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Help With 1040x

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Help With 1040x

Help with 1040x 23. Help with 1040x   Interest Expense Table of Contents Introduction Useful Items - You may want to see: Home Mortgage InterestAmount Deductible Points Mortgage Insurance Premiums Form 1098, Mortgage Interest Statement Investment InterestInvestment Property Allocation of Interest Expense Limit on Deduction Items You Cannot DeductPersonal Interest Allocation of Interest How To ReportMore than one borrower. Help with 1040x Mortgage proceeds used for business or investment. Help with 1040x Introduction This chapter discusses what interest expenses you can deduct. Help with 1040x Interest is the amount you pay for the use of borrowed money. Help with 1040x The following are types of interest you can deduct as itemized deductions on Schedule A (Form 1040). Help with 1040x Home mortgage interest, including certain points and mortgage insurance premiums. Help with 1040x Investment interest. Help with 1040x This chapter explains these deductions. Help with 1040x It also explains where to deduct other types of interest and lists some types of interest you cannot deduct. Help with 1040x Use Table 23-1 to find out where to get more information on various types of interest, including investment interest. Help with 1040x Useful Items - You may want to see: Publication 936 Home Mortgage Interest Deduction 550 Investment Income and Expenses Home Mortgage Interest Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). Help with 1040x The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. Help with 1040x You can deduct home mortgage interest if all the following conditions are met. Help with 1040x You file Form 1040 and itemize deductions on Schedule A (Form 1040). Help with 1040x The mortgage is a secured debt on a qualified home in which you have an ownership interest. Help with 1040x (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interest of the lender. Help with 1040x The term “qualified home” means your main home or second home. Help with 1040x For details, see Publication 936. Help with 1040x )  Both you and the lender must intend that the loan be repaid. Help with 1040x Amount Deductible In most cases, you can deduct all of your home mortgage interest. Help with 1040x How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. Help with 1040x Fully deductible interest. Help with 1040x   If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. Help with 1040x (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category. Help with 1040x )   The three categories are as follows: Mortgages you took out on or before October 13, 1987 (called grandfathered debt). Help with 1040x Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2013 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately). Help with 1040x Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2013 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2). Help with 1040x The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home. Help with 1040x   See Part II of Publication 936 for more detailed definitions of grandfathered, home acquisition, and home equity debt. Help with 1040x    You can use Figure 23-A to check whether your home mortgage interest is fully deductible. Help with 1040x Figure 23-A. Help with 1040x Is My Home Mortgage Interest Fully Deductible? Please click here for the text description of the image. Help with 1040x Figure 23-A. Help with 1040x Is My Interest Fully Deductible? Limits on deduction. Help with 1040x   You cannot fully deduct interest on a mortgage that does not fit into any of the three categories listed earlier. Help with 1040x If this applies to you, see Part II of Publication 936 to figure the amount of interest you can deduct. Help with 1040x Special Situations This section describes certain items that can be included as home mortgage interest and others that cannot. Help with 1040x It also describes certain special situations that may affect your deduction. Help with 1040x Late payment charge on mortgage payment. Help with 1040x   You can deduct as home mortgage interest a late payment charge if it was not for a specific service performed in connection with your mortgage loan. Help with 1040x Mortgage prepayment penalty. Help with 1040x   If you pay off your home mortgage early, you may have to pay a penalty. Help with 1040x You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan. Help with 1040x Sale of home. Help with 1040x   If you sell your home, you can deduct your home mortgage interest (subject to any limits that apply) paid up to, but not including, the date of sale. Help with 1040x Example. Help with 1040x John and Peggy Harris sold their home on May 7. Help with 1040x Through April 30, they made home mortgage interest payments of $1,220. Help with 1040x The settlement sheet for the sale of the home showed $50 interest for the 6-day period in May up to, but not including, the date of sale. Help with 1040x Their mortgage interest deduction is $1,270 ($1,220 + $50). Help with 1040x Prepaid interest. Help with 1040x   If you pay interest in advance for a period that goes beyond the end of the tax year, you must spread this interest over the tax years to which it applies. Help with 1040x You can deduct in each year only the interest that qualifies as home mortgage interest for that year. Help with 1040x However, there is an exception that applies to points, discussed later. Help with 1040x Mortgage interest credit. Help with 1040x   You may be able to claim a mortgage interest credit if you were issued a mortgage credit certificate (MCC) by a state or local government. Help with 1040x Figure the credit on Form 8396, Mortgage Interest Credit. Help with 1040x If you take this credit, you must reduce your mortgage interest deduction by the amount of the credit. Help with 1040x   For more information on the credit, see chapter 37. Help with 1040x Ministers' and military housing allowance. Help with 1040x   If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you can still deduct your home mortgage interest. Help with 1040x Hardest Hit Fund and Emergency Homeowners' Loan Programs. Help with 1040x   You can use a special method to compute your deduction for mortgage interest and real estate taxes on your main home if you meet the following two conditions. Help with 1040x You received assistance under: A State Housing Finance Agency (State HFA) Hardest Hit Fund program in which program payments could be used to pay mortgage interest, or An Emergency Homeowners' Loan Program administered by the Department of Housing and