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Sep 20, 2020 · here are the instructions from form 8824 regarding multi-asset exchanges. They are covered by Regulations section 1.1031 (j)-1. basis in the exchanged property is figured per subsection (c) while the instructions use the word "and" I believe it is more correct for the word to be "or". you have to know the basis in each property for purposes of ...
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If the property given up was used partly as a home, and partly for business or investment, you will need to use two separate Forms 8824 as worksheets. Use one worksheet for the part of the property used as a home, and the other worksheet for the part used for business or investment. Fill out only lines 15 through 25 of each worksheet Form 8824.
You would report the gain from the sale of the beds and desks as follows: Line 12: List the total FMV of property $100,000. Line 13: List the adjusted basis* of $10,000 for the property. Line 14: Subtract Line 13 from Line 12 to determine the amount of recognized gain and enter that figure $100,000 (-) $10,000.00 = $90,000.
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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. Line 3: If this exchange involved a related party, provide ...
Feb 15, 2022 · Under Business Income scroll to 'Less Common Business Situations' > Start Sale of Business Property. Check the box next to Any additional like-kind exchanges (section 1031) > Continue. Follow each screen to make your entries > Your Form 8824 will be completed for you based on your entries.
Line 4 is posted to Line 19 on IRS Form 8824 Note: For a Reverse Exchange where the EAT holds the relinquished property the FMV used on Line 1 will be the amount the EAT was able to sell the relinquished property. The following example is used throughout this workbook, and a completed Worksheet using this example is on Page 9.
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Open Form 8824. Complete all applicable fields on Form 8824. Open the Car and Truck Expenses Worksheet (Vehicle Expenses Worksheet for Form 2106). Add the newly received vehicle in the next available column (create a new copy of the worksheet if necessary). Use the figure from Form 8824, Line 25 in determining the cost or basis on Line 30.
