Get the free RI-656 - Rhode Island Division of Taxation - tax ri

State of Rhode Island and Providence Plantations Form RI-656 Offer in Compromise 14104388880101 Taxpayer name(s) Social security/federal identification number Taxpayer name(s) Social security/federal

How to fill out ri-656 - rhode island

How to fill out ri-656 - Rhode Island:

1. Obtain the ri-656 form: Start by acquiring the ri-656 form, which is used in Rhode Island for reporting income received from short-term rentals, such as Airbnb or VRBO.
2. Fill in personal information: Provide your name, address, and Social Security Number (SSN) in the appropriate sections of the form. This information is necessary for identification purposes.
3. Report rental income: Enter the details of your rental income for the tax year being reported. Include the total rental income received from short-term rentals in the designated section.
4. Deduct allowable expenses: If you have any deductible expenses related to your short-term rental activity, deduct them in the appropriate section. Common deductible expenses may include advertising costs, property management fees, cleaning fees, and repairs.
5. Calculate net rental income: Subtract the total allowable expenses from the rental income to obtain the net rental income for the tax year.
6. Determine the applicable tax rate: Once the net rental income is determined, refer to the Rhode Island tax table to identify the corresponding tax rate based on your income.
7. Calculate the tax owed: Multiply the net rental income by the applicable tax rate to calculate the tax owed for the short-term rental activity.
8. Complete the remaining sections: Proceed to complete any remaining sections of the ri-656 form, providing any additional information required.

Who needs ri-656 - Rhode Island?

1. Individuals receiving income from short-term rentals: Any individual in Rhode Island who has earned income from short-term rentals, such as Airbnb or VRBO, needs the ri-656 form. This form is specifically designed to report and calculate taxes on this type of income.
2. Rhode Island residents: The ri-656 form is required for Rhode Island residents who have engaged in short-term rental activity during the tax year.
3. Part-time or occasional renters: Even if you only rented out your property on a part-time or occasional basis, you still need to report that income using the ri-656 form. Ethical tax reporting ensures compliance with Rhode Island state tax laws and regulations.

Remember, it is always wise to consult with a tax professional or utilize appropriate resources provided by the Rhode Island Department of Revenue to ensure accurate completion of the ri-656 form and compliance with state tax regulations.

For pdfFiller’s FAQs

What is ri-656 - rhode island?

The ri-656 form in Rhode Island is a document used to report worker's compensation coverage.

Who is required to file ri-656 - rhode island?

Employers in Rhode Island who have worker’s compensation insurance coverage are required to file the ri-656 form.

How to fill out ri-656 - rhode island?

The ri-656 form can be filled out online on the Department of Labor and Training's website or submitted by mail.

What is the purpose of ri-656 - rhode island?

The purpose of the ri-656 form is to ensure that employers have the required worker's compensation coverage for their employees.

What information must be reported on ri-656 - rhode island?

The ri-656 form requires information such as employer details, worker's compensation insurance policy number, and proof of coverage.

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