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1031 Exchange Not Recognized by State (MD) When Replacement Property is out of state
I sold a MD property in 2022 in a 1031 Exchange with an our of state property as the replacement, I have to pay MD tax on the gain, so my state income is higher than my federal income. Not sure how to handle this as this income doesn't show up at all on my federal tax form which feeds the MD form and I don' see a specific MD form to handle this transaction.
Any thoughts from users much appreciated.
‎July 24, 2023
10:07 AM