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Form 8824 (2005) - IRS

Form 8824 (2005) - IRS-2025

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The document is Form 8824, used by taxpayers to report like-kind exchanges of business or investment property for tax purposes. It outlines the necessary information required for reporting such exchanges, including details about the properties exchanged, dates of transactions, and any related party transactions. The form also provides instructions on how to calculate realized and recognized gains or losses, as well as specific guidelines for deferring gains under certain conditions, particularly for government employees involved in conflict-of-interest sales.

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Who must file form 8824?

If during the current tax year you transferred property to another party in a like-kind exchange, you must file Form 8824 with your tax return for that year. Also file Form 8824 for the 2 years following the year of a related party exchange.

What is the IRS form 8824 used for?

Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind. Certain members of the executive branch of the Federal Government and judicial officers of the Federal Government use Part IV to elect to defer gain on conflict-of-interest sales.

How do I report a 1031 exchange on form 8824?

IRS Form 8824 requires that you provide the IRS with the description of your relinquished and replacement properties, the date your relinquished property was acquired by and conveyed to the buyer, the date the like-kind replacement property was identified to your Qualified Intermediary by you, and the date the like-

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 purpose of a like-kind property exchange?

A like-kind exchange is used when someone wants to sell an asset and acquire a similar one while avoiding the capital gains tax. Like-kind exchanges are heavily monitored by the IRS and require accurate bookkeeping to ensure that no tax penalty is incurred.

What type of property qualifies for a tax-deferred exchange?

The property must be a business or investment property, which means that it cant be personal property. Your home wont qualify for a 1031 exchange. However, a single-family rental property that you own could be exchanged for commercial rental property.

Do I need to report a 1031 exchange on my tax return?

How do you report Section 1031 Like-Kind Exchanges to the IRS? 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.

Form 8824 (2005) - IRS-2025

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