Thank you.
I looked at Pub 547. Is it necessary that I follow the guidance on page 15 on how to postpone a gain? It says I have gain in the year I receive the insurance proceeds. Per the instructions, am I required to attach a statement giving details, etc.? Since I did not replace the property in 2023 do I also attach another statement saying that I am choosing to replace the property within the required period. I'm not sure at this time that I will, in fact, have a gain. If I am required to attach these statements is there a way to do this in TT so I can file electronically? Is there instead, an election to defer the gain on involuntary conversion? Or do I file without the statements and then amend the 2023 return if I have a gain? I find this very confusing.
