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Use Parts I, II, and III of Form 8824 to report each exchange of business or investment real property for real property of a like kind. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange. Use Part III to figure the amount of gain required to be reported on the tax return in the current year if cash or property ...
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 ...
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Do I need to file form 8824 If I transfer property?
Do I need to prepare IRS form 8824?
What is form 8824?
Do I need a tax form 8824 for a like-kind exchange?
Oct 19, 2023 · When completing the form, it’s important to keep the following in mind: • Part I of Form 8824 is where you provide details about the old property and the new property. • Part II of the form comes into play only when a like-kind exchange involves "related parties"—members of a family or entities that you have a controlling interest in ...
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Properties in a like-kind exchange can differ in grade or quality. However, to be considered a like-kind exchange, the property must be: 1. In the same general asset class 2. Similar in nature 3. Similar in character 4. Not held for resale or flipped
You don’t have to receive property on the day you give up your property for it to be a like-kind exchange. However, strict rules apply to tax-deferred exchanges. You might want a deferred exchange to qualify as a like-kind exchange. If so, you must comply with the 45-day written notice. The notice identifies the property you and the other person wi...
You should prepare IRS Form 8824: Like-Kind Exchanges for all like-kind exchanges. Special rules apply for: 1. Multi-assets 2. Exchanges made with someone you’re related to 3. Property you once used as your personal residence 4. Property you received that will become your personal residence—Like-kind exchanges must be for business and investment re...
To learn more about reporting the exchange, see Form 8824 instructions at www.irs.gov. To get hands-on guidance with filling out Form 8824, get the help of tax pros at H&R Block. Whether you make an appointment with one of our knowledgeable tax pros or choose one of our online tax filingproducts, you can count on H&R Block to help you out.
Nov 29, 2023 · The Role of IRS Form 8824 in Reporting 1031 Exchanges. IRS Form 8824, "Like-Kind Exchanges," is the primary document for reporting a 1031 exchange to the IRS. This form is critical for disclosing the exchange details, including the description of the properties, their respective fair market values (FMVs), any liabilities assumed or relieved ...
What do I need to complete Form 8824? According to irs.gov you will need: Descriptions of the properties exchanged. Dates that properties were identified and transferred. Any relationship between the parties to the exchange. Value of the like-kind and other property received. Gain or loss on sale of other (non-like-kind) property given up.
