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November 20, 2016

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Califdornia new tax laws relating to 1099 exchanges

November 19, 2016

 

Here's a new tax law that may give your 1031-exchange clients a good reason to buy an upleg property in California, instead of another state.

 

For a 1031 exchange occurring on or after January 1, 2014, a taxpayer who acquires a "like kind" property in an exchange that is located outside of California must file an information return with the Franchise Tax Board (FTB) for that taxable year and every year thereafter until the capital gain or loss from the 1031 exchange is recognized.

 

If a taxpayer fails to file the required information return and tax returns, the FTB may propose to assess the amount of tax, interest, and penalties due by estimating net income, including gain, from any available information.

 

The FTB will draft and make available the required information return, which will first come due in the 2015 filing season.

 

Source: Assembly Bill 92.

 

Dy Associates is an Oakland Real Estate company specializing in commercial, home and investment property in the Oakland and East Bay Area. We provide real estate services including buyer agent, seller agent, short sales, commercial and investment acquisitions, loan facilitation, hard money lending, financing assistance property management. Articles are provided as information only. We do not provide legal or general investment advice.

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