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Student Tax Forms

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Student Tax Forms

Student tax forms Publication 936 - Main Content Table of Contents Part I. Student tax forms Home Mortgage InterestSecured Debt Qualified Home Special Situations Points Mortgage Insurance Premiums Form 1098, Mortgage Interest Statement How To Report Special Rule for Tenant-Stockholders in Cooperative Housing Corporations Part II. Student tax forms Limits on Home Mortgage Interest DeductionHome Acquisition Debt Home Equity Debt Grandfathered Debt Table 1 Instructions How To Get Tax HelpLow Income Taxpayer Clinics Part I. Student tax forms Home Mortgage Interest This part explains what you can deduct as home mortgage interest. Student tax forms It includes discussions on points, mortgage insurance premiums, and how to report deductible interest on your tax return. Student tax forms Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). Student tax forms The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. Student tax forms You can deduct home mortgage interest if all the following conditions are met. Student tax forms You file Form 1040 and itemize deductions on Schedule A (Form 1040). Student tax forms The mortgage is a secured debt on a qualified home in which you have an ownership interest. Student tax forms Secured Debt and Qualified Home are explained later. Student tax forms  Both you and the lender must intend that the loan be repaid. Student tax forms Fully deductible interest. Student tax forms   In most cases, you can deduct all of your home mortgage interest. Student tax forms How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. Student tax forms   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. Student tax forms (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. Student tax forms ) If one or more of your mortgages does not fit into any of these categories, use Part II of this publication to figure the amount of interest you can deduct. Student tax forms   The three categories are as follows. Student tax forms Mortgages you took out on or before October 13, 1987 (called grandfathered debt). Student tax forms 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). Student tax forms 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). Student tax forms The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home. Student tax forms   See Part II for more detailed definitions of grandfathered, home acquisition, and home equity debt. Student tax forms    You can use Figure A to check whether your home mortgage interest is fully deductible. Student tax forms This image is too large to be displayed in the current screen. Student tax forms Please click the link to view the image. Student tax forms Figure A. Student tax forms Is My Home Mortgage Interest Fully Deductible? Secured Debt You can deduct your home mortgage interest only if your mortgage is a secured debt. Student tax forms A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that: Makes your ownership in a qualified home security for payment of the debt, Provides, in case of default, that your home could satisfy the debt, and Is recorded or is otherwise perfected under any state or local law that applies. Student tax forms In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. Student tax forms If you cannot pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. Student tax forms In this publication, mortgage will refer to secured debt. Student tax forms Debt not secured by home. Student tax forms   A debt is not secured by your home if it is secured solely because of a lien on your general assets or if it is a security interest that attaches to the property without your consent (such as a mechanic's lien or judgment lien). Student tax forms   A debt is not secured by your home if it once was, but is no longer secured by your home. Student tax forms Wraparound mortgage. Student tax forms   This is not a secured debt unless it is recorded or otherwise perfected under state law. Student tax forms Example. Student tax forms Beth owns a home subject to a mortgage of $40,000. Student tax forms She sells the home for $100,000 to John, who takes it subject to the $40,000 mortgage. Student tax forms Beth continues to make the payments on the $40,000 note. Student tax forms John pays $10,000 down and gives Beth a $90,000 note secured by a wraparound mortgage on the home. Student tax forms Beth does not record or otherwise perfect the $90,000 mortgage under the state law that applies. Student tax forms Therefore, the mortgage is not a secured debt and John cannot deduct any of the interest he pays on it as home mortgage interest. Student tax forms Choice to treat the debt as not secured by your home. Student tax forms   You can choose to treat any debt secured by your qualified home as not secured by the home. Student tax forms This treatment begins with the tax year for which you make the choice and continues for all later tax years. Student tax forms You can revoke your choice only with the consent of the Internal Revenue Service (IRS). Student tax forms   You may want to treat a debt as not secured by your home if the interest on that debt is fully deductible (for example, as a business expense) whether or not it qualifies as home mortgage interest. Student tax forms This may allow you, if the limits in Part II apply, more of a deduction for interest on other debts that are deductible only as home mortgage interest. Student tax forms Cooperative apartment owner. Student tax forms   If you own stock in a cooperative housing corporation, see the Special Rule for Tenant-Stockholders in Cooperative Housing Corporations , near the end of this Part I. Student tax forms Qualified Home For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. Student tax forms This means your main home or your second home. Student tax forms A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities. Student tax forms The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Student tax forms Otherwise, it is considered personal interest and is not deductible. Student tax forms Main home. Student tax forms   You can have only one main home at any one time. Student tax forms This is the home where you ordinarily live most of the time. Student tax forms Second home. Student tax forms   A second home is a home that you choose to treat as your second home. Student tax forms Second home not rented out. Student tax forms   If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. Student tax forms You do not have to use the home during the year. Student tax forms Second home rented out. Student tax forms   If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. Student tax forms You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. Student tax forms If you do not use the home long enough, it is considered rental property and not a second home. Student tax forms For information on residential rental property, see Publication 527. Student tax forms More than one second home. Student tax forms   If you have more than one second home, you can treat only one as the qualified second home during any year. Student tax forms However, you can change the home you treat as a second home during the year in the following situations. Student tax forms If you get a new home during the year, you can choose to treat the new home as your second home as of the day you buy it. Student tax forms If your main home no longer qualifies as your main home, you can choose to treat it as your second home as of the day you stop using it as your main home. Student tax forms If your second home is sold during the year or becomes your main home, you can choose a new second home as of the day you sell the old one or begin using it as your main home. Student tax forms Divided use of your home. Student tax forms   The only part of your home that is considered a qualified home is the part you use for residential living. Student tax forms If you use part of your home for other than residential living, such as a home office, you must allocate the use of your home. Student tax forms You must then divide both the cost and fair market value of your home between the part that is a qualified home and the part that is not. Student tax forms Dividing the cost may affect the amount of your home acquisition debt, which is limited to the cost of your home plus the cost of any improvements. Student tax forms (See Home Acquisition Debt in Part II. Student tax forms ) Dividing the fair market value may affect your home equity debt limit, also explained in Part II . Student tax forms Renting out part of home. Student tax forms   If you rent out part of a qualified home to another person (tenant), you can treat the rented part as being used by you for residential living only if all of the following conditions apply. Student tax forms The rented part of your home is used by the tenant primarily for residential living. Student tax forms The rented part of your home is not a self-contained residential unit having separate sleeping, cooking, and toilet facilities. Student tax forms You do not rent (directly or by sublease) the same or different parts of your home to more than two tenants at any time during the tax year. Student tax forms If two persons (and dependents of either) share the same sleeping quarters, they are treated as one tenant. Student tax forms Office in home. Student tax forms   If you have an office in your home that you use in your business, see Publication 587, Business Use of Your Home. Student tax forms It explains how to figure your deduction for the business use of your home, which includes the business part of your home mortgage interest. Student tax forms Home under construction. Student tax forms   You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy. Student tax forms   The 24-month period can start any time on or after the day construction begins. Student tax forms Home destroyed. Student tax forms   You may be able to continue treating your home as a qualified home even after it is destroyed in a fire, storm, tornado, earthquake, or other casualty. Student tax forms This means you can continue to deduct the interest you pay on your home mortgage, subject