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You basis in the new Floor, according to your example would be $5,000. The $20,000 that insurance paid does not need to be reported, unless the insurance company issued you a Form 1099-MISC. In this case, I would report it as income and add an expense of $20,000 to offset it - net Zero.
You basis in the new Floor, according to your example would be $5,000. The $20,000 that insurance paid does not need to be reported, unless the insurance company issued you a Form 1099-MISC. In this case, I would report it as income and add an expense of $20,000 to offset it - net Zero.
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