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I’ve just realized I’m late in filing the form 8824 for a…

Good morning. I’ve just...

Good morning. I’ve just realized I’m late in filing the form 8824 for a Like-Kind Exchange. I sold my rental house in December 2016, and the funds went to a qualified intermediary. It was a deferred exchange. I closed on the replacement rental property in February 2017. My assumption was that one filed the 8824 in the year the exchange was completed. In researching the 8824 on-line for this year’s taxes, I have discovered that the 8824 is to be filed in the year the transaction started, not ended. I’m in a panic. I thought I’d done everything right, but now risk triggering the capital gains tax. What are my options? Should I file an amended 1040 for 2016? File the 8824 now for 2016? Just included the 8824 with my 2017 returns and see what happens? Will there be a penalty? A triggering of the capital gains tax, and if so, what can I do? Appeal, explaining what happened?I tried calling the IRS at(###) ###-#### but could never get through to a rep. I would get put on hold, then eventually the call terminated.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Just what I entered above, thanks.

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Answered in 27 minutes by:
3/17/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,705
Experience: Taxes, Immigration, Labor Relations
Verified

If your section 1031 exchange was completed property - that is OK.

Just amend your 2016 tax return and make all required corrections.

There is no need for IRA approval - so no need to call the IRS regarding that issue.

Form 8824 should be included with your 2016 tax return.

There will be no penalties if you woudl not have any additional tax liability.

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Customer reply replied 1 month ago
Thank you!

When you will file amended tax return - using form 1040X

be sure

- mark that form fro 2016

- attach all forms that are new (like 8824) or changed because of your amended

- you will need to mail amended tax return to the IRS - we may not e-file.

- the mailing address is in instructions

Let me know if that helps.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,705
Experience: Taxes, Immigration, Labor Relations
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Lev and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
that helps a lot. There should be no additional tax liability for 2016, because there was no recognized gain in the exchange. I've completed the 8824 already, I was just worried that I would trigger the cap gains when I discovered I was supposed to have filed it last year. Thanks again.
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