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Jun 13, 2023 · Filling Out Form 8824: A Step-by-Step Process. Part I: Information About the Like-Kind Exchange. Line 1: Describe the property you gave up and the like-kind property you received. Line 2: Enter the date the property was transferred and the date you acquired the replacement property. Line 3: If this exchange involved a related party, provide ...
The gain or loss, if any, will instead flow to Form 4797 from Form 8824. To enter a like-kind exchange in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select: Income; Other Gains/Loss (4797, 8824) Form 8824 - Like-Kind Exchanges - Click New. Part I - Information on the Like-Kind Exchange. Description of Property Given Up
Therefore, we are using this Thankful Thursday post to help those now trying to report their 1031 exchange. Following is a line-by-line Instruction for the completion of Form 8824: Part I: Lines 1 and 2 – describe the property (s) (e.g. Steel mill) and indicate that the property is located in the USA.
Mar 27, 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 ...
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.
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:
Multiple exchanges. If you made more than one like-kind exchange, you can file a summary on one Form 8824 and attach your own statement showing all the information requested on Form 8824 for each exchange. Include your name and identifying number at the top of each page of the statement. On the summary Form 8824, enter only your
