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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.
Apr 1, 2021 · First, you must complete and file IRS form 8824 along with your tax returns at the end of the year in which you sold the relinquished property and began the 1031 exchange process. This is true whether you’ve actually completed the 1031 exchange or not. If you’ve initiated and completed your 1031 exchange in the same tax year, you’re in luck.
New lines 25a through 25c on 2023 Form 8824 require you to report the basis allocable to sections 1250 and 1245, and intangible property treated as real property, if applicable. See Lines 25, 25a, 25b, and 25c, later. Separate instructions for electronic filers. For e-filers, new lines 12a, 15a, and 25a through 25c are not available, and all ...
To learn more about reporting the exchange, see Form 8824 instructions at www.irs.gov. To get hands-on guidance with filling out Form 8824, get the help of tax pros at H&R Block. Whether you make an appointment with one of our knowledgeable tax pros or choose one of our online tax filing products, you can count on H&R Block to help you out.
Answer No. The gain or loss, if any, will instead flow to Form 4797 from Form 8824. To enter a like-kind exchange in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select: Income. Other Gains/Loss (4797, 8824) Form 8824 - Like-Kind Exchanges - Click New. Part I - Information on the Like-Kind Exchange.
Nov 23, 2020 · The IRS guidance for multiple exchanges says to treat Form 8824 as a summary, and to enter your name and taxpayer identification number on the form, along with the total recognized gain on line 23 and the total basis of all like-kind property on line 25. The details will be on the attached summary statement, not on the form itself.
