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This form is used to report like-kind exchanges of business or investment property on your tax return. It includes provisions for related party exchanges and deferrals of gain from conflict-of-interest
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How to fill out form 8824
How to fill out Form 8824
01
Obtain Form 8824 from the IRS website or tax preparation software.
02
Fill out your name, address, and Social Security number at the top of the form.
03
In Part I, describe the property you exchanged (like-kind property) and the details of your exchange.
04
In Part II, provide information about the relinquished property, including dates and values.
05
In Part III, detail the received property, including its fair market value.
06
Calculate the gain or loss from the exchange and provide supporting documentation.
07
Sign and date the form to certify that the information is accurate.
Who needs Form 8824?
01
Taxpayers who have exchanged one real property for another like-kind property.
02
Individuals or businesses that want to defer capital gains taxes on the exchange of properties.
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People Also Ask about
Do I need to report a 1031 exchange on my tax return?
After completing a 1031 exchange, you must report the transaction to the IRS using Form 8824 to maintain the transaction's tax-deferred status. You must file the form with your annual income tax return for the year in which the exchange was completed.
Which of the following does not qualify for a tax-deferred exchange?
Under IRC §1031, the following properties do not qualify for tax-deferred exchange treatment: Stock in trade or other property held primarily for sale (i.e. property held by a developer, “flipper” or other dealer) Securities or other evidences of indebtedness or interest. Stocks, bonds, or notes.
What qualifies for a tax-free exchange?
The main requirements for a 1031 exchange are: (1) must purchase another “like-kind” investment property; (2) replacement property must be of equal or greater value; (3) must invest all of the proceeds from the sale (cannot receive any “boot”); (4) must be the same title holder and taxpayer; (5) must identify new
What must be in the United States in order for an exchange to qualify for tax deferral?
The exchanged properties must be in the United States to qualify. There are strict time limits: The replacement property must be identified within 45 days, and the exchange must be completed within 180 days. Cash or mortgage differences, called “boot,” can trigger tax liabilities.
What is required on a form 8824?
Include your name and identifying number at the top of each page of the statement. On the summary Form 8824, enter only your name and identifying number, “Summary” on line 1, the total recognized gain from all exchanges on line 23, and the total basis of all like-kind property received on line 25.
How do you qualify for a tax deferred exchange?
You must acquire one or more replacement properties that are equal to or greater in net purchase value than the net sales value of the relinquished property you sold. You must reinvest all of your net cash proceeds from the sale of the relinquished property.
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.
Who cannot do a 1031 exchange?
You cannot trade partnership shares, notes, stocks, bonds, certificates of trust or other such items. You cannot trade investment property for a personal residence, property in a foreign country or “stock in trade.” Houses built by a developer and offered for sale are stock in trade.
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What is Form 8824?
Form 8824 is a tax form used by taxpayers in the United States to report like-kind exchanges of property under Section 1031 of the Internal Revenue Code.
Who is required to file Form 8824?
Taxpayers who engage in a like-kind exchange of property must file Form 8824. This includes individuals, partnerships, corporations, and other entities that exchange real estate or personal property.
How to fill out Form 8824?
To fill out Form 8824, taxpayers must provide information about the properties exchanged, including their fair market values, the dates of the exchange, and any cash or other property received. Detailed instructions are included with the form.
What is the purpose of Form 8824?
The purpose of Form 8824 is to report the details of a like-kind exchange, ensuring compliance with tax regulations and deferring gain or loss on the properties exchanged.
What information must be reported on Form 8824?
Form 8824 requires reporting of information such as the description of the properties exchanged, their fair market values, dates of exchange, any cash received or liabilities assumed, and the gain or loss recognized.
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