Section 1031 Exchange Worksheet

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IRS Form 8824 the 1031 Exchange form is where you report your Section 1031 Exchange Delayed Reverse or Construction The Form 8824 is due at the end of the tax year in which you began the transaction as per the Form 8824 Instructions . .

WorkSheet 1 Calculation of Basis WorkSheet s 2 3 Calculation of Exchange Expenses Information About Your Old Property WorkSheet s 4 5 6 Information About Your New Property Debt Associated with Your Old and New Property Calculation of Net Cash Received or Paid WorkSheet s 7 8 Calculation of Form 8824 Line 15 A like-kind exchange, or 1031 exchange, can only be completed for real property. See herefor more details. A like-kind exchange consists of three main steps. All three steps must be completed for the tax return to contain the correct information. Step 1: Disposing of the original asset.

Section 1031 Exchange WorksheetTax Deferred Exchanges Under IRC § 1031 Worksheet 1 Taxpayer Exchange Property Replacement Property Date Closed Before preparing Worksheet 1, read the attached Instructions for Preparation Of Form 8824 Worksheets. Then, prepare Worksheet 1 after you have finished the preparation of worksheets 2 and 3. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like kind exchange Gain deferred in a like kind exchange under IRC Section 1031 is tax deferred but it