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Official form guide
Form 8038-GC: Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales
IRS Form 8038‑GC is an Information Return for Small Tax‑Exempt Governmental Bond Issues, Leases, and Installment Sales. Issuers of tax‑exempt governmental obligations priced under $100,000 file it, reporting issue details and any non‑cash property. The separate‑issue deadline is the 15th day of the 2nd month after the quarter’s close.
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IRS Form 8038-GC - Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales
IRS Form 8038‑GC is an Information Return for Small Tax‑Exempt Governmental Bond Issues, Leases, and Installment Sales. Issuers of tax‑exempt governmental obligations priced under $100,000 file it, reporting issue details and any non‑cash property. The separate‑issue deadline is the 15th day of the 2nd month after the quarter’s close.
Risk Radar
Scan points- 1Filing Form 8038‑GC for a bond priced $100,000 or more triggers a filing error and possible penalties.
- 2Filing Form 8038‑GC for an issue priced $100,000 or more instead of Form 8038‑G.
- 3Missing the 15th‑day‑of‑the‑2nd‑month deadline for a single‑issue return.
- 4Failing to file the consolidated return by February 15 of the following year.
- 5Not checking the Amended Return box when correcting a previously filed return.
Plain English
Form 8038‑GC tells the IRS about small tax‑exempt government bonds, leases, or installment sales. Issuers list the bond’s basic data, any non‑cash property received, and whether the filing is separate or consolidated. The form helps the IRS track compliance with arbitrage rules. It must be sent before the applicable deadline.
Submission Date
- Filing date: 2021-10-01 22:10:30
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when the issuer files a tax‑exempt governmental obligation with an issue price less than $100,000 (or a construction issue requiring an election notice).
- Do not use it when the issue price is $100,000 or more.
- Check Form 8038‑G instead when the issue price is $100,000 or more.
Form selector
Use this form or another form?
Issue price $100,000 or more
Required for larger tax‑exempt governmental bonds
✓ Verify issue price exceeds $100,000
Rebating arbitrage or paying penalty in lieu of arbitrage rebate
Used to report arbitrage rebate or penalty
✓ Confirm need for arbitrage reporting
Private activity bond filing
For tax‑exempt private activity bond issues
✓ Ensure bond qualifies as private activity
Deadline or filing window
The filing trigger is the issuance of a tax‑exempt governmental bond priced under $100,000. A separate return must be filed by the 15th day of the second month after the quarter’s close; a consolidated return must be filed by February 15 of the following calendar year. An extension may be granted by requesting relief under section 3 of Rev. Proc. 2002‑48 with a supporting letter.
Checklist
What you need before filling it out
Part I Reporting Authority
Issuer’s name, EIN, address · Form lines 1‑3 on page 1
When To File – Separate Issue
File by 15th day of 2nd month after quarter close · Instructions page 2 deadline statement
When To File – Consolidated Return
File by February 15 of the following calendar year · Instructions page 2 consolidated deadline
Where To File
IRS Center, Ogden, UT 84201 (or approved PDS) · Address listed on page 2
Private Delivery Services (PDS)
Use DHL Same Day, FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, FedEx International First, UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M., UPS Worldwide Express Plus, UPS Worldwide Express · List on page 2
Late Filing Extension
Request relief under Rev. Proc. 2002‑48, attach letter stating reason · Page 2 extension instructions
Before you submit
- 1Confirm the issue price is under $100,000.
- 2Check the Amended Return box if filing an amendment.
- 3Enter the issuer’s name on line 1.
- 4Enter the issuer’s EIN on line 2.
- 5Provide the issuer’s street address or P.O. box on line 3.
- 6Do not attach copies of bond, lease, or installment sale documents.
- 7Select an approved private delivery service (e.g., DHL Express, FedEx Priority Overnight, UPS Next Day Air) for mailing.
- 8Mail the form to the IRS Center in Ogden, UT 84201.
How to file this form
- 1Determine whether the issue price is less than $100,000 or a construction issue.
- 2Complete lines 1 through 4 with the issuer’s name, EIN, and address.
- 3Mark the Amended Return box if the filing is an amendment.
- 4Attach any required statements but do not include bond documents.
- 5Mail the completed Form 8038‑GC to the Department of the Treasury Internal Revenue Service Center, Ogden, UT 84201 using an approved private delivery service and retain the mailing receipt as proof of filing.
Known limitations
- 1Form 8038‑GC does not apply to tax‑exempt governmental obligations with an issue price of $100,000 or more; those issuers must use Form 8038‑G (Form p.1).
- 2Form 8038‑GC is not used for filing the penalty payment; the penalty must be paid with Form 8038‑T, not with Form 8038‑GC (Form p.3).
- 3Form 8038‑GC does not require submission of any bond, lease, or installment‑sale documents with the return (Form p.2).
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
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Fillable formOpen in Editor->Form 8038‑GC is revised Rev. October 2021. Go to www.irs.gov/Form8038GC for instructions and the latest information.
