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California property

Last post 10-08-2008 1:32 PM by jjd1010. 2 replies.
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  • 10-08-2008 1:19 PM

    California property

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    I did a 1031 exchange in which I sold a residential rental property in California and bought the same here in Texas. Do I owe California state personal income taxes on this transaction even tho it is a 1031 exchange for federal IRS 1040 purposes?

     

    Thaks,

     

    Jeff
    • Post Points: 5

  • 10-08-2008 1:27 PM In reply to

    Re: California property

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    No, not right now.  California follows Section 1031, so your sale is tax deferred.  California does take the position that you owe taxes upon the ultimate sale when you stop structuring 1031 exchanges.  There is a lot of controversy regarding that. 

    William L. Exeter
    President and Chief Executive Officer

    EXETER 1031 Exchange Services, LLC
    A Qualified Intermediary (Accommodator) for 1031 Exchanges

    EXETER Fiduciary Services, LLC
    A Private Professional Fiduciary Services Company

    http://www.exeter1031.com
    http://www.exeterdst.com
    • Post Points: 5

  • 10-08-2008 1:32 PM In reply to

    Re: California property

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    • Post Points: 1
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