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Form 8815 for Queens New York: What You Should Know

Interest received from an SBA-insured mortgage may also be excluded for property-tax purposes. Form 8815 can also be used to exclude the interest for a life insurance policy from income. Income Exclusion For Interest Received On Savings Bonds, Life Insured Mortgages On Savings Bonds, And Insurance Policies Issued By Banks; Acknowledged As “Interest” by Borrower In General Use Form 8815, Series EE and me, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989, to figure the tax on interest that you can exclude from income and property-tax deductions. Use the standard Form 8815 rules to figure the tax on interest you can exclude from income and property-tax deductions that you claim on Form 1040, line 21 and Form 1040, line 29. If you are not an employee of a qualified plan or retirement plan, the exclusion will apply to interest received by you from an SBA-insured mortgage and from an insurance policy. However, if you are an employee of a qualified plan or retirement plan but were enrolled in an eligible plan during the year, the inclusion will apply to interest received by you on a savings bond for any plan year and on any insurance policies issued by a bank. Use Form 8815 to determine how the interest you receive from an SBA-insured mortgage on savings bonds or life insured mortgages for property-tax purposes is included in income. See Publication 528 and Publication 531 for information about a savings bond. See Pub. 528, Tax Withholding on Interest and Dividends on Savings Bonds and Investment Shares. Use Form 8907, U.S. Savings Bond Interest Exclusion for Certain Property-Tax Purposes (Form 8907-A). Use Form 8815 to figure the interest you can exclude from income if you are a dependent of an individual who receives an allowance or payments on account of your death for which you claim a deduction under the law of the United States for your residence. An interest that results from a self-certification on a Form 8606 is generally excluded from income only if the self-certification is filed by the taxpayer for the year the interest was received in a timely manner. If the interest is not a qualified interest of the taxpayer and the taxpayer, either at or immediately before the end of the year of the certification, makes an election to include the interest as a qualified interest, then the interest is not excluded.

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