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Level 2
posted Oct 25, 2020 8:08:18 AM

I have dad a major fire loss on a rental home. How do I get TT to delay adding the tax on the gain if I plan a delayed 1033 exchange net year?

Sorry that is Had not Dad. I received flood and fair insurance checks for less that depreciated value and then sold the remains for a net gain. I want to defer gain in a 1033 exchange next year.

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1 Replies
Level 2
Oct 25, 2020 8:10:38 AM

And that s/b Fire not Fair Insurance.