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A like-kind exchange, also known as a Section 1031 exchange, is a way of trading or exchanging assets and, in many cases, deferring gain on the trade (or exchange). “Like-kind” means that the property you trade must be of the same type as the property you receive. Due to changes to Section 1031 exchanges listed in the Tax Cuts and Jobs Act ...
Include your name and identifying number at the top of each page of the statement. On the summary Form 8824, enter only your name and identifying number, “Summary” on line 1, the total recognized gain from all exchanges on line 23, and the total basis of all like-kind property received on line 25. Cat. No. 12597K.
Dec 7, 2023 · Select Any additional like-kind exchanges (section 1031) and select Continue. On the next screen, select Yes and proceed through the interview questions. We'll fill out Form 8824 for you. If you accidentally generate a Form 8824 that you don't need, you can delete it by repeating steps 1 and 2 above. This takes you to the Like-Kind Exchanges ...
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.
How to file form 8824 - 1031 Like Kind Exchange 10/02/2021 | 0:10:10 Created: 10/02/2021
Form 8824 and completing line 12, 15, or 25, see the instructions for important information regarding a separate statement you must attach. • If you transferred and received (a)more than one group of like-kind properties, or (b cash or other (not like-kind) property, see Reporting of multi-asset exchanges in the instructions. Note:
Mar 30, 2023 · Completing Form 8824. Enter T, S, or J (taxpayer, spouse, or joint) at the top of the form next to the name. Fill in all appropriate information in Parts I and II. Line 7. If the answer is YES, go to Part II. If the answer is NO, go to Part III. Next to line 11c, you may link (F9) to attach an explanation.
