Get the free About Form 8824, Like-Kind Exchanges Internal Revenue ...

FormLikeKind Exchanges8824Department of the Treasury Internal Revenue Service OMB No.15451190(and section 1043 conflictofinterest sales)Name(s) shown on tax returner I2018Attach to your tax return. Go

How to fill out about form 8824 like-kind

How to fill out about form 8824 like-kind

1. To fill out the form 8824 like-kind, follow these steps:
2. Enter your name, Social Security number, and address at the top of the form.
3. Provide details about the property you exchanged, such as the description, date acquired, and date transferred.
4. Report any boot received or given during the exchange.
5. Calculate the realized gain or loss and the recognized gain or loss.
6. Enter the value of the replacement property received and any cash or other boot given.
7. Determine the basis of the replacement property and any liabilities assumed.
8. Complete the other required sections of the form, including reporting any additional information or explanations.
9. Sign and date the form before submitting it to the IRS.

Who needs about form 8824 like-kind?

1. Form 8824 like-kind is needed by individuals or businesses who have conducted like-kind exchanges of property.
2. This form is required to report the exchange and calculate any gains or losses for tax purposes.
3. Taxpayers who have exchanged real estate, vehicles, equipment, or other assets of similar nature may need to file this form with the IRS.

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What is about form 8824 like-kind?

Form 8824 is used to report like-kind exchanges of real or personal property under IRS rules, allowing taxpayers to defer capital gains tax on the exchange.

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

Taxpayers who have engaged in a like-kind exchange of property are required to file Form 8824.

How to fill out about form 8824 like-kind?

To fill out Form 8824, you need to provide details about the properties exchanged, the dates of the exchanges, the fair market values, and any other relevant transaction information.

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

The purpose of Form 8824 is to report like-kind exchanges to the IRS and to claim the tax deferral benefits allowed under Section 1031 of the IRS code.

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

Information such as the description of the properties, dates of acquisition and transfer, values, and any gain or loss must be reported on Form 8824.