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1031 and CA taxes
Considering selling a CA residential building lot, which is now maybe worth much more than I paid for it years ago.
I would be doing it via a 1031.
I'm not sure how to ask the question so pardon my stumbling here:
The 1031 defers fed taxes, right, but not CA taxes?
What will my CA tax penalty be? How can I find that out?
I haven't yet researched the potential present selling price.
Is there a better way to sell than 1031?
I couldn't see a better place to ask this, if this is not the right place, please move it.
thanks,
ofgift