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California online Form 8824: What You Should Know

For more information, see Form 8824, Like-Kind Exchanges, and the discussion of the like-kind provision in the Franchise Tax Board's guide to real estate withholding. You can find more detailed information on this point in the California Treasury Department's Real Estate withholding guide. Dec 11, 2023 — Report like-kind exchanges for each year, but only for property of the same kind. For example, you can report all of your non-resident exchange income from real property as part of your gross income, but report all of your resident exchange income as part of your net income. Filer filing with the California Franchise Tax Board — If you file with the California Franchise Tax Board, the form FT 3840 is used. Part II. Information on the Substantiation Test. Note: Under section 1021, you must use the standard test that the like-kind exchange is fair market value and equal, and that the like-kind exchange is “reasonably expected to have a fair market value.” A.  B.  Determine the fair market value per piece of real property.  When determining fair market value is not an issue — If fair market value is not a factor in the exchange, then it is the taxpayer who must determine the fair market value of the property at the time of the exchange. If the exchange is a sale, and you do not have the money to pay for the item or if the transfer has not been completed, you must use the value of the property at the time of trade. You may also use income or adjusted basis or a tax basis that you have in the property. Use the fair market value to determine your gross income from the exchange. Note: For more information about the like-kind test, see article in the Business & Tax Guide. Dec 31, 2023 — Filing with the California Franchise Tax Board — If you file with the California Franchise Tax Board, the form FT 3840 is used. A.  B. You are required to use your judgment to determine whether you are able to purchase property with your exempt property or to sell real property (other than nonresident real property). See Guidance on the Like-Kind Exemption for Sales in the Federal Tax Regulations, IRS.gov/Form80-26J.pdf and Guidance on the Like-Kind Exemption for Real Estate Transfers in the Federal Tax Regulations, IRS.

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