Form 8396 – Mortgage Interest Credit
Form 8396 is used to claim the mortgage interest credit, which can help certain lower-income homeowners reduce their tax burden. It's not the same as the mortgage interest *deduction*.
Form 5405 – Repayment of the First-Time Homebuyer Credit
Form 5405 is used to repay the first-time homebuyer credit, a benefit given to some home purchasers years ago. It's important to understand if this form applies to you and how to correctly fill it out.
Form 8971 – Information Regarding Beneficiaries Acquiring Property From a Decedent
Form 8971 is an IRS form used to report the value of property inherited from a deceased person. It ensures beneficiaries have the correct information for future tax purposes.
Form 706-GS(T) – Generation-Skipping Transfer Tax Return for Taxable Terminations
Form 706-GS(T) is an IRS tax form used to report and pay taxes on certain types of transfers of property to someone who is two or more generations younger than the person making the transfer. It helps ensure the government gets its share of taxes on these transfers.
Form 3921 – Exercise of an Incentive Stock Option Under Section 422(b)
Form 3921 is an IRS form used to report the exercise of an incentive stock option (ISO). Understanding this form is crucial for correctly reporting taxes on stock options.
Form 4684 – Casualties and Thefts (previously listed under disaster recovery but emphasized here again for tax purposes)
Form 4684 is used to report losses from sudden, unexpected events like natural disasters or theft. This form helps you determine if you can deduct these losses from your taxes.
Form 8849-S – Schedule for Claim for Refund of Excise Taxes
Form 8849-S is used to claim a refund of certain federal excise taxes that you may have overpaid. It helps taxpayers get back money that the government collected incorrectly on specific goods or services.
Form 4136 – Credit for Federal Tax Paid on Fuels (previously noted but now expanded for excise categories)
Form 4136, the Credit for Federal Tax Paid on Fuels, allows certain taxpayers to claim a credit for excise taxes paid on specific fuels used for specific purposes. This credit helps reduce your overall tax liability.
Form 8828 – Recapture of Federal Mortgage Subsidy
Form 8828 is used to calculate and report the recapture of a federal mortgage subsidy, which happens when you sell or transfer a home financed with certain types of government-backed loans within a specific timeframe. Understanding this form is crucial if you received assistance from these programs.
Form 6252 – Installment Sale Income
Form 6252 is an IRS tax form used to report profit from the sale of property when you receive payments over multiple years. If you're selling something and getting paid in installments, this form is likely for you.