DTF-686 New York State Department of Taxation and Finance Tax Shelter Reportable Transactions Attach: Fill out & sign online

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What is form DTF 686?

Tax Shelter Reportable Transactions. DTF-686-I. General information. The Tax Law provides for reporting requirements with respect to the disclosure of information relating to transactions that present the potential for tax avoidance (a tax shelter).

What does the IRS consider a tax shelter?

Tax shelters are legal, and can range from investments or investment accounts that provide favorable tax treatment, to activities or transactions that lower taxable income through deductions or credits. Common examples of tax shelter are employer-sponsored 401(k) retirement plans and municipal bonds.

What is a reportable transaction example?

Transactions of Interest: These types of transactions include: Charitable contribution deductions for taxpayers who hold an interest in an entity holding real estate. Grantor-type trusts terminating and then being re-established. Sale of an interest in a charitable remainder trust.

What are the five types of reportable transactions?

There are five categories of reportable transactions; confidential transactions, transactions with contractual protection, loss transactions, transactions of interest and listed transactions. See the brief descriptions of each type of transaction below.

What is an illegal tax shelter?

Investments that yield tax benefits are sometimes called tax shelters. Generally, abusive tax shelters are schemes involving transactions with little or no substance. Participants in certain shelters and transactions are required to disclose their participation, and may be subject to penalties for failing to do so.

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