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Students Filing Taxes 2013

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Students Filing Taxes 2013

Students filing taxes 2013 2. Students filing taxes 2013   Source of Income Table of Contents Introduction Topics - This chapter discusses: Resident Aliens Nonresident AliensInterest Income Dividends Guarantee of Indebtedness Personal Services Transportation Income Scholarships, Grants, Prizes, and Awards Pensions and Annuities Rents or Royalties Real Property Personal Property Community Income Introduction After you have determined your alien status, you must determine the source of your income. Students filing taxes 2013 This chapter will help you determine the source of different types of income you may receive during the tax year. Students filing taxes 2013 This chapter also discusses special rules for married individuals who are domiciled in a country with community property laws. Students filing taxes 2013 Topics - This chapter discusses: Income source rules, and Community income. Students filing taxes 2013 Resident Aliens A resident alien's income is generally subject to tax in the same manner as a U. Students filing taxes 2013 S. Students filing taxes 2013 citizen. Students filing taxes 2013 If you are a resident alien, you must report all interest, dividends, wages, or other compensation for services, income from rental property or royalties, and other types of income on your U. Students filing taxes 2013 S. Students filing taxes 2013 tax return. Students filing taxes 2013 You must report these amounts from sources within and outside the United States. Students filing taxes 2013 Nonresident Aliens A nonresident alien usually is subject to U. Students filing taxes 2013 S. Students filing taxes 2013 income tax only on U. Students filing taxes 2013 S. Students filing taxes 2013 source income. Students filing taxes 2013 Under limited circumstances, certain foreign source income is subject to U. Students filing taxes 2013 S. Students filing taxes 2013 tax. Students filing taxes 2013 See Foreign Income in chapter 4. Students filing taxes 2013 The general rules for determining U. Students filing taxes 2013 S. Students filing taxes 2013 source income that apply to most nonresident aliens are shown in Table 2-1. Students filing taxes 2013 The following discussions cover the general rules as well as the exceptions to these rules. Students filing taxes 2013 Not all items of U. Students filing taxes 2013 S. Students filing taxes 2013 source income are taxable. Students filing taxes 2013 See chapter 3. Students filing taxes 2013 Interest Income Generally, U. Students filing taxes 2013 S. Students filing taxes 2013 source interest income includes the following items. Students filing taxes 2013 Interest on bonds, notes, or other interest-bearing obligations of U. Students filing taxes 2013 S. Students filing taxes 2013 residents or domestic corporations. Students filing taxes 2013 Interest paid by a domestic or foreign partnership or foreign corporation engaged in a U. Students filing taxes 2013 S. Students filing taxes 2013 trade or business at any time during the tax year. Students filing taxes 2013 Original issue discount. Students filing taxes 2013 Interest from a state, the District of Columbia, or the U. Students filing taxes 2013 S. Students filing taxes 2013 Government. Students filing taxes 2013 The place or manner of payment is immaterial in determining the source of the income. Students filing taxes 2013 A substitute interest payment made to the transferor of a security in a securities lending transaction or a sale-repurchase transaction is sourced in the same manner as the interest on the transferred security. Students filing taxes 2013 Exceptions. Students filing taxes 2013   U. Students filing taxes 2013 S. Students filing taxes 2013 source interest income does not include the following items. Students filing taxes 2013 Interest paid by a resident alien or a domestic corporation on obligations issued before August 10, 2010, if for the 3-year period ending with the close of the payer's tax year preceding the interest payment, at least 80% of the payer's total gross income: Is from sources outside the United States, and Is attributable to the active conduct of a trade or business by the individual or corporation in a foreign country or a U. Students filing taxes 2013 S. Students filing taxes 2013 possession. Students filing taxes 2013 However, the interest will be considered U. Students filing taxes 2013 S. Students filing taxes 2013 source interest income if either of the following apply. Students filing taxes 2013 The recipient of the interest is related to the resident alien or domestic corporation. Students filing taxes 2013 See section 954(d)(3) for the definition of related person. Students filing taxes 2013 The terms of the obligation are significantly modified after August 9, 2010. Students filing taxes 2013 Any extension of the term of the obligation is considered a significant modification. Students filing taxes 2013 Interest paid by a foreign branch of a domestic corporation or a domestic partnership on deposits or withdrawable accounts with mutual savings banks, cooperative banks, credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law if the interest paid or credited can be deducted by the association. Students filing taxes 2013 Interest on deposits with a foreign branch of a domestic corporation or domestic partnership, but only if the branch is in the commercial banking business. Students filing taxes 2013 Dividends In most cases, dividend income received from