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Use Parts I, II, and III of Form 8824 to report each exchange of business or investment real property for real property of a like kind. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange.
Jun 13, 2023 · Filling Out Form 8824: A Step-by-Step Process. Part I: Information About the Like-Kind Exchange. Line 1: Describe the property you gave up and the like-kind property you received. Line 2: Enter the date the property was transferred and the date you acquired the replacement property.
Determining Boot Lines 12, 13 and 14: To be completed only if, along with the “like kind” property relinquished, you transferred other property that was not like kind (e.g., cash, notes, or personal property not replaced). Cash & Debt ReliefExample 1 Boot Example Adjusted basis of relinquished property: $40,000
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Dec 11, 2023 · The basis of the new asset should be prorated among the new assets and shouldn't exceed the amount calculated on Form 8824, line 25. To create multiple assets: Select the asset that's already present in Screen 21, Depreciation by changing the: Descriptionof Property. Cost or Basis.
Multiple exchanges. If you made more than one like-kind exchange, you can file a summary on one Form 8824 and attach your own statement showing all the information requested on Form 8824 for each exchange. Include your name and identifying number at the top of each page of the statement. On the summary Form 8824, enter only your
Apr 1, 2021 · First, you must complete and file IRS form 8824 along with your tax returns at the end of the year in which you sold the relinquished property and began the 1031 exchange process. This is true whether you’ve actually completed the 1031 exchange or not.
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; Property you received that will become your personal residence—Like-kind exchanges must be for ...
