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Form 8824 online Philadelphia Pennsylvania: What You Should Know

PA Schedule C. You may be required to file a Schedule C with your federal adjusted gross income (AGI) if you reported income from a business or profession on a federal return at any time, or your AGI exceeds certain limits. For more information, see Pub. 544, Capital Gains. PA Schedule C — Profit or Loss from Business or Profession — Pennsylvania You must report a section 1031 exchange to the IRS on Form 8824, Like-KIND Exchanges and file it with your tax return for the year in which the exchange  PA Schedule C — Profit or Loss from Business or Profession — Pennsylvania — PDF Download Refer to the federal schedule for an explanation for gain/loss items and file it separately. Form 8824 can only be used to report exchange of business or investment property made after 2017. Form 8938, Capital Gains and Losses, May Not be used on a Section 1031 Exchange in 2017. A section 1031 exchange made after 2023 may not be taken into account for purposes of capital gains or loss. Only gain or loss from disposition of property used to generate income on a business or profession return can be taken into account. If you do not have section 1031, or have a tax return with a capital gains or loss item, complete Schedule E (Form 1040), U.S. Individual Income Tax Return. A tax return containing section 1031 is a federal tax return. You must file this with your federal adjusted gross (AGI) on Schedule A (Form 1040) that you file with your federal tax return. A report of a section 1031 exchange can be used to reduce your taxable income in the year of the exchange. The tax rate that applies to the exchange is based on the rate that applied to the income in the year of the disposition of the property before applying any net operating loss. Also see Form 8938. Form 8938 may also be used to reduce or eliminate the portion of capital gains and loss in a prior year resulting from section 1031 exchanges. You must not use the section 1031 exemption or the current capital gains and loss limitation on exchanges between a non-resident alien and his/her U. S. or foreign domestic corporations, to reduce the current year tax due. If this is the case, apply ordinary income tax liability rather than net operating loss (NOT) or section 1031 deduction. See the Instructions for Form 8938.

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