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1998 Instructions for Form 8824 Like-Kind Exchanges Section references are to the Internal Revenue Code unless otherwise noted. Department of the Treasury Internal Revenue Service General Instructions
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What is instructions for form 8824?
Instructions for form 8824 provide guidance on how to fill out and file the form used to report like-kind exchanges of property for tax purposes.
Who is required to file instructions for form 8824?
Taxpayers who have engaged in like-kind exchanges of property during the tax year are required to file instructions for form 8824 if they wish to report and claim the tax benefits of the exchange.
How to fill out instructions for form 8824?
To fill out instructions for form 8824, taxpayers must follow the instructions provided by the IRS. These instructions typically include information on how to report the details of the like-kind exchange, such as the property relinquished, property received, and any taxable or non-taxable boot.
What is the purpose of instructions for form 8824?
The purpose of instructions for form 8824 is to provide taxpayers with the necessary guidance and requirements for properly reporting like-kind exchanges of property for tax purposes. By following these instructions, taxpayers can accurately report and potentially claim tax benefits from such exchanges.
What information must be reported on instructions for form 8824?
Instructions for form 8824 typically require taxpayers to report information such as the description of the property relinquished, the description of the property received, the dates of the exchange, and any gain or loss realized from the exchange. Additionally, any boot received or given must also be reported.
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