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A 1031 exchange is reported on the tax return for the year in which the exchange begins, i.e. the year the relinquished property is transferred, using Form 8824, Like-Kind Exchanges. Form 8824 requires a description of the relinquished and replacement properties, purchase date of the relinquished property and the date it was transferred, the ...
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.
1040 U.S. Individual Income Tax Return. 1040-X Amended U.S. Individual Income Tax Return. 1099-A Acquisition or Abandonment of Secured Property. 1099-C Cancellation of Debt. 4797 Sales of Business Property. 8824 Like-Kind Exchanges. 8949 Sales and Other Dispositions of Capital Assets
For taxable years beginning on or after January 1, 2014, California requires taxpayers who exchange real property located in California for like-kind property located outside of California, under IRC Section 1031, to file an annual information return, form FTB 3840, California Like-Kind Exchanges, with the Franchise Tax Board (FTB). For ...
Jun 7, 2019 · Exactly how you should report the sale of a business property that was acquired in a 1031 exchange, but is not in a current 1031 exchange depends on whether that property is listed as a rental on your tax return. If the property sold is listed in a rental schedule on your tax return, you indicate in that section that you sold the property.
So, for an exchange that begins in 2023 and concludes in 2024, the transaction is reported on the Exchangor’s 2023 tax return. If there are unused exchange funds, or “boot”, disbursed to the Exchangor at the completion of the exchange in 2024, the receipt of such funds can be reported on the 2024 tax return, using IRS form 6252.
Apr 3, 2018 · Our main office is located in downtown Minneapolis, but we help clients throughout the state of Minnesota and the country. Start Your Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031. Defer the tax. Maximize your gain.
