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Form 8824 figures the amount of gain deferred as a result of a like-kind exchange. Use Part III to figure 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.
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Jul 5, 2024 · Our guide will walk you through how to fill out Form 8824. These instructions detail the supporting documents needed to prepare the form and list line-by-line instructions. A completed form is also provided for further clarity on Form 8824 instructions.
- 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...
Sep 11, 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.
Form 8824. Department of the Treasury Internal Revenue Service. Like-Kind Exchanges. (and section 1043 conflict-of-interest sales) Attach to your tax return. Go to www.irs.gov/Form8824 for instructions and the latest information. OMB No. 1545-1190.
Aug 4, 2024 · Say you paid $20,000 for a piece of business or investment real estate and sold it for $30,000 ($30,000 - $20,000 = $10,000 capital gain). Rather than have the $10,000 profit taxed as a capital gain, the like-kind exchange allows the gain to be "passed on" to the new property used for business.
