Hi - looking for inputs from 1033 exchange experts:
1. Our investment property was severely damaged in a fire
2. We have received insurance proceeds and are also planning to sell the fire damaged property at a deep discount
Can we use 1033 exchange tax deferral for the proceeds from the Insurance and sale of fire damaged property?
Thanks so much!
@Dave Foster ??
Thanks @Wayne Brooks , I'm not the be all on 1033. In fact you don't need a QI at all. @Shefali Rai , your accountant will document your sale and subsequent purchases. You have an extended amount of time and you have other options than fee simple in real estate. You don't have to use a QI. So if there's any consolation from a catastrophe like you've had it is the 1033 opportunity.
@Shefali Rai, Looks like you didn't find much help on BP for your question. I have a firs damaged SFR and just learning about 1033 as well. Can you help fill in what you found out?
Did you accomplish the 1033?