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File taxes online for free 3. File taxes online for free   Investment Expenses Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Limits on DeductionsPassive activity. File taxes online for free Other income (nonpassive income). File taxes online for free Expenses. File taxes online for free Additional information. File taxes online for free Interest ExpensesInvestment Interest Limit on Deduction Bond Premium AmortizationSpecial rules to determine amounts payable on a bond. File taxes online for free Basis. File taxes online for free How To Figure Amortization Choosing To Amortize How To Report Amortization Expenses of Producing IncomeFees to buy or sell. File taxes online for free Including mutual fund or REMIC expenses in income. File taxes online for free Nondeductible ExpensesUsed as collateral. File taxes online for free Short-sale expenses. File taxes online for free Expenses for both tax-exempt and taxable income. File taxes online for free State income taxes. File taxes online for free Nondeductible amount. File taxes online for free Basis adjustment. File taxes online for free How To Report Investment Expenses When To Report Investment Expenses Topics - This chapter discusses: Limits on Deductions , Interest Expenses , Bond Premium Amortization , Expenses of Producing Income , Nondeductible Expenses , How To Report Investment Expenses , and When To Report Investment Expenses . File taxes online for free Useful Items - You may want to see: Publication 535 Business Expenses 925 Passive Activity and At-Risk Rules 929 Tax Rules for Children and Dependents Form (and Instructions) Schedule A (Form 1040) Itemized Deductions 4952 Investment Interest Expense Deduction See chapter 5, How To Get Tax Help , for information about getting these publications and forms. File taxes online for free Limits on Deductions Your deductions for investment expenses may be limited by: The at-risk rules, The passive activity loss limits, The limit on investment interest, or The 2% limit on certain miscellaneous itemized deductions. File taxes online for free The at-risk rules and passive activity rules are explained briefly in this section. File taxes online for free The limit on investment interest is explained later in this chapter under Interest Expenses . File taxes online for free The 2% limit is explained later in this chapter under Expenses of Producing Income . File taxes online for free At-risk rules. File taxes online for free   Special at-risk rules apply to most income-producing activities. File taxes online for free These rules limit the amount of loss you can deduct to the amount you risk losing in the activity. File taxes online for free Generally, this is the cash and the adjusted basis of property you contribute to the activity. File taxes online for free It also includes money you borrow for use in the activity if you are personally liable for repayment or if you use property not used in the activity as security for the loan. File taxes online for free For more information, see Publication 925. File taxes online for free Passive activity losses and credits. File taxes online for free   The amount of losses and tax credits you can claim from passive activities is limited. File taxes online for free Generally, you are allowed to deduct passive activity losses only up to the amount of your passive activity income. File taxes online for free Also, you can use credits from passive activities only against tax on the income from passive activities. File taxes online for free There are exceptions for certain activities, such as rental real estate activities. File taxes online for free Passive activity. File taxes online for free   A passive activity generally is any activity involving the conduct of any trade or business in which you do not materially participate and any rental activity. File taxes online for free However, if you are involved in renting real estate, the activity is not a passive activity if both of the following are true. File taxes online for free More than one-half of the personal services you perform during the year in all trades or businesses are performed in real property trades or businesses in which you materially participate. File taxes online for free You perform more than 750 hours of services during the year in real property trades or businesses in which you materially participate. File taxes online for free  The term “trade or business” generally means any activity that involves the conduct of a trade or business, is conducted in anticipation of starting a trade or business, or involves certain research or experimental expenditures. File taxes online for free However, it does not include rental activities or certain activities treated as incidental to holding property for investment. File taxes online for free   You are considered to materially participate in an activity if you are involved on a regular, continuous, and substantial basis in the operations of the activity. File taxes online for free Other income (nonpassive income). File taxes online for free    Generally, you can use losses from passive activities only to offset income from passive activities. File taxes online for free You cannot use passive activity losses to offset your other income, such as your wages or your portfolio income. File taxes online for free Portfolio income includes gross income from interest, dividends, annuities, or royalties that is not derived in the ordinary course of a trade or business. File taxes online for free It also includes gains or losses (not derived in the ordinary course of a trade or business) from the sale or trade of property (other than an interest in a passive activity) producing portfolio income or held for investment. File taxes online for free This includes capital gain distributions from mutual funds (and other regulated investment companies) and real estate investment trusts. File taxes online for free   You cannot use passive activity losses to offset Alaska Permanent Fund dividends. File taxes online for free Expenses. File taxes online for free   Do not include in the computation of your passive activity income or loss: Expenses (other than interest) that are clearly and directly allocable to your portfolio income, or Interest expense properly allocable to portfolio income. File taxes online for free However, this interest and other expenses may be subject to other limits. File taxes online for free These limits are explained in the rest of this chapter. File taxes online for free Additional information. File taxes online for free   For more information about determining and reporting income and losses from passive activities, see Publication 925. File taxes online for free Interest Expenses This section discusses interest expenses you may be able to deduct as an investor. File taxes online for free For information on business interest, see chapter 4 of Publication 535. File taxes online for free You cannot deduct personal interest expenses other than qualified home mortgage interest, as explained in Publication 936, Home Mortgage Interest Deduction, and interest on certain student loans, as explained in Publication 970. File taxes online for free Investment Interest If you borrow money to buy property you hold for investment, the interest you pay is investment interest. File taxes online for free You can deduct investment interest subject to the limit discussed later. File taxes online for free However, you cannot deduct interest you incurred to produce tax-exempt income. File taxes online for free See Tax-exempt income under Nondeductible Expenses, later. File taxes online for free You also cannot deduct interest expenses on straddles discussed under Interest expense and carrying charges on straddles , later. File taxes online for free Investment interest does not include any qualified home mortgage interest or any interest taken into account in computing income or loss from a passive activity. File taxes online for free Investment property. File taxes online for free   Property held for investment includes property that produces interest, dividends, annuities, or royalties not derived in the ordinary course of a trade or business. File taxes online for free It also includes property that produces gain or loss (not derived in the ordinary course of a trade or business) from the sale or trade of property producing these types of income or held for investment (other than an interest in a passive activity). File taxes online for free Investment property also includes an interest in a trade or business activity in which you did not materially participate (other than a passive activity). File taxes online for free Partners, shareholders, and beneficiaries. File taxes online for free   To determine your investment interest, combine your share of investment interest from a partnership, S corporation, estate, or trust with your other investment interest. File taxes online for free Allocation of Interest Expense If you borrow money for business or personal purposes as well as for investment, you must allocate the debt among those purposes. File taxes online for free Only the interest expense on the part of the debt used for investment purposes is treated as investment interest. File taxes online for free The allocation is not affected by the use of property that secures the debt. File taxes online for free Example 1. File taxes online for free You borrow $10,000 and use $8,000 to buy stock. File taxes online for