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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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).
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).
Thus, the total for Form 8824, line 18 is $242,170.
In addition, Form 8824 must be filed for the year of exchange and also for the two years following the exchange to provide the IRS with the information necessary to monitor the two-year holding requirement.
Similarly, like-kind exchanges are reportable on Form 8824.
Note: Form 8824, Like-Kind Exchanges, would have been filed for 2005.
2) Like-kind exchanges are reported on 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.
The taxpayer reports the exchange of the relinquished property for the replacement property as a simultaneous exchange on Form 8824.
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.
Form 8824, Like-Kind Exchanges (and nonrecognition of gain from conflict-of-interest sales), requires the date(s) of transfer of the relinquished property and the date(s) of identification and receipt of replacement property.
Like-kind exchanges must be reported on Form 8824, Like-Kind Exchanges.
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- Form 8453 PE
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- Form 941 (Schedule R)
- Form 941 PR
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