to the limits described in this publication. Student tax forms   You can continue treating a destroyed home as a qualified home if, within a reasonable period of time after the home is destroyed, you: Rebuild the destroyed home and move into it, or Sell the land on which the home was located. Student tax forms   This rule applies to your main home and to a second home that you treat as a qualified home. Student tax forms Time-sharing arrangements. Student tax forms   You can treat a home you own under a time-sharing plan as a qualified home if it meets all the requirements. Student tax forms A time-sharing plan is an arrangement between two or more people that limits each person's interest in the home or right to use it to a certain part of the year. Student tax forms Rental of time-share. Student tax forms   If you rent out your time-share, it qualifies as a second home only if you also use it as a home during the year. Student tax forms See Second home rented out , earlier, for the use requirement. Student tax forms To know whether you meet that requirement, count your days of use and rental of the home only during the time you have a right to use it or to receive any benefits from the rental of it. Student tax forms Married taxpayers. Student tax forms   If you are married and file a joint return, your qualified home(s) can be owned either jointly or by only one spouse. Student tax forms Separate returns. Student tax forms   If you are married filing separately and you and your spouse own more than one home, you can each take into account only one home as a qualified home. Student tax forms However, if you both consent in writing, then one spouse can take both the main home and a second home into account. Student tax forms Special Situations This section describes certain items that can be included as home mortgage interest and others that cannot. Student tax forms It also describes certain special situations that may affect your deduction. Student tax forms Late payment charge on mortgage payment. Student tax forms   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. Student tax forms Mortgage prepayment penalty. Student tax forms   If you pay off your home mortgage early, you may have to pay a penalty. Student tax forms 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. Student tax forms Sale of home. Student tax forms   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 the sale. Student tax forms Example. Student tax forms John and Peggy Harris sold their home on May 7. Student tax forms Through April 30, they made home mortgage interest payments of $1,220. Student tax forms 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. Student tax forms Their mortgage interest deduction is $1,270 ($1,220 + $50). Student tax forms Prepaid interest. Student tax forms   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. Student tax forms You can deduct in each year only the interest that qualifies as home mortgage interest for that year. Student tax forms However, there is an exception that applies to points, discussed later. Student tax forms Mortgage interest credit. Student tax forms    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. Student tax forms Figure the credit on Form 8396, Mortgage Interest Credit. Student tax forms If you take this credit, you must reduce your mortgage interest deduction by the amount of the credit. Student tax forms   See Form 8396 and Publication 530 for more information on the mortgage interest credit. Student tax forms Ministers' and military housing allowance. Student tax forms   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. Student tax forms Hardest Hit Fund and Emergency Homeowners' Loan Programs. Student tax forms   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. Student tax forms 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. Student tax forms 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. Student tax forms 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 (other information including real property taxes paid). Student tax forms 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. Student tax forms Mortgage assistance payments under section 235 of the National Housing Act. Student tax forms   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. Student tax forms You cannot deduct the interest that is paid for you. Student tax forms No other effect on taxes. Student tax forms   Do not include these mortgage assistance payments in your income. Student tax forms Also, do not use these payments to reduce other deductions, such as real estate taxes. Student tax forms Divorced or separated individuals. Student tax forms   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. Student tax forms See the discussion of Payments for jointly-owned home under Alimony in Publication 504, Divorced or Separated Individuals. Student tax forms Redeemable ground rents. Student tax forms   In some states (such as Maryland), you can buy your home subject to a ground rent. Student tax forms A ground rent is an obligation you assume to pay a fixed amount per year on the property. Student tax forms Under this arrangement, you are leasing (rather than buying) the land on which your home is located. Student tax forms   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct them as mortgage interest. Student tax forms   A ground rent is a redeemable ground rent if all of the following are true. Student tax forms Your lease, including renewal periods, is for more than 15 years. Student tax forms You can freely assign the lease. Student tax forms You have a present or future right (under state or local law) to end the lease and buy the lessor's entire interest in the land by paying a specific amount. Student tax forms The lessor's interest in the land is primarily a security interest to protect the rental payments to which he or she is entitled. Student tax forms   Payments made to end the lease and to buy the lessor's entire interest in the land are not deductible as mortgage interest. Student tax forms Nonredeemable ground rents. Student tax forms   Payments on a nonredeemable ground rent are not mortgage interest. Student tax forms You can deduct them as rent if they are a business expense or if they are for rental property. Student tax forms Reverse mortgages. Student tax forms   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. Student tax forms With a reverse mortgage, you retain title to your home. Student tax forms 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. Student tax forms Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable. Student tax forms Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full. Student tax forms Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt discussed in Part II. Student tax forms Rental payments. Student tax forms   If you live in a house before final settlement on the purchase, any payments you make for that period are rent and not interest. Student tax forms This is true even if the settlement papers call them interest. Student tax forms You cannot deduct these payments as home mortgage interest. Student tax forms Mortgage proceeds invested in tax-exempt securities. Student tax forms   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. Student tax forms “Grandfathered debt” and “home equity debt” are defined in Part II of this publication. Student tax forms Refunds of interest. Student tax forms   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. Student tax forms 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. Student tax forms However, you need to include it only up to the amount of the deduction that reduced your tax in the earlier year. Student tax forms This is true whether the interest overcharge was refunded to you or was used to reduce the outstanding principal on your mortgage. Student tax forms If you need to include the refund in income, report it on Form 1040, line 21. Student tax forms   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. Student tax forms For information about Form 1098, see Form 1098, Mortgage Interest Statement , later. Student tax forms   For more information on how to treat refunds of interest deducted in earlier years, see Recoveries in Publication 525, Taxable and Nontaxable Income. Student tax forms Cooperative apartment owner. Student tax forms   If you own a cooperative apartment, you must reduce your home mortgage interest deduction by your share of any cash portion of a patronage dividend that the cooperative receives. Student tax forms The patronage dividend is a partial refund to the cooperative housing corporation of mortgage interest it paid in a prior year. Student tax forms   If you receive a Form 1098 from the cooperative housing corporation, the form should show only the amount you can deduct. Student tax forms Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Student tax forms Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. Student tax forms This image is too large to be displayed in the current screen. Student tax forms Please click the link to view the image. Student tax forms Figure B. Student tax forms Are My Points Fully Deductible This Year? A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. Student tax forms See Points paid by the seller , later. Student tax forms General Rule You generally cannot deduct the full amount of points in the year paid. Student tax forms Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. Student tax forms See Deduction Allowed Ratably , next. Student tax forms For exceptions to the general rule, see Deduction Allowed in Year Paid , later. Student tax forms 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. Student tax forms You use the cash method of accounting. Student tax forms This means you report income in the year you receive it and deduct expenses in the year you pay them. Student tax forms Most individuals use this method. Student tax forms Your loan is secured by a home. Student tax forms (The home does not need to be your main home. Student tax forms ) Your loan period is not more than 30 years. Student tax forms 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. Student tax forms 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. Student tax forms