FORM 8824 WORKSHEETWorksheet 1 Tax Deferred Exchanges Under IRC § 1031 Date Closed Taxpayer Exchange Property Replacement Property Form 8824 Line 15 Cash and Other Property Received and Net Debt Relief
When to file form 8824 for Section 1031 exchange?
FORM 8824 IRS Form 8824, the Like Kind Exchange form, is where you report your Section 1031 Exchange – Delayed, Reverse, or Construction. The Form 8824 is due at the end of the tax year in which you began the transaction, as per the Form 8824 Instructions.
How to report like kind exchange of real estate?
IRS has made it clear not to report the sale of exchange property on Form 8949 when reporting an exchange on Form 8824. If you made more than one like-kind exchange in the same year, you should file only one summary Form 8824 and attach a statement showing all the information requested on Form 8824 for each exchange.
Can a deferred gain flow to Form 4797?
It will not flow to Form 4797 or Form 8949 to be recognized as a gain in the current tax year. The deferred gain will proforma every year until it’s sold or needs to be recognized.
How to report deferred gain going into qualified O?
The gain is reported on page 2 of the 4797, then flows to page 1 of the 4797, then goes to Sch D. I cannot figure out how to report the deferred gain on the forms. The only place I see is on Form 8949 with code Z. But the 4797 does not go to Form 8949. But the instructions to 4797 say to use 8949 to report the deferred gain.
Is the basis of like kind property figured on form 8824?
Also, the basis of the like-kind property received is figured on Form 8824. Certain members of the executive branch of the federal government and judicial officers of the federal government use Part IV to elect to defer gain on conflict-of-interest sales.
