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How to prepare Form 8288-B

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About Form 8288-B

Form 8288-B is used to apply for a withholding certificate from IRS to reduce or eliminate the withholding required by Code section 1445. Internal Revenue Service T 12.1-1251 Form 8288-B is also issued for applications to use the real property loss deduction, which is a deduction for certain losses sustained by an owner's interest in a business property. The income attributable to the real property is determined by: 1. The sales price of such property computed as of the date of the foreclosure; or 2. The fair market value of real property as of the date of the foreclosure. Internal Revenue Service T 12.1-2103 Form 8288-B is also issued for certain business interests. Code section 1445 allows the withholding to be reduced or eliminated under certain circumstances. Form 8288-B is used to apply for a withholding certificate from IRS to reduce or eliminate the withholding required by Code section 1445. Internal Revenue Service T 10.1.1-2103 Form 8288-B is also issued to apply for a state net operating loss deduction. If the state has a net operating loss deduction, such deduction must also be made with the application for Form 8288-B, and the gross revenue attributable to the real property is the basis of the deduction. Internal Revenue Service T 10.1.1-2113 Form 8288-B is also issued to apply for a state or local business deduction. A deduction from the gross revenue of the home may be available if the owner is considered the business entity of the corporation that owns the business property. Inform the IRS by completing Form 8288-B and submitting it to the IRS to reduce or eliminate the withholding. The IRS accepts Form 8288-B for all states in which the property is located. If the property is located in a state that has a state income tax exemption, the Form 8288-B may also be used to meet the state income tax deduction. If you received a Form 8288-B, complete and submit an Electronic Filing (EFS) Authorization in order to get an electronic copy of Form 8288-B. Instructions on the EFS Authorization form will be mailed to you upon submission of Form 8288-B.

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FAQ - Form 8288-B

What is the purpose of Form 8288-B?
This form should be used for the following: To file a request for a waiver or extension of an assessment for a prior year. To make a written request for refund or relief from assessment to a taxpayer or an individual. To file a request for modification of an assessment for a prior year. Tax Act Statement This section of the tax act has been revised to provide information on refund claims. This section of the tax act is to assist taxpayers, with regard to a refund claim, in determining whether a refund exists. To be eligible for a refund, a tax credit must be claimed, an assessment on which a refund is claimed must have been filed or approved and the taxpayer has not otherwise filed a required return for a prescribed period. Additional Information This section provides information on tax filing requirements. It also provides you with important information to know when applying for an extension of time for filing an income tax return and applying for filing a return electronically. For more information see Filing your return electronically.
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