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Form 8824 online Bellevue Washington: What You Should Know
If you are an exchange holder in the calendar year, report the exchange as part of your separate returns. See the Instructions to Form 8824 for more information. Form 8824 requires an exchange to be made in a business or investment property of a like kind within sixty (60) days of your relinquished property receiving the benefit. In 2023 and later, Form 8824 can be included with Form 1040, Individual Income Tax Return (Form 1040-EZ). You may need to file more than one form. Form 8824 should be filed with any separate income tax return (such as one filed with your 1040). To file one Form 8824 for each business or investment property, select the form in Step 13 of the IRS Web Expert. See Instructions to Form 8824 for more information. Use Form 8824 to report the sale of or exchange of property you acquired for cash consideration when you or a related person acquired the property through a 1031 exchange. This can also include the sale of a property or the cash purchase of property (such as stock or an option) when you acquired the property in a separate exchange. Your 1031 exchange will be treated as a transfer of ownership of the property to that person by the time of your receipt of any property. Note: You cannot report the value of a like-kind exchange if the amount you received exceeds the fair rental value of your property at the beginning of the year. (For more information on the fair rental method and the fair market value formula see IRS Publication 519, Capital Gains and Losses). See the general instructions to Form 8824 which is available on our website at , for details on what information is required on Form 8824, including the following: What type of property is subject to 1031 exchanges? To identify property subject to the 1031 Exchange, we may determine if the asset or property was transferred under a plan or contract to another person during the tax year for consideration. To determine if a particular transaction was a transaction conducted under a plan or contract, you must first identify whether the consideration for the property was fixed, determinable, or contingent, and what value it has when the consideration is first fixed, determined, or determined upon. A property may be fixed, determinable, or contingent in the hands on the transferee at the beginning of the tax year, when acquired and when disposed of.
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