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I had rental property which was destroyed by fire on
I had rental property which was destroyed by fire on 4-20-19. I have received a settlement that is larger than my basis. I want to reinvest this capital gain into another rental property. How long do … read more
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Lev, TP has a total loss in 2018 California fire (federally
Lev, TP has a total loss in 2018 California fire (federally designated disaster area). Home was a rental. Rental was acquired through a 1031 exchange.TP wants to rebuild under Section 1033 and ultimat… read more
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Was wanting to know if payments for eminent domain
Was wanting to know if payments for eminent domain acquisitions could be invested in order to not have to pay income tax on it … read more
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IRS tax question: If a business has insurance proceeds that
IRS tax question:If a business has insurance proceeds that are greater than expenses due to hurricane Harvey do they have to report it as income? Please provide very detailed analysis and references, … read more
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Heard that 1033 exchange rules not longer apply to
heard that 1033 exchange rules not longer apply to condemnation of personal residence-only investment property … read more
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TJ The depreciated value of the fire damaged house is
Hi Again TJ The depreciated value of the fire damaged house is $150000. The selling price of the damaged house "as is" is $110000. Does this mean that I have a capital loss and can use the $110000 any… read more
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First, how does a Section 1033 deferral election get
First, how does a Section 1033 deferral election get reported on a 2015 Form 1040? Second, if only part (say 25%) of the deferral condemnation price is reinvested in 2015, how is the partial reinvestm… read more
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EXPERT: SHANE-CPAI need help determining the character
EXPERT: SHANE-CPA I need help determining the character of the recognized gain or allowable loss in each of the cases listed below. In each case, these are all of the tax payer realized gains or losse… read more
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I had a rental property burn down. Can I use the insurance
I had a rental property burn down. Can I use the insurance money to pay the mortgages of other rentals I have to avoid paying taxes. The IRS form says you must purchase another similar property. If I … read more
Lev
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In November of 2010 one of our airplanes crashed. It was one
In November of 2010 one of our airplanes crashed. It was one plane in our flight school and we owned it for about 5 years. In January of 2011 the Feds declared it to be a total loss and the insurance … read more
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When do you have to record the gain on an installment sale
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I recently had my property adversely possessed in Utah and
I recently had my property adversely possessed in Utah and received $177,000. I wonder if I can use 1031 within 3 years to purchase another property or to buy IRA's to shield tax liability for this ye… read more
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We just received a full policy settlement from our house ...
We just received a full policy settlement from our house insurance due to a sinkhole. Could there be taxes owed due to capital gains on the property even though we haven''t sold it ?… read more
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My grandparents had to sell their commerical building due ...
My grandparents had to sell their commerical building due to eminent domain. They have gone to do their taxes and owe close to $300,000 to the IRS and the state. Do they not receive a lower tax rate d… read more
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i have a friend whose vacation home is being affected by a ...
i have a friend whose vacation home is being affected by a state road project, said home will be taken by eminent domain either by amicable settlement or condemnation. They are concerned about capital… read more
RD
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Please send me the tax law regarding eminent domain. We ...
Please send me the tax law regarding eminent domain. We are purchasing a property to rplace the one that was taken by the city. We were compensated for $1.300,000. The new proerty is 1,500,000. We wer… read more
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My Father passed away in 2000 and left my brother and ...
My Father passed away in 2000 and left my brother and sister and I a trust that included 40 acres of property. We had to sell an acre to City next to the property for a road expansion last year. Would… read more
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P;ease give me information about an eminent domain 1033G
we have property being taken for a road expansion. Does property taken for a purpose such as this meet the defination of eminent domain? Please also explain a 1033G as opposed to a 1031 tax deferred e… read more
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