I have a question on rental property that had two separate fires. The rental property in question had a fire in late 2018, we started the rebuild process, then had a second fire in fall of 2019. We sold the property in early 2020 and had no reimbursement from the insurance company on loss of rental for 2020. I have put this property in the rental section and get to the sale of the property, but because the sale was considerably less than the purchase price, I am told I don't have to report it. The same goes with the Casualty Loss. We received a 1099-S for the purchase of the property, so I am a little confused as to what to do with this rental property.
