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MI Form 8824: What You Should Know

Attachment 15 Section 1231 gain or (loss) from like-kind exchanges from U.S. Gains from U.S. Form 4684, 6781, or 2821. Attachment 16 Section 1231 gain or (loss) from like-kind exchanges from long-lived assets of a like-kind exchange. Attachment 15 Section 1231 gain or (loss) from like-kind exchanges from real property and qualified small business corporation (HSBC) qualified assets (defined below) on a 1031 exchange. Attachments (a) to (c). You must file Form 8824 for all real property and qualified small business assets transferred during the year and at any time from the date of formation (the date the real estate is transferred) to the date of filing the return, even if you did not realize gain or loss. However, real property or qualified small business assets that you must include on line 1 and the disposition date (not the transfer date) on line 2, and you have filed for a prior taxable year, are treated as transferable for all 1031 exchanges. Thus, you can report such property on line 1 of Form 8824 and include it on line 21(c)(2)(A), and attach a statement by the date of the return (the date after the date of formation or transfer) for each disposition date you reported for each taxable year. However, you should check with an experienced tax preparer or auditor familiar with Form 2553 to determine whether your property is excluded from section 1231 gain and should be treated as transferred in a prior year. How to Complete Form 8824 for 1031 Exchanges From Like-Kind Property from Real Property. For properties with any of the following characteristics, make certain corrections in Part III: Any gain or loss from a like-kind exchange for a like-kind property is reported on Part I of Form 8824. For a like-kind property, a real property that is also the basis of an interest in the like-kind property, such as shares of our common stock with underlying real estate, is described on line 3 on Form 8824. See Example: 1031 Exchange Between C Corporation and Partnership. Example (1): A is the owner of a single-family home. A buys a home in January 2016, and a short sale in June 2016. In December 2016, a like-kind exchange occurs, that brings the property back into the ownership of A.

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