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Form 8824 UT: What You Should Know

Form 988—Nondeductible Dispositions Form 988—Non-deductible Dispositions. Use this section of the form to report any nondeductible disposition of property. A nondeductible disposition is any disposition other than a sale, exchange, or disposition of a like-kind. These can include, for example, the sale of your real property or a swap of land with a partner if the partner will be the owner of the real property after the transfer. Screen 8824— Nondeductible Dispositions — General Information. For each item in the category of nondeductible disposes- kings entered to report on Form 988—Nondeductible Dispositions, enter the following information: 1. The dollar amount of the gain or loss from the disposition of the property. 2. The name and address of the disposing business entity. 3. The amount of the gain or loss that the disposing business entity realized as a result of the disposition. 4. The name and address of the acquiring filer. 5. The amount of the gain or loss that the acquiring filer realizes as a result of the sale of the property. 6. The name and address of the disposing business entity. In Form 988—Nondeductible Dispositions, see Line 14 of Part I, for special rules for certain nondeductible dispositions. Note: You can't treat a nondeductible disposition as a sale for purposes of determining the gain or loss from the disposition under Section 1246. For more information, see chapter 13 of Pub. 536. Aug 26, 2023 — Use Parts I, II, and III of Form 988—Nondeductible Dispositions to report the sale, exchange, or exchange of business or investment property for property of a like kind. Aug 26, 2023 — Use Part I of Form 988—Nondeductible Dispositions to report the gain or loss on the not like-kind property used in the exchange, using the amount of gain or loss from the disposition of the property. For example, enter “the amount of gain or loss realized” and enter in the space provided “not like- kind property” or in the space provided “not business property” and enter “. Form 988—Nondeductible Dispositions — General Information.

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