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

   turbotax.intuit.com › tax-tips › investments-and

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   Oct 19, 2023 · When completing the form, it’s important to keep the following in mind: • Part I of Form 8824 is where you provide details about the old property and the new property. • Part II of the form comes into play only when a like-kind exchange involves "related parties"—members of a family or entities that you have a controlling interest in ...

2. ttlc.intuit.com › community › tax-credits-deductionshow to enter 1031 exchange of one property for two - form 8824

   ttlc.intuit.com › community › tax-credits-deductions

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   Feb 15, 2022 · Since you are using Turbo Tax Home and Business, you can go to forms>open form>type in 8824. Within the 8824, there are Smart Worksheet entries that you can make directly on the form. For both properties, you will need two 8824's. Here is a IRS link for the instructions to 8824 in case if you need them.

3. People also ask

   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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   How many form 8824 do I need to report a 1031 exchange?

   • You only need one Form 8824 to report a 1031 Exchange (even if one property for two properties). • Part I of Form 8824 is where you provide details about the old property and the new property (ies). Click this link for more detail on Form 8824, Like Kind Exchanges. March 14, 202211:44 AM

   how to enter 1031 exchange of one property for two - form 8824 - Intuit

   ttlc.intuit.com/community/tax-credits-deductions/discussion/how-to-enter-1031-exchange-of-one-property-for-two-form-8824/00/2481974

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   What is form 8997 & 8824?

   • See the Form 8997 instructions. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment real property for real property of a like kind. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange.

   Instructions for Form 8824 (2023) | Internal Revenue Service

   www.irs.gov/instructions/i8824

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   How do I fill out 8824?

   • 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.

   Completing a like-kind exchange in the 1040 return

   accountants.intuit.com/support/en-us/help-article/form-8824/completing-like-kind-exchange-1040-return/L4VXgbWL7_US_en_US

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

   www.irs.gov › instructions › i8824

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   Use Parts I, II, and III of Form 8824 to report each exchange of business or investment real property for real property of a like kind. 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 ...

5. www.irs.gov › pub › irs-prior2021 Form 8824 - Internal Revenue Service

   www.irs.gov › pub › irs-prior

   real property on lines 1 and 2, if you are filing this form to report the disposition of property exchanged in a previously reported related party like-kind exchange. If the property described on line 1 or line 2 is real or personal property located outside the United States,

6. www.irs.gov › forms-pubs › about-form-8824About Form 8824, Like-Kind Exchanges - Internal Revenue Service

   www.irs.gov › forms-pubs › about-form-8824

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   Jan 31, 2024 · About Form 8824, Like-Kind Exchanges. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind. Certain members of the executive branch of the Federal Government and judicial officers of the Federal Government use Part IV to elect to defer gain on conflict-of-interest sales.