Urban Development (HUD) or a state. Help with 1040x You meet the rules to deduct all of the mortgage interest on your loan and all of the real estate taxes on your main home. Help with 1040x If you meet these tests, then you can deduct all of the payments you actually made during the year to your mortgage servicer, the State HFA, or HUD on the home mortgage (including the amount shown on box 3 of Form 1098-MA, Mortgage Assistance Payments), but not more than the sum of the amounts shown on Form 1098, Mortgage Interest Statement, in box 1 (mortgage interest received from payer(s) / borrower(s)), box 4 (mortgage insurance premiums) and box 5 (real property taxes). Help with 1040x However, you are not required to use this special method to compute your deduction for mortgage interest and real estate taxes on your main home. Help with 1040x Mortgage assistance payments under section 235 of the National Housing Act. Help with 1040x   If you qualify for mortgage assistance payments for lower-income families under section 235 of the National Housing Act, part or all of the interest on your mortgage may be paid for you. Help with 1040x You cannot deduct the interest that is paid for you. Help with 1040x No other effect on taxes. Help with 1040x   Do not include these mortgage assistance payments in your income. Help with 1040x Also, do not use these payments to reduce other deductions, such as real estate taxes. Help with 1040x Divorced or separated individuals. Help with 1040x   If a divorce or separation agreement requires you or your spouse or former spouse to pay home mortgage interest on a home owned by both of you, the payment of interest may be alimony. Help with 1040x See the discussion of Payments for jointly-owned home in chapter 18. Help with 1040x Redeemable ground rents. Help with 1040x   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct them as mortgage interest. Help with 1040x   Payments made to end the lease and to buy the lessor's entire interest in the land are not deductible as mortgage interest. Help with 1040x For more information, see Publication 936. Help with 1040x Nonredeemable ground rents. Help with 1040x   Payments on a nonredeemable ground rent are not mortgage interest. Help with 1040x You can deduct them as rent if they are a business expense or if they are for rental property. Help with 1040x Reverse mortgages. Help with 1040x   A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. Help with 1040x With a reverse mortgage, you retain title to your home. Help with 1040x Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selected loan period, or die. Help with 1040x Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable. Help with 1040x Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until the loan is paid in full. Help with 1040x Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt discussed in Publication 936. Help with 1040x Rental payments. Help with 1040x   If you live in a house before final settlement on the purchase, any payments you make for that period are rent and not interest. Help with 1040x This is true even if the settlement papers call them interest. Help with 1040x You cannot deduct these payments as home mortgage interest. Help with 1040x Mortgage proceeds invested in tax-exempt securities. Help with 1040x   You cannot deduct the home mortgage interest on grandfathered debt or home equity debt if you used the proceeds of the mortgage to buy securities or certificates that produce tax-free income. Help with 1040x “Grandfathered debt” and “home equity debt” are defined earlier under Amount Deductible. Help with 1040x Refunds of interest. Help with 1040x   If you receive a refund of interest in the same tax year you paid it, you must reduce your interest expense by the amount refunded to you. Help with 1040x If you receive a refund of interest you deducted in an earlier year, you generally must include the refund in income in the year you receive it. Help with 1040x However, you need to include it only up to the amount of the deduction that reduced your tax in the earlier year. Help with 1040x This is true whether the interest overcharge was refunded to you or was used to reduce the outstanding principal on your mortgage. Help with 1040x    If you received a refund of interest you overpaid in an earlier year, you generally will receive a Form 1098, Mortgage Interest Statement, showing the refund in box 3. Help with 1040x For information about Form 1098, see Form 1098, Mortgage Interest Statement , later. Help with 1040x   For more information on how to treat refunds of interest deducted in earlier years, see Recoveries in chapter 12. Help with 1040x Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Help with 1040x Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. Help with 1040x A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. Help with 1040x See Points paid by the seller , later. Help with 1040x General Rule You generally cannot deduct the full amount of points in the year paid. Help with 1040x Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. Help with 1040x See Deduction Allowed Ratably , next. Help with 1040x For exceptions to the general rule, see Deduction Allowed in Year Paid , later. Help with 1040x Deduction Allowed Ratably If you do not meet the tests listed under Deduction Allowed in Year Paid , later, the loan is not a home improvement loan, or you choose not to deduct your points in full in the year paid, you can deduct the points ratably (equally) over the life of the loan if you meet all the following tests. Help with 1040x You use the cash method of accounting. Help with 1040x This means you report income in the year you receive it and deduct expenses in the year you pay them. Help with 1040x Most individuals use this method. Help with 1040x Your loan is secured by a home. Help with 1040x (The home does not need to be your main home. Help with 1040x ) Your loan period is not more than 30 years. Help with 1040x If your loan period is more than 10 years, the terms of your loan are the same as other loans offered in your area for the same or longer period. Help with 1040x Either your loan amount is $250,000 or less, or the number of points is not more than: 4, if your loan period is 15 years or less, or 6, if your loan period is more than 15 years. Help with 1040x Deduction Allowed in Year Paid You can fully deduct points in the year paid if you meet all the following tests. Help with 1040x (You can use Figure 23-B as a quick guide to see whether your points are fully deductible in the year paid. Help with 1040x ) Your loan is secured by your main home. Help with 1040x (Your main home is the