PatriciaV
Expert Alumni

Investors & landlords

You won't report the sale of the remaining property until your 2024 tax return (in 2025). That said, if you received more insurance reimbursement that your adjusted basis in the property and reported the gain in 2023, the entire sales proceeds will be a capital gain in 2024. If you didn't include the land in the insurance calculation, you can report the remaining basis in the sale of a business asset and reduce your gain by your land basis.

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