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  2. 2 days ago · 1031 Exchange. There is a worksheet (IRS form 8824) that the taxpayer (or their tax preparer) needs to fill out for any 1031 exchange conducted during the year of the tax filing. Form 8824 connects the dots between the relinquished property and the replacement property. It also asks some additional, often complicated or confusing, questions.

  3. 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.

  4. May 20, 2024 · To record the Section 1031 exchange with the Internal Revenue Service, it is important to file Form 8824 with the tax return for the year of the like-kind exchange, as well as for each of the two...

  5. May 29, 2024 · Quick tip: If you use a 1031 like-kind exchange, you'll need to fill out IRS Form 8824 and attach it to your annual tax return. Key rules of 1031 exchanges. "Like-kind" property. There are...

  6. May 9, 2024 · Even if you don’t have to recognize any gain on the exchange, you still must report it on Form 8824, “Like-Kind Exchanges.” However, in many cases, the properties aren’t equal in value, so some cash or other property is added to the deal.

  7. 2 days ago · Follow the instructions for the worksheet(s) you completed to figure your expenses for the business use of your home. Enter the amount on Schedule C (Form 1040), Part V, Other Expenses. Enter your total expenses from Part V, line 48, on Schedule C (Form 1040), line 27a. Complete the remainder of Schedule C (Form 1040), skipping line 30.

  8. 15 hours ago · Address associated with your business. Line 1: This is where you'll choose the type of election you'd like to make by checking one of the boxes. Line 2: If your business is an LLC that has been ...

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