Exchanging Thoughts

Know Where Your State Stands

Posted by Ellie Trovato on Tue, Jan 22, 2019

A tax-deferred exchange allows you to defer federal capital gain taxes when like-kind real property within the exchange timeline. While most states with an income tax regime recognize a 1031 exchange and allow you to defer the state gain as well as the federal gain there is one state that does not. This Tuesday Tip looks at state requirements in a 1031 exchange.

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Topics: Role of Qualified Intermediary, 1031 non-resident withholding tax, 1031 exchanges, 1031 Replacement property

Non-Resident Withholding in a 1031 Exchange

Posted by Margo McDonnell on Fri, Jul 27, 2012

Section 1031 tax-deferrals are allowed as part of the federal tax code. On the state income tax front, it varies from state to state. Most states follow the federal code, have a state version of 1031 or simply have no state income tax. Pennsylvania is the only state that typically does not recognize a 1031 exchange. (We can complain about that in another post!)  

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Topics: 1031 Exchange, 1031 non-resident withholding tax, NJ non-resident withholding