Turbo Tax 2007
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Turbo Tax 2007
Turbo tax 2007 5. Turbo tax 2007 Student Loan Cancellations and Repayment Assistance Table of Contents Introduction Student Loan CancellationQualifying Loans Student Loan Repayment Assistance Introduction Generally, if you are responsible for making loan payments, and the loan is canceled (forgiven), you must include the amount that was forgiven in your gross income for tax purposes. Turbo tax 2007 However, if you fulfill certain requirements, two types of student loan assistance may be tax free. Turbo tax 2007 The types of assistance discussed in this chapter are: Student loan cancellation, and Student loan repayment assistance. Turbo tax 2007 Student Loan Cancellation If your student loan is canceled, you may not have to include any amount in income. Turbo tax 2007 This section describes the requirements for tax-free treatment of canceled student loans. Turbo tax 2007 Qualifying Loans To qualify for tax-free treatment, for the cancellation of your loan, your loan must have been made by a qualified lender to assist you in attending an eligible educational institution and contain a provision that all or part of the debt will be canceled if you work: For a certain period of time, In certain professions, and For any of a broad class of employers. Turbo tax 2007 The cancellation of your loan will not qualify for tax-free treatment if it is cancelled because of services you performed for the educational institution that made the loan or other organization that provided the funds. Turbo tax 2007 See Exception, later. Turbo tax 2007 Eligible educational institution. Turbo tax 2007 This is an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Turbo tax 2007 Qualified lenders. Turbo tax 2007 These include the following. Turbo tax 2007 The United States, or an instrumentality thereof. Turbo tax 2007 A state, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof. Turbo tax 2007 A public benefit corporation that is tax-exempt under section 501(c)(3); and that has assumed control of a state, county, or municipal hospital; and whose employees are considered public employees under state law. Turbo tax 2007 An eligible educational institution, if the loan is made: As part of an agreement with an entity described in (1), (2), (3) under which the funds to make the loan were provided to the educational institution, or Under a program of the educational institution that is designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs where the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Turbo tax 2007 Occupations with unmet needs include medicine, nursing, teaching, and law. Turbo tax 2007 Section 501(c)(3) organization. Turbo tax 2007 This is any corporation, community chest, fund, or foundation organized and operated exclusively for one or more of the following purposes. Turbo tax 2007 Charitable. Turbo tax 2007 Religious. Turbo tax 2007 Educational. Turbo tax 2007 Scientific. Turbo tax 2007 Literary. Turbo tax 2007 Testing for public safety. Turbo tax 2007 Fostering national or international amateur sports competition (but only if none of its activities involve providing athletic facilities or equipment). Turbo tax 2007 The prevention of cruelty to children or animals. Turbo tax 2007 Exception. Turbo tax 2007 The cancellation of your loan does not qualify as tax-free student loan cancellation if your student loan was made by an educational institution and is canceled because of services you performed for the educational institution or other organization that provided the funds. Turbo tax 2007 Refinanced Loan If you refinanced a student loan with another loan from an eligible educational institution or a tax-exempt organization, that loan may also be considered as made by a qualified lender. Turbo tax 2007 The refinanced loan is considered made by a qualified lender if it is made under a program of the refinancing organization that is designed to encourage students to serve in occupations with unmet needs or in areas with unmet needs where the services required of the students are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Turbo tax 2007 Student Loan Repayment Assistance Student loan repayments made to you are tax free if you received them for any of the following: The National Health Service Corps (NHSC) Loan Repayment Program (NHSC Loan Repayment Program). Turbo tax 2007 A state education loan repayment program eligible for funds under the Public Health Service Act. Turbo tax 2007 Any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in under served or health professional shortage areas (as determined by such state). Turbo tax 2007 You cannot deduct the interest you paid on a student loan to the extent payments were made through your participation in the above programs. Turbo tax 2007 Prev Up Next Home More Online Publications
Art Appraisal Services
Art Advisory Panel
The Panel helps IRS review and evaluate property appraisals submitted by taxpayers in support of the fair market value claimed for works of art included in federal income, estate and gift tax cases in accordance with the Internal Revenue Code. The Panel members, up to 25 renowned art experts, serve without compensation.
Referral to the Art Advisory Panel
All taxpayer cases selected for examination that include artwork with a claimed value of $50,000 or more per item must be referred to Art Appraisal Services for possible review by the Commissioner's Art Advisory Panel (See IRM 4.48.2 and IRM 18.104.22.168). Please review the photographic requirements for referrals, and also our preferred individual appraisal item format (PDF) for works of art valued at over $50,000.
