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The document is Form 8824, used for reporting like-kind exchanges of business or investment property to the IRS. It outlines the process for deferring gains or losses when exchanging properties of similar nature under section 1031 of the Internal Revenue Code. The form includes sections for identifying properties exchanged, related party transactions, and calculating realized and recognized gains. Additionally, it provides specific instructions for completing the form and details on conflict-of-interest sales for federal employees.

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

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. See Line 7, later, for details. Section 1031 regulations.

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-

In what situations would a section 1031 like-kind exchange not be the best choice for a taxpayer?

They cannot be used on a sale of a primary or secondary residence, vacation home, or similar property, unless strict rules are met wherein the residence is used solely for rental purposes for a specified period prior to the sale. Certain types of (non-real estate) property do not qualify for Section 1031 treatment.

How to record a like-kind exchange?

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 qualifies as a like kind in a 1031 exchange?

Properties are of like-kind if theyre of the same nature or character, even if they differ in grade or quality. Real properties generally are of like-kind, regardless of whether theyre improved or unimproved. For example, an apartment building would generally be like-kind to another apartment building.

form 8824 worksheet

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What is the loophole for 1031 exchange?

Section 1031 allows investors in business properties to defer taxes on the profits of properties that are sold when they are sold to raise cash to purchase other properties. It is sometimes called the Starker Loophole because the sale and purchase do not need to be simultaneous to qualify for the tax deferral.

What is the like kind rule for 1031 exchanges?

Generally, if you make a like-kind exchange, you are not required to recognize a gain or loss under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other (not like-kind) property or money, you must recognize a gain to the extent of the other property and money received.

What is the like-kind exchange 200% rule?

How does the 200% Rule work? Exchangers can identify any number of properties as long as the gross price does not exceed 200% of the fair market value of the relinquished property (twice the sale price). It is typically used when an investor wants to identify four or more properties.