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Updated almost 5 years ago on . Most recent reply

Todd G.'s profile image
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Todd G.
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  • from Friendswood, Tx
  • Member since Feb 7, 2017
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Todd G.
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  • from Friendswood, Tx
  • Member since Feb 7, 2017
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Todd G.
  • Investor
  • Friendswood, Tx
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Tax, SDIRAs & Cost Segregation

Rental Fire - are insurance proceeds taxed?

Todd G.
  • Investor
  • Friendswood, Tx
Posted

Rent house burned down. It was a total lose. Insurance money was paid out and I'm coming out ahead by $40,000. Will I need to pay taxes on the gain next year? If so, is there a way to avoid paying taxes?

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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
ModeratorReplied

If you're coming out ahead from the proceeds they may be taxable unless you utilize a 1033 Exchange. 

Talk to your tax professional- you don't want to take random internet advice on an unexpected $40k of income. 

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