Example. Student tax forms You use the cash method of accounting. Student tax forms In 2013, you took out a $100,000 loan payable over 20 years. Student tax forms The terms of the loan are the same as for other 20-year loans offered in your area. Student tax forms You paid $4,800 in points. Student tax forms You made 3 monthly payments on the loan in 2013. Student tax forms You can deduct $60 [($4,800 ÷ 240 months) x 3 payments] in 2013. Student tax forms In 2014, if you make all twelve payments, you will be able to deduct $240 ($20 x 12). Student tax forms Deduction Allowed in Year Paid You can fully deduct points in the year paid if you meet all the following tests. Student tax forms (You can use Figure B as a quick guide to see whether your points are fully deductible in the year paid. Student tax forms ) Your loan is secured by your main home. Student tax forms (Your main home is the one you ordinarily live in most of the time. Student tax forms ) Paying points is an established business practice in the area where the loan was made. Student tax forms The points paid were not more than the points generally charged in that area. Student tax forms You use the cash method of accounting. Student tax forms This means you report income in the year you receive it and deduct expenses in the year you pay them. Student tax forms Most individuals use this method. Student tax forms 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. Student tax forms The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. Student tax forms The funds you provided are not required to have been applied to the points. Student tax forms They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. Student tax forms You cannot have borrowed these funds from your lender or mortgage broker. Student tax forms You use your loan to buy or build your main home. Student tax forms The points were computed as a percentage of the principal amount of the mortgage. Student tax forms The amount is clearly shown on the settlement statement (such as the Settlement Statement, Form HUD-1) as points charged for the mortgage. Student tax forms The points may be shown as paid from either your funds or the seller's. Student tax forms Note. Student tax forms 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. Student tax forms Home improvement loan. Student tax forms   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. Student tax forms Second home. Student tax forms You cannot fully deduct in the year paid points you pay on loans secured by your second home. Student tax forms You can deduct these points only over the life of the loan. Student tax forms Refinancing. Student tax forms   Generally, points you pay to refinance a mortgage are not deductible in full in the year you pay them. Student tax forms This is true even if the new mortgage is secured by your main home. Student tax forms   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 , you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. Student tax forms You can deduct the rest of the points over the life of the loan. Student tax forms Example 1. Student tax forms In 1998, Bill Fields got a mortgage to buy a home. Student tax forms In 2013, Bill refinanced that mortgage with a 15-year $100,000 mortgage loan. Student tax forms The mortgage is secured by his home. Student tax forms To get the new loan, he had to pay three points ($3,000). Student tax forms 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. Student tax forms Bill paid the points out of his private funds, rather than out of the proceeds of the new loan. Student tax forms The payment of points is an established practice in the area, and the points charged are not more than the amount generally charged there. Student tax forms Bill's first payment on the new loan was due July 1. Student tax forms He made six payments on the loan in 2013 and is a cash basis taxpayer. Student tax forms Bill used the funds from the new mortgage to repay his existing mortgage. Student tax forms 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. Student tax forms He cannot deduct all of the points in 2013. Student tax forms He can deduct two points ($2,000) ratably over the life of the loan. Student tax forms He deducts $67 [($2,000 ÷ 180 months) × 6 payments] of the points in 2013. Student tax forms The other point ($1,000) was a fee for services and is not deductible. Student tax forms Example 2. Student tax forms 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. Student tax forms Bill deducts 25% ($25,000 ÷ $100,000) of the points ($2,000) in 2013. Student tax forms His deduction is $500 ($2,000 × 25%). Student tax forms Bill also deducts the ratable part of the remaining $1,500 ($2,000 − $500) that must be spread over the life of the loan. Student tax forms This is $50 [($1,500 ÷ 180 months) × 6 payments] in 2013. Student tax forms The total amount Bill deducts in 2013 is $550 ($500 + $50). Student tax forms Special Situations This section describes certain special situations that may affect your deduction of points. Student tax forms Original issue discount. Student tax forms   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. Student tax forms This reduction results in original issue discount, which is discussed in chapter 4 of Publication 535. Student tax forms Amounts charged for services. Student tax forms    Amounts charged by the lender for specific services connected to the loan are not interest. Student tax forms Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. Student tax forms  You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. Student tax forms Points paid by the seller. Student tax forms   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. Student tax forms Treatment by seller. Student tax forms   The seller cannot deduct these fees as interest. Student tax forms But they are a selling expense that reduces the amount realized by the seller. Student tax forms See Publication 523 for information on selling your home. Student tax forms Treatment by buyer. Student tax forms   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. Student tax forms If all the tests under Deduction Allowed in Year Paid , earlier, are met, the buyer can deduct the points in the year paid. Student tax forms If any of those tests are not met, the buyer deducts the points over the life of the loan. Student tax forms   If you need information about the basis of your home, see Publication 523 or Publication 530. Student tax forms Funds provided are less than points. Student tax forms   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. Student tax forms In addition, you can deduct any points paid by the seller. Student tax forms Example 1. Student tax forms When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). Student tax forms You meet all the tests for deducting points in the year paid, except the only funds you provided were a $750 down payment. Student tax forms Of the $1,000 charged for points, you can deduct $750 in the year paid. Student tax forms You spread the remaining $250 over the life of the mortgage. Student tax forms Example 2. Student tax forms 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. Student tax forms In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). Student tax forms You spread the remaining $250 over the life of the mortgage. Student tax forms You must reduce the basis of your home by the $1,000 paid by the seller. Student tax forms Excess points. Student tax forms   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. Student tax forms You must spread any additional points over the life of the mortgage. Student tax forms Mortgage ending early. Student tax forms   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. Student tax forms However, if you refinance the mortgage with the same lender, you cannot deduct any remaining balance of spread points. Student tax forms Instead, deduct the remaining balance over the term of the new loan. Student tax forms   A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. Student tax forms Example. Student tax forms Dan paid $3,000 in points in 2002 that he had to spread out over the 15-year life of the mortgage. Student tax forms He deducts $200 points per year. Student tax forms Through 2012, Dan has deducted $2,200 of the points. Student tax forms Dan prepaid his mortgage in full in 2013. Student tax forms He can deduct the remaining $800 of points in 2013. Student tax forms Limits on deduction. Student tax forms   You cannot fully deduct points paid on a mortgage that exceeds the limits discussed in Part II . Student tax forms See the Table 1 Instructions for line 10. Student tax forms Form 1098. Student tax forms    The mortgage interest statement you receive should show not only the total interest paid during the year, but also your deductible points paid during the year. Student tax forms See Form 1098, Mortgage Interest Statement , later. Student tax forms Mortgage Insurance Premiums You can treat amounts you paid during 2013 for qualified mortgage insurance as home mortgage interest. Student tax forms The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006. Student tax forms Qualified mortgage insurance. Student tax forms   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). Student tax forms   Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. Student tax forms If provided by the Rural Housing Service, it is commonly known as a guarantee fee. Student tax forms The funding fee and guarantee fee can either be included in the amount of the loan or paid in full at the time of closing. Student tax forms These fees can be deducted fully in 2013 if the mortgage insurance contract was issued in 2013. Student tax forms Contact the mortgage insurance issuer to determine the deductible amount if it is not reported in box 4 of Form 1098. Student tax forms Special rules for prepaid mortgage insurance. Student tax forms   Generally, if you paid premiums for qualified mortgage insurance that are properly allocable to periods after the close of the tax year, such premiums are treated as paid in the period to which they are allocated. Student tax forms 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. Student tax forms