1031 may apply only to the exchange of the land for other land. You must report the exchange to the IRS on Form 8824.With your final statement, we will send our workbook explaining how to fill out your Form 8824 properly. Learn the ins and outs of signing your first 1031 exchange agreement with this comprehensive beginner's guide. After completing a 1031 exchange, you must report the transaction to the IRS using Form 8824 to maintain the transaction's taxdeferred status. Learn the basic rules and guidelines of a 1031 exchange in this helpful outline. Under IRC Section 1031, a foreign investor may exchange their "likekind" US real property interest while still reaping the benefits of 1031 tax deferral.