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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Federally Declared Disaster
Federally Declared Disaster
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1040Lester
Level 1
03-25-2022
06:43 PM
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Hello,
I have a client who lost their home in the Paradise fire, a Federally Declared Disaster. We elected to use the four year window for reinvestment of the funds. The four years is up in 2021.
If there is any taxable gain from the disaster, when is the taxable event ? In 2021 or 2017?
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2 Comments 2
George4Tacks
Level 15
03-26-2022
10:30 AM
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https://www.irs.gov/publications/p547#en_US_2021_publink1000225395
Answers are easy. Questions are hard!
1040Lester
Level 1
03-28-2022
08:10 PM
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Thank you, George. I appreciate it.
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