No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. Student tax forms This paragraph does not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. Student tax forms Example. Student tax forms Ryan purchased a home in May of 2012 and financed the home with a 15-year mortgage. Student tax forms Ryan also prepaid all of the $9,240 in private mortgage insurance required at the time of closing in May. Student tax forms 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. Student tax forms Ryan's adjusted gross income (AGI) for 2012 is $76,000. Student tax forms Ryan can deduct $880 ($9,240 ÷ 84 x 8 months) for qualified mortgage insurance premiums in 2012. Student tax forms For 2013, Ryan can deduct $1,320 ($9,240 ÷ 84 x 12 months) if his AGI is $100,000 or less. Student tax forms 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). Student tax forms Limit on deduction. Student tax forms   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. Student tax forms 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. Student tax forms If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. Student tax forms Form 1098. Student tax forms   The mortgage interest statement you receive should show not only the total interest paid during the year, but also your mortgage insurance premiums paid during the year, which may qualify to be treated as deductible mortgage interest. Student tax forms See Form 1098, Mortgage Interest Statement, next. Student tax forms 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. Student tax forms You will receive the statement if you pay interest to a person (including a financial institution or cooperative housing corporation) in the course of that person's trade or business. Student tax forms A governmental unit is a person for purposes of furnishing the statement. Student tax forms The statement for each year should be sent to you by January 31 of the following year. Student tax forms A copy of this form will also be sent to the IRS. Student tax forms 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. Student tax forms However, it should not show any interest that was paid for you by a government agency. Student tax forms As a general rule, Form 1098 will include only points that you can fully deduct in the year paid. Student tax forms However, certain points not included on Form 1098 also may be deductible, either in the year paid or over the life of the loan. Student tax forms See the earlier discussion of Points to determine whether you can deduct points not shown on Form 1098. Student tax forms Prepaid interest on Form 1098. Student tax forms   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. Student tax forms However, you cannot deduct the prepaid amount for January 2014 in 2013. Student tax forms (See Prepaid interest , earlier. Student tax forms ) You will have to figure the interest that accrued for 2014 and subtract it from the amount in box 1. Student tax forms You will include the interest for January 2014 with other interest you pay for 2014. Student tax forms Refunded interest. Student tax forms   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. Student tax forms See Refunds of interest , earlier. Student tax forms Mortgage insurance premiums. Student tax forms   The amount of mortgage insurance premiums you paid during 2013 may be shown in Box 4 of Form 1098. Student tax forms See Mortgage Insurance Premiums , earlier. Student tax forms How To Report Deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 10. Student tax forms 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. Student tax forms Attach a statement explaining the difference and print “See attached” next to line 10. Student tax forms Deduct home mortgage interest that was not reported to you on Form 1098 on Schedule A (Form 1040), line 11. Student tax forms 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. Student tax forms The seller must give you this number and you must give the seller your TIN. Student tax forms A Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. Student tax forms Failure to meet any of these requirements may result in a $50 penalty for each failure. Student tax forms 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. Student tax forms 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. Student tax forms Deduct mortgage insurance premiums on Schedule A (Form 1040), line 13. Student tax forms More than one borrower. Student tax forms   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. Student tax forms Show how much of the interest each of you paid, and give the name and address of the person who received the form. Student tax forms Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. Student tax forms Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. Student tax forms   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. Student tax forms Let each of the other borrowers know what his or her share is. Student tax forms Mortgage proceeds used for business or investment. Student tax forms   If your home mortgage interest deduction is limited under the rules explained in Part II , but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 2 near the end of this publication. Student tax forms It shows where to deduct the part of your excess interest that is for those activities. Student tax forms The Table 1 Instructions for line 13 in Part II explain how to divide the excess interest among the activities for which the mortgage proceeds were used. Student tax forms Special Rule for Tenant-Stockholders in Cooperative Housing Corporations A qualified home includes stock in a cooperative housing corporation owned by a tenant-stockholder. Student tax forms This applies only if the tenant-stockholder is entitled to live in the house or apartment because of owning stock in the cooperative. Student tax forms Cooperative housing corporation. Student tax forms   This is a corporation that meets all of the following conditions. Student tax forms Has only one class of stock outstanding, Has no stockholders other than those who own the stock that can live in a house, apartment, or house trailer owned or leased by the corporation, Has no stockholders who can receive any distribution out of capital other than on a liquidation of the corporation, and Meets at least one of the following requirements. Student tax forms Receives at least 80% of its gross income for the year in which the mortgage interest is paid or incurred from tenant-stockholders. Student tax forms For this purpose, gross income is all income received during the entire year, including amounts received before the corporation changed to cooperative ownership. Student tax forms At all times during the year, at least 80% of the total square footage of the corporation's property is used or available for use by the tenant-stockholders for residential or residential-related use. Student tax forms At least 90% of the corporation's expenditures paid or incurred during the year are for the acquisition, construction, management, maintenance, or care of corporate property for the benefit of the tenant-stockholders. Student tax forms Stock used to secure debt. Student tax forms   In some cases, you cannot use your cooperative housing stock to secure a debt because of either: Restrictions under local or state law, or Restrictions in the cooperative agreement (other than restrictions in which the main purpose is to permit the tenant- stockholder to treat unsecured debt as secured debt). Student tax forms However, you can treat a debt as secured by the stock to the extent that the proceeds are used to buy the stock under the allocation of interest rules. Student tax forms See chapter 4 of Publication 535 for details on these rules. Student tax forms Figuring deductible home mortgage interest. Student tax forms   Generally, if you are a tenant-stockholder, you can deduct payments you make for your share of the interest paid or incurred by the cooperative. Student tax forms The interest must be on a debt to buy, build, change, improve, or maintain the cooperative's housing, or on a debt to buy the land. Student tax forms   Figure your share of this interest by multiplying the total by the following fraction. Student tax forms      Your shares of stock in the cooperative   The total shares of stock in the cooperative Limits on deduction. Student tax forms   To figure how the limits discussed in Part II apply to you, treat your share of the cooperative's debt as debt incurred by you. Student tax forms The cooperative should determine your share of its grandfathered debt, its home acquisition debt, and its home equity debt. Student tax forms (Your share of each of these types of debt is equal to the average balance of each debt multiplied by the fraction just given. Student tax forms ) After your share of the average balance of each type of debt is determined, you include it with the average balance of that type of debt secured by your stock. Student tax forms Form 1098. Student tax forms    The cooperative should give you a Form 1098 showing your share of the interest. Student tax forms Use the rules in this publication to determine your deductible mortgage interest. Student tax forms Part II. Student tax forms Limits on Home Mortgage Interest Deduction This part of the publication discusses the limits on deductible home mortgage interest. Student tax forms These limits apply to your home mortgage interest expense if you have a home mortgage that does not fit into any of the three categories listed at the beginning of Part I under Fully deductible interest . Student tax forms Your home mortgage interest deduction is limited to the interest on the part of your home mortgage debt that is not more than your qualified loan limit. Student tax forms This is the part of your home mortgage debt that is grandfathered debt or that is not more than the limits for home acquisition debt and home equity debt. Student tax forms Table 1 can help you figure your qualified loan limit and your deductible home mortgage interest. Student tax forms Home Acquisition Debt Home acquisition debt is a mortgage you took out after October 13, 1987, to buy, build, or substantially improve a qualified home (your main or second home). Student tax forms It also must be secured