Suffolk New York Form 4952 2024-2025

Suffolk New York Form 4952: What You Should Know

It is to be used exclusively by investors to pay tax on investment income earned in a period when the taxpayer is a resident of, a national of, and resident of the United States.  Interest on state, local and federal bonds Sept 24, 2025 — For the 2025 tax year, the IRS provides the following information on interest on state and local bonds: In general, interest paid for state and local bonds is excluded from income under IRC section 168(a), and therefore, interest paid for bonds on which no net operating losses (Vols) are permitted under IRC section 852 is subject to the 2.52 percent net operating loss limitation for short-term capital gains (and short-term expensing). Interest on bonds eligible for NOT treatment under IRC section 861 will not be subject to the net operating loss limitation. The amount of interest on federal bonds with a high yield is subject to IRC section 877. The amount of interest that may be taxed as ordinary income under IRC section 78 is limited to the amount of principal repaid with interest on federal bonds with yields as high as 15 percent. A taxpayer may elect to deduct up to 500 per year of interest on state and local bonds by filing Form 4952 with the IRS within the applicable interest payment period. The taxpayer must include on the election form 8106 (or in the election form accompanying Form 4952 if Form 4952 is enclosed) the amount of interest paid during the period, which must be reported separately on Form 8106, lines 3 and 10. Additionally, there is no limit for the amount of interest on federal bonds with yields as high as 18 percent. What is Form 4952: Investment Interest Expense Deduction The following information about investments on the Form 4952 is useful in understanding the investment interest expense deduction. For more information, see the following topics: Interest on U.S. Savings Bonds and Certificates; Interest on U.S. Treasury Inflation-Protected Securities; Interest on U.S. Stock Certificates; Interest on U.S. Treasury Inflation-Protected Securities and Short-Term Tax-Exempt Bonds; and Interest on Long-Term Tax-Exempt Bonds and Tax-Exempt Securities. Interest on U.S. Savings Bonds and Certificates The following information about investments on the Form 4952 is useful in understanding the investment interest expense deduction.

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