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  1. Mar 03, 2022 · About Form 8824, Like-Kind Exchanges. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind. Certain members of the executive branch of the Federal Government and judicial officers of the Federal Government use Part IV to elect to defer gain on conflict-of-interest sales.

  2. Form 8824 (2021) Page . 2 Name(s) shown on tax return. Do not enter name and social security number if shown on other side. Your social security number Part III Realized Gain or (Loss), Recognized Gain, and Basis of Like-Kind Property Received Caution: If you transferred and received (a) more than one group of like-kind properties, or (b)

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  3. FORM 8824. IRS Form 8824, the 1031 Exchange form, is where you report your Section 1031 Exchange – Delayed, Reverse, or Construction. The Form 8824 is due at the end of the tax year in which you began the transaction, as per the Form 8824 Instructions. Even if you did not close on your Replacement Property until the following year, Form 8824 ...

  4. Jul 25, 2022 · Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges. TABLE OF CONTENTS.

    • Method
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    Find IRS Form 8824 on the IRS website (http://www.irs.gov). Make sure you use the current tax year's form. Understand you need to fill out one Form 8824 for each exchange you make.
    Begin to fill out the form while you're still on the IRS website. The instructions provided walk you through the process, step by step. Start with the type of item you gave up as requested in Part I, Line 1. {"smallUrl":"https:\\/\\/www.wikihow.com\\/images\\/thumb\\/a\\/a1\\/Fill-Out-Form-8824-Step-2Bullet1.jpg\\/v4-460px-Fill-Out-Form-8824-Step-2Bullet1.jpg","bigUrl":"\\/images\\/thumb\\/a\\/a1\\/Fill ...
    Use actual terms of the exchange tied to any paperwork you have from it. Do not embellish it in any way.
    Know that this is extremely important when the trade entails stocks exchanged for anything else.
    Check with your accountant or tax adviser for a more in-depth explanation of the ins and outs of IRS Form 8824. Further tax form needs could easily include minimized gains on exchanged property. For this, you should ask the accountant about Form 1031.
    All rules governing the exchange of property transactions are covered in the publication, "Instructions for Form 8824." Thanks! Helpful 0 Not Helpful 0
    Only like-kind exchange gains are eligible for this form, and losses are not recognized. Thanks! Helpful 0 Not Helpful 0
    You need Form 8824 to back up your tax history in case your transaction is ever considered to be a conflict of interest. Thanks! Helpful 0 Not Helpful 0
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  5. Form 8824 - Like-Kind Exchanges. Form 8824 is used to report an exchange of real property for real property of a like kind, and to calculate how much of the gain is being deferred, the basis in the acquired property, and the taxable gain to be reported in the current year.

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