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Form 8824 MS: What You Should Know

The Exchange Rate and Price Guide The price of real property and the exchange rate are determined by the U.S. government. The federal government's official price and exchange rate for the past year is based on an average and the exchange rate for the current year. Income from Real Estate Using IRS Form 8824 Generally, a taxpayer may be able to claim income from real estate without having to pay capital gains tax. Any gains (income) from the sale or exchange of real property will be reported on Form 8824, like-kind exchange. Like-Kind Exchange in Real Estate Tax Purse Real estate business or investment property, such as commercial real estate property, may be reported on these forms to report the gain from exchange of the property for another of similar sort. A real estate investment property owner who is a member of a partnership or LLC is also reported on these forms. When a member or partner sells property for 1,001 or more, the member or partner must include this income in gross income. However, when a partner's sales are 1,000 or less, the partnership and partner report the income on Form 1041, Partner's distributive share of partnership income. When a partner's sales are less than 1,000, the partner must pay taxes by filing Form 8884, Partnership income tax. Other Examples In general, you can use Form 8824 and Part I of Form 8938, the trade and business information return (Form 8818), to report the income and loss from any of the following types of transactions: Sales of real property Revenue from lease payments Sales of trade-in property Aircraft or automobile income (tax paid) from a business aircraft in the event of the loss of the aircraft on a casualty, or from the sale of any other property in the case of depreciation. For details on these forms, see Publication 519, Business Expenses and Reporting The Losses or Gain from the Sale of Real Property. Back To Top 2. What property is considered like-kind for the purposes of the gift and estate tax? Property that is described in section 1041 or 1042, or that is sold by the exchange of similar items, will be treated like-kind for the purposes of gift and estate tax purposes.

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