We had a guest start a fire causing a lot of damage to a cottage in July 2023. It took 8 months to repair (and we are still finding things to fix). AirBnB reimbursed us $95,000 in Jan 2024 based on a high estimate we received. The cottage repair was not started until Jan 2024 and only took about $65,000 to repair. We had to repair structure like wall coverings, flooring, HVAC and replace items like furniture, appliances. I've seen a few ways it might be done but remain confused. Can someone help clarify?
Thanks
We received loss of income from our our insurance company and I put it in Other Income for the LLC and not with that particular cottage as rental income. Think that was right?
