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Antioch California online Form 8824: What You Should Know
But, if you use Form 8824 to report an exchange of property, you get a loss of capital gain. When you use Form 8824, you can choose between two different ways to report: You can report the exchange by identifying the property that has changed hands to get the new price for the property on your Tax Return, and report the same value for each of the “like-kind” exchanges you make (refer to Form 8824) or report only the price of the property that got changed hands in connection with the exchange(s)/(s) (Refer to your tax return). See the instructions for filing Form 8824, like-Kind Exchanges — IRS. You must make sure that you use the same information for each of your “like-kind” exchanges. You can use Form 806 as a Qualified Intermediary to report to the IRS the value of property that gets changed hands in connection with an exchange/s/(s), for example, a trade in or a sale of new or used property. See Form 806 (Qualified Intermediary) You can also use Form 8824 to report a 1031 Exchange, for example, the exchange of real or personal property like an investment property or a rental property that is bought for cash and sold and used to buy other property in the same trade or business, as long as each exchange is between like-kind parties. Note: To be an IRS qualified intermediary and to qualify to report a 1031 Exchange, you must satisfy one of the following qualifications: The intermediary: Is a resident of a State or locality where the tax imposed by that State or locality is higher than the tax imposed by the United States. Is not a nonresident of a State or locality in which the tax imposed by that State or locality is higher than the tax imposed by the United States. Is not engaged in the business of buying or selling property for the purpose of reducing the tax imposed on the property or of remitting the tax to the United States. The intermediaries: 1.
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