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Investors & landlords
Can I jump in and ask a question? I have a similar problem that happened with hurricane Ian. I have a rental and had a lot of the repairs done before the end of 2022 ($11,000). I received my insurance check of $20,000 in 2022. My total repairs was $28,000 but $17,000 was a new roof that I paid for on Jan 3,2023. How do I manage this over the two year span? Can I take it all in 2023 even though some of it was paid in 2022? I have used Turbo tax for some time but have never run into this.
Thanks!
March 30, 2023
6:59 AM