PGE FIRE LAWSUIT PROCEEDS FROM PARADISE CALIFORNIA RECEIVED IN 2021

[SOS]

I had a small rental duplex in Paradise California that burned to the ground in 2018. I was left with

underground plumbing and electrical and a driveway which I still own today. I have not rebuilt 

anything on the property to date due. I finally received a settlement from PG&E at the end of 2021

and I don't know how this is to be taxed, ordinary income or capital gain. Regarding rental property

insurance I received from my insurance company in 2019 and 2020 I have already reported the 

loss of income funds and gains on the insurance funds for the lost property on the 2019 and 2020

tax returns. It's the PG&E lawsuit funds I don't know how and where to report. Thank you

[qbteachmt]

"I don't know how and where to report."

Are you using Lacerte? As a professional tax preparer, you should always rely on the IRS resources, your continuing ed, and the Lacerte program for the current regulation for the situation. What have you found, so far, for Lacerte? Because this is a Lacerte Program User's forum.

Otherwise...

You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Income Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer using TurboTax. Please visit the TurboTax Help site for support.

And try this screen, for the various topics (subforums): https://ttlc.intuit.com/community/discussions/discussion/03/302

Your sign in user info here is the same one you can use over at the TurboTax forum.

Thanks.