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State tax return free 23. State tax return free   Interest Expense Table of Contents Introduction Useful Items - You may want to see: Home Mortgage InterestAmount Deductible Points Mortgage Insurance Premiums Form 1098, Mortgage Interest Statement Investment InterestInvestment Property Allocation of Interest Expense Limit on Deduction Items You Cannot DeductPersonal Interest Allocation of Interest How To ReportMore than one borrower. State tax return free Mortgage proceeds used for business or investment. State tax return free Introduction This chapter discusses what interest expenses you can deduct. State tax return free Interest is the amount you pay for the use of borrowed money. State tax return free The following are types of interest you can deduct as itemized deductions on Schedule A (Form 1040). State tax return free Home mortgage interest, including certain points and mortgage insurance premiums. State tax return free Investment interest. State tax return free This chapter explains these deductions. State tax return free It also explains where to deduct other types of interest and lists some types of interest you cannot deduct. State tax return free Use Table 23-1 to find out where to get more information on various types of interest, including investment interest. State tax return free Useful Items - You may want to see: Publication 936 Home Mortgage Interest Deduction 550 Investment Income and Expenses Home Mortgage Interest Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). State tax return free The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. State tax return free You can deduct home mortgage interest if all the following conditions are met. State tax return free You file Form 1040 and itemize deductions on Schedule A (Form 1040). State tax return free The mortgage is a secured debt on a qualified home in which you have an ownership interest. State tax return free (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interest of the lender. State tax return free The term “qualified home” means your main home or second home. State tax return free For details, see Publication 936. State tax return free )  Both you and the lender must intend that the loan be repaid. State tax return free Amount Deductible In most cases, you can deduct all of your home mortgage interest. State tax return free How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. State tax return free Fully deductible interest. State tax return free   If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. State tax return free (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category. State tax return free )   The three categories are as follows: Mortgages you took out on or before October 13, 1987 (called grandfathered debt). State tax return free Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2013 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately). State tax return free Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2013 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2). State tax return free The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home. State tax return free   See Part II of Publication 936 for more detailed definitions of grandfathered, home acquisition, and home equity debt. State tax return free    You can use Figure 23-A to check whether your home mortgage interest is fully deductible. State tax return free Figure 23-A. State tax return free Is My Home Mortgage Interest Fully Deductible? Please click here for the text description of the image. State tax return free Figure 23-A. State tax return free Is My Interest Fully Deductible? Limits on deduction. State tax return free   You cannot fully deduct interest on a mortgage that does not fit into any of the three categories listed earlier. State tax return free If this applies to you, see Part II of Publication 936 to figure the amount of interest you can deduct. State tax return free Special Situations This section describes certain items that can be included as home mortgage interest and others that cannot. State tax return free It also describes certain special situations that may affect your deduction. State tax return free Late payment charge on mortgage payment. State tax return free   You can deduct as home mortgage interest a late payment charge if it was not for a specific service performed in connection with your mortgage loan. State tax return free Mortgage prepayment penalty. State tax return free   If you pay off your home mortgage early, you may have to pay a penalty. State tax return free You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan. State tax return free Sale of home. State tax return free   If you sell your home, you can deduct your home mortgage interest (subject to any limits that apply) paid up to, but not including, the date of sale. State tax return free Example. State tax return free John and Peggy Harris sold their home on May 7. State tax return free Through April 30, they made home mortgage interest payments of $1,220. State tax return free The settlement sheet for the sale of the home showed $50 interest for the 6-day period in May up to, but not including, the date of sale. State tax return free Their mortgage interest deduction is $1,270 ($1,220 + $50). State tax return free Prepaid interest. State tax return free   If you pay interest in advance for a period that goes beyond the end of the tax year, you must spread this interest over the tax years to which it applies. State tax return free You can deduct in each year only the interest that qualifies as home mortgage interest for that year. State tax return free However, there is an exception that applies to points, discussed later. State tax return free Mortgage interest credit. State tax return free   You may be able to claim a mortgage interest credit if you were issued a mortgage credit certificate (MCC) by a state or local government. State tax return free Figure the credit on Form 8396, Mortgage Interest Credit. State tax return free If you take this credit, you must reduce your mortgage interest deduction by the amount of the credit. State tax return free   For more information on the credit, see chapter 37. State tax return free Ministers' and military housing allowance. State tax return free   If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you can still deduct your home mortgage interest. State tax return free Hardest Hit Fund and Emergency Homeowners' Loan Programs. State tax return free   You can use a special method to compute your deduction