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posted Apr 13, 2023 5:08:54 PM

1099-s and Like Kind Exchange (1031 and Form 8824)

Is it true that ... You are not required to report a form 1099-S on your tax return unless you have a taxable gain ?  In 2022, I did a 1031 exchange (yes, done properly thru a Qualified Intermediary and with the right timing and all that).  And I have done Form 8824, and I am fairly confident I have a good handle on that.  But the thing I am uncertain about is whether I can simply "ignore" the 1099-s that I got (for my "relinquished" property).   By "ignore", I mean, not do anything with the 1099-s other than the Form 8824 that I have done.   If you get a 1099-INT, or a 1099-DIV, or 1099-B and the amounts do not show up anywhere on your 1040, I believe this will trigger an audit flag with IRS.  Similarly, I am concerned that for this 1099-s that I got, other than the 8824, which I have done, if the amount in Box 2 (of the 1099-s) does not show up anywhere on Schedule D (again, even though I have a 8824 in place) ... will this trigger an audit flag with IRS ?   Anybody know ?

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