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Realtors Beware New California 1031 Exchange Reporting Requirements
California Issues Reporting Requirements for California 1031 Exchanges
California real estate investors and Realtors need to be aware of new California Like-Kind Exchange reporting requirements. California's Franchise Tax Board released its newly designed FTB Form 3840 for reporting California like-Kind Exchange transactions.
Exeter 1031 Exchange Services, LLC is advising its clients and their Realtors of new reporting requirements issued by the California Franchise Tax Board ("FTB") this summer. These new California 1031 Exchange reporting requirements impacts investors when they sell relinquished property located within the state of California borders and subsequently reinvest through a 1031 Exchange by acquiring replacement property located outside of the state of California.
California Claw-Back Requirement
The State of California has historically taken the position that any capital gain earned or accrued on California real estate is subject to California tax upon the ultimate sale of the real estate. This applies even if the investor sells the California real estate and subsequently 1031 Exchanges into investment property located outside of California. That is,  they 1031 Exchange out of California real estate and into non-California real estate and then subsequently sell the replacement property at a later date and do not structure a subsequent 1031 Exchange transaction. 
California's position ... more

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