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8824 2024-2025 Form
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Video instructions and help with filling out and completing Form 8824 Like Kind Exchanges and Section 1043 Conflict of interest Sales
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People also ask like kind exchange form 8824
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Do I need to report a 1031 exchange on my tax return?
A 1031 exchange transaction is reported on the tax return for the tax year that the relinquished property was transferred even if the exchange was not completed in that same year.
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Who fills out form 8824?
When To File. 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.
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What disqualifies a property from being used in a 1031 exchange?
The property must be a business or investment property, which means that it can't be personal property. Your home won't qualify for a 1031 exchange. However, a single-family rental property that you own could be exchanged for commercial rental property.
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Which of the following qualifies as a like-kind exchange?
Any real estate, except for one's own personal residence, is considered like-kind to any other real estate. Generally, any real estate property held for productive use in the trade or business or for investment qualifies for a like-kind exchange.
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What property qualifies for like-kind exchange?
Properties are of like-kind if they're of the same nature or character, even if they differ in grade or quality. Real properties generally are of like-kind, regardless of whether they're improved or unimproved. For example, an apartment building would generally be like-kind to another apartment building.
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What cannot be used in a like-kind property exchange?
Property used primarily for personal use, like a primary residence or a second home or vacation home, does not qualify for like-kind exchange treatment. Both properties must be similar enough to qualify as "like-kind." Like-kind property is property of the same nature, character or class.
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What is the same taxpayer rule in a 1031 like-kind exchange?
In order to qualify for tax deferral treatment under Internal Revenue Code § 1031, the taxpayer that sells relinquished property in an exchange must also purchase the replacement property.
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What is the basis of property received in a like-kind exchange?
Essentially, the basis of the replacement property acquired in a 1031 exchange is the same as the basis of the relinquished property, subject to certain adjustments. This basis carries over from your old property to your new one, effectively preserving the deferred gain for potential recognition in the future.
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