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.
Form 8824, if any, on Form 4797, line 5 or line 16. • If you sold property on which you claimed investment credit, see Form 4255, Recapture of Investment Credit, and its instructions to find out if you must recapture some or all of the credit. • Use Form 8949, Sales and Other Dispositions of Capital Assets, to report
Line 7; also use Schedule D, Form 8824, and the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet *Report any amounts in excess of your basis in your mutual fund shares on Form 8949. Use Part II if you held the shares more than 1 year. Use Part I if you held your mutual fund shares 1 year or less.
The IRS requires written assurance (certification) the criteria have been met. The IRS Instructions for Form 1099-S can be found here. An example of an IRS acceptable certification form can be found in the appendix to IRS Revenue Procedure 2007-12 here and is duplicated below.
Mar 02, 2022 · Internal Revenue Service. “2020 Instructions for Schedule D,” Page D-4. Accessed Dec. 16, 2021. Internal Revenue Service. “Like-Kind Exchanges — Real Estate Tax Tips.” Accessed Dec. 16 ...