Thank you for your quick response. Unfortunately, I had already come to that conclusion. I do plan to replace the assets with the insurance proceeds, in fact, have already started doing so. How do I report that? I still will have to report this loss/gain in 2022. My question is how to I do it in TT since it is a mixed use property? The other issue in all this, is that I still am not able to begin repairs, etc. due to the fact that our building must be released by the city building department before I can move forward. Another piece of this is that I received insurance proceeds in 2022 and 2023. In what year and how do I report this? Is the "loss of use" portion (all rental income) reported on the Schedule E since that is what it is related to? I have not received a 1099 from the insurance company. Sorry for all the questions. I really appreciate your help!
