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  1. FORM 8824 EXAMPLE Alan Adams bought a Duplex ten years ago for $200,000 cash. He assigned a value of $20,000 to the land. The furniture and furnishings had negligible value, none assigned. He began claiming depreciation allowance on the $180,000 building. He spent $30,000 cash in capital improvements on two garages and began claiming depreciation.

  2. 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.

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  4. all like-kind property received on line 25. When To File If during the current tax year you transferred property to another party in a like-kind exchange, you must file Form 8824 with your tax return for that year. Also file Form 8824 for the 2 years following the year of a related party exchange. See the instructions for Line 7, later, for ...

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  5. Sep 20, 2020 · Reporting of multi-asset exchanges. If you transferred and received (a) more than. one group of like-kind properties or (b) cash. or other (not like-kind) property, don't. complete lines 12 through 18 of Form 8824. Instead, attach your own statement showing. how you figured the realized and recognized. gain, and enter the correct amount on lines.

  6. Example 1 The taxpayer received $10,000 in cash (i.e., equity not spent), was relieved of $10,000 in net debt, and had $5,000 in closing costs. $10,000 [cash] (+) $10,000 [net debt relief] = $20,000 (-) $5,000 [Closing Costs] = $15,000. List $15,000 (the amount of “boot” recognized).

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