Form 8824

[gman]

I read on a board that a number of tax preparers do not use the form 8824 when
their clients trade in an asset. What do the majority of you do?

[veritas]

I have to ask myself why ppl are selective in what they do. If you do more you get paid more. We are professionals so we need to behave like professionals. If we choose not to do forms our clients might as well buy Turbotrash and do it themselves.

[taxmandan]

If the trade-in (exchange) meets the rules for a LKE, deferring the gain or loss is not optional, it is required to be deferred according to Sec 1031. So, not reporting the exchange on 8824 is wrong.

Daniel