Harold Goedde

This article is part 1 of a three-part series which will discuss the meaning of a casualty under the IRC. Over the next two installments, we will discuss how to determine the amount of the loss for personal use and income producing property, amount deductible, and tax year for the deduction. Also we will look at gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and basis of new property.

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