1099-S

[Camp1040]

Taxpayer exchanged farm land and also received boot which was reported on a 1099-S. Do I just hope that The IRS reconciles the 1099-S amount with the boot amount reported on form 8824? 

I have not done many 1031 exchanges but I always thought there was an option to enter the 1099-S on the form.  Once the form is final I am going with "hope that The IRS reconciles the 1099-S"

Open to suggestions.

[Just-Lisa-Now-]

Doesn't the boot end up showing as income on the return?

[dascpa]

No. The IRS will not understand the "boot" until you report it. I always report for 1031 and non-1031 the contract price which should match the 1099-S in the sale section and then any adjustments (selling settlement costs, 1031 admin fees, etc.) in the adjusted cost basis section.  That way the IRS matching program will exactly match the 1099-S to the tax return and no playing pen pals with Uncle Sam.

[Camp1040]

Yes, the gross boot is reported on the 8824 and then exchange expenses are reported.

It's not like I'm actually entering the 1099-s, the correct amount is reported but does the IRS look for that amount on the 8824?

[Camp1040]

I did report the boot on the 8824 but it does not have an enterable 1099-s section

[Camp1040]

So as long as the 1099-S amount is on the 8824, that should suffice for matching if I understand correctly your response.