by that home. Student tax forms If the amount of your mortgage is more than the cost of the home plus the cost of any substantial improvements, only the debt that is not more than the cost of the home plus improvements qualifies as home acquisition debt. Student tax forms The additional debt may qualify as home equity debt (discussed later). Student tax forms Home acquisition debt limit. Student tax forms   The total amount you can treat as home acquisition debt at any time on your main home and second home cannot be more than $1 million ($500,000 if married filing separately). Student tax forms This limit is reduced (but not below zero) by the amount of your grandfathered debt (discussed later). Student tax forms Debt over this limit may qualify as home equity debt (also discussed later). Student tax forms Refinanced home acquisition debt. Student tax forms   Any secured debt you use to refinance home acquisition debt is treated as home acquisition debt. Student tax forms However, the new debt will qualify as home acquisition debt only up to the amount of the balance of the old mortgage principal just before the refinancing. Student tax forms Any additional debt not used to buy, build, or substantially improve a qualified home is not home acquisition debt, but may qualify as home equity debt (discussed later). Student tax forms Mortgage that qualifies later. Student tax forms   A mortgage that does not qualify as home acquisition debt because it does not meet all the requirements may qualify at a later time. Student tax forms For example, a debt that you use to buy your home may not qualify as home acquisition debt because it is not secured by the home. Student tax forms However, if the debt is later secured by the home, it may qualify as home acquisition debt after that time. Student tax forms Similarly, a debt that you use to buy property may not qualify because the property is not a qualified home. Student tax forms However, if the property later becomes a qualified home, the debt may qualify after that time. Student tax forms Mortgage treated as used to buy, build, or improve home. Student tax forms   A mortgage secured by a qualified home may be treated as home acquisition debt, even if you do not actually use the proceeds to buy, build, or substantially improve the home. Student tax forms This applies in the following situations. Student tax forms You buy your home within 90 days before or after the date you take out the mortgage. Student tax forms The home acquisition debt is limited to the home's cost, plus the cost of any substantial improvements within the limit described below in (2) or (3). Student tax forms (See Example 1 later. Student tax forms ) You build or improve your home and take out the mortgage before the work is completed. Student tax forms The home acquisition debt is limited to the amount of the expenses incurred within 24 months before the date of the mortgage. Student tax forms You build or improve your home and take out the mortgage within 90 days after the work is completed. Student tax forms The home acquisition debt is limited to the amount of the expenses incurred within the period beginning 24 months before the work is completed and ending on the date of the mortgage. Student tax forms (See Example 2 later. Student tax forms ) Example 1. Student tax forms You bought your main home on June 3 for $175,000. Student tax forms You paid for the home with cash you got from the sale of your old home. Student tax forms On July 15, you took out a mortgage of $150,000 secured by your main home. Student tax forms You used the $150,000 to invest in stocks. Student tax forms You can treat the mortgage as taken out to buy your home because you bought the home within 90 days before you took out the mortgage. Student tax forms The entire mortgage qualifies as home acquisition debt because it was not more than the home's cost. Student tax forms Example 2. Student tax forms On January 31, John began building a home on the lot that he owned. Student tax forms He used $45,000 of his personal funds to build the home. Student tax forms The home was completed on October 31. Student tax forms On November 21, John took out a $36,000 mortgage that was secured by the home. Student tax forms The mortgage can be treated as used to build the home because it was taken out within 90 days after the home was completed. Student tax forms The entire mortgage qualifies as home acquisition debt because it was not more than the expenses incurred within the period beginning 24 months before the home was completed. Student tax forms This is illustrated by Figure C. Student tax forms   Please click here for the text description of the image. Student tax forms Figure C. Student tax forms John's example Date of the mortgage. Student tax forms   The date you take out your mortgage is the day the loan proceeds are disbursed. Student tax forms This is generally the closing date. Student tax forms You can treat the day you apply in writing for your mortgage as the date you take it out. Student tax forms However, this applies only if you receive the loan proceeds within a reasonable time (such as within 30 days) after your application is approved. Student tax forms If a timely application you make is rejected, a reasonable additional time will be allowed to make a new application. Student tax forms Cost of home or improvements. Student tax forms   To determine your cost, include amounts paid to acquire any interest in a qualified home or to substantially improve the home. Student tax forms   The cost of building or substantially improving a qualified home includes the costs to acquire real property and building materials, fees for architects and design plans, and required building permits. Student tax forms Substantial improvement. Student tax forms   An improvement is substantial if it: Adds to the value of your home, Prolongs your home's useful life, or Adapts your home to new uses. Student tax forms    Repairs that maintain your home in good condition, such as repainting your home, are not substantial improvements. Student tax forms However, if you paint your home as part of a renovation that substantially improves your qualified home, you can include the painting costs in the cost of the improvements. Student tax forms Acquiring an interest in a home because of a divorce. Student tax forms   If you incur debt to acquire the interest of a spouse or former spouse in a home, because of a divorce or legal separation, you can treat that debt as home acquisition debt. Student tax forms Part of home not a qualified home. Student tax forms    To figure your home acquisition debt, you must divide the cost of your home and improvements between the part of your home that is a qualified home and any part that is not a qualified home. Student tax forms See Divided use of your home under Qualified Home in Part I. Student tax forms Home Equity Debt If you took out a loan for reasons other than to buy, build, or substantially improve your home, it may qualify as home equity debt. Student tax forms In addition, debt you incurred to buy, build, or substantially improve your home, to the extent it is more than the home acquisition debt limit (discussed earlier), may qualify as home equity debt. Student tax forms Home equity debt is a mortgage you took out after October 13, 1987, that: Does not qualify as home acquisition debt or as grandfathered debt, and Is secured by your qualified home. Student tax forms Example. Student tax forms You bought your home for cash 10 years ago. Student tax forms You did not have a mortgage on your home until last year, when you took out a $50,000 loan, secured by your home, to pay for your daughter's college tuition and your father's medical bills. Student tax forms This loan is home equity debt. Student tax forms Home equity debt limit. Student tax forms   There is a limit on the amount of debt that can be treated as home equity debt. Student tax forms The total home equity debt on your main home and second home is limited to the smaller of: $100,000 ($50,000 if married filing separately), or The total of each home's fair market value (FMV) reduced (but not below zero) by the amount of its home acquisition debt and grandfathered debt. Student tax forms Determine the FMV and the outstanding home acquisition and grandfathered debt for each home on the date that the last debt was secured by the home. Student tax forms Example. Student tax forms You own one home that you bought in 2000. Student tax forms Its FMV now is $110,000, and the current balance on your original mortgage (home acquisition debt) is $95,000. Student tax forms Bank M offers you a home mortgage loan of 125% of the FMV of the home less any outstanding mortgages or other liens. Student tax forms To consolidate some of your other debts, you take out a $42,500 home mortgage loan [(125% × $110,000) − $95,000] with Bank M. Student tax forms Your home equity debt is limited to $15,000. Student tax forms This is the smaller of: $100,000, the maximum limit, or $15,000, the amount that the FMV of $110,000 exceeds the amount of home acquisition debt of $95,000. Student tax forms Debt higher than limit. Student tax forms   Interest on amounts over the home equity debt limit (such as the interest on $27,500 [$42,500 − $15,000] in the preceding example) generally is treated as personal interest and is not deductible. Student tax forms But if the proceeds of the loan were used for investment, business, or other deductible purposes, the interest may be deductible. Student tax forms If it is, see the Table 1 Instructions for line 13 for an explanation of how to allocate the excess interest. Student tax forms Part of home not a qualified home. Student tax forms   To figure the limit on your home equity debt, you must divide the FMV of your home between the part that is a qualified home and any part that is not a qualified home. Student tax forms See Divided use of your home under Qualified Home in Part I. Student tax forms Fair market value (FMV). Student tax forms    This is the price at which the home would change hands between you and a buyer, neither having to sell or buy, and both having reasonable knowledge of all relevant facts. Student tax forms Sales of similar