How to Report Gains in a 1031 Exchange
A 1031 exchange defers capital gains tax on real estate to a later date. There are certain conditions that must be met before a person is eligible to use the 1031 exchange. The type of property eligible includes rental properties, investments properties or property used for a business or trade. You report any gains on your annual income tax return.
Instructions
- 1
Download IRS Form 8824 from the IRS website. Form 8824 allows you "to report any gains from property given up, any cash received" ant the dates of these transactions, according to the Financial Web. Fill out all lines of the form that relate to your real estate properties.
2Download a copy of the Schedule D Capital Gains form from the IRS website. Fill out the form by reading the instructions. After completing Form 8824, place the short term gains on line 4 of the schedule and long-term gains on line 11.
3Download the 1040 individual income tax return from the IRS website. Other places to get free copies are some public libraries or post office around tax time in the early spring. Fill out the 1040 form completed and attach Schedule D and Form 8824 before submitting all the documents to the IRS.
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