sharpcougar
Level 3
05-09-2023
02:42 PM
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My client sold 2 different properties in exchange for 2 other properties. Relinquished properties were vacant lots and new properties are also a vacant lot. Couple of question. 1. Do I need 2 8824s? 2. If I complete 8824 does it carry to 4797 automatically?
Properties relinquished were in Houston and new lots purchased were in another city.
this is my first time doing an 8824.
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BobKamman
Level 15
05-09-2023
02:59 PM
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The location of the properties doesn't matter. I would use a single 8824. It shouldn't go to Form 4797, but straight to Schedule D (although if all the gain is deferred, it would not show up as income anywhere).
