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Oct 19, 2023 · What is IRS Form 8824: Like-Kind Exchange. Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes.
Jun 13, 2023 · Form 8824, used for reporting Like-Kind Exchanges under Section 1031 of the Internal Revenue Code, can be a powerful tool for deferring capital gains taxes. Let’s dive in. Understanding the Basics of Form 8824
Nov 29, 2023 · What You Should Know About IRS Form 8824: The Key to a Successful 1031 Like-Kind Exchange. Understanding and correctly filing IRS Form 8824 is crucial for anyone involved in a like-kind exchange. This comprehensive guide will explain why mastering Form 8824 is essential for accurately reporting a 1031 exchange to the IRS.
Fill Our IRS Form 8824. You should prepare IRS Form 8824: Like-Kind Exchanges for all like-kind exchanges. Special rules apply for: Multi-assets; Exchanges made with someone you’re related to; Property you once used as your personal residence
Jun 16, 2023 · If you've exchanged real estate to defer tax gains, you may need to report the transaction on IRS Form 8824. Read our guide to learn more!
If the taxpayer traded this vehicle in for a new vehicle, select a Form 8824, Like-Kind Exchanges, to use to compute the gain or loss. You can only report one vehicle trade-in on each copy of Form 8824. However, you can link multiple components of a vehicle acquired by trade-in to the same Form 8824.
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.
