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Include your name and tax ID number at the top of each page of the statement. On the summary IRS Form 8824, enter only your name and tax ID number, the word Summary on Line 1, the total recognized gain from all exchanges on Line 23, and the total basis of all like-kind property received on Line 25. 3.
Include your name and identifying number at the top of each page of the statement. On the summary Form 8824, enter only your name and identifying number, “Summary” on line 1, the total recognized gain from all exchanges on line 23, and the total basis of all like-kind property received on line 25. Cat. No. 12597K.
Sep 20, 2020 · here are the instructions from form 8824 regarding multi-asset exchanges. They are covered by Regulations section 1.1031 (j)-1. basis in the exchanged property is figured per subsection (c) while the instructions use the word "and" I believe it is more correct for the word to be "or". you have to know the basis in each property for purposes of ...
Also file Form 8824 for the 2 years following the year of a related party exchange (see the instructions for line 7). Like-Kind Exchanges Generally, if you exchange business or investment property solely for business or investment property of a like kind, section 1031 provides that no gain or loss is recognized.
Feb 15, 2022 · Under Business Income scroll to 'Less Common Business Situations' > Start Sale of Business Property. Check the box next to Any additional like-kind exchanges (section 1031) > Continue. Follow each screen to make your entries > Your Form 8824 will be completed for you based on your entries.
Mar 28, 2022 · So gain is $1,081,717. How do I show this on the Form 8824? Bought new commercial property B for $1.1 million. When I set-up the new asset schedule, what do I put in as the basis? How does the gain flow through to get captured on the new asset? If anyone has a worksheet or sample 8824 they want to share - please and thank you.
Nov 29, 2023 · 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, and the recognized gain or loss calculation.
