Form 8824
Form 8824
A form one files with the IRS to report like-kind exchanges, which are exchanges of two assets of the same type, even if of different quality, that are used for a business for investment purposes. See also: Section 1031.
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The taxpayer's CPA will need to complete and file Form 8824 indicating an exchange has been completed for the tax year at issue.
In addition, reporting such trades under IRC section 1031 must be done properly, using Form 8824 and listing every trade.
As a result, Form 8824, Like-Kind Exchanges (and section 1043 conflict-of-interest sales) reporting would be: line 15, $675,821 ($688,057-$12,236); line 16, $450,000 (the new property's FMV); line 17, $1,125,821 (line 15 + line 16).
Similarly, like-kind exchanges are reportable on Form 8824. Such reporting requirements provide sufficient disclosure of the transactions and should obviate additional reporting.
IRS Form 8824, Like-Kind Exchanges, the tax form filed with IRS reporting a [section] 1031 exchange transaction, provides that exchange expenses are to be deducted from the contract price in the determination of realized gain.
Note: Form 8824, Like-Kind Exchanges, would have been filed for 2005.
IRS Form 8824, Like-Kind Exchanges, must be filed when an exchange involving like-kind property occurs.
Fred and Sue would report the exchange in their 2005 (the year of the sale) tax return on Form 8824 (Like-Kind Exchanges form), and would report the cash deferred until 2006 on Form 6252 (Installment Income Sale form).
(2) Like-kind exchanges are reported on Form 8824, Like Kind Exchanges.
The taxpayer's federal tax return for the year in which the investor sells a section 1031 relinquished property and buys a replacement property must include Form 8824, Like-Kind Exchanges.
At that time, the taxpayer exchanges the relinquished property for the replacement property held by the intermediary and fries Form 8824, Like-Kind Exchanges, reporting a simultaneous exchange with the intermediary.
Form 8824, Like-Kind Exchanges (and non-recognition of gain from conflict-of-interest sales), is used to report like kind exchanges; a special section must be completed to report related-party exchanges.
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