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Form 8824 ND: What You Should Know

You must also file Form 8824 if, for the calendar year of the exchange, any of the following occurs, but no tax liability has been paid to the Treasury with respect to the exchange or with respect to any property described in the exchange: the property is placed into service by a transferee, as defined in the regulations in the section of the Form 8824 in which the relinquished property is reported, and no such transferee becomes a qualified intermediary; the property described in the Form 8824 is sold, conveyed or otherwise disposed of by the qualified intermediary for cash, which was not received by the qualified intermediary (e.g., as an investment); the property is made available for use in a qualified business investment plan, provided that it is not in use as a tax-exempt investment opportunity for any taxable year beginning after the exchange. If you don't file Form 8824, you will have to file Form 8821 or 8822 to report this taxable event, but don't count on any tax credit that may be available. WHAT TO DO Withdraws of property can occur in different ways. See the chart below: • Transfers can come after you receive the property but before the day that is 15 days after you have to file Form 8965 to pay tax, or 20 days after you have to file Form 8821 or 8822 to report the disposition. • Purchases can come before you receive the property but before the day that is 3 months before you will have to file Form 8965 to pay tax, or 4 months after you have to file Form 8821 or 8822 to report the disposition. For more information on withdrawing property from an IRA or other retirement plan, read Your IRA. The chart on p. 18 summarizes the tax consequences of a relinquishment of property. If you sold real property that was not listed on Form 8824, Form 8965 must be filed with Form 1041 to report the sale. See How to Schedule and Send Form 1041. A tax lien attaches to your return if the transfer to which you are relinquishing your real property is a qualified exchange. See Property Withheld to Pay Tax, later. However, if the relinquished property is placed in service by a qualified intermediary — a person who provides certain types of taxable services and engages in certain transactions (such as holding and selling investments) — and if you receive no proceeds from the sale, the tax treatment of the relinquishment is uncertain.

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