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  1. 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. The furniture and furnishings had negligible value, none assigned. He began claiming depreciation allowance on the $180,000 building. He spent $30,000 cash in capital improvements on two garages and began claiming depreciation.

  2. May 17, 2021 · Regardless, here is an example of a relatively straightforward case before delving into the more complex 1031 exchange examples. Example 1 You own a $4,000,000 investment property with a tax basis of $3,500,000 — meaning that you have a $500,000 capital gain. You would like to do a 1031 exchange into a $3,975,000 Walgreens in McDonough, Georgia.

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  4. Nov 23, 2020 · IRS Form 8824 is used to report a 1031 exchange for the tax year in which you complete it. Execution of the form calculates the amount of gain deferred due to a like-kind exchange of property. The IRS considers the deal completed in the tax year that you sell the initial relinquished property, and the exchange period begins.

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  5. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange. Part III computes the amount of gain required to be reported on the tax return in the current year if cash or property that isn't of a like kind is involved in the exchange. Also, the basis of the like-kind property received is figured on Form 8824.

  6. INSTRUCTIONS TO FORM 8824 WORKSHEETS. There are no specific instructions provided by the 1031 Regulations on how to determine "cash received", "cash paid" or "net mortgage relief" in exchange transactions where both exchange cash and financing cash are used to acquire Replacement Property, service non-transactional costs such as loan ...

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