payment is made and the interest is includible in the gross income of that person. Filing tax return The relationship is determined as of the end of the tax year for which the interest would otherwise be deductible. Filing tax return See section 267 of the Internal Revenue Code for more information. Filing tax return Below-Market Loans If you receive a below-market gift or demand loan and use the proceeds in your trade or business, you may be able to deduct the forgone interest. Filing tax return See Treatment of gift and demand loans, later, in this discussion. Filing tax return A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Filing tax return A gift or demand loan that is a below-market loan generally is considered an arm's-length transaction in which you, the borrower, are considered as having received both the following. Filing tax return A loan in exchange for a note that requires the payment of interest at the applicable federal rate. Filing tax return An additional payment in an amount equal to the forgone interest. Filing tax return The additional payment is treated as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. Filing tax return Forgone interest. Filing tax return   For any period, forgone interest is The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Filing tax return Applicable federal rates are published by the IRS each month in the Internal Revenue Bulletin. Filing tax return Internal Revenue Bulletins are available on the IRS web site at www. Filing tax return irs. Filing tax return gov/irb. Filing tax return You can also contact an IRS office to get these rates. Filing tax return Loans subject to the rules. Filing tax return   The rules for below-market loans apply to the following. Filing tax return Gift loans (below-market loans where the forgone interest is in the nature of a gift). Filing tax return Compensation-related loans (below-market loans between an employer and an employee or between an independent contractor and a person for whom the contractor provides services). Filing tax return Corporation-shareholder loans. Filing tax return Tax avoidance loans (below-market loans where the avoidance of federal tax is one of the main purposes of the interest arrangement). Filing tax return Loans to qualified continuing care facilities under a continuing care contract (made after October 11, 1985). Filing tax return   Except as noted in (5) above, these rules apply to demand loans (loans payable in full at any time upon the lender's demand) outstanding after June 6, 1984, and to term loans (loans that are not demand loans) made after that date. Filing tax return Treatment of gift and demand loans. Filing tax return   If you receive a below-market gift loan or demand loan, you are treated as receiving an additional payment (as a gift, dividend, etc. Filing tax return ) equal to the forgone interest on the loan. Filing tax return You are then treated as transferring this amount back to the lender as interest. Filing tax return These transfers are considered to occur annually, generally on December 31. Filing tax return If you use the loan proceeds in your trade or business, you can deduct the forgone interest each year as a business interest expense. Filing tax return The lender must report it as interest income. Filing tax return Limit on forgone interest for gift loans of $100,000 or less. Filing tax return   For gift loans between individuals, forgone interest treated as transferred back to the lender is limited to the borrower's net investment income for the year. Filing tax return This limit applies if the outstanding loans between the lender and borrower total $100,000 or less. Filing tax return If the borrower's net investment income is $1,000 or less, it is treated as zero. Filing tax return This limit does not apply to a loan if the avoidance of any federal tax is one of the main purposes of the interest arrangement. Filing tax return Treatment of term loans. Filing tax return   If you receive a below-market term loan other than a gift or demand loan, you are treated as receiving an additional cash payment (as a dividend, etc. Filing tax return ) on the date the loan is made. Filing tax return This payment is equal to the loan amount minus the present value, at the applicable federal rate, of all payments due under the loan. Filing tax return The same amount is treated as original issue discount on the loan. Filing tax return See Original issue discount (OID) under Interest You Can Deduct, earlier. Filing tax return Exceptions for loans of $10,000 or less. Filing tax return   The rules for below-market loans do not apply to any day on which the total outstanding loans between the borrower and lender is $10,000 or less. Filing tax return This exception applies only to the following. Filing tax return Gift loans between individuals if the loan is not directly used to buy or carry income-producing assets. Filing tax return Compensation-related loans or corporation-shareholder loans if the avoidance of any federal tax is not a principal purpose of the interest arrangement. Filing tax return This exception does not apply to a term loan described in (2) above that was previously subject