Get IRS 8824 2017

What is IRS Form 8824: Like-Kind Exchange. Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. ... The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.

Your 1031 exchange must be reported by completing Form 8824 and filing it along with your federal income tax return.

The FMV of the like-kind property received is the price or value of the new vehicle you purchased, before any trade-in allowance.

1031 Exchange Rules Explained. There are 7 primary 1031 Exchange rules. These include: (1) like-kind property, (2) investment or business purposes only, (3) greater or equal value, (4) must not receive boot, (5) same tax payer, (6) 45 day identification window, (6) 180 day purchase window.

Decide to sell and do a 1031 exchange. ... List your property for sale. ... Begin looking for replacement properties. ... Find a qualified intermediary. ... Negotiate and accept an offer. ... Close on the sale of your relinquished property. ... Identify up to three properties within 45 days. ... Sign a contract on the first-choice property.

A 1031 exchange gets its name from Section 1031 of the U.S. Internal Revenue Code, which allows you to avoid paying capital gains taxes when you sell an investment property and reinvest the proceeds from the sale within certain time limits in a property or properties of like kind and equal or greater value.

A 1031 exchange gets its name from Section 1031 of the U.S. Internal Revenue Code, which allows you to avoid paying capital gains taxes when you sell an investment property and reinvest the proceeds from the sale within certain time limits in a property or properties of like kind and equal or greater value.

A like-kind property refers to two assets that are considered to be the same type, making an exchange between them tax deferrable. The two assets must be of the same kind but do not need to be of the same quality to qualify as like-kind property.

HOW TO REPORT THE EXCHANGE. Your 1031 exchange must be reported by completing Form 8824 and filing it along with your federal income tax return. If you completed more than one exchange, a different form must be completed for each exchange.

1031 Exchange Rules Explained. There are 7 primary 1031 Exchange rules. These include: (1) like-kind property, (2) investment or business purposes only, (3) greater or equal value, (4) must not receive boot, (5) same tax payer, (6) 45 day identification window, (6) 180 day purchase window.

The only minimum required hold period in section 1031 is a related party exchange where the required hold is a minimum of two years.

Turning 1031 Exchange Property into Your Personal Residence. When you sell your personal residence (the house you live in), the IRS says $500,000 of the gain ($250,000 if you're single) is tax free.

Generally, if you make a like-kind exchange, you are not required to recognize a gain or loss under Internal Revenue Code Section 1031. ... Under the Tax Cuts and Jobs Act, Section 1031 now applies only to exchanges of real property and not to exchanges of personal or intangible property.

HOW TO REPORT THE EXCHANGE. Your 1031 exchange must be reported by completing Form 8824 and filing it along with your federal income tax return. If you completed more than one exchange, a different form must be completed for each exchange.

A like-kind exchange, sometimes styled as a like kind exchange, is a tax-deferred transaction that allows for the disposal of an asset and the acquisition of another similar asset without generating a capital gains tax liability from the sale of the first asset.