Search results
Multiple exchanges. If you made more than one like-kind exchange, you can file a summary on one Form 8824 and attach your own statement showing all the information requested on Form 8824 for each exchange. Include your name and identifying number at the top of each page of the statement. On the summary Form 8824, enter only your
property on Form 8949 when reporting an exchange on Form 8824. If you made more than one like-kind exchange in the same year you should file only one summary Form 8824 and attach your own statement showing all the information requested on Form 8824 for each exchange. Include your name and tax ID number at the top of each page of the statement.
16 FMV of like-kind property you received. The see instructions refer to Form 8824 instructions. Line 15 is a matter of adding and subtracting the above components. Let’s look at an example: Relinquished Property. $400,000 – Relinquished property. $200,000 – Tax Basis. $20,000 – Closing Costs. $30,000 – Cash Received at Closing ...
Nov 23, 2020 · The IRS guidance for multiple exchanges says to treat Form 8824 as a summary, and to enter your name and taxpayer identification number on the form, along with the total recognized gain on line 23 and the total basis of all like-kind property on line 25. The details will be on the attached summary statement, not on the form itself.
Fill Our IRS Form 8824. You should prepare IRS Form 8824: Like-Kind Exchanges for all like-kind exchanges. Special rules apply for: Multi-assets. Exchanges made with someone you’re related to. Property you once used as your personal residence. Property you received that will become your personal residence—Like-kind exchanges must be for ...
Dec 11, 2023 · To create multiple assets: Select the asset that's already present in Screen 21, Depreciation by changing the: Descriptionof Property. Cost or Basis. Any other applicable inputs that reflect the combined assets rather than the individual asset. Add additional assets as necessary with the appropriate cost/basis and other necessary inputs.
1031 Corporation Exchange Professionals - Qualified ...
