Printable Form 8824 Visalia California 2024

Printable Form 8824 Visalia California: What You Should Know

If you do not file this form, you will be subject to a 10% per month tax on any net gain from the exchange. (See Section 961 of The Tax Code) Part II. List of like-kind property You may list up to 15% of the value of your property in the exchange. The additional dollar amount, if any, to be reported on the property is calculated after taking into account: The value of property of the same kind at the earlier day of the exchange; The adjusted basis or amount of the new property; And, if any, capital loss of the person who receives the property (see Disposition of property). (See Disposition of property, earlier) If you do not identify (by name) the property described on lines 1 or 2 on any itemized statement, it is presumed that You received the property as a gift and not as a gift or exchange of property. The amount of the tax will be as shown on the statement. If you do not have any information on like-kind property on lines 1, 2, or 3-5 of your Schedule D, use Part III of Form 8824 to report the property at the earliest of the dates shown (including that of the first day of the calendar year) or the date of the first sale of property in the taxable year. The Schedule D that includes a statement in columns III and IV does not need to show on it the date of the exchange. This is because a person must be able to identify (by name) the property for which a tax was paid in a gift sale, exchange or other similar event. If the Schedule D does not show the original acquisition date of the property, it must be amended to show it, unless there was a sale on or before the original acquisition date. Ventura County Tax Assessor (Ventura County, CA 93007) x2. The following is an example on why the sale of a business property may be reported on line 2 only: You had a business that sold computers. You sold the computers in 2024 to a real estate consultant for 60,000. You must have reported this exchange on your 2024 Schedule D using line 2. If you do not have a statement showing the business sale, or you were late reporting the business sale, the real estate transaction is reported on line 1 of your Schedule D.  Part III.

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