domestic corporations is U. Students filing taxes 2013 S. Students filing taxes 2013 source income. Students filing taxes 2013 Dividend income from foreign corporations is usually foreign source income. Students filing taxes 2013 Exceptions to both of these rules are discussed below. Students filing taxes 2013 A substitute dividend payment made to the transferor of a security in a securities lending transaction or a sale-repurchase transaction is sourced in the same manner as a distribution on the transferred security. Students filing taxes 2013 Dividend equivalent payments. Students filing taxes 2013   U. Students filing taxes 2013 S. Students filing taxes 2013 source dividends also include all dividend equivalent payments. Students filing taxes 2013 Dividend equivalent payments include substitute dividends, payments made pursuant to a specified notional principal contract, and all similar payments that, directly or indirectly, are contingent on or determined by reference to, the payment of a dividend from U. Students filing taxes 2013 S. Students filing taxes 2013 sources. Students filing taxes 2013    The Internal Revenue Service has issued final regulations that would affect the treatment of dividend equivalent payments and specified notional principal contracts. Students filing taxes 2013 You can view this regulation at www. Students filing taxes 2013 irs. Students filing taxes 2013 gov/irb/2013-52_IRB/ar08. Students filing taxes 2013 html. Students filing taxes 2013 First exception. Students filing taxes 2013   Dividends received from a domestic corporation are not U. Students filing taxes 2013 S. Students filing taxes 2013 source income if the corporation elects to take the American Samoa economic development credit. Students filing taxes 2013 Second exception. Students filing taxes 2013   Part of the dividends received from a foreign corporation is U. Students filing taxes 2013 S. Students filing taxes 2013 source income if 25% or more of its total gross income for the 3-year period ending with the close of its tax year preceding the declaration of dividends was effectively connected with a trade or business in the United States. Students filing taxes 2013 If the corporation was formed less than 3 years before the declaration, use its total gross income from the time it was formed. Students filing taxes 2013 Determine the part that is U. Students filing taxes 2013 S. Students filing taxes 2013 source income by multiplying the dividend by the following fraction. Students filing taxes 2013   Foreign corporation's gross income connected with a U. Students filing taxes 2013 S. Students filing taxes 2013 trade or business for the 3-year period     Foreign corporation's gross income from all sources for that period   Guarantee of Indebtedness Certain amounts received directly or indirectly, for the provision of a guarantee of indebtedness issued after September 27, 2010, are U. Students filing taxes 2013 S. Students filing taxes 2013 source income. Students filing taxes 2013 They must be paid by a noncorporate resident or U. Students filing taxes 2013 S. Students filing taxes 2013 corporation or by any foreign person if the amounts are effectively connected with the conduct of a U. Students filing taxes 2013 S. Students filing taxes 2013 trade or business. Students filing taxes 2013 For more information, see Internal Revenue Code sections 861(a)(9) and 862(a)(9). Students filing taxes 2013 Personal Services All wages and any other compensation for services performed in the United States are considered to be from sources in the United States. Students filing taxes 2013 The only exceptions to this rule are discussed in chapter 3 under Employees of foreign persons, organizations, or offices, and under Crew members. Students filing taxes 2013 If you are an employee and receive compensation for labor or personal services performed both inside and outside the United States, special rules apply in determining the source of the compensation. Students filing taxes 2013 Compensation (other than certain fringe benefits) is sourced on a time basis. Students filing taxes 2013 Certain fringe benefits (such as housing and education) are sourced on a geographical basis. Students filing taxes 2013 Or, you may be permitted to use an alternative basis to determine the source of compensation. Students filing taxes 2013 See Alternative Basis , later. Students filing taxes 2013 Multi-level marketing. Students filing taxes 2013   Certain companies sell products through a multi-level marketing arrangement, such that an upper-tier distributor, who has sponsored a lower-tier distributor, is entitled to a payment from the company based on certain activities of that lower-tier distributor. Students filing taxes 2013 Generally, depending on the facts, payments from such multi-level marketing companies to independent (non-employee) distributors (upper-tier distributors) that are based on the sales or purchases of persons whom they have sponsored (lower-tier distributors) constitute income for the performance of personal services in recruiting, training, and supporting the lower-tier distributors. Students filing taxes 2013 The source of such income is generally based on where the services of the upper-tier distributor are performed, and may, depending on the facts, be considered multi-year compensation, with the source of income determined over the period to which such compensation is attributable. Students filing taxes 2013 Self-employed individuals. Students filing taxes 2013   If you are self-employed, you determine the source of compensation for labor or personal services