Get Irs 8824 2024

Filling out IRS Form 8824 is essential for reporting like-kind exchanges. This guide provides clear, step-by-step instructions to assist users in completing the form online effectively.

Follow the steps to complete the IRS 8824 online.

1. Click ‘Get Form’ button to access the IRS Form 8824 and open it for editing.
2. Enter your identifying information, including your name and tax identification number as shown on your tax return. This is crucial for processing.
3. In Part I, describe the like-kind property you gave up and the like-kind property you received. Ensure the descriptions are clear and specific.
4. Input the original acquisition date of the property given up and the actual transfer date. Use the format MM/DD/YYYY to avoid errors.
5. Complete the date the received like-kind property was identified. Remember to follow the 45-day written identification requirement.
6. Indicate whether the exchange was made with a related party. Answer 'Yes' or 'No' and follow instructions accordingly to either continue to Part II or Part III.
7. If the exchange involved a related party, fill out Part II by providing the related party's identifying details, including their name, relationship, and address.
8. Answer questions regarding the sale or disposal of like-kind property. If applicable, complete the next steps based on your answers.
9. In Part III, provide the realized gain or loss information. Follow the instructions tightly to account for any properties exchanged and ensure monetary values are accurate.
10. Finalize the form by reviewing all entered information for accuracy. You can now save your changes, download, print, or share the completed Form 8824 as needed.

Complete your IRS Form 8824 online today to ensure your like-kind exchanges are properly reported.