free You use the other $2,000 to buy items for your home. File taxes online for free Since 80% of the debt is used for, and allocated to, investment purposes, 80% of the interest on that debt is investment interest. File taxes online for free The other 20% is nondeductible personal interest. File taxes online for free Debt proceeds received in cash. File taxes online for free   If you receive debt proceeds in cash, the proceeds are generally not treated as investment property. File taxes online for free Debt proceeds deposited in account. File taxes online for free   If you deposit debt proceeds in an account, that deposit is treated as investment property, regardless of whether the account bears interest. File taxes online for free But, if you withdraw the funds and use them for another purpose, you must reallocate the debt to determine the amount considered to be for investment purposes. File taxes online for free Example 2. File taxes online for free Assume in Example 1 that you borrowed the money on March 1 and immediately bought the stock for $8,000. File taxes online for free You did not buy the household items until June 1. File taxes online for free You had deposited the $2,000 in the bank. File taxes online for free You had no other transactions on the bank account until June. File taxes online for free You did not sell the stock, and you made no principal payments on the debt. File taxes online for free You paid interest from another account. File taxes online for free The $8,000 is treated as being used for an investment purpose. File taxes online for free The $2,000 is treated as being used for an investment purpose for the 3-month period. File taxes online for free Your total interest expense for 3 months on this debt is investment interest. File taxes online for free In June, when you spend the $2,000 for household items, you must begin to allocate 80% of the debt and the interest expense to investment purposes and 20% to personal purposes. File taxes online for free Amounts paid within 30 days. File taxes online for free   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. File taxes online for free This applies to any payment made within 30 days before or after the proceeds are received in cash or deposited in your account. File taxes online for free   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. File taxes online for free Payments on debt may require new allocation. File taxes online for free   As you repay a debt used for more than one purpose, you must reallocate the balance. File taxes online for free You must first reduce the amount allocated to personal purposes by the repayment. File taxes online for free You then reallocate the rest of the debt to find what part is for investment purposes. File taxes online for free Example 3. File taxes online for free If, in Example 2 , you repay $500 on November 1, the entire repayment is applied against the amount allocated to personal purposes. File taxes online for free The debt balance is now allocated as $8,000 for investment purposes and $1,500 for personal purposes. File taxes online for free Until the next reallocation is necessary, 84% ($8,000 ÷ $9,500) of the debt and the interest expense is allocated to investment. File taxes online for free Pass-through entities. File taxes online for free   If you use borrowed funds to buy an interest in a partnership or S corporation, then the interest on those funds must be allocated based on the assets of the entity. File taxes online for free If you contribute to the capital of the entity, you can make the allocation using any reasonable method. File taxes online for free Additional allocation rules. File taxes online for free   For more information about allocating interest expense, see chapter 4 of Publication 535. File taxes online for free When To Deduct Investment Interest If you use the cash method of accounting, you must pay the interest before you can deduct it. File taxes online for free If you use an accrual method of accounting, you can deduct interest over the period it accrues, regardless of when you pay it. File taxes online for free For an exception, see Unpaid expenses owed to related party under When To Report Investment Expenses, later in this chapter. File taxes online for free Example. File taxes online for free You borrowed $1,000 on August 26, 2013, payable in 90 days at 12% interest. File taxes online for free On November 26, 2013, you paid this with a new note for $1,030, due on February 26, 2014. File taxes online for free If you use the cash method of accounting, you cannot deduct any part of the $30 interest on your return for 2013 because you did not actually pay it. File taxes online for free If you use an accrual method, you may be able to deduct a portion of the interest on the loans through December 31, 2013, on your return for 2013. File taxes online for free Interest paid in advance. File taxes online for free   Generally, if you pay interest in advance for a period that goes beyond the end of the tax year, you must spread the interest over the tax years to which it belongs under the OID rules discussed in chapter 1. File taxes online for free You can deduct in each year only the interest for that year. File taxes online for free Interest on margin accounts. File taxes online for free   If you are a cash method taxpayer, you can deduct interest on margin accounts to buy taxable securities as investment interest in the year you paid it. File taxes online for free You are considered to have paid interest on these accounts only when you actually pay the broker or when payment becomes available to the broker through your account. File taxes online for free Payment may become available to the broker through your account when the broker collects dividends or interest for your account, or sells securities held for you or received from you. File taxes online for free   You cannot deduct any interest on money borrowed for personal reasons. File taxes online for free Limit on interest deduction for market discount bonds. File taxes online for free   The amount you can deduct for interest expense you paid or accrued during the year to buy or carry a market discount bond may be limited. File taxes online for free This limit does not apply if you accrue the market discount and include it in your income currently. File taxes online for free   Under this limit, the interest is deductible only to the extent it is more than: The total interest and OID includible in gross income for the bond for the year, plus The market discount for the number of days you held the bond during the year. File taxes online for free Figure the amount in (2) above using the rules for figuring accrued market discount in chapter 1 under Market Discount Bonds . File taxes online for free Interest not deducted due to limit. File taxes online for free   In the year you dispose of the bond, you can deduct any interest expense you were not allowed to deduct in earlier years because of the limit. File taxes online for free Choosing to deduct disallowed interest expense before the year of disposition. File taxes online for free   You can choose to deduct disallowed interest expense in any year before the year you dispose of the bond, up to your net interest income from the bond during the year. File taxes online for free The rest of the disallowed interest expense remains deductible in the year you dispose of the bond. File taxes online for free Net interest income. File taxes online for free   This is the interest income (including OID) from the bond that you include in income for the year, minus the interest expense paid or accrued during the year to purchase or carry the bond. File taxes online for free Limit on interest deduction for short-term obligations. File taxes online for free   If the current income inclusion rules discussed in chapter 1 under Discount on Short-Term Obligations do not apply to you, the amount you can deduct for interest expense you paid or accrued during the year to buy or carry a short-term obligation is limited. File taxes online for free   The interest is deductible only to the extent it is more than: The amount of acquisition discount or OID on the obligation for the tax year, plus The amount of any interest payable on the obligation for the year that is not included in income because of your accounting method (other than interest taken into account in determining the amount of acquisition discount or OID). File taxes online for free The method of determining acquisition discount and OID for short-term obligations is discussed in chapter 1 under Discount on Short-Term Obligations . File taxes online for free Interest not deducted due to limit. File taxes online for free   In the year you dispose of the obligation, or, if you choose, in another year in which you have net interest income from the obligation, you can deduct any interest expense you were not allowed to deduct for an earlier year because of the limit. File taxes online for free Follow the same rules provided in the earlier discussion under Limit on interest deduction for market discount bonds , earlier. File taxes online for free Limit on Deduction Generally, your deduction for investment interest expense is limited to your net investment income. File taxes online for free You can carry over the amount of investment interest you could not deduct because of this limit to the next tax year. File taxes online for free The interest carried over is treated as investment interest paid or accrued