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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. 2023. Attachment Sequence No. 109. Name(s) shown on tax return. Identifying number. Part I
Oct 19, 2023 · Both individuals and businesses—corporations, partnerships and sole proprietorships—can carry out like-kind exchanges. However, the property involved must be used for business or investment. Beginning in 2018, like-kind exchanges can only be done with real property such as a rental home.
Nov 29, 2023 · November 29, 2023. Understanding and correctly filing IRS Form 8824 is crucial for anyone involved in a like-kind exchange. This comprehensive guide will explain why mastering Form 8824 is essential for accurately reporting a 1031 exchange to the IRS. Whether you're a seasoned investor or new to the world of real property exchanges, this ...
Open Form 8824. Complete all applicable fields on Form 8824. Open the Car and Truck Expenses Worksheet (Vehicle Expenses Worksheet for Form 2106). Add the newly received vehicle in the next available column (create a new copy of the worksheet if necessary). Use the figure from Form 8824, Line 25 in determining the cost or basis on Line 30.
Note: This is a guide on entering a like-kind exchange into the TaxSlayer Pro program. This is not intended as tax advice. The Form 8824 instructions and IRS publications are invaluable and authoritative resources. Additional Information: IRS: Instructions for Form 8824, Like-Kind Exchanges (and section 1043 conflict-of-interest sales)
Fill Our IRS Form 8824. You should prepare IRS Form 8824: Like-Kind Exchanges for all like-kind exchanges. Special rules apply for: Multi-assets; Exchanges made with someone you’re related to; Property you once used as your personal residence
Jul 31, 2023 · Find IRS Form 8824 on the IRS website (http://www.irs.gov). Make sure you use the current tax year's form. Understand you need to fill out one Form 8824 for each exchange you make. 2. Begin to fill out the form while you're still on the IRS website. The instructions provided walk you through the process, step by step.
