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Rochester New York Form 8824: What You Should Know

Reporting 1031 Exchange. Form 8824 — IRS Tax Forms — Green dyke Pencil & Associates CPA, LLC Part VII. Additional Information for a Real Property Exchange Information to be provided by a Real Property Exchange Operator This for That: Advanced Exchange of Property — CPL. Dec 1, 2023 – 1023 Exchange of Real Property. In the event a real property exchange occurs for an instrument of indebtedness, tax-exempt property (also called capital gain property, or CA property) can be exchanged immediately for cash, property, or other property (real or personal) that has a similar (or superior) value. The exchange tax will be reduced to 15% after the exchange is consummated, unless no tax is due. Form 8824 is filed with the individual or business by the taxpayer that will receive the exchanged real property.  Tax Forms — Green dyke Pencil & Associates CPA, LLC Part I. Information on the Like-Kind Exchange. Tax Forms — Green dyke Pencil & Associates CPA, LLC Part I.A. Like-Kind Exchange of Real Property. Form 8824 must be filed with the property owner's tax return in connection with a real property exchange. It is important to note that the tax on the exchange is not limited to 10%. If the exchange is not done on a fair exchange for like property but a substantial overvalue or undervalue is given, the exchanged property will be subject to a gain or loss. If the exchange is done without regard to fair market value, the exchange can also give rise to a gain or loss on the taxable exchange. The real property must be of similar type or character because, if it is not, then no gain or loss will be permitted on the exchange transaction.  Part I.B. Like-Kind Exchanges for Cash. If a like-kind transaction for cash is not contemplated, the exchanged real property should not be reported on line 29 of the Form. CPL Asset Exchange 1023 Exchanges — IRS  Tax Forms — Green dyke Pencil & Associates CPA, LLC Part III. Reporting Real Property Exchanges. Form 8824 — IRS Part IX. Miscellaneous Information This is not a comprehensive list of all tax information for real estate.

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