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Form 8824 Chandler Arizona: What You Should Know

Form 8824 — IRS Part III: Properties Of A Like Kind with a Value of 25,000 or More. Form 8824 — IRS Part 1. Property of a Like Kind. (1) In the words of the IRS, “A property that is not classified as the basis for making an investment.” (2) “Income is not included in determining net capital gain unless it is used in paying the capital gain tax or in acquiring other property.” (3) (a) “If the property is used in the acquisition or investment of any other property, both the income and gain from that property shall be disregarded for purposes of computing net operating loss.” (b) “Only the income of the entity and any distributions made by the entity to each of its owners, or to any of its owners' partners, shall be used in determining net operating loss.”  (4) (a) “Any portion or income attributable to any of the following properties, namely, land, buildings, or improvements on land.” (b) “Property used in the acquisition or investment of any other property. (For this purpose, the term ownership 'may be implied either by contract or by implication or either of those acts of mere trusteeship or by the mere fact that such property has passed directly or indirectly to a person who has a legal or equitable control through one or more persons.'”(5) (a) “In the determination of whether the income or loss is directly attributable to a particular property, a particular investment, an investment in a business, or any of the other reasons for which the gross income or gross loss of the property has been determined under this part, such income or loss shall be measured by an amount equal to the ratio of the adjusted basis of such property to the basis of the property for which such income or loss has been determined, when made.” (b) “The adjusted basis of property is determined, with ordinary care, by reference to the net amount of changes in property values (other than any change in depreciation) resulting from disposition of identical or functionally similar depreciable property, if the property is sold for fair market value.

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