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Learn how to report like-kind exchanges and conflict-of-interest sales on Form 8824. Find out the new lines, rules, and definitions for 2023.
FORM 8824 WORKSHEET. Tax Deferred Exchanges Under IRC § 1031 Worksheet 1. Taxpayer Exchange Property Replacement Property Date Closed. Before preparing Worksheet 1, read the attached Instructions for Preparation Of Form 8824 Worksheets. Then, prepare Worksheet 1 after you have finished the preparation of worksheets 2 and 3.
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Form 8824. Department of the Treasury Internal Revenue Service. Like-Kind Exchanges. (and section 1043 conflict-of-interest sales) Attach to your tax return. Go to www.irs.gov/Form8824 for instructions and the latest information. OMB No. 1545-1190.
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IRS Form 8824 - Page 1. IRS Form 8824 - Page 2. WorkSheet #1 - Calculation of Basis. A. Original purchase price. ADD: Increases to basis. Capital improvements to your property. Assessments against your property. Casualty losses - the costs of repairing your property. Other - _____________________________________
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).
Learn how to complete IRS Form 8824, the 1031 Exchange form, with examples and instructions. Find out what information you need from your HUD-1 and how to avoid capital gains tax and depreciation recapture.
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Completion of IRS Form 8824. With the lines posted from the Worksheet to IRS Form 8824, the remaining open lines in Part III on Form 8824 can then be calculated. IRS Form 8824 and its instructions are included at the end of this Workbook. The form is also available at the IRS web site www.irs.gov/pub/irs-pdf/f8824.pdf.
