Form 8824, “Like-Kind Exchanges,” is used by taxpayers to report like-kind exchanges under Section 1031 of the Internal Revenue Code. This form is crucial for individuals, partnerships, corporations, estates, and trusts engaging in exchanges of property held for productive use in a trade or business or for investment. It provides detailed information about the properties exchanged, their values, and any boot received or paid during the exchange process. For more information and to access Form 8824, visit the IRS website here.

FTB 3840, “California Like-Kind Exchanges,” is used by California taxpayers to report like-kind exchanges for state tax purposes. Similar to Form 8824, it provides detailed information about the exchange of properties within California and must be filed with the California Franchise Tax Board (FTB). For more information and to access FTB 3840, visit the California FTB website here.