Get the free 8824 Like-Kind Exchanges Form 2018 - efile.com

Form8824Department of the Treasury Internal Revenue ServiceLikeKind Exchanges OMB No. 15451190 Attach to your tax return. Go to www.irs.gov/Form8824 for instructions and the latest information. Attachment

How to fill out 8824 like-kind exchanges form

How to fill out 8824 like-kind exchanges form

1. To fill out the 8824 Form for like-kind exchanges, follow these steps:
2. Start by providing your name, address, and social security number at the top of the form.
3. Indicate the date on which the exchange began and ended in the corresponding fields.
4. Describe the property that was given up in the exchange, including its description, date acquired, and adjusted basis.
5. Provide details about the property received in exchange, including its description, date acquired, and fair market value.
6. Calculate and enter the realized gain or loss on the exchange in Part II of the form.
7. Determine the basis of the new property received and enter it in the appropriate field.
8. If multiple like-kind exchanges were made during the tax year, include the additional information on a separate statement and attach it to the form.
9. Sign and date the form at the bottom to certify its accuracy.
10. Remember to keep a copy of the completed form for your records.

Who needs 8824 like-kind exchanges form?

1. Individuals who have engaged in like-kind exchanges of property for business or investment purposes need to fill out the 8824 Form.
2. This form is necessary for taxpayers who want to defer recognizing the gain or loss on their exchange by taking advantage of the like-kind exchange rules provided by the IRS.
3. It is important to consult with a tax professional or refer to the IRS guidelines to determine if you are eligible to use this form and qualify for like-kind exchange treatment.

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What is 8824 like-kind exchanges form?

Form 8824 is used to report like-kind exchanges of real estate or personal property that does not result in a gain or loss.

Who is required to file 8824 like-kind exchanges form?

Taxpayers who engage in like-kind exchanges of real estate or personal property are required to file Form 8824.

How to fill out 8824 like-kind exchanges form?

Form 8824 must be filled out with details of the like-kind exchange transactions, including descriptions of the properties exchanged and any cash or liabilities involved.

What is the purpose of 8824 like-kind exchanges form?

The purpose of Form 8824 is to report like-kind exchange transactions to the IRS in order to defer recognition of gain or loss.

What information must be reported on 8824 like-kind exchanges form?

The form requires information such as the description of exchanged properties, dates of exchange, any boot received, and calculations of gain or loss deferred.