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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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Irbs FAQ
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.
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.
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).
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.
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.
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.
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.
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.
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