one you ordinarily live in most of the time. Help with 1040x ) Paying points is an established business practice in the area where the loan was made. Help with 1040x The points paid were not more than the points generally charged in that area. Help with 1040x You use the cash method of accounting. Help with 1040x This means you report income in the year you receive it and deduct expenses in the year you pay them. Help with 1040x (If you want more information about this method, see Accounting Methods in chapter 1. Help with 1040x ) The points were not paid in place of amounts that ordinarily are stated separately on the settlement statement, such as appraisal fees, inspection fees, title fees, attorney fees, and property taxes. Help with 1040x The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. Help with 1040x The funds you provided are not required to have been applied to the points. Help with 1040x They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. Help with 1040x You cannot have borrowed these funds from your lender or mortgage broker. Help with 1040x You use your loan to buy or build your main home. Help with 1040x The points were computed as a percentage of the principal amount of the mortgage. Help with 1040x The amount is clearly shown on the settlement statement (such as the Settlement Statement, Form HUD-1) as points charged for the mortgage. Help with 1040x The points may be shown as paid from either your funds or the seller's. Help with 1040x Figure 23-B. Help with 1040x Are My Points Fully Deductible This Year? Please click here for the text description of the image. Help with 1040x Figure 23-B. Help with 1040x Are My Points Fully Deductible This Year? Note. Help with 1040x If you meet all of these tests, you can choose to either fully deduct the points in the year paid, or deduct them over the life of the loan. Help with 1040x Home improvement loan. Help with 1040x   You can also fully deduct in the year paid points paid on a loan to improve your main home, if tests (1) through (6) are met. Help with 1040x Second home. Help with 1040x You cannot fully deduct in the year paid points you pay on loans secured by your second home. Help with 1040x You can deduct these points only over the life of the loan. Help with 1040x Refinancing. Help with 1040x   Generally, points you pay to refinance a mortgage are not deductible in full in the year you pay them. Help with 1040x This is true even if the new mortgage is secured by your main home. Help with 1040x   However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first 6 tests listed under Deduction Allowed in Year Paid , earlier, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. Help with 1040x You can deduct the rest of the points over the life of the loan. Help with 1040x Example 1. Help with 1040x In 1998, Bill Fields got a mortgage to buy a home. Help with 1040x In 2013, Bill refinanced that mortgage with a 15-year $100,000 mortgage loan. Help with 1040x The mortgage is secured by his home. Help with 1040x To get the new loan, he had to pay three points ($3,000). Help with 1040x Two points ($2,000) were for prepaid interest, and one point ($1,000) was charged for services, in place of amounts that ordinarily are stated separately on the settlement statement. Help with 1040x Bill paid the points out of his private funds, rather than out of the proceeds of the new loan. Help with 1040x The payment of points is an established practice in the area, and the points charged are not more than the amount generally charged there. Help with 1040x Bill's first payment on the new loan was due July 1. Help with 1040x He made six payments on the loan in 2013 and is a cash basis taxpayer. Help with 1040x Bill used the funds from the new mortgage to repay his existing mortgage. Help with 1040x Although the new mortgage loan was for Bill's continued ownership of his main home, it was not for the purchase or improvement of that home. Help with 1040x He cannot deduct all of the points in 2013. Help with 1040x He can deduct two points ($2,000) ratably over the life of the loan. Help with 1040x He deducts $67 [($2,000 ÷ 180 months) × 6 payments] of the points in 2013. Help with 1040x The other point ($1,000) was a fee for services and is not deductible. Help with 1040x Example 2. Help with 1040x The facts are the same as in Example 1, except that Bill used $25,000 of the loan proceeds to improve his home and $75,000 to repay his existing mortgage. Help with 1040x Bill deducts 25% ($25,000 ÷ $100,000) of the points ($2,000) in 2013. Help with 1040x His deduction is $500 ($2,000 × 25%). Help with 1040x Bill also deducts the ratable part of the remaining $1,500 ($2,000 − $500) that must be spread over the life of the loan. Help with 1040x This is $50 [($1,500 ÷ 180 months) × 6 payments] in 2013. Help with 1040x The total amount Bill deducts in 2013 is $550 ($500 + $50). Help with 1040x Special Situations This section describes certain special situations that may affect your deduction of points. Help with 1040x Original issue discount. Help with 1040x   If you do not qualify to either deduct the points in the year paid or deduct them ratably over the life of the loan, or if you choose not to use either of these methods, the points reduce the issue price of the loan. Help with 1040x This reduction results in original issue discount, which is discussed in chapter 4 of Publication 535. Help with 1040x Amounts charged for services. Help with 1040x   Amounts charged by the lender for specific services connected to the loan are not interest. Help with 1040x Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. Help with 1040x You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. Help with 1040x Points paid by the seller. Help with 1040x   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. Help with 1040x Treatment by seller. Help with 1040x   The seller cannot deduct these fees as interest. Help with 1040x But they are a selling expense that reduces the amount realized by the seller. Help with 1040x See chapter 15 for information on selling your home. Help with 1040x Treatment by buyer. Help with 1040x    The buyer reduces the basis of the home by the amount of the seller-paid points and treats the points as if he or she had paid them. Help with 1040x If all the tests under Deduction Allowed in Year Paid , earlier, are met, the buyer can deduct the points in the year paid. Help with 1040x If any of those tests are not met, the buyer deducts the points over the life of the loan. Help with 1040x   For information about basis, see chapter 13. Help with 1040x Funds provided are less than points. Help with 1040x   