2023 Form 8824 - Life Kind Exchanges
The 2023 Federal Form 8824, also known as the Like-Kind Exchanges form, is used to report each exchange of business or investment real property for real property of a like kind. This form is used to calculate how much of the gain from the exchange is deferred, and to report the recognition of gain from the exchange.
What is reported on Form 8824?
Form 8824 is used to report the following information:
- The description of the properties exchanged
- The date of the exchange
- The fair market value of the properties exchanged
- The basis of the properties exchanged
- The gain or loss from the exchange
- The amount of gain deferred
Who must file Form 8824?
Form 8824 must be filed by individuals, partnerships, corporations, and other entities that make a like-kind exchange of business or investment real property. This includes:
- Individuals who exchange real property used in a trade or business or for investment
- Partnerships that exchange real property used in a trade or business
- Corporations that exchange real property used in a trade or business
- Other entities, such as trusts and estates, that exchange real property used in a trade or business or for investment
For the current year's Form 8824, click here.