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This form provides a mechanism for reporting like-kind exchanges and the nonrecognition of gain from conflict-of-interest sales, as required by the Department of the Treasury Internal Revenue Service.
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How to fill out 8824
How to fill out 8824
01
Begin by entering your name and taxpayer identification number at the top of Form 8824.
02
In Part I, provide information about the like-kind exchange, including the description of property you gave up and the property you received.
03
Fill out lines 1 and 2 of Part II to report the realized gain or loss from the exchange.
04
Complete the calculation in line 3 for the realized gain or loss on the property you gave up.
05
In lines 4-9 of Part III, report the basis of the property received and any additional adjustments needed.
06
If applicable, include any related expenses on line 10.
07
Review all entries thoroughly before signing and dating the form.
Who needs 8824?
01
Individuals or businesses that participate in a like-kind exchange of real estate or personal property.
02
Taxpayers looking to defer recognition of capital gains on the exchange of certain types of property.
03
Real estate investors and entities that frequently exchange properties as part of their investment strategy.
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People Also Ask about
What was the original name of the IRS?
In 1943, the "pay-as-you-go" system of tax withholding began. In 1953, the Treasury Department completed a reorganization of the Bureau of Internal Revenue, reforming it as a service agency under the name Internal Revenue Service (IRS).
How to report a like-kind exchange on tax return?
You must report an exchange to the IRS on Form 8824, Like-Kind Exchanges and file it with your tax return for the year in which the exchange occurred. If you do not specifically follow the rules for like-kind exchanges, you may be held liable for taxes, penalties, and interest on your transactions.
What is the English translation of the IRS?
abbreviation for Internal Revenue Service: the US government department that is responsible for calculating and collecting taxes: The IRS grants tax exemptions for charities and community organizations.
What happens if you don't file form 8824?
What happens if I do not file Form 8824? There are no penalties for failure to file Form 8824 but there are consequences. For starters, you can't defer capital gains tax. This means that the exchange may be treated as a sale transaction subject to capital gains tax.
What is Form 8824 for?
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.
What does "irs" mean in English?
: abbreviation for Internal Revenue Service: the U.S. government department that is responsible for calculating and collecting taxes: The IRS grants tax exemptions for charities and community organizations.
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What is 8824?
Form 8824 is the Like-Kind Exchange form used by taxpayers to report the exchange of property used for business or investment purposes under Section 1031 of the Internal Revenue Code.
Who is required to file 8824?
Taxpayers who have engaged in a like-kind exchange of property, which allows them to defer paying capital gains taxes on certain properties, are required to file Form 8824.
How to fill out 8824?
To fill out Form 8824, you must provide details of the properties exchanged, including descriptions, the dates of acquisition and disposition, and calculations related to gain or loss, basis, and any adjustments.
What is the purpose of 8824?
The purpose of Form 8824 is to facilitate the reporting of like-kind exchanges and to ensure compliance with tax regulations regarding deferred gains from property exchanges.
What information must be reported on 8824?
Form 8824 requires the reporting of information such as the description of the exchanged properties, date of exchange, basis and fair market value of the properties, and any realized gains or losses.
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