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E
Em1
February 25, 2024
Question

How to file 1099-s with 1031 exchange 8824

  • February 25, 2024
  • 1 reply
  • 0 views
I receive a 1099-s for sale of a rental property which I exchanged in a 1031 exchange. I filled out form 8824 (in forms, TT did not prompt me!), but I can't find where to enter the 1099-S info. I'm afraid I'll get audited if I don't include it.

1 reply

A
Anonymous_
Employee
February 25, 2024

Did you receive boot?

 

If not, then you do not need to bother with the 1099-S.

E
Em1Author
February 25, 2024

I went to IRS website and it says: "if you are reporting a like-kind exchange of property for which no gross proceeds are reportable, enter -0- (zero) in box 2 and enter an “X” in the checkbox in box 4." In our case, escrow company that prepared 1099-S checked box 4 but entered FULL SALE PRICE in box 2! I'm terrified that we will have to pay taxes on that.

A
Anonymous_
Employee
February 26, 2024

You can try to contact the escrow agent, but it would be a simple letter of explanation if you are ever questioned by the IRS.

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