Get Taxpak

This guide provides clear, step-by-step instructions for filling out the Taxpak online, ensuring that users can complete their forms accurately and efficiently. By following these instructions, users will navigate the process with ease.

Follow the steps to fill out your Taxpak form online.

1. Click the ‘Get Form’ button to access the Taxpak document and open it in your editing platform.
2. Begin with WorkSheet #1, where you will calculate the basis. Enter the original purchase price and add any increases to basis, including capital improvements and casualty losses. Sum these values as instructed.
3. Proceed to WorkSheet #2 to calculate exchange expenses. Complete the required fields with the respective expenses from both the sale of the old property and the purchase of the new property.
4. In WorkSheet #3, provide information about the old property, including description, address, and sale date. Make sure to also include the adjusted basis from WorkSheet #1.
5. Fill out WorkSheet #4 using similar details for the new property—its description, address, purchase date, and fair market value.
6. On WorkSheet #5, report the debts associated with both the old and new properties, making sure to accurately reflect any loans assumed or paid off.
7. Use WorkSheet #6 to calculate the net cash received or paid during the exchange. Follow the subtraction and addition instructions carefully to derive the final amounts.
8. Complete WorkSheet #7 and #8 to calculate necessary values for Form 8824, including net cash received and basis calculations.
9. Utilize WorkSheet #9 to fill in the main lines of Form 8824 based on the data collected from previous worksheets.
10. If applicable, fill out WorkSheet #10, which concerns buy-down calculations, ensuring all relevant figures are accurately reported.
11. Finalize your process by saving changes, downloading, printing, or sharing the completed Taxpak form as needed.

Start filling out your Taxpak form online today to ensure a smooth and accurate completion.