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Rental property - is an insurance claim payment for repairs subtracted from repair expenses? Where should it entered on the return?
Had a plumbing leak which damaged wood flooring, drywall, etc. Water mitigation and dry-out was about $2500, repairs about $5000. Insurance claim payments were close to actual costs.
My question is how to compute the net repair expenses that are reportable? In other words, do you compute expenses as paid out minus claim payments? And how do you record this on the return?
Thanks!
My question is how to compute the net repair expenses that are reportable? In other words, do you compute expenses as paid out minus claim payments? And how do you record this on the return?
Thanks!
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‎June 5, 2019
4:38 PM