for mortgage interest and real estate taxes on your main home if you meet the following two conditions. State tax return free You received assistance under: A State Housing Finance Agency (State HFA) Hardest Hit Fund program in which program payments could be used to pay mortgage interest, or An Emergency Homeowners' Loan Program administered by the Department of Housing and Urban Development (HUD) or a state. State tax return free You meet the rules to deduct all of the mortgage interest on your loan and all of the real estate taxes on your main home. State tax return free If you meet these tests, then you can deduct all of the payments you actually made during the year to your mortgage servicer, the State HFA, or HUD on the home mortgage (including the amount shown on box 3 of Form 1098-MA, Mortgage Assistance Payments), but not more than the sum of the amounts shown on Form 1098, Mortgage Interest Statement, in box 1 (mortgage interest received from payer(s) / borrower(s)), box 4 (mortgage insurance premiums) and box 5 (real property taxes). State tax return free However, you are not required to use this special method to compute your deduction for mortgage interest and real estate taxes on your main home. State tax return free Mortgage assistance payments under section 235 of the National Housing Act. State tax return free   If you qualify for mortgage assistance payments for lower-income families under section 235 of the National Housing Act, part or all of the interest on your mortgage may be paid for you. State tax return free You cannot deduct the interest that is paid for you. State tax return free No other effect on taxes. State tax return free   Do not include these mortgage assistance payments in your income. State tax return free Also, do not use these payments to reduce other deductions, such as real estate taxes. State tax return free Divorced or separated individuals. State tax return free   If a divorce or separation agreement requires you or your spouse or former spouse to pay home mortgage interest on a home owned by both of you, the payment of interest may be alimony. State tax return free See the discussion of Payments for jointly-owned home in chapter 18. State tax return free Redeemable ground rents. State tax return free   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct them as mortgage interest. State tax return free   Payments made to end the lease and to buy the lessor's entire interest in the land are not deductible as mortgage interest. State tax return free For more information, see Publication 936. State tax return free Nonredeemable ground rents. State tax return free   Payments on a nonredeemable ground rent are not mortgage interest. State tax return free You can deduct them as rent if they are a business expense or if they are for rental property. State tax return free Reverse mortgages. State tax return free   A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. State tax return free With a reverse mortgage, you retain title to your home. State tax return free Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selected loan period, or die. State tax return free Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable. State tax return free Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until the loan is paid in full. State tax return free Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt discussed in Publication 936. State tax return free Rental payments. State tax return free   If you live in a house before final settlement on the purchase, any payments you make for that period are rent and not interest. State tax return free This is true even if the settlement papers call them interest. State tax return free You cannot deduct these payments as home mortgage interest. State tax return free Mortgage proceeds invested in tax-exempt securities. State tax return free   You cannot deduct the home mortgage interest on grandfathered debt or home equity debt if you used the proceeds of the mortgage to buy securities or certificates that produce tax-free income. State tax return free “Grandfathered debt” and “home equity debt” are defined earlier under Amount Deductible. State tax return free Refunds of interest. State tax return free   If you receive a refund of interest in the same tax year you paid it, you must reduce your interest expense by the amount refunded to you. State tax return free If you receive a refund of interest you deducted in an earlier year, you generally must include the refund in income in the year you receive it. State tax return free However, you need to include it only up to the amount of the deduction that reduced your tax in the earlier year. State tax return free This is true whether the interest overcharge was refunded to you or was used to reduce the outstanding principal on your mortgage. State tax return free    If you received a refund of interest you overpaid in an earlier year, you generally will receive a Form 1098, Mortgage Interest Statement, showing the refund in box 3. State tax return free For information about Form 1098, see Form 1098, Mortgage Interest Statement , later. State tax return free   For more information on how to treat refunds of interest deducted in earlier years, see Recoveries in chapter 12. State tax return free Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. State tax return free Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. State tax return free A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. State tax return free See Points paid by the seller , later. State tax return free General Rule You generally cannot deduct the full amount of points in the year paid. State tax return free Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. State tax return free See Deduction Allowed Ratably , next. State tax return free For exceptions to the general rule, see Deduction Allowed in Year Paid , later. State tax return free Deduction Allowed Ratably If you do not meet the tests listed under Deduction Allowed in Year Paid , later, the loan is not a home improvement loan, or you choose not to deduct your points in full in the year paid, you can deduct the points ratably (equally) over the life of the loan if you meet all the following tests. State tax return free You use the cash method of accounting. State tax return free This means you report income in the year you receive it and deduct expenses in the year you pay them. State tax return free Most individuals use this method. State tax return free Your loan is secured by a home. State tax return free (The home does not need to be your