DaveF1006
Expert Alumni

Get your taxes done using TurboTax

You may report this in 2023 since all monetary transactions happened in 2023.  You would report the repairs expense for the money you paid out of pocket.  You would not report the insurance deductible requirement because it is absorbed by the amounts you paid vs the amounts the insurance company paid. 

 

As far as the new appliances and plumbing fixtures, you can either add this to the basis of your rental property or set each one up on its own depreciation schedule in the Assets / Depreciation Schedule in the rental summary. 

 

if you decide to set each one up on its own schedule, the appliance should be set up on a 5-yr schedule and the plumbing is set up at 27.5 years since it is a permanent fixture with the house.

 

You would not amend your 2022 return. 

 

 

 

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