I'm trying to generate a California form 3840 but can't get the program to give it to me. I've filled in all the information (I think) in the California Like-Kind section of depreciation but nothing.
Any help would be greatly appreciated.
RTRP, San Jose, CA
Thanks. I found Screen 57.017 before I asked for help here, the notes on the top indicates that this screen is used to generate the Annual or Final Form 3840. The box "Annual FTB 3840" will be checked on the form, while I need to report it as "Initial FTB 3840"
First year of the exchange - Use the exchange wizard, or other means to generate IRS 8824. If the exchange property was in CA and the replacement is in CA, no CA 3840 is required.
If the replacement is out of state, you will need to enter ALL the information into Screen 22 for California Like-Kind Exchanges (3840) Just print the IRS 8824 and grumble a lot while you enter the same information (plus a bit for the out of state info)
If this is not a first year and you have moved out of state, you must complete Screen 55 to trigger the CA NR Just enter 1 for NR and the Nonresident of CA Entire Year state of residence. Then go over to the bottom of Screen 57 California Like-Kind Exchanges (3840) Annual/Final Data and start entering the data from the prior year exchange ALL OF THE PARTS. You are permitted to grumble while you do this.
!!! 3840 is possible, but you have to work to get there !!!
Here's wishing you many Happy Returns
Hopefully these steps give some clarity. Make sure the 8824 is already generating with the federal return and that you have the Step 5 box checked.
"How do you Generate Form 3840 for a California Like Kind Exchange
Note: Screen numbers below are based on the Individual Tax module.
After the initial filing year, Lacerte will proforma the California information to Screen 57.019, until the final Form 3840 is filed. If this is the year the asset is being exchanged, use Screen 22 Depreciation (4562) to generate Form 3840.
- Select the asset located in CA being exchanged
- Scroll down to the Like Kind Exchanges (8824) section
- Utilize either the Like Kind Exchange Wizard or the input in the section to enter the information
- Scroll to the California Like Kind Exchanges (3840) section
- Check the box labeled Exchanged like-kind property located in California for property located outside California (MANDATORY)
- Input any additional information related to the CA exchange"