from self-employment on the basis that most correctly reflects the proper source of that income under the facts and circumstances of your particular case. Students filing taxes 2013 In many cases, the facts and circumstances will call for an apportionment on a time basis as explained next. Students filing taxes 2013 Time Basis Use a time basis to figure your U. Students filing taxes 2013 S. Students filing taxes 2013 source compensation (other than the fringe benefits discussed later). Students filing taxes 2013 Do this by multiplying your total compensation (other than the fringe benefits discussed later) by the following fraction:   Number of days you performed services in the United States during the year     Total number of days you performed services during the year   You can use a unit of time less than a day in the above fraction, if appropriate. Students filing taxes 2013 The time period for which the compensation is made does not have to be a year. Students filing taxes 2013 Instead, you can use another distinct, separate, and continuous time period if you can establish to the satisfaction of the IRS that this other period is more appropriate. Students filing taxes 2013 Example 1. Students filing taxes 2013 Christina Brooks, a resident of the Netherlands, worked 240 days for a U. Students filing taxes 2013 S. Students filing taxes 2013 company during the tax year. Students filing taxes 2013 She received $80,000 in compensation. Students filing taxes 2013 None of it was for fringe benefits. Students filing taxes 2013 Christina performed services in the United States for 60 days and performed services in the Netherlands for 180 days. Students filing taxes 2013 Using the time basis for determining the source of compensation, $20,000 ($80,000 × 60/240) is her U. Students filing taxes 2013 S. Students filing taxes 2013 source income. Students filing taxes 2013 Example 2. Students filing taxes 2013 Rob Waters, a resident of South Africa, is employed by a corporation. Students filing taxes 2013 His annual salary is $100,000. Students filing taxes 2013 None of it is for fringe benefits. Students filing taxes 2013 During the first quarter of the year he worked entirely within the United States. Students filing taxes 2013 On April 1, Rob was transferred to Singapore for the remainder of the year. Students filing taxes 2013 Rob is able to establish that the first quarter of the year and the last 3 quarters of the year are two separate, distinct, and continuous periods of time. Students filing taxes 2013 Accordingly, $25,000 of Rob's annual salary is attributable to the first quarter of the year (. Students filing taxes 2013 25 × $100,000). Students filing taxes 2013 All of it is U. Students filing taxes 2013 S. Students filing taxes 2013 source income because he worked entirely within the United States during that quarter. Students filing taxes 2013 The remaining $75,000 is attributable to the last three quarters of the year. Students filing taxes 2013 During those quarters, he worked 150 days in Singapore and 30 days in the United States. Students filing taxes 2013 His periodic performance of services in the United States did not result in distinct, separate, and continuous periods of time. Students filing taxes 2013 Of this $75,000, $12,500 ($75,000 × 30/180) is U. Students filing taxes 2013 S. Students filing taxes 2013 source income. Students filing taxes 2013 Multi-year compensation. Students filing taxes 2013   The source of multi-year compensation is generally determined on a time basis over the period to which the compensation is attributable. Students filing taxes 2013 Multi-year compensation is compensation that is included in your income in one tax year but that is attributable to a period that includes two or more tax years. Students filing taxes 2013   You determine the period to which the compensation is attributable based on the facts and circumstances of your case. Students filing taxes 2013 For example, an amount of compensation that specifically relates to a period of time that includes several calendar years is attributable to the entire multi-year period. Students filing taxes 2013   The amount of compensation treated as from U. Students filing taxes 2013 S. Students filing taxes 2013 sources is figured by multiplying the total multi-year compensation by a fraction. Students filing taxes 2013 The numerator of the fraction is the number of days (or unit of time less than a day, if appropriate) that you performed labor or personal services in the United States in connection with the project. Students filing taxes 2013 The denominator of the fraction is the total number of days (or unit of time less than a day, if appropriate) that you performed labor or personal services in connection with the project. Students filing taxes 2013 Geographical Basis Compensation you receive as an employee in the form of the following fringe benefits is sourced on a geographical basis. Students filing taxes 2013 Housing. Students filing taxes 2013 Education. Students filing taxes 2013 Local transportation. Students filing taxes 2013 Tax reimbursement. Students filing taxes 2013 Hazardous or hardship duty pay as defined in Regulations section 1. Students filing taxes 2013 861-4(b)(2)(ii)(D)(5). Students filing taxes 2013 Moving expense reimbursement. Students filing taxes 2013 The amount of fringe benefits must be reasonable and you must substantiate them by adequate records or by sufficient evidence. Students filing taxes 2013 Principal place of work. Students filing taxes 2013   The above fringe benefits, except for tax reimbursement and hazardous