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Form 8824 online Washington: What You Should Know

If completed for a tax year that begins before the date you receive a notice from the IRS that the property is for sale or for an exchange, the property is considered to have been relinquished on that date. If completed for a tax year that begins after the date you receive a notice from the IRS, the property can be relinquished or reacquired before you file your tax return (see the Special Rule for Transfers). IRS Form 8824 — IRS A relinquished property includes: Real property Personal property acquired and held in exchange for other property held for the transfer or exchange of title to another person; Personal property purchased by gift or by inheritance if the cost of the property is transferred in a decedent's will; Property that was acquired from a donor and was held to be transferred to the donor's estate; and Personal property held by a beneficiary for the purposes of allowing the beneficiary to receive the property held by any other persons. What are the Disclosures? 1. Itemize Schedule F (Form 1040, IRS) and Schedule A (Form 1040) (see Schedule G). 2. Add Line 4 to Form 8824 on line 15. 2. Identify each transferred property on line 13. You can use line 13 to report each such property. 3. Enter all the information for each property that you transferred, including the date the property was received and whether you transferred title to it to the purchaser.  4. Report each such transfer as an ordinary transfer. See instructions for lines 2 and 3. 5. If you have any property that you wish to donate, and it is received by another person (including your spouse), enter on Schedule G “A gift in lieu of cash” to report the donated property. WHAT TO REPORT When To Reactivate the Exclusion — When the property was acquired, the exemption applies to the fair market value of the property when received. If the property is reacquired within two tax years or less, or if the transfer date exceeds the six months of the calendar year in which the taxable year ends, the property is to be treated as reacquired. If the transfer date exceeds the six months of the calendar year in which the tax year ends, the first-year and second-year rules apply. Generally, the first year rule applies if the transfer date was after the first year.

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