Should the Form 8824 be attached when filing income tax to dispose of a 1031 exchange? I did 1031 exchange four years ago and sold it last year and cashed out all net proceed including capital gain. The Turbotax Return Record only has Form 4797, not but not Form 8824. Is it correct?
Many Thanks helping clarify my understanding.
@Mike Le , the 8824 is used to report a 1031. That form reestablishes your adjusted cost basis in the replacement property. You sold a property without a 1031 so the 8824 would not be needed again
Form 8824 is filed in the year of the exchange.
Hi @Mike Le ,
IRS Form 8824 is filed in/for the year in which you completed the 1031 Exchange. The taxable sale today does not require IRS Form 8824. This would merely be reported as a taxable sale.
Got it. You guy are Best.