Archives for January 2014

New 1031 Exchange Filing Requirements for California

New §1031 Exchange Filing Requirements for California
There are new annual filing requirements for taxpayers who use Internal Revenue Code Section 1031 to defer gain or loss when selling California property.  Effective January 1, 2014, all taxpayers who defer gain or loss by selling California property and acquire like kind non-California property will have to file a new California information return to track their deferred California sourced gain or loss.  This return will generally be required to be filed annually until deferred California source gain is recognized.  The new form is currently being developed cialis andorre acheter.

This new law will help taxpayers and the Franchise Tax Board (FTB) to keep track of California sourced gain from an exchange.  After exchanging California property for property outside the State many taxpayers later sell said property and their previous deferred California sourced gain is not reported to California.

As an example, let’s say an investor exchanges out of a property in California and there was a gain of $50,000.  Investor then purchases property outside of California deferring the gain.  The investor must now annually report the gain of $50,000 on the new California 1031 information return and when the investor eventually sells the non-California property the investor will have to pay taxes to California.

This new law applies to all individuals, estates and trusts and all business entities regardless of their residency status or commercial domicile.  This new information return is due on the same date that their California return is due.  For those taxpayers who fail to file this new form, the FTB may issue a Notice of Proposed Assessment to adjust their income for the previously deferred gain plus penalties and interest.

 

New Listing Coming Soon

Located in the desirable Lunada Bay area of Palos Verdes Estates, this home has 3162 square feet of living space with 3 bedrooms, family room, gym (could be converted back to 2 more bedrooms, pool, spa, cabana.  The owner is in the midst of refurbishing the home and it will be listed in six weeks or so for approximately $1,750,000.

Get the App – Palos Verdes Dream Homes

Palos Verdes Dream Homes

 

Download the App Download the Palos Verdes Dream Homes App for iPhone <a href="http://itunes.apple vente de cialis en ligne.com/us/app/palos-verdes-dream-homes/id693986795?mt=8″ onclick=”__gaTracker(‘send’, ‘event’, ‘outbound-article’, ‘http://itunes.apple.com/us/app/palos-verdes-dream-homes/id693986795?mt=8’, ”);” title=”Get the App – Palos Verdes Dream Homes”>download from the app store
Download the App Download the Palos Verdes Dream Homes App for Android download from the google marketplace