1031 Exchange & Tax Season

Tax season is quickly approaching.  If you completed a 1031 Exchange in 2018 you will need to file Form 8824 to report the 1031 Exchange.

Form 8824 requires that you simply provide the IRS with details about your 1031 Exchange such as a description of the relinquished and replacement properties as well as all the important dates for the 1031 Exchange.

On Form 8824, you’ll also report details about the gain on the relinquished property and the adjusted basis of the replacement property.

If you provide your CPA with the closing statements for all properties involved in the exchange, they will be able to report your exchange on Form 8824.  If you do not have a copy of your closing statement in your records, your agent or escrow officer can provide a copy.

-Excerpt from Leonard Spoto (Asset Exchange Co.)


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