Hello, my name is Doug with Intuit. This short video is a quick overview of the time-saving Like-Kind Exchange Wizard. This time-saving tool makes this complex entry quick and easy. Customers that use this feature have told us it can save them up to 18 minutes per return when entering this transaction. The Like-Kind Exchange Wizard was designed to guide the preparer through all the necessary entries to accurately calculate the exchange. Whether you've never done a 1031 exchange or you've completed many of them, the Like-Kind Exchange Wizard speeds accurate completion of the Form 8824. The wizard will even calculate the new basis going forward or it will create a new asset with the new basis if you choose the simplified method. Let's take a look with our client file open to the content screen. I will select screen 22 depreciation and press the main or key on my keyboard to open that input screen. On the depreciation screen, I have two rental properties. We will dispose of rental property number one and replace it with a new rental property using the simplified method to calculate the new basis going forward. First, I will select the principal asset. In this case, it will be the building. And then, now we'll go to the Like-Kind Exchange link in the section jump to at the lower left-hand side of the screen and click it. My interactive screen is now at the Like-Kind Exchanges AD 824 input string. In the upper left-hand corner of this input section, you will see the button for the Like-Kind Exchange Wizard. The first window we will see is the welcome screen. This screen explains that it will guide us through the steps necessary to complete the exchange. The welcome screen also alerts you to the information...
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Like kind exchange ula Form: What You Should Know
Like-Kind Exchanges — Notice of Deferral of Capital Gains Tax on Like-Kind Exchanges — Section 1033 of the Internal Revenue Code — IRS See 1033 of the Internal Revenue Code as it applies to a Reverse Like-Kind Exchange — IRS Like-Kind Exchanges — How to Report a Shareholders Distribution Under the Exchange — IRS How to Report a Shareholders Distribution Under a Reverse Exchange — IRS Like-Kind Exchanges — What Is a Capital Gains Tax Deferral (CGT)? What Is a Reverse Like-Kind Exchange (RAKE) — What Is a Shareholders Distribution Under an Exchange? What is the Effect of CGT? — CCH Int'l C. Like-Kind Exchange — Notice of Deferral of Capital Gains Tax on Like-Kind Exchange — Code Section 1033 of the Internal Revenue Code — IRS Like-Kind Exchange — Tax Matters — Note: CCH Interconnect May 23, 2024 — A like-kind exchange occurs when you exchange property for other property that is of the same kind. You must report the like-kind exchange Like-Kind Exchanges— Notice of Deferral of Capital Gains Tax on Like-Kind Exchanges — Notice of This is not how the government defines a reverse (like-kind) exchange of property. The IRS gives other definitions for what constitutes a Like Kind Exchange — Notice of Deferral of Capital Gains Tax on Like-Kind Exchange — Code Section 1033 of the Internal Revenue Code — IRS This example is a reverse like-kind exchange. This means that you received the replaced property before having the exchange. Like-Kind Exchange—Definitions and Requirements— Notice of Deferral of Capital Gains Tax on Like-Kind Exchanges Part I. Information on the Like-Kind Exchange. Note: Generally, only real property should be described on lines 1 and 2. However, you may describe personal Like-Kind Exchanges — Real Estate Tax Tips — IRS Jan 18, 2024 — Information about the like-kind exchange and requirements under IRS Code Section 1031 for recognizing a gain or loss. Reporting like-kindexchanges | FT.ca.gov Dec 31, 2024 — A like-kind exchange happens when you exchange property for other property that is of the same kind.
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