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RP-2007-54 doc Instructions for Schedule K (Form 990), Supplemental Information on Tax Exempt Bonds

RP-2007-54 doc Instructions for Schedule K (Form 990), Supplemental Information on Tax Exempt Bonds -2025

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This document outlines a revenue procedure (Rev. Proc. 2007-54) that provides temporary relief from certain requirements of Section 42 of the Internal Revenue Code for owners of low-income housing and housing credit agencies in areas declared as major disaster zones by the President. It supersedes previous relief provisions and details changes to carryover allocation rules, compliance monitoring, and emergency housing relief for displaced low-income individuals. The procedure aims to facilitate housing assistance in the aftermath of disasters while ensuring compliance with tax credit regulations.

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How do you treat acquisition premium on tax return?

If your debt instrument has acquisition premium, reduce the OID you report. Your adjustment is the difference between the OID shown on your Form 1099-OID and the reduced OID amount figured using the rules explained later under Figuring OID on Long-Term Debt Instruments.

How do you show bond premium on tax return?

Box 13 Bond Premium on Tax-Exempt Bond shows the bond premium for the year for covered non-taxable securities. This amount is reported on Form 1040 Line 2a. Reduce this amount by the amount in Box 13, but not below zero. Box 14 is for informational purposes and isnt entered anywhere in the tax return.

How do I report acquisition premium on tax-exempt bonds?

You may need to enter the premium in the field labeled Amortizable bond premium on tax-exempt bonds if it applies to municipal bonds, Amortizable bond premium on Treasury obligations if it applies to U.S. bonds not taxable to states, or Amortizable bond premium for all other taxable bonds.

How do I report accrued interest paid on tax-exempt bonds?

In general, your tax-exempt stated interest should be shown in box 8 of Form 1099-INT or, for a tax-exempt OID bond, in box 2 of Form 1099-OID, and your tax-exempt OID should be shown in box 11 of Form 1099-OID. Enter the total on line 2a of your Form 1040 or 1040-SR.

Where do you put bond premium on tax-exempt bond?

Box 13. For a tax-exempt covered security acquired at a premium, enter the amount of bond premium amortization allocable to the interest paid during the tax year. If you reported a net amount of interest in box 8 or 9, whichever is applicable, leave this box blank.

What is the Schedule K for 990?

Schedule K (Form 990) is used by an organization that files Form 990 to provide certain information on its outstanding liabilities associated with tax-exempt bond issues.

How to record acquisition premium on tax return?

Box 6 shows the amount of acquisition premium amortization for the year that reduces the amount of OID that is included as interest on your income tax return. If theres an amount in box 6, see the Instructions for Schedule B to see whether you must include the premium as taxable interest income.

What is the IRS code for tax-exempt bonds?

IRC Section 149(b) provides that any tax-exempt bond, including a governmental bond, will not be treated as tax-exempt if the payment of principal or interest is directly or indirectly guaranteed by the federal government or any agency or instrumentality of the federal government.

RP-2007-54 doc Instructions for Schedule K (Form 990), Supplemental Information on Tax Exempt Bonds -2025

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How do you treat acquisition premium on tax return?

How do you show bond premium on tax return?

How do I report acquisition premium on tax-exempt bonds?

How do I report accrued interest paid on tax-exempt bonds?

Where do you put bond premium on tax-exempt bond?

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What is the Schedule K for 990?

How to record acquisition premium on tax return?

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RP-2007-54 doc Instructions for Schedule K (Form 990), Supplemental Information on Tax Exempt Bonds -2025

Here's how it works

How to edit RP-2007-54 doc Instructions for Schedule K (Form 990), Supplemental Information on Tax Exempt Bonds online

Complete this form in 5 minutes or less

Got questions?

How do you treat acquisition premium on tax return?

How do you show bond premium on tax return?

How do I report acquisition premium on tax-exempt bonds?

How do I report accrued interest paid on tax-exempt bonds?

Where do you put bond premium on tax-exempt bond?

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People also ask

What is the Schedule K for 990?

How to record acquisition premium on tax return?

What is the IRS code for tax-exempt bonds?

Related links

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