Reporting A Like-Kind Exchange
Due to periodic changes to the tax code, as well as detailed regulations that contain a number of technical requirements, it is important to check the most current rules and regulations before proceeding with a like-kind exchange. Current rules require taxpayers to submit an 8824 form to the IRS detailing the terms of the deal.
Read more about this topic: Like-kind Exchange
Famous quotes containing the words reporting and/or exchange:
“I have been reporting club meetings for four years and I am tired of hearing reviews of the books I was brought up on. I am tired of amateur performances at occasions announced to be for purposes either of enjoyment or improvement. I am tired of suffering under the pretense of acquiring culture. I am tired of hearing the word “culture” used so wantonly. I am tired of essays that let no guilty author escape quotation.”
—Josephine Woodward, U.S. author. As quoted in Everyone Was Brave, ch. 3, by William L. O’Neill (1969)
“I sometimes feel a great ennui, profound emptiness, doubts which sneer in my face in the midst of the most spontaneous satisfactions. Well, I would not exchange all that for anything, because it seems to me, in my conscience, that I am doing my duty, that I am obeying a superior fatality, that I am following the Good and that I am in the Right.”
—Gustave Flaubert (1821–1880)