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Steps to File a Tax Return
- 1. Gather your paperwork such as W-2 from all your employers.
- 2. Choose your filing status.
- 3. Decide how you want to file your (Click on any of the software options below).
- 4. Determine if you are taking the standard deduction or itemized deductions.
- 5. Hope you don’t owe money but if you do, learn how to make a tax payment.
Tax Preparation ServicesFor 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.
- 2023 Form 8824
Form 8824. Department of the Treasury Internal Revenue...
- About Form 8824, Like-Kind Exchanges
Page Last Reviewed or Updated: 31-Jan-2024. Information...
- 2023 Form 8824
Jun 13, 2023 · Filling Out Form 8824: A Step-by-Step Process. Part I: Information About the Like-Kind Exchange. 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.
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Oct 19, 2023 · 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.
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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.
Taxes 101. Tax Breaks and Money. What's New. Tax Information Center IRS Forms. Like-Kind Exchanges – Form 8824. 2 min read. Share: In a like-kind exchange, you might exchange real property for similar property used solely for business or investment. If so, you might completely or partially defer gain on the exchange.