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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:
Form 8824, Part IV (Deferral of Gain From Section 1043 Conflict-of-Interest Sales) is not supported in Drake Tax. Form 4797 Not Generating. Form 4797 will only generate if there is realized gain on the exchange. Per the 8824 Instructions, "Generally, if you exchange business or investment real property solely for business or investment real ...
Jun 16, 2023 · IRS Form 8824 Instructions. Get the Form! Section 1031 of the Internal Revenue Code allows for taxpayers to defer their tax liability on the sale of certain real estate under the like-kind exchange rule. However, taxpayers must still report these transactions on IRS Form 8824, the IRS’ like-kind exchange form.
Fill out Form 8824 according to its instructions, with these exceptions: Subtract line 18 from line 17. Enter that result on line 19. On the dotted line next to line 19, enter “Section 121 exclusion” and the amount of the exclusion. On line 20, enter the smaller of: Line 15 minus the exclusion, or. Line 19.
Jun 13, 2023 · Filling Out Form 8824: A Step-by-Step Process. Part I: Information About the Like-Kind Exchange. Line 1: Describe the property you gave up and the like-kind property you received. Line 2: Enter the date the property was transferred and the date you acquired the replacement property. Line 3: If this exchange involved a related party, provide ...
Completing Form 8824 WHEN TO FILE This form must be included with your tax return for the tax year in which a relinquished property was trans-ferred (given up). Generally, the IRS prefers the use of only one 8824 form and the attachment of a statement indicating how you determined the gain if more than one exchange is entered into during one ...
Note: This is a guide on entering a like-kind exchange into the TaxSlayer Pro program. This is not intended as tax advice. The Form 8824 instructions and IRS publications are invaluable and authoritative resources. Additional Information: IRS: Instructions for Form 8824, Like-Kind Exchanges (and section 1043 conflict-of-interest sales)
