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Form 1040ez 2011 Instructions

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Form 1040ez 2011 Instructions

Form 1040ez 2011 instructions 4. Form 1040ez 2011 instructions   Interest Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Allocation of InterestOrder of funds spent. Form 1040ez 2011 instructions Payments from checking accounts. Form 1040ez 2011 instructions Amounts paid within 30 days. Form 1040ez 2011 instructions Optional method for determining date of reallocation. Form 1040ez 2011 instructions Interest on a segregated account. Form 1040ez 2011 instructions How to report. Form 1040ez 2011 instructions Interest You Can DeductStatement. Form 1040ez 2011 instructions Expenses paid to obtain a mortgage. Form 1040ez 2011 instructions Prepayment penalty. Form 1040ez 2011 instructions De minimis OID. Form 1040ez 2011 instructions Constant-yield method. Form 1040ez 2011 instructions Loan or mortgage ends. Form 1040ez 2011 instructions Interest You Cannot DeductPenalties. Form 1040ez 2011 instructions Who is a key person? Exceptions for pre-June 1997 contracts. Form 1040ez 2011 instructions Interest allocated to unborrowed policy cash value. Form 1040ez 2011 instructions Capitalization of Interest When To Deduct InterestPrepaid interest. Form 1040ez 2011 instructions Discounted loan. Form 1040ez 2011 instructions Refunds of interest. Form 1040ez 2011 instructions Prepaid interest. Form 1040ez 2011 instructions Discounted loan. Form 1040ez 2011 instructions Tax deficiency. Form 1040ez 2011 instructions Related person. Form 1040ez 2011 instructions Below-Market LoansLimit on forgone interest for gift loans of $100,000 or less. Form 1040ez 2011 instructions Introduction This chapter discusses the tax treatment of business interest expense. Form 1040ez 2011 instructions Business interest expense is an amount charged for the use of money you borrowed for business activities. Form 1040ez 2011 instructions Topics - This chapter discusses: Allocation of interest Interest you can deduct Interest you cannot deduct Capitalization of interest When to deduct interest Below-market loans Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 936 Home Mortgage Interest Deduction Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch E (Form 1040) Supplemental Income and Loss Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. Form 1040ez 2011 instructions Sch K-1 (Form 1120S) Shareholder's Share of Income, Deductions, Credits, etc. Form 1040ez 2011 instructions 1098 Mortgage Interest Statement 3115 Application for Change in Accounting Method 4952 Investment Interest Expense Deduction 8582 Passive Activity Loss Limitations See chapter 12 for information about getting publications and forms. Form 1040ez 2011 instructions Allocation of Interest The rules for deducting interest vary, depending on whether the loan proceeds are used for business, personal, or investment activities. Form 1040ez 2011 instructions If you use the proceeds of a loan for more than one type of expense, you must allocate the interest based on the use of the loan's proceeds. Form 1040ez 2011 instructions Allocate your interest expense to the following categories. Form 1040ez 2011 instructions Nonpassive trade or business activity interest Passive trade or business activity interest Investment interest Portfolio interest Personal interest In general, you allocate interest on a loan the same way you allocate the loan proceeds. Form 1040ez 2011 instructions You allocate loan proceeds by tracing disbursements to specific uses. Form 1040ez 2011 instructions The easiest way to trace disbursements to specific uses is to keep the proceeds of a particular loan separate from any other funds. Form 1040ez 2011 instructions Secured loan. Form 1040ez 2011 instructions   The allocation of loan proceeds and the related interest is not generally affected by the use of property that secures the loan. Form 1040ez 2011 instructions Example. Form 1040ez 2011 instructions You secure a loan with property used in your business. Form 1040ez 2011 instructions You use the loan proceeds to buy an automobile for personal use. Form 1040ez 2011 instructions You must allocate interest expense on the loan to personal use (purchase of the automobile) even though the loan is secured by business property. Form 1040ez 2011 instructions    If the property that secures the loan is your home, you generally do not allocate the loan proceeds or the related interest. Form 1040ez 2011 instructions The interest is usually deductible as qualified home mortgage interest, regardless of how the loan proceeds are used. Form 1040ez 2011 instructions For more information, see Publication 936. Form 1040ez 2011 instructions Allocation period. Form 1040ez 2011 instructions   The period for which a loan is allocated to a particular use begins on the date the proceeds are used and ends on the earlier of the following dates. Form 1040ez 2011 instructions The date the loan is repaid. Form 1040ez 2011 instructions The date the loan is reallocated to another use. Form 1040ez 2011 instructions Proceeds not disbursed to borrower. Form 1040ez 2011 instructions   Even if the lender disburses the loan proceeds to a third party, the allocation of the loan is still based on your use of the funds. Form 1040ez 2011 instructions This applies whether you pay for property, services, or anything else by incurring a loan, or you take property subject to a debt. Form 1040ez 2011 instructions Proceeds deposited in borrower's account. Form 1040ez 2011 instructions   Treat loan proceeds deposited in an account as property held for investment. Form 1040ez 2011 instructions It does not matter whether the account pays interest. Form 1040ez 2011 instructions Any interest you pay on the loan is investment interest expense. Form 1040ez 2011 instructions If you withdraw the proceeds of the loan, you must reallocate the loan based on the use of the funds. Form 1040ez 2011 instructions Example. Form 1040ez 2011 instructions Celina, a calendar-year taxpayer, borrows $100,000 on January 4 and immediately uses the proceeds to open a checking account. Form 1040ez 2011 instructions No other amounts are deposited in the account during the year and no part of the loan principal is repaid during the year. Form 1040ez 2011 instructions On April 2, Celina uses $20,000 from the checking account for a passive activity expenditure. Form 1040ez 2011 instructions On September 4, Celina uses an additional $40,000 from the account for personal purposes. Form 1040ez 2011 instructions Under the interest allocation rules, the entire $100,000 loan is treated as property held for investment for the period from January 4 through April 1. Form 1040ez 2011 instructions From April 2 