The property you sell and the replacement property you purchange must meet certain requirements to qualify for a 1031 Exchange. The Nevada 1031 exchange process allows real estate investors to defer capital gains taxes through a strategic property swap.After completing a 1031 exchange, you must report the transaction to the IRS using Form 8824 to maintain the transaction's taxdeferred status. Visit our library of important 1031 exchange forms. The pros at Equity Advantage have provided everything you need in easily downloadable PDF files. In a 1031 exchange, the taxpayer may be the seller or the purchaser of the property, depending on the type of exchange. 1031 Exchange Manual from 1031 Corporation. Everything You Need to Know about 1031 exchanges. One of the regulatory requirements of a 1031 exchange is notifying the IRS about the transaction. To download this guide as a PDF, fill out the form on the right.