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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 8886
for the current year.
IRS Form 8886 Reportable Transaction Disclosure Statement
What Is IRS Form 8886?
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 March 1, 2011. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is Form 8886?A: Form 8886 is the Reportable Transaction Disclosure Statement.
Q: Who needs to file Form 8886?A: Taxpayers who have engaged in reportable transactions need to file Form 8886.
Q: What is a reportable transaction?A: A reportable transaction is a transaction that the IRS has identified as potentially abusive or uncertain in tax consequences.
Q: When should Form 8886 be filed?A: Form 8886 should be filed with the taxpayer's tax return for the year the reportable transaction was entered into.
Q: What information is required on Form 8886?A: Form 8886 requires taxpayers to provide detailed information about the reportable transaction, including the parties involved and the tax benefits claimed.
Q: What are the penalties for not filing Form 8886?A: Penalties for not filing Form 8886 can range from $5,000 to $100,000, depending on the type of transaction and the taxpayer's intent.
Q: Can I amend a previously filed Form 8886?A: Yes, taxpayers can amend a previously filed Form 8886 if they discover errors or omissions.
Q: Do I need to keep a copy of Form 8886 for my records?A: Yes, taxpayers should keep a copy of Form 8886 and any supporting documentation for their records.
Q: Are there any exceptions to filing Form 8886?A: There are certain exceptions to filing Form 8886, such as if the taxpayer is not required to file a tax return or if the transaction is below a certain threshold.
Form Details:
- A 3-page form available for download in PDF;
- Actual and valid for filing 2023 taxes;
- Editable, printable, and free;
- Fill out the form in our online filing application.
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Download IRS Form 8886 Reportable Transaction Disclosure Statement
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