Get the free 2017 Form 8865. Return of U.S. Persons With Respect to Certain Foreign Partnerships ...

Form8865Return of U.S. Persons With Respect to Certain Foreign Partnerships2017 Attach to your tax return. Go to www.irs.gov/Form8865 for instructions and the latest information. Information furnished

How to fill out 2017 form 8865 return

How to Fill Out 2017 Form 8865 Return:

1. Ensure that you are eligible to fill out the 2017 Form 8865 return. This form is used by certain U.S. persons who control a foreign partnership and need to report their share of the partnership's income, deductions, credits, etc.
2. Gather all the necessary information and documentation. You will need details about the foreign partnership, including its name, address, tax identification number, etc. You should also have information about your own investment in the partnership, such as your ownership percentage and capital contributions.
3. Begin filling out the form. Start by providing your personal information, including your name, address, and taxpayer identification number. Then, move on to the specific sections that require details about the foreign partnership and its operations.
4. Complete the required schedules. The Form 8865 typically requires the attachment of certain schedules, depending on the nature of the partnership activities. These schedules provide additional information about specific items such as income, expenses, and transactions.
5. Double-check your entries and calculations. Make sure all the information entered on the form and schedules is accurate. Check for any errors or omissions that may lead to complications or inaccuracies in your tax filings.
6. Sign and date the completed form. Once you have reviewed everything and ensured its accuracy, sign and date the form. Keep a copy for your records.

Who needs 2017 Form 8865 return?

1. U.S. persons who control a foreign partnership need to file the 2017 Form 8865 return. This includes individuals, corporations, partnerships, trusts, and estates.
2. If you are a U.S. person who owns at least a 50% interest in a foreign partnership or makes certain contributions to the partnership during the tax year, you need to file this form.
3. It is crucial to remember that the filing requirement applies to the controlling U.S. person, not the partnership itself. Even if the partnership does not have any taxable income, the U.S. person is still required to file Form 8865 to report their share of the partnership's income, deductions, credits, etc.

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