What if my property was involuntarily converted by a disaster or I was required to sell due to a governmental or eminent domain action?
If your property is involuntarily converted, reinvestment must occur within 24 months from the end of the tax year in which the property was converted. It is also possible to apply for a 12 month reinvestment extension. This information is addressed within Section 1033 of the Internal Revenue Code for reference.
Related Questions
- If the governments eminent domain acquisition causes some of my remaining property to be landlocked, am I forced to sell this landlocked parcel to the government in order to obtain its full value?
- What if my property was involuntarily converted by a disaster or I was required to sell due to a governmental or eminent domain action?
- What limitations are placed on a debtor’s right to use, sell, or lease its property during a Chapter 11 case?
