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Www irs gov 5. Www irs gov   Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. Www irs gov Line 2. Www irs gov Lines 3a and 3b. Www irs gov Lines 4a and 4b. Www irs gov Line 5. Www irs gov Line 6. Www irs gov Line 7. Www irs gov Line 9. Www irs gov Line 15. Www irs gov Illustrated Example of Form 5074Part I. Www irs gov Part II. Www irs gov Part III. Www irs gov Illustrated Example of Form 8689Part I. Www irs gov Part II. Www irs gov Part III. Www irs gov Part IV. Www irs gov Use the following examples to help you complete the correct attachment to your Form 1040. Www irs gov The completed form for each example is shown on the pages that follow. Www irs gov Illustrated Example of Form 4563 John Black is a U. Www irs gov S. Www irs gov citizen, single, and under 65. Www irs gov He was a bona fide resident of American Samoa during all of 2013. Www irs gov John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. Www irs gov S. Www irs gov corporations) is more than his adjusted filing requirement for single filers under 65. Www irs gov (See Filing Requirement if Possession Income Is Excluded in chapter 4. Www irs gov ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. Www irs gov See Bona Fide Resident of American Samoa in chapter 3. Www irs gov Completing Form 4563. Www irs gov   John enters his name and social security number at the top of the form. Www irs gov Line 1. Www irs gov   On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. Www irs gov Because he is still a bona fide resident, he enters “not ended” in the second blank space. Www irs gov Line 2. Www irs gov   He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. Www irs gov Lines 3a and 3b. Www irs gov   He checks “No” on line 3a because no family members lived with him. Www irs gov He leaves line 3b blank. Www irs gov Lines 4a and 4b. Www irs gov   He checks “No” on line 4a because he did not maintain a home outside American Samoa. Www irs gov He leaves line 4b blank. Www irs gov Line 5. Www irs gov   He enters the name and address of his employer, Samoa Products Co. Www irs gov It is a private American Samoa corporation. Www irs gov Line 6. Www irs gov   He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. Www irs gov That was his only trip outside American Samoa during the year. Www irs gov Line 7. Www irs gov   He enters the $24,000 in wages he received from Samoa Products Co. Www irs gov Line 9. Www irs gov   He received $220 in dividends from an American Samoa corporation, which he enters here. Www irs gov He also received $10,000 of dividends from a U. Www irs gov S. Www irs gov corporation, but he will enter that amount only on his Form 1040 because the U. Www irs gov S. Www irs gov dividends do not qualify for the possession exclusion. Www irs gov Line 15. Www irs gov   John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. Www irs gov He will not enter his excluded income on Form 1040. Www irs gov However, he will attach his completed Form 4563 to his Form 1040. Www irs gov Illustrated Example of Form 5074 Tracy Grey is a U. Www irs gov S. Www irs gov citizen who is a self-employed fisheries consultant with a tax home in New York. Www irs gov Her only income for 2013 was net self-employment income of $80,000. Www irs gov Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. Www irs gov Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. Www irs gov She was not a bona fide resident of Guam during 2013. Www irs gov Tracy completes Form 1040 (not illustrated), reporting her worldwide income. Www irs gov Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. Www irs gov All amounts reported on Form 5074 are also reported on her Form 1040. Www irs gov See U. Www irs gov S. Www irs gov Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. Www irs gov Completing Form 5074. Www irs gov   Tracy enters her name and social security number at the top of the form. Www irs gov Part I. Www irs gov   On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. Www irs gov She has no other income from Guam, so the total on line 16 is $20,000. Www irs gov Part II. Www irs gov   Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. Www irs gov She enters $1,413 on line 21 and line 28. Www irs gov Her adjusted gross income on line 29 is $18,587. Www irs gov Part III. Www irs gov   Tracy made estimated tax payments of $1,409. Www irs gov She enters this amount on line 30, and again on line 34 as the total payments. Www irs gov Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. Www irs gov In 2013, they received $14,400 in income from the rental of a condominium they own in the U. Www irs gov S. Www irs gov Virgin Islands (USVI). Www irs gov The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. Www irs gov They were not bona fide residents of the USVI during the entire tax year. Www irs gov The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). Www irs gov The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. Www irs gov The Morenos also complete Form 8689 to determine how much of their U. Www irs gov S. Www irs gov tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. Www irs gov S. Www irs gov Virgin Islands. Www irs gov See U. Www irs gov S. Www irs gov Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. Www irs gov The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. Www irs gov At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. Www irs gov The Virgin Islands Bureau of Internal Revenue will process this copy. Www irs gov Completing Form 8689. Www irs gov   Juan and Carla enter their names and Juan's social security number at the top of the form. Www irs gov Part I. Www irs gov   The Morenos enter their income from the USVI in Part I (see later). Www irs gov The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. Www irs gov The Morenos' total USVI income of $6,700 is entered on line 16. Www irs gov Part II. Www irs gov   The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. Www irs gov Their USVI adjusted gross income (AGI) is $6,700. Www irs gov Part III. Www irs gov   On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). Www irs gov Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. Www irs gov   The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. Www irs gov Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. Www irs gov 122) and enter that as a decimal on line 34. Www irs gov They then apply that percentage to the U. Www irs gov S. Www irs gov tax entered on line 32 to find the amount of U. Www irs gov S. Www irs gov tax allocated to USVI income ($4,539 x 0. Www irs gov 122 = $554), and enter that amount on line 35. Www irs gov Part IV. Www irs gov   Part IV is used to show payments of income tax to the USVI only. Www irs gov The Morenos had no tax withheld by the U. Www irs gov S. Www irs gov Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. Www irs gov They include this amount ($400) in the total payments on Form 1040, line 72. Www irs gov On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. Www irs gov The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. Www irs gov   The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. Www irs gov They enter this amount on line 45. Www irs gov They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. Www irs gov The Morenos will pay their USVI tax at the same time they file the copy of their U. Www irs gov S. Www irs gov income tax return with the U. Www irs gov S. Www irs gov Virgin Islands. Www irs gov This image is too large to be displayed in the current screen. Www irs gov Please click the link to view the image. Www irs gov Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. Www irs gov Please click the link to view the image. Www irs gov Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. Www irs gov Please click the link to view the image. Www irs gov Form 8689, page 1 for Juan and Carla Moreno Prev  Up  Next   Home   More Online Publications
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The Department of the Treasury manages Federal finances by collecting taxes and paying bills and by managing currency, government accounts and public debt. The Department of the Treasury also enforces finance and tax laws.

