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quiltensue
Level 2
March 10, 2021
Question

basis for disposal of rental house which burned down

  • March 10, 2021
  • 2 replies
  • 19 views

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?

 

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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 10, 2021

Involuntary conversion section 1033, are they going to rebuild with the insurance money?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    S
    SkylaneIntuit Community Champion
    Intuit Community Champion
    March 10, 2021

    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 

     

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