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Instructions for IRS Form 8824
for the current year.
Instructions for IRS Form 8824 Like-Kind Exchanges
This document contains official instructions for IRS Form 8824 , Like-Kind Exchanges - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8824 is available for download through this link.
FAQ
Q: What is IRS Form 8824?
A: IRS Form 8824 is used to report like-kind exchanges of business or investment property.
Q: What is a like-kind exchange?
A: A like-kind exchange is a transaction in which property is exchanged for similar property and certain tax benefits may apply.
Q: What information is required on Form 8824?
A: Form 8824 requires information about the properties being exchanged, including their fair market values and any boot received.
Q: What is fair market value?
A: Fair market value is the price that property would sell for on the open market.
Q: What is boot in a like-kind exchange?
A: Boot is any additional cash or other property received in a like-kind exchange that is not of like-kind.
Q: Are there any deadlines for filing Form 8824?
A: Yes, Form 8824 must be filed with your tax return for the year in which the like-kind exchange occurred.
Q: What are the tax benefits of a like-kind exchange?
A: A like-kind exchange may allow you to defer the recognition of gain or loss on the exchange of property.
Q: Can personal property be exchanged in a like-kind exchange?
A: No, like-kind exchanges generally apply to real property, not personal property.
Q: Are there any exceptions to the like-kind exchange rules?
A: Yes, there are certain property types that do not qualify for like-kind exchanges, such as inventory or stocks.
Q: Can I amend Form 8824 if I made a mistake?
A: Yes, you can file an amended return to correct any errors on Form 8824.
Instruction Details:
- This 4-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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