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  1. FORM 8824, THE LIKE KIND EXCHANGE FORM. The combination of the HUD-1 and the information on our Capital Gains Tax page will be all that you need for the completion of the form. For review, we are dealing with the following scenario. FORM 8824 EXAMPLE. Alan Adams bought a Duplex ten years ago for $200,000 cash. He assigned a value of $20,000 to the land.

  2. use of the §1031 exchange. Example 1: $55,000 (–) $15,000 = $40,000 Enter $40,000 (Line 19 (–) Line 23 = Line 24) Example 2: $66,000 (–) $6,000 = $60,000 Enter $60,000 (Line 19 (–) Line 23 = Line 24) New Basis Line 25: Subtract Line 15 from the sum of Lines 18 and 23. This determines the new basis in the replace-

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  4. exchange property on Form 8949 when reporting an exchange on Form 8824. If you made more than one like-kind exchange in the same year, you should file only one summary Form 8824 and attach a statement showing all the information requested on Form 8824 for each exchange. Include your name and tax ID number at the top of each page of the statement.

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  5. 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.

  6. prior to January 1, 2018, as part of an exchange subject to the like-kind exchange transition rule described in the instructions, and/or real property on lines 1 and 2, if you are filing this form to report the disposition of property exchanged in a previously reported related party like-kind exchange.

  7. FORM 8824 WORKSHEET Worksheet 1 Tax Deferred Exchanges Under IRC § 1031 Date Closed Taxpayer Exchange Property Replacement Property Form 8824 Line 15 Cash and Other Property Received and Net Debt Relief Net cash received (line 21) $ 1 Net debt relief (line 30) 2 Less net cash paid (line 22) ( ) 3 Total to Form 8824 Line 15 (not less than zero) $ 4

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