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Investors & landlords
I just want to be clear. When you say that "I don't need to report the gain from the involuntary conversion", That means that I do not enter anything either into Form 4684. And I would not enter anything into the routine where I "sell" a home.
I have written a very clear explanation of why my insurance proceeds and other reimbursements, cause a gain less than the section 121 exclusion.
My plan is to take the exclusion, and move to my new replacement home with a totally new cost basis.
Is it necessary to attach this addendum to my 2022 return?
Or should I just keep the detail and summary in my files.
If it is, my understanding is that Turbo tax can not attach a pdf of the addendum to the 2022 return.
If the attachment is necessary,
I believe my only option is to mail the return to the IRS, and therefore cause a large delay in receiving my refund.
Aside from this involuntary conversion my return is very straight forward, much like in years past.
or
Can I file the 2022 return electronically to speed the refund. And then put the return in the mail, with the addendum.
Sorry for the detailed questions, but I am stalled on what to do.
Can you help me move on. I am ready to file.