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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.
Jun 16, 2023 · However, taxpayers must still report these transactions on IRS Form 8824, the IRS’ like-kind exchange form. In this article, we’ll walk you through this tax form, including: How to report qualifying transactions on IRS Form 8824; Things you need to know about the like-kind exchange rule; Frequently asked questions
1. Tax Reform Update: Generally, only real property now qualifies under the like-kind exchange rules. See the instructions for exceptions. Certain exchanges of property are not taxable. This means any gain from the exchange is not recognized, and any loss cannot be deducted.
