New 1031 filing requirements for California.

• Position: FTBnews

There are new annual filing requirements for taxpayers who use IRC Sec. 1031 to defer gain or loss when selling California property. Assembly Bill 92 added California Revenue and Taxation Code secs. 18032 and 24953, creating new annual filing requirements for taxpayers who exchange California relinquished properties for like-kind, non-California replacement properties under IRC Sec. 1031.

Effective Jan. 1,2014, all taxpayers who defer gain or toss under IRC Sec. 1031 by setting California relinquished properties and acquiring like-kind, non-California replacement properties will have to file a new information return (California 1031 information return) to...