to the below-market loan rules. Filing tax return Those rules will continue to apply even if the outstanding balance is reduced to $10,000 or less. Filing tax return Exceptions for loans without significant tax effect. Filing tax return   The following loans are specifically exempted from the rules for below-market loans because their interest arrangements do not have a significant effect on the federal tax liability of the borrower or the lender. Filing tax return Loans made available by lenders to the general public on the same terms and conditions that are consistent with the lender's customary business practices. Filing tax return Loans subsidized by a federal, state, or municipal government that are made available under a program of general application to the public. Filing tax return Certain employee-relocation loans. Filing tax return Certain loans to or from a foreign person, unless the interest income would be effectively connected with the conduct of a U. Filing tax return S. Filing tax return trade or business and not exempt from U. Filing tax return S. Filing tax return tax under an income tax treaty. Filing tax return Any other loan if the taxpayer can show that the interest arrangement has no significant effect on the federal tax liability of the lender or the borrower. Filing tax return Whether an interest arrangement has a significant effect on the federal tax liability of the lender or the borrower will be determined by all the facts and circumstances. Filing tax return Consider all the following factors. Filing tax return Whether items of income and deduction generated by the loan offset each other. Filing tax return The amount of the items. Filing tax return The cost of complying with the below-market loan provisions if they were to apply. Filing tax return Any reasons, other than taxes, for structuring the transaction as a below-market loan. Filing tax return Exception for loans to qualified continuing care facilities. Filing tax return   The below-market interest rules do not apply to a loan owed by a qualified continuing care facility under a continuing care contract if the lender or lender's spouse is age 62 or older by the end of the calendar year. Filing tax return A qualified continuing care facility is one or more facilities (excluding nursing homes) meeting the requirements listed below. Filing tax return Designed to provide services under continuing care contracts (defined below). Filing tax return Includes an independent living unit, and either an assisted living or nursing facility, or both. Filing tax return Substantially all of the independent living unit residents are covered by continuing care contracts. Filing tax return A continuing care contract is a written contract between an individual and a qualified continuing care facility that includes all of the following conditions. Filing tax return The individual or individual's spouse must be entitled to use the facility for the rest of their life or lives. Filing tax return The individual or individual's spouse will be provided with housing, as appropriate for the health of the individual or individual's spouse in an: independent living unit (which has additional available facilities outside the unit for the provision of meals and other personal care), and assisted living or nursing facility available in the continuing care facility. Filing tax return The individual or individual's spouse will be provided with assisted living or nursing care available in the continuing care facility, as required for the health of the individual or the individual's spouse. Filing tax return For more information, see section 7872(h) of the Internal Revenue Code. Filing tax return Sale or exchange of property. Filing tax return   Different rules generally apply to a loan connected with the sale or exchange of property. Filing tax return If the loan does not provide adequate stated interest, part of the principal payment may be considered interest. Filing tax return However, there are exceptions that may require you to apply the below-market interest rate rules to these loans. Filing tax return See Unstated Interest and Original Issue Discount (OID) in Publication 537. Filing tax return More information. Filing tax return   For more information on below-market loans, see section 7872 of the Internal Revenue Code and section 1. Filing tax return 7872-5 of the regulations. Filing tax return Prev  Up  Next   Home   More Online Publications
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The Filing Tax Return

