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.
Form 4797 – Sales of Business Property (noted earlier under real estate but included for asset reporting)
Form 4797 is an IRS tax form used to report the sale or exchange of business property, like equipment, machinery, and certain real estate. It helps determine if you have a gain or loss that needs to be taxed or if you can deduct losses.
Form 2439 – Notice to Shareholder of Undistributed Long-Term Capital Gains
Form 2439 is an IRS form that informs shareholders of regulated investment companies (like mutual funds) about their share of long-term capital gains that the company has not distributed directly to them. This form is crucial for accurately reporting your tax liability.
Form 990-PF – Return of Private Foundation
Form 990-PF is the annual tax return that private foundations must file with the IRS, detailing their financial activities and charitable efforts. It's a key part of keeping these foundations accountable.