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Form 8824 For Tallahassee Florida: What You Should Know
Use our 1031 exchange tool to get started! Your tax adviser is ready to help you figure out whether the Tax Exchanges are right for you. We can help! Call us at today! Form 8824: Common Tax Questions What is the purpose of a 1031 Exchange? An exchange is part of the process where you transfer business and investment properties to another taxpayer. In order for the IRS to determine whether an exchange is proper, your transferor and transferor's successors must provide information about the property they are donating, whether it is a real or personal residence, whether it is part of a business that is traded for money or property, and whether it is in a use for commercial, educational, or recreational purposes. The IRS issues Form 8824, like-kind exchange reports, to the owners of the properties that were exchanged using Form 8824; you fill out Form 8824 for each different property and submit it to the IRS. There is no requirement to follow any specific schedule or set time for the exchange. The exchange process is voluntary and a one-time process. The IRS will determine whether an exchange is appropriate within the time frame agreed upon and will notify you by letter or in writing. What is an exchange of personal property? If you are donating real property to a tax delinquent, including an individual who has been incarcerated, then the IRS will only accept a Form 1099. Where does your property sit on my 1031 Exchange? In most cases, if you have a 1031 Exchange, you have no obligation to report a value, and no real-time tracking information is provided. You can report the fair market value of property, the fair market value plus estimated costs, the value of the property plus estimated annualized cost, or the value of the property plus estimated additional taxes over and above the value of property. What about real estate values that I do own? Can I report those without a real-time tracking value in the form description? Generally, you do not need to report real estate values that you own without a real-time tracking value. However, you can report this information by going in line 6 of the 1031 Exchange form to describe your property at a later date (i.e., that is, not for a second quarter tax year) on which you can estimate the value of your property using either a cash flow or fair market value model.
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