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Video instructions and help with filling out and completing Where Form 4797 Involuntary

Instructions and Help about Where Form 4797 Involuntary

This section is on involuntary conversions and casualty and theft losses involuntary conversions is when you had stop and now you don't and you did not voluntarily sell it so this would come either from destruction and my graphic there is floods or theft somebody came in and took your stuff or seizure the government took your land so that they could widen a road for example or threat of condemnation where the government tells you they are going to take your land when you have an involuntary conversion you may be reimbursed from an insurance company and you may be reimbursed for more than what you originally paid for stuff you may be reimbursed from a city if they're condemning land for example so it's possible that you would have a game from an involuntary conversion or a loss now if you have a game you have two choices you've got extra cash in and you can either keep the cash cash out of the whole situation or you can replace the stuff that you lost or was taken from you games on involuntary conversions are deferred to the extent that you buy or replace similar your property with similar property and there are some real technical rules on what's similar in realists day we're looking for other US real estate for personal property it also has to match the use that is if you had a car before you would have to replace it with another car now we're not so picky as to say that a Chevy has to be replaced with a Chevy and not afford but it has to be car for car for example replace that period is important and it must be no later than two years after the year of the game...