through September 3, Celina must treat $20,000 of the loan as used in the passive activity and $80,000 of the loan as property held for investment. Form 1040ez 2011 instructions From September 4 through December 31, she must treat $40,000 of the loan as used for personal purposes, $20,000 as used in the passive activity, and $40,000 as property held for investment. Form 1040ez 2011 instructions Order of funds spent. Form 1040ez 2011 instructions   Generally, you treat loan proceeds deposited in an account as used (spent) before either of the following amounts. Form 1040ez 2011 instructions Any unborrowed amounts held in the same account. Form 1040ez 2011 instructions Any amounts deposited after these loan proceeds. Form 1040ez 2011 instructions Example. Form 1040ez 2011 instructions On January 9, Olena opened a checking account, depositing $500 of the proceeds of Loan A and $1,000 of unborrowed funds. Form 1040ez 2011 instructions The following table shows the transactions in her account during the tax year. Form 1040ez 2011 instructions Date Transaction January 9 $500 proceeds of Loan A and $1,000 unborrowed funds deposited January 14 $500 proceeds of Loan B  deposited February 19 $800 used for personal purposes February 27 $700 used for passive activity June 19 $1,000 proceeds of Loan C  deposited November 20 $800 used for an investment December 18 $600 used for personal purposes Olena treats the $800 used for personal purposes as made from the $500 proceeds of Loan A and $300 of the proceeds of Loan B. Form 1040ez 2011 instructions She treats the $700 used for a passive activity as made from the remaining $200 proceeds of Loan B and $500 of unborrowed funds. Form 1040ez 2011 instructions She treats the $800 used for an investment as made entirely from the proceeds of Loan C. Form 1040ez 2011 instructions She treats the $600 used for personal purposes as made from the remaining $200 proceeds of Loan C and $400 of unborrowed funds. Form 1040ez 2011 instructions For the periods during which loan proceeds are held in the account, Olena treats them as property held for investment. Form 1040ez 2011 instructions Payments from checking accounts. Form 1040ez 2011 instructions   Generally, you treat a payment from a checking or similar account as made at the time the check is written if you mail or deliver it to the payee within a reasonable period after you write it. Form 1040ez 2011 instructions You can treat checks written on the same day as written in any order. Form 1040ez 2011 instructions Amounts paid within 30 days. Form 1040ez 2011 instructions   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. Form 1040ez 2011 instructions This applies to any payment made within 30 days before or after the proceeds are received in cash or deposited in your account. Form 1040ez 2011 instructions   If the loan proceeds are deposited in an account, you can apply this rule even if the rules stated earlier under Order of funds spent would otherwise require you to treat the proceeds as used for other purposes. Form 1040ez 2011 instructions If you apply this rule to any payments, disregard those payments (and the proceeds from which they are made) when applying the rules stated under Order of funds spent. Form 1040ez 2011 instructions   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. Form 1040ez 2011 instructions Example. Form 1040ez 2011 instructions Giovanni gets a loan of $1,000 on August 4 and receives the proceeds in cash. Form 1040ez 2011 instructions Giovanni deposits $1,500 in an account on August 18 and on August 28 writes a check on the account for a passive activity expense. Form 1040ez 2011 instructions Also, Giovanni deposits his paycheck, deposits other loan proceeds, and pays his bills during the same period. Form 1040ez 2011 instructions Regardless of these other transactions, Giovanni can treat $1,000 of the deposit he made on August 18 as being paid on August 4 from the loan proceeds. Form 1040ez 2011 instructions In addition, Giovanni can treat the passive activity expense he paid on August 28 as made from the $1,000 loan proceeds treated as deposited in the account. Form 1040ez 2011 instructions Optional method for determining date of reallocation. Form 1040ez 2011 instructions   You can use the following method to determine the date loan proceeds are reallocated to another use. Form 1040ez 2011 instructions You can treat all payments from loan proceeds in the account during any month as taking place on the later of the following dates. Form 1040ez 2011 instructions The first day of that month. Form 1040ez 2011 instructions The date the loan proceeds are deposited in the account. Form 1040ez 2011 instructions However, you can use this optional method only if you treat all payments from the account during the same calendar month in the same way. Form 1040ez 2011 instructions Interest on a segregated account. Form 1040ez 2011 instructions   If you have an account that contains only loan proceeds and interest earned on the account, you can treat any payment from that account as being made first from the interest. Form 1040ez 2011 instructions When the interest earned is used up, any remaining payments are from loan proceeds. Form 1040ez 2011 instructions Example. Form 1040ez 2011 instructions You borrowed $20,000 and used the proceeds of this loan to open a new savings account. Form 1040ez 2011 instructions When the account had earned interest of $867, you withdrew $20,000 for personal purposes. Form 1040ez 2011 instructions You can treat the withdrawal as coming first from the interest earned on the account, $867, and then from the loan proceeds, $19,133 ($20,000 − $867). Form 1040ez 2011 instructions All the interest charged on the loan from the time it was deposited in the account until the time of the withdrawal is investment interest expense. Form 1040ez 2011 instructions The interest charged on the part of the proceeds used for personal purposes ($19,133) from the time you withdrew it until you either repay it or reallocate it to another use is personal interest expense. Form 1040ez 2011 instructions The interest charged on the loan proceeds you left in the account ($867) continues to be investment interest expense until you either repay it or reallocate it to another use. Form 1040ez 2011 instructions Loan repayment. Form 1040ez 2011 instructions   When you repay any part of a loan allocated to more than one use, treat it as being repaid in the following order. Form 1040ez 2011 instructions Personal use. Form 1040ez 2011 instructions Investments and passive activities (other than those included in (3)). Form 1040ez 2011 instructions Passive activities in connection with a rental real estate activity in which you actively participate. Form 1040ez 2011 instructions Former passive