main home. State tax return free ) Your loan period is not more than 30 years. State tax return free If your loan period is more than 10 years, the terms of your loan are the same as other loans offered in your area for the same or longer period. State tax return free Either your loan amount is $250,000 or less, or the number of points is not more than: 4, if your loan period is 15 years or less, or 6, if your loan period is more than 15 years. State tax return free Deduction Allowed in Year Paid You can fully deduct points in the year paid if you meet all the following tests. State tax return free (You can use Figure 23-B as a quick guide to see whether your points are fully deductible in the year paid. State tax return free ) Your loan is secured by your main home. State tax return free (Your main home is the one you ordinarily live in most of the time. State tax return free ) Paying points is an established business practice in the area where the loan was made. State tax return free The points paid were not more than the points generally charged in that area. State tax return free You use the cash method of accounting. State tax return free This means you report income in the year you receive it and deduct expenses in the year you pay them. State tax return free (If you want more information about this method, see Accounting Methods in chapter 1. State tax return free ) The points were not paid in place of amounts that ordinarily are stated separately on the settlement statement, such as appraisal fees, inspection fees, title fees, attorney fees, and property taxes. State tax return free The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. State tax return free The funds you provided are not required to have been applied to the points. State tax return free They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. State tax return free You cannot have borrowed these funds from your lender or mortgage broker. State tax return free You use your loan to buy or build your main home. State tax return free The points were computed as a percentage of the principal amount of the mortgage. State tax return free The amount is clearly shown on the settlement statement (such as the Settlement Statement, Form HUD-1) as points charged for the mortgage. State tax return free The points may be shown as paid from either your funds or the seller's. State tax return free Figure 23-B. State tax return free Are My Points Fully Deductible This Year? Please click here for the text description of the image. State tax return free Figure 23-B. State tax return free Are My Points Fully Deductible This Year? Note. State tax return free If you meet all of these tests, you can choose to either fully deduct the points in the year paid, or deduct them over the life of the loan. State tax return free Home improvement loan. State tax return free   You can also fully deduct in the year paid points paid on a loan to improve your main home, if tests (1) through (6) are met. State tax return free Second home. State tax return free You cannot fully deduct in the year paid points you pay on loans secured by your second home. State tax return free You can deduct these points only over the life of the loan. State tax return free Refinancing. State tax return free   Generally, points you pay to refinance a mortgage are not deductible in full in the year you pay them. State tax return free This is true even if the new mortgage is secured by your main home. State tax return free   However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first 6 tests listed under Deduction Allowed in Year Paid , earlier, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. State tax return free You can deduct the rest of the points over the life of the loan. State tax return free Example 1. State tax return free In 1998, Bill Fields got a mortgage to buy a home. State tax return free In 2013, Bill refinanced that mortgage with a 15-year $100,000 mortgage loan. State tax return free The mortgage is secured by his home. State tax return free To get the new loan, he had to pay three points ($3,000). State tax return free Two points ($2,000) were for prepaid interest, and one point ($1,000) was charged for services, in place of amounts that ordinarily are stated separately on the settlement statement. State tax return free Bill paid the points out of his private funds, rather than out of the proceeds of the new loan. State tax return free The payment of points is an established practice in the area, and the points charged are not more than the amount generally charged there. State tax return free Bill's first payment on the new loan was due July 1. State tax return free He made six payments on the loan in 2013 and is a cash basis taxpayer. State tax return free Bill used the funds from the new mortgage to repay his existing mortgage. State tax return free Although the new mortgage loan was for Bill's continued ownership of his main home, it was not for the purchase or improvement of that home. State tax return free He cannot deduct all of the points in 2013. State tax return free He can deduct two points ($2,000) ratably over the life of the loan. State tax return free He deducts $67 [($2,000 ÷ 180 months) × 6 payments] of the points in 2013. State tax return free The other point ($1,000) was a fee for services and is not deductible. State tax return free Example 2. State tax return free The facts are the same as in Example 1, except that Bill used $25,000 of the loan proceeds to improve his home and $75,000 to repay his existing mortgage. State tax return free Bill deducts 25% ($25,000 ÷ $100,000) of the points ($2,000) in 2013. State tax return free His deduction is $500 ($2,000 × 25%). State tax return free Bill also deducts the ratable part of the remaining $1,500 ($2,000 − $500) that must be spread over the life of the loan. State tax return free This is $50 [($1,500 ÷ 180 months) × 6 payments] in 2013. State tax return free The total amount Bill deducts in 2013 is $550 ($500 + $50). State tax return free Special Situations This section describes certain special situations that may affect your deduction of points. State tax return free Original issue discount. State tax return free   If you do not qualify to either deduct the points in the year paid or deduct them ratably over the life of the loan, or if you choose not to use either of these methods, the points reduce the issue price of the loan. State tax return free This reduction results in original issue discount, which is discussed in chapter 4 of Publication 535. State tax return free