in that next year. File taxes online for free You can carry over disallowed investment interest to the next tax year even if it is more than your taxable income in the year the interest was paid or accrued. File taxes online for free Net Investment Income Determine the amount of your net investment income by subtracting your investment expenses (other than interest expense) from your investment income. File taxes online for free Investment income. File taxes online for free   This generally includes your gross income from property held for investment (such as interest, dividends, annuities, and royalties). File taxes online for free Investment income does not include Alaska Permanent Fund dividends. File taxes online for free It also does not include qualified dividends or net capital gain unless you choose to include them. File taxes online for free Choosing to include qualified dividends. File taxes online for free   Investment income generally does not include qualified dividends, discussed in chapter 1. File taxes online for free However, you can choose to include all or part of your qualified dividends in investment income. File taxes online for free   You make this choice by completing Form 4952, line 4g, according to its instructions. File taxes online for free   If you choose to include any 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. File taxes online for free Choosing to include net capital gain. File taxes online for free    Investment income generally does not include net capital gain from disposing of investment property (including capital gain distributions from mutual funds). File taxes online for free However, you can choose to include all or part of your net capital gain in investment income. File taxes online for free   You make this choice by completing Form 4952, line 4g, according to its instructions. File taxes online for free   If you choose to include any 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. File taxes online for free   For more information about the capital gains rates, see Capital Gain Tax Rates in chapter 4. File taxes online for free    Before making either choice, consider the overall effect on your tax liability. File taxes online for free Compare your tax if you make one or both of these choices with your tax if you do not. File taxes online for free Investment income of child reported on parent's return. File taxes online for free   Investment income includes the part of your child's interest and dividend income you choose to report on your return. File taxes online for free If the child does not have qualified dividends, Alaska Permanent Fund dividends, or capital gain distributions, this is the amount on line 6 of Form 8814. File taxes online for free Include it on line 4a of Form 4952. File taxes online for free Example. File taxes online for free Your 8-year-old son has interest income of $2,200, which you choose to report on your own return. File taxes online for free You enter $2,200 on Form 8814, lines 1a and 4, and $200 on lines 6 and 12 and complete Part II. File taxes online for free Also enter $200 on Form 1040, line 21. File taxes online for free Your investment income includes this $200. File taxes online for free Child's qualified dividends. File taxes online for free   If part of the amount you report is your child's qualified dividends, that part (which is reported on Form 1040, line 9b) generally does not count as investment income. File taxes online for free However, you can choose to include all or part of it in investment income, as explained under Choosing to include qualified dividends , earlier. File taxes online for free   Your investment income also includes the amount on Form 8814, line 12 (or, if applicable, the reduced amount figured next under Child's Alaska Permanent Fund dividends). File taxes online for free Child's Alaska Permanent Fund dividends. File taxes online for free   If part of the amount you report is your child's Alaska Permanent Fund dividends, that part does not count as investment income. File taxes online for free To figure the amount of your child's income that you can consider your investment income, start with the amount on Form 8814, line 6. File taxes online for free Multiply that amount by a percentage that is equal to the Alaska Permanent Fund dividends divided by the total amount on Form 8814, line 4. File taxes online for free Subtract the result from the amount on Form 8814, line 12. File taxes online for free Example. File taxes online for free Your 10-year-old child has taxable interest income of $4,000 and Alaska Permanent Fund dividends of $2,000. File taxes online for free You choose to report this on your return. File taxes online for free You enter $4,000 on Form 8814, line 1a, $2,000 on line 2a, and $6,000 on line 4. File taxes online for free You then enter $4,000 on Form 8814, lines 6 and 12, and Form 1040, line 21. File taxes online for free You figure the amount of your child's income that you can consider your investment income as follows: $4,000 − ($4,000 × ($2,000 ÷ $6,000)) = $2,667 You include the result, $2,667, on Form 4952, line 4a. File taxes online for free Child's capital gain distributions. File taxes online for free   If part of the amount you report is your child's capital gain distributions, that part (which is reported on Schedule D (Form 1040), line 13, or Form 1040, line 13) generally does not count as investment income. File taxes online for free However, you can choose to include all or part of it in investment income, as explained in Choosing to include net capital gain , earlier. File taxes online for free   Your investment income also includes the amount on Form 8814, line 12 (or, if applicable, the reduced amount figured under Child's Alaska Permanent Fund dividends , earlier). File taxes online for free Investment expenses. File taxes online for free   Investment expenses are your allowed deductions (other than interest expense) directly connected with the production of investment income. File taxes online for free Investment expenses that are included as a miscellaneous itemized deduction on Schedule A (Form 1040) are allowable deductions after applying the 2% limit that applies to miscellaneous itemized deductions. File taxes online for free Use the smaller of: The investment expenses included on Schedule A (Form 1040), line 23, or The amount on Schedule A (Form 1040), line 27. File taxes online for free See Expenses of Producing Income , later, for a discussion of the 2% limit. File taxes online for free Losses from passive activities. File taxes online for free   Income or expenses that you used in computing income or loss from a passive activity are not included in determining your investment income or investment expenses (including investment interest expense). File taxes online for free See Publication 925 for information about passive activities. File taxes online for free Example. File taxes online for free Ted is a partner in a partnership that operates a business. File taxes online for free However, he does not materially participate in the partnership's business. File taxes online for free Ted's interest in the partnership is considered a passive activity. File taxes online for free Ted's investment income from interest and dividends (other than qualified dividends) is $10,000. File taxes online for free His investment expenses (other than interest) are $3,200 after taking into account the 2% limit on miscellaneous itemized deductions. File taxes online for free His investment interest expense is $8,000. File taxes online for free Ted also has income from the partnership of $2,000. File taxes online for free Ted figures his net investment income and the limit on his investment interest expense deduction in the following way: Total investment income $10,000 Minus: Investment expenses (other than interest) 3,200 Net investment income $6,800 Deductible investment interest expense for the year $6,800 The $2,000 of income from the passive activity is not used in determining Ted's net investment income. File taxes online for free His investment interest deduction for the year is limited to $6,800, the amount of his net investment income. File taxes online for free Form 4952 Use Form 4952 to figure your deduction for investment interest. File taxes online for free See Form 4952 for more information. File taxes online for free Exception to use of Form 4952. File taxes online for free   You do not have to complete Form 4952 or attach it to your return if you meet all of the following tests. File taxes online for free Your investment interest expense is not more than your investment income from interest and ordinary dividends minus any qualified dividends. File taxes online for free You do not have any other deductible investment expenses. File taxes online for free You have no carryover of investment interest expense from 2012. File taxes online for free   If you meet all of these tests, you can deduct all of your investment interest. File taxes online for free    Bond Premium Amortization If you pay a premium to buy a bond, the premium is part of your basis in the bond. File taxes online for free If the bond yields taxable interest, you can choose to amortize the premium. File taxes online for free This generally means that each year, over the life of the bond, you use a part of the premium to reduce the amount of interest includible in your income. File taxes online for free If you make this choice, you must reduce your basis in the bond