Get the free 8886 form

Form8886Reportable Transaction Disclosure Statement OMB No. 15451800 Attach to your tax return. (Rev. December 2019) Attachment See separate instructions. Department of the Treasury Sequence No. 137

How to fill out 8886 form

How to fill out form 8886:

1. Start by obtaining a copy of form 8886 from the Internal Revenue Service (IRS) website or through a tax preparation software.
2. Read the instructions carefully to understand the requirements and eligibility for filing the form.
3. Begin filling out the form by providing your personal information, including your name, address, and taxpayer identification number.
4. Identify the tax year for which you are filing the form.
5. Indicate the type of reportable transaction or position that necessitates the filing of form 8886.
6. Provide a detailed description of the transaction or position, including the parties involved and relevant facts.
7. Calculate the amount of any tax benefits or advantages expected or claimed from the transaction or position.
8. Attach any required documentation, such as copies of contracts, agreements, or other supporting documents related to the transaction or position.
9. Review the completed form and ensure all necessary sections are filled accurately.
10. Sign and date the form, certifying its correctness and completeness.

Who needs form 8886:

1. Individuals or entities who have participated in a reportable transaction or taken a reportable position that may potentially generate tax benefits or advantages are required to file form 8886.
2. Reportable transactions are those that the IRS determines to have the potential for tax evasion or abuse.
3. This form is applicable to both taxpayers who directly engage in the transaction or position and those who provide material aid, assistance, or advice for such transactions.

Note: It is essential to consult with a tax professional or seek advice from the IRS if you are unsure about your eligibility or obligations to file form 8886.

For pdfFiller’s FAQs

Can I create an electronic signature for signing my 8886 form in Gmail?

Create your eSignature using pdfFiller and then eSign your 8886 form immediately from your email with pdfFiller's Gmail add-on. To keep your signatures and signed papers, you must create an account.

How do I fill out 8886 form using my mobile device?

Use the pdfFiller mobile app to complete and sign 8886 form on your mobile device. Visit our web page (https://edit-pdf-ios-android.pdffiller.com/) to learn more about our mobile applications, the capabilities you’ll have access to, and the steps to take to get up and running.

How can I fill out 8886 form on an iOS device?

Install the pdfFiller iOS app. Log in or create an account to access the solution's editing features. Open your 8886 form by uploading it from your device or online storage. After filling in all relevant fields and eSigning if required, you may save or distribute the document.

What is form 8886?

Form 8886 is a U.S. Internal Revenue Service (IRS) form used to disclose questionable tax practices and transactions that a taxpayer has engaged in. It is designed to inform the IRS about potentially abusive tax shelters.

Who is required to file form 8886?

Any taxpayer who participates in a reportable transaction, including corporations, individuals, partnerships, and trusts, is required to file Form 8886. This includes any tax shelter or transaction that the IRS has identified as having a potential for tax avoidance.

How to fill out form 8886?

To fill out Form 8886, taxpayers must provide detailed information about the transaction, including the name of the transaction, a description, the tax benefits claimed, and any relevant documents. The form must be filled out accurately and submitted according to the IRS guidelines.

What is the purpose of form 8886?

The purpose of Form 8886 is to provide the IRS with information about transactions that may be considered tax avoidance schemes. It helps the IRS identify and monitor potentially abusive tax practices and enforce compliance.

What information must be reported on form 8886?

Form 8886 requires taxpayers to report details such as the type of transaction, the year it took place, the names and identifying information of all parties involved, the fees paid, and a summary of the expected tax benefits.