2018 Wolsey fire

Forum|Forum|3 years ago
January 26, 2023
1 reply
6 views

Has/will any preparers in this forum have a client who received a SCE reimbursement for losses incurred in the 2018 Wolsey fire? I have several questions on how to treat the transaction(s) both now and when land, in this case, is sold at a later date. Also, how affected on state level regarding passage of CA Assembly Bill 1246.

Lacerte Tax

This topic has been closed for replies.

1

11BusterAuthor

Level 5

Any takers on this or opinions? The last issue I think I have for this is whether the basis of said property has to be reduced for CA purposes by the amount excluded on the CA tax return for AB 1246 settlement money rec'd from So Cal Edison.

1

11BusterAuthor

Level 5

I still have had no one chime in on this, however, per FTB February 2023 Tax News email rec'd, sound like I and anyone else in this situation will need to now attach a form I've never heard of previously, CA form 4197.

qbteachmt

Level 15

I will update this, your original topic, and you will see it pop to the top of the list. Meanwhile, I can give you this guidance, as well:

Keep this bookmark and use it:

https://proconnect.intuit.com/supported-tax-forms/

Here is what I found there:

CA	4197	Final form without watermark was released on February 09, 2023.

You didn't mention which tax year you are working on, in either of your topics, or the tax entity type. That would be helpful.

Don't yell at us; we're volunteers

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded