Please help me! PA began allowing 1031 exhanges in 2023. However TurboTax doesnt reflect the 1031 exchange on the PA tax return, instead the PA return calculates it as a capital gain. I entered the 1031 exchange correctly in TurboTax and the 1031 exchange shows up correctly in the Fedral return , but not in the PA return. Can someone guide me on what to do here. I am trying to e-file the return today
Thanks in advance for your help!
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I have the same problems. My federal forms look fine for the 1031 exchange however, the PA return doesn’t show anything on the sale of my PA property. I don’t know if it’s because all of the gain is deferred, but there is no PA schedule D
It depends. If your 1031 exchange fully deferred the gain, Pennsylvania usually doesn’t require you to file a Schedule D. PA receives a copy of your federal return, which includes Form 8824, so they’re already aware of your 1031 exchange.
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