Rev. 2023
Form 8824 is a tax form used to report Section 1031 exchanges (like-kind property exchanges) or conflict-of-interest sales for federal government employees. It requires reporting the description, value, and basis of both given up and received properties, as well as any gain or loss recognized.
Taxpayers who have sold property using the installment method must file Form 8824 to report their gains. This includes individuals, estates, and corporations that have sold real property, personal property, or intangible property under an installment sale agreement.
Form 8824 requires taxpayers to provide information about the property sold, including a description of the property, the date of sale, and the selling price. Taxpayers must also report the amount and timing of each installment payment they receive for the property.
Form 8824 must be filed with a taxpayer's annual income tax return, typically by April 15 of the following year. However, if the taxpayer files an extension, the form and any required payment may be filed later.
Form 8824, also known as the 'Application to Elect Installment Method' or 'Installment Sales Statement', is used by taxpayers to report installment sales of property. It allows taxpayers to report gains from these sales in installments over the period of time they receive payments for the property.
An installment sale is a transaction in which the seller receives payments over time, rather than receiving all of the payment upfront. The tax law allows sellers to report and pay taxes on the gain from these sales over the period of time they receive payments.
Form 8824 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
The easiest way to fill Form 8824 online
Delete filling session
Delete editing session
