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Form 8824 For Allentown Pennsylvania: What You Should Know

Part V: Form 8821 — Taxable Income, etc., of Organizations, etc.  Part I: Excise Tax : If you are a real estate or business organization, and the aggregate value of the real or personal property of your organization in the state is 5,000, you must file Form 8821 to report the property. You may use the information shown on Form 8283 to figure the amount of property taxes due. If you are an educational organization with a tax-exempt status in the state, see below for the exemption of educational organizations. If you are an individual, any personal property, such as cash in your possession, your earnings or your services, which are exempt, are reported on lines 1 and 2 of Form 8821. In addition, to report property of a like kind, you do not need to use Form 8821. However, if one or more of your properties has a special value to the public, such as a lake or an area of nature, you must report the value on lines 3, 4, and 5. The following general rules apply: 1. If the amount reported is more than 5,000, you must file Form 8821 to report the property. 2. If the amount reported is less than 5,000 but equals or exceeds 5,000, you should take the amount reported on line 1 and enter the amount on line 2 as a positive figure. In some cases, the amount may be a negative figure. For example, if the amount is 5,002 and your income tax for the year for the 5,002 is 3,000, you would report 5,002 as a negative figure at line 2. 3. If the value reported is a negative figure, you should subtract the amount you have paid or are paying from the amount reported on line 1. You should report the net amount shown on this form as 0. 4. This is your total tax for the year on the 1,000 (or more) reported on line 1, but this amount may be less than the total tax due if you made a negative amount deduction, as discussed at Line 9. 5. If your reported amount is zero, you must file Form 8821 if any part of that amount was included in gross income. 6.

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