Aug

7

Where can I get help completing my 1031 Exchange?

Filed Under Home :: Real Estate 

Jeff W asked:


I had to file an extension for taxes because I had to report a 1031 exchange that was still in the process…

Now I am trying to fill out form 8824, but it’s really confusing.

Any suggestions?

Keith

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    • Comments

    2 Responses to “Where can I get help completing my 1031 Exchange?”

    1. thetaxman07 on August 9th, 2010 12:21 am

      DeferEm.com is the best resource I know of.

      The Defer’Em tool walks you through your exchange guides you to enter values using your sale expenses and closing costs on your HUD statement.

      It will optimize your deferral so you pay the least taxes, and it will also generate IRS form 8824 for your taxes along with an exchange report.

      The website is abundant with information, and will probably solve most of your confusion.

    2. NoNickname on August 12th, 2010 3:23 am

      Best suggestion - go to a CPA/accountant. 1031 exchanges are very touchy situations that if you do not handle everything perfectly, the IRS may slam you. By slamming you, I mean the IRS may come in and reject the 1031 exchange occurred and the transaction was taxable one.

      Be smart and consult a professional on this one.