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Total to Form 8824 Line 15 (not less than zero) $ 4 (Taxable as boot) Form 8824 Line 16 FMV Replacement Property Total from line 17, worksheet 2 $ 5 Form 8824 Line 18 Basis and Net Amounts Paid Purchase price, Exchange Property $ 6 Less depreciation taken to date of sale ( ) 7 Less deferred gain from previous 1031 Exchange (if any) ()8 Net cash ...
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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:
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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 ...
May 17, 2023 · In cases where the seller is willing to pay taxes, receiving boot is okay. However, if you aim to pursue a completely tax-free 1031 Exchange, avoiding boot is crucial. Keep in mind that even in a partial exchange, using sale proceeds to buy something other than like-kind property will result in the money being considered boot, and taxed ...
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Taylor subtracts line 15 from the sum of lines 18 and 23 and enters $170,000 on line 25. Taylor allocates the entire $170,000 to the basis of the like-kind section 1250 property received in the exchange. This time, Taylor e-files Form 8824. Taylor will attach a separate sheet to the Form 8824 reporting the $170,000 for line 25a.
- Calculation of Basis of New Property for Form 8824, Line 18 WorkSheets 9 & 10 - Completing Form 8824 - Calculation of Recapture for Form 8824, Line 21 You can either keep or shred completed WorkSheets. Do not send these WorkSheets with your tax return. SEND: IRS Form 8824 - Page 1 IRS Form 8824 - Page 2 WorkSheets & Forms TaxPak ™ 2020 for ...
Apr 1, 2021 · You can file your tax return as normal, making sure to include form 8824 in your filing. If you’ve initiated your 1031 exchange in one tax year but don’t finalize it until the following year, your form 8824 isn’t considered final until the exchange is complete. In this case, you’ll need to file for an extension using IRS form 4868.
