Form 4952 for Salt Lake Utah 2024-2025

Form 4952 for Salt Lake Utah: What You Should Know

Please Note: You should be able to print a copy of the form for this information only. SEGREGATION REQUEST FORM In order to claim this interest expense deduction, or any other interest deductions, you must complete a Segregation Request Form: In order to claim this interest expense deduction, or any other interest deductions, you must complete a Segregation Request Form. This form may be used in lieu of Form 4952, the Form 4952 Tax Document. See the Water Right section. Water right for your property Use this form to figure the amount of capital improvements you may claim for the current year. For additional information, review our Water Right section. Water right tax credit calculation for the water right The water right tax credit is the tax credit of the federal income tax that results when you take a property tax deduction for the use of a water right on the property. As a property owner, you may also claim the state's local water supply tax exemption from this tax deduction. You should not take the property tax deduction as a source of tax relief because that is not the law. Instead, you should claim the water right tax credit as a source of tax relief, and not as a source of any other tax deduction. For more information about the Water Rights tax credit, please go to the following link: Water Rights and Water Tax Credit — Tax Forms and Publication 5 Property taxes you paid but not reported You may qualify to claim a tax deduction for the property taxes you paid but did not report to the IRS. Claim for credit or deduction may be allowed for payments that you made to the taxing authority but reported as negative. For more information, see Revenue Procedure 2016-39, Revenue Procedure 2016-60, and Revenue Procedure 2017-12. Tax Deduction for Deductibles You can use the Water Right section to figure the amount of a tax deduction you can claim on this form for your deductible water payments. However, you cannot claim a deduction on this form if you are a federal employee who is required to purchase health care coverage through an HSA. If you are a federal employee, and you are purchasing health care coverage through an HSA, and you are in a coverage gap or do not have any qualifying health coverage to use for comparison purposes, you may not be able to claim a deduction on this form.

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