by the amortization for the year. File taxes online for free If the bond yields tax-exempt interest, you must amortize the premium. File taxes online for free This amortized amount is not deductible in determining taxable income. File taxes online for free However, each year you must reduce your basis in the bond (and tax-exempt interest otherwise reportable on Form 1040, line 8b) by the amortization for the year. File taxes online for free Bond premium. File taxes online for free   Bond premium is the amount by which your basis in the bond right after you get it is more than the total of all amounts payable on the bond after you get it (other than payments of qualified stated interest). File taxes online for free For example, a bond with a maturity value of $1,000 generally would have a $50 premium if you buy it for $1,050. File taxes online for free Special rules to determine amounts payable on a bond. File taxes online for free   For special rules that apply to determine the amounts payable on a variable rate bond, an inflation-indexed debt instrument, a bond that provides for certain alternative payment schedules (for example, a bond callable prior to the stated maturity date of the bond), or a bond that provides for remote or incidental contingencies, see Regulations section 1. File taxes online for free 171-3. File taxes online for free Basis. File taxes online for free   In general, your basis for figuring bond premium amortization is the same as your basis for figuring any loss on the sale of the bond. File taxes online for free However, you may need to use a different basis for: Convertible bonds, Bonds you got in a trade, and Bonds whose basis has to be determined using the basis of the person who transferred the bond to you. File taxes online for free See Regulations section 1. File taxes online for free 171-1(e). File taxes online for free Dealers. File taxes online for free   A dealer in taxable bonds (or anyone who holds them mainly for sale to customers in the ordinary course of a trade or business or who would properly include bonds in inventory at the close of the tax year) cannot claim a deduction for amortizable bond premium. File taxes online for free   See section 75 of the Internal Revenue Code for the treatment of bond premium by a dealer in tax-exempt bonds. File taxes online for free How To Figure Amortization For bonds issued after September 27, 1985, you must amortize bond premium using a constant yield method on the basis of the bond's yield to maturity, determined by using the bond's basis and compounding at the close of each accrual period. File taxes online for free Constant yield method. File taxes online for free   Figure the bond premium amortization for each accrual period as follows. File taxes online for free Step 1: Determine your yield. File taxes online for free   Your yield is the discount rate that, when used in figuring the present value of all remaining payments to be made on the bond (including payments of qualified stated interest), produces an amount equal to your basis in the bond. File taxes online for free Figure the yield as of the date you got the bond. File taxes online for free It must be constant over the term of the bond and must be figured to at least two decimal places when expressed as a percentage. File taxes online for free   If you do not know the yield, consult your broker or tax advisor. File taxes online for free Databases available to them are likely to show the yield at the date of purchase. File taxes online for free Step 2: Determine the accrual periods. File taxes online for free   You can choose the accrual periods to use. File taxes online for free They may be of any length and may vary in length over the term of the bond, but each accrual period can be no longer than 1 year and each scheduled payment of principal or interest must occur either on the first or the final day of an accrual period. File taxes online for free The computation is simplest if accrual periods are the same as the intervals between interest payment dates. File taxes online for free Step 3: Determine the bond premium for the accrual period. File taxes online for free   To do this, multiply your adjusted acquisition price at the beginning of the accrual period by your yield. File taxes online for free Then subtract the result from the qualified stated interest for the period. File taxes online for free   Your adjusted acquisition price at the beginning of the first accrual period is the same as your basis. File taxes online for free After that, it is your basis decreased by the amount of bond premium amortized for earlier periods and the amount of any payment previously made on the bond other than a payment of qualified stated interest. File taxes online for free Example. File taxes online for free On February 1, 2012, you bought a taxable bond for $110,000. File taxes online for free The bond has a stated principal amount of $100,000, payable at maturity on February 1, 2019, making your premium $10,000 ($110,000 − $100,000). File taxes online for free The bond pays qualified stated interest of $10,000 on February 1 of each year. File taxes online for free Your yield is 8. File taxes online for free 07439% compounded annually. File taxes online for free You choose to use annual accrual periods ending on February 1 of each year. File taxes online for free To find your bond premium amortization for the accrual period ending on February 1, 2013, you multiply the adjusted acquisition price at the beginning of the period ($110,000) by your yield. File taxes online for free When you subtract the result ($8,881. File taxes online for free 83) from the qualified stated interest for the period ($10,000), you find that your bond premium amortization for the period is $1,118. File taxes online for free 17. File taxes online for free Special rules to figure amortization. File taxes online for free   For special rules to figure the bond premium amortization on a variable rate bond, an inflation-indexed debt instrument, a bond that provides for certain alternative payment schedules (for example, a bond callable prior to the stated maturity date of the bond), or a bond that provides for remote or incidental contingencies, see Regulations section 1. File taxes online for free 171-3. File taxes online for free Bonds Issued Before September 28, 1985 For these bonds, you can amortize bond premium using any reasonable method. File taxes online for free Reasonable methods include: The straight-line method, and The Revenue Ruling 82-10 method. File taxes online for free Straight-line method. File taxes online for free   Under this method, the amount of your bond premium amortization is the same each month. File taxes online for free Divide the number of months you held the bond during the year by the number of months from the beginning of the tax year (or, if later, the date of acquisition) to the date of maturity or earlier call date. File taxes online for free Then multiply the result by the bond premium (reduced by any bond premium amortization claimed in earlier years). File taxes online for free This gives you your bond premium amortization for the year. File taxes online for free Revenue Ruling 82-10 method. File taxes online for free   Under this method, the amount of your bond premium amortization increases each month over the life of the bond. File taxes online for free This method is explained in Revenue Ruling 82-10, 1982-1 C. File taxes online for free B. File taxes online for free 46. File taxes online for free Choosing To Amortize You choose to amortize the premium on taxable bonds by reporting the amortization for the year on your income tax return for the first tax year you want the choice to apply. File taxes online for free You should attach a statement to your return that you are making this choice under section 171. File taxes online for free See How To Report Amortization, next. File taxes online for free This choice is binding for the year you make it and for later tax years. File taxes online for free It applies to all taxable bonds you own in the year you make the choice and also to those you acquire in later years. File taxes online for free You can change your decision to amortize bond premium only with the written approval of the IRS. File taxes online for free To request approval, use Form 3115. File taxes online for free For more information on requesting approval, see section 5 of the Appendix to Revenue Procedure 2011-14 in Internal Revenue Bulletin 2011-4. File taxes online for free You can find Revenue Procedure 2011-14 at www. File taxes online for free irs. File taxes online for free gov/irb/2011-04_IRB/ar08. File taxes online for free html. File taxes online for free How To Report Amortization Subtract the bond premium amortization from your interest income from these bonds. File taxes online for free Report the bond's interest on Schedule B (Form 1040A or 1040), line 1. File taxes online for free Under your last entry on line 1, put a subtotal of all interest listed on line 1. File taxes online for free Below this subtotal, print “ABP Adjustment,” and the total interest you received. File taxes online for free Subtract this amount from the subtotal, and enter the result on line 2. File taxes online for free Bond premium amortization more than interest. File taxes online for free   If the amount of your bond premium amortization for an accrual period is more than the qualified stated interest for the period, you can deduct the difference