title>Tax Guru-Ker$tetter Letter Wizard Animation

                 

Tax Guru-Ker$tetter Letter
Sunday, July 10, 2005
 
Tax Forms For 1031 Exchange

Q:

Kerry,

What final tax documents must be given to Exchanger at the end of the exchange?  What tax documents must be given to the other party to the exchange?
 
I want to know the tax documents the accommodator gives to the exchanger and the Seller (if any).  I do know tax documents have to be given to the exchanger; but I am not sure which documents eg:  8824   must be sent.  I want to make up a tax package for the client but am unsure which tax document I must send.

Thanks for your help.

 

A:

In regard to the exchange accommodation services, there are no official IRS tax forms that need to be provided to any of the parties involved in the exchange.

If you are also handling the closing as the escrow agent, you do need to prepare the 1099-S with the gross selling price to be sent to IRS and to the seller.

The 8824 is completed by the exchanger's tax preparer from the settlement statements from all of the exchange legs, disposal and replacement. 

I hope this is what you needed.

Kerry Kerstetter

 

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- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 7/10/2005 06:16:00 PM Send this post:

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