activities. Form 1040ez 2011 instructions Trade or business use and expenses for certain low-income housing projects. Form 1040ez 2011 instructions Line of credit (continuous borrowings). Form 1040ez 2011 instructions   The following rules apply if you have a line of credit or similar arrangement. Form 1040ez 2011 instructions Treat all borrowed funds on which interest accrues at the same fixed or variable rate as a single loan. Form 1040ez 2011 instructions Treat borrowed funds or parts of borrowed funds on which interest accrues at different fixed or variable rates as different loans. Form 1040ez 2011 instructions Treat these loans as repaid in the order shown on the loan agreement. Form 1040ez 2011 instructions Loan refinancing. Form 1040ez 2011 instructions   Allocate the replacement loan to the same uses to which the repaid loan was allocated. Form 1040ez 2011 instructions Make the allocation only to the extent you use the proceeds of the new loan to repay any part of the original loan. Form 1040ez 2011 instructions Debt-financed distribution. Form 1040ez 2011 instructions   A debt-financed distribution occurs when a partnership or S corporation borrows funds and allocates those funds to distributions made to partners or shareholders. Form 1040ez 2011 instructions The manner in which you report the interest expense associated with the distributed debt proceeds depends on your use of those proceeds. Form 1040ez 2011 instructions How to report. Form 1040ez 2011 instructions   If the proceeds were used in a nonpassive trade or business activity, report the interest on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership or S corporation in column (a) and the amount in column (h). Form 1040ez 2011 instructions If the proceeds were used in a passive activity, follow the Instructions for Form 8582, Passive Activity Loss Limitations, to determine the amount of interest expense that can be reported on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership in column (a) and the amount in column (f). Form 1040ez 2011 instructions If the proceeds were used in an investment activity, enter the interest on Form 4952. Form 1040ez 2011 instructions If the proceeds are used for personal purposes, the interest is generally not deductible. Form 1040ez 2011 instructions Interest You Can Deduct You can generally deduct as a business expense all interest you pay or accrue during the tax year on debts related to your trade or business. Form 1040ez 2011 instructions Interest relates to your trade or business if you use the proceeds of the loan for a trade or business expense. Form 1040ez 2011 instructions It does not matter what type of property secures the loan. Form 1040ez 2011 instructions You can deduct interest on a debt only if you meet all the following requirements. Form 1040ez 2011 instructions You are legally liable for that debt. Form 1040ez 2011 instructions Both you and the lender intend that the debt be repaid. Form 1040ez 2011 instructions You and the lender have a true debtor-creditor relationship. Form 1040ez 2011 instructions Partial liability. Form 1040ez 2011 instructions   If you are liable for part of a business debt, you can deduct only your share of the total interest paid or accrued. Form 1040ez 2011 instructions Example. Form 1040ez 2011 instructions You and your brother borrow money. Form 1040ez 2011 instructions You are liable for 50% of the note. Form 1040ez 2011 instructions You use your half of the loan in your business, and you make one-half of the loan payments. Form 1040ez 2011 instructions You can deduct your half of the total interest payments as a business deduction. Form 1040ez 2011 instructions Mortgage. Form 1040ez 2011 instructions   Generally, mortgage interest paid or accrued on real estate you own legally or equitably is deductible. Form 1040ez 2011 instructions However, rather than deducting the interest currently, you may have to add it to the cost basis of the property as explained later under Capitalization of Interest. Form 1040ez 2011 instructions Statement. Form 1040ez 2011 instructions   If you paid $600 or more of mortgage interest (including certain points) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement. Form 1040ez 2011 instructions 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. Form 1040ez 2011 instructions A governmental unit is a person for purposes of furnishing the statement. Form 1040ez 2011 instructions   If you receive a refund of interest you overpaid in an earlier year, this amount will be reported in box 3 of Form 1098. Form 1040ez 2011 instructions You cannot deduct this amount. Form 1040ez 2011 instructions For information on how to report this refund, see Refunds of interest, later in this chapter. Form 1040ez 2011 instructions Expenses paid to obtain a mortgage. Form 1040ez 2011 instructions   Certain expenses you pay to obtain a mortgage cannot be deducted as interest. Form 1040ez 2011 instructions These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses. Form 1040ez 2011 instructions If the property mortgaged is business or income-producing property, you can amortize the costs over the life of the mortgage. Form 1040ez 2011 instructions Prepayment penalty. Form 1040ez 2011 instructions   If you pay off your mortgage early and pay the lender a penalty for doing this, you can deduct the penalty as interest. Form 1040ez 2011 instructions Interest on employment tax deficiency. Form 1040ez 2011 instructions   Interest charged on employment taxes assessed on your business is deductible. Form 1040ez 2011 instructions Original issue discount (OID). Form 1040ez 2011 instructions   OID is a form of interest. Form 1040ez 2011 instructions A loan (mortgage or other debt) generally has OID when its proceeds are less than its principal amount. Form 1040ez 2011 instructions The OID is the difference between the stated redemption price at maturity and the issue price of the loan. Form 1040ez 2011 instructions   A loan's stated redemption price at maturity is the sum of all amounts (principal and interest) payable on it other than qualified stated interest. Form 1040ez 2011 instructions Qualified stated interest is stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a single fixed rate. Form 1040ez 2011 instructions You generally deduct OID over the term of the loan. Form 1040ez 2011 instructions Figure the amount to deduct each year using the constant-yield method, unless the OID on the loan is de minimis. Form 1040ez 2011 instructions De minimis OID. Form 1040ez 2011 instructions   The OID is de minimis if it is less than one-fourth of 1% (. Form 1040ez 2011 instructions 0025) of the stated redemption price of the loan at maturity multiplied by the number of full years from the date of original issue to maturity (the term of the loan). Form 1040ez 2011 instructions   If the OID is de minimis, you can choose one of the following ways to figure the amount you can deduct each year. Form 1040ez 2011 instructions On a constant-yield basis over the term of the loan. Form 1040ez 2011 instructions On a straight-line basis over the term of the loan. Form 1040ez 2011 instructions In proportion to stated interest payments. Form 1040ez 2011 instructions In its entirety at maturity of the loan. Form 1040ez 2011 instructions You make this choice by deducting the OID in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. Form 1040ez 2011 instructions Example. Form 1040ez 2011 instructions On January 1, 2013, you took out a $100,000 discounted loan and received $98,500 in proceeds. Form 1040ez 2011 instructions The loan will mature on January 1, 2023 (a 10-year term), and the $100,000 principal is payable on that date. Form 1040ez 2011 instructions Interest of $10,000 is payable on January 1 of each year, beginning January 1, 2014. Form 1040ez 2011 instructions The $1,500 OID on the loan is de minimis because it is less than $2,500 ($100,000 × . Form 1040ez 2011 instructions 0025 × 10). Form 1040ez 2011 instructions You choose to deduct the OID on a straight-line basis over the term of the loan. Form 1040ez 2011 instructions Beginning in 2013, you can deduct $150 each year for 10 years. Form 1040ez 2011 instructions Constant-yield method. Form 1040ez 2011 instructions   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. Form 1040ez 2011 instructions You figure your deduction for the first year using the following steps. Form 1040ez 2011 instructions Determine the issue price of the loan. Form 1040ez 2011 instructions Generally, this equals the proceeds of the loan. Form 1040ez 2011 instructions If you paid points on the loan (as discussed later), the issue price generally is the difference between the proceeds and the points. Form 1040ez 2011 instructions Multiply the result in (1) by the yield to maturity. Form 1040ez 2011 instructions Subtract any qualified stated interest payments from the result in (2). Form 1040ez 2011 instructions This is the OID you can deduct in the first year. Form 1040ez 2011 instructions   To figure your deduction in any subsequent year, follow the above steps, except determine the adjusted issue price in step (1). Form 1040ez 2011 instructions To get the adjusted issue price, add to the issue price any OID previously deducted. Form 1040ez 2011 instructions Then follow steps (2) and (3) above. Form 1040ez 2011 instructions   The yield to maturity is generally shown in the literature you receive from your lender. Form 1040ez 2011 instructions If you do not have this information, consult your lender or tax advisor. Form 1040ez 2011 instructions In general, the yield to maturity is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. Form 1040ez 2011 instructions Example. Form 1040ez 2011 instructions The facts are the same as in the previous example, except that you deduct the OID on a constant yield basis over the term of the loan. Form 1040ez 2011 instructions The yield to maturity on your loan is 10. Form 1040ez 2011 instructions 2467%, compounded annually. Form 1040ez 2011 instructions For 2013, you can deduct $93 [($98,500 × . Form 1040ez 2011 instructions 102467) − $10,000]. Form 1040ez 2011 instructions For 2014, you can deduct $103 [($98,593 × . Form 1040ez 2011 instructions 102467) − $10,000]. Form 1040ez 2011 instructions Loan or mortgage ends. Form 1040ez 2011 instructions   If your loan or mortgage ends, you may be able to deduct any remaining OID in the tax year in which the loan or mortgage ends. Form 1040ez 2011 instructions A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. Form 1040ez 2011 instructions If you refinance with the original lender, you generally cannot deduct the remaining OID in the year in which the refinancing occurs, but you may be able to deduct it over the term of the new mortgage or loan. Form 1040ez 2011 instructions See Interest paid with funds borrowed from original lender under Interest You Cannot Deduct, later. Form 1040ez 2011 instructions Points. Form 1040ez 2011 instructions   The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a loan or a mortgage. Form 1040ez 2011 instructions These charges are also called loan origination fees, maximum loan charges, discount points, or premium charges. Form 1040ez 2011 instructions If any of these charges (points) are solely for the use of money, they are interest. Form 1040ez 2011 instructions   Because points are prepaid interest, you generally cannot deduct the full amount in the year paid. Form 1040ez 2011 instructions However, you can choose to fully deduct points in the year paid if you meet certain tests. Form 1040ez 2011 instructions For exceptions to the general rule, see Publication 936. Form 1040ez 2011 instructions The points reduce the issue price of the loan and result in original issue discount (OID), deductible as explained in the preceding discussion. Form 1040ez 2011 instructions Partial payments on a nontax debt. Form 1040ez 2011 instructions   If you make partial payments on a debt (other than a debt owed the IRS), the payments are applied, in general, first to interest and any remainder to principal. Form 1040ez 2011 instructions You can deduct only the interest. Form 1040ez 2011 instructions This rule does not apply when it can be inferred that the borrower and lender understood that a different allocation of the payments would be made. Form 1040ez 2011 instructions Installment purchase. Form 1040ez 2011 instructions   If you make an installment purchase of business property, the contract between you and the seller generally provides for the payment of interest. Form 1040ez 2011 instructions If no interest or a low rate of interest is charged under the contract, a portion of the stated principal amount payable under the contract may be recharacterized as interest (unstated interest). Form 1040ez 2011 instructions The amount recharacterized as interest reduces your basis in the property and increases your interest expense. Form 1040ez 2011 instructions For more information on installment sales and unstated interest, see Publication 537. Form 1040ez 2011 instructions Interest You Cannot Deduct Certain interest payments cannot be deducted. Form 1040ez 2011 instructions In addition, certain other expenses that may seem to be interest but are not, cannot be deducted as interest. Form 1040ez 2011 instructions You cannot currently deduct interest that must be capitalized, and you generally cannot deduct personal interest. Form 1040ez 2011 instructions Interest paid with funds borrowed from original lender. Form 1040ez 2011 instructions   If you use the cash method of accounting, you