• Involuntary conversion – destruction or loss of the property through casualty, theft or condemnation action pursuant to government powers of eminent domain, and the resulting compensation from such destruction or condemnation;

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• The taxpayer can defer the payment of capital gain and depreciation recapture taxes under the provisions of Section 1033 but only when the replacement property is purchased within the applicable time guidelines;

• Casualty or theft: Property must be replaced within two years after the end of the first taxable year in which any part of the gain is realized. A two-year extension is available if the loss took place in a Presidentally declared disaster area. If the real estate was the primary residence, the replacement period is four years. Replacement property must be like-kind, defined as “similar or related in service or use” – a stricter definition than used for 1031 exchanges;

• Eminent domain: Property must be replaced within three years after the end of the first taxable year in which any part of the gain is realized. Replacement property must be like-kind (characterized as real property at law) – a definition more similar to that used for 1031 exchanges. Eminent domain only needs to be threatened, but does not actually have to occur;

• Involuntary conversion proceeds do not have to be held by a third party as is the case for 1031 exchanges;

• The replacement property value must be equal to or greater than the property condemned or destroyed.

Last Updated on August 17, 2014 by Ramin Seddiq