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May 9, 2024 · May 9, 2024. If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it.
4 days ago · The exchanger must file Form 8824 for each tax year property was transferred to another party in an exchange. Brendan Greene, Esq., is a partner at the law firm McCue, Lee & Greene, LLP and a principal at Greater Boston Exchange Company, LLC, Boston, Mass.
May 14, 2024 · Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges for the year of the exchange. The Instructions for Form 8824 explain how to report the details of the exchange. Even if you recognize no gain or loss, you must report the exchange.
May 21, 2024 · File Form 8824 with Your Taxes: The year your 1031 exchange timeline happens, your tax return should include Form 8824. This form will notify the IRS of your exchange and let them know the property you sold and purchased.
May 20, 2024 · For example, the exchange of U.S. real estate for real estate in another country will not qualify for tax-deferred exchange status. ... "Instructions for Form 8824," Page 3.
May 20, 2024 · What are the specific steps to complete Form 8824 for a 1031 exchange? Form 8824 requires details on the properties exchanged, dates of the transactions, any relationship between the parties to the exchange, and the financial aspects of the transactions, among other information.
May 20, 2024 · Form 8824 helps investors and the IRS track these calculations. Example Basis Calculation: Original Basis of Relinquished Property: $300,000; Plus Purchase Costs: $10,000; Minus Cash Received: $0; Equals Adjusted Basis: $310,000; Depreciation Recapture Considerations