cannot deduct interest you pay with funds borrowed from the original lender through a second loan, an advance, or any other arrangement similar to a loan. Form 1040ez 2011 instructions You can deduct the interest expense once you start making payments on the new loan. Form 1040ez 2011 instructions   When you make a payment on the new loan, you first apply the payment to interest and then to the principal. Form 1040ez 2011 instructions All amounts you apply to the interest on the first loan are deductible, along with any interest you pay on the second loan, subject to any limits that apply. Form 1040ez 2011 instructions Capitalized interest. Form 1040ez 2011 instructions   You cannot currently deduct interest you are required to capitalize under the uniform capitalization rules. Form 1040ez 2011 instructions See Capitalization of Interest, later. Form 1040ez 2011 instructions In addition, if you buy property and pay interest owed by the seller (for example, by assuming the debt and any interest accrued on the property), you cannot deduct the interest. Form 1040ez 2011 instructions Add this interest to the basis of the property. Form 1040ez 2011 instructions Commitment fees or standby charges. Form 1040ez 2011 instructions   Fees you incur to have business funds available on a standby basis, but not for the actual use of the funds, are not deductible as interest payments. Form 1040ez 2011 instructions You may be able to deduct them as business expenses. Form 1040ez 2011 instructions   If the funds are for inventory or certain property used in your business, the fees are indirect costs and you generally must capitalize them under the uniform capitalization rules. Form 1040ez 2011 instructions See Capitalization of Interest, later. Form 1040ez 2011 instructions Interest on income tax. Form 1040ez 2011 instructions   Interest charged on income tax assessed on your individual income tax return is not a business deduction even though the tax due is related to income from your trade or business. Form 1040ez 2011 instructions Treat this interest as a business deduction only in figuring a net operating loss deduction. Form 1040ez 2011 instructions Penalties. Form 1040ez 2011 instructions   Penalties on underpaid deficiencies and underpaid estimated tax are not interest. Form 1040ez 2011 instructions You cannot deduct them. Form 1040ez 2011 instructions Generally, you cannot deduct any fines or penalties. Form 1040ez 2011 instructions Interest on loans with respect to life insurance policies. Form 1040ez 2011 instructions   You generally cannot deduct interest on a debt incurred with respect to any life insurance, annuity, or endowment contract that covers any individual unless that individual is a key person. Form 1040ez 2011 instructions   If the policy or contract covers a key person, you can deduct the interest on up to $50,000 of debt for that person. Form 1040ez 2011 instructions However, the deduction for any month cannot be more than the interest figured using Moody's Composite Yield on Seasoned Corporate Bonds (formerly known as Moody's Corporate Bond Yield Average-Monthly Average Corporates) (Moody's rate) for that month. Form 1040ez 2011 instructions Who is a key person?   A key person is an officer or 20% owner. Form 1040ez 2011 instructions However, the number of individuals you can treat as key persons is limited to the greater of the following. Form 1040ez 2011 instructions Five individuals. Form 1040ez 2011 instructions The lesser of 5% of the total officers and employees of the company or 20 individuals. Form 1040ez 2011 instructions Exceptions for pre-June 1997 contracts. Form 1040ez 2011 instructions   You can generally deduct the interest if the contract was issued before June 9, 1997, and the covered individual is someone other than an employee, officer, or someone financially interested in your business. Form 1040ez 2011 instructions If the contract was purchased before June 21, 1986, you can generally deduct the interest no matter who is covered by the contract. Form 1040ez 2011 instructions Interest allocated to unborrowed policy cash value. Form 1040ez 2011 instructions   Corporations and partnerships generally cannot deduct any interest expense allocable to unborrowed cash values of life insurance, annuity, or endowment contracts. Form 1040ez 2011 instructions This rule applies to contracts issued after June 8, 1997, that cover someone other than an officer, director, employee, or 20% owner. Form 1040ez 2011 instructions For more information, see section 264(f) of the Internal Revenue Code. Form 1040ez 2011 instructions Capitalization of Interest Under the uniform capitalization rules, you generally must capitalize interest on debt equal to your expenditures to produce real property or certain tangible personal property. Form 1040ez 2011 instructions The property must be produced by you for use in your trade or business or for sale to customers. Form 1040ez 2011 instructions You cannot capitalize interest related to property that you acquire in any other manner. Form 1040ez 2011 instructions Interest you paid or incurred during the production period must be capitalized if the property produced is designated property. Form 1040ez 2011 instructions Designated property is any of the following. Form 1040ez 2011 instructions Real property. Form 1040ez 2011 instructions Tangible personal property with a class life of 20 years or more. Form 1040ez 2011 instructions Tangible personal property with an estimated production period of more than 2 years. Form 1040ez 2011 instructions Tangible personal property with an estimated production period of more than 1 year if the estimated cost of production is more than $1 million. Form 1040ez 2011 instructions Property you produce. Form 1040ez 2011 instructions   You produce property if you construct, build, install, manufacture, develop, improve, create, raise, or grow it. Form 1040ez 2011 instructions Treat property produced for you under a contract as produced by you up to the amount you pay or incur for the property. Form 1040ez 2011 instructions Carrying charges. Form 1040ez 2011 instructions   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Form 1040ez 2011 instructions You can choose to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Form 1040ez 2011 instructions For more information, see chapter 7. Form 1040ez 2011 instructions Capitalized interest. Form 1040ez 2011 instructions   Treat capitalized interest as a cost of the property produced. Form 1040ez 2011 instructions You recover your interest when you sell or use the property. Form 1040ez 2011 instructions If the property is inventory, recover capitalized interest through cost of goods sold. Form 1040ez 2011 instructions If the property is used in your trade or