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Form 8824 For South Carolina: What You Should Know

Your return is due no later than the last day of December. Sale Price of Exchanged Property Each 1031 asset exchange must be disclosed on the income tax return. Form 8884 is for 1031 exchanges with a value of 300 or less. An example of a transaction involving 300 of property is a sale for cash. Form 8885 is for 1031 exchanges which have a value of 600 or more. Examples of transactions relating to 600 of property are a sale for cash, a sale on the secondary market, a mortgage loan and a sale on the day of the appraisal. The IRS will verify the amount of the transferred property and the nature of the transaction. Any exchange of more than 300 in property in a single year will be treated as a separate exchange to the IRS, as will any amount more than 600 in property in a single year. To prevent over-valuation of a property, taxpayers must report the purchase or transfer of relinquished property at a discount by taking into account whether the value increased or decreased over the life of the relinquished property. A transaction may be characterized as a sale if it has occurred, has a reasonable expectation of occurring or is anticipated. A transaction may be characterized as an addition if you are adding another property or as a reduction if you are adding or subtracting a property. Examples of an increase: 1) You purchased your property for 100,000 and sold it for 140,000. 2) You sold your property for 150,000 and have transferred a portion of it to your spouse, resulting in a gain. Certain transactions not requiring the use of a separate exchange as described above are considered to involve an increase when you sell a relinquished property. A subsequent exchange, the amount of which is in excess of the previous exchange, is treated as an addition of value only if the following conditions are met, and are established with reasonable certainty. You may acquire at least an ownership in the property by virtue of the transfer of your rights. You have to add, with or without consideration, another property of equal or increased value. The additional property must be of the same or comparable character. The property was acquired by your own fault. The amount of income derived in the taxable year from the increase must be treated as a capital gain as if it were received on the day of the exchange.

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