LLC and 1031 rental exchanges

Forum|Forum|3 years ago
April 4, 2023
2 replies
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My CPA says that my LLC tax return has reported the 1031 rental exchange already. But I am also hearing that I need to file Form 8824 and hence I am confused. Do I really need to file Form 8824 if the LLC has reported the exchange and the new home and Capital gains is inside the LLC's bounded tax context?

Anonymous_

Employee

You started another thread on this issue so you might want to refer to the responses in that thread.

See If a LLC does a 1031 exchange, do I need to report it on Form 8824 in my personal tax 1040? (intuit.com)

AmyC

Employee

No, the entity holding the property will file the 8824. Your k-1 will reflect your income and losses from the rental property.

Reference: About Form 8824, Like-Kind Exchanges

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kagmAuthor

Thanks - just to summarize that means the LLC entity that the Property is under for the 1031 exchange takes care of the 8824 aspect. And my personal 1040 tax only includes the K-1 for the LLC. Is that accurate?