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Tax aid 23. Tax aid   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. Tax aid Mortgage proceeds used for business or investment. Tax aid Introduction This chapter discusses what interest expenses you can deduct. Tax aid Interest is the amount you pay for the use of borrowed money. Tax aid The following are types of interest you can deduct as itemized deductions on Schedule A (Form 1040). Tax aid Home mortgage interest, including certain points and mortgage insurance premiums. Tax aid Investment interest. Tax aid This chapter explains these deductions. Tax aid It also explains where to deduct other types of interest and lists some types of interest you cannot deduct. Tax aid Use Table 23-1 to find out where to get more information on various types of interest, including investment interest. Tax aid 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). Tax aid The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. Tax aid You can deduct home mortgage interest if all the following conditions are met. Tax aid You file Form 1040 and itemize deductions on Schedule A (Form 1040). Tax aid The mortgage is a secured debt on a qualified home in which you have an ownership interest. Tax aid (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interest of the lender. Tax aid The term “qualified home” means your main home or second home. Tax aid For details, see Publication 936. Tax aid )  Both you and the lender must intend that the loan be repaid. Tax aid Amount Deductible In most cases, you can deduct all of your home mortgage interest. Tax aid How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. Tax aid Fully deductible interest. Tax aid   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. Tax aid (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. Tax aid )   The three categories are as follows: Mortgages you took out on or before October 13, 1987 (called grandfathered debt). Tax aid 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). Tax aid 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). Tax aid The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home. Tax aid   See Part II of Publication 936 for more detailed definitions of grandfathered, home acquisition, and home equity debt. Tax aid    You can use Figure 23-A to check whether your home mortgage interest is fully deductible. Tax aid Figure 23-A. Tax aid Is My Home Mortgage Interest Fully Deductible? Please click here for the text description of the image. Tax aid Figure 23-A. Tax aid Is My Interest Fully Deductible? Limits on deduction. Tax aid   You cannot fully deduct interest on a mortgage that does not fit into any of the three categories listed earlier. Tax aid If this applies to you, see Part II of Publication 936 to figure the amount of interest you can deduct. Tax aid Special Situations This section describes certain items that can be included as home mortgage interest and others that cannot. Tax aid It also describes certain special situations that may affect your deduction. Tax aid Late payment charge on mortgage payment. Tax aid   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. Tax aid Mortgage prepayment penalty. Tax aid   If you pay off your home mortgage early, you may have to pay a penalty. Tax aid 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. Tax aid Sale of home. Tax aid   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. Tax aid Example. Tax aid John and Peggy Harris sold their home on May 7. Tax aid Through April 30, they made home mortgage interest payments of $1,220. Tax aid 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. Tax aid Their mortgage interest deduction is $1,270 ($1,220 + $50). Tax aid Prepaid interest. Tax aid   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. Tax aid You can deduct in each year only the interest that qualifies as home mortgage interest for that year. Tax aid However, there is an exception that applies to points, discussed later. Tax aid Mortgage interest credit. Tax aid   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. Tax aid Figure the credit on Form 8396, Mortgage Interest Credit. Tax aid If you take this credit, you must reduce your mortgage interest deduction by the amount of the credit. Tax aid   For more information on the credit, see chapter 37. Tax aid Ministers' and military housing allowance. Tax aid   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. Tax aid Hardest Hit Fund and Emergency Homeowners' Loan Programs. Tax aid   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. Tax aid 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. Tax aid 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. Tax aid 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). Tax aid 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. Tax aid Mortgage assistance payments under section 235 of the National Housing Act. Tax aid   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. Tax aid You cannot deduct the interest that is paid for you. Tax aid No other effect on taxes. Tax aid   Do not include these mortgage assistance payments in your income. Tax aid Also, do not use these payments to reduce other deductions, such as real estate taxes. Tax aid Divorced or separated individuals. Tax aid   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. Tax aid See the discussion of Payments for jointly-owned home in chapter 18. Tax aid Redeemable ground rents. Tax aid   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct them as mortgage interest. Tax aid   Payments made to end the lease and to buy the lessor's entire interest in the land are not deductible as mortgage interest. Tax aid For more information, see Publication 936. Tax aid Nonredeemable ground rents. Tax aid   Payments on a nonredeemable ground rent are not mortgage interest. Tax aid You can deduct them as rent if they are a business expense or if they are for rental property. Tax aid Reverse mortgages. Tax aid   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. Tax aid With a reverse mortgage, you retain title to your home. Tax aid 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. Tax aid Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable. Tax aid Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until the loan is paid in full. Tax aid Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt discussed in Publication 936. Tax aid Rental payments. Tax aid   If you live in a house before final settlement on the purchase, any payments you make for that period are rent and not interest. Tax aid This is true even if the settlement papers call them interest. Tax aid You cannot deduct these payments as home mortgage interest. Tax aid Mortgage proceeds invested in tax-exempt securities. Tax aid   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. Tax aid “Grandfathered debt” and “home equity debt” are defined earlier under Amount Deductible. Tax aid Refunds of interest. Tax aid   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. Tax aid 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. Tax aid However, you need to include it only up to the amount of the deduction that reduced your tax in the earlier year. Tax aid This is true whether the interest overcharge was refunded to you or was used to reduce the outstanding principal on your mortgage. Tax aid    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. Tax aid For information about Form 1098, see Form 1098, Mortgage Interest Statement , later. Tax aid   For more information on how to treat refunds of interest deducted in earlier years, see Recoveries in chapter 12. Tax aid Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Tax aid Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. Tax aid A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. Tax aid See Points paid by the seller , later. Tax aid General Rule You generally cannot deduct the full amount of points in the year paid. Tax aid Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. Tax aid See Deduction Allowed Ratably , next. Tax aid For exceptions to the general rule, see Deduction Allowed in Year Paid , later. Tax aid 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. Tax aid You use the cash method of accounting. Tax aid This means you report income in the year you receive it and deduct expenses in the year you pay them. Tax aid Most individuals use this method. Tax aid Your loan is secured by a home. Tax aid (The home does not need to be your main home. Tax aid ) Your loan period is not more than 30 years. Tax aid 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. Tax aid 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. Tax aid Deduction Allowed in Year Paid You can fully deduct points in the year paid if you meet all the following tests. Tax aid (You can use Figure 23-B as a quick guide to see whether your points are fully deductible in the year paid. Tax aid ) Your loan is secured by your main home. Tax aid (Your main home is the one you ordinarily live in most of the time. Tax aid ) Paying points is an established business practice in the area where the loan was made. Tax aid The points paid were not more than the points generally charged in that area. Tax aid You use the cash method of accounting. Tax aid This means you report income in the year you receive it and deduct expenses in the year you pay them. Tax aid (If you want more information about this method, see Accounting Methods in chapter 1. Tax aid ) 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. Tax aid The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. Tax aid The funds you provided are not required to have been applied to the points. Tax aid They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. Tax aid You cannot have borrowed these funds from your lender or mortgage broker. Tax aid You use your loan to buy or build your main home. Tax aid The points were computed as a percentage of the principal amount of the mortgage. Tax aid The amount is clearly shown on the settlement statement (such as the Settlement Statement, Form HUD-1) as points charged for the mortgage. Tax aid The points may be shown as paid from either your funds or the seller's. Tax aid Figure 23-B. Tax aid Are My Points Fully Deductible This Year? Please click here for the text description of the image. Tax aid Figure 23-B. Tax aid Are My Points Fully Deductible This Year? Note. Tax aid 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. Tax aid Home improvement loan. Tax aid   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. Tax aid Second home. Tax aid You cannot fully deduct in the year paid points you pay on loans secured by your second home. Tax