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CPA tax reporting and coordination for a 1031 exchange

A Section 1031 exchange requires transaction planning before the relinquished property closes and tax reporting afterward. Tavella CPA Group can review the tax basis and depreciation records, estimate the federal and state tax treatment from the documented transaction, prepare Form 8824 with an accepted return, and coordinate tax questions with the taxpayer's qualified intermediary and legal adviser.

Discuss 1031 Tax Reporting

What the tax-reporting scope may include

  • Relinquished-property basis, improvements, and depreciation schedules
  • Exchange agreement, identification, and qualified-intermediary records
  • Relinquished and replacement closing statements
  • Cash, liabilities, exchange expenses, and other property received
  • Related-party, ownership, entity, and mixed-use facts
  • Calculation of recognized gain and replacement-property basis
  • Form 8824 preparation with the accepted federal return
  • Related Form 4797, Schedule D, or state reporting when applicable
  • Coordination with estimated-tax and later depreciation records

BEFORE YOU REQUEST A CALL

See what fits this service and what is scoped separately

This service may be a fit when

  • You are considering an exchange before transferring the relinquished property
  • A qualified intermediary and legal adviser can handle their separate transaction roles
  • You completed an exchange and need Form 8824 and related return reporting
  • You have complete basis, depreciation, exchange, debt, cash, and closing records

These items require separate scope or another professional

  • Serving as qualified intermediary, holding funds, or preparing exchange agreements
  • Legal advice, title work, contract review, property identification, and investment recommendations
  • Appraisals, cost-segregation studies, valuation work, and environmental or real-estate diligence
  • Every entity, owner, state, amended return, audit, or later transaction outside the written scope

Coordinate the tax role before closing and preserve the complete exchange file

Before a planned sale closes, identify the property, owner, expected transfer date, state, qualified intermediary, and legal adviser. After the exchange, retain the signed identification, delivery proof, intermediary statements, closing documents, debt and cash details, and full depreciation history. Tavella CPA Group confirms the tax-return and planning scope separately from the intermediary and legal work.

COMMON QUESTIONS

Questions about 1031 exchange tax reporting and cpa coordination

Does Tavella CPA Group act as the qualified intermediary?

No. A qualified intermediary has a separate transaction role that generally must be arranged before the relinquished property transfers. Tavella CPA Group provides only the tax planning, calculation, return-preparation, and coordination services expressly included in its engagement.

Can a 1031 exchange be set up after the property has already closed?

A deferred exchange generally must be structured before the taxpayer has actual or constructive receipt of the proceeds. A completed sale cannot simply be relabeled as an exchange afterward. Obtain appropriate qualified-intermediary and legal guidance before closing.

Does completing an exchange guarantee that all gain is deferred?

No. Cash, other property, liabilities, expenses, related-party rules, ownership, use, basis, timing, and other facts can create recognized gain or prevent intended treatment. Tavella CPA Group does not guarantee qualification or a specific tax result.

What records are needed for Form 8824?

Common records include the prior purchase and improvement history, full depreciation schedules, exchange and intermediary agreements, signed identification and delivery proof, closing statements, debt and cash details, related-party information, and the ownership and use of both properties.

Can state tax reporting differ from the federal return?

Yes. State conformity, withholding, nonresident filing, basis tracking, and later recognition rules can differ. Each connected state and return must be identified and accepted in the written scope.

PLAIN-ENGLISH TAX GUIDES

Use these source-backed guides to prepare for a conversation about this service. The guides provide general information, not advice for a specific situation.

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Discuss 1031 Tax Reporting