Fillable State Form 46021 - Sales Disclosure Form (Page 11 of 13) in pdf

INDIANA SALES DISCLOSURE FORM INSTRUCTIONS

Page 8

APPLICATION FORM AND

RESTRICTIONS WHEN

DEDUCTION

MAXIMUM AMOUNT

VERIFICATION (PROOF)

COMBINING WITH OTHER

(Indiana Code)

ELIGIBILITY REQUIREMENTS

REQUIRED

DEDUCTIONS**

1) Individual must own or be buying on contract the real property or mobile or

manufactured home not assessed as real property on the date the application is filed;

2) Individual is at least 65 by December 31 of the year preceding the year in which the

deduction is claimed;

$12,480

3) Individual resides on the real property or mobile home or manufactured home;

State Form 43708

4) Combined adjusted gross income not exceeding $25,000;

Internal Revenue Service Form

Note: If all joint

PARTIALLY ‐ May not claim

5) Individual has owned the real property or mobile home or manufactured home for at

1040 for the previous calendar

Over 65

tenants or tenants in

any deductions other than

least one (1) year before claiming the deduction;

year.

common are not at

the Mortgage and the

(6.1.1129)

This requirement includes

least 65 years of age,

6) Assessed property value not exceeding $182,430;

Homestead Deductions.

submitting the 1040 for the

the deduction

7) Surviving, un‐remarried spouse at least 60 years of age if deceased was 65 at the time

applicant and all co‐owners.

allowed shall be

of death;

reduced.

8) Individual may not be denied the deduction because the individual is absent from the

real property or mobile home or manufactured home while in a nursing home or

hospital.

1) Individual is blind as defined in IC 12‐7‐2‐21(1);

2) The real property or mobile or manufactured home is principally used and occupied by

the individual as the individual’s residence;

3) Individual must own or be buying on contract the real property or mobile or

PARTIALLY ‐ These

manufactured home not assessed as real property on the date the application is filed;

deductions may be claimed

Blind

State Form 43710

$12,480

with all other deductions

4) Individual’s taxable gross income does not exceed $17,000;

Proof of Blindness

(61.11211; 12)

EXCEPT the Over 65

5) With respect to real property, file during the year for which the person desires to

Deduction.

obtain the deduction, and with respect to mobile or manufactured homes not assessed

as real property, file during the twelve months before March 31 of each year for which

the deduction is sought (if mailed the mailing must be postmarked on or before the last

day for filing).

1) Individual qualified for homestead standard deduction in preceding calendar year and

qualifies in current year;

2) For individual who files single return, adjusted gross income cannot exceed $30,000,

for individual who files a joint return with spouse, adjusted gross income cannot exceed

$40,000;

3) Homestead qualifies as a “qualified homestead property” for the calendar year and

filing requirements are met. (“Qualified homestead property” means the individual

who owns, is purchasing the homestead on contract or has beneficial interest in the

Tax liability minus

State Form 43708

Over 65 Circuit Breaker

owner, is or will be at least 65 on or before December 31 of the calendar year

the product of tax for

Internal Revenue Service Form

Credit

None

immediately preceding the calendar year in which the taxes are due, and the gross

preceding year

1040 for the previous calendar

(61.120.68.5)

assessed value of the homestead on the assessment date is less than $160,000.)

multiplied by 1.02.

year for applicant and spouse.

4) With respect to real property, file during the year for which the person desires to

obtain the credit, and with respect to mobile or manufactured homes not assessed as

real property, file during the twelve months before March 31 of each year for which the

credit is sought (if mailed the mailing must be postmarked on or before the last day for

filing);

5) File in same manner as for 6‐1.1‐12‐9 (over 65 deduction);

6) Applies to taxes first due and payable in 2009.

State Form 46021 - Sales Disclosure Form Page 11

Related Articles

Related forms

Related Categories