Afdca.org
Oct 07, 2016 · The home had an adjusted basis of $150,000 and a FMV of $160,000 before the fire. Jim received insurance reimbursement of $120,000 for the destruction of the home. ... Would your answer be different if he received insurance proceeds after a fire destroyed these assets? ... this will result in a net increase of $1,640 in taxable . income [$2,000 ... ................
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