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Tax 2012

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Tax 2012

Tax 2012 5. Tax 2012   Student Loan Cancellations and Repayment Assistance Table of Contents Introduction Student Loan CancellationQualifying Loans Student Loan Repayment Assistance Introduction Generally, if you are responsible for making loan payments, and the loan is canceled (forgiven), you must include the amount that was forgiven in your gross income for tax purposes. Tax 2012 However, if you fulfill certain requirements, two types of student loan assistance may be tax free. Tax 2012 The types of assistance discussed in this chapter are: Student loan cancellation, and Student loan repayment assistance. Tax 2012 Student Loan Cancellation If your student loan is canceled, you may not have to include any amount in income. Tax 2012 This section describes the requirements for tax-free treatment of canceled student loans. Tax 2012 Qualifying Loans To qualify for tax-free treatment, for the cancellation of your loan, your loan must have been made by a qualified lender to assist you in attending an eligible educational institution and contain a provision that all or part of the debt will be canceled if you work: For a certain period of time, In certain professions, and For any of a broad class of employers. Tax 2012 The cancellation of your loan will not qualify for tax-free treatment if it is cancelled because of services you performed for the educational institution that made the loan or other organization that provided the funds. Tax 2012 See Exception, later. Tax 2012 Eligible educational institution. Tax 2012   This is an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Tax 2012 Qualified lenders. Tax 2012   These include the following. Tax 2012 The United States, or an instrumentality thereof. Tax 2012 A state, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof. Tax 2012 A public benefit corporation that is tax-exempt under section 501(c)(3); and that has assumed control of a state, county, or municipal hospital; and whose employees are considered public employees under state law. Tax 2012 An eligible educational institution, if the loan is made: As part of an agreement with an entity described in (1), (2), (3) under which the funds to make the loan were provided to the educational institution, or Under a program of the educational institution that is designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs where the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Tax 2012   Occupations with unmet needs include medicine, nursing, teaching, and law. Tax 2012 Section 501(c)(3) organization. Tax 2012   This is any corporation, community chest, fund, or foundation organized and operated exclusively for one or more of the following purposes. Tax 2012 Charitable. Tax 2012 Religious. Tax 2012 Educational. Tax 2012 Scientific. Tax 2012 Literary. Tax 2012 Testing for public safety. Tax 2012 Fostering national or international amateur sports competition (but only if none of its activities involve providing athletic facilities or equipment). Tax 2012 The prevention of cruelty to children or animals. Tax 2012 Exception. Tax 2012   The cancellation of your loan does not qualify as tax-free student loan cancellation if your student loan was made by an educational institution and is canceled because of services you performed for the educational institution or other organization that provided the funds. Tax 2012 Refinanced Loan If you refinanced a student loan with another loan from an eligible educational institution or a tax-exempt organization, that loan may also be considered as made by a qualified lender. Tax 2012 The refinanced loan is considered made by a qualified lender if it is made under a program of the refinancing organization that is designed to encourage students to serve in occupations with unmet needs or in areas with unmet needs where the services required of the students are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Tax 2012 Student Loan Repayment Assistance Student loan repayments made to you are tax free if you received them for any of the following: The National Health Service Corps (NHSC) Loan Repayment Program (NHSC Loan Repayment Program). Tax 2012 A state education loan repayment program eligible for funds under the Public Health Service Act. Tax 2012 Any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in under served or health professional shortage areas (as determined by such state). Tax 2012 You cannot deduct the interest you paid on a student loan to the extent payments were made through your participation in the above programs. Tax 2012 Prev  Up  Next   Home   More Online Publications

