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What is The 8824 Form?
IRS Form 8824 is a two-page document used in various exchange transactions. For example, you can sell some business objects, say real estate, for a higher price than you bought them. Such capital gains should be taxable, but you can use this form to defer payment of taxes.
What do I need the tax form 8824 for?
- It is used in cases of so-called “like-kind exchanges.” With it, you report to the tax office on the conduct of such an operation. See the completed Form 8824 example for details.
- When filling it out, you perform calculations and determine the amount of deferred tax on capital gains received.
- According to the instructions for Form 8824, it can be used by any individual or legal entity that has made an exchange in the United States.
- Objects participating in the exchange must be qualified as “like-kind.”
How to Fill Out Form 8824?
Step 1: Describe both objects that were involved in the exchange. Indicate the exact dates of the property acquisition and rights transfer to the new owner.
Step 2: According to Form 8824 instructions 2020, if relatives were involved in the transaction, you need to indicate the participants and the degree of relationship. You should also write whether you or the relative made similar transactions during the tax year.
Step 3: Describe the profit or loss from this transaction. This part includes various uses of profits, for example, in the form of collateral to pay off a debt. Read the official IRS Form 8824 instructions carefully to understand which lines to complete in your case.
Step 4: The last part is completed by officials when assessing a conflict of interest, so don’t enter any information there.
Organizations that work with 8824 Form
Fillable online Form 8824