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What is 8824 in a 1031 exchange?
What is IRS form 8824?
Does IRS use form 8824 for like-kind exchanges?
How do I report a 1031 exchange?
Regulations sections 1.1031(a)-1, 1.1031(a)-3, and 1.1031(k)-1 provide a definition of real property under section 1031, address a taxpayer's receipt of personal property incidental to the like-kind real property received, and apply to like-kind exchanges after December 2, 2020.
Jun 13, 2023 · Form 8824, used for reporting Like-Kind Exchanges under Section 1031 of the Internal Revenue Code, can be a powerful tool for deferring capital gains taxes. Let’s dive in. Understanding the Basics of Form 8824. Form 8824 primarily deals with the concept of Like-Kind Exchanges.
Oct 19, 2023 · Both individuals and businesses—corporations, partnerships and sole proprietorships—can carry out like-kind exchanges. However, the property involved must be used for business or investment. Beginning in 2018, like-kind exchanges can only be done with real property such as a rental home.
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Jun 16, 2023 · Section 1031 of the Internal Revenue Code allows for taxpayers to defer their tax liability on the sale of certain real estate under the like-kind exchange rule. However, taxpayers must still report these transactions on IRS Form 8824, the IRS’ like-kind exchange form. In this article, we’ll walk you through this tax form, including:
Sep 8, 2023 · Filling out Form 8824 requires inputting basic information such as your name and identification number. Next, the properties' details and the exchange itself should be entered. Line items in this form will help you report the fair market value, cash received or paid, and the basis of the properties.
Nov 29, 2023 · on. November 29, 2023. Understanding and correctly filing IRS Form 8824 is crucial for anyone involved in a like-kind exchange. This comprehensive guide will explain why mastering Form 8824 is essential for accurately reporting a 1031 exchange to the IRS.
