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This document provides instructions for completing Form 8873, which is used to calculate the amount of extraterritorial income exclusion for eligible taxpayers under U.S. tax law.
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How to fill out form 8873 - irs
How to fill out Form 8873
01
Gather necessary documentation, including income records and detailed information about your investment.
02
Download Form 8873 from the IRS website or obtain a physical copy.
03
Complete the top section of the form with your personal information, including your name and Social Security number.
04
Fill out Part I, which involves entering your investment amounts and providing details related to the Qualified Zone Fund.
05
Proceed to Part II to calculate your gain or loss, inputting the required data as instructed.
06
Double-check all entries for accuracy and completeness.
07
Sign and date the form at the bottom.
08
Submit the completed Form 8873 with your tax return by the appropriate deadline.
Who needs Form 8873?
01
Investors who have made investments in Qualified Opportunity Funds and wish to claim a capital gains tax benefit.
02
Taxpayers who are looking to report gains from the sale of assets that were invested in a Qualified Opportunity Fund.
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People Also Ask about
What is the extra territorial income?
Extraterritorial income is the gross income of the taxpayer attributable to foreign trading gross receipts (defined below). The taxpayer reports all of its extraterritorial income on its tax return.
What is the meaning of extra territoriality?
noun. the privilege granted to some aliens, esp diplomats, of being exempt from the jurisdiction of the state in which they reside. the right or privilege of a state to exercise authority in certain circumstances beyond the limits of its territory.
Who files form 8873?
Form 8873 is attached to the taxpayers income tax return. Both corporate and non-corporate taxpayers who have qualifying transactions may now be required to file Form 8873. The exclusion reported on Form 8873 was created by the Foreign Sales Corporation (FSC) Repeal and Extraterritorial Income Exclusion Act of 2000.
What is the extraterritorial income?
Extraterritorial income is the gross income of the taxpayer attributable to foreign trading gross receipts. The taxpayer reported all of its extraterritorial income on its tax return. The taxpayer used Form 8873 to calculate its exclusion from income that is qualifying foreign trade income.
What is a territorial tax income?
Territorial taxation is a system that excludes foreign earnings from a country's domestic tax base. This is common throughout the world and is the opposite of worldwide taxation, where foreign earnings are included in the domestic tax base.
What is the extra territorial area?
If something is extraterritorial, it's beyond the boundaries or control of a particular country, state, or region. This adjective is mainly used in a legal context.
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What is Form 8873?
Form 8873 is a form used by U.S. taxpayers to claim the credit for Qualified Electric Vehicle (EV) and to report certain information on the vehicle's use and qualifying criteria.
Who is required to file Form 8873?
Taxpayers who have purchased a qualified electric vehicle and wish to claim the electric vehicle credit on their federal income tax return are required to file Form 8873.
How to fill out Form 8873?
To fill out Form 8873, taxpayers must provide their personal information, details about the qualified electric vehicle, and the amount of credit being claimed, ensuring all required information is accurately reported.
What is the purpose of Form 8873?
The purpose of Form 8873 is to allow taxpayers to claim tax credits for the purchase of qualified electric vehicles, thereby incentivizing the use of environmentally friendly vehicles.
What information must be reported on Form 8873?
Form 8873 requires taxpayers to report their name, taxpayer identification number (TIN), details about the purchased vehicle including make, model, year, and VIN, as well as the amount of credit being claimed.
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