Rancho Cucamonga California Form 8824 2023-2024

Rancho Cucamonga California Form 8824: What You Should Know

The  California filing of Form 8824 should be done through the California Department of Tax and Finance and the California Department of Finance for the  tax information reported. Sep 24, 2565 BE — You should enter the Federal amount reported on Part III, line 12 through line 25 of  Form 8824 on a California Form 8824, Like-Kind Exchanges and allocate the Federal amounts to box  5, line 26, of California Form 8824, Like-Kind Exchanges. California Form 8824, Like-Kind Exchanges  should not be filed electronically. You report exchange of a trade or business for exchange of like-kind property on your California tax return under Section 2563(b) of the Business & Professions Code, if the property used in trading or producing  the similar kind of property is acquired, leased, rented, or spent within this state, provided such property meets the following  specifications: (1) It is of a kind used in business within the geographical area; and (2) It is acquired: (A) Within one hundred eighty days before the year following the year of acquisition; or (B) If the amount is less than 500, within one hundred seventy-five days prior to the year following the year  after acquisition. The following must be considered if the property was acquired for sale to persons engaged in business in this state: (1) If the property is not of a kind used in business, the basis of such property for tax purposes is its adjusted basis; (2) If the property is not of a kind used in business, a portion of the cost of such property must still be treated as other tangible personal  property.

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