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Include your name and tax ID number at the top of each page of the statement. On the summary IRS Form 8824, enter only your name and tax ID number, the word “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. IRS 8824 Workbook 2 2017 T Rr Eo.
Nov 23, 2020 · IRS Form 8824 is used to report a 1031 exchange for the tax year in which you complete it. Execution of the form calculates the amount of gain deferred due to a like-kind exchange of property. The IRS considers the deal completed in the tax year that you sell the initial relinquished property, and the exchange period begins.
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.
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 ...
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.
How to file form 8824 - 1031 Like Kind Exchange 10/02/2021 | 0:10:10 Created: 10/02/2021
You can enter Form 8824 in either the Schedule D screen or Depreciation screen in ProConnect. These steps will walk you through the input in the Schedule D, or Dispositions, screen. If the assets given up in the exchange are already entered in the Depreciation screen, follow the instructions in this article instead.
