How to do a 1031 Exchange in Minnesota. MN Property Nerds offers this guide on how to conduct a 1031 Exchange in Minneapolis.Contact us today for more information! In a 1031 exchange, you need to enter into purchase agreements for the replacement properties into which you intend to exchange. How do I file my taxes when I complete an exchange? IRS form 8824 is used to report a 1031 exchange. IPX 1031 Exchange expert, TC Fair specializes in tax deferred 1031 Exchanges for all of Minnesota including Minneapolis, St. Paul, Rochester and Duluth.