IRS Form 8866 "Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method"

What Is IRS Form 8866?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on November 1, 2018. Check the official IRS-issued instructions before completing and submitting the form.

Form Details:

  • A 1-page form available for download in PDF;
  • Actual and valid for filing 2021 taxes;
  • Editable, printable, and free;
  • Fill out the form in our online filing application.

Download a fillable version of IRS Form 8866 through the link below or browse more documents in our library of IRS Forms.

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Download IRS Form 8866 "Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method"

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8866
Interest Computation Under the Look-Back Method for
OMB No. 1545-1622
Form
Property Depreciated Under the Income Forecast Method
(Rev. November 2018)
Attachment
Department of the Treasury
Go to www.irs.gov/Form8866 for instructions and the latest information.
108
Sequence No.
Internal Revenue Service
For the recomputation year beginning
, and ending
. See instructions.
Name
A Identifying number
Print
Number, street, and apt., room, or suite no. If a P.O. box, see instructions.
B Check applicable box to show type of taxpayer:
or
Type
Corporation
S corporation
City or town, state, and ZIP code. If a foreign address, see instructions.
Individual
Partnership
Estate or trust
C If you were an owner of an interest in a pass-through entity (such as a partnership or an S corporation) that depreciated one or more properties to which this interest
computation relates, enter the name and employer identification number of the entity. Attach a schedule if there is more than one such entity.
Employer identification number
Name of entity:
Pass-through entities: Skip lines 1, 3, 4, and 5.
Recomputation
Prior Years
1 Taxable income (or loss) for the prior years shown on tax return (or
Year
as previously adjusted) before net operating loss or capital loss
(a)
(b)
(c)
carrybacks (other than carrybacks that must be taken into account
Year ended
Year ended
Year ended
Totals
to properly compute interest under section 167(g)) (see instructions).
(Add columns (a) and (b))
mo.
yr.
mo.
yr.
mo.
yr.
If you were required to file Form 8866 for an earlier year, enter
adjusted taxable income for the prior years from Form 8866, line 3,
for the most recent recomputation year that affects the prior years.
2 Adjustment to taxable income for the difference between: (a) the
depreciation deducted under the income forecast method based
on estimated future income and (b) depreciation allowable under
the income forecast method based on actual income earned for
periods before the end of the recomputation year and estimated
future income to be earned after the recomputation year. See
instructions and attach a schedule listing each separate property,
unless you were an owner of an interest in a pass-through entity.
3 Adjusted taxable income for look-back purposes. Combine
lines 1 and 2. If line 3 is a negative amount, see instructions.
4 Income tax liability on line 3 amount using tax rates in effect
for the prior years (see instructions)
.
.
.
.
.
.
.
5 Income tax liability shown on return (or as previously
adjusted) for the prior years (see instructions). If you were
required to file Form 8866 for an earlier year, enter the
amount required to be reported on Form 8866, line 4, for the
most recent recomputation year that affects the prior years
6 Increase (or decrease) in tax for the prior years on which
interest is due (or is to be refunded). Subtract line 5 from
line 4. (Pass-through entities: See instructions.)
.
.
.
7 Interest due on increase, if any, shown on line 6 (see
instructions) .
.
.
.
.
.
.
.
.
.
.
.
.
.
8 Interest to be refunded on decrease, if any, shown on line 6
(see instructions)
.
.
.
.
.
.
.
.
.
.
.
.
9 Net amount of interest to be refunded to you. If line 8, column (c), exceeds line 7, column (c), enter the excess. File
Form 8866 separately; do not attach it to your tax return (see instructions) . . . . . . . . . . . . . . . .
10 Net amount of interest you owe. If line 7, column (c), exceeds line 8, column (c), enter the excess. Attach Form 8866 to
your tax return. See instructions for where to include this amount on your return .
.
.
.
.
.
.
.
.
.
.
.
Signatures. Complete this section only if this form is being filed separately and not with the tax return.
Under penalties of perjury, I declare that I have examined this form, including accompanying schedules and statements, and to the best of my knowledge
