The IRS Form 8824 is used to report an exchange of real property. Here is some helpful information concerning the use of the Florida 1031 Exchange, an important real estate strategy you may wish to employ.Florida 1031 Exchange rules allow investors to defer capital gains on sale of qualified property if exchanged for like-kind property. The 1031 Exchange rules allow an investor to forego paying the capital gains tax and use the total proceeds of the sale to invest in the new property. A 1031 is also known as a "like-kind" exchange and is an Internal Revenue Service-approved method for deferring taxes on the sale of an investment property. 1. Agreements. Preparing the required exchange agreement between intermediary and exchanger. Please fill out the form below and one of our attorneys will contact you. Aside from deferring capital gains, depreciation recapture tax, healthcare and state taxes, there are also non-tax benefits of completing a 1031 exchange. 1031 exchange services from Qualified Intermediary, 1031 Exchange Connection. Find out how we can help you save money on real estate taxes.