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taxmap/pubs/p4492b-003.htm#en_us_publink1000135459

Replacement Period for Nonrecognition of Gain(p5)


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This benefit applies to the counties in both Tables 1 and 2. 
 
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 federally declared disaster area). However, for property that was involuntarily converted on or after the applicable disaster date, as a result of the severe storms, tornadoes, or flooding, a 5-year replacement period applies if substantially all of the use of the replacement property is in a Midwestern disaster area. For more information, see the Instructions for Form 4684.