business, recover capitalized interest through an adjustment to basis, depreciation, amortization, or other method. Form 1040ez 2011 instructions Partnerships and S corporations. Form 1040ez 2011 instructions   The interest capitalization rules are applied first at the partnership or S corporation level. Form 1040ez 2011 instructions The rules are then applied at the partners' or shareholders' level to the extent the partnership or S corporation has insufficient debt to support the production or construction costs. Form 1040ez 2011 instructions   If you are a partner or a shareholder, you may have to capitalize interest you incur during the tax year for the production costs of the partnership or S corporation. Form 1040ez 2011 instructions You may also have to capitalize interest incurred by the partnership or S corporation for your own production costs. Form 1040ez 2011 instructions To properly capitalize interest under these rules, you must be given the required information in an attachment to the Schedule K-1 you receive from the partnership or S corporation. Form 1040ez 2011 instructions Additional information. Form 1040ez 2011 instructions   The procedures for applying the uniform capitalization rules are beyond the scope of this publication. Form 1040ez 2011 instructions For more information, see sections 1. Form 1040ez 2011 instructions 263A-8 through 1. Form 1040ez 2011 instructions 263A-15 of the regulations and Notice 88-99. Form 1040ez 2011 instructions Notice 88-99 is in Cumulative Bulletin 1988-2. Form 1040ez 2011 instructions When To Deduct Interest If the uniform capitalization rules, discussed under Capitalization of Interest, earlier, do not apply to you, deduct interest as follows. Form 1040ez 2011 instructions Cash method. Form 1040ez 2011 instructions   Under the cash method, you can generally deduct only the interest you actually paid during the tax year. Form 1040ez 2011 instructions You cannot deduct a promissory note you gave as payment because it is a promise to pay and not an actual payment. Form 1040ez 2011 instructions Prepaid interest. Form 1040ez 2011 instructions   You generally cannot deduct any interest paid before the year it is due. Form 1040ez 2011 instructions Interest paid in advance can be deducted only in the tax year in which it is due. Form 1040ez 2011 instructions Discounted loan. Form 1040ez 2011 instructions   If interest or a discount is subtracted from your loan proceeds, it is not a payment of interest and you cannot deduct it when you get the loan. Form 1040ez 2011 instructions For more information, see Original issue discount (OID) under Interest You Can Deduct, earlier. Form 1040ez 2011 instructions Refunds of interest. Form 1040ez 2011 instructions   If you pay interest and then receive a refund in the same tax year of any part of the interest, reduce your interest deduction by the refund. Form 1040ez 2011 instructions If you receive the refund in a later tax year, include the refund in your income to the extent the deduction for the interest reduced your tax. Form 1040ez 2011 instructions Accrual method. Form 1040ez 2011 instructions   Under an accrual method, you can deduct only interest that has accrued during the tax year. Form 1040ez 2011 instructions Prepaid interest. Form 1040ez 2011 instructions   See Prepaid interest, earlier. Form 1040ez 2011 instructions Discounted loan. Form 1040ez 2011 instructions   See Discounted loan, earlier. Form 1040ez 2011 instructions Tax deficiency. Form 1040ez 2011 instructions   If you contest a federal income tax deficiency, interest does not accrue until the tax year the final determination of liability is made. Form 1040ez 2011 instructions If you do not contest the deficiency, then the interest accrues in the year the tax was asserted and agreed to by you. Form 1040ez 2011 instructions   However, if you contest but pay the proposed tax deficiency and interest, and you do not designate the payment as a cash bond, then the interest is deductible in the year paid. Form 1040ez 2011 instructions Related person. Form 1040ez 2011 instructions   If you use an accrual method, you cannot deduct interest owed to a related person who uses the cash method until payment is made and the interest is includible in the gross income of that person. Form 1040ez 2011 instructions The relationship is determined as of the end of the tax year for which the interest would otherwise be deductible. Form 1040ez 2011 instructions See section 267 of the Internal Revenue Code for more information. Form 1040ez 2011 instructions Below-Market Loans If you receive a below-market gift or demand loan and use the proceeds in your trade or business, you may be able to deduct the forgone interest. Form 1040ez 2011 instructions See Treatment of gift and demand loans, later, in this discussion. Form 1040ez 2011 instructions A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Form 1040ez 2011 instructions A gift or demand loan that is a below-market loan generally is considered an arm's-length transaction in which you, the borrower, are considered as having received both the following. Form 1040ez 2011 instructions A loan in exchange for a note that requires the payment of interest at the applicable federal rate. Form 1040ez 2011 instructions An additional payment in an amount equal to the forgone interest. Form 1040ez 2011 instructions The additional payment is treated as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. Form 1040ez 2011 instructions Forgone interest. Form 1040ez 2011 instructions   For any period, forgone interest is The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Form 1040ez 2011 instructions Applicable federal rates are published by the IRS each month in the Internal Revenue Bulletin. Form 1040ez 2011 instructions Internal Revenue Bulletins are available on the IRS web site at www. Form 1040ez 2011 instructions irs. Form 1040ez 2011 instructions gov/irb. Form 1040ez 2011 instructions You can also contact an IRS office to get these rates. Form 1040ez 2011 instructions Loans subject to the rules. Form 1040ez 2011 instructions   The rules for below-market loans apply to the following. Form 1040ez 2011 instructions Gift loans (below-market loans where the forgone interest is in the nature of a gift). Form 1040ez 2011 instructions Compensation-related loans (below-market loans between an employer and an employee or between an independent contractor and a person for whom the contractor provides services). Form 1040ez 2011 instructions Corporation-shareholder loans. Form 1040ez 2011 instructions Tax avoidance loans (below-market loans where the avoidance of federal tax is one of the main purposes of the interest arrangement). Form 1040ez 2011 instructions Loans to qualified continuing care facilities under a