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Jan 31, 2024 · About Publication 544, Sales and Other Dispositions of Assets. Other Current Products. Page Last Reviewed or Updated: 31-Jan-2024. Information about Form 8824, Like-Kind Exchanges, including recent updates, related forms, and instructions on how to file.
Form 8824 and completing line 12, 15, or 25, see the instructions for important information regarding a separate statement you must attach. • If you transferred and received (a)more than one group of like-kind properties, or (b cash or other (not like-kind) property, see Reporting of multi-asset exchanges in the instructions. Note:
Form 8824 figures the amount of gain deferred as a result of a like-kind exchange. Use Part III to figure 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.
Oct 19, 2023 · • Part I of Form 8824 is where you provide details about the old property and the new property • Part II of the form comes into play only when a like-kind exchange involves "related parties"—members of a family or entities that you have a controlling interest in.
Jun 13, 2023 · Understanding the Basics of Form 8824. Form 8824 primarily deals with the concept of Like-Kind Exchanges. These are exchanges where you trade business or investment properties of a similar kind and defer the capital gain or loss recognition until the replacement property is sold or disposed of in a taxable transaction.
Nov 29, 2023 · Individuals who own investment real estate can defer capital gains taxes by using a 1031 exchange when they sell their property and reinvest the proceeds in another like-kind investment property. C corporations. C corporations can also use 1031 exchanges to defer capital gains taxes.
Like-Kind Exchanges – Form 8824. 2 min read. Share: In a like-kind exchange, you might exchange real property for similar property used solely for business or investment. If so, you might completely or partially defer gain on the exchange. If your gain is tax-deferred, you won’t recognize gain and pay tax until you dispose of the new property.