Filing tax return Publication 510 - Introductory Material Table of Contents What's New Reminders Introduction Useful Items - You may want to see: Excise Taxes Not Covered What's New Medical device excise tax. Filing tax return  The Affordable Care Act (the “Act”) (Public Law 111-148, amended by Public Law 111-152) imposes a 2. Filing tax return 3% (. Filing tax return 023) excise tax on the sale of certain medical devices by the manufacturer, producer, or importer of the device. Filing tax return The tax applies to sales of taxable medical devices after December 31, 2012. Filing tax return See Taxable Medical Devices in chapter 5, later. Filing tax return Tax on seasonal flu vaccines. Filing tax return  Sales of all vaccines against seasonal influenza are now subject to the section 4131 excise tax at the existing rate of $. Filing tax return 75 per dose of taxable vaccine. Filing tax return Previously, only trivalent influenza vaccines were subject to this tax. Filing tax return See Vaccines in chapter 5, later. Filing tax return Patient-centered outcomes research fee. Filing tax return  The Act imposes a fee on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4576) to help fund the Patient-Centered Outcomes Research Institute. Filing tax return The fee, required to be reported annually on the 2nd quarter Form 720 and paid by its due date, July 31st, is based on the average number of lives covered under the policy or plan. Filing tax return The fee applies to policy or plan years ending on or after October 1, 2012. Filing tax return See chapter 11, later. Filing tax return Extension of fuel tax credits. Filing tax return  The following section 6426 credits, previously expired on December 31, 2011, are retroactively extended. Filing tax return Biodiesel or renewable diesel mixture credit. Filing tax return Alternative fuel credit. Filing tax return Alternative fuel mixture credit. Filing tax return See Notice 2013–26 (fuel tax credits) on page 984 of I. Filing tax return R. Filing tax return B. Filing tax return 2013–18 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb13-18. Filing tax return pdf; also see chapter 2, later. Filing tax return Alternative fuel mixture credit can be claimed on Schedule C (Form 720) only. Filing tax return  For alternative fuel mixtures produced after December 31, 2011, the section 6426 alternative fuel mixture credit can be claimed on Schedule C (Form 720) only, not on Form 4136, Credit for Federal Tax Paid on Fuels, or Schedule 3 (Form 8849), Claim for Refund of Excise Taxes, and only to the extent of your section 4081 taxable fuel liability for gasoline, diesel, and kerosene. Filing tax return See Biodiesel or Renewable Diesel Mixture Credit, Alternative Fuel Credit, and Alternative Fuel Mixture Credit in chapter 2, later. Filing tax return Expiration of alcohol fuel mixture credit. Filing tax return  The section 6426 alcohol fuel mixture credit expired after December 31, 2011. Filing tax return Expiration of alcohol fuels credits. Filing tax return  The section 40 alcohol, alcohol mixture, and small ethanol producer credits expired after December 31, 2011. Filing tax return Second generation biofuel producer credit and excise tax. Filing tax return  The section 40 cellulosic biofuel producer credit was retroactively extended to include fuel sold or used through January 2, 2013. Filing tax return After January 2, 2013, cellulosic biofuel is renamed second generation biofuel, which adds algae-based fuel. Filing tax return The second generation biofuel producer credit is for fuel sold or used after January 2, 2013, and before January 1, 2014. Filing tax return You are liable for an excise tax on each gallon of cellulosic or second generation biofuel at the rate you used to figure the credit if you do not use the fuel for the purposes described under Qualified Cellulosic Biofuel Production or Qualified Second Generation Biofuel Production, later. Filing tax return Report the tax on Form 720. Filing tax return See Cellulosic or Second Generation Biofuel Not Used as Fuel, later; also see Form 6478, Biofuel Producer Credit, for more information. Filing tax return Extension of section 40A biodiesel fuels credit. Filing tax return  The biodiesel fuels credit, previously expired on December 31, 2011, is retroactively extended. Filing tax return Future developments. Filing tax return  The IRS has created a page on IRS. Filing tax return gov that includes information about Publication 510 at www. Filing tax return irs. Filing tax return gov/pub510. Filing tax return Information about any future developments will be posted on that page. Filing tax return Reminders Publication 510 updates. Filing tax return  Publication 510 is not updated annually. Filing tax return Instead, it will be updated only when there are major changes in the tax law. Filing tax return Use of international air travel facilities. Filing tax return  Generally, the tax on the use of international air travel facilities increases annually. Filing tax return See the Instructions for Form 720 for the tax rate. Filing tax return For more information, see Air Transportation Taxes in chapter 4. Filing tax return Aviation fuels for use in foreign trade. Filing tax return  Aviation gasoline and kerosene for use in aviation are exempt from the leaking underground storage tank (LUST) tax. Filing tax return Arrow shafts, tax rate. Filing tax return  Generally, the tax on arrow shafts increases annually. Filing tax return See Form 720 for the tax rate. Filing tax return Disregarded entities and qualified subchapter S subsidiaries. Filing tax return  Qualified subchapter S subsidiaries (QSubs) and eligible single-owner disregarded entities are treated as separate entities for excise tax and reporting purposes. Filing tax return QSubs and eligible single-owner disregarded entities must pay