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Jan 31, 2024 · About Form 8824, Like-Kind Exchanges. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind. Certain members of the executive branch of the Federal Government and judicial officers of the Federal Government use Part IV to elect to defer gain on conflict-of-interest sales.
- Instructions for Form 8824
Use Parts I, II, and III of Form 8824 to report each...
- 2023 Form 8824
Information on the Like-Kind Exchange. Note: Only real...
- Instructions for Form 8824
Oct 19, 2023 · When completing the form, it’s important to keep the following in mind: • Part I of Form 8824 is where you provide details about the old property and the new property. • Part II of the form comes into play only when a like-kind exchange involves "related parties"—members of a family or entities that you have a controlling interest in ...
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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 ...
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Do I need to prepare IRS form 8824?
Nov 29, 2023 · IRS Form 8824, "Like-Kind Exchanges," is the primary document for reporting a 1031 exchange to the IRS. This form is critical for disclosing the exchange details, including the description of the properties, their respective fair market values (FMVs), any liabilities assumed or relieved, and the recognized gain or loss calculation.
Like-Kind Exchanges – Form 8824. In a like-kind exchange, you might exchange real property for similar property used solely for business or investment. If so, you might completely or partially defer gain on the exchange. If your gain is tax-deferred, you won’t recognize gain and pay tax until you dispose of the new property.
