Treasury Inspector General Issues Audit Report on 1031 Exchanges

The Treasury Inspector General has completed an internal audit at the IRS over 1031 Exchange administration. The Treasury Inspector General has issued his report and has recommended that the IRS significantly increase its supervision and review of 1031 exchange transactions, do a better job of defining vacation property and second homes and their qualifications under the 1031 exchange, and revamp and clarify its Form 8824 for use in reporting 1031 exchanges. You can download a copy of the report at: http://www.exeter1031.com/irs_code_regulations_rulings.aspx.