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Form 8824 online Fort Wayne Indiana: What You Should Know
Form 8824, Qualified Intermediary Sales — DOL See DOL for additional resources if you are a qualified intermediary (QI) and want to report your sales through QI. QI Sales — DOL If you sell to a QI or to a trust, you can add these sales on the Schedule K-1 (Form 1041) instead of Form 8824: Schedule K-1 for Qualified Intermediaries Diversifying Sales If you have an entity that you control, then the 1031 exchange can be used to reduce your income in a non-reporting year when you make the sale. However, this only works if you do not want to pay tax. What is the Qualified Intermediary Sales (QI or Qualified Trust) Exception? Qualified Intermediaries are people who are not employed by a corporation and are not agents of a trust. QI are salesperson selling services to other QI entities who are not employees of the QI. Taxpayers can make the 1031 exchange to the QI when a client sells, and the transaction qualifies for the exception for QI sales. When do I report this 1031 exchange? There are three scenarios to consider. In all cases, you must report this as an exchange of like-kind property when you made the sale. A Qualified Intermediary (QI) sells an investment property to an LLC. Under this scenario, the QI is treated as an independent contractor selling his/her services. Qualified Intermediaries can also conduct business as independent contractors. If you're in this latter group, you're better off just reporting the sale in a QI Form 1120S which doesn't require an additional QI Form 8824 report to IRS. Example: A QI and his/her partner sell a condominium to investors. The QI files a Form 8824 for the exchange, and they enter “QI” in box 3, and the LLC filing the 1031 exchange reports an income statement to the IRS. What if the QI isn't an independent contractor? You could also be classified as an independent contractor for tax purposes.
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