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McKinney Texas Form 8824: What You Should Know

McKinney Tax Assoc. Has developed a Tax Savings Strategy to facilitate the management of tax-exempt transactions. We have taken the concept of our Tax Savings Strategy and put it into practice. The tax savings available to a business is multiplied every time an item is exchanged for an item of an equal value. We accomplish this through the use of an online process called a Form 8824 exchange.  This website also serves as an excellent tool for the tax office in identifying whether a Section 936 exchange is an opportunity for our organization. Form 8824, Like- Kind Exchanges and  McKinney Tax Assoc. Has identified over 50 tax-exempt exchange opportunities each fiscal year. Using this method of exchange with a small team of dedicated professionals from McKinney and other companies, an organization can easily manage the processing of several million dollars of tax-exempt transactions within an industry within a few weeks. The use of an online process for exchange of property may provide a quick means of resolving a significant tax-exchange activity. This website can help you find out more information about the like-kind property exchange process. You may also be interested in our Form 8824 Exchange Calculator that will help you determine the amount required to purchase the property you are exchanging. Our website also includes a section regarding “The 3 C's” that may assist your business if it wishes to utilize this process in the future. Form 8824 — IRS The first portion of Form 8824 must be completed and signed by each of the parties prior to the completion of the exchange. The signed (notarized) copy of Form 8824, Like- Kind Exchanges, is then sent to the applicable Tax Exempt Agent for processing. The agent will then enter and attach appropriate itemizes (itemized statements and schedules) of income and deductions. The agent will then make a determination to accept the exchange offer (if not approved prior to transfer) or decline the offer (if otherwise accepted). A tax exchange document or form must be submitted to the IRS in one of the following forms or types of documents:  A paper signed form must be sent to the IRS. A paper mailed to the IRS will not be accepted.  Form 8824 — IRS Itemized Statement or Schedule of Income—  Form 8824, Exchange with Like-Kind Property. A completed, signed (notarized) copy of Form 8824, Form 8824 — Like-Kind Property, along with the required documents.

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