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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 ...
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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Nov 29, 2023 · The Role of IRS Form 8824 in Reporting 1031 Exchanges. 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 ...
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.
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. 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 ...
Jul 3, 2023 · Form 8824 plays a crucial role in 1031 exchanges, requiring a deep understanding of its complexities to ensure accurate calculations and maximize tax benefits. At Exchange Planning Corporation, we specialize in helping investors navigate the intricacies of Form 8824 and provide expert guidance on maximizing tax savings. In this comprehensive guide, we will break down key terms related to cash ...
Sep 8, 2023 · Include Form 8824 in Tax Return. After you have filled out Form 8824, it should be included with your tax return. It's important to remember that a separate Form 8824 is needed for each like-kind exchange. Furthermore, any gain from the exchange is reported on Schedule D, and any additional tax due should also be reported.