as a miscellaneous itemized deduction on Schedule A (Form 1040), line 28. File taxes online for free    But your deduction is limited to the amount by which your total interest inclusions on the bond in prior accrual periods is more than your total bond premium deductions on the bond in prior periods. File taxes online for free Any amount you cannot deduct because of this limit can be carried forward to the next accrual period. File taxes online for free Pre-1998 election to amortize bond premium. File taxes online for free   Generally, if you first elected to amortize bond premium before 1998, the above treatment of the premium does not apply to bonds you acquired before 1988. File taxes online for free Bonds acquired before October 23, 1986. File taxes online for free   The amortization of the premium on these bonds is a miscellaneous itemized deduction not subject to the 2%-of-adjusted-gross-income limit. File taxes online for free Bonds acquired after October 22, 1986, but before 1988. File taxes online for free    The amortization of the premium on these bonds is investment interest expense subject to the investment interest limit, unless you choose to treat it as an offset to interest income on the bond. File taxes online for free Expenses of Producing Income You deduct investment expenses (other than interest expenses) as miscellaneous itemized deductions on Schedule A (Form 1040). File taxes online for free To be deductible, these expenses must be ordinary and necessary expenses paid or incurred: To produce or collect income, or To manage property held for producing income. File taxes online for free The expenses must be directly related to the income or income-producing property, and the income must be taxable to you. File taxes online for free The deduction for most income-producing expenses is subject to a 2% limit that also applies to certain other miscellaneous itemized deductions. File taxes online for free The amount deductible is limited to the total of these miscellaneous deductions that is more than 2% of your adjusted gross income. File taxes online for free For information on how to report expenses of producing income, see How To Report Investment Expenses , later. File taxes online for free Attorney or accounting fees. File taxes online for free   You can deduct attorney or accounting fees that are necessary to produce or collect taxable income. File taxes online for free However, in some cases, attorney or accounting fees are part of the basis of property. File taxes online for free See Basis of Investment Property in chapter 4. File taxes online for free Automatic investment service and dividend reinvestment plans. File taxes online for free   A bank may offer its checking account customers an automatic investment service so that, for a charge, each customer can choose to invest a part of the checking account each month in common stock. File taxes online for free Or a bank that is a dividend disbursing agent for a number of publicly-owned corporations may set up an automatic dividend reinvestment service. File taxes online for free Through that service, cash dividends are reinvested in more shares of stock after the bank deducts a service charge. File taxes online for free   A corporation in which you own stock also may have a dividend reinvestment plan. File taxes online for free This plan lets you choose to use your dividends to buy more shares of stock in the corporation instead of receiving the dividends in cash. File taxes online for free   You can deduct the monthly service charge you pay to a bank to participate in an automatic investment service. File taxes online for free If you participate in a dividend reinvestment plan, you can deduct any service charge subtracted from your cash dividends before the dividends are used to buy more shares of stock. File taxes online for free Deduct the charges in the year you pay them. File taxes online for free Clerical help and office rent. File taxes online for free   You can deduct office expenses, such as rent and clerical help, you incurred in connection with your investments and collecting the taxable income on your investments. File taxes online for free Cost of replacing missing securities. File taxes online for free   To replace your taxable securities that are mislaid, lost, stolen, or destroyed, you may have to post an indemnity bond. File taxes online for free You can deduct the premium you pay to buy the indemnity bond and the related incidental expenses. File taxes online for free   You may, however, get a refund of part of the bond premium if the missing securities are recovered within a specified time. File taxes online for free Under certain types of insurance policies, you can recover some of the expenses. File taxes online for free   If you receive the refund in the tax year you pay the amounts, you can deduct only the difference between the expenses paid and the amount refunded. File taxes online for free If the refund is made in a later tax year, you must include the refund in income in the year you received it, but only to the extent that the expenses decreased your tax in the year you deducted them. File taxes online for free Fees to collect income. File taxes online for free   You can deduct fees you pay to a broker, bank, trustee, or similar agent to collect investment income, such as your taxable bond or mortgage interest, or your dividends on shares of stock. File taxes online for free Fees to buy or sell. File taxes online for free   You cannot deduct a fee you pay to a broker to acquire investment property, such as stocks or bonds. File taxes online for free You must add the fee to the cost of the property. File taxes online for free See Basis of Investment Property in chapter 4. File taxes online for free    You cannot deduct any broker's fees, commissions, or option premiums you pay (or that were netted out) in connection with the sale of investment property. File taxes online for free They can be used only to figure gain or loss from the sale. File taxes online for free See Reporting Capital Gains and Losses , in chapter 4, for more information about the treatment of these sale expenses. File taxes online for free Investment counsel and advice. File taxes online for free   You can deduct fees you pay for counsel and advice about investments that produce taxable income. File taxes online for free This includes amounts you pay for investment advisory services. File taxes online for free Safe deposit box rent. File taxes online for free   You can deduct rent you pay for a safe deposit box if you use the box to store taxable income-producing stocks, bonds, or other investment-related papers and documents. File taxes online for free If you also use the box to store tax-exempt securities or personal items, you can deduct only part of the rent. File taxes online for free See Tax-exempt income under Nondeductible Expenses, later, to figure what part you can deduct. File taxes online for free State and local transfer taxes. File taxes online for free   You cannot deduct the state and local transfer taxes you pay when you buy or sell securities. File taxes online for free If you pay these transfer taxes when you buy securities, you must treat them as part of the cost of the property. File taxes online for free If you pay these transfer taxes when you sell securities, you must treat them as a reduction in the amount realized. File taxes online for free Trustee's commissions for revocable trust. File taxes online for free   If you set up a revocable trust and have its income distributed to you, you can deduct the commission you pay the trustee for managing the trust to the extent it is to produce or collect taxable income or to manage property. File taxes online for free However, you cannot deduct any part of the commission used for producing or collecting tax-exempt income or for managing property that produces tax-exempt income. File taxes online for free   If you are a cash-basis taxpayer and pay the commissions for several years in advance, you must deduct a part of the commission each year. File taxes online for free You cannot deduct the entire amount in the year you pay it. File taxes online for free Investment expenses from pass-through entities. File taxes online for free   If you hold an interest in a partnership, S corporation, real estate mortgage investment conduit (REMIC), or a nonpublicly offered mutual fund, you can deduct your share of that entity's investment expenses. File taxes online for free A partnership or S corporation will show your share of these expenses on your Schedule K-1 (Form 1065) or Schedule K-1 (Form 1120S). File taxes online for free A nonpublicly offered mutual fund will indicate your share of these expenses in box 5 of Form 1099-DIV (or substitute statement). File taxes online for free Publicly-offered mutual funds are discussed later. File taxes online for free   If you hold an interest in a REMIC, any expenses relating to your residual interest investment will be shown on Schedule Q (Form 1066), line 3b. File taxes online for free Any expenses relating to your regular interest investment will appear in box 5 of Form 1099-INT (or substitute statement) or box 9 of Form 1099-OID (or substitute statement). File taxes online for free   Report your share of these investment expenses on Schedule A (Form 1040), subject to the 2% limit, in the same manner as your other investment expenses. File taxes online for free Including mutual fund or REMIC expenses in income. File taxes