homes in your area, on about the same date your last debt was secured by the home, may be helpful in figuring the FMV. Student tax forms Grandfathered Debt If you took out a mortgage on your home before October 14, 1987, or you refinanced such a mortgage, it may qualify as grandfathered debt. Student tax forms To qualify, it must have been secured by your qualified home on October 13, 1987, and at all times after that date. Student tax forms How you used the proceeds does not matter. Student tax forms Grandfathered debt is not limited. Student tax forms All of the interest you paid on grandfathered debt is fully deductible home mortgage interest. Student tax forms However, the amount of your grandfathered debt reduces the $1 million limit for home acquisition debt and the limit based on your home's fair market value for home equity debt. Student tax forms Refinanced grandfathered debt. Student tax forms   If you refinanced grandfathered debt after October 13, 1987, for an amount that was not more than the mortgage principal left on the debt, then you still treat it as grandfathered debt. Student tax forms To the extent the new debt is more than that mortgage principal, it is treated as home acquisition or home equity debt, and the mortgage is a mixed-use mortgage (discussed later under Average Mortgage Balance in the Table 1 instructions). Student tax forms The debt must be secured by the qualified home. Student tax forms   You treat grandfathered debt that was refinanced after October 13, 1987, as grandfathered debt only for the term left on the debt that was refinanced. Student tax forms After that, you treat it as home acquisition debt or home equity debt, depending on how you used the proceeds. Student tax forms Exception. Student tax forms   If the debt before refinancing was like a balloon note (the principal on the debt was not amortized over the term of the debt), then you treat the refinanced debt as grandfathered debt for the term of the first refinancing. Student tax forms This term cannot be more than 30 years. Student tax forms Example. Student tax forms Chester took out a $200,000 first mortgage on his home in 1986. Student tax forms The mortgage was a five-year balloon note and the entire balance on the note was due in 1991. Student tax forms Chester refinanced the debt in 1991 with a new 20-year mortgage. Student tax forms The refinanced debt is treated as grandfathered debt for its entire term (20 years). Student tax forms Line-of-credit mortgage. Student tax forms    If you had a line-of-credit mortgage on October 13, 1987, and borrowed additional amounts against it after that date, then the additional amounts are either home acquisition debt or home equity debt depending on how you used the proceeds. Student tax forms The balance on the mortgage before you borrowed the additional amounts is grandfathered debt. Student tax forms The newly borrowed amounts are not grandfathered debt because the funds were borrowed after October 13, 1987. Student tax forms See Average Mortgage Balance in the Table 1 Instructions that follow. Student tax forms Table 1 Instructions Unless you are subject to the overall limit on itemized deductions, you can deduct all of the interest you paid during the year on mortgages secured by your main home or second home in either of the following two situations. Student tax forms All the mortgages are grandfathered debt. Student tax forms The total of the mortgage balances for the entire year is within the limits discussed earlier under Home Acquisition Debt and Home Equity Debt . Student tax forms In either of those cases, you do not need Table 1. Student tax forms Otherwise, you can use Table 1 to determine your qualified loan limit and deductible home mortgage interest. Student tax forms Fill out only one Table 1 for both your main and second home regardless of how many mortgages you have. Student tax forms Table 1. Student tax forms Worksheet To Figure Your Qualified Loan Limit and Deductible Home Mortgage Interest For the Current Year See the Table 1 Instructions. Student tax forms Part I Qualified Loan Limit 1. Student tax forms Enter the average balance of all your grandfathered debt. Student tax forms See line 1 instructions 1. Student tax forms   2. Student tax forms Enter the average balance of all your home acquisition debt. Student tax forms See line 2 instructions 2. Student tax forms   3. Student tax forms Enter $1,000,000 ($500,000 if married filing separately) 3. Student tax forms   4. Student tax forms Enter the larger of the amount on line 1 or the amount on line 3 4. Student tax forms   5. Student tax forms Add the amounts on lines 1 and 2. Student tax forms Enter the total here 5. Student tax forms   6. Student tax forms Enter the smaller of the amount on line 4 or the amount on line 5 6. Student tax forms   7. Student tax forms If you have home equity debt, enter the smaller of $100,000 ($50,000 if married filing separately) or your limited amount. Student tax forms See the line 7 instructions for the limit which may apply to you. Student tax forms 7. Student tax forms   8. Student tax forms Add the amounts on lines 6 and 7. Student tax forms Enter the total. Student tax forms This is your qualified loan limit. Student tax forms 8. Student tax forms   Part II Deductible Home Mortgage Interest 9. Student tax forms Enter the total of the average balances of all mortgages on all qualified homes. Student tax forms  See line 9 instructions 9. Student tax forms     If line 8 is less than line 9, go on to line 10. Student tax forms If line 8 is equal to or more than line 9, stop here. Student tax forms All of your interest on all the mortgages included on line 9 is deductible as home mortgage interest on Schedule A (Form 1040). Student tax forms     10. Student tax forms Enter the total amount of interest that you paid. Student tax forms See line 10 instructions 10. Student tax forms   11. Student tax forms Divide the amount on line 8 by the amount on line 9. Student tax forms Enter the result as a decimal amount (rounded to three places) 11. Student tax forms × . Student tax forms 12. Student tax forms Multiply the amount on line 10 by the decimal amount on line 11. Student tax forms Enter the result. Student tax forms This is your deductible home mortgage interest. Student tax forms Enter this amount on Schedule A (Form 1040) 12. Student tax forms   13. Student tax forms Subtract the amount on line 12 from the amount on line 10. Student tax forms Enter the result. Student tax forms This is not home mortgage interest. Student tax forms See line 13 instructions 13. Student tax forms   Home equity debt only. Student tax forms   If all of your mortgages are home equity debt, do not fill in lines 1 through 5. Student tax forms Enter zero on line 6 and complete the rest of Table 1. Student tax forms Average Mortgage Balance You have to figure the average balance of each mortgage to determine your qualified loan limit. Student tax forms You need these amounts to complete lines 1, 2, and 9 of Table 1. Student tax forms You can use the highest mortgage balances during the year, but you may benefit most by using the average balances. Student tax forms The following are methods you can use to figure your average mortgage balances. Student tax forms However, if a mortgage has more than one category of debt, see Mixed-use mortgages , later, in this section. Student tax forms Average of first and last balance method. Student tax forms   You can use this method if all the following apply. Student tax forms You did not borrow any new amounts on the mortgage during the year. Student tax forms (This does not include borrowing the original mortgage amount. Student tax forms ) You did not prepay more than one month's principal during the year. Student tax forms (This includes prepayment by refinancing your home or by applying proceeds from its sale. Student tax forms ) You had to make level payments at fixed equal intervals on at least a semi-annual basis. Student tax forms You treat your payments as level even if they were adjusted from time to time because of changes in the interest rate. Student tax forms    To figure your average balance, complete the following worksheet. Student tax forms    1. Student tax forms Enter the balance as of the first day of the year that the mortgage was secured by your qualified home during the year (generally January 1)   2. Student tax forms Enter the balance as of the last day of the year that the mortgage was secured by your qualified home during the year (generally December 31)   3. Student tax forms Add amounts on lines 1 and 2   4. Student tax forms Divide the amount on line 3 by 2. Student tax forms Enter the result   Interest paid divided by interest rate method. Student tax forms   You can use this method if at all times in 2013 the mortgage was secured by your qualified home and the interest was paid at least monthly. Student tax forms    Complete the following worksheet to figure your average balance. Student tax forms    1. Student tax forms Enter the interest paid in 2013. Student tax forms Do not include points, mortgage insurance premiums, or any interest paid in 2013 that is for a year after 2013. Student tax forms However, do include interest that is for 2013 but was paid in an earlier year   2. Student tax forms Enter the annual interest rate on the mortgage. Student tax forms If the interest rate varied in 2013, use the lowest rate for the year   3. Student tax forms Divide the amount on line 1 by the amount on line 2. Student tax forms Enter the result   Example. Student tax forms Mr. Student tax forms Blue had a line of credit secured by his main home all year. Student tax forms He paid interest of $2,500 on this loan. Student tax forms The interest rate on the loan was 9% (. Student tax forms 09) all year. Student tax forms His average balance using this method is $27,778, figured as follows. Student tax forms 1. Student tax forms Enter the interest paid in 2013. Student tax forms Do not include points, mortgage insurance premiums, or any interest paid in 2013 that is for a year after 2013. Student tax forms However, do include interest that is for 2013 but was paid in an earlier year $2,500 2. Student tax forms Enter the annual interest