Our client was under agreement to sell his commercial property when a fire broke out and destroyed one of the two buildings on the property. After carefully renegotiating the agreement, he proceeded with a Section 1031 Exchange for the land and existing building and used Section 1033 for the casualty loss portion of his property. […]
Tag Archives | section 1033
Section 1031 or Section 1033?
By John Hamrick on June 2, 2009 in Section 1033
Section 1031, Tax Deferred Exchanges, can be used in concert with or as substitution for Section 1033, Involuntary Conversions- when a property is completely or partially destroyed by fire, natural disaster, theft or seizure or other taking or condemnation, including the disposition of the property upon threat or imminence of condemnation or eminent domain. Section 1033 […]