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WorkSheets 7 & 8 - Calculation of Form 8824, Line 15 - Calculation of Basis of New Property for Form 8824, Line 18 WorkSheets 9 & 10 - Completing Form 8824 - Calculation of Recapture for Form 8824, Line 21 You can either keep or shred completed WorkSheets. Do not send these WorkSheets with your tax return. SEND: IRS Form 8824 - Page 1 IRS Form ...
Use the figure from Form 8824, Line 25 in determining the cost or basis on Line 30. More information about Car and Truck Expenses Worksheet (lines 53a, 53b, and 53c) If the taxpayer traded this vehicle in for a new vehicle, select a Form 8824, Like-Kind Exchanges, to use to compute the gain or loss.
FORM 8824 WORKSHEET. Part I of Form 8824 is called “Information on the Like-Kind Exchange” and contains seven lines requesting information about your Exchange. *Line 1. Description of like-kind property given up. Insert a brief description such as “Duplex located at 123 Anywhere Street, City, State, Zip.”
IRS Form 8824 (pdf). INSTRUCTIONS TO FORM 8824 WORKSHEETS. There are no specific instructions provided by the 1031 Regulations on how to determine "cash received", "cash paid" or "net mortgage relief" in exchange transactions where both exchange cash and financing cash are used to acquire Replacement Property, service non-transactional costs ...
To help, we have published annually since 1991 a workbook and 8824 worksheet to help exchangers complete the required Form 8824. Clear guidance is given for each line on the form. The workbook also contains a chart which shows the Exchange Expense allocation of each settlement costs and the IRS 8824 form.
1031 Corporation Exchange Professionals - Qualified ...
WorkSheet #s 7 & 8 - Calculation of Form 8824, Line 15 - Calculation of Basis of New Property for Form 8824, Line 18 WorkSheet #s 9 & 10 - Completing Form 8824 - Calculation of Recapture for Form 8824, Line 21 You can either keep or shred your completed WorkSheets. Do not send them with your tax return. SEND: IRS Form 8824 - Page 1 IRS Form ...
