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  1. NB – the taxpayer must file for an extension if the taxpayer is within the 180-Day Exchange Period at the time of the due date of the return. Line 7 – Note that if either blocks a or b are checked, Form 8824 must be filed for two additional years after the exchange. Part II: Line 8 – Do your homework. Make sure the related party issues ...

  2. A 1031 exchange is reported on IRS Form 8824 along with the normal tax return only when the exchange is completed. The completed exchange is reported for the tax year the initial relinquished property (the property being sold) is settled and the 180 day exchange period is started. If the final replacement property is transferred in the next ...

  3. As with all tax issues, there are some important deadlines you need to know. First, you must complete and file IRS form 8824 along with your tax returns at the end of the year in which you sold the relinquished property and began the 1031 exchange process. This is true whether you’ve actually completed the 1031 exchange or not.

  4. Aug 10, 2020 · Send the money to an intermediary. Find suitable replacement properties within 45 days, and close on one of them within 180 days, getting the seller to sign your 1031 paperwork. Then don’t forget to file your Form 8824 at the end of the process to get your tax break. The 1031 exchange should be a tool in every real estate investor’s tool box.

  5. TAXES DUE (Effective Tax Rate)4. 37.3%. $606,625. (1) Federal Capital Gains equal to Realized Gain less depreciation taken multiplied by the applicable rate. (2) Based on amount of depreciation taken during ownership of the property. In this example,the amount is based on $400,000 of depreciation taken. (3) Rate varies by state.

  6. Addendum A (1031 Exchange Cooperation Clause used in the purchase and sale agreement) Click here to download PDF. Addendum B (Replacement Property) Click here to download PDF. Form 8824 (Filed when tax returns are due to document the 1031 Exchange) Click here to download PDF. ID Form (Provided for the 45 day identification requirement)

  7. Mar 28, 2022 · I've always found with 1031's I create my own worksheet for the gain deferral and basis of replacement real estate and then make sure the bottom line numbers match the IRS form. Most people do so few that they're rarely confident in the form preparation. This method helps.

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