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North Las Vegas Nevada Form 8824: What You Should Know

In the past, taxpayers were required to use Form 8824 rather than Schedule D to report all acquisitions and exchanges of property used in a qualifying trade or business.  However, there are some pitfalls with preparing Form 4797 (and the more recent Form 8959). One is the fact that if an exchange is in a Section 1031 transaction (the 1031 exchange rule has been repealed), the taxpayer cannot use Schedule D when reporting the exchange. In the old rules, the taxpayer would have needed to complete Schedule D after a qualifying property exchange to report the trade or business. However, those rules have been repealed and the taxpayer must complete the new Schedule D or Schedule F by completing the Form 4797 or Form 8959. Other than the Section 1031 exception, there are a few differences between filing Form 4797 vs. Form 8824. Form 4797, and Form 8824, are two separate programs.  Form 8824 is more complicated than Form 4797 because it includes two separate types of data.  Section 1031 exchanges require a capital gain or loss on the disposition of property. Since only cash is exchanged, a loss must be reported on Schedule D, but only if the taxpayer has income from other sources. For a Section 1031 exchange, this is the case even if the taxpayer has no income from other sources. This form must also be filed separately. The other type of exchange of property requires a Section 882 report. These reports must be completed separately. Form 8959.  Form 8959 can be completed with any of the three types of Schedule D reports. The tax year to which Form 8959 should be filed depends on the type of exchange (Section 1031, Section 882, or another Section 1031 transaction). The following example demonstrates and describes the differences between these three reports when reporting Section 1031 exchanges: Example: In January 2017, Mary and James exchange their cars to each make the other car a non-recapturable, nonexclusive lease. They have no income from a trade or business or gross rents, royalty, salaries, or other income to report. The lease is entered into for no consideration in the year of the exchange. The taxpayer files Form 1041X, Interest on Qualified Small Business Bank Advances, with the U.S. Internal Revenue Service. (Mary and James file a Form 8959 report separately).

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