Get 1545-1190 Department Of The Treasury Internal Revenue Service Attachment Sequence No

The 1545-1190 form is an essential document for reporting like-kind exchanges and nonrecognition of gain from conflict-of-interest sales. This guide provides a comprehensive overview of how to fill out the form online, ensuring that you can complete it accurately and efficiently.

Follow the steps to properly fill out the form online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Fill in the name(s) shown on your tax return at the top of the form.
3. In Part I, indicate the identifying number for the like-kind exchange and provide a description of the like-kind property given up in line 1.
4. In line 2, describe the like-kind property received.
5. Proceed to fill in the dates for each transaction: original acquisition date in line 3, transfer date in line 4, identification date in line 5, and actual receipt date in line 6.
6. Answer whether the exchange was made with a related party in line 7, marking the appropriate option.
7. If applicable, provide the related party's information in the fields for their name, identifying number, address, and relationship to you.
8. Indicate in lines 9 and 10 whether the related party sold or disposed of the property received from you or whether you sold or disposed of the property received.
9. If any transactions were made as outlined in lines 9 or 10, check for any applicable exceptions in line 11 and provide a brief explanation if needed.
10. In Part II, fill in the realized gain or loss, recognized gain, and basis of the like-kind property received by following the instructions for lines 12 through 22.
11. For any properties that were not like-kind, fill in lines 12 to 14 to specify their fair market value, adjusted basis, and recognized gain.
12. Complete the remaining calculations in lines 18 through 22 to ensure that you accurately report your figures.
13. Lastly, ensure all fields are complete, and save your changes. You may download, print, or share the form as needed.

Complete your documents online today for a streamlined experience.