Form 8825 - Rental Real Estate Income And Expenses Of A Partnership Or An S Corporation Page 3
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Form 8825 (12-2010)
Page
Instructions
However, if the partnership or
For each property, enter the number of
days rented at fair rental value and days
S corporation has more than one rental
Section references are to the Internal
real estate activity for purposes of the
with personal use. For details, see
Revenue Code.
passive activity limitations, attach a
section 280A.
statement to Schedule K that reports
What’s New
Line 14. The partnership or
the net income (loss) for each separate
S corporation may claim a depreciation
activity. Also, attach a statement to each
Allowable Codes for Type of Property
deduction each year for rental property
Schedule K-1 that reports each partner’s
has been added to specify the type of
(except for land, which is not
or shareholder’s share of the net income
property being reported.
depreciable). If the partnership or
(loss) by separate activity (except for
S corporation placed property in service
Purpose of form. Partnerships and
limited partners in an electing large
during the current tax year or claimed
S corporations use Form 8825 to report
partnership). See Passive Activity
depreciation on any vehicle or other
income and deductible expenses from
Reporting Requirements in the
listed property, complete and attach
rental real estate activities, including net
instructions for Form 1065, Form1065 B,
Form 4562, Depreciation and
income (loss) from rental real estate
or Form 1120S for additional information
Amortization. See Form 4562 and its
activities that flow through from
that must be provided for each activity.
instructions to figure the depreciation
partnerships, estates, or trusts.
Complete lines 1 through 17 for each
deduction.
Before completing this form, be sure
property. But complete lines 18a through
to read:
21 on only one Form 8825. The figures
Paperwork Reduction Act Notice. We
• Passive Activity Limitations in the
on lines 18a and 18b should be the
ask for the information on this form to
instructions for Form 1065 or Form
combined totals for all forms.
carry out the Internal Revenue laws of
1120S, or Passive Loss Limitation
the United States. You are required to
Do not report on Form 8825 any:
Activities in the instructions for Form
give us the information. We need it to
•Income or deductions from a trade or
1065-B, especially for the definition of
ensure that you are complying with these
business activity or a rental activity other
“rental activity.”
laws and to allow us to figure and collect
than rental real estate. These items are
the right amount of tax.
• Extraterritorial Income Exclusion in the
reported elsewhere.
instructions for Form 1065, 1065-B, or
You are not required to provide the
• Portfolio income or deductions.
1120S.
information requested on a form that is
subject to the Paperwork Reduction Act
• Section 179 expense deduction.
Specific Instructions. Form 8825
unless the form displays a valid OMB
provides space for up to eight
• Other items that must be reported
control number. Books or records
properties. If there are more than eight
separately to the partners or
relating to a form or its instructions must
properties, attach additional Forms 8825.
shareholders.
be retained as long as their contents
The number of columns to be used for
• Commercial revitalization deductions.
may become material in the
reporting income and expenses on this
administration of any Internal Revenue
Line 1. For each property, give the street
form may differ from the number of
law. Generally, tax returns and return
address, city or town, and zip code. If
rental real estate activities the
information are confidential, as required
the property is located outside the
partnership or S corporation has for
by section 6103.
United States, give the postal code and
purposes of the passive activity
country. Specify the type of property by
The time needed to complete and file
limitations. For example, a partnership
entering one of the following codes in
this form will vary depending on
owns two apartment buildings, each
individual circumstances. The estimated
the "Type" column.
located in a different city. For purposes
average time is: Recordkeeping, 6 hr., 27
Codes
of the passive activity limitations, the
min.; Learning about the law or the form,
partnership grouped both buildings into
1–Single Family Residence
34 min.; Preparing the form, 1 hr., 37
a single activity. Although the
2–Multi-Family Residence
min.; Copying, assembling, and sending
partnership has only one rental real
3–Vacation or Short-Term Rental
the form to the IRS, 16 min.
estate activity for purposes of the
4–Commercial
passive activity limitations, it must report
If you have comments concerning the
the income and deductions for each
accuracy of these time estimates or
5–Land
building in separate columns.
suggestions for making this form
6–Royalties
simpler, we would be happy to hear from
7–Self-Rental
you. See the instructions for the tax
8–Other (include description with the
return with which this form is filed.
code on Form 8825 or on a separate
statement)
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