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the funds you provided were less than the points charged to you (test (6)), you can deduct the points in the year paid, up to the amount of funds you provided. Help with 1040x In addition, you can deduct any points paid by the seller. Help with 1040x Example 1. Help with 1040x When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). Help with 1040x You meet all the tests for deducting points in the year paid, except the only funds you provided were a $750 down payment. Help with 1040x Of the $1,000 charged for points, you can deduct $750 in the year paid. Help with 1040x You spread the remaining $250 over the life of the mortgage. Help with 1040x Example 2. Help with 1040x The facts are the same as in Example 1, except that the person who sold you your home also paid one point ($1,000) to help you get your mortgage. Help with 1040x In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). Help with 1040x You spread the remaining $250 over the life of the mortgage. Help with 1040x You must reduce the basis of your home by the $1,000 paid by the seller. Help with 1040x Excess points. Help with 1040x   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the points paid were more than generally paid in your area (test (3)), you deduct in the year paid only the points that are generally charged. Help with 1040x You must spread any additional points over the life of the mortgage. Help with 1040x Mortgage ending early. Help with 1040x   If you spread your deduction for points over the life of the mortgage, you can deduct any remaining balance in the year the mortgage ends. Help with 1040x However, if you refinance the mortgage with the same lender, you cannot deduct any remaining balance of spread points. Help with 1040x Instead, deduct the remaining balance over the term of the new loan. Help with 1040x    A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. Help with 1040x Example. Help with 1040x Dan paid $3,000 in points in 2002 that he had to spread out over the 15-year life of the mortgage. Help with 1040x He deducts $200 points per year. Help with 1040x Through 2012, Dan has deducted $2,200 of the points. Help with 1040x Dan prepaid his mortgage in full in 2013. Help with 1040x He can deduct the remaining $800 of points in 2013. Help with 1040x Limits on deduction. Help with 1040x   You cannot fully deduct points paid on a mortgage unless the mortgage fits into one of the categories listed earlier under Fully deductible interest . Help with 1040x See Publication 936 for details. Help with 1040x Mortgage Insurance Premiums You can treat amounts you paid during 2013 for qualified mortgage insurance as home mortgage interest. Help with 1040x The insurance must be in connection with home acquisition debt and the insurance contract must have been issued after 2006. Help with 1040x Qualified mortgage insurance. Help with 1040x   Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006). Help with 1040x   Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. Help with 1040x If provided by the Rural Housing Service, it is commonly known as a guarantee fee. Help with 1040x These fees can be deducted fully in 2013 if the mortgage insurance contract was issued in 2013. Help with 1040x Contact the mortgage insurance issuer to determine the deductible amount if it is not reported in box 4 of Form 1098. Help with 1040x Special rules for prepaid mortgage insurance. Help with 1040x   Generally, if you paid premiums for qualified mortgage insurance that are allocable to periods after the close of the tax year, such premiums are treated as paid in the period to which they are allocated. Help with 1040x You must allocate the premiums over the shorter of the stated term of the mortgage or 84 months, beginning with the month the insurance was obtained. Help with 1040x No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. Help with 1040x This paragraph does not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. Help with 1040x See the Example below. Help with 1040x Example. Help with 1040x Ryan purchased a home in May of 2012 and financed the home with a 15-year mortgage. Help with 1040x Ryan also prepaid all of the $9,240 in private mortgage insurance required at the time of closing in May. Help with 1040x Since the $9,240 in private mortgage insurance is allocable to periods after 2012, Ryan must allocate the $9,240 over the shorter of the life of the mortgage or 84 months. Help with 1040x Ryan's adjusted gross income (AGI) for 2012 is $76,000. Help with 1040x Ryan can deduct $880 ($9,240 ÷ 84 × 8 months) for qualified mortgage insurance premiums in 2012. Help with 1040x For 2013, Ryan can deduct $1,320 ($9,240 ÷ 84 × 12 months) if his AGI is $100,000 or less. Help with 1040x In this example, the mortgage insurance premiums are allocated over 84 months, which is shorter than the life of the mortgage of 15 years (180 months). Help with 1040x Limit on deduction. Help with 1040x   If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated. Help with 1040x See Line 13 in the instructions for Schedule A (Form 1040) and complete the Mortgage Insurance Premiums Deduction Worksheet to figure the amount you can deduct. Help with 1040x If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. Help with 1040x Form 1098, Mortgage Interest Statement If you paid $600 or more of mortgage interest (including certain points and mortgage insurance premiums) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement from the mortgage holder. Help with 1040x 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. Help with 1040x A governmental unit is a person for purposes of furnishing the statement. Help with 1040x The statement for each year should be sent to you by January 31 of the following year. Help with 1040x A copy of this form will also be sent to the IRS. Help with 1040x The statement will show the total interest you paid during the year, any mortgage insurance premiums you paid, and if you purchased a main home during the year, it also will show the deductible points paid during the year, including seller-paid points. Help with 1040x However, it should not show any interest that was paid for you by a government agency. Help with 1040x As a general rule, Form 1098 will include only points that you can fully deduct in the year paid. Help with 1040x However, certain points not included on Form 1098 also may be deductible, either in the year paid or over the life of the loan. Help with 1040x See Points , earlier, to determine whether you can deduct points not shown on Form 1098. Help with 1040x Prepaid interest on Form 1098. Help with 1040x   If