or hardship duty pay, are sourced based on your principal place of work. Students filing taxes 2013 Your principal place of work is usually the place where you spend most of your working time. Students filing taxes 2013 This could be your office, plant, store, shop, or other location. Students filing taxes 2013 If there is no one place where you spend most of your working time, your main job location is the place where your work is centered, such as where you report for work or are otherwise required to “base” your work. Students filing taxes 2013   If you have more than one job at any time, your main job location depends on the facts in each case. Students filing taxes 2013 The more important factors to be considered are: The total time you spend at each place, The amount of work you do at each place, and How much money you earn at each place. Students filing taxes 2013 Housing. Students filing taxes 2013   The source of a housing fringe benefit is determined based on the location of your principal place of work. Students filing taxes 2013 A housing fringe benefit includes payments to you or on your behalf (and your family's if your family resides with you) only for the following. Students filing taxes 2013 Rent. Students filing taxes 2013 Utilities (except telephone charges). Students filing taxes 2013 Real and personal property insurance. Students filing taxes 2013 Occupancy taxes not deductible under section 164 or 216(a). Students filing taxes 2013 Nonrefundable fees for securing a leasehold. Students filing taxes 2013 Rental of furniture and accessories. Students filing taxes 2013 Household repairs. Students filing taxes 2013 Residential parking. Students filing taxes 2013 Fair rental value of housing provided in kind by your employer. Students filing taxes 2013   A housing fringe benefit does not include: Deductible interest and taxes (including deductible interest and taxes of a tenant-stockholder in a cooperative housing corporation), The cost of buying property, including principal payments on a mortgage, The cost of domestic labor (maids, gardeners, etc. Students filing taxes 2013 ), Pay television subscriptions, Improvements and other expenses that increase the value or appreciably prolong the life of property, Purchased furniture or accessories, Depreciation or amortization of property or improvements, The value of meals or lodging that you exclude from gross income, or The value of meals or lodging that you deduct as moving expenses. Students filing taxes 2013 Education. Students filing taxes 2013   The source of an education fringe benefit for the education expenses of your dependents is determined based on the location of your principal place of work. Students filing taxes 2013 An education fringe benefit includes payments only for the following expenses for education at an elementary or secondary school. Students filing taxes 2013 Tuition, fees, academic tutoring, special needs services for a special needs student, books, supplies, and other equipment. Students filing taxes 2013 Room and board and uniforms that are required or provided by the school in connection with enrollment or attendance. Students filing taxes 2013 Local transportation. Students filing taxes 2013   The source of a local transportation fringe benefit is determined based on the location of your principal place of work. Students filing taxes 2013 Your local transportation fringe benefit is the amount that you receive as compensation for local transportation for you or your spouse or dependents at the location of your principal place of work. Students filing taxes 2013 The amount treated as a local transportation fringe benefit is limited to actual expenses incurred for local transportation and the fair rental value of any employer-provided vehicle used predominantly by you, your spouse, or your dependents for local transportation. Students filing taxes 2013 Actual expenses do not include the cost (including interest) of any vehicle purchased by you or on your behalf. Students filing taxes 2013 Tax reimbursement. Students filing taxes 2013   The source of a tax reimbursement fringe benefit is determined based on the location of the jurisdiction that imposed the tax for which you are reimbursed. Students filing taxes 2013 Moving expense reimbursement. Students filing taxes 2013   The source of a moving expense reimbursement is generally based on the location of your new principal place of work. Students filing taxes 2013 However, the source is determined based on the location of your former principal place of work if you provide sufficient evidence that such determination of source is more appropriate under the facts and circumstances of your case. Students filing taxes 2013 Sufficient evidence generally requires an agreement between you and your employer, or a written statement of company policy, which is reduced to writing before the move and which is entered into or established to induce you or other employees to move to another country. Students filing taxes 2013 The written statement or agreement must state that your employer will reimburse you for moving expenses that you incur to return to your former principal place of work regardless of whether you continue to work for your employer after returning to that location. Students filing taxes 2013 It may contain certain conditions upon which the right to reimbursement is determined as long as those conditions set forth standards that are definitely ascertainable and can only be fulfilled prior to, or through completion of, your return move to your former principal place of work. Students filing taxes 