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How to fill out tax form 8824

2017 8824-2025

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Form 8824 is a tax form used by the Internal Revenue Service (IRS) for reporting like-kind exchanges of property, including real and personal property. It outlines the necessary information required to document the exchange, such as descriptions of properties given up and received, dates of transactions, and details regarding related parties involved in the exchange. The form also includes sections for calculating realized gains or losses, recognized gains, and deferral of gains under specific circumstances.

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Click ‘Get Form’ to open the 2017 8824 in the editor.
Begin with Part I by entering your identifying number and name(s) as shown on your tax return. Fill in the descriptions of the like-kind property given up and received in lines 1 and 2.
Complete 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 (MM/DD/YYYY).
Indicate whether the exchange was made with a related party by selecting 'Yes' or 'No' on line 7. If 'Yes', proceed to Part II.
In Part II, provide details about the related party exchange including their name, relationship, and address. Answer questions regarding any sales or disposals of like-kind property.
Move to Part III to calculate realized gain or loss. Complete lines 12 through 24 based on your transactions, ensuring accuracy in reporting gains and losses.

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Versions	Form popularity	Fillable & printable
2023	4.2 Satisfied (49 Votes)
2022	4.3 Satisfied (40 Votes)
2021	4.9 Satisfied (59 Votes)
2020	4.3 Satisfied (74 Votes)
2019	4.2 Satisfied (89 Votes)
2018	4.3 Satisfied (230 Votes)
2017	4.2 Satisfied (106 Votes)
2016	4.1 Satisfied (30 Votes)
2013	4.4 Satisfied (485 Votes)
2005	4.2 Satisfied (25 Votes)

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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 Form 8824 AMT?

Form 8824 figures the amount of gain deferred as a result of a like-kind exchange. Use Part III to figure the amount of gain required to be reported on the tax return in the current year if cash or property that isnt of a like kind is involved in the exchange.

What if I forgot to 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 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.

What happens if you dont complete a 1031 exchange?

Financial Consequences Immediate Tax Burden: When an investor fails to complete a 1031 exchange by the year-end deadline, the most direct impact is the incurrence of a significant tax liability. This scenario arises because the cornerstone of a 1031 exchange is the deferral of capital gains taxes.

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What happens if I forgot to file one of my tax forms?

Youll eventually get a notice from the IRS requesting the missing form. Other mistakes, such as omitting income or deductions, or deciding youre eligible for a credit you didnt claim may require amending your return. To do this, youll need to complete Form 1040X.

2017 8824-2025

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Is Form 8824 required?

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What happens if you dont complete a 1031 exchange?

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