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How do I fill out IRS form 8824?
What is part 8824 – information on a like-kind exchange?
How does form 8824 work?
Do I need a tax form 8824 for a like-kind exchange?
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.
Oct 19, 2023 · What is IRS Form 8824: Like-Kind Exchange. 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. Both can affect your taxes.
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Fill Our IRS Form 8824. 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
Jun 13, 2023 · Navigating IRS forms can be a daunting task, but with this comprehensive guide, we aim to demystify Form 8824. 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.
Nov 29, 2023 · Learn how to report a 1031 exchange to the IRS using IRS Form 8824. Get instructions on like-kind exchanges for tax benefits.
FORM 8824 INSTRUCTIONS. The form is divided into Part I through Part IV. But Part II concerns transactions with Related Parties and Part IV concerns transactions by certain government officials with conflicts of interest, so you will only be concerned with Part I and Part III for a regular transaction.
