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  1. turbotax.intuit.com › tax-tips › investments-and1031 Exchange: How it Works - TurboTax Tax Tips & Videos

    May 3, 2024 · After completing a 1031 exchange, you must report the transaction to the IRS using Form 8824 to maintain the transaction’s tax-deferred status. You must file the form with your annual income tax return for the year in which the exchange was completed.

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  3. www.investopedia.com › financial-edge › 0110What Is a 1031 Exchange? Know the Rules - Investopedia

    Apr 19, 2024 · Key Takeaways. A 1031 exchange is a tax break. You can sell a property held for business or investment purposes and swap it for a new one that you purchase for the same purpose, allowing you to ...

  4. www.sellquickcalifornia.com › blog › how-to-reportHow to Report Sale of Rental Property on Tax Return ...

    Apr 14, 2024 · When it comes to reporting the sale of a rental property on tax forms, Sell Quick California offers a variety of options tailored to your needs: Form 4797 (Sale of Business Property) Form 8949 (Sales and Other Dispositions of Capital Assets) Form 1040 (U.S. Individual Income Tax Return) Form 8824 (Like-Kind Exchanges)

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  5. thebusinessprofessor.com › accounting-taxation-andLike-Kind Exchange - Explained - The Business Professor, LLC

    Apr 18, 2024 · The seller must complete IRS Form 8824 describing the terms of the deal. If any boot is received, the seller must report the gain on Form 8949, Form 1040, or Form 4797, depending on who and how the property is held.

  6. www.loopholelewy.com › loopholelewy › 01-tax-basicsTransferring Property Into a Corporation - Loopholelewy.com

    May 3, 2024 · Once the corporation has been formed and you have all the documents you need to execute the legal transfer of property into the corporation, the next issue is the valuation of the property included in the exchange. In tax terminology, the value of property is referred to as basis. Your basis is the amount of your investment in property for tax ...

  7. turbotax.intuit.com › tax-tips › self-employmentReporting Self-Employment Business Income and Deductions

    Apr 16, 2024 · List your business income in Part I, including sales for the year, amounts reported on 1099 forms you receive, value of barters, recovered bad debts, and any interest earned. List ordinary and necessary business expenses in Part II, including employee wages and pensions (if any), vehicle expenses, advertising, supplies, home office, and more.

  8. www.driversnote.com › irs-mileage-guide › how-toHow to Claim Mileage on Taxes in Five Steps - Driversnote

    Apr 17, 2024 · Step 1: Choose your method of calculation. Step 2: Gather your mileage records. Step 3: Calculate your mileage claim. Step 4: Fill out the correct tax form. Step 5: Retain your records. Eligibility for claiming mileage on taxes. FAQ. Claiming a mileage deduction is an important part of reducing taxes for anyone who uses their vehicle for business.