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Answer No. The gain or loss, if any, will instead flow to Form 4797 from Form 8824. To enter a like-kind exchange in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select: Income. Other Gains/Loss (4797, 8824) Form 8824 - Like-Kind Exchanges - Click New. Part I - Information on the Like-Kind Exchange.
Jun 16, 2023 · Use IRS Form 4797, Part III to figure ordinary income under recapture rules; Enter the amount from Form 4797, Line 31; Enter this number on Form 4797, Line 10, Column (g). In Column (a), enter ‘From IRS Form 8824, Line 35). Leave columns (b) through (f) blank. Line 36: Capital gain. Subtract Line 35 from Line 34. If zero or less, enter ‘0.’
New lines 25a through 25c on 2023 Form 8824 require you to report the basis allocable to sections 1250 and 1245, and intangible property treated as real property, if applicable. See Lines 25, 25a, 25b, and 25c, later. Separate instructions for electronic filers. For e-filers, new lines 12a, 15a, and 25a through 25c are not available, and all ...
Nov 16, 2023 · Common questions for Form 8824 in ProSeries. SOLVED • by Intuit • 3 • Updated 2 weeks ago. Below are the most popular support articles associated with Form 8824. Completing a Like Kind Exchange in the 1040 return. Completing a Like Kind Exchange in business returns. Completing a Like Kind Exchange in Fixed Asset Manager.
A like-kind exchange, also known as a Section 1031 exchange, is a way of trading or exchanging assets and, in many cases, deferring gain on the trade (or exchange). “Like-kind” means that the property you trade must be of the same type as the property you receive. Due to changes to Section 1031 exchanges listed in the Tax Cuts and Jobs Act ...
Nov 23, 2020 · IRS Form 8824 is used to report a 1031 exchange for the tax year in which you complete it. Execution of the form calculates the amount of gain deferred due to a like-kind exchange of property. The IRS considers the deal completed in the tax year that you sell the initial relinquished property, and the exchange period begins.