aid You can deduct these points only over the life of the loan. Tax aid Refinancing. Tax aid   Generally, points you pay to refinance a mortgage are not deductible in full in the year you pay them. Tax aid This is true even if the new mortgage is secured by your main home. Tax aid   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. Tax aid You can deduct the rest of the points over the life of the loan. Tax aid Example 1. Tax aid In 1998, Bill Fields got a mortgage to buy a home. Tax aid In 2013, Bill refinanced that mortgage with a 15-year $100,000 mortgage loan. Tax aid The mortgage is secured by his home. Tax aid To get the new loan, he had to pay three points ($3,000). Tax aid 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. Tax aid Bill paid the points out of his private funds, rather than out of the proceeds of the new loan. Tax aid The payment of points is an established practice in the area, and the points charged are not more than the amount generally charged there. Tax aid Bill's first payment on the new loan was due July 1. Tax aid He made six payments on the loan in 2013 and is a cash basis taxpayer. Tax aid Bill used the funds from the new mortgage to repay his existing mortgage. Tax aid 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. Tax aid He cannot deduct all of the points in 2013. Tax aid He can deduct two points ($2,000) ratably over the life of the loan. Tax aid He deducts $67 [($2,000 ÷ 180 months) × 6 payments] of the points in 2013. Tax aid The other point ($1,000) was a fee for services and is not deductible. Tax aid Example 2. Tax aid 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. Tax aid Bill deducts 25% ($25,000 ÷ $100,000) of the points ($2,000) in 2013. Tax aid His deduction is $500 ($2,000 × 25%). Tax aid Bill also deducts the ratable part of the remaining $1,500 ($2,000 − $500) that must be spread over the life of the loan. Tax aid This is $50 [($1,500 ÷ 180 months) × 6 payments] in 2013. Tax aid The total amount Bill deducts in 2013 is $550 ($500 + $50). Tax aid Special Situations This section describes certain special situations that may affect your deduction of points. Tax aid Original issue discount. Tax aid   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. Tax aid This reduction results in original issue discount, which is discussed in chapter 4 of Publication 535. Tax aid Amounts charged for services. Tax aid   Amounts charged by the lender for specific services connected to the loan are not interest. Tax aid Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. Tax aid You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. Tax aid Points paid by the seller. Tax aid   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. Tax aid Treatment by seller. Tax aid   The seller cannot deduct these fees as interest. Tax aid But they are a selling expense that reduces the amount realized by the seller. Tax aid See chapter 15 for information on selling your home. Tax aid Treatment by buyer. Tax aid    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. Tax aid If all the tests under Deduction Allowed in Year Paid , earlier, are met, the buyer can deduct the points in the year paid. Tax aid If any of those tests are not met, the buyer deducts the points over the life of the loan. Tax aid   For information about basis, see chapter 13. Tax aid Funds provided are less than points. Tax aid   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. Tax aid In addition, you can deduct any points paid by the seller. Tax aid Example 1. Tax aid When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). Tax aid You meet all the tests for deducting points in the year paid, except the only funds you provided were a $750 down payment. Tax aid Of the $1,000 charged for points, you can deduct $750 in the year paid. Tax aid You spread the remaining $250 over the life of the mortgage. Tax aid Example 2. Tax aid 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. Tax aid In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). Tax aid You spread the remaining $250 over the life of the mortgage. Tax aid You must reduce the basis of your home by the $1,000 paid by the seller. Tax aid Excess points. Tax aid   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. Tax aid You must spread any additional points over the life of the mortgage. Tax aid Mortgage ending early. Tax aid   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. Tax aid However, if you refinance the mortgage with the same lender, you cannot deduct any remaining balance of spread points. Tax aid Instead, deduct the remaining balance over the term of the new loan. Tax aid    A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. Tax aid Example. Tax aid Dan paid $3,000 in points in 2002 that he had to spread out over the 15-year life of the mortgage. Tax aid He deducts $200 points per year. Tax aid Through 2012, Dan has deducted $2,200 of the points. Tax aid Dan prepaid his mortgage in full in 2013. Tax aid He can deduct the remaining $800 of points in 2013. Tax aid Limits on deduction. Tax aid   You cannot fully deduct points paid on a mortgage unless the mortgage fits into one of the categories listed earlier under Fully deductible interest . Tax aid See Publication 936 for details. Tax aid Mortgage Insurance Premiums You can treat amounts you paid during 2013 for qualified mortgage insurance as home mortgage interest. Tax aid The insurance must be in connection with home acquisition debt and the insurance contract must have been issued after 2006. Tax aid Qualified mortgage insurance. Tax aid   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). Tax aid   Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. Tax aid If provided by the Rural Housing Service, it is commonly known as a guarantee fee. Tax aid These fees can be deducted fully in 2013 if the mortgage insurance contract was issued in 2013. Tax aid Contact the mortgage insurance issuer to determine the deductible amount if it is not reported in box 4 of Form 1098. Tax aid Special rules for prepaid mortgage insurance. Tax aid   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. Tax aid 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. Tax aid No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. Tax aid This paragraph does not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. Tax aid See the Example below. Tax aid Example. Tax aid Ryan purchased a home in May of 2012 and financed the home with a 15-year mortgage. Tax aid Ryan also prepaid all of the $9,240 in private mortgage insurance required at the time of closing in May. Tax aid 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. Tax aid Ryan's adjusted gross income (AGI) for 2012 is $76,000. Tax aid Ryan can deduct $880 ($9,240 ÷ 84 × 8 months) for qualified mortgage insurance premiums in 2012. Tax aid For 2013, Ryan can deduct $1,320 ($9,240 ÷ 84 × 12 months) if his AGI is $100,000 or less. Tax aid 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). Tax aid Limit on deduction. Tax aid   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. Tax aid 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. Tax aid If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. Tax aid 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. Tax aid 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. Tax aid A governmental unit is a person for purposes of furnishing the statement. Tax aid The statement for each year should be sent to you by January 31 of the following year. Tax aid A copy of this form will also be sent to the IRS. Tax aid 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. Tax aid However, it should not show any interest that was paid for you by a government agency. Tax aid As a general rule, Form 1098 will include only points that you can fully deduct in the year paid. Tax aid However, certain points not included on Form 1098 also may be deductible, either in the year paid or over the life of the loan. Tax aid See Points , earlier, to determine whether you can deduct points not shown on Form 1098. Tax aid Prepaid interest on Form 1098. Tax aid   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. Tax aid However, you cannot deduct the prepaid amount for January 2014 in 2013. Tax aid (See Prepaid interest , earlier. Tax aid ) You will have to figure the interest that accrued for 2014 and subtract it from the amount in box 1. Tax aid You will include the interest for January 2014 with the other interest you pay for 2014. Tax aid See How To Report , later. Tax aid Refunded interest. Tax aid   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. Tax aid See Refunds of interest , earlier. Tax aid Mortgage insurance premiums. Tax aid   The amount of mortgage insurance premiums you paid during 2013 may be shown in box 4 of Form 1098. Tax aid See Mortgage Insurance Premiums, earlier. Tax aid Investment Interest This section discusses interest expenses you may be able to deduct as an investor. Tax aid If you borrow money to buy property you hold for investment, the interest you pay is investment interest. Tax aid You can deduct investment interest subject to the limit discussed later. Tax aid However, you cannot deduct interest you incurred to produce tax-exempt income. Tax aid Nor can you deduct interest expenses on straddles. Tax aid 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. Tax aid 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. Tax aid 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). Tax aid Investment property also includes an interest in a trade or business activity in which you did not materially participate (other than a passive activity). Tax aid Partners, shareholders, and beneficiaries. Tax aid   To determine your investment interest, combine your share of investment interest from a partnership, S corporation, estate, or trust with your other investment interest. Tax aid 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. Tax aid Only the interest expense on the part of the debt used for investment purposes is treated as investment interest. Tax aid The allocation is not affected by the use of property that secures the debt. Tax aid Limit on Deduction Generally, your deduction for investment interest expense is limited to the amount of your net investment income. Tax aid You can carry over the amount of investment interest that you could not deduct because of this limit to the next tax year. Tax aid The interest carried over is treated as investment interest paid or accrued in that next year. Tax aid 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. Tax aid Net Investment Income Determine the amount of your net investment income by subtracting your