online for free   Your share of the investment expenses of a REMIC or a nonpublicly offered mutual fund, as described above, are considered to be indirect deductions through that pass-through entity. File taxes online for free You must include in your gross income an amount equal to the expenses allocated to you, whether or not you are able to claim a deduction for those expenses. File taxes online for free If you are a shareholder in a nonpublicly offered mutual fund, you must include on your return the full amount of ordinary dividends or other distributions of stock, as shown in box 1a of Form 1099-DIV (or substitute statement). File taxes online for free If you are a residual interest holder in a REMIC, you must report as ordinary income on Schedule E (Form 1040) the total amounts shown on Schedule Q (Form 1066), lines 1b and 3b. File taxes online for free If you are a REMIC regular interest holder, you must include the amount of any expense allocation you received on Form 1040, line 8a. File taxes online for free Publicly-offered mutual funds. File taxes online for free   Most mutual funds are publicly offered. File taxes online for free These mutual funds, generally, are traded on an established securities exchange. File taxes online for free These funds do not pass investment expenses through to you. File taxes online for free Instead, the dividend income they report to you in box 1a of Form 1099-DIV (or substitute statement) is already reduced by your share of investment expenses. File taxes online for free As a result, you cannot deduct the expenses on your return. File taxes online for free   Include the amount from box 1a of Form 1099-DIV (or substitute statement) in your income. File taxes online for free    A publicly offered mutual fund is one that: Is continuously offered pursuant to a public offering, Is regularly traded on an established securities market, and Is held by or for no fewer than 500 persons at any time during the year. File taxes online for free Contact your mutual fund if you are not sure whether it is publicly offered. File taxes online for free Nondeductible Expenses Some expenses that you incur as an investor are not deductible. File taxes online for free Stockholders' meetings. File taxes online for free   You cannot deduct transportation and other expenses you pay to attend stockholders' meetings of companies in which you have no interest other than owning stock. File taxes online for free This is true even if your purpose in attending is to get information that would be useful in making further investments. File taxes online for free Investment-related seminar. File taxes online for free   You cannot deduct expenses for attending a convention, seminar, or similar meeting for investment purposes. File taxes online for free Single-premium life insurance, endowment, and annuity contracts. File taxes online for free   You cannot deduct interest on money you borrow to buy or carry a single-premium life insurance, endowment, or annuity contract. File taxes online for free Used as collateral. File taxes online for free   If you use a single premium annuity contract as collateral to obtain or continue a mortgage loan, you cannot deduct any interest on the loan that is collateralized by the annuity contract. File taxes online for free Figure the amount of interest expense disallowed by multiplying the current interest rate on the mortgage loan by the lesser of the amount of the annuity contract used as collateral or the amount of the loan. File taxes online for free Borrowing on insurance. File taxes online for free   Generally, you cannot deduct interest on money you borrow to buy or carry a life insurance, endowment, or annuity contract if you plan to systematically borrow part or all of the increases in the cash value of the contract. File taxes online for free This rule applies to the interest on the total amount borrowed to buy or carry the contract, not just the interest on the borrowed increases in the cash value. File taxes online for free Tax-exempt income. File taxes online for free   You cannot deduct expenses you incur to produce tax-exempt income. File taxes online for free Nor can you deduct interest on money you borrow to buy tax-exempt securities or shares in a mutual fund or other regulated investment company that distributes only exempt-interest dividends. File taxes online for free Short-sale expenses. File taxes online for free   The rule disallowing a deduction for interest expenses on tax-exempt securities applies to amounts you pay in connection with personal property used in a short sale or amounts paid by others for the use of any collateral in connection with the short sale. File taxes online for free However, it does not apply to the expenses you incur if you deposit cash as collateral for the property used in the short sale and the cash does not earn a material return during the period of the sale. File taxes online for free Short sales are discussed in Short Sales in chapter 4. File taxes online for free Expenses for both tax-exempt and taxable income. File taxes online for free   You may have expenses that are for both tax-exempt and taxable income. File taxes online for free If you cannot specifically identify what part of the expenses is for each type of income, you can divide the expenses, using reasonable proportions based on facts and circumstances. File taxes online for free You must attach a statement to your return showing how you divided the expenses and stating that each deduction claimed is not based on tax-exempt income. File taxes online for free   One accepted method for dividing expenses is to do it in the same proportion that each type of income is to the total income. File taxes online for free If the expenses relate in part to capital gains and losses, include the gains, but not the losses, in figuring this proportion. File taxes online for free To find the part of the expenses that is for the tax-exempt income, divide your tax-exempt income by the total income and multiply your expenses by the result. File taxes online for free Example. File taxes online for free You received $6,000 interest; $4,800 was tax-exempt and $1,200 was taxable. File taxes online for free In earning this income, you had $500 of expenses. File taxes online for free You cannot specifically identify the amount of each expense item that is for each income item, so you must divide your expenses. File taxes online for free 80% ($4,800 tax-exempt interest divided by $6,000 total interest) of your expenses is for the tax-exempt income. File taxes online for free You cannot deduct $400 (80% of $500) of the expenses. File taxes online for free You can deduct $100 (the rest of the expenses) because they are for the taxable interest. File taxes online for free State income taxes. File taxes online for free   If you itemize your deductions, you can deduct, as taxes, state income taxes on interest income that is exempt from federal income tax. File taxes online for free But you cannot deduct, as either taxes or investment expenses, state income taxes on other exempt income. File taxes online for free Interest expense and carrying charges on straddles. File taxes online for free   You cannot deduct interest and carrying charges allocable to personal property that is part of a straddle. File taxes online for free The nondeductible interest and carrying charges are added to the basis of the straddle property. File taxes online for free However, this treatment does not apply if: All the offsetting positions making up the straddle either consist of one or more qualified covered call options and the optioned stock, or consist of section 1256 contracts (and the straddle is not part of a larger straddle); or The straddle is a hedging transaction. File taxes online for free  For information about straddles, including definitions of the terms used in this discussion, see Straddles in chapter 4. File taxes online for free   Interest includes any amount you pay or incur in connection with personal property used in a short sale. File taxes online for free However, you must first apply the rules discussed in Payments in lieu of dividends under Short Sales in chapter 4. File taxes online for free   To determine the interest on market discount bonds and short-term obligations that are part of a straddle, you must first apply the rules discussed under Limit on interest deduction for market discount bonds and Limit on interest deduction for short-term obligations (both under Interest Expenses, earlier). File taxes online for free Nondeductible amount. File taxes online for free   Figure the nondeductible interest and carrying charges on straddle property as follows. File taxes online for free Add: Interest on indebtedness incurred or continued to buy or carry the personal property, and All other amounts (including charges to insure, store, or transport the personal property) paid or incurred to carry the personal property. File taxes online for free Subtract from the amount in (1): Interest (including OID) includible in gross income for the year on the personal property, Any income from the personal property treated as ordinary income on the disposition of short-term government obligations or as ordinary income under the market discount and short-term bond provisions — see Discount on Debt Instruments in chapter 1, The dividends includible in gross income for the year from the personal property, and Any payment on a loan of the personal property for use in a short sale