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FIRST MIDWEST BANK 2801 W. Jefferson St. Joliet, IL 60435 Exchange Agreement No. Name Due to the Patriot Act that went into effect October 1st, First Midwest Bank requires the following information

How to fill out 1031 exchange form

How to fill out 1031 exchange form:

1. Begin by obtaining a copy of the 1031 exchange form, also known as IRS Form 8824.
2. Carefully read the instructions provided with the form to understand the requirements and procedures.
3. Fill in your personal information, including your name, address, and taxpayer identification number.
4. Provide details about the property you are relinquishing in the exchange, such as the address, date of acquisition, and cost basis.
5. Indicate the type of property you are receiving in exchange, along with relevant details like its description and date of acquisition.
6. Calculate and enter the realized gain or loss from the relinquished property, as well as any liabilities or adjustments.
7. Determine the recognized gain or loss based on the like-kind property received and incorporate it into the form.
8. Complete any additional sections or schedules if required, such as reporting property improvements or deferred exchanges.
9. Make sure to review the completed form for accuracy and sign it before submitting it to the appropriate tax authority.

Who needs 1031 exchange form:

1. Individuals or entities who are involved in a like-kind exchange of real estate properties or certain other assets may need to fill out a 1031 exchange form.
2. This form is required by the Internal Revenue Service (IRS) in the United States to report the details of the exchange and calculate any potential tax liabilities or benefits.
3. Both the party relinquishing the property (the taxpayer) and the party acquiring the like-kind property (the intermediary or dealer) may need to fill out this form to comply with tax regulations and claim the benefits of a 1031 exchange.

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What is 1031 exchange form?

1031 exchange form, also known as IRS Form 8824, is a tax form used to report like-kind exchanges of property, as defined in Section 1031 of the Internal Revenue Code.

Who is required to file 1031 exchange form?

Any taxpayer who has participated in a like-kind exchange of property during the tax year is required to file Form 8824 to report the exchange to the IRS.

How to fill out 1031 exchange form?

To fill out Form 8824, you need to provide information about the properties involved in the exchange, as well as the gain or loss from the exchange. You may need to consult the instructions provided by the IRS or seek professional tax advices for accurate completion.

What is the purpose of 1031 exchange form?

The purpose of Form 8824 is to report like-kind exchanges to the IRS, allowing taxpayers to defer the recognition of gain or loss on the exchange and continue their investment in other like-kind properties.

What information must be reported on 1031 exchange form?

The form requires you to provide detailed information about the properties involved, including their basis, fair market value, and any boot received. It also requires you to calculate the realized gain or loss and the recognized gain.