IRS Hub — Tax Reporting & Wrap-Up
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Tax reporting & wrap-up — your exchange is complete.
You've successfully deferred capital gains by reinvesting in like-kind property. The numbers below go on Form 8824 (filed with your tax return). Share these figures with your CPA — they'll handle the actual filing. You don't owe capital gains tax today.
$212,500
Capital gain you would have owed tax on — now deferred into your replacement property. You pay nothing today.
All IRS windows satisfied. Your exchange qualifies under §1031.
$637,500
Your replacement property's carryover basis — the starting value the IRS uses when you eventually sell. Share with your CPA.
Review the summary above before confirming.
Form 8824 — Like-Kind Exchanges (IRS)
This is the form your CPA files with your tax return to report the exchange. All fields are pre-filled from your exchange data. Review every line — share this with your CPA once you proceed.
Plain English: the property you sold.
456 Sunset Blvd, Los Angeles, CA 90028 — residential investment property
Plain English: the property you bought.
789 Ocean Ave, Santa Monica, CA 90401 — residential investment property
When you first bought the property you sold.
March 12, 2018
Your sale closing date.
June 30, 2026
Date you formally told the QI which replacement you wanted.
August 14, 2026
Your purchase closing date.
December 15, 2026
Did you exchange with a family member or entity you control?
No
FMV of like-kind property received
What the replacement property is worth.
Adjusted basis of like-kind property given up
What you originally paid, adjusted for depreciation and improvements.
Realized gain (line 12 minus line 13)
Total profit from the sale — what you would have owed tax on without a 1031.
Recognized gain — taxable income this year
What you actually owe tax on. Boot received, if any, goes here.
Basis of like-kind property received (carryover basis)
Your new property's starting tax value — affects depreciation and future gain when you sell.
$212,500 gain fully deferred. You owe $0 in capital gains tax today. The gain carries forward into your replacement property's basis — your CPA will track it from here.
Scroll through the form above before confirming.
Your §1031 exchange is complete
Matt Belcher — you've successfully deferred $212,500 in capital gains by exchanging 456 Sunset Blvd for 789 Ocean Ave. Both IRS deadlines were met. Open1031 has closed the escrow, released funds to the title company, and archived all documents.
Share Form 8824 figures with your CPA
Download the pre-filled summary from Open1031 and give it to the accountant who prepares your tax return. They'll attach Form 8824 to your return. You file nothing directly with the IRS now.
Archive your exchange documents
All documents — exchange agreement, settlement statements, ID form, e-sign audit trail — are stored in your Open1031 vault for 7 years per IRS recordkeeping requirements.
Track your carryover basis — $637,500
This is your replacement property's tax starting point. If you sell 789 Ocean Ave in the future, your gain will be calculated from $637,500, not its current market value. Open1031 keeps this on record; ask Neela any time.
IRS Hub
Tax reporting & wrap-up — your exchange is complete.
You've successfully deferred capital gains by reinvesting in like-kind property. The numbers below go on Form 8824 (filed with your tax return). Share these figures with your CPA — they'll handle the actual filing. You don't owe capital gains tax today.
$212,500
Capital gain you would have owed tax on — now deferred into your replacement property. You pay nothing today.
All IRS windows satisfied. Your exchange qualifies under §1031.
$637,500
Your replacement property's carryover basis — the starting value the IRS uses when you eventually sell. Share with your CPA.
Review the summary above before confirming.
IRS Hub
Tax reporting & wrap-up — your exchange is complete.
Form 8824 — Like-Kind Exchanges (IRS)
This is the form your CPA files with your tax return to report the exchange. All fields are pre-filled from your exchange data. Review every line — share this with your CPA once you proceed.
Plain English: the property you sold.
456 Sunset Blvd, Los Angeles, CA 90028 — residential investment property
Plain English: the property you bought.
789 Ocean Ave, Santa Monica, CA 90401 — residential investment property
When you first bought the property you sold.
March 12, 2018
Your sale closing date.
June 30, 2026
Date you formally told the QI which replacement you wanted.
August 14, 2026
Your purchase closing date.
December 15, 2026
Did you exchange with a family member or entity you control?
No
Fair market value (FMV) of like-kind property you received
Plain English: what the replacement property is worth.
Adjusted basis of like-kind property you gave up
Plain English: what you originally paid, adjusted for depreciation and improvements.
Realized gain (line 12 minus line 13)
Plain English: total profit from the sale — what you would have owed tax on without a 1031.
Recognized gain — gain you must report as taxable income this year
Plain English: what you actually owe tax on. Boot received, if any, goes here.
Basis of like-kind property received (carryover basis)
Plain English: your new property's starting tax value — affects depreciation and future gain when you eventually sell.
$212,500 gain fully deferred. You owe $0 in capital gains tax today. The gain carries forward into your replacement property's basis — your CPA will track it from here.
Scroll through the form above before confirming.
IRS Hub
Tax reporting & wrap-up — your exchange is complete.
Your §1031 exchange is complete
Matt Belcher — you've successfully deferred $212,500 in capital gains by exchanging 456 Sunset Blvd for 789 Ocean Ave. Both IRS deadlines were met. Open1031 has closed the escrow, released funds to the title company, and archived all documents.
Share Form 8824 figures with your CPA
Download the pre-filled summary from Open1031 and give it to the accountant who prepares your tax return. They'll attach Form 8824 to your return. You file nothing directly with the IRS now.
Archive your exchange documents
All documents — exchange agreement, settlement statements, ID form, e-sign audit trail — are stored in your Open1031 vault for 7 years per IRS recordkeeping requirements. Access them any time.
Track your carryover basis — $637,500
This is your replacement property's tax starting point. If you sell 789 Ocean Ave in the future, your gain will be calculated from $637,500, not its current market value. Open1031 keeps this on record; ask Neela any time.
IRS Hub
Tax reporting & wrap-up
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The form-8824-generate workflow is currently unreachable. Your exchange data is safe — Open1031 will retry automatically once the connection is restored. You can still review your exchange summary.
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Your exchange data is safe
All exchange data is persisted in Supabase. The error above affects only the Form 8824 generation workflow. Once restored, the form will be generated automatically — no action needed from you.
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IRS Hub
Tax reporting & wrap-up
This exchange is closed and read-only. All data is archived per IRS 7-year recordkeeping requirements.