Thank you Carl. Yes, I am aware of the difference between repair and improvement. If I expense the repairs I think I will need to reduce the basis by the entire amount of the insurance reimbursement, not just the excess part. Do you and/or DianeC958 agree with me about that?
Also, I don't believe it is proper to report the reimbursement as income (instead of using it as basis reduction). Do either of you agree with me about that?
