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Antioch California online Form 8825: What You Should Know
Knot · Aug 6, 2021 If not, we can help you with that next. Form 8825 is an easy, reliable way to report rental income from the rental of real property, and it also has the added flexibility that, along with your business taxes, it's good for: you, your partners, your tax preparer, and your accountant. Form 8825 includes everything you need to know about reporting rental income from your partnership, LLC, or S corporation to the IRS. The video below explains these points: Why Should You File Form 8825 You should file your partnership, LLC, or S Corp return with Form 8825. But first, here's a quick tutorial: How Form 8825 Works If you are a landlord, and you bought your rental property jointly, you'd report rental income on Form 5821. You'd only have to file Form 8825 for that. If you're a landlord, and you bought your rental property only at an in-relocation sale price, you should report rental income on the Form 8825. This is an easy-to-use form that you'll need to fill out and file. You can use either Form 8825 or Form 8965 to report rental income from a mortgage-backed security, real estate sales agreement (RISE), or other investment property. Your tax return as a property owner would be an amended return and would show rental income. Or you can elect to pay your tax liability by filing Form 4868, Election to Pay With Pre-tax Election Instead of filing Form 8825, you can elect to pay with a reduced or no tax using Form 4868. Why should I file Form 8825? Form 8825 is the simplest and easiest way for landlords to report rental income. Because it's available for any kind of real property, you'll not only be taxed on any rental income from your property, but you'll also be taxed on any other income received from your rental real property. You'll have to file one Form 8825 for each partnership, LLC, or S corporation you own. But you only need to file Form 8825 for your rental properties. This is the form you'll need to report on your income tax return.
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