With conspicuous inclusion of real property on the income and tax deductions pages, the original 1913 Internal Revenue Bureau (IRB) Form 1040 reveals real estate’s historic and prominent role in the nation’s economy.
Taxpayers had to report income from property sales as well as income from rents and mortgage interest collected. Those sources of income were specifically noted on the original tax return.
(Republish “Original income tax return displays historic role of real estate as economic cornerstone” at no cost. See instructions below.)
Along with a deduction for mortgage interest paid, property owners could also claim a deduction for “the exhaustion, wear, and tear of property arising out of its use or employment in the business.”
However, with no TurboTax software button or calculators available for taxpayers to figure their tax, based on their tax bracket, the 1913 form actually listed individual tax rates and brackets, allowing taxpayers to do the math and calculate tax liability the old fashioned way.
See a PDF version of the 1913 IRB Form 1040.
PERMISSION TO REPUBLISH THIS ARTICLE – This notice grants you license to republish this article, on- or off-line, but only as-is, within guidelines stated here. DeadlineNews.Com retains the original copyright to this article and the right to license its use. You cannot copyright this article. If you publish this story, you must include all existing links intact. You must also top the republished version with the same byline that appears on the original story along with “DeadlineNews.Com” – for example, “By Broderick Perkins DeadlineNews.Com.” The byline link must also remain intact. You may change the headline. Use of any photos, charts, graphs and other images are optional, but included in your reprint rights – again, provided you include any links associated with them. At the end of the story, add: “Republished with permission © (Year) DeadlineNews.Com.” You need not include this notice. Enjoy.