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Hawaii Form 8824: What You Should Know
It has a checkmark option for an electronic check. If you have an active bank account set up in Hawaii, the form is available to you. An example can be found Below are the details on the form. It is based on the state tax and applies to real property in Hawaii. When reporting gains and losses from like-kind property exchanges that are made after December 31, 2017, you must report the gain on line 12 of your tax return. If you don't report income for the exchange by the due date, you will pay a penalty and interest. Instructions for Form 8824 (2021) | Internal Revenue Service Instructions for Rev. 2023 (Rev. 2017) | IRS Instructions for Form 8824 (2021) | IRS Part I. Information on the Like-Kind Exchange. 1. If you are acquiring a Hawaii real property interest through the like-kind exchange of a property or indebtedness that is described on Form 8824, make sure that all information is correct and complete. This includes: The transferor's name and the name of the property or indebtedness being transferred. The date of disposition. The amount and timing of gain or loss recognized by the taxpayer. 2. The transferee's name, residence and business address. Dates and information that applies to like-kind exchanges of property or indebtedness made after December 31, 2017. Part II. Taxes, Deductions and Credits (Note: This form is only available at MC Group Hawaii, Inc.) The following items are tax and may be claimed if claimed by the transferor or transferee of real property. (Taxpayers who have any questions should contact the Tax Organizer.
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