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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. Use Part III to figure the amount of gain required to be reported on the tax return in the current year if cash or property ...
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.
- Form 8824 and The HUD-1
- Form 8824, The 1031 Exchange Form
- Form 8824 Example
- Form 8824 Worksheet
- Form 8824 Calculations
First, let’s discuss where you will get the information that will be required to complete the form. When you close on your properties, sale of the Relinquished Property and purchase of the Replacement Property, you will receive a HUD-1 Settlement Statement to inspect and approve, and then you will be asked to sign it. You will take a copy of it wit...
The combination of the HUD-1 and the information on our Capital Gains Taxpage will be all that you need for the completion of the form. For review, we are dealing with the following scenario.
Alan Adams bought a Duplex ten years ago for $200,000 cash.He assigned a value of $20,000 to the land.The furniture and furnishings had negligible value, none assigned.He began claiming depreciation allowance on the $180,000 building.Part I of Form 8824 is called “Information on the Like-Kind Exchange” and contains seven lines requesting information about your Exchange. *Line 1. Description of like-kind property given up. Insert a brief description such as “Duplex located at 123 Anywhere Street, City, State, Zip.” If the transaction involved personal property, add something lik...
This Part III is called “Realized Gain or (Loss), Recognized Gain, and Basis of Like-Kind Property Received.” It contains lines 12 through 25. Lines 12 through 14 are used to report any part of your Relinquished Property transaction which was not like kind property. On Line 12 you report the fair market value of that property and on line 13 you rep...
People also ask
How does form 8824 work?
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How do I write a summary form 8824?
What is form 8997 & 8824?
Dec 11, 2023 · SOLVED•by Intuit•53•Updated December 11, 2023. You want to enter a like-kind exchange when exchanging one asset for multiple similar assets in Lacerte. If you are completing a standard like-kind exchange, see Using the Like-Kind Exchange Wizard.
Total to Form 8824 Line 15 (not less than zero) $ 4 (Taxable as boot) Form 8824 Line 16 FMV Replacement Property Total from line 17, worksheet 2 $ 5 Form 8824 Line 18 Basis and Net Amounts Paid Purchase price, Exchange Property $ 6 Less depreciation taken to date of sale ( ) 7 Less deferred gain from previous 1031 Exchange (if any) ()8
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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
16 FMV of like-kind property you received. The see instructions refer to Form 8824 instructions. Line 15 is a matter of adding and subtracting the above components. Let’s look at an example: Relinquished Property. $400,000 – Relinquished property. $200,000 – Tax Basis. $20,000 – Closing Costs. $30,000 – Cash Received at Closing ...
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