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Form 8288-A for Palm Beach Florida: What You Should Know
Don't Take Any Job You Can't Afford To Lose! Jun 8, 2024 — Here's a warning to attorneys who take clients to the courts and hope to make a couple of thousand dollars or a few days worth of referrals. Filing the Form 8288-A — IRS — IRS Sep 10, 2024 — You may need to file the 8288-A before filing Form 8288 because tax laws do not permit late filing of Form 8288. You must file the 8288-A within 60 days of the due date of the 1099-B, if necessary. What I Learned The Hard Way I was the buyer at 1.5 acres in West Des Moines, Iowa. In July 2024 I was offered to build two town homes and I thought it would be a good use of my time. Unfortunately, at the same time the local real estate agents were advertising a new high-rise development for sale at 4.5 acres of land nearby. The developers were offering well over 10,000 per acre. This was very tempting, but with the way the local markets were, I chose not to go through with any of those deals. The 2.5 acres I did purchase was very attractive, in that it had a 1.5 acre lake, and the market was hot. Unfortunately, as an attorney, I was not willing to risk my career based on a potential profit. As soon as I got the money I filed Form 8288-A and waited to see what happened. I decided at the end of August to file the 8288-A before I submitted my 990. When the IRS opened the 990, I decided against it, as I did not know what the final outcome would be. I knew that if I let the IRS determine what my tax liability was, they would probably recommend that I file an amended Return claiming an overpayment, and then I would lose my income tax refund. As I had been told, the IRS has a zero percent error rate on these forms. I thought if I filed an 8288-A, and waited to figure it out, my tax liability would be much lower, and when I filed the 990 the IRS would be more likely to deny me.
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