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

This application will determine if you are able to deduct amounts you paid for Mortgage interest, Points, Mortgage Insurance Premiums and other Mortgage Related Expenses.

Information You Will Need:

  • Your and your spouse's filing status
  • Basic income information including amounts of your income
  • An estimated total (if applicable) of the amounts paid for mortgage interest, points and/or mortgage insurance premiums (normally reported to you on Form 1099-G)

Estimated Completion Time: 12 minutes. However: 5 minutes of inactivity will end the interview and you will be forced to start over.

Begin

Page Last Reviewed or Updated: 14-Feb-2014

The Www Irs Gov Vita

Www irs gov vita Publication 54 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Www irs gov vita Tax questions. Www irs gov vita Future Developments For the latest information about developments related to Publication 54, such as legislation enacted after it was published, go to www. Www irs gov vita irs. Www irs gov vita gov/pub54. Www irs gov vita What's New Exclusion amount. Www irs gov vita  The maximum foreign earned income exclusion is adjusted annually for inflation. Www irs gov vita For 2013, the maximum exclusion has increased to $97,600. Www irs gov vita See Limit on Excludable Amount under Foreign Earned Income Exclusion in chapter 4. Www irs gov vita Housing expenses — base amount. Www irs gov vita  The computation of the base housing amount (line 32 of Form 2555) is tied to the maximum foreign earned income exclusion. Www irs gov vita The amount is 16 percent of the exclusion amount (computed on a daily basis), multiplied by the number of days in your qualifying period that fall within your 2013 tax year. Www irs gov vita For 2013, this amount is $42. Www irs gov vita 78 per day ($15,616 per year). Www irs gov vita See Housing Amount under Foreign Housing Exclusion and Deduction in chapter 4. Www irs gov vita Housing expenses — maximum amount. Www irs gov vita  The amount of qualified housing expenses eligible for the housing exclusion and housing deduction has changed for some locations. Www irs gov vita See Limit on housing expenses under Foreign Housing Exclusion and Deduction in chapter 4. Www irs gov vita Filing requirements. Www irs gov vita  Generally, the amount of income you can receive before you must file an income tax return has increased. Www irs gov vita These amounts are shown in chapter 1 under Filing Requirements . Www irs gov vita Self-employment tax rate. Www irs gov vita  For 2013, the self-employment tax rate of 13. Www irs gov vita 3% has increased to 15. Www irs gov vita 3%. Www irs gov vita The maximum amount of net earnings from self-employment that is subject to the social security part of the self-employment tax has increased to $113,700. Www irs gov vita All net earnings are subject to the Medicare part of the tax. Www irs gov vita For more information, see chapter 3. Www irs gov vita IRA limitations for 2013. Www irs gov vita . Www irs gov vita  The 2013 contribution limit to an IRA has increased to $5,500 ($6,500 if age 50 or older). Www irs gov vita You may be able to take an IRA deduction if you were covered by a retirement plan and your 2013 modified adjusted gross income (AGI) is less than $69,000 ($115,000 if married filing jointly or a qualifying widow(er)). Www irs gov vita If your spouse was covered by a retirement plan, but you were not, you may be able to take an IRA deduction if your 2013 modified AGI is less than $188,000. Www irs gov vita See the Instructions for Form 1040 or the Instructions for Form 1040A for details and exceptions. Www irs gov vita Reminders Figuring tax on income not excluded. Www irs gov vita  If you claim the foreign earned income exclusion, the housing exclusion, or both, you must figure the tax on your nonexcluded income using the tax rates that would have applied had you not claimed the exclusions. Www irs gov vita See the Instructions for Form 1040 and complete the Foreign Earned Income Tax Worksheet to figure the amount of tax to enter on Form 1040, line 44. Www irs gov vita If you must attach Form 6251 to your return, use the Foreign Earned Income Tax Worksheet provided in the Instructions for Form 6251. Www irs gov vita Form 8938. Www irs gov vita  If you had foreign financial assets in 2013, you may have to file Form 8938 with your return. Www irs gov vita See Form 8938 in chapter 1. Www irs gov vita Change of address. Www irs gov vita  If you change your home mailing address, notify the Internal Revenue Service using Form 8822, Change of Address. Www irs gov vita If you are changing your business address, use Form 8822-B, Change of Address or Responsible Party—Business. Www irs gov vita Photographs of missing children. Www irs gov vita  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Www irs gov vita Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www irs gov vita 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. Www irs gov vita Introduction This publication discusses special tax rules for U. Www irs gov vita S. Www irs gov vita citizens and resident aliens who work abroad or who have income earned in foreign countries. Www irs gov vita If you are a U. Www irs gov vita S. Www irs gov vita citizen or resident alien, your worldwide income generally is subject to U. Www irs gov vita S. Www irs gov vita income tax, regardless of where you are living. Www irs gov vita Also, you are subject to the same income tax filing requirements that apply to U. Www irs gov vita S. Www irs gov vita citizens or resident aliens living in the United States. Www irs gov vita Expatriation tax provisions apply to U. Www irs gov vita S. Www irs gov vita citizens who have renounced their citizenship and long-term residents who have ended their residency. Www irs gov vita These provisions are discussed in chapter 4 of Publication 519, U. Www irs gov vita S. Www irs gov vita Tax Guide for Aliens. Www irs gov vita Resident alien. Www irs gov vita   A resident alien is an individual