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Caution: DRIFTNET FOR FILING This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information as a courtesy. Do not file draft forms.

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How to fill out form 8697

01

To fill out form 8697, follow these steps:

02

Start by entering your personal information, including your name, address, and social security number.

03

Indicate the tax year for which you are filing the form.

04

Provide details about the property for which you are claiming the Section 469(c)(7) election.

05

Calculate and enter the amount of nondeductible excess farm losses for the tax year.

06

Determine and report any real estate professional status if applicable.

07

Complete the special rules for rental real estate activities.

08

Calculate and enter any rental real estate grouping activities.

09

Make any necessary adjustments or elections.

10

Attach any required schedules or supporting documents.

11

Review and sign the completed form before submitting it to the IRS.

Who needs form 8697?

01

Form 8697 is needed by individuals or entities who need to make or revoke an election under Section 469(c)(7) of the Internal Revenue Code to treat all rental real estate interests as a single activity.

02

Additionally, individuals or entities that have nondeductible excess farm losses or claim status as a real estate professional may also need to file this form.

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What is form 8697?

Form 8697 is the Interest Computation Under the Look-Back Method for Completed Long-Term Contracts.

Who is required to file form 8697?

Contractors who are using the look-back method must file form 8697 with their tax return.

How to fill out form 8697?

To fill out form 8697, the contractor must provide information about completed long-term contracts, interest computation method used, and other relevant details.

What is the purpose of form 8697?

The purpose of form 8697 is to report interest on the underpayment or overpayment of tax resulting from the use of the look-back method for completed long-term contracts.

What information must be reported on form 8697?

Form 8697 requires information about completed long-term contracts, interest computation method used, and any adjustments or corrections made to the reported interest amounts.

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