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Rental house: major fire last year.

gslayton
Level 3

Empty for six months, will be torn down this year, received $80,000 insurance payment as a total loss. Depreciated value is about $40,000. How do I account for the insurance payment?

 

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2 Comments 2
dascpa
Level 11

Research Section 1033 Involuntary Conversions and the rules related to replacement property.

gslayton
Level 3

Thank you.

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