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Printable Form 8824 Sunnyvale California: What You Should Know
A 1031 exchange is reported on IRS Form 8824 along with the normal tax return only when the exchange is completed. The completed exchange is reported on IRS Form 8824 along with the normal tax return only when the exchange is completed. Aug 26, 2023 — Use Part I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind, provided that the property has been relinquished. COMPLYING WITH THE FEDERAL AND STATE TAXING SYSTEM. Federal Income Tax — Tax is due on each exchange of property, based on the fair market value of the property received in the transaction, for properties that are similar in kind. States have their own personal property tax systems that do not have a uniform standard of valuation. Taxpayers who want to treat such property differently from federal taxpayers may be able to use Form 8731 (Asset Preservation), Report of a 1031 Exchange — Report of a State Qualified Exchange, in lieu of Form 8824.
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