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Court Settlement - Election under Section 1033
We received payment from a court settlement related to destruction of our home by fire in 2017. Our CPA has advised that the portion of this settlement related to the real property (as opposed to emotional distress) can be excluded from taxable income via an election under Code Section 1033(a)(2) not to Recognize Gain from Compulsory or Involuntary Conversion, and he has provided us with a memorandum to that effect. I don't need any further advice on the tax issues, but my question is how to convey/include this information as part of our tax return, which I am preparing with TurboTax. Nothing seems to fit.
‎February 24, 2022
11:33 AM