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Printable Form 8824 Edinburg Texas: What You Should Know
Form 8824 — Transfer of Business or Investment Property The IRS uses Form 8824-B for reporting Partial Qualified Exchange (BQE), Qualified Small Business Qualification (SBI), Small Business Exchange Up-Front (SBEUPFO). Part I : Introduction How does Form 8824 apply when you use an LLC or a C-Corporation for business/investments? You must file a completed copy of Part I of Form 8824 on pages 2 and 3 of your tax return. PART II : How does Form 8824 apply when you sell a business or investment property? You may also be eligible for a 25 percent income tax credit. However, if you are a small business owner (as defined in Section 1201 of the Income Tax Reform Act of 1986), you are not eligible to receive the 25 percent income tax credit. Your income must be over 250,000. See Tax Treatment (Tax Consequences), earlier, for additional information. PART III : Qualified Intermediary How does Form 8824 apply when you use a Qualified Intermediary? Only sales of qualifying property and dispositions of qualifying property are to be reported on page 2 of your tax return. PART IV : Report 1031 Exchanges Why should you use Form 8824? The 1031 Exchange is a legal mechanism designed to accomplish a real estate sale without the necessity of making physical alterations to your property.
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