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On the worksheet Form 8824 for the part of the property used for business or investment, follow steps 1 through 3 above only if you can exclude at least part of any gain from the exchange of that part of the property; otherwise, complete the form according to its instructions.
- 2023 Form 8824
Form 8824. Department of the Treasury Internal Revenue...
- About Form 8824, Like-Kind Exchanges
Information about Form 8824, Like-Kind Exchanges, including...
- 2023 Form 8824
FORM 8824 WORKSHEET. Tax Deferred Exchanges Under IRC § 1031 Worksheet 1. Taxpayer Exchange Property Replacement Property Date Closed. Before preparing Worksheet 1, read the attached Instructions for Preparation Of Form 8824 Worksheets. Then, prepare Worksheet 1 after you have finished the preparation of worksheets 2 and 3.
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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.
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What is form 8824?
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In the Form 8824 General Information Smart Worksheet complete lines A-C. In Part I complete lines 1-7 with the applicable trade information. Complete the Summary Smart Worksheet: Lines A-F will pertain to the property received. Lines G-K will pertain to the property given up. If no additional property was given up leave like J blank.
Exchanger would file IRS Form 8824 with 2017 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.
