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About Form 8824Internal Revenue Service - IRS

About Form 8824Internal Revenue Service - IRS 2026

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Form 8824 is a tax form used by the Internal Revenue Service (IRS) for reporting like-kind exchanges of property. It requires taxpayers to provide details about the properties exchanged, including descriptions, dates of transfer, and any related party transactions. The form also includes sections for calculating realized and recognized gains or losses from the exchange, as well as specific provisions for conflict-of-interest sales under section 1043.

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Begin with Part I, where you will provide information on the like-kind exchange. Fill in the descriptions of the properties given up and received in lines 1 and 2.
Enter the dates for when you acquired the property, transferred it, identified it, and received it in lines 3 through 6. Ensure all dates are formatted correctly.
In Part II, indicate if the exchange was made with a related party by selecting 'Yes' or 'No' on line 7. If 'Yes', complete the additional fields regarding related party information.
Proceed to Part III to calculate realized gain or loss. Complete lines 12 through 25 based on your transactions, ensuring accuracy in reporting any cash or other property involved.
If applicable, fill out Part IV for deferral of gain from conflict-of-interest sales, providing necessary details as instructed.

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What happens if I dont spend all of my 1031 exchange?

The goal in a 1031 exchange is often to defer all capital gains taxes. To achieve this, you should use all the proceeds from the sale of your original property to purchase the replacement property. If you only use part of the proceeds, the remaining funds are taxed right away.

Is form 8824 required?

You should prepare IRS Form 8824: Like-Kind Exchanges for all like-kind exchanges. Special rules apply for: Multi-assets. Exchanges made with someone youre related to.

What is the IRS form 8824 used for?

Form 8824 is used to report like-kind exchanges of business or investment propertywhen you immediately buy a similar property to replace what you soldunder IRS Section 1031.

What qualifies a property for a 1031 exchange?

The exchange must involve real property kept for productive use in a business, trade, or for investment, and cannot involve property held primarily for sale. (Ibid.) Under the Same Taxpayer Rule, the seller of the relinquished property must be the same individual buyer the replacement property.

What happens if you dont file form 8621?

There is no penalty for not filing this form when you are supposed to. However, the statute of limitations for assessing penalties is suspended until you do file the form, if required. That means your entire return remains subject to audit until three years after you file the required Form 8621.

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What happens if you dont file form 8824?

What happens if I do not file Form 8824? There are no penalties for failure to file Form 8824 but there are consequences. For starters, you cant defer capital gains tax. This means that the exchange may be treated as a sale transaction subject to capital gains tax.

What is the significance of 8824?

Form 8824 is used to report like-kind exchanges of business or investment propertywhen you immediately buy a similar property to replace what you soldunder IRS Section 1031. It helps you calculate deferred gains and track basis adjustments.

Is it better to do a 1031 exchange or pay the taxes?

Key Takeaways. A 1031 exchange allows real estate investors to defer capital gains taxes by reinvesting the proceeds from the sale of a business or investment property into a new, like-kind property. The replacement property in a 1031 exchange should be of equal or greater value to avoid paying taxes immediately.

About Form 8824Internal Revenue Service - IRS 2026

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