Form 8824 Preparation Support
Form 8824 gets filed by your CPA, not by this coordination work, but the CPA cannot fill it out accurately without a clean set of exchange facts in front of them. That means correct dates, correct property descriptions, and settlement numbers that match the actual closings rather than an early estimate someone forgot to update.
A multi-closing Miami exchange, especially one involving more than one entity or a partial DST allocation, tends to generate more of these small inconsistencies than a straightforward single-property exchange, which is exactly why the facts need organizing well before the filing deadline arrives.
Dates That Have to Line Up Exactly
The START EXCHANGE REVIEW date, the 45-day identification date, and the replacement receipt date all need to trace back to the actual contract and closing paperwork, not a calendar reminder someone set from memory. In a Miami exchange where a condo closing slipped a week for association approval, the actual closing date on the settlement statement is what belongs on the form, not the originally scheduled date.
Property Descriptions That Match the Legal Record
A Doral warehouse, a Brickell office condo, and a Wynwood retail bay each have a legal description in the deed and title commitment, and that description is what should carry through to the tax file, not a shorthand version from an early email. Consistency between the identification notice, the contract, and the deed avoids a mismatch a CPA has to chase down later.
If the entity holding the replacement property is different from the entity that sold the relinquished property, that relationship needs to be documented clearly as well, since ownership continuity is part of what a CPA reviews when preparing the filing.
Assembling the Settlement Facts
Basis and gain calculations depend on clean settlement numbers, and a Miami closing with a condo assessment credit, a foreign seller withholding line, or a revised statement after a last-minute adjustment needs the final version of that document, not the first draft that circulated before closing.
- relinquished property sale price and closing costs
- replacement property purchase price and closing costs
- loan payoff and new loan amount
- QI fee and exchange expenses
- any assessment credit, proration, or withholding line item
Handing the CPA a Complete Package
The goal is a single file the CPA can work from without a round of follow-up questions: both settlement statements, the identification notice, the QI's summary of funds handled, and a short note flagging anything unusual about the exchange, so the preparer's time goes toward the filing itself rather than chasing paperwork.
Multiple Replacement Properties on One Filing
If your exchange closed on more than one Miami replacement property, whether a Doral warehouse alongside a Wynwood retail bay or a direct property paired with a DST allocation, each acquisition needs its own clean set of dates, descriptions, and settlement figures rather than a combined summary. A CPA working from a single blended number for two separate acquisitions is more likely to make an error than one working from two clearly separated files.
Common 1031 Exchange Questions
Do you file Form 8824 for Miami exchangers?
No. Your CPA or tax preparer files the form; this work organizes the property, date, and settlement facts they need to complete it accurately.
Which dates matter most for Form 8824 accuracy?
The START EXCHANGE REVIEW date, the 45-day identification date, and the replacement property receipt date, all confirmed against actual closing paperwork rather than a planning calendar.
What if a condo closing date changed after association approval delays?
The actual closing date on the final settlement statement is what should be used, not the originally scheduled date from earlier in the transaction.
Why does the property description matter for the tax filing?
A description that matches the deed and title commitment avoids inconsistencies between the identification notice, contract, and closing record that a CPA would otherwise need to resolve.
What settlement details commonly get missed before filing?
Assessment credits, prorations, and foreign seller withholding line items, since these often appear on a revised statement issued close to or after closing.
How should multiple replacement properties be organized for the filing?
Each acquisition should have its own separate set of dates, descriptions, and settlement figures rather than a single combined summary that a CPA has to untangle.
What if the replacement property is held by a different entity than the seller?
That ownership relationship should be documented clearly in the file, since entity continuity between the relinquished and replacement sides is part of what a CPA reviews before filing.
When should the Form 8824 support file be started?
At the START EXCHANGE REVIEW, so dates and figures are captured accurately as each milestone happens rather than reconstructed months later during tax preparation season.
Does a DST allocation change what a CPA needs for Form 8824?
It changes the documents involved, since sponsor subscription paperwork replaces a standard purchase contract, but the same discipline around dates and figures still applies.
Is organizing these facts worth it for a simple single-property exchange?
Yes. Even a straightforward exchange benefits, since an organized file lets the CPA spend time reviewing the numbers instead of tracking down the paperwork behind them.
What happens if the relinquished and replacement dates span two tax years?
That timing needs to be flagged clearly for your CPA, since it can affect which tax year the exchange is reported in and what other planning it interacts with.
