Get the free Completing Form 8824 - Starker Services

Completing Form 8824 Reporting IRC 1031 Like-Kind Exchanges A Publication of Starker Services, Inc. WHEN TO FILE This form must be included with your tax return for the tax year in which a relinquished

How to fill out completing form 8824

To fill out completing Form 8824, follow these steps:

1. Gather the necessary information and documentation, including the details of the property exchanges you were involved in during the tax year.
2. Start by providing your personal information at the top of the form, such as your name, address, and Social Security number.
3. Proceed to Part I of the form, where you will report the details of the properties you exchanged. Include the description of the property, dates of acquisition and transfer, and any additional relevant information.
4. Calculate the total realized gain or loss for each property exchange and enter the values in Part II of the form.
5. If you received any cash or other non-like-kind property in the exchange, report it in Part III.
6. Claim any deferred gain by providing the required information in Part IV. This section allows you to carry over the gain from the exchanged property to the replacement property.
7. Complete Part V if you had multiple property exchanges during the tax year. Include the summary of all the exchanges and the total realized gain or loss.
8. Review the form for accuracy and completeness. Make sure all sections are filled out correctly and any necessary attachments or schedules are included.
9. Sign and date the form before filing it with your tax return.

Who needs to complete Form 8824?

1. Taxpayers who have engaged in like-kind exchanges of property during the tax year are required to complete Form 8824.
2. Real estate investors who have exchanged properties for investment purposes need to file this form to report the gains, losses, and deferred recognition resulting from the exchange.
3. Individuals or businesses that have swapped other types of assets, such as vehicles or equipment, and are eligible for tax deferral under Section 1031 of the Internal Revenue Code, will also need to complete this form.

Note: It is advisable to consult a tax professional or refer to the IRS instructions for Form 8824 for specific guidance tailored to your unique situation.

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What is completing form 8824?

Form 8824 is used to report like-kind exchanges of property.

Who is required to file completing form 8824?

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

How to fill out completing form 8824?

Form 8824 is filled out by providing detailed information about the like-kind exchanges, including the properties involved, their adjusted basis, fair market value, and any gain or loss.

What is the purpose of completing form 8824?

The purpose of completing Form 8824 is to report and calculate the gain or loss from like-kind exchanges of property for tax purposes.

What information must be reported on completing form 8824?

Form 8824 requires taxpayers to report information such as the description and identification of the properties exchanged, their adjusted basis, fair market value, and any boot received.