1031 exchange:
Tax Reporting for 1031 Exchanges
A 1031 exchange is reported using IRS form 8824. This is a multi-purpose form. In part one, you report compliance with the 1031 exchange deadlines. In part two, you report related party transactions. And in part three, you report gain realized, gain recognized, and you recalculate your basis in the replacement property. Part three is particularly challenging. The form uses terminology which is unfamiliar and sometimes ambiguous. The examples provided by the IRS are overly simplistic.
For all of these reasons we are please to announce our new website: www.irsform8824.com. On this website you plug in numbers from your settlement statements, add the basis of the relinquished property and the IRS Form 8824 is prepared for you. The price is $49.99 ($39.99 for clients of 1031x.com!). We thank you all for your continued patronage.
FAQs
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