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Form 8824 is the 1031 Exchange tax form. We explain the Instruction for completing it, using real numbers from a real deal, and your HUD-1.
15 lut 2022 · You only need one Form 8824 to report a 1031 Exchange (even if one property for two properties). • Part I of Form 8824 is where you provide details about the old property and the new property(ies).
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. Fill out only lines 15 through 25 of each worksheet Form 8824.
13 cze 2023 · Form 8824 primarily deals with the concept of Like-Kind Exchanges. These are exchanges where you trade business or investment properties of a similar kind and defer the capital gain or loss recognition until the replacement property is sold or disposed of in a taxable transaction.
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.
Example: Exchanger settles on relinquished property on Dec. 14, 2017, and then settles on replacement property May 1, 2018. Exchanger would file IRS Form 8824 with 2017 return, after filing an
If the exchanger has recognized gain, in addition to IRS Form 8824, the exchanger may need to report the gain on IRS Form 4797, Sales of Business Property, Schedule D (IRS Form 1040), Capital Gains and Losses, and/or IRS Form 6252, Installment Sale Income.
