IRS 8824 2019 free printable template
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B c You can establish to the satisfaction of the IRS that neither the exchange nor the disposition had tax avoidance as one of its principal purposes. If this box is checked attach an explanation. See instructions. For Paperwork Reduction Act Notice see the instructions. Cat. No. 12311A Form 8824 2018 Page 2 Your social security number Realized Gain or Loss Recognized Gain and Basis of Like-Kind Property Received Caution If you transferred and received a more than one group of like-kind...
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How to fill out IRS 8824
How to fill out IRS 8824
01
Obtain IRS Form 8824 from the IRS website or your tax preparation software.
02
Fill in your name, taxpayer identification number, and address at the top of the form.
03
In Part I, describe the properties exchanged. Include details such as the addresses and the type of property.
04
In Part II, report the details of the exchange, including dates of transfer and the fair market value of the properties.
05
Complete Part III to calculate the gain or loss realized on the exchange.
06
Follow the instructions for calculating any boot received and completing the relevant sections.
07
Review all entries for accuracy and completeness.
08
Attach Form 8824 to your tax return when you file.
Who needs IRS 8824?
01
Taxpayers who have completed a like-kind exchange of real property as defined by IRS guidelines.
02
Individuals or entities that want to defer capital gains tax on the exchange of similar properties.
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What is IRS form 8824 used for?
Purpose of Form Use Parts I, II, and III of Form 8824 to report each exchange of business or investment real property for real property of a like kind. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange.
What happens if you don't 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.
How do I show a 1031 exchange on my tax return?
How do you report Section 1031 Like-Kind Exchanges to the IRS? 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.
Do I need to file Form 8824?
A lack of Form 8824 means the IRS can't determine if your like-kind exchange follows the specific regulations. As an added issue, your deprecation recapture might also not be deferred. In fact, failure to file Form 8824 might treat your like-kind exchange as a sales transaction subject to all kinds of taxes.
What is a form 8824 for rental property?
IRS Form 8824 is used to report an exchange of real property for real property of a like kind and to calculate how much of the gain is being deferred, the basis in the acquired property, and the taxable gain to be reported in the current year.
Who fills out Form 8824?
When To File. If during the current tax year you transferred property to another party in a like-kind exchange, you must file Form 8824 with your tax return for that year. Also file Form 8824 for the 2 years following the year of a related party exchange.
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What is IRS 8824?
IRS Form 8824 is used to report like-kind exchanges of property, allowing individuals or businesses to defer paying capital gains taxes on the exchanged properties.
Who is required to file IRS 8824?
Taxpayers who engage in a like-kind exchange of real estate or personal property are required to file IRS Form 8824 to report the details of the exchange.
How to fill out IRS 8824?
To fill out IRS Form 8824, taxpayers must provide details about the properties exchanged, including descriptions, dates of acquisition and exchange, and the gain or loss realized from the exchange.
What is the purpose of IRS 8824?
The purpose of IRS Form 8824 is to report like-kind exchanges for tax purposes, allowing taxpayers to defer capital gains taxes that would normally apply to the sale of exchanged properties.
What information must be reported on IRS 8824?
The information that must be reported on IRS Form 8824 includes the description of the properties exchanged, the dates of acquisition and exchange, the fair market value of both properties, and any realized gain or loss.
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