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For Privacy Act and Paperwork Reduction Act Notice see the Instructions for Form 720. Cat. No. 43490I Form 6627 Rev. 1-2012 Page 2 ODC Tax on Imported Products IRS No. 19 the products check this box. Part IV. Tax on Floor Stocks of ODCs IRS No. 20 The floor stocks tax for 2012 is imposed on the For 2012 you are liable for the floor stocks tax if on January 1 you hold any of the following 1. At least 400 pounds of ODCs other than halons or 2. At l...
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What is form 6627?
Form 6627 is a tax form used by taxpayers to report interest and principal repayments on certain loans that were made by a person or organization with a goal of acquiring, developing, constructing, reconstructing, rehabilitating, or maintaining real property.
Who is required to file form 6627?
Individuals or businesses who have made qualifying loans and received interest or principal payments related to such loans are required to file form 6627.
How to fill out form 6627?
To fill out form 6627, you need to provide the necessary information such as the lender's name and taxpayer identification number, borrower's name and taxpayer identification number, the amount of interest and principal payments received, and other relevant details. The form should be accurately completed and filed according to the instructions provided by the IRS.
What is the purpose of form 6627?
The purpose of form 6627 is to report and track the interest and principal payments received on specified loans, allowing for proper tax reporting and compliance.
What information must be reported on form 6627?
Form 6627 requires the reporting of the lender's name and taxpayer identification number, borrower's name and taxpayer identification number, amounts of interest and principal payments received, and other relevant details as instructed by the IRS.
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