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How do I defer part of the gain from an involuntary conversion of residential rental property using Turbo Tax?
Complete destruction of residential rental property
Basis in the rental property is 0.
Insurance Proceeds 45,000.
Contract to repair property 36,000
Have to recognize gain of $9,000 (excess proceeds not reinvested).
Want to defer $36,000 gain.
Basis in the rental property is 0.
Insurance Proceeds 45,000.
Contract to repair property 36,000
Have to recognize gain of $9,000 (excess proceeds not reinvested).
Want to defer $36,000 gain.
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‎April 15, 2024
1:36 PM