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Regulations sections 1.1031(a)-1, 1.1031(a)-3, and 1.1031(k)-1 provide a definition of real property under section 1031, address a taxpayer's receipt of personal property incidental to the like-kind real property received, and apply to like-kind exchanges after December 2, 2020.
- Form 8824 and The HUD-1
- Form 8824, The 1031 Exchange Form
- Form 8824 Example
- Form 8824 Worksheet
- Form 8824 Calculations
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First, let’s discuss where you will get the information that will be required to complete the form. When you close on your properties, sale of the Relinquished Property and purchase of the Replacement Property, you will receive a HUD-1 Settlement Statement to inspect and approve, and then you will be asked to sign it. You will take a copy of it wit...
The combination of the HUD-1 and the information on our Capital Gains Taxpage will be all that you need for the completion of the form. For review, we are dealing with the following scenario.
Alan Adams bought a Duplex ten years ago for $200,000 cash.He assigned a value of $20,000 to the land.The furniture and furnishings had negligible value, none assigned.He began claiming depreciation allowance on the $180,000 building.Part I of Form 8824 is called “Information on the Like-Kind Exchange” and contains seven lines requesting information about your Exchange. *Line 1. Description of like-kind property given up. Insert a brief description such as “Duplex located at 123 Anywhere Street, City, State, Zip.” If the transaction involved personal property, add something lik...
This Part III is called “Realized Gain or (Loss), Recognized Gain, and Basis of Like-Kind Property Received.” It contains lines 12 through 25. Lines 12 through 14 are used to report any part of your Relinquished Property transaction which was not like kind property. On Line 12 you report the fair market value of that property and on line 13 you rep...
Learn how to fill out IRS Form 8824, the 1031 Exchange form, with the information from your HUD-1 Settlement Statement and the Capital Gains Tax page. See an example of a Section 1031 Exchange transaction and the numbers to put on each line of the form.
FORM 8824 WORKSHEET Worksheet 2 Tax Deferred Exchanges Under IRC § 1031 ANALYSIS OF CASH BOOT RECEIVED OR PAID Sale of Exchange Property Sale price, Exchange Property $ 13 Less debt relief (Line 25 below) ( ) 14 Less exchange expenses paid (worksheet 3) ( ) 15 Total cash received (line 13 minus lines 14 & 15) 16 Purchase of Replacement Property
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Jun 13, 2023 · 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. Understanding the Basics of Form 8824. Form 8824 primarily deals with the concept of Like-Kind Exchanges.
Apr 1, 2021 · This is a critical step, as failing to file the form correctly could result in a reversal of your 1031 exchange and potential tax penalties. Luckily, reporting a 1031 exchange is fairly easy to do. You’ll just need to complete IRS Form 8824 when you file your taxes. Here’s what you need to know.
Oct 19, 2023 · TABLE OF CONTENTS. What happens in an exchange? Allowable exchanges. Exclusions and deadlines. What happens in an exchange? A like-kind exchange doesn't eliminate taxes; it just pushes them into the future. Say you paid $20,000 for a piece of business or investment real estate and sold it for $30,000 ($30,000 - $20,000 = $10,000 capital gain).
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