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Investors & landlords
No, do not add the roof as a new asset. The cost of the repair (replacement) would be entered as rental expenses. Add the insurance reimbursement as rental income.
Taxes are then paid on the $3,296 difference. See article below for reference.
Tax implications of Involuntary Conversions
[edited 1/11/18 5:36 pm PST]
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‎June 3, 2019
5:14 PM