A portion of my property was taken via eminent domain/ condemnation. I want to do a 1033 exchange. How do I report this?

Forum|Forum|5 years ago
March 14, 2021
1 reply
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ToddL99

Level 13

You will need a desktop (CD/Download) version of TurboTax to make the election to defer gain on a casualty loss. See Where can I find form 1033, a form to defer capital gains tax on a gain received due to the casualty loss of a property? for additional discussion and explanation of this issue.

Enter "defer casualty gain" in the Search Topics box of TurboTax Home & Business, and select to navigate to the interview. When you complete the interview, an IRC Section 1033 (a)(2)(A) election form will be generated

The attached screenshots provide a sample of the interview screens and the form that you will see:

hobagAuthor

Level 2

Thanks for the response Todd. I have already completed my taxes short of the eminent domain stuff online. I've read that you can simply attach a statement related to the deferral with your taxes instead of doing the form. Is this accurate?