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Learn how to report like-kind exchanges of real property and conflict-of-interest sales on Form 8824. Find out the new lines, rules, and definitions for 2023.
- About Form 8824, Like-Kind Exchanges
Information about Form 8824, Like-Kind Exchanges, including...
- Instructions for Form 8814
You must complete Schedule B (Form 1040), Part III, and file...
- About Form 8824, Like-Kind Exchanges
Jun 13, 2023 · Learn how to report Like-Kind Exchanges under Section 1031 of the Internal Revenue Code using Form 8824. This guide covers the basics, the step-by-step process, and the annual revisiting of the form.
Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue ...
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- What Is A Like-Kind Exchange?
- Who Qualifies For A Like-Kind Exchange?
- What Qualifies as A Like-Kind Exchange?
- What Is The Same Taxpayer Rule?
- What Are Date Restrictions to A Like-Kind Exchange?
- What Constitutes A Related Party?
- Reporting A Like-Kind Exchange in TaxSlayer Pro
A like-kind exchange occurs when an owner exchanges business or investment real property for similar property of a like kind, and under IRC section 1031 no gain or loss is recognized. Real properties are generally considered to be like-kind regardless of whether they are improved or unimproved, but they both must be located in the United States and...
Individuals, C corporations, S corporations, partnerships (general or limited), limited liability companies, trusts, and any other taxpaying entity may set up an exchange of business or investment property under section 1031.
The exchange of real property for the same kind of real property is the most common type of nontaxable exchange. To be a like-kind exchange, the real property traded and the real property received must be both a qualifying property and like-kind property. Both properties must meet certain requirements: 1. Both properties must be held for use in a t...
The taxpayer who owns the relinquished property mush be the same taxpayer who takes ownership of the replacement property, i.e., the same SSN or EIN on each side of the transaction. A change in the taxpayer identity between the two properties in the like-kind exchange does not qualify. This includes a taxpayer relinquishing property and adding a sp...
There are two separate date requirements: (1) There is a 45-day written notification requirement, including taxpayer’s signature which must stipulate: 1. The property being received must be identified and designated as replacement property. 2. Real property should be described using a legal description, street address, or distinguishable name. 3. T...
Special rules apply to exchanges between related parties. If the exchange is being structured to avoid related-party rules, it is not a like-kind exchange and should not be reported on Form 8824 but instead should be treated as a sale. (See 26 U.S.C. § 267(b) for the definition of a related party.) Related Parties include: 1. Family Relationship su...
Note: When disposing of real property in the depreciation module, you will be asked "Carry Disposition to Form 4797?". Answer No. The gain or loss, if any, will instead flow to Form 4797 from Form 8824. To enter a like-kind exchange in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select: 1. Income 2. Other Gains/Loss (4797, 8824)...
Learn how to report a like-kind exchange of real property for business or investment on IRS Form 8824. Find out the rules, deadlines, and exceptions for this tax-deferred transaction.
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