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8824 instructions 2023 Form: What You Should Know
Year 1 (2015) Line 25-B: Amount of gain or loss from the 1031 exchange. 2023 Tax Year — Fiscal Filers Only. Year 1 (2016) Line 25-C: Gain or loss from the 1031 exchange. 2023 Tax Year — Fiscal Filers Only. Year 1 (2017) Line 25-D: Income attributable to the 1031 exchange. 2023 Tax Year ‒ Real Estate Broker-Dealers & Manufacturers Line 24 — Line 25: Total recognized gain from the exchange. For purposes of Form 8824, total gain or loss from the disposition of exchangeable property (Real Property) is the difference between the selling price of the property of the type exchanged and the value of the property of the type of property received (Property of the Like Kind). For a property (real or personal), recognized gain or loss from the exchange is the total of the gains or losses that result from the disposition of each type of property. You report gain or loss from the disposition of Real Property on line 25 of the Form 8824. You report gain or loss from the disposition of Property of the Like Kind on line 24 of the Form 8824 because a qualified intermediary is required to report the sale of each type of property as an itemized deduction. Enter in full the income or loss you recognize in each type of property. If line 24 is zero, you must report a negative amount. See instructions for line 24. Income or Loss From the Disposition of Real Property on Line 25 Line 75: Loss on the actual sale is added to line 25. Line 76: Loss on the disposition of real property is added to line 25. For the information on line 75 and line 76, check line 25-B, line 25-C, and line 26-B. Your adjusted income or loss from the 1031 exchange is the amount of income or loss recognized from the disposition of real property for the tax year. You need to include any gains or losses from the disposition of Real Property on line 25-B of the Form 8824. See instructions for line 25-B. Your adjusted income or loss from the 1031 exchange is the result of line 75 plus line 75. Gain from the disposition of real property is the difference between the selling price and the gain for the disposition of Real Property. Enter line 75 minus line 75 on line 27. See Instructions for line 75. If a loss is added to line 76, the total gain on the 1031 exchange is added to line 26-B.
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