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Form 8627 February 2012Texas Home Living ProgramRequest for Review of Individual Plan of Care (IPC) Cost Over Maximum Cost Ceiling Cover Sheet Please include the following in the packet submitted
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Open the form 8627.
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Carefully read the instructions and gather all the necessary information.
03
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04
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Who needs form 8627?
01
Individuals who receive income from a qualified settlement fund or an applicable liability insurance settlement need to file form 8627.
02
Beneficiaries of certain types of trusts may also need to fill out this form.
03
Anyone who wants to report their share of income, deductions, credits, etc., from a trust or settlement fund should use form 8627.
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It is recommended to consult a tax professional or refer to the IRS guidelines to determine if you specifically need to file form 8627.
05
Different situations may require different individuals to use this form, so it is important to assess your own circumstances.
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What is form 8627?
Form 8627 is used to report the exclusion of income from the discharge of indebtedness of a qualified principal residence.
Who is required to file form 8627?
Individuals who have had their mortgage debt partially or fully forgiven by a lender and qualify for the exclusion of income from the discharge of indebtedness are required to file form 8627.
How to fill out form 8627?
Form 8627 requires the taxpayer to provide information on the discharged debt, the qualified principal residence, and calculate the amount of excluded income.
What is the purpose of form 8627?
The purpose of form 8627 is to report the exclusion of income from the discharge of indebtedness of a qualified principal residence, as allowed by the tax laws.
What information must be reported on form 8627?
Information such as the taxpayer's name, address, Social Security Number, details of the discharged debt, information on the qualified principal residence, and calculation of the excluded income must be reported on form 8627.
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