So this guy’s principal residence burned pretty much to the ground. He received full reimbursement from his insurance company so there’s no issue about a causally loss deduction. He may not want to rebuild, pocket the cash, rent for a while and MAYBE rebuild sometime in the future.
Are there any tax issues with the insurance reimbursement?
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Daniel Levine,CPA
DANIEL LEVINE, CPA PC
Scottsdale AZ
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