Amounts charged for services. State tax return free   Amounts charged by the lender for specific services connected to the loan are not interest. State tax return free Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. State tax return free You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. State tax return free Points paid by the seller. State tax return free   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. State tax return free Treatment by seller. State tax return free   The seller cannot deduct these fees as interest. State tax return free But they are a selling expense that reduces the amount realized by the seller. State tax return free See chapter 15 for information on selling your home. State tax return free Treatment by buyer. State tax return free    The buyer reduces the basis of the home by the amount of the seller-paid points and treats the points as if he or she had paid them. State tax return free If all the tests under Deduction Allowed in Year Paid , earlier, are met, the buyer can deduct the points in the year paid. State tax return free If any of those tests are not met, the buyer deducts the points over the life of the loan. State tax return free   For information about basis, see chapter 13. State tax return free Funds provided are less than points. State tax return free   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the funds you provided were less than the points charged to you (test (6)), you can deduct the points in the year paid, up to the amount of funds you provided. State tax return free In addition, you can deduct any points paid by the seller. State tax return free Example 1. State tax return free When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). State tax return free You meet all the tests for deducting points in the year paid, except the only funds you provided were a $750 down payment. State tax return free Of the $1,000 charged for points, you can deduct $750 in the year paid. State tax return free You spread the remaining $250 over the life of the mortgage. State tax return free Example 2. State tax return free The facts are the same as in Example 1, except that the person who sold you your home also paid one point ($1,000) to help you get your mortgage. State tax return free In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). State tax return free You spread the remaining $250 over the life of the mortgage. State tax return free You must reduce the basis of your home by the $1,000 paid by the seller. State tax return free Excess points. State tax return free   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the points paid were more than generally paid in your area (test (3)), you deduct in the year paid only the points that are generally charged. State tax return free You must spread any additional points over the life of the mortgage. State tax return free Mortgage ending early. State tax return free   If you spread your deduction for points over the life of the mortgage, you can deduct any remaining balance in the year the mortgage ends. State tax return free However, if you refinance the mortgage with the same lender, you cannot deduct any remaining balance of spread points. State tax return free Instead, deduct the remaining balance over the term of the new loan. State tax return free    A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. State tax return free Example. State tax return free Dan paid $3,000 in points in 2002 that he had to spread out over the 15-year life of the mortgage. State tax return free He deducts $200 points per year. State tax return free Through 2012, Dan has deducted $2,200 of the points. State tax return free Dan prepaid his mortgage in full in 2013. State tax return free He can deduct the remaining $800 of points in 2013. State tax return free Limits on deduction. State tax return free   You cannot fully deduct points paid on a mortgage unless the mortgage fits into one of the categories listed earlier under Fully deductible interest . State tax return free See Publication 936 for details. State tax return free Mortgage Insurance Premiums You can treat amounts you paid during 2013 for qualified mortgage insurance as home mortgage interest. State tax return free The insurance must be in connection with home acquisition debt and the insurance contract must have been issued after 2006. State tax return free Qualified mortgage insurance. State tax return free   Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006). State tax return free   Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. State tax return free If provided by the Rural Housing Service, it is commonly known as a guarantee fee. State tax return free These fees can be deducted fully in 2013 if the mortgage insurance contract was issued in 2013. State tax return free Contact the mortgage insurance issuer to determine the deductible amount if it is not reported in box 4 of Form 1098. State tax return free Special rules for prepaid mortgage insurance. State tax return free   Generally, if you paid premiums for qualified mortgage insurance that are allocable to periods after the close of the tax year, such premiums are treated as paid in the period to which they are allocated. State tax return free You must allocate the premiums over the shorter of the stated term of the mortgage or 84 months, beginning with the month the insurance was obtained. State tax return free No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. State tax return free This paragraph does not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. State tax return free See the Example below. State tax return free Example. State tax return free Ryan purchased a home in May of 2012 and financed the home with a 15-year mortgage. State tax return free Ryan also prepaid all of the $9,240 in private mortgage insurance required at the time of closing in May. State tax return free Since the $9,240 in private mortgage insurance is allocable to periods after 2012, Ryan must allocate the $9,240 over the shorter of the life of the mortgage or 84 months. State tax return free Ryan's adjusted gross income (AGI) for 2012 is $76,000. State tax return free Ryan can deduct $880 ($9,240 ÷ 84 × 8 months) for qualified mortgage insurance premiums in 2012. State tax return free For 2013, Ryan can deduct $1,320 ($9,240 ÷ 84 × 12 months) if his AGI is $100,000 or less. State tax return free In this example, the mortgage insurance premiums are allocated over 84 months, which is shorter than the life of the mortgage of 15 years (180 months). State tax return free Limit on