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Do I need to prepare IRS form 8824?
What is form 8824?
Does IRS use form 8824 for like-kind exchanges?
Do I need a form 8824 for a property exchange?
Fill out only lines 15 through 25 of each worksheet Form 8824. On the worksheet Form 8824 for the part of the property used as a home, follow steps 1 through 3 above, except that instead of following step 2, enter the amount from line 19 on line 20.
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.
Jul 31, 2023 · Method 1. Filling Out Form 8824. 1. Find IRS Form 8824 on the IRS website (http://www.irs.gov). Make sure you use the current tax year's form. Understand you need to fill out one Form 8824 for each exchange you make. 2. Begin to fill out the form while you're still on the IRS website.
Oct 19, 2023 · 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 Service (IRS) uses Form 8824 for like-kind exchanges.
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Example of a Like-Kind Exchange: You might give up a rental home in need of repairs in exchange for another rental home that’s well maintained. If so, it’s a like-kind exchange. To learn more, see Publication 544: Sales and Other Dispositions of Assets at www.irs.gov. What Rules Apply to Like-Kind Exchanges?
