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Concord California Form 8824: What You Should Know

Form 8939, Form 941, or Part I of Form 8824. If you report your Section 1031 exchange to the IRS and don't meet your liability obligation to the IRS during the tax year, you have an option to either file an amended tax return with adjustments to your previous return or to get your original return, minus fees, if you elect. The IRS will notify you if there is an amended return. The IRS will then verify that your adjustment meets the requirements before issuing an amended return. This will not necessarily result in an automatic payment. If you are unsure about how the IRS might treat your amended return, you should consult your attorney before filing it for your benefit. If you fail to file an amended return, no one will receive the income. This only applies if: The exchange did not meet the requirements in IRS Regulation section 1.446-7.9, or In the case of an exchange of property which results in a loss or decrease for the taxpayer, or If there is a return filed within the specified tax year following the exchange, but IRS notice of tax loss is not mailed to the last known address. If you are filing in 2018, 2017, and 2016, you are allowed to take a tax offset on your exchange by filing Form 8938. However, you still have to report the loss or decrease at Step 5. If you file an amended return, a tax offset is not allowed, but your original return is reviewed. See IRS Notice 2018-1, which says, in part, “In a case in which the taxpayer's original return does not fully satisfy the requirements in IRS Notice 2018-1, the taxpayer may have the opportunity to reduce the amount of tax imposed. The taxpayer may be able to take a tax offset against the deficiency, which would result in a deficiency. If you fail to file an amended return, the original return is reviewed and IRS will determine if an offset was allowed.

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