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Www irs gov Publication 530 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Www irs gov Tax questions. Www irs gov Useful Items - You may want to see: What's New Simplified method for business use of home deduction. Www irs gov  The IRS now provides a simplified method to determine your expenses for business use of your home. Www irs gov For more information, see the Instructions for Schedule C (Form 1040). Www irs gov Reminders Future developments. Www irs gov  For the latest information about developments related to Publication 530, such as legislation enacted after it was published, go to www. Www irs gov irs. Www irs gov gov/pub530. Www irs gov Residential energy credits. Www irs gov  You may be able to take a credit if you made energy saving improvements to your home located in the United States in 2013. Www irs gov See Form 5695, Residential Energy Credits, for more information. Www irs gov Home Affordable Modification Program (HAMP). Www irs gov  If you benefit from Pay-for-Performance Success Payments, the payments are not taxable under HAMP. Www irs gov Hardest Hit Fund and Emergency Homeowners' Loan Programs. Www irs gov  If you are a homeowner who received assistance under a State Housing Finance Agency Hardest Hit Fund program or an Emergency Homeowners' Loan Program, you may be able to deduct all of the payments you made on your mortgage during the year. Www irs gov For details, see Hardest Hit Fund and Emergency Homeowners' Loan Programs under What You Can and Cannot Deduct, later. Www irs gov Mortgage debt forgiveness. Www irs gov  You can exclude from gross income any discharges of qualified principal residence indebtedness made after 2006 and before 2014. Www irs gov You must reduce the basis of your principal residence (but not below zero) by the amount you exclude. Www irs gov See Discharges of qualified principal residence indebtedness , later, and Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), for more information. Www irs gov Repayment of first-time homebuyer credit. Www irs gov  Generally, you must repay any credit you claimed for a home you bought if you disposed of the home or it ceased to be your main home in 2013. Www irs gov If you bought the home in 2008 and you owned and used it as your main home for all of 2013, you generally must continue repaying the credit with your 2013 tax return, but you do not have to attach Form 5405, Repayment of the First-Time Homebuyer Credit. Www irs gov See Form 5405 and its instructions for details and for exceptions to the repayment rule. Www irs gov Photographs of missing children. Www irs gov  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Www irs gov Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www irs gov You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Www irs gov Introduction This publication provides tax information for homeowners. Www irs gov Your home may be a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains sleeping space and toilet and cooking facilities. Www irs gov The following topics are explained. Www irs gov How you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs. Www irs gov What you can and cannot deduct on your tax return. Www irs gov The tax credit you can claim if you received a mortgage credit certificate when you bought your home. Www irs gov Why you should keep track of adjustments to the basis of your home. Www irs gov (Your home's basis generally is what it cost; adjustments include the cost of any improvements you might make. Www irs gov ) What records you should keep as proof of the basis and adjusted basis. Www irs gov Comments and suggestions. Www irs gov   We welcome your comments about this publication and your suggestions for future editions. Www irs gov   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Www irs gov NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Www irs gov Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www irs gov   You can send your comments from www. Www irs gov irs. Www irs gov gov/formspubs/. Www irs gov Click on “More Information” and then on “Comment on Tax Forms and Publications”. Www irs gov   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Www irs gov Ordering forms and publications. Www irs gov   Visit www. Www irs gov irs. Www irs gov gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Www irs gov Internal Revenue Service 1201 N. Www irs gov Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Www irs gov   If you have a tax question, check the information available on IRS. Www irs gov gov or call 1-800-829-1040. Www irs gov We cannot answer tax questions sent to either of the above addresses. Www irs gov Useful Items - You may want to see: Publication 523 Selling Your Home 527 Residential Rental Property 547 Casualties, Disasters, and Thefts 551 Basis of Assets 555 Community Property 587 Business Use of Your Home 936 Home Mortgage Interest Deduction Form (and Instructions) 5405 Repayment of the First-Time Homebuyer Credit 5695 Residential Energy Credits 8396 Mortgage Interest Credit See How To Get Tax Help , near the end of this publication, for information about getting publications and forms. Www irs gov Prev  Up  Next   Home   More Online Publications