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Nov 23, 2020 · The IRS guidance for multiple exchanges says to treat Form 8824 as a summary, and to enter your name and taxpayer identification number on the form, along with the total recognized gain on line 23 and the total basis of all like-kind property on line 25. The details will be on the attached summary statement, not on the form itself.
real property on lines 1 and 2, if you are filing this form to report the disposition of property exchanged in a previously reported related party like-kind exchange. If the property described on line 1 or line 2 is real or personal property located outside the United States, indicate the country. 1 . Description of like-kind property given up: 2
Nov 29, 2023 · A 1031 exchange, named after Section 1031 of the U.S. Internal Revenue Code, is a strategic tool for deferring tax on capital gains. You can leverage it to sell an investment property and reinvest ...
real property on lines 1 and 2, if you are filing this form to report the disposition of property exchanged in a previously reported related party like-kind exchange. If the property described on line 1 or line 2 is real or personal property located outside the United States, indicate the country. 1 . Description of like-kind property given up: 2
Jan 28, 2020 · If you complete multiple separate exchanges in a given tax year, open up a spreadsheet. This spreadsheet will collect all of the information you would normally give if reporting a single 1031 exchange. Put the properties that you exchanged along one axis and then the fields that the IRS wants to be answered in Form 8824 along the other axis.
Apr 17, 2023 · You cannot enter a multiple property exchange in TurboTax using the method you describe in your post. In a typical 1031 exchange where one property is exchanged for another property, TurboTax will prepare Form 8824, Like-Kind Exchanges, and lines 12 - 18 will reflect, among other things, the realized gain, recognized gain, the fair market value (fmv) of the property you received, and your ...
Jun 3, 2019 · For example: Line-1 on 8824 form-1: Old-Property-Address - 60% to New-Property-Address-1 Line-1 on 8824 form-2: Old-Property-Address - 40% to New-Property-Address-2 US En United States (English) United States (Spanish) Canada (English) Canada (French)
