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I have Hurricane Harvey damage on my rental property but do not yet have total repair costs which could be more than the insurance check. When and how do I claim?
I have already received an insurance check in 2017. All of my repair costs will be paid in 2018. I will try to get more money from my insurance if it does not cover all of the repair costs. However, I won't know for at least a few more weeks as the repair is underway now. Should I include this on my 2018 taxes or wait until I have all expenses and file with my 2017 taxes? Does this go under business expenses or casualty loss?
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‎June 6, 2019
9:02 AM