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8824 form
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kiminsurancetax
Level 1
09-13-2021
10:33 AM
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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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Just-Lisa-Now-
Level 15
09-13-2021
10:56 AM
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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.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sjrcpa
Level 15
09-13-2021
07:50 PM
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And only the real property qualifies for a 1031 exchange. The equipment does not.
Ex-AllStar
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