Complete lines 1 through 17 for each property. But complete lines 18a through 21 on only one Form 8825. The figures on lines 18a and 18b should be the combined totals for all forms. Do not report on Form 8825 any of the following. Specify the type of property by entering one of the following codes in the Type column. Codes Form 8825 provides space for up to eight properties. Future Developments For the latest information about developments related to Form 8825 and its instructions such as...legislation enacted after they were published go to www.irs.gov/Form8825. For example a partnership code on Form 8825 or on a separate statement For each property enter the number of days rented at fair rental value and days with personal use. 18a 18b Cat. No. 10136Z Form 8825 Rev. 11-2018 Page see below for list E F G H Allowable Codes for Type of Property 1 Single Family Residence 2 Multi-Family Residence 3 Vacation or Short-Term Rental 4 Commercial 5 Land 6 Royalties 7 Self-Rental 8 Other...include description with the code on Form 8825 or on a separate statement General Instructions Section references are to the Internal Revenue Code. Which Version To Use Use this November 2018 revision of Form 8825 for tax years beginning in 2018 or later until a later revision is issued. Use prior revisions of this form for earlier tax years. If there are more than 8825. The number of columns to be used for reporting income and expenses on this form may differ from the number of rental real...estate activities the partnership or S corporation has for purposes of the passive activity limitations. Form Rev* November 2018 Rental Real Estate Income and Expenses of a Partnership or an S Corporation Department of the Treasury Internal Revenue Service Employer identification number Name OMB No* 1545-0123 Attach to Form 1065 or Form 1120S* Go to www*irs*gov/Form8825 for the latest information* Show the type and address of each property. For each rental real estate property listed report...the number of days rented at fair rental value and days with personal use. See instructions. See page 2 to list additional properties. Type Enter code 1 8 Physical address of each property street city state Fair Rental Days Personal Use Days see page 2 for list ZIP code A B C D Properties 2 Gross rents. Advertising. Auto and travel. Cleaning and maintenance. Commissions. Insurance. Legal and other professional fees Interest see instructions. Repairs. Taxes. Utilities. Wages and salaries....Depreciation see instructions Other list 16 Total expenses for each property. Add lines 3 through 15. 17 Income or loss from each property. Subtract line 16 from line 2. 18a Total gross rents. Add gross rents from line 2 columns A through H. 19 Net gain loss from Form 4797 Part II line 17 from the disposition of property from rental real estate activities. 20a Net income loss from rental real estate activities from partnerships estates and trusts in which this partnership or S corporation is a...partner or beneficiary from Schedule K-1.
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Instructions and Help about IRS 8825
How to edit IRS 8825
How to fill out IRS 8825
Instructions and Help about IRS 8825
How to edit IRS 8825
To edit IRS 8825, utilize a PDF editing tool that supports form completion, such as pdfFiller. This tool allows you to access the form digitally, enabling you to fill in required fields, make necessary corrections, or add data before submission. Ensure that you save or download the updated form after making changes to preserve the information.
How to fill out IRS 8825
Filling out IRS 8825 is straightforward. Start by ensuring you have all necessary information related to your rental real estate activity. You should follow these steps to complete the form:
01
Gather your financial data, including rental income and expenses.
02
Enter your property information, including location and ownership details.
03
Report the income generated and the expenses incurred related to your rental activities clearly.
Be careful to check for accuracy, as errors can lead to processing issues or penalties. Use tools like pdfFiller for easy management of your form during this process.
Latest updates to IRS 8825
Latest updates to IRS 8825
It is important to stay informed about the latest updates to IRS 8825, especially regarding changes in reporting requirements or forms. Regularly check the IRS website or consult a tax advisor to ensure compliance with current rules.
All You Need to Know About IRS 8825
What is IRS 8825?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
Due date
What payments and purchases are reported?
How many copies of the form should I complete?
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
All You Need to Know About IRS 8825
What is IRS 8825?
