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When Does Damaged Property Qualify for a Tax Deferral Break?

by Julian Block | Jan 02, 2019   ()

The tax code provides some valuable relief when property is “involuntarily converted”—condemned by a governmental authority, stolen or damaged, or destroyed by a fire, flood or the like. Code Section 1033 allows you to defer the tax on the gain if you receive a condemnation award or insurance proceeds that exceed your basis (cost, in most cases) for the property.
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Source: Accounting Web
Source: Accounting Web

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