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  1. Mar 23, 2021 · About Form 8824, Like-Kind Exchanges. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind. Certain members of the executive branch of the Federal Government and judicial officers of the Federal Government use Part IV to elect to defer gain on conflict-of-interest sales.

  2. Form 8824 (2020) Page . 2 Name(s) shown on tax return. Do not enter name and social security number if shown on other side. Your social security number Part III Realized Gain or (Loss), Recognized Gain, and Basis of Like-Kind Property Received Caution: If you transferred and received (a) more than one group of like-kind properties or (b)

  3. Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise noted. General Instructions Future developments. For the latest information about developments related to Form 8824 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form8824. Reminders

  4. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange. Part III computes the amount of gain required to be reported on the tax return in the current year if cash or property that isn't of a like kind is involved in the exchange. Also, the basis of the like-kind property received is figured on Form 8824.

  5. A 1031 exchange is reported on IRS Form 8824 along with the normal tax return only when the exchange is completed. The completed exchange is reported for the tax year the initial relinquished property (the property being sold) is settled and the 180 day exchange period is started.

  6. Oct 16, 2019 · The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects.

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