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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.
Jan 31, 2024 · Information about Form 8824, Like-Kind Exchanges, including recent updates, related forms, and instructions on how to file. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind.
The IRS Form 8824 is very complicated and uses terms with which most exchangers are not familiar. As exchangers had many questions, this Workbook was published to be of assistance to them to accurately report an exchange.
Exchanger would file IRS Form 8824 with 2017 return, after filing an on-time request for an extension. 2. HOW DO WE REPORT THE EXCHANGE? The Exchange is reported on IRS Form 8824, Like-Kind Exchanges. The Form 8824 is divided into four parts: Part I. Information on the Like-Kind Exchange Part II. Related Party Exchange Information Part III.
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.
1031 Corporation Exchange Professionals - Qualified Intermediary for ...
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.”.
