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You must file Form 8697 for each tax year in which you completed a long-term contract entered into after February 28, 1986, that you accounted for using either the percentage of completion method or the percentage of completion-capitalized cost method for federal income tax purposes. You also must file Form 8697 for any tax year,
Attach Form 8697 to your tax return. See instructions for where to include this amount on your return. For Privacy Act and Paperwork Reduction Act Notice, see instructions. . . . . . . . . . .
11 wrz 2024 · Use this form to figure the interest due or to be refunded under the look-back method of section 460 (b) (2) on certain long-term contracts that are accounted for under either the percentage of completion method or the percentage of completion-capitalized cost method.
Form 8697 provides guidance on calculating interest using the look-back method for long-term contracts. This form assists individuals and corporations in determining what interest they owe or may be refunded. It's essential for accurate income tax filing related to completed long-term contracts. Get Form 8697 Instructions Form
Download a fillable version of IRS Form 8697 through the link below or browse more documents in our library of IRS Forms. Easily fill out and download the IRS Form 8697 Interest Computation Under the Look-Back Method for Completed Long-Term Contracts. Available in PDF and Word format.
This document contains official instructions for IRS Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury.
Filing Form 8697 involves several steps and requires detailed information to ensure all necessary information is provided. The form must be filed along with the taxpayer’s annual income tax return. Obtain Form 8697: The form can be downloaded from the IRS website. Ensure you have the correct version for the tax year in which you are filing.
