Fire occured on OCt 1st 2020 for a residential property. Insurance reinbursed $635,000 ($741,000-Depreciation). It was an apartment building. Everything completly destroyed. Need to fill out form 4684
I use Proseries software.
(1) Should I report each property seperatley on 4684? Building, Appliances etc on depreciation schedule.
(2) Client did not cash the check. It was given to bank and bank has give to contractor who will construct new building. So any gain is not taxable.
(3) This one is the first one for me.
Thank you and appreciate your help and time.
I use Proseries software.
(1) Should I report each property seperatley on 4684? Building, Appliances etc on depreciation schedule.
(2) Client did not cash the check. It was given to bank and bank has give to contractor who will construct new building. So any gain is not taxable.
(3) This one is the first one for me.
Thank you and appreciate your help and time.