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Form 8825 Texas: What You Should Know

Rentals to Franchise and Subchapter S Corporations — IRS Partnerships that carry on a real estate development business subject to an income tax classification as a . (See Code of Federal Regulations, Title 26, §§1028 and 1029) Paying Taxes on Rental Income and Expenses — IRS Refer to the related questions Partnerships and S corporations may report rental income from rental property but are limited, as a general rule, to rental activity under chapter 1 of the Internal Revenue Code (IRC). (Taxpayer) reports income of the partnership on Line 17 of Form 8885 (or Form 8825) and deducts the applicable income tax expense of rental activity under section 163 of the IRC on Line 19 of Form 8825. In addition, the partnership may be subject to certain other tax reporting requirements under IRC §832. If not, the reporting must be completed for the partnership, and only Line 17 for the general real estate activity. However, if rent is paid under a bona fide franchise agreement with a gross receipts or gross income from a farming or fishing business, all reporting must be completed under a separate income tax return. Report on Form 8929 “Summary of Income Taxes for the Partnership” the income and expense separately for rental real estate activity and farming or fishing activity. The income is reported at the partnership level, and the expense at the farm or ranch level. The partnership income expense reportable under IRC §163 is shown separately on Line 17 of Form 8885, Line 19 of Form 8825, or in a separate return. Passive losses for a partnership can have different tax consequences depending on the type of partnership that is involved. For information on passive entities that may be required to withhold tax on rental income or expenses, refer to the IRM. Partnerships and S corporations that do not engage in or are not otherwise reported in a substantial trade or business need not qualify as passive. However, the general rules and requirements for passive income apply. Partnerships and S corporations do not file Form 8825, Rental Real Estate Income and Expenses of a Partnership or an S Corporation if their activities represent the principal purpose of carrying on the partnership or corporation and do not involve significant management of substantial resources. (See Code of Federal Regulations, Title 26, §1028 and 1139.

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