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Involuntary Conversion

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Definition of Involuntary Conversion:

Involuntary conversion is when your property is destroyed, stolen or condemned and you are reimbursed with money or other property (usually by your insurance). A gain or loss from an involuntary conversion must be reported to the IRS unless the property was your primary residence, the reimbursement property serves a similar function, or the cash reimbursement is used to replace the converted property.