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- Is there a tax in Illinois on a gain from 1031 exchange out of Illinois to different state ? Lacerte calculates tax on state return .
Is there a tax in Illinois on a gain from 1031 exchange out of Illinois to different state ? Lacerte calculates tax on state return .
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dariuszcaputa
Level 1
10-14-2023
01:10 PM
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Client did 1031 on property in Illinois to Georgia. Lacerte calculated tax on the gain for Illinois.
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IntuitAlicia
Employee
10-16-2023
04:41 PM
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If you're reporting an exchange to one state and you're seeing that exchange with a realized gain being taxed by another state, I would first recommend verifying the state indicators on the assets involved (all entries) and the main activity the asset(s) are tied to.
If you've reviewed these details and you're still seeing that the amount is reported to the other state you may need to contact support to have one of our experts review the set up and make sure there are no adjustments needed.
It could also be that one state is a non resident state where the activity occurred while the resident state is taxing it as well. In that case, recommend checking for an OSTC other state tax credit line that may be recognizing the double taxed item and providing a credit to balance.