investment expenses (other than interest expense) from your investment income. Tax aid Investment income. Tax aid    This generally includes your gross income from property held for investment (such as interest, dividends, annuities, and royalties). Tax aid Investment income does not include Alaska Permanent Fund dividends. Tax aid It also does not include qualified dividends or net capital gain unless you choose to include them. Tax aid Choosing to include qualified dividends. Tax aid   Investment income generally does not include qualified dividends, discussed in chapter 8. Tax aid However, you can choose to include all or part of your qualified dividends in investment income. Tax aid   You make this choice by completing Form 4952, line 4g, according to its instructions. Tax aid   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. Tax aid Choosing to include net capital gain. Tax aid   Investment income generally does not include net capital gain from disposing of investment property (including capital gain distributions from mutual funds). Tax aid However, you can choose to include all or part of your net capital gain in investment income. Tax aid    You make this choice by completing Form 4952, line 4g, according to its instructions. Tax aid   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. Tax aid    Before making either choice, consider the overall effect on your tax liability. Tax aid Compare your tax if you make one or both of these choices with your tax if you do not. Tax aid Investment income of child reported on parent's return. Tax aid    Investment income includes the part of your child's interest and dividend income that you choose to report on your return. Tax aid 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. Tax aid Child's qualified dividends. Tax aid   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. Tax aid However, you can choose to include all or part of it in investment income, as explained under Choosing to include qualified dividends , earlier. Tax aid   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). Tax aid Child's Alaska Permanent Fund dividends. Tax aid   If part of the amount you report is your child's Alaska Permanent Fund dividends, that part does not count as investment income. Tax aid 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. Tax aid 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. Tax aid Subtract the result from the amount on Form 8814, line 12. Tax aid Child's capital gain distributions. Tax aid    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. Tax aid However, you can choose to include all or part of it in investment income, as explained in Choosing to include net capital gain , earlier. Tax aid   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). Tax aid Investment expenses. Tax aid   Investment expenses are your allowed deductions (other than interest expense) directly connected with the production of investment income. Tax aid 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. Tax aid Use the smaller of: The investment expenses included on Schedule A (Form 1040), line 23, or The amount on Schedule A, line 27. Tax aid Losses from passive activities. Tax aid   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). Tax aid See Publication 925, Passive Activity and At-Risk Rules, for information about passive activities. Tax aid Form 4952 Use Form 4952, Investment Interest Expense Deduction, to figure your deduction for investment interest. Tax aid Exception to use of Form 4952. Tax aid   You do not have to complete Form 4952 or attach it to your return if you meet all of the following tests. Tax aid Your investment interest expense is not more than your investment income from interest and ordinary dividends minus any qualified dividends. Tax aid You do not have any other deductible investment expenses. Tax aid You have no carryover of investment interest expense from 2012. Tax aid If you meet all of these tests, you can deduct all of your investment interest. Tax aid More Information For more information on investment interest, see Interest Expenses in chapter 3 of Publication 550. Tax aid Items You Cannot Deduct Some interest payments are not deductible. Tax aid Certain expenses similar to interest also are not deductible. Tax aid Nondeductible expenses include the following items. Tax aid Personal interest (discussed later). Tax aid Service charges (however, see Other Expenses (Line 23) in chapter 28). Tax aid Annual fees for credit cards. Tax aid Loan fees. Tax aid Credit investigation fees. Tax aid Interest to purchase or carry tax-exempt securities. Tax aid Penalties. Tax aid   You cannot deduct fines and penalties paid to a government for violations of law, regardless of their nature. Tax aid Personal Interest Personal interest is not deductible. Tax aid Personal interest is any interest that is not home mortgage interest, investment interest, business interest, or other deductible interest. Tax aid It includes the following items. Tax aid Interest on car loans (unless you use the car for business). Tax aid Interest on federal, state, or local income tax. Tax aid Finance charges on credit cards, retail installment contracts, and revolving charge accounts incurred for personal expenses. Tax aid Late payment charges by a public utility. Tax aid You may be able to deduct interest you pay on a qualified student loan. Tax aid For details, see Publication 970, Tax Benefits for Education. Tax aid 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. Tax aid However, you do not have to allocate home mortgage interest if it is fully deductible, regardless of how the funds are used. Tax aid You allocate interest (other than fully deductible home mortgage interest) on a loan in the same way as the loan itself is allocated. Tax aid You do this by tracing disbursements of the debt proceeds to specific uses. Tax aid For details on how to do this, see chapter 4 of Publication 535. Tax aid How To Report You must file Form 1040 to deduct any home mortgage interest expense on your tax return. Tax aid Where you deduct your interest expense generally depends on how you use the loan proceeds. Tax aid See Table 23-1 for a summary of where to deduct your interest expense. Tax aid Home mortgage interest and points. Tax aid   Deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 10. Tax aid 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. Tax aid Attach a statement explaining the difference and print “See attached” next to line 10. Tax aid    Deduct home mortgage interest that was not reported to you on Form 1098 on Schedule A (Form 1040), line 11. Tax aid 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. Tax aid The seller must give you this number and you must give the seller your TIN. Tax aid A Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. Tax aid Failure to meet any of these requirements may result in a $50 penalty for each failure. Tax aid 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. Tax aid See Social Security Number (SSN) in chapter 1 for more information about TINs. Tax aid    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. Tax aid   Deduct mortgage insurance premiums on Schedule A (Form 1040), line 13. Tax aid More than one borrower. Tax aid   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. Tax aid Show how much of the interest each of you paid, and give the name and address of the person who received the form. Tax aid Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. Tax aid Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. Tax aid   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. Tax aid You should let each of the other borrowers know what his or her share is. Tax aid Mortgage proceeds used for business or investment. Tax aid    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. Tax aid It shows where to deduct the part of your excess interest that is for those activities. Tax aid Investment interest. Tax aid    Deduct investment interest, subject to certain limits discussed in Publication 550, on Schedule A (Form 1040), line 14. Tax aid Amortization of bond premium. Tax aid   There are various ways to treat the premium you pay to buy taxable bonds. Tax aid See Bond Premium Amortization in Publication 550. Tax aid Income-producing rental or royalty interest. Tax aid   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). Tax aid Example. Tax aid You rent out part of your home and borrow money to make repairs. Tax aid You can deduct only the interest payment for the rented part in Part I of Schedule E (Form 1040). Tax aid Deduct the rest of the interest payment on Schedule A (Form 1040) if it is deductible home mortgage interest. Tax aid Table 23-1. Tax aid Where To Deduct Your Interest Expense IF you have . Tax aid . Tax aid . Tax aid THEN deduct it on . Tax aid . Tax aid . Tax aid AND for more information go to . Tax aid . Tax aid . Tax aid deductible student loan interest Form 1040, line 33, or Form 1040A, line 18 Publication 970. Tax aid deductible home mortgage interest and points reported on Form 1098 Schedule A (Form 1040), line 10 Publication 936. Tax aid deductible home mortgage interest not reported on Form 1098 Schedule A (Form 1040), line 11 Publication 936. Tax aid deductible points not reported on Form 1098 Schedule A (Form 1040), line 12 Publication 936. Tax aid deductible mortgage insurance premiums Schedule A (Form 1040), line 13 Publication 936. Tax aid deductible investment interest (other than incurred to produce rents or royalties) Schedule A (Form 1040), line 14 Publication 550. Tax aid deductible business interest (non-farm) Schedule C or C-EZ (Form 1040) Publication 535. Tax aid deductible farm business interest Schedule F (Form 1040) Publications 225 and 535. Tax aid deductible interest incurred to produce rents or royalties Schedule E (Form 1040) Publications 527 and 535. Tax aid personal interest not deductible. Tax aid Prev  Up  Next   Home   More Online Publications
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Better Business Bureaus (BBBs) are nonprofit organizations that encourage honest advertising and selling practices and are supported primarily by local businesses. They offer a variety of consumer services, including consumer education materials; business reports, particularly unanswered or unsettled complaints or other problems; mediation and arbitration services; and information about charities and other organizations that are seeking public donations. They also provide ratings (A, B, C, D, or F) of local companies to express the BBB's confidence that the company operates in a trustworthy manner and demonstrates a willingness to resolve customer concerns.

