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  • 2002 Form 8824 (fill-in Version). Like-kind Exchanges

Get 2002 Form 8824 (fill-in Version). Like-kind Exchanges

Rn. Name(s) shown on tax return Part I OMB No. 1545-1190 Like-Kind Exchanges 109 Identifying number Information on the Like-Kind Exchange 1 Note: If the property described on line 1 or line 2 is real or personal property located outside the United States, indicate the country. Description of like-kind property given up 2 Description of like-kind property received 3 4 5 6 7 3 Date like-kind property given up was originally acquired (month, day, year) 4 Date you actually tran.

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To answer your question directly, an exchange between mutual funds would generate a taxable event in a non-retirement brokerage account. In non-retirement accounts, your tax liability is generally the amount of the gain on the fund being exchanged.

If the taxpayer traded this vehicle in for a new vehicle, select a Form 8824, Like-Kind Exchanges, to use to compute the gain or loss. You can only report one vehicle trade-in on each copy of Form 8824. However, you can link multiple components of a vehicle acquired by trade-in to the same Form 8824.

The main benefit of carrying out a 1031 exchange rather than simply selling one property and buying another is the tax deferral. A 1031 exchange allows you to defer capital gains tax, thus freeing more capital for investment in the replacement property.

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.

Include your name and tax ID number at the top of each page of the statement. On the summary IRS Form 8824, enter only your name and tax ID number, the word “Summary” on Line 1, the total recognized gain from all exchanges on Line 23, and the total basis of all like-kind property received on Line 25.

To have a valid 1031 exchange, a qualified intermediary (“QI”) must be assigned the seller's rights to proceeds under the contract and transfer the relinquished property on behalf of the seller, pursuant to an exchange agreement. See Treas. Reg. §1.1031(k)-1(g)(4)(iii)-(vi).

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. If you do not specifically follow the rules for like-kind exchanges, you may be held liable for taxes, penalties, and interest on your transactions.

If the taxpayer traded this vehicle in for a new vehicle, select a Form 8824, Like-Kind Exchanges, to use to compute the gain or loss. You can only report one vehicle trade-in on each copy of Form 8824. However, you can link multiple components of a vehicle acquired by trade-in to the same Form 8824.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232