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Form 8883 Virginia Fairfax: What You Should Know
The information required is located on the first of 10 worksheets, Item 9. Item 9: “All taxable property included in the taxpayer's gross revenue for this year (excluding the taxpayer's home and other personal property) shall be reported on a TPO Form TR-3.” The accompanying instructions state that a taxpayer must complete the required information on Item 8 below: “The personal property of the taxpayer, including property purchased for investment and personal use, or personal property held or used by the taxpayer for business purposes, such as inventory, tools, office equipment or fixtures, and fixtures, such as a computer or printer, shall be subject to the personal property tax. Personal property includes both personal property, real property, and tangible personal property. The personal property includes personal property, such as furniture, jewelry, clothing, appliances, or tools, but excludes real property, tangible personal property used for business purposes, and money. Property subject to the personal property tax must be reported as taxable income. Property subject to the personal property tax must be included in the taxpayer's gross revenue.” The taxpayer must enter all personal property at each location of purchase, as well as provide to the tax assessor the total cost of the sales and the basis of that amount from which the taxable sale to the taxpayer, or the taxpayer's beneficiaries, has been calculated.
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