2013 Alternative Basis If you are an employee, you can determine the source of your compensation under an alternative basis if you establish to the satisfaction of the IRS that, under the facts and circumstances of your case, the alternative basis more properly determines the source of your compensation than the time or geographical basis. Students filing taxes 2013 If you use an alternative basis, you must keep (and have available for inspection) records to document why the alternative basis more properly determines the source of your compensation. Students filing taxes 2013 Also, if your total compensation from all sources is $250,000 or more, check “Yes” to both questions on line K on page 5 of Form 1040NR, and attach a written statement to your tax return that sets forth all of the following. Students filing taxes 2013 Your name and social security number (written across the top of the statement). Students filing taxes 2013 The specific compensation income, or the specific fringe benefit, for which you are using the alternative basis. Students filing taxes 2013 For each item in (2), the alternative basis of allocation of source used. Students filing taxes 2013 For each item in (2), a computation showing how the alternative allocation was computed. Students filing taxes 2013 A comparison of the dollar amount of the U. Students filing taxes 2013 S. Students filing taxes 2013 compensation and foreign compensation sourced under both the alternative basis and the time or geographical basis discussed earlier. Students filing taxes 2013 Transportation Income Transportation income is income from the use of a vessel or aircraft or for the performance of services directly related to the use of any vessel or aircraft. Students filing taxes 2013 This is true whether the vessel or aircraft is owned, hired, or leased. Students filing taxes 2013 The term “vessel or aircraft” includes any container used in connection with a vessel or aircraft. Students filing taxes 2013 All income from transportation that begins and ends in the United States is treated as derived from sources in the United States. Students filing taxes 2013 If the transportation begins or ends in the United States, 50% of the transportation income is treated as derived from sources in the United States. Students filing taxes 2013 For transportation income from personal services, 50% of the income is U. Students filing taxes 2013 S. Students filing taxes 2013 source income if the transportation is between the United States and a U. Students filing taxes 2013 S. Students filing taxes 2013 possession. Students filing taxes 2013 For nonresident aliens, this only applies to income derived from, or in connection with, an aircraft. Students filing taxes 2013 For information on how U. Students filing taxes 2013 S. Students filing taxes 2013 source transportation income is taxed, see chapter 4. Students filing taxes 2013 Scholarships, Grants, Prizes, and Awards Generally, the source of scholarships, fellowship grants, grants, prizes, and awards is the residence of the payer regardless of who actually disburses the funds. Students filing taxes 2013 However, see Activities to be performed outside the United States , later. Students filing taxes 2013 For example, payments for research or study in the United States made by the United States, a noncorporate U. Students filing taxes 2013 S. Students filing taxes 2013 resident, or a domestic corporation, are from U. Students filing taxes 2013 S. Students filing taxes 2013 sources. Students filing taxes 2013 Similar payments from a foreign government or foreign corporation are foreign source payments even though the funds may be disbursed through a U. Students filing taxes 2013 S. Students filing taxes 2013 agent. Students filing taxes 2013 Payments made by an entity designated as a public international organization under the International Organizations Immunities Act are from foreign sources. Students filing taxes 2013 Activities to be performed outside the United States. Students filing taxes 2013   Scholarships, fellowship grants, targeted grants, and achievement awards received by nonresident aliens for activities performed, or to be performed, outside the United States are not U. Students filing taxes 2013 S. Students filing taxes 2013 source income. Students filing taxes 2013    These rules do not apply to amounts paid as salary or other compensation for services. Students filing taxes 2013 See Personal Services, earlier, for the source rules that apply. Students filing taxes 2013 Pensions and Annuities If you receive a pension from a domestic trust for services performed both in and outside the United States, part of the pension payment is from U. Students filing taxes 2013 S. Students filing taxes 2013 sources. Students filing taxes 2013 That part is the amount attributable to earnings of the pension plan and the employer contributions made for services performed in the United States. Students filing taxes 2013 This applies whether the distribution is made under a qualified or nonqualified stock bonus, pension, profit-sharing, or annuity plan (whether or not funded). Students filing taxes 2013 If you performed services as an employee of the United States, you may receive a distribution from the U. Students filing taxes 2013 S. Students filing taxes 2013 Government under a plan, such as the Civil Service Retirement System, that is treated as a qualified pension plan. Students filing taxes 2013 Your U. Students filing taxes 2013 S. Students filing taxes 2013 source income is the otherwise taxable amount of the distribution that is attributable to your