North Carolina 1031 Exchange rules allow investors to defer capital gains on sale of qualified property if exchanged for like-kind property. Visit our library of important 1031 exchange forms.The pros at Equity Advantage have provided everything you need in easily downloadable PDF files. 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. Reporting a 1031 exchange on a tax return is a meticulous process. Specific IRS forms must be filled out to properly document the transaction.