Michelle suffered damage to her main home that was attributable to a federally declared disaster. To...
Michelle suffered damage to her main home that was attributable to a federally declared disaster. To postpone casualty gain, the end of the replacement period is the last day of the tax year that is: Two years after the date of the disaster. Two years after any gain is realized. Four years after the date of the disaster. Four years after any gain is realized.
Homework Answers
Ans : A causalty for federal income tax purposes is a sudden, unexpected or unusual loss or damage to some property you own.
To postpone casualty gain, we must make replacement within 2 years of the end of the tax year in which we have the gain.
But, if loss is to our main home and the area is declared a federal disaster area, the replacement period is 4.years of the end of the tax year in which we have the gain.
In this case Michelle suffered damage to her main home that was attributable to federally declared disaster. To postpone casualty gain the end of replacement period is the last day of the tax year that is : 4 years after any gain is realized.
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[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,400 in 2019. She is 45 years old and has been divorced for four
years. She receives $1,300 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,200 of rental
payments from tenants and she incurred $19,578 of expenses
associated with the...
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