Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

How can i report one asset exchange to two assets in form…

Customer Question
how can i report one...
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
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 1 year ago
i still don't know should I use one of two 8824 form for each received property?
Answered in 6 hours by:
5/8/2017
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified
Hi. Great Question
Ask Your Own Tax Question
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago
One 8824. I will send you something in about 40 mins.
Ask Your Own Tax Question
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

Hi. Here is what you can do - complete lines 12 through 18 of form 8824. Attach your own statement showing how you figured the realized and recognized gain, and enter the amount on lines 19 through 25. Report any recognized gains on Schedule D, Form 4797 or Form 6252, whichever is applicable.

Ask Your Own Tax Question
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

Let me know if this helps or if you have any questions. Thank you.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask ABC Accounting Group Your Own Question
ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
889 Satisfied Customers
Experience: Business Consultant/Accounting Manager

ABC Accounting Group is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
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.
1,155 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
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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
5,450 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
14,896 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\u0027s Degree
1 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
889 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\u0027s Degree
2,484 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
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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
2,328 satisfied customers
We did the sale part of a like-kind exchange in December,
We did the sale part of a like-kind exchange in December, 2015 but haven't completed the purchase part - which we will. In the meantime, I want to file the 8824 with the return, but not all the purcha… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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
14,896 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
14,896 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\u0027s Degree
1 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
fastfile
fastfile
Tax Advisor
Master's Degree
550 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
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x