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Form 8824 Corona California: What You Should Know
Exchange, enter all the details you are required to complete. This includes the specific year and the exchange value of the property, including tax basis and cost. Include the exchange amount in column (c) of Line 2 of the Form 8824. You'll also need to indicate if the sale is exempt from tax because you held the property for investment or for sale to a related party, for example. This is because an exchange of property will generally reduce your basis in (lose the cost of) the former property, and make a loss on the sale of the property. Here's a look at the table of contents for the form in NNN Deal: Form 8888 — TurboT ax To report an exchange with TurboT ax, we need to complete IRS Form 8888 and then send the form directly to TurboT ax with a check for the exchange amount. Form 8888. — TurboT ax In column (a), complete the following information: Loss Amount. The exact amount you paid for the exchanged property. The date you sold the property and the amount of the proceeds from the sale. Name, address, and TIN (Tax Identification Number). Use the word “Revenue” after column (c) of the Form 8888. If you want to indicate whether you are an individual taxpayer on the tax form, you must enter it after all the income related information on the form. If your spouse or partner is a taxpayer filing a separate tax return, you must also report your spouse's tax related information in column (a). Your spouse's social security number (SSN), name, and home address are also required to be listed on Form 8888. In column (c) of the form, enter the following: Type of Property Item Description Property Type The tax exchange date (the day the property was purchased) The tax basis of the property Cost or Proceeds. Loss Amount. The amount you paid for the relinquished property. The transaction date and the amounts you owe in tax. (This information must be completed for all exchanges you complete.) Here's our example in which the taxpayer has purchased 1031 shares of Filing Corporation. They're being sold to Filing employees with taxable capital gains. The taxpayer's tax liability, based off their tax return, will be 150,000.
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