Hi @Punky2 , I'm now in a very similar situation as you were. My rental property had a fire damage on January 2023. Then in 2023, for boarding, mitigation, gutting everything, insurance company directly paid the contractors. I also got 200k payment from insurance company for restoration. However, right now we're still negotiating with insurance company and hasn't started the rebuild yet. I'm trying to figure out how I should input this 200k payment in my 2023 tax return. I certainly don't want to put this as income. In addition, I haven't paid any contractor yet in 2023.
In your case, where did you input the 30k you received for restoration in 2021 in turbotax, and what about the 32k insurance company payment in 2022?
Thanks!
