When you complete a 1031 exchange, you need to report it to the IRS on a form 8824. This is essentially a worksheet that’s attached to your tax return for the year in which the relinquished property is disposed of. It’s important to do this because that’s how you become eligible for reporting the tax deferral. Further, it helps the IRS connect the dots between the informational return that they receive from the closing agent responsible for reporting the sale of your property (form 1099-S) and the replacement property you acquired to satisfy the requirements of your 1031 exchange. This completes the story for the IRS.
Twin Cities Qualified Intermediaries
The Twin Cities qualified intermediaries at CPEC1031, LLC are here to help you through all the aspects of your next like-kind exchange of investment real estate. For over two decades, we have been assisting taxpayers across the United States with their 1031 exchanges. We have the skills and the knowledge to ensure your exchange is a success from start to finish. Contact us today at our primary office location in downtown Minneapolis to learn more about our full range of 1031 exchange services and get your exchange up and running.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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