who is not a citizen or national of the United States and who meets either the green card test or the substantial presence test for the calendar year. Www irs gov vita Green card test. Www irs gov vita You are a U. Www irs gov vita S. Www irs gov vita resident if you were a lawful permanent resident of the United States at any time during the calendar year. Www irs gov vita This is known as the green card test because resident aliens hold immigrant visas (also known as green cards). Www irs gov vita Substantial presence test. Www irs gov vita You are considered a U. Www irs gov vita S. Www irs gov vita resident if you meet the substantial presence test for the calendar year. Www irs gov vita To meet this test, you must be physically present in the United States on at least: 31 days during the current calendar year, and A total of 183 days during the current year and the 2 preceding years, counting all the days of physical presence in the current year, but only 1/3 the number of days of presence in the first preceding year, and only 1/6 the number of days in the second preceding year. Www irs gov vita Example. Www irs gov vita You were physically present in the United States on 120 days in each of the years 2011, 2012, and 2013. Www irs gov vita To determine if you meet the substantial presence test for 2013, count the full 120 days of presence in 2013, 40 days in 2012 (1/3 of 120), and 20 days in 2011 (1/6 of 120). Www irs gov vita Because the total for the 3-year period is 180 days, you are not considered a resident under the substantial presence test for 2013. Www irs gov vita   For more information on resident and nonresident status, the tests for residence, and the exceptions to them, see Publication 519. Www irs gov vita Filing information. Www irs gov vita    Chapter 1 contains general filing information, such as: Whether you must file a U. Www irs gov vita S. Www irs gov vita tax return, When and where to file your return, How to report your income if it is paid in foreign currency, How to treat a nonresident alien spouse as a U. Www irs gov vita S. Www irs gov vita resident, and Whether you must pay estimated tax. Www irs gov vita Withholding tax. Www irs gov vita    Chapter 2 discusses the withholding of income, social security, and Medicare taxes from the pay of U. Www irs gov vita S. Www irs gov vita citizens and resident aliens. Www irs gov vita Self-employment tax. Www irs gov vita    Chapter 3 discusses who must pay self-employment tax. Www irs gov vita Foreign earned income exclusion and housing exclusion and deduction. Www irs gov vita    Chapter 4 discusses income tax benefits that apply if you meet certain requirements while living abroad. Www irs gov vita You may qualify to treat up to $97,600 of your income as not taxable by the United States. Www irs gov vita You also may be able to either deduct part of your housing expenses from your income or treat a limited amount of income used for housing expenses as not taxable by the United States. Www irs gov vita These benefits are called the foreign earned income exclusion and the foreign housing deduction and exclusion. Www irs gov vita   To qualify for either of the exclusions or the deduction, you must have a tax home in a foreign country and earn income from personal services performed in a foreign country. Www irs gov vita These rules are explained in chapter 4. Www irs gov vita   If you are going to exclude or deduct your income as discussed above, you must file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. Www irs gov vita Exemptions, deductions, and credits. Www irs gov vita    Chapter 5 discusses exemptions, deductions, and credits you may be able to claim on your return. Www irs gov vita These are generally the same as if you were living in the United States. Www irs gov vita However, if you choose to exclude foreign earned income or housing amounts, you cannot deduct or exclude any item or take a credit for any item that is related to the amounts you exclude. Www irs gov vita Among the topics discussed in chapter 5 are: Exemptions, Contributions to foreign organizations, Foreign moving expenses, Contributions to individual retirement arrangements (IRAs), and Foreign taxes. Www irs gov vita Tax treaty benefits. Www irs gov vita    Chapter 6 discusses some benefits that are common to most tax treaties and explains how to get help if you think you are not receiving a treaty benefit to which you are entitled. Www irs gov vita It also explains how to get copies of tax treaties. Www irs gov vita How to get tax help. Www irs gov vita    Chapter 7 is an explanation of how to get information and assistance from the IRS. Www irs gov vita Questions and answers. Www irs gov vita   Frequently asked questions and answers to those questions are presented in the back of the publication. Www irs gov vita Comments and suggestions. Www irs gov vita   We welcome your comments about this publication and your suggestions for future editions. Www irs gov vita   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Www irs gov vita NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Www irs gov vita Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www irs gov vita   You can send us comments from www. Www irs gov vita irs. Www irs gov vita gov/formspubs/. Www irs gov vita Click on “More Information” and then on “Comment on Tax Forms and Publications. Www irs gov vita ”   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. Www irs gov vita Ordering forms and publications. Www irs gov vita   Visit www. Www irs gov vita irs. Www irs gov vita gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Www irs gov vita Internal Revenue Service 1201 N. Www irs gov vita Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Www irs gov vita   If you have a tax question, check the information available on IRS. Www irs gov vita gov or call 1-800-TAX–FORM (1-800-829-1040). Www irs gov vita We cannot answer tax questions sent to either of the above addresses. Www irs gov vita Prev  Up  Next   Home   More Online Publications