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Instructions for IRS Form 8824
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Instructions for IRS Form 8824 Like-Kind Exchanges (And Section 1043 Conflict-Of-Interest Sales)
This document contains official instructions for IRS Form 8824 , Like-Kind Exchanges (And Section 1043 Conflict-Of-Interest Sales) - 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 for reporting like-kind exchanges and section 1043 conflict-of-interest sales.
Q: What is a like-kind exchange?
A: A like-kind exchange is a transaction where property is exchanged for similar property, usually for business or investment purposes.
Q: What are section 1043 conflict-of-interest sales?
A: Section 1043 conflict-of-interest sales refer to sales made by government employees who are subject to certain conflict-of-interest rules.
Q: Who needs to file IRS Form 8824?
A: Anyone who has engaged in a like-kind exchange or a section 1043 conflict-of-interest sale should file IRS Form 8824.
Q: What information is required on IRS Form 8824?
A: IRS Form 8824 requires information about the exchanged properties, their adjusted basis, fair market values, and any gain or loss realized in the transaction.
Q: What are the deadlines for filing IRS Form 8824?
A: IRS Form 8824 should be filed with your tax return for the year in which the exchange or sale occurred.
Q: Are there any special rules or requirements for like-kind exchanges?
A: Yes, there are specific rules and requirements that must be followed for a transaction to qualify as a like-kind exchange.
Q: Can I e-file IRS Form 8824?
A: No, IRS Form 8824 cannot be e-filed and must be submitted by mail.
Q: What are the consequences of not filing IRS Form 8824?
A: Failure to file IRS Form 8824 may result in penalties or fines.
Q: Is professional assistance recommended for completing IRS Form 8824?
A: Yes, it is recommended to seek professional assistance or consult a tax advisor if you are unsure about completing IRS Form 8824 correctly.
Instruction Details:
- This 6-page document is available for download in PDF;
- Actual and applicable for filing 2023 taxes;
- Complete, printable, and free.
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