Form 4952 AR 2024-2025

Form 4952 AR: What You Should Know

Limits on Deductible Interest — IRS The 500,000 and 1,000,000 exclusion amounts are reduced for IRA and Roth investment income. The amount of your investment interest expense deduction is limited to your qualified investment interest. It's limited to your net investment income (before subtracting required deduction limits), and it only applies to income you may receive. It does not apply to any tax-favored dividends or qualified capital gains. The exclusion amounts, under the first two amounts above, are reduced to 200,000 and 250,000 for the IRA and Roth, respectively, if the total of all exempt interest income from all qualifying sources (which could include taxable interest income) is 500,000 or less. Qualifying Sources of Income A qualified investment includes both property (such as a house or land) sold by an individual to another individual, as well as income resulting from a business or corporation. However, the qualifying source of your investment interest is income from either property or a business or corporation. If you purchase a single-family home during the year and the property is not subject to a qualified mortgage interest deduction, you can carry forward the amount of the gain of that purchase to another taxable year. You can also carry forward a portion of your gain from a real estate business. However, you must include any other business gain you would have recognized had you carried forward the whole gain. If you have earned interest or dividends and would have recognized any other taxable income during the carry forward period if you had sold the property, then you must include your adjusted basis in the property. However, if you paid any amount in full on a mortgage loan before you purchased the real estate, you may not realize any gain. Qualifying Losses If you purchased qualifying property before December 31, 2008, and have income from it for the year during the carry forward period at a loss, then you must decrease the amount of the gain or loss of the property by the amount of the loss. Losses on Qualifying Properties If you have any real estate losses (except from an activity that is subject to a qualified loss deduction), you must include any qualifying real estate losses in income for the year. Real Estate, General and Administrative Expenses—Form 8849’S corporation As a corporation, a domestic S corporation can expense qualified real estate expenses in its consolidated return.

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