Instructions for IRS Form 8990 Limitation on Business Interest Expense Under Section 163(J)

IRS Form 8990 Limitation on Business Interest Expense

This document contains official instructions for IRS Form 8990 , Limitation on Business Interest Expense Under Section 163(J) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8990 is available for download through this link.

FAQ

Q: What is IRS Form 8990?
A: IRS Form 8990 is used to calculate the limitation on business interest expense under Section 163(J).

Q: What is the purpose of IRS Form 8990?
A: The purpose of IRS Form 8990 is to determine the amount of business interest expense that can be deducted for tax purposes.

Q: Who needs to file IRS Form 8990?
A: Taxpayers who have interest expenses from a trade or business and have gross receipts over a certain threshold need to file IRS Form 8990.

Q: What is the threshold for filing IRS Form 8990?
A: Taxpayers with gross receipts of $26 million or more in the previous year are required to file IRS Form 8990.

Q: What information is required to fill out IRS Form 8990?
A: To fill out IRS Form 8990, you will need to provide information about your business interest expense, qualifying trades or businesses, and other required details.

Q: When is the deadline for filing IRS Form 8990?
A: The deadline for filing IRS Form 8990 is generally the same as the deadline for filing your federal income tax return, which is April 15th.

Q: What happens if I don't file IRS Form 8990?
A: If you are required to file IRS Form 8990 and fail to do so, you may face penalties and interest charges.

Q: Can I file IRS Form 8990 electronically?
A: Yes, you can file IRS Form 8990 electronically using e-file options provided by the IRS.