Lexington, KY

Website: Better Business Bureau

Email: info@bluegrass.bbb.org

Address: Better Business Bureau
1390 Olivia Ln., Suite 100
Lexington, KY 40511

Phone Number: 859-259-1008

Toll-free: 1-800-866-6668

Louisville, KY

Website: Better Business Bureau

Email: info@bbbkyin.org

Address: Better Business Bureau
844 S. Fourth St.
Louisville, KY 40203

Phone Number: 502-583-6546

The Tax Aid

Tax aid Index Symbols 1231 property sale, Sale of property interest. Tax aid 401(k) plans, Elective Deferrals Excess contributions, Excess Contributions 403(b) plans, Elective Deferrals Limit for, Limit for tax-sheltered annuities. Tax aid 457 plans, Elective Deferrals Limit for deferrals under, Limit for deferrals under section 457 plans. Tax aid 501(c)(18)(D) plans, Elective Deferrals Contributions, Section 501(c)(18)(D) contributions. Tax aid 501(c)(3) organizations, Student loans. Tax aid 529 program, Qualified tuition program (QTP). Tax aid 83(b) election, How to make the choice. Tax aid A Academic health centers Meals and lodging when teaching and research organization, Academic health center. Tax aid Accelerated death benefits, Accelerated Death Benefits Accident insurance, Accident or Health Plan Accidental death benefits, Accidental death benefits. Tax aid Accrual method taxpayers, Prepaid income. Tax aid Accrued leave payment At time of retirement or resignation, Accrued leave payment. Tax aid Disability retirement, Accrued leave payment. Tax aid Activity not for profit, Activity not for profit. Tax aid Adoption Employer assistance, Adoption Assistance Advance commissions, Miscellaneous Compensation Aircraft, Flights on employer-provided aircraft. Tax aid Airlines No-additional-cost services, No-Additional-Cost Services Valuation of flights on employer-provided aircraft, Flights on employer-provided aircraft. Tax aid Alaska Permanent Fund dividend, Alaska Permanent Fund dividend. Tax aid Alien status, waiver of, Waiver of alien status. Tax aid Aliens Nonresident, Nonresident aliens. Tax aid Alimony, Alimony. Tax aid Alternative minimum tax (AMT) Recoveries, refiguring of, Subject to alternative minimum tax. Tax aid Stock options, Alternative minimum tax (AMT). Tax aid Annuities Charitable gift, Charitable gift annuities. Tax aid Railroad retirement, Railroad retirement annuities. Tax aid Tax-sheltered, Limit for tax-sheltered annuities. Tax aid Archer MSAs, Archer MSA contributions. Tax aid , Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Tax aid Armed forces, Military Combat zone bonus, Veterans' benefits. Tax aid Disability, Disability. Tax aid Disability pensions, Military and Government Disability Pensions Health professions scholarship, Tuition Reduction Military action as cause of disability injuries, Terrorist attack or military action. Tax aid Qualified reservist distribution, Qualified reservist distribution (QRD). Tax aid Rehabilitative program payments, Veterans' benefits. Tax aid Retirement pay, Military retirement pay. Tax aid Veterans benefits, Veterans' benefits. Tax aid Assistance (see Tax help) Athletic facilities, employer-provided, Athletic Facilities Automobile (see Vehicle, employer-provided) Awards (see Damages from lawsuits) B Babysitting, Babysitting. Tax aid Back pay, award for, Back pay awards. Tax aid Backup withholding Barter exchange transactions, Backup withholding. Tax aid Bankruptcy Canceled debt not deemed to be income, Excluded debt. Tax aid Barter income, Bartering Below-market loans, Below-market loans. Tax aid Bequest for services, Bequest for services. Tax aid Bicycle, Transportation Fringe benefit, Qualified bicycle commuting. Tax aid Black lung benefit payments, Black lung benefit payments. Tax aid Bonuses, Bonuses and awards. Tax aid , Employee awards or bonuses. Tax aid Breach of contract Damages as income, Court awards and damages. Tax aid Bribes, Bribes. Tax aid Business expenses Reimbursements, Allowances and reimbursements. Tax aid Business income, Business and Investment Income, More information. Tax aid C Cafeteria plans, Cafeteria plans. Tax aid Campaign contributions, Campaign contributions. Tax aid Campus lodging, Qualified campus lodging. Tax aid , Moving Expense Reimbursements Cancellation of debt, Canceled Debts Cancellation of sales contracts, Canceled sales contract. Tax aid Capital gains Recoveries, Capital gains. Tax aid , Capital gains. Tax aid Capital gains or losses Employee stock option plans (ESOPs), Option granted at a discount. Tax aid Incentive stock options (ISOs), Incentive stock options (ISOs). Tax aid Sale of personal property, Sale of personal items. Tax aid Car (see Vehicle, employer-provided) Car pools, Car pools. Tax aid Cash or deferred arrangements (CODAs), Elective Deferrals Cash rebates, Cash rebates. Tax aid Casualty insurance Reimbursements from, Casualty insurance and other reimbursements. Tax aid Catch-up contributions, Catch-up contributions. Tax aid , Catch-up contributions. Tax aid Charitable gift annuities, Charitable gift annuities. Tax aid Child and Adult Care Food Program Payments to daycare providers, Food program payments to daycare providers. Tax aid Child support payments, Child support payments. Tax aid Childcare providers, Childcare providers. Tax aid , Food program payments to daycare providers. Tax aid Chronic illness, Chronically ill individual. Tax aid Accelerated death benefits paid to, Exclusion for chronic illness. Tax aid Citizens outside U. Tax aid S. Tax aid Exclusion of foreign income, Reminders Civil Rights Act of 1964, Title VII Back pay and damages for emotional distress under, Court awards and damages. Tax aid Clergy, Clergy Coal, Coal and iron ore. Tax aid Colleges and universities Faculty lodging, Faculty lodging. Tax aid Scholarships and fellowships, Scholarships and fellowships. Tax aid Commissions Advance, Miscellaneous Compensation Commuter highway vehicles, Transportation Compensation Employee, Employee Compensation Miscellaneous, Miscellaneous Compensation Unemployment, Unemployment compensation. Tax aid Workers', Workers' Compensation Compensatory damages, Other compensation. Tax aid , Court awards and damages. Tax aid Constructive receipt of income, Constructively received income. Tax aid Copyrights Infringement damages, Court awards and damages. Tax aid Royalties, Copyrights and patents. Tax aid Corporate directors, Corporate director. Tax aid Cost-of-living allowances, Government cost-of-living allowances. Tax aid Court awards, Court awards and damages. Tax aid (see also Damages from lawsuits) Credit card Insurance, Credit card insurance. Tax aid Credits Recoveries, refiguring of unused credits, Unused tax credits. Tax aid , Unused tax credits. Tax aid Currency transactions, foreign, Foreign currency transactions. Tax aid D Damages from lawsuits, Court awards and damages. Tax aid Back pay awards, Back pay awards. Tax aid Breach of contract, Court awards and damages. Tax aid Compensatory damages, Other compensation. Tax aid , Court awards and damages. Tax aid Emotional distress under Title VII, Civil Rights Act of 1964, Court awards and damages. Tax aid Punitive damages, Court awards and damages. Tax aid Daycare providers, Childcare providers. Tax aid (see also Childcare providers) Food program payments to, Food program payments to daycare providers. Tax aid De minimis benefits, De Minimis (Minimal) Benefits, Meals and Lodging Death benefits, Proceeds not received in installments. Tax aid (see also Life insurance) Accelerated, Accelerated Death Benefits Debts Canceled, Canceled Debts Excluded debt, Excluded debt. Tax aid Nonrecourse debts, Mortgage relief upon sale or other disposition. Tax aid