Reporting Like-Kind Exchanges to the IRS via Form 8824: Fill out & sign online

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Can you do a like-kind exchange on a personal residence?

A primary residence usually does not qualify for an exchange because it is not used in trade or business or investment. That said, that portion of the primary residence that is used in a trade or business or for investment may qualify for a 1031 Exchange.

How do I report a 1031 exchange on my tax return TurboTax?

With your return open in TurboTax, search for like kind (two words, no dash) and select the Jump to link at the top of your search results. This will take you to Any Other Property Sales? screen. Select Any additional like-kind exchanges (section 1031) and select Continue.

How do I file a like-kind exchange on my tax return?

You must report an exchange to the IRS on Form 8824, Like-Kind Exchanges and file it with your tax return for the year in which the exchange occurred. If you do not specifically follow the rules for like-kind exchanges, you may be held liable for taxes, penalties, and interest on your transactions.

What is a form 8824 like-kind exchange?

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.

How do I report a 1031 exchange on my tax return?

Your 1031 exchange must be reported by completing Form 8824 and filing it along with your federal income tax return.

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Is a 1099 issued for a like-kind exchange?

While a 1031 exchange does defer taxes, it does not waive them (i.e., not tax-free). Once the exchanger sells the property, taxes on deferred gains will be owed. The settlement agent must file Form 1099-S for the exchange transaction since it is not exempt. So yes, a 1031 exchange does require filing Form 1099-S.

What is the IRS form for like kind exchanges?

Purpose of Form Use Parts I, II, and III of Form 8824 to report each exchange of business or investment real property for real property of a like kind. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange.

Do I need to file form 4797 for 1031 exchange?

Any taxable gain recognized will be reported on IRS Form 4797 or Schedule D depending on the character of the relinquished property. Your taxable gain must be allocated between ordinary income depreciation recapture, unrecaptured Section 1250 taxable gain, Section 1231 taxable gain, and capital gain.

Get the up-to-date Reporting Like-Kind Exchanges to the IRS via Form 8824-2024 now

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The easiest way to edit Reporting Like-Kind Exchanges to the IRS via Form 8824 in PDF format online

Complete this form in 5 minutes or less

Got questions?

Can you do a like-kind exchange on a personal residence?

How do I report a 1031 exchange on my tax return TurboTax?

How do I file a like-kind exchange on my tax return?

What is a form 8824 like-kind exchange?

How do I report a 1031 exchange on my tax return?

Complete this form in 5 minutes or less

People also ask

Is a 1099 issued for a like-kind exchange?

What is the IRS form for like kind exchanges?

Do I need to file form 4797 for 1031 exchange?

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Get the up-to-date Reporting Like-Kind Exchanges to the IRS via Form 8824-2024 now

Here's how it works

The easiest way to edit Reporting Like-Kind Exchanges to the IRS via Form 8824 in PDF format online

Complete this form in 5 minutes or less

Got questions?

Can you do a like-kind exchange on a personal residence?

How do I report a 1031 exchange on my tax return TurboTax?

How do I file a like-kind exchange on my tax return?

What is a form 8824 like-kind exchange?

How do I report a 1031 exchange on my tax return?

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People also ask

Is a 1099 issued for a like-kind exchange?

What is the IRS form for like kind exchanges?

Do I need to file form 4797 for 1031 exchange?

Related links

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