M-MTax
Level 12

Investors & landlords

We did have a mix of things covered by insurance

You need to say what those things are. It makes a big difference in the calculations. The amount you received is not taxable if used to effect repairs and restore the property to its original condition.

We did get covered for our loss of rental income by insurance but only for 1 year. 

That part of the insurance recovery has to be reported as rental income for the year it was received.