@KMJK wrote:Carl - I just wanted to say thank you for the very helpful walkthru above for how to handle removing the old roof that was depreciating and adding a new one. I just had this same issue and am following your steps.
Really? I hope like hell you didn't follow it or you will stop before you dig yourself into a deep pit.
If you received a $50k payment, for example, from your insurance company to replace the damaged roof on your rental property and you used that $50k to replace your roof, that $50k is NOT rental income (as Carl stated).
You might want to consult with a local tax professional.
