Search results
People also ask
What is IRS form 8824?
Does IRS use form 8824 for like-kind exchanges?
What is form 8997 & 8824?
Do I need to file form 8824 If I transfer property?
Purpose of Form. 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.
- About Form 8824, Like-Kind Exchanges
Information about Form 8824, Like-Kind Exchanges, including...
- 2023 Form 8824
Form 8824. Department of the Treasury Internal Revenue...
- About Form 8824, Like-Kind Exchanges
Jan 31, 2024 · Information about Form 8824, Like-Kind Exchanges, including recent updates, related forms, and instructions on how to file. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind.
Oct 19, 2023 · What is IRS Form 8824: Like-Kind Exchange. Written by a TurboTax Expert • Reviewed by a TurboTax CPA Updated for Tax Year 2023 • October 19, 2023 8:47 AM. OVERVIEW. Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss.
- (672.6K)
- Intuit Turbotax
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.
Form 8824. Department of the Treasury Internal Revenue Service. Like-Kind Exchanges. (and section 1043 conflict-of-interest sales) Attach to your tax return. Go to www.irs.gov/Form8824 for instructions and the latest information. OMB No. 1545-1190.
- 92KB
- 2
IRS Regulations changed effective January 1st, 2018. A like-kind exchange, or 1031 exchange, can only be completed for real property. See here for more details. A like-kind exchange consists of three main steps. All three steps must be completed for the tax return to contain the correct information. Step 1: Disposing of the original asset.
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.
