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- 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.
www.teachmepersonalfinance.com › irs-form-8824-instructions
People also ask
Does IRS use form 8824 for like-kind exchanges?
What is IRS form 8824?
What is IRS form 8824 & 1031 exchange?
What is form 8997 & 8824?
An exchange structured to avoid the related party rules isn't a like-kind exchange. Don't report it on Form 8824. Instead, you should report the disposition of the property given up as if the exchange had been a sale. See section 1031(f)(4).
- About Form 8824, Like-Kind Exchanges
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- 2023 Form 8824
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- About Form 8824, Like-Kind Exchanges
Oct 19, 2023 · Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.
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Jun 13, 2023 · Navigating IRS forms can be a daunting task, but with this comprehensive guide, we aim to demystify Form 8824. Form 8824, used for reporting Like-Kind Exchanges under Section 1031 of the Internal Revenue Code, can be a powerful tool for deferring capital gains taxes. Let’s dive in.
Form 8824 Instructions provide information on general rules and how to complete the form. Page Last Reviewed or Updated: 02-Nov-2023. Information about the like-kind exchange and requirements under IRS Code Section 1031 for recognizing a gain or loss.
Nov 29, 2023 · November 29, 2023. Understanding and correctly filing IRS Form 8824 is crucial for anyone involved in a like-kind exchange. This comprehensive guide will explain why mastering Form 8824 is essential for accurately reporting a 1031 exchange to the IRS.
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