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btax2
Level 2
September 21, 2022
Question

If a Michigan resident sold a Michigan property at a gain and deferred it to a Florida property purchase under section 1035, is any current year Michigan tax due that ?

  • September 21, 2022
  • 1 reply
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1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
September 21, 2022

I think you mean a 1031 exchange, 1035 is for life insurance or annuity exchange.  A 1031 intermediary must be used for this sale/purchase.

You may want to read up on Michigan and 1031 exchanges, I know in CA we have to file a CA 1031 form each year.

 

 

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