continuing care contract (made after October 11, 1985). Form 1040ez 2011 instructions   Except as noted in (5) above, these rules apply to demand loans (loans payable in full at any time upon the lender's demand) outstanding after June 6, 1984, and to term loans (loans that are not demand loans) made after that date. Form 1040ez 2011 instructions Treatment of gift and demand loans. Form 1040ez 2011 instructions   If you receive a below-market gift loan or demand loan, you are treated as receiving an additional payment (as a gift, dividend, etc. Form 1040ez 2011 instructions ) equal to the forgone interest on the loan. Form 1040ez 2011 instructions You are then treated as transferring this amount back to the lender as interest. Form 1040ez 2011 instructions These transfers are considered to occur annually, generally on December 31. Form 1040ez 2011 instructions If you use the loan proceeds in your trade or business, you can deduct the forgone interest each year as a business interest expense. Form 1040ez 2011 instructions The lender must report it as interest income. Form 1040ez 2011 instructions Limit on forgone interest for gift loans of $100,000 or less. Form 1040ez 2011 instructions   For gift loans between individuals, forgone interest treated as transferred back to the lender is limited to the borrower's net investment income for the year. Form 1040ez 2011 instructions This limit applies if the outstanding loans between the lender and borrower total $100,000 or less. Form 1040ez 2011 instructions If the borrower's net investment income is $1,000 or less, it is treated as zero. Form 1040ez 2011 instructions This limit does not apply to a loan if the avoidance of any federal tax is one of the main purposes of the interest arrangement. Form 1040ez 2011 instructions Treatment of term loans. Form 1040ez 2011 instructions   If you receive a below-market term loan other than a gift or demand loan, you are treated as receiving an additional cash payment (as a dividend, etc. Form 1040ez 2011 instructions ) on the date the loan is made. Form 1040ez 2011 instructions This payment is equal to the loan amount minus the present value, at the applicable federal rate, of all payments due under the loan. Form 1040ez 2011 instructions The same amount is treated as original issue discount on the loan. Form 1040ez 2011 instructions See Original issue discount (OID) under Interest You Can Deduct, earlier. Form 1040ez 2011 instructions Exceptions for loans of $10,000 or less. Form 1040ez 2011 instructions   The rules for below-market loans do not apply to any day on which the total outstanding loans between the borrower and lender is $10,000 or less. Form 1040ez 2011 instructions This exception applies only to the following. Form 1040ez 2011 instructions Gift loans between individuals if the loan is not directly used to buy or carry income-producing assets. Form 1040ez 2011 instructions Compensation-related loans or corporation-shareholder loans if the avoidance of any federal tax is not a principal purpose of the interest arrangement. Form 1040ez 2011 instructions This exception does not apply to a term loan described in (2) above that was previously subject to the below-market loan rules. Form 1040ez 2011 instructions Those rules will continue to apply even if the outstanding balance is reduced to $10,000 or less. Form 1040ez 2011 instructions Exceptions for loans without significant tax effect. Form 1040ez 2011 instructions   The following loans are specifically exempted from the rules for below-market loans because their interest arrangements do not have a significant effect on the federal tax liability of the borrower or the lender. Form 1040ez 2011 instructions Loans made available by lenders to the general public on the same terms and conditions that are consistent with the lender's customary business practices. Form 1040ez 2011 instructions Loans subsidized by a federal, state, or municipal government that are made available under a program of general application to the public. Form 1040ez 2011 instructions Certain employee-relocation loans. Form 1040ez 2011 instructions Certain loans to or from a foreign person, unless the interest income would be effectively connected with the conduct of a U. Form 1040ez 2011 instructions S. Form 1040ez 2011 instructions trade or business and not exempt from U. Form 1040ez 2011 instructions S. Form 1040ez 2011 instructions tax under an income tax treaty. Form 1040ez 2011 instructions Any other loan if the taxpayer can show that the interest arrangement has no significant effect on the federal tax liability of the lender or the borrower. Form 1040ez 2011 instructions Whether an interest arrangement has a significant effect on the federal tax liability of the lender or the borrower will be determined by all the facts and circumstances. Form 1040ez 2011 instructions Consider all the following factors. Form 1040ez 2011 instructions Whether items of income and deduction generated by the loan offset each other. Form 1040ez 2011 instructions The amount of the items. Form 1040ez 2011 instructions The cost of complying with the below-market loan provisions if they were to apply. Form 1040ez 2011 instructions Any reasons, other than taxes, for structuring the transaction as a below-market loan. Form 1040ez 2011 instructions Exception for loans to qualified continuing care facilities. Form 1040ez 2011 instructions   The below-market interest rules do not apply to a loan owed by a qualified continuing care facility under a continuing care contract if the lender or lender's spouse is age 62 or older by the end of the calendar year. Form 1040ez 2011 instructions A qualified continuing care facility is one or more facilities (excluding nursing homes) meeting the requirements listed below. Form 1040ez 2011 instructions Designed to provide services under continuing care contracts (defined below). Form 1040ez 2011 instructions Includes an independent living unit, and either an assisted living or nursing facility, or both. Form 1040ez 2011 instructions Substantially all of the independent living unit residents are covered by continuing care contracts. Form 1040ez 2011 instructions A continuing care contract is a written contract between an individual and a qualified continuing care facility that includes all of the following conditions. Form 1040ez 2011 instructions The individual or individual's spouse must be entitled to use the facility for the rest of their life or lives. Form 1040ez 2011 instructions The individual or individual's spouse will be provided with housing, as appropriate for the health of the individual or individual's spouse in an: independent living unit (which has additional available facilities outside the unit for the provision of meals and other personal care), and