Non-Disaster Involuntary Conversion Reporting Requirements Ward Fridrich asked 1 month ago
Non-Disaster Involuntary Conversion Reporting Requirements

I lost my home in the 2024 Mountain Fire in Ventura County, CA in November 2024. This fire was not a federal disaster. I went to a CPA for help and he said I didn’t need help. I filed my taxes using Turbo Tax with no mention of involuntary conversion. Now I’m thinking I need to do more research to understand my tax situation better. In 2024, the insurance company did not pay me more than my home tax basis. In April of 2025, insurance payments exceeded my cost basis. I am in the process of rebuilding and expect the new construction will exceed my max insurance payments as well as my old cost basis. What tax reporting do I need to do? Thank you,

1 Answers
Answer for Non-Disaster Involuntary Conversion Reporting Requirements United Policyholders Staff answered 4 weeks ago
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Hi Ward, we are sorry for your loss. We would recommend reviewing this tax webinar that we did for the community, which will answer may questions you have:

https://uphelp.org/events/taxing-matters-for-disaster-impacted-households-2-13-2025/

Best, UP Staff