Irs form 8824?

Question

Anyone able to guide me on filling this form out? I must have taken stupid pills today because the math aint mathing on my 1031 exchange.

thank you in advance

Christopher Tile · Answer

Assuming that all 1031 exchange rules were followed (qualified intermediary, ID/replacement periods, etc), the cash received (line 15) would likely be zero if all proceeds were used to reinvest in the new property. Line 16 would simply be the purchase price of the new property. However, with the limited information I have (and assumptions made on my end), I would not constitute my comment as tax advice.

Although many people self-educate to the level of comfortable tax prep, I advise speaking to your tax advisor to ensure not only the exchange was completed correctly (including all facts/circumstances), but also the tax reporting is also completed correctly. 1031 exchange is a powerful tool to avoid capital gains tax, and it's best to seek guidance instead of risking a potential failed audit.

Michael Redmon · Answer

I figured it out.line 18 includes the extra cash I put up for the new propertythe math is mathing

taxes are generally easy, no need to pay someond

Christopher Tile · Answer

Assuming that all 1031 exchange rules were followed (qualified intermediary, ID/replacement periods, etc), the cash received (line 15) would likely be zero if all proceeds were used to reinvest in the new property. Line 16 would simply be the purchase price of the new property. However, with the limited information I have (and assumptions made on my end), I would not constitute my comment as tax advice.

Although many people self-educate to the level of comfortable tax prep, I advise speaking to your tax advisor to ensure not only the exchange was completed correctly (including all facts/circumstances), but also the tax reporting is also completed correctly. 1031 exchange is a powerful tool to avoid capital gains tax, and it's best to seek guidance instead of risking a potential failed audit.