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Form 8886: Reportable Transaction Disclosure Statement
IRS Form 8886 is the Reportable Transaction Disclosure Statement used to disclose information for each reportable transaction in which a taxpayer participated. Any taxpayer required to file a federal tax return or information return must file this form.
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IRS Form 8886 - Reportable Transaction Disclosure Statement
IRS Form 8886 is the Reportable Transaction Disclosure Statement used to disclose information for each reportable transaction in which a taxpayer participated. Any taxpayer required to file a federal tax return or information return must file this form.
Risk Radar
Scan points- 1Do not omit required reportable transaction numbers; failure to list them can invalidate compliance.
- 2Failing to include all required reportable transaction numbers on Form 8886.
- 3Not including your name and identifying number at the top of each additional sheet.
- 4Omitting the specific declaration statement from the cover letter.
- 5Filing without attaching Form 8886 to the appropriate original return or amended return.
Plain English
This form tells the IRS about specific financial deals (reportable transactions) that you were involved in. By filing Form 8886, you are formally disclosing details about these transactions so the IRS can correctly assess your income tax treatment. If a transaction isn't disclosed properly, penalties may apply.
Submission Date
- Filing date: 2023-02-15 22:10:14
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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Glossary Terms
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What this form is for
- Use this form when any taxpayer (individual, trust, estate, partnership, S corporation, or other corporation) participates in a reportable transaction and is required to file a federal tax return or information return.
- Do not use this form when you are a regulated investment company (RIC) or an investment vehicle that is at least 95% owned by one or more RICs during the transaction course, unless the transaction is listed or of interest.
- Check Form 1040 (or other specific return number) instead when attaching this disclosure statement to your income tax return or information return.
Form selector
Use this form or another form?
Regulated Investment Company (RIC)
Required only for listed transactions or transactions of interest.
✓ Confirm the transaction type before filing.
Investment Vehicle at least 95% owned by RICs
Not required to file unless specific conditions are met regarding the transaction.
✓ Verify ownership percentage meets the 95% threshold.
Taxpayer files more than one disclosure
Each form must be sequentially numbered and reference the statement number of the other forms.
✓ Ensure all accompanying statements are correctly indexed.
Deadline or filing window
If you receive a timely Schedule K-1 less than 10 calendar days before your return due date, Form 8886 is not late if filed within 60 days after the return's due date (including extensions).
Checklist
What you need before filling it out
Purpose
Disclose information for each reportable transaction in which the taxpayer participated · Form 8886 instructions p.1
Who Must File
Any taxpayer (individual, trust, estate, partnership, S corp, other corp) filing a return/information return · Form 8886 instructions p.1
Line 6 Fees Paid To
Name, address, SSN/EIN, and approximate fees paid to individuals/entities who promoted, solicited, or advised on the transaction · Form 8886 line 6
Item A (Multiple Forms)
Sequentially number each Form 8886 and enter this form's statement number. · Form 8886 instructions p.5
Item B (Tax Return Details)
Enter the form number and year of the tax return with which Form 8886 is filed. · Form 8886 instructions p.5
Cover Letter CAUTION
Must include: “Under penalties of perjury, I declare that I have examined this reportable transaction disclosure statement and, to the best of my knowledge and belief, this reportable transaction disclosure statement is true, correct, and complete. Declaration of preparer (other than the taxpayer) is based on all information of which the preparer has any knowledge.” · Form 8886 instructions p.5
Before you submit
- 1Verify that Item B correctly lists the form number and year of the tax return to which this Form 8886 is attached.
- 2Confirm that if filing multiple forms, each Form 8886 has been sequentially numbered (e.g., 1 of 3).
- 3Check Item C box(es) accurately: Initial year filer or Protective disclosure.
- 4Ensure Line 6 includes the approximate fees paid for every individual/entity listed in relation to the transaction.
- 5Verify that the cover letter identifies the specific tax return to which the disclosure statement relates.
- 6Confirm the required perjury statement is signed on the cover letter, including the preparer's declaration if applicable.
- 7Ensure a copy of Form 8886 and its corresponding cover letter are submitted simultaneously to OTSA.
How to file this form
- 1Complete Item A by sequentially numbering this Form 8886 and entering its statement number if filing more than one form.
- 2Fill out Item B by entering the specific form number and year of the tax return this disclosure relates to.
- 3Check all applicable boxes in Item C (Initial year filer or Protective disclosure).
- 4Complete Line 6 by listing all relevant individuals/entities, their details, and the approximate fees paid to them for the transaction.
- 5Prepare a cover letter that identifies the tax return and includes the mandatory perjury declaration statement.
- 6Sign both Form 8886 (if applicable) and the accompanying cover letter under penalties of perjury.
- 7Attach Form 8886(s) to your income or information tax return, and submit copies simultaneously to OTSA.
Known limitations
- 1A regulated investment company (RIC) is generally not required to file Form 8886 for any transaction other than a listed or transaction of interest.
- 2An investment vehicle that is at least 95% owned by one or more RICs during a transaction may not be required to file Form 8886, unless it involves a listed or transaction of interest.
