Get the free Like-Kind Exchanges (Form 8824) - Mark Young CPA
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Q40 2005--#169; Copyright 2005 by Thomson Tax and Accounting Page 1 of 2 Like-Kind Exchanges (Form 8824) IRC 1031 and IRS Publications 544 and 550 No gain or loss is recognized if property held for
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How to fill out like-kind exchanges form 8824
How to fill out like-kind exchanges form 8824:
01
Begin by entering your name, taxpayer identification number (TIN), and the year of the exchange at the top of the form.
02
Provide a description of the property you transferred as part of the exchange, including the date of acquisition and the date of transfer.
03
Indicate the fair market value (FMV) of the property you transferred and the adjusted basis. These figures can typically be found on the property's original purchase documents.
04
Identify the type and description of the property you received in the exchange, along with the FMV and adjusted basis.
05
Calculate the realized gain or loss by subtracting the adjusted basis of the property transferred from the FMV of the property received.
06
Determine the recognized gain by subtracting any non-like-kind property received, cash, or any mortgage or debt relief from the realized gain.
07
Complete Part II of the form if you received money or other property in addition to the like-kind property. Provide details of the additional consideration received.
08
If you have multiple exchanges within the tax year, complete a separate Form 8824 for each exchange.
09
Once all the necessary information is entered, compute the total gain or loss and include it on your tax return.
10
Keep a copy of the completed Form 8824 for your records.
Who needs like-kind exchanges form 8824:
01
Individuals or entities who have engaged in a like-kind exchange of real property or certain types of personal property for business or investment purposes.
02
Taxpayers who want to defer recognition of gain or loss on the exchange.
03
Those who meet the requirements outlined by the Internal Revenue Service (IRS) for reporting like-kind exchanges.
It is important to consult with a tax professional or refer to the IRS guidelines for specific instructions and eligibility criteria when filling out Form 8824.
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What is like-kind exchanges form 8824?
Like-kind exchanges form 8824 is a form used to report like-kind exchanges of real property or personal property that are not held primarily for sale in the ordinary course of business.
Who is required to file like-kind exchanges form 8824?
Taxpayers who engage in like-kind exchanges of property are required to file form 8824 with their tax return.
How to fill out like-kind exchanges form 8824?
Fill out the form by providing information about the properties exchanged, their fair market values, any boot received, and calculating the gain or loss on the exchange.
What is the purpose of like-kind exchanges form 8824?
The purpose of form 8824 is to report like-kind exchanges to the IRS and calculate any gain or loss on the exchange.
What information must be reported on like-kind exchanges form 8824?
Information such as the description of the properties exchanged, their fair market values, any boot received, and the realized gain or loss on the exchange.
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