Sylvia B.
Depreciation recapture in this situation?
My son and I were having a real estate discussion this afternoon, and came up with a question that we weren't sure how to answer.If you have a rental house that is fully depreciated, and is then destroyed - natural di...
William Petrisko
Property damaged by fire, are unused insurance proceeds taxable? Tax implications for keeping vs. selling property?
I have a fourplex that was damaged by fire, thankfully no one was hurt.
For ease of the example, let's assume the following numbers:
Property was purchased for $150k. Insurance check I will get is $80k.
...
Shawn Ab
Tax question on repaired fire damage
Hi everyone,I have a 4plex rental that sustained fire damage in 2020 and we received insurance proceeds to fix the damage (as the damage was 'medium' in that the rehab was pretty expensive, but did not destroy the pro...
Gloria C.
Investment property burned down.....
I had an investment property that burned down recently. I should have approximately $400K after mortgage is paid off. Does anyone know if this is considered "free money"? or if I can do a 1031/1033 exchange? Are ru...
Tony Parker
How should I structure a deal here?
Hi BP! First time posting. Just wanted to get your valuable inputs.So I'm in contact with a seller (probate lead) who is motivated to sell his deceased relative's property. The property has fire damage so the kitche...
Michael Miller
Multiple Liens Negotiated Down to Make the Numbers Work
Investment Info:
Single-family residence wholesale investment in Sacramento.
Purchase price: $141,000
Sale price: $181,000
While this property doesn’t look like much since it is a burned out husk, th...
Jonathan Bryan
How to account for insurance claim proceeds
I had a fire in one of my properties, and I have received the check from my insurer to pay for the repairs. How do I account for these proceeds in my books? It's not really taxable income (if I use it for the repair...
Mike Mitchell
are insurance proceeds held in a trust?
I'm about to make an offer on a house owned by a mentally ill man. He received $9000.00 from his insurance company several years ago to reroof, but he never got the work done. He tells me that those funds are held i...
Sam Rogers
Insurance settlement taxable?
I have a friend that recently received an insurance settlement that far exceeds the cost to repair the damage from a small fire at one of their rental properties. They made the repairs and now are left with a hefty wi...
Steve Neuman
Capital gains on insurance settlement?
Hey guys!
Long time listener, first time caller!
I have a tax/capital gains/ insurance settlement question:
I bought a duplex 3.5 years ago with a conventional mortgage. Owner occupied one side, rented out the othe...