Key Takeaways
- Form 8824 Part III calculates realized gain, recognized gain (boot), and replacement property basis.
- Five common errors: vague descriptions, wrong dates, miscalculated basis, omitted expenses, and unreported boot.
- Provide the QI exchange summary, both closing statements, and depreciation schedule to the CPA 8+ weeks before filing.
- Pre-filing review of the draft Form 8824 prevents errors that would trigger IRS scrutiny via amended returns.
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Test Your Knowledge
1.What IRS form is used to report a like-kind exchange?
2.What is the most common error on Form 8824?
3.When should Form 8824 be filed?