Frequently asked questions IRS Form 8824: Like-kind exchanges. Any time a taxpayer engages in an exchange, they or their tax advisor will need to complete Form 8824, also known as the "like-kind exchanges" form. I have a screenshot of the form displayed on the screen. On this form, the taxpayer must provide certain information to the IRS. This includes a description of the like-kind property given up, a description of the like-kind property received, the date the like-kind property given up was originally acquired, and the date the taxpayer transferred this property to a buyer. Between these two segments, it is important to note that the IRS is particularly interested in the potential holding period. Next, the taxpayer must provide the date the like-kind property received was identified by written notice to another party, followed by the date the taxpayer actually received the like-kind property from the other party. Lastly, there is a question asking if the exchange of property involved a related party. If the answer is yes, Part A of Form 8824 requires additional information regarding the related party. This includes their identity, address, tax number, and relationship to the taxpayer. If you are involved in an exchange with a related party, this information must be disclosed to the IRS via this form. For a comprehensive review of your specific 1031 exchange situation, please contact Asset Preservation Headquarters in California at 800-A-1031 or our Eastern Regional Office in New York at 866-394-1031. Please be sure to read the full disclaimer, as Asset Preservation cannot provide tax or legal advice.