- 3If a taxpayer is a tax-exempt entity and participates in a prohibited tax shelter transaction, they may also need to file Form 8886-T (Disclosure by Tax-Exempt Entity Regarding Prohibited Tax Shelter Transaction).
Field map
Compact field-by-field guide
Entity Info
1 items
Name and taxpayer ID of the entity claiming the credit.
Credit Info
1 items
Type of credit or incentive being claimed.
Calculation
2 items
The base amount used to calculate the credit.
Calculated credit amount after applying formulas and limitations.
Certification
1 items
Detailed breakdown supporting the credit calculation.
Signatures
1 items
Sign and date the form.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is Revision October 2022, with a form revision date of December 2019; the instructions direct users to IRS.gov/Form8886 for the latest developments.
What changed or needs a fresh check
- Edition date — confirm the instructions read October 2022.
- Form revision date — confirm the form itself reads December 2019.
- Mailing address — submit copies to OTSA at the specified OTSA address (location not detailed in snippet).
- Signature — ensure the taxpayer signs under penalties of perjury, and if applicable, the preparer does as well.
- Tax Year Format — confirm fiscal year ends are entered as MM/DD/YYYY on Form 8886.
- Statement Numbering — confirm that if filing multiple forms, each is sequentially numbered (e.g., 1 of 3).
Quick Facts
Downloads
After you file
- 1Keep a copy of all documents and other records related to the reportable transaction.
- 2Retain your fax transmission log as confirmation or receipt if submitting via fax.
- 3Ensure the electronic return filed contains information word for word matching the official IRS Form 8886.
- 4Include Form 8886 with your income tax return or information return for each tax year you participated in.
Sources
- SRCInstructions p.1 — The purpose of Form 8886 is to disclose information for each reportable transaction in which a taxpayer participated.
- SRCInstructions p.1 — Any taxpayer that participates in a reportable transaction and files a federal tax/information return must file Form 8886.
- SRCInstructions p.1 — If the filer is a tax-exempt entity involved in a prohibited tax shelter transaction, they may also need to file Form 8886-T.
- SRCInstructions p.3 — The form must be attached to your income tax or information return for each tax year you participated.
- SRCInstructions p.4 — When filing electronically, the exact copy sent (mail/fax) must match the electronic submission word for word.
- SRCInstructions p.7 — Comments regarding the form can be sent to the IRS at 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224.
Common confusion points
Who must file this form?
Any taxpayer (individual, trust, estate, partnership, S corporation, or other corporation) that participates in a reportable transaction and files a federal tax/information return must file Form 8886.
→ Check the definition of 'taxpayer' against your entity type.
What if my company is an RIC?
A regulated investment company (RIC) is generally exempt from filing unless the transaction is listed or of interest.
→ Verify if your entity meets the RIC definition in Section 851.
Do I need to file Form 8886-T too?
If you are a tax-exempt entity and participate in a prohibited tax shelter transaction, you may need to file both Form 8886 and Form 8886-T.
→ Check if the transaction qualifies as 'prohibited' under your entity's status.
What happens if I submit it via fax?
You must still file the original Form 8886 with your tax return, even if you fax a copy to OTSA.
→ Do not rely only on the fax confirmation.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- If filing electronically, ensure your substitute or computer-generated Form 8886 is an exact copy of the official IRS form.
Questions about IRS Form 8886
What is IRS Form 8886 used for?
This form tells the IRS about specific financial deals (reportable transactions) that you were involved in. By filing Form 8886, you are formally disclosing details about these transactions so the IRS can correctly assess your income tax treatment. If a transaction isn't disclosed properly, penalties may apply.
Who must file IRS Form 8886?
Any taxpayer—including an individual, trust, estate, partnership, S corporation, or other corporation—that participates in a reportable transaction and must file a federal tax return or information return must file Form 8886.
What information does IRS Form 8886 require?
The form collects details about the transaction itself and identifies the parties involved. Specifically, it requires listing the Tax-exempt Foreign Related Name Identifying number, Address, and Description for each entry on Form 8886 (Rev. 12-2019).
When is IRS Form 8886 due?
If a partner in a partnership, shareholder in an S corporation, or beneficiary of a trust receives a timely Schedule K-1 less than 10 calendar days before their return due date, they may file Form 8886 within 60 days after the due date.
Where do I file IRS Form 8886?
The form must be filed with OTSA (Office of Tax Shelter Analysis). If filing electronically, the exact copy sent to OTSA must match the information provided on the official IRS Form 8886.
How do I complete IRS Form 8886?
The form must be completed in its entirety with all required attachments. A cover letter must identify the tax return and include a specific declaration signed by the taxpayer (and preparer, if applicable). If information exceeds space, additional sheets must be attached in order, including your name and identifying number at the top of each sheet.
What happens if IRS Form 8886 is filed incorrectly?
Failure to file Form 8886, or failing to attach it correctly, can result in a penalty under section 6707A for each failure. If a transaction is undisclosed and an understatement exists, the taxpayer may lose their reasonable cause defense under section 6664(d).
Who must file this form?
Any taxpayer (individual, trust, estate, partnership, S corporation, or other corporation) that participates in a reportable transaction and files a federal tax/information return must file Form 8886. Check the definition of 'taxpayer' against your entity type.
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