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Use Parts I, II, and III of Form 8824 to report each exchange of business or investment real property for real property of a like kind. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange.
Total to Form 8824 Line 18 $ 12 (Basis Of Replacement Property) 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. _____ 1031 Corporation - Longmont/Boulder, CO
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- Part I: Information About The Like-Kind Exchange
- Part II: Information Regarding The Given Up and Received Properties
- Part IV: Related Party Information
Line 1: Describe the property you gave up and the like-kind property you received.Line 2: Enter the date the property was transferred and the date you acquired the replacement property.Line 3: If this exchange involved a related party, provide their name, relationship, and address.Line 4-8: Detail the Fair Market Value (FMV), adjusted basis, and realized gain or loss of the property you gave up.Line 9-14: Enter the same details for the replacement property received. Also include any cash or debt reduction, if applicable.Line 22-24: If the exchange involves a related party, provide information about whether the related property was disposed of or the related party got rid of the property received in the exchange wi...
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).
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 properly report an exchange.
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Published: April 6, 2023. This document offers comprehensive guidance on completing Form 8824 for the year 2023, covering its purpose, filing deadlines, and a step-by-step walkthrough for each section. Form 8824 is utilized for reporting like-kind exchanges of business or investment real property.
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What is form 8824?
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FORM 8824. IRS Form 8824, the 1031 Exchange form, is where you report your Section 1031 Exchange – Delayed, Reverse, or Construction. The Form 8824 is due at the end of the tax year in which you began the transaction, as per the Form 8824 Instructions.
