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kiminsurancetax
Level 2
September 13, 2021
Question

8824 form

  • September 13, 2021
  • 1 reply
  • 9 views

My client sold his chicken farm, capital gain $525519, then he does 1031 exchanged to another property, how to report in 8824 form, thanks.

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1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
September 13, 2021

He used a 1031 intermediary for this transaction, right?  He cant just sell something then buy another, it all has to be done through an intermediary at the time of sale, he cant touch the money.

 

https://proconnect.intuit.com/community/individual/help/1040-completing-a-like-kind-exchange-of-business-property-1031/00/5827

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    sjrcpa
    sjrcpa
    Level 15
    September 14, 2021

    And only the real property qualifies for a 1031 exchange. The equipment does not.

    The more I know the more I don’t know.
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