Hello,
I understand that PA finally conforms to Fed IRC 1031. But I cannot figure out how to report this and defer my gains on the PA-40 return. Is there a form? The gain is showing on Schedule D of the PA-40 and producing a recognized gain causing taxes payable. I looked at the form online and nowhere on the form does it mention like-kind exchanges or section 1031.
Can someone please help?! Much appreciated!
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You are correct. There is no specific or different form for Pennsylvania (PA). There is a button you missed that allows you to select 'this is not taxable in PA'.
When you reach the screen 'Gain and Loss Summary' select the property to edit. On the screen 'Schedule of Gains/Losses' be sure to select 'This sale is not taxable in PA'.
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