Recourse, Mortgage relief upon sale or other disposition. Tax aid Stockholder's, Stockholder debt. Tax aid Deduction Costs of discrimination suits, Deduction for costs involved in unlawful discrimination suits. Tax aid Deferred compensation Nonqualified plans, Nonqualified deferred compensation plans. Tax aid , Nonqualified deferred compensation plans of nonqualified entities. Tax aid Dependent care benefits, Dependent Care Benefits Depletion allowance, Depletion. Tax aid Differential wage payments, Differential wage payments. Tax aid Armed forces, Differential wage payments. Tax aid Directors' fees, Corporate director. Tax aid Disability Military, Disability. Tax aid Pensions, Disability Pensions Workers' compensation, Disability pension. Tax aid Person with, Persons with disabilities. Tax aid Unemployment compensation, paid as substitute for, Types of unemployment compensation. Tax aid Disaster relief Disaster mitigation payments, Disaster mitigation payments. Tax aid Disaster Relief and Emergency Assistance Act Grants, Disaster relief grants. Tax aid Unemployment benefits, Unemployment Benefits Mitigation payments, Reminders Payments, Disaster relief payments. Tax aid Discounts Employee discounts, Employee Discounts Employee stock purchase plans, Option granted at a discount. Tax aid Mortgage loan for early payment, Discounted mortgage loan. Tax aid Dividends Restricted stock, Dividends received on restricted stock. Tax aid Divorced taxpayers Stock options exercised incident to divorce, Tax form. Tax aid Down payment assistance, Down payment assistance. Tax aid E Educational assistance Employer-provided, Educational Assistance Scholarships and fellowships, Scholarships and fellowships. Tax aid Educational institutions Faculty lodging, Faculty lodging. Tax aid Elderly persons Nutrition Program for the Elderly, Nutrition Program for the Elderly. Tax aid Tax Counseling for the Elderly, Volunteer tax counseling. Tax aid Election precinct officials, Election precinct official. Tax aid Elective deferrals, Elective Deferrals Catch-up contributions, Catch-up contributions. Tax aid , Catch-up contributions. Tax aid Excess annual additions, Excess Annual Additions Excess contributions, Excess Contributions Excess deferrals, Excess deferrals. Tax aid Increased limit for last 3 years prior to retirement age, Increased limit. Tax aid Limit on, Elective Deferrals Reporting by employer, Reporting by employer. Tax aid Emergency Homeowners' Loan Program, Hardest Hit Fund and Emergency Homeowners' Loan Program. Tax aid Emotional distress damages, Emotional distress. Tax aid Employee achievement awards, Employee achievement award. Tax aid Employee awards or bonuses, Employee awards or bonuses. Tax aid Employee compensation, Employee Compensation, Inherited property not substantially vested. Tax aid Fringe benefits, Fringe Benefits, Special valuation rules. Tax aid Restricted property, Restricted Property, Inherited property not substantially vested. Tax aid Retirement plan contributions, Retirement Plan Contributions Stock options, Stock Options, Statutory Stock Options Employee discounts, Employee Discounts Employee stock purchase plans, Statutory Stock Options, Employee stock purchase plan. Tax aid Employer, foreign, Foreign Employer Employer-owned life insurance, Employer-owned life insurance contract. Tax aid Employer-provided Educational assistance, Educational Assistance Vehicles, Employer-provided vehicles. Tax aid Employment Abroad, Employment abroad. Tax aid Agency fees, Employment agency fees. Tax aid Contracts Severance pay for cancellation of, Severance pay. Tax aid Endowment proceeds, Endowment Contract Proceeds Energy Assistance, Payments to reduce cost of winter energy. Tax aid Conservation Subsidies, Energy conservation subsidies. Tax aid Utility rebates, Utility rebates. Tax aid Estate income, Estate and trust income. Tax aid Estimated tax Unemployment compensation, Tax withholding. Tax aid Excess Annual additions, Excess Annual Additions Contributions, Excess Contributions Deferrals, Excess deferrals. Tax aid Expected inheritance, Expected inheritance. Tax aid Expenses paid by another, Expenses paid by another. Tax aid Exxon Valdez settlement, Exxon Valdez settlement income. Tax aid Eligible retirement plan, Contributions to eligible retirement plan. Tax aid Income averaging, Income averaging. Tax aid Legal expenses, Legal expenses. Tax aid Reporting requirement-statement, Statement. Tax aid F Faculty lodging, Faculty lodging. Tax aid Fair market value (FMV), Fair market value. Tax aid Stock options, Grant of option. Tax aid Farming Qualified farm debt, cancellation of, Excluded debt. Tax aid Federal employees Accrued leave payment, Accrued leave payment. Tax aid Cost-of-living allowances, Government cost-of-living allowances. Tax aid Disability pensions, Military and Government Disability Pensions Thrift Savings Plan for, Elective Deferrals Federal Employees Compensation Act (FECA) payments, Federal Employees' Compensation Act (FECA). Tax aid Federal income tax Refunds, Federal income tax refund. Tax aid Fees for services, Fees for services. Tax aid Financial counseling fees, Financial Counseling Fees Fellowships, Scholarships and fellowships. Tax aid FICA withholding Foreign employers, U. Tax aid S. Tax aid citizens working for in U. Tax aid S. Tax aid , Social security and Medicare taxes. Tax aid Paid by employer, Social security and Medicare taxes paid by employer. Tax aid Fiduciaries Fees for services, Fees for services. Tax aid , Personal representatives. Tax aid Financial counseling fees, Financial Counseling Fees (see also Retirement planning services) Fitness programs Employer-provided, Athletic Facilities Flights Employer-provided aircraft, Flights on employer-provided aircraft. Tax aid No-additional-cost services, No-Additional-Cost Services Food benefits Daycare providers, food program payments to, Food program payments to daycare providers. Tax aid Nutrition Program for the Elderly, Nutrition Program for the Elderly. Tax aid Foreign Currency transactions, Foreign currency transactions. Tax aid Employment, Foreign Employer Governments, employees of, Employees of international organizations or foreign governments. Tax aid Income, Reminders Service, Service-connected disability. Tax aid Form 1040 Excess contributions to elective deferrals, Excess Contributions Recoveries, Where to report. Tax aid Unemployment compensation, Unemployment Benefits Wages from Form W-2, Employee Compensation Form 1040 or 1040A, Schedule B Restricted stock dividends, Stock you chose to include in your income. Tax aid Form 1040, Schedule A Outplacement services, deduction for, Outplacement services. Tax aid Repayment of commissions paid in advance, Advance commissions and other earnings. Tax aid Form 1040, Schedule C Bartering, Bartering Childcare providers to use, Childcare providers. Tax aid Personal property rental, reporting income from, Reporting business income and expenses. Tax aid Royalties, Royalties Form 1040, Schedule C-EZ Bartering, Bartering Childcare Providers to use, Childcare providers. Tax aid Personal property rental, reporting income from, Reporting business income and expenses. Tax aid Royalties, Royalties Form 1040, Schedule D Stock options, Sale of the stock. Tax aid Stock options reported on, Statutory Stock Options Form 1040, Schedule E Partner's return, Partner's return. Tax aid Royalties, Royalties Form 1040A Recoveries, Where to report. Tax aid Unemployment compensation, Unemployment Benefits Wages from Form W-2, Employee Compensation Form 1040EZ Recoveries, Where to report. Tax aid Unemployment compensation, Unemployment