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What CANNOT be included as an investment interest expense?

Investment interest expense does not include any of the following: Home mortgage interest Interest expense that is properly allocable to a passive activity. Generally, a passive activity is any trade or business activity in which you do...

What is a 1098: Home Mortgage Interest

Home Mortgage Interest 1098: This form shows you the home mortgage interest that was paid on your home throughout the current tax year. For an example of this form please click on the link below. Form 1098 sample Form 1098 instructions

1099-DIV or 1099-INT: Dividend and Interest Income

If you received a Form 1099-DIV for dividend income or a Form 1099-INT for interest income, you can enter this in your TaxSlayer account by selecting Federal Section > Income Menu > Enter Myself > Interest or Dividend Income......

What are the various types of interest? What are nominee and accrued interest? What is an OID adjustment?

Generally, you would know if any of these applied to you. If you are unsure, you should contact either the payer of the interest or the IRS for clarification. Nominee Interest: Nominee interest is interest that actually belongs to someone...

I received Form 1098 for my mortgage interest. Can I take the Mortgage Interest Credit?

You can only take the Mortgage Interest Credit if you received a Mortgage Credit Certificate (MCC) by a state or local governmental unit or agency under a qualified mortgage credit certificate program. The home to which the certificate...

Interest You Paid - What to do when Interest is NOT Reported on Form 1098

If you did not receive a Form 1098 from the recipient ( bank, mortgage lender, individual, etc .) of the mortgage interest that you paid, contact that recipient to determine if you will be receiving a 1098 for this interest. In most cases...

Can I take the Mortgage Interest Credit AND the deduction for mortgage interest that was reported on Form 1098 on the same return?

Yes. It is possible to take the Mortgage Interest Credit and the deduction for home mortgage interest. However, if you received a qualifying Mortgage Credit Certificate (MCC) and you also want to claim the home mortgage interest deduction...

Illinois NonResident and Part Year Taxable Interest and Dividend Income

NonResidents: Only interest and dividends received as part of a business conducted in Illinois is taxable on your Illinois nonresident return. Use the IAF Worksheet below to calculate the amount of business interest and/or dividends...

Form 1098: What do I do with my Mortgage Interest Statement?

Home mortgage interest and points are generally reported to you on Form 1098, Mortgage Interest Statement , by the financial institution to which you made the payments for the current tax year. If this form shows any refund of overpaid...

What if I do not receive a 1099-INT, 1099-DIV, or a 1099-OID for my Interest or Dividends?

In some cases you will not receive a 1099-INT, 1099-DIV or a 1099-OID but you still have interest or dividends that need to be reported on your tax return. If you are not sure if you have interest or dividends to report, contact your bank...