What changed or needs a fresh check
- Edition date — confirm the revision reads Rev. October 2021
- Fee — Not stated in the official source
- Mailing address — confirm address is Department of the Treasury Internal Revenue Service Center, Ogden, UT 84201
- Signature — Not stated in the official source
Quick Facts
Downloads
After you file
- 1Retain a copy of the filed Form 8038‑GC and any attached schedules for your records.
- 2If you used a private delivery service, keep the mailing receipt or proof of delivery date provided by the carrier (Form p.2).
- 3If an extension was granted, ensure the top of the form includes the statement “Request for Relief under section 3 of Rev. Proc. 2002‑48” and the attached explanatory letter (Form p.2).
- 4If you need to correct information, check the Amended Return box on a new Form 8038‑GC and file the amended return (Form p.1).
- 5Do not send the form to the comments address; mail it to the IRS Center in Ogden, UT 84201 as specified (Form p.2).
Sources
- SRCForm p.1 — issuers with issue prices less than $100,000 must file Form 8038‑GC.
- SRCForm p.1 — issuers with issue prices $100,000 or more must file Form 8038‑G.
- SRCForm p.1 — construction issues require a separate Form 8038‑GC to give notice of the penalty election.
- SRCForm p.2 — separate‑issue deadline is the 15th day of the 2nd calendar month after the close of the calendar quarter.
- SRCForm p.2 — consolidated‑issue deadline is February 15 of the calendar year following the issue year.
- SRCForm p.2 — extension request must include the statement “Request for Relief under section 3 of Rev. Proc. 2002‑48” and an explanatory letter.
- SRCForm p.2 — do not submit copies of bond, lease, or installment‑sale documents.
- SRCForm p.2 — mailing address is Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201.
- SRCForm p.2 — approved private delivery services are listed (DHL Express, FedEx, UPS).
- SRCForm p.3 — penalty for a construction issue is payable with Form 8038‑T, not with Form 8038‑GC.
Common confusion points
Do I file Form 8038‑GC or Form 8038‑G?
I am unsure which form applies based on issue price.
→ Verify the issue price is less than $100,000 to use Form 8038‑GC; otherwise use Form 8038‑G (Form p.1).
When is the deadline for a single‑issue filing?
The wording “15th day of the 2nd calendar month after the close of the calendar quarter” is confusing.
→ Identify the quarter‑end date, add two months, and confirm the 15th of that month (Form p.2).
What is the deadline for a consolidated return covering multiple issues?
I think the same deadline as a single issue applies.
→ Use February 15 of the calendar year following the year the issue was issued (Form p.2).
Do I need to attach bond or lease documents to the return?
I assume supporting documents are required.
→ Do not submit any copies of bond, lease, or installment‑sale documents (Form p.2).
How do I report a penalty election for a construction issue?
I think the penalty is reported on the same Form 8038‑GC.
→ Check the construction‑issue box on Form 8038‑GC and pay the penalty with Form 8038‑T, not with Form 8038‑GC (Form p.3).
Can I use any private delivery service for mailing?
I plan to use a carrier not listed by the IRS.
→ Use only the approved carriers listed (DHL Express Same Day, FedEx options, UPS options) (Form p.2).
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 8038‑GC (Amended Return) – check the Amended Return box to correct a previously filed return.
Questions about IRS Form 8038-GC
What is IRS Form 8038-GC used for?
Form 8038‑GC tells the IRS about small tax‑exempt government bonds, leases, or installment sales. Issuers list the bond’s basic data, any non‑cash property received, and whether the filing is separate or consolidated. The form helps the IRS track compliance with arbitrage rules. It must be sent before the applicable deadline.
Who must file IRS Form 8038-GC?
Issuers of tax‑exempt governmental obligations with issue prices less than $100,000 must file IRS Form 8038‑GC.
What information does IRS Form 8038-GC require?
The form collects the issuer’s name, EIN, address, issue date, and details of each issue, including property exchanged on lines 9a‑9h and monetary amounts rounded to whole dollars.
When is IRS Form 8038-GC due?
For a single‑issue return, file on or before the 15th day of the 2nd calendar month after the quarter in which the issue was issued. For a consolidated return, file on or before February 15 of the year following the issue year.
How do I complete IRS Form 8038-GC?
Begin by entering the issuer’s name, EIN, and address in Part I, then check the Amended Return box if correcting a prior filing. Complete the issue details, rounding amounts to whole dollars, and fill lines 9a‑9h when non‑cash property is exchanged. Use the single‑issue deadline for separate returns or the consolidated deadline for multiple issues. Sign the form before submission.
What happens if IRS Form 8038-GC is filed incorrectly?
Late filing may require a request for relief under section 3 of Rev. Proc. 2002‑48, and the IRS may scrutinize the return.
Do I file Form 8038‑GC or Form 8038‑G?
I am unsure which form applies based on issue price. Verify the issue price is less than $100,000 to use Form 8038‑GC; otherwise use Form 8038‑G (Form p.1).
When is the deadline for a single‑issue filing?
The wording “15th day of the 2nd calendar month after the close of the calendar quarter” is confusing. Identify the quarter‑end date, add two months, and confirm the 15th of that month (Form p.2).
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