deduction. State tax return free   If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated. State tax return free See Line 13 in the instructions for Schedule A (Form 1040) and complete the Mortgage Insurance Premiums Deduction Worksheet to figure the amount you can deduct. State tax return free If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. State tax return free Form 1098, Mortgage Interest Statement If you paid $600 or more of mortgage interest (including certain points and mortgage insurance premiums) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement from the mortgage holder. State tax return free 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. State tax return free A governmental unit is a person for purposes of furnishing the statement. State tax return free The statement for each year should be sent to you by January 31 of the following year. State tax return free A copy of this form will also be sent to the IRS. State tax return free The statement will show the total interest you paid during the year, any mortgage insurance premiums you paid, and if you purchased a main home during the year, it also will show the deductible points paid during the year, including seller-paid points. State tax return free However, it should not show any interest that was paid for you by a government agency. State tax return free As a general rule, Form 1098 will include only points that you can fully deduct in the year paid. State tax return free However, certain points not included on Form 1098 also may be deductible, either in the year paid or over the life of the loan. State tax return free See Points , earlier, to determine whether you can deduct points not shown on Form 1098. State tax return free Prepaid interest on Form 1098. State tax return free   If you prepaid interest in 2013 that accrued in full by January 15, 2014, this prepaid interest may be included in box 1 of Form 1098. State tax return free However, you cannot deduct the prepaid amount for January 2014 in 2013. State tax return free (See Prepaid interest , earlier. State tax return free ) You will have to figure the interest that accrued for 2014 and subtract it from the amount in box 1. State tax return free You will include the interest for January 2014 with the other interest you pay for 2014. State tax return free See How To Report , later. State tax return free Refunded interest. State tax return free   If you received a refund of mortgage interest you overpaid in an earlier year, you generally will receive a Form 1098 showing the refund in box 3. State tax return free See Refunds of interest , earlier. State tax return free Mortgage insurance premiums. State tax return free   The amount of mortgage insurance premiums you paid during 2013 may be shown in box 4 of Form 1098. State tax return free See Mortgage Insurance Premiums, earlier. State tax return free Investment Interest This section discusses interest expenses you may be able to deduct as an investor. State tax return free If you borrow money to buy property you hold for investment, the interest you pay is investment interest. State tax return free You can deduct investment interest subject to the limit discussed later. State tax return free However, you cannot deduct interest you incurred to produce tax-exempt income. State tax return free Nor can you deduct interest expenses on straddles. State tax return free Investment interest does not include any qualified home mortgage interest or any interest taken into account in computing income or loss from a passive activity. State tax return free Investment Property Property held for investment includes property that produces interest, dividends, annuities, or royalties not derived in the ordinary course of a trade or business. State tax return free It also includes property that produces gain or loss (not derived in the ordinary course of a trade or business) from the sale or trade of property producing these types of income or held for investment (other than an interest in a passive activity). State tax return free Investment property also includes an interest in a trade or business activity in which you did not materially participate (other than a passive activity). State tax return free Partners, shareholders, and beneficiaries. State tax return free   To determine your investment interest, combine your share of investment interest from a partnership, S corporation, estate, or trust with your other investment interest. State tax return free Allocation of Interest Expense If you borrow money for business or personal purposes as well as for investment, you must allocate the debt among those purposes. State tax return free Only the interest expense on the part of the debt used for investment purposes is treated as investment interest. State tax return free The allocation is not affected by the use of property that secures the debt. State tax return free Limit on Deduction Generally, your deduction for investment interest expense is limited to the amount of your net investment income. State tax return free You can carry over the amount of investment interest that you could not deduct because of this limit to the next tax year. State tax return free The interest carried over is treated as investment interest paid or accrued in that next year. State tax return free You can carry over disallowed investment interest to the next tax year even if it is more than your taxable income in the year the interest was paid or accrued. State tax return free Net Investment Income Determine the amount of your net investment income by subtracting your investment expenses (other than interest expense) from your investment income. State tax return free Investment income. State tax return free    This generally includes your gross income from property held for investment (such as interest, dividends, annuities, and royalties). State tax return free Investment income does not include Alaska Permanent Fund dividends. State tax return free It also does not include qualified dividends or net capital gain unless you choose to include them. State tax return free Choosing to include qualified dividends. State tax return free   Investment income generally does not include qualified dividends, discussed in chapter 8. State tax return free However, you can choose to include all or part of your qualified dividends in investment income. State tax return free   You make this choice by completing Form 4952, line 4g, according to its instructions. State tax return free   If you choose to include any amount of your qualified dividends in