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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11143
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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We did the sale part of a like-kind exchange in December,

Customer Question

We did the sale part of a like-kind exchange in December, 2015 but haven't completed the purchase part - which we will. In the meantime, I want to file the 8824 with the return, but not all the purchase info is available. Should I wait unitl filing the 2016 return to complete the 8824?
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Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi - I can help here.

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.The exchange is reported on IRS form 8824, for the tax year in which the relinquished property was transferred.

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So, for an exchange that begins in 2015 and concludes in 2016, the transaction is reported on the taxpayer’s 2015 tax return.

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If there are unused exchange funds, or “boot”, the receipt of such funds can be reported on the 2014 tax return, using IRS form 6252.

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The best practice here when you won't have all the info by Apr 15 is to get the 6 month extension, so that you'll have ALL of the information ... given the time lines you'll know everything by October 15h

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Hope this helps

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lane

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I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

Expert:  Lane replied 1 year ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Thanks

Lane