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 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.

Form 8804-W

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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

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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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Federal tax forms

Form 8804-W is one of Federal tax forms that are documents used to report and file federal income taxes with the Internal Revenue Service (IRS) in the United States. These forms are used by individuals, businesses, and organizations to report their income, deductions, and other relevant information necessary for calculating their federal tax liability.

The most commonly used federal tax form is the Form 1040, which is used by individual taxpayers to report their personal income tax. Other commonly used forms include the Form 1065 for partnerships, Form 1120 for corporations, and Form 990 for tax-exempt organizations.

Federal tax forms typically require taxpayers to report various sources of income, such as wages, salaries, and tips, as well as income from investments, rental properties, and other sources. The forms also allow taxpayers to claim deductions and credits for various expenses, such as charitable contributions, mortgage interest, and healthcare expenses.

It is important to file federal tax forms accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.

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