investment income, you must reduce your qualified dividends that are eligible for the lower capital gains tax rates by the same amount. State tax return free Choosing to include net capital gain. State tax return free   Investment income generally does not include net capital gain from disposing of investment property (including capital gain distributions from mutual funds). State tax return free However, you can choose to include all or part of your net capital gain in investment income. State tax return free    You make this choice by completing Form 4952, line 4g, according to its instructions. State tax return free   If you choose to include any amount of your net capital gain in investment income, you must reduce your net capital gain that is eligible for the lower capital gains tax rates by the same amount. State tax return free    Before making either choice, consider the overall effect on your tax liability. State tax return free Compare your tax if you make one or both of these choices with your tax if you do not. State tax return free Investment income of child reported on parent's return. State tax return free    Investment income includes the part of your child's interest and dividend income that you choose to report on your return. State tax return free If the child does not have qualified dividends, Alaska Permanent Fund dividends, or capital gain distributions, this is the amount on line 6 of Form 8814, Parents' Election To Report Child's Interest and Dividends. State tax return free Child's qualified dividends. State tax return free   If part of the amount you report is your child's qualified dividends, that part (which is reported on Form 1040, line 9b) generally does not count as investment income. State tax return free However, you can choose to include all or part of it in investment income, as explained under Choosing to include qualified dividends , earlier. State tax return free   Your investment income also includes the amount on Form 8814, line 12 (or, if applicable, the reduced amount figured next under Child's Alaska Permanent Fund dividends). State tax return free Child's Alaska Permanent Fund dividends. State tax return free   If part of the amount you report is your child's Alaska Permanent Fund dividends, that part does not count as investment income. State tax return free To figure the amount of your child's income that you can consider your investment income, start with the amount on Form 8814, line 6. State tax return free Multiply that amount by a percentage that is equal to the Alaska Permanent Fund dividends divided by the total amount on Form 8814, line 4. State tax return free Subtract the result from the amount on Form 8814, line 12. State tax return free Child's capital gain distributions. State tax return free    If part of the amount you report is your child's capital gain distributions, that part (which is reported on Schedule D, line 13, or Form 1040, line 13) generally does not count as investment income. State tax return free However, you can choose to include all or part of it in investment income, as explained in Choosing to include net capital gain , earlier. State tax return free   Your investment income also includes the amount on Form 8814, line 12 (or, if applicable, the reduced amount figured under Child's Alaska Permanent Fund dividends , earlier). State tax return free Investment expenses. State tax return free   Investment expenses are your allowed deductions (other than interest expense) directly connected with the production of investment income. State tax return free Investment expenses that are included as a miscellaneous itemized deduction on Schedule A (Form 1040) are allowable deductions after applying the 2% limit that applies to miscellaneous itemized deductions. State tax return free Use the smaller of: The investment expenses included on Schedule A (Form 1040), line 23, or The amount on Schedule A, line 27. State tax return free Losses from passive activities. State tax return free   Income or expenses that you used in computing income or loss from a passive activity are not included in determining your investment income or investment expenses (including investment interest expense). State tax return free See Publication 925, Passive Activity and At-Risk Rules, for information about passive activities. State tax return free Form 4952 Use Form 4952, Investment Interest Expense Deduction, to figure your deduction for investment interest. State tax return free Exception to use of Form 4952. State tax return free   You do not have to complete Form 4952 or attach it to your return if you meet all of the following tests. State tax return free Your investment interest expense is not more than your investment income from interest and ordinary dividends minus any qualified dividends. State tax return free You do not have any other deductible investment expenses. State tax return free You have no carryover of investment interest expense from 2012. State tax return free If you meet all of these tests, you can deduct all of your investment interest. State tax return free More Information For more information on investment interest, see Interest Expenses in chapter 3 of Publication 550. State tax return free Items You Cannot Deduct Some interest payments are not deductible. State tax return free Certain expenses similar to interest also are not deductible. State tax return free Nondeductible expenses include the following items. State tax return free Personal interest (discussed later). State tax return free Service charges (however, see Other Expenses (Line 23) in chapter 28). State tax return free Annual fees for credit cards. State tax return free Loan fees. State tax return free Credit investigation fees. State tax return free Interest to purchase or carry tax-exempt securities. State tax return free Penalties. State tax return free   You cannot deduct fines and penalties paid to a government for violations of law, regardless of their nature. State tax return free Personal Interest Personal interest is not deductible. State tax return free Personal interest is any interest that is not home mortgage interest, investment interest, business interest, or other deductible interest. State tax return free It includes the following items. State tax return free Interest on car loans (unless you use the car for business). State tax return free Interest on federal, state, or local income tax. State tax return free Finance charges on credit cards, retail installment contracts, and revolving charge accounts incurred for personal expenses. State tax return free