I understand your line of thought, but consider that there’s land value there, too, which would not be a part of a payout in a loss. Homeowner’s insurance would only pay out for replacement of the house and contents, and would likely take years to collect.
It’s a less than ideal solution, but would force the relocation issue for sure. I don’t know if there would be exposure to taxes, unless you cashed out and didn’t rebuild. Mitch can probably enlighten us on that, I suspect, and it would be interesting to know. I would also wonder if the insurance company would require rebuilding to pay out? -D > On Sep 24, 2022, at 9:46 AM, Kaleb Striplin via Mercedes > <mercedes@okiebenz.com> wrote: > > Get a big insurance pay out and call it quits. I know if you sold it you > would not have to pay capital gains tax, but let’s say you moved to AZ and > decided to keep it and rent it out. After 5 years or so if you sold it you > would have to pay tax on it. What if it gets paid out by insurance, would > that be considered a sale you have to pay tax on? I’m just wondering if a > tornado or fire should claim my rental… > > Sent from my iPhone > >> On Sep 24, 2022, at 5:39 AM, dan penoff.com via Mercedes >> <mercedes@okiebenz.com> wrote: >> >> I’m hoping it will be the “Big One” and I can abandon the southern estate >> for AZ permanently. >> >> -D >> >>>> On Sep 23, 2022, at 11:16 PM, Kaleb Striplin via Mercedes >>>> <mercedes@okiebenz.com> wrote: >>> >>> It appears that Poos might get hit with a hurricane. At least he has >>> another house if his southern estate gets blown away. >>> >>> _______________________________________ >>> http://www.okiebenz.com >>> >>> To search list archives http://www.okiebenz.com/archive/ >>> >>> To Unsubscribe or change delivery options go to: >>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>> >> _______________________________________ >> http://www.okiebenz.com >> >> To search list archives http://www.okiebenz.com/archive/ >> >> To Unsubscribe or change delivery options go to: >> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> > > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com