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Deductions & credits
If you reported the gain and non-recognition of it in 2018, and you didn't receive any insurance proceeds in 2019, then you don't need to report anything on your 2019 tax return. If you received insurance proceeds in 2019, then you need to attach a statement to your 2019 tax return reporting the details of the property loss and insurance proceeds, a calculation of the gain your are deferring, when you are going to replace the property and how much it will cost.
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March 30, 2020
7:48 PM