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This document serves as guidance on reporting like-kind exchanges of real estate using IRS Form 8824, detailing the procedures, instructions, and requirements necessary for tax filing regarding such
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How to fill out irs form 8824
How to fill out IRS Form 8824
01
Obtain IRS Form 8824 from the IRS website or your tax preparation software.
02
Fill in your name, Social Security number, and tax year at the top of the form.
03
Indicate the type of property exchanged by checking the relevant box.
04
Provide a detailed description of the properties exchanged, including addresses.
05
Complete the 'Like-Kind Exchange' section by listing the properties' fair market values and any liabilities.
06
Fill out the 'Realized Gain or Loss' section, calculating any gains or losses from the exchange.
07
Complete the 'Recognized Gain' section to determine how much gain is recognized in the exchange.
08
Review all entries for accuracy before signing and dating the form.
09
Attach Form 8824 to your tax return when filing.
Who needs IRS Form 8824?
01
Individuals or businesses that have engaged in a like-kind exchange of real estate or other eligible properties.
02
Taxpayers who are deferring taxes on gains received from such exchanges.
03
Those who want to report the details of a like-kind exchange for IRS compliance.
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People Also Ask about
What is the significance of 1031?
A 1031 exchange is often a valuable tool in estate planning, offering a way to build and preserve wealth while minimizing potential tax burdens for heirs. By deferring capital gains taxes through multiple exchanges over time, you can accumulate significant equity without incurring tax liabilities on each transaction.
How to complete a like kind exchange?
General information on Like-Kind Exchanges Identify the property you want to sell. Hire a qualified intermediary to hold any sale proceeds for you. Sell your property. Find the replacement property(ies). Purchase the replacement property. File your 8824.
What form is 8824?
Form 8824 is used to report like-kind exchanges of business or investment property–when you immediately buy a similar property to replace what you sold–under IRS Section 1031.
What does 1031 mean?
A 1031 exchange is a swap of one real estate investment property for another that allows capital gains taxes to be deferred. The term — which gets its name from Section 1031 of the Internal Revenue Code (IRC) — is often used by real estate agents, title companies, investors, and more.
What is a so-called 1031 exchange?
1031 exchange (also called a tax-deferred exchange or a Starker exchange) refers to the ability of investors and organizations to replace one investment for a similar one instead of keeping the proceeds.
What is the basis of like kind property received?
In the simplest situation, where only like-kind property is exchanged and the taxpayer does not recognize any gain or loss, the basis in the surrendered property carries over to the acquired property. Thus, the basis of the property acquired equals the adjusted basis of the property that was given up.
What does 8824 mean?
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 is the significance of 8824?
Form 8824 is used to report like-kind exchanges of business or investment property–when you immediately buy a similar property to replace what you sold–under IRS Section 1031. It helps you calculate deferred gains and track basis adjustments.
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What is IRS Form 8824?
IRS Form 8824 is used to report like-kind exchanges of property under Internal Revenue Code Section 1031.
Who is required to file IRS Form 8824?
Individuals or businesses that participate in a like-kind exchange of real property or personal property are required to file IRS Form 8824.
How to fill out IRS Form 8824?
To fill out IRS Form 8824, taxpayers must provide details about the properties exchanged, including descriptions, fair market values, and dates of the exchanges.
What is the purpose of IRS Form 8824?
The purpose of IRS Form 8824 is to allow taxpayers to defer capital gains taxes on the exchange of like-kind properties.
What information must be reported on IRS Form 8824?
The information that must be reported includes details about the property received and relinquished, the dates of transfer, and the adjusted basis of the properties involved.
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