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Purpose of Form. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange.
- Instructions for Form 8824
Regulations sections 1.1031(a)-1, 1.1031(a)-3, and...
- 2023 Form 8824
Form 8824. Department of the Treasury Internal Revenue...
- Instructions for Form 8824
Jun 13, 2023 · Navigating IRS forms can be a daunting task, but with this comprehensive guide, we aim to demystify Form 8824. Form 8824, used for reporting Like-Kind Exchanges under Section 1031 of the Internal Revenue Code, can be a powerful tool for deferring capital gains taxes. Let’s dive in.
People also ask
What is 8824 in a 1031 exchange?
What is form 8824?
How do I report a 1031 exchange?
How do I fill out IRS form 8824?
Sep 8, 2023 · Filling out Form 8824 requires inputting basic information such as your name and identification number. Next, the properties' details and the exchange itself should be entered. Line items in this form will help you report the fair market value, cash received or paid, and the basis of the properties.
- What is IRS Form 8824, and why is it important in a 1031 Exchange?IRS Form 8824, "Like-Kind Exchanges," is used to report each 1031 Exchange. The form helps taxpayers provide details about the properties exchanged...
- What is 'Boot' in a 1031 Exchange, and how is it reported?'Boot' refers to any cash or non-like-kind property received in a 1031 Exchange. It's often received when the properties exchanged are not of equal...
- What should I do if I've made a mistake in my previous 1031 Exchange reporting?If a mistake is discovered in the previous 1031 Exchange reporting, an amended return should be filed. This allows you to correct previously filed...
- How long should I keep records of my 1031 Exchange?Records of your 1031 Exchange should be kept for at least three years after the exchange has been reported on your tax return. However, keeping the...
- Can I handle a 1031 Exchange and its reporting on my own?While it's possible to handle a 1031 Exchange and its reporting on your own, it's often recommended to get professional help due to its complexity....
Exchanger would file IRS Form 8824 with 2016 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.
Form 8824 Instructions provide information on general rules and how to complete the form. Page Last Reviewed or Updated: 02-Nov-2023. Information about the like-kind exchange and requirements under IRS Code Section 1031 for recognizing a gain or loss.
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