- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
While your sale may appear fairly straight forward, most are not, and that is the reason for completing form 8594. The IRS is looking for consistency in the tax treatment of the assets that were sold.
Attached are the instructions for form 8594. You will note on the first page under when to file, it states to attach the form to "your income tax return".
TT is not set up to handle ALL situations. TT can handle the return, determine the gain, loss, ordinary income component, etc., but you will need to manually complete the form, attach it to your tax return and paper file your tax return.
https://www.irs.gov/pub/irs-pdf/i8594.pdf
Some returns are able to be efiled and attachments are sent separately, however, there are limited situations. Attached is the form 8453 which details the forms in which attachments can be sent separately. Form 8594 is not a listed form.
https://www.irs.gov/pub/irs-pdf/f8453.pdf
Also keep in mind the date of replies, as tax law changes.