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 S Coffeyville, OK is sold. This form ensures compliance with IRS rules and documents the exchange details for tax deferral.
When to File Form 8824 in S Coffeyville, OK
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 S Coffeyville, OK is acquired in the following tax year, a tax filing extension may be necessary.
How to Complete IRS Form 8824 in S Coffeyville, OK
Filling out Form 8824 involves providing details about the properties exchanged in S Coffeyville, OK, gains deferred, basis adjustments, and any taxable "boot" received. Since errors can lead to tax consequences, proper documentation is crucial in S Coffeyville, OK.
For official IRS instructions and the form itself, visit:
View IRS Form 8824
About Form 8824
