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Who needs Form 8825?
This form is completed by partnerships and S corporations to report income, expenses, and deductible expenses from various real estate activities. For example, if a partnership or S corporation owns an apartment building and rents out apartments in it to individuals or other business entities, it should complete this form.
What is the purpose of Form 8825?
This IRS form is used to report the rental income of the partnerships and S corporations. The information is essential for a tax return and IRS officials will use it to calculate the amount of tax the partnership or S corporation should pay for a specific fiscal year.
What documents must accompany Form 8825?
This schedule is attached to Form 1065, Form 1065-B (Return of Partnership income) or Form 1120S (Corporation Income Tax return) depending on the type of the business.
When is Form 8825 due?
This form should be filed with the IRS when it is time to submit the related tax forms, 1065 or 1120S. The estimated time for completing this form is two hours. More time is required to collect all the necessary information and to file the form with the IRS.
What information should be provided in the Form 8825?
The taxpayer should add the following information:
- Name of the taxpayer
- Employer identification number
- Address of the property
- Rental real estate income (gross rents)
- Rental real estate expenses (advertising; auto and travel; insurance; taxes; wages and salaries; legal and other professional fees; cleaning and maintenance; commissions)
- Type of real estate property (single family residence; multi-family residence; commercial; land, etc.)
What do I do with the form after its completion?
The completed form should be filed with the local IRS office together with other required forms and schedules.
Who is required to file form 8825?
Form 8825 is required to be filed by taxpayers who own and operate rental real estate activities and who are using the cash method of accounting.
What is the penalty for the late filing of form 8825?
The penalty for filing Form 8825 late is $195 per month, up to a maximum of 12 months or $2,340.
What is form 8825?
Form 8825 is a tax form used by partnerships and limited liability companies (LLCs) to report rental and leasing income and expenses for commercial properties. This form is filed along with the partnership's or LLC's annual tax return (Form 1065). It helps to calculate the net rental income or loss from the rented property and provides details about rental income, deductions, and other relevant information for tax purposes.
How to fill out form 8825?
Form 8825 is used to report rental real estate income and expenses for properties owned by partnerships, limited liability companies (LLCs), or S corporations. Here are the steps to fill out Form 8825: 1. Provide your personal information: Enter your name, Social Security number (or employer identification number), and address at the top of the form. 2. Identify the property: Provide the necessary information for each rental property, including the property's address, the number of rental units, and the date it was placed in service. 3. Calculate rental income: In Part I, report the rental income received during the tax year. Include rent payments, advance rent, security deposits (if they are not forfeited), and any other rental income. 4. Calculate rental expenses: In Part II, report the rental expenses incurred. This includes advertising, repairs and maintenance, utilities, property management fees, insurance, mortgage interest, property taxes, and any other eligible expenses. Make sure to complete Schedule E if reporting more than three rental properties. 5. Determine the net income or loss: Subtract the total expenses from the total income to calculate the net income or loss for each property. 6. Allocate income or loss: If there are multiple owners of the property, allocate the income or loss according to the ownership percentages. 7. Complete summary information: In Part IV, provide the total net income or loss from all properties. Also, indicate if the property is owned by a partnership, LLC, or S corporation. 8. Attach additional documentation: If necessary, attach a statement with a breakdown of the rental income and expenses for each property. 9. Sign and date the form: Finally, sign and date the completed Form 8825. Remember to keep a copy of the completed form for your records. It is recommended to consult with a tax professional or refer to the IRS instructions for Form 8825 for detailed guidance.
What is the purpose of form 8825?
The purpose of Form 8825 is to report rental real estate income or loss from commercial properties, including office buildings, warehouses, retail spaces, and other non-residential properties. This form is filed by partnerships, S corporations, estates, and trusts that are engaged in the rental of real estate properties. It helps determine the net income or loss generated from rental activities and provides a breakdown of various expenses, such as mortgage interest, property taxes, repairs, and depreciation. Form 8825 is used to report rental income and expenses separately from personal or residential rental activities, which are reported on Schedule E of Form 1040.
What information must be reported on form 8825?
Form 8825, also known as the Rental Real Estate Income and Expenses of a Partnership or an S Corporation, is used to report rental income and expenses for partnerships and S corporations. Here is the information that must be reported on this form: 1. Identification Information: Date of filing, entity name, address, and Employer Identification Number (EIN). 2. Rental Income: Details of rental income received from real estate properties, including gross rental income, rental expenses paid by tenants, rental income from personal use of property, and any other types of rental income. 3. Rental Expenses: Breakdown of rental expenses such as mortgage interest, property taxes, insurance, repairs and maintenance, utilities, management fees, legal and professional fees, advertising, and other expenses related to the rental properties. 4. Depreciation: The cost and depreciation of the rental property, including the percentage of business use and the depreciation method used (e.g. straight-line or accelerated). 5. Net Income or Loss: Calculation of the net income or loss from rental activities by subtracting total expenses from total rental income. 6. Qualified Business Income Deduction: If applicable, information regarding the 20% qualified business income deduction for rental real estate activities as provided by the Tax Cuts and Jobs Act. 7. Partner or Shareholder Information: Identification details (name, address, EIN) of each partner or shareholder, their allocated share of rental income or loss, and any other applicable information. 8. Non-passive Income: If the rental activity is considered non-passive under tax rules, additional information needs to be provided about the taxpayer's material participation in the rental activity. It is worth mentioning that the above information is a high-level overview, and the specific details and requirements may vary depending on an individual’s circumstances. It is recommended to consult with a tax professional or refer to the IRS instructions for Form 8825 for more accurate and detailed information.
When is the deadline to file form 8825 in 2023?
The standard deadline for filing Form 8825 in 2023 would be April 17th. However, it is important to note that tax deadlines can vary or get extended, so it is advisable to check with the Internal Revenue Service (IRS) or a tax professional for any updates or changes to the deadline.
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