Is a car dealer who trade the car with me considered related party? do i have to fill out form 8824

Forum|Forum|7 years ago
June 6, 2019
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No, he is not and you do not.

There are special rules that come into play when you see to a related party. This is from Pub 17:

Losses on sales or trades of property. You can’t deduct a loss on the sale or trade of property, other than a distribution in complete liquidation of a corporation, if the transaction is directly or indirectly between you and the following related parties.

Members of your family. This includes only your brothers and sisters, half-brothers and half-sisters, spouse, ancestors (parents, grandparents, etc.), and lineal descendants (children, grandchildren, etc.)

Anonymous

Answer

No, he is not and you do not.

There are special rules that come into play when you see to a related party. This is from Pub 17:

Members of your family. This includes only your brothers and sisters, half-brothers and half-sisters, spouse, ancestors (parents, grandparents, etc.), and lineal descendants (children, grandchildren, etc.)