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Investment Interest Expense Deduction (Form 4952)

Form 4952 is used to determine the amount of investment interest expense you can deduct for the current year and the amount you can carry forward to future years. Your investment interest expense deduction is limited to your net investment

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

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

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

Child's Interest/Dividend Earnings (Form 8814)

on your return: * The child was under age 19 (or under 24 if a full-time student) at the end of 2016 * The child's only income was from interest and dividends, including capital gain distributions and Alaska Permanent Fund 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

Enter Federally tax-exempt interest income from obligations of Other States

This income includes interest received from obligations of any state other than Virginia. It also include interest received from political subdivisions of any state unless created by compact or agreement to which Virginia is a party.

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

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