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Pa-1031's (by Ray-N-Pa [PA]) Sep 30, 2022 1:57 PM
       Pa-1031's (by 6x6 [TN]) Sep 30, 2022 8:49 PM
       Pa-1031's (by Oregon Woodsmoke [ID]) Oct 1, 2022 11:12 AM
       Pa-1031's (by Wilma [PA]) Oct 1, 2022 2:13 PM
       Pa-1031's (by DJ [VA]) Oct 1, 2022 5:52 PM
       Pa-1031's (by BRAD 20,000 [IN]) Oct 1, 2022 11:43 PM
       Pa-1031's (by Ray-N-Pa [PA]) Oct 2, 2022 9:57 AM
       Pa-1031's (by S i d [MO]) Oct 3, 2022 8:10 AM

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Pa-1031's (by Ray-N-Pa [PA]) Posted on: Sep 30, 2022 1:57 PM

Pennsylvania will finally recognize 1031 exchanges. Pennsylvania residents selling property in or out of the Commonwealth and non-residents selling property in Pennsylvania will not only be able to defer federal gain, but they will also be able to defer Pennsylvania income tax on exchanges initiated after January 1, 2023.

Previously, the state taxed all transactions that were not owner occupied

Pa-1031's (by 6x6 [TN]) Posted on: Sep 30, 2022 8:49 PM

It still confuses me why states have different laws.

Pa-1031's (by Oregon Woodsmoke [ID]) Posted on: Oct 1, 2022 11:12 AM

Don;t know what to tell you, 6X6, if you can't understand the concept of "state's rights", then I guess the only answer for it is "because they do"

Pa-1031's (by Wilma [PA]) Posted on: Oct 1, 2022 2:13 PM

Thanks, Ray-N-Pa! We're considering a 1031 exchange, and this certainly makes it look so much more attractive!

Pa-1031's (by DJ [VA]) Posted on: Oct 1, 2022 5:52 PM

Great news for you - happy for ya! : )

Pa-1031's (by BRAD 20,000 [IN]) Posted on: Oct 1, 2022 11:43 PM


I thought it was IRS code 1031.


Pa-1031's (by Ray-N-Pa [PA]) Posted on: Oct 2, 2022 9:57 AM

States don't have to follow the federal laws.

Does that make any sense at all? Nope.......then again, I live in a commonwealth not a state

Pa-1031's (by S i d [MO]) Posted on: Oct 3, 2022 8:10 AM

6 x 6,

I know this thread is old, but the answer to your question is the 10th Amendment in the Bill of Right. In summary, Powers/Laws that are not specifically given to the Federal Govt in the US Constitution are reserved to the states.

The first 100-150 years of our nation's history was mostly working out the difference between Federal and State Govt. The biggest test was likely the American Civil War. There are many people today who think Federal Govt should triumph over States laws, but the USA has a long history of distrust of centralized Govt. The Founders were wise to keep Govt as small and local as possible, while still providing a means to secure national interests of all states at a higher level.

The most recent big test has been since the overturn of Roe v Wade by the SCOTUS. Now that decision will be worked out on a State by State basis.

One of the best things about having 50 states with 50 different sets of laws is we have 50 "laboratories" constantly experimenting with different styles of Government instead of one juggernaut at the top decreeing what is best for everyone in ever circumstance. We can see what works, what doesn't, and what can be improved. Compare that to nations that relied on central planning (such as the defunct USSR) and you can see the advantages of this model.


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