Level 1

2009689

Forum|Forum|2 years ago
August 11, 2023
3 replies
1 view

The following diagnostic is generating: ref #2009689 - This asset is associated with a state that is different from the state identifier that is associated with the Sch E. This asset is from a 1031X out of CA and into GA. I need the CA basis to be higher than the GA basis. Can I still efile federal and state returns with this diagnostic?

This topic has been closed for replies.

S

strongsilence

Level 10

If it is NOT a critical diagnostic, then you can efile. I would investigate this because there could be a depreciation amount error for each state or another difference from this mismatch that isn't right.

Why does the basis decrease in a 1031 from one state to another?

sjrcpa

Level 15

@strongsilence CA has different rules for depreciation than federal. So at the time of the 1031 exchange, the federal and CA bases would likely be different.

The more I know the more I don’t know.

S

strongsilence

Level 10

I don't know how to keep the state codes from changing. As a result, I frequently get this diagnostic.

Is there a way to change the state codes for ALL assets at one time.

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