Mark36
New Member

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?