rate on the mortgage. Student tax forms If the interest rate varied in 2013, use the lowest rate for the year . Student tax forms 09 3. Student tax forms Divide the amount on line 1 by the amount on line 2. Student tax forms Enter the result $27,778 Statements provided by your lender. Student tax forms   If you receive monthly statements showing the closing balance or the average balance for the month, you can use either to figure your average balance for the year. Student tax forms You can treat the balance as zero for any month the mortgage was not secured by your qualified home. Student tax forms   For each mortgage, figure your average balance by adding your monthly closing or average balances and dividing that total by the number of months the home secured by that mortgage was a qualified home during the year. Student tax forms   If your lender can give you your average balance for the year, you can use that amount. Student tax forms Example. Student tax forms Ms. Student tax forms Brown had a home equity loan secured by her main home all year. Student tax forms She received monthly statements showing her average balance for each month. Student tax forms She can figure her average balance for the year by adding her monthly average balances and dividing the total by 12. Student tax forms Mixed-use mortgages. Student tax forms   A mixed-use mortgage is a loan that consists of more than one of the three categories of debt (grandfathered debt, home acquisition debt, and home equity debt). Student tax forms For example, a mortgage you took out during the year is a mixed-use mortgage if you used its proceeds partly to refinance a mortgage that you took out in an earlier year to buy your home (home acquisition debt) and partly to buy a car (home equity debt). Student tax forms   Complete lines 1 and 2 of Table 1 by including the separate average balances of any grandfathered debt and home acquisition debt in your mixed-use mortgage. Student tax forms Do not use the methods described earlier in this section to figure the average balance of either category. Student tax forms Instead, for each category, use the following method. Student tax forms Figure the balance of that category of debt for each month. Student tax forms This is the amount of the loan proceeds allocated to that category, reduced by your principal payments on the mortgage previously applied to that category. Student tax forms Principal payments on a mixed-use mortgage are applied in full to each category of debt, until its balance is zero, in the following order: First, any home equity debt, Next, any grandfathered debt, and Finally, any home acquisition debt. Student tax forms Add together the monthly balances figured in (1). Student tax forms Divide the result in (2) by 12. Student tax forms   Complete line 9 of Table 1 by including the average balance of the entire mixed-use mortgage, figured under one of the methods described earlier in this section. Student tax forms Example 1. Student tax forms In 1986, Sharon took out a $1,400,000 mortgage to buy her main home (grandfathered debt). Student tax forms On March 2, 2013, when the home had a fair market value of $1,700,000 and she owed $1,100,000 on the mortgage, Sharon took out a second mortgage for $200,000. Student tax forms She used $180,000 of the proceeds to make substantial improvements to her home (home acquisition debt) and the remaining $20,000 to buy a car (home equity debt). Student tax forms Under the loan agreement, Sharon must make principal payments of $1,000 at the end of each month. Student tax forms During 2013, her principal payments on the second mortgage totaled $10,000. Student tax forms To complete Table 1, line 2, Sharon must figure a separate average balance for the part of her second mortgage that is home acquisition debt. Student tax forms The January and February balances were zero. Student tax forms The March through December balances were all $180,000, because none of her principal payments are applied to the home acquisition debt. Student tax forms (They are all applied to the home equity debt, reducing it to $10,000 [$20,000 − $10,000]. Student tax forms ) The monthly balances of the home acquisition debt total $1,800,000 ($180,000 × 10). Student tax forms Therefore, the average balance of the home acquisition debt for 2013 was $150,000 ($1,800,000 ÷ 12). Student tax forms Example 2. Student tax forms The facts are the same as in Example 1. Student tax forms In 2014, Sharon's January through October principal payments on her second mortgage are applied to the home equity debt, reducing it to zero. Student tax forms The balance of the home acquisition debt remains $180,000 for each of those months. Student tax forms Because her November and December principal payments are applied to the home acquisition debt, the November balance is $179,000 ($180,000 − $1,000) and the December balance is $178,000 ($180,000 − $2,000). Student tax forms The monthly balances total $2,157,000 [($180,000 × 10) + $179,000 + $178,000]. Student tax forms Therefore, the average balance of the home acquisition debt for 2014 is $179,750 ($2,157,000 ÷ 12). Student tax forms L
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The Student Tax Forms

Student tax forms Publication 15-A - Introductory Material Table of Contents Future Developments What's New Reminders Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 15-A, such as legislation enacted after it was published, go to www. Student tax forms irs. Student tax forms gov/pub15a. Student tax forms What's New Social security and Medicare tax for 2014. Student tax forms  The social security tax rate is 6. Student tax forms 2% each for the employee and employer, unchanged from 2013. Student tax forms The social security wage base limit is $117,000. Student tax forms The Medicare tax rate is 1. Student tax forms 45% each for the employee and employer, unchanged from 2013. Student tax forms There is no wage base limit for Medicare tax. Student tax forms Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. Student tax forms Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation. Student tax forms Withholding allowance. Student tax forms  The 2014 amount for one withholding allowance on an annual basis is $3,950. Student tax forms Same-sex marriage. Student tax forms  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Student tax forms For more information, see Revenue Ruling 2013-17, 2013-38 I. Student tax forms R. Student tax forms B. Student tax forms 201, available at www. Student tax forms irs. Student tax forms gov/irb/2013-38_IRB/ar07. Student tax forms html. Student tax forms Notice 2013-61 provides special administrative procedures for employers to make claims for refunds or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. Student tax forms Notice 2013-61, 2013-44 I. Student tax forms R. Student tax forms B. Student tax forms 432, is available at www. Student tax forms irs. Student tax forms gov/irb/2013-44_IRB/ar10. Student tax forms html. Student tax forms Reminders Additional Medicare Tax withholding. Student tax forms . Student tax forms  In addition to withholding Medicare tax at 1. Student tax forms 45%, you must withhold a 0. Student tax forms 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Student tax forms You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Student tax forms Additional Medicare Tax is only imposed on the employee. Student tax forms There is no employer share of Additional Medicare Tax. Student tax forms All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Student tax forms For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. Student tax forms For more information on Additional Medicare Tax, visit IRS. Student tax forms gov and enter “Additional Medicare Tax” in the search box. Student tax forms Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. Student tax forms  The work opportunity tax credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2014. Student tax forms Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Student tax forms For more information, visit IRS. Student tax forms gov and enter “work opportunity tax credit” in the search box. Student tax forms COBRA premium assistance credit. Student tax forms  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008, and May 31, 2010, and to premiums paid for up to 15 months. Student tax forms For more information, see COBRA premium assistance credit in Publication 15 (Circular E). Student tax forms Federal tax deposits must be made by electronic funds transfer. Student tax forms  You must use electronic funds transfer to make all federal tax deposits. Student tax forms Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Student tax forms If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Student tax forms Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Student tax forms EFTPS is a free service provided by the Department of Treasury. Student tax forms Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Student tax forms For more information on making federal tax deposits, see How To Deposit in Publication 15 (Circular E). Student tax forms To get more information about EFTPS or to enroll in EFTPS, visit www. Student tax forms eftps. Student tax forms gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). Student tax forms Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. Student tax forms You must receive written notice from the IRS to file Form 944. Student tax forms  If you have been filing Forms 941, Employer's QUARTERLY Federal Tax Return (or Forms 941-SS, Employer's QUARTERLY Federal Tax Return—American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U. Student tax forms S. Student tax forms Virgin Islands, or Formularios 941-PR, Planilla para la Declaración Federal TRIMESTRAL del Patrono), and believe your employment taxes for the calendar year will be $1,000 or less, and you would like to file Form 944, Employer's ANNUAL Federal Tax Return, instead of Forms 941, you must contact the IRS to request to file Form 944. Student tax forms You must receive written notice from the IRS to file Form 944 instead of Forms 941 before you may file this form. Student tax forms For more information on requesting to file Form 