and report excise taxes (other than IRS Nos. Filing tax return 31, 51, and 117), register for most excise tax activities, and claim any refunds, credits, and payments under the entity's employer identification number (EIN). Filing tax return These actions cannot take place under the owner's taxpayer identification number (TIN). Filing tax return Some QSubs and disregarded entities may already have an EIN. Filing tax return However, if you are unsure, please call the IRS Business and Specialty Tax line at 1-800-829-4933. Filing tax return Generally, QSubs and eligible single-owner disregarded entities will continue to be treated as disregarded entities for other federal tax purposes (other than employment taxes). Filing tax return For more information on these regulations, see Treasury Decision (T. Filing tax return D. Filing tax return ) 9356, T. Filing tax return D. Filing tax return 9462, and T. Filing tax return D. Filing tax return 9596. Filing tax return You can find T. Filing tax return D. Filing tax return 9356 on page 675 of Internal Revenue Bulletin (I. Filing tax return R. Filing tax return B. Filing tax return ) 2007-39 at  www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb07-39. Filing tax return pdf;  T. Filing tax return D. Filing tax return 9462 on page 504 of I. Filing tax return R. Filing tax return B. Filing tax return 2009-42 at  www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb09-42. Filing tax return pdf;  and T. Filing tax return D. Filing tax return 9596 on page 84 of I. Filing tax return R. Filing tax return B. Filing tax return 2012-30 at  www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb12-30. Filing tax return pdf. Filing tax return Registration for certain activities. Filing tax return  You are required to be registered for certain excise tax activities, such as blending of gasoline, diesel fuel, or kerosene outside the bulk transfer/terminal system. Filing tax return See the instructions for Form 637 for the list of activities for which you must register. Filing tax return Also see Registration Requirements under Fuel Taxes in chapter 1 for information on registration for activities related to fuel. Filing tax return Each business unit that has, or is required to have, a separate employer identification number must be registered. Filing tax return To apply for registration, complete Form 637 and provide the information requested in its instructions. Filing tax return If your application is approved, you will receive a Letter of Registration showing the activities for which you are registered, the effective date of the registration, and your registration number. Filing tax return A copy of Form 637 is not a Letter of Registration. Filing tax return Photographs of missing children. Filing tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filing tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filing tax return 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. Filing tax return Introduction This publication covers the excise taxes for which you may be liable and which are reported on Form 720 and other forms. Filing tax return It also covers fuel tax credits and refunds. Filing tax return For information on fuel credits against income tax (the section 40 credits for the production of cellulosic biofuel and second generation biofuel, and the section 40A credit for biodiesel and renewable diesel used as fuel) see the instructions for Form 6478 and Form 8864, Biodiesel and Renewable Diesel Fuels Credit. Filing tax return Comments and suggestions. Filing tax return   We welcome your comments about this publication and your suggestions for future editions. Filing tax return   You can write to us at the following address: Internal Revenue Service Individual and Specialty Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Filing tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Filing tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filing tax return   You can email us at taxforms@irs. Filing tax return gov. Filing tax return Please put “Publications Comment” on the subject line. Filing tax return You can also send us comments from www. Filing tax return irs. Filing tax return gov/Forms-&-Pubs/More-Information/ and select “Comment on Tax Forms and Publications”. Filing tax return   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. Filing tax return Useful Items - You may want to see: Publication 509 Tax Calendars Form (and Instructions) 11-C Occupational Tax and Registration Return for Wagering 637 Application for Registration (For Certain Excise Tax Activities) 720 Quarterly Federal Excise Tax Return 720X Amended Quarterly Federal Excise Tax Return 730 Monthly Tax Return for Wagers 1363 Export Exemption Certificate 2290 Heavy Highway Vehicle Use Tax Return 2290(SP) Declaración del Impuesto sobre el Uso de Vehículos Pesados en las Carreteras 4136 Credit for Federal Tax Paid on Fuels 6197 Gas Guzzler Tax 6478 Biofuel Producer Credit 6627 Environmental Taxes 8849 Claim for Refund of Excise Taxes, and Schedules 1–3, 5, 6, and 8 8864 Biodiesel and Renewable Diesel Fuels Credit Information Returns    Form 720-TO, Terminal Operator Report Form 720-CS, Carrier