you prepaid interest in 2013 that accrued in full by January 15, 2014, this prepaid interest may be included in box 1 of Form 1098. Help with 1040x However, you cannot deduct the prepaid amount for January 2014 in 2013. Help with 1040x (See Prepaid interest , earlier. Help with 1040x ) You will have to figure the interest that accrued for 2014 and subtract it from the amount in box 1. Help with 1040x You will include the interest for January 2014 with the other interest you pay for 2014. Help with 1040x See How To Report , later. Help with 1040x Refunded interest. Help with 1040x   If you received a refund of mortgage interest you overpaid in an earlier year, you generally will receive a Form 1098 showing the refund in box 3. Help with 1040x See Refunds of interest , earlier. Help with 1040x Mortgage insurance premiums. Help with 1040x   The amount of mortgage insurance premiums you paid during 2013 may be shown in box 4 of Form 1098. Help with 1040x See Mortgage Insurance Premiums, earlier. Help with 1040x Investment Interest This section discusses interest expenses you may be able to deduct as an investor. Help with 1040x If you borrow money to buy property you hold for investment, the interest you pay is investment interest. Help with 1040x You can deduct investment interest subject to the limit discussed later. Help with 1040x However, you cannot deduct interest you incurred to produce tax-exempt income. Help with 1040x Nor can you deduct interest expenses on straddles. Help with 1040x 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. Help with 1040x Investment Property Property held for investment includes property that produces interest, dividends, annuities, or royalties not derived in the ordinary course of a trade or business. Help with 1040x 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). Help with 1040x Investment property also includes an interest in a trade or business activity in which you did not materially participate (other than a passive activity). Help with 1040x Partners, shareholders, and beneficiaries. Help with 1040x   To determine your investment interest, combine your share of investment interest from a partnership, S corporation, estate, or trust with your other investment interest. Help with 1040x 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. Help with 1040x Only the interest expense on the part of the debt used for investment purposes is treated as investment interest. Help with 1040x The allocation is not affected by the use of property that secures the debt. Help with 1040x Limit on Deduction Generally, your deduction for investment interest expense is limited to the amount of your net investment income. Help with 1040x You can carry over the amount of investment interest that you could not deduct because of this limit to the next tax year. Help with 1040x The interest carried over is treated as investment interest paid or accrued in that next year. Help with 1040x 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. Help with 1040x Net Investment Income Determine the amount of your net investment income by subtracting your investment expenses (other than interest expense) from your investment income. Help with 1040x Investment income. Help with 1040x    This generally includes your gross income from property held for investment (such as interest, dividends, annuities, and royalties). Help with 1040x Investment income does not include Alaska Permanent Fund dividends. Help with 1040x It also does not include qualified dividends or net capital gain unless you choose to include them. Help with 1040x Choosing to include qualified dividends. Help with 1040x   Investment income generally does not include qualified dividends, discussed in chapter 8. Help with 1040x However, you can choose to include all or part of your qualified dividends in investment income. Help with 1040x   You make this choice by completing Form 4952, line 4g, according to its instructions. Help with 1040x   If you choose to include any amount of your qualified dividends in investment income, you must reduce your qualified dividends that are eligible for the lower capital gains tax rates by the same amount. Help with 1040x Choosing to include net capital gain. Help with 1040x   Investment income generally does not include net capital gain from disposing of investment property (including capital gain distributions from mutual funds). Help with 1040x However, you can choose to include all or part of your net capital gain in investment income. Help with 1040x    You make this choice by completing Form 4952, line 4g, according to its instructions. Help with 1040x   If you choose to include any amount of your net capital gain in investment income, you must reduce your net capital gain that is eligible for the lower capital gains tax rates by the same amount. Help with 1040x    Before making either choice, consider the overall effect on your tax liability. Help with 1040x Compare your tax if you make one or both of these choices with your tax if you do not. Help with 1040x Investment income of child reported on parent's return. Help with 1040x    Investment income includes the part of your child's interest and dividend income that you choose to report on your return. Help with 1040x If the child does not have qualified dividends, Alaska Permanent Fund dividends, or capital gain distributions, this is the amount on line 6 of Form 8814, Parents' Election To Report Child's Interest and Dividends. Help with 1040x Child's qualified dividends. Help with 1040x   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. Help with 1040x However, you can choose to include all or part of it in investment income, as explained under Choosing to include qualified dividends , earlier. Help with 1040x   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). Help with 1040x Child's Alaska Permanent Fund dividends. Help with 1040x   If part of the amount you report is your child's Alaska Permanent Fund dividends, that part does not count as investment income. Help with 1040x 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. Help with 1040x 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. Help with 1040x Subtract the result from the amount on Form 8814, line 12. Help with 1040x Child's capital gain distributions. Help with 1040x    If part of the amount you report is your child's capital gain distributions, that part (which is reported on Schedule D, line 13, or Form 1040, line 13) generally does not count as investment income. Help with 1040x However, you can choose to include all or part of it in investment income, as explained in Choosing to include net capital gain , earlier. Help with 1040x   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). Help with 1040x Investment expenses. Help with 1040x   Investment expenses are your allowed deductions (other than interest expense) directly connected with the production of investment income. Help with 1040x 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. Help with 1040x Use the smaller of: The investment expenses included on Schedule A (Form 1040), line 23, or The amount on Schedule A, line 27. Help with 1040x Losses from passive activities. Help with 1040x   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). Help with 1040x See Publication 925, Passive Activity and At-Risk Rules, for information about passive activities. Help with 1040x Form 4952 Use Form 4952, Investment Interest Expense Deduction, to figure your deduction for investment interest. Help with 1040x Exception to use of Form 4952. Help with 1040x   You do not have to complete Form 4952 or attach it to your return if you meet all of the following tests. Help with 1040x Your investment interest expense is not more than your investment income from interest and ordinary dividends minus any qualified dividends. Help with 1040x You do not have any other deductible investment expenses. Help with 1040x You have no carryover of investment interest expense from 2012. Help with 1040x If you meet all of these tests, you can deduct all of your investment interest. Help with 1040x More Information For more information on investment interest, see Interest Expenses in chapter 3 of Publication 550. Help with 1040x Items You Cannot Deduct Some interest payments are not deductible. Help with 1040x Certain expenses similar to interest also are not deductible. Help with 1040x Nondeductible expenses include the following items. Help with 1040x Personal interest (discussed later). Help with 1040x Service charges (however, see Other Expenses (Line 23) in chapter 28). Help with 1040x Annual fees for credit cards. Help with 1040x Loan fees. Help with 1040x Credit investigation fees. Help with 1040x Interest to purchase or carry tax-exempt securities. Help with 1040x Penalties. Help with 1040x   You cannot deduct fines and penalties paid to a government for violations of law, regardless of their nature. Help with 1040x Personal Interest Personal interest is not deductible. Help with 1040x Personal interest is any interest that is not home mortgage interest, investment interest, business interest, or other deductible interest. Help with 1040x It includes the following items. Help with 1040x Interest on car loans (unless you use the car for business). Help with 1040x Interest on federal, state, or local income tax. Help with 1040x Finance charges on credit cards, retail installment contracts, and revolving charge accounts incurred for personal expenses. Help with 1040x Late payment charges by a public utility. Help with 1040x You may be able to deduct interest you pay on a qualified student loan. Help with 1040x For details, see Publication 970, Tax Benefits for Education. Help with 1040x Allocation of Interest If you use the proceeds of a loan for more than one purpose (for example, personal and business), you must allocate the interest on the loan to each use. Help with 1040x However, you do not have to allocate home mortgage interest if it is fully deductible, regardless of how the funds are used. Help with 1040x You allocate interest (other than fully deductible home mortgage interest) on a loan in the same way as the loan itself is allocated. Help with 1040x You do this by tracing disbursements of the debt proceeds to specific uses. Help with 1040x For details on how to do this, see chapter 4 of Publication 535. Help with 1040x How To Report You must file Form 1040 to deduct any home mortgage interest expense on your tax return. Help with 1040x Where you deduct your interest expense generally depends on how you use the loan proceeds. Help with 1040x See Table 23-1 for a summary of where to deduct your interest expense. Help with 1040x Home mortgage interest and points. Help with 1040x   Deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 10. Help with 1040x If you paid more deductible interest to the financial institution than the amount shown on Form 1098, show the larger deductible amount on line 10. Help with 1040x Attach a statement explaining the difference and print “See attached” next to line 10. Help with 1040x    Deduct home mortgage interest that was not reported to you on Form 1098 on Schedule A (Form 1040), line 11. Help with 1040x If you paid home mortgage interest to the person from whom you bought your home, show that person's name, address, and taxpayer identification number (TIN) on the dotted lines next to line 11. Help with 1040x The seller must give you this number and you must give the seller your TIN. Help with 1040x A Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. Help with 1040x Failure to meet any of these requirements may result in a $50 penalty for each failure. Help with 1040x The TIN can be either a social security number, an individual taxpayer identification number (issued by the Internal Revenue Service), or an employer identification number. Help with 1040x See Social Security Number (SSN) in chapter 1 for more information about TINs. Help with 1040x    If you can take a deduction for points that were not reported to you on Form 1098, deduct those points on Schedule A (Form 1040), line 12. Help with 1040x   Deduct mortgage insurance premiums on Schedule A (Form 1040), line 13. Help with 1040x More than one borrower. Help with 1040x   If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Help with 1040x Show how much of the interest each of you paid, and give the name and address of the person who received the form. Help with 1040x Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. Help with 1040x Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. Help with 1040x   Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. Help with 1040x You should let each of the other borrowers know what his or her share is. Help with 1040x Mortgage proceeds used for business or investment. Help with 1040x    If your home mortgage interest deduction is limited, but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 23-1. Help with 1040x It shows where to deduct the part of your excess interest that is for those activities. Help with 1040x Investment interest. Help with 1040x    Deduct investment interest, subject to certain limits discussed in Publication 550, on Schedule A (Form 1040), line 14. Help with 1040x Amortization of bond premium. Help with 1040x   There are various ways to treat the premium