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TP receives ins > cost basis. Gain? Or can he use on imprvs


schirallicpa

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23 hours ago, schirallicpa said:

But do gains on sales of properties count for TCJA.  Otherwise he has a loss on schedule E

You said this occurred in 2017, so TCJA has no effect

Here is a good article on deferring gain on the excess insurance.  There are a lot of variables, so it should be read carefully.

http://williamsparker.com/publications/practice-alerts-articles/real-estate/2005/01/03/taxation-of-the-recovery-of-insurance-proceeds

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