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1. Tax Reform Update: Generally, only real property now qualifies under the like-kind exchange rules. See the instructions for exceptions. Certain exchanges of property are not taxable. This means any gain from the exchange is not recognized, and any loss cannot be deducted.
Nov 30, 2021 · For a successful like-kind exchange that straddles two years, the taxpayer will report the transaction on IRS Form 8824. The exchange will be reported for the year in which the exchange began.
Jun 16, 2023 · However, taxpayers must still report these transactions on IRS Form 8824, the IRS’ like-kind exchange form. In this article, we’ll walk you through this tax form, including: How to report qualifying transactions on IRS Form 8824; Things you need to know about the like-kind exchange rule; Frequently asked questions
