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Publication 550 (2003), Investment Income and Expenses
(Including Capital Gains and Losses)
For use in preparing
2003
Returns
Table of Contents
Publication 550 - Introductory Material
Important Changes for 2003
Important Reminders
Introduction
1. Investment Income
Topics - This chapter discusses:
Useful Items - You may want to see:
General Information
SSN for joint account.
Custodian account for your child.
Penalty for failure to supply SSN.
Certification.
Underreported interest and dividends.
How to stop backup withholding due to underreporting.
How to stop backup withholding due to an incorrect identification number.
Reporting backup withholding.
Nonresident aliens.
Penalties.
Savings account with parent as trustee.
Interest Income
Terms you may need to know (see Glossary):
Nominees.
Incorrect amount.
Information-reporting requirement.
Taxable Interest — General
Below-Market Loans
U.S. Savings Bonds
U.S. Treasury Bills, Notes, and Bonds
Bonds Sold Between Interest Dates
Insurance
State or Local Government Obligations
Discount on Debt Instruments
Terms you may need to know (see Glossary):
Original Issue Discount (OID)
Market Discount Bonds
Discount on Short-Term Obligations
Election To Report All Interest as OID
When To Report Interest Income
Terms you may need to know (see Glossary):
Constructive receipt.
How To Report Interest Income
Terms you may need to know (see Glossary):
Schedule B.
Worksheet for savings bonds distributed from a retirement or profit-sharing plan.
File Form 1099–INT with the IRS.
Dividends and Other Corporate Distributions
Nominees.
Ordinary Dividends
Capital Gain Distributions
Nontaxable Distributions
Other Distributions
How To Report Dividend Income
Terms you may need to know (see Glossary):
Election.
Independent contractor.
Investment interest deducted.
File Form 1099–DIV with the IRS.
Stripped Preferred Stock
REMICs, FASITs, and Other CDOs
REMICs
Collateralized Debt Obligations (CDOs)
FASITs
S Corporations
Limit on losses and deductions.
Passive activity losses.
Form 8582.
Investment Clubs
Investments in name of member.
Tax Treatment of the Club
2. Tax Shelters and Other Reportable Transactions
Introduction
Topics - This chapter discusses:
Useful Items - You may want to see:
Abusive Tax Shelters
Rules To Curb Abusive Tax Shelters
Investor Reporting
Penalties
Whether To Invest
3. Investment Expenses
Terms you may need to know (see Glossary):
Topics - This chapter discusses:
Useful Items - You may want to see:
Limits on Deductions
Passive activity.
Other income (nonpassive income).
Expenses.
Additional information.
Interest Expenses
Investment Interest
Limit on Deduction
Bond Premium Amortization
Basis.
How To Figure Amortization
Choosing To Amortize
How To Report Amortization
Expenses of Producing Income
Fees to buy or sell.
Including mutual fund or REMIC expenses in income.
Nondeductible Expenses
Used as collateral.
Short-sale expenses.
Expenses for both tax-exempt and taxable income.
State income taxes.
Nondeductible amount.
Basis adjustment.
How To Report Investment Expenses
When To Report Investment Expenses
4. Sales and Trades of Investment Property
Introduction
Topics - This chapter discusses:
Useful Items - You may want to see:
What Is a Sale or Trade?
Terms you may need to know (see Glossary):
Dividend versus sale or trade.
Worthless Securities
Constructive Sales of Appreciated Financial Positions
Section 1256 Contracts Marked to Market
Basis of Investment Property
Terms you may need to know (see Glossary):
Cost Basis
Basis Other Than Cost
Adjusted Basis
Stocks and Bonds
How To Figure Gain or Loss
Fair market value.
Debt paid off.
Payment of cash.
Nontaxable Trades
Like-Kind Exchanges
Corporate Stocks
Insurance Policies and Annuities
U.S. Treasury Notes or Bonds
Transfers Between Spouses
Related Party Transactions
Gain on Sale or Trade of Depreciable Property
Capital Gains and Losses
Terms you may need to know (see Glossary):
Capital or Ordinary Gain or Loss
Holding Period
Nonbusiness Bad Debts
Short Sales
Wash Sales
Options
Straddles
Sales of Stock to ESOPs or Certain Cooperatives
Rollover of Gain From Publicly Traded Securities
Gains on Qualified Small Business Stock
Rollover of Gain From Sale of Empowerment Zone Assets
Reporting Capital Gains and Losses
Section 1256 contracts and straddles.
Market discount bonds.
Capital gain distributions only.
Capital Losses
Capital Gain Tax Rates
Comprehensive Example
Special Rules for Traders in Securities
How To Report
5. How To Get Tax Help
Glossary
Publication 550 - Additional Material
Index
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