IRS 8825 is the "Rental Real Estate Income and Expenses of a Partnership" tax form. It is used by partnerships to report income, deductions, and losses from rental real estate activities. This form helps determine the share of income or loss that each partner must report on their individual tax returns.
What is the purpose of this form?
The purpose of IRS 8825 is to provide the IRS with detailed information regarding rental income and expenses associated with partnership activities. This ensures that income from real estate investments is properly reported and taxed, and helps in tracking loss deductions that may be applicable to partners involved.
Who needs the form?
Partnerships that engage in rental real estate activities are required to complete IRS 8825. If your partnership owns rental properties and reports income or losses, you must file this form alongside your partnership tax return (Form 1065).
When am I exempt from filling out this form?
You may be exempt from filing IRS 8825 if your partnership did not earn rental income or incur any related expenses during the tax year. Additionally, partnerships that are not engaged in real estate activities do not need to file this form.
Components of the form
IRS 8825 consists of several key components, including sections for reporting gross rental income and detailed expense categories. Common expenses include repairs, management fees, depreciation, and mortgage interest, among others. Each section requires accurate data to ensure proper reporting and compliance with tax regulations.
Due date
The due date for filing IRS 8825 aligns with the partnership's Form 1065 deadline, typically March 15 for calendar year-end partnerships. However, if additional time is needed, you can file for an extension, but be mindful of payment deadlines to avoid penalties.
What payments and purchases are reported?
IRS 8825 requires the reporting of all rental income received, as well as various expenses incurred in the process of maintaining and managing rental properties. This includes payments for repairs, utilities, property management fees, depreciation, and other related costs.
How many copies of the form should I complete?
Typically, you will need to complete one copy of IRS 8825 for your partnership's records and an additional copy for filing with your Form 1065. Ensure that all partners have access to the completed form for their own records and tax filings.
What are the penalties for not issuing the form?
Failing to file IRS 8825 when required can lead to significant penalties. The IRS may impose fines for late filing or incomplete forms, which can increase annually. Accurate and timely submission is essential to avoid these consequences.
What information do you need when you file the form?
When filing IRS 8825, you need to gather detailed information regarding each piece of rental property owned by the partnership. This includes property addresses, ownership details, and a thorough accounting of income and expenses associated with the properties. Adherence to accurate recordkeeping is crucial.
Is the form accompanied by other forms?
IRS 8825 is typically filed alongside Form 1065, the partnership's return. In some cases, you may also need to include supporting schedules or other forms if they pertain to the income or deductions reported on IRS 8825.
Where do I send the form?
IRS 8825 should be filed according to the mailing address specified in the instructions for Form 1065. Make sure to check the IRS website for the most current mailing information and guidelines to ensure your form is directed to the appropriate location.
FAQ about IRS 8825
What should I do if I need to correct errors on my IRS 8825 form?
If you discover errors after filing your IRS 8825, you should prepare to submit an amended form. Gather the necessary documentation to reflect the corrected information accurately. Ensure you clearly indicate that it is an amended return to avoid confusion in processing.
How can I verify the status of my submitted IRS 8825?
You can verify the status of your submitted IRS 8825 by accessing the IRS e-file status page. Make sure to have your submission details handy, as you may need them to retrieve the status. Be aware of common e-file rejection codes to troubleshoot if there are issues.
What are some common errors filers make with the IRS 8825, and how can they be avoided?
Common errors on the IRS 8825 include misreporting income and expenses or failing to maintain appropriate documentation. To avoid these pitfalls, review your calculations meticulously and ensure all supporting documents are complete and organized before submission.
Are there specific requirements for e-signatures on the IRS 8825?
E-signatures are acceptable for the IRS 8825 as long as they meet IRS specifications. It's essential to use approved software solutions that comply with IRS rules to ensure your submission is valid. Always check the latest IRS guidelines for any updates on e-signature policies.
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