A 1031 exchange must be reported on IRS Form 8824 as part of your tax return for the year in which the relinquished property in O Neals, CA is sold. This form ensures compliance with IRS rules and documents the exchange details for tax deferral.
When to File Form 8824 in O Neals, CA
Form 8824 should be filed for the tax year in which the relinquished property is sold and the 180-day exchange period begins. If the replacement property in O Neals, CA is acquired in the following tax year, a tax filing extension may be necessary.
How to Complete IRS Form 8824 in O Neals, CA
Filling out Form 8824 involves providing details about the properties exchanged in O Neals, CA, gains deferred, basis adjustments, and any taxable "boot" received. Since errors can lead to tax consequences, proper documentation is crucial in O Neals, CA.
For official IRS instructions and the form itself, visit:
View IRS Form 8824
About Form 8824
