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Form 8883 for South Bend Indiana: What You Should Know

This provides a new avenue for taxpayers to report information regarding these transactions. For example, the following  In 2017, Section 1031(f)(1) allowed any amount paid in a taxable year with respect to a capital gain made from the sale of property to a trust to be treated as an addition to the gross income of the beneficiary for purposes of section 1321. This provision does not apply to trusts that are described in section 3121(a), or other transactions made under Section 1368 (which includes the original §1368). Therefore, the asset allocation statement provided in the IRS Form 8883, Asset Allocation Statement Under Section 338, does not count toward the 3-year phase out period. However, if the IRS determines that the asset allocation statement needs to be reported, it will modify its Form 8883, Asset Allocation Statement Under Section 338, but does not necessarily have to issue a new form. See Rev. Pro. 2017-35 for more information. If there is information to be included in the asset allocation statement, the IRS will require the taxpayer to provide this information. For detailed information about the asset allocation statement, see Rev. Pro. 2017-35. Rev. Pro. 2017-35. Asset Allocation Statement Under Section 338 — IRS Publication 2015-49. Rev. Pro. 2017-35, Asset Allocation Statement Under Section 338. Section 521(c) of the Code requires the reporting of proceeds of sale of any property (whether a personal residence, rental unit, car, boat, or land — see comment below for property excluded from section 521(c)-). This section also provides for the exclusion of the proceeds of sale of real property from the valuation of personal residences, which would be used to determine an adjusted basis. However, section 1031(e)(8) only allows an amount paid in a taxable year for the sale of such property to be included in income, and cannot be considered an amount received to be used to increase an income tax liability. The following paragraph provides information and instructions about how to report the proceeds of sale of any property.

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