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What is form 8824?
Do I need to prepare IRS form 8824?
Does IRS use form 8824 for like-kind exchanges?
What should be included in a 8824 exchange form?
Form 8824 figures the amount of gain deferred as a result of a like-kind exchange. Use Part III to figure the amount of gain required to be reported on the tax return in the current year if cash or property that isn't of a like kind is involved in the exchange.
- 2023 Form 8824
Form 8824 Department of the Treasury Internal Revenue...
- About Form 8824, Like-Kind Exchanges
Information about Form 8824, Like-Kind Exchanges, including...
- 2023 Form 8824
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.
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?
Exchanger would file IRS Form 8824 with 2017 return, after filing an on-time request for an extension. 2. HOW DO WE REPORT THE EXCHANGE? The Exchange is reported on IRS Form 8824, Like-Kind Exchanges. The Form 8824 is divided into four parts: Part I. Information on the Like-Kind Exchange Part II. Related Party Exchange Information Part III.
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