1031 exchange:
Tax Reporting for 1031 Exchanges
A 1031 exchange is reported using IRS form 8824. This is a multi-purpose form. In part one, you report compliance with the 1031 exchange deadlines. In part two, you report related party transactions. And in part three, you report gain realized, gain recognized, and you recalculate your basis in the replacement property. Part three is particularly challenging. The form uses terminology which is unfamiliar and sometimes ambiguous. The examples provided by the IRS are overly simplistic. For all of these reasons we are please to announce our new website: www.irsform8824.com. On this website you plug in numbers from your settlement statements, add the basis of the relinquished property and the IRS Form 8824 is prepared for you. The price is $49.99 ($39.99 for clients of 1031x.com!). We thank you all for your continued patronage.
FAQs
Capital Gains Tax Example An example of how capital gains is estimated in a ...Read More
Can I exchange a business--UPS Store Example It is possible to exchange a business-but there ar ...Read More
Capital Gains State Tax Rates Find the Capital Gains Tax Rate for your state! ...Read More
How Often can I take Advantage of the Tax Exclusion Under IRC section 121? 121 tax exclusion ...Read More
200 Percent Identification Rule What if the property value increases? Is the ID v ...Read More
Subdividing question Can I subdivide? ...Read More
Tax Free Cash How can I take cash out? ...Read More
Capital Gains Exclusion??? Mixing up Section 121 and Section 1031 ...Read More
More on Capital Gains Question about Capital Gains. ...Read More
Taking Cash Out of a 1031 exchange What about taking cash out of a 1031 exchange? ...Read More
Accumulated Depreciation How do I handle depreciation? ...Read More
Lease Options How do I handle rent money? ...Read More
Dual Use of Property Primary residence and? ...Read More
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