and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign
Your signature
Date
Here
Spouse’s signature. If a joint return, both spouses must sign.
Date
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Check
if
Paid
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
8866
For Privacy Act and Paperwork Reduction Act Notice, see instructions.
Form
(Rev. 11-2018)
Cat. No. 26036C
8866
Interest Computation Under the Look-Back Method for
OMB No. 1545-1622
Form
Property Depreciated Under the Income Forecast Method
(Rev. November 2018)
Attachment
Department of the Treasury
Go to www.irs.gov/Form8866 for instructions and the latest information.
108
Sequence No.
Internal Revenue Service
For the recomputation year beginning
, and ending
. See instructions.
Name
A Identifying number
Print
Number, street, and apt., room, or suite no. If a P.O. box, see instructions.
B Check applicable box to show type of taxpayer:
or
Type
Corporation
S corporation
City or town, state, and ZIP code. If a foreign address, see instructions.
Individual
Partnership
Estate or trust
C If you were an owner of an interest in a pass-through entity (such as a partnership or an S corporation) that depreciated one or more properties to which this interest
computation relates, enter the name and employer identification number of the entity. Attach a schedule if there is more than one such entity.
Employer identification number
Name of entity:
Pass-through entities: Skip lines 1, 3, 4, and 5.
Recomputation
Prior Years
1 Taxable income (or loss) for the prior years shown on tax return (or
Year
as previously adjusted) before net operating loss or capital loss
(a)
(b)
(c)
carrybacks (other than carrybacks that must be taken into account
Year ended
Year ended
Year ended
Totals
to properly compute interest under section 167(g)) (see instructions).
(Add columns (a) and (b))
mo.
yr.
mo.
yr.
mo.
yr.
If you were required to file Form 8866 for an earlier year, enter
adjusted taxable income for the prior years from Form 8866, line 3,
for the most recent recomputation year that affects the prior years.
2 Adjustment to taxable income for the difference between: (a) the
depreciation deducted under the income forecast method based
on estimated future income and (b) depreciation allowable under
the income forecast method based on actual income earned for
periods before the end of the recomputation year and estimated
future income to be earned after the recomputation year. See
instructions and attach a schedule listing each separate property,
unless you were an owner of an interest in a pass-through entity.
3 Adjusted taxable income for look-back purposes. Combine
lines 1 and 2. If line 3 is a negative amount, see instructions.
4 Income tax liability on line 3 amount using tax rates in effect
for the prior years (see instructions)
.
.
.
.
.
.
.
5 Income tax liability shown on return (or as previously
adjusted) for the prior years (see instructions). If you were
required to file Form 8866 for an earlier year, enter the
amount required to be reported on Form 8866, line 4, for the
most recent recomputation year that affects the prior years
6 Increase (or decrease) in tax for the prior years on which
interest is due (or is to be refunded). Subtract line 5 from
line 4. (Pass-through entities: See instructions.)
.
.
.
7 Interest due on increase, if any, shown on line 6 (see
instructions) .
.
.
.
.
.
.
.
.
.
.
.
.
.
8 Interest to be refunded on decrease, if any, shown on line 6
(see instructions)
.
.
.
.
.
.
.
.
.
.
.
.
9 Net amount of interest to be refunded to you. If line 8, column (c), exceeds line 7, column (c), enter the excess. File
Form 8866 separately; do not attach it to your tax return (see instructions) . . . . . . . . . . . . . . . .
10 Net amount of interest you owe. If line 7, column (c), exceeds line 8, column (c), enter the excess. Attach Form 8866 to
your tax return. See instructions for where to include this amount on your return .
.
.
.
.
.
.
.
.
.
.
.
Signatures. Complete this section only if this form is being filed separately and not with the tax return.
Under penalties of perjury, I declare that I have examined this form, including accompanying schedules and statements, and to the best of my knowledge
and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign
Your signature
Date
Here
Spouse’s signature. If a joint return, both spouses must sign.
Date
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Check
if
Paid
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
8866
For Privacy Act and Paperwork Reduction Act Notice, see instructions.
Form
(Rev. 11-2018)
Cat. No. 26036C