I am replying to an older post, but I am hopeful and appreciative of any added advice. Scenario: Storm hit our rental; insurance paid all but deductible for new roof; it appears that I can claim the deductible as a repair/expense. Other posts, however, say to add only the deductible as the asset. So, how do I add this? And, if only as a repair/expense, do I still need to claim the entire roof as an asset, even though I technically didn't pay for it? Thanks in advance.
