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What journal entry would be made for like kind exchange? Not
what journal entry would be made for like kind exchange? … read more
taxmanrog
taxmanrog
Master's Degree
2,946 satisfied customers
Taxpayer exchanged a property years ago and reported
Taxpayer exchanged a property years ago and reported realized gain on Form 8824. Property has been exchanged again. Does taxpayer only report the incremental realized gain from the current exchange or… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,208 satisfied customers
My main concern is that the place was sold for imil....so I
my main concern is that the place was sold for imil....so I am using the 500k for the personal property half.....and if I only record that part how do I report the other half that went to the exchange… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
I sold a duplex in 2017...one half was my primary residence
I sold a duplex in 2017...one half was my primary residence and one half was rental...I qualify for one half as the sale of my personal residence and am able to use the exemption..the other half I use… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
Trying to fill out form 8824 for a part 121 and 1031
Trying to fill out form 8824 for a part 121 and 1031 transaction but he instructions for line 20 make it seem like we can't deduct the $500,000 121 home exclusion. So that the end result is that the e… read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,104 satisfied customers
Traded in an suv over 6000 pounds, purchased in 2015 and
Traded in an suv over 6000 pounds, purchased in 2015 and took section 179 for 85% business use in amount of $20,938. Traded that in for a car in June of 17. Do I have to recapture depreciation as ordi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
A client of mine sold a hotel. After that he kept the deed
A client of mine sold a hotel. After that he kept the deed for one day and transferred the deed to a new corporation in which he is buying a new hotel. Can he do a 1031 in the old corporation and file… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
Second opinion] how can i report one asset exchange to two
Second opinion] how can i report one asset exchange to two assets in form 8824? do I need to fill out two 8824 forms or just one? thanks. HL… read more
ABC Accounting Group
ABC Accounting Group
Certified Public Accountant (CPA)
Bachelor's Degree
912 satisfied customers
I have question about 1031 exchange for rental property, i
hi, i have question about 1031 exchange for rental property … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,028 satisfied customers
1031 exchange property: do you need to fill out part III of
1031 exchange property: do you need to fill out part III of Form 8824 for 2015 tax return purpose if the property was closed in subsequent year. The property (relinquish property) sold on Oct 2015, pr… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
IRC§1031 Exchange Q. Please advise how is the IRC 1031
IRC§1031 ExchangeQ. Please advise how is the IRC 1031 exchange reported on the individual tax return? I am aware of the form 8824, which is for like kind exchange.a. Client Sold a apartment ( property… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
Turbotax Business is telling me my Section 179 deduction is
Turbotax Business is telling me my Section 179 deduction is too large. But it helped me calculate the basis and put the value in … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
I sold a property and purchased a new one, rolling the gain
I sold a property and purchased a new one, rolling the gain from the first property into the second property (1031 exchange). Do I need to fill out any special forms when I do my taxes? On my hud stat… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
I sold a house 50 % Business Use & 50% personal use, ( two
I sold a house 50 % Business Use & 50% personal use, ( two family house) I bought the house on 2001 for 300 sold for 700, during the 45 days Y bought two property one 2 family rental property 100% bus… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
I am a small tax preparer but have no experience with Form
I am a small tax preparer but have no experience with Form 8824, Like-Kind Exchanges. I have a client who is a sole proprietor and owns a trucking business. In 2012, he traded in several of his semi-t… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
How can/should I fill out Form 8824 with the following information
How can/should I fill out Form 8824 with the following information provided: 1. Gross Trade-In allowance (Old Vehicle) = $10000 2. Less Pay Off Made by Seller = $14650 3. Equals Net Trade In = $4650 4… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
Did a 1031 exchange in 2005 with a gain. sold the property
Did a 1031 exchange in 2005 with a gain did file a 8824 reporting the gain. sold the property in 2011 at a loss. ( Did purchase a new property in 2011, but not as part of the 1031.) Is a 8824 required… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
I sold a rental home for 350,000 and my adjusted cost basis ...
I sold a rental home for 350,000 and my adjusted cost basis is 90000. Out of total gain of 260,000, I used 154,000 for 1031 exchange property. How do I enter all this information on 4797 form or any o… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
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