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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.consumers.house - Date & Time for the message: Tue, 19 Apr 2005 15:45:34 GMT
/ Author of the message: vze8f3tq@verizon.net (v) |
Title of the message: |
Re: the irs on gains from casualty and theft
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Text of the message: |
On Mon, 18 Apr 2005 16:32:30 -0400, someone wrote: >The "irs guy" is wrong. As long as the insurance check is equal to the value >of the burned down garage there is no taxable gain. Rebuilding is optional. > Actually, there could be a "basis" issue. As long as the check is equal (or less than) the COST of the garage, there is no gain. Its like you bought your house 20 years ago for $50,000, now its worth $250,000, it burns, you get a check, you just "sold" your house for $250k. And you don't rebuild. You could have a gain. Now let's not get into the ways gains on sales of residences can get deferred. On a partial loss, the smaller it is in relation to the total property, the less I'd be worried about the IRS being interested in it. I have also not bothered to fix cars for minor damage that I got an insurance check for, and the IRS never sent an auditor out to |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.