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The Aftermath: Tax Rules for Replacing Involuntarily Converted Property
Manage episode 509578058 series 3659469
Earmark Media, Jeremy Wells, EA, and CPA에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Earmark Media, Jeremy Wells, EA, and CPA 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
Jeremy concludes his three-part series on losses by examining IRC Section 1033, the tax code's provision for what happens after you replace property lost to casualty, theft, or government condemnation. When clients receive insurance payouts or condemnation proceeds, they face a critical decision: recognize the gain immediately or defer it by purchasing qualifying replacement property within specific timeframes. Jeremy breaks down the "similar use" requirements, the two to four year replacement periods depending on property type, and how basis carries over to help clients avoid unexpected tax bills when bad things force them to start over.
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- (00:00) - Welcome to Tax in Action
- (00:19) - Recap of Previous Episodes
- (00:53) - Involuntary Conversions Explained
- (04:06) - Case Study: Jessica's Print Shop
- (05:41) - Defining Involuntary Conversions
- (07:01) - Government Seizures and Condemnations
- (07:36) - Court Cases and Legal Precedents
- (20:27) - Replacement Property Rules
- (35:10) - Special Rules for Principal Residences
- (50:11) - State Tax Law Considerations
- (54:09) - Conclusion and Final Thoughts
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https://www.linkedin.com/in/jwellstax
https://www.steadfastbookkeeping.com
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This podcast is a production of the Earmark Media
12 에피소드
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