New california form ftb 3840, 'california like-kind exchanges'.

• Position: FTB

For exchanges of property that occur in taxable years beginning on or after Jan. 1, 2014, California Revenue and Taxation Code secs. 18032 and 24953 require taxpayers who defer gain or loss under IRC Sec. 1031 by exchanging California property and acquiring out-of-state like-kind property to file an annual information return to report the exchange to us.

The new California Form FTB 3840, California Like-kind Exchanges, is available on the FTB's website to allow for public comment. The form will help taxpayers keep track of their California source deferred gains and meet their new reporting requirement. Form FTB...