Benefits Wages from Form W-2, Employee Compensation Form 1041 Estates and trusts, Estate and trust income. Tax aid Form 1041, Schedule K-1 Beneficiary's share of income, deductions, credits, etc. Tax aid , Estate and trust income. Tax aid Form 1065 Partnership return, Partnership return. Tax aid Form 1065, Schedule K-1 Partner's share of income, Schedule K-1 (Form 1065). Tax aid , Partnership Income Form 1098 Mortgage interest statement, Mortgage interest refund. Tax aid Form 1099-B Barter exchange transactions, Form 1099-B from barter exchange. Tax aid , Backup withholding. Tax aid Form 1099-C Cancellation of debt, Form 1099-C. Tax aid Form 1099-DIV Restricted stock dividends, Stock you chose to include in your income. Tax aid Form 1099-G State tax refunds, State tax refund. Tax aid Unemployment compensation, Unemployment Benefits Form 1099-MISC Services totaling $600 or more, Fees for services. Tax aid Stock options exercised incident to divorce, Tax form. Tax aid Form 1099-R Charitable gift annuities, Charitable gift annuities. Tax aid Excess annual additions, Excess Annual Additions Excess deferral amounts, Excess distributed to you. Tax aid Surrender of life insurance policy for cash, Surrender of policy for cash. Tax aid Form 1120-POL Political organizations, Campaign contributions. Tax aid Form 1120S S corporation return, S corporation return. Tax aid Form 1120S, Schedule K-1 Shareholder's share of income, credits, deductions, etc. Tax aid , Schedule K-1 (Form 1120S). Tax aid Form 2441 Child and dependent care expenses, Dependent Care Benefits Form 4255 Recapture of investment credit, Amounts Recovered for Credits Form 6251 Alternative minimum tax, Alternative minimum tax (AMT). Tax aid Form 8839 Adoption assistance, Adoption Assistance Form 8853 Accelerated death benefits, Form 8853. Tax aid Archer MSAs and long-term care insurance contracts, Archer MSA contributions. Tax aid Form 8919 Uncollected social security and Medicare tax on wages, Employee Compensation Form RRB-1099 Railroad retirement board payments, Form RRB-1099. Tax aid Form SSA-1099 Social security benefit statement, Form SSA-1099. Tax aid Form W-2 501(c)(18)(D) contributions, Section 501(c)(18)(D) contributions. Tax aid Accrued leave payment at time of retirement or resignation, Accrued leave payment. Tax aid Back pay awards, Back pay awards. Tax aid Bonuses or awards, Bonuses and awards. Tax aid Elective deferrals, reporting by employer, Reporting by employer. Tax aid Failure to receive from employer, Employee Compensation Fringe benefits reported on, Form W-2. Tax aid Stock options from employers, Tax form. Tax aid Wage and tax statement, Employee Compensation Form W-2G Gambling winnings, Form W-2G. Tax aid Form W-4V Unemployment compensation, voluntary withholding request, Tax withholding. Tax aid Form W-9 Request for taxpayer identification number, Backup withholding. Tax aid Foster care, Foster care providers. Tax aid Foster Grandparent Program, National Senior Service Corps programs. Tax aid Found property, Found property. Tax aid Free tax services, Free help with your tax return. Tax aid Fringe benefits, Fringe Benefits, Special valuation rules. Tax aid Accident and health insurance, Accident or Health Plan Adoption, employer assistance, Adoption Assistance Athletic facilities, Athletic Facilities Commuter highway vehicles, Transportation De minimis benefits, De Minimis (Minimal) Benefits, Meals and Lodging Dependent care benefits, Dependent Care Benefits Educational assistance, Educational Assistance Employee discounts, Employee Discounts Faculty lodging, Faculty lodging. Tax aid Financial counseling fees, Financial Counseling Fees Holiday gifts, Holiday gifts. Tax aid Meals and lodging, Meals and Lodging Moving expenses (see Moving expenses) No-additional-cost services, No-Additional-Cost Services Parking, Transportation Retirement planning (see Retirement planning services) Transit pass, Transportation, Transit pass. Tax aid Tuition reduction, Tuition Reduction Valuation of, Valuation of Fringe Benefits, Special valuation rules. Tax aid Vehicle, Employer-provided vehicles. Tax aid Working condition benefits, Working Condition Benefits Frozen deposits Interest on, Interest on frozen deposits. Tax aid G Gambling winnings and losses, Gambling winnings. Tax aid Gas Royalties from, Oil, gas, and minerals. Tax aid Gifts, Gifts and inheritances. Tax aid Holiday gifts from employer, Holiday gifts. Tax aid Government employees (see Federal employees; State employees) Grantor trusts, Grantor trust. Tax aid Group-term life insurance Worksheets, Figuring the taxable cost. Tax aid , Worksheet 1. Tax aid Figuring the Cost of Group-Term Life Insurance To Include in Income—Illustrated Gulf oil spill, Reminders, Gulf oil spill. Tax aid H HAMP Home affordable modification program Pay-for-performance success payments, Home Affordable Modification Program (HAMP). Tax aid Hardest Hit Fund Program, Hardest Hit Fund and Emergency Homeowners' Loan Program. Tax aid Health Flexible spending arrangement, Health flexible spending arrangement (health FSA). Tax aid Insurance, Accident or Health Plan Reimbursement arrangement, Health reimbursement arrangement (HRA). Tax aid Savings account, Health savings accounts (HSA). Tax aid Help (see Tax help) Highly compensated employees Excess contributions to elective deferrals, Excess Contributions Historic preservation grants, Historic preservation grants. Tax aid Hobby losses, Hobby losses. Tax aid Holding period requirement, Holding period requirement. Tax aid Holiday gifts, Holiday gifts. Tax aid Holocaust victims restitution, Holocaust victims restitution. Tax aid Home, sale of, Sale of home. Tax aid Host or hostess, Host or Hostess Hotels No-additional-cost services, No-Additional-Cost Services Housing (see Lodging) I Illegal activities, Illegal activities. Tax aid Incentive stock options (ISOs), Statutory Stock Options, Incentive stock options (ISOs). Tax aid Income Assigned, Assignment of income. Tax aid Business and investment, Business and Investment Income, More information. Tax aid Constructive receipt of, Constructively received income. Tax aid Estate and trust, Estate and trust income. Tax aid Foreign employers, Foreign Employer Illegal, Illegal activities. Tax aid Miscellaneous, Miscellaneous Income Other, Other Income Partnership, Partnership Income Prepaid, Prepaid income. Tax aid S corporation, S Corporation Income Indian fishing rights, Indian fishing rights. Tax aid Indian money account, Indian money account litigation settlement. Tax aid Individual retirement arrangements (IRAs) Deduction, Benefits may affect your IRA deduction. Tax aid Inherited IRA, Inherited pension or IRA. Tax aid Inheritance, Gifts and inheritances. Tax aid IRA, Inherited pension or IRA. Tax aid Property not substantially vested, Inherited property not substantially vested. Tax aid Injury benefits, Sickness and Injury Benefits, Reimbursement for medical care. Tax aid Insurance Credit card, Credit card insurance. Tax aid Health, Accident or Health Plan Life (see Life insurance) Long-term care (see Long-term care insurance) Interest Canceled debt including, Interest included in canceled debt. Tax aid Frozen deposits, Interest on frozen deposits. Tax aid Mortgage refunds, Mortgage interest refund. Tax aid Option on insurance, Interest option on insurance. Tax aid Recovery amounts, Interest on recovery. Tax aid Savings bond, Interest on qualified savings bonds. Tax aid State and local government obligations, Interest on state and local government obligations. Tax aid Interference with business operations Damages as income, Court