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  • Irs 8824 2024

Get Irs 8824 2024-2025

N. Attachment Sequence No. 109 2024 (and section 1043 conflict-of-interest sales) Identifying number Name(s) shown on tax return Part I Information on the Like-Kind Exchange Note: Only real property should be described on lines 1 and 2. If the property described on line 1 or line 2 is real property located outside the United States, indicate the country. 1 Description of like-kind property given up: 2 Description of like-kind property received: 3 Date like-kind property given up was.

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Financial Consequences Immediate Tax Burden: When an investor fails to complete a 1031 exchange by the year-end deadline, the most direct impact is the incurrence of a significant tax liability. This scenario arises because the cornerstone of a 1031 exchange is the deferral of capital gains taxes.

IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not tax-free.

Purpose of Form Use Parts I, II, and III of Form 8824 to report each exchange of business or investment real property for real property of a like kind. Form 8824 figures the amount of gain deferred as a result of a like-kind exchange.

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.

Other Forms You May Have To File For exchanges of real property used in a trade or business (and other noncapital assets), enter the gain or (loss) from Form 8824, if any, on Form 4797, line 5 or line 16.

In fact, failure to file Form 8824 might treat your like-kind exchange as a sales transaction subject to all kinds of taxes. So, in answer to what happens if you don't file Form 8824, the answer could be “nothing.” Or it could be non-recognition of your 1031 exchange, complete with expensive consequences.

When investors complete a 1031 Exchange, they are required to report the details to the IRS on IRS Form 8824. Failure to file this form and correctly report the required information can result in a reversal of your 1031 Exchange and potentially trigger penalties.

There's no penalty for failure to file if you're due a refund. However, you risk losing a refund altogether if you file a return or otherwise claim a refund after the statute of limitations has expired.

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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
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
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