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Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
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- INVOLUNTARY COVERSION DUE TO JUDGMENT
INVOLUNTARY COVERSION DUE TO JUDGMENT
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Weinhart
Level 1
07-12-2023
11:54 AM
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Any special treatment available for disposition of depreciated rental property with a current loan balance when a creditor seizes the property through enforcement of civil judgment against debtor, refinances, and pays off or assumes the existing loan at time of seizure?
Do we have to show unpaid loan balance as a sale price in such a case or just 0. Are there any alternatives to avoid forced disposition capital gains or treatment as involuntary conversion on 4684?
2 Comments 2
sjrcpa
Level 15
07-12-2023
12:58 PM
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Same client?
The more I know, the more I don't know.