you pay to buy taxable bonds. Help with 1040x See Bond Premium Amortization in Publication 550. Help with 1040x Income-producing rental or royalty interest. Help with 1040x   Deduct interest on a loan for income-producing rental or royalty property that is not used in your business in Part I of Schedule E (Form 1040). Help with 1040x Example. Help with 1040x You rent out part of your home and borrow money to make repairs. Help with 1040x You can deduct only the interest payment for the rented part in Part I of Schedule E (Form 1040). Help with 1040x Deduct the rest of the interest payment on Schedule A (Form 1040) if it is deductible home mortgage interest. Help with 1040x Table 23-1. Help with 1040x Where To Deduct Your Interest Expense IF you have . Help with 1040x . Help with 1040x . Help with 1040x THEN deduct it on . Help with 1040x . Help with 1040x . Help with 1040x AND for more information go to . Help with 1040x . Help with 1040x . Help with 1040x deductible student loan interest Form 1040, line 33, or Form 1040A, line 18 Publication 970. Help with 1040x deductible home mortgage interest and points reported on Form 1098 Schedule A (Form 1040), line 10 Publication 936. Help with 1040x deductible home mortgage interest not reported on Form 1098 Schedule A (Form 1040), line 11 Publication 936. Help with 1040x deductible points not reported on Form 1098 Schedule A (Form 1040), line 12 Publication 936. Help with 1040x deductible mortgage insurance premiums Schedule A (Form 1040), line 13 Publication 936. Help with 1040x deductible investment interest (other than incurred to produce rents or royalties) Schedule A (Form 1040), line 14 Publication 550. Help with 1040x deductible business interest (non-farm) Schedule C or C-EZ (Form 1040) Publication 535. Help with 1040x deductible farm business interest Schedule F (Form 1040) Publications 225 and 535. Help with 1040x deductible interest incurred to produce rents or royalties Schedule E (Form 1040) Publications 527 and 535. Help with 1040x personal interest not deductible. Help with 1040x Prev  Up  Next   Home   More Online Publications
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The Help With 1040x

Help with 1040x Index A Adjusted basis defined, Adjusted basis defined. Help with 1040x Administrative or management activities, Administrative or management activities. Help with 1040x Assistance (see Tax help) Attorneys, Place To Meet Patients, Clients, or Customers B Business expenses not for use of home, Business expenses not for use of your home. Help with 1040x Business furniture and equipment, Business Furniture and Equipment Business percentage, Business Percentage Business use of the home requirements (see Qualifying for a deduction) C Carryover of expenses, Carryover of unallowed expenses. Help with 1040x Casualty losses, Casualty losses. Help with 1040x Child and Adult Care Food Program reimbursements, Meals. Help with 1040x Computer Listed property, Listed Property D Daycare facilities, Daycare Facility, Standard meal and snack rates. Help with 1040x (see also Family daycare providers) Eligible children for standard meal and snack rates, Standard meal and snack rates. Help with 1040x Exceptions for regular use requirement, Daycare Facility Family daycare, Standard meal and snack rates. Help with 1040x Family daycare provider, Standard meal and snack rates. Help with 1040x Meals, Meals. Help with 1040x , Standard meal and snack rates. Help with 1040x Regular use, Daycare Facility Standard meal and snack rates, Meals. Help with 1040x , Standard meal and snack rates. Help with 1040x Deduction limit, Deduction Limit Deduction requirements Employee use, Additional tests for employee use. Help with 1040x Exceptions to exclusive use, Exceptions to Exclusive Use Exclusive use, Exclusive Use More than one trade or business, More Than One Trade or Business Place to meet clients, Place To Meet Patients, Clients, or Customers Principal place of business, Principal Place of Business Regular use, Regular Use Separate structure, Separate Structure Storage of inventory or product samples, Storage of inventory or product samples. Help with 1040x Trade or business use, Trade or Business Use Deductions Figuring, Figuring the Deduction, Part 2—Figure Your Allowable Deduction Limit, Deduction Limit Part-year use, Part-year use. Help with 1040x Qualifying for, Qualifying for a Deduction, Separate Structure Rental to employer, Rental to employer. Help with 1040x Unreimbursed partnership expenses, Deducting unreimbursed partnership expenses. Help with 1040x Using Actual Expenses, Using Actual Expenses Dentists, Place To Meet Patients, Clients, or Customers Depreciation, Property Bought for Business Use 5-year property, Depreciation 7-year property, Depreciation Adjusted basis, Adjusted basis defined. Help with 1040x Fair market value, Fair market value defined. Help with 1040x Figuring depreciation for the current year, Figuring the depreciation deduction for the current year. Help with 1040x Furniture and equipment, Business Furniture and Equipment, Depreciation Home, Depreciating Your Home Nonresidential real property, Figuring the depreciation deduction for the current year. Help with 1040x Percentage table for 39-year nonresidential real property, Depreciation table. Help with 1040x Permanent improvements, Permanent improvements. Help with 1040x , Depreciating permanent improvements. Help with 1040x Depreciation of home, Depreciating Your Home Basis adjustment, Basis Adjustment MACRS (Table 2), Depreciation table. Help with 1040x Property bought for business use, Depreciation Sale or exchange of home, Depreciation Doctors, Place To Meet Patients, Clients, or Customers E Employee use of home, Additional tests for employee use. Help with 1040x Employees Adequately accounting to employer, Adequately accounting to employer. Help with 1040x Casualty losses, Casualty losses. Help with 1040x Mortgage interest, Deductible mortgage interest. Help with 1040x Other expenses, Other expenses. Help with 1040x Real estate taxes, Real estate taxes. Help with 1040x Exclusive use, Exclusive Use Expenses Casualty losses, Casualty losses. Help with 1040x Direct, Actual Expenses Indirect, Actual Expenses Insurance, Insurance. Help with 1040x Mortgage interest, Deductible mortgage interest. Help with 1040x , Qualified mortgage insurance premiums. Help with 1040x Real estate taxes, Real estate taxes. Help with 1040x Related to tax-exempt income, Expenses related to tax-exempt income. Help with 1040x Rent, Rent. Help with 1040x Repairs, Repairs. Help with 1040x Security system, Security system. Help with 1040x Telephone, Telephone. Help with 1040x