https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/irs-notice-received-your-tax-return-doesn-t-match-the-info-we-have-on-file-how-to-respond/01/846854#M36011 <P>I received a notice from the IRS stating 'the info on my return does not match the info they have on file.' I sold a long term investment property in Dec 2017 and completed a like kind 1031 exchange in early 2018, using an intermediary, meeting the identification and exchange deadlines. The IRS notice shows the $765,000 sale of the investment property and states I did not show that on my return. I filed Form 8824 along with my 2017 return showing the sale amounts and replacement property with higher cost after adjustments and deferred gain amounts etc. My question is, should I seek more professional advice before responding to this inquiry letter? I did report the completed 1031 exchange on the taxes. Is this just as simple as explaining that Form 8824 was filed to show that sale? I have never gotten an inquiry from the IRS and want to ensure I do not make a mistake in how I respond. Thanks</P> Fri, 30 Aug 2019 21:24:01 GMT RangerRobin661 2019-08-30T21:24:01Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/irs-notice-received-your-tax-return-doesn-t-match-the-info-we-have-on-file-how-to-respond/01/846854#M36011 <P>I received a notice from the IRS stating 'the info on my return does not match the info they have on file.' I sold a long term investment property in Dec 2017 and completed a like kind 1031 exchange in early 2018, using an intermediary, meeting the identification and exchange deadlines. The IRS notice shows the $765,000 sale of the investment property and states I did not show that on my return. I filed Form 8824 along with my 2017 return showing the sale amounts and replacement property with higher cost after adjustments and deferred gain amounts etc. My question is, should I seek more professional advice before responding to this inquiry letter? I did report the completed 1031 exchange on the taxes. Is this just as simple as explaining that Form 8824 was filed to show that sale? I have never gotten an inquiry from the IRS and want to ensure I do not make a mistake in how I respond. Thanks</P> Fri, 30 Aug 2019 21:24:01 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/irs-notice-received-your-tax-return-doesn-t-match-the-info-we-have-on-file-how-to-respond/01/846854#M36011 RangerRobin661 2019-08-30T21:24:01Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-irs-notice-received-your-tax-return-doesn-t-match-the-info-we-have-on-file-how-to-respond/01/846865#M36012 <BLOCKQUOTE><HR /><a href="https://ttlc.intuit.com/community/user/viewprofilepage/user-id/64094">@RangerRobin661</a>&nbsp;wrote:<BR /> <P>Is this just as simple as explaining that Form 8824 was filed to show that sale?</P> <HR /></BLOCKQUOTE> <P>It could be since it appears they have no idea that an exchange was effected. Rather, it appears they believe there was a sale and that the sale was not reported.&nbsp;</P> <P>&nbsp;</P> <P>Before proceeding, you might want to visit the TurboTax Audit Support Center as it could be of some utility even if you did not purchase Audit Defense.</P> <P>&nbsp;</P> <P><A href="https://support.turbotax.intuit.com/irs-notice/audit-support/" target="_blank">https://support.turbotax.intuit.com/irs-notice/audit-support/</A></P> <P>&nbsp;</P> <P>If the situation becomes more complicated than informing the IRS that you did a 1031 exchange (and providing the requisite documentation), then you should definitely seek professional guidance.</P> Fri, 30 Aug 2019 22:07:24 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-irs-notice-received-your-tax-return-doesn-t-match-the-info-we-have-on-file-how-to-respond/01/846865#M36012 Anonymous_ 2019-08-30T22:07:24Z