If there is an involuntary conversion (i.e., casualty, theft, or condemnation) of the taxpayer's principal residence, the realized gain may be postponed as a § 1033 involuntary conversion and/or excluded as a § 121 sale of a principal residence.

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If a taxpayer's principal residence is involuntarily converted, they may be able to postpone the realized gain as a § 1033 involuntary conversion and/or exclude it as a § 121 sale of a principal residence under certain conditions.

If There Is an Involuntary Conversion (I