Summary Report   See How To Get Tax Help in chapter 17 for information about ordering forms and publications. Filing tax return Guidance    You can find Notice 2005-4 (fuel tax guidance) on page 289 of I. Filing tax return R. Filing tax return B. Filing tax return 2005-2 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb05-02. Filing tax return pdf. Filing tax return Notice 2005-62 (biodiesel and aviation-grade kerosene) on page 443 of I. Filing tax return R. Filing tax return B. Filing tax return 2005-35 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb05-35. Filing tax return pdf. Filing tax return Notice 2005-80 (LUST, kerosene, claims by credit card issuers, and mechanical dye injection) on page 953 of I. Filing tax return R. Filing tax return B. Filing tax return 2005-46 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb05-46. Filing tax return pdf. Filing tax return Notice 2006-92 (alternative fuels and alternative fuel mixtures) on page 774 of I. Filing tax return R. Filing tax return B. Filing tax return 2006-43 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb06-43. Filing tax return pdf. Filing tax return Notice 2008-110 (biodiesel and cellulosic biofuel) on page 1298 of I. Filing tax return R. Filing tax return B. Filing tax return 2008-51 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb08-51. Filing tax return pdf. Filing tax return Notice 2010-68 (Alaska dyed diesel exemption) on page 576 of I. Filing tax return R. Filing tax return B. Filing tax return 2010-44 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb10-44. Filing tax return pdf. Filing tax return Notice 2012-27 (fractional aircraft ownership programs fuel surtax) on page 849 of I. Filing tax return R. Filing tax return B. Filing tax return 2012-17 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb12-17. Filing tax return pdf. Filing tax return Notice 2013-26 (fuel tax credits) on page 984 of I. Filing tax return R. Filing tax return B. Filing tax return 2013-18 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb13-18. Filing tax return pdf. Filing tax return T. Filing tax return D. Filing tax return 9604 and Notice 2012–77 (medical device tax) on pages 730 and 781, respectively, of I. Filing tax return R. Filing tax return B. Filing tax return 2012-52 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb12-52. Filing tax return pdf. Filing tax return T. Filing tax return D. Filing tax return 9602 (patient-centered outcomes research fee) on page 746 of I. Filing tax return R. Filing tax return B. Filing tax return 2012-52 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb12-52. Filing tax return pdf. Filing tax return Revenue Procedure 2012-41 (inflation adjustments) on page 539 of I. Filing tax return R. Filing tax return B. Filing tax return 2012-45 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb12-45. Filing tax return pdf. Filing tax return T. Filing tax return D. Filing tax return 9621 (indoor tanning services tax) on page 49 of I. Filing tax return R. Filing tax return B. Filing tax return 2013-28 at www. Filing tax return irs. Filing tax return gov/pub/irs-irbs/irb13-28. Filing tax return pdf. Filing tax return Excise Taxes Not Covered In addition to the taxes discussed in this publication, you may have to report certain other excise taxes. Filing tax return For tax forms relating to alcohol, firearms, and tobacco, visit the Alcohol and Tobacco Tax and Trade Bureau website at www. Filing tax return ttb. Filing tax return gov. Filing tax return Heavy highway vehicle use tax. Filing tax return   You report the federal excise tax on the use of certain trucks, truck tractors, and buses used on public highways on Form 2290, Heavy Highway Vehicle Use Tax Return. Filing tax return The tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. Filing tax return Vans, pickup trucks, panel trucks, and similar trucks generally are not subject to this tax. Filing tax return Note. Filing tax return A Spanish version (Formulario 2290(SP)) is also available. Filing tax return See How To Get Tax Help in chapter 17. Filing tax return Registration of vehicles. Filing tax return   Generally, you must prove that you paid your heavy highway vehicle use tax to register your taxable vehicle with your state motor vehicle department or to enter the United States in a Canadian or Mexican registered taxable vehicle. Filing tax return Generally, a copy of Schedule 1 (Form 2290) is stamped by the IRS and returned to you as proof of payment. Filing tax return    If you have questions on Form 2290, see its separate instructions, or you can call the Form 2290 call site at 1-866-699-4096 (toll free) from the United States, and 1-859-669-5733 (not toll free) from Canada and Mexico. Filing tax return The hours of service are 8:00 a. Filing tax return m. Filing tax return to 6:00 p. Filing tax return m. Filing tax return Eastern time. Filing tax return Wagering tax and occupational tax. Filing tax return   The information on wagering tax can be found in the instructions for Form 730, Tax on Wagering, and Form 11-C, Occupational Tax and Registration Return for Wagering. Filing tax return Prev  Up  Next   Home   More Online Publications