assisted living or nursing facility available in the continuing care facility. Form 1040ez 2011 instructions The individual or individual's spouse will be provided with assisted living or nursing care available in the continuing care facility, as required for the health of the individual or the individual's spouse. Form 1040ez 2011 instructions For more information, see section 7872(h) of the Internal Revenue Code. Form 1040ez 2011 instructions Sale or exchange of property. Form 1040ez 2011 instructions   Different rules generally apply to a loan connected with the sale or exchange of property. Form 1040ez 2011 instructions If the loan does not provide adequate stated interest, part of the principal payment may be considered interest. Form 1040ez 2011 instructions However, there are exceptions that may require you to apply the below-market interest rate rules to these loans. Form 1040ez 2011 instructions See Unstated Interest and Original Issue Discount (OID) in Publication 537. Form 1040ez 2011 instructions More information. Form 1040ez 2011 instructions   For more information on below-market loans, see section 7872 of the Internal Revenue Code and section 1. Form 1040ez 2011 instructions 7872-5 of the regulations. Form 1040ez 2011 instructions Prev  Up  Next   Home   More Online Publications
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The Form 1040ez 2011 Instructions

Form 1040ez 2011 instructions Publication 556 - Introductory Material Table of Contents The IRS Mission Reminders IntroductionOrdering forms and publications. Form 1040ez 2011 instructions Tax questions. Form 1040ez 2011 instructions Useful Items - You may want to see: The IRS Mission Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Form 1040ez 2011 instructions Reminders Penalty for filing erroneous claim for refund or credit. Form 1040ez 2011 instructions  You may have to pay a penalty if you file an erroneous claim for refund or credit. Form 1040ez 2011 instructions See Penalty for erroneous claim for refund, later under Claims for Refund. Form 1040ez 2011 instructions Interest and penalties suspended if notice not mailed within 36 months. Form 1040ez 2011 instructions  If you file your return timely (including extensions), interest and certain penalties will be suspended if the IRS does not mail a notice to you within 36 months. Form 1040ez 2011 instructions See Suspension of interest and penalties, later under Examination of Returns. Form 1040ez 2011 instructions Fast track mediation. Form 1040ez 2011 instructions  The IRS offers fast track mediation services to help taxpayers resolve many disputes resulting from: Examinations (audits), Offers in compromise, Trust fund recovery penalties, and Other collection actions. Form 1040ez 2011 instructions See Fast track mediation under If You Do Not Agree. Form 1040ez 2011 instructions Introduction The Internal Revenue Service (IRS) accepts most federal tax returns as filed. Form 1040ez 2011 instructions However, the IRS examines (or audits) some returns to determine if income, expenses, and credits are being reported accurately. Form 1040ez 2011 instructions If your return is selected for examination, it does not suggest that you made an error or are dishonest. Form 1040ez 2011 instructions Returns are chosen by computerized screening, by random sample, or by an income document matching program. Form 1040ez 2011 instructions See Examination selection criteria, later. Form 1040ez 2011 instructions You should also know that many examinations result in a refund or acceptance of the tax return without change. Form 1040ez 2011 instructions This publication discusses general rules and procedures that the IRS follows in examinations. Form 1040ez 2011 instructions It explains what happens during an examination and your appeal rights, both within the IRS and in the federal court system. Form 1040ez 2011 instructions It also explains how to file a claim for refund of tax you already paid. Form 1040ez 2011 instructions As a taxpayer, you have the right to be treated fairly, professionally, promptly, and courteously by IRS employees. Form 1040ez 2011 instructions Publication 1, Your Rights as a Taxpayer, explains your rights when dealing with the IRS. Form 1040ez 2011 instructions Comments and suggestions. Form 1040ez 2011 instructions   We welcome your comments about this publication and your suggestions for future editions. Form 1040ez 2011 instructions   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Form 1040ez 2011 instructions NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Form 1040ez 2011 instructions Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Form 1040ez 2011 instructions   You can send your comments from www. Form 1040ez 2011 instructions irs. Form 1040ez 2011 instructions gov/formspubs/. Form 1040ez 2011 instructions Click on “More Information” and then on “Comment on Tax Forms and Publications. Form 1040ez 2011 instructions ”   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. Form 1040ez 2011 instructions Ordering forms and publications. Form 1040ez 2011 instructions   Visit www. Form 1040ez 2011 instructions irs. Form 1040ez 2011 instructions gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Form 1040ez 2011 instructions  Internal Revenue Service  1201 N. Form 1040ez 2011 instructions Mitsubishi Motorway Bloomington, IL 61704-6613 Tax questions. Form 1040ez 2011 instructions   If you have a tax question, check the information available on www. Form 1040ez 2011 instructions irs. Form 1040ez 2011 instructions gov or call 1-800-829-1040. Form 1040ez 2011 instructions We cannot answer tax questions sent to either of the above addresses. Form 1040ez 2011 instructions Useful Items - You may want to see: Publication 1 Your Rights as a Taxpayer 5 Your Appeal Rights and How To Prepare a Protest If You Don't Agree 547 Casualties, Disasters, and Thefts 594 The IRS Collection Process 910 Guide to Free Tax Services 971 Innocent Spouse Relief 1546 Taxpayer Advocate Service–Your Voice at the IRS 1660 Collection Appeal Rights 3605 Fast Track Mediation 3920 Tax Relief for Victims of Terrorist Attacks 4134 Low Income Taxpayer Clinic List Form (and Instructions) 843 Claim for Refund and Request for Abatement 911 Request for Taxpayer Advocate Service Assistance (and Application for Taxpayer Assistance Order) 1040X Amended U. Form 1040ez 2011 instructions S. Form 1040ez 2011 instructions Individual Income Tax Return 2848 Power of Attorney and Declaration of Representative 4506 Request for Copy of Tax Return 4506-T Request for Transcript of Tax Return 8379 Injured Spouse Allocation 8857 Request for Innocent Spouse Relief See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Form 1040ez 2011 instructions Prev  Up  Next   Home   More Online Publications