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Form 8804-W

  1. Country USA
  2. Language English
  3. Activity Taxes
  4. Department Internal Revenue Service
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Form 8804-W

Installment Payments of Section 1446 Tax for Partnerships

Rev. 2024

This text provides instructions for completing Form 8804-W, which is used to calculate required installment payments under the Foreign Investment in Real Property Tax Act (FIRPTA). The form includes Part I for taxpayers electing to apply the annualized income method and Part II for taxpayers not making this election. Part III applies if the taxpayer has previously made an election but later revokes it. Instructions are provided for completing each part of the form, as well as for calculating applicable percentages and required installment payments.

Instructions

  • Form 8804-W Instructions - Instructions for Form 8804-W (WORKSHEET), Installment Payments of Section 1446 Tax for Partnerships
FAQ
  • What are the penalties for not filing or incorrectly filing Form 8804-W?

    Penalties for failing to file or incorrectly filing Form 8804-W include underpayment of taxes, failure-to-file penalties, and interest on late payments. The partnership may also be subject to fines and possible legal action.

  • What is Form 8804-W used for?

    Form 8804-W is used by a partnership to calculate and report installment sales of real property under the Foreign Investment in Real Property Tax Act (FIRPTA). It determines the amount and timing of required installments to be paid or withheld.

  • What information does a partnership need to complete Form 8804-W?

    A partnership needs information about the real property sale, including the purchase price, selling price, gain or loss, and the installment payments schedule. Additionally, it may need information related to state and local taxes, certified partner-level items, and reductions for foreign tax credits.

  • When is Form 8804-W due?

    Form 8804-W must be filed with the IRS Service Center where the partnership files its annual income tax return within 20 days after the sale of the real property. The first installment payment is typically due within 180 days after the close of the sale.

  • Who must file Form 8804-W?

    A partnership that has sold real property to a foreign person under FIRPTA must file Form 8804-W. The partnership is also responsible for withholding and paying the required installments to the IRS.

  • What are the required installments for Form 8804-W?

    The required installments for Form 8804-W depend on the gain recognized from the real property sale, the installment payment schedule, and any applicable reductions. The partnership must determine the amount of each installment payment and when it is due.

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ABOUT

Internal Revenue Service (IRS) Forms

Form 8804-W is one of the official tax forms used in the United States to report income, claim deductions and credits, calculate tax liability, and fulfill other tax-related obligations. The IRS is the federal agency responsible for administering and enforcing the internal revenue laws in the United States.

Here are some examples of Internal Revenue Service forms:

Form 1040: This is the primary individual income tax return form used by most taxpayers. It is used to report various types of income, claim deductions and credits, calculate tax liability, and determine whether a taxpayer owes additional tax or is entitled to a refund.

Form 1099: There are different variations of Form 1099, such as 1099-MISC, 1099-INT, 1099-DIV, etc. These forms are used to report income received by individuals or businesses from various sources other than employment, such as self-employment income, interest income, dividend income, and rental income.

Form W-2: This form is used by employers to report wages paid to employees and the taxes withheld from their pay. Employees use the information on Form W-2 to complete their individual tax returns.

Form 941: Employers use this form to report employment taxes, including federal income tax withheld, Social Security tax, and Medicare tax, for their employees.

Form 1065: This form is used by partnerships to report their income, deductions, and tax liability. Partnerships themselves do not pay income tax; instead, the partners report their share of partnership income on their individual tax returns.

Form 1120: This is the corporate income tax return form used by C corporations to report their income, deductions, and tax liability.

Form 990: This form is used by tax-exempt organizations, such as nonprofits and charities, to report their financial information, activities, and compliance with tax laws.

Form 8862: This form is used by taxpayers who previously claimed the Earned Income Tax Credit (EITC) but had it disallowed, and now want to claim it again.

These are just a few examples of the numerous IRS forms that exist to fulfill various tax-related obligations. The specific forms required for an individual or business depend on their unique circumstances, income sources, and deductions. It's advisable to consult the official website of the Internal Revenue Service (www.irs.gov) or seek professional tax advice to obtain accurate and up-to-date information regarding the specific IRS forms relevant to your tax situation.

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