Late payment charges by a public utility. State tax return free You may be able to deduct interest you pay on a qualified student loan. State tax return free For details, see Publication 970, Tax Benefits for Education. State tax return free Allocation of Interest If you use the proceeds of a loan for more than one purpose (for example, personal and business), you must allocate the interest on the loan to each use. State tax return free However, you do not have to allocate home mortgage interest if it is fully deductible, regardless of how the funds are used. State tax return free You allocate interest (other than fully deductible home mortgage interest) on a loan in the same way as the loan itself is allocated. State tax return free You do this by tracing disbursements of the debt proceeds to specific uses. State tax return free For details on how to do this, see chapter 4 of Publication 535. State tax return free How To Report You must file Form 1040 to deduct any home mortgage interest expense on your tax return. State tax return free Where you deduct your interest expense generally depends on how you use the loan proceeds. State tax return free See Table 23-1 for a summary of where to deduct your interest expense. State tax return free Home mortgage interest and points. State tax return free   Deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 10. State tax return free If you paid more deductible interest to the financial institution than the amount shown on Form 1098, show the larger deductible amount on line 10. State tax return free Attach a statement explaining the difference and print “See attached” next to line 10. State tax return free    Deduct home mortgage interest that was not reported to you on Form 1098 on Schedule A (Form 1040), line 11. State tax return free If you paid home mortgage interest to the person from whom you bought your home, show that person's name, address, and taxpayer identification number (TIN) on the dotted lines next to line 11. State tax return free The seller must give you this number and you must give the seller your TIN. State tax return free A Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. State tax return free Failure to meet any of these requirements may result in a $50 penalty for each failure. State tax return free The TIN can be either a social security number, an individual taxpayer identification number (issued by the Internal Revenue Service), or an employer identification number. State tax return free See Social Security Number (SSN) in chapter 1 for more information about TINs. State tax return free    If you can take a deduction for points that were not reported to you on Form 1098, deduct those points on Schedule A (Form 1040), line 12. State tax return free   Deduct mortgage insurance premiums on Schedule A (Form 1040), line 13. State tax return free More than one borrower. State tax return free   If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. State tax return free Show how much of the interest each of you paid, and give the name and address of the person who received the form. State tax return free Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. State tax return free Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. State tax return free   Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. State tax return free You should let each of the other borrowers know what his or her share is. State tax return free Mortgage proceeds used for business or investment. State tax return free    If your home mortgage interest deduction is limited, but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 23-1. State tax return free It shows where to deduct the part of your excess interest that is for those activities. State tax return free Investment interest. State tax return free    Deduct investment interest, subject to certain limits discussed in Publication 550, on Schedule A (Form 1040), line 14. State tax return free Amortization of bond premium. State tax return free   There are various ways to treat the premium you pay to buy taxable bonds. State tax return free See Bond Premium Amortization in Publication 550. State tax return free Income-producing rental or royalty interest. State tax return free   Deduct interest on a loan for income-producing rental or royalty property that is not used in your business in Part I of Schedule E (Form 1040). State tax return free Example. State tax return free You rent out part of your home and borrow money to make repairs. State tax return free You can deduct only the interest payment for the rented part in Part I of Schedule E (Form 1040). State tax return free Deduct the rest of the interest payment on Schedule A (Form 1040) if it is deductible home mortgage interest. State tax return free Table 23-1. State tax return free Where To Deduct Your Interest Expense IF you have . State tax return free . State tax return free . State tax return free THEN deduct it on . State tax return free . State tax return free . State tax return free AND for more information go to . State tax return free . State tax return free . State tax return free deductible student loan interest Form 1040, line 33, or Form 1040A, line 18 Publication 970. State tax return free deductible home mortgage interest and points reported on Form 1098 Schedule A (Form 1040), line 10 Publication 936. State tax return free deductible home mortgage interest not reported on Form 1098 Schedule A (Form 1040), line 11 Publication 936. State tax return free deductible points not reported on Form 1098 Schedule A (Form 1040), line 12 Publication 936. State tax return free deductible mortgage insurance premiums Schedule A (Form 1040), line 13 Publication 936. State tax return free deductible investment interest (other than incurred to produce rents or royalties) Schedule A (Form 1040), line 14 Publication 550. State tax return free deductible business interest (non-farm) Schedule C or C-EZ (Form 1040) Publication 535. State tax return free deductible farm business interest Schedule F (Form 1040) Publications 225 and 535. State tax return free deductible interest incurred to produce rents or royalties Schedule E (Form 1040) Publications 527 and 535. State tax return free personal interest not deductible. State tax return free Prev  Up  Next   Home   More Online Publications
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The EEOC enforces laws that make discrimination illegal in the workplace. The commission oversees all types of work situations including hiring, firing, promotions, harassment, training, wages, and benefits.

