Form 8824 is used to report the exchange and is included in the publication. 1031 Exchanges are useful for deferring capital gains on an investment property.You will have 45 days to designate a new property, and 180 days to close on it. This event has passed. 1031 Exchange of Real Estate Fairfax. Fill out the form below to learn more about JTC's Qualified Intermediary services and download our 1031 Exchange Fact Sheet!