Co180
Level 2
06-18-2020
10:33 PM
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Client had beach condo used as seasonal rental property during the summer months as well as personal use during year 2019.Rental income has been reported on Schedule E for several previous years. In 2019 , client condo burned down completely and received $17,000 for contents inside unit (personal property) from the insurance company. Client was paid $ 100,000 in year 2020 for the actual loss of the unit. Is this a reportable event and what tax form if any is used?