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1. • • 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. Also, use Part III to figure the basis of the like-kind property received.
     www.irs.gov › instructions › i8824

     Instructions for Form 8824 (2023) | Internal Revenue Service

2. People also ask

   How do I fill out IRS form 8824?

   • Filling out IRS Form 8824 involves several critical steps. From Part I, which focuses on the exchange details, to Part II and Part III, where the taxpayer calculates the basis of the property received and reports the realized gain or loss. This table will provide a walkthrough of the form. Gather the necessary information.

   IRS Form 8824: Reporting Like-Kind Exchange for 1031 Tax Benefits | Ta…

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   How does form 8824 work?

   • 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. Also, use Part III to figure the basis of the like-kind property received.

   Instructions for Form 8824 (2023) | Internal Revenue Service

   www.irs.gov/instructions/i8824

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   Does IRS use form 8824 for like-kind exchanges?

   • The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges. What happens in an exchange? What happens in an exchange? A like-kind exchange doesn't eliminate taxes; it just pushes them into the future.

   What is IRS Form 8824: Like-Kind Exchange - TurboTax

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   Do I need to file form 8824 If I transfer property?

   • If during the current tax year you transferred property to another party in a like-kind exchange, you must file Form 8824 with your tax return for that year. Also file Form 8824 for the 2 years following the year of a related party exchange. See Line 7, later, for details. Section 1031 regulations.

   Instructions for Form 8824 (2023) | Internal Revenue Service

   www.irs.gov/instructions/i8824

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3. www.irs.gov › instructions › i8824Instructions for Form 8824 (2023) | Internal Revenue Service

   www.irs.gov › instructions › i8824

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   When To File. If during the current tax year you transferred property to another party in a like-kind exchange, you must file Form 8824 with your tax return for that year. Also file Form 8824 for the 2 years following the year of a related party exchange. See Line 7, later, for details.

   • About Form 8824, Like-Kind Exchanges

     Information about Form 8824, Like-Kind Exchanges, including...

   • 2023 Form 8824

     Form 8824. Department of the Treasury Internal Revenue...

4. www.roberthalltaxes.com › blog › newsMastering Form 8824: The Complete Guide to Like-Kind ...

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   Jun 13, 2023 · In summary, Form 8824, when correctly filled out, can help defer tax on the gain from a like-kind exchange. Although it might seem complicated, this step-by-step guide can help simplify the process. Remember to consult with a tax professional to ensure you’re fully leveraging the benefits of Form 8824 and accurately reporting the details of ...

5. turbotax.intuit.com › tax-tips › investments-andWhat is IRS Form 8824: Like-Kind Exchange - TurboTax

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   Oct 19, 2023 · The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges. TABLE OF CONTENTS. What happens in an exchange? Allowable exchanges. Exclusions and deadlines. What happens in an exchange? A like-kind exchange doesn't eliminate taxes; it just pushes them into the future.

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6. www.taxfyle.com › blog › irs-form-8824-reportingIRS Form 8824: Reporting Like-Kind Exchange for 1031 Tax ...

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   Nov 29, 2023 · IRS Form 8824, "Like-Kind Exchanges," is the primary document for reporting a 1031 exchange to the IRS. This form is critical for disclosing the exchange details, including the description of the properties, their respective fair market values (FMVs), any liabilities assumed or relieved, and the recognized gain or loss calculation.

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     IRS Form 8824: Like-Kind Exchanges | FAQ | Asset Preservation, Inc.

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8. accountants.intuit.com › support › en-usCompleting a like-kind exchange in the 1040 return

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   IRS Regulations changed effective January 1st, 2018. A like-kind exchange, or 1031 exchange, can only be completed for real property. See here for more details. A like-kind exchange consists of three main steps. All three steps must be completed for the tax return to contain the correct information. Step 1: Disposing of the original asset.

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