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When filing I keep being asked to fill out a 3840 form but I have no property to report. But the question is worded if I want to fill out the form now or later.

 
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1 Reply
MonikaK1
Employee Tax Expert

When filing I keep being asked to fill out a 3840 form but I have no property to report. But the question is worded if I want to fill out the form now or later.

If you are referring to California Form 3840 for like-kind exchanges:

 

All taxpayers, regardless of residence status or commercial domicile, who exchange real property located in California for like-kind property located outside of California, must file form FTB 3840 with their California tax return. See here for California information on like-kind exchanges.

 

Form FTB 3840 must be filed for the taxable year of the exchange and for each subsequent taxable year, generally until the California source deferred gain or loss is recognized on a California tax return. 

 

TurboTax will prepare the form and include it with the California return.

 

If you didn't exchange California property for property located outside of California, and deleting the form doesn't resolve the issue, you could try deleting the California return and starting over. 

 

Review your entries in the Federal return regarding the property exchange before redoing the California return to make sure there aren't any entries that could indicate that the replacement property is located out of state. 

 

If you made an out-of-state exchange in a prior year: First, check to determine whether you have already reported the deferred gain or loss on the exchange, in which case the form is no longer required.

 

To get to CA Form 3840 and include it with your 2023 return, go to the California state return interview. When you get to the screen, "Here's the income that California handles differently", scroll down to the section labeled Investments and select "Like-Kind Exchanges for Property Located Outside California", then Yes to complete the form.

 

For Question B, select the radio button for Annual FTB 3840 since this is not the year of the exchange.

 

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