quiltensue
Level 2
03-10-2021
06:49 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client's rental house burned down, total loss. To show the disposal, do I enter zero as sales price or enter the insurance payment?
Level 15
03-10-2021
06:57 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Involuntary conversion section 1033, are they going to rebuild with the insurance money?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 11
03-10-2021
08:21 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Go through the casualty loss workflow and worksheet. Find out the specifics of the insurance settlement. There are usually several components... fire damage, loss of rents or business income.
There can be a taxable gain depending on the circumstances
If at first you don’t succeed…..find a workaround