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Printable Form 8288-A Cape Coral Florida: What You Should Know
In 2015, the monthly rent was 100,000 which was 4,750 over the 280,000 mortgages. This is a huge financial gain for Ron, which is a PTA or Form 4029. Ron's IRS Form 4029 PTA was filed on November 13, 2015, just over 5 months after the closing date and just before the tenant moved in. That means the IRS got it from the mortgagee (not the tenant) right at the closing date. But, if Ron's form was not returned to the government by December 31, 2015, his gain was reduced to the mortgage in its current state, which is, 280,000 – 4,750= 180,000. If a PTA is not filed, the PTA is treated as sold on December 31, 2016. Ron would have to return the non-returned document to the IRS no later than February 8, 2017, for the tax year 2016. His new tenant did not do that, so his total gain would be 120,000. However, Ron would have to pay a penalty of 30% and the IRS would have to pay the mortgagee. Since Ron filed early, the penalty for late filing (and not returning the non-returned form to the IRS) is reduced to 5%. That is, no tax is due on Ron's tax due to the IRS until April 10, 2017. Example of Case Study. The amount of the gain is 120,000. The mortgagee (not the landlord). Ron's Form 4029 PTA. Form 8288-A is filed on November 13, 2015. That is 6 months before the January 15, 2016, close date. It states that the amount was reported to the IRS on February 8, 2017. Ron's IRS Form 4029 PTA is reduced to January 15, 2016 — No tax due January 15, 2015, for the mortgagee (not the landlord) Ron's IRS Form 4029 PTA, reduced to January 15, 2016. — Tax due February 8, 2017, for the mortgagee (not the landlord) Ron's IRS Form 8288-A. The Form 8288-A is filed on November 13, 2015.
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