awards and damages. Tax aid International organizations, employees of, Foreign Employer Interview expenses, Job interview expenses. Tax aid Investment counseling fees, Financial Counseling Fees (see also Retirement planning services) Investment income, Business and Investment Income, More information. Tax aid IRAs (see Individual retirement arrangements (IRAs)) Iron ore, Coal and iron ore. Tax aid Itemized deductions Limited, Itemized deductions limited. Tax aid Recoveries, Recoveries, Itemized Deduction Recoveries J Job interview expenses, Job interview expenses. Tax aid Joint returns Social security benefits or railroad retirement payments, Joint return. Tax aid Joint state/local tax return Recoveries, Joint state or local income tax return. Tax aid Jury duty pay, Jury duty. Tax aid K Kickbacks, Kickbacks. Tax aid L Labor unions Convention expenses, reimbursed, Reimbursed union convention expenses. Tax aid Dues, Union benefits and dues. Tax aid Strike and lockout benefits, Strike and lockout benefits. Tax aid Unemployment benefits paid from, Payments by a union. Tax aid Last day of tax year, income received on, Constructively received income. Tax aid Leave (see Accrued leave payment) Length-of-service awards, Employee achievement award. Tax aid Life insurance Employer-owned, Employer-owned life insurance contract. Tax aid Proceeds, Life Insurance Proceeds Surrender of policy for cash, Surrender of policy for cash. Tax aid Loans, Discounted mortgage loan. Tax aid (see also Mortgage) Below-market, Below-market loans. Tax aid Student, Student loans. Tax aid Lockout benefits, Strike and lockout benefits. Tax aid Lodging Campus lodging, Qualified campus lodging. Tax aid , Moving Expense Reimbursements Clergy, Housing Employer-paid or reimbursed, Meals and Lodging Faculty lodging, Faculty lodging. Tax aid Replacement housing payments, Replacement housing payments. Tax aid Long-term care insurance, Long-term care coverage. Tax aid , Long-Term Care Insurance Contracts Lotteries and raffles, Lotteries and raffles. Tax aid Lump-sum distributions Survivor benefits, Lump-sum payments. Tax aid M Manufacturer incentive payments, Manufacturer incentive payments. Tax aid Meals Employer-paid or reimbursed, Meals and Lodging Nutrition Program for the Elderly, Nutrition Program for the Elderly. Tax aid Medical Care reimbursements, Reimbursement for medical care. Tax aid Savings accounts, Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Tax aid Medicare Advantage MSAs, Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Tax aid Benefits, Medicare. Tax aid Tax paid by employer, Social security and Medicare taxes paid by employer. Tax aid Medicare tax (see Social security and Medicare taxes) Military (see Armed forces) Minerals Royalties from, Oil, gas, and minerals. Tax aid Miscellaneous Compensation, Miscellaneous Compensation Income, Miscellaneous Income Missing children, photographs of, Reminders Mortgage Assistance payment (under sec. Tax aid 235 of National Housing Act), Mortgage assistance payments under section 235 of the National Housing Act. Tax aid Discounted loan, Discounted mortgage loan. Tax aid Interest refund, Mortgage interest refund. Tax aid Qualified principal residence indebtedness, Qualified principal residence indebtedness (QPRI). Tax aid Relief, Mortgage relief upon sale or other disposition. Tax aid Motor vehicle, employer-provided, Employer-provided vehicles. Tax aid Moving expenses Reimbursements, Allowances and reimbursements. Tax aid , Moving expense reimbursements. Tax aid MSAs (Medical savings accounts), Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Tax aid N National Health Service Corps Scholarship Program, Tuition Reduction National Oceanic and Atmospheric Administration, Service-connected disability. Tax aid National Senior Service Corps, National Senior Service Corps programs. Tax aid No-additional-cost services, No-Additional-Cost Services No-fault car insurance Disability benefits under, Other compensation. Tax aid Nobel prize, Pulitzer, Nobel, and similar prizes. Tax aid Nonrecourse debt, Mortgage relief upon sale or other disposition. Tax aid Nonstatutory stock options, Nonstatutory Stock Options Nontaxable income, Introduction Not-for-profit activities, Activity not for profit. Tax aid Notary fees, Notary public. Tax aid Notes received for services, Note received for services. Tax aid Nutrition Program for the Elderly, Nutrition Program for the Elderly. Tax aid O Oil Royalties from, Oil, gas, and minerals. Tax aid Old-age, survivors, and disability insurance benefits (OASDI), Old-age, survivors, and disability insurance benefits (OASDI). Tax aid Options, stock, Stock Options, Statutory Stock Options Outplacement services, Outplacement services. Tax aid Overseas work, Reminders P Parking fees Employer-paid or reimbursed, Transportation, Qualified parking. Tax aid Partner and partnership income, Partnership Income Patents Infringement damages, Court awards and damages. Tax aid Royalties, Copyrights and patents. Tax aid Peace Corps, Peace Corps. Tax aid Pensions Clergy, Pension. Tax aid Disability pensions, Disability Pensions Inherited pensions, Inherited pension or IRA. Tax aid Military, Military retirement pay. Tax aid Personal property Rental income and expense, Rents From Personal Property Sale of, Sale of personal items. Tax aid Personal representatives (see Fiduciaries) Prepaid income, Prepaid income. Tax aid Price reduced after purchase, Price reduced after purchase. Tax aid Prizes and awards, Bonuses and awards. Tax aid , Prizes and awards. Tax aid Achievement awards, Employee achievement award. Tax aid Employee awards or bonuses, Employee awards or bonuses. Tax aid Length-of-service awards, Employee achievement award. Tax aid Pulitzer, Nobel, and similar prizes, Pulitzer, Nobel, and similar prizes. Tax aid Safety achievement, Employee achievement award. Tax aid Scholarship prizes, Prizes. Tax aid Profit-sharing plan, Retirement and profit-sharing plans. Tax aid Public assistance benefits, Welfare and Other Public Assistance Benefits Public Health Service, Service-connected disability. Tax aid Public safety officers killed in line of duty, Public safety officer killed in the line of duty. Tax aid Public transportation passes, employer-provided, Transportation, Transit pass. Tax aid Publications (see Tax help) Pulitzer prize, Pulitzer, Nobel, and similar prizes. Tax aid Punitive damages, Court awards and damages. Tax aid Q Qualified joint venture, Reminders Qualified tuition program (QTP), Qualified tuition program (QTP). Tax aid R Raffles, Lotteries and raffles. Tax aid Railroad Retirement annuities, Railroad retirement annuities. Tax aid Retirement benefits, Social security and equivalent railroad retirement benefits. Tax aid Sick pay, Railroad sick pay. Tax aid Unemployment compensation benefits, Types of unemployment compensation. Tax aid Real estate Qualified real property business debt, cancellation of, Excluded debt. Tax aid Rebates Cash, Cash rebates. Tax aid Utility, Utility rebates. Tax aid Recovery of amounts previously deducted, Recoveries, Standard deduction for earlier years. Tax aid Itemized deductions, Recoveries, Itemized Deduction Recoveries Non-itemized deductions, Non-Itemized Deduction Recoveries Unused tax credits, refiguring of, Unused tax credits. Tax aid , Unused tax credits. Tax aid Refunds Federal income tax, Federal income tax refund. Tax aid Mortgage interest, Mortgage interest refund. Tax aid State tax, State tax refund. Tax aid Rehabilitative program payments, Veterans' benefits. Tax aid Reimbursements Business expenses, Allowances and reimbursements. Tax aid