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Clear Fields Qualified Intermediary Addendum to New Client Application Form Limitation of Benefits Statement Date: TD Waterhouse Canada Inc. RE: Account Numbers: meets all provisions of the treaty

How to fill out qualified intermediary addendum

1. First, gather all the necessary information and documentation. To fill out the qualified intermediary addendum, you will need details regarding the qualified intermediary, such as their contact information and identifying number. Additionally, you will require information about the taxpayer involved in the exchange.
2. Next, carefully read through the addendum form. Make sure you understand each section and its requirements. If anything is unclear, seek guidance from a tax professional or legal advisor.
3. Begin by filling in the taxpayer's name, address, and taxpayer identification number (TIN) in the designated fields. These details are crucial for the identification of the parties involved.
4. Move on to the section regarding the qualified intermediary. Fill in their name, address, and either their employer identification number (EIN) or social security number (SSN). This information helps establish a clear connection with the intermediary.
5. Review the agreement section of the addendum. It is important to ensure that both the taxpayer and the intermediary agree to the terms outlined in the document. Carefully review the terms and make any necessary adjustments if mutually agreed upon.
6. If applicable, fill in the details of any associated financial institutions. This could include the name and address of the bank, as well as the account number.
7. Double-check all the information filled in the addendum for accuracy. Mistakes or missing information could lead to complications down the line.
8. Once you have reviewed and confirmed all the information entered, sign and date the addendum. The taxpayer and the qualified intermediary should both sign and date the document to indicate their consent and agreement.
9. Retain a copy of the completed addendum for your records. It is important to have a copy available for future reference or potential audits.

Who needs qualified intermediary addendum?

The qualified intermediary addendum is typically used in real estate transactions involving a 1031 exchange. Any taxpayer engaging in a like-kind exchange and utilizing the services of a qualified intermediary will need to fill out this addendum. It helps establish the relationship between the individual or entity acting as the qualified intermediary and the taxpayer involved in the exchange.

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What is qualified intermediary addendum?

The qualified intermediary addendum is a form used to report information about a qualified intermediary in certain financial transactions.

Who is required to file qualified intermediary addendum?

Qualified intermediaries and other parties involved in financial transactions that involve a qualified intermediary are required to file the addendum.

How to fill out qualified intermediary addendum?

The addendum can be filled out electronically or by hand, following the instructions provided on the form.

What is the purpose of qualified intermediary addendum?

The purpose of the addendum is to provide the IRS with information about qualified intermediaries and their transactions.

What information must be reported on qualified intermediary addendum?

Information such as the name, address, and taxpayer identification number of the qualified intermediary must be reported.