I have a 1031 deferred exchanged. I sold a property in California and replaced it with a property in Illinois. How do i record this transaction in pro connect tax online?
I entered the like-kind exchange information about the replacement property. where else do I enter the information on the relinquished property?
greatly appreciate assistance.
OR
Don't forget to file the 3840 with CA for every year in the future!
"All taxpayers, regardless of residence status or commercial domicile, who exchange real property located in California for like-kind property located outside of California, must file form FTB 3840 with their California tax return. Taxpayers who exchange multiple assets involving both real and personal property located in California for like-kind property located outside of California are also subject to this requirement. Taxpayers who exchange only personal property assets are not required to file form FTB 3840. If the taxpayer is not otherwise required to file a California tax return, the taxpayer must complete the entire form FTB 3840, including the signature area at the bottom of Side 1, and file form FTB 3840 at the address shown in General Information D, Where to File. For purposes of the California filing requirement, the term “taxpayer” or “taxpayers” includes all individuals, estates, trusts, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, and corporations."
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