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IRS Form 8824, the 1031 Exchange form, is where you report your Section 1031 Exchange – Delayed, Reverse, or Construction. The Form 8824 is due at the end of the tax year in which you began the transaction, as per the Form 8824 Instructions.
15 lut 2022 · Since you are using Turbo Tax Home and Business, you can go to forms>open form>type in 8824. Within the 8824, there are Smart Worksheet entries that you can make directly on the form. For both properties, you will need two 8824's.
If the property given up was used partly as a home, and partly for business or investment, you will need to use two separate Forms 8824 as worksheets. Use one worksheet for the part of the property used as a home, and the other worksheet for the part used for business or investment.
5 lip 2024 · Form 8824 is used to report the exchange of like-kind business or investment property. Special reporting is required for like-kind exchanges involving related parties and multiple assets exchanged simultaneously.
13 cze 2023 · Navigating IRS forms can be a daunting task, but with this comprehensive guide, we aim to demystify Form 8824. Form 8824, used for reporting Like-Kind Exchanges under Section 1031 of the Internal Revenue Code, can be a powerful tool for deferring capital gains taxes.
4 sie 2024 · Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.
The IRS created Form 8824 to help real estate investors to report their exchanges on their tax returns. The IRS explains : “If you made more than one like-kind exchange, you can file a summary on one Form 8824 and attach your own statement showing all the information requested on Form 8824 for each exchange.”
