Updated about 11 years ago on . Most recent reply
My condo burned down 10/5/12 still not built need TAX ADVICE!
Neighbor fell asleep with a pot on the stove and he burned down the entire 55 unit condo building. I own my condo and lived there for 12 years. I had great insurance but it only covered my living expenses for a year in a rental unit .I have paid the $338.00 condo fee each month post fire. I knew the condo wouldn't be rebuilt in a year so I bought a single family home. They are saying that the condo will be finished in February 2015 then I will sell it. Do I have to pay a capital gains tax? Cant I take the money I make from the sale of the condo and put it against the mortgage on my house without paying capital gains tax? I could write off my loss only in the tax year that I lost my condo as a catastrophic loss. I never rented the condo and do not have the annual tax write offs for loss of use like the investors who used their condos as rental units. I welcome any advice. Thanks.