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Form 8038 (Rev September 2018) Information Return for Tax-Exempt Private Activity Bond Issues

Form 8038 (Rev September 2018) Information Return for Tax-Exempt Private Activity Bond Issues-2025

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The document is Form 8038, an information return for tax-exempt private activity bond issues as required by the Internal Revenue Service. It includes sections for issuer information, details about the bond issue, proceeds usage, and compliance with tax regulations. The form is used to report various types of exempt facility bonds and requires specific financial data related to the bond issuance.

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Do premiums paid on tax-exempt bonds must always be amortized?

AMORTIZATION OF BOND PREMIUM [19] Under section 171, the holder of a taxable bond acquired at a premium may elect to amortize bond premium. The holder of a tax- exempt bond acquired at a premium must amortize the premium.

What is a tax-exempt bond issue?

Most bonds issued by government agencies are tax-exempt. This means interest on these bonds are excluded from gross income for federal tax purposes. In addition, interest on the bonds is exempt from State of California personal income taxes.

How do you report acquisition premium on a tax-exempt bond?

If your debt instrument is a covered security under Regulations section 1.6045-1(a)(15), market discount, acquisition premium, or premium is reported in box 5, 6, or 10 of Form 1099-OID, respectively. The following rules generally do not apply to contingent payment debt instruments. Adjustment for premium.

What do you do with bond premium on tax-exempt bonds?

PREMIUM TAX-EXEMPT BONDS As with tax-exempt bonds with OID, investors do not have a choice on the tax treatment for the premium on tax-exempt bonds. Investors are required to amortize the premium in these cases.

How do you enter bond premium on tax-exempt bond box 13?

Box 13. For a tax-exempt covered security acquired at a premium, enter the amount of bond premium amortization allocable to the interest paid during the tax year. If you reported a net amount of interest in box 8 or 9, whichever is applicable, leave this box blank.

What is form 8038 used for?

(IRS) Form 8038 Form required to establish and maintain the federal income tax-exempt status of the Interest on Tax-Exempt Bonds. Depending upon the type of transaction, Issuers of Tax-Exempt Bonds are required to file one of the forms in the IRS Form 8038 series to report the issuance of Tax-Exempt Bonds to the IRS.

What is a tax-exempt private activity bond?

In fact, tax-exempt bonds may be issued to finance the acquisition, construction, development, or renovation of certain privately-owned facilities. These bonds are called qualified private activity bonds (PABs), and they can be a powerful tool in a facility owners financing toolbox.

Form 8038 (Rev September 2018) Information Return for Tax-Exempt Private Activity Bond Issues-2025

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How to quickly redact Form 8038 (Rev September 2018) Information Return for Tax-Exempt Private Activity Bond Issues online

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Got questions?

Do premiums paid on tax-exempt bonds must always be amortized?

What is a tax-exempt bond issue?

How do you report acquisition premium on a tax-exempt bond?

What do you do with bond premium on tax-exempt bonds?

How do you enter bond premium on tax-exempt bond box 13?

People also ask

What is form 8038 used for?

What is a tax-exempt private activity bond?

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Form 8038 (Rev September 2018) Information Return for Tax-Exempt Private Activity Bond Issues-2025

Here's how it works

How to quickly redact Form 8038 (Rev September 2018) Information Return for Tax-Exempt Private Activity Bond Issues online

Complete this form in 5 minutes or less

Got questions?

Do premiums paid on tax-exempt bonds must always be amortized?

What is a tax-exempt bond issue?

How do you report acquisition premium on a tax-exempt bond?

What do you do with bond premium on tax-exempt bonds?

How do you enter bond premium on tax-exempt bond box 13?

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What is form 8038 used for?

What is a tax-exempt private activity bond?

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