Types of, Actual Expenses Unrelated, Actual Expenses Utilities and services, Utilities and services. Help with 1040x Where to deduct, Where To Deduct F Fair market value, Fair market value defined. Help with 1040x Family daycare providers Meal and snack log (Exhibit A), Standard meal and snack rates. Help with 1040x Standard meal and snack rates, Standard meal and snack rates. Help with 1040x Standard meal and snack rates (Table 3), Standard meal and snack rates. Help with 1040x Figuring the deduction Business percentage, Business Percentage Deduction limit, Deduction Limit Form, Useful Items - You may want to see:, Self-Employed Persons, Real estate taxes. Help with 1040x 1040, Schedule F, Casualty losses. Help with 1040x 2106, Employees 4562, Reporting and recordkeeping requirements. Help with 1040x 4684, Casualty losses. Help with 1040x 8829, Actual Expenses, Casualty losses. Help with 1040x , Business Percentage, Daycare Facility W-2 Reimbursed expenses, Employees Free tax services, Free help with your tax return. Help with 1040x Furniture and equipment, Business Furniture and Equipment H Help (see Tax help) Home Business percentage, Business Percentage Depreciation, Depreciating Your Home Sale of, Sale or Exchange of Your Home Home expenses, Can you deduct business use of, Figure A, , Principal Place of Business I Improvements (see Permanent improvements) Insurance, Insurance. Help with 1040x Inventory, storage of, Storage of inventory or product samples. Help with 1040x L Listed property Computers, Listed Property Defined, Listed Property Employee requirements, Employee. Help with 1040x Reporting and recordkeeping requirements, Reporting and recordkeeping requirements. Help with 1040x Years following the year placed in service, Years following the year placed in service. Help with 1040x M MACRS percentage table 39-year nonresidential real property, Depreciation table. Help with 1040x Meals, Meals. Help with 1040x Meeting with patients, clients, or customers on premises, Place To Meet Patients, Clients, or Customers More than one place of business, More than one place of business. Help with 1040x More than one trade or business, More Than One Trade or Business More-than-50%-use test, More-than-50%-use test. Help with 1040x Mortgage interest, Deductible mortgage interest. Help with 1040x , Qualified mortgage insurance premiums. Help with 1040x P Partners, Partners Partnership expenses, unreimbursed, Deducting unreimbursed partnership expenses. Help with 1040x Permanent improvements, Permanent improvements. Help with 1040x , Depreciating permanent improvements. Help with 1040x Personal property converted to business use, Personal Property Converted to Business Use Place of business, more than one, More than one place of business. Help with 1040x Principal place of business, Principal Place of Business Product samples, Storage of inventory or product samples. Help with 1040x Property bought for business use Depreciation, Depreciation Section 179 deduction, Property Bought for Business Use, Section 179 Deduction Property converted to business use, Personal, Personal Property Converted to Business Use Publications, Useful Items - You may want to see: (see Tax help) Q Qualifying for a deduction, Qualifying for a Deduction R Real estate taxes, Real estate taxes. Help with 1040x Recordkeeping, Recordkeeping Recordkeeping requirements Business furniture and equipment, Reporting and recordkeeping requirements. Help with 1040x Family daycare provider meal and snack log (Exhibit A), Standard meal and snack rates. Help with 1040x Regular use, Regular Use Reminders, Reminders Rent, Rent. Help with 1040x Repairs, Repairs. Help with 1040x Reporting requirements Business furniture and equipment, Reporting and recordkeeping requirements. Help with 1040x S Sale or exchange of your home, Sale or Exchange of Your Home Basis adjustment, Basis Adjustment Depreciation taken, Depreciation Ownership and use tests, Ownership and use tests. Help with 1040x Section 179, Section 179 Deduction Furniture and equipment, Business Furniture and Equipment, Listed Property Listed property, Business Furniture and Equipment, Listed Property Personal property converted to business use, Personal Property Converted to Business Use Property bought for business use, Property Bought for Business Use Security system, Security system. Help with 1040x Self-employed persons Deduction of expenses, Self-Employed Persons Separate structure, Separate Structure Simplified Method Actual expenses and depreciation of your home, Actual expenses and depreciation of your home. Help with 1040x Allowable area, Allowable area. Help with 1040x Business expenses not related to use of the home, Business expenses not related to use of the home. Help with 1040x Electing the simplified method, Electing the Simplified Method More than one home, More than one home. Help with 1040x More than one qualified business use, More than one qualified business use. Help with 1040x Shared use, Shared use. Help with 1040x Expenses deductible without regard to business use, Expenses deductible without regard to business use. Help with 1040x No carryover of unallowed expenses, No deduction of carryover of actual expenses. Help with 1040x Simplified amount, Simplified Amount Space used regularly for daycare, Space used regularly for daycare. Help with 1040x Using the simplified method, Using the Simplified Method Standard meal and snack rates, Standard meal and snack rates. Help with 1040x Storage of inventory, Storage of inventory or product samples. Help with 1040x T Tables and figures MACRS Depreciation of home (Table 2), Depreciation table. Help with 1040x Qualifying for deduction (Figure A), Standard meal and snack rates (Table 3), Table 3. Help with 1040x Standard Meal and Snack Rates1 Types of expenses (Table 1), Actual Expenses Tax help, How To Get Tax Help Telephone, Telephone. Help with 1040x Trade or business use, Trade or Business Use TTY/TDD information, How To Get Tax Help Types of expenses, Actual Expenses U Utilities, Utilities and services. Help with 1040x W Where to deduct expenses, Where To Deduct Employees, Employees Self-employed, Self-Employed Persons Worksheets Area Adjustment Worksheet (for simplified method), Area Adjustment Worksheet (for simplified method) Worksheets to figure the deduction for business use of your home (simplified method), Worksheets To Figure the Deduction for Business Use of Your Home (Simplified Method) Daycare facility worksheet (for simplified method), Daycare Facility Worksheet (for simplified method) Simplified method worksheet, Simplified Method Worksheet Prev  Up     Home   More Online Publications