total U. Students filing taxes 2013 S. Students filing taxes 2013 Government basic pay other than tax-exempt pay for services performed outside the United States. Students filing taxes 2013 Rents or Royalties Your U. Students filing taxes 2013 S. Students filing taxes 2013 source income includes rent and royalty income received during the tax year from property located in the United States or from any interest in that property. Students filing taxes 2013 U. Students filing taxes 2013 S. Students filing taxes 2013 source income also includes rents or royalties for the use of, or for the privilege of using, in the United States, intangible property such as patents, copyrights, secret processes and formulas, goodwill, trademarks, franchises, and similar property. Students filing taxes 2013 Real Property Real property is land and buildings and generally anything built on, growing on, or attached to land. Students filing taxes 2013 Gross income from sources in the United States includes gains, profits, and income from the sale or other disposition of real property located in the United States. Students filing taxes 2013 Natural resources. Students filing taxes 2013   The income from the sale of products of any farm, mine, oil or gas well, other natural deposit, or timber located in the United States and sold in a foreign country, or located in a foreign country and sold in the United States, is partly from sources in the United States. Students filing taxes 2013 For information on determining that part, see section 1. Students filing taxes 2013 863-1(b) of the regulations. Students filing taxes 2013 Table 2-1. Students filing taxes 2013 Summary of Source Rules for Income of Nonresident Aliens Item of income Factor determining source Salaries, wages, other compensation Where services performed Business income:   Personal services Where services performed Sale of inventory—purchased Where sold Sale of inventory—produced Allocation Interest Residence of payer Dividends Whether a U. Students filing taxes 2013 S. Students filing taxes 2013 or foreign corporation* Rents Location of property Royalties:   Natural resources Location of property Patents, copyrights, etc. Students filing taxes 2013 Where property is used Sale of real property Location of property Sale of personal property Seller's tax home (but see Personal Property , later, for exceptions) Pension distributions attributable to contributions Where services were performed that earned the pension Investment earnings on pension contributions Location of pension trust Sale of natural resources Allocation based on fair market value of product at export terminal. Students filing taxes 2013 For more information, see section 1. Students filing taxes 2013 863-1(b) of the regulations. Students filing taxes 2013 *Exceptions include: a) Dividends paid by a U. Students filing taxes 2013 S. Students filing taxes 2013 corporation are foreign source if the corporation elects the  American Samoa economic development credit. Students filing taxes 2013  b) Part of a dividend paid by a foreign corporation is U. Students filing taxes 2013 S. Students filing taxes 2013 source if at least 25% of the  corporation's gross income is effectively connected with a U. Students filing taxes 2013 S. Students filing taxes 2013 trade or business for the  3 tax years before the year in which the dividends are declared. Students filing taxes 2013 Personal Property Personal property is property, such as machinery, equipment, or furniture, that is not real property. Students filing taxes 2013 Gain or loss from the sale or exchange of personal property generally has its source in the United States if you have a tax home in the United States. Students filing taxes 2013 If you do not have a tax home in the United States, the gain or loss generally is considered to be from sources outside the United States. Students filing taxes 2013 Tax home. Students filing taxes 2013   Your tax home is the general area of your main place of business, employment, or post of duty, regardless of where you maintain your family home. Students filing taxes 2013 Your tax home is the place where you permanently or indefinitely work as an employee or a self-employed individual. Students filing taxes 2013 If you do not have a regular or main place of business because of the nature of your work, then your tax home is the place where you regularly live. Students filing taxes 2013 If you do not fit either of these categories, you are considered an itinerant and your tax home is wherever you work. Students filing taxes 2013 Inventory property. Students filing taxes 2013   Inventory property is personal property that is stock in trade or that is held primarily for sale to customers in the ordinary course of your trade or business. Students filing taxes 2013 Income from the sale of inventory that you purchased is sourced where the property is sold. Students filing taxes 2013 Generally, this is where title to the property passes to the buyer. Students filing taxes 2013 For example, income from the sale of inventory in the United States is U. Students filing taxes 2013 S. Students filing taxes 2013 source income, whether you purchased it in the United States or in a foreign country. Students filing taxes 2013   Income from the sale of inventory property that you produced in the United States and sold outside the United States (or vice versa) is partly from sources in the United States and partly from sources outside the United States. Students filing taxes 2013 For information on making this allocation, see section 1. Students filing taxes 2013 863-3 of the