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On Form 8824, tab 1, there are instructions above the form that gives additional information about the multi-asset and multi-exchange entries and also how to treat the assets in Fixed Assets. See Form 8824 instructions as well. General Notes: The input of a sales price contradicts the usage of the like kind exchange. Example - If the assets ...
For example, an apartment building would generally be like-kind to another apartment building. However, real property in the United States is not like-kind to real property outside the United States. Reporting a Like-Kind Exchange. Form 8824, Like-Kind Exchanges, is used to report a like-kind exchange. Form 8824 Instructions provide information ...
Nov 23, 2020 · With the form, you will attach a statement that includes all the pertinent information for each applicable exchange. 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 ...
Nov 29, 2023 · Example of a 1031 Exchange. ... File Form 8824 with your taxes. When you file your taxes for the year the exchange took place, include Form 8824 in your tax return, ...
Dec 7, 2023 · Select Any additional like-kind exchanges (section 1031) and select Continue. On the next screen, select Yes and proceed through the interview questions. We'll fill out Form 8824 for you. If you accidentally generate a Form 8824 that you don't need, you can delete it by repeating steps 1 and 2 above. This takes you to the Like-Kind Exchanges ...
A like-kind exchange, also known as a Section 1031 exchange, is a way of trading or exchanging assets and, in many cases, deferring gain on the trade (or exchange). “Like-kind” means that the property you trade must be of the same type as the property you receive. Due to changes to Section 1031 exchanges listed in the Tax Cuts and Jobs Act ...
