Hi,
We rent out a condo unit we own. In late Dec 2022, we experienced water damage in the unit and filed an insurance claim. In 2023, repairs a done, insurance paid for the repairs and we paid the insurance deductible out of pocket. We also paid out of pocket for some plumbing and new appliances that were not covered by insurance, during the repairs. My questions are:
1) How do I report the out-of-pocket deductible payment in tax return?
2) Do I amend 2022 tax return or can I report it in 2023 tax return?
3) Although tied to the incident, plumbing and new appliance expenses are improvements to home outside of the insurance claim. Do I report them in 2023?
