Form 3840 - CA Like Kind Exchanges - Prop Given Up - Spidell

Form 3840 – CA Like Kind Exchanges – Prop Given Up

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Message Board Form 3840 – CA Like Kind Exchanges – Prop Given Up

  • This topic has 2 replies, 2 voices, and was last updated 2 weeks ago by Josephine Rimpau.
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    • #261338
      Josephine Rimpau
      Participant

      Hello.  I was hoping that I could get some help in filling this form out.  I don’t find the instructions that clear and in filling out Schedule A,  the figures for the ‘property given up’ are not agreeing with the figures in Part II for the realized gains. I’m just really confused and could use some guidance from anyone who has filled this form out before.

    • #262512
      Diane White
      Participant

      Since you start the form 3840 with federal amounts from 8824 is it possible you have an adjusted basis difference on Schedule A for CA depreciation?  I have found printing the blank form and scratching it out by hand sometimes helps. CFS Tax Tools has a fantastic 1031 worksheet that I use as part of all of my exchange work-papers.

    • #263027
      Josephine Rimpau
      Participant

      Hello Diane and thank you for your reply.  I too use Tax Tools for their 1031 worksheet and agree with you! I’ve done 8 exchanges over the past 5 years and the worksheet works like a charm.  This is the first time I’ve had to file the 3840.  Thanks for your recommendation to ‘pencil it out’.  I don’t have a federal/state basis difference so they should be the same, but I’ll redo it just the same and hopefully find what I’m doing wrong.  I think the CA figures and the Federal figures should come out the same but maybe I’m missing something.  Thanks again!!

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