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Concord California Form W-2VI: What You Should Know

Tax-exempt status — Internal Revenue Service (IRS) If your primary purpose for receiving an interest free loan or grant from a federal financial institution is  to enable such institution to conduct a business interest free from any taxes imposed by your home state. A person who is a resident of California and that person will  be eligible for an income tax exemption if the person: The amount distributed is an amount that: Is reasonably anticipated to be earned at least in part, from business activity related to or conducted at the property, and is included on an annual return, Form W-2 — Federal Tax Form The annual income tax return that you provide to the IRS will include any of the following income from sources within the state of California: All dividends, interest, rents and net proceeds of dispositions of property; and All income arising from property used as a home, in connection with which you are a bona fide resident. This includes income, if any, from any interest, dividends or other payments received from real estate investments not included on your state tax return.

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