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The Tax 2012

Tax 2012 Publication 527 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSale of main home used as rental property. Tax 2012 Tax-free exchange of rental property occasionally used for personal purposes. Tax 2012 Ordering forms and publications. Tax 2012 Tax questions. Tax 2012 Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 527, such as legislation enacted after it was published, go to www. Tax 2012 irs. Tax 2012 gov/pub527. Tax 2012 What's New Net Investment Income Tax (NIIT). Tax 2012  Beginning in 2013, you may be subject to the Net Investment Income Tax (NIIT). Tax 2012 NIIT is a 3. Tax 2012 8% tax on the lesser of net investment income or the excess of modified adjusted gross income (MAGI) over the threshold amount. Tax 2012 Net investment income may include rental income and other income from passive activities. Tax 2012 Use Form 8960, Net Investment Income Tax, to figure this tax. Tax 2012 For more information on NIIT, go to IRS. Tax 2012 gov and enter “Net Investment Income Tax” in the search box. Tax 2012 Reminders Photographs of missing children. Tax 2012  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax 2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Tax 2012 Introduction Do you own a second house that you rent out all the time? Do you own a vacation home that you rent out when you or your family isn't using it? These are two common types of residential rental activities discussed in this publication. Tax 2012 In most cases, all rental income must be reported on your tax return, but there are differences in the expenses you are allowed to deduct and in the way the rental activity is reported on your return. Tax 2012 First, this publication will look at the rental-for-profit activity in which there is no personal use of the property. Tax 2012 We will look at types of income and when each is reported, and at types of expenses and which are deductible. Tax 2012 Chapter 2 discusses depreciation as it applies to your rental real estate activity—what property can be depreciated and how to figure it. Tax 2012 Chapter 3 covers the actual reporting of your rental income and deductions, including casualties and thefts, limitations on losses, and claiming the correct amount of depreciation. Tax 2012 Special rental situations are grouped together in chapter 4. Tax 2012 These include condominiums, cooperatives, property changed to rental use, renting only part of your property, and a not-for-profit rental activity. Tax 2012 Finally, in chapter 5, we will look at the rules for rental income and expenses when there is also personal use of the dwelling unit, such as a vacation home. Tax 2012 Sale or exchange of rental property. Tax 2012   For information on how to figure and report any gain or loss from the sale, exchange or other disposition of your rental property, see Publication 544, Sales and Other Dispositions of Assets. Tax 2012 Sale of main home used as rental property. Tax 2012   For information on how to figure and report any gain or loss from the sale or other disposition of your main home that you also used as rental property, see Publication 523, Selling Your Home. Tax 2012 Tax-free exchange of rental property occasionally used for personal purposes. Tax 2012   If you meet certain qualifying use standards, you may qualify for a tax-free exchange (a like-kind or section 1031 exchange) of one piece of rental property you own for a similar piece of rental property, even if you have used the rental property for personal purposes. Tax 2012   For information on the qualifying use standards, see Rev. Tax 2012 Proc. Tax 2012 2008–16, 2008 IRB 547, at http://www. Tax 2012 irs. Tax 2012 gov/irb/2008-10_IRB/ar12. Tax 2012 html . Tax 2012 For more information on like-kind exchanges, see chapter 1 of Publication 544. Tax 2012 Comments and suggestions. Tax 2012   We welcome your comments about this publication and your suggestions for future editions. Tax 2012   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax 2012 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax 2012   You can send your comments from www. Tax 2012 irs. Tax 2012 gov/formspubs/. Tax 2012 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Tax 2012   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Tax 2012 Ordering forms and publications. Tax 2012   Visit www. Tax 2012 irs. Tax 2012 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Tax 2012 Internal Revenue Service 1201 N. Tax 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax 2012   If you have a tax question, check the information available on IRS. Tax 2012 gov or call 1-800-829-1040. Tax 2012 We cannot answer tax questions sent to either of the above addresses. Tax 2012 Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 5213 Election To Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit 8582 Passive Activity Loss Limitations Schedule E (Form 1040) Supplemental Income and Loss   See chapter 6, How To Get Tax Help for information about getting these publications and forms. Tax 2012 Prev  Up  Next   Home   More Online Publications