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previous page Previous Page: Publication 4492-A - Information for Taxpayers Affected by the May 4, 2007, Kansas Storms and Tornadoes - Casualty and Theft Losses
next page Next Page: Publication 4492-A - Information for Taxpayers Affected by the May 4, 2007, Kansas Storms and Tornadoes - Net Operating Losses
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taxmap/pubs/p4492a-002.htm#en_us_publink100016310

Replacement Period for Nonrecognition of Gain(p2)


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Generally, an involuntary conversion occurs when property is damaged, destroyed, stolen, seized, requisitioned, or condemned, and you receive other property or money in payment, such as insurance or a condemnation award. Generally, you do not have to report a gain (if any) if you replace the property within 2 years (4 years for a main home in a Presidentially declared disaster area). However, for property that was involuntarily converted after May 3, 2007, as a result of the storms and tornadoes, a 5-year replacement period applies if substantially all of the use of the replacement property is in the Kansas disaster area. For more information, see the Instructions for Form 4684.
previous pagePrevious Page: Publication 4492-A - Information for Taxpayers Affected by the May 4, 2007, Kansas Storms and Tornadoes - Casualty and Theft Losses
next pageNext Page: Publication 4492-A - Information for Taxpayers Affected by the May 4, 2007, Kansas Storms and Tornadoes - Net Operating Losses
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication