My rental property was burned down in July 2023, I did not mention this in my 2023 return. I also did not have any homeowners insurance on the property. The property was deemed a total loss. My HOA's master insurance rebuilt it in July 2024 and I just sold it. How would I incorporate all of these events for the coming tax year?
No, right after the property was rebuilt; it was listed for sale and sold.
The HOA paid for the entire reconstruction of the unit. I had no out-of-pocket costs as a homeowner.
How would I determine the cost basis ?
No, right after the property was rebuilt; it was listed for sale and sold.
The HOA paid for the entire reconstruction of the unit. I had no out-of-pocket costs as a homeowner.
How would I determine the cost basis ?