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I own a duplex and live on one side and rent out the other. A car crashed into the rentals garage and caused $6000 in damage. Can I write off my loss?
I have a $5000 deductable, the insurance company gave me $1000.
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June 6, 2019
4:55 AM
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Investors & landlords
Yes, you can deduct the cost of repairing the damage as long as the repairs did not constitute a material improvement to the property (e.g. replaced a one-car garage with a two-car garage, added storage cabinets, etc.). "Repairs" are deductible rental expenses.
See:
June 6, 2019
4:55 AM