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Form 8824 Oceanside California: What You Should Know

IRS Form 8824 — Exchange of Business or Investment Property IRS Form 8824 — Like-Kind Exchange The IRS Form 8824 — Like-Kind Exchange is used to report the exchange of property of a like kind in which property of the first level is exchanged for property of the second level. IRS Form 8824, Like-Kind Exchanges The IRS Form 8824 forms the basis of the first step in a transaction where an asset (such as real estate) is exchanged and no property is removed from the original position in which it was held. Example: Property of A is exchanged for the property of B, whose basis is C.  Example: A disposes of D and is acquired by B. IRS Form 8949-D IRS Form 8949-D The tax return, Form 941, shows payments on property not subject to taxation under chapter 11, but under chapter 20. That may require filing Form 8949-D. Form 941 — U.S. Individual Income Tax Return. (The following tax information applies only to individuals that had a gross income of an amount (gross income) at least 1,250,000 for the tax year that ended in this schedule. Gross income is adjusted gross income, which includes any adjustments to the individual's adjusted gross income that are excluded from gross income. For information on the rules that apply when the gross income is adjusted due to changes in the individual's dependents, see instructions under the tax table in the Instructions for Form 941.) To Report a Reverse 1031 Exchange This information is given for individual taxpayers who made a transfer of real estate between real estate holding corporations, partnerships and trusts on or before 1 October of the calendar year following the year in which the property was acquired. Example 1: An individual makes a reverse 1031 exchange of the real estate between him and his corporation. Example 2: A reverse 1031 exchange is made between a corporation and a trust in which the trust has assets other than one-half of a decedent's interest in the trust and the real estate was acquired by a transfer of all assets to the trust. The following example demonstrates some information you will have to include on Schedule M, Property, if the reverse 1031 exchange is made at end of year 2023 or at close of year 2015. Example 4: On 1 December 2023 a reverse 1031 exchange of a business and a residence was made.

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