Casualty losses, Casualty insurance and other reimbursements. Tax aid Meals and lodging, Meals and Lodging Medical expenses, Reimbursement for medical care. Tax aid Moving expenses, Allowances and reimbursements. Tax aid , Moving expense reimbursements. Tax aid Related party transactions Stock option transfer, Transfer in non-arm's-length transaction. Tax aid Religious order members, Members of Religious Orders Rental income and expenses Personal property rental, Rents From Personal Property Reporting of, Reporting business income and expenses. Tax aid Repayments, Repayments, Year of deduction (or credit). Tax aid Repossession, Canceled sales contract. Tax aid Restricted property, Restricted Property, Inherited property not substantially vested. Tax aid Retired Senior Volunteer Program (RSVP), National Senior Service Corps programs. Tax aid Retirement Settlement, Reminders Retirement planning services, Financial Counseling Fees, Retirement Planning Services Retirement plans, Military retirement pay. Tax aid (see also Pensions) Automatic contribution arrangements, Qualified automatic contribution arrangements. Tax aid Contributions, Retirement Plan Contributions, Excess Annual Additions, Statutory Stock Options Elective deferrals (see Elective deferrals) Rewards, Rewards. Tax aid Roth contributions, Designated Roth contributions. Tax aid Royalties, Royalties S S corporations, S Corporation Income Safety achievement awards, Employee achievement award. Tax aid Salary reduction simplified employee pension plans (see SARSEPs) Sale of home, Sale of home. Tax aid Sales contracts Cancellation of, Canceled sales contract. Tax aid SARSEPs, Elective Deferrals Excess contributions, Excess Contributions Savings bonds, Interest on qualified savings bonds. Tax aid Savings incentive match plans for employees (see SIMPLE plans) Scholarships and fellowships, Scholarships and fellowships. Tax aid Self-employed persons U. Tax aid S. Tax aid citizens working for foreign employers in U. Tax aid S. Tax aid treated as, Social security and Medicare taxes. Tax aid Senior Companion Program, National Senior Service Corps programs. Tax aid Service Corps of Retired Executives (SCORE), Service Corps of Retired Executives (SCORE). Tax aid Severance pay, Severance pay. Tax aid Outplacement services, Outplacement services. Tax aid Sick pay, Sick pay. Tax aid Sickness and injury benefits, Sickness and Injury Benefits, Reimbursement for medical care. Tax aid SIMPLE plans, Elective Deferrals Limit for deferrals under, Limit for deferrals under SIMPLE plans. Tax aid Smallpox vaccine injuries, Smallpox vaccine injuries. Tax aid Social security and Medicare taxes Foreign employers, U. Tax aid S. Tax aid citizens working for in U. Tax aid S. Tax aid , Social security and Medicare taxes. Tax aid Paid by employer, Social security and Medicare taxes paid by employer. Tax aid Social security benefits, Social security and equivalent railroad retirement benefits. Tax aid Standard deduction Recoveries, Standard deduction limit. Tax aid , Standard deduction for earlier years. Tax aid State employees Unemployment benefits paid to, State employees. Tax aid State or local governments Interest on obligations of, Interest on state and local government obligations. Tax aid State or local taxes Refunds, State tax refund. Tax aid Statutory stock option holding period, Sale of the stock. Tax aid Stock appreciation rights, Stock appreciation rights. Tax aid Stock options, Stock Options, Statutory Stock Options Stock options, nonstatutory Exercise or transfer, Exercise or transfer of option. Tax aid Grant, Grant of option. Tax aid Sale, Sale of the stock. Tax aid Stock options, statutory Exercise, Exercise of option. Tax aid Grant, Grant of option. Tax aid Sale, Sale of the stock. Tax aid Stockholder debts, Stockholder debt. Tax aid Stolen property, Stolen property. Tax aid Strike benefits, Strike and lockout benefits. Tax aid Student loans Cancellation of debt, Student loans. Tax aid Substantial risk of forfeiture, Substantial risk of forfeiture. Tax aid Substantially vested property, Substantially vested. Tax aid Supplemental security income (SSI) payments, Social security and equivalent railroad retirement benefits. Tax aid Supplemental unemployment benefits, Supplemental unemployment benefits. Tax aid Surviving spouse Life insurance proceeds paid to, Surviving spouse. Tax aid Survivor benefits, Survivor Benefits T Tables and figures Group-term life insurance (Table 1), Group-Term Life Insurance Tax benefit rule, Tax benefit rule. Tax aid Tax Counseling for the Elderly, Volunteer tax counseling. Tax aid Tax help, How To Get Tax Help Tax-sheltered annuity plans (403(b) plans), Elective Deferrals Limit for, Limit for tax-sheltered annuities. Tax aid Terminal illness, Exclusion for terminal illness. Tax aid Terrorist attacks Disability payments for injuries from, Terrorist attack or military action. Tax aid Victims of, tax relief, Reminders Thrift Savings Plan, Elective Deferrals Title VII, Civil Rights Act of 1964 Back pay and damages for emotional distress under, Court awards and damages. Tax aid Tour guides, free tours for, Free tour. Tax aid Trade Act of 1974 Trade readjustment allowances under, Types of unemployment compensation. Tax aid , Repayment of benefits. Tax aid Transferable property, Transferable property. Tax aid Transit passes, Transportation, Transit pass. Tax aid Travel agencies Free tour to organizer of group of tourists, Free tour. Tax aid Travel and transportation expenses Free tours from travel agencies, Free tour. Tax aid Fringe benefits, Transportation Reimbursements, Allowances and reimbursements. Tax aid School children, transporting of, Transporting school children. Tax aid Trusts Grantor trusts, Grantor trust. Tax aid Income, Estate and trust income. Tax aid Tuition program, qualified (QTP), Qualified tuition program (QTP). Tax aid Tuition reduction, Tuition Reduction U Unemployment compensation, Unemployment Benefits Unions (see Labor unions) Unlawful discrimination suits Deduction for costs, Deduction for costs involved in unlawful discrimination suits. Tax aid V VA payments, VA payments. Tax aid Valuation Fringe benefits, Valuation of Fringe Benefits, Special valuation rules. Tax aid Stock options, Nonstatutory Stock Options Vehicle Commuter highway, Commuter highway vehicle. Tax aid Employer-provided, Employer-provided vehicles. Tax aid Veterans benefits, Veterans' benefits. Tax aid Disability compensation, Retroactive VA determination. Tax aid Retroactive VA determination, Retroactive VA determination. Tax aid Special statute of limitations. Tax aid , Special statute of limitations. Tax aid Viatical settlements, Viatical settlement. Tax aid Volunteer work, Volunteers Tax counseling (Volunteer Income Tax Assistance Program), Volunteer tax counseling. Tax aid Volunteers in Service to America (VISTA), Volunteers in Service to America (VISTA). Tax aid W W-2 form (see Form W-2) Welfare benefits, Welfare and Other Public Assistance Benefits Whistleblower, Whistleblower's award. Tax aid Winter energy payments, Payments to reduce cost of winter energy. Tax aid Withholding Barter exchange transactions, Backup withholding. Tax aid Unemployment compensation, Tax withholding. Tax aid Work-training programs, Work-training program. Tax aid Workers' compensation, Workers' Compensation Working condition benefits, Working Condition Benefits Worksheets Group-term life insurance (Worksheet 1), Figuring the taxable cost. Tax aid , Worksheet 1. Tax aid Figuring the Cost of Group-Term Life Insurance To Include in Income—Illustrated Prev  Up     Home   More Online Publications