that is includible in gross income. File taxes online for free Basis adjustment. File taxes online for free   Add the nondeductible amount to the basis of your straddle property. File taxes online for free How To Report Investment Expenses To deduct your investment expenses, you must itemize deductions on Schedule A (Form 1040). File taxes online for free Enter your deductible investment interest expense on Schedule A (Form1040), line 14. File taxes online for free Include any deductible short sale expenses. File taxes online for free (See Short Sales in chapter 4 for information on these expenses. File taxes online for free ) Also attach a completed Form 4952 if you used that form to figure your investment interest expense. File taxes online for free Enter the total amount of your other investment expenses (other than interest expenses) on Schedule A (Form 1040), line 23. File taxes online for free List the type and amount of each expense on the dotted lines next to line 23. File taxes online for free (If necessary, you can show the required information on an attached statement. File taxes online for free ) For information on how to report amortizable bond premium, see Bond Premium Amortization , earlier in this chapter. File taxes online for free When To Report Investment Expenses If you use the cash method to report income and expenses, you generally deduct your expenses, except for certain prepaid interest, in the year you pay them. File taxes online for free If you use an accrual method, you generally deduct your expenses when you incur a liability for them, rather than when you pay them. File taxes online for free Also see When To Deduct Investment Interest , earlier in this chapter. File taxes online for free Unpaid expenses owed to related party. File taxes online for free   If you use an accrual method, you cannot deduct interest and other expenses owed to a related cash-basis person until payment is made and the amount is includible in the gross income of that person. File taxes online for free The relationship, for purposes of this rule, is determined as of the end of the tax year for which the interest or expense would otherwise be deductible. File taxes online for free If a deduction is denied under this rule, this rule will continue to apply even if your relationship with the person ceases to exist before the amount is includible in the gross income of that person. File taxes online for free   This rule generally applies to those relationships listed in chapter 4 under Related Party Transactions . File taxes online for free It also applies to accruals by partnerships to partners, partners to partnerships, shareholders to S corporations, and S corporations to shareholders. File taxes online for free   The postponement of deductions for unpaid expenses and interest under the related party rule does not apply to OID, regardless of when payment is made. File taxes online for free This rule also does not apply to loans with below-market interest rates or to certain payments for the use of property and services when the lender or recipient has to include payments periodically in income, even if a payment has not been made. File taxes online for free Prev  Up  Next   Home   More Online Publications
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File taxes online for free Publication 584-B - Main Content Table of Contents How To Use This Workbook Comments and SuggestionsOrdering forms and publications. File taxes online for free Tax questions. File taxes online for free How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). File taxes online for free How To Use This Workbook You can use this workbook by following these five steps. File taxes online for free Read Publication 547 to learn about the tax rules for casualties, disasters, and thefts. File taxes online for free Know the definitions of adjusted basis and fair market value, discussed below. File taxes online for free Fill out Schedules 1 through 6. File taxes online for free Read the Instructions for Form 4684. File taxes online for free Fill out Form 4684 using the information you entered in Schedules 1 through 6. File taxes online for free Use the chart below to find out how to use Schedules 1 through 6 to fill out Form 4684. File taxes online for free Take what's in each row of. File taxes online for free . File taxes online for free . File taxes online for free And enter it on Form 4684. File taxes online for free . File taxes online for free . File taxes online for free Column 1 Line 19 Column 2 Line 20 Column 3 Line 21 Column 4 Line 22 Column 5 Line 23 Column 6 Line 24 Column 7 Line 25 Column 8 Line 26 Column 9 Line 27 Adjusted basis. File taxes online for free   Adjusted basis usually means original cost plus improvements, minus depreciation allowed or allowable (including any section 179 expense deduction), amortization, depletion, etc. File taxes online for free If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. File taxes online for free If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. File taxes online for free Fair market value. File taxes online for free   Fair market value is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. File taxes online for free When filling out Schedules 1 through 6, you need to know the fair market value of the property immediately before and immediately after the disaster or casualty. File taxes online for free Deduction limits. File taxes online for free   If your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. File taxes online for free See the Instructions for Form 4684, Section B. File taxes online for free If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. File taxes online for free   The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040), must be reduced by 2% of your adjusted gross income. File taxes online for free Employee property is property used in performing services as an employee. File taxes online for free Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. File taxes online for free You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. File taxes online for free NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. File taxes online for free Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. File taxes online for free You can email us at taxforms@irs. File taxes online for free gov. File taxes online for free Please put “Publications Comment” on the subject line. File taxes online for free You can also send us comments from www. File taxes online for free irs. File taxes online for free gov/formspubs/. File taxes online for free Select “Comment on Tax Forms and Publications” under “Information about. File taxes online for free ” 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. File taxes online for free Ordering forms and publications. File taxes online for free   Visit www. File taxes online for free irs. File taxes online for free 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. File taxes online for free Internal Revenue Service 1201 N. File taxes online for free Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. File taxes online for free   If you have a tax question, check the information available on IRS. File taxes online for free gov or call 1-800-829-1040. File taxes online for free We cannot answer tax questions sent to either of the above addresses. File taxes online for free How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. File taxes online for free By selecting the method that is best for you, you will have quick and easy access to tax help. File taxes online for free Free help with your return. File taxes online for free   Free help in preparing your return is available nationwide from IRS-certified volunteers. File taxes online for free The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. File taxes online for free Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. File taxes online for free To find the nearest VITA or TCE site, visit IRS. File taxes online for free gov or call 1-800-906-9887 or 1-800-829-1040. File taxes online for free   As part of the TCE program, AARP offers the Tax-Aide counseling program. File taxes online for free To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. File taxes online for free aarp. File taxes online for free org/money/taxaide. File taxes online for free   For more information on these programs, go to IRS. File taxes online for free gov and enter keyword “VITA” in the upper right-hand corner. File taxes online for free Internet. File taxes online for free You can access the IRS website at IRS. File taxes online for free gov 24 hours a day, 7 days a week to: Check the status of your 2011 refund. File taxes online for free Go to IRS. File taxes online for free gov and click on Where's My Refund. File taxes online for free Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. File taxes online for free If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). File taxes online for free Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. File taxes online for free E-file your return. File taxes online for free Find out about commercial tax preparation and e-file services available free to eligible taxpayers. File taxes online for free Download forms, including talking tax forms, instructions, and publications. File taxes online for free Order IRS products online. File taxes online for free Research your tax questions online. File taxes online for free Search publications online by topic or keyword. File taxes online for free Use the