- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
You basis in the new Floor, according to your example would be $5,000. The $20,000 that insurance paid does not need to be reported, unless the insurance company issued you a Form 1099-MISC. In this case, I would report it as income and add an expense of $20,000 to offset it - net Zero.
‎June 4, 2019
12:44 PM