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Nov 29, 2023 · Learn how to report a 1031 exchange to the IRS using IRS Form 8824. Get instructions on like-kind exchanges for tax benefits.
Before you begin: If you are e-filing 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.
Fill Our IRS Form 8824. You should prepare IRS Form 8824: Like-Kind Exchanges for all like-kind exchanges. Special rules apply for: Multi-assets; Exchanges made with someone you’re related to; Property you once used as your personal residence
Apr 6, 2023 · The step-by-step instructions for filling out Form 8824 are as follows: Enter the description of the property given up and received in the exchange on lines 1 and 2. Enter the date of the written identification of the like-kind property received in a deferred exchange on line 5. Enter the date the like-kind property was received from the other ...
Jun 13, 2023 · Navigating IRS forms can be a daunting task, but with this comprehensive guide, we aim to demystify Form 8824. Form 8824, used for reporting Like-Kind Exchanges under Section 1031 of the Internal Revenue Code, can be a powerful tool for deferring capital gains taxes.
1. Tax Reform Update: Generally, only real property now qualifies under the like-kind exchange rules. See the instructions for exceptions. Certain exchanges of property are not taxable. This means any gain from the exchange is not recognized, and any loss cannot be deducted.
IRS Form 8824 is used to report an exchange of real property for real property of a like kind and to calculate how much of the gain is being deferred, the basis in the acquired property, and the taxable gain to be reported in the current year.
