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Form 8824 Carmel Indiana: What You Should Know

The transfer to the qualified intermediary constitutes a transfer from the owner of the relinquished property to the qualified intermediary.  The tax year in which the transfer is finalized is the year that the relinquished ownership interest is settled. The taxable year of the recipient (the entity that received the exchange of relinquished property) is the tax year that the qualified intermediary receives the exchange, which is the taxable year that the qualified intermediary files the transfer tax return. How to Prepare your Tax Return If applicable, you must file Form 8824 with the return as soon as you receive the property. However, it may take the appraiser up to 5 weeks to process and file. Make sure you send the Form 8824 in the correct order. The original Form 8824, along with any exhibits you submitted with your original transfer, must be sent to the tax identification number. Contact information for the IRS is here. Tax Deduction for the Qualified Intermediary If your property was received as the result of an exchange in a case in which the amount of the exchanged property is 100,000 or less, the qualified intermediary can exclude the 100,000 exclusion amounts from qualified intermediary income. If the property is of a value of more than 100,000 and has a selling price of more than 1 million, the value of the property can be excluded for up to 10 years. Return to top Qualified intermediary. Section 1012(b) of the Internal Revenue Code defines a qualified intermediary to include any person, firm, partnership or corporation that performs services under an exclusive, royalty-free, non-discrimi- nable license or other agreement (other than the provision of services under an agreement described in section 832(a) of the Code) in connection with the exchange of property for a similar or related amount of property held by the person, firm, partnership, or corporation. In addition, the qualified media- cal must be engaged exclusively in the providing of services for the purposes of exchanging relinquished property.

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