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1040Lester
Level 2
March 25, 2022
Question

Federally Declared Disaster

  • March 25, 2022
  • 1 reply
  • 4 views

Hello,

I have a client who lost their home in the Paradise fire, a Federally Declared Disaster.  We elected to use the four year window for reinvestment of the funds.  The four years is up in 2021.

If there is any taxable gain from the disaster, when is the taxable event ?  In 2021 or 2017? 

 

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1 reply

George4Tacks
George4Tacks
Level 15
March 26, 2022

https://www.irs.gov/publications/p547#en_US_2021_publink1000225395

Answers are easy. Questions are hard!
    1
    1040LesterAuthor
    Level 2
    March 29, 2022

    Thank you, George.  I appreciate it.

     

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