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8594 instructions 2024 Form: What You Should Know
S. Secretary of the Treasury within 90 days of the date of sale if the sale price is less than 25,000. If the sale price is over 25,000 or if the property is a qualified real estate investment trust (REIT), the transferor can file Form 8594 with the Commissioner and the Secretary within 60 days of the date of sale. The following two items must be on Form 8594 for the purchaser and/or seller to complete the transaction: The title of the property and the number of days (or portion thereof) that the property is in use as a business. In addition, both the purchaser and seller must enter as part of this entry their respective gross revenues for all years from the date of sale. For a purchase or sale transaction (where more than one property is purchased or sold) the purchaser and seller is required by section 1036(i) of the Code to state the total value of the property acquired in the sale. If the total value of all such property (the business and all other property) is less than 25,000, the transaction must be completed with a Form 1040X. If the gross income of the business from all sources during the period in which the property was held as a business is 25.00 or more, but less than 100,000, the transaction must include a Form 1040NR. If the gross income of the business from all sources during the period in which the property was held as a business is less than 100,000 but not less than 125,000, the transaction must include a Form 1040ES.
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