Question

Form 8824 Like-Kind Exchanges

Forum|Forum|3 years ago
January 12, 2023
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I'm filling out form 8824 Like Kind Exchanges. TurboTax asks for ssn or ein number of related party. When I asked the 1031 company for that info they said they could not provide it by IRS Law. (giving tax advice) How can I get the EIN# ?

A

Anonymous_

Employee

Did you actually do the exchange with a related party (per Section 267(b))?

See https://www.law.cornell.edu/uscode/text/26/267

M

markoswholesaleclothing Author

We used IPX, a 1031 exchange company to facilitate the property exchange. The Proceeds were held by IPX and then IPX disbursed the proceeds to the escrow company for payment to the sellers of the property I purchased.

When completing the form 8824 , Like-Kind Exchanges' with the TurboTax software, one of the questions it asks is" Did you make this exchange with a related party? (Intermediary).

Since I used IPX as the 'Intermediary' to complete the exchange there are questions on the form 8824 that IPX would not provide me answers to because they are "not allowed to give tax advice."

I have all info except for the SSN or EIN of the IPX Officer who administered the 1031 transaction.

Can you provide me with the EIN for IPX so I can complete the TurboTax Interview?

Thanks

A

Anonymous_

Employee

wrote:@markoswholesaleclothing
When completing the form 8824 , Like-Kind Exchanges' with the TurboTax software, one of the questions it asks is" Did you make this exchange with a related party? (Intermediary).

We need clarification here:

Did you make this exchange with a related party, which means someone related to you, such as a spouse, parent, sibling, child, grandchild, etc. (basically, a spouse, sibling, ancestor, or lineal descendant)?

[note that this would also include a company or organization you control]