Select a Minnesota Exchange Company. Notify your Minnesota Qualified Intermediary of your pending sale and closing date.How to do a 1031 Exchange in Minnesota. Minnesota 1031 Exchange rules allow investors to defer capital gains on sale of qualified property if exchanged for like-kind property. In a 1031 exchange, you need to enter into purchase agreements for the replacement properties into which you intend to exchange. MN Property Nerds offers this guide on how to conduct a 1031 Exchange in Minneapolis. Contact us today for more information! Once you're ready to purchase your identified property, we will need: a copy of the contract, wiring instructions, and the closing agent's contact information. How do I file my taxes when I complete an exchange? IRS form 8824 is used to report a 1031 exchange.