regulations. Students filing taxes 2013   These rules apply even if your tax home is not in the United States. Students filing taxes 2013 Depreciable property. Students filing taxes 2013   To determine the source of any gain from the sale of depreciable personal property, you must first figure the part of the gain that is not more than the total depreciation adjustments on the property. Students filing taxes 2013 You allocate this part of the gain to sources in the United States based on the ratio of U. Students filing taxes 2013 S. Students filing taxes 2013 depreciation adjustments to total depreciation adjustments. Students filing taxes 2013 The rest of this part of the gain is considered to be from sources outside the United States. Students filing taxes 2013   For this purpose, “U. Students filing taxes 2013 S. Students filing taxes 2013 depreciation adjustments” are the depreciation adjustments to the basis of the property that are allowable in figuring taxable income from U. Students filing taxes 2013 S. Students filing taxes 2013 sources. Students filing taxes 2013 However, if the property is used predominantly in the United States during a tax year, all depreciation deductions allowable for that year are treated as U. Students filing taxes 2013 S. Students filing taxes 2013 depreciation adjustments. Students filing taxes 2013 But there are some exceptions for certain transportation, communications, and other property used internationally. Students filing taxes 2013   Gain from the sale of depreciable property that is more than the total depreciation adjustments on the property is sourced as if the property were inventory property, as discussed above. Students filing taxes 2013   A loss is sourced in the same way as the depreciation deductions were sourced. Students filing taxes 2013 However, if the property was used predominantly in the United States, the entire loss reduces U. Students filing taxes 2013 S. Students filing taxes 2013 source income. Students filing taxes 2013   The basis of property usually means the cost (money plus the fair market value of other property or services) of property you acquire. Students filing taxes 2013 Depreciation is an amount deducted to recover the cost or other basis of a trade or business asset. Students filing taxes 2013 The amount you can deduct depends on the property's cost, when you began using the property, how long it will take to recover your cost, and which depreciation method you use. Students filing taxes 2013 A depreciation deduction is any deduction for depreciation or amortization or any other allowable deduction that treats a capital expenditure as a deductible expense. Students filing taxes 2013 Intangible property. Students filing taxes 2013   Intangible property includes patents, copyrights, secret processes or formulas, goodwill, trademarks, trade names, or other like property. Students filing taxes 2013 The gain from the sale of amortizable or depreciable intangible property, up to the previously allowable amortization or depreciation deductions, is sourced in the same way as the original deductions were sourced. Students filing taxes 2013 This is the same as the source rule for gain from the sale of depreciable property. Students filing taxes 2013 See Depreciable property , earlier, for details on how to apply this rule. Students filing taxes 2013   Gain in excess of the amortization or depreciation deductions is sourced in the country where the property is used if the income from the sale is contingent on the productivity, use, or disposition of that property. Students filing taxes 2013 If the income is not contingent on the productivity, use, or disposition of the property, the income is sourced according to your tax home as discussed earlier. Students filing taxes 2013 If payments for goodwill do not depend on its productivity, use, or disposition, their source is the country in which the goodwill was generated. Students filing taxes 2013 Sales through offices or fixed places of business. Students filing taxes 2013   Despite any of the earlier rules, if you do not have a tax home in the United States, but you maintain an office or other fixed place of business in the United States, treat the income from any sale of personal property (including inventory property) that is attributable to that office or place of business as U. Students filing taxes 2013 S. Students filing taxes 2013 source income. Students filing taxes 2013 However, this rule does not apply to sales of inventory property for use, disposition, or consumption outside the United States if your office or other fixed place of business outside the United States materially participated in the sale. Students filing taxes 2013   If you have a tax home in the United States but maintain an office or other fixed place of business outside the United States, income from sales of personal property, other than inventory, depreciable property, or intangibles, that is attributable to that foreign office or place of business may be treated as U. Students filing taxes 2013 S. Students filing taxes 2013 source income. Students filing taxes 2013 The income is treated as U. Students filing taxes 2013 S. Students filing taxes 2013 source income if an income tax of less than 10% of the income from the sale is paid to a foreign country. Students filing taxes 2013 This rule also applies to losses if the foreign country would have imposed an income tax of less than 10% had the sale resulted in a gain. Students filing taxes 2013 Community Income If you are married and you or your spouse is subject to the community property laws of a foreign country, a