For general inquiries, contact Director, Art Appraisal Services at 202-317-8975.
Internal Revenue Service/Art Appraisal Services
1111 Constitution Ave., Suite 700
Washington, DC 20004
Annual Summary Report
The Annual Summary Report describes the closed meeting activity of the Commissioner's Art Advisory Panel for the most recent year. The report discusses the procedures of the Art Panel, provides a list of Panelists and summarizes the art items reviewed during this year by the Panel broken down by estate and charitable contribution. If you would like older Annual Summary Reports, please contact the IRS Freedom of Information Reading Room at 1111 Constitution Ave, Washington D.C. 20224.
Publication 526, Charitable Contributions.
Publication 561, Determining the Value of Donated Property. Designed to help donors and appraisers determine the value of property that is given to qualified organizations. It includes the kind of information you must have to support your decision.
Form 8283, Non-cash Charitable Contributions. The necessary form filed with the taxpayer's return.
Form 8282, Donee Information Return. Form filed by donee upon sale of property.
Revenue Procedure 96-15 provides procedures for taxpayers to request a review of art valuations for income, estate, and gift returns. Taxpayers may obtain a Statement of Value from the Service for an advance review of art valuation claims prior to filing the return. The Statement of Value may then be used to complete the taxpayer's return.
The procedure generally applies to an item of art that has been appraised at $50,000 or more. The appraisal submitted must meet specific substantiation requirements. A user fee is charged for each request. The current fees for a Statement of Value are $5,400 for one to three items and $270 for each additional item. See Revenue Procedure 2013-01.
Send requests for a Statement of Value to:
Internal Revenue Service
Attention: Art Appraisal Services (C:AP:SO:AAS)
P.O. Box 27720
Washington, DC 20038
Page Last Reviewed or Updated: 25-Feb-2014
The Turbo Tax 2007
Turbo tax 2007 Publication 938 - Main Content Table of Contents Who May Request Information How To Request Information Who May Request Information The persons listed below, or their agent or representative, should follow the procedures in this publication to request tax information from the representative of the REMIC or the issuer of the CDO. Turbo tax 2007 Any broker who holds a REMIC regular interest or CDO for itself or as a nominee for an actual holder. Turbo tax 2007 A middleman who holds a REMIC regular interest or CDO as a nominee for an actual holder and who is required to file an information return with respect to the regular interest or CDO. Turbo tax 2007 The following persons, if they hold their REMIC regular interest or CDO directly and not through a nominee. Turbo tax 2007 A corporation. Turbo tax 2007 A fiscal year taxpayer. Turbo tax 2007 A dealer in securities or commodities required to register as such under the laws of the United States or a state. Turbo tax 2007 A real estate investment trust (as defined in section 856). Turbo tax 2007 An entity registered at all times during the tax year under the Investment Company Act of 1940. Turbo tax 2007 A common trust fund (as defined in section 584(a)). Turbo tax 2007 A financial institution such as a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, industrial loan association or bank, or other similar organization. Turbo tax 2007 Any trust that is exempt from tax under section 664(c) (a charitable remainder annuity trust or a charitable remainder unitrust). Turbo tax 2007 A REMIC. Turbo tax 2007 Note. Turbo tax 2007 A person listed in (3) above who holds an interest through a nominee (instead of directly from the REMIC or the issuer of the CDO) should request the information from the nominee instead of from the REMIC or the issuer of the CDO. Turbo tax 2007 The request should be made of the nominee in the same manner as specified below for requesting information from the representative. Turbo tax 2007 How To Request Information Use the directory to find the representative of the REMIC or issuer of the CDO. Turbo tax 2007 You can request information from the representative or issuer by telephone or mail. Turbo tax 2007 If only an address is listed in the directory, you must request the information in writing. Turbo tax 2007 Your request must specify the calendar quarters and the classes of REMIC regular interests or CDOs for which you need the information. Turbo tax 2007 The representative or issuer must provide the information to you by the later of: The 30th day after the close of the calendar quarter for which you request the information, or The 14th day after the receipt of your request. Turbo tax 2007 The representative or issuer can provide the information to you by telephone, by written statement sent by first class mail, by printing the information in a publication that is generally read by and available to persons who may request the information (for example, a webpage), or by any other method agreed to by both parties. Turbo tax 2007 If the information is published, the representative or issuer must notify you by telephone or in writing of the publication in which the information will appear, the date of its appearance, and, if possible, the page number. Turbo tax 2007 Prev Up Next Home More Online Publications