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Website: Equal Employment Opportunity Commission (EEOC)

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The State Tax Return Free

State tax return free Part One -   La Declaración de Impuestos sobre los Ingresos Los cuatro capítulos de esta sección presentan información básica sobre el sistema tributario. State tax return free Le explican los primeros pasos para llenar una declaración de impuestos; por ejemplo, cómo determinar qué estado civil para efectos de la declaración le corresponde, cuántas exenciones puede reclamar y qué formulario presentar. State tax return free Asimismo, explican los requisitos de mantenimiento de documentación, el sistema de presentación electrónica del IRS e-file, determinadas multas y los dos métodos que se utilizan para pagar impuestos durante el año: la retención del impuesto y el impuesto estimado. State tax return free Table of Contents 1. State tax return free   Información para la Presentación de la Declaración de ImpuestosQué Hay de Nuevo Recordatorios Introduction ¿Debo Presentar una Declaración?Individuos/Personas Físicas—En General Dependientes Determinados Hijos Menores de 19 Años de Edad o Estudiantes a Tiempo Completo Trabajadores por Cuenta Propia Extranjeros Quién Debe Presentar una Declaración ¿Qué Formulario Debo Usar?Formulario 1040EZ Formulario 1040A Formulario 1040 ¿Tengo que Presentar la Declaración en Papel? E-file del IRS ¿Cuándo Tengo que Presentar la Declaración?Servicios de entrega privados. State tax return free Prórrogas del Plazo para Presentar la Declaración de Impuestos ¿Cómo Preparo la Declaración de Impuestos?¿Cuándo Declaro los Ingresos y Gastos? Número de Seguro Social Fondo para la Campaña Electoral Presidencial Cálculos Documentos Adjuntos Designación de un Tercero Firmas Preparador Remunerado Reembolsos Cantidad que Adeuda Donaciones Para Reducir la Deuda Pública Nombre y Dirección ¿Dónde Presento la Declaración? ¿Qué Ocurre Después de Presentar la Declaración?¿Qué Documentos Debo Mantener? ¿Por Qué Debe Mantener los Documentos? Tipo de Documentos que Debe Mantener Documentos Básicos Cuánto Tiempo Debe Mantener los Documentos Información sobre Reembolsos Intereses Sobre Reembolsos Cambio de Dirección ¿Qué Sucede Si Cometí un Error?Declaraciones Enmendadas y Reclamaciones de Reembolso Multas Robo de Identidad 2. State tax return free   Estado Civil para Efectos de la DeclaraciónQué Hay de Nuevo Introduction Useful Items - You may want to see: Estado CivilPersonas divorciadas. State tax return free Divorcio y nuevo matrimonio. State tax return free Matrimonios anulados. State tax return free Cabeza de familia o viudo que reúne los requisitos con hijo dependiente. State tax return free Personas consideradas casadas. State tax return free Matrimonio del mismo sexo. State tax return free Cónyuge fallecido durante el año. State tax return free Personas casadas que viven separadas. State tax return free Soltero Casados que Presentan una Declaración ConjuntaPresentación de una Declaración Conjunta Casados que Presentan la Declaración por SeparadoReglas Especiales Cabeza de FamiliaPersonas Consideradas no Casadas Personas que Mantienen una Vivienda Persona Calificada Viudo que Reúne los Requisitos con Hijo Dependiente 3. State tax return free   Exenciones Personales y por DependientesQué Hay de Nuevo Introduction Useful Items - You may want to see: ExencionesExenciones Personales Exenciones por Dependientes Hijo Calificado Pariente Calificado Eliminación gradual por fases de la exención Números de Seguro Social para DependientesNacimiento y fallecimiento en el año 2013. State tax return free Número de identificación personal del contribuyente del Servicio de Impuestos Internos. State tax return free Números de identificación del contribuyente en proceso de adopción. State tax return free 4. State tax return free   Retención de Impuestos e Impuesto EstimadoQué Hay de Nuevo para el Año 2014 Recordatorios Introduction Useful Items - You may want to see: Retención de Impuesto para el Año 2014Sueldos y Salarios Propinas Beneficios Marginales Tributables Compensación por Enfermedad Pensiones y Anualidades Ganancias Provenientes de Juegos de Azar y Apuestas Compensación por Desempleo Pagos del Gobierno Federal Retención Adicional Impuesto Estimado para el Año 2014Quién no Tiene que Pagar el Impuesto Estimado ¿Quién Tiene que Pagar Impuesto Estimado? Cómo Calcular el Impuesto Estimado Cuándo se Debe Pagar el Impuesto Estimado Cómo Determinar Cada Pago Cómo Pagar el Impuesto Estimado Crédito por Impuestos Retenidos e Impuesto Estimado para el Año 2013Retención Impuesto Estimado Multa por Pago Insuficiente de Impuestos para el Año 2013 Prev  Up  Next   Home   More Online Publications