U. Students filing taxes 2013 S. Students filing taxes 2013 state, or a U. Students filing taxes 2013 S. Students filing taxes 2013 possession, you generally must follow those laws to determine the income of yourself and your spouse for U. Students filing taxes 2013 S. Students filing taxes 2013 tax purposes. Students filing taxes 2013 But you must disregard certain community property laws if: Both you and your spouse are nonresident aliens, or One of you is a nonresident alien and the other is a U. Students filing taxes 2013 S. Students filing taxes 2013 citizen or resident and you do not both choose to be treated as U. Students filing taxes 2013 S. Students filing taxes 2013 residents as explained in chapter 1. Students filing taxes 2013 In these cases, you and your spouse must report community income as explained later. Students filing taxes 2013 Earned income. Students filing taxes 2013   Earned income of a spouse, other than trade or business income and a partner's distributive share of partnership income, is treated as the income of the spouse whose services produced the income. Students filing taxes 2013 That spouse must report all of it on his or her separate return. Students filing taxes 2013 Trade or business income. Students filing taxes 2013   Trade or business income, other than a partner's distributive share of partnership income, is treated as the income of the spouse carrying on the trade or business. Students filing taxes 2013 That spouse must report all of it on his or her separate return. Students filing taxes 2013 Partnership income (or loss). Students filing taxes 2013   A partner's distributive share of partnership income (or loss) is treated as the income (or loss) of the partner. Students filing taxes 2013 The partner must report all of it on his or her separate return. Students filing taxes 2013 Separate property income. Students filing taxes 2013   Income derived from the separate property of one spouse (and which is not earned income, trade or business income, or partnership distributive share income) is treated as the income of that spouse. Students filing taxes 2013 That spouse must report all of it on his or her separate return. Students filing taxes 2013 Use the appropriate community property law to determine what is separate property. Students filing taxes 2013 Other community income. Students filing taxes 2013   All other community income is treated as provided by the applicable community property laws. Students filing taxes 2013 Prev  Up  Next   Home   More Online Publications
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The Students Filing Taxes 2013

Students filing taxes 2013 Index A Accounting method: Accrual method, Accounting Method Cash method, Accounting Method Assistance (see Tax help) B Business: Expenses, Business Expenses Start-up costs, Business Start-Up Costs Use of car, Car and Truck Expenses Use of home, Business Use of Your Home C Car and truck expenses, Car and Truck Expenses Corporation, Corporations. Students filing taxes 2013 D Depositing taxes, Depositing Taxes Depreciation, Depreciation E Employer identification number (EIN), Employer Identification Number (EIN) Employment taxes: Defined, Employment Taxes Records to keep, Employment taxes. Students filing taxes 2013 Estimated tax, Estimated tax. Students filing taxes 2013 Excise taxes, Excise Taxes F Form: 1099-MISC, Form 1099-MISC. Students filing taxes 2013 11-C, Form 11-C. Students filing taxes 2013 1128, Changing your tax year. Students filing taxes 2013 2290, Form 2290. Students filing taxes 2013 720, Form 720. Students filing taxes 2013 730, Form 730. Students filing taxes 2013 8300, Form 8300. Students filing taxes 2013 8829, Which form do I file? I-9, Form I-9. Students filing taxes 2013 SS-4, Applying for an EIN. Students filing taxes 2013 W-2, Form W-2 Wage Reporting, Form W-2. Students filing taxes 2013 W-4, Form W-4. Students filing taxes 2013 W-9, Other payee. Students filing taxes 2013 FUTA tax, Federal Unemployment (FUTA) Tax H Help (see Tax help) Help from Small Business Administration, Small Business Administration I Identification numbers, Identification Numbers Income tax, Income Tax, Federal Income, Social Security, and Medicare Taxes Information returns, Information Returns Inventories, Accounting Method L Limited liability company, Limited liability company. Students filing taxes 2013 M Medicare tax, Federal Income, Social Security, and Medicare Taxes More Information (see Tax help) More information (see Tax help) O Office in home, Business Use of Your Home P Partnership, Partnerships. Students filing taxes 2013 Penalties, Penalties Publications (see Tax help) R Recordkeeping, Recordkeeping Records, how long to keep, How Long To Keep Records S S corporation, S corporations. Students filing taxes 2013 Self-employment tax, Self-Employment Tax Small Business Administration, Small Business Administration Social security tax, Federal Income, Social Security, and Medicare Taxes Sole proprietorship, Sole proprietorships. Students filing taxes 2013 Start-up costs, Business Start-Up Costs T Tax help, How to Get More Information Tax year, Tax Year Taxes: Employment, Employment Taxes Estimated, Estimated tax. Students filing taxes 2013 Excise, Excise Taxes How to deposit, Depositing Taxes Income, Income Tax Self-employment, Self-Employment Tax Unemployment (FUTA), Federal Unemployment (FUTA) Tax Taxpayer Advocate, Taxpayer Advocate Service. Students filing taxes 2013 TTY/TDD information, How to Get More Information U Unemployment (FUTA) tax, Federal Unemployment (FUTA) Tax Prev  Up     Home   More Online Publications