Search results
May 3, 2024 · You must file the form with your annual income tax return for the year in which the exchange was completed. Form 8824 asks for details about the properties exchanged, dates of the relevant transactions, fair market values for the related properties, any cash received or paid, realized gain or (loss), related parties, and more.
- (671.5K)
- Intuit Turbotax
Apr 19, 2024 · Key Takeaways. A 1031 exchange is a tax break. You can sell a property held for business or investment purposes and swap it for a new one that you purchase for the same purpose, allowing you to ...
Apr 26, 2024 · Form 8824 asks for details about the properties exchanged, dates of the relevant transactions, fair market values for the related properties, any cash received or paid, realized gain or...
- Turbotax
Apr 19, 2024 · Form 8824 asks you to detail the properties involved in the exchange, including descriptions, the dates on which they were identified and when the transfers were completed, and any relationships you may have with the other parties involved in the exchange.
May 3, 2024 · The cost of improvements or additions to extend the life of property or make it more productive. For example, installing a new motor in a vehicle, or a new roof on a building. Legal fees to acquire property or defend title to property. Selling expenses, such as broker's fees or advertising costs to sell property. NOTE:
Apr 18, 2024 · Reporting: The proper reporting of a 1031 transaction to the IRS is done on Form 8824 and is sent in as part of your tax return filing. If you do your own return, then you would complete the information yourself.
Apr 26, 2024 · You must file the form with your annual income tax return for the year in which the exchange was completed. Form 8824 asks for details about the properties exchanged, dates of the relevant transactions, fair market values for the related properties, any cash received or paid, realized gain or (loss), related parties, and more.
