california 1031

New 1031 Exchange Filing Requirements for California

The Franchise Tax Board (FTB) has created a new annual filing requirement taxpayers who exchange property located in California for like-kind replacement properties located outside California, which takes effect for tax years beginning on or after January 1, 2014. The new information return, referred to as a California 1031 Information Return, remains in development; but the FTB has indicated that it intends to track the following information: the California sourced portion for the taxpayer’s previously-deferred gain or loss when the non-California replacement property is ultimately sold, and such California sourced gain or loss that remains to be recognized by such taxpayers.

See FTB news release here.

By |December 18th, 2013|Categories: Business Tax, Individual Tax|Tags: , |Comments Off on New 1031 Exchange Filing Requirements for California