online Internal Revenue Code, regulations, or other official guidance. File taxes online for free View Internal Revenue Bulletins (IRBs) published in the last few years. File taxes online for free Figure your withholding allowances using the withholding calculator online at www. File taxes online for free irs. File taxes online for free gov/individuals. File taxes online for free Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. File taxes online for free irs. File taxes online for free gov/individuals. File taxes online for free Sign up to receive local and national tax news by email. File taxes online for free Get information on starting and operating a small business. File taxes online for free Phone. File taxes online for free Many services are available by phone. File taxes online for free   Ordering forms, instructions, and publications. File taxes online for free Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. File taxes online for free You should receive your order within 10 days. File taxes online for free Asking tax questions. File taxes online for free Call the IRS with your tax questions at 1-800-829-1040. File taxes online for free Solving problems. File taxes online for free You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. File taxes online for free An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. File taxes online for free Call your local Taxpayer Assistance Center for an appointment. File taxes online for free To find the number, go to www. File taxes online for free irs. File taxes online for free gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. File taxes online for free TTY/TDD equipment. File taxes online for free If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. File taxes online for free TeleTax topics. File taxes online for free Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. File taxes online for free Refund information. File taxes online for free You can check the status of your refund on the new IRS phone app. File taxes online for free Download the free IRS2Go app by visiting the iTunes app store or the Android Marketplace. File taxes online for free IRS2Go is a new way to provide you with information and tools. File taxes online for free To check the status of your refund by phone, call 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). File taxes online for free Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. File taxes online for free If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). File taxes online for free Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. File taxes online for free If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. File taxes online for free Other refund information. File taxes online for free To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. File taxes online for free Evaluating the quality of our telephone services. File taxes online for free To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. File taxes online for free One method is for a second IRS representative to listen in on or record random telephone calls. File taxes online for free Another is to ask some callers to complete a short survey at the end of the call. File taxes online for free Walk-in. File taxes online for free Many products and services are available on a walk-in basis. File taxes online for free   Products. File taxes online for free You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. File taxes online for free Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. File taxes online for free Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. File taxes online for free Services. File taxes online for free You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. File taxes online for free An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. File taxes online for free If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. File taxes online for free No appointment is necessary—just walk in. File taxes online for free If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. File taxes online for free A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. File taxes online for free If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. File taxes online for free All other issues will be handled without an appointment. File taxes online for free To find the number of your local office, go to  www. File taxes online for free irs. File taxes online for free gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. File taxes online for free Mail. File taxes online for free You can send your order for forms, instructions, and publications to the address below. File taxes online for free You should receive a response within 10 days after your request is received. File taxes online for free  Internal Revenue Service 1201 N. File taxes online for free Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. File taxes online for free   The Taxpayer Advocate Service (TAS) is your voice at the IRS. File taxes online for free Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. File taxes online for free We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. File taxes online for free Remember, the worst thing you can do is nothing at all. File taxes online for free   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. File taxes online for free You face (or your business is facing) an immediate threat of adverse action. File taxes online for free You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. File taxes online for free   If you qualify for our help, we’ll do everything we can to get your problem resolved. File taxes online for free You will be assigned to one advocate who will be with you at every turn. File taxes online for free We have offices in every state, the District of Columbia, and Puerto Rico. File taxes online for free Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. File taxes online for free And our services are always free. File taxes online for free   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. File taxes online for free Our tax toolkit at www. File taxes online for free TaxpayerAdvocate. File taxes online for free irs. File taxes online for free gov can help you understand these rights. File taxes online for free   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. File taxes online for free irs. File taxes online for free gov/advocate. File taxes online for free You can also call our toll-free number at 1-877-777-4778. File taxes online for free   TAS also handles large-scale or systemic problems that affect many taxpayers. File taxes online for free If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. File taxes online for free irs. File taxes online for free gov/advocate. File taxes online for free Low Income Taxpayer Clinics (LITCs). File taxes online for free   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. File taxes online for free Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. File taxes online for free These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. File taxes online for free Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. File taxes online for free For more information and to find a clinic near you, see the LITC page at www. File taxes online for free irs. File taxes online for free gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. File taxes online for free This publication is also available by calling 1-800-829-3676 or at your local IRS office. File taxes online for free Free tax services. File taxes online for free   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. File taxes online for free Learn about free tax information from the IRS, including publications, services, and education and assistance programs. File taxes online for free The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. File taxes online for free The majority of the information and services listed in this publication are available to you free of charge. File taxes online for free If there is a fee associated with a resource or service, it is listed in the publication. File taxes online for free   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. File taxes online for free DVD for tax products. File taxes online for free You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. File taxes online for free Prior-year forms, instructions, and publications. File taxes online for free Tax Map: an electronic research tool and finding aid. File taxes online for free Tax law frequently asked questions. File taxes online for free Tax Topics from the IRS telephone response system. File taxes online for free Internal Revenue Code—Title 26 of the U. File taxes online for free S. File taxes online for free Code. File taxes online for free Links to other Internet based Tax Research Materials. File taxes online for free Fill-in, print, and save features for most tax forms. File taxes online for free Internal Revenue Bulletins. File taxes online for free Toll-free and email technical support. File taxes online for free Two releases during the year. File taxes online for free  – The first release will ship the beginning of January 2012. File taxes online for free  – The final release will ship the beginning of March 2012. File taxes online for free Purchase the DVD from National Technical Information Service (NTIS) at www. File taxes online for free irs. File taxes online for free gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). File taxes online for free Prev  Up  Next   Home   More Online Publications