944, visit IRS. Student tax forms gov and enter “file employment taxes annually” in the search box. Student tax forms Employers can request to file Forms 941 instead of Form 944. Student tax forms  If you received notice from the IRS and have been filing Form 944 but would like to file Forms 941 instead, you must contact the IRS to request to file Forms 941. Student tax forms You must receive written notice from the IRS to file Forms 941 instead of Form 944 before you may file these forms. Student tax forms For more information on requesting to file Form 944, visit IRS. Student tax forms gov and enter “file employment taxes annually” in the search box. Student tax forms Aggregate Form 941 filers. Student tax forms  Agents must complete Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, when filing an aggregate Form 941. Student tax forms Aggregate Forms 941 can only be filed by agents approved by the IRS under section 3504 of the Internal Revenue Code. Student tax forms To request approval to act as an agent for an employer, the agent must file Form 2678, Employer/Payer Appointment of Agent, with the IRS. Student tax forms Aggregate Form 940 filers. Student tax forms  Agents must complete Schedule R (Form 940), Allocation Schedule for Aggregate Form 940 Filers, when filing an aggregate Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Student tax forms Aggregate Forms 940 may only be filed by agents acting on behalf of home care service recipients who receive home care services through a program administered by a federal, state, or local government. Student tax forms To request approval to act as an agent on behalf of home care service recipients, the agent must file Form 2678 with the IRS. Student tax forms Electronic filing and payment. Student tax forms  Now, more than ever before, businesses can enjoy the benefits of filing and paying their federal taxes electronically. Student tax forms Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make filing and payment easier. Student tax forms Spend less time and worry about taxes and more time running your business. Student tax forms Use e-file and the Electronic Federal Tax Payment System (EFTPS) to your benefit. Student tax forms For e-file, visit www. Student tax forms irs. Student tax forms gov/efile for additional information. Student tax forms For EFTPS, visit www. Student tax forms eftps. Student tax forms gov or call EFTPS Customer Service at 1-800-555-4477 or 1-800-733-4829 (TDD). Student tax forms Electronic submission of Forms W-4, W-4P, W-4S and W-4V. Student tax forms  You may set up a system to electronically receive any or all of the following forms (and their Spanish versions, if available) from an employee or payee. Student tax forms Form W-4, Employee's Withholding Allowance Certificate. Student tax forms Form W-4P, Withholding Certificate for Pension or Annuity Payments. Student tax forms Form W-4S, Request for Federal Income Tax Withholding From Sick Pay. Student tax forms Form W-4V, Voluntary Withholding Request. Student tax forms For each form that you establish an electronic submission system for, you must meet each of the following five requirements. Student tax forms The electronic system must ensure that the information received by the payer is the information sent by the payee. Student tax forms The system must document all occasions of user access that result in a submission. Student tax forms In addition, the design and operation of the electronic system, including access procedures, must make it reasonably certain that the person accessing the system and submitting the form is the person identified on the form. Student tax forms The electronic system must provide exactly the same information as the paper form. Student tax forms The electronic submission must be signed with an electronic signature by the payee whose name is on the form. Student tax forms The electronic signature must be the final entry in the submission. Student tax forms Upon request, you must furnish a hard copy of any completed electronic form to the IRS and a statement that, to the best of the payer's knowledge, the electronic form was submitted by the named payee. Student tax forms The hard copy of the electronic form must provide exactly the same information as, but need not be a facsimile of, the paper form. Student tax forms For Form W-4, the signature must be under penalty of perjury, and must contain the same language that appears on the paper version of the form. Student tax forms The electronic system must inform the employee that he or she must make a declaration contained in the perjury statement and that the declaration is made by signing the Form W-4. Student tax forms You must also meet all recordkeeping requirements that apply to the paper forms. Student tax forms For more information, see: Regulations sections 31. Student tax forms 3402(f)(5)-1(c) (for Form W-4), and Announcement 99-6 (for Forms W-4P, W-4S, and W-4V). Student tax forms You can find Announcement 99-6 on page 24 of Internal Revenue Bulletin 1999-4 at www. Student tax forms irs. Student tax forms gov/pub/irs-irbs/irb99-04. Student tax forms pdf. Student tax forms Additional employment tax information. Student tax forms  Visit the IRS website at www. Student tax forms irs. Student tax forms gov/businesses and click on the Employment Taxes link under Businesses Topics. Student tax forms Telephone help. Student tax forms  You can call the IRS Business and Specialty Tax Line with your employment tax questions at 1-800-829-4933. Student tax forms Help for people with disabilities. Student tax forms  You may call 1-800-829-4059 (TDD/TTY for persons who are deaf, heard of hearing, or have a speech disability) with any tax question or to order forms and publications. Student tax forms You may also use this number for assistance with unresolved tax problems. Student tax forms Furnishing Form W-2 to employees electronically. Student tax forms  You may set up a system to furnish Form W-2, Wage and Tax Statement, electronically. Student tax forms Each employee participating must consent (either electronically or by paper document) to receive his or her Form W-2 electronically, and you must notify the employee of all hardware and software requirements to receive the form. Student tax forms You may not send a Form W-2 electronically to any employee who does not consent or who has revoked consent previously provided. Student tax forms To furnish Forms W-2 electronically, you must meet the following disclosure requirements and provide a clear and conspicuous statement of each requirement to your employees. Student tax forms The employee must be informed that he or she will receive a paper Form W-2 if consent is not given to receive it electronically. Student tax forms The employee must be informed of the scope and duration of the consent. Student tax forms The employee must be informed of any procedure for obtaining a paper copy of his or her Form W-2 and whether or not the request for a paper statement is treated as a withdrawal of his or her consent to receiving his or her Form W-2 electronically. Student tax forms The employee must be notified about how to withdraw a consent and the effective date and manner by which the employer will confirm the withdrawn consent. Student tax forms The employee must also be notified that the withdrawn consent does not apply to the previously issued Forms W-2. Student tax forms The employee must be informed about any conditions under which electronic Forms W-2 will no longer be furnished (for example, termination of employment). Student tax forms The employee must be informed of any procedures for updating his or her contact information that enables the employer to provide electronic Forms W-2. Student tax forms The employer must notify the employee of any changes to the employer's contact information. Student tax forms You must furnish electronic Forms W-2 by the same due date as the paper Forms W-2. Student tax forms For more information on furnishing Form W-2 to employees electronically, see Regulations section 31. Student tax forms 6051-1(j). Student tax forms Photographs of missing children. Student tax forms  The IRS is a proud partner with the National Center for Missing and Exploited Children. Student tax forms Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Student tax forms You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Student tax forms Introduction This publication supplements Publication 15 (Circular E). Student tax forms It contains specialized and detailed employment tax information supplementing the basic information provided in Publication 15 (Circular E). Student tax forms This publication also contains tables for withholding on distributions of Indian gaming profits to tribal members. Student tax forms Publication 15-B, Employer's Tax Guide to Fringe Benefits, contains information about the employment tax treatment of various types of noncash compensation. Student tax forms Ordering publications and forms. Student tax forms   See Ordering Employer Tax Forms and Publications in Publication 15 (Circular E) and How To Get Tax Help , later, for more information on how to obtain forms and publications. Student tax forms Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 505 Tax Withholding and Estimated Tax 515 Withholding of Tax on Nonresident Aliens and Foreign Entities 583 Starting a Business and Keeping Records 1635 Employer Identification Number: Understanding Your EIN Comments and suggestions. Student tax forms   We welcome your comments about this publication and your suggestions for future editions. Student tax forms    You can write to us at the following address: Internal Revenue Service Tax Forms & Publications Division 1111 Constitution Ave. Student tax forms NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Student tax forms Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Student tax forms   You can also send us comments from www. Student tax forms irs. Student tax forms gov/formspubs. Student tax forms Click on More Information and then click on Comment on Tax Forms and Publications. Student tax forms   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. Student tax forms Prev  Up  Next   Home   More Online Publications