Get 2008 Forms 3526 -- Investment Interest Expense Deduction

This guide provides clear, step-by-step instructions on completing the 2008 Forms 3526, designed to assist users in calculating their investment interest expense deduction. By following the outlined steps, you can easily navigate the form online and ensure accurate reporting.

Follow the steps to accurately complete the online form.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter your name(s) as shown on your tax return and your Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or Federal Employer Identification Number (FEIN).
3. For line 1, input the total investment interest expense paid or accrued during 2008. This includes interest on loans related to property held for investment.
4. On line 2, if you have any disallowed investment interest expense from the 2007 form FTB 3526, enter that amount here; if zero or less, you should enter -0-.
5. Calculate the total investment interest expense by adding line 1 and line 2; enter this amount on line 3.
6. For line 4a, provide the gross income from property held for investment excluding any net gains from the sale of such property.
7. On line 4b, enter the net gain from the sale of property held for investment.
8. Input the net capital gain from such property on line 4c.
9. Subtract line 4c from line 4b and enter the result on line 4d. If zero or less, enter -0-.
10. For line 4e, enter any amount from line 4c that you choose to include in investment income, but do not exceed the amount on line 4b.
11. Add line 4a, line 4d, and line 4e to determine your total investment income, and enter it on line 4f.
12. On line 5, enter your investment expenses incurred, ensuring they are directly related to producing investment income.
13. Calculate net investment income by subtracting line 5 from line 4f and enter the result on line 6.
14. On line 7, determine your disallowed investment interest expense to carry forward to 2009 by subtracting line 6 from line 3; enter -0- if zero or less.
15. For line 8, enter the smaller amount between line 3 and line 6, which is your investment interest expense deduction.
16. If you need to complete line 9, enter the amount from federal Form 4952, line 8.
17. On line 10, make the California investment interest expense deduction adjustment by entering the difference between lines 8 and 9.
18. Review your entries for accuracy before saving efforts.
19. Finally, save your changes, download, print, or share the completed form as required.

Complete your forms online to ensure a smooth tax filing experience.