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Oct 19, 2023 · When completing the form, it’s important to keep the following in mind: • Part I of Form 8824 is where you provide details about the old property and the new property. • Part II of the form comes into play only when a like-kind exchange involves "related parties"—members of a family or entities that you have a controlling interest in ...
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; ... To learn more about reporting the exchange, see Form 8824 instructions at www.irs.gov. To get hands-on guidance with filling out Form 8824, get the ...
The Form 8824 instructions and IRS publications are invaluable and authoritative resources. Additional Information: IRS: Instructions for Form 8824, Like-Kind Exchanges (and section 1043 conflict-of-interest sales) IRS: Publication 544, Sales and Other Dispositions of Assets.
Step 2: Completing the 8824. Open the 8824. In the Form 8824 General Information Smart Worksheet complete lines A-C. In Part I complete lines 1-7 with the applicable trade information. Complete the Summary Smart Worksheet: Lines A-F will pertain to the property received. Lines G-K will pertain to the property given up.
Nov 29, 2023 · File Form 8824 by the due date of your tax return to avoid penalties. Ignoring the related party rules: Be aware of the related party rules, which can disqualify an exchange if the parties involved are related to each other. Using the wrong form or instructions: Use the most recent version of Form 8824 and instructions to ensure accuracy.
Jun 16, 2023 · Subscribe to our YouTube channel: https://www.youtube.com/channel/UCPQFIx80N8_a3MC6Gx9If2g?sub_confirmation=1 Please feel free to check out our article, whe...
Click the Investment Income dropdown, then click Like-Kind Exchanges (Section 1031) & Conflict-of-Interest Sales (Section 1043). Click + Add Form 8824 to create a new copy of the form or click Edit to edit a form already created (desktop program: click Review instead of Edit). Click Like-Kind Exchange, and continue with the interview process to ...
