Search results
Steps to File a Tax Return
- 1. Gather your paperwork such as W-2 from all your employers.
- 2. Choose your filing status.
- 3. Decide how you want to file your (Click on any of the software options below).
- 4. Determine if you are taking the standard deduction or itemized deductions.
- 5. Hope you don’t owe money but if you do, learn how to make a tax payment.
Tax Preparation ServicesFile your income taxes - free state and federal filing
Learn how to report each exchange of business or investment real property for real property of a like kind on Form 8824, which figures the amount of gain deferred or required to be reported on your tax return. Find out the new lines, changes, and requirements for 2023, such as reporting non-like-kind property, basis of like-kind property, and special rules for QOFs and judicial officers.
Jun 13, 2023 · Learn how to fill out and use Form 8824, the IRS form for reporting Like-Kind Exchanges under Section 1031 of the Internal Revenue Code. Form 8824 can help you defer capital gains taxes by reporting the details of the property given up, the replacement property, and the realized and recognized gains or losses.
Oct 19, 2023 · Both individuals and businesses—corporations, partnerships and sole proprietorships—can carry out like-kind exchanges. However, the property involved must be used for business or investment. Beginning in 2018, like-kind exchanges can only be done with real property such as a rental home.
- (137.1K)
- Intuit Turbotax
- What Is Considered A Like-Kind Exchange?
- What Rules Apply to Like-Kind Exchanges?
- Fill Our IRS Form 8824
- More Help Completing Tax Forms
Properties in a like-kind exchange can differ in grade or quality. However, to be considered a like-kind exchange, the property must be: 1. In the same general asset class 2. Similar in nature 3. Similar in character 4. Not held for resale or flipped
You don’t have to receive property on the day you give up your property for it to be a like-kind exchange. However, strict rules apply to tax-deferred exchanges. You might want a deferred exchange to qualify as a like-kind exchange. If so, you must comply with the 45-day written notice. The notice identifies the property you and the other person wi...
You should prepare IRS Form 8824: Like-Kind Exchanges for all like-kind exchanges. Special rules apply for: 1. Multi-assets 2. Exchanges made with someone you’re related to 3. Property you once used as your personal residence 4. Property you received that will become your personal residence—Like-kind exchanges must be for business and investment re...
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 help of tax pros at H&R Block. Whether you make an appointment with one of our knowledgeable tax pros or choose one of our online tax filingproducts, you can count on H&R Block to help you out.
Nov 29, 2023 · By. Luis Rivero, CPA. on. November 29, 2023. Understanding and correctly filing IRS Form 8824 is crucial for anyone involved in a like-kind exchange. This comprehensive guide will explain why mastering Form 8824 is essential for accurately reporting a 1031 exchange to the IRS.
People also ask
What is form 8824?
How do I fill out 8824?
When should I file a 8824 tax return?
Does IRS use form 8824 for like-kind exchanges?
Open Form 8824. Complete all applicable fields on Form 8824. Open the Car and Truck Expenses Worksheet (Vehicle Expenses Worksheet for Form 2106). Add the newly received vehicle in the next available column (create a new copy of the worksheet if necessary). Use the figure from Form 8824, Line 25 in determining the cost or basis on Line 30.
