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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:
2023 Instructions for Form 8824. section 1.1031(a)-3 of the regulations, Taylor determines that the section 1245 assets are real property for section 1031 like-kind exchange treatment. Additionally, Taylor determines that the total depreciation allowed or allowable on the section 1245 property is $35,000.
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:
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.
Like-kind exchanges -- when you exchange real property used for business or held as an investment solely for other business or investment property that is the same type or “like-kind” -- have long been permitted under the Internal Revenue Code. Generally, if you make a like-kind exchange, you are not required to recognize a gain or loss ...
Jun 16, 2023 · IRS Form 8824 Instructions. Get the Form! Section 1031 of the Internal Revenue Code allows for taxpayers to defer their tax liability on the sale of certain real estate under the like-kind exchange rule. However, taxpayers must still report these transactions on IRS Form 8824, the IRS’ like-kind exchange form.
Form 8824 figures the amount of gain deferred as a result of a like-kind exchange. Part III computes 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. Also, the basis of the like-kind property received is figured on Form 8824.
